Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of December 31, 2015 and 2014 and results of operations for the years ended December 31, 2015, 2014 and 2013. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.



	As of December 31, 2015
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	991.5		$	—		$	—		$	991.5
Cash and cash equivalents held at Consolidated Funds	—			1,612.7			—			1,612.7
Restricted cash	18.9			—			—			18.9
Restricted cash and securities of Consolidated Funds	—			18.4			—			18.4
Accrued performance fees	3,012.2			—			(23.6		)	2,988.6
Investments	1,103.9			—			(218.0		)	885.9
Investments of Consolidated Funds	—			23,996.1			2.7			23,998.8
Due from affiliates and other receivables, net	275.1			—			(79.8		)	195.3
Due from affiliates and other receivables of Consolidated Funds, net	—			765.3			—			765.3
Receivables and inventory of a consolidated real estate VIE	143.6			—			—			143.6
Fixed assets, net	110.9			—			—			110.9
Deposits and other	55.2			3.2			—			58.4
Other assets of a consolidated real estate VIE	47.6			—			—			47.6
Intangible assets, net	135.7			—			—			135.7
Deferred tax assets	219.4			—			—			219.4
Total assets	$	6,114.0		$	26,395.7		$	(318.7	)	$	32,191.0
Liabilities and partners’ capital
Loans payable	$	38.7		$	—		$	—		$	38.7
3.875% senior notes due 2023	499.9			—			—			499.9
5.625% senior notes due 2043	606.5			—			—			606.5
Loans payable of Consolidated Funds	—			17,332.5			(267.8		)	17,064.7
Loans payable of a consolidated real estate VIE at fair value (principal amount of $125.6 million)	75.4			—			—			75.4
Accounts payable, accrued expenses and other liabilities	463.8			—			—			463.8
Accrued compensation and benefits	1,953.2			—			—			1,953.2
Due to affiliates	245.6			1.8			(1.5		)	245.9
Deferred revenue	40.9			—			—			40.9
Deferred tax liabilities	103.5			—			—			103.5
Other liabilities of Consolidated Funds	—			1,882.2			(43.6		)	1,838.6
Other liabilities of a consolidated real estate VIE	84.4			—			—			84.4
Accrued giveback obligations	252.0			—			—			252.0
Total liabilities	4,363.9			19,216.5			(312.9		)	23,267.5
Redeemable non-controlling interests in consolidated entities	7.6			2,838.3			—			2,845.9
Partners’ capital	485.9			(1.4		)	1.4			485.9
Accumulated other comprehensive income (loss)	(90.4		)	1.7			(1.4		)	(90.1		)
Partners’ capital appropriated for Consolidated Funds	—			126.6			(5.8		)	120.8
Non-controlling interests in consolidated entities	280.8			4,213.0			—			4,493.8
Non-controlling interests in Carlyle Holdings	1,066.2			1.0			—			1,067.2
Total partners’ capital	1,742.5			4,340.9			(5.8		)	6,077.6
Total liabilities and partners’ capital	$	6,114.0		$	26,395.7		$	(318.7	)	$	32,191.0



	As of December 31, 2014
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,242.0		$	—		$	—		$	1,242.0
Cash and cash equivalents held at Consolidated Funds	—			1,551.1			—			1,551.1
Restricted cash	59.7			—			—			59.7
Restricted cash and securities of Consolidated Funds	—			14.9			—			14.9
Accrued performance fees	3,808.9			—			(13.3		)	3,795.6
Investments	1,114.9			—			(183.3		)	931.6
Investments of Consolidated Funds	—			26,028.7			0.1			26,028.8
Due from affiliates and other receivables, net	215.8			—			(16.4		)	199.4
Due from affiliates and other receivables of Consolidated Funds, net	—			1,213.2			—			1,213.2
Receivables and inventory of a consolidated real estate VIE	163.9			—			—			163.9
Fixed assets, net	75.4			—			—			75.4
Deposits and other	57.3			1.9			—			59.2
Other assets of a consolidated real estate VIE	86.4			—			—			86.4
Intangible assets, net	442.1			—			—			442.1
Deferred tax assets	131.0			—			—			131.0
Total assets	$	7,397.4		$	28,809.8		$	(212.9	)	$	35,994.3
Liabilities and partners’ capital
Loans payable	$	40.2		$	—		$	—		$	40.2
3.875% senior notes due 2023	499.9			—			—			499.9
5.625% senior notes due 2043	606.8			—			—			606.8
Loans payable of Consolidated Funds	—			16,219.8			(167.6		)	16,052.2
Loans payable of a consolidated real estate VIE at fair value (principal amount of $243.6 million)	146.2			—			—			146.2
Accounts payable, accrued expenses and other liabilities	446.8			—			(50.6		)	396.2
Accrued compensation and benefits	2,312.5			—			—			2,312.5
Due to affiliates	183.6			1.0			(0.4		)	184.2
Deferred revenue	93.9			—			(0.2		)	93.7
Deferred tax liabilities	112.2			—			—			112.2
Other liabilities of Consolidated Funds	—			2,548.0			(43.1		)	2,504.9
Other liabilities of a consolidated real estate VIE	84.9			—			—			84.9
Accrued giveback obligations	113.4			—			(9.0		)	104.4
Total liabilities	4,640.4			18,768.8			(270.9		)	23,138.3
Redeemable non-controlling interests in consolidated entities	8.4			3,753.1			—			3,761.5
Partners’ capital	566.0			(71.5		)	71.5			566.0
Accumulated other comprehensive income (loss)	(40.3		)	6.3			(5.0		)	(39.0		)
Partners’ capital appropriated for Consolidated Funds	—			193.0			(8.5		)	184.5
Non-controlling interests in consolidated entities	286.3			6,160.1			—			6,446.4
Non-controlling interests in Carlyle Holdings	1,936.6			—			—			1,936.6
Total partners’ capital	2,748.6			6,287.9			58.0			9,094.5
Total liabilities and partners’ capital	$	7,397.4		$	28,809.8		$	(212.9	)	$	35,994.3



	Year Ended December 31, 2015
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,239.1		$	—	$	(153.9	)	$	1,085.2
Performance fees
Realized	1,460.3			—		(18.4		)	1,441.9
Unrealized	(602.0		)	—		(15.0		)	(617.0		)
Total performance fees	858.3			—		(33.4		)	824.9
Investment income (loss)
Realized	(35.4		)	—		68.3			32.9
Unrealized	23.3			—		(41.0		)	(17.7		)
Total investment income (loss)	(12.1		)	—		27.3			15.2
Interest and other income	22.9			—		(4.3		)	18.6
Interest and other income of Consolidated Funds	—			975.5		—			975.5
Revenue of a consolidated real estate VIE	86.8			—		—			86.8
Total revenues	2,195.0			975.5		(164.3		)	3,006.2
Expenses
Compensation and benefits
Base compensation	632.2			—		—			632.2
Equity-based compensation	378.0			—		—			378.0
Performance fee related
Realized	650.5			—		—			650.5
Unrealized	(139.6		)	—		—			(139.6		)
Total compensation and benefits	1,521.1			—		—			1,521.1
General, administrative and other expenses	712.8			—		—			712.8
Interest	58.0			—		—			58.0
Interest and other expenses of Consolidated Funds	—			1,258.8		(219.5		)	1,039.3
Interest and other expenses of a consolidated real estate VIE	144.6			—		—			144.6
Other non-operating income	(7.4		)	—		—			(7.4		)
Total expenses	2,429.1			1,258.8		(219.5		)	3,468.4
Other income
Net investment gains of Consolidated Funds	—			886.9		(22.5		)	864.4
Income (loss) before provision for income taxes	(234.1		)	603.6		32.7			402.2
Provision for income taxes	2.1			—		—			2.1
Net income (loss)	(236.2		)	603.6		32.7			400.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(98.4		)	—		636.3			537.9
Net income (loss) attributable to Carlyle Holdings	(137.8		)	603.6		(603.6		)	(137.8		)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings	(119.4		)	—		—			(119.4		)
Net income (loss) attributable to The Carlyle Group L.P.	$	(18.4	)	$	603.6	$	(603.6	)	$	(18.4	)



	Year Ended December 31, 2014
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,352.9		$	—	$	(186.6	)	$	1,166.3
Performance fees
Realized	1,355.1			—		(26.4		)	1,328.7
Unrealized	355.0			—		(9.3		)	345.7
Total performance fees	1,710.1			—		(35.7		)	1,674.4
Investment income (loss)
Realized	29.4			—		(5.7		)	23.7
Unrealized	(37.7		)	—		6.8			(30.9		)
Total investment income (loss)	(8.3		)	—		1.1			(7.2		)
Interest and other income	23.6			—		(3.0		)	20.6
Interest and other income of Consolidated Funds	—			956.0		—			956.0
Revenue of a consolidated real estate VIE	70.2			—		—			70.2
Total revenues	3,148.5			956.0		(224.2		)	3,880.3
Expenses
Compensation and benefits
Base compensation	789.0			—		—			789.0
Equity-based compensation	344.0			—		—			344.0
Performance fee related
Realized	590.7			—		—			590.7
Unrealized	282.2			—		—			282.2
Total compensation and benefits	2,005.9			—		—			2,005.9
General, administrative and other expenses	523.9			—		2.9			526.8
Interest	55.7			—		—			55.7
Interest and other expenses of Consolidated Funds	—			1,286.5		(244.5		)	1,042.0
Interest and other expenses of a consolidated real estate VIE	175.3			—		—			175.3
Other non-operating income	(30.3		)	—		—			(30.3		)
Total expenses	2,730.5			1,286.5		(241.6		)	3,775.4
Other income
Net investment gains of Consolidated Funds	—			898.4		(11.4		)	887.0
Income before provision for income taxes	418.0			567.9		6.0			991.9
Provision for income taxes	76.8			—		—			76.8
Net income	341.2			567.9		6.0			915.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(88.4		)	—		573.9			485.5
Net income attributable to Carlyle Holdings	429.6			567.9		(567.9		)	429.6
Net income attributable to non-controlling interests in Carlyle Holdings	343.8			—		—			343.8
Net income attributable to The Carlyle Group L.P.	$	85.8		$	567.9	$	(567.9	)	$	85.8



	Year Ended December 31, 2013
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	1,168.2		$	—	$	(183.6	)	$	984.6
Performance fees
Realized	1,247.0			—		(70.3		)	1,176.7
Unrealized	1,201.5			—		(2.9		)	1,198.6
Total performance fees	2,448.5			—		(73.2		)	2,375.3
Investment income (loss)
Realized	15.0			—		(0.6		)	14.4
Unrealized	(61.4		)	—		65.8			4.4
Total investment income (loss)	(46.4		)	—		65.2			18.8
Interest and other income	13.1			—		(1.2		)	11.9
Interest and other income of Consolidated Funds	—			1,043.1		—			1,043.1
Revenue of a consolidated real estate VIE	7.5			—		—			7.5
Total revenues	3,590.9			1,043.1		(192.8		)	4,441.2
Expenses
Compensation and benefits
Base compensation	738.0			—		—			738.0
Equity-based compensation	322.4			—		—			322.4
Performance fee related
Realized	539.2			—		—			539.2
Unrealized	644.5			—		—			644.5
Total compensation and benefits	2,244.1			—		—			2,244.1
General, administrative and other expenses	492.9			—		3.5			496.4
Interest	45.5			—		—			45.5
Interest and other expenses of Consolidated Funds	—			1,169.4		(278.8		)	890.6
Interest and other expenses of a consolidated real estate VIE	33.8			—		—			33.8
Other non-operating income	(16.5		)	—		—			(16.5		)
Total expenses	2,799.8			1,169.4		(275.3		)	3,693.9
Other income
Net investment gains of Consolidated Funds	—			701.3		(4.6		)	696.7
Income before provision for income taxes	791.1			575.0		77.9			1,444.0
Provision for income taxes	96.2			—		—			96.2
Net income	694.9			575.0		77.9			1,347.8
Net income attributable to non-controlling interests in consolidated entities	23.1			—		652.9			676.0
Net income attributable to Carlyle Holdings	671.8			575.0		(575.0		)	671.8
Net income attributable to non-controlling interests in Carlyle Holdings	567.7			—		—			567.7
Net income attributable to The Carlyle Group L.P.	$	104.1		$	575.0	$	(575.0	)	$	104.1



	Year Ended December 31,
	2015			2014			2013
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$	(236.2	)	$	341.2		$	694.9
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation, amortization, and impairment	322.8			192.1			163.6
Equity-based compensation	378.0			344.0			322.4
Excess tax benefits related to equity-based compensation	(4.0		)	(2.7		)	(1.9		)
Non-cash performance fees, net	437.4			(582.2		)	(1,595.9		)
Other non-cash amounts	12.7			(1.4		)	(9.1		)
Investment loss	26.7			55.7			77.5
Purchases of investments and trading securities	(174.5		)	(330.1		)	(181.1		)
Proceeds from the sale of investments and trading securities	349.6			567.5			303.4
Payments of contingent consideration	(17.8		)	(59.6		)	—
Change in deferred taxes, net	(31.4		)	10.5			44.5
Change in due from affiliates and other receivables	(1.4		)	(4.2		)	(7.8		)
Change in receivables and inventory of a consolidated real estate VIE	(57.5		)	—			10.1
Change in deposits and other	(9.0		)	(10.9		)	9.7
Change in other assets of a consolidated real estate VIE	(17.4		)	(25.0		)	4.3
Change in accounts payable, accrued expenses and other liabilities	(20.3		)	(23.4		)	46.6
Change in accrued compensation and benefits	(35.3		)	155.4			935.5
Change in due to affiliates	21.0			(81.6		)	96.7
Change in other liabilities of a consolidated real estate VIE	101.6			(24.9		)	(32.1		)
Change in deferred revenue	(50.0		)	36.8			0.7
Net cash provided by operating activities	995.0			557.2			882.0
Cash flows from investing activities
Change in restricted cash	40.8			69.8			(95.4		)
Purchases of fixed assets, net	(62.3		)	(29.7		)	(29.5		)
Acquisitions, net of cash acquired	—			(3.1		)	(10.2		)
Net cash provided by (used in) investing activities	(21.5		)	37.0			(135.1		)
Cash flows from financing activities
Repayments under credit facility	—			—			(386.3		)
Issuance of 3.875% senior notes due 2023, net of financing costs	—			—			495.3
Issuance of 5.625% senior notes due 2043, net of financing costs	—			210.8			394.1
Proceeds from loans payable	—			—			17.1
Payments on loans payable	—			—			(475.0		)
Net payments on loans payable of a consolidated real estate VIE	(65.3		)	(34.4		)	(1.5		)
Payments of contingent consideration	(8.1		)	(39.5		)	(23.9		)
Net proceeds from issuance of common units, net of offering costs	209.9			449.5			—
Excess tax benefits related to equity-based compensation	4.0			2.7			1.9
Distributions to common unitholders	(251.0		)	(102.7		)	(59.9		)
Distributions to non-controlling interest holders in Carlyle Holdings	(848.5		)	(486.9		)	(372.9		)
Contributions from non-controlling interest holders	168.5			162.2			137.7
Distributions to non-controlling interest holders	(110.8		)	(118.3		)	(87.0		)
Acquisition of non-controlling interests in Carlyle Holdings	(209.9		)	(303.4		)	(7.1		)
Change in due to/from affiliates financing activities	(62.7		)	(38.4		)	17.3
Net cash used in financing activities	(1,173.9		)	(298.4		)	(350.2		)
Effect of foreign exchange rate changes	(50.1		)	(20.4		)	2.8
Increase (decrease) in cash and cash equivalents	(250.5		)	275.4			399.5
Cash and cash equivalents, beginning of period	1,242.0			966.6			567.1
Cash and cash equivalents, end of period	$	991.5		$	1,242.0		$	966.6