XML 58 R7.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 486.7 $ 248.1
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, net (250.6) 146.2
Non-cash principal investment income 32.6 (145.6)
Other non-cash amounts 36.8 (1.5)
Consolidated Funds related:    
Realized/unrealized (gain) loss on investments of Consolidated Funds (11.6) (83.0)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds (41.3) 95.1
Purchases of investments by Consolidated Funds (4,033.2) (3,874.9)
Proceeds from sales and settlements of investments by Consolidated Funds 2,311.1 2,687.1
Non-cash interest income, net (8.7) (11.4)
Change in cash and cash equivalents held at Consolidated Funds 405.4 (701.7)
Change in other receivables held at Consolidated Funds 10.5 (87.6)
Change in other liabilities held at Consolidated Funds (14.0) 530.5
Purchases of investments (144.3) (180.1)
Proceeds from the sale of investments 469.6 185.1
Payments of contingent consideration (1.0) (1.5)
Changes in deferred taxes, net (16.5) (42.5)
Change in due from affiliates and other receivables (16.3) (21.2)
Change in deposits and other (24.9) (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 used in operating activities (520.9) (1,198.6)
Cash flows from investing activities    
Purchases of corporate treasury investments 0.0 (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 0.0 10.4
Repayments under credit facilities 0.0 (10.4)
Payments on CLO borrowings (40.1) (36.0)
Proceeds from CLO borrowings, net of financing costs 15.1 0.0
Net borrowings on loans payable of Consolidated Funds 1,055.1 1,328.5
Dividends to common stockholders (252.7) (252.3)
Payment of deferred consideration for Carlyle Holdings units 0.0 (68.8)
Contributions from non-controlling interest holders 231.3 120.4
Distributions to non-controlling interest holders (198.4) (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 (3.4) (0.7)
Net cash provided by financing activities 526.8 717.2
Effect of foreign exchange rate changes 38.7 (6.7)
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
Supplemental non-cash disclosures    
Initial consolidation of Consolidated Funds 55.0 0.0
Net asset impact of deconsolidation of Consolidated Funds (26.6) 0.0
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