
	As of March 31, 2026
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,673.2	$—	$—	$1,673.2
Cash and cash equivalents held at Consolidated Funds	—	1,081.0	—	1,081.0
Investments, including accrued performance allocations of $6,865.4	11,449.9	—	(984.6)	10,465.3
Investments of Consolidated Funds	—	14,326.8	—	14,326.8
Due from affiliates and other receivables, net	1,070.1	—	(301.0)	769.1
Due from affiliates and other receivables of Consolidated Funds, net	—	356.7	—	356.7
Fixed assets, net	234.9	—	—	234.9
Lease right-of-use assets, net	332.9	—	—	332.9
Deposits and other	96.2	2.2	—	98.4
Intangible assets, net	473.6	—	—	473.6
Deferred tax assets	30.1	—	—	30.1
Total assets	$15,360.9	$15,766.7	$(1,285.6)	$29,842.0
Liabilities and equity
Debt obligations	$3,001.6	$—	$—	$3,001.6
Loans payable of Consolidated Funds	—	11,434.1	(285.4)	11,148.7
Accounts payable, accrued expenses and other liabilities	478.3	—	—	478.3
Accrued compensation and benefits	4,911.8	—	—	4,911.8
Due to affiliates	218.8	7.6	—	226.4
Deferred revenue	358.2	—	—	358.2
Deferred tax liabilities	55.2	—	—	55.2
Other liabilities of Consolidated Funds	—	1,719.0	(0.6)	1,718.4
Lease liabilities	466.8	—	—	466.8
Accrued giveback obligations	102.0	—	—	102.0
Total liabilities	9,592.7	13,160.7	(286.0)	22,467.4
Common stock	3.6	—	—	3.6
Additional paid-in capital	4,408.4	1,025.5	(1,025.5)	4,408.4
Retained earnings	1,172.7	—	—	1,172.7
Accumulated other comprehensive loss	(230.9)	23.8	25.9	(181.2)
Non-controlling interests in consolidated entities	414.4	1,556.7	—	1,971.1
Total equity	5,768.2	2,606.0	(999.6)	7,374.6
Total liabilities and equity	$15,360.9	$15,766.7	$(1,285.6)	$29,842.0


	As of December 31, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,970.2	$—	$—	$1,970.2
Cash and cash equivalents held at Consolidated Funds	—	1,235.1	—	1,235.1
Investments, including accrued performance allocations of $7,620.3	12,219.6	—	(1,066.9)	11,152.7
Investments of Consolidated Funds	—	12,519.8	—	12,519.8
Due from affiliates and other receivables, net	1,135.0	—	(300.2)	834.8
Due from affiliates and other receivables of Consolidated Funds, net	—	206.4	—	206.4
Fixed assets, net	224.9	—	—	224.9
Lease right-of-use assets, net	331.9	—	—	331.9
Deposits and other	98.2	2.7	—	100.9
Intangible assets, net	507.1	—	—	507.1
Deferred tax assets	32.2	—	—	32.2
Total assets	$16,519.1	$13,964.0	$(1,367.1)	$29,116.0
Liabilities and equity
Debt obligations	$2,997.0	$—	$—	$2,997.0
Loans payable of Consolidated Funds	—	10,712.4	(286.4)	10,426.0
Accounts payable, accrued expenses and other liabilities	543.7	—	—	543.7
Accrued compensation and benefits	5,849.4	—	—	5,849.4
Due to affiliates	197.8	6.1	—	203.9
Deferred revenue	129.2	—	—	129.2
Deferred tax liabilities	106.3	—	—	106.3
Other liabilities of Consolidated Funds	—	1,260.7	(0.3)	1,260.4
Lease liabilities	470.2	—	—	470.2
Accrued giveback obligations	72.8	—	—	72.8
Total liabilities	10,366.4	11,979.2	(286.7)	22,058.9
Common stock	3.6	—	—	3.6
Additional paid-in capital	4,285.8	1,099.2	(1,099.2)	4,285.8
Retained earnings	1,642.3	—	—	1,642.3
Accumulated other comprehensive loss	(213.1)	24.1	18.8	(170.2)
Non-controlling interests in consolidated entities	434.1	861.5	—	1,295.6
Total equity	6,152.7	1,984.8	(1,080.4)	7,057.1
Total liabilities and equity	$16,519.1	$13,964.0	$(1,367.1)	$29,116.0



	Three Months Ended March 31, 2026
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$596.0	$—	$(12.0)	$584.0
Incentive fees	51.7	—	—	51.7
Investment income (loss)
Performance allocations	(680.0)	—	(1.1)	(681.1)
Principal investment income (loss)	(5.2)	—	69.6	64.4
Total investment loss	(685.2)	—	68.5	(616.7)
Interest and other income	63.1	—	(7.8)	55.3
Interest and other income of Consolidated Funds	—	179.7	—	179.7
Total revenues	25.6	179.7	48.7	254.0
Expenses
Compensation and benefits
Cash-based compensation and benefits	227.1	—	—	227.1
Equity-based compensation	119.8	—	—	119.8
Performance allocations and incentive fee related compensation	(367.9)	—	—	(367.9)
Total compensation and benefits	(21.0)	—	—	(21.0)
General, administrative and other expenses	184.5	—	0.1	184.6
Interest	38.6	—	—	38.6
Interest and other expenses of Consolidated Funds	—	178.3	(11.9)	166.4
Total expenses	202.1	178.3	(11.8)	368.6
Other loss
Net investment loss of Consolidated Funds	—	(64.4)	—	(64.4)
Loss before benefit for income taxes	(176.5)	(63.0)	60.5	(179.0)
Benefit for income taxes	(37.1)	—	—	(37.1)
Net loss	(139.4)	(63.0)	60.5	(141.9)
Net loss attributable to non-controlling interests in consolidated entities	(7.2)	—	(2.5)	(9.7)
Net loss attributable to The Carlyle Group Inc.	$(132.2)	$(63.0)	$63.0	$(132.2)


	Three Months Ended March 31, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$594.4	$—	$(8.3)	$586.1
Incentive fees	43.3	—	(0.1)	43.2
Investment income
Performance allocations	223.4	—	(0.5)	222.9
Principal investment loss	(60.5)	—	(2.6)	(63.1)
Total investment income	162.9	—	(3.1)	159.8
Interest and other income	57.2	—	(6.6)	50.6
Interest and other income of Consolidated Funds	—	133.4	—	133.4
Total revenues	857.8	133.4	(18.1)	973.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	218.4	—	—	218.4
Equity-based compensation	103.5	—	—	103.5
Performance allocations and incentive fee related compensation	171.4	—	—	171.4
Total compensation and benefits	493.3	—	—	493.3
General, administrative and other expenses	173.7	—	(0.1)	173.6
Interest	27.8	—	—	27.8
Interest and other expenses of Consolidated Funds	—	130.8	(17.3)	113.5
Total expenses	694.8	130.8	(17.4)	808.2
Other income
Net investment income of Consolidated Funds	—	6.1	—	6.1
Income before provision for income taxes	163.0	8.7	(0.7)	171.0
Provision for income taxes	12.4	—	—	12.4
Net income	150.6	8.7	(0.7)	158.6
Net income attributable to non-controlling interests in consolidated entities	20.6	—	8.0	28.6
Net income attributable to The Carlyle Group Inc.	$130.0	$8.7	$(8.7)	$130.0


	Three Months Ended March 31,
	2026	2025
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$(139.4)	$150.6
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	50.5	46.9
Equity-based compensation	119.8	103.5
Non-cash performance allocations and incentive fees	282.0	14.5
Non-cash principal investment (income) loss	17.4	69.6
Other non-cash amounts	(2.1)	12.6
Purchases of investments	(328.7)	(290.9)
Proceeds from the sale of investments	358.8	155.1
Payments of contingent consideration	—	(1.0)
Change in deferred taxes, net	(45.4)	(29.4)
Change in due from affiliates and other receivables	(1.1)	12.7
Change in deposits and other	7.1	(10.8)
Change in accounts payable, accrued expenses and other liabilities	(66.1)	(25.4)
Change in accrued compensation and benefits	(461.2)	(327.7)
Change in due to affiliates	18.0	6.5
Change in lease right-of-use assets and lease liabilities	(4.5)	(2.8)
Change in deferred revenue	229.8	280.2
Net cash provided by operating activities	34.9	164.2
Cash flows from investing activities
Purchases of fixed assets, net	(28.1)	(16.7)
Net cash used in investing activities	(28.1)	(16.7)
Cash flows from financing activities
Payments on CLO borrowings	(22.5)	(14.6)
Proceeds from CLO borrowings, net of financing costs	32.4	15.1
Dividends to common stockholders	(126.4)	(126.4)
Contributions from non-controlling interest holders	51.7	57.7
Distributions to non-controlling interest holders	(59.6)	(16.9)
Common shares repurchased and net share settlement of equity-based awards	(204.8)	(176.5)
Change in due to/from affiliates financing activities	36.9	42.3
Net cash used in financing activities	(292.3)	(219.3)
Effect of foreign exchange rate changes	(5.4)	4.6
Decrease in cash, cash equivalents and restricted cash	(290.9)	(67.2)
Cash, cash equivalents and restricted cash, beginning of period	1,973.6	1,266.5
Cash, cash equivalents and restricted cash, end of period	$1,682.7	$1,199.3

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,673.2	$1,190.3
Restricted cash	9.5	9.0
Total cash, cash equivalents and restricted cash, end of period	$1,682.7	$1,199.3

Cash and cash equivalents held at Consolidated Funds	$1,081.0	$570.9