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Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2022

Condensed Financial Information Disclosure [Abstract]


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



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

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

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

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

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

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

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

Non-controlling interests in consolidated entities	218.4		225.9		—		444.3

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


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



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

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

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

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

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

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

Non-controlling interests in consolidated entities	247.1		180.1		—		427.2

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

Supplemental results of operations


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



Investment income
Performance allocations	710.2		—		—		710.2


Principal investment income	302.3		—		17.3		319.6


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

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


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

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


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


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



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


Principal investment income	198.4		—		(19.3)		179.1


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

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


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

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

Supplemental statement of cash flows


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

Equity-based compensation	39.7		32.4

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


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

Change in deposits and other	(39.8)		(1.4)

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

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

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


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









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



Dividends to common stockholders	(89.5)		(88.7)


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

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

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

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