Supplemental Financial Information

6 Months Ended

Jun. 30, 2024

Condensed Financial Information Disclosure [Abstract]

Supplemental Financial Information

17. Supplemental Financial Information

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

Company’s financial position as of June 30, 2024 and December 31, 2023 and results of operations for the three and six months

ended June 30, 2024 and 2023. The supplemental statement of cash flows is presented without effects of the Consolidated

Funds.

	As of June 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$914.8	$—	$—	$914.8
Cash and cash equivalents held at Consolidated Funds	—	1,047.5	—	1,047.5
Restricted cash	2.3	—	—	2.3
Corporate treasury investments	5.6	—	—	5.6
Investments, including performance allocations of $5,667.2	9,860.3	—	(261.9)	9,598.4
Investments of Consolidated Funds	—	8,428.4	—	8,428.4
Due from affiliates and other receivables, net	1,022.7	—	(307.3)	715.4
Due from affiliates and other receivables of Consolidated Funds, net	—	228.4	—	228.4
Fixed assets, net	167.5	—	—	167.5
Lease right-of-use assets, net	354.0	—	—	354.0
Deposits and other	71.6	1.8	—	73.4
Intangible assets, net	700.2	—	—	700.2
Deferred tax assets	48.2	—	—	48.2
Total assets	$13,147.2	$9,706.1	$(569.2)	$22,284.1
Liabilities and equity
Debt obligations	$2,235.2	$—	$—	$2,235.2
Loans payable of Consolidated Funds	—	8,103.0	(301.9)	7,801.1
Accounts payable, accrued expenses and other liabilities	371.1	—	—	371.1
Accrued compensation and benefits	4,328.0	—	—	4,328.0
Due to affiliates	208.2	5.4	(0.1)	213.5
Deferred revenue	129.6	—	—	129.6
Deferred tax liabilities	26.3	—	—	26.3
Other liabilities of Consolidated Funds	—	900.3	—	900.3
Lease liabilities	505.7	—	—	505.7
Accrued giveback obligations	43.9	—	—	43.9
Total liabilities	7,848.0	9,008.7	(302.0)	16,554.7
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,642.6	281.2	(281.2)	3,642.6
Retained earnings	1,707.7	—	—	1,707.7
Accumulated other comprehensive loss	(326.4)	(11.6)	14.0	(324.0)
Non-controlling interests in consolidated entities	271.7	427.8	—	699.5
Total equity	5,299.2	697.4	(267.2)	5,729.4
Total liabilities and equity	$13,147.2	$9,706.1	$(569.2)	$22,284.1

	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

	Three Months Ended June 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$540.8	$—	$(6.4)	$534.4
Incentive fees	31.6	—	(0.3)	31.3
Investment income (loss)
Performance allocations	197.3	—	0.9	198.2
Principal investment income	90.8	—	(2.7)	88.1
Total investment income (loss)	288.1	—	(1.8)	286.3
Interest and other income	56.3	—	(4.2)	52.1
Interest and other income of Consolidated Funds	—	165.6	—	165.6
Total revenues	916.8	165.6	(12.7)	1,069.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	206.3	—	—	206.3
Equity-based compensation	125.2	—	—	125.2
Performance allocations and incentive fee related compensation	144.2	—	—	144.2
Total compensation and benefits	475.7	—	—	475.7
General, administrative and other expenses	187.9	—	—	187.9
Interest	30.4	—	—	30.4
Interest and other expenses of Consolidated Funds	—	164.5	(12.4)	152.1
Other non-operating income	(0.3)	—	—	(0.3)
Total expenses	693.7	164.5	(12.4)	845.8
Other income (loss)
Net investment loss of Consolidated Funds	—	(5.1)	—	(5.1)
Income (loss) before provision for income taxes	223.1	(4.0)	(0.3)	218.8
Provision for income taxes	69.5	—	—	69.5
Net income (loss)	153.6	(4.0)	(0.3)	149.3
Net income attributable to non-controlling interests in consolidated entities	5.4	—	(4.3)	1.1
Net income (loss) attributable to The Carlyle Group Inc.	$148.2	$(4.0)	$4.0	$148.2

	Six Months Ended June 30, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,071.0	$—	$(13.0)	$1,058.0
Incentive fees	57.8	—	(0.3)	57.5
Investment income (loss)
Performance allocations	41.5	—	(0.3)	41.2
Principal investment income	170.4	—	(9.2)	161.2
Total investment income (loss)	211.9	—	(9.5)	202.4
Interest and other income	120.2	—	(10.5)	109.7
Interest and other income of Consolidated Funds	—	330.5	—	330.5
Total revenues	1,460.9	330.5	(33.3)	1,758.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	428.2	—	—	428.2
Equity-based compensation	233.5	—	—	233.5
Performance allocations and incentive fee related compensation	71.4	—	—	71.4
Total compensation and benefits	733.1	—	—	733.1
General, administrative and other expenses	335.6	—	—	335.6
Interest	61.2	—	—	61.2
Interest and other expenses of Consolidated Funds	—	304.0	(27.3)	276.7
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,129.8	304.0	(27.3)	1,406.5
Other income (loss)
Net investment loss of Consolidated Funds	—	(12.1)	—	(12.1)
Income before provision for income taxes	331.1	14.4	(6.0)	339.5
Provision for income taxes	91.4	—	—	91.4
Net income	239.7	14.4	(6.0)	248.1
Net income attributable to non-controlling interests in consolidated entities	25.9	—	8.4	34.3
Net income attributable to The Carlyle Group Inc.	$213.8	$14.4	$(14.4)	$213.8

	Three Months Ended June 30, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$515.1	$—	$(7.3)	$507.8
Incentive fees	20.9	—	0.1	21.0
Investment loss
Performance allocations	(245.4)	—	(1.4)	(246.8)
Principal investment loss	(0.6)	—	(6.6)	(7.2)
Total investment loss	(246.0)	—	(8.0)	(254.0)
Interest and other income	53.6	—	(3.4)	50.2
Interest and other income of Consolidated Funds	—	137.1	—	137.1
Total revenues	343.6	137.1	(18.6)	462.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	270.6	—	—	270.6
Equity-based compensation	68.0	—	—	68.0
Performance allocations and incentive fee related compensation	(92.2)	—	—	(92.2)
Total compensation and benefits	246.4	—	—	246.4
General, administrative and other expenses	167.6	—	0.9	168.5
Interest	30.7	—	—	30.7
Interest and other expenses of Consolidated Funds	—	116.3	(14.2)	102.1
Total expenses	444.7	116.3	(13.3)	547.7
Other income (loss)
Net investment income of Consolidated Funds	—	15.6	—	15.6
Income (loss) before provision for income taxes	(101.1)	36.4	(5.3)	(70.0)
Benefit for income taxes	(7.3)	—	—	(7.3)
Net income (loss)	(93.8)	36.4	(5.3)	(62.7)
Net income attributable to non-controlling interests in consolidated entities	4.6	—	31.1	35.7
Net income (loss) attributable to The Carlyle Group Inc.	$(98.4)	$36.4	$(36.4)	$(98.4)

	Six Months Ended June 30, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,023.5	$—	$(14.9)	$1,008.6
Incentive fees	40.8	—	—	40.8
Investment loss
Performance allocations	(83.1)	—	(2.9)	(86.0)
Principal investment income (loss)	14.1	—	(9.6)	4.5
Total investment loss	(69.0)	—	(12.5)	(81.5)
Interest and other income	100.2	—	(6.0)	94.2
Interest and other income of Consolidated Funds	—	259.0	—	259.0
Total revenues	1,095.5	259.0	(33.4)	1,321.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	530.8	—	—	530.8
Equity-based compensation	122.4	—	—	122.4
Performance allocations and incentive fee related compensation	13.5	—	—	13.5
Total compensation and benefits	666.7	—	—	666.7
General, administrative and other expenses	327.0	—	0.7	327.7
Interest	60.4	—	—	60.4
Interest and other expenses of Consolidated Funds	—	213.5	(17.7)	195.8
Other non-operating expenses	0.1	—	—	0.1
Total expenses	1,054.2	213.5	(17.0)	1,250.7
Other income (loss)
Net investment income of Consolidated Funds	—	19.2	—	19.2
Income before provision for income taxes	41.3	64.7	(16.4)	89.6
Provision for income taxes	27.0	—	—	27.0
Net income	14.3	64.7	(16.4)	62.6
Net income attributable to non-controlling interests in consolidated entities	12.0	—	48.3	60.3
Net income attributable to The Carlyle Group Inc.	$2.3	$64.7	$(64.7)	$2.3

	Six Months Ended June 30,
	2024	2023
	(Dollars in millions)
Cash flows from operating activities
Net income	$239.7	$14.3
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	90.8	88.1
Equity-based compensation	233.5	122.4
Non-cash performance allocations and incentive fees	145.8	295.7
Non-cash principal investment income	(144.5)	(0.2)
Other non-cash amounts	(1.5)	19.9
Purchases of investments	(383.0)	(144.3)
Proceeds from the sale of investments	271.1	141.6
Payments of contingent consideration	(1.5)	(68.6)
Change in deferred taxes, net	(42.5)	(91.6)
Change in due from affiliates and other receivables	(19.7)	(4.4)
Change in deposits and other	(7.8)	(49.0)
Change in accounts payable, accrued expenses and other liabilities	37.1	(39.7)
Change in accrued compensation and benefits	(277.4)	(201.6)
Change in due to affiliates	(2.1)	(8.4)
Change in lease right-of-use asset and lease liability	(4.0)	(5.0)
Change in deferred revenue	(9.8)	5.0
Net cash provided by operating activities	124.2	74.2
Cash flows from investing activities
Purchases of corporate treasury investments	(5.0)	(145.2)
Proceeds from corporate treasury investments	—	122.4
Purchases of fixed assets, net	(31.9)	(32.5)
Net cash used in investing activities	(36.9)	(55.3)
Cash flows from financing activities
Borrowings under credit facilities	10.4	—
Repayments under credit facilities	(10.4)	—
Payments on CLO borrowings	(36.0)	(4.5)
Dividends to common stockholders	(252.3)	(245.1)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)
Contributions from non-controlling interest holders	116.4	5.2
Distributions to non-controlling interest holders	(45.6)	(25.8)
Common shares repurchased and net share settlement of equity awards	(328.3)	(160.8)
Change in due to/from affiliates financing activities	7.3	(13.2)
Net cash used in financing activities	(607.3)	(513.0)
Effect of foreign exchange rate changes	(5.0)	8.3
Decrease in cash, cash equivalents and restricted cash	(525.0)	(485.8)
Cash, cash equivalents and restricted cash, beginning of period	1,442.1	1,361.5
Cash, cash equivalents and restricted cash, end of period	$917.1	$875.7
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$914.8	$870.3
Restricted cash	2.3	5.4
Total cash, cash equivalents and restricted cash, end of period	$917.1	$875.7
Cash and cash equivalents held at Consolidated Funds	$1,047.5	$536.4