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Equity-Based Compensation | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Equity-Based Compensation | 14. Equity-Based Compensation The Carlyle Group Inc. Amended and Restated 2012 Equity Incentive Plan (the “Equity Incentive Plan,” initially adopted in May 2012 and as most recently amended and restated on May 29, 2024) is a source of equity-based awards permitting the Company to grant to Carlyle employees, directors and consultants non-qualified options, share appreciation rights, common shares, restricted stock units and other awards based on the Company’s shares of common stock. Following the amendment and restatement of the Equity Incentive Plan on May 29, 2024, a total of 58,800,000 shares of common stock were authorized for the grant of awards under the Equity Incentive Plan. As of September 30, 2024, there was a total of 29,762,302 shares of the Company’s common stock remaining available for grant under the Equity Incentive Plan. A summary of the status of the Company’s non-vested equity-based awards as of September 30, 2024 and a summary of changes for the nine months ended September 30, 2024, are presented below:
Unvested Shares | Performance- Vesting Restricted Stock Units(1) |  | Weighted- Average Grant Date Fair Value |  | Restricted Stock Units |  | Weighted- Average Grant Date Fair Value |  | Unvested Common Shares(2) |  | Weighted- Average Grant Date Fair Value
Balance, December 31, 2023 | 4,941,317 |  | $23.19 |  | 17,232,330 |  | $34.68 |  | 458,929 |  | $37.87
Granted (3) | 13,260,872 |  | $26.50 |  | 5,552,640 |  | $40.71 |  | 247,293 |  | $40.08
Vested (4) | 995,848 |  | $29.86 |  | 5,974,186 |  | $33.62 |  | 247,316 |  | $34.52
Forfeited | 125,251 |  | $26.11 |  | 1,594,969 |  | $33.77 |  | — |  | $—
Balance, September 30, 2024 | 17,081,090 |  | $25.35 |  | 15,215,815 |  | $37.40 |  | 458,906 |  | $39.95
(1)Includes restricted stock units granted to certain senior Carlyle professionals, including equity inducement awards granted in connection with the appointment of the Company’s Chief Executive Officer, which are subject to vesting based on the achievement of stock price performance conditions over a service period. (2)Includes common shares issued in connection with the Company’s investment in NGP. (3)Includes shares reserved for issuance upon settlement of dividend-equivalent rights carried by certain restricted stock units concurrently with the settlement of the restricted stock units for shares. (4)Includes 2,833,113 shares which were retired in connection with the net share settlement of equity-based awards. The Company paid $133.2 million of taxes related to the net share settlement of equity-based awards during the nine months ended September 30, 2024, which is included within Financing activities in the condensed consolidated statements of cash flows. In February 2024, the Company granted 13.2 million restricted stock units to certain senior Carlyle professionals that are eligible to vest in three tranches based on the achievement of stock price performance conditions over service periods of one, two and three years. Equity-based compensation expense for each tranche is recognized on a straight-line basis over its respective service period. These awards had a grant date fair value of approximately $347 million, which was derived using the Monte Carlo simulation model. The Company recorded compensation expense, net of forfeitures, for restricted stock units of $121.6 million and $64.4 million for the three months ended September 30, 2024 and 2023, respectively, with $23.1 million and $10.2 million of corresponding deferred tax benefits, respectively. The Company recorded compensation expense, net of forfeitures, for restricted stock units of $355.1 million and $186.8 million for the nine months ended September 30, 2024 and 2023, respectively, with $66.9 million and $30.7 million of corresponding deferred tax benefits, respectively. As of September 30, 2024, the total unrecognized equity-based compensation expense related to unvested restricted stock units was $624.5 million, which is expected to be recognized over a weighted-average term of 2.0 years.

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