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Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Segments Financial Data The following tables present the financial data for the Company’s three reportable segments for the three months ended
March 31, 2025:
Three Months Ended March 31, 2025
Global
Private
Equity
Global
Credit
Carlyle
AlpInvest
Total
(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees
$283.0
$139.6
$102.9
$525.5
Portfolio advisory and transaction fees, net and other
14.5
63.4
—
77.9
Fee related performance revenues
—
28.8
10.7
39.5
Total fund level fee revenues
297.5
231.8
113.6
642.9
Realized performance revenues
317.1
13.3
24.7
355.1
Realized principal investment income
15.1
5.5
9.4
30.0
Interest income
6.0
7.0
2.2
15.2
Total revenues
635.7
257.6
149.9
1,043.2
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits
100.7
89.0
34.3
224.0
Realized performance revenues related compensation
200.4
7.9
19.4
227.7
Total compensation and benefits
301.1
96.9
53.7
451.7
General, administrative, and other indirect expenses(1)
48.7
35.0
11.9
95.6
Depreciation and amortization expense
6.9
3.9
1.9
12.7
Interest expense
13.4
11.3
3.1
27.8
Total expenses
370.1
147.1
70.6
587.8
(=) Distributable Earnings
$265.6
$110.5
$79.3
$455.4
(-) Realized Net Performance Revenues
116.7
5.4
5.3
127.4
(-) Realized Principal Investment Income
15.1
5.5
9.4
30.0
(+) Net Interest
7.4
4.3
0.9
12.6
(=) Fee Related Earnings
$141.2
$103.9
$65.5
$310.6
(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 three months ended
March 31, 2024:
 
Three Months Ended March 31, 2024
Global
Private
Equity
Global
Credit
Carlyle
AlpInvest
Total
 
(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees
$304.6
$136.9
$74.1
$515.6
Portfolio advisory and transaction fees, net and other
7.1
19.6
—
26.7
Fee related performance revenues
3.7
24.2
1.2
29.1
Total fund level fee revenues
315.4
180.7
75.3
571.4
Realized performance revenues
373.8
0.6
23.4
397.8
Realized principal investment income
18.9
13.8
1.0
33.7
Interest income
7.6
10.7
1.8
20.1
Total revenues
715.7
205.8
101.5
1,023.0
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits
109.3
76.8
28.2
214.3
Realized performance revenues related compensation
234.3
0.3
21.2
255.8
Total compensation and benefits
343.6
77.1
49.4
470.1
General, administrative, and other indirect expenses(1)
38.6
29.6
11.5
79.7
Depreciation and amortization expense
6.4
3.1
1.6
11.1
Interest expense
14.0
13.9
2.9
30.8
Total expenses
402.6
123.7
65.4
591.7
(=) Distributable Earnings
$313.1
$82.1
$36.1
$431.3
(-) Realized Net Performance Revenues
139.5
0.3
2.2
142.0
(-) Realized Principal Investment Income
18.9
13.8
1.0
33.7
(+) Net Interest
6.4
3.2
1.1
10.7
(=) Fee Related Earnings
$161.1
$71.2
$34.0
$266.3
(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.
Schedule of 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
three months ended March 31, 2025 and 2024.
 
Three Months Ended March 31, 2025
 
Total
Reportable
Segments
Consolidated
Funds
Reconciling
Items
Carlyle
Consolidated
 
 
(Dollars in millions)
Revenues
$1,043.2
$133.4
$(203.5)
(a) 
$973.1
Expenses
$587.8
$130.8
$89.6
(b) 
$808.2
Other income (loss)
$—
$6.1
$—
(c) 
$6.1
Distributable earnings
$455.4
$8.7
$(293.1)
(d) 
$171.0
 
Three Months Ended March 31, 2024
 
Total
Reportable
Segments
Consolidated
Funds
Reconciling
Items
 
Carlyle
Consolidated
 
 
 
(Dollars in millions)
Revenues
$1,023.0
$164.9
$(499.5)
(a) 
$688.4
Expenses
$591.7
$139.5
$(170.5)
(b) 
$560.7
Other income (loss)
$—
$(7.0)
$—
(c) 
$(7.0)
Distributable earnings
$431.3
$18.4
$(329.0)
(d) 
$120.7
(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:
Three Months Ended
March 31,
 
2025
2024
(Dollars in millions)
Unrealized performance and fee related performance revenues
$(197.3)
$(521.6)
Unrealized principal investment income (loss)
17.0
4.4
Adjustments related to expenses associated with investments in NGP
Management and its affiliates
(96.1)
(3.2)
Non-controlling interests and other adjustments to present certain costs on
a net basis
91.0
41.5
Elimination of revenues of Consolidated Funds
(18.1)
(20.6)
$(203.5)
$(499.5)
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 three months ended March 31, 2025 and 2024.
Three Months Ended
March 31,
2025
2024
(Dollars in millions)
Total Reportable Segments - Fund level fee revenues
$642.9
$571.4
Adjustments(1)
(56.8)
(47.8)
Carlyle Consolidated - Fund management fees
$586.1
$523.6
(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:
Three Months Ended
March 31,
 
2025
2024
(Dollars in millions)
Unrealized performance and fee related performance revenue
compensation expense
$(107.3)
$(328.4)
Equity-based compensation
104.7
111.0
Acquisition or disposition-related charges and amortization of intangibles
and impairment
122.2
32.8
Tax (expense) benefit associated with certain foreign performance
revenues related compensation
—
(1.0)
Non-controlling interests and other adjustments to present certain costs on
a net basis
(25.7)
17.8
Other adjustments
13.1
12.2
Elimination of expenses of Consolidated Funds
(17.4)
(14.9)
$89.6
$(170.5)
(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:
Three Months Ended
March 31,
 
2025
2024
(Dollars in millions)
Income (loss) before provision for income taxes
$171.0
$120.7
Adjustments:
Net unrealized performance and fee related performance revenues
90.0
193.2
Unrealized principal investment (income) loss
(17.0)
(4.4)
Equity-based compensation(1)
104.7
111.0
Acquisition or disposition-related charges, including amortization of intangibles
and impairment
122.2
32.8
Tax (expense) benefit associated with certain foreign performance revenues
—
(1.0)
Net income attributable to non-controlling interests in consolidated entities
(28.6)
(33.2)
Other adjustments(2)
13.1
12.2
Distributable Earnings
$455.4
$431.3
Realized performance revenues, net of related compensation(3)
127.4
142.0
Realized principal investment income(3)
30.0
33.7
Net interest
12.6
10.7
Fee Related Earnings
$310.6
$266.3
(1)Equity-based compensation for the three months ended March 31, 2025 and 2024 included amounts that are presented in
principal investment income and general, administrative and other expenses in the Company’s condensed 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:
Three Months Ended March 31, 2025
Carlyle
Consolidated
Adjustments (4)
Total
Reportable
Segments
(Dollars in millions)
Performance revenues
$222.9
$132.2
$355.1
Performance revenues related compensation expense
171.4
56.3
227.7
Net performance revenues
$51.5
$75.9
$127.4
Principal investment income (loss)
$(63.1)
$93.1
$30.0
Three Months Ended March 31, 2024
Carlyle
Consolidated
Adjustments (4)
Total
Reportable
Segments
(Dollars in millions)
Performance revenues
$(157.0)
$554.8
$397.8
Performance revenues related compensation expense
(72.8)
328.6
255.8
Net performance revenues
$(84.2)
$226.2
$142.0
Principal investment income (loss)
$73.1
$(39.4)
$33.7
(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.