v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Schedule of Investments 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
Schedule of Components of Accrued Performance Fees 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
Schedule of Components of Accrued Giveback Obligations The components of the accrued giveback obligations are as
follows:
 
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)
Schedule of Equity Method Investments 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.
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
Carlyle’s income (loss) from its principal equity method investments consists of:
 
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)
Schedule of Net Investment Income (Loss) 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)
Schedule of Components of 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
Schedule of Performance Allocations Included in Revenues The performance allocations included in revenues are derived from the following segments: 
 
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)
Schedule of Components of 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
Schedule of Components of Net Investment Income (losses) of Consolidated Funds 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
Schedule of Realized and Unrealized Gains (Losses) Earned from Investments of Consolidated Funds 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