XML 47 R30.htm IDEA: XBRL DOCUMENT v3.25.3

Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Schedule of Investments

Investments 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

X

- Definition

Tabular disclosure of the components of accrued giveback obligations by reportable segment.

+ References

No definition available.

+ Details

Name:	cg_AccruedGivebackObligationsTableTextBlock
Namespace Prefix:	cg_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of accrued performance fees by reportable segment.

+ References

No definition available.

+ Details

Name:	cg_ComponentsOfAccruedPerformanceFeesTableTextBlock
Namespace Prefix:	cg_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of net investment gains losses of consolidated funds.

+ References

No definition available.

+ Details

Name:	cg_NetInvestmentGainsLossesTableTextBlock
Namespace Prefix:	cg_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of performance fee revenues by reportable segment.

+ References

No definition available.

+ Details

Name:	cg_PerformanceFeesTableTextBlock
Namespace Prefix:	cg_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized and unrealized gains earned from investments of consolidated funds.

+ References

No definition available.

+ Details

Name:	cg_RealizedAndUnrealizedGainsEarnedFromInvestmentsTableTextBlock
Namespace Prefix:	cg_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

Name:	us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of interest income and income classified as other.

+ References

No definition available.

+ Details

Name:	us-gaap_InterestAndOtherIncomeTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(7)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

+ Details

Name:	us-gaap_InvestmentIncomeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org/321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
-URI https://asc.fasb.org/325/tableOfContent

+ Details

Name:	us-gaap_InvestmentTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized gains and losses on investments reported in the statement of income.

+ References

No definition available.

+ Details

Name:	us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration