Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule of Supplemental Financial Position

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the

Company’s financial position as of March 31, 2025 and December 31, 2024 and results of operations for the three months

ended March 31, 2025 and 2024. The supplemental statement of cash flows is presented without effects of the Consolidated

Funds.


	As of March 31, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,190.3	$—	$—	$1,190.3
Cash and cash equivalents held at Consolidated Funds	—	570.9	—	570.9
Restricted cash	9.0	—	—	9.0
Investments, including accrued performance allocations of $6,985.8	11,331.5	—	(591.6)	10,739.9
Investments of Consolidated Funds	—	9,329.8	—	9,329.8
Due from affiliates and other receivables, net	1,083.9	9.0	(302.7)	790.2
Due from affiliates and other receivables of Consolidated Funds, net	—	228.3	—	228.3
Fixed assets, net	188.2	—	—	188.2
Lease right-of-use assets, net	356.1	—	—	356.1
Deposits and other	65.6	1.8	—	67.4
Intangible assets, net	603.2	—	—	603.2
Deferred tax assets	22.2	—	—	22.2
Total assets	$14,850.0	$10,139.8	$(894.3)	$24,095.5
Liabilities and equity
Debt obligations	$2,156.1	$—	$—	$2,156.1
Loans payable of Consolidated Funds	—	8,097.5	(295.8)	7,801.7
Accounts payable, accrued expenses and other liabilities	367.1	—	—	367.1
Accrued compensation and benefits	5,063.5	—	—	5,063.5
Due to affiliates	237.3	55.5	—	292.8
Deferred revenue	421.5	—	—	421.5
Deferred tax liabilities	106.0	—	—	106.0
Other liabilities of Consolidated Funds	—	956.0	(0.1)	955.9
Lease liabilities	501.1	—	—	501.1
Accrued giveback obligations	44.6	—	—	44.6
Total liabilities	8,897.2	9,109.0	(295.9)	17,710.3
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,997.7	623.6	(623.6)	3,997.7
Retained earnings	1,864.8	—	—	1,864.8
Accumulated other comprehensive loss	(312.5)	(1.4)	25.2	(288.7)
Non-controlling interests in consolidated entities	399.2	408.6	—	807.8
Total equity	5,952.8	1,030.8	(598.4)	6,385.2
Total liabilities and equity	$14,850.0	$10,139.8	$(894.3)	$24,095.5


	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

Schedule of Supplemental Results of Operations



	Three Months Ended March 31, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$594.4	$—	$(8.3)	$586.1
Incentive fees	43.3	—	(0.1)	43.2
Investment income
Performance allocations	223.4	—	(0.5)	222.9
Principal investment income	(60.5)	—	(2.6)	(63.1)
Total investment income	162.9	—	(3.1)	159.8
Interest and other income	57.2	—	(6.6)	50.6
Interest and other income of Consolidated Funds	—	133.4	—	133.4
Total revenues	857.8	133.4	(18.1)	973.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	218.4	—	—	218.4
Equity-based compensation	103.5	—	—	103.5
Performance allocations and incentive fee related compensation	171.4	—	—	171.4
Total compensation and benefits	493.3	—	—	493.3
General, administrative and other expenses	173.7	—	(0.1)	173.6
Interest	27.8	—	—	27.8
Interest and other expenses of Consolidated Funds	—	130.8	(17.3)	113.5
Total expenses	694.8	130.8	(17.4)	808.2
Other income
Net investment income of Consolidated Funds	—	6.1	—	6.1
Income before provision for income taxes	163.0	8.7	(0.7)	171.0
Provision for income taxes	12.4	—	—	12.4
Net income	150.6	8.7	(0.7)	158.6
Net income attributable to non-controlling interests in consolidated entities	20.6	—	8.0	28.6
Net income attributable to The Carlyle Group Inc.	$130.0	$8.7	$(8.7)	$130.0




	Three Months Ended March 31, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$530.2	$—	$(6.6)	$523.6
Incentive fees	26.2	—	—	26.2
Investment income (loss)
Performance allocations	(155.8)	—	(1.2)	(157.0)
Principal investment income	79.6	—	(6.5)	73.1
Total investment loss	(76.2)	—	(7.7)	(83.9)
Interest and other income	63.9	—	(6.3)	57.6
Interest and other income of Consolidated Funds	—	164.9	—	164.9
Total revenues	544.1	164.9	(20.6)	688.4
Expenses
Compensation and benefits
Cash-based compensation and benefits	221.9	—	—	221.9
Equity-based compensation	108.3	—	—	108.3
Performance allocations and incentive fee related compensation	(72.8)	—	—	(72.8)
Total compensation and benefits	257.4	—	—	257.4
General, administrative and other expenses	147.7	—	—	147.7
Interest	30.8	—	—	30.8
Interest and other expenses of Consolidated Funds	—	139.5	(14.9)	124.6
Other non-operating expenses	0.2	—	—	0.2
Total expenses	436.1	139.5	(14.9)	560.7
Other loss
Net investment loss of Consolidated Funds	—	(7.0)	—	(7.0)
Income before provision for income taxes	108.0	18.4	(5.7)	120.7
Provision for income taxes	21.9	—	—	21.9
Net income	86.1	18.4	(5.7)	98.8
Net income attributable to non-controlling interests in consolidated entities	20.5	—	12.7	33.2
Net income attributable to The Carlyle Group Inc.	$65.6	$18.4	$(18.4)	$65.6

Schedule of Supplemental Statement of Cash Flows


	Three Months Ended March 31,
	2025	2024
	(Dollars in millions)
Cash flows from operating activities
Net income	$150.6	$86.1
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	46.9	45.3
Equity-based compensation	103.5	108.3
Non-cash performance allocations and incentive fees	14.5	189.6
Non-cash principal investment income (loss)	69.6	(68.1)
Other non-cash amounts	12.6	(2.9)
Purchases of investments	(290.9)	(215.1)
Proceeds from the sale of investments	155.1	108.3
Payments of contingent consideration	(1.0)	(1.5)
Change in deferred taxes, net	(29.4)	(47.1)
Change in due from affiliates and other receivables	12.7	7.9
Change in deposits and other	(10.8)	(19.7)
Change in accounts payable, accrued expenses and other liabilities	(25.4)	41.5
Change in accrued compensation and benefits	(327.7)	(365.6)
Change in due to affiliates	6.5	(2.2)
Change in lease right-of-use assets and lease liabilities	(2.8)	(2.2)
Change in deferred revenue	280.2	251.6
Net cash provided by operating activities	164.2	114.2
Cash flows from investing activities
Purchases of fixed assets, net	(16.7)	(14.2)
Net cash used in investing activities	(16.7)	(14.2)
Cash flows from financing activities
Payments on CLO borrowings	(14.6)	(13.9)
Proceeds from CLO borrowings, net of financing costs	15.1	—
Dividends to common stockholders	(126.4)	(126.7)
Payment of deferred consideration for Carlyle Holdings units	—	(68.8)
Contributions from non-controlling interest holders	57.7	62.5
Distributions to non-controlling interest holders	(16.9)	(19.0)
Common shares repurchased and net share settlement of equity-based awards	(176.5)	(150.0)
Change in due to/from affiliates financing activities	42.3	56.7
Net cash used in financing activities	(219.3)	(259.2)
Effect of foreign exchange rate changes	4.6	(5.0)
Decrease in cash, cash equivalents and restricted cash	(67.2)	(164.2)
Cash, cash equivalents and restricted cash, beginning of period	1,266.5	1,442.1
Cash, cash equivalents and restricted cash, end of period	$1,199.3	$1,277.9

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,190.3	$1,276.5
Restricted cash	9.0	1.4
Total cash, cash equivalents and restricted cash, end of period	$1,199.3	$1,277.9

Cash and cash equivalents held at Consolidated Funds	$570.9	$426.0