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Supplemental Financial Information

9 Months Ended

Sep. 30, 2023

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, 2023 and December 31, 2022 and results of operations for the three and nine months ended September 30, 2023 and 2022. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.

			As of September 30, 2023
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Assets
Cash and cash equivalents			$	1,267.7					$	—					$	—					$	1,267.7
Cash and cash equivalents held at Consolidated Funds			—						352.3						—						352.3
Restricted cash			4.5						—						—						4.5
Corporate treasury investments			57.3						—						—						57.3
Investments, including performance allocations of $6,209.2 million			10,099.6						—						(124.9)						9,974.7
Investments of Consolidated Funds			—						7,059.2						—						7,059.2
Due from affiliates and other receivables, net			1,004.1						—						(315.8)						688.3
Due from affiliates and other receivables of Consolidated Funds, net			—						131.7						—						131.7
Fixed assets, net			154.8						—						—						154.8
Lease right-of-use assets, net			337.4						—						—						337.4
Deposits and other			109.5						10.4						—						119.9
Intangible assets, net			796.0						—						—						796.0
Deferred tax assets			13.5						—						—						13.5
Total assets			$	13,844.4					$	7,553.6					$	(440.7)					$	20,957.3
Liabilities and equity
Debt obligations			$	2,275.5					$	—					$	—					$	2,275.5
Loans payable of Consolidated Funds			—						6,729.0						(309.8)						6,419.2
Accounts payable, accrued expenses and other liabilities			263.5						—						—						263.5
Accrued compensation and benefits			3,694.4						—						—						3,694.4
Due to affiliates			283.9						6.1						—						290.0
Deferred revenue			413.8						—						—						413.8
Deferred tax liabilities			276.2						—						—						276.2
Other liabilities of Consolidated Funds			—						280.0						(0.1)						279.9
Lease liabilities			496.0						—						—						496.0
Accrued giveback obligations			44.0						—						—						44.0
Total liabilities			7,747.3						7,015.1						(309.9)						14,452.5
Common stock			3.6						—						—						3.6
Additional paid-in capital			3,337.8						142.2						(142.2)						3,337.8
Retained earnings			2,902.6						—						—						2,902.6
Accumulated other comprehensive loss			(321.1)						(14.2)						11.4						(323.9)
Non-controlling interests in consolidated entities			174.2						410.5						—						584.7
Total equity			6,097.1						538.5						(130.8)						6,504.8
Total liabilities and equity			$	13,844.4					$	7,553.6					$	(440.7)					$	20,957.3

			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

			Three Months Ended September 30, 2023
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	511.5					$	—					$	(8.9)					$	502.6
Incentive fees			23.6						—						(2.5)						21.1
Investment income (loss)
Performance allocations			(118.9)						—						0.6						(118.3)
Principal investment income			108.8						—						(8.2)						100.6
Total investment loss			(10.1)						—						(7.6)						(17.7)
Interest and other income			59.5						—						(1.6)						57.9
Interest and other income of Consolidated Funds			—						152.7						—						152.7
Total revenues			584.5						152.7						(20.6)						716.6
Expenses
Compensation and benefits
Cash-based compensation and benefits			267.6						—						—						267.6
Equity-based compensation			64.4						—						—						64.4
Performance allocations and incentive fee related compensation			(53.9)						—						—						(53.9)
Total compensation and benefits			278.1						—						—						278.1
General, administrative and other expenses			143.1						—						(0.1)						143.0
Interest			31.4						—						—						31.4
Interest and other expenses of Consolidated Funds			—						111.2						(8.7)						102.5
Other non-operating expenses			0.1						—						—						0.1
Total expenses			452.7						111.2						(8.8)						555.1
Other income
Net investment income of Consolidated Funds			—						(9.3)						—						(9.3)
Income before provision for income taxes			131.8						32.2						(11.8)						152.2
Provision for income taxes			41.2						—						—						41.2
Net income			90.6						32.2						(11.8)						111.0
Net income attributable to non-controlling interests in consolidated entities			9.3						—						20.4						29.7
Net income attributable to The Carlyle Group Inc.			$	81.3					$	32.2					$	(32.2)					$	81.3

			Nine Months Ended September 30, 2023
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	1,535.0					$	—					$	(23.8)					$	1,511.2
Incentive fees			64.4						—						(2.5)						61.9
Investment income (loss)
Performance allocations			(202.0)						—						(2.3)						(204.3)
Principal investment income			122.9						—						(17.8)						105.1
Total investment loss			(79.1)						—						(20.1)						(99.2)
Interest and other income			159.7						—						(7.6)						152.1
Interest and other income of Consolidated Funds			—						411.7						—						411.7
Total revenues			1,680.0						411.7						(54.0)						2,037.7
Expenses
Compensation and benefits
Cash-based compensation and benefits			798.4						—						—						798.4
Equity-based compensation			186.8						—						—						186.8
Performance allocations and incentive fee related compensation			(40.4)						—						—						(40.4)
Total compensation and benefits			944.8						—						—						944.8
General, administrative and other expenses			470.1						—						0.6						470.7
Interest			91.8						—						—						91.8
Interest and other expenses of Consolidated Funds			—						324.7						(26.4)						298.3
Other non-operating expenses			0.2						—						—						0.2
Total expenses			1,506.9						324.7						(25.8)						1,805.8
Other income
Net investment income of Consolidated Funds			—						9.9						—						9.9
Income before provision for income taxes			173.1						96.9						(28.2)						241.8
Provision for income taxes			68.2						—						—						68.2
Net income			104.9						96.9						(28.2)						173.6
Net income attributable to non-controlling interests in consolidated entities			21.3						—						68.7						90.0
Net income attributable to The Carlyle Group Inc.			$	83.6					$	96.9					$	(96.9)					$	83.6

			Three Months Ended September 30, 2022
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	542.1					$	—					$	(6.2)					$	535.9
Incentive fees			15.2						—						(0.1)						15.1
Investment income
Performance allocations			297.8						—						0.3						298.1
Principal investment income			127.6						—						(3.4)						124.2
Total investment income			425.4						—						(3.1)						422.3
Interest and other income			37.6						—						(2.1)						35.5
Interest and other income of Consolidated Funds			—						79.7						—						79.7
Total revenues			1,020.3						79.7						(11.5)						1,088.5
Expenses
Compensation and benefits
Cash-based compensation and benefits			251.4						—						—						251.4
Equity-based compensation			54.2						—						—						54.2
Performance allocations and incentive fee related compensation			163.5						—						—						163.5
Total compensation and benefits			469.1						—						—						469.1
General, administrative and other expenses			149.3						—						(0.1)						149.2
Interest			27.3						—						—						27.3
Interest and other expenses of Consolidated Funds			—						62.0						(8.3)						53.7
Other non-operating expenses			0.3						—						—						0.3
Total expenses			646.0						62.0						(8.4)						699.6
Other income (loss)
Net investment loss of Consolidated Funds			—						(30.3)						—						(30.3)
Income (loss) before provision for income taxes			374.3						(12.6)						(3.1)						358.6
Provision for income taxes			76.2						—						—						76.2
Net income (loss)			298.1						(12.6)						(3.1)						282.4
Net income attributable to non-controlling interests in consolidated entities			17.3						—						(15.7)						1.6
Net income (loss) attributable to The Carlyle Group Inc.			$	280.8					$	(12.6)					$	12.6					$	280.8

			Nine Months Ended September 30, 2022
			Consolidated Operating Entities						Consolidated Funds						Eliminations						Consolidated
			(Dollars in millions)
Revenues
Fund management fees			$	1,552.0					$	—					$	(19.1)					$	1,532.9
Incentive fees			42.7						—						(0.1)						42.6
Investment income
Performance allocations			1,350.7						—						(4.5)						1,346.2
Principal investment income			463.9						—						36.6						500.5
Total investment income			1,814.6						—						32.1						1,846.7
Interest and other income			107.8						—						(15.3)						92.5
Interest and other income of Consolidated Funds			—						204.6						—						204.6
Total revenues			3,517.1						204.6						(2.4)						3,719.3
Expenses
Compensation and benefits
Cash-based compensation and benefits			779.7						—						—						779.7
Equity-based compensation			139.3						—						—						139.3
Performance allocations and incentive fee related compensation			741.2						—						—						741.2
Total compensation and benefits			1,660.2						—						—						1,660.2
General, administrative and other expenses			387.1						—						0.1						387.2
Interest			82.0						—						—						82.0
Interest and other expenses of Consolidated Funds			—						166.0						(28.9)						137.1
Other non-operating expenses			0.8						—						—						0.8
Total expenses			2,130.1						166.0						(28.8)						2,267.3
Other income (loss)
Net investment loss of Consolidated Funds			—						(51.0)						—						(51.0)
Income (loss) before provision for income taxes			1,387.0						(12.4)						26.4						1,401.0
Provision for income taxes			274.9						—						—						274.9
Net income (loss)			1,112.1						(12.4)						26.4						1,126.1
Net income attributable to non-controlling interests in consolidated entities			14.3						—						14.0						28.3
Net income (loss) attributable to The Carlyle Group Inc.			$	1,097.8					$	(12.4)					$	12.4					$	1,097.8

			Nine Months Ended September 30,
			2023						2022
			(Dollars in millions)
Cash flows from operating activities
Net income			$	104.9					$	1,112.1
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			137.0						102.7
Equity-based compensation			186.8						139.3
Non-cash performance allocations and incentive fees			425.0						179.4
Non-cash principal investment income			(100.0)						(434.9)
Other non-cash amounts			8.1						(27.4)
Purchases of investments			(244.9)						(582.4)
Proceeds from the sale of investments			351.8						410.2
Payments of contingent consideration			(68.6)						(5.7)
Change in deferred taxes, net			(103.3)						(2.3)
Change in due from affiliates and other receivables			16.9						(62.0)
Change in deposits and other			(38.5)						(12.8)
Change in accounts payable, accrued expenses and other liabilities			(101.8)						(27.7)
Change in accrued compensation and benefits			(128.3)						(265.3)
Change in due to affiliates			(8.8)						2.4
Change in lease right-of-use asset and lease liability			(7.5)						(7.0)
Change in deferred revenue			290.0						274.9
Net cash provided by operating activities			718.8						793.5
Cash flows from investing activities
Purchases of corporate treasury investments			(187.3)						(69.6)
Proceeds from corporate treasury investments			152.4						—
Purchases of fixed assets, net			(49.6)						(25.0)
Purchase of Abingworth, net of cash acquired			—						(150.2)
Purchase of CBAM intangibles and investments, net			—						(618.4)
Net cash used in investing activities			(84.5)						(863.2)
Cash flows from financing activities
Payments on CLO borrowings			(7.3)						(8.9)
Proceeds from CLO borrowings, net of financing costs			10.0						55.2
Dividends to common stockholders			(371.4)						(325.4)
Payment of deferred consideration for Carlyle Holdings units			(68.8)						(68.8)
Contributions from non-controlling interest holders			7.9						7.2
Distributions to non-controlling interest holders			(48.9)						(52.5)
Common shares issued for performance allocations			—						38.9
Common shares repurchased			(203.7)						(146.9)
Change in due to/from affiliates financing activities			(36.4)						(471.6)
Net cash used in financing activities			(718.6)						(972.8)
Effect of foreign exchange rate changes			(5.0)						(70.1)
Decrease in cash, cash equivalents and restricted cash			(89.3)						(1,112.6)
Cash, cash equivalents and restricted cash, beginning of period			1,361.5						2,475.1
Cash, cash equivalents and restricted cash, end of period			$	1,272.2					$	1,362.5
Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM and Abingworth			$	—					$	219.5
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents			$	1,267.7					$	1,361.9
Restricted cash			4.5						0.6
Total cash, cash equivalents and restricted cash, end of period			$	1,272.2					$	1,362.5
Cash and cash equivalents held at Consolidated Funds			$	352.3					$	177.2

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