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Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Schedule of Investments

Investments consist of the following: 

	As of
	September 30, 2024		December 31, 2023
	(Dollars in millions)
Accrued performance allocations	$7,210.8		$6,169.9
Principal equity method investments, excluding performance allocations	3,234.2		3,024.1
Principal investments in CLOs	464.5		532.6
Other investments	185.5		228.7
Total	$11,095.0		$9,955.3

Schedule of Components of Accrued Performance Fees

The components of accrued performance allocations are as follows:

	As of
	September 30, 2024		December 31, 2023
	(Dollars in millions)
Global Private Equity	$5,048.4		$4,310.7
Global Credit	476.6		323.4
Global Investment Solutions	1,685.8		1,535.8
Total	$7,210.8		$6,169.9

Schedule of Components of Accrued Giveback Obligations

The components of the accrued giveback obligations are as

follows:

	As of
	September 30, 2024		December 31, 2023
	(Dollars in millions)
Global Private Equity	$(18.4)		$(18.4)
Global Credit	(25.5)		(25.6)
Total	$(43.9)		$(44.0)

Schedule of Equity Method Investments

Principal investments are related to the following segments:

	As of
	September 30, 2024		December 31, 2023
	(Dollars in millions)
Global Private Equity(1)	$1,808.5		$1,798.3
Global Credit(2)	1,156.7		987.4
Global Investment Solutions	269.0		238.4
Total	$3,234.2		$3,024.1

(1)The balance includes $915.7 million and $916.2 million as of September 30, 2024 and December 31, 2023, respectively, related to

the Company’s equity method investments in NGP.

(2)The balance includes $741.5 million and $595.4 million as of September 30, 2024 and December 31, 2023, respectively, related to

the Company’s investment in Fortitude.

The Company’s investments in NGP as of September 30, 2024 and December 31, 2023 are as follows:

	As of
	September 30, 2024		December 31, 2023
	(Dollars in millions)
Investment in NGP Management	$373.3		$370.5
Investments in NGP general partners - accrued performance allocations	487.8		484.4
Principal investments in NGP funds	54.6		61.3
Total investments in NGP	$915.7		$916.2

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Global Private Equity	$58.0		$77.2		$124.1		$157.8
Global Credit	30.5		15.0		61.5		(79.4)
Global Investment Solutions	15.0		0.4		21.5		8.6
Total	$103.5		$92.6		$207.1		$87.0

Schedule of Net Investment Income (Loss)

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

consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Management fee related revenues from NGP Management	$20.8		$20.5		$57.3		$58.4
Expenses related to the investment in NGP Management	(3.5)		(3.5)		(10.5)		(11.0)
Net investment income from NGP Management	$17.3		$17.0		$46.8		$47.4

Schedule of Components of Investment Income (Loss)

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Performance allocations
Realized	$266.4		$49.1		$804.0		$614.8
Unrealized	1,519.1		(167.4)		1,022.7		(819.1)
	1,785.5		(118.3)		1,826.7		(204.3)
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	38.1		177.8		135.5		181.9
Unrealized	65.4		(85.2)		71.6		(94.9)
	103.5		92.6		207.1		87.0
Principal investment income (loss) from investments in CLOs and other investments
Realized	(4.7)		0.5		4.5		0.4
Unrealized(1)	(52.8)		7.5		(4.4)		17.7
	(57.5)		8.0		0.1		18.1
Total	$1,831.5		$(17.7)		$2,033.9		$(99.2)

(1)The three and nine months ended September 30, 2024 each include the reversal of $48.5 million of previously recorded unrealized

investment income on the BDC Preferred Shares (see Note 9, Related Party Transactions for more information). The nine months

ended September 30, 2024 and 2023 include investment gain (loss) of $5.3 million and $(13.3) million, respectively, associated

with the remeasurement of corporate investments, resulting from observable price changes pursuant to ASC 321, Investments–

Equity Securities.

Schedule of Performance Allocations Included in Revenues

The performance allocations included in revenues are derived from the following segments: 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Global Private Equity	$1,625.8		$(188.2)		$1,447.3		$(519.6)
Global Credit	58.7		45.3		170.0		116.4
Global Investment Solutions	101.0		24.6		209.4		198.9
Total	$1,785.5		$(118.3)		$1,826.7		$(204.3)

The following table summarizes the funds that are the primary drivers of performance allocations for the periods

presented and the total revenue recognized, including performance allocations as well as fund management fees and principal

investment income:

Three Months Ended September 30, 2024				Nine Months Ended September 30, 2024
(Dollars in millions)				(Dollars in millions)
Global Private Equity	Carlyle Partners VII, L.P.	$1,228.8		Global Private Equity	Carlyle Partners VII, L.P.	$1,258.9

Three Months Ended September 30, 2023				Nine Months Ended September 30, 2023
(Dollars in millions)				(Dollars in millions)
Global Private Equity	Carlyle Partners VI, L.P.	$(148.5)		Global Private Equity	Carlyle Partners VII, L.P.	$(374.9)
Global Private Equity	Carlyle Partners VII, L.P.	(112.0)		Global Private Equity	Carlyle Partners VI, L.P.	(202.0)

Schedule of 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Interest income from investments	$158.0		$135.2		$449.9		$367.1
Other income	22.1		17.5		60.7		44.6
Total	$180.1		$152.7		$510.6		$411.7

Schedule of Components of Net Investment Income (losses) of Consolidated Funds

The components of Net

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$(24.9)		$121.6		$58.1		$262.7
Gains (losses) from liabilities of CLOs	27.4		(130.9)		(67.7)		(252.8)
Total	$2.5		$(9.3)		$(9.6)		$9.9

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(Dollars in millions)
Realized losses	$(4.5)		$(24.1)		$(49.1)		$(63.0)
Net change in unrealized gains (losses)	(20.4)		145.7		107.2		325.7
Total	$(24.9)		$121.6		$58.1		$262.7

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