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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Reportable Segments Financial Data | The following tables present the financial data for the Company’s three reportable segments for the three and nine months ended September 30, 2025:
| Three Months Ended September 30, 2025
| Global Private Equity |  | Global Credit |  | Carlyle AlpInvest |  | Total
| (Dollars in millions)
Segment Revenues |  |  |  |  |  |  |
Fund level fee revenues |  |  |  |  |  |  |
Fund management fees | $295.0 |  | $146.5 |  | $132.4 |  | $573.9
Portfolio advisory and transaction fees, net and other | 6.5 |  | 25.6 |  | 0.2 |  | 32.3
Fee related performance revenues | — |  | 28.6 |  | 18.9 |  | 47.5
Total fund level fee revenues | 301.5 |  | 200.7 |  | 151.5 |  | 653.7
Realized performance revenues | 38.0 |  | 8.2 |  | 15.5 |  | 61.7
Realized principal investment income (loss) | (0.4) |  | 42.8 |  | 7.1 |  | 49.5
Interest income | 7.4 |  | 8.1 |  | 2.1 |  | 17.6
Total revenues | 346.5 |  | 259.8 |  | 176.2 |  | 782.5
Segment Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 97.4 |  | 83.8 |  | 39.3 |  | 220.5
Realized performance revenues related compensation | 24.2 |  | 4.7 |  | 13.7 |  | 42.6
Total compensation and benefits | 121.6 |  | 88.5 |  | 53.0 |  | 263.1
General, administrative, and other indirect expenses(1) | 56.2 |  | 28.5 |  | 22.6 |  | 107.3
Depreciation and amortization expense | 7.6 |  | 4.3 |  | 2.1 |  | 14.0
Interest expense | 14.3 |  | 12.1 |  | 3.3 |  | 29.7
Total expenses | 199.7 |  | 133.4 |  | 81.0 |  | 414.1
(=) Distributable Earnings | $146.8 |  | $126.4 |  | $95.2 |  | $368.4
(-) Realized Net Performance Revenues | 13.8 |  | 3.5 |  | 1.8 |  | 19.1
(-) Realized Principal Investment Income | (0.4) |  | 42.8 |  | 7.1 |  | 49.5
(+) Net Interest | 6.9 |  | 4.0 |  | 1.2 |  | 12.1
(=) Fee Related Earnings | $140.3 |  | $84.1 |  | $87.5 |  | $311.9
| Nine Months Ended September 30, 2025
| Global Private Equity |  | Global Credit |  | Carlyle AlpInvest |  | Total
| (Dollars in millions)
Segment Revenues |  |  |  |  |  |  |
Fund level fee revenues |  |  |  |  |  |  |
Fund management fees | $880.4 |  | $456.1 |  | $352.5 |  | $1,689.0
Portfolio advisory and transaction fees, net and other | 27.9 |  | 130.0 |  | 0.2 |  | 158.1
Fee related performance revenues | — |  | 86.0 |  | 39.7 |  | 125.7
Total fund level fee revenues | 908.3 |  | 672.1 |  | 392.4 |  | 1,972.8
Realized performance revenues | 599.8 |  | 26.6 |  | 50.2 |  | 676.6
Realized principal investment income | 27.1 |  | 60.3 |  | 25.6 |  | 113.0
Interest income | 18.9 |  | 22.1 |  | 6.3 |  | 47.3
Total revenues | 1,554.1 |  | 781.1 |  | 474.5 |  | 2,809.7
Segment Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 306.5 |  | 261.0 |  | 110.8 |  | 678.3
Realized performance revenues related compensation | 385.5 |  | 15.7 |  | 41.2 |  | 442.4
Total compensation and benefits | 692.0 |  | 276.7 |  | 152.0 |  | 1,120.7
General, administrative, and other indirect expenses(1) | 155.2 |  | 99.7 |  | 54.3 |  | 309.2
Depreciation and amortization expense | 21.5 |  | 12.0 |  | 6.0 |  | 39.5
Interest expense | 41.1 |  | 34.9 |  | 9.5 |  | 85.5
Total expenses | 909.8 |  | 423.3 |  | 221.8 |  | 1,554.9
(=) Distributable Earnings | $644.3 |  | $357.8 |  | $252.7 |  | $1,254.8
(-) Realized Net Performance Revenues | 214.3 |  | 10.9 |  | 9.0 |  | 234.2
(-) Realized Principal Investment Income | 27.1 |  | 60.3 |  | 25.6 |  | 113.0
(+) Net Interest | 22.2 |  | 12.8 |  | 3.2 |  | 38.2
(=) Fee Related Earnings | $425.1 |  | $299.4 |  | $221.3 |  | $945.8
(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 nine months ended September 30, 2024:
| Three Months Ended September 30, 2024
| Global Private Equity |  | Global Credit |  | Carlyle AlpInvest |  | Total
| (Dollars in millions)
Segment Revenues |  |  |  |  |  |  |
Fund level fee revenues |  |  |  |  |  |  |
Fund management fees | $298.6 |  | $142.8 |  | $85.1 |  | $526.5
Portfolio advisory and transaction fees, net and other | 5.9 |  | 21.4 |  | 0.1 |  | 27.4
Fee related performance revenues | — |  | 29.0 |  | 7.3 |  | 36.3
Total fund level fee revenues | 304.5 |  | 193.2 |  | 92.5 |  | 590.2
Realized performance revenues | 225.2 |  | 11.5 |  | 39.2 |  | 275.9
Realized principal investment income (loss) | 10.0 |  | (2.8) |  | 1.9 |  | 9.1
Interest income | 7.7 |  | 9.8 |  | 2.3 |  | 19.8
Total revenues | 547.4 |  | 211.7 |  | 135.9 |  | 895.0
Segment Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 101.1 |  | 76.5 |  | 30.0 |  | 207.6
Realized performance revenues related compensation | 141.5 |  | 6.9 |  | 36.9 |  | 185.3
Total compensation and benefits | 242.6 |  | 83.4 |  | 66.9 |  | 392.9
General, administrative, and other indirect expenses(1) | 48.5 |  | 31.2 |  | 13.2 |  | 92.9
Depreciation and amortization expense | 6.7 |  | 3.3 |  | 1.8 |  | 11.8
Interest expense | 14.1 |  | 13.3 |  | 2.9 |  | 30.3
Total expenses | 311.9 |  | 131.2 |  | 84.8 |  | 527.9
(=) Distributable Earnings | $235.5 |  | $80.5 |  | $51.1 |  | $367.1
(-) Realized Net Performance Revenues | 83.7 |  | 4.6 |  | 2.3 |  | 90.6
(-) Realized Principal Investment Income (Loss) | 10.0 |  | (2.8) |  | 1.9 |  | 9.1
(+) Net Interest | 6.4 |  | 3.5 |  | 0.6 |  | 10.5
(=) Fee Related Earnings | $148.2 |  | $82.2 |  | $47.5 |  | $277.9
| Nine Months Ended September 30, 2024
| Global Private Equity |  | Global Credit |  | Carlyle AlpInvest |  | Total
| (Dollars in millions)
Segment Revenues |  |  |  |  |  |  |
Fund level fee revenues |  |  |  |  |  |  |
Fund management fees | $908.4 |  | $420.5 |  | $238.7 |  | $1,567.6
Portfolio advisory and transaction fees, net and other | 16.8 |  | 66.0 |  | 0.2 |  | 83.0
Fee related performance revenues | 6.9 |  | 81.2 |  | 10.4 |  | 98.5
Total fund level fee revenues | 932.1 |  | 567.7 |  | 249.3 |  | 1,749.1
Realized performance revenues | 728.7 |  | 19.0 |  | 82.5 |  | 830.2
Realized principal investment income | 35.7 |  | 30.2 |  | 3.5 |  | 69.4
Interest income | 21.8 |  | 30.6 |  | 5.8 |  | 58.2
Total revenues | 1,718.3 |  | 647.5 |  | 341.1 |  | 2,706.9
Segment Expenses |  |  |  |  |  |  |
Compensation and benefits |  |  |  |  |  |  |
Cash-based compensation and benefits | 314.3 |  | 227.3 |  | 85.6 |  | 627.2
Realized performance revenues related compensation | 457.2 |  | 11.5 |  | 73.2 |  | 541.9
Total compensation and benefits | 771.5 |  | 238.8 |  | 158.8 |  | 1,169.1
General, administrative, and other indirect expenses(1) | 137.3 |  | 96.1 |  | 37.1 |  | 270.5
Depreciation and amortization expense | 19.6 |  | 9.6 |  | 5.0 |  | 34.2
Interest expense | 42.2 |  | 40.6 |  | 8.7 |  | 91.5
Total expenses | 970.6 |  | 385.1 |  | 209.6 |  | 1,565.3
(=) Distributable Earnings | $747.7 |  | $262.4 |  | $131.5 |  | $1,141.6
(-) Realized Net Performance Revenues | 271.5 |  | 7.5 |  | 9.3 |  | 288.3
(-) Realized Principal Investment Income | 35.7 |  | 30.2 |  | 3.5 |  | 69.4
(+) Net Interest | 20.4 |  | 10.0 |  | 2.9 |  | 33.3
(=) Fee Related Earnings | $460.9 |  | $234.7 |  | $121.6 |  | $817.2
(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.
Schedule of Reconciliation of Total Segments to Income Before Provision for Taxes | The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the three months ended September 30, 2025 and 2024:
| Three Months Ended September 30, 2025
| Total Reportable Segments |  | Consolidated Funds |  | Reconciling Items |  |  |  | Carlyle Consolidated
| (Dollars in millions)
Revenues | $782.5 |  | $163.4 |  | $(613.2) |  | (a) |  | $332.7
Expenses | $414.1 |  | $195.8 |  | $(239.8) |  | (b) |  | $370.1
Other income (loss) | $— |  | $123.2 |  | $— |  | (c) |  | $123.2
Distributable earnings | $368.4 |  | $90.8 |  | $(373.4) |  | (d) |  | $85.8
| Three Months Ended September 30, 2024
| Total Reportable Segments |  | Consolidated Funds |  | Reconciling Items |  |  |  | Carlyle Consolidated
| (Dollars in millions)
Revenues | $895.0 |  | $180.1 |  | $1,560.1 |  | (a) |  | $2,635.2
Expenses | $527.9 |  | $160.6 |  | $1,160.4 |  | (b) |  | $1,848.9
Other income (loss) | $— |  | $2.5 |  | $— |  | (c) |  | $2.5
Distributable earnings | $367.1 |  | $22.0 |  | $399.7 |  | (d) |  | $788.8
The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the nine months ended September 30, 2025 and 2024.
| Nine Months Ended September 30, 2025
| Total Reportable Segments |  | Consolidated Funds |  | Reconciling Items |  |  |  | Carlyle Consolidated
| (Dollars in millions)
Revenues | $2,809.7 |  | $459.8 |  | $(390.8) |  | (a) |  | $2,878.7
Expenses | $1,554.9 |  | $505.1 |  | $297.4 |  | (b) |  | $2,357.4
Other income (loss) | $— |  | $176.1 |  | $— |  | (c) |  | $176.1
Distributable earnings | $1,254.8 |  | $130.8 |  | $(688.2) |  | (d) |  | $697.4
| Nine Months Ended September 30, 2024
| Total Reportable Segments |  | Consolidated Funds |  | Reconciling Items |  |  |  | Carlyle Consolidated
| (Dollars in millions)
Revenues | $2,706.9 |  | $510.6 |  | $1,175.8 |  | (a) |  | $4,393.3
Expenses | $1,565.3 |  | $464.6 |  | $1,225.5 |  | (b) |  | $3,255.4
Other income (loss) | $— |  | $(9.6) |  | $— |  | (c) |  | $(9.6)
Distributable earnings | $1,141.6 |  | $36.4 |  | $(49.7) |  | (d) |  | $1,128.3
(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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Unrealized performance and fee related performance revenues | $(632.0) |  | $1,495.1 |  | $(498.3) |  | $1,020.9
Unrealized principal investment income (loss) | (7.4) |  | 1.8 |  | 35.1 |  | 54.3
Adjustments related to expenses associated with investments in NGP Management and its affiliates | (12.3) |  | (3.5) |  | (120.8) |  | (10.5)
Non-controlling interests and other adjustments to present certain costs on a net basis | 56.5 |  | 79.0 |  | 254.3 |  | 156.7
Elimination of revenues of Consolidated Funds | (18.0) |  | (12.3) |  | (61.1) |  | (45.6)
| $(613.2) |  | $1,560.1 |  | $(390.8) |  | $1,175.8
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 nine months ended September 30, 2025 and 2024.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Total Reportable Segments - Fund level fee revenues | $653.7 |  | $590.2 |  | $1,972.8 |  | $1,749.1
Adjustments(1) | (70.4) |  | (57.5) |  | (183.0) |  | (158.4)
Carlyle Consolidated - Fund management fees | $583.3 |  | $532.7 |  | $1,789.8 |  | $1,590.7
(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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense | $(387.4) |  | $930.7 |  | $(288.0) |  | $634.5
Equity-based compensation | 88.2 |  | 122.0 |  | 289.3 |  | 360.4
Acquisition or disposition-related charges and amortization of intangibles and impairment | 46.2 |  | 37.4 |  | 216.7 |  | 103.5
Tax (expense) benefit associated with certain foreign performance revenues related compensation | (0.4) |  | (0.2) |  | (0.5) |  | (1.4)
Non-controlling interests and other adjustments to present certain costs on a net basis | 23.9 |  | 63.8 |  | 98.1 |  | 108.6
Other adjustments | 8.2 |  | 5.3 |  | 25.3 |  | 45.8
Elimination of expenses of Consolidated Funds | (18.5) |  | 1.4 |  | (43.5) |  | (25.9)
| $(239.8) |  | $1,160.4 |  | $297.4 |  | $1,225.5
(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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (Dollars in millions)
Income (loss) before provision for income taxes | $85.8 |  | $788.8 |  | $697.4 |  | $1,128.3
Adjustments: |  |  |  |  |  |  |
Net unrealized performance and fee related performance revenues | 244.6 |  | (564.4) |  | 210.3 |  | (386.4)
Unrealized principal investment (income) loss | 7.4 |  | (1.8) |  | (35.1) |  | (54.3)
Equity-based compensation(1) | 88.2 |  | 122.0 |  | 289.3 |  | 360.4
Acquisition or disposition-related charges, including amortization of intangibles and impairment | 46.2 |  | 37.4 |  | 216.7 |  | 103.5
Tax (expense) benefit associated with certain foreign performance revenues | (0.4) |  | (0.2) |  | (0.5) |  | (1.4)
Net income attributable to non-controlling interests in consolidated entities | (111.6) |  | (20.0) |  | (148.6) |  | (54.3)
Other adjustments(2) | 8.2 |  | 5.3 |  | 25.3 |  | 45.8
Distributable Earnings | $368.4 |  | $367.1 |  | $1,254.8 |  | $1,141.6
Realized performance revenues, net of related compensation(3) | 19.1 |  | 90.6 |  | 234.2 |  | 288.3
Realized principal investment income(3) | 49.5 |  | 9.1 |  | 113.0 |  | 69.4
Net interest | 12.1 |  | 10.5 |  | 38.2 |  | 33.3
Fee Related Earnings | $311.9 |  | $277.9 |  | $945.8 |  | $817.2
(1)Equity-based compensation for the three and nine months ended September 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 September 30, 2025
| Carlyle Consolidated |  | Adjustments (4) |  | Total Reportable Segments
| (Dollars in millions)
Performance revenues | $(606.7) |  | $668.4 |  | $61.7
Performance revenues related compensation expense | (324.6) |  | 367.2 |  | 42.6
Net performance revenues | $(282.1) |  | $301.2 |  | $19.1
Principal investment income (loss) | $87.7 |  | $(38.2) |  | $49.5
| Nine Months Ended September 30, 2025
| Carlyle Consolidated |  | Adjustments (4) |  | Total Reportable Segments
| (Dollars in millions)
Performance revenues | $255.0 |  | $421.6 |  | $676.6
Performance revenues related compensation expense | 290.4 |  | 152.0 |  | 442.4
Net performance revenues | $(35.4) |  | $269.6 |  | $234.2
Principal investment income (loss) | $79.8 |  | $33.2 |  | $113.0
| Three Months Ended September 30, 2024
| Carlyle Consolidated |  | Adjustments (4) |  | Total Reportable Segments
| (Dollars in millions)
Performance revenues | $1,785.5 |  | $(1,509.6) |  | $275.9
Performance revenues related compensation expense | 1,151.0 |  | (965.7) |  | 185.3
Net performance revenues | $634.5 |  | $(543.9) |  | $90.6
Principal investment income (loss) | $46.0 |  | $(36.9) |  | $9.1
| Nine Months Ended September 30, 2024
| Carlyle Consolidated |  | Adjustments (4) |  | Total Reportable Segments
| (Dollars in millions)
Performance revenues | $1,826.7 |  | $(996.5) |  | $830.2
Performance revenues related compensation expense | 1,222.4 |  | (680.5) |  | 541.9
Net performance revenues | $604.3 |  | $(316.0) |  | $288.3
Principal investment income (loss) | $207.2 |  | $(137.8) |  | $69.4
(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 Tabular disclosure that reconciles certain total segment information to consolidated income before taxes. + References No definition available. + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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