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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments [Abstract] |
Schedule of Investments | In vestments consist of the following:
| As of
| September 30, 2025 |  | December 31, 2024
| (Dollars in millions)
Accrued performance allocations | $6,956.3 |  | $7,053.5
Principal equity method investments, excluding performance allocations | 2,942.5 |  | 3,292.3
Principal investments in CLOs | 380.7 |  | 378.9
Other investments | 235.9 |  | 212.0
Total | $10,515.4 |  | $10,936.7
Schedule of Components of Accrued Performance Fees | The components of accrued performance allocations are as follows:
| As of
| September 30, 2025 |  | December 31, 2024
| (Dollars in millions)
Global Private Equity | $4,352.3 |  | $4,910.2
Global Credit | 721.1 |  | 527.1
Carlyle AlpInvest | 1,882.9 |  | 1,616.2
Total | $6,956.3 |  | $7,053.5
Schedule of Components of Accrued Giveback Obligations | The components of the accrued giveback obligations are as follows:
| As of
| September 30, 2025 |  | December 31, 2024
| (Dollars in millions)
Global Private Equity | $(19.1) |  | $(18.5)
Global Credit | (25.5) |  | (25.5)
Total | $(44.6) |  | $(44.0)
Schedule of Equity Method Investments | Principal investments are related to the following segments:
| As of
| September 30, 2025 |  | December 31, 2024
| (Dollars in millions)
Global Private Equity(1) | $1,431.2 |  | $1,818.0
Global Credit(2) | 1,152.1 |  | 1,157.0
Carlyle AlpInvest | 359.2 |  | 317.3
Total | $2,942.5 |  | $3,292.3
(1)The balance includes $642.2 million and $912.0 million as of September 30, 2025 and December 31, 2024, respectively, related to the Company’s equity method investments in NGP. (2)The balance includes $739.5 million and $723.5 million as of September 30, 2025 and December 31, 2024, respectively, related to the Company’s investment in Fortitude. The Company’s investments in NGP as of September 30, 2025 and December 31, 2024 are as follows:
| As of
| September 30, 2025 |  | December 31, 2024
| (Dollars in millions)
Investment in NGP Management | $256.0 |  | $369.2
Investments in NGP general partners - accrued performance allocations | 341.2 |  | 489.4
Principal investments in NGP funds | 45.0 |  | 53.4
Total investments in NGP | $642.2 |  | $912.0
Carlyle’s income (loss) from its principal equity method investments consists of:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Global Private Equity | $39.4 |  | $58.0 |  | $(13.0) |  | $124.1
Global Credit | 12.8 |  | 30.5 |  | 31.5 |  | 61.5
Carlyle AlpInvest | 15.8 |  | 15.0 |  | 42.2 |  | 21.5
Total | $68.0 |  | $103.5 |  | $60.7 |  | $207.1
Schedule of Net Investment Income (Loss) | The net investment income (loss) recognized in the Company’s condensed consolidated statements of operations for the three and nine months ended September 30, 2025 and 2024 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Management fee related revenues from NGP Management | $15.0 |  | $20.8 |  | $46.5 |  | $57.3
Expenses related to the investment in NGP Management | (3.6) |  | (3.5) |  | (10.8) |  | (10.5)
Amortization of basis differences and impairment of investment in NGP Management | (8.7) |  | — |  | (110.0) |  | —
Net investment income from NGP Management | $2.7 |  | $17.3 |  | $(74.3) |  | $46.8
Schedule of Components of Investment Income (Loss) | The components of investment income (loss) are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Performance allocations |  |  |  |  |  |  |
Realized | $49.4 |  | $266.4 |  | $499.0 |  | $804.0
Unrealized | (656.1) |  | 1,519.1 |  | (244.0) |  | 1,022.7
| (606.7) |  | 1,785.5 |  | 255.0 |  | 1,826.7
Principal investment income (loss) from equity method investments (excluding performance allocations) |  |  |  |  |  |  |
Realized | 59.6 |  | 38.1 |  | 208.5 |  | 135.5
Unrealized | 8.4 |  | 65.4 |  | (147.8) |  | 71.6
| 68.0 |  | 103.5 |  | 60.7 |  | 207.1
Principal investment income (loss) from investments in CLOs and other investments |  |  |  |  |  |  |
Realized | 1.1 |  | (4.7) |  | 0.7 |  | 4.5
Unrealized(1) | 18.6 |  | (52.8) |  | 18.4 |  | (4.4)
| 19.7 |  | (57.5) |  | 19.1 |  | 0.1
Total | $(519.0) |  | $1,831.5 |  | $334.8 |  | $2,033.9
(1)The three and nine months ended September 30, 2024 each included the reversal of $48.5 million of previously recorded unrealized investment income on the BDC Preferred Shares (see Note 9, Related Party Transactions for more information). The nine months ended September 30, 2024 included investment gain of $5.3 million associated with the remeasurement of corporate investments, resulting from observable price changes pursuant to ASC 321, Investments–Equity Securities.
Schedule of Performance Allocations Included in Revenues | The performance allocations included in revenues are derived from the following segments:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Global Private Equity | $(781.4) |  | $1,625.8 |  | $(219.5) |  | $1,447.3
Global Credit | 93.3 |  | 58.7 |  | 223.1 |  | 170.0
Carlyle AlpInvest | 81.4 |  | 101.0 |  | 251.4 |  | 209.4
Total | $(606.7) |  | $1,785.5 |  | $255.0 |  | $1,826.7
The following tables summarize the funds that are the primary drivers of performance allocations for the three and nine months ended September 30, 2025 and 2024, as well as the total revenue recognized, including performance allocations as well as fund management fees and principal investment income:
Three Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2025
(Dollars in millions) |  | (Dollars in millions)
Global Private Equity | Carlyle Asia Partners V, L.P. | $(257.2) |  | Global Private Equity | Carlyle Partners VII, L.P. | $(110.2)
Global Private Equity | Carlyle Partners VII, L.P. | (557.9) |  | Global Private Equity | Carlyle Asia Partners V, L.P. | (197.4)
Three Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2024
(Dollars in millions) |  | (Dollars in millions)
Global Private Equity | Carlyle Partners VII, L.P. | $1,228.8 |  | Global Private Equity | Carlyle Partners VII, L.P. | $1,258.9
Schedule of Components of Interest and Other Income of Consolidated Funds | The components of interest and other income of Consolidated Funds are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Interest income from investments | $146.9 |  | $158.0 |  | $412.4 |  | $449.9
Other income | 16.5 |  | 22.1 |  | 47.4 |  | 60.7
Total | $163.4 |  | $180.1 |  | $459.8 |  | $510.6
Schedule of Components of Net Investment Income (losses) of Consolidated Funds | The components of Net investment income (loss) of Consolidated Funds are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Gains (losses) from investments of Consolidated Funds | $88.5 |  | $(24.9) |  | $100.1 |  | $58.1
Gains (losses) from liabilities of CLOs | 34.7 |  | 27.4 |  | 76.0 |  | (67.7)
Total | $123.2 |  | $2.5 |  | $176.1 |  | $(9.6)
Schedule of Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds | The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Realized gains (losses) | $58.5 |  | $(4.5) |  | $33.6 |  | $(49.1)
Net change in unrealized gains (losses) | 30.0 |  | (20.4) |  | 66.5 |  | 107.2
Total | $88.5 |  | $(24.9) |  | $100.1 |  | $58.1

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