Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Partnership’s financial position as of June 30, 2015 and December 31, 2014 and results of operations for the three months and six months ended June 30, 2015 and 2014. The supplemental statement of cash flows is presented without effects of the Consolidated Funds.



	As of June 30, 2015
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,216.1		$	—		$	—		$	1,216.1
Cash and cash equivalents held at Consolidated Funds	—			1,078.6			—			1,078.6
Restricted cash	716.4			—			—			716.4
Restricted cash and securities of Consolidated Funds	—			18.4			—			18.4
Accrued performance fees	3,542.8			—			(17.3		)	3,525.5
Investments	1,107.9			—			(181.5		)	926.4
Investments of Consolidated Funds	—			25,277.1			0.1			25,277.2
Due from affiliates and other receivables, net	224.8			—			(17.2		)	207.6
Due from affiliates and other receivables of Consolidated Funds, net	—			454.9			—			454.9
Receivables and inventory of a consolidated real estate VIE	159.9			—			—			159.9
Fixed assets, net	106.6			—			—			106.6
Deposits and other	56.1			1.2			—			57.3
Other assets of a consolidated real estate VIE	77.4			—			—			77.4
Intangible assets, net	380.6			—			—			380.6
Deferred tax assets	199.0			—			—			199.0
Total assets	$	7,787.6		$	26,830.2		$	(215.9	)	$	34,401.9
Liabilities and partners’ capital
Loans payable	$	39.0		$	—		$	—		$	39.0
3.875% senior notes due 2023	499.9			—			—			499.9
5.625% senior notes due 2043	606.7			—			—			606.7
Loans payable of Consolidated Funds	—			16,898.7			(171.2		)	16,727.5
Loans payable of a consolidated real estate VIE at fair value (principal amount of $173.0 million)	112.4			—			—			112.4
Accounts payable, accrued expenses and other liabilities	428.3			—			—			428.3
Accrued compensation and benefits	2,221.3			—			—			2,221.3
Due to affiliates	920.3			2.0			(1.5		)	920.8
Deferred revenue	33.7			—			(0.2		)	33.5
Deferred tax liabilities	116.8			—			—			116.8
Other liabilities of Consolidated Funds	—			1,076.4			(42.4		)	1,034.0
Other liabilities of a consolidated real estate VIE	95.8			—			—			95.8
Accrued giveback obligations	221.8			—			—			221.8
Total liabilities	5,296.0			17,977.1			(215.3		)	23,057.8
Redeemable non-controlling interests in consolidated entities	8.3			3,596.9			—			3,605.2
Partners’ capital	629.3			(16.2		)	16.2			629.3
Accumulated other comprehensive income (loss)	(65.2		)	5.9			(8.5		)	(67.8		)
Partners’ capital appropriated for Consolidated Funds	—			131.0			(8.3		)	122.7
Non-controlling interests in consolidated entities	252.3			5,135.5			—			5,387.8
Non-controlling interests in Carlyle Holdings	1,666.9			—			—			1,666.9
Total partners’ capital	2,483.3			5,256.2			(0.6		)	7,738.9
Total liabilities and partners’ capital	$	7,787.6		$	26,830.2		$	(215.9	)	$	34,401.9



	As of December 31, 2014
	Consolidated Operating Entities			Consolidated Funds			Eliminations			Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$	1,242.0		$	—		$	—		$	1,242.0
Cash and cash equivalents held at Consolidated Funds	—			1,551.1			—			1,551.1
Restricted cash	59.7			—			—			59.7
Restricted cash and securities of Consolidated Funds	—			14.9			—			14.9
Accrued performance fees	3,808.9			—			(13.3		)	3,795.6
Investments	1,114.9			—			(183.3		)	931.6
Investments of Consolidated Funds	—			26,028.7			0.1			26,028.8
Due from affiliates and other receivables, net	215.8			—			(16.4		)	199.4
Due from affiliates and other receivables of Consolidated Funds, net	—			1,213.2			—			1,213.2
Receivables and inventory of a consolidated real estate VIE	163.9			—			—			163.9
Fixed assets, net	75.4			—			—			75.4
Deposits and other	57.3			1.9			—			59.2
Other assets of a consolidated real estate VIE	86.4			—			—			86.4
Intangible assets, net	442.1			—			—			442.1
Deferred tax assets	131.0			—			—			131.0
Total assets	$	7,397.4		$	28,809.8		$	(212.9	)	$	35,994.3
Liabilities and partners’ capital
Loans payable	$	40.2		$	—		$	—		$	40.2
3.875% senior notes due 2023	499.9			—			—			499.9
5.625% senior notes due 2043	606.8			—			—			606.8
Loans payable of Consolidated Funds	—			16,219.8			(167.6		)	16,052.2
Loans payable of a consolidated real estate VIE at fair value (principal amount of $243.6 million)	146.2			—			—			146.2
Accounts payable, accrued expenses and other liabilities	446.8			—			(50.6		)	396.2
Accrued compensation and benefits	2,312.5			—			—			2,312.5
Due to affiliates	183.6			1.0			(0.4		)	184.2
Deferred revenue	93.9			—			(0.2		)	93.7
Deferred tax liabilities	112.2			—			—			112.2
Other liabilities of Consolidated Funds	—			2,548.0			(43.1		)	2,504.9
Other liabilities of a consolidated real estate VIE	84.9			—			—			84.9
Accrued giveback obligations	113.4			—			(9.0		)	104.4
Total liabilities	4,640.4			18,768.8			(270.9		)	23,138.3
Redeemable non-controlling interests in consolidated entities	8.4			3,753.1			—			3,761.5
Partners’ capital	566.0			(71.5		)	71.5			566.0
Accumulated other comprehensive income (loss)	(40.3		)	6.3			(5.0		)	(39.0		)
Partners’ capital appropriated for Consolidated Funds	—			193.0			(8.5		)	184.5
Non-controlling interests in consolidated entities	286.3			6,160.1			—			6,446.4
Non-controlling interests in Carlyle Holdings	1,936.6			—			—			1,936.6
Total partners’ capital	2,748.6			6,287.9			58.0			9,094.5
Total liabilities and partners’ capital	$	7,397.4		$	28,809.8		$	(212.9	)	$	35,994.3



	Three Months Ended June 30, 2015
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	321.6		$	—	$	(39.3	)	$	282.3
Performance fees
Realized	603.7			—		(8.7		)	595.0
Unrealized	(297.7		)	—		(2.4		)	(300.1		)
Total performance fees	306.0			—		(11.1		)	294.9
Investment income (loss)
Realized	4.9			—		(2.1		)	2.8
Unrealized	4.9			—		1.5			6.4
Investment income (loss)	9.8			—		(0.6		)	9.2
Interest and other income	5.8			—		(0.9		)	4.9
Interest and other income of Consolidated Funds	—			257.0		—			257.0
Revenue of a consolidated real estate VIE	7.8			—		—			7.8
Total revenues	651.0			257.0		(51.9		)	856.1
Expenses
Compensation and benefits
Base compensation	128.6			—		—			128.6
Equity-based compensation	114.3			—		—			114.3
Performance fee related
Realized	263.5			—		—			263.5
Unrealized	(91.8		)	—		—			(91.8		)
Total compensation and benefits	414.6			—		—			414.6
General, administrative and other expenses	133.9			—		(1.1		)	132.8
Interest	14.5			—		—			14.5
Interest and other expenses of Consolidated Funds	—			311.2		(54.2		)	257.0
Interest and other expenses of a consolidated real estate VIE	27.6			—		—			27.6
Other non-operating income	(2.9		)	—		—			(2.9		)
Total expenses	587.7			311.2		(55.3		)	843.6
Other income
Net investment gains of Consolidated Funds	—			463.1		(1.5		)	461.6
Income before provision for income taxes	63.3			408.9		1.9			474.1
Provision for income taxes	6.0			—		—			6.0
Net income	57.3			408.9		1.9			468.1
Net income (loss) attributable to non-controlling interests in consolidated entities	(40.0		)	—		410.8			370.8
Net income attributable to Carlyle Holdings	97.3			408.9		(408.9		)	97.3
Net income attributable to non-controlling interests in Carlyle Holdings	66.7			—		—			66.7
Net income attributable to The Carlyle Group L.P.	$	30.6		$	408.9	$	(408.9	)	$	30.6



	Six Months Ended June 30, 2015
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	631.3		$	—	$	(79.5	)	$	551.8
Performance fees
Realized	929.7			—		(7.9		)	921.8
Unrealized	(43.2		)	—		(10.7		)	(53.9		)
Total performance fees	886.5			—		(18.6		)	867.9
Investment income (loss)
Realized	(64.9		)	—		76.6			11.7
Unrealized	50.5			—		(46.2		)	4.3
Investment income (loss)	(14.4		)	—		30.4			16.0
Interest and other income	12.3			—		(1.4		)	10.9
Interest and other income of Consolidated Funds	—			483.3		—			483.3
Revenue of a consolidated real estate VIE	63.0			—		—			63.0
Total revenues	1,578.7			483.3		(69.1		)	1,992.9
Expenses
Compensation and benefits
Base compensation	308.7			—		—			308.7
Equity-based compensation	204.2			—		—			204.2
Performance fee related
Realized	406.5			—		—			406.5
Unrealized	81.9			—		—			81.9
Total compensation and benefits	1,001.3			—		—			1,001.3
General, administrative and other expenses	250.7			—		(1.1		)	249.6
Interest	29.1			—		—			29.1
Interest and other expenses of Consolidated Funds	—			604.0		(109.2		)	494.8
Interest and other expenses of a consolidated real estate VIE	97.6			—		—			97.6
Other non-operating income	(1.8		)	—		—			(1.8		)
Total expenses	1,376.9			604.0		(110.3		)	1,870.6
Other income
Net investment gains of Consolidated Funds	—			970.9		(3.8		)	967.1
Income before provision for income taxes	201.8			850.2		37.4			1,089.4
Provision for income taxes	16.5			—		—			16.5
Net income	185.3			850.2		37.4			1,072.9
Net income (loss) attributable to non-controlling interests in consolidated entities	(77.7		)	—		887.6			809.9
Net income attributable to Carlyle Holdings	263.0			850.2		(850.2		)	263.0
Net income attributable to non-controlling interests in Carlyle Holdings	192.9			—		—			192.9
Net income attributable to The Carlyle Group L.P.	$	70.1		$	850.2	$	(850.2	)	$	70.1



	Three Months Ended June 30, 2014
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	363.0		$	—	$	(45.7	)	$	317.3
Performance fees
Realized	422.8			—		(7.2		)	415.6
Unrealized	133.6			—		(6.8		)	126.8
Total performance fees	556.4			—		(14.0		)	542.4
Investment income (loss)
Realized	31.1			—		(1.2		)	29.9
Unrealized	(14.0		)	—		7.8			(6.2		)
Total investment income	17.1			—		6.6			23.7
Interest and other income	4.6			—		(0.9		)	3.7
Interest and other income of Consolidated Funds	—			243.7		—			243.7
Revenue of a consolidated real estate VIE	8.0			—		—			8.0

Total revenues	949.1			243.7		(54.0		)	1,138.8
Expenses
Compensation and benefits
Base compensation	220.5			—		—			220.5
Equity-based compensation	109.0			—		—			109.0
Performance fee related
Realized	181.2			—		—			181.2
Unrealized	109.0			—		—			109.0
Total compensation and benefits	619.7			—		—			619.7
General, administrative and other expenses	116.9			—		1.8			118.7
Interest	14.5			—		—			14.5
Interest and other expenses of Consolidated Funds	—			316.3		(64.0		)	252.3
Interest and other expenses of a consolidated real estate VIE	42.0			—		—			42.0
Other non-operating income	(4.6		)	—		—			(4.6		)
Total expenses	788.5			316.3		(62.2		)	1,042.6
Other income
Net investment gains of Consolidated Funds	—			442.6		2.4			445.0
Income before provision for income taxes	160.6			370.0		10.6			541.2
Provision for income taxes	53.8			—		—			53.8
Net income	106.8			370.0		10.6			487.4
Net income (loss) attributable to non-controlling interests in consolidated entities	(10.9		)	—		380.6			369.7
Net income attributable to Carlyle Holdings	117.7			370.0		(370.0		)	117.7
Net income attributable to non-controlling interests in Carlyle Holdings	98.2			—		—			98.2
Net income attributable to The Carlyle Group L.P.	$	19.5		$	370.0	$	(370.0	)	$	19.5



	Six Months Ended June 30, 2014
	Consolidated Operating Entities			Consolidated Funds		Eliminations			Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$	668.7		$	—	$	(91.1	)	$	577.6
Performance fees
Realized	680.2			—		(13.2		)	667.0
Unrealized	520.2			—		(24.3		)	495.9
Total performance fees	1,200.4			—		(37.5		)	1,162.9
Investment income (loss)
Realized	33.2			—		(3.3		)	29.9
Unrealized	(6.2		)	—		6.1			(0.1		)
Total investment income	27.0			—		2.8			29.8
Interest and other income	9.1			—		(1.6		)	7.5
Interest and other income of Consolidated Funds	—			494.4		—			494.4
Revenue of a consolidated real estate VIE	14.0			—		—			14.0
Total revenues	1,919.2			494.4		(127.4		)	2,286.2
Expenses
Compensation and benefits
Base compensation	425.1			—		—			425.1
Equity-based compensation	183.2			—		—			183.2
Performance fee related
Realized	289.9			—		—			289.9
Unrealized	330.6			—		—			330.6
Total compensation and benefits	1,228.8			—		—			1,228.8
General, administrative and other expenses	251.3			—		1.7			253.0
Interest	26.7			—		—			26.7
Interest and other expenses of Consolidated Funds	—			656.1		(139.8		)	516.3
Interest and other expenses of a consolidated real estate VIE	91.2			—		—			91.2
Other non-operating expense	25.6			—		—			25.6
Total expenses	1,623.6			656.1		(138.1		)	2,141.6
Other income
Net investment gains of Consolidated Funds	—			869.5		(0.5		)	869.0
Income before provision for income taxes	295.6			707.8		10.2			1,013.6
Provision for income taxes	69.8			—		—			69.8
Net income	225.8			707.8		10.2			943.8
Net income (loss) attributable to non-controlling interests in consolidated entities	(23.8		)	—		718.0			694.2
Net income attributable to Carlyle Holdings	249.6			707.8		(707.8		)	249.6
Net income attributable to non-controlling interests in Carlyle Holdings	205.5			—		—			205.5
Net income attributable to The Carlyle Group L.P.	$	44.1		$	707.8	$	(707.8	)	$	44.1



	Six Months Ended June 30,
	2015			2014
	(Dollars in millions)
Cash flows from operating activities
Net income	$	185.3		$	225.8
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	68.0			88.6
Equity-based compensation	204.2			183.2
Excess tax benefits related to equity-based compensation	(1.5		)	(1.4		)
Non-cash performance fees	34.4			(540.1		)
Other non-cash amounts	41.8			57.4
Investment loss (income)	19.2			(3.0		)
Purchases of investments and trading securities	(56.9		)	(161.5		)
Proceeds from the sale of investments and trading securities	339.5			471.3
Payments of contingent consideration	(3.4		)	(43.9		)
Change in deferred taxes, net	(1.1		)	34.6
Change in due from affiliates and other receivables	(12.3		)	(20.0		)
Change in receivables and inventory of a consolidated real estate VIE	(41.6		)	(5.3		)
Change in deposits and other	(8.4		)	(15.8		)
Change in other assets of a consolidated real estate VIE	(22.5		)	(9.0		)
Change in accounts payable, accrued expenses and other liabilities	(67.5		)	(13.4		)
Change in accrued compensation and benefits	(32.7		)	199.0
Change in due to affiliates	687.7			(86.4		)
Change in other liabilities of a consolidated real estate VIE	49.0			(5.9		)
Change in deferred revenue	(57.5		)	40.3
Net cash provided by operating activities	1,323.7			394.5
Cash flows from investing activities
Change in restricted cash	(655.9		)	67.5
Purchases of fixed assets, net	(43.9		)	(8.4		)
Acquisitions, net of cash acquired	—			(3.1		)
Net cash provided by (used in) investing activities	(699.8		)	56.0
Cash flows from financing activities
Issuance of 5.625% senior notes due 2043, net of financing costs	—			210.8
Net payments on loans payable of a consolidated real estate VIE	(32.7		)	(5.2		)
Payments of contingent consideration	(1.1		)	(29.8		)
Excess tax benefits related to equity-based compensation	1.5			1.4
Distributions to common unitholders	(134.6		)	(81.1		)
Distributions to non-controlling interest holders in Carlyle Holdings	(485.5		)	(406.7		)
Contributions from non-controlling interest holders	86.1			80.6
Distributions to non-controlling interest holders	(74.6		)	(69.8		)
Net proceeds from issuance of common units, net of offering costs	209.9			449.5
Acquisition of non-controlling interests in Carlyle Holdings	(209.9		)	(303.4		)
Change in due to/from affiliates financing activities	(5.7		)	1.8
Net cash used in financing activities	(646.6		)	(151.9		)
Effect of foreign exchange rate changes	(3.2		)	13.6
(Decrease) increase in cash and cash equivalents	(25.9		)	312.2
Cash and cash equivalents, beginning of period	1,242.0			966.6
Cash and cash equivalents, end of period	$	1,216.1		$	1,278.8