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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Reportable segments financial data

The following tables present the financial data for the Company’s three reportable segments for the year ended

December 31, 2024:

	Year Ended December 31, 2024
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$1,212.0		$558.3		$337.2		$2,107.5
Portfolio advisory and transaction fees, net and other	24.6		138.8		0.2		163.6
Fee related performance revenues	6.9		109.1		16.7		132.7
Total fund level fee revenues	1,243.5		806.2		354.1		2,403.8
Realized performance revenues	927.2		32.0		116.7		1,075.9
Realized principal investment income	49.7		46.2		5.1		101.0
Interest income	28.1		39.0		7.6		74.7
Total revenues	2,248.5		923.4		483.5		3,655.4
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	422.8		320.1		118.8		861.7
Realized performance revenues related compensation	590.1		19.4		100.3		709.8
Total compensation and benefits	1,012.9		339.5		219.1		1,571.5
General, administrative, and other indirect expenses(1)	195.2		140.4		55.1		390.7
Depreciation and amortization expense	26.8		13.2		6.8		46.8
Interest expense	56.3		53.0		11.6		120.9
Total expenses	1,291.2		546.1		292.6		2,129.9
(=) Distributable Earnings	$957.3		$377.3		$190.9		$1,525.5
(-) Realized Net Performance Revenues	337.1		12.6		16.4		366.1
(-) Realized Principal Investment Income	49.7		46.2		5.1		101.0
(+) Net Interest	28.2		14.0		4.0		46.2
(=) Fee Related Earnings	$598.7		$332.5		$173.4		$1,104.6

(1)General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel

and entertainment expenses, and fundraising costs.

The following tables present the financial data for the Company’s three reportable segments for the year ended

December 31, 2023:

	Year Ended December 31, 2023
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$1,309.8		$512.2		$242.4		$2,064.4
Portfolio advisory and transaction fees, net and other	18.4		62.0		—		80.4
Fee related performance revenues	68.3		89.1		3.6		161.0
Total fund level fee revenues	1,396.5		663.3		246.0		2,305.8
Realized performance revenues	805.1		43.5		89.7		938.3
Realized principal investment income	45.3		37.1		6.4		88.8
Interest income	31.6		34.7		5.9		72.2
Total revenues	2,278.5		778.6		348.0		3,405.1
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	583.8		324.5		123.6		1,031.9
Realized performance revenues related compensation	308.1		20.3		78.9		407.3
Total compensation and benefits	891.9		344.8		202.5		1,439.2
General, administrative, and other indirect expenses(1)	221.9		106.8		47.8		376.5
Depreciation and amortization expense	26.0		7.6		4.4		38.0
Interest expense	66.9		45.0		9.0		120.9
Total expenses	1,206.7		504.2		263.7		1,974.6
(=) Distributable Earnings	$1,071.8		$274.4		$84.3		$1,430.5
(-) Realized Net Performance Revenues	497.0		23.2		10.8		531.0
(-) Realized Principal Investment Income	45.3		37.1		6.4		88.8
(+) Net Interest	35.3		10.3		3.1		48.7
(=) Fee Related Earnings	$564.8		$224.4		$70.2		$859.4

(1)General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and

entertainment expenses, and fundraising costs.

The following tables present the financial data for the Company’s three reportable segments for the year ended

December 31, 2022:

	Year Ended December 31, 2022
	Global Private Equity		Global Credit		Global Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$1,300.9		$473.1		$222.9		$1,996.9
Portfolio advisory and transaction fees, net and other	29.5		81.6		—		111.1
Fee related performance revenues	69.4		59.9		—		129.3
Total fund level fee revenues	1,399.8		614.6		222.9		2,237.3
Realized performance revenues	1,656.6		131.5		192.6		1,980.7
Realized principal investment income	108.7		38.1		3.8		150.6
Interest income	14.9		15.3		2.6		32.8
Total revenues	3,180.0		799.5		421.9		4,401.4
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	598.3		284.2		111.7		994.2
Realized performance revenues related compensation	751.5		61.3		169.4		982.2
Total compensation and benefits	1,349.8		345.5		281.1		1,976.4
General, administrative, and other indirect expenses(1)	235.3		97.7		36.8		369.8
Depreciation and amortization expense	25.6		8.2		5.1		38.9
Interest expense	63.7		32.6		11.0		107.3
Total expenses	1,674.4		484.0		334.0		2,492.4
(=) Distributable Earnings	$1,505.6		$315.5		$87.9		$1,909.0
(-) Realized Net Performance Revenues	905.1		70.2		23.2		998.5
(-) Realized Principal Investment Income	108.7		38.1		3.8		150.6
(+) Net Interest	48.8		17.3		8.4		74.5
(=) Fee Related Earnings	$540.6		$224.5		$69.3		$834.4

(1)General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and

entertainment expenses, and fundraising costs.

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP

measure, the Company’s consolidated fund management fees, for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$2,403.8		$2,305.8		$2,237.3
Adjustments(1)	(215.7)		(262.6)		(207.2)
Carlyle Consolidated - Fund management fees	$2,188.1		$2,043.2		$2,030.1

(1)Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of fee

related performance revenues from business development companies and other products, management fees earned from

Consolidated Funds which were eliminated in consolidation to arrive at the Company’s fund management fees, and the

reclassification of certain amounts included in portfolio advisory fees, net and other in the segment results that are included in

interest and other income in the U.S. GAAP results.

Reconciliation of total segments to income before provision for taxes

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the

years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31, 2024
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$3,655.4		$631.6		$1,138.8		(a)		$5,425.8
Expenses	$2,129.9		$610.3		$1,315.9		(b)		$4,056.1
Other income (loss)	$—		$24.0		$—		(c)		$24.0
Distributable earnings	$1,525.5		$45.3		$(177.1)		(d)		$1,393.7

	Year Ended December 31, 2023
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$3,405.1		$570.1		$(1,011.3)		(a)		$2,963.9
Expenses	$1,974.6		$460.3		$1,136.8		(b)		$3,571.7
Other income (loss)	$—		$6.9		$—		(c)		$6.9
Distributable earnings	$1,430.5		$116.7		$(2,148.1)		(d)		$(600.9)

	Year Ended December 31, 2022
	Total Reportable Segments		Consolidated Funds		Reconciling Items				Carlyle Consolidated
	(Dollars in millions)
Revenues	$4,401.4		$311.0		$(273.7)		(a)		$4,438.7
Expenses	$2,492.4		$255.3		$77.0		(b)		$2,824.7
Other income (loss)	$—		$(41.5)		$—		(c)		$(41.5)
Distributable earnings	$1,909.0		$14.2		$(350.7)		(d)		$1,572.5

(a)The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment

income (loss) (including Fortitude), revenues earned from the Consolidated Funds which were eliminated in

consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling

interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management

and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect

the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses

associated with certain foreign performance revenues, as detailed below:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Unrealized performance and fee related performance revenues	$1,031.9		$(1,046.6)		$(142.5)
Unrealized principal investment income (loss)	34.1		36.1		(38.3)
Principal investment loss from dilution of indirect investment in Fortitude	—		(104.0)		(176.9)
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(13.1)		(13.8)		(12.9)
Tax expense associated with certain foreign performance revenues	—		—		0.1
Non-controlling interests and other adjustments to present certain costs on a net basis	167.9		191.6		119.0
Elimination of revenues of Consolidated Funds	(82.0)		(74.6)		(22.2)
	$1,138.8		$(1,011.3)		$(273.7)

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP

measure, the Company’s consolidated fund management fees, for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$2,403.8		$2,305.8		$2,237.3
Adjustments(1)	(215.7)		(262.6)		(207.2)
Carlyle Consolidated - Fund management fees	$2,188.1		$2,043.2		$2,030.1

(1)Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of fee

related performance revenues from business development companies and other products, management fees earned from

Consolidated Funds which were eliminated in consolidation to arrive at the Company’s fund management fees, and the

reclassification of certain amounts included in portfolio advisory fees, net and other in the segment results that are included in

interest and other income in the U.S. GAAP results.

(b)The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the

Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance

revenues related compensation, and unrealized performance revenues related compensation, adjustments related to

expenses associated with the investment in NGP Management that are included in operating captions, adjustments to

reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax

receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring

items, as detailed below:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense	$635.2		$612.6		$(326.2)
Equity-based compensation	476.5		260.1		161.9
Acquisition or disposition-related charges and amortization of intangibles and impairment	136.6		145.3		187.4
Tax (expense) benefit associated with certain foreign performance revenues related compensation	(1.0)		(1.0)		2.9
Non-controlling interests and other adjustments to present certain costs on a net basis	92.8		148.7		82.7
Other adjustments	21.2		11.6		12.4
Elimination of expenses of Consolidated Funds	(45.4)		(40.5)		(44.1)
	$1,315.9		$1,136.8		$77.0

(c)The Other Income (Loss) adjustment results from the Consolidated Funds that were eliminated in consolidation to

arrive at the Company’s total Other Income (Loss).

(d)The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings

and to Fee Related Earnings:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Income (loss) before provision for income taxes	$1,393.7		$(600.9)		$1,572.5
Adjustments:
Net unrealized performance and fee related performance revenues	(396.7)		1,659.2		(183.7)
Unrealized principal investment (income) loss	(34.1)		(36.1)		38.3
Principal investment loss from dilution of indirect investment in Fortitude	—		104.0		176.9
Equity-based compensation(1)	476.5		260.1		161.9
Acquisition or disposition-related charges, including amortization of intangibles and impairment	136.6		145.3		187.4
Net income attributable to non-controlling interests in consolidated entities	(70.7)		(111.7)		(59.7)
Tax (expense) benefit associated with certain foreign performance revenues	(1.0)		(1.0)		3.0
Other adjustments(2)	21.2		11.6		12.4
Distributable Earnings	$1,525.5		$1,430.5		$1,909.0
Realized performance revenues, net of related compensation(3)	366.1		531.0		998.5
Realized principal investment income(3)	101.0		88.8		150.6
Net interest	46.2		48.7		74.5
Fee Related Earnings	$1,104.6		$859.4		$834.4

(1)Equity-based compensation for the years ended December 31, 2024, 2023 and 2022 includes amounts that are presented in

principal investment income and general, administrative and other expenses in the Company’s U.S. GAAP consolidated

statements of operations.

(2)Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period

comparability and are not reflective of the Company’s operating performance.

(3)See reconciliation to most directly comparable U.S. GAAP measure below:

	Year Ended December 31, 2024
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$2,015.7		$(939.8)		$1,075.9
Performance revenues related compensation expense	1,361.5		(651.7)		709.8
Net performance revenues	$654.2		$(288.1)		$366.1
Principal investment income (loss)	$238.7		$(137.7)		$101.0

	Year Ended December 31, 2023
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$(88.6)		$1,026.9		$938.3
Performance revenues related compensation expense	1,103.7		(696.4)		407.3
Net performance revenues	$(1,192.3)		$1,723.3		$531.0
Principal investment income (loss)	$133.4		$(44.6)		$88.8

	Year Ended December 31, 2022
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$1,327.5		$653.2		$1,980.7
Performance revenues related compensation expense	719.9		262.3		982.2
Net performance revenues	$607.6		$390.9		$998.5
Principal investment income (loss)	$570.5		$(419.9)		$150.6

(4)Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations

net of related compensation expense and unrealized principal investment income, which are excluded from the segment results,

(ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in

the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from

the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal investment income

in the U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which are included in fund

level fee revenues in the segment results, and (vi) the reclassification of tax expenses associated with certain foreign

performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings for the

investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion

of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results and

the exclusion of the principal investment loss from dilution of the indirect investment in Fortitude.

Revenues adjustments

The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment

income (loss) (including Fortitude), revenues earned from the Consolidated Funds which were eliminated in

consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling

interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management

and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect

the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses

associated with certain foreign performance revenues, as detailed below:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Unrealized performance and fee related performance revenues	$1,031.9		$(1,046.6)		$(142.5)
Unrealized principal investment income (loss)	34.1		36.1		(38.3)
Principal investment loss from dilution of indirect investment in Fortitude	—		(104.0)		(176.9)
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(13.1)		(13.8)		(12.9)
Tax expense associated with certain foreign performance revenues	—		—		0.1
Non-controlling interests and other adjustments to present certain costs on a net basis	167.9		191.6		119.0
Elimination of revenues of Consolidated Funds	(82.0)		(74.6)		(22.2)
	$1,138.8		$(1,011.3)		$(273.7)

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP

measure, the Company’s consolidated fund management fees, for the years ended December 31, 2024, 2023 and 2022:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$2,403.8		$2,305.8		$2,237.3
Adjustments(1)	(215.7)		(262.6)		(207.2)
Carlyle Consolidated - Fund management fees	$2,188.1		$2,043.2		$2,030.1

(1)Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of fee

related performance revenues from business development companies and other products, management fees earned from

Consolidated Funds which were eliminated in consolidation to arrive at the Company’s fund management fees, and the

reclassification of certain amounts included in portfolio advisory fees, net and other in the segment results that are included in

interest and other income in the U.S. GAAP results.

Expenses adjustments

The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the

Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance

revenues related compensation, and unrealized performance revenues related compensation, adjustments related to

expenses associated with the investment in NGP Management that are included in operating captions, adjustments to

reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax

receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring

items, as detailed below:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense	$635.2		$612.6		$(326.2)
Equity-based compensation	476.5		260.1		161.9
Acquisition or disposition-related charges and amortization of intangibles and impairment	136.6		145.3		187.4
Tax (expense) benefit associated with certain foreign performance revenues related compensation	(1.0)		(1.0)		2.9
Non-controlling interests and other adjustments to present certain costs on a net basis	92.8		148.7		82.7
Other adjustments	21.2		11.6		12.4
Elimination of expenses of Consolidated Funds	(45.4)		(40.5)		(44.1)
	$1,315.9		$1,136.8		$77.0

Reconciliation of income before provision for income taxes

The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings

and to Fee Related Earnings:

	Year Ended December 31,
	2024		2023		2022
	(Dollars in millions)
Income (loss) before provision for income taxes	$1,393.7		$(600.9)		$1,572.5
Adjustments:
Net unrealized performance and fee related performance revenues	(396.7)		1,659.2		(183.7)
Unrealized principal investment (income) loss	(34.1)		(36.1)		38.3
Principal investment loss from dilution of indirect investment in Fortitude	—		104.0		176.9
Equity-based compensation(1)	476.5		260.1		161.9
Acquisition or disposition-related charges, including amortization of intangibles and impairment	136.6		145.3		187.4
Net income attributable to non-controlling interests in consolidated entities	(70.7)		(111.7)		(59.7)
Tax (expense) benefit associated with certain foreign performance revenues	(1.0)		(1.0)		3.0
Other adjustments(2)	21.2		11.6		12.4
Distributable Earnings	$1,525.5		$1,430.5		$1,909.0
Realized performance revenues, net of related compensation(3)	366.1		531.0		998.5
Realized principal investment income(3)	101.0		88.8		150.6
Net interest	46.2		48.7		74.5
Fee Related Earnings	$1,104.6		$859.4		$834.4

(1)Equity-based compensation for the years ended December 31, 2024, 2023 and 2022 includes amounts that are presented in

principal investment income and general, administrative and other expenses in the Company’s U.S. GAAP consolidated

statements of operations.

(2)Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period

comparability and are not reflective of the Company’s operating performance.

(3)See reconciliation to most directly comparable U.S. GAAP measure below:

	Year Ended December 31, 2024
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$2,015.7		$(939.8)		$1,075.9
Performance revenues related compensation expense	1,361.5		(651.7)		709.8
Net performance revenues	$654.2		$(288.1)		$366.1
Principal investment income (loss)	$238.7		$(137.7)		$101.0

	Year Ended December 31, 2023
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$(88.6)		$1,026.9		$938.3
Performance revenues related compensation expense	1,103.7		(696.4)		407.3
Net performance revenues	$(1,192.3)		$1,723.3		$531.0
Principal investment income (loss)	$133.4		$(44.6)		$88.8

	Year Ended December 31, 2022
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$1,327.5		$653.2		$1,980.7
Performance revenues related compensation expense	719.9		262.3		982.2
Net performance revenues	$607.6		$390.9		$998.5
Principal investment income (loss)	$570.5		$(419.9)		$150.6

(4)Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations

net of related compensation expense and unrealized principal investment income, which are excluded from the segment results,

(ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in

the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from

the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal investment income

in the U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which are included in fund

level fee revenues in the segment results, and (vi) the reclassification of tax expenses associated with certain foreign

performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings for the

investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion

of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results and

the exclusion of the principal investment loss from dilution of the indirect investment in Fortitude.

Adjustments for performance fees, performance fee related compensation and investment income

See reconciliation to most directly comparable U.S. GAAP measure below:

	Year Ended December 31, 2024
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$2,015.7		$(939.8)		$1,075.9
Performance revenues related compensation expense	1,361.5		(651.7)		709.8
Net performance revenues	$654.2		$(288.1)		$366.1
Principal investment income (loss)	$238.7		$(137.7)		$101.0

	Year Ended December 31, 2023
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$(88.6)		$1,026.9		$938.3
Performance revenues related compensation expense	1,103.7		(696.4)		407.3
Net performance revenues	$(1,192.3)		$1,723.3		$531.0
Principal investment income (loss)	$133.4		$(44.6)		$88.8

	Year Ended December 31, 2022
	Carlyle Consolidated		Adjustments(4)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$1,327.5		$653.2		$1,980.7
Performance revenues related compensation expense	719.9		262.3		982.2
Net performance revenues	$607.6		$390.9		$998.5
Principal investment income (loss)	$570.5		$(419.9)		$150.6

(4)Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations

net of related compensation expense and unrealized principal investment income, which are excluded from the segment results,

(ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in

the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from

the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal investment income

in the U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which are included in fund

level fee revenues in the segment results, and (vi) the reclassification of tax expenses associated with certain foreign

performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings for the

investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, the exclusion

of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results and

the exclusion of the principal investment loss from dilution of the indirect investment in Fortitude.

Geographic areas revenues from customers

The tables below present consolidated revenues and assets based on the geographical focus of the

associated investment vehicle.

	Total Revenues				Total Assets
	Share		%		Share		%
	(Dollars in millions)
Year Ended December 31, 2024
Americas(1)	$4,096.4		76%		$14,351.8		62%
EMEA(2)	1,047.6		19%		7,820.7		34%
Asia-Pacific(3)	281.8		5%		931.0		4%
Total	$5,425.8		100%		$23,103.5		100%

	Total Revenues				Total Assets
	Share		%		Share		%
	(Dollars in millions)
Year Ended December 31, 2023
Americas(1)	$1,289.0		44%		$11,129.2		52%
EMEA(2)	1,318.9		44%		8,797.2		42%
Asia-Pacific(3)	356.0		12%		1,249.6		6%
Total	$2,963.9		100%		$21,176.0		100%

	Total Revenues				Total Assets
	Share		%		Share		%
	(Dollars in millions)
Year Ended December 31, 2022
Americas(1)	$2,560.0		58%		$11,662.8		55%
EMEA(2)	1,603.8		36%		8,632.9		40%
Asia-Pacific(3)	274.9		6%		1,107.3		5%
Total	$4,438.7		100%		$21,403.0		100%

(1)Relates to investment vehicles whose primary focus is the United States or South America.

(2)Relates to investment vehicles whose primary focus is Europe, the Middle East, and Africa.

(3)Relates to investment vehicles whose primary focus is Asia, including China, Japan, India, South Korea, and Australia.

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