Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024 and results of operations for the three and six months

ended June 30, 2025 and 2024. The supplemental statement of cash flows is presented without effects of the Consolidated

Funds.


	As of June 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,275.8	$—	$—	$1,275.8
Cash and cash equivalents held at Consolidated Funds	—	463.1	—	463.1
Investments, including accrued performance allocations of $7,598.8	11,890.3	—	(687.2)	11,203.1
Investments of Consolidated Funds	—	9,857.5	—	9,857.5
Due from affiliates and other receivables, net	1,097.9	—	(302.4)	795.5
Due from affiliates and other receivables of Consolidated Funds, net	—	247.8	—	247.8
Fixed assets, net	191.7	—	—	191.7
Lease right-of-use assets, net	351.1	—	—	351.1
Deposits and other	81.4	1.5	—	82.9
Intangible assets, net	573.6	—	—	573.6
Deferred tax assets	25.7	—	—	25.7
Total assets	$15,487.5	$10,569.9	$(989.6)	$25,067.8
Liabilities and equity
Debt obligations	$2,155.3	$—	$—	$2,155.3
Loans payable of Consolidated Funds	—	8,350.3	(294.2)	8,056.1
Accounts payable, accrued expenses and other liabilities	439.5	—	—	439.5
Accrued compensation and benefits	5,598.9	—	—	5,598.9
Due to affiliates	193.2	5.7	—	198.9
Deferred revenue	204.0	—	—	204.0
Deferred tax liabilities	128.3	—	—	128.3
Other liabilities of Consolidated Funds	—	1,031.0	(0.1)	1,030.9
Lease liabilities	493.7	—	—	493.7
Accrued giveback obligations	44.6	—	—	44.6
Total liabilities	9,257.5	9,387.0	(294.3)	18,350.2
Common stock	3.6	—	—	3.6
Additional paid-in capital	4,096.4	715.7	(715.7)	4,096.4
Retained earnings	1,950.0	—	—	1,950.0
Accumulated other comprehensive loss	(222.7)	12.8	20.4	(189.5)
Non-controlling interests in consolidated entities	402.7	454.4	—	857.1
Total equity	6,230.0	1,182.9	(695.3)	6,717.6
Total liabilities and equity	$15,487.5	$10,569.9	$(989.6)	$25,067.8


	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
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	55.1	1.8	—	56.9
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 June 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$628.0	$—	$(7.6)	$620.4
Incentive fees	40.9	—	(0.4)	40.5
Investment income
Performance allocations	640.0	—	(1.2)	638.8
Principal investment income	66.2	—	(11.0)	55.2
Total investment income	706.2	—	(12.2)	694.0
Interest and other income	59.8	—	(4.8)	55.0
Interest and other income of Consolidated Funds	—	163.0	—	163.0
Total revenues	1,434.9	163.0	(25.0)	1,572.9
Expenses
Compensation and benefits
Cash-based compensation and benefits	238.4	—	—	238.4
Equity-based compensation	92.9	—	—	92.9
Performance allocations and incentive fee related compensation	443.6	—	—	443.6
Total compensation and benefits	774.9	—	—	774.9
General, administrative and other expenses	205.4	—	0.1	205.5
Interest	28.0	—	—	28.0
Interest and other expenses of Consolidated Funds	—	178.5	(7.7)	170.8
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,008.2	178.5	(7.6)	1,179.1
Other income (loss)
Net investment income of Consolidated Funds	—	46.8	—	46.8
Income before provision for income taxes	426.7	31.3	(17.4)	440.6
Provision for income taxes	112.5	—	—	112.5
Net income	314.2	31.3	(17.4)	328.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(5.5)	—	13.9	8.4
Net income attributable to The Carlyle Group Inc.	$319.7	$31.3	$(31.3)	$319.7



	Six Months Ended June 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,222.4	$—	$(15.9)	$1,206.5
Incentive fees	84.2	—	(0.5)	83.7
Investment income
Performance allocations	863.4	—	(1.7)	861.7
Principal investment income (loss)	5.7	—	(13.6)	(7.9)
Total investment income	869.1	—	(15.3)	853.8
Interest and other income	117.0	—	(11.4)	105.6
Interest and other income of Consolidated Funds	—	296.4	—	296.4
Total revenues	2,292.7	296.4	(43.1)	2,546.0
Expenses
Compensation and benefits
Cash-based compensation and benefits	456.8	—	—	456.8
Equity-based compensation	196.4	—	—	196.4
Performance allocations and incentive fee related compensation	615.0	—	—	615.0
Total compensation and benefits	1,268.2	—	—	1,268.2
General, administrative and other expenses	379.1	—	—	379.1
Interest	55.8	—	—	55.8
Interest and other expenses of Consolidated Funds	—	309.3	(25.0)	284.3
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,703.0	309.3	(25.0)	1,987.3
Other income (loss)
Net investment income of Consolidated Funds	—	52.9	—	52.9
Income before provision for income taxes	589.7	40.0	(18.1)	611.6
Provision for income taxes	124.9	—	—	124.9
Net income	464.8	40.0	(18.1)	486.7
Net income attributable to non-controlling interests in consolidated entities	15.1	—	21.9	37.0
Net income attributable to The Carlyle Group Inc.	$449.7	$40.0	$(40.0)	$449.7


	Three Months Ended June 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$540.8	$—	$(6.4)	$534.4
Incentive fees	31.6	—	(0.3)	31.3
Investment income
Performance allocations	197.3	—	0.9	198.2
Principal investment income	90.8	—	(2.7)	88.1
Total investment income	288.1	—	(1.8)	286.3
Interest and other income	56.3	—	(4.2)	52.1
Interest and other income of Consolidated Funds	—	165.6	—	165.6
Total revenues	916.8	165.6	(12.7)	1,069.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	206.3	—	—	206.3
Equity-based compensation	125.2	—	—	125.2
Performance allocations and incentive fee related compensation	144.2	—	—	144.2
Total compensation and benefits	475.7	—	—	475.7
General, administrative and other expenses	187.9	—	—	187.9
Interest	30.4	—	—	30.4
Interest and other expenses of Consolidated Funds	—	164.5	(12.4)	152.1
Other non-operating income	(0.3)	—	—	(0.3)
Total expenses	693.7	164.5	(12.4)	845.8
Other income (loss)
Net investment loss of Consolidated Funds	—	(5.1)	—	(5.1)
Income (loss) before provision for income taxes	223.1	(4.0)	(0.3)	218.8
Provision for income taxes	69.5	—	—	69.5
Net income (loss)	153.6	(4.0)	(0.3)	149.3
Net income attributable to non-controlling interests in consolidated entities	5.4	—	(4.3)	1.1
Net income (loss) attributable to The Carlyle Group Inc.	$148.2	$(4.0)	$4.0	$148.2



	Six Months Ended June 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,071.0	$—	$(13.0)	$1,058.0
Incentive fees	57.8	—	(0.3)	57.5
Investment income
Performance allocations	41.5	—	(0.3)	41.2
Principal investment income	170.4	—	(9.2)	161.2
Total investment income	211.9	—	(9.5)	202.4
Interest and other income	120.2	—	(10.5)	109.7
Interest and other income of Consolidated Funds	—	330.5	—	330.5
Total revenues	1,460.9	330.5	(33.3)	1,758.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	428.2	—	—	428.2
Equity-based compensation	233.5	—	—	233.5
Performance allocations and incentive fee related compensation	71.4	—	—	71.4
Total compensation and benefits	733.1	—	—	733.1
General, administrative and other expenses	335.6	—	—	335.6
Interest	61.2	—	—	61.2
Interest and other expenses of Consolidated Funds	—	304.0	(27.3)	276.7
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,129.8	304.0	(27.3)	1,406.5
Other income (loss)
Net investment loss of Consolidated Funds	—	(12.1)	—	(12.1)
Income before provision for income taxes	331.1	14.4	(6.0)	339.5
Provision for income taxes	91.4	—	—	91.4
Net income	239.7	14.4	(6.0)	248.1
Net income attributable to non-controlling interests in consolidated entities	25.9	—	8.4	34.3
Net income attributable to The Carlyle Group Inc.	$213.8	$14.4	$(14.4)	$213.8

Schedule of Supplemental Statement of Cash Flows


	Six Months Ended June 30,
	2025	2024
	(Dollars in millions)
Cash flows from operating activities
Net income	$464.8	$239.7
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	94.6	90.8
Equity-based compensation	196.4	233.5
Non-cash performance allocations and incentive fees	(252.4)	145.8
Non-cash principal investment (income) loss	33.5	(144.5)
Other non-cash amounts	36.8	(1.5)
Purchases of investments	(481.8)	(383.0)
Proceeds from the sale of investments	499.5	271.1
Payments of contingent consideration	(1.0)	(1.5)
Change in deferred taxes, net	(16.5)	(42.5)
Change in due from affiliates and other receivables	(16.5)	(19.7)
Change in deposits and other	(25.0)	(7.8)
Change in accounts payable, accrued expenses and other liabilities	39.1	37.1
Change in accrued compensation and benefits	(116.2)	(277.4)
Change in due to affiliates	23.6	(2.1)
Change in lease right-of-use assets and lease liabilities	(6.3)	(4.0)
Change in deferred revenue	57.6	(9.8)
Net cash provided by operating activities	530.2	124.2
Cash flows from investing activities
Purchases of corporate treasury investments	—	(5.0)
Purchases of fixed assets, net	(34.2)	(31.9)
Net cash used in investing activities	(34.2)	(36.9)
Cash flows from financing activities
Borrowings under credit facilities	—	10.4
Repayments under credit facilities	—	(10.4)
Payments on CLO borrowings	(40.1)	(36.0)
Proceeds from CLO borrowings, net of financing costs	15.1	—
Dividends to common stockholders	(252.7)	(252.3)
Payment of deferred consideration for Carlyle Holdings units	—	(68.8)
Contributions from non-controlling interest holders	91.4	116.4
Distributions to non-controlling interest holders	(48.6)	(45.6)
Common shares repurchased and net share settlement of equity-based awards	(280.1)	(328.3)
Change in due to/from affiliates financing activities	(0.5)	7.3
Net cash used in financing activities	(515.5)	(607.3)
Effect of foreign exchange rate changes	29.9	(5.0)
Increase (decrease) in cash, cash equivalents and restricted cash	10.4	(525.0)
Cash, cash equivalents and restricted cash, beginning of period	1,266.5	1,442.1
Cash, cash equivalents and restricted cash, end of period	$1,276.9	$917.1

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,275.8	$914.8
Restricted cash	1.1	2.3
Total cash, cash equivalents and restricted cash, end of period	$1,276.9	$917.1

Cash and cash equivalents held at Consolidated Funds	$463.1	$1,047.5