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Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Schedule of Investments

Investments consist of the following: 

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Accrued performance allocations	$6,985.8		$7,053.5
Principal equity method investments, excluding performance allocations	3,153.2		3,292.3
Principal investments in CLOs	365.5		378.9
Other investments	235.4		212.0
Total	$10,739.9		$10,936.7

Schedule of Components of Accrued Performance Fees

The components of accrued performance allocations are as follows:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Global Private Equity	$4,723.5		$4,910.2
Global Credit	589.8		527.1
Carlyle AlpInvest	1,672.5		1,616.2
Total	$6,985.8		$7,053.5

Schedule of Components of Accrued Giveback Obligations

The components of the accrued giveback obligations are as

follows:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Global Private Equity	$(19.1)		$(18.5)
Global Credit	(25.5)		(25.5)
Total	$(44.6)		$(44.0)

Schedule of Equity Method Investments

Principal investments are related to the following segments:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Global Private Equity(1)	$1,660.0		$1,818.0
Global Credit(2)	1,188.4		1,157.0
Carlyle AlpInvest	304.8		317.3
Total	$3,153.2		$3,292.3

(1)The balance includes $766.3 million and $912.0 million as of March 31, 2025 and December 31, 2024, respectively, related to the

Company’s equity method investments in NGP.

(2)The balance includes $737.4 million and $723.5 million as of March 31, 2025 and December 31, 2024, respectively, related to the

Company’s investment in Fortitude.

The Company’s investments in NGP as of March 31, 2025 and December 31, 2024 are as follows:

	As of
	March 31, 2025		December 31, 2024
	(Dollars in millions)
Investment in NGP Management	$275.7		$369.2
Investments in NGP general partners - accrued performance allocations	441.4		489.4
Principal investments in NGP funds	49.2		53.4
Total investments in NGP	$766.3		$912.0

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

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Global Private Equity	$(95.6)		$28.8
Global Credit	19.2		11.4
Carlyle AlpInvest	13.7		6.9
Total	$(62.7)		$47.1

Schedule of Net Investment Income (Loss)

The net investment income (loss) recognized in the Company’s condensed consolidated statements of operations for the three

months ended March 31, 2025 and 2024 were as follows:

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Management fee related revenues from NGP Management	$16.1		$17.3
Expenses related to the investment in NGP Management	(3.6)		(3.2)
Impairment of investment in NGP Management	(92.5)		—
Net investment income from NGP Management	$(80.0)		$14.1

Schedule of Components of Investment Income (Loss)

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

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Performance allocations
Realized	$332.9		$389.7
Unrealized	(110.0)		(546.7)
	222.9		(157.0)
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	(29.4)		53.7
Unrealized	(33.3)		(6.6)
	(62.7)		47.1
Principal investment income (loss) from investments in CLOs and other investments
Realized	(2.0)		2.2
Unrealized	1.6		23.8
	(0.4)		26.0
Total	$159.8		$(83.9)

Schedule of Performance Allocations Included in Revenues

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

	Three Months Ended March 31,
	2025		2024
(Dollars in millions)
Global Private Equity	$85.0		$(363.5)
Global Credit	79.0		65.1
Carlyle AlpInvest	58.9		141.4
Total	$222.9		$(157.0)

The following tables summarize the funds that are the primary drivers of performance allocations for the three months

ended March 31, 2025 and 2024, as well as the total revenue recognized, including performance allocations as well as fund

management fees and principal investment income:

Three Months Ended March 31, 2025
(Dollars in millions)
Global Private Equity	Carlyle Partners VII, L.P.	$234.1
Global Private Equity	Carlyle Asia Partners V, L.P.	(227.8)

Three Months Ended March 31, 2024
(Dollars in millions)
Global Private Equity	Carlyle Europe Partners V, L.P.	$(171.5)
Global Private Equity	Carlyle Partners VI, L.P.	(86.7)
Global Private Equity	Carlyle Partners VII, L.P.	(73.1)

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 March 31,
	2025		2024
(Dollars in millions)
Interest income from investments	$123.0		$142.6
Other income	10.4		22.3
Total	$133.4		$164.9

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 March 31,
	2025		2024
(Dollars in millions)
Gains from investments of Consolidated Funds	$7.0		$82.7
Losses from liabilities of CLOs	(0.9)		(89.7)
Total	$6.1		$(7.0)

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 March 31,
	2025		2024
(Dollars in millions)
Realized gains (losses)	$(0.4)		$(21.2)
Net change in unrealized gains	7.4		103.9
Total	$7.0		$82.7

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