Supplemental Financial Information

9 Months Ended

Sep. 30, 2025

Condensed Financial Information Disclosure [Abstract]

17. Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the

Company’s financial position as of September 30, 2025 and December 31, 2024 and results of operations for the three and nine

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

Consolidated Funds.


	As of September 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$2,221.7	$—	$—	$2,221.7
Cash and cash equivalents held at Consolidated Funds	—	1,037.3	—	1,037.3
Investments, including accrued performance allocations of $6,956.3	11,436.1	—	(920.7)	10,515.4
Investments of Consolidated Funds	—	11,083.3	—	11,083.3
Due from affiliates and other receivables, net	1,038.7	3.3	(300.8)	741.2
Due from affiliates and other receivables of Consolidated Funds, net	—	259.4	—	259.4
Fixed assets, net	199.1	—	—	199.1
Lease right-of-use assets, net	340.6	—	—	340.6
Deposits and other	84.6	5.0	—	89.6
Intangible assets, net	540.0	—	—	540.0
Deferred tax assets	28.3	—	—	28.3
Total assets	$15,889.1	$12,388.3	$(1,221.5)	$27,055.9
Liabilities and equity
Debt obligations	$2,984.2	$—	$—	$2,984.2
Loans payable of Consolidated Funds	—	9,487.3	(287.8)	9,199.5
Accounts payable, accrued expenses and other liabilities	433.8	—	—	433.8
Accrued compensation and benefits	5,288.4	—	—	5,288.4
Due to affiliates	209.0	5.8	—	214.8
Deferred revenue	373.0	—	—	373.0
Deferred tax liabilities	80.7	—	—	80.7
Other liabilities of Consolidated Funds	—	1,112.3	(0.1)	1,112.2
Lease liabilities	479.6	—	—	479.6
Accrued giveback obligations	44.6	—	—	44.6
Total liabilities	9,893.3	10,605.4	(287.9)	20,210.8
Common stock	3.6	—	—	3.6
Additional paid-in capital	4,194.7	949.1	(949.1)	4,194.7
Retained earnings	1,617.8	—	—	1,617.8
Accumulated other comprehensive loss	(232.9)	20.9	15.5	(196.5)
Non-controlling interests in consolidated entities	412.6	812.9	—	1,225.5
Total equity	5,995.8	1,782.9	(933.6)	6,845.1
Total liabilities and equity	$15,889.1	$12,388.3	$(1,221.5)	$27,055.9


	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



	Three Months Ended September 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$600.0	$—	$(16.7)	$583.3
Incentive fees	53.8	—	(2.4)	51.4
Investment income
Performance allocations	(598.2)	—	(8.5)	(606.7)
Principal investment income	71.4	—	16.3	87.7
Total investment income (loss)	(526.8)	—	7.8	(519.0)
Interest and other income	60.3	—	(6.7)	53.6
Interest and other income of Consolidated Funds	—	163.4	—	163.4
Total revenues	187.3	163.4	(18.0)	332.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	216.2	—	—	216.2
Equity-based compensation	90.7	—	—	90.7
Performance allocations and incentive fee related compensation	(324.6)	—	—	(324.6)
Total compensation and benefits	(17.7)	—	—	(17.7)
General, administrative and other expenses	180.7	—	—	180.7
Interest	29.8	—	—	29.8
Interest and other expenses of Consolidated Funds	—	195.8	(18.5)	177.3
Total expenses	192.8	195.8	(18.5)	370.1
Other income
Net investment income of Consolidated Funds	—	123.2	—	123.2
Income (loss) before provision (benefit) for income taxes	(5.5)	90.8	0.5	85.8
Provision (benefit) for income taxes	(26.7)	—	—	(26.7)
Net income	21.2	90.8	0.5	112.5
Net income attributable to non-controlling interests in consolidated entities	20.3	—	91.3	111.6
Net income attributable to The Carlyle Group Inc.	$0.9	$90.8	$(90.8)	$0.9



	Nine Months Ended September 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,822.4	$—	$(32.6)	$1,789.8
Incentive fees	138.0	—	(2.9)	135.1
Investment income
Performance allocations	265.2	—	(10.2)	255.0
Principal investment income	77.1	—	2.7	79.8
Total investment income	342.3	—	(7.5)	334.8
Interest and other income	177.3	—	(18.1)	159.2
Interest and other income of Consolidated Funds	—	459.8	—	459.8
Total revenues	2,480.0	459.8	(61.1)	2,878.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	673.0	—	—	673.0
Equity-based compensation	287.1	—	—	287.1
Performance allocations and incentive fee related compensation	290.4	—	—	290.4
Total compensation and benefits	1,250.5	—	—	1,250.5
General, administrative and other expenses	559.8	—	—	559.8
Interest	85.6	—	—	85.6
Interest and other expenses of Consolidated Funds	—	505.1	(43.5)	461.6
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,895.8	505.1	(43.5)	2,357.4
Other income
Net investment income of Consolidated Funds	—	176.1	—	176.1
Income before provision for income taxes	584.2	130.8	(17.6)	697.4
Provision for income taxes	98.2	—	—	98.2
Net income	486.0	130.8	(17.6)	599.2
Net income attributable to non-controlling interests in consolidated entities	35.4	—	113.2	148.6
Net income attributable to The Carlyle Group Inc.	$450.6	$130.8	$(130.8)	$450.6


	Three Months Ended September 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$539.1	$—	$(6.4)	$532.7
Incentive fees	38.9	—	(0.2)	38.7
Investment income
Performance allocations	1,786.3	—	(0.8)	1,785.5
Principal investment income	47.4	—	(1.4)	46.0
Total investment income	1,833.7	—	(2.2)	1,831.5
Interest and other income	55.7	—	(3.5)	52.2
Interest and other income of Consolidated Funds	—	180.1	—	180.1
Total revenues	2,467.4	180.1	(12.3)	2,635.2
Expenses
Compensation and benefits
Cash-based compensation and benefits	207.5	—	—	207.5
Equity-based compensation	121.6	—	—	121.6
Performance allocations and incentive fee related compensation	1,151.0	—	—	1,151.0
Total compensation and benefits	1,480.1	—	—	1,480.1
General, administrative and other expenses	176.6	—	—	176.6
Interest	30.3	—	—	30.3
Interest and other expenses of Consolidated Funds	—	160.6	1.4	162.0
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,686.9	160.6	1.4	1,848.9
Other income
Net investment income of Consolidated Funds	—	2.5	—	2.5
Income before provision for income taxes	780.5	22.0	(13.7)	788.8
Provision for income taxes	173.1	—	—	173.1
Net income	607.4	22.0	(13.7)	615.7
Net income attributable to non-controlling interests in consolidated entities	11.7	—	8.3	20.0
Net income attributable to The Carlyle Group Inc.	$595.7	$22.0	$(22.0)	$595.7



	Nine Months Ended September 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,610.1	$—	$(19.4)	$1,590.7
Incentive fees	96.7	—	(0.5)	96.2
Investment income
Performance allocations	1,827.8	—	(1.1)	1,826.7
Principal investment income	217.8	—	(10.6)	207.2
Total investment income	2,045.6	—	(11.7)	2,033.9
Interest and other income	175.9	—	(14.0)	161.9
Interest and other income of Consolidated Funds	—	510.6	—	510.6
Total revenues	3,928.3	510.6	(45.6)	4,393.3
Expenses
Compensation and benefits
Cash-based compensation and benefits	635.7	—	—	635.7
Equity-based compensation	355.1	—	—	355.1
Performance allocations and incentive fee related compensation	1,222.4	—	—	1,222.4
Total compensation and benefits	2,213.2	—	—	2,213.2
General, administrative and other expenses	512.2	—	—	512.2
Interest	91.5	—	—	91.5
Interest and other expenses of Consolidated Funds	—	464.6	(25.9)	438.7
Other non-operating income	(0.2)	—	—	(0.2)
Total expenses	2,816.7	464.6	(25.9)	3,255.4
Other income (loss)
Net investment loss of Consolidated Funds	—	(9.6)	—	(9.6)
Income before provision for income taxes	1,111.6	36.4	(19.7)	1,128.3
Provision for income taxes	264.5	—	—	264.5
Net income	847.1	36.4	(19.7)	863.8
Net income attributable to non-controlling interests in consolidated entities	37.6	—	16.7	54.3
Net income attributable to The Carlyle Group Inc.	$809.5	$36.4	$(36.4)	$809.5


	Nine Months Ended September 30,
	2025	2024
	(Dollars in millions)
Cash flows from operating activities
Net income	$486.0	$847.1
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	143.1	137.0
Equity-based compensation	287.1	355.1
Non-cash performance allocations and incentive fees	2.7	(389.1)
Non-cash principal investment (income) loss	(32.5)	(182.0)
Other non-cash amounts	35.9	15.8
Purchases of investments	(872.6)	(479.4)
Proceeds from the sale of investments	807.6	435.7
Payments of contingent consideration	(2.7)	(4.0)
Change in deferred taxes, net	(67.5)	98.3
Change in due from affiliates and other receivables	(8.1)	(38.2)
Change in deposits and other	(25.4)	(5.4)
Change in accounts payable, accrued expenses and other liabilities	37.8	15.4
Change in accrued compensation and benefits	(61.4)	(170.8)
Change in due to affiliates	25.1	(0.9)
Change in lease right-of-use assets and lease liabilities	(9.7)	(5.4)
Change in deferred revenue	226.7	238.1
Net cash provided by operating activities	972.1	867.3
Cash flows from investing activities
Purchases of corporate treasury investments	—	(5.0)
Proceeds from corporate treasury investments	—	5.1
Purchases of fixed assets, net	(57.4)	(51.0)
Net cash used in investing activities	(57.4)	(50.9)
Cash flows from financing activities
Borrowings under credit facilities	—	10.4
Repayments under credit facilities	—	(10.4)
Issuance of 5.05% senior notes due 2035, net of financing costs	792.9	—
Payments on CLO borrowings	(52.0)	(73.3)
Proceeds from CLO borrowings, net of financing costs	64.8	0.5
Dividends to common stockholders	(379.2)	(377.8)
Payment of deferred consideration for Carlyle Holdings units	—	(68.8)
Contributions from non-controlling interest holders	116.9	155.2
Distributions to non-controlling interest holders	(83.9)	(58.9)
Common shares repurchased and net share settlement of equity-based awards	(482.8)	(478.8)
Change in due to/from affiliates financing activities	29.4	13.3
Net cash used in financing activities	6.1	(888.6)
Effect of foreign exchange rate changes	39.1	9.0
Increase (decrease) in cash, cash equivalents and restricted cash	959.9	(63.2)
Cash, cash equivalents and restricted cash, beginning of period	1,266.5	1,442.1
Cash, cash equivalents and restricted cash, end of period	$2,226.4	$1,378.9

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$2,221.7	$1,376.8
Restricted cash	4.7	2.1
Total cash, cash equivalents and restricted cash, end of period	$2,226.4	$1,378.9

Cash and cash equivalents held at Consolidated Funds	$1,037.3	$488.5