Carlyle Group Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-10.
0001527166-26-000045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001527166-26-000053
Item 2. 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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96 unchanged; 887 reworded; 356 added; 308 removed; 66 previous and 142 current paragraphs rearranged.
Tables are not compared: 47 previous and 49 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (356)
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AlpInvest.
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of September 30, 2026, our Global Private Equity segment had$160.7 billion in AUM and$96.1 billion in Fee-
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earning AUM.
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billion in Fee-earning AUM.
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(in billions):
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evergreen wealth platform (CPEP).
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Fortitude.
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evergreen fund (CDLF).
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(6)Includes our Aviation carry funds (CAPF / SASOF), asset-backed securitization vehicles, and other related managed
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accounts.
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U.S. equity markets extended their gains in the third quarter of 2026, though returns were considerably
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more muted than in the second quarter, as resilient economic growth and strong corporate earnings outweighed
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geopolitical tensions, higher energy prices, and rising interest rates. The S&P 500 and NASDAQ Composite
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returned approximately 2.0% and 2.5%, respectively, reaching new record highs, supported by further upward
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1,820 basis points (“bps”) since the onset of the Iran conflict, with much of the earnings strength concentrated
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among a small number of companies in the information technology (“IT”) and energy sectors. SaaS stocks
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rebounded 39% during the quarter as stronger financials helped allay near-term concerns around artificial
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intelligence (“AI”)disruption, though the sector remained down 9% year-to-date. Meanwhile, small caps pulled back
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as the Russell 2000 declined 7.5%. Headline index gains obscured significant underlying weakness: over 40% of
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S&P 500 constituent companies and roughly 60% of Russell 3000 constituent companies finished the quarter more
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than 30% below their all-time highs. Globally, over 60% of stocks were more than 30% below their all-time highs,
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while more than half finished the quarter more than 25% below their 52-week highs.
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Performance was generally weaker outside the United States. Europe’s Euro Stoxx 50 declined 0.9%, while
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the sharpest reversal occurred in Asia. Japan’s Nikkei 225 declined 4.7% and Korea’s KOSPI fell 19.3%, its largest
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quarterly decline since the first quarter of 2020, as the semiconductor-led rally that drove Asian markets in the first
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half of the year reversed sharply. In private markets, buyouts in the U.S. continued to lag the S&P 500 over the last
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year, but longer-term comparisons remain favorable against benchmarks that align with the market capitalization
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profile of buyout-backed companies and are less influenced by mega-cap concentration. Compared to the Russell
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2000 and S&P 600, buyouts in the U.S. have generated annualized outperformance of approximately 50 to 80 bps
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market returns become increasingly driven by a small number of mega-caps, comparisons between private market
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performance and headline capitalization-weighted indexes have become less informative about the relative
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performance of similarly sized companies. The growing divergence within public markets reinforces this distinction:
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the rolling 52-week correlation of weekly returns between the equal-weighted and capitalization-weighted S&P 500
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has fallen to its lowest level in the history of available data.
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Official estimates suggest the U.S. economy expanded at a 3.4% annualized rate in Q3 2026. The
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mechanical reversal of the inventory drag in Q2 2026 added 160 bps to growth in Q3 2026, leaving just 1.7%
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annualized growth in final sales. U.S. demand remains strong, though so much of the surge in AI-related spending
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has been met through capital goods imports that the bulk of the value-added in Q3 2026 accrued to the Asian
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supplier economies. Our portfolio-implied measure of aggregate inflation finished the quarter 3.6% above year-ago
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levels, driven primarily by energy costs. Management teams, however, continue to offset higher input costs through
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Global Private Equity segment had$162.7 billion in AUM and$96.6 billion in Fee-earning AUM.
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$211.1 billion in AUM and$167.6 billion in Fee-earning AUM.
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investment activity.
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(CDLF).
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(6)Includes our Real Estate Credit fund (CNLI).
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Form 10-K.
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Equity markets posted their strongest quarterly returns since 2020 in Q2 2026, rising despite persistent geopolitical
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tensions in the Strait of Hormuz. Although a ceasefire agreement improved market sentiment, geopolitical tensions persisted,
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and shipping through the Strait of Hormuz remained well below pre-conflict levels, leaving physical supply constraints largely
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intact. The S&P 500, NASDAQ Composite, and Russell 2000 returned 14.9%, 21.4%, and 21.2%, respectively, supported by
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the onset of the Iran conflict. Rotation was a defining feature through the first half of the year: the Magnificent 7 stocks
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declined 10% from their peak and software stocks finished the half down 20%, while traditional economy sectors such as
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construction & engineering, communications equipment, and marine transport, as well as hardware, led performance, and small
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caps outperformed large caps by over 1,000 bps. Globally, Europe’s Euro Stoxx 50 returned 13.6% during the quarter, while
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Asian markets were the strongest performers—Korea’s KOSPI, Taiwan’s TAIEX, and Japan’s Nikkei returned 67.8%, 45.4%,
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and 37.2%, respectively, driven by semiconductor demand tied to AI infrastructure. However, record earnings from memory
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chip manufacturers paradoxically triggered a sharp KOSPI selloff of 25% from peak, as investors grew concerned that surging
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circuit board costs could impair the economics of the broader AI value chain. In private markets, buyout performance improved
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somewhat compared to the S&P 500 for Q1 2026 (the latest data available), but this was primarily due to quarter end volatility.
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Over longer periods against benchmarks that align more closely with market capitalization and display less concentration,
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buyouts continue to outperform. Compared to the S&P 600 small-cap index, U.S. buyouts have generated outperformance of
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Official estimates of U.S. GDP surprised to the downside in Q2 2026, but real final demand came in right on top of the
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2.2% estimate implied by our proprietary portfolio data, as a surge in AI-related capital goods imports slowed topline GDP
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growth relative to what would be implied by investment outlays, and inventory liquidation also reduced growth. Our measure of
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corporate revenue growth accelerated to 6.2% annualized in Q2 2026, up from 5.7% in Q1 2026, but price rather than volume
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accounted for a disproportionate share of that growth. Our data imply real consumption slowed to 1.8% annualized as
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households absorbed the price shock, with spending among top-third households growing at 2.3x the rate of bottom-third
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households. Headline inflation finished June at a 3.7% annual rate, and with core inflation above 3%, the Fed has not hit its
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inflation target in five years. Against this backdrop, interest rates no longer appear to be on a pre-set path toward sub-3%, and
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market participants largely expect the Fed’s next move to be a rate hike. The clearest source of strength was business
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investment: our data indicate U.S. business spending rose at a 15.8% annualized rate, with corporate information technology
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services up 28.3%. AI-related investment remains the primary driver—compute capex has grown at an 80% annualized rate
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since year-end 2024, and data center real estate is now roughly 3.8x its year-end 2022 level. This spending surge is also bidding
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away finite resources—grid capacity, engineering talent, construction labor, and key materials—raising input costs and creating
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headwinds for competing capital projects.
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European conditions stabilized as the quarter progressed. German factory orders, while still negative, rebounded from
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post-conflict troughs, and euro area order books improved, signaling firmer forward demand. A notable structural development
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was the agreement by the EU’s six largest economies on capital markets integration, which could mobilize an estimated €8
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trillion of household savings currently held in low-yielding deposits toward more productive investment. In China, domestic
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consumption continued to contract, with weakness particularly evident in big-ticket categories previously supported by trade-in
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Unless context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Carlyle,” the “Company,”
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Unless context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Carlyle,” the
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“we,” “us,” and “our” refer to The Carlyle Group Inc. and its consolidated subsidiaries. The following discussion and
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“Company,” “we,” “us,” and “our” refer to The Carlyle Group Inc. and its consolidated subsidiaries. The following
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analysis should be read in conjunction with the consolidated financial statements and the related notes included in this
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discussion and analysis should be read in conjunction with the consolidated financial statements and the related
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Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the year ended December 31, 2025.
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notes included in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the year ended
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We are one of the world’s largest global investment firms and deploy private capital across our business. We conduct our
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We are one of the world’s largest global investment firms and deploy private capital across our business. We
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operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest.
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conduct our operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle
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•Global Private Equity — Our Global Private Equity segment advises our buyout, growth, real estate, and infrastructure &
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•Global Private Equity — Our Global Private Equity segment advises ourbuyout, growth, real estate, and
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natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. As of June 30, 2026, our
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infrastructure & natural resources funds. The segment also includes the NGP Carry Funds advised by NGP. As
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•Global Credit — Our Global Credit segment advises funds and vehicles that pursue investment strategies including
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•Global Credit — Our Global Credit segment advises funds and vehicles that pursue investment strategies
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insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure
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including insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation
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credit, cross-platform credit products, and global capital markets. As of June 30, 2026, our Global Credit segment had
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finance, infrastructure credit, cross-platform credit products, and global capital markets. As of September 30,
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“Fee-earning AUM based on fair value and other” in the table below);
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2026, our Global Credit segment had$207.3 billion in AUM and$163.7 billion in Fee-earning AUM.
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•Carlyle AlpInvest — Our Carlyle AlpInvest segment advises global private equity programs that pursue secondary
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•Carlyle AlpInvest — Our Carlyle AlpInvest segment advises global private equity programs that pursue
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purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. As of
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secondary purchases and financing of existing portfolios, managed co-investment programs, and primary fund
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June 30, 2026, our Carlyle AlpInvest segment had$111.7 billion in AUM and$70.2 billion in Fee-earning AUM.
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investments. As of September 30, 2026, our Carlyle AlpInvest segment had$110.5 billion in AUM and$69.9
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We earn management fees pursuant to contractual arrangements with the investment funds that we manage and fees for
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We earn management fees pursuant to contractual arrangements with the investment funds that we manage
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transaction advisory and oversight services provided to portfolio companies of these funds. We also typically receive a
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and fees for transaction advisory and oversight services provided to portfolio companies of these funds. We also
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performance fee from an investment fund, which may be either an incentive fee or a special residual allocation of income,
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typically receive a performance fee from an investment fund, which may be either an incentive fee or a special
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which we refer to as a performance allocation, or carried interest, in the event that specified investment returns are achieved by
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residual allocation of income, which we refer to as a performance allocation, or carried interest, in the event that
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the fund. Under U.S. generally accepted accounting principles (“U.S. GAAP”), we are required to consolidate some of the
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specified investment returns are achieved by the fund. Under U.S. generally accepted accounting principles (“U.S.
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investment funds that we advise. However, for segment reporting purposes, we present revenues and expenses on a basis that
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reporting purposes, we present revenues and expenses on a basis that deconsolidates these investment funds.
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deconsolidates these investment funds. Refer to Note 14, Segment Reporting, to the condensed consolidated financial
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Refer to Note 14, Segment Reporting, to the condensed consolidated financial statements included in this Quarterly
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statements included in this Quarterly Report on Form 10-Q for more information on the differences between our financial
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Report on Form 10-Q for more information on the differences between our financial results reported pursuant to
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results 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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The following table provides a breakout of the product offerings and related acronyms included in our total assets under
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The following table provides a breakout of the product offerings and related acronyms included in our total
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management of$485 billion as of June 30, 2026 for each of our three global business segments (in billions):
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assets under management of$479 billion as of September 30, 2026 for each of our three global business segments
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Note: All amounts shown represent total assets under management as of June 30, 2026, and totals may not sum due to rounding. In addition,
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Note: All amounts shown represent total assets under management as of September 30, 2026, and totals may not sum due to
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certain carry funds included herein may not be included in fund performance if they have not made an initial capital call or commenced
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rounding. In addition, certain carry funds included herein may not be included in fund performance if they have not made an
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(1)Includes our Financial Services (CGFSP), Sub-Saharan Africa Buyout (CSSAF), Peru Buyout (CPF), and MENA Buyout funds, as well
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(1)Includes our Financial Services (CGFSP), Sub-Saharan Africa Buyout (CSSAF), Peru Buyout (CPF), and MENA Buyout
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as platform accounts which invest across Corporate Private Equity strategies.
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funds, as well as platform accounts which invest across Corporate Private Equity strategies, including our private equity
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(2)NGP Energy funds are advised by NGP Energy Capital Management, LLC, a separately registered investment adviser. We do not serve as
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(2)NGP Energy funds are advised by NGP Energy Capital Management, LLC, a separately registered investment adviser. We
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an investment adviser to these funds.
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do not serve as an investment adviser to these funds.
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(4)Includes Carlyle FRL, capital raised from strategic third-party investors which directly invest in Fortitude alongside Carlyle FRL, as well
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(4)Includes Carlyle FRL, capital raised from strategic third-party investors which directly invest in Fortitude alongside Carlyle
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as the fair value of the general account assets covered by the strategic advisory services agreement with Fortitude.
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FRL, as well as the fair value of the general account assets covered by the strategic advisory services agreement with
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(5)Includes our business development companies (CGBD / CARS), Europe Direct Lending funds (EDLF / ETAC), and our evergreen fund
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(5)Includes our business development companies (CGBD / CARS), Europe Direct Lending funds (EDLF / ETAC), and our
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(7)Includes Carlyle AlpInvest Private Markets (CAPM) and Carlyle AlpInvest Private Markets Secondaries (CAPS) funds.
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(7)Includes our Carlyle AlpInvest Private Markets (CAPM) and Carlyle AlpInvest Private Markets Secondaries (CAPS) funds.
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Our global business is affected by the conditions in the global financial markets, global economies and the geopolitical
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Our global business is affected by conditions in global financial markets, global economies, and the
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landscape, particularly in the U.S., Europe, and Asia, as discussed in Item 1A “Risk Factors” of our Annual Report on
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geopolitical landscape, particularly in the U.S., Europe, and Asia, as discussed in Item 1A “Risk Factors” of our
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upward earnings per share (“EPS”) revisions—consensus 2026 S&P 500 EPS growth has risen 1,440 basis points (“bps”) since
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earnings per share (“EPS”) revisions. Consensus expectations for 2026 S&P 500 EPS growth have now risen by
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506 bps over the last five years, 386 bps over the last 10 years, and 310 bps over the last 15 years.
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over the last five years, 260 to 270 bps over the last 10 years, and 240 to 320 bps over the last 15 years. As public-
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GAAP”), we are required to consolidate some of the investment funds that we advise. However, for segment
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initial capital call or commenced investment activity.
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Annual Report on Form 10-K.
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highly predictable and stable, or Perpetual Capital products as defined below. Management fees also include catch-
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in which we participate in the underwriter syndicate.
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and advisory fees earned, which we refer to as “rebate offsets.”
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investments above certain return hurdles as set forth in each respective fund partnership agreement and is based
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the particular fund’s hurdle rate. Additionally, unrealized performance allocations reverse when performance
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allocations are realized, and unrealized performance allocations can be negative if the amount of realized
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related tax obligations, and (iv) accrued performance allocations attributable to non-controlling interests. Net
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realization of giveback obligations for the Company’s portion of such obligations reduces Distributable Earnings in
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performance allocations and incentive fees related compensation expense. See “—Non-GAAP Financial Measures”
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permanently impaired or worthless. Unrealized principal investment income (loss) results from changes in the fair
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consolidated financial statements included in this Quarterly Report on Form 10-Q.
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investments rather than performance allocations in our condensed consolidated statements of operations. We do
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Consolidated Funds. Income (loss) indicates that the fair value of the assets of the Consolidated Funds appreciated
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paid, are recognized as a component of the accrued compensation and benefits liability. Compensation in respect of
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additional information). Compensation charges associated with all equity-based compensation grants are excluded
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and impairment), bad debt expense, and foreign currency transactions. We expect that general, administrative and
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Interest and other expenses of Consolidated Funds. Interest and other expenses of Consolidated Funds
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professional fees and other third-party expenses.
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is intended to show the amount of net realized earnings without the effects of consolidation of the Consolidated
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corporate actions and non-recurring items that affect period-to-period comparability and are not reflective of the
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Consolidated Results of Operations” prepared in accordance with U.S. GAAP.
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events, and which have no risk of giveback.
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(included in “Fee-earning AUM based on fair value and other” in the table below); and
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(included in “Fee-earning AUM based on fair value and other” in the table below).
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earning AUM for which fees have not yet been activated.
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based on net asset value. Inflows exclude fundraising amounts during the period for which fees have not yet been activated,
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the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement.
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pursuant to the terms of their capital commitments to those funds and vehicles;
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of the strategy in which they are invested.
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than the cost of those investments.
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invested capital are subject to management fees or performance allocations. Our calculations of AUM and Fee-
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and the expiration of available capital.
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invest capital into new or existing deals. Any remaining Available Capital, typically a result of either recycled
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including through elections by investors to redeem their investments, dividend payments, and other payment
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Note 4, Investments). As of September 30, 2026, the assets and liabilities of the Consolidated Funds were primarily
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Summary of Significant Accounting Policies, to the condensed consolidated financial statements included in this
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Quarterly Report on Form 10-Q.
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Policies, to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
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generated by investment activity within our funds, and therefore are impacted by our investment pace or other capital
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unrealized performance allocations reverse when performance allocations are realized, and unrealized performance allocations
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revenues recognized each period and related discussion.
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previously recognized unrealized gains (losses) at the time an investment is realized.
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included in this Quarterly Report on Form 10-Q.
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management of the Consolidated Funds. The portion of the net investment income (losses) of Consolidated Funds attributable
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unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle
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earning AUM based on fair value and other” in the table below); and
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AUM based on fair value and other” in the table below).
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which fees have not yet been activated.
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general account assets covered by the strategic advisory services agreement.
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commitments to those funds and vehicles;
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and liabilities of the Consolidated Funds were primarily related to our consolidated CLOs, which held approximately$10.9
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thethree and six months ended June 30, 2026 and 2025. Our condensed consolidated financial statements have been prepared
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primarily attributable to performance allocations on funds managed by NGP. Principal investment income for thesix months
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tax rate for thesix months ended June 30, 2026 and 2025 primarily comprised the 21% U.S. federal corporate income tax rate
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months ended June 30, 2026 and 2025, respectively.
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reflective of the Company’s operating performance.
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Management and its affiliates that are excluded from the Non-GAAP results.
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further discussion on our investment activity and broader market trends.
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are referenced as Pending Fee-earning AUM.
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based on commitments during the period do not affect Fee-earning AUM.
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lower of cost or fair value.
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translation at the average quarterly rate.
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Partner who invested sequentially in each fund.
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CAGP III, CEOF I, Mexico, and CSABF.
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Fee Revenues. The following table provides the components of the changes in Fee revenues for the periods presented:
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Affecting Our Business” for further discussion on our investment activity and broader market trends.
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on commitments were activated during the period, the fee-earning commitments invested in vehicles for which management fees are
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Fortitude’s general account assets covered by the strategic advisory services agreement.
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the Fortitude strategic advisory services agreement.
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For funds or vehicles denominated in foreign currencies, this reflects translation at the average quarterly rate.
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co-investment vehicles, and separately managed accounts, as well as the impact of fees, expenses and non-investment income, change
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the strategic advisory services agreement, and other changes in AUM.
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discussion and analysis is not indicative of the performance of The Carlyle Group Inc. and is also not necessarily indicative of
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the future performance of any particular fund. An investment in The Carlyle Group Inc. is not an investment in any of our
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funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns.
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(6)Multiple of invested capital (“MOIC”) represents total value, before management fees, expenses and carried interest,
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(7)Gross Internal Rate of Return (“Gross IRR”) represents an annualized return on Limited Partner invested capital, based
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