
	As of September 30, 2026
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,583.5	$—	$—	$1,583.5
Cash and cash equivalents held at Consolidated Funds	—	1,021.5	—	1,021.5
Investments, including accrued performance allocations of $5,801.3	10,565.6	—	(1,164.9)	9,400.7
Investments of Consolidated Funds	—	13,709.2	—	13,709.2
Due from affiliates and other receivables, net	1,317.0	—	(301.1)	1,015.9
Due from affiliates and other receivables of Consolidated Funds, net	—	324.5	—	324.5
Fixed assets, net	256.6	—	—	256.6
Lease right-of-use assets, net	310.6	—	—	310.6
Deposits and other	73.7	5.1	—	78.8
Intangible assets, net	408.0	—	—	408.0
Deferred tax assets	70.1	—	—	70.1
Total assets	$14,585.1	$15,060.3	$(1,466.0)	$28,179.4
Liabilities and equity
Debt obligations	$3,016.7	$—	$—	$3,016.7
Loans payable of Consolidated Funds	—	12,000.0	(284.0)	11,716.0
Accounts payable, accrued expenses and other liabilities	411.3	—	—	411.3
Accrued compensation and benefits	4,569.9	—	—	4,569.9
Due to affiliates	210.7	10.3	(3.1)	217.9
Deferred revenue	358.6	—	—	358.6
Deferred tax liabilities	17.9	—	—	17.9
Other liabilities of Consolidated Funds	—	718.1	(0.7)	717.4
Lease liabilities	436.9	—	—	436.9
Accrued giveback obligations	120.2	—	—	120.2
Total liabilities	9,142.2	12,728.4	(287.8)	21,582.8
Common stock	3.6	—	—	3.6
Additional paid-in capital	4,666.4	1,208.0	(1,208.0)	4,666.4
Retained earnings	525.7	—	—	525.7
Accumulated other comprehensive loss	(248.0)	24.0	29.8	(194.2)
Non-controlling interests in consolidated entities	495.2	1,099.9	—	1,595.1
Total equity	5,442.9	2,331.9	(1,178.2)	6,596.6
Total liabilities and equity	$14,585.1	$15,060.3	$(1,466.0)	$28,179.4


	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 September 30, 2026
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$566.7	$—	$(11.3)	$555.4
Incentive fees	51.6	—	—	51.6
Investment income (loss)
Performance allocations	(627.6)	—	1.0	(626.6)
Principal investment income	88.1	—	31.2	119.3
Total investment loss	(539.5)	—	32.2	(507.3)
Interest and other income	65.6	—	(6.2)	59.4
Interest and other income of Consolidated Funds	—	175.0	—	175.0
Total revenues	144.4	175.0	14.7	334.1
Expenses
Compensation and benefits
Cash-based compensation and benefits	196.5	—	—	196.5
Equity-based compensation	100.8	—	—	100.8
Performance allocations and incentive fee related compensation	(334.5)	—	—	(334.5)
Total compensation and benefits	(37.2)	—	—	(37.2)
General, administrative and other expenses	193.9	—	(0.1)	193.8
Interest	39.1	—	—	39.1
Interest and other expenses of Consolidated Funds	—	198.5	(5.9)	192.6
Total expenses	195.8	198.5	(6.0)	388.3
Other loss
Net investment loss of Consolidated Funds	—	(22.7)	—	(22.7)
Loss before provision for income taxes	(51.4)	(46.2)	20.7	(76.9)
Benefit for income taxes	(0.1)	—	—	(0.1)
Net loss	(51.3)	(46.2)	20.7	(76.8)
Net loss attributable to non-controlling interests in consolidated entities	(43.6)	—	(25.5)	(69.1)
Net loss attributable to The Carlyle Group Inc.	$(7.7)	$(46.2)	$46.2	$(7.7)


	Nine Months Ended September 30, 2026
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,831.1	$—	$(34.7)	$1,796.4
Incentive fees	202.2	—	—	202.2
Investment income (loss)
Performance allocations	(1,260.5)	—	(2.5)	(1,263.0)
Principal investment income	126.8	—	126.1	252.9
Total investment loss	(1,133.7)	—	123.6	(1,010.1)
Interest and other income	197.5	—	(21.6)	175.9
Interest and other income of Consolidated Funds	—	547.2	—	547.2
Total revenues	1,097.1	547.2	67.3	1,711.6
Expenses
Compensation and benefits
Cash-based compensation and benefits	685.5	—	—	685.5
Equity-based compensation	336.6	—	—	336.6
Performance allocations and incentive fee related compensation	(608.8)	—	—	(608.8)
Total compensation and benefits	413.3	—	—	413.3
General, administrative and other expenses	581.3	—	—	581.3
Interest	115.9	—	—	115.9
Interest and other expenses of Consolidated Funds	—	570.5	(48.2)	522.3
Total expenses	1,110.5	570.5	(48.2)	1,632.8
Other loss
Net investment loss of Consolidated Funds	—	(60.9)	—	(60.9)
Income (loss) before provision for income taxes	(13.4)	(84.2)	115.5	17.9
Provision for income taxes	11.8	—	—	11.8
Net income (loss)	(25.2)	(84.2)	115.5	6.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(22.4)	—	31.3	8.9
Net loss attributable to The Carlyle Group Inc.	$(2.8)	$(84.2)	$84.2	$(2.8)


	Three Months Ended September 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$600.0	$—	$(16.7)	$583.3
Incentive fees	53.8	—	(2.4)	51.4
Investment income
Performance allocations	(598.2)	—	(8.5)	(606.7)
Principal investment income	71.4	—	16.3	87.7
Total investment income (loss)	(526.8)	—	7.8	(519.0)
Interest and other income	60.3	—	(6.7)	53.6
Interest and other income of Consolidated Funds	—	163.4	—	163.4
Total revenues	187.3	163.4	(18.0)	332.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	216.2	—	—	216.2
Equity-based compensation	90.7	—	—	90.7
Performance allocations and incentive fee related compensation	(324.6)	—	—	(324.6)
Total compensation and benefits	(17.7)	—	—	(17.7)
General, administrative and other expenses	180.7	—	—	180.7
Interest	29.8	—	—	29.8
Interest and other expenses of Consolidated Funds	—	195.8	(18.5)	177.3
Total expenses	192.8	195.8	(18.5)	370.1
Other income (loss)
Net investment income of Consolidated Funds	—	123.2	—	123.2
Income (loss) before provision (benefit) for income taxes	(5.5)	90.8	0.5	85.8
Benefit for income taxes	(26.7)	—	—	(26.7)
Net income	21.2	90.8	0.5	112.5
Net income attributable to non-controlling interests in consolidated entities	20.3	—	91.3	111.6
Net income attributable to The Carlyle Group Inc.	$0.9	$90.8	$(90.8)	$0.9


	Nine Months Ended September 30, 2025
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$1,822.4	$—	$(32.6)	$1,789.8
Incentive fees	138.0	—	(2.9)	135.1
Investment income
Performance allocations	265.2	—	(10.2)	255.0
Principal investment income (loss)	77.1	—	2.7	79.8
Total investment income	342.3	—	(7.5)	334.8
Interest and other income	177.3	—	(18.1)	159.2
Interest and other income of Consolidated Funds	—	459.8	—	459.8
Total revenues	2,480.0	459.8	(61.1)	2,878.7
Expenses
Compensation and benefits
Cash-based compensation and benefits	673.0	—	—	673.0
Equity-based compensation	287.1	—	—	287.1
Performance allocations and incentive fee related compensation	290.4	—	—	290.4
Total compensation and benefits	1,250.5	—	—	1,250.5
General, administrative and other expenses	559.8	—	—	559.8
Interest	85.6	—	—	85.6
Interest and other expenses of Consolidated Funds	—	505.1	(43.5)	461.6
Other non-operating income	(0.1)	—	—	(0.1)
Total expenses	1,895.8	505.1	(43.5)	2,357.4
Other income
Net investment income of Consolidated Funds	—	176.1	—	176.1
Income before provision for income taxes	584.2	130.8	(17.6)	697.4
Provision for income taxes	98.2	—	—	98.2
Net income	486.0	130.8	(17.6)	599.2
Net income attributable to non-controlling interests in consolidated entities	35.4	—	113.2	148.6
Net income attributable to The Carlyle Group Inc.	$450.6	$130.8	$(130.8)	$450.6


	Nine Months Ended September 30,
	2026	2025
	(Dollars in millions)
Cash flows from operating activities
Net income (loss)	$(25.2)	$486.0
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	153.8	143.1
Equity-based compensation	336.6	287.1
Non-cash performance allocations and incentive fees	680.0	2.7
Non-cash principal investment (income) loss	(92.8)	(32.5)
Other non-cash amounts	(2.5)	35.9
Purchases of investments	(995.2)	(872.6)
Proceeds from the sale of investments	977.2	807.6
Payments of contingent consideration	(14.8)	(2.7)
Change in deferred taxes, net	(109.0)	(67.5)
Change in due from affiliates and other receivables	1.0	(8.1)
Change in deposits and other	19.8	(25.4)
Change in accounts payable, accrued expenses and other liabilities	(116.9)	37.8
Change in accrued compensation and benefits	(187.4)	(61.4)
Change in due to affiliates	20.6	25.1
Change in lease right-of-use assets and lease liabilities	(11.7)	(9.7)
Change in deferred revenue	229.8	226.7
Net cash provided by operating activities	863.3	972.1
Cash flows from investing activities
Purchases of fixed assets, net	(87.5)	(57.4)
Net cash used in investing activities	(87.5)	(57.4)
Cash flows from financing activities
Issuance of 5.05% senior notes due 2035, net of financing costs	—	792.9
Payments on CLO borrowings	(67.9)	(52.0)
Proceeds from CLO borrowings, net of financing costs	97.9	64.8
Dividends to common shareholders	(376.6)	(379.2)
Contributions from non-controlling interest holders	269.9	116.9
Distributions to non-controlling interest holders	(151.7)	(83.9)
Common shares repurchased and net share settlement of equity-based awards	(719.3)	(482.8)
Change in due to/from affiliates financing activities	(208.8)	29.4
Net cash provided by (used in) financing activities	(1,156.5)	6.1
Effect of foreign exchange rate changes	(8.6)	39.1
Increase (decrease) in cash, cash equivalents and restricted cash	(389.3)	959.9
Cash, cash equivalents and restricted cash, beginning of period	1,973.6	1,266.5
Cash, cash equivalents and restricted cash, end of period	$1,584.3	$2,226.4

Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,583.5	$2,221.7
Restricted cash	0.8	4.7
Total cash, cash equivalents and restricted cash, end of period	$1,584.3	$2,226.4

Cash and cash equivalents held at Consolidated Funds	$1,021.5	$1,037.3