XML 40 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Investments (Tables)
 9 Months Ended
Sep. 30, 2020
Investments [Abstract]  
Schedule of investments
Investments consist of the following: 
 As of
 September 30, 2020December 31, 2019
 (Dollars in millions)
Accrued performance allocations$4,184.2 $3,855.6 
Principal equity method investments, excluding performance allocations1,699.4 2,443.6 
Principal investments in CLOs and other600.6 505.2 
Total$6,484.2 $6,804.4 
Components of accrued performance fees
The components of accrued performance allocations are as follows:
 As of
 September 30, 2020December 31, 2019
 (Dollars in millions)
Corporate Private Equity$2,820.2 $2,107.5 
Real Assets523.1 764.4 
Global Credit86.5 136.9 
Investment Solutions (1)
754.4 846.8 
Total$4,184.2 $3,855.6 
(1) The Company’s primary and secondary investments in external funds are generally valued based on its proportionate share of the net assets provided by the third party general partners of the underlying fund partnerships based on the most recent available information which typically has a lag of up to 90 days.  As a result, amounts presented may not include the impact of economic activity in the current quarter.
Components of accrued giveback obligations The components of the accrued giveback obligations are as follows:
 As of
 September 30, 2020December 31, 2019
 (Dollars in millions)
Corporate Private Equity$(0.6)$(5.0)
Real Assets(16.9)(17.2)
Total$(17.5)$(22.2)
Schedule of equity method investments Principal investments are related to the following segments:
 As of
 September 30, 2020December 31, 2019
 (Dollars in millions)
Corporate Private Equity$428.1 $420.1 
Real Assets582.7 601.7 
Global Credit646.4 1,299.6 
Investment Solutions (1)
42.2 122.2 
Total$1,699.4 $2,443.6 
(1) Principal equity method investments for Investment Solutions as of December 31, 2019 includes approximately $66.0 million related to certain entities which were deconsolidated during the nine months ended September 30, 2020.
The Company’s investments in NGP as of September 30, 2020 and December 31, 2019 are as follows:
As of
September 30, 2020December 31, 2019
(Dollars in millions)
Investment in NGP Management$376.1 $383.6 
Principal investments in NGP funds49.8 67.9 
Total investments in NGP$425.9 $451.5 
Carlyle’s income (loss) from its principal equity method investments consists of:
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (Dollars in millions)
Corporate Private Equity$19.6 $1.5 $27.1 $13.2 
Real Assets21.1 (64.3)33.6 29.6 
Global Credit33.9 277.5 (709.9)803.4 
Investment Solutions1.1 2.0 (1.8)11.0 
Total$75.7 $216.7 $(651.0)$857.2 
Schedule of net investment income (loss) The net investment income (loss) recognized in the Company’s unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (Dollars in millions)
Management fee-related revenues from NGP Management$18.6 $23.6 $56.8 $75.2 
Expenses related to the investment in NGP Management(2.9)(2.7)(8.6)(7.9)
Amortization of basis differences from the investment in NGP Management(1.1)(1.5)(3.2)(4.3)
Net investment income from NGP Management$14.6 $19.4 $45.0 $63.0 
Components of investment income (loss)
The components of investment income (loss) are as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (Dollars in millions)
Performance allocations
Realized$86.8 $117.6 $415.7 $189.0 
Unrealized390.6 (5.2)315.9 520.1 
477.4 112.4 731.6 709.1 
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized26.9 30.9 105.3 157.4 
Unrealized48.8 185.8 (756.3)699.8 
75.7 216.7 (651.0)857.2 
Principal investment income (loss) from investments in CLOs and other investments
Realized0.3 (0.5)0.5 0.6 
Unrealized30.7 (4.0)(8.7)(1.8)
31.0 (4.5)(8.2)(1.2)
Total$584.1 $324.6 $72.4 $1,565.1 
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,
 2020201920202019
 (Dollars in millions)
Corporate Private Equity$291.6 $(53.8)$852.2 $161.5 
Real Assets45.0 54.6 (126.2)313.6 
Global Credit16.3 4.1 (24.0)28.2 
Investment Solutions124.5 107.5 29.6 205.8 
Total$477.4 $112.4 $731.6 $709.1 
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,
 2020201920202019
 (Dollars in millions)
Interest income from investments$50.8 $49.8 $155.0 $144.5 
Other income5.5 1.5 9.5 5.0 
Total$56.3 $51.3 $164.5 $149.5 
Components of net investment gains (losses) of consolidated funds The components of net investment gains (losses) of Consolidated Funds are as follows: 
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (Dollars in millions)
Gains (losses) from investments of Consolidated Funds$163.1 $0.6 $(219.2)$18.8 
Gains (losses) from liabilities of CLOs(139.2)(2.5)180.3 (25.7)
Total$23.9 $(1.9)$(38.9)$(6.9)
Schedule of realized and unrealized gains (losses) earned from investments of consolidated funds
The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
 (Dollars in millions)
Realized gains (losses)$(9.6)$1.9 $(49.9)$(9.5)
Net change in unrealized gains (losses)172.7 (1.3)(169.3)28.3 
Total$163.1 $0.6 $(219.2)$18.8