Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

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

Company’s financial position as of December 31, 2023 and 2022 and results of operations for the years ended December 31,

2023, 2022 and 2021. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.


	As of December 31, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,440.3	$—	$—	$1,440.3
Cash and cash equivalents held at Consolidated Funds	—	346.0	—	346.0
Restricted cash	1.8	—	—	1.8
Investments, including performance allocations of $6,169.9	10,104.5	—	(149.2)	9,955.3
Investments of Consolidated Funds	—	7,313.9	(60.8)	7,253.1
Due from affiliates and other receivables, net	1,009.2	—	(317.6)	691.6
Due from affiliates and other receivables of Consolidated Funds, net	—	141.0	—	141.0
Fixed assets, net	161.5	—	—	161.5
Lease right-of-use assets, net	332.2	—	—	332.2
Deposits and other	66.0	4.6	—	70.6
Intangible assets, net	766.1	—	—	766.1
Deferred tax assets	16.5	—	—	16.5
Total assets	$13,898.1	$7,805.5	$(527.6)	$21,176.0
Liabilities and equity
Debt obligations	$2,281.0	$—	$—	$2,281.0
Loans payable of Consolidated Funds	—	6,796.4	(309.9)	6,486.5
Accounts payable, accrued expenses and other liabilities	333.8	—	—	333.8
Accrued compensation and benefits	4,922.2	—	—	4,922.2
Due to affiliates	269.6	6.3	—	275.9
Deferred revenue	140.3	—	—	140.3
Deferred tax liabilities	45.3	—	—	45.3
Other liabilities of Consolidated Funds	—	374.4	—	374.4
Lease liabilities	488.1	—	—	488.1
Accrued giveback obligations	44.0	—	—	44.0
Total liabilities	8,524.3	7,177.1	(309.9)	15,391.5
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,403.0	223.8	(223.8)	3,403.0
Retained earnings	2,082.1	—	—	2,082.1
Accumulated other comprehensive loss	(292.7)	(10.7)	6.1	(297.3)
Non-controlling interests in consolidated entities	177.8	415.3	—	593.1
Total equity	5,373.8	628.4	(217.7)	5,784.5
Total liabilities and equity	$13,898.1	$7,805.5	$(527.6)	$21,176.0


	As of December 31, 2022
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,360.7	$—	$—	$1,360.7
Cash and cash equivalents held at Consolidated Funds	—	209.0	—	209.0
Restricted cash	0.8	—	—	0.8
Corporate treasury investments	20.0	—	—	20.0
Investments, including performance allocations of $7,117.7	10,989.9	—	(222.0)	10,767.9
Investments of Consolidated Funds	—	6,894.4	—	6,894.4
Due from affiliates and other receivables, net	960.5	—	(381.1)	579.4
Due from affiliates and other receivables of Consolidated Funds, net	—	101.9	—	101.9
Fixed assets, net	139.9	—	—	139.9
Lease right-of-use assets, net	337.0	—	—	337.0
Deposits and other	70.4	8.0	—	78.4
Intangible assets, net	897.8	—	—	897.8
Deferred tax assets	15.8	—	—	15.8
Total assets	$14,792.8	$7,213.3	$(603.1)	$21,403.0
Liabilities and equity
Debt obligations	$2,271.7	$—	$—	$2,271.7
Loans payable of Consolidated Funds	—	6,279.7	(374.5)	5,905.2
Accounts payable, accrued expenses and other liabilities	369.2	—	—	369.2
Accrued compensation and benefits	4,320.9	—	—	4,320.9
Due to affiliates	346.1	16.5	(0.1)	362.5
Deferred revenue	126.4	—	—	126.4
Deferred tax liabilities	402.7	—	—	402.7
Other liabilities of Consolidated Funds	—	279.7	(0.4)	279.3
Lease liabilities	502.9	—	—	502.9
Accrued giveback obligations	40.9	—	—	40.9
Total liabilities	8,380.8	6,575.9	(375.0)	14,581.7
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,138.5	238.7	(238.7)	3,138.5
Retained earnings	3,401.1	—	—	3,401.1
Accumulated other comprehensive loss	(319.5)	(13.3)	10.6	(322.2)
Non-controlling interests in consolidated entities	188.3	412.0	—	600.3
Total equity	6,412.0	637.4	(228.1)	6,821.3
Total liabilities and equity	$14,792.8	$7,213.3	$(603.1)	$21,403.0

Supplemental results of operations


	Year Ended December 31, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$2,074.3	$—	$(31.1)	$2,043.2
Incentive fees	96.2	—	(2.5)	93.7
Investment income (loss)
Performance allocations	(85.0)	—	(3.6)	(88.6)
Principal investment income	160.2	—	(26.8)	133.4
Total investment income	75.2	—	(30.4)	44.8
Interest and other income	222.7	—	(10.6)	212.1
Interest and other income of Consolidated Funds	—	570.1	—	570.1
Total revenues	2,468.4	570.1	(74.6)	2,963.9
Expenses
Compensation and benefits
Cash-based compensation and benefits	1,023.7	—	—	1,023.7
Equity-based compensation	249.1	—	—	249.1
Performance allocations and incentive fee related compensation	1,103.7	—	—	1,103.7
Total compensation and benefits	2,376.5	—	—	2,376.5
General, administrative and other expenses	651.4	—	0.7	652.1
Interest	123.8	—	—	123.8
Interest and other expenses of Consolidated Funds	—	460.3	(41.2)	419.1
Other non-operating expenses	0.2	—	—	0.2
Total expenses	3,151.9	460.3	(40.5)	3,571.7
Other income
Net investment income of Consolidated Funds	—	6.9	—	6.9
Income (loss) before provision for income taxes	(683.5)	116.7	(34.1)	(600.9)
Benefit for income taxes	(104.2)	—	—	(104.2)
Net income (loss)	(579.3)	116.7	(34.1)	(496.7)
Net income attributable to non-controlling interests in consolidated entities	29.1	—	82.6	111.7
Net income (loss) attributable to The Carlyle Group Inc.	$(608.4)	$116.7	$(116.7)	$(608.4)


	Year Ended December 31, 2022
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$2,056.7	$—	$(26.6)	$2,030.1
Incentive fees	63.8	—	(0.1)	63.7
Investment income
Performance allocations	1,332.8	—	(5.3)	1,327.5
Principal investment income	542.5	—	28.0	570.5
Total investment income	1,875.3	—	22.7	1,898.0
Interest and other income	154.1	—	(18.2)	135.9
Interest and other income of Consolidated Funds	—	311.0	—	311.0
Total revenues	4,149.9	311.0	(22.2)	4,438.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	1,052.0	—	—	1,052.0
Equity-based compensation	154.0	—	—	154.0
Performance allocations and incentive fee related compensation	719.9	—	—	719.9
Total compensation and benefits	1,925.9	—	—	1,925.9
General, administrative and other expenses	576.2	—	(0.4)	575.8
Interest	110.4	—	—	110.4
Interest and other expenses of Consolidated Funds	—	255.3	(43.7)	211.6
Other non-operating expenses	1.0	—	—	1.0
Total expenses	2,613.5	255.3	(44.1)	2,824.7
Other loss
Net investment loss of Consolidated Funds	—	(41.5)	—	(41.5)
Income before provision for income taxes	1,536.4	14.2	21.9	1,572.5
Provision for income taxes	287.8	—	—	287.8
Net income	1,248.6	14.2	21.9	1,284.7
Net income attributable to non-controlling interests in consolidated entities	23.6	—	36.1	59.7
Net income attributable to The Carlyle Group Inc.	$1,225.0	$14.2	$(14.2)	$1,225.0


	Year Ended December 31, 2021
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,691.5	$—	$(24.0)	$1,667.5
Incentive fees	48.8	—	—	48.8
Investment income
Performance allocations	6,084.6	—	—	6,084.6
Principal investment income	666.0	—	(28.7)	637.3
Total investment income	6,750.6	—	(28.7)	6,721.9
Interest and other income	112.7	—	(22.0)	90.7
Interest and other income of Consolidated Funds	—	253.2	—	253.2
Total revenues	8,603.6	253.2	(74.7)	8,782.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	908.0	—	—	908.0
Equity-based compensation	163.1	—	—	163.1
Performance allocations and incentive fee related compensation	2,961.0	—	—	2,961.0
Total compensation and benefits	4,032.1	—	—	4,032.1
General, administrative and other expenses	431.9	—	(0.2)	431.7
Interest	113.3	—	—	113.3
Interest and other expenses of Consolidated Funds	—	217.8	(39.3)	178.5
Other non-operating expenses	1.5	—	—	1.5
Total expenses	4,578.8	217.8	(39.5)	4,757.1
Other income
Net investment gains of Consolidated Funds	—	2.5	—	2.5
Income before provision for income taxes	4,024.8	37.9	(35.2)	4,027.5
Provision for income taxes	982.3	—	—	982.3
Net income	3,042.5	37.9	(35.2)	3,045.2
Net income attributable to non-controlling interests in consolidated entities	67.8	—	2.7	70.5
Net income attributable to The Carlyle Group Inc.	$2,974.7	$37.9	$(37.9)	$2,974.7

Supplemental statement of cash flows


	Year Ended December 31,
	2023	2022	2021
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$(579.3)	$1,248.6	$3,042.5
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	180.6	147.4	52.0
Equity-based compensation	249.1	154.0	163.1
Right-of-use asset impairment, net of broker fees	—	—	24.8
Non-cash performance allocations and incentive fees, net	1,569.2	387.5	(1,670.7)
Non-cash principal investment income	(130.7)	(501.5)	(628.9)
Other non-cash amounts	23.8	(10.3)	29.1
Purchases of investments	(345.8)	(737.7)	(384.5)
Proceeds from the sale of investments	485.9	498.0	708.3
Payments of contingent consideration	(68.6)	(5.7)	(48.0)
Change in deferred taxes, net	(368.7)	(73.2)	508.4
Change in due from affiliates and other receivables	(33.5)	(82.3)	(25.1)
Change in deposits and other	6.3	(11.8)	(12.5)
Change in accounts payable, accrued expenses and other liabilities	(33.2)	(14.3)	105.7
Change in accrued compensation and benefits	10.6	(135.4)	239.0
Change in due to affiliates	(14.5)	1.7	0.2
Change in lease right-of-use asset and lease liability	(10.8)	(8.8)	4.5
Change in deferred revenue	15.3	4.5	35.1
Net cash provided by operating activities	955.7	860.7	2,143.0
Cash flows from investing activities
Purchases of corporate treasury investments	(187.3)	(69.6)	—
Proceeds from corporate treasury investments	210.3	50.0	—
Purchases of fixed assets, net	(66.6)	(40.6)	(41.4)
Purchase of Abingworth, net of cash acquired	—	(150.2)	—
Purchase of CBAM intangibles and investments	—	(618.4)	—
Proceeds from sale of MRE, net of cash sold	—	—	5.9
Proceeds from sale of Brazil management entity, net of cash sold	—	—	3.3
Net cash used in investing activities	(43.6)	(828.8)	(32.2)
Cash flows from financing activities
Borrowings under credit facilities	—	—	70.0
Repayments under credit facilities	—	—	(70.0)
Issuance of 4.625% subordinated notes due 2061, net of financing costs	—	—	484.1
Repurchase of 3.875% senior notes due 2023	—	—	(259.9)
Proceeds from CLO borrowings, net of financing costs	12.0	73.2	111.7
Payments on CLO borrowings	(17.2)	(16.7)	(232.5)
Payments of contingent consideration	—	—	(0.1)
Dividends to common stockholders	(497.7)	(443.6)	(355.8)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)	(68.8)
Contributions from non-controlling interest holders	11.8	9.2	19.4
Distributions to non-controlling interest holders	(64.0)	(78.7)	(74.5)
Common shares issued for performance allocations	—	38.9	4.8
Common shares repurchased	(203.5)	(185.6)	(161.8)
Change in due to/from affiliates financing activities	(16.2)	(456.2)	(68.7)
Net cash used in financing activities	(843.6)	(1,128.3)	(602.1)
Effect of foreign exchange rate changes	12.1	(17.2)	(23.2)
Increase (decrease) in cash, cash equivalents and restricted cash	80.6	(1,113.6)	1,485.5
Cash, cash equivalents and restricted cash, beginning of period	1,361.5	2,475.1	989.6
Cash, cash equivalents and restricted cash, end of period	$1,442.1	$1,361.5	$2,475.1


Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM and Abingworth	$—	$219.5	$—

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,440.3	$1,360.7	$2,469.5
Restricted cash	1.8	0.8	5.6
Total cash, cash equivalents and restricted cash, end of period	$1,442.1	$1,361.5	$2,475.1
Cash and cash equivalents held at Consolidated Funds	$346.0	$209.0	$147.8