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v3.23.1

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Investments [Abstract] |
Schedule of investments | Investments consist of the following:
| As of
| March 31, 2023 |  | December 31, 2022
| (Dollars in millions)
Accrued performance allocations | $ | 7,134.0 |  |  | $ | 7,117.7 |
Principal equity method investments, excluding performance allocations | 2,915.6 |  |  | 2,922.0 |
Principal investments in CLOs | 544.8 |  |  | 526.1 |
Other investments | 189.7 |  |  | 202.1 |
Total | $ | 10,784.1 |  |  | $ | 10,767.9 |
Components of accrued performance fees | The components of accrued performance allocations are as follows:
| As of
| March 31, 2023 |  | December 31, 2022
| (Dollars in millions)
Global Private Equity | $ | 5,484.4 |  |  | $ | 5,577.1 |
Global Credit | 226.3 |  |  | 193.9 |
Global Investment Solutions | 1,423.3 |  |  | 1,346.7 |
Total | $ | 7,134.0 |  |  | $ | 7,117.7 |
Components of accrued giveback obligations | The components of the accrued giveback obligations are as follows:
| As of
| March 31, 2023 |  | December 31, 2022
| (Dollars in millions)
Global Private Equity | $ | (18.4) |  |  | $ | (18.4) |
Global Credit | (22.5) |  |  | (22.5) |
Total | $ | (40.9) |  |  | $ | (40.9) |
Schedule of equity method investments | Principal investments are related to the following segments:
| As of
| March 31, 2023 |  | December 31, 2022
| (Dollars in millions)
Global Private Equity(1) | $ | 1,826.3 |  |  | $ | 1,853.5 |
Global Credit(2) | 987.5 |  |  | 974.2 |
Global Investment Solutions | 101.8 |  |  | 94.3 |
Total | $ | 2,915.6 |  |  | $ | 2,922.0 |
(1) The balance includes $1,011.2 million and $1,015.7 million as of March 31, 2023 and December 31, 2022, respectively, related to the Company’s equity method investments in NGP. (2) As of March 31, 2023 and December 31, 2022, the balance includes $619.7 million and $646.0 million, respectively, related to the Company’s investments in Fortitude. The Company’s investments in NGP as of March 31, 2023 and December 31, 2022 are as follows:
| As of
| March 31, 2023 |  | December 31, 2022
| (Dollars in millions)
Investment in NGP Management | $ | 370.1 |  |  | $ | 369.7 |
Investments in NGP general partners - accrued performance allocations | 566.1 |  |  | 564.5 |
Principal investments in NGP funds | 75.0 |  |  | 81.5 |
Total investments in NGP | $ | 1,011.2 |  |  | $ | 1,015.7 |
Carlyle’s income (loss) from its principal equity method investments consists of:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (Dollars in millions)
Global Private Equity |  |  |  |  | $ | 17.8 |  |  | $ | 328.2 |
Global Credit |  |  |  |  | (18.9) |  |  | (2.7) |
Global Investment Solutions |  |  |  |  | 9.4 |  |  | 2.6 |
Total |  |  |  |  | $ | 8.3 |  |  | $ | 328.1 |
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 months ended March 31, 2023 and 2022 were as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (Dollars in millions)
Management fee related revenues from NGP Management |  |  |  |  | $ | 18.1 |  |  | $ | 17.0 |
Expenses related to the investment in NGP Management |  |  |  |  | (3.4) |  |  | (2.8) |
Amortization of basis differences from the investment in NGP Management |  |  |  |  | — |  |  | (0.3) |
Net investment income from NGP Management |  |  |  |  | $ | 14.7 |  |  | $ | 13.9 |
Components of investment income (loss) | The components of investment income (loss) are as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (Dollars in millions)
Performance allocations |  |  |  |  |  |  |
Realized |  |  |  |  | $ | 179.6 |  |  | $ | 266.9 |
Unrealized |  |  |  |  | (18.8) |  |  | 443.3 |
|  |  |  |  | 160.8 |  |  | 710.2 |
Principal investment income (loss) from equity method investments (excluding performance allocations) |  |  |  |  |  |  |
Realized |  |  |  |  | 38.5 |  |  | 32.8 |
Unrealized |  |  |  |  | (30.2) |  |  | 295.3 |
|  |  |  |  | 8.3 |  |  | 328.1 |
Principal investment income (loss) from investments in CLOs and other investments |  |  |  |  |  |  |
Realized |  |  |  |  | (1.1) |  |  | 2.3 |
Unrealized(1) |  |  |  |  | 4.5 |  |  | (10.8) |
|  |  |  |  | 3.4 |  |  | (8.5) |
Total |  |  |  |  | $ | 172.5 |  |  | $ | 1,029.8 |
(1) The three months ended March 31, 2023 includes investment loss of $13.3 million associated with the remeasurement of a corporate investment, which was previously carried at cost, resulting from observable price changes pursuant to ASC 321, Investments - Equity Securities.
Performance allocations included in revenues | The performance allocations included in revenues are derived from the following segments:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (Dollars in millions)
Global Private Equity |  |  |  |  | $ | (3.8) |  |  | $ | 657.9 |
Global Credit |  |  |  |  | 33.4 |  |  | (34.0) |
Global Investment Solutions |  |  |  |  | 131.2 |  |  | 86.3 |
Total |  |  |  |  | $ | 160.8 |  |  | $ | 710.2 |
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 March 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (Dollars in millions)
Interest income from investments |  |  |  |  | $ | 109.8 |  |  | $ | 56.5 |
Other income |  |  |  |  | 12.1 |  |  | 5.2 |
Total |  |  |  |  | $ | 121.9 |  |  | $ | 61.7 |
Components of net investment gains (losses) of consolidated funds | The components of net investment income (losses) of Consolidated Funds are as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (Dollars in millions)
Gains (losses) from investments of Consolidated Funds |  |  |  |  | $ | 145.0 |  |  | $ | (43.4) |
Gains (losses) from liabilities of CLOs |  |  |  |  | (141.4) |  |  | 46.2 |
Total |  |  |  |  | $ | 3.6 |  |  | $ | 2.8 |
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 March 31,
|  |  |  |  | 2023 |  | 2022
|  |  |  |  | (Dollars in millions)
Realized gains (losses) |  |  |  |  | $ | (17.4) |  |  | $ | 2.7 |
Net change in unrealized gains (losses) |  |  |  |  | 162.4 |  |  | (46.1) |
Total |  |  |  |  | $ | 145.0 |  |  | $ | (43.4) |

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