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Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments [Abstract]

Schedule of investments

Investments consist of the following:

	As of December 31,
	2023		2022
	(Dollars in millions)
Accrued performance allocations	$6,169.9		$7,117.7
Principal equity method investments, excluding performance allocations	3,024.1		2,922.0
Principal investments in CLOs	532.6		526.1
Other investments	228.7		202.1
Total	$9,955.3		$10,767.9

Components of accrued performance fees

The components of accrued performance allocations are as follows:

	As of December 31,
	2023		2022
	(Dollars in millions)
Global Private Equity	$4,310.7		$5,577.1
Global Credit	323.4		193.9
Global Investment Solutions	1,535.8		1,346.7
Total	$6,169.9		$7,117.7

Components of accrued giveback obligations

The components of the accrued giveback obligations are as follows:

	As of December 31,
	2023		2022
	(Dollars in millions)
Global Private Equity	$(18.4)		$(18.4)
Global Credit	(25.6)		(22.5)
Total	$(44.0)		$(40.9)

Schedule of equity method investments

The Company’s principal equity method investments (excluding performance allocations) include its fund investments

in Global Private Equity, Global Credit, and Global Investment Solutions typically as general partner interests, and its

investments in Fortitude through a Carlyle-affiliated fund (included within Global Credit) and NGP (included within Global

Private Equity), which are not consolidated. Principal investments are related to the following segments:

	As of December 31,
	2023		2022
	(Dollars in millions)
Global Private Equity(1)	$1,798.3		$1,853.5
Global Credit(2)	987.4		974.2
Global Investment Solutions	238.4		94.3
Total	$3,024.1		$2,922.0

(1) The balance includes $916.2 million and $1,015.7 million as of December 31, 2023 and 2022, respectively, related to the Company’s equity method

investments in NGP.

(2) As of December 31, 2023 and December 31, 2022, the balance includes $595.4 million and $646.0 million, respectively, related to the Company’s

investment in Fortitude.

The Company’s investments in NGP as of December 31, 2023 and 2022 are

as follows:

	As of December 31,
	2023		2022
	(Dollars in millions)
Investment in NGP Management	$370.5		$369.7
Investments in NGP general partners - accrued performance allocations	484.4		564.5
Principal investments in NGP funds	61.3		81.5
Total investments in NGP	$916.2		$1,015.7

Schedule of equity method investment summarized income statement

The summarized financial information of the Company’s equity method investees from the date of initial investment is

as follows (Dollars in millions):

	Global Private Equity						Global Credit						Global Investment Solutions						Aggregate Totals
	For the Year Ended December 31,						For the Year Ended December 31,						For the Year Ended December 31,						For the Year Ended December 31,
	2023		2022		2021		2023		2022		2021		2023		2022		2021		2023		2022		2021
Statement of operations information
Investment income	$2,652.7		$3,129.1		$1,736.4		$3,497.5		$1,803.9		$2,000.5		$74.8		$115.2		$107.2		$6,225.0		$5,048.2		$3,844.1
Expenses	2,320.4		2,151.6		1,511.4		1,019.5		591.8		448.5		1,238.5		1,139.2		1,524.2		4,578.4		3,882.6		3,484.1
Net investment income (loss)	332.3		977.5		225.0		2,478.0		1,212.1		1,552.0		(1,163.7)		(1,024.0)		(1,417.0)		1,646.6		1,165.6		360.0
Net realized and unrealized gain (loss)	2,980.0		10,643.7		26,875.3		224.7		(1.9)		918.1		4,159.4		2,876.1		10,593.0		7,364.1		13,517.9		38,386.4
Net income (loss)	$3,312.2		$11,621.2		$27,100.3		$2,702.7		$1,210.2		$2,470.1		$2,995.7		$1,852.1		$9,176.0		$9,010.7		$14,683.5		$38,746.4

Schedule of equity method investment summarized balance sheet Information

	Global Private Equity				Global Credit				Global Investment Solutions				Aggregate Totals
	As of December 31,				As of December 31,				As of December 31,				As of December 31,
	2023		2022		2023		2022		2023		2022		2023		2022
Balance sheet information
Investments	$102,536.5		$115,130.1		$26,814.0		$24,555.6		$40,170.7		$32,326.2		$169,521.2		$172,011.9
Total assets	$106,116.6		$118,731.6		$32,803.3		$25,476.7		$40,156.2		$32,294.5		$179,076.1		$176,502.8
Debt	$8,355.4		$15,924.8		$6,601.0		$5,150.3		$2,305.2		$2,261.2		$17,261.6		$23,336.3
Other liabilities	$1,329.3		$1,338.3		$777.7		$418.0		$2,149.7		$825.6		$4,256.7		$2,581.9
Total liabilities	$9,684.7		$17,263.1		$7,378.7		$5,568.3		$4,454.9		$3,086.8		$21,518.3		$25,918.2
Partners’ capital	$96,431.9		$101,468.5		$25,424.6		$19,908.4		$35,701.3		$29,207.7		$157,557.8		$150,584.6

Schedule of net investment income (loss)

The net investment income (loss) recognized in the Company’s consolidated statements

of operations for the years ended December 31, 2023, 2022 and 2021 were as follows:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Management fee related revenues from NGP Management	$78.6		$71.0		$72.9
Expenses related to the investment in NGP Management	(13.8)		(11.5)		(10.8)
Amortization of basis differences from the investment in NGP Management	—		(1.4)		(2.9)
Net investment income from NGP Management	$64.8		$58.1		$59.2

Components of investment income (loss)

The components of investment income (loss) are as follows:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Performance allocations
Realized	$867.0		$2,048.8		$2,956.7
Unrealized	(955.6)		(721.3)		3,127.9
	(88.6)		1,327.5		6,084.6
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	231.7		73.1		266.2
Unrealized	(115.1)		546.4		290.8
	116.6		619.5		557.0
Principal investment income (loss) from investments in CLOs and other investments
Realized	(1.1)		5.0		1.9
Unrealized(1)	17.9		(54.0)		78.4
	16.8		(49.0)		80.3
Total	$44.8		$1,898.0		$6,721.9

(1)  The years ended December 31, 2023 and December 31, 2021 include an investment loss of $13.3 million and investment income of $49.8 million,

respectively, associated with the remeasurement of a corporate investment, 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:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Global Private Equity	$(551.5)		$1,098.3		$5,223.2
Global Credit	163.7		24.0		156.6
Global Investment Solutions	299.2		205.2		704.8
Total	$(88.6)		$1,327.5		$6,084.6

The following tables summarize the funds that are the primary drivers of performance allocations for the years ended

December 31, 2023, 2022, and 2021, as well as the total revenue recognized, including performance allocations as well as fund

management fees and principal investment income:

Year Ended December 31, 2023
(Dollars in millions)
Global Private Equity	CP VI	$(238.0)
Global Private Equity	CP VII	(391.8)

Year Ended December 31, 2022
(Dollars in millions)
Global Private Equity	CP VI	$(436.9)

Year Ended December 31, 2021
(Dollars in millions)
Global Private Equity	CP VI	$1,453.1
Global Private Equity	CP VII	988.4

Schedule of income (loss) from principal investments

Carlyle’s income (loss) from its principal equity method investments consists of:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Global Private Equity	$157.6		$744.8		$346.7
Global Credit	(60.0)		(134.8)		183.4
Global Investment Solutions	19.0		9.5		26.9
Total	$116.6		$619.5		$557.0

Investments held by consolidated funds

The following table presents a summary of the investments held by the Consolidated Funds. Investments held by the

Consolidated Funds do not represent the investments of all Carlyle sponsored funds.

	Fair Value				Percentage of Investments of Consolidated Funds
								Geographic Region/Instrument Type/ Industry	December 31,				December 31,
Description or Investment Strategy	2023		2022		2023		2022
	(Dollars in millions)
United States
Equity securities:
Infrastructure	$366.5		413.4		5.05%		6.00%
Other	7.8		13.9		0.11%		0.20%
Total equity securities (cost of $397.3 and $436.0 at December 31, 2023 and 2022, respectively)	374.3		427.3		5.16%		6.20%
Partnership and LLC interests:
Fund Investments	$490.9		$515.9		6.77%		7.48%
Total Partnership and LLC interests (cost of $389.2 and $504.2 at December 31, 2023 and 2022, respectively)	490.9		515.9		6.77%		7.48%
Loans:
Aerospace & Defense	$10.1		$10.9		0.14%		0.16%
Collateralized Debt Obligation	13.0		11.6		0.18%		0.17%
Environmental Industries	0.9		0.9		0.01%		0.01%
Education	14.7		—		0.20%		—%
Total loans (cost of $36.3 and $26.4 at December 31, 2023 and 2022, respectively)	38.7		23.4		0.53%		0.34%
Assets of the CLOs:
Bonds	$80.5		$57.5		1.11%		0.83%
Equity	2.0		1.3		0.03%		0.02%
Loans	3,100.0		2,717.9		42.74%		39.42%
Total assets of the CLOs (cost of $3,256.0 and $2,974.2 at December 31, 2023 and 2022, respectively)	3,182.5		2,776.7		43.88%		40.27%
Total United States	$4,086.4		$3,743.3		56.34%		54.29%

Europe
Assets of the CLOs:
Bonds	$437.9		$533.5		6.04%		7.74%
Equity	1.3		2.1		0.02%		0.03%
Loans	2,652.6		2,527.2		36.57%		36.66%
Total assets of the CLOs (cost of $3,231.8 and $3,334.0 at December 31, 2023 and 2022, respectively)	3,091.8		3,062.8		42.63%		44.43%
Total Europe	$3,091.8		$3,062.8		42.63%		44.43%
Global
Assets of the CLOs:
Bonds	$4.1		$3.9		0.06%		0.06%
Loans	70.8		84.4		0.97%		1.22%
Total assets of the CLOs (cost of $77.3 and $96.7 at December 31, 2023 and 2022, respectively)	74.9		88.3		1.03%		1.28%
Total Global	$74.9		$88.3		1.03%		1.28%
Total investments of Consolidated Funds (cost of $7,387.9 and $7,371.5 at December 31, 2023 and 2022, respectively)	$7,253.1		$6,894.4		100.00%		100.00%

Components of interest and other income of consolidated funds

The components of interest and other income of Consolidated Funds are as follows:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Interest income from investments	$512.4		$282.3		$231.3
Other income	57.7		28.7		21.9
Total	$570.1		$311.0		$253.2

Components of net investment income (loss) of consolidated funds

The components of net

investment income (loss) of Consolidated Funds are as follows:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$246.9		$(408.1)		$76.6
Gains (losses) from liabilities of CLOs	(240.0)		366.6		(74.1)
Total	$6.9		$(41.5)		$2.5

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:

	Year Ended December 31,
	2023		2022		2021
	(Dollars in millions)
Realized gains (losses)	$(80.8)		$(29.6)		$9.6
Net change in unrealized gains (losses)	327.7		(378.5)		67.0
Total	$246.9		$(408.1)		$76.6

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