
	As of June 30, 2026
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,256.5	$—	$—	$1,256.5
Cash and cash equivalents held at Consolidated Funds	—	784.1	—	784.1
Investments, including accrued performance allocations of $6,608.2	11,362.6	—	(1,131.0)	10,231.6
Investments of Consolidated Funds	—	13,320.3	—	13,320.3
Due from affiliates and other receivables, net	1,482.4	—	(301.2)	1,181.2
Due from affiliates and other receivables of Consolidated Funds, net	—	290.3	—	290.3
Fixed assets, net	248.3	—	—	248.3
Lease right-of-use assets, net	320.4	—	—	320.4
Deposits and other	87.1	4.7	—	91.8
Intangible assets, net	440.9	—	—	440.9
Deferred tax assets	30.2	—	—	30.2
Total assets	$15,228.4	$14,399.4	$(1,432.2)	$28,195.6
Liabilities and equity
Debt obligations	$2,998.8	$—	$—	$2,998.8
Loans payable of Consolidated Funds	—	11,089.2	(284.8)	10,804.4
Accounts payable, accrued expenses and other liabilities	591.8	—	—	591.8
Accrued compensation and benefits	5,007.6	—	—	5,007.6
Due to affiliates	235.6	7.4	—	243.0
Deferred revenue	135.5	—	—	135.5
Deferred tax liabilities	16.0	—	—	16.0
Other liabilities of Consolidated Funds	—	643.9	(1.1)	642.8
Lease liabilities	450.5	—	—	450.5
Accrued giveback obligations	92.4	—	—	92.4
Total liabilities	9,528.2	11,740.5	(285.9)	20,982.8
Common stock	3.5	—	—	3.5
Additional paid-in capital	4,557.4	1,174.9	(1,174.9)	4,557.4
Retained earnings	873.8	—	—	873.8
Accumulated other comprehensive loss	(243.7)	22.5	28.6	(192.6)
Non-controlling interests in consolidated entities	509.2	1,461.5	—	1,970.7
Total equity	5,700.2	2,658.9	(1,146.3)	7,212.8
Total liabilities and equity	$15,228.4	$14,399.4	$(1,432.2)	$28,195.6


	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 June 30, 2026
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$668.4	$—	$(11.4)	$657.0
Incentive fees	98.9	—	—	98.9
Investment income
Performance allocations	47.1	—	(2.4)	44.7
Principal investment income	43.9	—	25.3	69.2
Total investment income	91.0	—	22.9	113.9
Interest and other income	68.8	—	(7.6)	61.2
Interest and other income of Consolidated Funds	—	192.5	—	192.5
Total revenues	927.1	192.5	3.9	1,123.5
Expenses
Compensation and benefits
Cash-based compensation and benefits	261.9	—	—	261.9
Equity-based compensation	116.0	—	—	116.0
Performance allocations and incentive fee related compensation	93.6	—	—	93.6
Total compensation and benefits	471.5	—	—	471.5
General, administrative and other expenses	202.9	—	—	202.9
Interest	38.2	—	—	38.2
Interest and other expenses of Consolidated Funds	—	193.7	(30.4)	163.3
Total expenses	712.6	193.7	(30.4)	875.9
Other income
Net investment income of Consolidated Funds	—	26.2	—	26.2
Income before provision for income taxes	214.5	25.0	34.3	273.8
Provision for income taxes	49.0	—	—	49.0
Net income	165.5	25.0	34.3	224.8
Net income attributable to non-controlling interests in consolidated entities	28.4	—	59.3	87.7
Net income attributable to The Carlyle Group Inc.	$137.1	$25.0	$(25.0)	$137.1



	Six Months Ended June 30, 2026
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,264.4	$—	$(23.4)	$1,241.0
Incentive fees	150.6	—	—	150.6
Investment income (loss)
Performance allocations	(632.9)	—	(3.5)	(636.4)
Principal investment income	38.7	—	94.9	133.6
Total investment loss	(594.2)	—	91.4	(502.8)
Interest and other income	131.9	—	(15.4)	116.5
Interest and other income of Consolidated Funds	—	372.2	—	372.2
Total revenues	952.7	372.2	52.6	1,377.5
Expenses
Compensation and benefits
Cash-based compensation and benefits	489.0	—	—	489.0
Equity-based compensation	235.8	—	—	235.8
Performance allocations and incentive fee related compensation	(274.3)	—	—	(274.3)
Total compensation and benefits	450.5	—	—	450.5
General, administrative and other expenses	387.4	—	0.1	387.5
Interest	76.8	—	—	76.8
Interest and other expenses of Consolidated Funds	—	372.0	(42.3)	329.7
Total expenses	914.7	372.0	(42.2)	1,244.5
Other income (loss)
Net investment loss of Consolidated Funds	—	(38.2)	—	(38.2)
Income (loss) before provision for income taxes	38.0	(38.0)	94.8	94.8
Provision for income taxes	11.9	—	—	11.9
Net income (loss)	26.1	(38.0)	94.8	82.9
Net income attributable to non-controlling interests in consolidated entities	21.2	—	56.8	78.0
Net income (loss) attributable to The Carlyle Group Inc.	$4.9	$(38.0)	$38.0	$4.9


	Three Months Ended June 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$628.0	$—	$(7.6)	$620.4
Incentive fees	40.9	—	(0.4)	40.5
Investment income
Performance allocations	640.0	—	(1.2)	638.8
Principal investment income	66.2	—	(11.0)	55.2
Total investment income	706.2	—	(12.2)	694.0
Interest and other income	59.8	—	(4.8)	55.0
Interest and other income of Consolidated Funds	—	163.0	—	163.0
Total revenues	1,434.9	163.0	(25.0)	1,572.9
Expenses
Compensation and benefits
Cash-based compensation and benefits	238.4	—	—	238.4
Equity-based compensation	92.9	—	—	92.9
Performance allocations and incentive fee related compensation	443.6	—	—	443.6
Total compensation and benefits	774.9	—	—	774.9
General, administrative and other expenses	205.4	—	0.1	205.5
Interest	28.0	—	—	28.0
Interest and other expenses of Consolidated Funds	—	178.5	(7.7)	170.8
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,008.2	178.5	(7.6)	1,179.1
Other income (loss)
Net investment income of Consolidated Funds	—	46.8	—	46.8
Income before provision for income taxes	426.7	31.3	(17.4)	440.6
Provision for income taxes	112.5	—	—	112.5
Net income	314.2	31.3	(17.4)	328.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(5.5)	—	13.9	8.4
Net income attributable to The Carlyle Group Inc.	$319.7	$31.3	$(31.3)	$319.7



	Six Months Ended June 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,222.4	$—	$(15.9)	$1,206.5
Incentive fees	84.2	—	(0.5)	83.7
Investment income
Performance allocations	863.4	—	(1.7)	861.7
Principal investment income (loss)	5.7	—	(13.6)	(7.9)
Total investment income	869.1	—	(15.3)	853.8
Interest and other income	117.0	—	(11.4)	105.6
Interest and other income of Consolidated Funds	—	296.4	—	296.4
Total revenues	2,292.7	296.4	(43.1)	2,546.0
Expenses
Compensation and benefits
Cash-based compensation and benefits	456.8	—	—	456.8
Equity-based compensation	196.4	—	—	196.4
Performance allocations and incentive fee related compensation	615.0	—	—	615.0
Total compensation and benefits	1,268.2	—	—	1,268.2
General, administrative and other expenses	379.1	—	—	379.1
Interest	55.8	—	—	55.8
Interest and other expenses of Consolidated Funds	—	309.3	(25.0)	284.3
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,703.0	309.3	(25.0)	1,987.3
Other income
Net investment income of Consolidated Funds	—	52.9	—	52.9
Income before provision for income taxes	589.7	40.0	(18.1)	611.6
Provision for income taxes	124.9	—	—	124.9
Net income	464.8	40.0	(18.1)	486.7
Net income attributable to non-controlling interests in consolidated entities	15.1	—	21.9	37.0
Net income attributable to The Carlyle Group Inc.	$449.7	$40.0	$(40.0)	$449.7


	Six Months Ended June 30,
	2026	2025
	(Dollars in millions)
Cash flows from operating activities
Net income	$26.1	$464.8
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	101.8	94.6
Equity-based compensation	235.8	196.4
Non-cash performance allocations and incentive fees	335.3	(252.4)
Non-cash principal investment (income) loss	(12.9)	33.5
Other non-cash amounts	(6.4)	36.8
Purchases of investments	(733.1)	(481.8)
Proceeds from the sale of investments	600.6	499.5
Payments of contingent consideration	—	(1.0)
Change in deferred taxes, net	(72.4)	(16.5)
Change in due from affiliates and other receivables	(66.8)	(16.5)
Change in deposits and other	7.5	(25.0)
Change in accounts payable, accrued expenses and other liabilities	55.1	39.1
Change in accrued compensation and benefits	(243.1)	(116.2)
Change in due to affiliates	3.9	23.6
Change in lease right-of-use assets and lease liabilities	(7.9)	(6.3)
Change in deferred revenue	7.3	57.6
Net cash provided by operating activities	230.8	530.2
Cash flows from investing activities
Purchases of fixed assets, net	(60.1)	(34.2)
Net cash used in investing activities	(60.1)	(34.2)
Cash flows from financing activities
Payments on CLO borrowings	(37.6)	(40.1)
Proceeds from CLO borrowings, net of financing costs	47.8	15.1
Dividends to common stockholders	(252.1)	(252.7)
Contributions from non-controlling interest holders	208.4	91.4
Distributions to non-controlling interest holders	(119.1)	(48.6)
Common shares repurchased and net share settlement of equity-based awards	(508.9)	(280.1)
Change in due to/from affiliates financing activities	(206.7)	(0.5)
Net cash used in financing activities	(868.2)	(515.5)
Effect of foreign exchange rate changes	(18.1)	29.9
(Decrease) increase in cash, cash equivalents and restricted cash	(715.6)	10.4
Cash, cash equivalents and restricted cash, beginning of period	1,973.6	1,266.5
Cash, cash equivalents and restricted cash, end of period	$1,258.0	$1,276.9

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,256.5	$1,275.8
Restricted cash	1.5	1.1
Total cash, cash equivalents and restricted cash, end of period	$1,258.0	$1,276.9

Cash and cash equivalents held at Consolidated Funds	$784.1	$463.1