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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the
fair value hierarchy levels as disclosed in Note 2, Summary of Significant Accounting Policies, as of September 30, 2025:
(Dollars in millions)
Level I
Level II
Level III
Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)
$68.5
$12.3
$943.5
$1,024.3
Bonds
—
—
634.6
634.6
Loans
—
—
8,089.5
8,089.5
68.5
12.3
9,667.6
9,748.4
Investments in CLOs and other:
Investments in CLOs
—
—
380.7
380.7
Other investments(3)
130.2
21.2
6.7
158.1
Foreign currency forward contracts
—
5.9
—
5.9
Subtotal
$198.7
$39.4
$10,055.0
$10,293.1
Investments measured at net asset value
1,341.7
Total
$11,634.8
Liabilities
Loans payable of Consolidated Funds(4)(5)
$—
$—
$8,208.7
$8,208.7
Foreign currency forward contracts
—
4.4
—
4.4
Total
$—
$4.4
$8,208.7
$8,213.1
(1)This balance excludes $1.3 billion of Investments of Consolidated Funds that are included in Investments measured at net asset
value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment.
(2)This balance includes $845.3 million related to investments that have been bridged by the Company to investment funds and are
accounted for as consolidated VIEs as of September 30, 2025.
(3)The Level III balance excludes $63.0 million related to three corporate investments in equity securities which the Company has
elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to
ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is
excluded from the tabular Level III rollforward disclosures.
(4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial
assets, less (i) the fair value of any beneficial interest held by the Company and (ii) the carrying value of any beneficial interests that
represent compensation for services.
(5)Loans payable of Consolidated Funds balance excludes $928.9 million of senior notes measured at amortized cost and a
$61.9 million revolving credit balance, which related to certain consolidated investment fund of funds in the Company’s Carlyle
AlpInvest segment.
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the
above fair value hierarchy levels as of December 31, 2024:
(Dollars in millions)
Level I
Level II
Level III
Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)
$—
$—
$572.0
$572.0
Bonds
—
—
465.1
465.1
Loans
—
—
6,431.4
6,431.4
Other
—
1.3
—
1.3
—
1.3
7,468.5
7,469.8
Investments in CLOs and other:
Investments in CLOs
—
—
378.9
378.9
Other investments(3)
40.4
21.5
85.1
147.0
40.4
21.5
464.0
525.9
Subtotal
$40.4
$22.8
$7,932.5
$7,995.7
Investments measured at net asset value
320.7
Total
$8,316.4
Liabilities
Loans payable of Consolidated Funds(4)(5)
$—
$—
$6,809.1
$6,809.1
Foreign currency forward contracts
—
0.6
—
0.6
Total
$—
$0.6
$6,809.1
$6,809.7
(1)This balance excludes $312.6 million of Investments of Consolidated Funds that are included in Investments measured at net asset
value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment.
(2)This balance includes $441.9 million related to investments that have been bridged by the Company to investment funds and are
accounted for as consolidated VIEs as of December 31, 2024.
(3)The Level III balance excludes $55.4 million related to three corporate investments in equity securities which the Company has
elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to
ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is
excluded from the tabular Level III rollforward disclosures.
(4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial
assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that
represent compensation for services.
(5)Loans payable of Consolidated Funds balance excludes a $55.1 million revolving credit balance.
Schedule of Changes in Level III Financial Assets Measured at Fair Value The changes in financial instruments measured at fair value for which the Company has used Level III inputs to
determine fair value are as follows (Dollars in millions):
Financial Assets
Three Months Ended September 30, 2025
 
Investments of Consolidated Funds
 
 
 
Equity
securities
Bonds
Loans
Investments in
CLOs
Other
investments
Total
Balance, beginning of period
$910.1
$569.7
$7,964.7
$366.9
$66.3
$9,877.7
Initial consolidation/deconsolidation of funds(1)
—
(87.7)
(920.6)
(0.7)
—
(1,009.0)
Purchases
78.6
253.0
3,601.0
27.7
0.6
3,960.9
Sales and distributions
(11.1)
(102.8)
(2,023.6)
(18.8)
(58.2)
(2,214.5)
Settlements
—
—
(529.3)
—
—
(529.3)
Realized and unrealized gains (losses), net
Included in earnings
(34.1)
2.5
(1.8)
10.1
(2.0)
(25.3)
Included in other comprehensive income
—
(0.1)
(0.9)
(4.5)
—
(5.5)
Balance, end of period
$943.5
$634.6
$8,089.5
$380.7
$6.7
$10,055.0
Changes in unrealized gains (losses) included in earnings
related to financial assets still held at the reporting date
$(39.2)
$1.0
$(1.0)
$8.3
$(4.7)
$(35.6)
Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still held at
the reporting date
$—
$0.1
$0.6
$(3.9)
$—
$(3.2)
Financial Assets
Nine Months Ended September 30, 2025
 
Investments of Consolidated Funds
 
 
 
Equity
securities
Bonds
Loans
Investments in
CLOs
Other
investments
Total
Balance, beginning of period
$572.0
$465.1
$6,431.4
$378.9
$85.1
$7,932.5
Initial consolidation/deconsolidation of funds(2)
—
(140.3)
(1,176.7)
23.5
—
(1,293.5)
Transfer out related to the Exchange(3)
—
—
—
—
(50.4)
(50.4)
Purchases
406.4
536.2
7,119.7
30.9
60.6
8,153.8
Sales and distributions
(39.6)
(287.1)
(3,354.0)
(100.6)
(89.4)
(3,870.7)
Settlements
—
(0.6)
(1,238.4)
—
—
(1,239.0)
Realized and unrealized gains (losses), net
Included in earnings
4.7
6.4
(62.7)
23.9
0.8
(26.9)
Included in other comprehensive income
—
54.9
370.2
24.1
—
449.2
Balance, end of period
$943.5
$634.6
$8,089.5
$380.7
$6.7
$10,055.0
Changes in unrealized gains (losses) included in earnings
related to financial assets still held at the reporting date
$(1.9)
$2.8
$(49.1)
$22.8
$1.0
$(24.4)
Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still held at
the reporting date
$—
$26.3
$193.0
$24.7
$—
$244.0
(1)As a result of the initial consolidation of three funds and deconsolidation of one fund during the three months ended September 30,
2025.
(2)As a result of the initial consolidation of four funds and deconsolidation of two funds during the nine months ended September 30,
2025.
(3)Represents the exchange of the BDC Preferred Shares, which were valued using Level III inputs, for common shares of CGBD, which
are valued using Level I inputs. See Note 9, Related Party Transactions, for more information.
Financial Assets
Three Months Ended September 30, 2024
Investments of Consolidated Funds
Equity
securities
Bonds
Loans
Investments in
CLOs
Other
investments
Total
Balance, beginning of period
$420.0
$489.5
$7,024.0
$494.6
$108.6
$8,536.7
Deconsolidation of funds(1)
—
(34.1)
(1,190.3)
2.3
—
(1,222.1)
Purchases
76.7
147.0
888.5
0.8
—
1,113.0
Sales and distributions
(1.2)
(123.1)
(310.9)
(51.1)
(8.2)
(494.5)
Settlements
—
—
(570.2)
—
—
(570.2)
Realized and unrealized gains (losses), net
Included in earnings
(8.6)
7.4
(33.4)
(2.7)
(47.0)
(84.3)
Included in other comprehensive income
—
16.4
112.8
20.6
—
149.8
Balance, end of period
$486.9
$503.1
$5,920.5
$464.5
$53.4
$7,428.4
Changes in unrealized gains (losses) included in earnings
related to financial assets still held at the reporting date
$(9.4)
$5.6
$(28.0)
$(3.6)
$(48.1)
$(83.5)
Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still held at
the reporting date
$—
$13.2
$96.7
$19.8
$—
$129.7
Financial Assets
Nine Months Ended September 30, 2024
 
Investments of Consolidated Funds
 
 
 
Equity
securities
Bonds
Loans
Investments in
CLOs
Other
investments
Total
Balance, beginning of period
$377.6
$522.5
$5,862.1
$532.6
$84.6
$7,379.4
Deconsolidation of funds(1)
—
(34.1)
(1,190.3)
2.3
—
(1,222.1)
Purchases
139.7
265.1
4,565.6
1.8
7.2
4,979.4
Sales and distributions
(11.3)
(265.9)
(1,841.6)
(111.6)
(9.1)
(2,239.5)
Settlements
—
—
(1,555.6)
—
—
(1,555.6)
Realized and unrealized gains (losses), net
Included in earnings
(19.1)
13.3
60.1
23.2
(29.3)
48.2
Included in other comprehensive income
—
2.2
20.2
16.2
—
38.6
Balance, end of period
$486.9
$503.1
$5,920.5
$464.5
$53.4
$7,428.4
Changes in unrealized gains (losses) included in earnings
related to financial assets still held at the reporting date
$(22.2)
$9.8
$9.1
$22.3
$(31.3)
$(12.3)
Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still held at
the reporting date
$—
$2.5
$19.6
$15.4
$—
$37.5
(1)As a result of the deconsolidation of three funds during each of the three and nine months ended September 30, 2024.
Schedule of Changes in Level III Financial Liabilities Measured at Fair Value
Financial Liabilities
Loans Payable of Consolidated Funds
Three Months Ended September 30,
 
2025
2024
Balance, beginning of period
$7,923.0
$7,623.4
Initial consolidation/deconsolidation of funds(1)
(521.3)
(1,269.3)
Borrowings
3,446.7
591.6
Paydowns
(713.9)
(707.9)
Sales
(1,890.5)
—
Realized and unrealized (gains) losses, net
Included in earnings
(34.7)
(27.5)
Included in other comprehensive income
(0.6)
135.0
Balance, end of period
$8,208.7
$6,345.3
Changes in unrealized (gains) losses included in earnings related to
financial liabilities still held at the reporting date
$(21.4)
$(19.1)
Changes in unrealized (gains) losses included in other comprehensive
income related to financial liabilities still held at the reporting date
$1.9
$135.2
Financial Liabilities
Loans Payable of Consolidated Funds
 
Nine Months Ended September 30,
 
2025
2024
Balance, beginning of period
$6,809.1
$6,298.6
Initial consolidation/deconsolidation of funds(2)
(801.4)
(1,269.3)
Borrowings
5,659.0
4,138.5
Paydowns
(1,555.5)
(1,174.3)
Sales
(2,243.7)
(1,741.9)
Realized and unrealized (gains) losses, net
Included in earnings
(74.0)
67.7
Included in other comprehensive income
415.2
26.0
Balance, end of period
$8,208.7
$6,345.3
Changes in unrealized (gains) losses included in earnings related to
financial liabilities still held at the reporting date
$(35.9)
$71.1
Changes in unrealized (gains) losses included in other comprehensive
income related to financial liabilities still held at the reporting date
$452.4
$30.2
(1) As a result of the initial consolidation of three funds and deconsolidation of one fund during the three months ended
September 30, 2025, and the deconsolidation of three funds during the  three months ended September 30, 2024.
(2) As a result of the initial consolidation of four funds and deconsolidation of two funds during the nine months ended
September 30, 2025, and the deconsolidation of three funds during the nine months ended September 30, 2024.
Schedule of Quantitative Information About Level III Inputs The following table summarizes quantitative information about the Company’s Level III inputs as of September 30, 2025:
Fair Value at
Valuation Technique(s)
Unobservable Input(s)
Range
(Weighted Average)
Impact to
Valuation
from Increase
in Input
(Dollars in millions)
September 30,
2025
Assets
Investments of Consolidated
Funds:
Equity securities
$1.6
Consensus Pricing
Indicative Quotes ($ per share)
0.00 - 22.02 (0.17)
Higher
797.3
Discounted Cash Flow
Discount Rates
7% - 19% (11%)
Lower
Terminal Growth Rate
0% - 11% (4%)
Higher
Comparable Multiple
EBITDA Multiple
1.4x - 23.4x (12.6x)
Higher
TCF Multiple
25.8x - 25.8x (25.8x)
Higher
1.6
Comparable Multiple
Market Approach
9.0x - 9.0x (9.0x)
Higher
108.1
Discounted Cash Flow
Discount Rates
7% - 43% (17%)
Lower
Constant Prepayment Rate
6% - 21% (9%)
Lower
Constant Default Rate
0% - 6% (2%)
Lower
Recovery Rate
0% - 40% (24%)
Higher
34.9
Other(1)
N/A
N/A
N/A
Bonds
634.6
Consensus Pricing
Indicative Quotes (% of Par)
27 - 106 (96)
Higher
Loans
7,859.7
Consensus Pricing
Indicative Quotes (% of Par)
0 - 101 (98)
Higher
194.3
Discounted Cash Flow
Discount Rates
7% - 20% (10%)
Lower
3.7
Discounted Cash Flow
Discount Rates
14% - 14% (14%)
Lower
Constant Prepayment Rate
8% - 14% (11%)
Lower
Constant Default Rate
1% - 1% (1%)
Lower
Recovery Rate
0% - 0% (0%)
Higher
31.8
Other(1)
N/A
N/A
N/A
9,667.6
Investments in CLOs:
Senior secured notes
325.2
Consensus Pricing with
Discounted Cash Flow
Indicative Quotes (% of Par)
93 - 101 (100)
Higher
Discount Margins (Basis
Points)
80 - 1,062 (208)
Lower
Default Rates
2% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Subordinated notes and
preferred shares
55.5
Consensus Pricing with
Discounted Cash Flow
Indicative Quotes (% of Par)
0 - 89 (41)
Higher
Discount Rates
(3)% - 30% (9%)
Lower
Default Rates
1% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Other investments:
Aviation subordinated
notes
6.3
Discounted Cash Flow
Discount Rates
21% - 21% (21%)
Lower
0.4
Other(1)
N/A
N/A
N/A
Total
$10,055.0
Liabilities
Loans payable of Consolidated
 Funds:
Senior secured notes
$7,896.6
Other(2)
N/A
N/A
N/A
Subordinated notes and
preferred shares
312.1
Consensus Pricing with
Discounted Cash Flow
Indicative Quotes (% of Par)
12 - 89 (70)
Higher
Discount Rates
5% - 23% (9%)
Lower
Default Rates
1% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Total
$8,208.7
(1)Fair value approximates transaction price that was in close proximity to the reporting date.
(2)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets,
less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent
compensation for services.
The following table summarizes quantitative information about the Company’s Level III inputs as of December 31, 2024:
Fair Value at
Valuation Technique(s)
Unobservable Input(s)
Range
(Weighted Average)
Impact to
Valuation
from
Increase in
Input
(Dollars in millions)
December 31, 2024
Assets
Investments of Consolidated
Funds:
Equity securities
$3.9
Consensus Pricing
Indicative Quotes ($ per share)
0.00 - 112.17 (0.01)
Higher
485.0
Discounted Cash Flow
Discount Rates
10% - 13% (11%)
Lower
Terminal Growth Rate
3% - 7% (6%)
Higher
Comparable Multiple
EBITDA Multiple
7.7x - 23.2x (12.8x)
Higher
TCF Multiple
26.0x - 26.0x (26.0x)
Higher
38.2
Discounted Cash Flow
Discount Rates
14% - 34% (18%)
Lower
Constant Prepayment Rate
6% - 16% (11%)
Lower
Constant Default Rate
1% - 4% (2%)
Lower
Recovery Rate
0% - 40% (17%)
Higher
44.9
Other(1)
N/A
N/A
N/A
Bonds
465.1
Consensus Pricing
Indicative Quotes (% of Par)
30 - 103 (93)
Higher
Loans
6,408.2
Consensus Pricing
Indicative Quotes (% of Par)
0 - 105 (97)
Higher
10.2
Discounted Cash Flow
Discount Rates
9% - 19% (18%)
Lower
6.4
Discounted Cash Flow
Discount Rates
16% - 16% (16%)
Lower
Constant Prepayment Rate
8% - 14% (11%)
Lower
Constant Default Rate
1% - 1% (1%)
Lower
Recovery Rate
0% - 0% (0%)
Higher
Other
6.6
Other(1)
N/A
N/A
N/A
7,468.5
Investments in CLOs
Senior secured notes
321.8
Discounted Cash Flow
with Consensus Pricing
Indicative Quotes (% of Par)
80 - 101 (99)
Higher
Discount Margins (Basis
Points)
113 - 1,535 (214)
Lower
Default Rates
2% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Subordinated notes and
preferred shares
57.1
Discounted Cash Flow
with Consensus Pricing
Indicative Quotes (% of Par)
1 - 103 (38)
Higher
Discount Rate
4% - 35% (16%)
Lower
Default Rates
1% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Other investments:
BDC preferred shares
53.4
Other(2)
Net Asset Value per Share
16.80 - 16.80 (16.80)
Lower
Aviation subordinated
notes
2.9
Discounted Cash Flow
Discount Rates
21% - 21% (21%)
Lower
Loans
28.8
Consensus Pricing
Indicative Quotes (% of Par)
99 - 99 (99)
Higher
Total
$7,932.5
Liabilities
Loans payable of Consolidated
Funds:
Senior secured notes
$6,598.8
Other(3)
N/A
N/A
N/A
Subordinated notes and
preferred shares
210.3
Discounted Cash Flow
with Consensus Pricing
Indicative Quotes (% of Par)
11 - 87 (34)
Higher
Discount Rates
2% - 35% (15%)
Lower
Default Rates
1% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Total
$6,809.1
(1)Fair value approximates transaction price that was in close proximity to the reporting date.
(2)See Note 9, Related Party Transactions, for more information.
(3)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets,
less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent
compensation for services.