v3.26.1
Borrowings
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Borrowings 5. Borrowings
The Company borrows and enters into credit agreements for its general operating and investment purposes. The
Company’s debt obligations consist of the following:
 
March 31, 2026
December 31, 2025
 
Borrowing
Outstanding
Carrying
Value
Borrowing
Outstanding
Carrying
Value
(Dollars in millions)
CLO Borrowings  (See below)
$358.7
$353.5
$350.1
$349.4
3.500% Senior Notes Due 9/19/2029
425.0
423.5
425.0
423.4
5.050% Senior Notes Due 9/19/2035
800.0
791.3
800.0
791.1
5.625% Senior Notes Due 3/30/2043
600.0
600.5
600.0
600.5
5.650% Senior Notes Due 9/15/2048
350.0
346.8
350.0
346.7
4.625% Subordinated Notes Due 5/15/2061
500.0
486.0
500.0
485.9
Total debt obligations
$3,033.7
$3,001.6
$3,025.1
$2,997.0
Senior Credit Facility
As of March 31, 2026, the senior credit facility included $1.0 billion in a revolving credit facility, which was amended in
May 2025 to extend the maturity date from April 29, 2027 to May 29, 2030. The Company’s borrowing capacity is subject to
the ability of the financial institutions in the banking syndicate to fulfill their respective obligations under the revolving credit
facility. Principal amounts outstanding under the revolving credit facility accrue interest, at the option of the borrowers, either
(a) at an alternate base rate plus an applicable margin not to exceed 0.50% per annum, or (b) at SOFR (or similar benchmark
rate for non-U.S. dollar borrowings) plus a 0.10% adjustment and an applicable margin not to exceed 1.50% per annum (at
March 31, 2026, the interest rate was 4.76%). The Company made no borrowings under the revolving credit facility during the
three months ended March 31, 2026 and 2025, and there was no amount outstanding as of March 31, 2026.
Global Credit Revolving Credit Facility
Certain subsidiaries of the Company are parties to a revolving line of credit, primarily intended to support certain lending
activities within the Global Credit segment. As currently amended, the Global Credit Revolving Credit Facility provides for a
revolving line of credit with a capacity of $300 million, which matures in September 2027, and a second revolving line of credit
with a capacity of $200 million, which was amended in August 2025 to extend the maturity date to August 19, 2026. The
Company’s borrowing capacity is subject to the ability of the financial institutions in the banking syndicate to fulfill their
respective obligations under the Global Credit Revolving Credit Facility. Principal amounts outstanding accrue interest at
applicable SOFR or Eurocurrency rates plus an applicable margin of 2.00% or an alternate base rate plus an applicable margin
of 1.00%. During the three months ended March 31, 2026 and 2025, the Company made no borrowings under the Global Credit
Revolving Credit Facility. As of March 31, 2026, there was no borrowing outstanding under the Global Credit Revolving Credit
Facility.
CLO Borrowings
For certain of the Company’s CLOs, the Company finances a portion of its investment in the CLOs through the proceeds
received from term loans and other financing arrangements with financial institutions. The following table provides information
regarding outstanding CLO borrowings as of March 31, 2026 and December 31, 2025 (Dollars in millions):
 
As of March 31, 2026
As of December 31, 2025
 
Borrowing
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity in
Years
Borrowing
Outstanding
Weighted
Average
Interest Rate
Weighted
Average
Remaining
Maturity in
Years
Total CLO borrowings
$358.7
4.57%
10.02
$350.1
4.50%
9.86
The CLO term loans are secured by the Company’s investments in the respective CLO, have a general unsecured interest
in the Carlyle entity that manages the CLO, and generally do not have recourse to any other Carlyle entity. Interest expense for
the three months ended March 31, 2026 and 2025 was $4.2 million and $3.8 million, respectively. The fair value of the
outstanding balance of the CLO term loans at March 31, 2026 approximated par value based on current market rates for similar
debt instruments. These CLO term loans are classified as Level III within the fair value hierarchy.
CLO Repurchase Agreements
The Company is party to two master credit facility agreements (the “CLO Financing Facilities”) to finance a portion of
the risk retention investments in certain European CLOs managed by the Company. Each transaction entered into under the
CLO Financing Facilities will bear interest at a rate based on the weighted average effective interest rate of each class of
securities that have been sold plus a spread to be agreed upon by the parties. As of March 31, 2026, €292.2 million
($337.2 million) was outstanding under the CLO Financing Facilities. Additional borrowings may be made on terms agreed
upon by the Company and the counterparty subject to the terms and conditions of the CLO Financing Facilities.
Each transaction entered into under the CLO Financing Facilities provides for payment netting and, in the case of a
default or similar event with respect to the counterparty to the CLO Financing Facilities, provides for netting across
transactions. Generally, upon a counterparty default, the Company can terminate all transactions under the CLO Financing
Facilities and offset amounts it owes in respect of any one transaction against collateral, if any, or other amounts it has received
in respect of any other transactions under the CLO Financing Facilities; provided, however, that in the case of certain defaults,
the Company may only be able to terminate and offset solely with respect to the transaction affected by the default. During the
term of a transaction entered into under the CLO Financing Facilities, the Company will deliver cash or additional securities
acceptable to the counterparty if the securities sold are in default. Upon termination of a transaction, the Company will
repurchase the previously sold securities from the counterparty at a previously determined repurchase price. The CLO
Financing Facilities may be terminated at any time upon certain defaults or circumstances agreed upon by the parties.
The Repurchase Agreements may result in credit exposure in the event the counterparty to the transaction is unable to
fulfill its contractual obligations. The Company minimizes the credit risk associated with these activities by monitoring
counterparty credit exposure and collateral values. Other than margin requirements, the Company is not subject to additional
terms or contingencies which would expose the Company to additional obligations based upon the performance of the securities
pledged as collateral.
Senior Notes
The Company and certain indirect subsidiaries of the Company have issued long term borrowings in the form of senior
notes, on which interest is payable semi-annually in arrears. The following table provides information regarding these senior
notes (Dollars in millions):
Interest Expense
Fair Value (1)
As of
Three Months Ended
March 31,
Aggregate
Principal
Amount
March 31,
2026
December
31, 2025
2026
2025
3.500% Senior Notes Due 9/19/2029 (2)
$425.0
$410.3
$417.8
$3.8
$3.8
5.050% Senior Notes Due 9/19/2035 (3)
800.0
774.2
800.9
10.3
—
5.625% Senior Notes Due 3/30/2043 (4)
600.0
574.1
600.7
8.4
8.4
5.650% Senior Notes Due 9/15/2048 (5)
350.0
330.4
347.5
5.0
5.0
$27.5
$17.2
(1)Including accrued interest. Fair value is based on indicative quotes and the notes are classified as Level II within the fair
value hierarchy.
(2)Issued in September 2019 at 99.841% of par.
(3)Issued in September 2025 at 99.767% of par.
(4)Issued $400.0 million in aggregate principal at 99.583% of par in March 2013. An additional $200.0 million in aggregate
principal was issued at 104.315% of par in March 2014, and is treated as a single class with the outstanding $400.0 million
in senior notes previously issued.
(5)Issued in September 2018 at 99.914% of par.
The issuers may redeem the senior notes, in whole at any time or in part from time to time, at a price equal to the greater
of (i) 100% of the principal amount of the notes being redeemed and (ii) the sum of the present values of the remaining
scheduled payments of principal and interest on any notes being redeemed (less interest accrued to the date of redemption)
discounted to the redemption date on a semiannual basis at the Treasury Rate plus 40 basis points (30 basis points in the case of
the 3.500% senior notes and 20 basis points in the case of the 5.050% senior notes), plus in each case accrued and unpaid
interest on the principal amounts being redeemed.
Subordinated Notes
In May 2021, an indirect subsidiary of the Company issued $435.0 million aggregate principal amount of 4.625%
Subordinated Notes due May 15, 2061 (the “Subordinated Notes”), on which interest is payable quarterly accruing from May
11, 2021. In June 2021, an additional $65.0 million aggregate principal amount of these Subordinated Notes were issued and
are treated as a single series with the already outstanding $435.0 million aggregate principal amount. The Subordinated Notes
are unsecured and subordinated obligations of the issuer, and are fully and unconditionally guaranteed (the “Guarantees”),
jointly and severally, on a subordinated basis, by the Company, each of the Carlyle Holdings partnerships, and CG Subsidiary
Holdings L.L.C., an indirect subsidiary of the Company (collectively, the “Guarantors”). The Consolidated Funds are not
guarantors, and as such, the assets of the Consolidated Funds are not available to service the Subordinated Notes under the
Guarantee. The Subordinated Notes may be redeemed at the issuer’s option, in whole or in part, at any time and from time to
time on or after June 15, 2026, prior to their stated maturity, at a redemption price equal to their principal amount plus any
accrued and unpaid interest to, but excluding, the date of redemption. If interest due on the Subordinated Notes is deemed to no
longer be deductible in the U.S., a “Tax Redemption Event,” the Subordinated Notes may be redeemed, in whole, but not in
part, within 120 days of the occurrence of such event at a redemption price equal to their principal amount plus accrued and
unpaid interest to, but excluding, the date of redemption. In addition, the Subordinated Notes may be redeemed, in whole, but
not in part, at any time prior to May 15, 2026, within 90 days of the rating agencies determining that the Subordinated Notes
should no longer receive partial equity treatment pursuant to the rating agency’s criteria, a “rating agency event,” at a
redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of
redemption.
As of March 31, 2026 and December 31, 2025, the fair value of the Subordinated Notes was $350.0 million and
$342.0 million, respectively. Fair value is based on active market quotes and the notes are classified as Level I within the fair
value hierarchy. For both the three months ended March 31, 2026 and 2025, the Company incurred $5.9 million of interest
expense on the Subordinated Notes.
Debt Covenants
The Company is subject to various financial covenants under its loan agreements including, among other items,
maintenance of a minimum amount of management fee-earning assets. The Company is also subject to various non-financial
covenants under its loan agreements and the indentures governing its senior notes. The Company was in compliance with all
financial and non-financial covenants under its various loan agreements as of March 31, 2026.
Loans Payable of Consolidated Funds
Loans payable of Consolidated Funds primarily represent amounts due to holders of debt securities issued by the CLOs.
As of March 31, 2026 and December 31, 2025, the following borrowings were outstanding (Dollars in millions):
 
As of March 31, 2026
 
Borrowing
Outstanding
Fair Value
Weighted
Average
Interest Rate
 
Weighted
Average
Remaining
Maturity in
Years
Senior secured notes(1)
$10,875.4
$10,761.3
5.01%
11.21
Subordinated notes
381.8
336.4
N/A
(3)
10.08
Revolving credit facilities(2)
51.0
51.0
6.77%
3.28
Total
$11,308.2
$11,148.7
 
 
As of December 31, 2025
 
Borrowing
Outstanding
Fair Value
Weighted
Average
Interest Rate
 
Weighted
Average
Remaining
Maturity in
Years
Senior secured notes(1)
$9,994.8
$9,972.1
5.09%
11.18
Subordinated notes
509.6
390.9
N/A
(3)
9.65
Revolving credit facilities(2)
63.0
63.0
6.68%
3.45
Total
$10,567.4
$10,426.0
(1)Borrowing Outstanding as of March 31, 2026 and December 31, 2025 included $940.9 million and $939.9 million, respectively, of
senior secured notes that are measured at amortized cost, which approximate fair value. These senior secured notes were classified as
Level III within the fair value hierarchy.
(2)Fair Value as of March 31, 2026 and December 31, 2025 reflects the amortized cost of outstanding revolving credit balances which
approximates fair value.
(3)The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows of the
CLOs.
Loans payable of the CLOs are collateralized by the assets held by the CLOs and the assets of one CLO may not be used
to satisfy the liabilities of another. This collateral consisted of cash and cash equivalents, corporate loans, corporate bonds and
other securities. As of March 31, 2026 and December 31, 2025, the fair value of the CLO assets was $12.0 billion and $11.0
billion, respectively.