Carlyle Group Inc
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 27, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2023-12-31; filed 2024-02-22.
0001527166-24-000019
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2024-12-31; filed 2025-02-27.
0001527166-25-000006
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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820 unchanged; 379 reworded; 366 added; 415 removed; 38 previous and 30 current paragraphs rearranged.
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A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (366)
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2024, our Global Private Equity segment had$163.5 billion in AUM and$98.0 billion in Fee-earning AUM.
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including insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation
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finance, infrastructure credit, cross-platform credit products, and global capital markets. As of December 31,
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2024, our Global Credit segment had$192.4 billion in AUM and$154.2 billion in Fee-earning AUM.
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Investment Solutions segment had$85.1 billion in AUM and$52.1 billion in Fee-earning AUM.
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The year 2024 was marked by the initiation of a broad global monetary policy easing cycle against a backdrop of
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stable growth. Amid more favorable financing conditions, global mergers and acquisitions (“M&A”) activity recovered
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modestly, though exit conditions remained challenging as market participants exercised patience in anticipation of future rate
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cuts and lower borrowing costs. Entering 2025, as the inflation and growth outlook for the U.S. has grown more complex, the
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expectation of near-term rate cuts and lower borrowing costs has dissipated, which we expect will in turn facilitate greater deal
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activity. Globally, central banks’ policy paths appear likely to be far less synchronized than during the recent simultaneous
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tightening cycle. Central banks in most other developed markets (with Japan a notable exception) have room to further cut rates
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as inflation risks diminish and economic weakness persists, which could in turn put more upward pressure on the U.S. dollar.
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At its last meeting of 2024, the Federal Open Market Committee (“FOMC”) reduced the federal funds rate by 25 basis
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points, marking the third consecutive cut of the year and bringing cumulative 2024 reductions to 100 basis points. However, the
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Federal Reserve’s preferred inflation gauge, the core PCE Price Index, ended the year up 2.8% year-over-year, reflecting a lack
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of further downward inflation progress in recent months. While outright reinflation has not yet materialized, strong economic
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data, inflation readings persistently above target, and easy financial conditions have raised questions about whether current
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interest rate policy remains as restrictive as Federal Reserve officials suggest. The FOMC opted to pause further rate reductions
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at its January 2025 meeting. Futures have now priced in just one to two additional cuts in 2025, down from expectations for six
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as recently as September 2024. Notably, 10-year Treasury yields have risen rapidly since the first interest rate cut in September,
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a phenomenon that is without precedent across the seven prior easing cycles. Though attributed by many to potential changes in
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trade, immigration, and fiscal policy, this may also reflect the market’s realization that base rates may not currently be as
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restrictive as previously thought.
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The economy grew at an estimated 2.3% annualized rate in the fourth quarter of 2024 and averaged 2.8% over the
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year, despite higher levels of interest rates. Overall, U.S. economic growth has outperformed relative to consensus expectations
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over the past two years. This has been driven by government spending and large fiscal deficits, resilient household
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consumption, supported by the prevalence of fixed-rate liabilities that have insulated disposable income from higher borrowing
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costs, and, most significantly, by a generational boom in industrial fixed investment tied to AI spend and the energy transition.
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This marked increase in capital expenditures has been led by companies known as “hyperscalers” (Amazon, Alphabet, Meta,
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and Microsoft), and highlights a level of continued concentration risk to both U.S. economic growth and equity performance.
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Any pullback in spending or shift in AI strategy could have notable negative implications for the broader U.S. macro-outlook.
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While U.S. economic growth has consistently surprised to the upside and the inflation outlook has grown more
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uncertain, euro area growth has by contrast struggled, and the European Central Bank’s (“ECB”) inflation target is now within
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reach. The ECB delivered two additional 25 basis point cuts to its deposit rate during the fourth quarter of 2024, following two
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cuts earlier in the year, and another 25 basis point cut in January 2025. Forward interest rates imply that the gap between U.S.
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dollar and euro base rates will widen to more than 200 basis points over the next year, suggesting there is potential for the euro
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to break through parity with the dollar. Euro area GDP grew at just a 0.2% annualized rate during the fourth quarter, though
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underlying performance across member states has diverged. Germany, the region’s largest economy, continues to bear the brunt
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of the energy supply shock caused by Russia’s invasion of Ukraine. German energy-intensive manufacturing output has fallen
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2023, our Global Private Equity segment had$161.3 billion in AUM and$106.7 billion in Fee-earning AUM.
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including loans and structured credit, direct lending, opportunistic credit, distressed credit, aircraft financing
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and servicing, infrastructure debt, insurance solutions and global capital markets. As of December 31, 2023,
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our Global Credit segment had$187.8 billion in AUM and$155.2 billion in Fee-earning AUM.
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Investment Solutions segment had$76.9 billion in AUM and$45.5 billion in Fee-earning AUM.
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deconsolidates these investment funds. Accordingly, our segment revenues primarily consist of fund management fees and
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related transaction and portfolio advisory fees and other income, realized performance revenues (consisting of incentive fees
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and performance allocations), realized principal investment income, including realized gains on our investments in our funds
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and other trading securities, as well as interest income. Our segment expenses primarily consist of cash compensation and
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benefits expenses, including salaries, bonuses, and realized performance payment arrangements, and general and administrative
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expenses. While our segment expenses include depreciation and interest expense, our segment expenses exclude acquisition and
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disposition related charges and amortization of intangibles and impairment. Refer to Note 16 to the consolidated financial
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The global economy demonstrated resilience in 2023, despite aggressive monetary policy tightening by most central
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banks aimed at combating inflation. U.S. economic growth exceeded expectations despite volatility across underlying
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expenditure categories, the Euro-area economy showed resilience despite the downdraft from energy-intensive industrials and
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Germany, China’s economy achieved its growth targets despite uneven growth rates across sectors, while India and Korea
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maintained growth in economic activity and consumption. The U.S. economy grew at a 3.3% annualized rate in the fourth
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quarter of 2023, driven by strong consumer spending, continued business spending on technology (software, data analytics, AI,
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other digital services), and an ongoing rise in manufacturing facilities investment, which finished the year at more than two
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times 2019 levels. Although the overall level of spending on services (experiences) accounted for most of the consumption
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growth in 2023, spending patterns have begun to shift back towards goods. This shift, coupled with curtailed production
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schedules, has helped inventory-to-sales ratios normalize. This normalization is expected to lead to a rebound in industrial
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activity, following a weaker performance in 2023. Core and headline inflation finished the year up 3.9% and 3.4%, respectively,
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from a year earlier, driven by services costs, which were partially offset by declining core goods costs. However, the cessation
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of destocking, combined with the effects of the Red Sea blockage, has introduced upside price risks. The Federal Reserve is
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likely at the end of its tightening cycle, as inflationary pressures have become less pronounced and Fed officials have signaled
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that the current monetary policy has become sufficiently restrictive to curb inflation. Although price pressures have abated,
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inflation remains above target, the labor market remains resilient, and economic growth is steady, which has driven uncertainty
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amongst market participants on the timing and magnitude of potential rate cuts.
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In China, official data indicate the economy regained traction, growing 5.2% from a year ago, outpacing growth of just
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3% in 2022. The expansion was largely propelled by strength in services consumption, which both our proprietary portfolio
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company data and official data through December 2023 highlight, with economy-wide retail foot traffic across our network
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increasing by 25.4% and catering and accommodation spending rising 14.5% relative to year-ago levels. This growth was
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partially offset by weakness in property markets, where new floor space sold in December was 24% lower than the same period
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a year earlier. This decline seems to be an intentional choice of policymakers, who wish to downsize the sector to levels more
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consistent with China’s current demographic realities and internal migration trends. Broad measures of economic activity in
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Korea suggest domestic demand continued to rise in the fourth quarter, and these measures in India suggest sustained growth
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momentum as well.
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Europe’s economy continued to perform reasonably well given the combined effects of the 450-basis point rise in base
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rates and the impacts from Russia’s ongoing war with Ukraine on energy. Our data are consistent with a 0.4% contraction in
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Unless the context suggests otherwise, references in this report to “Carlyle,” the “Company,” “we,” “us” and “our”
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Unless context suggests otherwise, references in this report to “Carlyle,” the “Company,” “we,” “us,” and “our”
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refer to The Carlyle Group Inc. and its consolidated subsidiaries. The following discussion should be read in conjunction with
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refer to The Carlyle Group Inc. and its consolidated subsidiaries. The following discussion and analysis should be read in
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the consolidated financial statements and the related notes included in this Annual Report on Form 10-K.
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conjunction with the consolidated financial statements and the related notes included in this Annual Report on Form 10-K.
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Thefollowing discussion includes a comparison of our results for the years ended December 31, 2023 and 2022. For a
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The following discussion includes a comparison of our results for the years ended December 31, 2024 and 2023. For a
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discussion of our results for the year ended December 31,2021 and a comparison of results for the years ended December 31,
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discussion of our results for the year ended December 31,2022 and a comparison of results for the years ended December 31,
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financial statements included in this Annual Report on Form 10-K.
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deconsolidates these investment funds. Refer to Note 15, Segment Reporting, to the consolidated financial statements included
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statements included in this Annual Report on Form 10-K for more information on the differences between our financial results
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in this Annual Report on Form 10-K for more information on the differences between our financial results reported pursuant to
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reported pursuant to U.S. GAAP and our financial results for segment reporting purposes.
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U.S. GAAP and our financial results for segment reporting purposes.
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that earnings grew by by 3.2% in the fourth quarter of 2023 versus the same period a year ago, led by communication services,
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Earnings are estimated to have grown by 16.9% in the fourth quarter of 2024 compared to the same period a year ago,
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compared to 2022, primarily due to the following:
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billion, a 60% increase in proceeds and a 44% rise in transaction count compared to 2023.
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Our carry fund portfolio appreciated 7% during 2023. Within our Global Private Equity segment, our corporate private
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Our carry fund portfolio appreciated 8% during 2024. Within our Global Private Equity segment, our corporate private
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equity funds appreciated 5%, our infrastructure and natural resources funds appreciated 8%, and our real estate funds
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appreciated 8%, and our real estate funds appreciated 5%. Our Global Credit carry funds (which represent approximately 11%
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approximately 11% of the total Global Credit remaining fair value as of December 31, 2023) appreciated 12% in 2023 and
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of the total Global Credit remaining fair value as of December 31, 2024) appreciated 12% in 2024 and carry funds in our Global
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carry funds in our Global Investment Solutions segment appreciated 10%.
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Investment Solutions segment appreciated 9%.
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During the year ended December 31, 2023, our net transaction and portfolio advisory fees of $68.6 million decreased 35% from
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levels. During the year ended December 31, 2024, our net transaction and portfolio advisory fees of$152.5 million more than
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Investment Solutions comprising over 75% of new commitments. While we believe that we will continue to attract a significant
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Credit and Global Investment Solutions comprising over two-thirds of the activity. While we believe that we will continue to
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amount of capital for our buyout funds, we have seen, and expect to continue to see, a decline in buyout fund sizes across most
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attract a significant amount of capital for our buyout funds, we have seen a decline in buyout fund sizes across most
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repayments and restricted use in current investment activity. This may result in lower management fees in Global Private Equity
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geographies, which may continue to result in lower management fees in Global Private Equity in the future.
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The SEC has put forth several rule proposals, and we are evaluating the potential impacts to our business and
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The U.S. Securities and Exchange Commission (the “SEC”) has put forth several rule proposals, and we are evaluating
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are closely evaluating potential impacts to our business of these rule adoptions and various financial, regulatory, and other
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recent litigation. We are closely evaluating potential impacts to our business of rule proposals and adoptions and various
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for policy changes may create regulatory uncertainty for our investment strategies and our portfolio companies and could
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may create regulatory uncertainty for our investment strategies and our portfolio companies and could adversely affect our
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adversely affect our profitability and the profitability of our portfolio companies.
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profitability and the profitability of our portfolio companies.
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In February 2024, the Board of Directors declared a quarterly dividend of $0.35 per common share to common
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In February 2025, the Company’s Board of Directors declared a quarterly dividend of $0.35 per share to common
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regarding U.S. GAAP measures and our other significant accounting policies can be found in Note 2 to the consolidated
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regarding U.S. GAAP measures and our other significant accounting policies can be found in Note 2, Summary of Significant
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Transaction and portfolio advisory fees. Transaction and portfolio advisory fees generally include capital markets fees
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Transac tion and portfolio advisory fees generally include capital markets fees generated by Carlyle Global Capital
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generated by Carlyle Global Capital Markets (“GCM”) in connection with activities related to the underwriting, issuance and
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Markets in connection with activities related to the underwriting, issuance and placement of debt and equity securities, and loan
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placement of debt and equity securities, and loan syndication for our portfolio companies and third-party clients, which are
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syndication for our portfolio companies and third-party clients, which are generally not subject to rebate offsets as described
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generally not subject to rebate offsets as described below with respect to our most recent vintages (but are subject to the rebate
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below with respect to our most recent vintages (but are subject to the rebate offsets set forth below for older funds).
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offsets set forth below for older funds). Underwriting fees include gains, losses and fees arising from securities offerings in
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Underwriting fees include gains, losses, and fees arising from securities offerings in which we participate in the underwriter
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primarily generated by investment activity within our funds, and therefore are impacted by our investment pace.
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primarily generated by investment activity within our funds, and therefore are impacted by our investment pace or other capital
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generated in the period. The timing and receipt of realized performance allocations varies with the life cycle of our carry funds
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generated in the period. The timing and receipt of realized performance allocations varies with the lifecycle of our carry funds
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connection with the acquisition of Abingworth, we are entitled to up to 15% of carried interest generated from certain
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connection with the acquisition of Abingworth, we are entitled to 15% of carried interest generated from certain Abingworth
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investment fund is considered separately in evaluating carried interest and potential giveback obligations. See Note 9 to the
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investment fund is considered separately in evaluating carried interest and potential giveback obligations. See Note 8,
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of this Annual Report on Form 10-K for additional information.
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Commitments and Contingencies, to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-
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aggregation of the accrued performance allocations and incentive fees net of (i) accrued giveback obligations, (ii) accrued
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aggregation of the accrued performance allocations net of (i) accrued giveback obligations, (ii) accrued performance allocations
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performance allocations and incentive fee related compensation, (iii) performance allocations and incentive fee related tax
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related compensation, (iii) performance allocations related tax obligations, and (iv) accrued performance allocations attributable
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obligations, and (iv) accrued performance allocations and incentive fees attributable to non-controlling interests. Net accrued
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to non-controlling interests. Net accrued performance revenues exclude any net accrued performance allocations and incentive
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collected in subsequent periods, as well as net accrued performance revenues which are presented as fee related performance
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fees that have been realized but will be collected in subsequent periods, as well as net accrued performance revenues which are
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revenues when realized in our non-GAAP financial measures.
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presented as fee related performance revenues when realized in our non-GAAP financial measures. Realized performance
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$242.4 million,$160.8 million of which was related to various Legacy Energy Funds. Given current and former senior Carlyle
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$256.5 million,$175.0 million of which was related to various Legacy Energy Funds. Given that current and former senior
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the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.
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associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract
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$7.9 billion of total assets. The assets and liabilities of the Consolidated Funds are generally held within separate legal entities
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generated by Carlyle Global Capital Markets. The recognition of portfolio advisory fees, transactions fees, and capital markets
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Performance allocations for the year ended December 31, 2023 included:
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severance, charges associated with equity-based compensation, changes in the tax receivable agreement liability, corporate
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translation at the average quarterly rate, while the separately reported Fundraising metric is translated at the spot rate for each individual
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accrued fee related performance revenues for CPI as of December 31, 2024.
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Theincrease in fee related performance revenues for the year ended December 31, 2024 as compared to 2023 was
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include $26 billion of Fee-earning AUM related to closed reinsurance transactions at Fortitude. Inflows exclude fundraising amounts
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during the period for which fees have not yet been activated, which are referenced as Pending Fee-earning AUM.
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Fee Revenues. Fee revenues increased $108.1 million for the year ended December 31, 2024 as compared to 2023,
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based on invested capital. Inflows exclude fundraising amounts during the period for which fees have not yet been activated, which are
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referenced as Pending Fee-earning AUM.
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of cost or fair value and net asset value.
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translation at the average quarterly rate, while the separately reported Fundraising metric is translated at the spot rate for each individual
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The fund return information reflected in this discussion and analysis is not indicative of the performance of The
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Carlyle Group Inc. and is also not necessarily indicative of the future performance of any particular fund. An investment in The
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Carlyle Group Inc. is not an investment in any of our funds. There can be no assurance that any of our funds or our other
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existing and future funds will achieve similar returns. See Part I, Item 1A “Risk Factors—Risks Related to Our Business
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Operations—Risks Related to the Assets We Manage—The historical returns attributable to our funds, including those
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our future results or of any returns expected on an investment in our common stock.”
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(1)Accrued incentive fees are excluded from net accrued performance revenues.
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(1)Strategic equity method investment in NGP Management and investments in NGP general partners - accrued performance allocations. See Note 4,
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borrowings are collateralized by investments attributable to non-controlling interests.
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principally reflects purchases of fixed assets of$77.7 million. For the year ended December 31, 2023, cash used in investing
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thedecrease in Cash and cash equivalents.
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investment in NGP during the years ended December 31, 2024 and 2023. Shares of The Carlyle Group Inc. common stock
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Company’s involvement would make it the primary beneficiary.
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consolidated financial statements included in this Annual Report on Form 10-K.
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the underwriting, issuance, and placement of debt and equity securities, generally track the pace of overall market activity.
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our funds. Under the realigned program, we expect to allocate a range of 60% to 70%of performance allocations and incentive
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which we participate in the underwriter syndicate.
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performance revenues excludes any net accrued performance allocations and incentive fees that have been realized but will be
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at the time an investment is realized.
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consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.
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reported results and is an additional measure to assess performance.
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raised for the investment in Fortitude through a Carlyle-affiliated investment fund and from strategic investors who directly
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December 31, 2023 compared to 2022 was primarily due toa decrease in investment income related to our equity method
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for the year ended December 31,2022.
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Annual Report on Form 10-K for more information.
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Net Investment Gains (Losses) of Consolidated Funds
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ended December 31, 2023 and 2022 was primarily comprised of the 21% U.S. federal corporate income tax rate plus the impact
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year ended December 31, 2023 also differs from the statutory rate due to the impact of non-deductible restricted stock units.
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Net Income Attributable to Non-controlling Interests in Consolidated Entities
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the following funds forthe years ended December 31, 2023 and 2022, respectively:
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Portfolio advisory and transaction fees, net and other decreased for the year ended December 31, 2023 as compared to
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and therefore are impacted by our investment pace.
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activated, which are referenced as Pending Fee-earning AUM.
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AUM as these funds are based on commitments.
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have not yet been activated, which are referenced as Pending Fee-earning AUM.
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Distributions from carry funds still in the investment period do not impact Fee-earning AUM as these funds are based on
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General, administrative and other indirect expenses. General, administrative and other indirect expenses increased
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commitments, cumulative equity invested or total value as of December 31, 2023, which we refer to as our “significant funds”
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is included throughout this discussion and analysis to facilitate an understanding of our results of operations for the periods
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information reflected in this discussion and analysis is not indicative of the performance of The Carlyle Group Inc. and is also
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not necessarily indicative of the future performance of any particular fund. An investment in The Carlyle Group Inc. is not an
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investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will
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achieve similar returns. See Part I, Item 1A “Risk Factors—Risks Related to Our Business Operations—Risks Related to the
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Assets We Manage—The historical returns attributable to our funds, including those presented in this report, should not be
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considered as indicative of the future results of our funds or of our future results or of any returns expected on an investment in
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payments for operating expenses, including compensation, and general, administrative and other expenses. Duringthe years
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2022, investment proceeds were$474.9 million while investment purchases were$629.9 million, which included our $200
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on Form 10-K for the year ended December 31, 2022).
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financial statements included in this Annual Report on Form 10-K.
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included in this Annual Report on Form 10-K.
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the consolidated financial statements included in this Annual Report on Form 10-K.
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Annual Report on Form 10-K.