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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | 15. Segment Reporting Car lyle conducts its operations through three reportable segments: Global Private Equity – The Global Private Equity segment advises bu yout, growth, real estate, and infrastructure & natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. Global Credit – The Global Credit segment advises funds and vehicles that pursue investment strategies including insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure credit, cross-platform credit products, and global capital markets. Carlyle AlpInvest – The Carlyle AlpInvest segment advises global private equity programs that pursue secondary purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. The Company’s reportable business segments are differentiated by their various investment focuses and strategies. Overhead costs are generally allocated based on cash-based compensation and benefits expense for each segment. The Company’s earnings from its investment in NGP are presented in the respective operating captions within the Global Private Equity segment. Distributable Earnings. Distributable Earnings, or “DE,” is a key performance benchmark used in the Company’s industry and is evaluated regularly by the chief operating decision maker (“CODM”), which is our Chief Executive Officer, in making resource deployment and compensation decisions and in assessing performance of the Company’s three reportable segments. The CODM also uses DE in budgeting, forecasting, and the overall management of the Company’s segments. The CODM believes that reporting DE is helpful to understanding the Company’s business and that investors should review the same supplemental financial measure that the CODM uses to analyze the Company’s segment performance. DE is intended to show the amount of net realized earnings without the effects of the consolidation of the Consolidated Funds. DE is derived from the Company’s segment reported results and is used to assess performance. Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S. GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (composed of performance allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense, unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle interests in consolidated entities, or 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 operational performance. Charges (credits) related to Carlyle corporate actions and non-recurring items include: charges associated with the Conversion, charges (credits) associated with acquisitions, dispositions or strategic investments, changes in the tax receivable agreement liability, amortization and any impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions, charges associated with earn-outs and contingent consideration including gains and losses associated with the estimated fair value of contingent considerations issued in conjunction with acquisitions or strategic investments, impairment charges associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract terminations and employee severance, and non-recurring items that affect period-to-period comparability and are not reflective of the Company’s operating performance. Management believes the inclusion or exclusion of these items provides investors with a meaningful indication of the Company’s core operating performance. Fee Related Earnings. Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the business to cover base compensation and operating expenses from total fee revenues. FRE adjusts DE to exclude net realized performance revenues, realized principal investment income, and net interest (interest income less interest expense). Fee Related Earnings includes fee related performance revenues and related compensation expense. Fee related performance revenues represent the realized portion of performance revenues that are measured and received on a recurring basis, are not dependent on realization events, and which have no risk of giveback. Asset information by segment is not disclosed because this information is not used by the CODM to make resource deployment decisions or evaluate the performance of the Company’s segments. The following tables present the financial data for the Company’s three reportable segments for the three and six months ended June 30, 2025:
| Three Months Ended June 30, 2025
| Global Private Equity |  | Global Credit |  | Carlyle AlpInvest |  | Total
| (Dollars in millions)
Segment Revenues |  |  |  |  |  |  |
Fund level fee revenues |  |  |  |  |  |  |
Fund management fees | $302.4 |  | $170.0 |  | $117.2 |  | $589.6
Portfolio advisory and transaction fees, net and other | 6.9 |  | 41.0 |  | — |  | 47.9
Fee related performance revenues | — |  | 28.6 |  | 10.1 |  | 38.7
Total fund level fee revenues | 309.3 |  | 239.6 |  | 127.3 |  | 676.2
Realized performance revenues | 244.7 |  | 5.1 |  | 10.0 |  | 259.8
Realized principal investment income | 12.4 |  | 12.0 |  | 9.1 |  | 33.5
Interest income | 5.5 |  | 7.0 |  | 2.0 |  | 14.5
Total revenues | 571.9 |  | 263.7 |  | 148.4 |  | 984.0
Segment Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 108.4 |  | 88.2 |  | 37.2 |  | 233.8
Realized performance revenues related compensation | 160.9 |  | 3.1 |  | 8.1 |  | 172.1
Total compensation and benefits | 269.3 |  | 91.3 |  | 45.3 |  | 405.9
General, administrative, and other indirect expenses(1) | 50.3 |  | 36.2 |  | 19.8 |  | 106.3
Depreciation and amortization expense | 7.0 |  | 3.8 |  | 2.0 |  | 12.8
Interest expense | 13.4 |  | 11.5 |  | 3.1 |  | 28.0
Total expenses | 340.0 |  | 142.8 |  | 70.2 |  | 553.0
(=) Distributable Earnings | $231.9 |  | $120.9 |  | $78.2 |  | $431.0
(-) Realized Net Performance Revenues | 83.8 |  | 2.0 |  | 1.9 |  | 87.7
(-) Realized Principal Investment Income | 12.4 |  | 12.0 |  | 9.1 |  | 33.5
(+) Net Interest | 7.9 |  | 4.5 |  | 1.1 |  | 13.5
(=) Fee Related Earnings | $143.6 |  | $111.4 |  | $68.3 |  | $323.3
| Six Months Ended June 30, 2025
| Global Private Equity |  | Global Credit |  | Carlyle AlpInvest |  | Total
| (Dollars in millions)
Segment Revenues |  |  |  |  |  |  |
Fund level fee revenues |  |  |  |  |  |  |
Fund management fees | $585.4 |  | $309.6 |  | $220.1 |  | $1,115.1
Portfolio advisory and transaction fees, net and other | 21.4 |  | 104.4 |  | — |  | 125.8
Fee related performance revenues | — |  | 57.4 |  | 20.8 |  | 78.2
Total fund level fee revenues | 606.8 |  | 471.4 |  | 240.9 |  | 1,319.1
Realized performance revenues | 561.8 |  | 18.4 |  | 34.7 |  | 614.9
Realized principal investment income | 27.5 |  | 17.5 |  | 18.5 |  | 63.5
Interest income | 11.5 |  | 14.0 |  | 4.2 |  | 29.7
Total revenues | 1,207.6 |  | 521.3 |  | 298.3 |  | 2,027.2
Segment Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 209.1 |  | 177.2 |  | 71.5 |  | 457.8
Realized performance revenues related compensation | 361.3 |  | 11.0 |  | 27.5 |  | 399.8
Total compensation and benefits | 570.4 |  | 188.2 |  | 99.0 |  | 857.6
General, administrative, and other indirect expenses(1) | 99.0 |  | 71.2 |  | 31.7 |  | 201.9
Depreciation and amortization expense | 13.9 |  | 7.7 |  | 3.9 |  | 25.5
Interest expense | 26.8 |  | 22.8 |  | 6.2 |  | 55.8
Total expenses | 710.1 |  | 289.9 |  | 140.8 |  | 1,140.8
(=) Distributable Earnings | $497.5 |  | $231.4 |  | $157.5 |  | $886.4
(-) Realized Net Performance Revenues | 200.5 |  | 7.4 |  | 7.2 |  | 215.1
(-) Realized Principal Investment Income | 27.5 |  | 17.5 |  | 18.5 |  | 63.5
(+) Net Interest | 15.3 |  | 8.8 |  | 2.0 |  | 26.1
(=) Fee Related Earnings | $284.8 |  | $215.3 |  | $133.8 |  | $633.9
(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 and six months ended June 30, 2024:
| Three Months Ended June 30, 2024
| Global Private Equity |  | Global Credit |  | Carlyle AlpInvest |  | Total
| (Dollars in millions)
Segment Revenues |  |  |  |  |  |  |
Fund level fee revenues |  |  |  |  |  |  |
Fund management fees | $305.2 |  | $140.8 |  | $79.5 |  | $525.5
Portfolio advisory and transaction fees, net and other | 3.8 |  | 25.0 |  | 0.1 |  | 28.9
Fee related performance revenues | 3.2 |  | 28.0 |  | 1.9 |  | 33.1
Total fund level fee revenues | 312.2 |  | 193.8 |  | 81.5 |  | 587.5
Realized performance revenues | 129.7 |  | 6.9 |  | 19.9 |  | 156.5
Realized principal investment income | 6.8 |  | 19.2 |  | 0.6 |  | 26.6
Interest income | 6.5 |  | 10.1 |  | 1.7 |  | 18.3
Total revenues | 455.2 |  | 230.0 |  | 103.7 |  | 788.9
Segment Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 103.9 |  | 74.0 |  | 27.4 |  | 205.3
Realized performance revenues related compensation | 81.4 |  | 4.3 |  | 15.1 |  | 100.8
Total compensation and benefits | 185.3 |  | 78.3 |  | 42.5 |  | 306.1
General, administrative, and other indirect expenses(1) | 50.2 |  | 35.3 |  | 12.4 |  | 97.9
Depreciation and amortization expense | 6.5 |  | 3.2 |  | 1.6 |  | 11.3
Interest expense | 14.1 |  | 13.4 |  | 2.9 |  | 30.4
Total expenses | 256.1 |  | 130.2 |  | 59.4 |  | 445.7
(=) Distributable Earnings | $199.1 |  | $99.8 |  | $44.3 |  | $343.2
(-) Realized Net Performance Revenues | 48.3 |  | 2.6 |  | 4.8 |  | 55.7
(-) Realized Principal Investment Income | 6.8 |  | 19.2 |  | 0.6 |  | 26.6
(+) Net Interest | 7.6 |  | 3.3 |  | 1.2 |  | 12.1
(=) Fee Related Earnings | $151.6 |  | $81.3 |  | $40.1 |  | $273.0
| Six Months Ended June 30, 2024
| Global Private Equity |  | Global Credit |  | Carlyle AlpInvest |  | Total
| (Dollars in millions)
Segment Revenues |  |  |  |  |  |  |
Fund level fee revenues |  |  |  |  |  |  |
Fund management fees | $609.8 |  | $277.7 |  | $153.6 |  | $1,041.1
Portfolio advisory and transaction fees, net and other | 10.9 |  | 44.6 |  | 0.1 |  | 55.6
Fee related performance revenues | 6.9 |  | 52.2 |  | 3.1 |  | 62.2
Total fund level fee revenues | 627.6 |  | 374.5 |  | 156.8 |  | 1,158.9
Realized performance revenues | 503.5 |  | 7.5 |  | 43.3 |  | 554.3
Realized principal investment income | 25.7 |  | 33.0 |  | 1.6 |  | 60.3
Interest income | 14.1 |  | 20.8 |  | 3.5 |  | 38.4
Total revenues | 1,170.9 |  | 435.8 |  | 205.2 |  | 1,811.9
Segment Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 213.2 |  | 150.8 |  | 55.6 |  | 419.6
Realized performance revenues related compensation | 315.7 |  | 4.6 |  | 36.3 |  | 356.6
Total compensation and benefits | 528.9 |  | 155.4 |  | 91.9 |  | 776.2
General, administrative, and other indirect expenses(1) | 88.8 |  | 64.9 |  | 23.9 |  | 177.6
Depreciation and amortization expense | 12.9 |  | 6.3 |  | 3.2 |  | 22.4
Interest expense | 28.1 |  | 27.3 |  | 5.8 |  | 61.2
Total expenses | 658.7 |  | 253.9 |  | 124.8 |  | 1,037.4
(=) Distributable Earnings | $512.2 |  | $181.9 |  | $80.4 |  | $774.5
(-) Realized Net Performance Revenues | 187.8 |  | 2.9 |  | 7.0 |  | 197.7
(-) Realized Principal Investment Income | 25.7 |  | 33.0 |  | 1.6 |  | 60.3
(+) Net Interest | 14.0 |  | 6.5 |  | 2.3 |  | 22.8
(=) Fee Related Earnings | $312.7 |  | $152.5 |  | $74.1 |  | $539.3
(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. The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the three months ended June 30, 2025 and 2024:
| Three Months Ended June 30, 2025
| Total Reportable Segments |  | Consolidated Funds |  | Reconciling Items |  |  |  | Carlyle Consolidated
| (Dollars in millions)
Revenues | $984.0 |  | $163.0 |  | $425.9 |  | (a) |  | $1,572.9
Expenses | $553.0 |  | $178.5 |  | $447.6 |  | (b) |  | $1,179.1
Other income (loss) | $— |  | $46.8 |  | $— |  | (c) |  | $46.8
Distributable earnings | $431.0 |  | $31.3 |  | $(21.7) |  | (d) |  | $440.6
| Three Months Ended June 30, 2024
| Total Reportable Segments |  | Consolidated Funds |  | Reconciling Items |  |  |  | Carlyle Consolidated
| (Dollars in millions)
Revenues | $788.9 |  | $165.6 |  | $115.2 |  | (a) |  | $1,069.7
Expenses | $445.7 |  | $164.5 |  | $235.6 |  | (b) |  | $845.8
Other income (loss) | $— |  | $(5.1) |  | $— |  | (c) |  | $(5.1)
Distributable earnings | $343.2 |  | $(4.0) |  | $(120.4) |  | (d) |  | $218.8
The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the six months ended June 30, 2025 and 2024.
| Six Months Ended June 30, 2025
| Total Reportable Segments |  | Consolidated Funds |  | Reconciling Items |  |  |  | Carlyle Consolidated
| (Dollars in millions)
Revenues | $2,027.2 |  | $296.4 |  | $222.4 |  | (a) |  | $2,546.0
Expenses | $1,140.8 |  | $309.3 |  | $537.2 |  | (b) |  | $1,987.3
Other income (loss) | $— |  | $52.9 |  | $— |  | (c) |  | $52.9
Distributable earnings | $886.4 |  | $40.0 |  | $(314.8) |  | (d) |  | $611.6
| Six Months Ended June 30, 2024
| Total Reportable Segments |  | Consolidated Funds |  | Reconciling Items |  |  |  | Carlyle Consolidated
| (Dollars in millions)
Revenues | $1,811.9 |  | $330.5 |  | $(384.3) |  | (a) |  | $1,758.1
Expenses | $1,037.4 |  | $304.0 |  | $65.1 |  | (b) |  | $1,406.5
Other income (loss) | $— |  | $(12.1) |  | $— |  | (c) |  | $(12.1)
Distributable earnings | $774.5 |  | $14.4 |  | $(449.4) |  | (d) |  | $339.5
(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:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Unrealized performance and fee related performance revenues | $331.0 |  | $47.4 |  | $133.7 |  | $(474.2)
Unrealized principal investment income (loss) | 25.5 |  | 48.1 |  | 42.5 |  | 52.5
Adjustments related to expenses associated with investments in NGP Management and its affiliates | (12.4) |  | (3.8) |  | (108.5) |  | (7.0)
Non-controlling interests and other adjustments to present certain costs on a net basis | 106.8 |  | 36.2 |  | 197.8 |  | 77.7
Elimination of revenues of Consolidated Funds | (25.0) |  | (12.7) |  | (43.1) |  | (33.3)
| $425.9 |  | $115.2 |  | $222.4 |  | $(384.3)
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 and six months ended June 30, 2025 and 2024.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Total Reportable Segments - Fund level fee revenues | $676.2 |  | $587.5 |  | $1,319.1 |  | $1,158.9
Adjustments(1) | (55.8) |  | (53.1) |  | (112.6) |  | (100.9)
Carlyle Consolidated - Fund management fees | $620.4 |  | $534.4 |  | $1,206.5 |  | $1,058.0
(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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense | $206.7 |  | $32.2 |  | $99.4 |  | $(296.2)
Equity-based compensation | 96.4 |  | 127.4 |  | 201.1 |  | 238.4
Acquisition or disposition-related charges and amortization of intangibles and impairment | 48.3 |  | 33.3 |  | 170.5 |  | 66.1
Tax (expense) benefit associated with certain foreign performance revenues related compensation | (0.1) |  | (0.2) |  | (0.1) |  | (1.2)
Non-controlling interests and other adjustments to present certain costs on a net basis | 99.9 |  | 27.0 |  | 74.2 |  | 44.8
Other adjustments | 4.0 |  | 28.3 |  | 17.1 |  | 40.5
Elimination of expenses of Consolidated Funds | (7.6) |  | (12.4) |  | (25.0) |  | (27.3)
| $447.6 |  | $235.6 |  | $537.2 |  | $65.1
(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 June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Income (loss) before provision for income taxes | $440.6 |  | $218.8 |  | $611.6 |  | $339.5
Adjustments: |  |  |  |  |  |  |
Net unrealized performance and fee related performance revenues | (124.3) |  | (15.2) |  | (34.3) |  | 178.0
Unrealized principal investment (income) loss | (25.5) |  | (48.1) |  | (42.5) |  | (52.5)
Equity-based compensation(1) | 96.4 |  | 127.4 |  | 201.1 |  | 238.4
Acquisition or disposition-related charges, including amortization of intangibles and impairment | 48.3 |  | 33.3 |  | 170.5 |  | 66.1
Tax (expense) benefit associated with certain foreign performance revenues | (0.1) |  | (0.2) |  | (0.1) |  | (1.2)
Net income attributable to non-controlling interests in consolidated entities | (8.4) |  | (1.1) |  | (37.0) |  | (34.3)
Other adjustments(2) | 4.0 |  | 28.3 |  | 17.1 |  | 40.5
Distributable Earnings | $431.0 |  | $343.2 |  | $886.4 |  | $774.5
Realized performance revenues, net of related compensation(3) | 87.7 |  | 55.7 |  | 215.1 |  | 197.7
Realized principal investment income(3) | 33.5 |  | 26.6 |  | 63.5 |  | 60.3
Net interest | 13.5 |  | 12.1 |  | 26.1 |  | 22.8
Fee Related Earnings | $323.3 |  | $273.0 |  | $633.9 |  | $539.3
(1)Equity-based compensation for the three and six months ended June 30, 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 June 30, 2025
| Carlyle Consolidated |  | Adjustments (4) |  | Total Reportable Segments
| (Dollars in millions)
Performance revenues | $638.8 |  | $(379.0) |  | $259.8
Performance revenues related compensation expense | 443.6 |  | (271.5) |  | 172.1
Net performance revenues | $195.2 |  | $(107.5) |  | $87.7
Principal investment income (loss) | $55.2 |  | $(21.7) |  | $33.5
| Six Months Ended June 30, 2025
| Carlyle Consolidated |  | Adjustments (4) |  | Total Reportable Segments
| (Dollars in millions)
Performance revenues | $861.7 |  | $(246.8) |  | $614.9
Performance revenues related compensation expense | 615.0 |  | (215.2) |  | 399.8
Net performance revenues | $246.7 |  | $(31.6) |  | $215.1
Principal investment income (loss) | $(7.9) |  | $71.4 |  | $63.5
| Three Months Ended June 30, 2024
| Carlyle Consolidated |  | Adjustments (4) |  | Total Reportable Segments
| (Dollars in millions)
Performance revenues | $198.2 |  | $(41.7) |  | $156.5
Performance revenues related compensation expense | 144.2 |  | (43.4) |  | 100.8
Net performance revenues | $54.0 |  | $1.7 |  | $55.7
Principal investment income (loss) | $88.1 |  | $(61.5) |  | $26.6
| Six Months Ended June 30, 2024
| Carlyle Consolidated |  | Adjustments (4) |  | Total Reportable Segments
| (Dollars in millions)
Performance revenues | $41.2 |  | $513.1 |  | $554.3
Performance revenues related compensation expense | 71.4 |  | 285.2 |  | 356.6
Net performance revenues | $(30.2) |  | $227.9 |  | $197.7
Principal investment income (loss) | $161.2 |  | $(100.9) |  | $60.3
(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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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