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v3.23.2

Supplemental Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of Supplemental Financial Position |
| As of June 30, 2023
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 870.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 870.3 |
Cash and cash equivalents held at Consolidated Funds | — |  |  | 536.4 |  |  | — |  |  | 536.4 |
Restricted cash | 5.4 |  |  | — |  |  | — |  |  | 5.4 |
Corporate treasury investments | 44.5 |  |  | — |  |  | — |  |  | 44.5 |
Investments, including performance allocations of $6,531.8 million | 10,460.8 |  |  | — |  |  | (243.2) |  |  | 10,217.6 |
Investments of Consolidated Funds | — |  |  | 7,510.2 |  |  | — |  |  | 7,510.2 |
Due from affiliates and other receivables, net | 990.2 |  |  | — |  |  | (384.4) |  |  | 605.8 |
Due from affiliates and other receivables of Consolidated Funds, net | — |  |  | 119.1 |  |  | (2.4) |  |  | 116.7 |
Fixed assets, net | 150.5 |  |  | — |  |  | — |  |  | 150.5 |
Lease right-of-use assets, net | 347.9 |  |  | — |  |  | — |  |  | 347.9 |
Deposits and other | 119.6 |  |  | 6.6 |  |  | — |  |  | 126.2 |
Intangible assets, net | 835.3 |  |  | — |  |  | — |  |  | 835.3 |
Deferred tax assets | 14.2 |  |  | — |  |  | — |  |  | 14.2 |
Total assets | $ | 13,838.7 |  |  | $ | 8,172.3 |  |  | $ | (630.0) |  |  | $ | 21,381.0 |
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $ | 2,274.0 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,274.0 |
Loans payable of Consolidated Funds | — |  |  | 6,877.2 |  |  | (377.6) |  |  | 6,499.6 |
Accounts payable, accrued expenses and other liabilities | 327.5 |  |  | — |  |  | — |  |  | 327.5 |
Accrued compensation and benefits | 3,801.6 |  |  | — |  |  | — |  |  | 3,801.6 |
Due to affiliates | 289.6 |  |  | 7.5 |  |  | (2.4) |  |  | 294.7 |
Deferred revenue | 132.0 |  |  | — |  |  | — |  |  | 132.0 |
Deferred tax liabilities | 310.4 |  |  | — |  |  | — |  |  | 310.4 |
Other liabilities of Consolidated Funds | — |  |  | 546.2 |  |  | — |  |  | 546.2 |
Lease liabilities | 509.5 |  |  | — |  |  | — |  |  | 509.5 |
Accrued giveback obligations | 40.9 |  |  | — |  |  | — |  |  | 40.9 |
Total liabilities | 7,685.5 |  |  | 7,430.9 |  |  | (380.0) |  |  | 14,736.4 |
Common stock | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Additional paid-in capital | 3,266.5 |  |  | 257.7 |  |  | (257.7) |  |  | 3,266.5 |
Retained earnings | 2,992.9 |  |  | — |  |  | — |  |  | 2,992.9 |
Accumulated other comprehensive loss | (295.4) |  |  | (11.6) |  |  | 7.7 |  |  | (299.3) |
Non-controlling interests in consolidated entities | 185.6 |  |  | 495.3 |  |  | — |  |  | 680.9 |
Total equity | 6,153.2 |  |  | 741.4 |  |  | (250.0) |  |  | 6,644.6 |
Total liabilities and equity | $ | 13,838.7 |  |  | $ | 8,172.3 |  |  | $ | (630.0) |  |  | $ | 21,381.0 |
| As of December 31, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,360.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,360.7 |
Cash and cash equivalents held at Consolidated Funds | — |  |  | 209.0 |  |  | — |  |  | 209.0 |
Restricted cash | 0.8 |  |  | — |  |  | — |  |  | 0.8 |
Corporate treasury investments | 20.0 |  |  | — |  |  | — |  |  | 20.0 |
Investments, including performance allocations of $7,117.7 million | 10,989.9 |  |  | — |  |  | (222.0) |  |  | 10,767.9 |
Investments of Consolidated Funds | — |  |  | 6,894.4 |  |  | — |  |  | 6,894.4 |
Due from affiliates and other receivables, net | 960.5 |  |  | — |  |  | (381.1) |  |  | 579.4 |
Due from affiliates and other receivables of Consolidated Funds, net | — |  |  | 101.9 |  |  | — |  |  | 101.9 |
Fixed assets, net | 139.9 |  |  | — |  |  | — |  |  | 139.9 |
Lease right-of-use assets, net | 337.0 |  |  | — |  |  | — |  |  | 337.0 |
Deposits and other | 70.4 |  |  | 8.0 |  |  | — |  |  | 78.4 |
Intangible assets, net | 897.8 |  |  | — |  |  | — |  |  | 897.8 |
Deferred tax assets | 15.8 |  |  | — |  |  | — |  |  | 15.8 |
Total assets | $ | 14,792.8 |  |  | $ | 7,213.3 |  |  | $ | (603.1) |  |  | $ | 21,403.0 |
Liabilities and equity |  |  |  |  |  |  |
Debt obligations | $ | 2,271.7 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,271.7 |
Loans payable of Consolidated Funds | — |  |  | 6,279.7 |  |  | (374.5) |  |  | 5,905.2 |
Accounts payable, accrued expenses and other liabilities | 369.2 |  |  | — |  |  | — |  |  | 369.2 |
Accrued compensation and benefits | 4,320.9 |  |  | — |  |  | — |  |  | 4,320.9 |
Due to affiliates | 346.1 |  |  | 16.5 |  |  | (0.1) |  |  | 362.5 |
Deferred revenue | 126.4 |  |  | — |  |  | — |  |  | 126.4 |
Deferred tax liabilities | 402.7 |  |  | — |  |  | — |  |  | 402.7 |
Other liabilities of Consolidated Funds | — |  |  | 279.7 |  |  | (0.4) |  |  | 279.3 |
Lease liabilities | 502.9 |  |  | — |  |  | — |  |  | 502.9 |
Accrued giveback obligations | 40.9 |  |  | — |  |  | — |  |  | 40.9 |
Total liabilities | 8,380.8 |  |  | 6,575.9 |  |  | (375.0) |  |  | 14,581.7 |
Common stock | 3.6 |  |  | — |  |  | — |  |  | 3.6 |
Additional paid-in capital | 3,138.5 |  |  | 238.7 |  |  | (238.7) |  |  | 3,138.5 |
Retained earnings | 3,401.1 |  |  | — |  |  | — |  |  | 3,401.1 |
Accumulated other comprehensive loss | (319.5) |  |  | (13.3) |  |  | 10.6 |  |  | (322.2) |
Non-controlling interests in consolidated entities | 188.3 |  |  | 412.0 |  |  | — |  |  | 600.3 |
Total equity | 6,412.0 |  |  | 637.4 |  |  | (228.1) |  |  | 6,821.3 |
Total liabilities and equity | $ | 14,792.8 |  |  | $ | 7,213.3 |  |  | $ | (603.1) |  |  | $ | 21,403.0 |
Schedule of Supplemental Results of Operations |
| Three Months Ended June 30, 2023
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 515.1 |  |  | $ | — |  |  | $ | (7.3) |  |  | $ | 507.8 |
Incentive fees | 20.9 |  |  | — |  |  | 0.1 |  |  | 21.0 |
Investment income (loss) |  |  |  |  |  |  |
Performance allocations | (245.4) |  |  | — |  |  | (1.4) |  |  | (246.8) |
Principal investment income (loss) | (0.6) |  |  | — |  |  | (6.6) |  |  | (7.2) |
Total investment income (loss) | (246.0) |  |  | — |  |  | (8.0) |  |  | (254.0) |
Interest and other income | 53.6 |  |  | — |  |  | (3.4) |  |  | 50.2 |
Interest and other income of Consolidated Funds | — |  |  | 137.1 |  |  | — |  |  | 137.1 |
Total revenues | 343.6 |  |  | 137.1 |  |  | (18.6) |  |  | 462.1 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 270.6 |  |  | — |  |  | — |  |  | 270.6 |
Equity-based compensation | 68.0 |  |  | — |  |  | — |  |  | 68.0 |
Performance allocations and incentive fee related compensation | (92.2) |  |  | — |  |  | — |  |  | (92.2) |
Total compensation and benefits | 246.4 |  |  | — |  |  | — |  |  | 246.4 |
General, administrative and other expenses | 167.6 |  |  | — |  |  | 0.9 |  |  | 168.5 |
Interest | 30.7 |  |  | — |  |  | — |  |  | 30.7 |
Interest and other expenses of Consolidated Funds | — |  |  | 116.3 |  |  | (14.2) |  |  | 102.1 |
Total expenses | 444.7 |  |  | 116.3 |  |  | (13.3) |  |  | 547.7 |
Other income |  |  |  |  |  |  |
Net investment income of Consolidated Funds | — |  |  | 15.6 |  |  | — |  |  | 15.6 |
Income (loss) before provision for income taxes | (101.1) |  |  | 36.4 |  |  | (5.3) |  |  | (70.0) |
Benefit for income taxes | (7.3) |  |  | — |  |  | — |  |  | (7.3) |
Net income (loss) | (93.8) |  |  | 36.4 |  |  | (5.3) |  |  | (62.7) |
Net income attributable to non-controlling interests in consolidated entities | 4.6 |  |  | — |  |  | 31.1 |  |  | 35.7 |
Net income (loss) attributable to The Carlyle Group Inc. | $ | (98.4) |  |  | $ | 36.4 |  |  | $ | (36.4) |  |  | $ | (98.4) |
| Six Months Ended June 30, 2023
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 1,023.5 |  |  | $ | — |  |  | $ | (14.9) |  |  | $ | 1,008.6 |
Incentive fees | 40.8 |  |  | — |  |  | — |  |  | 40.8 |
Investment income (loss) |  |  |  |  |  |  |
Performance allocations | (83.1) |  |  | — |  |  | (2.9) |  |  | (86.0) |
Principal investment income (loss) | 14.1 |  |  | — |  |  | (9.6) |  |  | 4.5 |
Total investment income (loss) | (69.0) |  |  | — |  |  | (12.5) |  |  | (81.5) |
Interest and other income | 100.2 |  |  | — |  |  | (6.0) |  |  | 94.2 |
Interest and other income of Consolidated Funds | — |  |  | 259.0 |  |  | — |  |  | 259.0 |
Total revenues | 1,095.5 |  |  | 259.0 |  |  | (33.4) |  |  | 1,321.1 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 530.8 |  |  | — |  |  | — |  |  | 530.8 |
Equity-based compensation | 122.4 |  |  | — |  |  | — |  |  | 122.4 |
Performance allocations and incentive fee related compensation | 13.5 |  |  | — |  |  | — |  |  | 13.5 |
Total compensation and benefits | 666.7 |  |  | — |  |  | — |  |  | 666.7 |
General, administrative and other expenses | 327.0 |  |  | — |  |  | 0.7 |  |  | 327.7 |
Interest | 60.4 |  |  | — |  |  | — |  |  | 60.4 |
Interest and other expenses of Consolidated Funds | — |  |  | 213.5 |  |  | (17.7) |  |  | 195.8 |
Other non-operating expenses | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Total expenses | 1,054.2 |  |  | 213.5 |  |  | (17.0) |  |  | 1,250.7 |
Other income |  |  |  |  |  |  |
Net investment income of Consolidated Funds | — |  |  | 19.2 |  |  | — |  |  | 19.2 |
Income before provision for income taxes | 41.3 |  |  | 64.7 |  |  | (16.4) |  |  | 89.6 |
Provision for income taxes | 27.0 |  |  | — |  |  | — |  |  | 27.0 |
Net income | 14.3 |  |  | 64.7 |  |  | (16.4) |  |  | 62.6 |
Net income attributable to non-controlling interests in consolidated entities | 12.0 |  |  | — |  |  | 48.3 |  |  | 60.3 |
Net income attributable to The Carlyle Group Inc. | $ | 2.3 |  |  | $ | 64.7 |  |  | $ | (64.7) |  |  | $ | 2.3 |
| Three Months Ended June 30, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 553.0 |  |  | $ | — |  |  | $ | (6.5) |  |  | $ | 546.5 |
Incentive fees | 13.5 |  |  | — |  |  | — |  |  | 13.5 |
Investment income |  |  |  |  |  |  |
Performance allocations | 342.7 |  |  | — |  |  | (4.8) |  |  | 337.9 |
Principal investment income | 34.0 |  |  | — |  |  | 22.7 |  |  | 56.7 |
Total investment income | 376.7 |  |  | — |  |  | 17.9 |  |  | 394.6 |
Interest and other income | 36.9 |  |  | — |  |  | (5.7) |  |  | 31.2 |
Interest and other income of Consolidated Funds | — |  |  | 63.2 |  |  | — |  |  | 63.2 |
Total revenues | 980.1 |  |  | 63.2 |  |  | 5.7 |  |  | 1,049.0 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 274.0 |  |  | — |  |  | — |  |  | 274.0 |
Equity-based compensation | 45.4 |  |  | — |  |  | — |  |  | 45.4 |
Performance allocations and incentive fee related compensation | 207.0 |  |  | — |  |  | — |  |  | 207.0 |
Total compensation and benefits | 526.4 |  |  | — |  |  | — |  |  | 526.4 |
General, administrative and other expenses | 131.5 |  |  | — |  |  | 0.2 |  |  | 131.7 |
Interest | 26.9 |  |  | — |  |  | — |  |  | 26.9 |
Interest and other expenses of Consolidated Funds | — |  |  | 51.1 |  |  | (10.5) |  |  | 40.6 |
Other non-operating expenses | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Total expenses | 685.0 |  |  | 51.1 |  |  | (10.3) |  |  | 725.8 |
Other income (loss) |  |  |  |  |  |  |
Net investment loss of Consolidated Funds | — |  |  | (23.5) |  |  | — |  |  | (23.5) |
Income (loss) before provision for income taxes | 295.1 |  |  | (11.4) |  |  | 16.0 |  |  | 299.7 |
Provision for income taxes | 50.8 |  |  | — |  |  | — |  |  | 50.8 |
Net income (loss) | 244.3 |  |  | (11.4) |  |  | 16.0 |  |  | 248.9 |
Net income (loss) attributable to non-controlling interests in consolidated entities | (1.1) |  |  | — |  |  | 4.6 |  |  | 3.5 |
Net income (loss) attributable to The Carlyle Group Inc. | $ | 245.4 |  |  | $ | (11.4) |  |  | $ | 11.4 |  |  | $ | 245.4 |
| Six Months Ended June 30, 2022
| Consolidated Operating Entities |  | Consolidated Funds |  | Eliminations |  | Consolidated
| (Dollars in millions)
Revenues |  |  |  |  |  |  |
Fund management fees | $ | 1,009.9 |  |  | $ | — |  |  | $ | (12.9) |  |  | $ | 997.0 |
Incentive fees | 27.5 |  |  | — |  |  | — |  |  | 27.5 |
Investment income |  |  |  |  |  |  |
Performance allocations | 1,052.9 |  |  | — |  |  | (4.8) |  |  | 1,048.1 |
Principal investment income | 336.3 |  |  | — |  |  | 40.0 |  |  | 376.3 |
Total investment income | 1,389.2 |  |  | — |  |  | 35.2 |  |  | 1,424.4 |
Interest and other income | 70.2 |  |  | — |  |  | (13.2) |  |  | 57.0 |
Interest and other income of Consolidated Funds | — |  |  | 124.9 |  |  | — |  |  | 124.9 |
Total revenues | 2,496.8 |  |  | 124.9 |  |  | 9.1 |  |  | 2,630.8 |
Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 528.3 |  |  | — |  |  | — |  |  | 528.3 |
Equity-based compensation | 85.1 |  |  | — |  |  | — |  |  | 85.1 |
Performance allocations and incentive fee related compensation | 577.7 |  |  | — |  |  | — |  |  | 577.7 |
Total compensation and benefits | 1,191.1 |  |  | — |  |  | — |  |  | 1,191.1 |
General, administrative and other expenses | 237.8 |  |  | — |  |  | 0.2 |  |  | 238.0 |
Interest | 54.7 |  |  | — |  |  | — |  |  | 54.7 |
Interest and other expenses of Consolidated Funds | — |  |  | 104.0 |  |  | (20.6) |  |  | 83.4 |
Other non-operating expenses | 0.5 |  |  | — |  |  | — |  |  | 0.5 |
Total expenses | 1,484.1 |  |  | 104.0 |  |  | (20.4) |  |  | 1,567.7 |
Other income (loss) |  |  |  |  |  |  |
Net investment loss of Consolidated Funds | — |  |  | (20.7) |  |  | — |  |  | (20.7) |
Income before provision for income taxes | 1,012.7 |  |  | 0.2 |  |  | 29.5 |  |  | 1,042.4 |
Provision for income taxes | 198.7 |  |  | — |  |  | — |  |  | 198.7 |
Net income | 814.0 |  |  | 0.2 |  |  | 29.5 |  |  | 843.7 |
Net income (loss) attributable to non-controlling interests in consolidated entities | (3.0) |  |  | — |  |  | 29.7 |  |  | 26.7 |
Net income attributable to The Carlyle Group Inc. | $ | 817.0 |  |  | $ | 0.2 |  |  | $ | (0.2) |  |  | $ | 817.0 |
Schedule of Supplemental Statement of Cash Flows |
| Six Months Ended June 30,
| 2023 |  | 2022
| (Dollars in millions)
Cash flows from operating activities |  |  |
Net income | $ | 14.3 |  |  | $ | 814.0 |
Adjustments to reconcile net income to net cash flows from operating activities: |  |  |
Depreciation and amortization | 88.1 |  |  | 59.9 |
Equity-based compensation | 122.4 |  |  | 85.1 |
Non-cash performance allocations and incentive fees | 295.7 |  |  | (94.6) |
Non-cash principal investment income | (0.2) |  |  | (318.4) |
Other non-cash amounts | 19.9 |  |  | (11.9) |
Purchases of investments | (144.3) |  |  | (470.3) |
Proceeds from the sale of investments | 141.6 |  |  | 298.2 |
Payments of contingent consideration | (68.6) |  |  | (5.7) |
Change in deferred taxes, net | (91.6) |  |  | 55.9 |
Change in due from affiliates and other receivables | (4.4) |  |  | (64.8) |
Change in deposits and other | (49.0) |  |  | (7.1) |
Change in accounts payable, accrued expenses and other liabilities | (39.7) |  |  | (67.2) |
Change in accrued compensation and benefits | (201.6) |  |  | (372.1) |
Change in due to affiliates | (8.4) |  |  | 2.8 |
Change in lease right-of-use asset and lease liability | (5.0) |  |  | (4.6) |
Change in deferred revenue | 5.0 |  |  | (12.9) |
Net cash provided by (used in) operating activities | 74.2 |  |  | (113.7) |
Cash flows from investing activities |  |  |
Purchases of corporate treasury investments | (145.2) |  |  | — |
Proceeds from corporate treasury investments | 122.4 |  |  | — |
Purchases of fixed assets, net | (32.5) |  |  | (17.4) |
Purchase of CBAM intangibles and investments, net | — |  |  | (618.4) |
Net cash used in investing activities | (55.3) |  |  | (635.8) |
Cash flows from financing activities |  |  |
Payments on CLO borrowings | (4.5) |  |  | (9.0) |
Proceeds from CLO borrowings, net of financing costs | — |  |  | 41.1 |
Dividends to common stockholders | (245.1) |  |  | (207.1) |
Payment of deferred consideration for Carlyle Holdings units | (68.8) |  |  | (68.8) |
Contributions from non-controlling interest holders | 5.2 |  |  | 4.4 |
Distributions to non-controlling interest holders | (25.8) |  |  | (36.6) |
Common shares issued for performance allocations | — |  |  | 36.5 |
Common shares repurchased | (160.8) |  |  | (105.3) |
Change in due to/from affiliates financing activities | (13.2) |  |  | (27.8) |
Net cash used in financing activities | (513.0) |  |  | (372.6) |
Effect of foreign exchange rate changes | 8.3 |  |  | (43.2) |
Decrease in cash, cash equivalents and restricted cash | (485.8) |  |  | (1,165.3) |
Cash, cash equivalents and restricted cash, beginning of period | 1,361.5 |  |  | 2,475.1 |
Cash, cash equivalents and restricted cash, end of period | $ | 875.7 |  |  | $ | 1,309.8 |
Supplemental non-cash disclosures |  |  |
Issuance of common shares related to the acquisition of CBAM | $ | — |  |  | $ | 194.5 |
Reconciliation of cash, cash equivalents and restricted cash, end of period: |  |  |
Cash and cash equivalents | $ | 870.3 |  |  | $ | 1,308.9 |
Restricted cash | 5.4 |  |  | 0.9 |
Total cash, cash equivalents and restricted cash, end of period | $ | 875.7 |  |  | $ | 1,309.8 |
Cash and cash equivalents held at Consolidated Funds | $ | 536.4 |  |  | $ | 230.7 |

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