v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Schedule of Investments Investments consist of the following: 
 
As of
 
June 30, 2026
December 31,
2025
 
(Dollars in millions)
Accrued performance allocations
$6,608.2
$7,620.3
Principal equity method investments, excluding performance allocations
3,068.8
2,879.5
Principal investments in CLOs
321.0
349.0
Other investments
233.6
303.9
Total
$10,231.6
$11,152.7
Schedule of Components of Accrued Performance Fees The components of accrued performance allocations are as follows:
 
As of
 
June 30,
2026
December 31,
2025
 
(Dollars in millions)
Global Private Equity
$3,996.8
$5,021.1
Global Credit
793.4
724.6
Carlyle AlpInvest
1,818.0
1,874.6
Total
$6,608.2
$7,620.3
Schedule of Components of Accrued Giveback Obligations The components of the accrued giveback obligations are as follows:
 
As of
 
June 30,
2026
December 31,
2025
 
(Dollars in millions)
Global Private Equity
$(66.9)
$(47.3)
Global Credit
(25.5)
(25.5)
Total
$(92.4)
$(72.8)
Schedule of Equity Method Investments Principal investments are related to the following segments:
 
As of
 
June 30,
2026
December 31,
2025
 
(Dollars in millions)
Global Private Equity(1)
$1,481.5
$1,384.4
Global Credit(2)
1,178.9
1,151.9
Carlyle AlpInvest
408.4
343.2
Total
$3,068.8
$2,879.5
(1)The balance includes $679.4 million and $616.0 million as of June 30, 2026 and December 31, 2025, respectively, related to the
Company’s equity method investments in NGP.
(2)The balance includes $732.7 million and $722.4 million as of June 30, 2026 and December 31, 2025, respectively, related to the
Company’s investment in Fortitude.
The Company’s investments in NGP as of June 30, 2026 and December 31, 2025 are as follows:
As of
June 30,
2026
December 31,
2025
(Dollars in millions)
Investment in NGP Management
$230.7
$247.4
Investments in NGP general partners - accrued performance allocations
401.2
326.2
Principal investments in NGP funds
47.5
42.4
Total investments in NGP
$679.4
$616.0
Carlyle’s income (loss) from its principal equity method investments consists of:
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2026
2025
2026
2025
 
(Dollars in millions)
Global Private Equity
$65.4
$43.2
$119.5
$(52.4)
Global Credit
3.2
(0.5)
15.1
18.7
Carlyle AlpInvest
2.1
12.7
12.4
26.4
Total
$70.7
$55.4
$147.0
$(7.3)
Schedule of Net Investment Income (Loss) The net investment income (loss) recognized in the Company’s condensed consolidated statements of operations for the three
and six months ended June 30, 2026 and 2025 related to its investment in NGP Management were as follows:
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2026
2025
2026
2025
 
(Dollars in millions)
Management fee related revenues from NGP Management
$14.5
$15.4
$28.6
$31.5
Expenses related to the investment in NGP Management
(2.7)
(3.6)
(5.6)
(7.2)
Amortization of basis differences and impairment of investment in NGP
Management
(8.4)
(8.8)
(17.2)
(101.3)
Net investment income (loss) from NGP Management
$3.4
$3.0
$5.8
$(77.0)
Schedule of Components of Investment Income (Loss) The components of investment income (loss) are as follows:
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2026
2025
2026
2025
 
(Dollars in millions)
Performance allocations
Realized
$307.0
$116.7
$357.4
$449.6
Unrealized
(262.3)
522.1
(993.8)
412.1
44.7
638.8
(636.4)
861.7
Principal investment income (loss) from equity method investments
(excluding performance allocations)
Realized
28.1
178.3
50.8
148.9
Unrealized
42.6
(122.9)
96.2
(156.2)
70.7
55.4
147.0
(7.3)
Principal investment income (loss) from investments in CLOs and other
investments
Realized
0.2
1.6
3.8
(0.4)
Unrealized
(1.7)
(1.8)
(17.2)
(0.2)
(1.5)
(0.2)
(13.4)
(0.6)
Total
$113.9
$694.0
$(502.8)
$853.8
Schedule of Performance Allocations Included in Revenues The performance allocations included in revenues are derived from the following segments: 
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2026
2025
2026
2025
 
(Dollars in millions)
Global Private Equity
$(101.8)
$476.9
$(799.9)
$561.9
Global Credit
102.6
50.8
139.3
129.8
Carlyle AlpInvest
43.9
111.1
24.2
170.0
Total
$44.7
$638.8
$(636.4)
$861.7
The following tables summarize the funds that are the primary drivers of performance allocations for the three and six
months ended June 30, 2026 and 2025, as well as the total revenue recognized, including performance allocations, fund
management fees and principal investment income:
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
(Dollars in millions)
(Dollars in millions)
Global Private Equity
Carlyle Partners VII, L.P.
$(264.7)
Global Private Equity
Carlyle Partners VII, L.P.
$(987.8)
Three Months Ended June 30, 2025
Six Months Ended June 30, 2025
(Dollars in millions)
(Dollars in millions)
Global Private Equity
Carlyle Asia Partners V, L.P.
$287.6
Global Private Equity
Carlyle Partners VII, L.P.
$447.7
Global Private Equity
Carlyle Partners VII, L.P.
213.7
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
June 30,
Six Months Ended
June 30,
 
2026
2025
2026
2025
 
(Dollars in millions)
Interest income from investments
$178.0
$142.5
$339.8
$265.5
Other income
14.5
20.5
32.4
30.9
Total
$192.5
$163.0
$372.2
$296.4
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
June 30,
Six Months Ended
June 30,
 
2026
2025
2026
2025
 
(Dollars in millions)
Gains (losses) from investments of Consolidated Funds
$146.6
$4.6
$(102.0)
$11.6
Gains (losses) from liabilities of consolidated CLOs
(120.4)
42.2
63.8
41.3
Total
$26.2
$46.8
$(38.2)
$52.9
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
(including consolidated CLOs):
 
Three Months Ended
June 30,
Six Months Ended
June 30,
 
2026
2025
2026
2025
 
(Dollars in millions)
Net realized gains (losses)
$(42.0)
$(24.5)
$(41.6)
$(24.9)
Net change in unrealized gains (losses)
188.6
29.1
(60.4)
36.5
Total
$146.6
$4.6
$(102.0)
$11.6