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Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments [Abstract]

Schedule of investments

Investments consist of the following:

	As of December 31,
	2024		2023
	(Dollars in millions)
Accrued performance allocations	$7,053.5		$6,169.9
Principal equity method investments, excluding performance allocations	3,292.3		3,024.1
Principal investments in CLOs	378.9		532.6
Other investments	212.0		228.7
Total	$10,936.7		$9,955.3

Components of accrued performance fees

The components of accrued performance allocations are as follows:

	As of December 31,
	2024		2023
	(Dollars in millions)
Global Private Equity	$4,910.2		$4,310.7
Global Credit	527.1		323.4
Global Investment Solutions	1,616.2		1,535.8
Total	$7,053.5		$6,169.9

Components of accrued giveback obligations

The components of the accrued giveback obligations are as follows:

	As of December 31,
	2024		2023
	(Dollars in millions)
Global Private Equity	$(18.5)		$(18.4)
Global Credit	(25.5)		(25.6)
Total	$(44.0)		$(44.0)

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,
	2024		2023
	(Dollars in millions)
Global Private Equity(1)	$1,818.0		$1,798.3
Global Credit(2)	1,157.0		987.4
Global Investment Solutions	317.3		238.4
Total	$3,292.3		$3,024.1

(1) The balance includes $912.0 million and $916.2 million as of December 31, 2024 and 2023, respectively, related to the Company’s equity method

investments in NGP.

(2) The balance includes $723.5 million and $595.4 million as of December 31, 2024 and 2023, respectively, related to the Company’s investment in Fortitude.

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

as follows:

	As of December 31,
	2024		2023
	(Dollars in millions)
Investment in NGP Management	$369.2		$370.5
Investments in NGP general partners - accrued performance allocations	489.4		484.4
Principal investments in NGP funds	53.4		61.3
Total investments in NGP	$912.0		$916.2

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,
	2024		2023		2022		2024		2023		2022		2024		2023		2022		2024		2023		2022
Statement of operations information
Investment income	$1,986.9		$2,652.7		$3,129.1		$3,639.1		$3,497.5		$1,803.9		$275.3		$74.8		$115.2		$5,901.3		$6,225.0		$5,048.2
Expenses	2,644.6		2,320.4		2,151.6		1,111.8		1,019.5		591.8		2,123.9		1,238.5		1,139.2		5,880.3		4,578.4		3,882.6
Net investment income (loss)	(657.7)		332.3		977.5		2,527.3		2,478.0		1,212.1		(1,848.6)		(1,163.7)		(1,024.0)		21.0		1,646.6		1,165.6
Net realized and unrealized gain (loss)	7,911.2		2,980.0		10,643.7		575.8		224.7		(1.9)		4,891.9		4,159.4		2,876.1		13,378.9		7,364.1		13,517.9
Net income (loss)	$7,253.4		$3,312.3		$11,621.2		$3,103.1		$2,702.7		$1,210.2		$3,043.3		$2,995.7		$1,852.1		$13,399.9		$9,010.7		$14,683.5

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,
	2024		2023		2024		2023		2024		2023		2024		2023
Balance sheet information
Investments	$123,663.3		$102,536.5		$32,367.7		$26,814.0		$62,935.0		$40,170.7		$218,966.0		$169,521.2
Total assets	$127,257.1		$106,116.6		$33,970.1		$32,803.3		$63,678.5		$40,156.2		$224,905.7		$179,076.1
Debt	$11,560.9		$8,355.4		$6,625.5		$6,601.0		$2,929.2		$2,305.2		$21,115.6		$17,261.6
Other liabilities	$1,399.3		$1,329.3		$682.0		$777.7		$4,048.8		$2,149.7		$6,130.1		$4,256.7
Total liabilities	$12,960.2		$9,684.7		$7,307.5		$7,378.7		$6,978.1		$4,454.9		$27,245.8		$21,518.3
Partners’ capital	$114,296.9		$96,431.9		$26,662.6		$25,424.6		$56,700.4		$35,701.3		$197,659.9		$157,557.8

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, 2024, 2023 and 2022 were as follows:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Management fee related revenues from NGP Management	$76.2		$78.6		$71.0
Expenses related to the investment in NGP Management	(13.1)		(13.8)		(11.5)
Amortization of basis differences from the investment in NGP Management	—		—		(1.4)
Net investment income from NGP Management	$63.1		$64.8		$58.1

Components of investment income (loss)

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

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Performance allocations
Realized	$1,047.5		$867.0		$2,048.8
Unrealized	968.2		(955.6)		(721.3)
	2,015.7		(88.6)		1,327.5
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	184.5		231.7		73.1
Unrealized	52.0		(115.1)		546.4
	236.5		116.6		619.5
Principal investment income (loss) from investments in CLOs and other investments
Realized	3.8		(1.1)		5.0
Unrealized(1)	(1.6)		17.9		(54.0)
	2.2		16.8		(49.0)
Total	$2,254.4		$44.8		$1,898.0

(1)  The year ended December 31, 2024 includes the reversal of $45.5 million of previously recorded unrealized investment income on the BDC Preferred

Shares (see Note 9, Related Party Transactions for more information). The years ended December 31, 2024 and December 31, 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.

Performance allocations included in revenues

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

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Global Private Equity	$1,559.9		$(551.5)		$1,098.3
Global Credit	227.7		163.7		24.0
Global Investment Solutions	228.1		299.2		205.2
Total	$2,015.7		$(88.6)		$1,327.5

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

December 31, 2024, 2023, and 2022, as well as the total revenue recognized, including performance allocations as well as fund

management fees and principal investment income:

Year Ended December 31, 2024
(Dollars in millions)
Global Private Equity	CP VII	$1,483.3

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)

Schedule of income (loss) from principal investments

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

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Global Private Equity	$140.8		$157.6		$744.8
Global Credit	71.2		(60.0)		(134.8)
Global Investment Solutions	24.5		19.0		9.5
Total	$236.5		$116.6		$619.5

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	2024		2023		2024		2023
	(Dollars in millions)
United States
Equity securities:
Business Services	$30.0		$—		0.39%		—%
Infrastructure	361.3		366.5		4.64%		5.05%
Technology	17.3		—		0.22%		—%
Transportation	29.1		—		0.37%		—%
Other	83.2		7.8		1.07%		0.11%
Total equity securities (cost of $543.7 and $397.3 at December 31, 2024 and 2023, respectively)	520.9		374.3		6.69%		5.16%
Partnership and LLC interests:
Fund Investments	$312.7		$490.9		4.02%		6.77%
Total Partnership and LLC interests (cost of $194.8 and $389.2 at December 31, 2024 and 2023, respectively)	312.7		490.9		4.02%		6.77%
Loans:
Aerospace & Defense	$9.3		$10.1		0.12%		0.14%
Collateralized Debt Obligation	7.2		13.0		0.09%		0.18%
Environmental Industries	0.9		0.9		0.01%		0.01%
Education	11.6		14.7		0.15%		0.20%
Total loans (cost of $24.0 and $36.3 at December 31, 2024 and 2023, respectively)	29.0		38.7		0.37%		0.53%
Assets of the CLOs:
Bonds	$90.1		$80.5		1.16%		1.11%
Equity	3.8		2.0		0.05%		0.03%
Loans	3,844.6		3,100.0		49.40%		42.74%
Total assets of the CLOs (cost of $3,943.3 and $3,256.0 at December 31, 2024 and 2023, respectively)	3,938.5		3,182.5		50.61%		43.88%
Total United States	$4,801.1		$4,086.4		61.69%		56.34%

Europe
Equity securities:
Software	$10.6		$—		0.14%		—%
Total equity securities (cost of $10.7 and $— at December 31, 2024 and 2023, respectively)	10.6		—		0.14%		—%
Assets of the CLOs:
Bonds	$373.1		$437.9		4.79%		6.04%
Equity	0.1		1.3		0.01%		0.02%
Loans	2,479.9		2,652.6		31.87%		36.57%
Total assets of the CLOs (cost of $2,889.4 and $3,231.8 at December 31, 2024 and 2023, respectively)	2,853.1		3,091.8		36.67%		42.63%
Total Europe	$2,863.7		$3,091.8		36.81%		42.63%
Global
Equity securities:
Consumer	$28.3		$—		0.36%		—%
Hardware	9.6		—		0.12%		—%
Total equity securities (cost of $39.9 and $— at December 31, 2024 and 2023, respectively)	37.9		—		0.48%		—%
Assets of the CLOs:
Bonds	$1.9		$4.1		0.02%		0.06%
Loans	77.8		70.8		1.00%		0.97%
Total assets of the CLOs (cost of $80.7 and $77.3 at December 31, 2024 and 2023, respectively)	79.7		74.9		1.02%		1.03%
Total Global	$117.6		$74.9		1.50%		1.03%
Total investments of Consolidated Funds (cost of $7,726.5 and $7,387.9 at December 31, 2024 and 2023, respectively)	$7,782.4		$7,253.1		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,
	2024		2023		2022
	(Dollars in millions)
Interest income from investments	$577.6		$512.4		$282.3
Other income	54.0		57.7		28.7
Total	$631.6		$570.1		$311.0

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,
	2024		2023		2022
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$96.4		$246.9		$(408.1)
Gains (losses) from liabilities of CLOs	(72.4)		(240.0)		366.6
Total	$24.0		$6.9		$(41.5)

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,
	2024		2023		2022
	(Dollars in millions)
Realized gains (losses)	$(60.7)		$(80.8)		$(29.6)
Net change in unrealized gains (losses)	157.1		327.7		(378.5)
Total	$96.4		$246.9		$(408.1)

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