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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

The following tables present the financial data for the Company’s four reportable segments for the three and nine months ended September 30, 2020:


	Three Months Ended September 30, 2020
	Corporate Private Equity		Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	180.7	$	67.4	$	86.2	$	54.8	$	389.1
Portfolio advisory and transaction fees, net and other	3.2		0.3		1.6		—		5.1
Total fund level fee revenues	183.9		67.7		87.8		54.8		394.2
Realized performance revenues	58.3		12.2		—		16.3		86.8
Realized principal investment income	5.0		2.5		4.5		0.8		12.8
Interest income	0.2		0.1		2.3		0.1		2.7
Total revenues	247.4		82.5		94.6		72.0		496.5
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	91.2		31.3		52.5		30.3		205.3
Realized performance revenues related compensation	27.0		5.9		—		14.0		46.9
Total compensation and benefits	118.2		37.2		52.5		44.3		252.2
General, administrative, and other indirect expenses	28.2		12.2		12.0		9.6		62.0
Depreciation and amortization expense	3.8		1.5		1.8		1.1		8.2
Interest expense	9.7		4.0		6.3		2.3		22.3
Total expenses	159.9		54.9		72.6		57.3		344.7
Distributable Earnings	$	87.5	$	27.6	$	22.0	$	14.7	$	151.8
(-) Realized Net Performance Revenues	31.3		6.3		—		2.3		39.9
(-) Realized Principal Investment Income	5.0		2.5		4.5		0.8		12.8
(+) Net Interest	9.5		3.9		4.0		2.2		19.6
(=) Fee Related Earnings	$	60.7	$	22.7	$	21.5	$	13.8	$	118.7


	Nine Months Ended September 30, 2020
	Corporate Private Equity		Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	556.9	$	222.4	$	237.5	$	140.2	$	1,157.0
Portfolio advisory and transaction fees, net and other	9.9		0.9		19.4		—		30.2
Total fund level fee revenues	566.8		223.3		256.9		140.2		1,187.2
Realized performance revenues	152.4		99.3		26.5		132.4		410.6
Realized principal investment income	29.4		4.6		14.9		1.9		50.8
Interest income	1.7		0.9		8.0		0.6		11.2
Total revenues	750.3		328.1		306.3		275.1		1,659.8
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	280.2		102.6		156.1		80.3		619.2
Realized performance revenues related compensation	69.5		44.9		12.2		125.0		251.6
Total compensation and benefits	349.7		147.5		168.3		205.3		870.8
General, administrative, and other indirect expenses	68.4		46.8		30.7		22.5		168.4
Depreciation and amortization expense	11.6		4.6		5.2		3.4		24.8
Interest expense	29.9		13.5		20.2		7.0		70.6
Total expenses	459.6		212.4		224.4		238.2		1,134.6
Distributable Earnings	$	290.7	$	115.7	$	81.9	$	36.9	$	525.2
(-) Realized Net Performance Revenues	82.9		54.4		14.3		7.4		159.0
(-) Realized Principal Investment Income	29.4		4.6		14.9		1.9		50.8
(+) Net Interest	28.2		12.6		12.2		6.4		59.4
(=) Fee Related Earnings	206.6		69.3		64.9		34.0		374.8
Segment assets as of September 30, 2020	$	4,221.0	$	1,348.4	$	1,800.1	$	1,091.1	$	8,460.6

The following tables present the financial data for the Company’s four reportable segments for the three and nine months ended September 30, 2019:


	Three Months Ended September 30, 2019
	Corporate Private Equity		Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	192.2	$	78.1	$	75.6	$	38.7	$	384.6
Portfolio advisory and transaction fees, net and other	8.7		(0.1)		2.5		—		11.1
Total fund level fee revenues	200.9		78.0		78.1		38.7		395.7
Realized performance revenues	33.3		65.0		0.9		19.1		118.3
Realized principal investment income	1.8		3.9		2.2		(0.6)		7.3
Interest income	1.7		0.8		3.6		0.4		6.5
Total revenues	237.7		147.7		84.8		57.6		527.8
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	92.6		33.1		43.9		24.5		194.1
Realized performance revenues related compensation	14.9		29.2		—		16.5		60.6
Total compensation and benefits	107.5		62.3		43.9		41.0		254.7
General, administrative, and other indirect expenses	34.8		16.7		20.9		8.6		81.0
Depreciation and amortization expense	5.7		2.2		2.4		1.5		11.8
Interest expense	8.0		3.2		6.5		1.9		19.6
Total expenses	156.0		84.4		73.7		53.0		367.1
Distributable Earnings	$	81.7	$	63.3	$	11.1	$	4.6	$	160.7
(-) Realized Net Performance Revenues	18.4		35.8		0.9		2.6		57.7
(-) Realized Principal Investment Income	1.8		3.9		2.2		(0.6)		7.3
(+) Net Interest	6.3		2.4		2.9		1.5		13.1
(=) Fee Related Earnings	$	67.8	$	26.0	$	10.9	$	4.1	$	108.8


	Nine Months Ended September 30, 2019
	Corporate Private Equity		Real Assets		Global Credit		Investment Solutions		Total
	(Dollars in millions)
Segment Revenues
Fund level fee revenues
Fund management fees	$	572.5	$	261.3	$	229.6	$	117.3	$	1,180.7
Portfolio advisory and transaction fees, net and other	23.5		3.7		8.8		—		36.0
Total fund level fee revenues	596.0		265.0		238.4		117.3		1,216.7
Realized performance revenues	67.9		94.5		1.0		46.0		209.4
Realized principal investment income	0.5		75.6		8.2		1.0		85.3
Interest income	4.1		2.0		10.8		1.1		18.0
Total revenues	668.5		437.1		258.4		165.4		1,529.4
Segment Expenses
Compensation and benefits
Cash-based compensation and benefits	290.4		102.9		140.0		70.2		603.5
Realized performance revenues related compensation	30.7		52.4		—		40.8		123.9
Total compensation and benefits	321.1		155.3		140.0		111.0		727.4
General, administrative, and other indirect expenses	102.2		50.5		57.9		26.1		236.7
Depreciation and amortization expense	15.1		5.9		6.5		4.2		31.7
Interest expense	23.8		9.4		19.9		5.6		58.7
Total expenses	462.2		221.1		224.3		146.9		1,054.5
Distributable Earnings	$	206.3	$	216.0	$	34.1	$	18.5	$	474.9
(-) Realized Net Performance Revenues	37.2		42.1		1.0		5.2		85.5
(-) Realized Principal Investment Income	0.5		75.6		8.2		1.0		85.3
(+) Net Interest	19.7		7.4		9.1		4.5		40.7
(=) Fee Related Earnings	$	188.3	$	105.7	$	34.0	$	16.8	$	344.8

The following table reconciles the total segments fund level fee revenue to the most directly comparable U.S. GAAP measure, the Company’s consolidated fund management fees, for the three and nine months ended September 30, 2020 and 2019.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	394.2	$	395.7	$	1,187.2	$	1,216.7
Adjustments (1)	(30.4)		(36.2)		(95.7)		(112.9)
Carlyle Consolidated - Fund management fees	$	363.8	$	359.5	$	1,091.5	$	1,103.8

(1) Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of certain incentive fees from business development companies and other credit products, management fees earned from consolidated CLOs which were eliminated in consolidation to arrive at the Company’s fund management fees, and the reclassification of certain amounts included in portfolio advisory fees, net and other in the segment results that are included in interest and other income in the U.S. GAAP results.

Reconciliation of total segments to income before provision for taxes

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the three months ended September 30, 2020 and 2019.


	Three Months Ended September 30, 2020
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	496.5	$	56.3	$	481.8	(a)	$	1,034.6
Expenses	$	344.7	$	47.9	$	250.8	(b)	$	643.4
Other income (loss)	$	—	$	23.9	$	—	(c)	$	23.9
Distributable earnings	$	151.8	$	32.3	$	231.0	(d)	$	415.1


	Three Months Ended September 30, 2019
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	527.8	$	51.3	$	189.5	(a)	$	768.6
Expenses	$	367.1	$	44.1	$	94.1	(b)	$	505.3
Other income (loss)	$	—	$	(1.9)	$	—	(c)	$	(1.9)
Distributable earnings	$	160.7	$	5.3	$	95.4	(d)	$	261.4

The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the nine months ended September 30, 2020 and 2019, and Total Assets as of September 30, 2020.


	Nine Months Ended September 30, 2020
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	1,659.8	$	164.5	$	(404.4)	(a)	$	1,419.9
Expenses	$	1,134.6	$	148.8	$	214.7	(b)	$	1,498.1
Other income (loss)	$	—	$	(38.9)	$	—	(c)	$	(38.9)
Distributable earnings	$	525.2	$	(23.2)	$	(619.1)	(d)	$	(117.1)
Total assets	$	8,460.6	$	5,893.1	$	(151.5)	(e)	$	14,202.2


	Nine Months Ended September 30, 2019
	Total Reportable Segments		Consolidated Funds		Reconciling Items			Carlyle Consolidated

	(Dollars in millions)
Revenues	$	1,529.4	$	149.5	$	1,237.8	(a)	$	2,916.7
Expenses	$	1,054.5	$	124.6	$	457.0	(b)	$	1,636.1
Other income (loss)	$	—	$	(6.9)	$	—	(c)	$	(6.9)
Distributable earnings	$	474.9	$	18.0	$	780.8	(d)	$	1,273.7

(a)The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment income (loss) (including Fortitude Re), revenues earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect

the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses associated with certain foreign performance revenues, as detailed below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Unrealized performance revenues	$	387.6	$	(87.4)	$	315.7	$	381.7
Unrealized principal investment income (loss)	81.0		198.7		(643.2)		672.2
Adjusted unrealized principal investment income (loss) from investment in Fortitude Re	—		68.1		(104.4)		135.2
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(4.0)		(4.1)		(11.8)		(12.2)
Tax expense associated with certain performance revenues	(0.1)		0.2		—		0.2
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	57.6		29.3		36.7		92.4
Elimination of revenues of Consolidated Funds	(40.3)		(15.3)		2.6		(31.7)
	$	481.8	$	189.5	$	(404.4)	$	1,237.8


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	394.2	$	395.7	$	1,187.2	$	1,216.7
Adjustments (1)	(30.4)		(36.2)		(95.7)		(112.9)
Carlyle Consolidated - Fund management fees	$	363.8	$	359.5	$	1,091.5	$	1,103.8

(b)The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance revenues related compensation, and unrealized performance revenues related compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring items, as detailed below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Unrealized performance revenues related compensation	$	207.2	$	38.8	$	76.8	$	269.7
Equity-based compensation	21.1		38.9		87.4		116.6
Acquisition related charges and amortization of intangibles and impairment	18.5		11.2		28.6		38.6
Other non-operating expense	0.6		0.3		1.3		1.0
Tax expense associated with certain foreign performance revenues related compensation	(7.8)		(10.8)		4.1		(13.3)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	19.2		14.9		32.4		45.8

Debt extinguishment costs	—		—		—		0.1
Corporate conversion costs, severance and other adjustments	2.8		10.8		10.9		23.4
Elimination of expenses of Consolidated Funds	(10.8)		(10.0)		(26.8)		(24.9)
	$	250.8	$	94.1	$	214.7	$	457.0

(c)The Other Income (Loss) adjustment results from the Consolidated Funds which were eliminated in consolidation to arrive at the Company’s total Other Income (Loss).

(d)The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings and to Fee Related Earnings:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Income (loss) before provision for income taxes	$	415.1	$	261.4	$	(117.1)	$	1,273.7
Adjustments:
Net unrealized performance revenues	(180.3)		126.2		(238.8)		(112.0)
Unrealized principal investment (income) loss	(81.0)		(198.7)		643.2		(672.2)
Adjusted unrealized principal investment (income) loss from investment in Fortitude Re	—		(68.1)		104.4		(135.2)
Equity-based compensation (1)	21.1		38.9		87.4		116.6
Acquisition related charges, including amortization of intangibles and impairment	18.5		11.2		28.6		38.6
Other non-operating expense	0.6		0.3		1.3		1.0
Tax (expense) benefit associated with certain foreign performance revenues	(7.8)		(10.8)		4.1		(13.3)
Net (income) loss attributable to non-controlling interests in consolidated entities	(37.2)		(10.5)		1.2		(45.8)

Debt extinguishment costs	—		—		—		0.1
Corporate conversion costs, severance and other adjustments	2.8		10.8		10.9		23.4
Distributable Earnings	$	151.8	$	160.7	$	525.2	$	474.9
Realized performance revenues, net of related compensation (2)	39.9		57.7		159.0		85.5
Realized principal investment income (2)	12.8		7.3		50.8		85.3
Net interest	19.6		13.1		59.4		40.7
Fee Related Earnings	$	118.7	$	108.8	$	374.8	$	344.8

(1) Equity-based compensation for the three and nine months ended September 30, 2020 and 2019 includes amounts that are presented in principal investment income and general, administrative and other expenses in our U.S. GAAP statement of operations.

(2) See reconciliation to most directly comparable U.S. GAAP measure below:


	Three Months Ended September 30, 2020
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	477.4	$	(390.6)	$	86.8
Performance revenues related compensation expense	250.6		(203.7)		46.9
Net performance revenues	$	226.8	$	(186.9)	$	39.9

Principal investment income (loss)	$	106.7	$	(93.9)	$	12.8

	Nine Months Ended September 30, 2020
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	731.6	$	(321.0)	$	410.6
Performance revenues related compensation expense	343.7		(92.1)		251.6
Net performance revenues	$	387.9	$	(228.9)	$	159.0

Principal investment income (loss)	$	(659.2)	$	710.0	$	50.8


	Three Months Ended September 30, 2019
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	112.4	$	5.9	$	118.3
Performance revenues related compensation expense	92.6		(32.0)		60.6
Net performance revenues	$	19.8	$	37.9	$	57.7

Principal investment income (loss)	$	212.2	$	(204.9)	$	7.3

	Nine Months Ended September 30, 2019
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	709.1	$	(499.7)	$	209.4
Performance revenues related compensation expense	391.6		(267.7)		123.9
Net performance revenues	$	317.5	$	(232.0)	$	85.5

Principal investment income (loss)	$	856.0	$	(770.7)	$	85.3

(3) Adjustments to performance revenues and principal investment income (loss) relate to (i) unrealized performance allocations net of related compensation expense and unrealized principal investment income, which are excluded from the segment results, (ii) amounts earned from the Consolidated Funds, which were eliminated in the U.S. GAAP consolidation but were included in the segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which were excluded from the segment results, (iv) the reclassification of NGP performance revenues, which are included in principal

investment income in U.S. GAAP financial statements, (v) the reclassification of certain incentive fees from business development companies, which are included in fund management fees in the segment results, and (vi) the reclassification of tax expenses associated with certain foreign performance revenues. Adjustments to principal investment income (loss) also include the reclassification of earnings for the investments in NGP Management and its affiliates to the appropriate operating captions for the segment results, and the exclusion of charges associated with the investment in NGP Management and its affiliates that are excluded from the segment results.

(e) The Total Assets adjustment represents the addition of the assets of the Consolidated Funds that were eliminated in consolidation to arrive at the Company’s total assets.

Revenues adjustments

The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment income (loss) (including Fortitude Re), revenues earned from the Consolidated Funds which were eliminated in consolidation to arrive at the Company’s total revenues, adjustments for amounts attributable to non-controlling interests in consolidated entities, adjustments related to expenses associated with the investments in NGP Management and its affiliates that are included in operating captions or are excluded from the segment results, adjustments to reflect

the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, and the inclusion of tax expenses associated with certain foreign performance revenues, as detailed below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Unrealized performance revenues	$	387.6	$	(87.4)	$	315.7	$	381.7
Unrealized principal investment income (loss)	81.0		198.7		(643.2)		672.2
Adjusted unrealized principal investment income (loss) from investment in Fortitude Re	—		68.1		(104.4)		135.2
Adjustments related to expenses associated with investments in NGP Management and its affiliates	(4.0)		(4.1)		(11.8)		(12.2)
Tax expense associated with certain performance revenues	(0.1)		0.2		—		0.2
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	57.6		29.3		36.7		92.4
Elimination of revenues of Consolidated Funds	(40.3)		(15.3)		2.6		(31.7)
	$	481.8	$	189.5	$	(404.4)	$	1,237.8


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Total Reportable Segments - Fund level fee revenues	$	394.2	$	395.7	$	1,187.2	$	1,216.7
Adjustments (1)	(30.4)		(36.2)		(95.7)		(112.9)
Carlyle Consolidated - Fund management fees	$	363.8	$	359.5	$	1,091.5	$	1,103.8

Expenses adjustments

The Expenses adjustment represents the elimination of intercompany expenses of the Consolidated Funds payable to the Company, the inclusion of equity-based compensation, certain tax expenses associated with realized performance revenues related compensation, and unrealized performance revenues related compensation, adjustments related to expenses associated with the investment in NGP Management that are included in operating captions, adjustments to reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, changes in the tax receivable agreement liability, and charges and credits associated with Carlyle corporate actions and non-recurring items, as detailed below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Unrealized performance revenues related compensation	$	207.2	$	38.8	$	76.8	$	269.7
Equity-based compensation	21.1		38.9		87.4		116.6
Acquisition related charges and amortization of intangibles and impairment	18.5		11.2		28.6		38.6
Other non-operating expense	0.6		0.3		1.3		1.0
Tax expense associated with certain foreign performance revenues related compensation	(7.8)		(10.8)		4.1		(13.3)
Non-Carlyle economic interests in acquired businesses and other adjustments to present certain costs on a net basis	19.2		14.9		32.4		45.8

Debt extinguishment costs	—		—		—		0.1
Corporate conversion costs, severance and other adjustments	2.8		10.8		10.9		23.4
Elimination of expenses of Consolidated Funds	(10.8)		(10.0)		(26.8)		(24.9)
	$	250.8	$	94.1	$	214.7	$	457.0

Reconciliation of income before provision for income taxes

The following table is a reconciliation of Income (Loss) Before Provision for Income Taxes to Distributable Earnings and to Fee Related Earnings:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(Dollars in millions)
Income (loss) before provision for income taxes	$	415.1	$	261.4	$	(117.1)	$	1,273.7
Adjustments:
Net unrealized performance revenues	(180.3)		126.2		(238.8)		(112.0)
Unrealized principal investment (income) loss	(81.0)		(198.7)		643.2		(672.2)
Adjusted unrealized principal investment (income) loss from investment in Fortitude Re	—		(68.1)		104.4		(135.2)
Equity-based compensation (1)	21.1		38.9		87.4		116.6
Acquisition related charges, including amortization of intangibles and impairment	18.5		11.2		28.6		38.6
Other non-operating expense	0.6		0.3		1.3		1.0
Tax (expense) benefit associated with certain foreign performance revenues	(7.8)		(10.8)		4.1		(13.3)
Net (income) loss attributable to non-controlling interests in consolidated entities	(37.2)		(10.5)		1.2		(45.8)

Debt extinguishment costs	—		—		—		0.1
Corporate conversion costs, severance and other adjustments	2.8		10.8		10.9		23.4
Distributable Earnings	$	151.8	$	160.7	$	525.2	$	474.9
Realized performance revenues, net of related compensation (2)	39.9		57.7		159.0		85.5
Realized principal investment income (2)	12.8		7.3		50.8		85.3
Net interest	19.6		13.1		59.4		40.7
Fee Related Earnings	$	118.7	$	108.8	$	374.8	$	344.8

(2) See reconciliation to most directly comparable U.S. GAAP measure below:


	Three Months Ended September 30, 2020
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	477.4	$	(390.6)	$	86.8
Performance revenues related compensation expense	250.6		(203.7)		46.9
Net performance revenues	$	226.8	$	(186.9)	$	39.9

Principal investment income (loss)	$	106.7	$	(93.9)	$	12.8

	Nine Months Ended September 30, 2020
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	731.6	$	(321.0)	$	410.6
Performance revenues related compensation expense	343.7		(92.1)		251.6
Net performance revenues	$	387.9	$	(228.9)	$	159.0

Principal investment income (loss)	$	(659.2)	$	710.0	$	50.8


	Three Months Ended September 30, 2019
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	112.4	$	5.9	$	118.3
Performance revenues related compensation expense	92.6		(32.0)		60.6
Net performance revenues	$	19.8	$	37.9	$	57.7

Principal investment income (loss)	$	212.2	$	(204.9)	$	7.3

	Nine Months Ended September 30, 2019
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	709.1	$	(499.7)	$	209.4
Performance revenues related compensation expense	391.6		(267.7)		123.9
Net performance revenues	$	317.5	$	(232.0)	$	85.5

Principal investment income (loss)	$	856.0	$	(770.7)	$	85.3

Adjustments for performance fees, performance fee related compensation and investment income


	Three Months Ended September 30, 2020
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	477.4	$	(390.6)	$	86.8
Performance revenues related compensation expense	250.6		(203.7)		46.9
Net performance revenues	$	226.8	$	(186.9)	$	39.9

Principal investment income (loss)	$	106.7	$	(93.9)	$	12.8

	Nine Months Ended September 30, 2020
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	731.6	$	(321.0)	$	410.6
Performance revenues related compensation expense	343.7		(92.1)		251.6
Net performance revenues	$	387.9	$	(228.9)	$	159.0

Principal investment income (loss)	$	(659.2)	$	710.0	$	50.8


	Three Months Ended September 30, 2019
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	112.4	$	5.9	$	118.3
Performance revenues related compensation expense	92.6		(32.0)		60.6
Net performance revenues	$	19.8	$	37.9	$	57.7

Principal investment income (loss)	$	212.2	$	(204.9)	$	7.3

	Nine Months Ended September 30, 2019
	Carlyle Consolidated		Adjustments (3)		Total Reportable Segments
	(Dollars in millions)
Performance revenues	$	709.1	$	(499.7)	$	209.4
Performance revenues related compensation expense	391.6		(267.7)		123.9
Net performance revenues	$	317.5	$	(232.0)	$	85.5

Principal investment income (loss)	$	856.0	$	(770.7)	$	85.3