Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Supplemental Financial Position

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the

Company’s financial position as of September 30, 2024 and December 31, 2023 and results of operations for the three and nine

months ended September 30, 2024 and 2023. The supplemental statement of cash flows is presented without effects of the

Consolidated Funds.


	As of September 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,376.8	$—	$—	$1,376.8
Cash and cash equivalents held at Consolidated Funds	—	488.5	—	488.5
Restricted cash	2.1	—	—	2.1
Investments, including performance allocations of $7,210.8	11,407.5	—	(312.5)	11,095.0
Investments of Consolidated Funds	—	7,427.9	—	7,427.9
Due from affiliates and other receivables, net	1,061.5	—	(304.3)	757.2
Due from affiliates and other receivables of Consolidated Funds, net	—	218.3	—	218.3
Fixed assets, net	174.1	—	—	174.1
Lease right-of-use assets, net	353.6	—	—	353.6
Deposits and other	69.9	1.9	—	71.8
Intangible assets, net	670.6	—	—	670.6
Deferred tax assets	22.5	—	—	22.5
Total assets	$15,138.6	$8,136.6	$(616.8)	$22,658.4
Liabilities and equity
Debt obligations	$2,211.0	$—	$—	$2,211.0
Loans payable of Consolidated Funds	—	6,830.3	(298.9)	6,531.4
Accounts payable, accrued expenses and other liabilities	349.9	—	—	349.9
Accrued compensation and benefits	5,434.8	—	—	5,434.8
Due to affiliates	214.4	5.4	—	219.8
Deferred revenue	379.5	—	—	379.5
Deferred tax liabilities	150.5	—	—	150.5
Other liabilities of Consolidated Funds	—	497.7	(0.1)	497.6
Lease liabilities	504.6	—	—	504.6
Accrued giveback obligations	43.9	—	—	43.9
Total liabilities	9,288.6	7,333.4	(299.0)	16,323.0
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,774.5	334.1	(334.1)	3,774.5
Retained earnings	2,034.5	—	—	2,034.5
Accumulated other comprehensive loss	(278.3)	(3.9)	16.3	(265.9)
Non-controlling interests in consolidated entities	315.7	473.0	—	788.7
Total equity	5,850.0	803.2	(317.8)	6,335.4
Total liabilities and equity	$15,138.6	$8,136.6	$(616.8)	$22,658.4


	As of December 31, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,440.3	$—	$—	$1,440.3
Cash and cash equivalents held at Consolidated Funds	—	346.0	—	346.0
Restricted cash	1.8	—	—	1.8
Investments, including performance allocations of $6,169.9	10,104.5	—	(149.2)	9,955.3
Investments of Consolidated Funds	—	7,313.9	(60.8)	7,253.1
Due from affiliates and other receivables, net	1,009.2	—	(317.6)	691.6
Due from affiliates and other receivables of Consolidated Funds, net	—	141.0	—	141.0
Fixed assets, net	161.5	—	—	161.5
Lease right-of-use assets, net	332.2	—	—	332.2
Deposits and other	66.0	4.6	—	70.6
Intangible assets, net	766.1	—	—	766.1
Deferred tax assets	16.5	—	—	16.5
Total assets	$13,898.1	$7,805.5	$(527.6)	$21,176.0
Liabilities and equity
Debt obligations	$2,281.0	$—	$—	$2,281.0
Loans payable of Consolidated Funds	—	6,796.4	(309.9)	6,486.5
Accounts payable, accrued expenses and other liabilities	333.8	—	—	333.8
Accrued compensation and benefits	4,922.2	—	—	4,922.2
Due to affiliates	269.6	6.3	—	275.9
Deferred revenue	140.3	—	—	140.3
Deferred tax liabilities	45.3	—	—	45.3
Other liabilities of Consolidated Funds	—	374.4	—	374.4
Lease liabilities	488.1	—	—	488.1
Accrued giveback obligations	44.0	—	—	44.0
Total liabilities	8,524.3	7,177.1	(309.9)	15,391.5
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,403.0	223.8	(223.8)	3,403.0
Retained earnings	2,082.1	—	—	2,082.1
Accumulated other comprehensive loss	(292.7)	(10.7)	6.1	(297.3)
Non-controlling interests in consolidated entities	177.8	415.3	—	593.1
Total equity	5,373.8	628.4	(217.7)	5,784.5
Total liabilities and equity	$13,898.1	$7,805.5	$(527.6)	$21,176.0

Schedule of Supplemental Results of Operations


	Three Months Ended September 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$539.1	$—	$(6.4)	$532.7
Incentive fees	38.9	—	(0.2)	38.7
Investment income
Performance allocations	1,786.3	—	(0.8)	1,785.5
Principal investment income	47.4	—	(1.4)	46.0
Total investment income	1,833.7	—	(2.2)	1,831.5
Interest and other income	55.7	—	(3.5)	52.2
Interest and other income of Consolidated Funds	—	180.1	—	180.1
Total revenues	2,467.4	180.1	(12.3)	2,635.2
Expenses
Compensation and benefits
Cash-based compensation and benefits	207.5	—	—	207.5
Equity-based compensation	121.6	—	—	121.6
Performance allocations and incentive fee related compensation	1,151.0	—	—	1,151.0
Total compensation and benefits	1,480.1	—	—	1,480.1
General, administrative and other expenses	176.6	—	—	176.6
Interest	30.3	—	—	30.3
Interest and other expenses of Consolidated Funds	—	160.6	1.4	162.0
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,686.9	160.6	1.4	1,848.9
Other income
Net investment income of Consolidated Funds	—	2.5	—	2.5
Income before provision for income taxes	780.5	22.0	(13.7)	788.8
Provision for income taxes	173.1	—	—	173.1
Net income	607.4	22.0	(13.7)	615.7
Net income attributable to non-controlling interests in consolidated entities	11.7	—	8.3	20.0
Net income attributable to The Carlyle Group Inc.	$595.7	$22.0	$(22.0)	$595.7



	Nine Months Ended September 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,610.1	$—	$(19.4)	$1,590.7
Incentive fees	96.7	—	(0.5)	96.2
Investment income
Performance allocations	1,827.8	—	(1.1)	1,826.7
Principal investment income	217.8	—	(10.6)	207.2
Total investment income	2,045.6	—	(11.7)	2,033.9
Interest and other income	175.9	—	(14.0)	161.9
Interest and other income of Consolidated Funds	—	510.6	—	510.6
Total revenues	3,928.3	510.6	(45.6)	4,393.3
Expenses
Compensation and benefits
Cash-based compensation and benefits	635.7	—	—	635.7
Equity-based compensation	355.1	—	—	355.1
Performance allocations and incentive fee related compensation	1,222.4	—	—	1,222.4
Total compensation and benefits	2,213.2	—	—	2,213.2
General, administrative and other expenses	512.2	—	—	512.2
Interest	91.5	—	—	91.5
Interest and other expenses of Consolidated Funds	—	464.6	(25.9)	438.7
Other non-operating income	(0.2)	—	—	(0.2)
Total expenses	2,816.7	464.6	(25.9)	3,255.4
Other income (loss)
Net investment loss of Consolidated Funds	—	(9.6)	—	(9.6)
Income before provision for income taxes	1,111.6	36.4	(19.7)	1,128.3
Provision for income taxes	264.5	—	—	264.5
Net income	847.1	36.4	(19.7)	863.8
Net income attributable to non-controlling interests in consolidated entities	37.6	—	16.7	54.3
Net income attributable to The Carlyle Group Inc.	$809.5	$36.4	$(36.4)	$809.5


	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 (loss)
Net investment loss 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

Schedule of Supplemental Statement of Cash Flows


	Nine Months Ended September 30,
	2024	2023
	(Dollars in millions)
Cash flows from operating activities
Net income	$847.1	$104.9
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	137.0	137.0
Equity-based compensation	355.1	186.8
Non-cash performance allocations and incentive fees	(389.1)	425.0
Non-cash principal investment income	(182.0)	(100.0)
Other non-cash amounts	15.8	8.1
Purchases of investments	(479.4)	(244.9)
Proceeds from the sale of investments	435.7	351.8
Payments of contingent consideration	(4.0)	(68.6)
Change in deferred taxes, net	98.3	(103.3)
Change in due from affiliates and other receivables	(38.2)	16.9
Change in deposits and other	(5.4)	(38.5)
Change in accounts payable, accrued expenses and other liabilities	15.4	(101.8)
Change in accrued compensation and benefits	(170.8)	(128.3)
Change in due to affiliates	(0.9)	(8.8)
Change in lease right-of-use asset and lease liability	(5.4)	(7.5)
Change in deferred revenue	238.1	290.0
Net cash provided by operating activities	867.3	718.8
Cash flows from investing activities
Purchases of corporate treasury investments	(5.0)	(187.3)
Proceeds from corporate treasury investments	5.1	152.4
Purchases of fixed assets, net	(51.0)	(49.6)
Net cash used in investing activities	(50.9)	(84.5)
Cash flows from financing activities
Borrowings under credit facilities	10.4	—
Repayments under credit facilities	(10.4)	—
Payments on CLO borrowings	(73.3)	(7.3)
Proceeds from CLO borrowings, net of financing costs	0.5	10.0
Dividends to common stockholders	(377.8)	(371.4)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)
Contributions from non-controlling interest holders	155.2	7.9
Distributions to non-controlling interest holders	(58.9)	(48.9)
Common shares repurchased and net share settlement of equity awards	(478.8)	(203.7)
Change in due to/from affiliates financing activities	13.3	(36.4)
Net cash used in financing activities	(888.6)	(718.6)
Effect of foreign exchange rate changes	9.0	(5.0)
Decrease in cash, cash equivalents and restricted cash	(63.2)	(89.3)
Cash, cash equivalents and restricted cash, beginning of period	1,442.1	1,361.5
Cash, cash equivalents and restricted cash, end of period	$1,378.9	$1,272.2

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,376.8	$1,267.7
Restricted cash	2.1	4.5
Total cash, cash equivalents and restricted cash, end of period	$1,378.9	$1,272.2

Cash and cash equivalents held at Consolidated Funds	$488.5	$352.3