Basic and diluted net income (loss) per common share are calculated as follows:


	Three Months Ended March 31, 2026
	Basic	Diluted
Net loss attributable to common shares	$(132,200,000)	$(132,200,000)
Weighted-average common shares outstanding	359,192,724	359,192,724
Net loss per common share	$(0.37)	$(0.37)


	Three Months Ended March 31, 2025
	Basic	Diluted
Net income attributable to common shares	$130,000,000	$130,000,000
Weighted-average common shares outstanding	359,464,272	366,336,892
Net income per common share	$0.36	$0.35

The weighted-average common shares outstanding, basic and diluted, are calculated as follows:


	Three Months Ended March 31, 2026
	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	359,192,724	359,192,724
Unvested restricted stock units	—	—
Issuable common shares and performance-vesting restricted stock units	—	—
Weighted-average common shares outstanding	359,192,724	359,192,724


	Three Months Ended March 31, 2025
	Basic	Diluted
The Carlyle Group Inc. weighted-average common shares outstanding	359,464,272	359,464,272
Unvested restricted stock units	—	6,182,260
Issuable common shares and performance-vesting restricted stock units	—	690,360
Weighted-average common shares outstanding	359,464,272	366,336,892

The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented

by the unvested restricted stock units. Also included in the determination of dilutive weighted-average common shares are

issuable common shares associated with the Company’s investment in NGP and performance-vesting restricted stock units. As

of March 31, 2026, all such awards are antidilutive and excluded from the computation of diluted earnings per share given the