Supplemental Financial Information

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

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 December 31, 2024 and 2023 and results of operations for the years ended December 31,

2024, 2023 and 2022. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.


	As of December 31, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,266.0	$—	$—	$1,266.0
Cash and cash equivalents held at Consolidated Funds	—	830.4	—	830.4
Restricted cash	0.5	—	—	0.5
Investments, including accrued performance allocations of $7,053.5	11,324.1	—	(387.4)	10,936.7
Investments of Consolidated Funds	—	7,782.4	—	7,782.4
Due from affiliates and other receivables, net	1,111.0	—	(305.4)	805.6
Due from affiliates and other receivables of Consolidated Funds, net	—	237.1	—	237.1
Fixed assets, net	185.3	—	—	185.3
Lease right-of-use assets, net	341.4	—	—	341.4
Deposits and other	54.6	1.8	—	56.4
Intangible assets, net	634.1	—	—	634.1
Deferred tax assets	27.6	—	—	27.6
Total assets	$14,944.6	$8,851.7	$(692.8)	$23,103.5
Liabilities and equity
Debt obligations	$2,143.5	$—	$—	$2,143.5
Loans payable of Consolidated Funds	—	7,161.6	(297.4)	6,864.2
Accounts payable, accrued expenses and other liabilities	389.8	—	—	389.8
Accrued compensation and benefits	5,446.6	—	—	5,446.6
Due to affiliates	236.6	5.3	—	241.9
Deferred revenue	138.7	—	—	138.7
Deferred tax liabilities	137.0	—	—	137.0
Other liabilities of Consolidated Funds	—	861.7	(0.1)	861.6
Lease liabilities	488.6	—	—	488.6
Accrued giveback obligations	44.0	—	—	44.0
Total liabilities	9,024.8	8,028.6	(297.5)	16,755.9
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,892.3	423.5	(423.5)	3,892.3
Retained earnings	2,040.8	—	—	2,040.8
Accumulated other comprehensive loss	(350.5)	(7.5)	28.2	(329.8)
Non-controlling interests in consolidated entities	333.6	407.1	—	740.7
Total equity	5,919.8	823.1	(395.3)	6,347.6
Total liabilities and equity	$14,944.6	$8,851.7	$(692.8)	$23,103.5


	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 accrued 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


	Year Ended December 31, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$2,218.3	$—	$(30.2)	$2,188.1
Incentive fees	134.2	—	(0.7)	133.5
Investment income
Performance allocations	2,016.8	—	(1.1)	2,015.7
Principal investment income	267.7	—	(29.0)	238.7
Total investment income	2,284.5	—	(30.1)	2,254.4
Interest and other income	239.2	—	(21.0)	218.2
Interest and other income of Consolidated Funds	—	631.6	—	631.6
Total revenues	4,876.2	631.6	(82.0)	5,425.8
Expenses
Compensation and benefits
Cash-based compensation and benefits	875.5	—	—	875.5
Equity-based compensation	467.9	—	—	467.9
Performance allocations and incentive fee related compensation	1,361.5	—	—	1,361.5
Total compensation and benefits	2,704.9	—	—	2,704.9
General, administrative and other expenses	665.6	—	—	665.6
Interest	121.0	—	—	121.0
Interest and other expenses of Consolidated Funds	—	610.3	(45.4)	564.9
Other non-operating (income) expenses	(0.3)	—	—	(0.3)
Total expenses	3,491.2	610.3	(45.4)	4,056.1
Other income
Net investment income of Consolidated Funds	—	24.0	—	24.0
Income before provision for income taxes	1,385.0	45.3	(36.6)	1,393.7
Provision for income taxes	302.6	—	—	302.6
Net income	1,082.4	45.3	(36.6)	1,091.1
Net income attributable to non-controlling interests in consolidated entities	62.0	—	8.7	70.7
Net income attributable to The Carlyle Group Inc.	$1,020.4	$45.3	$(45.3)	$1,020.4


	Year Ended December 31, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$2,074.3	$—	$(31.1)	$2,043.2
Incentive fees	96.2	—	(2.5)	93.7
Investment income
Performance allocations	(85.0)	—	(3.6)	(88.6)
Principal investment income	160.2	—	(26.8)	133.4
Total investment income	75.2	—	(30.4)	44.8
Interest and other income	222.7	—	(10.6)	212.1
Interest and other income of Consolidated Funds	—	570.1	—	570.1
Total revenues	2,468.4	570.1	(74.6)	2,963.9
Expenses
Compensation and benefits
Cash-based compensation and benefits	1,023.7	—	—	1,023.7
Equity-based compensation	249.1	—	—	249.1
Performance allocations and incentive fee related compensation	1,103.7	—	—	1,103.7
Total compensation and benefits	2,376.5	—	—	2,376.5
General, administrative and other expenses	651.4	—	0.7	652.1
Interest	123.8	—	—	123.8
Interest and other expenses of Consolidated Funds	—	460.3	(41.2)	419.1
Other non-operating expenses	0.2	—	—	0.2
Total expenses	3,151.9	460.3	(40.5)	3,571.7
Other income
Net investment income of Consolidated Funds	—	6.9	—	6.9
Income (loss) before provision for income taxes	(683.5)	116.7	(34.1)	(600.9)
Benefit for income taxes	(104.2)	—	—	(104.2)
Net income (loss)	(579.3)	116.7	(34.1)	(496.7)
Net income attributable to non-controlling interests in consolidated entities	29.1	—	82.6	111.7
Net income (loss) attributable to The Carlyle Group Inc.	$(608.4)	$116.7	$(116.7)	$(608.4)


	Year Ended December 31, 2022
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$2,056.7	$—	$(26.6)	$2,030.1
Incentive fees	63.8	—	(0.1)	63.7
Investment income
Performance allocations	1,332.8	—	(5.3)	1,327.5
Principal investment income	542.5	—	28.0	570.5
Total investment income	1,875.3	—	22.7	1,898.0
Interest and other income	154.1	—	(18.2)	135.9
Interest and other income of Consolidated Funds	—	311.0	—	311.0
Total revenues	4,149.9	311.0	(22.2)	4,438.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	1,052.0	—	—	1,052.0
Equity-based compensation	154.0	—	—	154.0
Performance allocations and incentive fee related compensation	719.9	—	—	719.9
Total compensation and benefits	1,925.9	—	—	1,925.9
General, administrative and other expenses	576.2	—	(0.4)	575.8
Interest	110.4	—	—	110.4
Interest and other expenses of Consolidated Funds	—	255.3	(43.7)	211.6
Other non-operating expenses	1.0	—	—	1.0
Total expenses	2,613.5	255.3	(44.1)	2,824.7
Other loss
Net investment loss of Consolidated Funds	—	(41.5)	—	(41.5)
Income before provision for income taxes	1,536.4	14.2	21.9	1,572.5
Provision for income taxes	287.8	—	—	287.8
Net income	1,248.6	14.2	21.9	1,284.7
Net income attributable to non-controlling interests in consolidated entities	23.6	—	36.1	59.7
Net income attributable to The Carlyle Group Inc.	$1,225.0	$14.2	$(14.2)	$1,225.0


	Year Ended December 31,
	2024	2023	2022
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$1,082.4	$(579.3)	$1,248.6
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	184.1	180.6	147.4
Equity-based compensation	467.9	249.1	154.0
Non-cash performance allocations and incentive fees	(360.6)	1,569.2	387.5
Non-cash principal investment income	(207.0)	(130.7)	(501.5)
Other non-cash amounts	1.8	23.8	(10.3)
Purchases of investments	(886.7)	(345.8)	(737.7)
Proceeds from the sale of investments	737.5	485.9	498.0
Payments of contingent consideration	(4.1)	(68.6)	(5.7)
Change in deferred taxes, net	91.2	(368.7)	(73.2)
Change in due from affiliates and other receivables	(27.8)	(33.5)	(82.3)
Change in deposits and other	8.5	6.3	(11.8)
Change in accounts payable, accrued expenses and other liabilities	58.8	(33.2)	(14.3)
Change in accrued compensation and benefits	(37.1)	10.6	(135.4)
Change in due to affiliates	(11.7)	(14.5)	1.7
Change in lease right-of-use asset and lease liability	(8.1)	(10.8)	(8.8)
Change in deferred revenue	(0.2)	15.3	4.5
Net cash provided by operating activities	1,088.9	955.7	860.7
Cash flows from investing activities
Purchases of corporate treasury investments	(5.0)	(187.3)	(69.6)
Proceeds from corporate treasury investments	5.1	210.3	50.0
Purchases of fixed assets, net	(77.7)	(66.6)	(40.6)
Purchase of Abingworth, net of cash acquired	—	—	(150.2)
Purchase of CBAM intangibles and investments	—	—	(618.4)
Net cash used in investing activities	(77.6)	(43.6)	(828.8)
Cash flows from financing activities
Borrowings under credit facilities	10.4	—	—
Repayments under credit facilities	(10.4)	—	—
Proceeds from CLO borrowings, net of financing costs	0.7	12.0	73.2
Payments on CLO borrowings	(120.5)	(17.2)	(16.7)
Dividends to common stockholders	(503.0)	(497.7)	(443.6)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)	(68.8)
Contributions from non-controlling interest holders	229.5	11.8	9.2
Distributions to non-controlling interest holders	(131.0)	(64.0)	(78.7)
Common shares issued for performance allocations	—	—	38.9
Common shares repurchased and net share settlement of equity awards	(554.6)	(203.5)	(185.6)
Change in due to/from affiliates financing activities	(24.4)	(16.2)	(456.2)
Net cash used in financing activities	(1,172.1)	(843.6)	(1,128.3)
Effect of foreign exchange rate changes	(14.8)	12.1	(17.2)
Increase (decrease) in cash, cash equivalents and restricted cash	(175.6)	80.6	(1,113.6)
Cash, cash equivalents and restricted cash, beginning of period	1,442.1	1,361.5	2,475.1
Cash, cash equivalents and restricted cash, end of period	$1,266.5	$1,442.1	$1,361.5

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	$1,266.0	$1,440.3	$1,360.7
Restricted cash	0.5	1.8	0.8
Total cash, cash equivalents and restricted cash, end of period	$1,266.5	$1,442.1	$1,361.5
Cash and cash equivalents held at Consolidated Funds	$830.4	$346.0	$209.0