Carlyle Group Inc.
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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.
FY2025 · Filed Feb 27, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-27.
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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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816 unchanged; 346 reworded; 353 added; 401 removed; 32 previous and 28 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 (353)
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Global Investment Solutions).
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in Fee-earning AUM.
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2025, our Global Credit segment had$211.3 billion in AUM and$169.5 billion in Fee-earning AUM.
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•Carlyle AlpInvest— Our Carlyle AlpInvest segment advises global private equity programs that pursue
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secondary purchases and financing of existing portfolios, managed co-investment programs, and primary fund
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investments. As of December 31, 2025, our Carlyle AlpInvest segment had$102.0 billion in AUM and$66.0
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billion in Fee-earning AUM.
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Equity markets closed out 2025 at or near new all-time highs, with major indices across the United States, Europe, and
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Japan setting new records in the fourth quarter. In Europe, the Euro Stoxx 50 rose 5% to end the year 18% higher, while the
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Nikkei rose 12% in the quarter to tally more than 26% for the year, firmly surpassing the 1989 peak that took nearly 35 years to
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regain. Returns in the United States decelerated from a strong third quarter with the S&P 500 gaining 2.3% for the fourth
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quarter and 16% for the year, marking the first time in 20 years that the S&P 500 was the worst performing major equity index.
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While continued economic growth and a resolution to the U.S. government shutdown helped support momentum across many
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sectors, concerns regarding an “AI bubble” intensified in November and dragged down many of the largest technology
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companies in the last two months of the year. The “Magnificent 7,” which generated annualized returns of 29% over the last
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five years and represented over half of the S&P 500’s gains from 2021 through their peak on October 29, 2025, have declined
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7% from their top (as of February 24, 2026), offsetting gains in the rest of the index. By contrast, cyclical, value, and quality
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factors have strengthened since the start of the year; after a period of large-cap growth dominance, more reasonably priced
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value stocks have outperformed by over 600 basis points (“bps”) year-to-date in 2026. Public equity markets overall have been
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volatile in recent weeks; individual stocks have experienced large price swings in apparent response to headlines, new AI
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product offerings, and “viral” research reports. The software sector in particular has sold off on “AI disruption” fears and is
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down 33% year-to-date through February 24, 2026. Meanwhile, the public-private market valuation gap widened to its largest
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level in at least a decade in 2025, as buyout purchase multiples in the United States fell to 11.2x earnings before interest, taxes,
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depreciation, and amortization (“EBITDA”), while public market valuations rose to 17.7x EBITDA, about half a turn below
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their 2021 peak of 18.2x EBITDA. Importantly, this valuation differential is not a reflection of underlying performance. Every
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year since 2019, including the twelve months ended September 30, 2025, which represents the most recent private markets data,
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the median buyout company has matched or beaten the revenue and EBITDA growth rates of the median company in the S&P
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While headline U.S. GDP growth of 1.4% disappointed in the fourth quarter, real underlying demand as proxied by
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real final sales to private domestic purchasers (which strips out effects from trade, inventories, and government spending) was
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more resilient and expanded at a 2.4% annualized rate. Business spending remained a key contributing factor; our proprietary
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portfolio data indicate technology spending growth ended the year at a record 30% annualized rate. Consistent with prior
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quarters, much of this momentum remains concentrated in AI-related investment, particularly data centers, where hardware
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shipments are 7.5x higher than 2021 levelsand capital expenditures continue to grow rapidly from a much larger base. While
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many observers focus on the economy’s “dependence” on the surge in AI-related capex, there are increasing signs that it is
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“crowding out” other forms of real estate development as data centers consume a larger share of the finite supply of investible
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capital. For other real estate sectors, capital is increasingly scarce, setting the stage for strategies focused elsewhere, such as our
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own real estate funds, to find greater opportunities to generate higher relative returns. Despite a constructive macro backdrop,
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our portfolio data suggest U.S. labor market momentum has softened further as the deceleration in payroll employment growth
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now appears to exceed what could be explained by the labor-supply shock from immigration enforcement. Some hiring
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weakness appears tied to corporate AI-integration efforts, as companies reassess workflows and pursue efficiencies to create
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Solutions.
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capital funds, our U.S. and internationally focused real estate funds, and our infrastructure and natural
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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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•Global Investment Solutions—Our Global Investment Solutions segment advises global private equity
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programs and related co-investment and secondary activities. As of December 31, 2024, our Global
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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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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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discussion of our results for the year ended December 31,2023 and a comparison of results for the years ended December 31,
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We are one of the world’s largest global investment firms that deploys private capital across its business, and we
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We are one of the world’s largest global investment firms and deploy private capital across our business. We conduct
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conduct our operations through three reportable segments: Global Private Equity, Global Credit, and Global Investment
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our operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (formerly,
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•Global Private Equity—Our Global Private Equity segment advises our buyout, middle market, and growth
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•Global Private Equity— Our Global Private Equity segment advises our buyout, growth, real estate, and
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resources funds. The segment also includes the NGP Carry Funds advised by NGP. As of December 31,
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infrastructure & natural resources funds. The segment also includes the NGP Carry Funds advised by NGP.
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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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As of December 31, 2025, our Global Private Equity segment had$163.5 billion in AUM and$101.4 billion
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equity funds appreciated 8%, with particular strength in our two latest vintage U.S. buyout funds, which appreciated 15% and
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equity funds appreciated 7%, with particular strength in our latest vintage U.S. buyout and Japan buyout funds, which
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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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and natural resources funds appreciated 17%, and our real estate funds appreciated 3%. Our Global Credit carry funds (which
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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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represent approximately 11% of the total Global Credit remaining fair value as of December 31, 2025) appreciated 16% in 2025
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increase compared to $28.8 billion in 2023, which included$8.2 billion and$10.0 billion in invested capital in our Global
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increase over 2024, which included$10.4 billion and$14.2 billion in invested capital in our Global Private Equity and Carlyle
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Private Equity and Global Investment Solutions segments. In our Global Credit segment, deployment of$24.5 billion in 2024
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AlpInvest segments, respectively. In our Global Credit segment, deployment of$29.9 billion in 2025 included the closing of
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included the closing of ten new CLOs, gross originations across our platform including$3.7 billion in direct lending, and
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nine new CLOs, and gross originations across our platform including$5.1 billion in our direct lending strategy, whichhad its
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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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In February 2026, our Board of Directors declared a quarterly dividend of $0.35 per share to common stockholders of
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stockholders of record at the close of business on February 21, 2025, payable on February 28, 2025.
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record at the close of business on February 16, 2026, payable on February 20, 2026.
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investments attributable to The Carlyle Group Inc. See Note 6, Borrowings, to the consolidated financial statements for more
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Borrowings, to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.
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net share settlement of equity-based awards.
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program is used for the payment of tax withholding amounts upon net share settlement of equity-based awards granted pursuant
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Transac tion and portfolio advisory fees generally include capital markets fees generated by Carlyle Global Capital
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Transaction and portfolio advisory fees generally include capital markets fees generated by Carlyle Global Capital
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primarily from certain of our Global Credit funds, when the return on assets under management exceeds certain benchmark
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when the return on assets under management exceeds certain benchmark returns or other performance targets. In such
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returns or other performance targets. In such arrangements, incentive fees are recognized when the performance benchmark has
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arrangements, incentive fees are recognized when the performance benchmark has been achieved.
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performance allocations realizations from our Global Investment Solutions, Carlyle Aviation, and Abingworth funds is typically
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performance allocation realizations from our Carlyle AlpInvest, Carlyle Aviation, and Abingworth funds is typically later than
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later than in our other carry funds based on the terms of such arrangements.
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in our other carry funds based on the terms of such arrangements.
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allocation-related compensation associated with our updated compensation program that has not yet been paid is also excluded
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allocation-related compensation that has not yet been paid is also excluded from our net accrued performance allocations.
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subject to a giveback obligation. The aggregate amount of giveback obligations realized since Carlyle’s inception totaled
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subject to agiveback obligation. The aggregate amount of giveback obligations realized since Carlyle’s inception totaled
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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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$257.0 million,$175.6 million of which was related to various Legacy Energy Funds. Given that current and former senior
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the realized giveback obligation, only$86.5 million of the$256.5 million aggregate giveback obligation realized since
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the realized giveback obligation, only$87.1 million of the$257.0 million aggregate giveback obligation realized since
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deemed to be worthless. Unrealized principal investment income (loss) results from changes in the fair value of the underlying
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deemed to be permanently impaired or worthless. Unrealized principal investment income (loss) results from changes in the fair
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investment, as well as the reversal of previously recognized unrealized gains (losses) at the time an investment is realized.
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value of the underlying investment, as well as the reversal of previously recognized unrealized gains (losses) at the time an
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equity interests in NGP Management Company, L.L.C. (“NGP Management”) and the general partners of certain carry funds
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equity interests in NGP Management and the general partners of certain carry funds advised by NGP. Following the
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advised by NGP. These interests entitle us to an allocation of income equal to 55.0% of the management fee related revenues of
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Management entitle us to an allocation of income equal to 55.0% of the management fee related revenues earned by NGP
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to be made by NGP funds. For further information regarding our strategic investments in NGP, refer to Note 4, Investments, to
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refer to Note 4, Investments, to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K.
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income (loss) for our equity income allocation from NGP management fee related revenues and our share of any allocated
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We record investment income (loss) for our equity income allocation from NGP management fee related revenues and
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expenses from NGP Management, as well as expenses associated with the compensatory elements of the strategic investment.
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our share of any allocated expenses from NGP Management, as well as expenses associated with the compensatory elements of
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We also record our equity income allocation from NGP performance allocations in principal investment income (loss) from
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the strategic investment and any impairment charges. We also record our equity income allocation from NGP performance
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equity method investments rather than performance allocations in our consolidated statements of operations. We do not control
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allocations in principal investment income (loss) from equity method investments rather than performance allocations in our
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or manage NGP. Moreover, we do not operate NGP’s business, have representation on NGP’s board or serve as an investment
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consolidated statements of operations. We do not control or manage NGP. Moreover, we do not operate NGP’s business, have
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advisor to any investment fund sponsored by NGP, nor do we direct the operations of any of NGP portfolio companies. While
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representation on NGP’s board or serve as an investment advisor to any investment fund sponsored by NGP, nor do we direct
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we have consent rights over certain major actions by NGP outside of the ordinary course of NGP’s business (including, for
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the operations of any of NGP’s portfolio companies. While we have consent rights over certain major actions by NGP outside
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example, consent rights over items such as amendments to the organizational documents of the entity in which we are invested,
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of the ordinary course of NGP’s business (including, for example, consent rights over items such as amendments to the
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changes to the management fee streams earned by NGP under its fund agreements, or the incurrence of certain debt by NGP
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organizational documents of the entity in which we are invested, changes to the management fee streams earned by NGP under
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and other similar items), we have no voting rights or consent rights on any NGP investment committee that selects investments
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rights on any NGP investment committee that selects investments to be made by NGP funds.
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its fund agreements, or the incurrence of certain debt by NGP and other similar items), we have no voting rights or consent
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performance allocations and incentive fees to our employees.
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AUM based on fair value and other” in the table below).
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unconsolidated basis for the year ended December 31, 2025.
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•In the Global Private Equity segment, Performance allocation accruals were primarily driven by appreciation in
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•In the Global Credit segment, Performance allocation accruals were primarily driven by appreciation in our
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reflective of the Company's operating performance.
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Theincrease in Portfolio advisory and transaction fees, net and other for the year ended December 31, 2025 as
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translation at the average quarterly rate.
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and analysis is not indicative of the performance of The Carlyle Group Inc. and is also not necessarily indicative of the future
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performance of any particular fund. An investment in The Carlyle Group Inc. is not an investment in any of our funds. There
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can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. See Part I, Item 1A
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“Risk Factors—Risks Related to Our Business Operations—Risks Related to the Assets We Manage—The historical returns
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attributable to our funds, including those presented in this Annual Report on Form 10-K, should not be considered as indicative
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calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted return for a Limited
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Partner who invested sequentially in each fund.
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and represent a theoretical time-weighted return for a Limited Partner who invested sequentially in each fund.
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calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted return for a Limited
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Partner who invested sequentially in each fund.
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(8)For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time
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CMP II, SASOF II, and CASCOF.
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Realized principal investment income. Realized principal investment income increased $31.0 million for the year
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General, administrative and other indirect expenses. General, administrative and other indirect expenses increased
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invested capital, and gross subscriptions in our vehicles for which management fees are based on net asset value. Inflows exclude
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translation at the average quarterly rate.
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outstanding under the senior revolving credit facility.
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interest in the Carlyle entity that manages the CLO and generally do not have recourse to any other Carlyle entity. As of
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consolidated investment funds and the CLOs. Generally, the consolidation of the Consolidated Funds has a gross-up effect on
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from our net accrued performance allocations.
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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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Interest and other income of Consolidated Funds. Interest and other income of Consolidated Funds increased $61.5
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the year ended December 31, 2024 compared to 2023, primarily driven byan increase in partnership expenses paid by the
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2023, respectively. These amounts also reflect the net income attributable to non-controlling interests in carried interest,
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presented. The fund return information reflected in this discussion and analysis is not indicative of the performance of The
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multiple funds are calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted
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return for a Limited Partner who invested sequentially in each fund.
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(10)Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and
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(12)For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time
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Realized Net Performance Revenues. Realized net performance revenues decreased $10.6 million for the year ended
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(4)Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried
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dates for each fund and represent a theoretical time-weighted return for a Limited Partner who invested sequentially in
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multiple funds are calculated based on actual cash flow dates for each fund and represent a theoretical time-weighted
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return for a Limited Partner who invested sequentially in each fund.
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commitments were activated during the period and the fee-earning commitments invested in vehicles for which management fees are
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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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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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presented in this Annual Report on Form 10-K, should not be considered as indicative of the future results of our funds or of
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The following tables reflect the performance of our significant funds in our Global Investment Solutions business. We
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approximately $8.7 billion of AUM in the aggregate.
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revolving credit facility or other financings.
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equivalents was approximately$1.2 billion as of December 31, 2024. This remaining amount will be used towards our primary
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repayments of CLO term loans during the year ended December 31, 2024. The CLO borrowings are secured by the Company’s
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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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Investments, to the consolidated financial statements.
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not have recourse to any other Carlyle entity.
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The Carlyle Group Inc. common stock repurchased during the period presented in the tables above relate to shares