0001527166-25-000125 | 10-Q | XBRL Viewer

Print Document

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024
Accounting Policies [Abstract]
Restricted cash	$ 4.7	$ 0.5	$ 2.1
Accrued performance allocations and incentive fee related compensation	4,701.7	$ 4,819.7
Securities transferred to counterparties under repurchase agreements	$ 325.9

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-20

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483444/210-20-55-10

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

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(13)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.12-12A(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(m)(1)(ii)(A)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Capital Commitments The Company and its unconsolidated affiliates have unfunded commitments totaling $4.0 billion as of September 30, 2025, of which approximately $3.4 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, 2025, 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 Carlyle AlpInvest 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. 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. The Company had no material outstanding guarantees under the credit facilities as of September 30, 2025. Certain consolidated subsidiaries of the Company were the guarantors of a credit agreement for a fund in the Carlyle AlpInvest segment, with a maximum potential amount to be funded of $25.0 million. The credit agreement and related guarantee expired in August 2025 with no funding required by the Company. Contingent Obligations (Giveback) A liability for potential repayment of previously received performance allocations of $44.6 million at September 30, 2025 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, 2025. 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, 2025 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, $153.9 million have been withheld from distributions of carried interest to senior Carlyle professionals and employees for potential giveback obligations as of September 30, 2025. 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, 2025, approximately $11.5 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 $33.1 million. If, at September 30, 2025, 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. A trial before the Delaware Court of Chancery was completed in early February 2024, and a decision was rendered in favor of the Company and all other defendants on all claims on January 8, 2025. The plaintiffs appealed the decision to the Delaware Supreme Court on March 13, 2025. Oral argument on the appeal was held on October 22, 2025, and a decision was rendered in favor of the Company and all other defendants on all claims on November 5, 2025. 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 “original 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. As the original Plaintiff did not actually own shares on the date of the Conversion, it stipulated to the dismissal of the derivative claims in October of 2025 and the Court has allowed Charles Blackburn (together with the original Plaintiff, “Plaintiffs”) to intervene as a new plaintiff with respect to the derivative claims. The original Plaintiff continues as a plaintiff with respect to one direct claim. Plaintiffs challenge 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. Plaintiffs are 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 derivative 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 original 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 derivative claims vigorously. General 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, 2025, the Company had recorded liabilities aggregating to approximately $35 million for litigation-related contingencies, regulatory examinations and inquiries, and other matters. The Company evaluates its outstanding legal and regulatory proceedings and other matters each quarter to assess its loss contingency accruals, and makes adjustments in such accruals, upward or downward, as appropriate, based on management’s best judgment after consultation with counsel. There is no assurance that the Company’s accruals for loss contingencies will not need to be adjusted in the future or that, in light of the uncertainties involved in such matters, the ultimate resolution of these matters will not significantly exceed the accruals that the Company has recorded. Indemnifications In the normal course of business, the Company and its subsidiaries enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Company that have not yet occurred. However, based on experience, the Company believes the risk of material loss to be remote. In connection with the sale of the Company’s interest in its local Brazilian management entity in August 2021, the Company provided a guarantee to the acquiring company of up to BRL 100.0 million ($18.8 million as of September 30, 2025) 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.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 2,221.7	$ 1,266.0
Cash and cash equivalents held at Consolidated Funds	1,037.3	830.4
Investments, including accrued performance allocations of $6,956.3 and $7,053.5 as of September 30, 2025 and December 31, 2024, respectively	10,515.4	10,936.7
Investments of Consolidated Funds	11,083.3	7,782.4
Due from affiliates and other receivables, net	741.2	805.6
Due from affiliates and other receivables of Consolidated Funds, net	259.4	237.1
Fixed assets, net	199.1	185.3
Lease right-of-use assets, net	340.6	341.4
Deposits and other	89.6	56.9
Intangible assets, net	540.0	634.1
Deferred tax assets	28.3	27.6
Total assets	27,055.9	23,103.5
Liabilities and equity
Debt obligations	2,984.2	2,143.5
Loans payable of Consolidated Funds	9,199.5	6,864.2
Accounts payable, accrued expenses and other liabilities	433.8	389.8
Accrued compensation and benefits	5,288.4	5,446.6
Due to affiliates	214.8	241.9
Deferred revenue	373.0	138.7
Deferred tax liabilities	80.7	137.0
Other liabilities of Consolidated Funds	1,112.2	861.6
Lease liabilities	479.6	488.6
Accrued giveback obligations	44.6	44.0
Total liabilities	20,210.8	16,755.9
Commitments and contingencies
Common stock, $0.01 par value, 100,000,000,000 shares authorized (360,136,508 and 357,183,632 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)	3.6	3.6
Additional paid-in-capital	4,194.7	3,892.3
Retained earnings	1,617.8	2,040.8
Accumulated other comprehensive loss	(196.5)	(329.8)
Non-controlling interests in consolidated entities	1,225.5	740.7
Total equity	6,845.1	6,347.6
Total liabilities and equity	$ 27,055.9	$ 23,103.5

Accrued Compensation and Benefits - Schedule Of Performance Allocations and Incentive Fee Related Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Retirement Benefits [Abstract]
Realized	$ 62.9	$ 196.8	$ 505.2	$ 578.5
Unrealized	(387.5)	954.2	(214.8)	643.9
Total	$ (324.6)	$ 1,151.0	$ 290.4	$ 1,222.4

Segment Reporting - Total Segments to Partnership Income Before Provision for Taxes Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenues	$ 332.7	$ 2,635.2	$ 2,878.7	$ 4,393.3
Expenses	370.1	1,848.9	2,357.4	3,255.4
Other income (loss)	123.2	2.5	176.1	(9.6)
(=) Distributable Earnings	85.8	788.8	697.4	1,128.3
Total Reportable Segments
Segment Reporting Information [Line Items]
(=) Distributable Earnings	368.4	367.1	1,254.8	1,141.6
Total Reportable Segments \| Global Segments
Segment Reporting Information [Line Items]
Revenues	782.5	895.0	2,809.7	2,706.9
Expenses	414.1	527.9	1,554.9	1,565.3
Other income (loss)	0.0	0.0	0.0	0.0
(=) Distributable Earnings	368.4	367.1	1,254.8	1,141.6
Consolidated Funds \| Consolidated Funds
Segment Reporting Information [Line Items]
Revenues	163.4	180.1	459.8	510.6
Expenses	195.8	160.6	505.1	464.6
Other income (loss)	123.2	2.5	176.1	(9.6)
(=) Distributable Earnings	90.8	22.0	130.8	36.4
Reconciling Items
Segment Reporting Information [Line Items]
Revenues	(613.2)	1,560.1	(390.8)	1,175.8
Expenses	(239.8)	1,160.4	297.4	1,225.5
Other income (loss)	0.0	0.0	0.0	0.0
(=) Distributable Earnings	$ (373.4)	$ 399.7	$ (688.2)	$ (49.7)

Borrowings - CLO Borrowings (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
CLO Borrowings
Debt Instrument [Line Items]
Borrowing Outstanding	$ 339.3	$ 289.4
CLO Term Loan February 2017 Maturing September 2029
Debt Instrument [Line Items]
Borrowing Outstanding	$ 13.4	23.5
CLO Term Loan February 2017 Maturing September 2029 \| Euribor
Debt Instrument [Line Items]
Interest Rate (as percent)	4.56%
CLO Term Loan December 2017 Maturing January 15, 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 0.0	25.5
CLO Term Loan March 2019 Maturing March 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1.9	1.7
CLO Term Loan March 2019 Maturing March 2032 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	10.12%
CLO Term Loan August 2019 Maturing August 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 4.2	3.7
CLO Term Loan August 2019 Maturing August 2032 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	6.77%
CLO Term Loan September 2020 Maturing April 2033
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19.3	18.4
CLO Term Loan September 2020 Maturing April 2033 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	3.63%
CLO Term Loan Maturing January 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 21.9	19.2
CLO Term Loan Maturing January 2034 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.52%
CLO Term Loan March 2021 Maturing March 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 14.3	16.5
CLO Term Loan March 2021 Maturing March 2032 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	3.90%
CLO Term Loan Maturing April 2033
Debt Instrument [Line Items]
Borrowing Outstanding	$ 3.8	3.3
CLO Term Loan Maturing April 2033 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	7.87%
CLO Term Loan May2021 Maturing November2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 6.8	11.6
CLO Term Loan May2021 Maturing November2031 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	3.56%
CLO Term Loan June 2021 Maturing January 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22.0	19.4
CLO Term Loan June 2021 Maturing January 2034 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.31%
CLO Term Loan Maturing November 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 1.4	1.2
CLO Term Loan Maturing November 2031 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.89%
CLO Term Loan July 2021 Maturing July 15, 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 16.4	14.5
CLO Term Loan July 2021 Maturing July 15, 2034 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.32%
CLO Term Loan July 2021 Maturing July 20, 2034
Debt Instrument [Line Items]
Borrowing Outstanding	$ 21.9	19.3
CLO Term Loan July 2021 Maturing July 20, 2034 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.30%
CLO Term Loan August 2021 Maturing August 2032
Debt Instrument [Line Items]
Borrowing Outstanding	$ 14.5	15.6
CLO Term Loan August 2021 Maturing August 2032 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	3.86%
CLO Term Loan October 2021 Maturing October 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 25.5	22.5
CLO Term Loan October 2021 Maturing October 2035 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.43%
CLO Term Loan January 2022 Maturing February 15, 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22.0	19.4
CLO Term Loan January 2022 Maturing February 15, 2035 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.42%
CLO Term Loan February 2022 Maturing November 10, 2035
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22.1	19.5
CLO Term Loan February 2022 Maturing November 10, 2035 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.46%
CLO Term Loan September 2023 Maturing August 2031
Debt Instrument [Line Items]
Borrowing Outstanding	$ 0.0	5.1
CLO Term Loan April 2024 Maturing August 2037
Debt Instrument [Line Items]
Borrowing Outstanding	$ 19.5	17.2
CLO Term Loan April 2024 Maturing August 2037 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.81%
CLO Term Loan December 2024 Maturing January 2039
Debt Instrument [Line Items]
Borrowing Outstanding	$ 16.6	12.3
CLO Term Loan December 2024 Maturing January 2039 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.64%
CLO Term Loan March 2025 Maturing April 2028
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22.0	0.0
CLO Term Loan March 2025 Maturing April 2028 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.51%
CLO Term Loan July 2025 Maturing August 2038
Debt Instrument [Line Items]
Borrowing Outstanding	$ 27.5	0.0
CLO Term Loan July 2025 Maturing August 2038 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.46%
CLO Term Loan August 2025 Maturing October 2038
Debt Instrument [Line Items]
Borrowing Outstanding	$ 22.3	$ 0.0
CLO Term Loan August 2025 Maturing October 2038 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Interest Rate (as percent)	4.66%
CLO Term Loan Various \| Average Effective Interest Rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)	0.50%
CLO Term Loan Maturing August And October 2038 \| Average Effective Interest Rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)	0.55%

Borrowings - Additional Information (Details) € in Millions	1 Months Ended	3 Months Ended		9 Months Ended
Borrowings - Additional Information (Details) € in Millions	Aug. 31, 2023	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2025 EUR (€)	Dec. 31, 2024 USD ($)	Jun. 30, 2021 USD ($)	May 31, 2021 USD ($)	Mar. 31, 2014 USD ($)	Mar. 31, 2013 USD ($)
Debt Instrument [Line Items]
Borrowings under credit facilities				$ 0	$ 10,400,000
Interest		$ 29,800,000	$ 30,300,000	85,600,000	91,500,000
Borrowings		3,014,300,000		3,014,300,000				$ 2,164,400,000
Fair value of collateralized loan obligation assets		9,600,000,000		$ 9,600,000,000				7,900,000,000
Senior Notes
Debt Instrument [Line Items]
Debt redemption price percentage (percent)				100.00%
CLO Borrowings
Debt Instrument [Line Items]
Interest		3,700,000	6,200,000	$ 11,500,000	19,200,000
Borrowings		339,300,000		339,300,000				289,400,000
CLO Term Loan February 2017 Maturing September 2029
Debt Instrument [Line Items]
Borrowings		$ 13,400,000		$ 13,400,000			€ 11.4
CLO Term Loan February 2017 Maturing September 2029 \| Euribor
Debt Instrument [Line Items]
Interest Rate (as percent)		4.56%		4.56%			4.56%
CLO Financing Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 251,500,000		$ 251,500,000			€ 214.1
CBAM CLO Financing Facility
Debt Instrument [Line Items]
Borrowing capacity \| €							100.0
Outstanding borrowings		74,400,000		74,400,000			€ 63.4
5.650% Senior Notes Due 9/15/2048
Debt Instrument [Line Items]
Borrowings		$ 350,000,000.0		$ 350,000,000.0				350,000,000.0
Interest rate (percent)		5.65%		5.65%			5.65%
5.650% Senior Notes Due 9/15/2048 \| Senior Notes
Debt Instrument [Line Items]
Borrowings		$ 350,000,000.0		$ 350,000,000.0
Fair Value		348,500,000		$ 348,500,000				338,100,000
5.650% Senior Notes Due 9/15/2048 \| Treasury rate \| Senior Notes
Debt Instrument [Line Items]
Discount rate, spread on variable rate				0.40%
5.625% Senior Notes Due 3/30/2043
Debt Instrument [Line Items]
Borrowings		$ 600,000,000.0		$ 600,000,000.0				600,000,000.0
Interest rate (percent)		5.625%		5.625%			5.625%
5.625% Senior Notes Due 3/30/2043 \| Senior Notes
Debt Instrument [Line Items]
Borrowings		$ 600,000,000.0		$ 600,000,000.0							$ 200,000,000.0	$ 400,000,000.0
Fair Value		603,100,000		$ 603,100,000				589,500,000
5.625% Senior Notes Due 3/30/2043 \| Treasury rate \| Senior Notes
Debt Instrument [Line Items]
Discount rate, spread on variable rate				0.40%
5.050% Senior Notes Due 9/19/2035
Debt Instrument [Line Items]
Borrowings		$ 800,000,000.0		$ 800,000,000.0				0
Interest rate (percent)		5.05%		5.05%			5.05%
5.050% Senior Notes Due 9/19/2035 \| Senior Notes
Debt Instrument [Line Items]
Borrowings		$ 800,000,000.0		$ 800,000,000.0
Interest rate (percent)		5.05%		5.05%			5.05%
Fair Value		$ 797,700,000		$ 797,700,000				0
5.050% Senior Notes Due 9/19/2035 \| Treasury rate \| Senior Notes
Debt Instrument [Line Items]
Discount rate, spread on variable rate				0.20%
3.500% Senior Notes Due 9/19/2029
Debt Instrument [Line Items]
Borrowings		$ 425,000,000.0		$ 425,000,000.0				425,000,000.0
Interest rate (percent)		3.50%		3.50%			3.50%
3.500% Senior Notes Due 9/19/2029 \| Senior Notes
Debt Instrument [Line Items]
Borrowings		$ 425,000,000.0		$ 425,000,000.0
Interest rate (percent)		3.50%		3.50%			3.50%
Fair Value		$ 413,200,000		$ 413,200,000				401,200,000
3.500% Senior Notes Due 9/19/2029 \| Treasury rate \| Senior Notes
Debt Instrument [Line Items]
Discount rate, spread on variable rate				0.30%
4.625% Subordinated Notes Due 5/15/2061
Debt Instrument [Line Items]
Interest		5,800,000	5,800,000	$ 17,600,000	17,600,000
Borrowings		$ 500,000,000.0		$ 500,000,000.0				500,000,000.0	$ 65,000,000	$ 435,000,000
Debt redemption price percentage (percent)				102.00%
Interest rate (percent)		4.625%		4.625%			4.625%			4.625%
Period from tax redemption event that debt may be redeemed (in days)				120 days
Period from rating agency event that debt may be redeemed (in days)				90 days
Fair Value		$ 359,600,000		$ 359,600,000				356,400,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity		$ 1,000,000,000		$ 1,000,000,000
Interest rate under credit facility (percent)		5.23%		5.23%			5.23%
Borrowings under credit facilities		$ 0	0	$ 0	0
Outstanding borrowings		0		0
Fair Value		61,900,000		$ 61,900,000				$ 55,100,000
Revolving Credit Facility \| Base rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)				0.50%
Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Margin spread on interest rate (percent)				0.10%
Revolving Credit Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Margin spread on interest rate (percent)				1.50%
Revolving Credit Facility \| Global Credit Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings under credit facilities		0	$ 0	$ 0	$ 5,000,000	€ 5.0
Outstanding borrowings		0		0
Revolving Credit Facility \| Global Credit Revolving Credit Facility \| Base rate
Debt Instrument [Line Items]
Margin spread on interest rate (percent)	1.00%
Revolving Credit Facility \| Global Credit Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Margin spread on interest rate (percent)	2.00%
Revolving Credit Facility \| Global Credit Revolving Credit Facility Maturing In 2027
Debt Instrument [Line Items]
Borrowing capacity		300,000,000		300,000,000
Revolving Credit Facility \| Global Credit Revolving Credit Facility Maturing in 2026
Debt Instrument [Line Items]
Borrowing capacity		$ 200,000,000		$ 200,000,000

Fair Value Measurement - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets
Subtotal	$ 11,634.8
Investments measured at net asset value		$ 8,316.4
Liabilities
Loans payable of Consolidated Funds	8,208.7	6,809.1
Total	8,213.1	6,809.7
Revolving Credit Facility
Liabilities
Loans payable of Consolidated Funds	61.9	55.1
Senior Notes
Liabilities
Loans payable of Consolidated Funds	928.9
Equity securities \| Consolidated VIEs
Assets
Investments measured at net asset value	845.3	441.9
Foreign currency forward contracts
Liabilities
Foreign currency forward contracts	4.4	0.6
Fair Value, Inputs, Level 1, 2 and 3
Assets
Subtotal	10,293.1	7,995.7
Fair Value, Inputs, Level 1, 2 and 3 \| Investments of Consolidated Funds
Assets
Investments	9,748.4	7,469.8
Fair Value, Inputs, Level 1, 2 and 3 \| Equity securities
Assets
Investments	1,024.3	572.0
Fair Value, Inputs, Level 1, 2 and 3 \| Bonds
Assets
Investments	634.6	465.1
Fair Value, Inputs, Level 1, 2 and 3 \| Loans
Assets
Investments	8,089.5	6,431.4
Fair Value, Inputs, Level 1, 2 and 3 \| Other
Assets
Investments		1.3
Fair Value, Inputs, Level 1, 2 and 3 \| Investments In CLOs and other
Assets
Investments		525.9
Fair Value, Inputs, Level 1, 2 and 3 \| Investments in CLOs
Assets
Investments	380.7	378.9
Fair Value, Inputs, Level 1, 2 and 3 \| Other investments
Assets
Investments	158.1	147.0
Fair Value, Inputs, Level 1, 2 and 3 \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	5.9
Level I
Assets
Subtotal	198.7	40.4
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Total	0.0	0.0
Level I \| Investments of Consolidated Funds
Assets
Investments	68.5	0.0
Level I \| Equity securities
Assets
Investments	68.5	0.0
Level I \| Bonds
Assets
Investments	0.0	0.0
Level I \| Loans
Assets
Investments	0.0	0.0
Level I \| Other
Assets
Investments		0.0
Level I \| Investments In CLOs and other
Assets
Investments		40.4
Level I \| Investments in CLOs
Assets
Investments	0.0	0.0
Level I \| Other investments
Assets
Investments	130.2	40.4
Level I \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	0.0
Liabilities
Foreign currency forward contracts	0.0	0.0
Level II
Assets
Subtotal	39.4	22.8
Liabilities
Loans payable of Consolidated Funds	0.0	0.0
Total	4.4	0.6
Level II \| Investments of Consolidated Funds
Assets
Investments	12.3	1.3
Level II \| Equity securities
Assets
Investments	12.3	0.0
Level II \| Bonds
Assets
Investments	0.0	0.0
Level II \| Loans
Assets
Investments	0.0	0.0
Level II \| Other
Assets
Investments		1.3
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	21.2	21.5
Level II \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	5.9
Liabilities
Foreign currency forward contracts	4.4	0.6
Level III
Assets
Subtotal	10,055.0	7,932.5
Liabilities
Loans payable of Consolidated Funds	8,208.7	6,809.1
Total	8,208.7	6,809.1
Level III \| Investments of Consolidated Funds
Assets
Investments	9,667.6	7,468.5
Subtotal	9,667.6	7,468.5
Level III \| Equity securities
Assets
Investments	943.5	572.0
Subtotal	34.9
Investments measured at net asset value	63.0	55.4
Level III \| Bonds
Assets
Investments	634.6	465.1
Level III \| Loans
Assets
Investments	8,089.5	6,431.4
Level III \| Other
Assets
Investments		0.0
Level III \| Investments In CLOs and other
Assets
Investments		464.0
Level III \| Investments in CLOs
Assets
Investments	380.7	378.9
Level III \| Other investments
Assets
Investments	6.7	85.1
Level III \| Foreign currency forward contracts
Assets
Foreign currency forward contracts	0.0
Liabilities
Foreign currency forward contracts	0.0	0.0
Fair Value Measured at NAV
Assets
Investments measured at net asset value	1,341.7	320.7
Fair Value Measured at NAV \| Investments of Consolidated Funds
Assets
Investments	$ 1,300.0	$ 312.6

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Performance allocations	$ 6,956.3	$ 7,053.5
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, outstanding (in shares)	360,136,508	357,183,632
Common stock, issued (in shares)	360,136,508	357,183,632

Investments - Investment in Fortitude (Details) - USD ($) $ in Millions	1 Months Ended								12 Months Ended
	Sep. 30, 2025	Nov. 30, 2024	Oct. 31, 2023	May 31, 2023	Mar. 31, 2022	Jun. 30, 2020	May 31, 2020	Nov. 30, 2018	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Investment	$ 2,942.5								$ 3,292.3
Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage acquired								19.90%
Purchase of investment in Fortitude Re								$ 381.0
Deferred consideration, maximum									95.0
Purchase price adjustment, maximum							$ 99.5
Purchase price adjustment, payable upon inability to make distribution							$ 79.6		$ 19.9
Dividends	300.0	$ 200.0
Principal investment income		7.9
Fortitude Group Holdings, LLC \| Fortitude Re \| Maximum
Schedule of Equity Method Investments [Line Items]
Committed capital	23,300.0
Fortitude Group Holdings, LLC \| Carlyle FRL
Schedule of Equity Method Investments [Line Items]
Ownership interest transferred (as percent)						19.90%
Fortitude Group Holdings, LLC \| Carlyle FRL
Schedule of Equity Method Investments [Line Items]
Ownership percentage acquired			38.50%		97.50%	51.60%
Ownership percentage						71.50%
Dividends	31.4	76.9
Distribution received		$ 21.0
Fortitude Group Holdings, LLC \| T&D
Schedule of Equity Method Investments [Line Items]
Ownership percentage acquired						25.00%
Fortitude Group Holdings, LLC \| Carlyle FRL and T&D
Schedule of Equity Method Investments [Line Items]
Ownership percentage						96.50%
Fortitude Re \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage								100.00%
Carlyle FRL
Schedule of Equity Method Investments [Line Items]
Equity capital raised					$ 2,000.0
Investment	739.5
Investment, cost	$ 666.8
Carlyle FRL \| Fortitude Group Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage				10.50%
Carlyle FRL \| T&D
Schedule of Equity Method Investments [Line Items]
Investment company, committed capital					$ 100.0

Earnings Per Common Share - Schedule of Basic and Diluted Net Income Per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Basic
Net income attributable to common shares	$ 900,000	$ 595,700,000	$ 450,600,000	$ 809,500,000
Weighted-average common shares outstanding (in shares)	360,065,837	357,689,521	359,965,320	358,966,961
Net income per common share (in dollars per share)	$ 0.00	$ 1.67	$ 1.25	$ 2.26
Diluted
Net income attributable to common shares	$ 900,000	$ 595,700,000	$ 450,600,000	$ 809,500,000
Weighted-average common shares outstanding (in shares)	376,487,705	364,789,752	369,932,801	367,073,705
Net income per common share (in dollars per share)	$ 0.00	$ 1.63	$ 1.22	$ 2.21

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Equity - Schedule of Quarterly Distributions on Common Units (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended							9 Months Ended	12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Dec. 31, 2024
Equity [Abstract]
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
Dividend to Common Stockholders	$ 126.1	$ 126.5	$ 126.3	$ 126.4	$ 125.2	$ 125.5	$ 125.6	$ 378.9	$ 502.7

Accrued Compensation and Benefits - Schedule Of Components (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Retirement Benefits [Abstract]
Accrued performance allocations and incentive fee related compensation	$ 4,701.7	$ 4,819.7
Accrued bonuses	228.0	335.5
Realized performance allocations and incentive fee related compensation not yet paid	225.8	183.8
Other	132.9	107.6
Total	$ 5,288.4	$ 5,446.6

Related Party Transactions - Schedule Of Amounts Due to Affiliates (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Due to affiliates	$ 214.8	$ 241.9
Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	214.8	241.9
Due to affiliates of Consolidated Funds \| Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	5.8	5.3
Due to non-consolidated affiliates \| Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	113.6	134.1
Amounts owed under the tax receivable agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	71.6	77.2
Other \| Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliates	$ 23.8	$ 25.3

- Definition

Amount of liabilities classified as other.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(12)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(12)(b)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(12)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

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

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, 2025	December 31, 2024
	(Dollars in millions)
Investments	$820.4	$942.6
Accrued performance allocations	742.1	580.8
Management fee receivables	84.6	62.4
Total	$1,647.1	$1,585.8

Schedule of Components of Accumulated Other Comprehensive Income (loss)

The components of accumulated other comprehensive

income (loss) as of September 30, 2025 and December 31, 2024 were as follows:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Currency translation adjustments	$(192.4)	$(327.9)
Unrealized losses on defined benefit plans	(4.1)	(1.9)
Total	$(196.5)	$(329.8)

- Definition

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

+ References + Details

Segment Reporting - Revenue Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total revenues	$ 332.7	$ 2,635.2	$ 2,878.7	$ 4,393.3
Reconciling Items
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenues	(632.0)	1,495.1	(498.3)	1,020.9
Unrealized principal investment income (loss)	(7.4)	1.8	35.1	54.3
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(12.3)	(3.5)	(120.8)	(10.5)
Non-controlling interests and other adjustments to present certain costs on a net basis	56.5	79.0	254.3	156.7
Total revenues	(613.2)	1,560.1	(390.8)	1,175.8
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Total revenues	$ (18.0)	$ (12.3)	$ (61.1)	$ (45.6)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 4: 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 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 11: 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 12: 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 13: 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 14: 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 15: 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 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: 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 29: 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 30: 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 31: 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 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Investments - Schedule of Investments in NGP (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]
Total	$ 2,942.5	$ 3,292.3
Global Private Equity
Schedule of Equity Method Investments [Line Items]
Total	1,431.2	1,818.0
Total investments in NGP \| Global Private Equity
Schedule of Equity Method Investments [Line Items]
Total	642.2	912.0
Investment in NGP Management \| Global Private Equity
Schedule of Equity Method Investments [Line Items]
Total	256.0	369.2
Investments in NGP general partners - accrued performance allocations \| Global Private Equity
Schedule of Equity Method Investments [Line Items]
Total	341.2	489.4
Principal investments in NGP funds \| Global Private Equity
Schedule of Equity Method Investments [Line Items]
Total	$ 45.0	$ 53.4

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- 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

Investments - Schedule of Components of Investment Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Investment Income [Line Items]
Investment income (loss)	$ (519.0)	$ 1,831.5	$ 334.8	$ 2,033.9
Reversed unrealized income	(30.0)	20.4	(66.5)	(107.2)
Carlyle Secured Lending, Inc. Merger
Net Investment Income [Line Items]
Reversed unrealized income		48.5		48.5
Performance allocations
Net Investment Income [Line Items]
Investment income (loss)	(606.7)	1,785.5	255.0	1,826.7
Realized
Net Investment Income [Line Items]
Investment income (loss)	49.4	266.4	499.0	804.0
Unrealized
Net Investment Income [Line Items]
Investment income (loss)	(656.1)	1,519.1	(244.0)	1,022.7
Principal investment income (loss) from equity method investments (excluding performance allocations)
Net Investment Income [Line Items]
Investment income (loss)	68.0	103.5	60.7	207.1
Realized
Net Investment Income [Line Items]
Investment income (loss)	59.6	38.1	208.5	135.5
Unrealized
Net Investment Income [Line Items]
Investment income (loss)	8.4	65.4	(147.8)	71.6
Principal investment income (loss) from investments in CLOs and other investments
Net Investment Income [Line Items]
Investment income (loss)	19.7	(57.5)	19.1	0.1
Realized
Net Investment Income [Line Items]
Investment income (loss)	1.1	(4.7)	0.7	4.5
Unrealized
Net Investment Income [Line Items]
Investment income (loss)	$ 18.6	$ (52.8)	$ 18.4	(4.4)
Unrealized \| Corporate Investment
Net Investment Income [Line Items]
Investment income (loss)				$ 5.3

Non-controlling Interests in Consolidated Entities (Tables)

9 Months Ended

Sep. 30, 2025

Noncontrolling Interest [Abstract]

Schedule of Components of Non-Controlling Interests in Consolidated Entities

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


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$812.9	$407.1
Non-Carlyle interests in majority-owned subsidiaries	412.2	334.2
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	0.4	(0.6)
Non-controlling interests in consolidated entities	$1,225.5	$740.7

Schedule of Components of Non-Controlling Interests in Income of Consolidated Entities

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,
	2025	2024	2025	2024
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$91.3	$8.3	$113.2	$16.7
Non-Carlyle interests in majority-owned subsidiaries	20.3	11.7	35.6	37.6
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	—	—	(0.2)	—
Non-controlling interests in income of consolidated entities	$111.6	$20.0	$148.6	$54.3

Investments - Schedule of Components of Accrued Performance Fees (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 6,956.3	$ 7,053.5
Global Private Equity
Segment Reporting Information [Line Items]
Accrued performance allocations	4,352.3	4,910.2
Global Credit
Segment Reporting Information [Line Items]
Accrued performance allocations	721.1	527.1
Carlyle AlpInvest
Segment Reporting Information [Line Items]
Accrued performance allocations	$ 1,882.9	$ 1,616.2

Summary of Significant Accounting Policies - Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	$ 27,055.9	$ 23,103.5
Consolidated VIEs, liabilities	20,210.8	16,755.9
Investments in CLOs	392.5
Investment fund	890.1
Consolidated VIEs
Variable Interest Entity [Line Items]
Consolidated VIEs, assets	12,400.0	8,900.0
Consolidated VIEs, liabilities	$ 10,300.0	$ 7,700.0

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 9: 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 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 11: 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 12: 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 13: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 19: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 20: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 35: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 64
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481620/480-10-55-64

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(26))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 18: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(14))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

- Definition

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

+ References + Details

Related Party Transactions - Schedule Of Amounts Due from Affiliates and Other Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	$ 741.2	$ 805.6
Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	741.2	805.6
Accrued incentive fees \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	42.1	33.7
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	26.7	46.2
Management fee receivable, net \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	267.4	296.4
Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net \| Affiliated Entity
Related Party Transaction [Line Items]
Due from affiliates and other receivables, net	$ 393.5	$ 417.8

- 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

Equity-Based Compensation - Schedule of Status of Non-Vested Equity-Based Awards (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Weighted- Average Grant Date Fair Value
Shares retired from net share settlement of equity awards (in shares)	1,693,158	1,717,966	4,620,513	2,833,113
Shares retired in connection with the net share settlement of equity-based awards	$ 102.7	$ 85.5	$ 257.8	$ 133.2
Performance-Vesting Restricted Stock Units
Unvested Units
Beginning balance (in shares)			16,940,150
Granted (in shares)			437,401
Vested (in shares)			5,362,679
Forfeited (in shares)			484,304
Ending balance (in shares)	11,530,568		11,530,568
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)			$ 25.41
Granted (in dollars per share)			36.20
Vested (in dollars per share)			30.83
Forfeited (in dollars per share)			23.37
Ending balance (in dollars per share)	$ 23.39		$ 23.39
Restricted Stock Units
Unvested Units
Beginning balance (in shares)			13,966,488
Granted (in shares)			4,692,582
Vested (in shares)			6,213,897
Forfeited (in shares)			258,349
Ending balance (in shares)	12,186,824		12,186,824
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)			$ 37.97
Granted (in dollars per share)			55.82
Vested (in dollars per share)			35.54
Forfeited (in dollars per share)			41.76
Ending balance (in dollars per share)	$ 46.01		$ 46.01
Unvested Common Shares
Unvested Units
Beginning balance (in shares)			458,906
Granted (in shares)			171,891
Vested (in shares)			232,959
Forfeited (in shares)			0
Ending balance (in shares)	397,838		397,838
Weighted- Average Grant Date Fair Value
Beginning balance (in dollars per share)			$ 39.35
Granted (in dollars per share)			56.33
Vested (in dollars per share)			36.87
Forfeited (in dollars per share)			0
Ending balance (in dollars per share)	$ 46.04		$ 46.04

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles

generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its consolidated

subsidiaries. In addition, certain Carlyle-affiliated funds, related co-investment entities, and certain CLOs managed by the

Company (collectively, the “Consolidated Funds”) have been consolidated in the accompanying financial statements. The

consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and generally has

no effect on the net income attributable to the Company. The economic ownership interests of the other investors in the

Consolidated Funds are reflected as non-controlling interests in consolidated entities in the accompanying condensed

consolidated financial statements. 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.

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.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for

interim financial information. These statements, including notes, have not been audited, exclude some of the disclosures

required for annual financial statements, and should be read in conjunction with the audited consolidated financial statements

included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the U.S. Securities

and Exchange Commission (“SEC”) on February 27, 2025. The operating results presented for interim periods are not

necessarily indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of

management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals,

which are necessary for the fair presentation of the financial condition and results of operations for the interim periods

presented.

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, 2025, assets and liabilities of the consolidated VIEs reflected in the condensed consolidated balance

sheets were $12.4 billion and $10.3 billion, respectively. As of December 31, 2024, assets and liabilities of the consolidated

VIEs reflected in the consolidated balance sheets were $8.9 billion and $7.7 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, 2025, the Company held $392.5 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, 2025, the Company held $890.1 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 Carlyle AlpInvest segments that are accounted for as

consolidated VIEs due to the Company having either a significant direct interest in these funds or significant indirect interest

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, 2025	December 31, 2024
	(Dollars in millions)
Investments	$820.4	$942.6
Accrued performance allocations	742.1	580.8
Management fee receivables	84.6	62.4
Total	$1,647.1	$1,585.8

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

September 30, 2025 and December 31, 2024.

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 Accounting Standards Codification (“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, as 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 an 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. Management fees for certain of our perpetual capital

strategies and separately managed accounts in Global Credit have annual rates that generally range from 0.10% to 0.75%, which

are charged based on invested capital or the fair value of the underlying assets, though management fee arrangements vary

depending on the strategy of the particular account.

Management fees for the Company’s carry fund vehicles in the Carlyle AlpInvest 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 Carlyle AlpInvest 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

$21.1 million and $25.1 million for the three months ended September 30, 2025 and 2024, respectively, and $143.6 million and

$75.1 million for the nine months ended September 30, 2025 and 2024, 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

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 Carlyle AlpInvest 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, 2025 and December 31, 2024, the

Company accrued $44.6 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 related amortization of the

basis difference between the Company’s carrying value of its investment and the Company’s share of underlying net assets of

the investee, as well as the compensation expense associated with compensatory arrangements provided by the Company to

employees of its equity method investee, and impairment charges.

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 $146.9 million and $158.0

million for the three months ended September 30, 2025 and 2024, respectively, and $412.4 million and $449.9 million for the

nine months ended September 30, 2025 and 2024, 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. As of September 30, 2025 and December 31, 2024, the Company recorded a liability of $4.7 billion and

$4.8 billion, respectively, related to the portion of accrued performance allocations and incentive fees due to employees and

advisors, 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 820, Fair Value Measurement, 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, assets 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 is observed by the Chief

Compliance Officer, the Chief Audit Executive, 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 held through Carlyle FRL (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 common shares of Carlyle Secured Lending,

Inc. (“CGBD,” see Note 4, Investments, and Note 9, Related Party Transactions, for more information), 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. As of September 30, 2025 and

December 31, 2024, the Company held restricted cash of $4.7 million and $0.5 million, respectively, which are included in

Deposits and other in the condensed consolidated balance sheets.

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, 2025, $325.9 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 sheets 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) comprise 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, 2025 and December 31, 2024 were as follows:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Currency translation adjustments	$(192.4)	$(327.9)
Unrealized losses on defined benefit plans	(4.1)	(1.9)
Total	$(196.5)	$(329.8)

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 $2.9 million and $(10.2) million for the

three months ended September 30, 2025 and 2024, respectively, and $(22.2) million and $(9.2) million for the nine months

ended September 30, 2025 and 2024, 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 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 adoption of this guidance to have a material impact on the Company’s condensed consolidated financial

statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires

disaggregated disclosures of certain categories of expenses on an annual and interim basis including employee compensation,

depreciation, and intangible asset amortization for each income statement line item that contains those expenses. The guidance

is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The

Company is currently evaluating the impact of adopting this guidance on its condensed consolidated financial statements.

Accrued Compensation and Benefits (Tables)

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Schedule of Components of Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Accrued performance allocations and incentive fee related compensation	$4,701.7	$4,819.7
Accrued bonuses	228.0	335.5
Realized performance allocations and incentive fee related compensation not yet paid	225.8	183.8
Other	132.9	107.6
Total	$5,288.4	$5,446.6

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,
	2025	2024	2025	2024
	(Dollars in millions)
Realized	$62.9	$196.8	$505.2	$578.5
Unrealized	(387.5)	954.2	(214.8)	643.9
Total	$(324.6)	$1,151.0	$290.4	$1,222.4

Supplemental Financial Information - Schedule of Supplemental Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	$ (519.0)	$ 1,831.5	$ 334.8	$ 2,033.9
Interest and other income	53.6	52.2	159.2	161.9
Interest and other income of Consolidated Funds	163.4	180.1	459.8	510.6
Total revenues	332.7	2,635.2	2,878.7	4,393.3
Compensation and benefits
Cash-based compensation and benefits	216.2	207.5	673.0	635.7
Equity-based compensation	90.7	121.6	287.1	355.1
Performance allocations and incentive fee related compensation	(324.6)	1,151.0	290.4	1,222.4
Total compensation and benefits	(17.7)	1,480.1	1,250.5	2,213.2
General, administrative and other expenses	180.7	176.6	559.8	512.2
Interest	29.8	30.3	85.6	91.5
Interest and other expenses of Consolidated Funds	177.3	162.0	461.6	438.7
Other non-operating income	0.0	(0.1)	(0.1)	(0.2)
Total expenses	370.1	1,848.9	2,357.4	3,255.4
Other income
Net investment income (loss) of Consolidated Funds	123.2	2.5	176.1	(9.6)
Income before provision (benefit) for income taxes	85.8	788.8	697.4	1,128.3
Provision for income taxes	(26.7)	173.1	98.2	264.5
Net income	112.5	615.7	599.2	863.8
Net income attributable to non-controlling interests in consolidated entities	111.6	20.0	148.6	54.3
Net income attributable to The Carlyle Group Inc.	0.9	595.7	450.6	809.5
Consolidated Operating Entities
Compensation and benefits
Equity-based compensation			287.1	355.1
Other income
Net income			486.0	847.1
Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	(526.8)	1,833.7	342.3	2,045.6
Interest and other income	60.3	55.7	177.3	175.9
Interest and other income of Consolidated Funds	0.0	0.0	0.0	0.0
Total revenues	187.3	2,467.4	2,480.0	3,928.3
Compensation and benefits
Cash-based compensation and benefits	216.2	207.5	673.0	635.7
Equity-based compensation	90.7	121.6	287.1	355.1
Performance allocations and incentive fee related compensation	(324.6)	1,151.0	290.4	1,222.4
Total compensation and benefits	(17.7)	1,480.1	1,250.5	2,213.2
General, administrative and other expenses	180.7	176.6	559.8	512.2
Interest	29.8	30.3	85.6	91.5
Interest and other expenses of Consolidated Funds	0.0	0.0	0.0	0.0
Other non-operating income		(0.1)	(0.1)	(0.2)
Total expenses	192.8	1,686.9	1,895.8	2,816.7
Other income
Net investment income (loss) of Consolidated Funds	0.0	0.0	0.0	0.0
Income before provision (benefit) for income taxes	(5.5)	780.5	584.2	1,111.6
Provision for income taxes	(26.7)	173.1	98.2	264.5
Net income	21.2	607.4	486.0	847.1
Net income attributable to non-controlling interests in consolidated entities	20.3	11.7	35.4	37.6
Net income attributable to The Carlyle Group Inc.	0.9	595.7	450.6	809.5
Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	0.0	0.0	0.0	0.0
Interest and other income	0.0	0.0	0.0	0.0
Interest and other income of Consolidated Funds	163.4	180.1	459.8	510.6
Total revenues	163.4	180.1	459.8	510.6
Compensation and benefits
Cash-based compensation and benefits	0.0	0.0	0.0	0.0
Equity-based compensation	0.0	0.0	0.0	0.0
Performance allocations and incentive fee related compensation	0.0	0.0	0.0	0.0
Total compensation and benefits	0.0	0.0	0.0	0.0
General, administrative and other expenses	0.0	0.0	0.0	0.0
Interest	0.0	0.0	0.0	0.0
Interest and other expenses of Consolidated Funds	195.8	160.6	505.1	464.6
Other non-operating income		0.0	0.0	0.0
Total expenses	195.8	160.6	505.1	464.6
Other income
Net investment income (loss) of Consolidated Funds	123.2	2.5	176.1	(9.6)
Income before provision (benefit) for income taxes	90.8	22.0	130.8	36.4
Provision for income taxes	0.0	0.0	0.0	0.0
Net income	90.8	22.0	130.8	36.4
Net income attributable to non-controlling interests in consolidated entities	0.0	0.0	0.0	0.0
Net income attributable to The Carlyle Group Inc.	90.8	22.0	130.8	36.4
Eliminations
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	7.8	(2.2)	(7.5)	(11.7)
Interest and other income	(6.7)	(3.5)	(18.1)	(14.0)
Interest and other income of Consolidated Funds	0.0	0.0	0.0	0.0
Total revenues	(18.0)	(12.3)	(61.1)	(45.6)
Compensation and benefits
Cash-based compensation and benefits	0.0	0.0	0.0	0.0
Equity-based compensation	0.0	0.0	0.0	0.0
Performance allocations and incentive fee related compensation	0.0	0.0	0.0	0.0
Total compensation and benefits	0.0	0.0	0.0	0.0
General, administrative and other expenses	0.0	0.0	0.0	0.0
Interest	0.0	0.0	0.0	0.0
Interest and other expenses of Consolidated Funds	(18.5)	1.4	(43.5)	(25.9)
Other non-operating income		0.0	0.0	0.0
Total expenses	(18.5)	1.4	(43.5)	(25.9)
Other income
Net investment income (loss) of Consolidated Funds	0.0	0.0	0.0	0.0
Income before provision (benefit) for income taxes	0.5	(13.7)	(17.6)	(19.7)
Provision for income taxes	0.0	0.0	0.0	0.0
Net income	0.5	(13.7)	(17.6)	(19.7)
Net income attributable to non-controlling interests in consolidated entities	91.3	8.3	113.2	16.7
Net income attributable to The Carlyle Group Inc.	(90.8)	(22.0)	(130.8)	(36.4)
Fund management fees
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	583.3	532.7	1,789.8	1,590.7
Fund management fees \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	600.0	539.1	1,822.4	1,610.1
Fund management fees \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	0.0	0.0	0.0	0.0
Fund management fees \| Eliminations
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	(16.7)	(6.4)	(32.6)	(19.4)
Incentive fees
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	51.4	38.7	135.1	96.2
Incentive fees \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	53.8	38.9	138.0	96.7
Incentive fees \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	0.0	0.0	0.0	0.0
Incentive fees \| Eliminations
Condensed Income Statements, Captions [Line Items]
Fund management fees and incentive fees	(2.4)	(0.2)	(2.9)	(0.5)
Performance revenues
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	(606.7)	1,785.5	255.0	1,826.7
Compensation and benefits
Performance allocations and incentive fee related compensation	(324.6)	1,151.0	290.4	1,222.4
Performance revenues \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	(598.2)	1,786.3	265.2	1,827.8
Performance revenues \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	0.0	0.0	0.0	0.0
Performance revenues \| Eliminations
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	(8.5)	(0.8)	(10.2)	(1.1)
Principal investment income
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	87.7	46.0	79.8	207.2
Principal investment income \| Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	71.4	47.4	77.1	217.8
Principal investment income \| Consolidated Entities and Consolidated Funds \| Consolidated Funds
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	0.0	0.0	0.0	0.0
Principal investment income \| Eliminations
Condensed Income Statements, Captions [Line Items]
Total investment income (loss)	$ 16.3	$ (1.4)	$ 2.7	$ (10.6)

Non-controlling Interests in Consolidated Entities

9 Months Ended

Sep. 30, 2025

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, 2025	December 31, 2024
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$812.9	$407.1
Non-Carlyle interests in majority-owned subsidiaries	412.2	334.2
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	0.4	(0.6)
Non-controlling interests in consolidated entities	$1,225.5	$740.7

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,
	2025	2024	2025	2024
	(Dollars in millions)
Non-Carlyle interests in Consolidated Funds	$91.3	$8.3	$113.2	$16.7
Non-Carlyle interests in majority-owned subsidiaries	20.3	11.7	35.6	37.6
Non-controlling interest in carried interest, giveback obligations and cash held for carried interest distributions	—	—	(0.2)	—
Non-controlling interests in income of consolidated entities	$111.6	$20.0	$148.6	$54.3

Related Party Transactions

9 Months Ended

Sep. 30, 2025

Related Party Transactions

9. Related Party Transactions

Due from Affiliates and Other Receivables, Net

The Company had the following due from affiliates and other receivables at September 30, 2025 and December 31,

2024:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Accrued incentive fees	$42.1	$33.7
Unbilled receivable for giveback obligations from current and former employees	11.5	11.5
Notes receivable and accrued interest from affiliates	26.7	46.2
Management fee receivable, net	267.4	296.4
Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	393.5	417.8
Total	$741.2	$805.6

Reimbursable expenses and other receivables from certain of the unconsolidated funds and portfolio companies relate to

advisory fees receivable and expenses paid on behalf of these entities. These costs generally represent costs related to the

pursuit of actual or proposed investments, professional fees, and expenses associated with the acquisition, holding, and

disposition of the investments. The affiliates are obligated at the discretion of the Company to reimburse the expenses. Based

on management’s determination, the Company may accrue and charge interest on amounts due from affiliate accounts at

interest rates ranging up to 7.05% as of September 30, 2025. The accrued and charged interest to the affiliates was not

significant for any period presented.

Notes receivable includes loans that the Company has provided to certain unconsolidated funds to meet short-term

obligations to purchase investments. Notes receivable as of September 30, 2025 and December 31, 2024 also include interest-

bearing loans of $19.1 million and $22.8 million, respectively, to certain eligible Carlyle employees, which excludes Section 16

officers and other members of senior management, to finance their investments in certain Carlyle sponsored funds. These

advances accrue interest at the WSJ Prime Rate minus 1.00% floating with a floor rate of 3.50% (6.25% as of September 30,

2025) and are collateralized by each borrower’s interest in the Carlyle sponsored funds.

These receivables are assessed regularly for collectability. Management fee receivable amounts determined to be

uncollectible are recorded as a reduction in revenue in the condensed consolidated statements of operations. For all other

receivables, amounts determined to be uncollectible are charged directly to general, administrative and other expenses in the

condensed consolidated statements of operations. A corresponding allowance for doubtful accounts is recorded and such

amounts were not significant for any period presented.

Due to Affiliates

The Company had the following due to affiliates balances at September 30, 2025 and December 31, 2024:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$5.8	$5.3
Due to non-consolidated affiliates	113.6	134.1
Amounts owed under the tax receivable agreement	71.6	77.2
Other	23.8	25.3
Total	$214.8	$241.9

The Company has recorded obligations for amounts due to certain of its affiliates. The Company periodically offsets

expenses it has paid on behalf of its affiliates against these obligations.

In connection with the Company’s initial public offering, the Company entered into a tax receivable agreement with the

limited partners of the Carlyle Holdings partnerships whereby certain subsidiaries of the Partnership agreed to pay to the limited

partners of the Carlyle Holdings partnerships involved in any exchange transaction 85% of the amount of cash tax savings, if

any, in U.S. federal, state and local income tax realized as a result of increases in tax basis resulting from exchanges of Carlyle

Holdings Partnership units for common units of The Carlyle Group L.P.

Other Related Party Transactions

Aircraft Transactions

Entities controlled by our co-founders own aircraft that may be used for the Company’s business in the ordinary course of

its operations. The hourly rates that the Company pays for the use of these aircraft are based on current market rates for

chartering private aircraft of the same type. The Company incurred fees for the use of these aircraft of $0.4 million and $1.4

million for the three and nine months ended September 30, 2025, respectively, and $0.6 million for both the three and nine

months ended September 30, 2024. All payments were paid directly to the manager of the aircraft, and a significant portion of

the payments were ultimately paid to or were for the benefit of certain co-founders.

BDC Preferred Shares

On May 5, 2020, the Company purchased 2,000,000 of the BDC Preferred Shares from CGBD in a private placement at a

price of $25 per share. Prior to the Exchange, as defined and discussed below, dividends were payable on a quarterly basis in an

initial amount equal to 7.0% per annum payable in cash, or, at CGBD’s option, 9.0% per annum payable in additional BDC

Preferred Shares. The BDC Preferred Shares were convertible at the Company’s option, in whole or in part, into the number of

shares of common stock equal to $25 per share plus any accumulated but unpaid dividends divided by an initial conversion

price of $9.50 per share, subject to certain adjustments.

In August 2024, to facilitate a merger between CGBD and another Carlyle-advised BDC (the “Merger”), the Company

agreed to exchange its 2,000,000 preferred shares into newly issued common shares of CGBD at a price equal to the net asset

value per common share on the date of completion of the Merger (the “Exchange”). The Merger and the Exchange were

completed on March 27, 2025, and the Company exchanged its preferred shares for 3,004,808 newly issued common shares of

CGBD based on the net asset value of $16.64 per common share of CGBD on that date. The preferred shares were cancelled

following the completion of the Exchange. The newly issued common shares of CGBD are subject to a tiered lock-up

agreement with a restriction period that expires in three equal tranches of the common shares over a period of two years and are

recorded at fair value using Level I inputs based on the CGBD common share price.

The Company received the final dividend distribution related to its BDC Preferred Shares in the first quarter of 2025. For

the three months ended September 30, 2024, the Company recorded dividend income from the BDC Preferred Shares of

$0.9 million. For the nine months ended September 30, 2025 and 2024, the Company recorded dividend income from the BDC

Preferred Shares of $0.8 million and $2.6 million, respectively. This was included in Interest and other income in the condensed

consolidated statements of operations. The Company’s investment in the BDC Preferred Shares, which was recorded at fair

value using Level III inputs based on the estimated conversion value, was $53.4 million as of December 31, 2024, and was

included in Investments, including accrued performance allocations, in the condensed consolidated balance sheets.

Other Transactions

Senior Carlyle professionals and employees are permitted to participate in co-investment entities that invest in Carlyle

funds or alongside Carlyle funds. In many cases, participation is limited by law to individuals who qualify under applicable

legal requirements. These co-investment entities generally do not require senior Carlyle professionals and employees to pay

management fees or performance allocations, however, Carlyle professionals and employees are required to pay their portion of

partnership expenses.

Carried interest income from certain funds can be distributed to senior Carlyle professionals and employees on a current

basis, but is subject to repayment by the subsidiary of the Company that acts as general partner of the fund in the event that

certain specified return thresholds are not ultimately achieved. The senior Carlyle professionals and certain other investment

professionals have personally guaranteed, subject to certain limitations, the obligation of these subsidiaries in respect of this

general partner obligation. Such guarantees are several and not joint and are limited to a particular individual’s distributions

received.

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

Substantially all revenue is earned from affiliates of Carlyle.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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

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

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

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

+ Details

Summary of Significant Accounting Policies - Foreign Currency Translation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Accounting Policies [Abstract]
Foreign currency transaction (loss) gain	$ 2.9	$ (10.2)	$ (22.2)	$ (9.2)

Investments - Investments of Consolidated Funds (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) collateralized_Loan_obligation	Dec. 31, 2024 USD ($)
Schedule of Investments [Line Items]
Investments measured at net asset value		$ 8,316.4
Minimum percent of aggregate assets for individual investments with fair value	5.00%
Consolidated VIEs
Schedule of Investments [Line Items]
Number of additional CLOs \| collateralized_Loan_obligation	4
Consolidated VIEs \| Equity securities
Schedule of Investments [Line Items]
Investments measured at net asset value	$ 845.3	$ 441.9

- Definition

Fair value of investment other than investment in equity security, investment in debt security and equity method investment. Includes, but is not limited to, investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 54B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482134/820-10-35-54B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column B)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column D))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 4)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column B)(Footnote 10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 13))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19

+ Details

Segment Reporting - Expense Adjustments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenue compensation expense	$ (387.5)	$ 954.2	$ (214.8)	$ 643.9
Equity-based compensation	90.7	121.6	287.1	355.1
Expenses	370.1	1,848.9	2,357.4	3,255.4
Total Reportable Segments
Segment Reporting Information [Line Items]
Unrealized performance and fee related performance revenue compensation expense	(387.4)	930.7	(288.0)	634.5
Reconciling Items
Segment Reporting Information [Line Items]
Equity-based compensation	88.2	122.0	289.3	360.4
Acquisition or disposition-related charges and amortization of intangibles and impairment	46.2	37.4	216.7	103.5
Tax (expense) benefit associated with certain foreign performance revenues related compensation	(0.4)	(0.2)	(0.5)	(1.4)
Non-controlling interests and other adjustments to present certain costs on a net basis	23.9	63.8	98.1	108.6
Other adjustments	8.2	5.3	25.3	45.8
Expenses	(239.8)	1,160.4	297.4	1,225.5
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Equity-based compensation	0.0	0.0	0.0	0.0
Expenses	$ (18.5)	$ 1.4	$ (43.5)	$ (25.9)

Earnings Per Common Share - Schedule of Weighted-Average Common Shares Outstanding, Basic and Diluted (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic (in shares)	360,065,837	357,689,521	359,965,320	358,966,961
Weighted-average common shares outstanding, diluted (in shares)	376,487,705	364,789,752	369,932,801	367,073,705
The Carlyle Group Inc. weighted-average common shares outstanding
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic (in shares)	360,065,837	357,689,521	359,965,320	358,966,961
Weighted-average common shares outstanding, diluted (in shares)	360,065,837	357,689,521	359,965,320	358,966,961
Unvested restricted stock units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic (in shares)	0	0	0	0
Weighted-average common shares outstanding, diluted (in shares)	6,763,578	5,692,912	6,287,811	6,766,273
Issuable common shares and performance-vesting restricted stock units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted-average common shares outstanding, basic (in shares)	0	0	0	0
Weighted-average common shares outstanding, diluted (in shares)	9,658,290	1,407,319	3,679,670	1,340,471

Intangible Assets and Goodwill - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 0	$ 0	$ 0	$ 0
Intangible asset amortization	$ 32,800,000	$ 32,700,000	$ 98,200,000	$ 98,000,000.0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Equity (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and 2024. Dollar amounts exclude the impact of excise taxes.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	Shares	$	Shares	$	Shares	$	Shares	$
	(Dollars in millions, except share data)
Shares repurchased	1,568,399	$100.0	1,670,245	$65.0	4,236,146	$225.0	8,029,148	$345.6
Shares retired in connection with the net share settlement of equity-based awards	1,693,158	102.7	1,717,966	85.5	4,620,513	257.8	2,833,113	133.2
Total	3,261,557	$202.7	3,388,211	$150.5	8,856,659	$482.8	10,862,261	$478.8

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 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	125.2
February 21, 2025	February 28, 2025	0.35	126.4
Total 2024 Dividend Year		$1.40	$502.7

May 19, 2025	May 27, 2025	$0.35	$126.3
August 18, 2025	August 28, 2025	0.35	126.5
November 10, 2025	November 19, 2025	0.35	126.1
Total 2025 Dividend Year (through Q3 2025)		$1.05	$378.9

Summary of Significant Accounting Policies - Schedule of Assets Recognized in Consolidated Balance Sheets Related to Non-Consolidated VIEs (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Variable Interest Entity [Line Items]
Investments	$ 10,515.4	$ 10,936.7
Total assets	27,055.9	23,103.5
Unconsolidated VIEs
Variable Interest Entity [Line Items]
Investments	820.4	942.6
Accrued performance allocations	742.1	580.8
Management fee receivables	84.6	62.4
Total assets	$ 1,647.1	$ 1,585.8

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

+ Details

- 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

Income Taxes - Schedule Of Effective Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ (26.7)	$ 173.1	$ 98.2	$ 264.5
Effective tax rate (percent)	(31.00%)	22.00%	14.00%	23.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: 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 6: 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 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Segment Reporting - Reconciliation of Fund Level Fee Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total Reportable Segments \| Global Segments
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ 653.7	$ 590.2	$ 1,972.8	$ 1,749.1
Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Adjustments	(70.4)	(57.5)	(183.0)	(158.4)
Fund management fees
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	583.3	532.7	1,789.8	1,590.7
Fund management fees \| Total Reportable Segments \| Global Segments
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	573.9	526.5	1,689.0	1,567.6
Fund management fees \| Elimination of revenues of Consolidated Funds
Segment Reporting Information [Line Items]
Fund management fees and incentive fees	$ (16.7)	$ (6.4)	$ (32.6)	$ (19.4)

- 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/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: 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 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income Per Common Share

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


	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
	Basic	Diluted	Basic	Diluted
Net income attributable to common shares	$900,000	$900,000	$450,600,000	$450,600,000
Weighted-average common shares outstanding	360,065,837	376,487,705	359,965,320	369,932,801
Net income per common share	$0.00	$0.00	$1.25	$1.22


	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

Schedule of Weighted-Average Common Shares Outstanding, Basic and Diluted

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


	Three Months Ended September 30, 2025		Nine Months Ended September 30, 2025
	Basic	Diluted	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	360,065,837	360,065,837	359,965,320	359,965,320
Unvested restricted stock units	—	6,763,578	—	6,287,811
Issuable common shares and performance-vesting restricted stock units	—	9,658,290	—	3,679,670
Weighted-average common shares outstanding	360,065,837	376,487,705	359,965,320	369,932,801


	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

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Intangible Assets

The following table summarizes the carrying amount of intangible assets as of September 30, 2025 and December 31,

2024:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Acquired contractual rights	$928.2	$922.7
Accumulated amortization	(492.8)	(392.2)
Finite-lived intangible assets, net	435.4	530.5
Goodwill	104.6	103.6
Intangible Assets, net	$540.0	$634.1

Schedule of Estimated Amortization Expense

The following table summarizes the expected amortization expense for 2025 through 2029 and thereafter (Dollars in

millions):


Year ending December 31,
2025 (excluding the nine months ended September 30, 2025)	$33.0
2026	131.8
2027	121.7
2028	114.5
2029	31.9
Thereafter	2.5
	$435.4

Fair Value Measurement - Schedule of Changes in Level III Financial Assets Measured at Fair Value (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($) fund	Sep. 30, 2024 USD ($) fund	Sep. 30, 2025 USD ($) fund	Sep. 30, 2024 USD ($) fund
Realized and unrealized gains (losses), net
Number of consolidated funds \| fund	3		4
Number of deconsolidated funds \| fund	1	3	2	3
Other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Initial consolidation/deconsolidation of funds		$ 0.0		$ 0.0
Level III
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 9,877.7	8,536.7	$ 7,932.5	7,379.4
Initial consolidation/deconsolidation of funds	(1,009.0)	(1,222.1)	(1,293.5)	(1,222.1)
Transfer out related to the Exchange			(50.4)
Purchases	3,960.9	1,113.0	8,153.8	4,979.4
Sales and distributions	(2,214.5)	(494.5)	(3,870.7)	(2,239.5)
Settlements	(529.3)	(570.2)	(1,239.0)	(1,555.6)
Realized and unrealized gains (losses), net
Included in earnings	(25.3)	(84.3)	(26.9)	48.2
Included in other comprehensive income	(5.5)	149.8	449.2	38.6
Balance, end of period	10,055.0	7,428.4	10,055.0	7,428.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(35.6)	(83.5)	(24.4)	(12.3)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	(3.2)	129.7	244.0	37.5
Level III \| Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	910.1	420.0	572.0	377.6
Initial consolidation/deconsolidation of funds	0.0	0.0	0.0	0.0
Transfer out related to the Exchange			0.0
Purchases	78.6	76.7	406.4	139.7
Sales and distributions	(11.1)	(1.2)	(39.6)	(11.3)
Settlements	0.0	0.0	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	(34.1)	(8.6)	4.7	(19.1)
Included in other comprehensive income	0.0	0.0	0.0	0.0
Balance, end of period	943.5	486.9	943.5	486.9
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(39.2)	(9.4)	(1.9)	(22.2)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Level III \| Bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 569.7	$ 489.5	$ 465.1	$ 522.5
Initial consolidation/deconsolidation of funds	(87.7)	(34.1)	(140.3)	(34.1)
Transfer out related to the Exchange			0.0
Purchases	253.0	147.0	536.2	265.1
Sales and distributions	(102.8)	(123.1)	(287.1)	(265.9)
Settlements	0.0	0.0	(0.6)	0.0
Realized and unrealized gains (losses), net
Included in earnings	2.5	7.4	6.4	13.3
Included in other comprehensive income	(0.1)	16.4	54.9	2.2
Balance, end of period	634.6	503.1	634.6	503.1
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	1.0	5.6	2.8	9.8
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$ 0.1	$ 13.2	$ 26.3	$ 2.5
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Level III \| Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 7,964.7	$ 7,024.0	$ 6,431.4	$ 5,862.1
Initial consolidation/deconsolidation of funds	(920.6)	(1,190.3)	(1,176.7)	(1,190.3)
Transfer out related to the Exchange			0.0
Purchases	3,601.0	888.5	7,119.7	4,565.6
Sales and distributions	(2,023.6)	(310.9)	(3,354.0)	(1,841.6)
Settlements	(529.3)	(570.2)	(1,238.4)	(1,555.6)
Realized and unrealized gains (losses), net
Included in earnings	(1.8)	(33.4)	(62.7)	60.1
Included in other comprehensive income	(0.9)	112.8	370.2	20.2
Balance, end of period	8,089.5	5,920.5	8,089.5	5,920.5
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(1.0)	(28.0)	(49.1)	9.1
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$ 0.6	$ 96.7	$ 193.0	$ 19.6
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Level III \| Investments in CLOs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 366.9	$ 494.6	$ 378.9	$ 532.6
Initial consolidation/deconsolidation of funds	(0.7)	2.3	23.5	2.3
Transfer out related to the Exchange			0.0
Purchases	27.7	0.8	30.9	1.8
Sales and distributions	(18.8)	(51.1)	(100.6)	(111.6)
Settlements	0.0	0.0	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	10.1	(2.7)	23.9	23.2
Included in other comprehensive income	(4.5)	20.6	24.1	16.2
Balance, end of period	380.7	464.5	380.7	464.5
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	8.3	(3.6)	22.8	22.3
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$ (3.9)	$ 19.8	$ 24.7	$ 15.4
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Level III \| Other investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 66.3	$ 108.6	$ 85.1	$ 84.6
Initial consolidation/deconsolidation of funds	0.0		0.0
Transfer out related to the Exchange			(50.4)
Purchases	0.6	0.0	60.6	7.2
Sales and distributions	(58.2)	(8.2)	(89.4)	(9.1)
Settlements	0.0	0.0	0.0	0.0
Realized and unrealized gains (losses), net
Included in earnings	(2.0)	(47.0)	0.8	(29.3)
Included in other comprehensive income	0.0	0.0	0.0	0.0
Balance, end of period	6.7	53.4	6.7	53.4
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	(4.7)	(48.1)	1.0	(31.3)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax	Other Comprehensive Income (Loss), Net of Tax
Fair value, asset, recurring basis, still held, unrealized gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds

Subsequent Events (Details) - $ / shares	1 Months Ended	3 Months Ended							9 Months Ended	12 Months Ended
Subsequent Events (Details) - $ / shares	Oct. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Dec. 31, 2024
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

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, 2023		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)		(8,000,000.0)
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	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		357,700,000
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)		(1,700,000)
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	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		357,700,000
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 Dec. 31, 2024	357,183,632	357,200,000
Beginning balance at Dec. 31, 2024	$ 6,347.6	$ 3.6	3,892.3	2,040.8	(329.8)	740.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)		(4,300,000)
Shares repurchased	(225.0)	$ (0.1)		(224.9)
Net shares issued for equity-based awards (in shares)		7,200,000
Net shares issued for equity-based awards	(257.8)			(257.8)
Equity-based compensation	290.8	$ 0.1	290.7
Dividend-equivalent rights on certain equity-based awards	0.0		11.7	(11.7)
Initial consolidation of a Consolidated Entity	35.0					35.0
Contributions	599.1					599.1
Dividends and distributions	(687.3)			(379.2)		(308.1)
Net income	599.2			450.6		148.6
Currency translation adjustments	145.7				135.5	10.2
Defined benefit plans, net	$ (2.2)				(2.2)
Ending balance (in shares) at Sep. 30, 2025	360,136,508	360,100,000
Ending balance at Sep. 30, 2025	$ 6,845.1	$ 3.6	4,194.7	1,617.8	(196.5)	1,225.5
Beginning balance (in shares) at Jun. 30, 2025		359,000,000.0
Beginning balance at Jun. 30, 2025	6,717.6	$ 3.6	4,096.4	1,950.0	(189.5)	857.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares repurchased (in shares)		(1,600,000)
Shares repurchased	(100.0)	$ (0.1)		(99.9)
Net shares issued for equity-based awards (in shares)		2,700,000
Net shares issued for equity-based awards	(102.7)			(102.7)
Equity-based compensation	94.4	$ 0.1	94.3
Dividend-equivalent rights on certain equity-based awards	0.0		4.0	(4.0)
Contributions	367.8					367.8
Dividends and distributions	(236.2)			(126.5)		(109.7)
Net income	112.5			0.9		111.6
Currency translation adjustments	(6.8)				(5.5)	(1.3)
Defined benefit plans, net	$ (1.5)				(1.5)
Ending balance (in shares) at Sep. 30, 2025	360,136,508	360,100,000
Ending balance at Sep. 30, 2025	$ 6,845.1	$ 3.6	$ 4,194.7	$ 1,617.8	$ (196.5)	$ 1,225.5

Segment Reporting - Reconciliation of Income Before Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Income (loss) before provision for income taxes	$ 85.8	$ 788.8	$ 697.4	$ 1,128.3
Adjustments:
Unrealized principal investment (income) loss	519.0	(1,831.5)	(334.8)	(2,033.9)
Net income attributable to non-controlling interests in consolidated entities	111.6	20.0	148.6	54.3
(=) Distributable Earnings	85.8	788.8	697.4	1,128.3
Total Reportable Segments
Adjustments:
Net unrealized performance and fee related performance revenues	244.6	(564.4)	210.3	(386.4)
(=) Distributable Earnings	368.4	367.1	1,254.8	1,141.6
Fee Related Earnings	311.9	277.9	945.8	817.2
Total Reportable Segments \| Global Segments
Adjustments:
(=) Distributable Earnings	368.4	367.1	1,254.8	1,141.6
Realized principal investment income (loss)	49.5	9.1	113.0	69.4
Net interest	12.1	10.5	38.2	33.3
Fee Related Earnings	311.9	277.9	945.8	817.2
Reconciling Items
Adjustments:
Equity-based compensation	88.2	122.0	289.3	360.4
Acquisition or disposition-related charges, including amortization of intangibles and impairment	46.2	37.4	216.7	103.5
Tax (expense) benefit associated with certain foreign performance revenues	(0.4)	(0.2)	(0.5)	(1.4)
Net income attributable to non-controlling interests in consolidated entities	(111.6)	(20.0)	(148.6)	(54.3)
Other adjustments	8.2	5.3	25.3	45.8
(=) Distributable Earnings	(373.4)	399.7	(688.2)	(49.7)
Unrealized principal investment income (loss) \| Reconciling Items
Adjustments:
Unrealized principal investment (income) loss	7.4	(1.8)	(35.1)	(54.3)
Performance allocations
Adjustments:
Unrealized principal investment (income) loss	606.7	(1,785.5)	(255.0)	(1,826.7)
Realized performance revenues, net of related compensation	(282.1)	634.5	(35.4)	604.3
Performance allocations \| Total Reportable Segments \| Global Segments
Adjustments:
Realized performance revenues, net of related compensation	$ 19.1	$ 90.6	$ 234.2	$ 288.3

Intangible Assets and Goodwill - Schedule of Estimated Amortization Expense (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2025 (excluding the nine months ended September 30, 2025)	$ 33.0
2026	131.8
2027	121.7
2028	114.5
2029	31.9
Thereafter	2.5
Finite-lived intangible assets, net	$ 435.4	$ 530.5

Condensed Consolidated Statements of Cash Flows (Parenthetical)	Sep. 30, 2025
5.050% Senior Notes Due 9/19/2035
Interest rate (percent)	5.05%

Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025:


(Dollars in millions)	Level I	Level II	Level III	Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$68.5	$12.3	$943.5	$1,024.3
Bonds	—	—	634.6	634.6
Loans	—	—	8,089.5	8,089.5
	68.5	12.3	9,667.6	9,748.4
Investments in CLOs and other:
Investments in CLOs	—	—	380.7	380.7
Other investments(3)	130.2	21.2	6.7	158.1
Foreign currency forward contracts	—	5.9	—	5.9
Subtotal	$198.7	$39.4	$10,055.0	$10,293.1
Investments measured at net asset value				1,341.7
Total				$11,634.8
Liabilities
Loans payable of Consolidated Funds(4)(5)	$—	$—	$8,208.7	$8,208.7
Foreign currency forward contracts	—	4.4	—	4.4
Total	$—	$4.4	$8,208.7	$8,213.1

(1)This balance excludes $1.3 billion 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 Carlyle AlpInvest segment.

(2)This balance includes $845.3 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, 2025.

(3)The Level III balance excludes $63.0 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 $928.9 million of senior notes measured at amortized cost and a

$61.9 million revolving credit balance, which related to certain consolidated investment fund of funds in the Company’s Carlyle

AlpInvest segment.

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, 2024:


(Dollars in millions)	Level I	Level II	Level III	Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$—	$—	$572.0	$572.0
Bonds	—	—	465.1	465.1
Loans	—	—	6,431.4	6,431.4
Other	—	1.3	—	1.3
	—	1.3	7,468.5	7,469.8
Investments in CLOs and other:
Investments in CLOs	—	—	378.9	378.9
Other investments(3)	40.4	21.5	85.1	147.0
	40.4	21.5	464.0	525.9
Subtotal	$40.4	$22.8	$7,932.5	$7,995.7
Investments measured at net asset value				320.7
Total				$8,316.4
Liabilities
Loans payable of Consolidated Funds(4)(5)	$—	$—	$6,809.1	$6,809.1
Foreign currency forward contracts	—	0.6	—	0.6
Total	$—	$0.6	$6,809.1	$6,809.7

(1)This balance excludes $312.6 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 Carlyle AlpInvest segment.

(2)This balance includes $441.9 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, 2024.

(3)The Level III balance excludes $55.4 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 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 $55.1 million revolving credit balance.

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, 2025
	Investments of Consolidated Funds
	Equity securities	Bonds	Loans	Investments in CLOs	Other investments	Total
Balance, beginning of period	$910.1	$569.7	$7,964.7	$366.9	$66.3	$9,877.7
Initial consolidation/deconsolidation of funds(1)	—	(87.7)	(920.6)	(0.7)	—	(1,009.0)
Purchases	78.6	253.0	3,601.0	27.7	0.6	3,960.9
Sales and distributions	(11.1)	(102.8)	(2,023.6)	(18.8)	(58.2)	(2,214.5)
Settlements	—	—	(529.3)	—	—	(529.3)
Realized and unrealized gains (losses), net
Included in earnings	(34.1)	2.5	(1.8)	10.1	(2.0)	(25.3)
Included in other comprehensive income	—	(0.1)	(0.9)	(4.5)	—	(5.5)
Balance, end of period	$943.5	$634.6	$8,089.5	$380.7	$6.7	$10,055.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$(39.2)	$1.0	$(1.0)	$8.3	$(4.7)	$(35.6)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—	$0.1	$0.6	$(3.9)	$—	$(3.2)

	Financial Assets
	Nine Months Ended September 30, 2025
	Investments of Consolidated Funds
	Equity securities	Bonds	Loans	Investments in CLOs	Other investments	Total
Balance, beginning of period	$572.0	$465.1	$6,431.4	$378.9	$85.1	$7,932.5
Initial consolidation/deconsolidation of funds(2)	—	(140.3)	(1,176.7)	23.5	—	(1,293.5)
Transfer out related to the Exchange(3)	—	—	—	—	(50.4)	(50.4)
Purchases	406.4	536.2	7,119.7	30.9	60.6	8,153.8
Sales and distributions	(39.6)	(287.1)	(3,354.0)	(100.6)	(89.4)	(3,870.7)
Settlements	—	(0.6)	(1,238.4)	—	—	(1,239.0)
Realized and unrealized gains (losses), net
Included in earnings	4.7	6.4	(62.7)	23.9	0.8	(26.9)
Included in other comprehensive income	—	54.9	370.2	24.1	—	449.2
Balance, end of period	$943.5	$634.6	$8,089.5	$380.7	$6.7	$10,055.0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$(1.9)	$2.8	$(49.1)	$22.8	$1.0	$(24.4)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—	$26.3	$193.0	$24.7	$—	$244.0

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

2025.

(2)As a result of the initial consolidation of four funds and deconsolidation of two funds during the nine months ended September 30,

2025.

(3)Represents the exchange of the BDC Preferred Shares, which were valued using Level III inputs, for common shares of CGBD, which

are valued using Level I inputs. See Note 9, Related Party Transactions, for more information.


	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

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

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


	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended September 30,
	2025	2024
Balance, beginning of period	$7,923.0	$7,623.4
Initial consolidation/deconsolidation of funds(1)	(521.3)	(1,269.3)
Borrowings	3,446.7	591.6
Paydowns	(713.9)	(707.9)
Sales	(1,890.5)	—
Realized and unrealized (gains) losses, net
Included in earnings	(34.7)	(27.5)
Included in other comprehensive income	(0.6)	135.0
Balance, end of period	$8,208.7	$6,345.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$(21.4)	$(19.1)
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$1.9	$135.2

	Financial Liabilities
	Loans Payable of Consolidated Funds
	Nine Months Ended September 30,
	2025	2024
Balance, beginning of period	$6,809.1	$6,298.6
Initial consolidation/deconsolidation of funds(2)	(801.4)	(1,269.3)
Borrowings	5,659.0	4,138.5
Paydowns	(1,555.5)	(1,174.3)
Sales	(2,243.7)	(1,741.9)
Realized and unrealized (gains) losses, net
Included in earnings	(74.0)	67.7
Included in other comprehensive income	415.2	26.0
Balance, end of period	$8,208.7	$6,345.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$(35.9)	$71.1
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$452.4	$30.2

(1) As a result of the initial consolidation of three funds and deconsolidation of one fund during the three months ended

September 30, 2025, and the deconsolidation of three funds during the three months ended September 30, 2024.

(2) As a result of the initial consolidation of four funds and deconsolidation of two funds during the nine months ended

September 30, 2025, and the deconsolidation of three funds during the 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, 2025:


	Fair Value at	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from Increase in Input
(Dollars in millions)	September 30, 2025	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from Increase in Input
Assets
Investments of Consolidated Funds:
Equity securities	$1.6	Consensus Pricing	Indicative Quotes ($ per share)	0.00 - 22.02 (0.17)	Higher
	797.3	Discounted Cash Flow	Discount Rates	7% - 19% (11%)	Lower
			Terminal Growth Rate	0% - 11% (4%)	Higher
		Comparable Multiple	EBITDA Multiple	1.4x - 23.4x (12.6x)	Higher
			TCF Multiple	25.8x - 25.8x (25.8x)	Higher
	1.6	Comparable Multiple	Market Approach	9.0x - 9.0x (9.0x)	Higher
	108.1	Discounted Cash Flow	Discount Rates	7% - 43% (17%)	Lower
			Constant Prepayment Rate	6% - 21% (9%)	Lower
			Constant Default Rate	0% - 6% (2%)	Lower
			Recovery Rate	0% - 40% (24%)	Higher
	34.9	Other(1)	N/A	N/A	N/A

Bonds	634.6	Consensus Pricing	Indicative Quotes (% of Par)	27 - 106 (96)	Higher
Loans	7,859.7	Consensus Pricing	Indicative Quotes (% of Par)	0 - 101 (98)	Higher
	194.3	Discounted Cash Flow	Discount Rates	7% - 20% (10%)	Lower
	3.7	Discounted Cash Flow	Discount Rates	14% - 14% (14%)	Lower
			Constant Prepayment Rate	8% - 14% (11%)	Lower
			Constant Default Rate	1% - 1% (1%)	Lower
			Recovery Rate	0% - 0% (0%)	Higher
	31.8	Other(1)	N/A	N/A	N/A
	9,667.6
Investments in CLOs:
Senior secured notes	325.2	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	93 - 101 (100)	Higher
			Discount Margins (Basis Points)	80 - 1,062 (208)	Lower
			Default Rates	2% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Subordinated notes and preferred shares	55.5	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	0 - 89 (41)	Higher
			Discount Rates	(3)% - 30% (9%)	Lower
			Default Rates	1% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Other investments:
Aviation subordinated notes	6.3	Discounted Cash Flow	Discount Rates	21% - 21% (21%)	Lower
	0.4	Other(1)	N/A	N/A	N/A
Total	$10,055.0
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$7,896.6	Other(2)	N/A	N/A	N/A
Subordinated notes and preferred shares	312.1	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	12 - 89 (70)	Higher
			Discount Rates	5% - 23% (9%)	Lower
			Default Rates	1% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Total	$8,208.7

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

(2)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets,

less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent

compensation for services.

The following table summarizes quantitative information about the Company’s Level III inputs as of December 31, 2024:


	Fair Value at	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from Increase in Input
(Dollars in millions)	December 31, 2024	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from Increase in Input
Assets
Investments of Consolidated Funds:
Equity securities	$3.9	Consensus Pricing	Indicative Quotes ($ per share)	0.00 - 112.17 (0.01)	Higher
	485.0	Discounted Cash Flow	Discount Rates	10% - 13% (11%)	Lower
			Terminal Growth Rate	3% - 7% (6%)	Higher
		Comparable Multiple	EBITDA Multiple	7.7x - 23.2x (12.8x)	Higher
			TCF Multiple	26.0x - 26.0x (26.0x)	Higher
	38.2	Discounted Cash Flow	Discount Rates	14% - 34% (18%)	Lower
			Constant Prepayment Rate	6% - 16% (11%)	Lower
			Constant Default Rate	1% - 4% (2%)	Lower
			Recovery Rate	0% - 40% (17%)	Higher
	44.9	Other(1)	N/A	N/A	N/A

Bonds	465.1	Consensus Pricing	Indicative Quotes (% of Par)	30 - 103 (93)	Higher
Loans	6,408.2	Consensus Pricing	Indicative Quotes (% of Par)	0 - 105 (97)	Higher
	10.2	Discounted Cash Flow	Discount Rates	9% - 19% (18%)	Lower
	6.4	Discounted Cash Flow	Discount Rates	16% - 16% (16%)	Lower
			Constant Prepayment Rate	8% - 14% (11%)	Lower
			Constant Default Rate	1% - 1% (1%)	Lower
			Recovery Rate	0% - 0% (0%)	Higher
Other	6.6	Other(1)	N/A	N/A	N/A
	7,468.5
Investments in CLOs
Senior secured notes	321.8	Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	80 - 101 (99)	Higher
			Discount Margins (Basis Points)	113 - 1,535 (214)	Lower
			Default Rates	2% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Subordinated notes and preferred shares	57.1	Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	1 - 103 (38)	Higher
			Discount Rate	4% - 35% (16%)	Lower
			Default Rates	1% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Other investments:
BDC preferred shares	53.4	Other(2)	Net Asset Value per Share	16.80 - 16.80 (16.80)	Lower
Aviation subordinated notes	2.9	Discounted Cash Flow	Discount Rates	21% - 21% (21%)	Lower
Loans	28.8	Consensus Pricing	Indicative Quotes (% of Par)	99 - 99 (99)	Higher
Total	$7,932.5
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$6,598.8	Other(3)	N/A	N/A	N/A
Subordinated notes and preferred shares	210.3	Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	11 - 87 (34)	Higher
			Discount Rates	2% - 35% (15%)	Lower
			Default Rates	1% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Total	$6,809.1

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

(2)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.

- 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

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Amounts Due from Affiliates and Other Receivables

The Company had the following due from affiliates and other receivables at September 30, 2025 and December 31,

2024:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Accrued incentive fees	$42.1	$33.7
Unbilled receivable for giveback obligations from current and former employees	11.5	11.5
Notes receivable and accrued interest from affiliates	26.7	46.2
Management fee receivable, net	267.4	296.4
Reimbursable expenses and other receivables from unconsolidated funds and affiliates, net	393.5	417.8
Total	$741.2	$805.6

Schedule of Amounts Due to Affiliates

The Company had the following due to affiliates balances at September 30, 2025 and December 31, 2024:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Due to affiliates of Consolidated Funds	$5.8	$5.3
Due to non-consolidated affiliates	113.6	134.1
Amounts owed under the tax receivable agreement	71.6	77.2
Other	23.8	25.3
Total	$214.8	$241.9

Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Equity

13. Equity

Share Repurchase Program

The Board of Directors reset the total repurchase authorization of the Company’s previously approved share repurchase

program to $1.4 billion in shares of the Company’s common stock, effective as of February 6, 2024. Under the share repurchase

program, shares of the Company’s common stock may be repurchased from time to time in open market transactions, in

privately negotiated transactions, or otherwise, including through Rule 10b5-1 plans. The timing and actual number of shares of

common stock repurchased will depend on a variety of factors, including legal requirements and price, economic, and market

conditions. In addition to repurchases of common stock, the share repurchase program is used for the payment of tax

withholding amounts upon net share settlement of equity-based awards granted pursuant to our Equity Incentive Plan or

otherwise based on the value of shares withheld that would have otherwise been issued to the award holder. The share

repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. As of

September 30, 2025, $369.3 million of repurchase capacity remained under the program, which reflects both common shares

repurchased and shares retired in connection with the net share settlement of equity-based awards. 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, 2025 and 2024. Dollar amounts exclude the impact of excise taxes.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	Shares	$	Shares	$	Shares	$	Shares	$
	(Dollars in millions, except share data)
Shares repurchased	1,568,399	$100.0	1,670,245	$65.0	4,236,146	$225.0	8,029,148	$345.6
Shares retired in connection with the net share settlement of equity-based awards	1,693,158	102.7	1,717,966	85.5	4,620,513	257.8	2,833,113	133.2
Total	3,261,557	$202.7	3,388,211	$150.5	8,856,659	$482.8	10,862,261	$478.8

Dividends

The table below presents information regarding the quarterly dividends on the common shares, which were made at the

sole discretion of the Board of Directors of the Company.


Dividend Record Date	Dividend Payment Date	Dividend per Common Share	Dividend to Common Stockholders
		(Dollars in millions, except per share data)
May 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	125.2
February 21, 2025	February 28, 2025	0.35	126.4
Total 2024 Dividend Year		$1.40	$502.7

May 19, 2025	May 27, 2025	$0.35	$126.3
August 18, 2025	August 28, 2025	0.35	126.5
November 10, 2025	November 19, 2025	0.35	126.1
Total 2025 Dividend Year (through Q3 2025)		$1.05	$378.9

The Board of Directors will take into account general economic and business conditions, as well as the Company’s

strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax, and

regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by

subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the

Company’s credit facility provide certain limits on the Company’s ability to pay dividends.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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

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

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

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Investments - Schedule of Components of Accrued Giveback Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (44.6)	$ (44.0)
Global Private Equity
Segment Reporting Information [Line Items]
Accrued giveback obligations	(19.1)	(18.5)
Global Credit
Segment Reporting Information [Line Items]
Accrued giveback obligations	$ (25.5)	$ (25.5)

Investments - Principal Investments in CLOs and Other Investments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Fair value of assets	$ 11,634.8
Level III
Debt and Equity Securities, FV-NI [Line Items]
Fair value of assets	10,055.0	$ 7,932.5
Level III \| Other
Debt and Equity Securities, FV-NI [Line Items]
Fair value of assets	37.6
CLO Senior and Subordinated Notes and Derivative Instruments
Debt and Equity Securities, FV-NI [Line Items]
Trading securities	$ 380.7	378.9
BDC preferred shares \| Level III \| Other
Debt and Equity Securities, FV-NI [Line Items]
Fair value of assets		$ 53.4

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483467/210-10-45-1

+ Details

Related Party Transactions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 27, 2025	May 05, 2020	Aug. 31, 2024	Feb. 29, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Maximum percentage of interest on amounts due from affiliates (percent)							7.05%
Percentage of estimated realizable tax benefit to be paid by corporate taxpayers on exchange transactions							85.00%
Payment of aircraft related expenses					$ 0.4	$ 0.6	$ 1.4	$ 0.6
Interest and other income					53.6	52.2	159.2	161.9
Fair value of assets					11,634.8		11,634.8
Carlyle Secured Lending, Inc. Merger
Related Party Transaction [Line Items]
Issuance of common stock (in shares)	3,004,808		2,000,000
Net asset value (in dollars per share)	$ 16.64
Expiration period (in years)	2 years
Carlyle Secured Lending, Inc. Merger \| Share-Based Payment Arrangement, Tranche One
Related Party Transaction [Line Items]
Vesting percentage				33.33%
Carlyle Secured Lending, Inc. Merger \| Share-Based Payment Arrangement, Tranche Two
Related Party Transaction [Line Items]
Vesting percentage				33.33%
Carlyle Secured Lending, Inc. Merger \| Share-Based Payment Arrangement, Tranche Three
Related Party Transaction [Line Items]
Vesting percentage				33.33%
Level I
Related Party Transaction [Line Items]
Fair value of assets					198.7		198.7		$ 40.4
Level III
Related Party Transaction [Line Items]
Fair value of assets					10,055.0		10,055.0		7,932.5
Level III \| Other
Related Party Transaction [Line Items]
Fair value of assets					37.6		37.6
Level III \| BDC preferred shares \| Other
Related Party Transaction [Line Items]
Fair value of assets									53.4
Affiliated Entity
Related Party Transaction [Line Items]
Notes receivable and accrued interest from affiliates					$ 19.1		$ 19.1		$ 22.8
Accrued interest percentage					1.00%		1.00%
Floor rate (percent)					3.50%		3.50%
Actual rate (percent)					0.0625		0.0625
Related Party \| Carlyle Secured Lending, Inc.
Related Party Transaction [Line Items]
Purchase of investment (in shares)		2,000,000
Purchase of investment (in dollars per share)		$ 25
Dividend rate, percentage		7.00%
Dividend rate, payable in shares, percentage		9.00%
Initial conversion price (in usd per share)		$ 9.50
Interest and other income						$ 0.9	$ 0.8	$ 2.6

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	May 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for grant (in shares)	26,197,170		26,197,170		58,800,000
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense	$ 90.7	$ 121.6	$ 287.1	$ 355.1
Tax benefits related to equity-based compensation expense	15.9	$ 23.1	52.6	$ 66.9
Unrecognized equity-based compensation expense	$ 457.8		$ 457.8
Weighted-average term for unrecognized compensation expense to be recognized (in years)			1 year 10 months 24 days

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Accrued Compensation and Benefits

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Accrued Compensation and Benefits

7. Accrued Compensation and Benefits

Accrued compensation and benefits consist of the following:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Accrued performance allocations and incentive fee related compensation	$4,701.7	$4,819.7
Accrued bonuses	228.0	335.5
Realized performance allocations and incentive fee related compensation not yet paid	225.8	183.8
Other	132.9	107.6
Total	$5,288.4	$5,446.6

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	(Dollars in millions)
Realized	$62.9	$196.8	$505.2	$578.5
Unrealized	(387.5)	954.2	(214.8)	643.9
Total	$(324.6)	$1,151.0	$290.4	$1,222.4

Supplemental Financial Information

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024 and results of operations for the three and nine

months ended September 30, 2025 and 2024. The supplemental statement of cash flows is presented without effects of the

Consolidated Funds.


	As of September 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$2,221.7	$—	$—	$2,221.7
Cash and cash equivalents held at Consolidated Funds	—	1,037.3	—	1,037.3
Investments, including accrued performance allocations of $6,956.3	11,436.1	—	(920.7)	10,515.4
Investments of Consolidated Funds	—	11,083.3	—	11,083.3
Due from affiliates and other receivables, net	1,038.7	3.3	(300.8)	741.2
Due from affiliates and other receivables of Consolidated Funds, net	—	259.4	—	259.4
Fixed assets, net	199.1	—	—	199.1
Lease right-of-use assets, net	340.6	—	—	340.6
Deposits and other	84.6	5.0	—	89.6
Intangible assets, net	540.0	—	—	540.0
Deferred tax assets	28.3	—	—	28.3
Total assets	$15,889.1	$12,388.3	$(1,221.5)	$27,055.9
Liabilities and equity
Debt obligations	$2,984.2	$—	$—	$2,984.2
Loans payable of Consolidated Funds	—	9,487.3	(287.8)	9,199.5
Accounts payable, accrued expenses and other liabilities	433.8	—	—	433.8
Accrued compensation and benefits	5,288.4	—	—	5,288.4
Due to affiliates	209.0	5.8	—	214.8
Deferred revenue	373.0	—	—	373.0
Deferred tax liabilities	80.7	—	—	80.7
Other liabilities of Consolidated Funds	—	1,112.3	(0.1)	1,112.2
Lease liabilities	479.6	—	—	479.6
Accrued giveback obligations	44.6	—	—	44.6
Total liabilities	9,893.3	10,605.4	(287.9)	20,210.8
Common stock	3.6	—	—	3.6
Additional paid-in capital	4,194.7	949.1	(949.1)	4,194.7
Retained earnings	1,617.8	—	—	1,617.8
Accumulated other comprehensive loss	(232.9)	20.9	15.5	(196.5)
Non-controlling interests in consolidated entities	412.6	812.9	—	1,225.5
Total equity	5,995.8	1,782.9	(933.6)	6,845.1
Total liabilities and equity	$15,889.1	$12,388.3	$(1,221.5)	$27,055.9


	As of December 31, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,266.0	$—	$—	$1,266.0
Cash and cash equivalents held at Consolidated Funds	—	830.4	—	830.4
Investments, including accrued performance allocations of $7,053.5	11,324.1	—	(387.4)	10,936.7
Investments of Consolidated Funds	—	7,782.4	—	7,782.4
Due from affiliates and other receivables, net	1,111.0	—	(305.4)	805.6
Due from affiliates and other receivables of Consolidated Funds, net	—	237.1	—	237.1
Fixed assets, net	185.3	—	—	185.3
Lease right-of-use assets, net	341.4	—	—	341.4
Deposits and other	55.1	1.8	—	56.9
Intangible assets, net	634.1	—	—	634.1
Deferred tax assets	27.6	—	—	27.6
Total assets	$14,944.6	$8,851.7	$(692.8)	$23,103.5
Liabilities and equity
Debt obligations	$2,143.5	$—	$—	$2,143.5
Loans payable of Consolidated Funds	—	7,161.6	(297.4)	6,864.2
Accounts payable, accrued expenses and other liabilities	389.8	—	—	389.8
Accrued compensation and benefits	5,446.6	—	—	5,446.6
Due to affiliates	236.6	5.3	—	241.9
Deferred revenue	138.7	—	—	138.7
Deferred tax liabilities	137.0	—	—	137.0
Other liabilities of Consolidated Funds	—	861.7	(0.1)	861.6
Lease liabilities	488.6	—	—	488.6
Accrued giveback obligations	44.0	—	—	44.0
Total liabilities	9,024.8	8,028.6	(297.5)	16,755.9
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,892.3	423.5	(423.5)	3,892.3
Retained earnings	2,040.8	—	—	2,040.8
Accumulated other comprehensive loss	(350.5)	(7.5)	28.2	(329.8)
Non-controlling interests in consolidated entities	333.6	407.1	—	740.7
Total equity	5,919.8	823.1	(395.3)	6,347.6
Total liabilities and equity	$14,944.6	$8,851.7	$(692.8)	$23,103.5



	Three Months Ended September 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$600.0	$—	$(16.7)	$583.3
Incentive fees	53.8	—	(2.4)	51.4
Investment income
Performance allocations	(598.2)	—	(8.5)	(606.7)
Principal investment income	71.4	—	16.3	87.7
Total investment income (loss)	(526.8)	—	7.8	(519.0)
Interest and other income	60.3	—	(6.7)	53.6
Interest and other income of Consolidated Funds	—	163.4	—	163.4
Total revenues	187.3	163.4	(18.0)	332.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	216.2	—	—	216.2
Equity-based compensation	90.7	—	—	90.7
Performance allocations and incentive fee related compensation	(324.6)	—	—	(324.6)
Total compensation and benefits	(17.7)	—	—	(17.7)
General, administrative and other expenses	180.7	—	—	180.7
Interest	29.8	—	—	29.8
Interest and other expenses of Consolidated Funds	—	195.8	(18.5)	177.3
Total expenses	192.8	195.8	(18.5)	370.1
Other income
Net investment income of Consolidated Funds	—	123.2	—	123.2
Income (loss) before provision (benefit) for income taxes	(5.5)	90.8	0.5	85.8
Provision (benefit) for income taxes	(26.7)	—	—	(26.7)
Net income	21.2	90.8	0.5	112.5
Net income attributable to non-controlling interests in consolidated entities	20.3	—	91.3	111.6
Net income attributable to The Carlyle Group Inc.	$0.9	$90.8	$(90.8)	$0.9



	Nine Months Ended September 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,822.4	$—	$(32.6)	$1,789.8
Incentive fees	138.0	—	(2.9)	135.1
Investment income
Performance allocations	265.2	—	(10.2)	255.0
Principal investment income	77.1	—	2.7	79.8
Total investment income	342.3	—	(7.5)	334.8
Interest and other income	177.3	—	(18.1)	159.2
Interest and other income of Consolidated Funds	—	459.8	—	459.8
Total revenues	2,480.0	459.8	(61.1)	2,878.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	673.0	—	—	673.0
Equity-based compensation	287.1	—	—	287.1
Performance allocations and incentive fee related compensation	290.4	—	—	290.4
Total compensation and benefits	1,250.5	—	—	1,250.5
General, administrative and other expenses	559.8	—	—	559.8
Interest	85.6	—	—	85.6
Interest and other expenses of Consolidated Funds	—	505.1	(43.5)	461.6
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,895.8	505.1	(43.5)	2,357.4
Other income
Net investment income of Consolidated Funds	—	176.1	—	176.1
Income before provision for income taxes	584.2	130.8	(17.6)	697.4
Provision for income taxes	98.2	—	—	98.2
Net income	486.0	130.8	(17.6)	599.2
Net income attributable to non-controlling interests in consolidated entities	35.4	—	113.2	148.6
Net income attributable to The Carlyle Group Inc.	$450.6	$130.8	$(130.8)	$450.6


	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


	Nine Months Ended September 30,
	2025	2024
	(Dollars in millions)
Cash flows from operating activities
Net income	$486.0	$847.1
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	143.1	137.0
Equity-based compensation	287.1	355.1
Non-cash performance allocations and incentive fees	2.7	(389.1)
Non-cash principal investment (income) loss	(32.5)	(182.0)
Other non-cash amounts	35.9	15.8
Purchases of investments	(872.6)	(479.4)
Proceeds from the sale of investments	807.6	435.7
Payments of contingent consideration	(2.7)	(4.0)
Change in deferred taxes, net	(67.5)	98.3
Change in due from affiliates and other receivables	(8.1)	(38.2)
Change in deposits and other	(25.4)	(5.4)
Change in accounts payable, accrued expenses and other liabilities	37.8	15.4
Change in accrued compensation and benefits	(61.4)	(170.8)
Change in due to affiliates	25.1	(0.9)
Change in lease right-of-use assets and lease liabilities	(9.7)	(5.4)
Change in deferred revenue	226.7	238.1
Net cash provided by operating activities	972.1	867.3
Cash flows from investing activities
Purchases of corporate treasury investments	—	(5.0)
Proceeds from corporate treasury investments	—	5.1
Purchases of fixed assets, net	(57.4)	(51.0)
Net cash used in investing activities	(57.4)	(50.9)
Cash flows from financing activities
Borrowings under credit facilities	—	10.4
Repayments under credit facilities	—	(10.4)
Issuance of 5.05% senior notes due 2035, net of financing costs	792.9	—
Payments on CLO borrowings	(52.0)	(73.3)
Proceeds from CLO borrowings, net of financing costs	64.8	0.5
Dividends to common stockholders	(379.2)	(377.8)
Payment of deferred consideration for Carlyle Holdings units	—	(68.8)
Contributions from non-controlling interest holders	116.9	155.2
Distributions to non-controlling interest holders	(83.9)	(58.9)
Common shares repurchased and net share settlement of equity-based awards	(482.8)	(478.8)
Change in due to/from affiliates financing activities	29.4	13.3
Net cash used in financing activities	6.1	(888.6)
Effect of foreign exchange rate changes	39.1	9.0
Increase (decrease) in cash, cash equivalents and restricted cash	959.9	(63.2)
Cash, cash equivalents and restricted cash, beginning of period	1,266.5	1,442.1
Cash, cash equivalents and restricted cash, end of period	$2,226.4	$1,378.9

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$2,221.7	$1,376.8
Restricted cash	4.7	2.1
Total cash, cash equivalents and restricted cash, end of period	$2,226.4	$1,378.9

Cash and cash equivalents held at Consolidated Funds	$1,037.3	$488.5

Organization (Details) - segment	3 Months Ended		9 Months Ended
Organization (Details) - segment	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3	3	3	3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Investments - Schedule of Performance Allocations Included in Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Schedule of Investments [Line Items]
Total	$ (606.7)	$ 1,785.5	$ 255.0	$ 1,826.7
Global Private Equity
Schedule of Investments [Line Items]
Total	(781.4)	1,625.8	(219.5)	1,447.3
Global Credit
Schedule of Investments [Line Items]
Total	93.3	58.7	223.1	170.0
Carlyle AlpInvest
Schedule of Investments [Line Items]
Total	$ 81.4	$ 101.0	$ 251.4	$ 209.4

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Fixed Assets (Details)	Sep. 30, 2025
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life of other fixed assets (in years)	7 years

Non-controlling Interests in Consolidated Entities - Schedule of Components of Non-Controlling Interests in Income of Consolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Noncontrolling Interest [Line Items]
Non-controlling interests in income of consolidated entities	$ 111.6	$ 20.0	$ 148.6	$ 54.3
Non-Carlyle interests in Consolidated Funds
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	91.3	8.3	113.2	16.7
Non-Carlyle interests in majority-owned subsidiaries
Noncontrolling Interest [Line Items]
Net income (loss) attributable to other non-controlling interests in consolidated entities	20.3	11.7	35.6	37.6
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	$ 0.0	$ (0.2)	$ 0.0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(17))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-1A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4J

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Schedule of Investments

Investments consist of the following:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Accrued performance allocations	$6,956.3	$7,053.5
Principal equity method investments, excluding performance allocations	2,942.5	3,292.3
Principal investments in CLOs	380.7	378.9
Other investments	235.9	212.0
Total	$10,515.4	$10,936.7

Schedule of Components of Accrued Performance Fees

The components of accrued performance allocations are as follows:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Global Private Equity	$4,352.3	$4,910.2
Global Credit	721.1	527.1
Carlyle AlpInvest	1,882.9	1,616.2
Total	$6,956.3	$7,053.5

Schedule of Components of Accrued Giveback Obligations

The components of the accrued giveback obligations are as

follows:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Global Private Equity	$(19.1)	$(18.5)
Global Credit	(25.5)	(25.5)
Total	$(44.6)	$(44.0)

Schedule of Equity Method Investments

Principal investments are related to the following segments:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Global Private Equity(1)	$1,431.2	$1,818.0
Global Credit(2)	1,152.1	1,157.0
Carlyle AlpInvest	359.2	317.3
Total	$2,942.5	$3,292.3

(1)The balance includes $642.2 million and $912.0 million as of September 30, 2025 and December 31, 2024, respectively, related to

the Company’s equity method investments in NGP.

(2)The balance includes $739.5 million and $723.5 million as of September 30, 2025 and December 31, 2024, respectively, related to

the Company’s investment in Fortitude.

The Company’s investments in NGP as of September 30, 2025 and December 31, 2024 are as follows:


	As of
	September 30, 2025	December 31, 2024
	(Dollars in millions)
Investment in NGP Management	$256.0	$369.2
Investments in NGP general partners - accrued performance allocations	341.2	489.4
Principal investments in NGP funds	45.0	53.4
Total investments in NGP	$642.2	$912.0

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	(Dollars in millions)
Global Private Equity	$39.4	$58.0	$(13.0)	$124.1
Global Credit	12.8	30.5	31.5	61.5
Carlyle AlpInvest	15.8	15.0	42.2	21.5
Total	$68.0	$103.5	$60.7	$207.1

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, 2025 and 2024 were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	(Dollars in millions)
Management fee related revenues from NGP Management	$15.0	$20.8	$46.5	$57.3
Expenses related to the investment in NGP Management	(3.6)	(3.5)	(10.8)	(10.5)
Amortization of basis differences and impairment of investment in NGP Management	(8.7)	—	(110.0)	—
Net investment income from NGP Management	$2.7	$17.3	$(74.3)	$46.8

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,
	2025	2024	2025	2024
	(Dollars in millions)
Performance allocations
Realized	$49.4	$266.4	$499.0	$804.0
Unrealized	(656.1)	1,519.1	(244.0)	1,022.7
	(606.7)	1,785.5	255.0	1,826.7
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	59.6	38.1	208.5	135.5
Unrealized	8.4	65.4	(147.8)	71.6
	68.0	103.5	60.7	207.1
Principal investment income (loss) from investments in CLOs and other investments
Realized	1.1	(4.7)	0.7	4.5
Unrealized(1)	18.6	(52.8)	18.4	(4.4)
	19.7	(57.5)	19.1	0.1
Total	$(519.0)	$1,831.5	$334.8	$2,033.9

(1)The three and nine months ended September 30, 2024 each included 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 included investment gain of $5.3 million 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,
	2025	2024	2025	2024
	(Dollars in millions)
Global Private Equity	$(781.4)	$1,625.8	$(219.5)	$1,447.3
Global Credit	93.3	58.7	223.1	170.0
Carlyle AlpInvest	81.4	101.0	251.4	209.4
Total	$(606.7)	$1,785.5	$255.0	$1,826.7

The following tables summarize the funds that are the primary drivers of performance allocations for the three and nine

months ended September 30, 2025 and 2024, as well as the total revenue recognized, including performance allocations as well

as fund management fees and principal investment income:


Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
(Dollars in millions)			(Dollars in millions)
Global Private Equity	Carlyle Asia Partners V, L.P.	$(257.2)	Global Private Equity	Carlyle Partners VII, L.P.	$(110.2)
Global Private Equity	Carlyle Partners VII, L.P.	(557.9)	Global Private Equity	Carlyle Asia Partners V, L.P.	(197.4)


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

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,
	2025	2024	2025	2024
	(Dollars in millions)
Interest income from investments	$146.9	$158.0	$412.4	$449.9
Other income	16.5	22.1	47.4	60.7
Total	$163.4	$180.1	$459.8	$510.6

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,
	2025	2024	2025	2024
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$88.5	$(24.9)	$100.1	$58.1
Gains (losses) from liabilities of CLOs	34.7	27.4	76.0	(67.7)
Total	$123.2	$2.5	$176.1	$(9.6)

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,
	2025	2024	2025	2024
	(Dollars in millions)
Realized gains (losses)	$58.5	$(4.5)	$33.6	$(49.1)
Net change in unrealized gains (losses)	30.0	(20.4)	66.5	107.2
Total	$88.5	$(24.9)	$100.1	$58.1

Supplemental Financial Information - Schedule of Supplemental Financial Position (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 2,221.7		$ 1,266.0	$ 1,376.8
Cash and cash equivalents held at Consolidated Funds	1,037.3		830.4	488.5
Investments	10,515.4		10,936.7
Investments of Consolidated Funds	11,083.3		7,782.4
Due from affiliates and other receivables, net	741.2		805.6
Due from affiliates and other receivables of Consolidated Funds, net	259.4		237.1
Fixed assets, net	199.1		185.3
Lease right-of-use assets, net	340.6		341.4
Deposits and other	89.6		56.9
Intangible assets, net	540.0		634.1
Deferred tax assets	28.3		27.6
Total assets	27,055.9		23,103.5
Liabilities and equity
Debt obligations	2,984.2		2,143.5
Loans payable of Consolidated Funds	9,199.5		6,864.2
Accounts payable, accrued expenses and other liabilities	433.8		389.8
Accrued compensation and benefits	5,288.4		5,446.6
Due to affiliates	214.8		241.9
Deferred revenue	373.0		138.7
Deferred tax liabilities	80.7		137.0
Other liabilities of Consolidated Funds	1,112.2		861.6
Lease liabilities	479.6		488.6
Accrued giveback obligations	44.6		44.0
Total liabilities	20,210.8		16,755.9
Common stock	3.6		3.6
Additional paid-in capital	4,194.7		3,892.3
Retained earnings	1,617.8		2,040.8
Accumulated other comprehensive loss	(196.5)		(329.8)
Non-controlling interests in consolidated entities	1,225.5		740.7
Total equity	6,845.1	$ 6,717.6	6,347.6	6,335.4	$ 5,729.4	$ 5,784.5
Total liabilities and equity	27,055.9		23,103.5
Performance allocations	6,956.3		7,053.5
Consolidated Operating Entities
Assets
Cash and cash equivalents	2,221.7			1,376.8
Cash and cash equivalents held at Consolidated Funds	1,037.3			$ 488.5
Consolidated Entities and Consolidated Funds \| Consolidated Operating Entities
Assets
Cash and cash equivalents	2,221.7		1,266.0
Cash and cash equivalents held at Consolidated Funds	0.0		0.0
Investments	11,436.1		11,324.1
Investments of Consolidated Funds	0.0		0.0
Due from affiliates and other receivables, net	1,038.7		1,111.0
Due from affiliates and other receivables of Consolidated Funds, net	0.0		0.0
Fixed assets, net	199.1		185.3
Lease right-of-use assets, net	340.6		341.4
Deposits and other	84.6		55.1
Intangible assets, net	540.0		634.1
Deferred tax assets	28.3		27.6
Total assets	15,889.1		14,944.6
Liabilities and equity
Debt obligations	2,984.2		2,143.5
Loans payable of Consolidated Funds	0.0		0.0
Accounts payable, accrued expenses and other liabilities	433.8		389.8
Accrued compensation and benefits	5,288.4		5,446.6
Due to affiliates	209.0		236.6
Deferred revenue	373.0		138.7
Deferred tax liabilities	80.7		137.0
Other liabilities of Consolidated Funds	0.0		0.0
Lease liabilities	479.6		488.6
Accrued giveback obligations	44.6		44.0
Total liabilities	9,893.3		9,024.8
Common stock	3.6		3.6
Additional paid-in capital	4,194.7		3,892.3
Retained earnings	1,617.8		2,040.8
Accumulated other comprehensive loss	(232.9)		(350.5)
Non-controlling interests in consolidated entities	412.6		333.6
Total equity	5,995.8		5,919.8
Total liabilities and equity	15,889.1		14,944.6
Consolidated Entities and Consolidated Funds \| Consolidated Funds
Assets
Cash and cash equivalents	0.0		0.0
Cash and cash equivalents held at Consolidated Funds	1,037.3		830.4
Investments	0.0		0.0
Investments of Consolidated Funds	11,083.3		7,782.4
Due from affiliates and other receivables, net	3.3		0.0
Due from affiliates and other receivables of Consolidated Funds, net	259.4		237.1
Fixed assets, net	0.0		0.0
Lease right-of-use assets, net	0.0		0.0
Deposits and other	5.0		1.8
Intangible assets, net	0.0		0.0
Deferred tax assets	0.0		0.0
Total assets	12,388.3		8,851.7
Liabilities and equity
Debt obligations	0.0		0.0
Loans payable of Consolidated Funds	9,487.3		7,161.6
Accounts payable, accrued expenses and other liabilities	0.0		0.0
Accrued compensation and benefits	0.0		0.0
Due to affiliates	5.8		5.3
Deferred revenue	0.0		0.0
Deferred tax liabilities	0.0		0.0
Other liabilities of Consolidated Funds	1,112.3		861.7
Lease liabilities	0.0		0.0
Accrued giveback obligations	0.0		0.0
Total liabilities	10,605.4		8,028.6
Common stock	0.0		0.0
Additional paid-in capital	949.1		423.5
Retained earnings	0.0		0.0
Accumulated other comprehensive loss	20.9		(7.5)
Non-controlling interests in consolidated entities	812.9		407.1
Total equity	1,782.9		823.1
Total liabilities and equity	12,388.3		8,851.7
Eliminations
Assets
Cash and cash equivalents	0.0		0.0
Cash and cash equivalents held at Consolidated Funds	0.0		0.0
Investments	(920.7)		(387.4)
Investments of Consolidated Funds	0.0		0.0
Due from affiliates and other receivables, net	(300.8)		(305.4)
Due from affiliates and other receivables of Consolidated Funds, net	0.0		0.0
Fixed assets, net	0.0		0.0
Lease right-of-use assets, net	0.0		0.0
Deposits and other	0.0		0.0
Intangible assets, net	0.0		0.0
Deferred tax assets	0.0		0.0
Total assets	(1,221.5)		(692.8)
Liabilities and equity
Debt obligations	0.0		0.0
Loans payable of Consolidated Funds	(287.8)		(297.4)
Accounts payable, accrued expenses and other liabilities	0.0		0.0
Accrued compensation and benefits	0.0		0.0
Due to affiliates	0.0		0.0
Deferred revenue	0.0		0.0
Deferred tax liabilities	0.0		0.0
Other liabilities of Consolidated Funds	(0.1)		(0.1)
Lease liabilities	0.0		0.0
Accrued giveback obligations	0.0		0.0
Total liabilities	(287.9)		(297.5)
Common stock	0.0		0.0
Additional paid-in capital	(949.1)		(423.5)
Retained earnings	0.0		0.0
Accumulated other comprehensive loss	15.5		28.2
Non-controlling interests in consolidated entities	0.0		0.0
Total equity	(933.6)		(395.3)
Total liabilities and equity	$ (1,221.5)		$ (692.8)

Equity-Based Compensation

9 Months Ended

Sep. 30, 2025

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. A total of 58,800,000 shares of

common stock are authorized for the grant of awards under the Equity Incentive Plan, of which a total of 26,197,170 shares of

the Company’s common stock remain available for grant as of September 30, 2025.

A summary of the status of the Company’s non-vested equity-based awards as of September 30, 2025 and a summary of

changes for the nine months ended September 30, 2025, are presented below:


Unvested Shares	Performance- Vesting Restricted Stock Units	Weighted- Average Grant Date Fair Value	Restricted Stock Units	Weighted- Average Grant Date Fair Value	Unvested Common Shares	Weighted- Average Grant Date Fair Value
Balance, December 31, 2024	16,940,150	$25.41	13,966,488	$37.97	458,906	$39.35
Granted (1)	437,401	$36.20	4,692,582	$55.82	171,891	$56.33
Vested (2)	5,362,679	$30.83	6,213,897	$35.54	232,959	$36.87
Forfeited	484,304	$23.37	258,349	$41.76	—	$—
Balance, September 30, 2025	11,530,568	$23.39	12,186,824	$46.01	397,838	$46.04

(1)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.

(2)Includes 4,620,513 shares that were retired in connection with the net share settlement of equity-based awards. The Company paid

$257.8 million of taxes related to the net share settlement of equity-based awards during the nine months ended September 30, 2025,

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

The Company recorded equity-based compensation expense, net of forfeitures, for restricted stock units of $90.7 million

and $121.6 million for the three months ended September 30, 2025 and 2024, respectively, with $15.9 million and

$23.1 million of corresponding deferred tax benefits, respectively. The Company recorded equity-based compensation expense,

net of forfeitures, for restricted stock units of $287.1 million and $355.1 million for the nine months ended September 30, 2025

and 2024, respectively, with $52.6 million and $66.9 million of corresponding deferred tax benefits, respectively. As of

September 30, 2025, the total unrecognized equity-based compensation expense related to unvested restricted stock units was

$457.8 million, which is expected to be recognized over a weighted-average term of 1.9 years.

Fair Value Measurement -Schedule of Level III Financial Liabilities Measured at Fair Value (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($) fund	Sep. 30, 2024 USD ($) fund	Sep. 30, 2025 USD ($) fund	Sep. 30, 2024 USD ($) fund
Realized and unrealized (gains) losses, net
Number of consolidated funds \| fund	3		4
Number of deconsolidated funds \| fund	1	3	2	3
Level III \| Loans Payable of Consolidated Funds
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 7,923.0	$ 7,623.4	$ 6,809.1	$ 6,298.6
Initial consolidation/deconsolidation of funds	(521.3)	(1,269.3)	(801.4)	(1,269.3)
Borrowings	3,446.7	591.6	5,659.0	4,138.5
Paydowns	(713.9)	(707.9)	(1,555.5)	(1,174.3)
Sales	(1,890.5)	0.0	(2,243.7)	(1,741.9)
Realized and unrealized (gains) losses, net
Included in earnings	(34.7)	(27.5)	(74.0)	67.7
Included in other comprehensive income	(0.6)	135.0	415.2	26.0
Balance, end of period	8,208.7	6,345.3	8,208.7	6,345.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	(21.4)	(19.1)	(35.9)	71.1
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$ 1.9	$ 135.2	$ 452.4	$ 30.2
Fair value, liability, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds	Net investment income (loss) of Consolidated Funds

Fair Value Measurement

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

3. Fair Value Measurement

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the

fair value hierarchy levels as disclosed in Note 2, Summary of Significant Accounting Policies, as of September 30, 2025:


(Dollars in millions)	Level I	Level II	Level III	Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$68.5	$12.3	$943.5	$1,024.3
Bonds	—	—	634.6	634.6
Loans	—	—	8,089.5	8,089.5
	68.5	12.3	9,667.6	9,748.4
Investments in CLOs and other:
Investments in CLOs	—	—	380.7	380.7
Other investments(3)	130.2	21.2	6.7	158.1
Foreign currency forward contracts	—	5.9	—	5.9
Subtotal	$198.7	$39.4	$10,055.0	$10,293.1
Investments measured at net asset value				1,341.7
Total				$11,634.8
Liabilities
Loans payable of Consolidated Funds(4)(5)	$—	$—	$8,208.7	$8,208.7
Foreign currency forward contracts	—	4.4	—	4.4
Total	$—	$4.4	$8,208.7	$8,213.1