Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Reportable Segments Financial Data

The following tables present the financial data for the Company’s three reportable segments for the three and six months

ended June 30, 2024:

	Three Months Ended June 30, 2024
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$305.2	$140.8	$79.5	$525.5
Portfolio advisory and transaction fees, net and other	3.8	25.0	0.1	28.9
Fee related performance revenues	3.2	28.0	1.9	33.1
Total fund level fee revenues	312.2	193.8	81.5	587.5
Realized performance revenues	129.7	6.9	19.9	156.5
Realized principal investment income	6.8	19.2	0.6	26.6
Interest income	6.5	10.1	1.7	18.3
Total revenues	455.2	230.0	103.7	788.9
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	103.9	74.0	27.4	205.3
Realized performance revenues related compensation	81.4	4.3	15.1	100.8
Total compensation and benefits	185.3	78.3	42.5	306.1
General, administrative, and other indirect expenses	50.2	35.3	12.4	97.9
Depreciation and amortization expense	6.5	3.2	1.6	11.3
Interest expense	14.1	13.4	2.9	30.4
Total expenses	256.1	130.2	59.4	445.7
(=) Distributable Earnings	$199.1	$99.8	$44.3	$343.2
(-) Realized Net Performance Revenues	48.3	2.6	4.8	55.7
(-) Realized Principal Investment Income	6.8	19.2	0.6	26.6
(+) Net Interest	7.6	3.3	1.2	12.1
(=) Fee Related Earnings	$151.6	$81.3	$40.1	$273.0

	Six Months Ended June 30, 2024
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$609.8	$277.7	$153.6	$1,041.1
Portfolio advisory and transaction fees, net and other	10.9	44.6	0.1	55.6
Fee related performance revenues	6.9	52.2	3.1	62.2
Total fund level fee revenues	627.6	374.5	156.8	1,158.9
Realized performance revenues	503.5	7.5	43.3	554.3
Realized principal investment income	25.7	33.0	1.6	60.3
Interest income	14.1	20.8	3.5	38.4
Total revenues	1,170.9	435.8	205.2	1,811.9
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	213.2	150.8	55.6	419.6
Realized performance revenues related compensation	315.7	4.6	36.3	356.6
Total compensation and benefits	528.9	155.4	91.9	776.2
General, administrative, and other indirect expenses	88.8	64.9	23.9	177.6
Depreciation and amortization expense	12.9	6.3	3.2	22.4
Interest expense	28.1	27.3	5.8	61.2
Total expenses	658.7	253.9	124.8	1,037.4
Distributable Earnings	$512.2	$181.9	$80.4	$774.5
(-) Realized Net Performance Revenues	187.8	2.9	7.0	197.7
(-) Realized Principal Investment Income	25.7	33.0	1.6	60.3
(+) Net Interest	14.0	6.5	2.3	22.8
(=) Fee Related Earnings	$312.7	$152.5	$74.1	$539.3
Segment assets as of June 30, 2024	$7,137.3	$3,765.8	$2,244.1	$13,147.2

The following tables present the financial data for the Company’s three reportable segments for the three and six months

ended June 30, 2023:

	Three Months Ended June 30, 2023
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$330.2	$126.9	$57.9	$515.0
Portfolio advisory and transaction fees, net and other	5.3	12.9	—	18.2
Fee related performance revenues	52.8	19.6	0.8	73.2
Total fund level fee revenues	388.3	159.4	58.7	606.4
Realized performance revenues	313.7	5.6	15.8	335.1
Realized principal investment income	13.2	8.2	0.7	22.1
Interest income	5.5	7.7	1.1	14.3
Total revenues	720.7	180.9	76.3	977.9
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	173.6	84.6	30.5	288.7
Realized performance revenues related compensation	144.6	2.7	12.7	160.0
Total compensation and benefits	318.2	87.3	43.2	448.7
General, administrative, and other indirect expenses	59.1	25.6	17.0	101.7
Depreciation and amortization expense	5.9	1.7	1.1	8.7
Interest expense	16.8	10.9	2.3	30.0
Total expenses	400.0	125.5	63.6	589.1
Distributable Earnings	$320.7	$55.4	$12.7	$388.8
(-) Realized Net Performance Revenues	169.1	2.9	3.1	175.1
(-) Realized Principal Investment Income	13.2	8.2	0.7	22.1
(+) Net Interest	11.3	3.2	1.2	15.7
(=) Fee Related Earnings	$149.7	$47.5	$10.1	$207.3

	Six Months Ended June 30, 2023
	Global Private Equity	Global Credit	Global Investment Solutions	Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$657.1	$249.5	$114.6	$1,021.2
Portfolio advisory and transaction fees, net and other	10.7	23.9	—	34.6
Fee related performance revenues	62.4	38.0	1.6	102.0
Total fund level fee revenues	730.2	311.4	116.2	1,157.8
Realized performance revenues	412.7	33.3	54.2	500.2
Realized principal investment income	25.1	17.2	3.6	45.9
Interest income	10.9	14.9	2.4	28.2
Total revenues	1,178.9	376.8	176.4	1,732.1
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	322.3	165.0	62.0	549.3
Realized performance revenues related compensation	190.9	15.4	49.3	255.6
Total compensation and benefits	513.2	180.4	111.3	804.9
General, administrative, and other indirect expenses	116.2	47.3	25.7	189.2
Depreciation and amortization expense	12.6	3.7	2.3	18.6
Interest expense	33.4	21.1	4.5	59.0
Total expenses	675.4	252.5	143.8	1,071.7
Distributable Earnings	$503.5	$124.3	$32.6	$660.4
(-) Realized Net Performance Revenues	221.8	17.9	4.9	244.6
(-) Realized Principal Investment Income	25.1	17.2	3.6	45.9
(+) Net Interest	22.5	6.2	2.1	30.8
(=) Fee Related Earnings	$279.1	$95.4	$26.2	$400.7
Segment assets as of June 30, 2023	$8,813.9	$3,074.9	$1,949.9	$13,838.7

Schedule of Reconciliation of Total Segments to Income Before Provision for Taxes

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the

three months ended June 30, 2024 and 2023.

	Three Months Ended June 30, 2024
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$788.9	$165.6	$115.2	(a)	$1,069.7
Expenses	$445.7	$164.5	$235.6	(b)	$845.8
Other income (loss)	$—	$(5.1)	$—	(c)	$(5.1)
Distributable earnings	$343.2	$(4.0)	$(120.4)	(d)	$218.8

	Three Months Ended June 30, 2023
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$977.9	$137.1	$(652.9)	(a)	$462.1
Expenses	$589.1	$116.3	$(157.7)	(b)	$547.7
Other income (loss)	$—	$15.6	$—	(c)	$15.6
Distributable earnings	$388.8	$36.4	$(495.2)	(d)	$(70.0)

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the

six months ended June 30, 2024 and 2023, and Total Assets as of June 30, 2024.

	Six Months Ended June 30, 2024
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$1,811.9	$330.5	$(384.3)	(a)	$1,758.1
Expenses	$1,037.4	$304.0	$65.1	(b)	$1,406.5
Other income (loss)	$—	$(12.1)	$—	(c)	$(12.1)
Distributable earnings	$774.5	$14.4	$(449.4)	(d)	$339.5
Total assets	$13,147.2	$9,706.1	$(569.2)	(e)	$22,284.1

	Six Months Ended June 30, 2023
	Total Reportable Segments	Consolidated Funds	Reconciling Items		Carlyle Consolidated
	(Dollars in millions)
Revenues	$1,732.1	$259.0	$(670.0)	(a)	$1,321.1
Expenses	$1,071.7	$213.5	$(34.5)	(b)	$1,250.7
Other income (loss)	$—	$19.2	$—	(c)	$19.2
Distributable earnings	$660.4	$64.7	$(635.5)	(d)	$89.6

(a)The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment

income (loss) (including Fortitude), revenues earned from the Consolidated Funds which were eliminated in

consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling

interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management

and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect

the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses

associated with certain foreign performance revenues, as detailed below:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	(Dollars in millions)
Unrealized performance and fee related performance revenues	$47.4	$(600.5)	$(474.2)	$(621.2)
Unrealized principal investment income (loss)	48.1	30.4	52.5	1.4
Principal investment loss from dilution of indirect investment in Fortitude	—	(104.0)	—	(104.0)
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(3.8)	(4.1)	(7.0)	(7.5)
Non-controlling interests and other adjustments to present certain costs on a net basis	36.2	43.9	77.7	94.7
Elimination of revenues of Consolidated Funds	(12.7)	(18.6)	(33.3)	(33.4)
	$115.2	$(652.9)	$(384.3)	$(670.0)

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP

measure, the Company’s consolidated fund management fees, for the three and six months ended June 30, 2024 and

2023.

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$587.5	$606.4	$1,158.9	$1,157.8
Adjustments(1)	(53.1)	(98.6)	(100.9)	(149.2)
Carlyle Consolidated - Fund management fees	$534.4	$507.8	$1,058.0	$1,008.6

(1)Adjustments represent the reclassification of NGP management fees from principal investment income, the

reclassification of  fee related performance revenues from business development companies and other products,

management fees earned from Consolidated Funds which were eliminated in consolidation to arrive at the

Company’s fund management fees, and the reclassification of certain amounts included in portfolio advisory

fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results.

(b)The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the

Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance

revenues related compensation, and unrealized performance revenues related compensation, adjustments related to

expenses associated with the investment in NGP Management that are included in operating captions, adjustments to

reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax

receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring

items, as detailed below:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	(Dollars in millions)
Unrealized performance and fee related performance revenue compensation expense	$32.2	$(286.2)	$(296.2)	$(288.5)
Equity-based compensation	127.4	70.7	238.4	127.8
Acquisition or disposition-related charges and amortization of intangibles and impairment	33.3	33.7	66.1	62.4
Tax (expense) benefit associated with certain foreign performance revenues related compensation	(0.2)	(0.1)	(1.2)	(0.6)
Non-controlling interests and other adjustments to present certain costs on a net basis	27.0	35.2	44.8	75.2
Other adjustments	28.3	2.3	40.5	6.2
Elimination of expenses of Consolidated Funds	(12.4)	(13.3)	(27.3)	(17.0)
	$235.6	$(157.7)	$65.1	$(34.5)

(c)The Other Income (Loss) adjustment results from the Consolidated Funds that were eliminated in consolidation to

arrive at the Company’s total Other Income (Loss).

(d)The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings

and to Fee Related Earnings:

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
	(Dollars in millions)
Income (loss) before provision for income taxes	$218.8	$(70.0)	$339.5	$89.6
Adjustments:
Net unrealized performance and fee related performance revenues	(15.2)	314.3	178.0	332.7
Unrealized principal investment (income) loss	(48.1)	(30.4)	(52.5)	(1.4)
Principal investment loss from dilution of indirect investment in Fortitude	—	104.0	—	104.0
Equity-based compensation(1)	127.4	70.7	238.4	127.8
Acquisition or disposition-related charges, including amortization of intangibles and impairment	33.3	33.7	66.1	62.4
Tax expense associated with certain foreign performance revenues	(0.2)	(0.1)	(1.2)	(0.6)
Net income attributable to non-controlling interests in consolidated entities	(1.1)	(35.7)	(34.3)	(60.3)
Other adjustments(2)	28.3	2.3	40.5	6.2
Distributable Earnings	$343.2	$388.8	$774.5	$660.4
Realized performance revenues, net of related compensation(3)	55.7	175.1	197.7	244.6
Realized principal investment income(3)	26.6	22.1	60.3	45.9
Net interest	12.1	15.7	22.8	30.8
Fee Related Earnings	$273.0	$207.3	$539.3	$400.7

(1)Equity-based compensation for the three and six months ended June 30, 2024 and 2023 includes amounts that are presented in

principal investment income and general, administrative and other expenses in the Company’s U.S. GAAP statement of

operations.

(2)Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period

comparability and are not reflective of the Company’s operating performance.

(3)See reconciliation to most directly comparable U.S. GAAP measure below:

	Three Months Ended June 30, 2024
	Carlyle Consolidated	Adjustments (4)	Total Reportable Segments
	(Dollars in millions)
Performance revenues	$198.2	$(41.7)	$156.5
Performance revenues related compensation expense	144.2	(43.4)	100.8
Net performance revenues	$54.0	$1.7	$55.7
Principal investment income (loss)	$88.1	$(61.5)	$26.6
	Six Months Ended June 30, 2024
	Carlyle Consolidated	Adjustments (4)	Total Reportable Segments
	(Dollars in millions)
Performance revenues	$41.2	$513.1	$554.3
Performance revenues related compensation expense	71.4	285.2	356.6
Net performance revenues	$(30.2)	$227.9	$197.7
Principal investment income (loss)	$161.2	$(100.9)	$60.3

	Three Months Ended June 30, 2023
	Carlyle Consolidated	Adjustments (4)	Total Reportable Segments
	(Dollars in millions)
Performance revenues	$(246.8)	$581.9	$335.1
Performance revenues related compensation expense	(92.2)	252.2	160.0
Net performance revenues	$(154.6)	$329.7	$175.1
Principal investment income (loss)	$(7.2)	$29.3	$22.1
	Six Months Ended June 30, 2023
	Carlyle Consolidated	Adjustments (4)	Total Reportable Segments
	(Dollars in millions)
Performance revenues	$(86.0)	$586.2	$500.2
Performance revenues related compensation expense	13.5	242.1	255.6
Net performance revenues	$(99.5)	$344.1	$244.6
Principal investment income (loss)	$4.5	$41.4	$45.9

(4)  Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations

net of related compensation expense and unrealized principal investment income, which are excluded from the segment

results, (ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were

included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were

excluded from the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal

investment income in the U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which

are included in fund level fee revenues in the segment results, and (vi) the reclassification of tax expenses associated with

certain foreign performance revenues. Adjustments to principal investment income (loss) also include the reclassification of

earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment

results, the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from

the segment results and the exclusion of the principal investment loss from dilution of the indirect investment in Fortitude.

(e)  The Total Assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in

consolidation to arrive at the Company’s total assets.