v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments [Abstract]  
Schedule of Investments 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
Schedule of Components of Accrued Performance Fees 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
Schedule of Components of Accrued Giveback Obligations 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)
Schedule of Equity Method Investments 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.
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
Carlyle’s income (loss) from its principal equity method investments consists of:
 
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
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 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)
Schedule of Components of 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
Schedule of Performance Allocations Included in Revenues The performance allocations included in revenues are derived from the following segments: 
 
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)
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
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
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
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
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
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