Carlyle Group Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

FOR THE QUARTERLY PERIOD ENDED September 30, 2026

OR

FOR THE TRANSITION PERIOD FROM TO

Commission File Number:001-35538

(Exact name of registrant as specified in its charter)

1001 Pennsylvania Avenue, NW

Washington, DC,20004-2505

(Address of principal executive offices) (Zip Code)

(202)729-5626

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

As of November 3, 2026, there were 353,914,742 shares of common stock of the registrant outstanding.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to

such filing requirements for the past 90 days. Yes ý No¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule

405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to

submit such files). Yes ý No¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company

or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging

growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with

any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒

TABLE OF CONTENTS

Forward-Looking Statements

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of

Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as

amended. These statements include, but are not limited to, statements related to our expectations, estimates,

beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions and

statements that are not historical facts, including our expectations regarding the performance of our business, our

financial results, our liquidity and capital resources, contingencies, and our dividend policy. You can identify these

forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,”

“may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the

negative version of these words or other comparable words. Such forward-looking statements are subject to various

risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual

outcomes or results to differ materially from those indicated in these statements including, but not limited to, those

described in this Quarterly Report on Form 10-Q and under the section entitled “Risk Factors” in our Annual Report

on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission

(“SEC”) on February 27, 2026, as such factors may be updated from time to time in our periodic filings with the

SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as

exhaustive and should be read in conjunction with the other cautionary statements that are included in this Quarterly

Report on Form 10-Q and in our other periodic filings with the SEC. We undertake no obligation to publicly update

or review any forward-looking statements, whether as a result of new information, future developments, or

otherwise, except as required by applicable law.

Website and Social Media Disclosure

We use our website (www.carlyle.com), our corporate Facebook page (www.facebook.com/onecarlyle), our

corporate X account (@OneCarlyle or www.x.com/onecarlyle), our corporate Instagram account (@onecarlyle or

www.instagram.com/onecarlyle), our corporate LinkedIn account (www.linkedin.com/company/the-carlyle-group),

our corporate YouTube channel (www.youtube.com/user/onecarlyle), and our corporate WeChat account (ID:

gh_3e34f090ec20) as channels of distribution of material company information. For example, financial and other

material information regarding our company is routinely posted on and accessible at www.carlyle.com. Accordingly,

investors should monitor these channels, in addition to following our press releases, SEC filings, and public

conference calls and webcasts. In addition, you may automatically receive email alerts and other information about

Carlyle when you enroll your email address by visiting the “Email Alerts” section at http://ir.carlyle.com/email-alerts.

The contents of our website and social media channels are not, however, a part of this Quarterly Report on

Form 10-Q and are not incorporated by reference herein.

Carlyle does not conduct any public solicitations (including print and online articles, advertisements, or

postings on social media sites, messaging applications such as Telegram, WeChat, or WhatsApp, or other public

platforms) with respect to investments, fundraising, cryptocurrency, or opening accounts on social media sites. Any

investment-related communication received from these platforms purporting to be from a Carlyle professional is

fraudulent and should be reported to authorities.

Terms Used in This Report

Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to “Carlyle,” the

“Company,” “we,” “us,” and “our” refer to The Carlyle Group Inc. and its consolidated subsidiaries. When we refer to

our “senior Carlyle professionals,” we are referring to the partner-level personnel of our firm. References in this

Quarterly Report on Form 10-Q to the ownership of the senior Carlyle professionals include the ownership of

personal planning vehicles of these individuals. When we refer to the “Carlyle Holdings partnerships” or “Carlyle

Holdings,” we are referring to Carlyle Holdings I L.P., Carlyle Holdings II L.P., and Carlyle Holdings III L.P., which

prior to the Conversion were the holding partnerships through which the Company and our senior Carlyle

professionals and other holders of Carlyle Holdings partnership units owned their respective interests in our

business.

“Carlyle funds,” “our funds,” and “our investment funds” refer to the investment funds and vehicles advised by

Carlyle.

“Carry funds” generally refers to closed-end investment vehicles, in which commitments are drawn down over

a specified investment period, and in which the general partner receives a special residual allocation of income from

limited partners, which we refer to as carried interest, in the event that specified investment returns are achieved by

the fund. Disclosures referring to carry funds will also include the impact of certain commitments that do not earn

carried interest, but are either part of or associated with our carry funds. The rate of carried interest, as well as the

share of carried interest allocated to Carlyle, may vary across the carry fund platform. Carry funds generally include

the following investment vehicles across our three business segments:

•Global Private Equity: Buyout, growth, real estate, and infrastructure & natural resources funds advised by

Carlyle, as well as certain energy funds advised by our strategic partner NGP Energy Capital Management

(“NGP”) in which Carlyle is entitled to receive a share of carried interest (“NGP Carry Funds”);

•Global Credit: Opportunistic credit, aviation finance, infrastructure credit, and other closed-end credit funds

advised by Carlyle; and

•Carlyle AlpInvest: Funds and vehicles advised by AlpInvest Partners B.V. and its affiliates (“AlpInvest”),

which include global private equity programs that pursue secondary purchases and financing of existing

portfolios, managed co-investment programs, and primary fund investments.

Carry funds specifically exclude certain legacy Abingworth funds in which Carlyle is not entitled to receive a

share of carried interest, collateralized loan obligation vehicles (“CLOs”), our business development companies and

associated managed accounts, as well as capital raised from strategic third-party investors which directly invest in

Fortitude (defined below) alongside a carry fund.

For an explanation of the fund acronyms used throughout this Quarterly Report on Form 10-Q, refer to “Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations – Our Global Investment

Offerings.”

“Fortitude” refers to FGH Parent, L.P. (“FGH Parent”), the direct parent of Fortitude Group Holdings, LLC

(“Fortitude Holdings”). See Note 4, Investments, to the condensed consolidated financial statements in Part I, Item 1

of this Quarterly Report on Form 10-Q for more information regarding the Company’s strategic investment in

Fortitude.

“Fee-earning assets under management” or “Fee-earning AUM” refers to the assets we manage or advise

from which we derive recurring fund management fees. Our Fee-earning AUM is generally based on one of the

following, once fees have been activated:

(a)the amount of limited partner capital commitments, generally for carry funds where the original investment

period has not expired and for AlpInvest carry funds during the commitment fee period;

(b)the remaining amount of limited partner invested capital at cost, generally for carry funds and certain co-

investment vehicles where the original investment period has expired;

(c)the amount of aggregate fee-earning collateral balance of our CLOs and other securitization vehicles, as

defined in the fund indentures (pre-2020 CLO vintages are generally exclusive of equities and defaulted

positions) as of the quarterly cut-off date;

(d)the external investor portion of the net asset value of certain carry funds and evergreen products;

(e)the fair value of Fortitude’s general account assets invested under the strategic advisory services

agreement;

(f)the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct

lending products, excluding cash and cash equivalents for one of our business development companies;

and

(g)the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the

commitment fee period has expired and certain carry funds where the investment period has expired.

“Assets under management” or “AUM” refers to the assets we manage or advise. Our AUM generally equals

the sum of the following:

(a)the aggregate fair value of our carry funds and related co-investment vehicles, and separately managed

accounts, plus the capital that Carlyle is entitled to call from investors in those funds and vehicles

(including Carlyle commitments to those funds and vehicles and those of senior Carlyle professionals and

employees) pursuant to the terms of their capital commitments to those funds and vehicles;

(b)the amount of aggregate collateral balance and principal cash or aggregate principal amount of the notes

of our CLOs and other structured products (inclusive of all positions);

(c)the net asset value of certain carry funds and evergreen products;

(d)the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement;

and

(e)the gross assets (including assets acquired with leverage) of certain cross-platform credit and direct

lending products, plus the capital that Carlyle is entitled to call from investors in those vehicles pursuant to

the terms of their capital commitments to those vehicles.

We include in our calculation of AUM and Fee-earning AUM the NGP Carry Funds that are advised by NGP.

Our calculation of AUM also includes third-party capital raised for the investment in Fortitude through a Carlyle-

affiliated investment fund and from strategic investors which directly invest in Fortitude alongside the fund. The total

AUM and Fee-earning AUM related to the strategic advisory services agreement with Fortitude is inclusive of the net

asset value of investments in Carlyle products. These amounts are also reflected in the AUM and Fee-earning AUM

of the strategy in which they are invested.

For most of our carry funds, total AUM includes the fair value of the capital invested, whereas Fee-earning

AUM includes the amount of capital commitments or the remaining amount of invested capital, depending on

whether the original investment period for the fund has expired. As such, Fee-earning AUM may be greater than

total AUM when the aggregate fair value of the remaining investments is less than the cost of those investments.

Our calculations of AUM and Fee-earning AUM may differ from the calculations of other asset managers. As a

result, these measures may not be comparable to similar measures presented by other asset managers. In addition,

our calculation of AUM (but not Fee-earning AUM) includes uncalled commitments to, and the fair value of invested

capital in, our investment funds from Carlyle and our personnel, regardless of whether such commitments or

invested capital are subject to management fees, incentive fees or performance allocations. Our calculations of

AUM or Fee-earning AUM are not based on any definition of AUM or Fee-earning AUM that is set forth in the

agreements governing the investment funds that we manage or advise.

“Performance Fee Eligible AUM” represents the AUM of funds for which we are entitled to receive performance

allocations, inclusive of the fair value of investments in those funds (which we refer to as “Performance Fee Eligible

Fair Value”) and their Available Capital. Performance Fee Eligible Fair Value is “Performance Fee-Generating” when

the associated fund has achieved the specified investment returns required under the terms of the fund’s agreement

and is accruing performance revenue as of the quarter-end reporting date. Funds whose performance allocations

are treated as fee related performance allocations are excluded from these metrics.

“Perpetual Capital” refers to the assets we manage or advise which have an indefinite term and for which

there is no immediate requirement to return capital to investors upon the realization of investments made with such

capital, except as required by applicable law. Perpetual Capital may be materially reduced or terminated under

certain conditions, including reductions from changes in valuations and payments to investors, including through

elections by investors to redeem their investments, dividend payments, and other payment obligations, as well as

the termination of or failure to renew the respective investment advisory agreements. Perpetual Capital includes: (a)

assets managed under the strategic advisory services agreement with Fortitude, (b) our Core Plus real estate fund,

(c) our business development companies and certain other direct lending products, (d) Carlyle Tactical Private

Credit Fund (“CTAC”), (e) our closed-end tender offer Carlyle AlpInvest Private Markets (“CAPM”) funds and Carlyle

AlpInvest Private Markets Secondaries (“CAPS”) funds, and (f) certain other structured credit and asset-backed

finance products.

“Legacy Energy Funds” include Energy III, Energy IV, and Renew II and are managed with Riverstone and its

affiliates. The investment periods for these funds have expired and the remaining investments in each fund are

being disposed of in the ordinary course of business. The impact of these funds is no longer significant to our