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Carlyle Group L.P.

CIK:0001527166|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Investment income (loss)	$ 113.9	$ 694.0	$ (502.8)	$ 853.8
Interest and other income	61.2	55.0	116.5	105.6
Interest and other income of Consolidated Funds	192.5	163.0	372.2	296.4
Total revenues	1,123.5	1,572.9	1,377.5	2,546.0
Compensation and benefits
Cash-based compensation and benefits	261.9	238.4	489.0	456.8
Equity-based compensation	116.0	92.9	235.8	196.4
Performance allocations and incentive fee related compensation	93.6	443.6	(274.3)	615.0
Total compensation and benefits	471.5	774.9	450.5	1,268.2
General, administrative and other expenses	202.9	205.5	387.5	379.1
Interest	38.2	28.0	76.8	55.8
Interest and other expenses of Consolidated Funds	163.3	170.8	329.7	284.3
Other non-operating income	0.0	(0.1)	0.0	(0.1)
Total expenses	875.9	1,179.1	1,244.5	1,987.3
Other income (loss)
Net investment income (loss) of Consolidated Funds	26.2	46.8	(38.2)	52.9
Income before provision for income taxes	273.8	440.6	94.8	611.6
Provision for income taxes	49.0	112.5	11.9	124.9
Net income	224.8	328.1	82.9	486.7
Net income attributable to non-controlling interests in consolidated entities	87.7	8.4	78.0	37.0
Net income attributable to The Carlyle Group Inc.	$ 137.1	$ 319.7	$ 4.9	$ 449.7
Net income attributable to The Carlyle Group Inc. per common share
Basic (in dollars per share)	$ 0.38	$ 0.89	$ 0.01	$ 1.25
Diluted (in dollars per share)	$ 0.37	$ 0.87	$ 0.01	$ 1.23
Weighted-average common shares
Basic (in shares)	357,772,352	360,359,241	358,478,614	359,914,229
Diluted (in shares)	367,301,542	366,967,197	368,081,014	366,654,517
Fund management fees
Revenues
Fund management fees and incentive fees	$ 657.0	$ 620.4	$ 1,241.0	$ 1,206.5
Incentive fees
Revenues
Fund management fees and incentive fees	98.9	40.5	150.6	83.7
Performance allocations
Revenues
Investment income (loss)	44.7	638.8	(636.4)	861.7
Compensation and benefits
Performance allocations and incentive fee related compensation	93.6	443.6	(274.3)	615.0
Principal investment income (loss)
Revenues
Investment income (loss)	$ 69.2	$ 55.2	$ 133.6	$ (7.9)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 82.9	$ 486.7
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	101.8	94.6
Equity-based compensation	235.8	196.4
Non-cash performance allocations and incentive fees, net	338.9	(250.6)
Non-cash principal investment (income) loss	(121.5)	32.6
Other non-cash amounts	(6.4)	36.8
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds	102.0	(11.6)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds	(63.8)	(41.3)
Purchases of investments by Consolidated Funds	(6,140.0)	(4,033.2)
Proceeds from sales and settlements of investments by Consolidated Funds	4,398.1	2,311.1
Non-cash interest income, net	(9.5)	(8.7)
Change in cash and cash equivalents held at Consolidated Funds	658.4	405.4
Change in other receivables held at Consolidated Funds	(81.1)	10.5
Change in other liabilities held at Consolidated Funds	(461.0)	(14.0)
Purchases of investments	(283.6)	(144.3)
Proceeds from the sale of investments	321.1	469.6
Payments of contingent consideration	0.0	(1.0)
Change in deferred taxes, net	(72.4)	(16.5)
Change in due from affiliates and other receivables	(65.4)	(16.3)
Change in deposits and other	7.5	(24.9)
Change in accounts payable, accrued expenses and other liabilities	55.1	39.1
Change in accrued compensation and benefits	(243.1)	(116.2)
Change in due to affiliates	3.9	23.6
Change in lease right-of-use assets and lease liabilities	(7.9)	(6.3)
Change in deferred revenue	7.3	57.6
Net cash used in operating activities	(1,242.9)	(520.9)
Cash flows from investing activities
Purchases of fixed assets, net	(60.1)	(34.2)
Net cash used in investing activities	(60.1)	(34.2)
Cash flows from financing activities
Payments on CLO borrowings	(37.6)	(40.1)
Proceeds from CLO borrowings, net of financing costs	47.8	15.1
Net borrowings on loans payable of Consolidated Funds	949.6	1,055.1
Dividends to common stockholders	(252.1)	(252.7)
Contributions from non-controlling interest holders	799.5	231.3
Distributions to non-controlling interest holders	(161.1)	(198.4)
Common shares repurchased and net share settlement of equity-based awards	(508.9)	(280.1)
Change in due to/from affiliates financing activities	(208.7)	(3.4)
Net cash provided by financing activities	628.5	526.8
Effect of foreign exchange rate changes	(41.1)	38.7
Increase (decrease) in cash, cash equivalents and restricted cash	(715.6)	10.4
Cash, cash equivalents and restricted cash, beginning of period	1,973.6	1,266.5
Cash, cash equivalents and restricted cash, end of period	1,258.0	1,276.9
Supplemental non-cash disclosures
Initial consolidation of Consolidated Funds	750.2	55.0
Net asset impact of deconsolidation of Consolidated Funds	(731.8)	(26.6)
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	1,256.5	1,275.8
Restricted cash	1.5	1.1
Total cash, cash equivalents and restricted cash, end of period	1,258.0	1,276.9
Cash and cash equivalents held at Consolidated Funds	$ 784.1	$ 463.1

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 1,256.5	$ 1,970.2
Cash and cash equivalents held at Consolidated Funds	784.1	1,235.1
Investments, including accrued performance allocations of $6,608.2 and $7,620.3 as of June 30, 2026 and December 31, 2025, respectively	10,231.6	11,152.7
Investments of Consolidated Funds	13,320.3	12,519.8
Due from affiliates and other receivables, net	1,181.2	834.8
Due from affiliates and other receivables of Consolidated Funds, net	290.3	206.4
Fixed assets, net	248.3	224.9
Lease right-of-use assets, net	320.4	331.9
Deposits and other	91.8	100.9
Intangible assets, net	440.9	507.1
Deferred tax assets	30.2	32.2
Total assets	28,195.6	29,116.0
Liabilities and equity
Debt obligations	2,998.8	2,997.0
Loans payable of Consolidated Funds	10,804.4	10,426.0
Accounts payable, accrued expenses and other liabilities	591.8	543.7
Accrued compensation and benefits	5,007.6	5,849.4
Due to affiliates	243.0	203.9
Deferred revenue	135.5	129.2
Deferred tax liabilities	16.0	106.3
Other liabilities of Consolidated Funds	642.8	1,260.4
Lease liabilities	450.5	470.2
Accrued giveback obligations	92.4	72.8
Total liabilities	20,982.8	22,058.9
Commitments and contingencies
Common stock, $0.01 par value, 100,000,000,000 shares authorized (353,389,038 and 357,374,023 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	3.5	3.6
Additional paid-in-capital	4,557.4	4,285.8
Retained earnings	873.8	1,642.3
Accumulated other comprehensive loss	(192.6)	(170.2)
Non-controlling interests in consolidated entities	1,970.7	1,295.6
Total equity	7,212.8	7,057.1
Total liabilities and equity	$ 28,195.6	$ 29,116.0