Investments consist of the following:


	As of
	September 30, 2026	December 31, 2025
	(Dollars in millions)
Accrued performance allocations	$5,801.3	$7,620.3
Principal equity method investments, excluding performance allocations	3,069.4	2,879.5
Principal investments in CLOs	293.3	349.0
Other investments	236.7	303.9
Total	$9,400.7	$11,152.7

The components of accrued performance allocations are as follows:


	As of
	September 30, 2026	December 31, 2025
	(Dollars in millions)
Global Private Equity	$3,164.8	$5,021.1
Global Credit	918.5	724.6
Carlyle AlpInvest	1,718.0	1,874.6
Total	$5,801.3	$7,620.3

Approximately 12% of accrued performance allocations at September 30, 2026 were related to Carlyle

Partners VIII, L.P., one of the Company’s Global Private Equity funds. Approximately 24% of accrued performance

allocations at December 31, 2025 were related to Carlyle Partners VII, L.P., one of the Company’s Global Private

Accrued performance allocations are shown gross of the Company’s accrued performance allocations and

incentive fee related compensation (see Note 6, Accrued Compensation and Benefits) and accrued giveback

obligations, which are separately presented in the condensed consolidated balance sheets, as well as the portion

attributable to non-controlling interests.

The components of the accrued giveback obligations are as follows:


	As of
	September 30, 2026	December 31, 2025
	(Dollars in millions)
Global Private Equity	$(94.7)	$(47.3)
Global Credit	(25.5)	(25.5)
Total	$(120.2)	$(72.8)

The Company’s principal equity method investments (excluding performance allocations) include its fund

investments in Global Private Equity, Global Credit, and Carlyle AlpInvest typically as general partner interests, and

its investments in Fortitude through a Carlyle-affiliated fund (included within Global Credit) and NGP (included within

Global Private Equity), which are not consolidated. Principal investments are related to the following segments:


	As of
	September 30, 2026	December 31, 2025
	(Dollars in millions)
Global Private Equity(1)	$1,460.5	$1,384.4
Global Credit(2)	1,185.0	1,151.9
Carlyle AlpInvest	423.9	343.2
Total	$3,069.4	$2,879.5

(1)The balance includes $640.9 million and $616.0 million as of September 30, 2026 and December 31, 2025,

respectively, related to the Company’s equity method investments in NGP.

(2)The balance includes $743.0 million and $722.4 million as of September 30, 2026 and December 31, 2025,

respectively, related to the Company’s investment in Fortitude.

Investment in Fortitude

Carlyle FRL, L.P. (“Carlyle FRL”), a Carlyle-affiliated investment fund, holds a 38.5% interest in FGH Parent,

L.P. (“FGH Parent” or “Fortitude”), an insurance and reinsurance company. The Company indirectly owns 10.5% of

Fortitude, and Carlyle FRL and other strategic third-party investors collectively hold a 97.5% interest in Fortitude. As

of September 30, 2026, the carrying value of the Company’s investment in Carlyle FRL, which is an investment

company that accounts for its investment in Fortitude at fair value, was $743.0 million, relative to equity invested of

Fortitude declared and paid dividends of $300.0 million in each of September 2026 and 2025, of which

$31.3 million and $31.4 million, respectively, were distributed to the Company from Carlyle FRL and recognized as

realized principal investment income in the condensed consolidated statements of operations for the three and nine

months ended September 30, 2026 and 2025.

The Company has an asset management relationship with Fortitude pursuant to which Fortitude committed to

allocate assets in asset management strategies and vehicles of the Company and its affiliates. As of September 30,

2026, Fortitude, its affiliates and certain Fortitude reinsurance counterparties have committed approximately

$27.4 billion of capital to-date to various Carlyle strategies. The Company has a strategic advisory services

agreement in place with certain subsidiaries of Fortitude through Carlyle Insurance Solutions Management L.L.C.

(“CISM”), an investment adviser. Under the agreement, CISM provides Fortitude with certain services, including

business development and growth, transaction origination and execution, and capital management services in

exchange for a recurring management fee based on Fortitude’s general account assets, which adjusts within an

agreed range based on Fortitude’s overall profitability.

The Company has equity interests in NGP Management Company, L.L.C. (“NGP Management”), the general

partners of certain carry funds advised by NGP, and principal investments in certain NGP funds as described below.

These investments are included in the Global Private Equity segment. NGP Management serves as the investment

advisor to the NGP Energy Funds. The Company does not control NGP and accounts for its investments in NGP

under the equity method of accounting.

The Company’s investments in NGP as of September 30, 2026 and December 31, 2025 are as follows:


	As of
	September 30, 2026	December 31, 2025
	(Dollars in millions)
Investment in NGP Management	$220.6	$247.4
Investments in NGP general partners - accrued performance allocations	377.1	326.2
Principal investments in NGP funds	43.2	42.4
Total investments in NGP	$640.9	$616.0

See Note 4, Investments, to our Annual Report on Form 10-K for the year ended December 31, 2025 for

additional information regarding the restructuring of the terms of the Company’s strategic investment in NGP (the

“Restructuring”). As a result of the Restructuring, the nine months ended September 30, 2025 included a

$92.5 million impairment of the Company’s investment in NGP Management and a $38.0 million reduction in

accrued performance allocations, which were recorded in Principal investment income (loss) in the condensed

consolidated statements of operations and excluded from Distributable Earnings, as defined in Note 14, Segment

Reporting. The Company amortizes basis differences established in connection with the Restructuring as a

reduction to Principal investment income over their estimated useful lives.

Investment in NGP Management. The Company’s equity interests in NGP Management entitle the Company

to an allocation of income equal to 55.0% of the management fee related revenues earned by existing funds prior to

the Restructuring that held an initial closing after December 31, 2024, and up to 55.0% of management fee related

revenues on future NGP funds subsequent to the Restructuring in the aggregate, which are based on a sliding

scale, including all management fees being retained by NGP for the years 2025 through 2028 on such future NGP

funds. The Company records investment income (loss) for its equity income allocation from NGP management fee

related revenues and also records its share of any allocated expenses from NGP Management, expenses

associated with the compensatory elements of the investment, and any impairment charges. The net investment

income (loss) recognized in the Company’s condensed consolidated statements of operations for the three and nine

months ended September 30, 2026 and 2025 related to its investment in NGP Management were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(Dollars in millions)
Management fee related revenues from NGP Management	$13.4	$15.0	$42.0	$46.5
Expenses related to the investment in NGP Management	(2.8)	(3.6)	(8.4)	(10.8)
Amortization of basis differences and impairment of investment in NGP Management	(8.3)	(8.7)	(25.5)	(110.0)
Net investment income (loss) from NGP Management	$2.3	$2.7	$8.1	$(74.3)

Management fee related revenues from NGP Management were primarily driven by NGP XI, NGP XII, and

NGP XIII during the three and nine months ended September 30, 2026 and 2025. These funds calculate

management fees as 1.5% of the limited partners’ commitments less any return of capital or write-offs during the

investment period. Following the investment period, the basis on which fund management fees are generally

calculated is further reduced by a reserve for future management fees and operating costs.

Investment in the General Partners of NGP Carry Funds. The Company’s investment in the general partners

of the NGP Carry Funds entitles it to up to 47.5% of performance allocations received by NGP Fund general

partners. The Company records its equity income allocation from NGP performance allocations in principal

investment income (loss) from equity method investments rather than performance allocations in its condensed

consolidated statements of operations. The Company recognized net investment earnings (losses) related to these

performance allocations of $49.8 million and $23.8 million for the three months ended September 30, 2026 and

2025, respectively, and $132.1 million and $22.9 million for the nine months ended September 30, 2026 and 2025,

respectively, in its condensed consolidated statements of operations. The nine months ended September 30, 2025

included a $38.0 million reduction related to the Restructuring.

Principal Investments in NGP Funds. The Company also holds principal investments in the NGP Carry Funds.

The Company recognized net investment earnings (losses) related to these investments in principal investment

income (loss) in its condensed consolidated statements of operations of $7.0 million and $3.3 million for the three

months ended September 30, 2026 and 2025, respectively, and $18.2 million and $8.8 million for the nine months

ended September 30, 2026 and 2025, respectively.

Principal Investments in CLOs and Other Investments

Principal investments in CLOs as of September 30, 2026 and December 31, 2025 were $293.2 million and

$349.0 million, respectively, and consisted of investments in CLO senior and subordinated notes. A portion of the

Company’s principal investments in CLOs is collateral to CLO term loans (see Note 5, Borrowings). As of

September 30, 2026 and December 31, 2025, other investments included the Company’s investment in common

shares of CGBD at fair value of $33.3 million and $37.5 million, respectively.

Investment Income (Loss)

The components of investment income (loss) are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(Dollars in millions)
Performance allocations
Realized	$211.6	$49.4	$569.0	$499.0
Unrealized	(838.2)	(656.1)	(1,832.0)	(244.0)
	(626.6)	(606.7)	(1,263.0)	255.0
Principal investment income (loss) from equity method investments (excluding performance allocations)
Realized	144.6	59.6	195.4	208.5
Unrealized	(29.1)	8.4	67.1	(147.8)
	115.5	68.0	262.5	60.7
Principal investment income (loss) from investments in CLOs and other investments
Realized	3.1	1.1	6.9	0.7
Unrealized	0.7	18.6	(16.5)	18.4
	3.8	19.7	(9.6)	19.1
Total	$(507.3)	$(519.0)	$(1,010.1)	$334.8


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(Dollars in millions)
Global Private Equity	$(669.0)	$(781.4)	$(1,468.9)	$(219.5)
Global Credit	128.7	93.3	268.0	223.1
Carlyle AlpInvest	(86.3)	81.4	(62.1)	251.4
Total	$(626.6)	$(606.7)	$(1,263.0)	$255.0

The following tables summarize the funds that are the primary drivers of performance allocations for the three

and nine months ended September 30, 2026 and 2025, as well as the total revenue recognized, including

performance allocations, fund management fees and principal investment income:


Three Months Ended September 30, 2026			Nine Months Ended September 30, 2026
(Dollars in millions)			(Dollars in millions)
Global Private Equity	Carlyle Partners VII, L.P.	$(783.0)	Global Private Equity	Carlyle Partners VII, L.P.	$(1,770.8)


Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
(Dollars in millions)			(Dollars in millions)
Global Private Equity	Carlyle Asia Partners V, L.P.	$(257.2)	Global Private Equity	Carlyle Partners VII, L.P.	$(110.2)
Global Private Equity	Carlyle Partners VII, L.P.	$(557.9)	Global Private Equity	Carlyle Asia Partners V, L.P.	$(197.4)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(Dollars in millions)
Global Private Equity	$82.0	$39.4	$201.5	$(13.0)
Global Credit	10.2	12.8	25.3	31.5
Carlyle AlpInvest	23.3	15.8	35.7	42.2
Total	$115.5	$68.0	$262.5	$60.7

Investments of Consolidated Funds

The Company consolidates the financial positions and results of operations of certain CLOs in which it is the

primary beneficiary. During the nine months ended September 30, 2026, the Company became the primary

beneficiary of six additional CLOs. Investments in Consolidated Funds as of September 30, 2026 and December 31,

2025 also included $773.6 million and $989.4 million, respectively, related to investments that have been bridged by

the Company to investment funds in the Global Private Equity and Carlyle AlpInvest segments that are accounted

for as consolidated VIEs.

There were no individual investments with a fair value greater than five percent of the Company’s total assets

for any period presented.

Interest and Other Income of Consolidated Funds

The components of interest and other income of Consolidated Funds are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(Dollars in millions)
Interest income from investments	$163.2	$146.9	$503.0	$412.4
Other income	11.8	16.5	44.2	47.4
Total	$175.0	$163.4	$547.2	$459.8

Net Investment Income (Loss) of Consolidated Funds

Net investment income (loss) of Consolidated Funds includes net realized gains (losses) from sales of

investments and unrealized gains (losses) resulting from changes in fair value of the Consolidated Funds’

investments. The components of Net investment income (loss) of Consolidated Funds are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(Dollars in millions)
Gains (losses) from investments of Consolidated Funds	$(54.3)	$88.5	$(156.3)	$100.1
Gains from liabilities of consolidated CLOs	31.6	34.7	95.4	76.0
Total	$(22.7)	$123.2	$(60.9)	$176.1

The following table presents realized and unrealized gains (losses) earned from investments of the

Consolidated Funds (including consolidated CLOs):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
	(Dollars in millions)
Net realized gains	$52.3	$58.5	$10.7	$33.6
Net change in unrealized gains (losses)	(106.6)	30.0	(167.0)	66.5
Total	$(54.3)	$88.5	$(156.3)	$100.1