Fair Value Measurement (Tables)

fair value hierarchy levels as disclosed in Note 2, Summary of Significant Accounting Policies, as of March 31, 2026:


(Dollars in millions)	Level I	Level II	Level III	Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$73.7	$16.4	$875.5	$965.6
Bonds	—	—	756.2	756.2
Loans	—	—	10,214.7	10,214.7
	73.7	16.4	11,846.4	11,936.5
Investments in CLOs and other:
Investments in CLOs	—	—	309.9	309.9
Other investments(3)	89.7	20.3	91.0	201.0
	89.7	20.3	400.9	510.9
Foreign currency forward contracts	—	0.4	—	0.4
Subtotal	$163.4	$37.1	$12,247.3	$12,447.8
Investments measured at net asset value				2,396.6
Total				$14,844.4
Liabilities
Loans payable of Consolidated Funds(4)(5)	$—	$—	$10,156.7	$10,156.7
Foreign currency forward contracts	—	3.7	—	3.7
Total	$—	$3.7	$10,156.7	$10,160.4

(1)This balance excludes $2.4 billion of Investments of Consolidated Funds that are included in Investments measured at net asset

value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment.

(2)This balance includes $726.4 million related to investments that have been bridged by a subsidiary of the Company to investment

funds and are accounted for as consolidated VIEs as of March 31, 2026. The Company’s subsidiary, which is accounted for as a

consolidated VIE, has entered into warehouse agreements with certain funds to transfer certain of these investments at a price agreed

upon by the parties, which may differ from fair value.

(3)The Level III balance excludes $98.3 million related to four corporate investments in equity securities which the Company has

elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to

ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is

excluded from the tabular Level III rollforward disclosures.

(4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial

assets, less (i) the fair value of any beneficial interest held by the Company and (ii) the carrying value of any beneficial interests that

represent compensation for services.

(5)Loans payable of Consolidated Funds balance excludes $940.9 million of senior notes measured at amortized cost and a

$51.0 million revolving credit balance, which relate to certain consolidated investment fund of funds in the Company’s Carlyle

AlpInvest segment.

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis by the

above fair value hierarchy levels as of December 31, 2025:


(Dollars in millions)	Level I	Level II	Level III	Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)	$132.0	$18.2	$1,094.8	$1,245.0
Bonds	—	—	691.2	691.2
Loans	—	—	9,249.8	9,249.8
	132.0	18.2	11,035.8	11,186.0
Investments in CLOs and other:
Investments in CLOs	—	—	349.0	349.0
Other investments(3)	112.0	20.9	94.6	227.5
	112.0	20.9	443.6	576.5
Foreign currency forward contracts	—	4.8	—	4.8
Subtotal	$244.0	$43.9	$11,479.4	$11,767.3
Investments measured at net asset value				1,340.6
Total				$13,107.9
Liabilities
Loans payable of Consolidated Funds(4)(5)	$—	$—	$9,423.1	$9,423.1
Foreign currency forward contracts	—	4.4	—	4.4
Total	$—	$4.4	$9,423.1	$9,427.5

(1)This balance excludes $1.3 billion of Investments of Consolidated Funds that are included in Investments measured at net asset

value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest segment.

(2)This balance includes $989.4 million related to investments that have been bridged by a subsidiary of the Company to investment

funds and are accounted for as consolidated VIEs as of December 31, 2025. The Company’s subsidiary, which is accounted for as a

consolidated VIE, has entered into warehouse agreements with certain funds to transfer certain of these investments at a price agreed

upon by the parties, which may differ from fair value.

(3)The Level III balance excludes $63.0 million related to three corporate investments in equity securities which the Company has

elected to account for under the measurement alternative for equity securities without readily determinable fair values pursuant to

ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair value of these equity securities is

excluded from the tabular Level III rollforward disclosures.

(4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO financial

assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that

represent compensation for services.

(5)Loans payable of Consolidated Funds balance excludes a $939.4 million of senior notes measured at amortized cost and a

$63.0 million revolving credit balance, which relate to certain consolidated investment fund of funds in the Company’s Carlyle

AlpInvest segment.

determine fair value are as follows (Dollars in millions):


	Financial Assets
	Three Months Ended March 31, 2026
	Investments of Consolidated Funds
	Equity securities	Bonds	Loans	Investments in CLOs	Other investments	Total
Balance, beginning of period	$1,094.8	$691.2	$9,249.8	$349.0	$94.6	$11,479.4
Initial consolidation of funds(1)	0.1	17.5	361.7	—	—	379.3
Purchases	45.5	161.3	2,642.9	1.0	—	2,850.7
Sales and distributions	(261.1)	(94.4)	(1,339.7)	(34.2)	(2.8)	(1,732.2)
Settlements	—	—	(439.2)	—	—	(439.2)
Realized and unrealized gains (losses), net
Included in earnings	(3.8)	(9.8)	(205.5)	(0.8)	(0.8)	(220.7)
Included in other comprehensive income	—	(9.6)	(55.3)	(5.1)	—	(70.0)
Balance, end of period	$875.5	$756.2	$10,214.7	$309.9	$91.0	$12,247.3
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$(9.2)	$(7.5)	$(200.1)	$(3.9)	$(0.7)	$(221.4)
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—	$(8.2)	$(50.5)	$(5.3)	$—	$(64.0)

(1)As a result of the initial consolidation of two funds during the three months ended March 31, 2026.


	Financial Assets
	Three Months Ended March 31, 2025
	Investments of Consolidated Funds
	Equity securities	Bonds	Loans	Investments in CLOs	Other investments	Total
Balance, beginning of period	$572.0	$465.1	$6,431.4	$378.9	$85.1	$7,932.5
Initial consolidation of funds(1)	—	24.0	167.9	1.0	—	192.9
Transfers out(2)	—	—	—	—	(50.4)	(50.4)
Purchases	253.2	56.4	2,225.3	1.1	37.8	2,573.8
Sales and distributions	(9.0)	(72.6)	(943.9)	(36.2)	(11.2)	(1,072.9)
Settlements	—	—	(358.9)	—	—	(358.9)
Realized and unrealized gains (losses), net
Included in earnings	5.5	4.5	(10.9)	12.0	2.4	13.5
Included in other comprehensive income	—	18.4	121.7	8.7	—	148.8
Balance, end of period	$821.7	$495.8	$7,632.6	$365.5	$63.7	$9,379.3
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date	$4.8	$4.2	$0.6	$10.2	$5.1	$24.9
Changes in unrealized gains (losses) included in other comprehensive income related to financial assets still held at the reporting date	$—	$15.5	$109.4	$9.7	$—	$134.6

(1)As a result of the initial consolidation of one fund during the three months ended March 31, 2025.

(2)Represents the exchange of the BDC Preferred Shares, which were valued using Level III inputs, for common shares of CGBD, which

were valued using Level I inputs. See Note 9, Related Party Transactions, to our Annual Report on Form 10-K for the year ended

December 31, 2025 for more information.


	Financial Liabilities
	Loans Payable of Consolidated Funds
	Three Months Ended March 31,
	2026	2025
Balance, beginning of period	$9,423.1	$6,809.1
Initial consolidation of funds(1)	388.4	193.8
Borrowings	1,647.1	782.1
Paydowns	(486.9)	(242.1)
Sales	(569.4)	(6.5)
Realized and unrealized (gains) losses, net
Included in earnings	(184.2)	1.2
Included in other comprehensive income	(61.4)	142.7
Balance, end of period	$10,156.7	$7,680.3
Changes in unrealized (gains) losses included in earnings related to financial liabilities still held at the reporting date	$(166.4)	$10.0
Changes in unrealized (gains) losses included in other comprehensive income related to financial liabilities still held at the reporting date	$(68.5)	$133.5

(1)As a result of the initial consolidation of two funds during the three months ended March 31, 2026, and the initial

consolidation of one fund during the three months ended March 31, 2025.


	Fair Value at	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from Increase in Input
(Dollars in millions)	March 31, 2026	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from Increase in Input
Assets
Investments of Consolidated Funds:
Equity securities	$2.9	Consensus Pricing	Indicative Quotes ($ per share)	0.00 - 547.56 (0.40)	Higher
	499.9	Discounted Cash Flow	Discount Rates	6% - 18% (11%)	Lower
			Terminal Growth Rate	2% - 11% (3%)	Higher
		Comparable Multiple	EBITDA Multiple	1.5x - 22.0x (11.4x)	Higher
			Revenue Multiple	2.7x - 9.0x (6.4x)	Higher
	231.0	Discounted Cash Flow	Discount Rates	7% - 27% (14%)	Lower
			Constant Prepayment Rate	6% - 16% (8%)	Lower
			Constant Default Rate	0% - 6% (1%)	Lower
			Recovery Rate	20% - 40% (31%)	Higher
	141.7	Other(1)	N/A	N/A	N/A

Bonds	756.2	Consensus Pricing	Indicative Quotes (% of Par)	70 - 102 (96)	Higher
Loans	9,945.4	Consensus Pricing	Indicative Quotes (% of Par)	0 - 101 (96)	Higher
	267.6	Discounted Cash Flow	Discount Rates	0% - 18% (10%)	Lower
			Constant Prepayment Rate	11% - 11% (11%)	Lower
			Constant Default Rate	2% - 4% (2%)	Lower
			Severity	75% - 75% (75%)	Higher
	1.7	Other(1)	N/A	N/A	N/A
	11,846.4
Investments in CLOs:
Senior secured notes	275.4	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	83 - 101 (100)	Higher
			Discount Margins (Basis Points)	90 - 1,300 (209)	Lower
			Default Rates	2% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Subordinated notes and preferred shares	34.5	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	1 - 82 (30)	Higher
			Discount Rates	8% - 22% (13%)	Lower
			Default Rates	1% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Other investments:
Aviation subordinated notes	6.9	Discounted Cash Flow	Discount Rates	21% - 21% (21%)	Lower
Loans	83.7	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	100 - 100 (100)	Higher
			Discount Rates	1% - 21% (9%)	Lower
	0.4	Other(1)	N/A	N/A	N/A
Total	$12,247.3
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$9,820.3	Other(2)	N/A	N/A	N/A
Subordinated notes and preferred shares	336.4	Consensus Pricing with Discounted Cash Flow	Indicative Quotes (% of Par)	3 - 84 (61)	Higher
			Discount Rates	9% - 16% (12%)	Lower
			Default Rates	1% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Total	$10,156.7

(1)Fair value approximates transaction price that was in close proximity to the reporting date.

(2)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets,

less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent

compensation for services.

The following table summarizes quantitative information about the Company’s Level III inputs as of December 31, 2025:


	Fair Value at	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from Increase in Input
(Dollars in millions)	December 31, 2025	Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)	Impact to Valuation from Increase in Input
Assets
Investments of Consolidated Funds:
Equity securities	$1.4	Consensus Pricing	Indicative Quotes ($ per share)	0.00 - 20.38 (0.19)	Higher
	789.2	Discounted Cash Flow	Discount Rates	7% - 19% (11%)	Lower
			Terminal Growth Rate	1% - 11% (4%)	Higher
		Comparable Multiple	EBITDA Multiple	1.5x - 23.8x (12.0x)	Higher
			Revenue Multiple	2.8x - 2.8x (2.8x)	Higher
			TCF Multiple	22.3x - 22.3x (22.3x)	Higher
	112.3	Discounted Cash Flow	Discount Rates	7% - 20% (12%)	Lower
			Constant Prepayment Rate	6% - 16% (9%)	Lower
			Constant Default Rate	0% - 6% (1%)	Lower
			Recovery Rate	0% - 40% (21%)	Higher
	191.9	Other(1)	N/A	N/A	N/A

Bonds	691.2	Consensus Pricing	Indicative Quotes (% of Par)	12 - 106 (96)	Higher
Loans	9,028.5	Consensus Pricing	Indicative Quotes (% of Par)	0 - 101 (98)	Higher
	216.0	Discounted Cash Flow	Discount Rates	6% - 16% (9%)	Lower
	3.5	Discounted Cash Flow	Discount Rates	14% - 14% (14%)	Lower
			Constant Prepayment Rate	8% - 14% (11%)	Lower
			Constant Default Rate	2% - 2% (2%)	Lower
Other	1.8	Other(1)	N/A	N/A	N/A
	11,035.8
Investments in CLOs
Senior secured notes	303.3	Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	92 - 101 (100)	Higher
			Discount Margins (Basis Points)	80 - 1,060 (204)	Lower
			Default Rates	2% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Subordinated notes and preferred shares	45.7	Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	0 - 87 (38)	Higher
			Discount Rate	0% - 31% (10%)	Lower
			Default Rates	1% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Other investments:
Aviation subordinated notes	7.5	Discounted Cash Flow	Discount Rates	21% - 21% (21%)	Lower
Loans	37.6	Discounted Cash Flow	Discount Rates	6% - 10% (9%)	Lower
		Consensus Pricing	Indicative Quotes (% of Par)	100 - 100 (100)	Higher
	49.5	Other(1)	N/A	N/A	N/A
Total	$11,479.4
Liabilities
Loans payable of Consolidated Funds:
Senior secured notes	$9,032.2	Other(2)	N/A	N/A	N/A
Subordinated notes and preferred shares	390.9	Discounted Cash Flow with Consensus Pricing	Indicative Quotes (% of Par)	10 - 84 (51)	Higher
			Discount Rates	5% - 24% (9%)	Lower
			Default Rates	1% - 2% (2%)	Lower
			Recovery Rates	60% - 60% (60%)	Higher
Total	$9,423.1

(1)Fair value approximates transaction price that was in close proximity to the reporting date.

(2)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO financial assets,

less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any beneficial interests that represent

compensation for services.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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