v3.26.3
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring
basis by the fair value hierarchy levels as disclosed in Note 2, Summary of Significant Accounting Policies, as of
September 30, 2026:
(Dollars in millions)
Level I
Level II
Level III
Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)
$47.1
$18.7
$1,174.0
$1,239.8
Bonds
—
—
760.2
760.2
Loans
—
—
10,033.9
10,033.9
47.1
18.7
11,968.1
12,033.9
Investments in CLOs and other:
Investments in CLOs
—
—
293.3
293.3
Other investments(3)
89.7
20.2
19.0
128.9
Subtotal
$136.8
$38.9
$12,280.4
$12,456.1
Investments measured at net asset value
1,683.3
Total
$14,139.4
Liabilities
Loans payable of Consolidated Funds(4)(5)
$—
$—
$10,755.3
$10,755.3
Foreign currency forward contracts
—
2.0
—
2.0
Total
$—
$2.0
$10,755.3
$10,757.3
(1)This balance excludes $1.7 billion of Investments of Consolidated Funds that are included in Investments measured at
net asset value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest
segment.
(2)This balance includes $773.6 million related to investments that have been bridged by a subsidiary of the Company to
investment funds and are accounted for as consolidated VIEs as of September 30, 2026. The Company’s subsidiary,
which is accounted for as a consolidated VIE, has entered into warehouse agreements with certain funds to transfer
certain of these investments at a price agreed upon by the parties, which may differ from fair value.
(3)The Level III balance excludes $97.8 million related to four corporate investments in equity securities which the Company
has elected to account for under the measurement alternative for equity securities without readily determinable fair
values pursuant to ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair value of
these equity securities is excluded from the tabular Level III rollforward disclosures.
(4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO
financial assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any
beneficial interests that represent compensation for services.
(5)Loans payable of Consolidated Funds balance excludes $926.7 million of senior notes measured at amortized cost and a
$33.9 million revolving credit balance, which relate to certain consolidated investment fund of funds in the Company’s
Carlyle AlpInvest segment.
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring
basis by the above fair value hierarchy levels as of December 31, 2025:
(Dollars in millions)
Level I
Level II
Level III
Total
Assets
Investments of Consolidated Funds(1):
Equity securities(2)
$132.0
$18.2
$1,094.8
$1,245.0
Bonds
—
—
691.2
691.2
Loans
—
—
9,249.8
9,249.8
132.0
18.2
11,035.8
11,186.0
Investments in CLOs and other:
Investments in CLOs
—
—
349.0
349.0
Other investments(3)
112.0
20.9
94.6
227.5
112.0
20.9
443.6
576.5
Foreign currency forward contracts
—
4.8
—
4.8
Subtotal
$244.0
$43.9
$11,479.4
$11,767.3
Investments measured at net asset value
1,340.6
Total
$13,107.9
Liabilities
Loans payable of Consolidated Funds(4)(5)
$—
$—
$9,423.1
$9,423.1
Foreign currency forward contracts
—
4.4
—
4.4
Total
$—
$4.4
$9,423.1
$9,427.5
(1)This balance excludes $1.3 billion of Investments of Consolidated Funds that are included in Investments measured at
net asset value, which relate to certain consolidated investment fund of funds in the Company’s Carlyle AlpInvest
segment.
(2)This balance includes $989.4 million related to investments that have been bridged by a subsidiary of the Company to
investment funds and are accounted for as consolidated VIEs as of December 31, 2025. The Company’s subsidiary,
which is accounted for as a consolidated VIE, has entered into warehouse agreements with certain funds to transfer
certain of these investments at a price agreed upon by the parties, which may differ from fair value.
(3)The Level III balance excludes $63.0 million related to three corporate investments in equity securities which the
Company has elected to account for under the measurement alternative for equity securities without readily determinable
fair values pursuant to ASC 321, Investments–Equity Securities. As a non-recurring fair value measurement, the fair
value of these equity securities is excluded from the tabular Level III rollforward disclosures.
(4)Senior and subordinated notes issued by CLO vehicles are valued based on the more observable fair value of the CLO
financial assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any
beneficial interests that represent compensation for services.
(5)Loans payable of Consolidated Funds balance excludes $939.9 million of senior notes measured at amortized cost and a
$63.0 million revolving credit balance, which relate to certain consolidated investment fund of funds in the Company’s
Carlyle AlpInvest segment.
Schedule of Changes in Level III Financial Assets Measured at Fair Value The changes in financial instruments measured at fair value for which the Company has used Level III inputs
to determine fair value are as follows (Dollars in millions):
Financial Assets
Three Months Ended September 30, 2026
 
Investments of Consolidated Funds
 
 
 
Equity
securities
Bonds
Loans
Investments
in CLOs
Other
investments
Total
Balance, beginning of period
$981.8
$720.7
$9,502.2
$321.0
$20.0
$11,545.7
Initial consolidation of funds(1)
(7.4)
20.0
533.9
(1.0)
—
545.5
Purchases
374.8
186.4
1,631.9
13.1
—
2,206.2
Sales and distributions
(159.6)
(159.8)
(1,206.1)
(35.8)
—
(1,561.3)
Settlements
—
—
(378.6)
—
—
(378.6)
Realized and unrealized gains (losses), net
Included in earnings
(15.6)
(3.0)
(25.9)
0.1
(1.0)
(45.4)
Included in other comprehensive income
—
(4.1)
(23.5)
(4.1)
—
(31.7)
Balance, end of period
$1,174.0
$760.2
$10,033.9
$293.3
$19.0
$12,280.4
Changes in unrealized gains (losses) included in
earnings related to financial assets still held at the
reporting date
$0.7
$(2.8)
$(3.6)
$0.6
$(1.0)
$(6.1)
Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still
held at the reporting date
$—
$(4.2)
$(36.2)
$(4.0)
$—
$(44.4)
Financial Assets
Nine Months Ended September 30, 2026
 
Investments of Consolidated Funds
 
 
 
Equity
securities
Bonds
Loans
Investments
in CLOs
Other
investments
Total
Balance, beginning of period
$1,094.8
$691.2
$9,249.8
$349.0
$94.6
$11,479.4
Initial consolidation/deconsolidation of funds(2)
(34.6)
14.1
(261.5)
13.7
—
(268.3)
Purchases
716.7
456.3
6,634.8
35.9
12.5
7,856.2
Sales and distributions
(482.3)
(369.6)
(4,194.9)
(93.5)
(86.9)
(5,227.2)
Settlements
—
—
(1,154.3)
—
—
(1,154.3)
Realized and unrealized gains (losses), net
Included in earnings
(120.6)
(11.5)
(125.1)
(2.0)
(1.2)
(260.4)
Included in other comprehensive income
—
(20.3)
(114.9)
(9.8)
—
(145.0)
Balance, end of period
$1,174.0
$760.2
$10,033.9
$293.3
$19.0
$12,280.4
Changes in unrealized gains (losses) included in
earnings related to financial assets still held at the
reporting date
$(110.2)
$(11.8)
$(70.1)
$(1.3)
$(1.0)
$(194.4)
Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still
held at the reporting date
$—
$(12.6)
$(113.9)
$(9.9)
$—
$(136.4)
(1)As a result of the initial consolidation of two funds during the three months ended September 30, 2026.
(2)As a result of the initial consolidation of three funds and deconsolidation of five funds during the nine months ended
September 30, 2026.
Financial Assets
Three Months Ended September 30, 2025
Investments of Consolidated Funds
Equity
securities
Bonds
Loans
Investments
in CLOs
Other
investments
Total
Balance, beginning of period
$910.1
$569.7
$7,964.7
$366.9
$66.3
$9,877.7
Initial consolidation/deconsolidation of funds(1)
—
(87.7)
(920.6)
(0.7)
—
(1,009.0)
Purchases
78.6
253.0
3,601.0
27.7
0.6
3,960.9
Sales and distributions
(11.1)
(102.8)
(2,023.6)
(18.8)
(58.2)
(2,214.5)
Settlements
—
—
(529.3)
—
—
(529.3)
Realized and unrealized gains (losses), net
Included in earnings
(34.1)
2.5
(1.8)
10.1
(2.0)
(25.3)
Included in other comprehensive income
—
(0.1)
(0.9)
(4.5)
—
(5.5)
Balance, end of period
$943.5
$634.6
$8,089.5
$380.7
$6.7
$10,055.0
Changes in unrealized gains (losses) included in
earnings related to financial assets still held at the
reporting date
$(39.2)
$1.0
$(1.0)
$8.3
$(4.7)
$(35.6)
Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still
held at the reporting date
$—
$0.1
$0.6
$(3.9)
$—
$(3.2)
Financial Assets
Nine Months Ended September 30, 2025
 
Investments of Consolidated Funds
 
 
 
Equity
securities
Bonds
Loans
Investments
in CLOs
Other
investments
Total
Balance, beginning of period
$572.0
$465.1
$6,431.4
$378.9
$85.1
$7,932.5
Initial consolidation/deconsolidation of funds(2)
—
(140.3)
(1,176.7)
23.5
—
(1,293.5)
Transfer out related to the Exchange(3)
—
—
—
—
(50.4)
(50.4)
Purchases
406.4
536.2
7,119.7
30.9
60.6
8,153.8
Sales and distributions
(39.6)
(287.1)
(3,354.0)
(100.6)
(89.4)
(3,870.7)
Settlements
—
(0.6)
(1,238.4)
—
—
(1,239.0)
Realized and unrealized gains (losses), net
Included in earnings
4.7
6.4
(62.7)
23.9
0.8
(26.9)
Included in other comprehensive income
—
54.9
370.2
24.1
—
449.2
Balance, end of period
$943.5
$634.6
$8,089.5
$380.7
$6.7
$10,055.0
Changes in unrealized gains (losses) included in
earnings related to financial assets still held at the
reporting date
$(1.9)
$2.8
$(49.1)
$22.8
$1.0
$(24.4)
Changes in unrealized gains (losses) included in other
comprehensive income related to financial assets still
held at the reporting date
$—
$26.3
$193.0
$24.7
$—
$244.0
(1)As a result of the initial consolidation of three funds and deconsolidation of one fund during the three months ended
September 30, 2025.
(2)As a result of the initial consolidation of four funds and deconsolidation of two funds during the nine months ended
September 30, 2025.
(3)Represents the exchange of the BDC Preferred Shares, which were valued using Level III inputs, for common shares of
CGBD, which were valued using Level I inputs. See Note 9, Related Party Transactions, to our Annual Report on Form 10-
K for the year ended December 31, 2025 for more information.
Schedule of Changes in Level III Financial Liabilities Measured at Fair Value
Financial Liabilities
Loans Payable of Consolidated Funds
Three Months Ended September 30,
 
2026
2025
Balance, beginning of period
$9,837.2
$7,923.0
Initial consolidation/deconsolidation of funds(1)
582.5
(521.3)
Borrowings
3,879.7
3,446.7
Paydowns
(1,715.5)
(713.9)
Sales
(1,770.4)
(1,890.5)
Realized and unrealized (gains) losses, net
Included in earnings
(31.7)
(34.7)
Included in other comprehensive income
(26.5)
(0.6)
Balance, end of period
$10,755.3
$8,208.7
Changes in unrealized (gains) losses included in earnings related
to financial liabilities still held at the reporting date
$(30.3)
$(21.4)
Changes in unrealized (gains) losses included in other
comprehensive income related to financial liabilities still held at the
reporting date
$(67.4)
$1.9
Financial Liabilities
Loans Payable of Consolidated Funds
 
Nine Months Ended September 30,
 
2026
2025
Balance, beginning of period
$9,423.1
$6,809.1
Initial consolidation/deconsolidation of funds(2)
177.1
(801.4)
Borrowings
7,986.9
5,659.0
Paydowns
(3,355.1)
(1,555.5)
Sales
(3,252.7)
(2,243.7)
Realized and unrealized (gains) losses, net
Included in earnings
(95.4)
(74.0)
Included in other comprehensive income
(128.6)
415.2
Balance, end of period
$10,755.3
$8,208.7
Changes in unrealized (gains) losses included in earnings related
to financial liabilities still held at the reporting date
$(71.3)
$(35.9)
Changes in unrealized (gains) losses included in other
comprehensive income related to financial liabilities still held at the
reporting date
$(197.3)
$452.4
(1)As a result of the initial consolidation of one fund during the three months ended September 30, 2026, and the
initial consolidation of three funds and deconsolidation of one fund during the three months ended September 30,
2025.
(2)As a result of the initial consolidation of four funds and the deconsolidation of four funds during the nine months
ended September 30, 2026, and the initial consolidation of four funds and deconsolidation of two funds during
the nine months ended September 30, 2025.
Schedule of Quantitative Information About Level III Inputs The following table summarizes quantitative information about the Company’s Level III inputs as of
September 30, 2026:
Fair Value at
Valuation Technique(s)
Unobservable Input(s)
Range
(Weighted Average)
Impact to
Valuation
from
Increase in
Input
(Dollars in millions)
September 30,
2026
Assets
Investments of
Consolidated Funds:
Equity securities
$1.9
Consensus Pricing
Indicative Quotes ($ per
share)
0.00 - 547.56
(467.64)
Higher
755.1
Discounted Cash Flow
Discount Rates
0% - 19% (11%)
Lower
Terminal Growth Rate
0% - 11% (3%)
Higher
Comparable Multiple
EBITDA Multiple
1.2x - 22.7x (13.8x)
Higher
Revenue Multiple
2.8x - 8.6x (5.9x)
Higher
235.7
Discounted Cash Flow
Discount Rates
7% - 24% (14%)
Lower
Constant Prepayment Rate
6% - 18% (8%)
Lower
Constant Default Rate
0% - 5% (1%)
Lower
181.3
Other(1)
N/A
N/A
N/A
Bonds
760.2
Consensus Pricing
Indicative Quotes (% of Par)
58 - 101 (95)
Higher
Loans
9,755.0
Consensus Pricing
Indicative Quotes (% of Par)
1 - 101 (97)
Higher
277.2
Discounted Cash Flow
Discount Rates
8% - 20% (10%)
Lower
Constant Prepayment Rate
11% - 11% (11%)
Lower
Constant Default Rate
2% - 4% (2%)
Lower
Severity
75% - 75% (75%)
Higher
1.7
Other(1)
N/A
N/A
N/A
11,968.1
Investments in CLOs:
Senior secured
notes
255.9
Consensus Pricing with
Discounted Cash Flow
Indicative Quotes (% of Par)
80 - 102 (100)
Higher
Discount Margins (Basis
Points)
85 - 1,450 (217)
Lower
Default Rates
2% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Subordinated notes
and preferred shares
37.4
Consensus Pricing with
Discounted Cash Flow
Indicative Quotes (% of Par)
1 - 82 (28)
Higher
Discount Rates
8% - 19% (11%)
Lower
Default Rates
1% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Other investments:
Aviation
subordinated notes
6.5
Discounted Cash Flow
Discount Rates
21% - 21% (21%)
Lower
12.5
Other(1)
N/A
N/A
N/A
Total
$12,280.4
Liabilities
Loans payable of 
Consolidated Funds:
Senior secured
notes
$10,172.2
Other(2)
N/A
N/A
N/A
Subordinated notes
and preferred shares
355.1
Consensus Pricing with
Discounted Cash Flow
Indicative Quotes (% of Par)
3 - 90 (62)
Higher
Discount Rates
7% - 14% (10%)
Lower
Default Rates
1% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
228.0
Other(1)
N/A
N/A
Total
$10,755.3
(1)Fair value approximates transaction price that was in close proximity to the reporting date.
(2)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO
financial assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any
beneficial interests that represent compensation for services.
The following table summarizes quantitative information about the Company’s Level III inputs as of
December 31, 2025:
Fair Value at
Valuation
Technique(s)
Unobservable Input(s)
Range
(Weighted
Average)
Impact to
Valuation
from
Increase in
Input
(Dollars in millions)
December 31,
2025
Assets
Investments of Consolidated
Funds:
Equity securities
$1.4
Consensus Pricing
Indicative Quotes ($ per
share)
0.00 - 20.38 (0.19)
Higher
789.2
Discounted Cash Flow
Discount Rates
7% - 19% (11%)
Lower
Terminal Growth Rate
1% - 11% (4%)
Higher
Comparable Multiple
EBITDA Multiple
1.5x - 23.8x (12.0x)
Higher
Revenue Multiple
2.8x - 2.8x (2.8x)
Higher
TCF Multiple
22.3x - 22.3x
(22.3x)
Higher
112.3
Discounted Cash Flow
Discount Rates
7% - 20% (12%)
Lower
Constant Prepayment Rate
6% - 16% (9%)
Lower
Constant Default Rate
0% - 6% (1%)
Lower
Recovery Rate
0% - 40% (21%)
Higher
191.9
Other(1)
N/A
N/A
N/A
Bonds
691.2
Consensus Pricing
Indicative Quotes (% of Par)
12 - 106 (96)
Higher
Loans
9,028.5
Consensus Pricing
Indicative Quotes (% of Par)
0 - 101 (98)
Higher
216.0
Discounted Cash Flow
Discount Rates
6% - 16% (9%)
Lower
3.5
Discounted Cash Flow
Discount Rates
14% - 14% (14%)
Lower
Constant Prepayment Rate
8% - 14% (11%)
Lower
Constant Default Rate
2% - 2% (2%)
Lower
Other
1.8
Other(1)
N/A
N/A
N/A
11,035.8
Investments in CLOs
Senior secured notes
303.3
Discounted Cash Flow
with Consensus
Pricing
Indicative Quotes (% of Par)
92 - 101 (100)
Higher
Discount Margins (Basis
Points)
80 - 1,060 (204)
Lower
Default Rates
2% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Subordinated notes and
preferred shares
45.7
Discounted Cash Flow
with Consensus
Pricing
Indicative Quotes (% of Par)
0 - 87 (38)
Higher
Discount Rate
0% - 31% (10%)
Lower
Default Rates
1% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Other investments:
Aviation subordinated
notes
7.5
Discounted Cash Flow
Discount Rates
21% - 21% (21%)
Lower
Loans
37.6
Discounted Cash Flow
Discount Rates
6% - 10% (9%)
Lower
Consensus Pricing
Indicative Quotes (% of Par)
100 - 100 (100)
Higher
49.5
Other(1)
N/A
N/A
N/A
Total
$11,479.4
Fair Value at
Valuation
Technique(s)
Unobservable Input(s)
Range
(Weighted
Average)
Impact to
Valuation
from
Increase in
Input
(Dollars in millions)
December 31,
2025
Liabilities
Loans payable of
Consolidated Funds:
Senior secured notes
$9,032.2
Other(2)
N/A
N/A
N/A
Subordinated notes and
preferred shares
390.9
Discounted Cash Flow
with Consensus
Pricing
Indicative Quotes (% of Par)
10 - 84 (51)
Higher
Discount Rates
5% - 24% (9%)
Lower
Default Rates
1% - 2% (2%)
Lower
Recovery Rates
60% - 60% (60%)
Higher
Total
$9,423.1
(1)Fair value approximates transaction price that was in close proximity to the reporting date.
(2)Senior and subordinated notes issued by CLO vehicles are classified based on the more observable fair value of the CLO
financial assets, less (i) the fair value of any beneficial interests held by the Company and (ii) the carrying value of any
beneficial interests that represent compensation for services.