Supplemental Financial Information

3 Months Ended

Mar. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Supplemental Financial Information

17. Supplemental Financial Information

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the

Company’s financial position as of March 31, 2024 and December 31, 2023 and results of operations for the three months

ended March 31, 2024 and 2023. The supplemental statement of cash flows is presented without effects of the Consolidated

Funds.

	As of March 31, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,276.5	$—	$—	$1,276.5
Cash and cash equivalents held at Consolidated Funds	—	426.0	—	426.0
Restricted cash	1.4	—	—	1.4
Investments, including performance allocations of $5,567.6	9,684.7	—	(211.5)	9,473.2
Investments of Consolidated Funds	—	7,520.5	(61.9)	7,458.6
Due from affiliates and other receivables, net	934.5	—	(310.4)	624.1
Due from affiliates and other receivables of Consolidated Funds, net	—	204.1	—	204.1
Fixed assets, net	162.8	—	—	162.8
Lease right-of-use assets, net	349.3	—	—	349.3
Deposits and other	84.2	4.3	—	88.5
Intangible assets, net	732.8	—	—	732.8
Deferred tax assets	52.2	—	—	52.2
Total assets	$13,278.4	$8,154.9	$(583.8)	$20,849.5
Liabilities and equity
Debt obligations	$2,259.0	$—	$—	$2,259.0
Loans payable of Consolidated Funds	—	6,840.0	(304.9)	6,535.1
Accounts payable, accrued expenses and other liabilities	375.2	—	—	375.2
Accrued compensation and benefits	4,173.9	—	—	4,173.9
Due to affiliates	197.2	6.4	—	203.6
Deferred revenue	391.1	—	—	391.1
Deferred tax liabilities	26.2	—	—	26.2
Other liabilities of Consolidated Funds	—	598.5	—	598.5
Lease liabilities	502.9	—	—	502.9
Accrued giveback obligations	44.0	—	—	44.0
Total liabilities	7,969.5	7,444.9	(304.9)	15,109.5
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,513.9	291.4	(291.4)	3,513.9
Retained earnings	1,868.2	—	—	1,868.2
Accumulated other comprehensive loss	(315.9)	(11.6)	12.5	(315.0)
Non-controlling interests in consolidated entities	239.1	430.2	—	669.3
Total equity	5,308.9	710.0	(278.9)	5,740.0
Total liabilities and equity	$13,278.4	$8,154.9	$(583.8)	$20,849.5

	As of December 31, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Assets
Cash and cash equivalents	$1,440.3	$—	$—	$1,440.3
Cash and cash equivalents held at Consolidated Funds	—	346.0	—	346.0
Restricted cash	1.8	—	—	1.8
Investments, including performance allocations of $6,169.9	10,104.5	—	(149.2)	9,955.3
Investments of Consolidated Funds	—	7,313.9	(60.8)	7,253.1
Due from affiliates and other receivables, net	1,009.2	—	(317.6)	691.6
Due from affiliates and other receivables of Consolidated Funds, net	—	141.0	—	141.0
Fixed assets, net	161.5	—	—	161.5
Lease right-of-use assets, net	332.2	—	—	332.2
Deposits and other	66.0	4.6	—	70.6
Intangible assets, net	766.1	—	—	766.1
Deferred tax assets	16.5	—	—	16.5
Total assets	$13,898.1	$7,805.5	$(527.6)	$21,176.0
Liabilities and equity
Debt obligations	$2,281.0	$—	$—	$2,281.0
Loans payable of Consolidated Funds	—	6,796.4	(309.9)	6,486.5
Accounts payable, accrued expenses and other liabilities	333.8	—	—	333.8
Accrued compensation and benefits	4,922.2	—	—	4,922.2
Due to affiliates	269.6	6.3	—	275.9
Deferred revenue	140.3	—	—	140.3
Deferred tax liabilities	45.3	—	—	45.3
Other liabilities of Consolidated Funds	—	374.4	—	374.4
Lease liabilities	488.1	—	—	488.1
Accrued giveback obligations	44.0	—	—	44.0
Total liabilities	8,524.3	7,177.1	(309.9)	15,391.5
Common stock	3.6	—	—	3.6
Additional paid-in capital	3,403.0	223.8	(223.8)	3,403.0
Retained earnings	2,082.1	—	—	2,082.1
Accumulated other comprehensive loss	(292.7)	(10.7)	6.1	(297.3)
Non-controlling interests in consolidated entities	177.8	415.3	—	593.1
Total equity	5,373.8	628.4	(217.7)	5,784.5
Total liabilities and equity	$13,898.1	$7,805.5	$(527.6)	$21,176.0

	Three Months Ended March 31, 2024
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$530.2	$—	$(6.6)	$523.6
Incentive fees	26.2	—	—	26.2
Investment income (loss)
Performance allocations	(155.8)	—	(1.2)	(157.0)
Principal investment income	79.6	—	(6.5)	73.1
Total investment loss	(76.2)	—	(7.7)	(83.9)
Interest and other income	63.9	—	(6.3)	57.6
Interest and other income of Consolidated Funds	—	164.9	—	164.9
Total revenues	544.1	164.9	(20.6)	688.4
Expenses
Compensation and benefits
Cash-based compensation and benefits	221.9	—	—	221.9
Equity-based compensation	108.3	—	—	108.3
Performance allocations and incentive fee related compensation	(72.8)	—	—	(72.8)
Total compensation and benefits	257.4	—	—	257.4
General, administrative and other expenses	147.7	—	—	147.7
Interest	30.8	—	—	30.8
Interest and other expenses of Consolidated Funds	—	139.5	(14.9)	124.6
Other non-operating expenses	0.2	—	—	0.2
Total expenses	436.1	139.5	(14.9)	560.7
Other income (loss)
Net investment loss of Consolidated Funds	—	(7.0)	—	(7.0)
Income before provision for income taxes	108.0	18.4	(5.7)	120.7
Provision for income taxes	21.9	—	—	21.9
Net income	86.1	18.4	(5.7)	98.8
Net income attributable to non-controlling interests in consolidated entities	20.5	—	12.7	33.2
Net income attributable to The Carlyle Group Inc.	$65.6	$18.4	$(18.4)	$65.6

	Three Months Ended March 31, 2023
	Consolidated Operating Entities	Consolidated Funds	Eliminations	Consolidated
	(Dollars in millions)
Revenues
Fund management fees	$508.4	$—	$(7.6)	$500.8
Incentive fees	19.9	—	(0.1)	19.8
Investment income
Performance allocations	162.3	—	(1.5)	160.8
Principal investment income	14.7	—	(3.0)	11.7
Total investment income	177.0	—	(4.5)	172.5
Interest and other income	46.6	—	(2.6)	44.0
Interest and other income of Consolidated Funds	—	121.9	—	121.9
Total revenues	751.9	121.9	(14.8)	859.0
Expenses
Compensation and benefits
Cash-based compensation and benefits	260.2	—	—	260.2
Equity-based compensation	54.4	—	—	54.4
Performance allocations and incentive fee related compensation	105.7	—	—	105.7
Total compensation and benefits	420.3	—	—	420.3
General, administrative and other expenses	159.4	—	(0.2)	159.2
Interest	29.7	—	—	29.7
Interest and other expenses of Consolidated Funds	—	97.2	(3.5)	93.7
Other non-operating expenses	0.1	—	—	0.1
Total expenses	609.5	97.2	(3.7)	703.0
Other income (loss)
Net investment income of Consolidated Funds	—	3.6	—	3.6
Income before provision for income taxes	142.4	28.3	(11.1)	159.6
Provision for income taxes	34.3	—	—	34.3
Net income	108.1	28.3	(11.1)	125.3
Net income attributable to non-controlling interests in consolidated entities	7.4	—	17.2	24.6
Net income attributable to The Carlyle Group Inc.	$100.7	$28.3	$(28.3)	$100.7

	Three Months Ended March 31,
	2024	2023
	(Dollars in millions)
Cash flows from operating activities
Net income	$86.1	$108.1
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	45.3	44.0
Equity-based compensation	108.3	54.4
Non-cash performance allocations and incentive fees	189.6	(38.2)
Non-cash principal investment income	(68.1)	(8.7)
Other non-cash amounts	(2.9)	10.8
Purchases of investments	(215.1)	(19.0)
Proceeds from the sale of investments	108.3	78.9
Payments of contingent consideration	(1.5)	(68.6)
Change in deferred taxes, net	(47.1)	(15.1)
Change in due from affiliates and other receivables	7.9	17.0
Change in deposits and other	(19.7)	(33.9)
Change in accounts payable, accrued expenses and other liabilities	41.5	(63.9)
Change in accrued compensation and benefits	(365.6)	(371.9)
Change in due to affiliates	(2.2)	(0.2)
Change in lease right-of-use asset and lease liability	(2.2)	(2.8)
Change in deferred revenue	251.6	284.7
Net cash provided by operating activities	114.2	(24.4)
Cash flows from investing activities
Purchases of corporate treasury investments	—	(101.1)
Proceeds from corporate treasury investments	—	20.1
Purchases of fixed assets, net	(14.2)	(12.9)
Net cash used in investing activities	(14.2)	(93.9)
Cash flows from financing activities
Payments on CLO borrowings	(13.9)	(1.1)
Proceeds from CLO borrowings, net of financing costs	—	—
Dividends to common stockholders	(126.7)	(118.4)
Payment of deferred consideration for Carlyle Holdings units	(68.8)	(68.8)
Contributions from non-controlling interest holders	62.5	2.0
Distributions to non-controlling interest holders	(19.0)	(8.5)
Common shares repurchased and net share settlement of equity awards	(150.0)	(100.3)
Change in due to/from affiliates financing activities	56.7	73.0
Net cash used in financing activities	(259.2)	(222.1)
Effect of foreign exchange rate changes	(5.0)	5.8
Decrease in cash, cash equivalents and restricted cash	(164.2)	(334.6)
Cash, cash equivalents and restricted cash, beginning of period	1,442.1	1,361.5
Cash, cash equivalents and restricted cash, end of period	$1,277.9	$1,026.9
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents	$1,276.5	$1,010.1
Restricted cash	1.4	16.8
Total cash, cash equivalents and restricted cash, end of period	$1,277.9	$1,026.9
Cash and cash equivalents held at Consolidated Funds	$426.0	$228.8