Investments consist of the following:


	As of
	March 31, 2026	December 31, 2025
	(Dollars in millions)
Accrued performance allocations	$6,865.4	$7,620.3
Principal equity method investments, excluding performance allocations	2,982.3	2,879.5
Principal investments in CLOs	309.9	349.0
Other investments	307.7	303.9
Total	$10,465.3	$11,152.7

The components of accrued performance allocations are as follows:


	As of
	March 31, 2026	December 31, 2025
	(Dollars in millions)
Global Private Equity	$4,324.3	$5,021.1
Global Credit	740.2	724.6
Carlyle AlpInvest	1,800.9	1,874.6
Total	$6,865.4	$7,620.3

Approximately 16% and 24% of accrued performance allocations at March 31, 2026 and December 31, 2025,

respectively, were related to Carlyle Partners VII, L.P., one of the Company’s Global Private Equity funds.

Accrued performance allocations are shown gross of the Company’s accrued performance allocations and incentive fee

related compensation (see Note 6, Accrued Compensation and Benefits), and accrued giveback obligations, which are

separately presented in the condensed consolidated balance sheets. The components of the accrued giveback obligations are as


	As of
	March 31, 2026	December 31, 2025
	(Dollars in millions)
Global Private Equity	$(76.5)	$(47.3)
Global Credit	(25.5)	(25.5)
Total	$(102.0)	$(72.8)

The Company’s principal equity method investments (excluding performance allocations) include its fund investments in

Global Private Equity, Global Credit, and Carlyle AlpInvest typically as general partner interests, and its investments in

Fortitude through a Carlyle-affiliated fund (included within Global Credit) and NGP (included within Global Private Equity),

which are not consolidated. Principal investments are related to the following segments:


	As of
	March 31, 2026	December 31, 2025
	(Dollars in millions)
Global Private Equity(1)	$1,434.7	$1,384.4
Global Credit(2)	1,120.3	1,151.9
Carlyle AlpInvest	427.3	343.2
Total	$2,982.3	$2,879.5

(1)The balance includes $652.4 million and $616.0 million as of March 31, 2026 and December 31, 2025, respectively, related to the

Company’s equity method investments in NGP.

(2)The balance includes $729.2 million and $722.4 million as of March 31, 2026 and December 31, 2025, respectively, related to the

Company’s investment in Fortitude.

Investment in Fortitude

Carlyle FRL, L.P. (“Carlyle FRL”), a Carlyle-affiliated investment fund, holds a 38.5% interest in Fortitude Holdings to

FGH Parent, L.P. (“FGH Parent” or “Fortitude”), an insurance and reinsurance company. The Company indirectly owns 10.5%

of Fortitude, and Carlyle FRL and other strategic third-party investors collectively hold a 97.5% interest in Fortitude. As of

March 31, 2026, the carrying value of the Company’s investment in Carlyle FRL, which is an investment company that

accounts for its investment in Fortitude at fair value, was $729.2 million, relative to equity invested of $666.8 million.

The Company has an asset management relationship with Fortitude pursuant to which Fortitude committed to allocate

assets in asset management strategies and vehicles of the Company and its affiliates. As of March 31, 2026, Fortitude, its

affiliates and certain Fortitude reinsurance counterparties have committed approximately $25.2 billion of capital to-date to

various Carlyle strategies. The Company has a strategic advisory services agreement in place with certain subsidiaries of

Fortitude through Carlyle Insurance Solutions Management L.L.C. (“CISM”), an investment adviser. Under the agreement,

CISM provides Fortitude with certain services, including business development and growth, transaction origination and

execution, and capital management services in exchange for a recurring management fee based on Fortitude’s general account

assets, which adjusts within an agreed range based on Fortitude’s overall profitability.

Investment in NGP

The Company has equity interests in NGP Management Company, L.L.C. (“NGP Management”), the general partners of

certain carry funds advised by NGP, and principal investments in certain NGP funds as described below. These investments are

included in the Global Private Equity segment. NGP Management serves as the investment advisor to the NGP Energy Funds.

The Company does not control NGP and accounts for its investments in NGP under the equity method of accounting.

The Company’s investments in NGP as of March 31, 2026 and December 31, 2025 are as follows:


	As of
	March 31, 2026	December 31, 2025
	(Dollars in millions)
Investment in NGP Management	$238.7	$247.4
Investments in NGP general partners - accrued performance allocations	368.0	326.2
Principal investments in NGP funds	45.7	42.4
Total investments in NGP	$652.4	$616.0

See Note 4, Investments, to our Annual Report on Form 10-K for the year ended December 31, 2025 for additional

information regarding the restructuring of the terms of the Company’s strategic investment in NGP (the “Restructuring”). As a

result of the Restructuring, the three months ended March 31, 2025 included a $92.5 million impairment of the Company’s

investment in NGP Management and a $38 million reduction in accrued performance allocations, which were recorded in

Principal investment income (loss) in the condensed consolidated statements of operations and excluded from Distributable

Earnings, as defined in Note 14, Segment Reporting. The Company amortizes basis differences established in connection with

the Restructuring as a reduction to Principal investment income over their estimated useful lives.

Investment in NGP Management. The Company’s equity interests in NGP Management entitle the Company to an

allocation of income equal to 55.0% of the management fee related revenues earned by existing funds prior to the Restructuring

that held an initial closing after December 31, 2024, and up to 55.0% of management fee related revenues on future NGP funds

subsequent to the Restructuring in the aggregate, which are based on a sliding scale, including all management fees being

retained by NGP for the years 2025 through 2028 on such future NGP funds. The Company records investment income (loss)

for its equity income allocation from NGP management fee related revenues and also records its share of any allocated expenses

from NGP Management, as well as expenses associated with the compensatory elements of the investment, and any impairment

charges. The net investment income (loss) recognized in the Company’s condensed consolidated statements of operations for

the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026	2025
(Dollars in millions)
Management fee related revenues from NGP Management	$14.1	$16.1
Expenses related to the investment in NGP Management	(2.9)	(3.6)
Amortization of basis differences and impairment of investment in NGP Management	(8.8)	(92.5)
Net investment income (loss) from NGP Management	$2.4	$(80.0)

Management fee related revenues from NGP Management were primarily driven by NGP XII, NGP XIII, and NGP XI

during the three months ended March 31, 2026 and 2025. These funds calculate management fees as 1.5% of the limited

partners’ commitments less any return of capital or write-offs during the investment period. Following the investment period,

the basis on which fund management fees are generally calculated is further reduced by a reserve for future management fees

and operating costs.

Investment in the General Partners of NGP Carry Funds. The Company’s investment in the general partners of the NGP

Carry Funds entitle it to up to 47.5% of performance allocations received by NGP Fund general partners. The Company records

its equity income allocation from NGP performance allocations in principal investment income (loss) from equity method

investments rather than performance allocations in its condensed consolidated statements of operations. The Company

recognized net investment earnings (losses) related to these performance allocations of $46.5 million and $(28.5) million for the

three months ended March 31, 2026 and 2025, respectively, in its condensed consolidated statements of operations.

Principal Investments in NGP Funds. The Company also holds principal investments in the NGP Carry Funds. The

Company recognized net investment earnings (losses) related to principal investment income (loss) in its condensed

consolidated statements of operations of $6.4 million and $1.3 million for the three months ended March 31, 2026 and 2025,

respectively.

Principal Investments in CLOs and Other Investments

Principal investments in CLOs as of March 31, 2026 and December 31, 2025 were $309.9 million and $349.0 million,

respectively, and consisted of investments in CLO senior and subordinated notes. A portion of the Company’s principal

investments in CLOs is collateral to CLO term loans (see Note 5, Borrowings). As of March 31, 2026 and December 31, 2025,

other investments included the Company’s investment in common shares of CGBD at fair value of $34.1 million and

$37.5 million, respectively.

Investment Income (Loss)

The components of investment income (loss) are as follows:


	Three Months Ended March 31,
	2026	2025
(Dollars in millions)
Performance allocations
Realized	$50.4	$332.9
Unrealized	(731.5)	(110.0)
	(681.1)	222.9
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	22.7	(29.4)
Unrealized	53.6	(33.3)
	76.3	(62.7)
Principal investment income (loss) from investments in CLOs and other investments
Realized	3.6	(2.0)
Unrealized	(15.5)	1.6
	(11.9)	(0.4)
Total	$(616.7)	$159.8


	Three Months Ended March 31,
	2026	2025
(Dollars in millions)
Global Private Equity	$(698.1)	$85.0
Global Credit	36.7	79.0
Carlyle AlpInvest	(19.7)	58.9
Total	$(681.1)	$222.9

The following tables summarize the funds that are the primary drivers of performance allocations for the three months

ended March 31, 2026 and 2025, as well as the total revenue recognized, including performance allocations as well as fund

management fees and principal investment income:


Three Months Ended March 31, 2026
(Dollars in millions)
Global Private Equity	Carlyle Partners VII, L.P.	$(723.1)


Three Months Ended March 31, 2025
(Dollars in millions)
Global Private Equity	Carlyle Partners VII, L.P.	$234.1
Global Private Equity	Carlyle Asia Partners V, L.P.	(227.8)


	Three Months Ended March 31,
	2026	2025
(Dollars in millions)
Global Private Equity	$54.1	$(95.6)
Global Credit	11.9	19.2
Carlyle AlpInvest	10.3	13.7
Total	$76.3	$(62.7)

Investments of Consolidated Funds

The Company consolidates the financial positions and results of operations of certain CLOs in which it is the primary

beneficiary. During the three months ended March 31, 2026, the Company became the primary beneficiary of two additional

CLOs. Investments in Consolidated Funds as of March 31, 2026 and December 31, 2025 also included $726.4 million and

$989.4 million, respectively, related to investments that have been bridged by the Company to investment funds in the Global

Private Equity and Carlyle AlpInvest segments that are accounted for as consolidated VIEs.

There were no individual investments with a fair value greater than five percent of the Company’s total assets for any

Interest and Other Income of Consolidated Funds

The components of interest and other income of Consolidated Funds are as follows:


	Three Months Ended March 31,
	2026	2025
(Dollars in millions)
Interest income from investments	$161.8	$123.0
Other income	17.9	10.4
Total	$179.7	$133.4

Net Investment Income (Loss) of Consolidated Funds

Net investment income (loss) of Consolidated Funds includes net realized gains (losses) from sales of investments and

unrealized gains (losses) resulting from changes in fair value of the Consolidated Funds’ investments. The components of Net

investment income (loss) of Consolidated Funds are as follows:


	Three Months Ended March 31,
	2026	2025
(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$(248.6)	$7.0
Gains (losses) from liabilities of consolidated CLOs	184.2	(0.9)
Total	$(64.4)	$6.1

The following table presents realized and unrealized gains (losses) earned from investments of the Consolidated Funds:


	Three Months Ended March 31,
	2026	2025
(Dollars in millions)
Net realized gains (losses)	$0.4	$(0.4)
Net change in unrealized gains (losses)	(249.0)	7.4
Total	$(248.6)	$7.0