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v3.22.2.2

Investments (Tables) | 9 Months Ended
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Sep. 30, 2022
Investments [Abstract] |
Schedule of investments | Investments consist of the following:
| As of
| September 30, 2022 |  | December 31, 2021
| (Dollars in millions)
Accrued performance allocations | $ | 7,428.7 |  |  | $ | 8,133.0 |
Principal equity method investments, excluding performance allocations | 2,883.8 |  |  | 2,128.6 |
Principal investments in CLOs | 499.6 |  |  | 361.1 |
Other investments | 186.1 |  |  | 209.3 |
Total | $ | 10,998.2 |  |  | $ | 10,832.0 |
Components of accrued performance fees | The components of accrued performance allocations are as follows:
| As of
| September 30, 2022 |  | December 31, 2021
| (Dollars in millions)
Global Private Equity | $ | 5,866.3 |  |  | $ | 6,412.8 |
Global Credit | 220.1 |  |  | 300.3 |
Global Investment Solutions (1) | 1,342.3 |  |  | 1,419.9 |
Total | $ | 7,428.7 |  |  | $ | 8,133.0 |
(1) The Company’s primary and secondary investments in external funds are generally valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days. As a result, amounts presented may not include the impact of economic activity in the current quarter.
Components of accrued giveback obligations | The components of the accrued giveback obligations are as follows:
| As of
| September 30, 2022 |  | December 31, 2021
| (Dollars in millions)
Global Private Equity | $ | (18.4) |  |  | $ | (18.4) |
Global Credit | (22.5) |  |  | (11.8) |
Total | $ | (40.9) |  |  | $ | (30.2) |
Schedule of equity method investments | Principal investments are related to the following segments:
| As of
| September 30, 2022 |  | December 31, 2021
| (Dollars in millions)
Global Private Equity (1) | $ | 1,832.8 |  |  | $ | 1,231.2 |
Global Credit (2) | 960.3 |  |  | 819.7 |
Global Investment Solutions | 90.7 |  |  | 77.7 |
Total | $ | 2,883.8 |  |  | $ | 2,128.6 |
(1) The balance includes $988.2 million and $436.9 million as of September 30, 2022 and December 31, 2021, respectively, related to the Company’s equity method investments in NGP. (2) As of September 30, 2022, the balance includes $645.3 million and $184.2 million, respectively, related to the Company’s strategic investments in Fortitude and iStar through Carlyle-affiliated investment funds. As of December 31, 2021, the balance includes $715.7 million related to the Company’s strategic investment in Fortitude. The Company’s investments in NGP as of September 30, 2022 and December 31, 2021 are as follows:
| As of
| September 30, 2022 |  | December 31, 2021
| (Dollars in millions)
Investment in NGP Management | $ | 370.1 |  |  | $ | 371.8 |
Investments in NGP general partners - accrued performance allocations | 536.0 |  |  | 3.8 |
Principal investments in NGP funds | 82.1 |  |  | 61.3 |
Total investments in NGP | $ | 988.2 |  |  | $ | 436.9 |
Carlyle’s income (loss) from its principal equity method investments consists of:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (Dollars in millions)
Global Private Equity | $ | 124.7 |  |  | $ | 63.8 |  |  | $ | 698.8 |  |  | $ | 272.9 |
Global Credit | 26.8 |  |  | 47.5 |  |  | (134.6) |  |  | 120.6 |
Global Investment Solutions | (0.6) |  |  | 6.9 |  |  | 6.6 |  |  | 21.4 |
Total | $ | 150.9 |  |  | $ | 118.2 |  |  | $ | 570.8 |  |  | $ | 414.9 |
Schedule of net investment income (loss) | The net investment income (loss) recognized in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (Dollars in millions)
Management fee-related revenues from NGP Management | $ | 18.1 |  |  | $ | 18.2 |  |  | $ | 52.7 |  |  | $ | 54.9 |
Expenses related to the investment in NGP Management | (3.5) |  |  | (2.9) |  |  | (8.9) |  |  | (8.1) |
Amortization of basis differences from the investment in NGP Management | (0.4) |  |  | (0.7) |  |  | (1.1) |  |  | (2.1) |
Net investment income from NGP Management | $ | 14.2 |  |  | $ | 14.6 |  |  | $ | 42.7 |  |  | $ | 44.7 |
Components of investment income (loss) | The components of investment income (loss) are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (Dollars in millions)
Performance allocations |  |  |  |  |  |  |
Realized | $ | 770.5 |  |  | $ | 1,018.1 |  |  | $ | 1,579.0 |  |  | $ | 1,645.6 |
Unrealized | (472.4) |  |  | (43.6) |  |  | (232.8) |  |  | 3,195.7 |
| 298.1 |  |  | 974.5 |  |  | 1,346.2 |  |  | 4,841.3 |
Principal investment income (loss) from equity method investments (excluding performance allocations) |  |  |  |  |  |  |
Realized | 70.6 |  |  | 87.7 |  |  | 34.3 |  |  | 175.5 |
Unrealized | 80.3 |  |  | 30.5 |  |  | 536.5 |  |  | 239.4 |
| 150.9 |  |  | 118.2 |  |  | 570.8 |  |  | 414.9 |
Principal investment income (loss) from investments in CLOs and other investments |  |  |  |  |  |  |
Realized | 6.2 |  |  | 4.4 |  |  | 9.4 |  |  | 3.9 |
Unrealized | (32.9) |  |  | 37.8 |  |  | (79.7) |  |  | 58.4 |
| (26.7) |  |  | 42.2 |  |  | (70.3) |  |  | 62.3 |
Total | $ | 422.3 |  |  | $ | 1,134.9 |  |  | $ | 1,846.7 |  |  | $ | 5,318.5 |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (Dollars in millions)
Global Private Equity | $ | 237.2 |  |  | $ | 777.8 |  |  | $ | 1,106.4 |  |  | $ | 4,142.5 |
Global Credit | 27.2 |  |  | 27.4 |  |  | (3.6) |  |  | 124.6 |
Global Investment Solutions | 33.7 |  |  | 169.3 |  |  | 243.4 |  |  | 574.2 |
Total | $ | 298.1 |  |  | $ | 974.5 |  |  | $ | 1,346.2 |  |  | $ | 4,841.3 |
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,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (Dollars in millions)
Interest income from investments | $ | 72.5 |  |  | $ | 56.9 |  |  | $ | 188.2 |  |  | $ | 170.4 |
Other income | 7.2 |  |  | 5.2 |  |  | 16.4 |  |  | 14.9 |
Total | $ | 79.7 |  |  | $ | 62.1 |  |  | $ | 204.6 |  |  | $ | 185.3 |
Components of net investment gains (losses) of consolidated funds | The components of net investment gains (losses) of Consolidated Funds are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (Dollars in millions)
Gains (losses) from investments of Consolidated Funds | $ | (71.2) |  |  | $ | (2.5) |  |  | $ | (319.3) |  |  | $ | 100.3 |
Gains (losses) from liabilities of CLOs | 40.9 |  |  | 2.4 |  |  | 268.3 |  |  | (90.7) |
Total | $ | (30.3) |  |  | $ | (0.1) |  |  | $ | (51.0) |  |  | $ | 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,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (Dollars in millions)
Realized gains (losses) | $ | (9.3) |  |  | $ | (10.7) |  |  | $ | (13.1) |  |  | $ | 6.5 |
Net change in unrealized gains (losses) | (61.9) |  |  | 8.2 |  |  | (306.2) |  |  | 93.8 |
Total | $ | (71.2) |  |  | $ | (2.5) |  |  | $ | (319.3) |  |  | $ | 100.3 |

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