Carlyle : First Quarter 2025 Earnings Financial Data Supplement
CG
Published on 05/08/2025 at 06:17
The Carlyle Group Inc.
1Q'25 Supplemental Financial Data
May 8, 2025
Fee Related Earnings ($ mm)
236.4
212.6
202.1
193.4
207.3
204.7
254.0
266.3
273.0
277.9
287.4
310.6
Global Private Equity
147.0
125.6
131.9
129.4
149.7
139.4
146.3
161.1
151.6
148.2
137.8
141.2
Global Credit
71.9
71.8
55.8
47.9
47.5
47.6
81.4
71.2
81.3
82.2
97.8
103.9
Carlyle AlpInvest
17.5
15.2
14.4
16.1
10.1
17.7
26.3
34.0
40.1
47.5
51.8
65.5
Fee Related Earnings ($ mm)
32.6
192.0
350.4
452.8
519.7
598.1
834.4
859.4
1,104.6
310.6
Global Private Equity
184.2
77.9
244.6
387.6
383.0
402.3
540.6
564.8
598.7
141.2
Global Credit
(174.9)
82.0
71.9
47.8
99.4
111.6
224.5
224.4
332.5
103.9
Carlyle AlpInvest
23.3
32.1
33.9
17.4
37.3
84.2
69.3
70.2
173.4
65.5
Distributable Earnings ($ mm)
528.8
644.4
433.0
271.6
388.8
367.4
402.7
431.3
343.2
367.1
383.9
455.4
Global Private Equity
425.7
505.7
330.1
182.8
320.7
292.2
276.1
313.1
199.1
235.5
209.6
265.6
Global Credit
86.3
111.7
81.9
68.9
55.4
54.8
95.3
82.1
99.8
80.5
114.9
110.5
Carlyle AlpInvest
16.8
27.0
21.0
19.9
12.7
20.4
31.3
36.1
44.3
51.1
59.4
79.3
Distributable Earnings ($ mm)
651.7
670.0
673.9
646.6
762.1
2,243.7
1,909.0
1,430.5
1,525.5
455.4
Global Private Equity
788.7
512.7
557.5
579.4
604.5
2,021.9
1,505.6
1,071.8
957.3
265.6
Global Credit
(157.4)
126.9
77.5
48.4
116.2
119.7
315.5
274.4
377.3
110.5
Carlyle AlpInvest
20.4
30.4
38.9
18.8
41.4
102.1
87.9
84.3
190.9
79.3
Total AUM ($ bn)
376.4
368.8
372.7
381.2
384.8
382.3
426.0
425.5
434.6
447.4
441.0
452.6
Global Private Equity
167.2
164.4
163.1
164.4
162.8
160.6
161.3
159.2
164.2
169.2
163.5
164.2
Corporate Private Equity
107.7
106.1
105.4
107.0
105.7
105.3
108.1
106.6
107.9
111.0
105.2
106.5
Real Estate
30.7
30.5
30.3
30.2
30.0
29.7
27.8
27.7
31.1
33.9
34.4
35.3
Infrastructure & Natural Resources
28.6
27.8
27.3
27.1
27.0
25.6
25.4
24.9
25.2
24.3
24.0
22.4
Global Credit
143.0
141.4
146.3
150.0
151.5
150.1
187.8
186.4
189.8
194.5
192.4
199.2
Carlyle AlpInvest
66.2
63.0
63.3
66.8
70.4
71.6
76.9
79.9
80.6
83.7
85.1
89.2
Total AUM ($ bn)
157.6
195.1
216.5
224.4
245.8
301.0
372.7
426.0
441.0
452.6
Global Private Equity
85.1
115.4
126.4
129.8
131.8
162.1
163.1
161.3
163.5
164.2
Corporate Private Equity
50.9
72.6
80.8
86.4
90.7
109.0
105.4
108.1
105.2
106.5
Real Estate
12.8
18.3
18.6
18.4
19.4
29.3
30.3
27.8
34.4
35.3
Infrastructure & Natural Resources
15.3
19.4
23.0
22.4
20.9
23.6
27.3
25.4
24.0
22.4
Global Credit
29.4
33.3
44.4
49.4
55.9
73.4
146.3
187.8
192.4
199.2
Carlyle AlpInvest
43.1
46.3
45.7
45.2
58.1
65.5
63.3
76.9
85.1
89.2
Fee-earning AUM ($ bn)
259.6
260.2
266.6
271.4
271.4
273.0
307.4
304.2
307.3
313.6
304.4
313.8
Global Private Equity
105.6
106.5
107.8
107.8
107.1
107.4
106.7
104.0
103.7
103.5
98.0
98.7
Corporate Private Equity
67.1
67.7
68.7
68.0
66.8
66.5
66.3
64.5
64.1
64.3
62.8
63.9
Real Estate
20.1
20.1
20.6
20.6
20.8
20.9
21.3
21.3
21.5
21.1
18.3
18.2
Infrastructure & Natural Resources
18.1
18.4
18.2
18.9
19.4
20.0
19.0
18.3
18.0
18.2
16.9
16.7
Global Credit
116.4
117.3
121.2
125.3
126.2
124.0
155.2
153.4
155.4
159.2
154.2
160.7
Carlyle AlpInvest
37.6
36.4
37.5
38.3
38.1
41.6
45.5
46.8
48.2
50.9
52.1
54.4
Fee-earning AUM ($ bn)
115.0
124.6
159.6
161.1
170.1
193.4
266.6
307.4
304.4
313.8
Global Private Equity
63.8
67.2
95.3
94.8
91.6
104.3
107.8
106.7
98.0
98.7
Corporate Private Equity
36.3
35.6
62.4
61.7
60.0
65.6
68.7
66.3
62.8
63.9
Real Estate
7.7
12.0
11.8
11.5
12.1
19.9
20.6
21.3
18.3
18.2
Infrastructure & Natural Resources
14.3
15.8
17.8
19.1
18.3
18.3
18.2
19.0
16.9
16.7
Global Credit
24.1
27.3
35.2
37.9
42.1
51.7
121.2
155.2
154.2
160.7
Carlyle AlpInvest
27.1
30.2
29.1
28.4
36.4
37.4
37.5
45.5
52.1
54.4
Inflows(1) ($ bn)
58.4
7.8
4.9
9.4
7.2
6.3
40.6
5.3
12.4
8.8
14.2
14.2
Global Private Equity
4.1
4.1
1.1
3.5
0.8
1.7
2.7
1.5
5.1
3.7
2.3
2.7
Corporate Private Equity
3.2
3.5
0.7
2.2
0.3
1.0
1.8
1.1
1.4
0.5
1.2
0.8
Real Estate
0.1
0.3
0.1
0.2
0.1
0.1
0.3
0.2
3.4
2.9
1.2
1.1
Infrastructure & Natural Resources
0.8
0.2
0.3
1.0
0.4
0.6
0.6
0.2
0.4
0.3
0.0
0.8
Global Credit
52.2
3.4
3.3
4.3
2.2
2.2
33.2
1.5
5.0
2.8
8.0
7.5
Carlyle AlpInvest
2.1
0.3
0.5
1.6
4.1
2.4
4.6
2.4
2.3
2.3
3.9
3.9
Inflows(1) ($ bn)
13.2
42.8
38.7
20.0
26.9
51.3
94.8
63.5
40.8
14.2
Global Private Equity
2.0
30.8
22.6
10.7
3.6
27.2
12.4
8.8
12.7
2.7
Corporate Private Equity
0.8
20.5
16.9
7.5
0.6
16.1
10.0
5.3
4.2
0.8
Real Estate
0.8
6.2
2.0
0.6
1.6
10.4
0.8
0.8
7.7
1.1
Infrastructure & Natural Resources
0.4
4.0
3.7
2.6
1.0
0.7
1.5
2.6
0.9
0.8
Global Credit
7.1
6.6
12.1
6.3
9.5
16.9
78.3
42.0
17.3
7.5
Carlyle AlpInvest
4.1
5.5
4.1
3.0
13.9
7.1
4.2
12.7
10.8
3.9
Deployment(2) ($ bn)
5.1
6.8
5.6
11.3
7.9
9.6
7.5
17.6
11.1
Global Private Equity
1.8
1.8
2.1
2.8
1.6
1.2
1.6
3.8
3.5
Corporate Private Equity
0.8
0.6
0.9
1.4
1.1
0.3
0.9
2.7
2.4
Real Estate
0.7
1.0
0.8
1.2
0.3
0.6
0.5
0.8
0.5
Infrastructure & Natural Resources
0.3
0.3
0.3
0.2
0.2
0.3
0.2
0.3
0.6
Global Credit
2.0
2.9
2.2
5.4
3.6
6.7
4.2
9.9
5.3
Carlyle AlpInvest
1.2
2.0
1.3
3.2
2.8
1.7
1.6
3.9
2.4
Deployment(2) ($ bn)
28.8
42.7
11.1
Global Private Equity
8.5
8.2
3.5
Corporate Private Equity
3.7
5.0
2.4
Real Estate
3.7
2.2
0.5
Infrastructure & Natural Resources
1.1
1.0
0.6
Global Credit
12.5
24.5
5.3
Carlyle AlpInvest
7.8
10.0
2.4
Realized Proceeds ($ bn)
8.5
10.4
8.6
4.5
5.3
5.6
5.2
5.9
5.8
6.8
10.0
8.6
Global Private Equity
6.3
8.0
5.7
2.9
3.4
3.7
3.5
3.3
3.7
4.1
6.7
5.0
Corporate Private Equity
5.2
5.5
3.6
1.3
2.6
0.4
2.3
2.0
2.0
2.8
5.6
2.3
Real Estate
0.6
0.6
0.6
0.2
0.3
0.2
0.3
0.2
0.3
0.5
0.5
0.2
Infrastructure & Natural Resources
0.6
1.9
1.4
1.3
0.5
3.1
0.9
1.1
1.4
0.8
0.5
2.6
Global Credit
0.8
0.8
1.3
0.7
0.4
0.6
0.4
0.7
1.0
1.0
1.4
1.7
Carlyle AlpInvest
1.3
1.6
1.7
0.9
1.6
1.2
1.3
1.9
1.1
1.7
1.9
1.9
Realized Proceeds ($ bn)
29.4
26.0
24.0
19.9
20.9
44.3
33.8
20.6
28.6
8.6
Global Private Equity
20.4
15.7
13.9
10.7
12.1
29.9
22.5
13.5
17.8
5.0
Corporate Private Equity
14.8
11.2
8.8
5.0
8.4
21.3
15.9
6.5
12.4
2.3
Real Estate
2.8
2.2
3.1
2.7
2.3
4.8
2.2
1.1
1.5
0.2
Infrastructure & Natural Resources
2.5
1.2
0.9
2.1
0.3
3.1
4.3
5.8
3.9
2.6
Global Credit
0.4
0.6
0.8
1.8
1.7
2.1
4.2
2.1
4.1
1.7
Carlyle AlpInvest
8.6
9.6
9.4
7.3
7.1
12.2
7.2
5.0
6.6
1.9
Fund Appreciation
3 %
2 %
0 %
2 %
2 %
2 %
1 %
2 %
1 %
3 %
1 %
2 %
Global Private Equity
2 %
3 %
1 %
1 %
2 %
1 %
1 %
1 %
2 %
4 %
1 %
2 %
Corporate Private Equity
0 %
1 %
1 %
1 %
1 %
1 %
2 %
0 %
2 %
4 %
1 %
2 %
Real Estate
4 %
2 %
(1)%
0 %
1 %
1 %
(2)%
1 %
1 %
2 %
1 %
1 %
Infrastructure & Natural Resources
13 %
8 %
2 %
0 %
3 %
5 %
0 %
2 %
3 %
2 %
1 %
3 %
Global Credit
2 %
0 %
2 %
3 %
2 %
2 %
4 %
2 %
3 %
3 %
3 %
4 %
Carlyle AlpInvest
5 %
0 %
(3)%
5 %
2 %
2 %
2 %
5 %
(1)%
2 %
3 %
1 %
Fund Appreciation
12 %
20 %
9 %
9 %
10 %
41 %
11 %
7 %
8 %
2 %
Global Private Equity
7 %
2 %
Corporate Private Equity
11 %
32 %
5 %
8 %
19 %
41 %
6 %
5 %
8 %
2 %
Real Estate
19 %
18 %
8 %
16 %
8 %
39 %
16 %
(1)%
5 %
1 %
Infrastructure & Natural Resources
24 %
30 %
6 %
(5)%
(16)%
34 %
48 %
8 %
8 %
3 %
Global Credit
(11)%
11 %
5 %
1 %
(2)%
22 %
3 %
12 %
12 %
5 %
Carlyle AlpInvest
12 %
10 %
19 %
15 %
10 %
48 %
6 %
10 %
9 %
1 %
Net Accrued Perf Revenue ($ mm)
4,290
4,080
3,965
3,970
3,682
3,514
2,379
2,169
2,176
2,785
2,738
2,688
Global Private Equity
3,788
3,608
3,489
3,443
3,123
2,931
1,778
1,498
1,508
2,056
2,005
1,902
Corporate Private Equity
2,740
2,457
2,314
2,280
1,916
1,773
1,169
909
932
1,479
1,442
1,455
Real Estate
313
297
276
270
273
256
158
155
148
142
131
122
Infrastructure & Natural Resources
739
858
899
894
935
903
452
435
428
436
432
325
Global Credit
126
107
102
105
122
144
118
143
156
174
192
217
Carlyle AlpInvest
376
365
374
422
438
440
483
529
512
555
541
569
Net Accrued Perf Revenue ($ mm)
1,071
1,717
1,681
1,720
2,331
3,894
3,965
2,379
2,738
2,688
Global Private Equity
991
1,616
1,544
1,544
2,115
3,414
3,489
1,778
2,005
1,902
Corporate Private Equity
706
1,140
1,069
1,139
1,814
2,980
2,314
1,169
1,442
1,455
Real Estate
250
312
270
310
298
298
276
158
131
122
Infrastructure & Natural Resources
52
180
224
97
6
140
899
452
432
325
Global Credit
35
27
56
75
72
161
102
118
192
217
Carlyle AlpInvest
45
74
81
101
145
319
374
483
541
569
Note: Segments and annual amounts may not sum due to rounding. Total AUM, Fee-earning AUM and Net Accrued Performance Revenue as of period end.
*FY'20 Fee Related Earnings were $520 million, or $490 million excluding the impact of $30 million in one-time litigation cost recoveries.
Total AUM refers to the assets we manage or advise. Fee-earning AUM refers to the assets we manage or advise from which we derive recurring fund management fees. Inflows include the impact to our AUM of gross fundraising as well as closed reinsurance transactions at Fortitude and corporate acquisitions during the period, if any. Deployment comprises (i) Invested Capital of Carry Funds, (ii) new CLO issuances and incremental capital raised from CLO resets, and (iii) gross originations and other non-carry fund activity. Realized Proceeds represent carry funds only (including related coinvestments and separately managed accounts); for purposes of aggregation, transactions denominated in a currency other than U.S. Dollars have been converted at the average rate for the period presented. Fund Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total return basis before fees and expenses; fund only, does not include coinvestment; the percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining investment fair market value. The impact of the Legacy Energy funds is included in the total for Global Private Equity, but is excluded within the Global Private Equity strategy breakout, for all periods presented.
Inflows include the impact to our AUM of gross fundraising as well as closed reinsurance transactions at Fortitude and corporate acquisitions during the period, if any.
Deployment comprises (i) Invested Capital of Carry Funds, (ii) new CLO issuances and incremental capital raised from CLO resets, and (iii) gross originations and other non-carry fund activity. This metric excludes deployment of Fortitude's general account assets covered by the strategic advisory services agreement into third party investments.
For detailed definitions of the operating metrics above, please see The Carlyle Group Inc.'s filings with the U.S. Securities and Exchange Commission.
(Dollars in millions, except per share amounts)
2Q'22
3Q'22
4Q'22
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
SEGMENT REVENUES
Fund management fees
$ 516.2
$ 514.1
$ 512.4
$ 506.2
$ 515.0
$ 518.1
$ 525.1
$ 515.6
$ 525.5
$ 526.5
$ 539.9
$ 525.5
Transaction and portfolio advisory fees, net and other
42.2
35.0
17.7
16.4
18.2
11.2
34.6
26.7
28.9
27.4
80.6
77.9
Fee related performance revenues1
35.1
20.6
29.1
28.8
73.2
23.4
35.6
29.1
33.1
36.3
34.2
39.5
Total segment fee revenues
$ 593.5
$ 569.7
$ 559.2
$ 551.4
$ 606.4
$ 552.7
$ 595.3
$ 571.4
$ 587.5
$ 590.2
$ 654.7
$ 642.9
Realized performance revenues
519.9
764.8
459.7
165.1
335.1
180.4
257.7
397.8
156.5
275.9
245.7
355.1
Realized principal investment income (loss)
43.8
56.7
23.8
23.8
22.1
23.4
19.5
33.7
26.6
9.1
31.6
30.0
Interest income
4.0
10.5
16.3
13.9
14.3
20.1
23.9
20.1
18.3
19.8
16.5
15.2
Total Segment Revenues SEGMENT EXPENSES
Compensation and benefits
$ 1,161.2
$ 1,401.7
$ 1,059.0
$ 754.2
$ 977.9
$ 776.6
$ 896.4
$ 1,023.0
$ 788.9
$ 895.0
$ 948.5
$ 1,043.2
Cash-based compensation and benefits
$ 259.7
$ 246.7
$ 242.0
$ 260.6
$ 288.7
$ 256.0
$ 226.6
$ 214.3
$ 205.3
$ 207.6
$ 234.5
$ 224.0
Realized performance revenues related compensation
249.0
373.7
241.2
95.6
160.0
30.4
121.3
255.8
100.8
185.3
167.9
227.7
Total compensation and benefits
$ 508.7
$ 620.4
$ 483.2
$ 356.2
$ 448.7
$ 286.4
$ 347.9
$ 470.1
$ 306.1
$ 392.9
$ 402.4
$ 451.7
General, administrative and other expenses
87.9
100.8
104.8
87.5
101.7
81.6
105.7
79.7
97.9
92.9
120.2
95.6
Depreciation and amortization expense
9.5
9.6
10.3
9.9
8.7
10.4
9.0
11.1
11.3
11.8
12.6
12.7
Interest expense
26.3
26.5
27.7
29.0
30.0
30.8
31.1
30.8
30.4
30.3
29.4
27.8
Total Segment Expenses
$ 632.4
$ 757.3
$ 626.0
$ 482.6
$ 589.1
$ 409.2
$ 493.7
$ 591.7
$ 445.7
$ 527.9
$ 564.6
$ 587.8
Total Segment Revenues
$ 1,161.2
$ 1,401.7
$ 1,059.0
$ 754.2
$ 977.9
$ 776.6
$ 896.4
$ 1,023.0
$ 788.9
$ 895.0
$ 948.5
$ 1,043.2
Total Segment Expenses
632.4
757.3
626.0
482.6
589.1
409.2
493.7
591.7
445.7
527.9
564.6
587.8
(=) Distributable Earnings
$ 528.8
$ 644.4
$ 433.0
$ 271.6
$ 388.8
$ 367.4
$ 402.7
$ 431.3
$ 343.2
$ 367.1
$ 383.9
$ 455.4
(-) Realized Net Performance Revenues
270.9
391.1
218.5
69.5
175.1
150.0
136.4
142.0
55.7
90.6
77.8
127.4
(-) Realized Principal Investment Income (Loss)
43.8
56.7
23.8
23.8
22.1
23.4
19.5
33.7
26.6
9.1
31.6
30.0
(+) Net Interest
22.3
16.0
11.4
15.1
15.7
10.7
7.2
10.7
12.1
10.5
12.9
12.6
(=) Fee Related Earnings
$ 236.4
$ 212.6
$ 202.1
$ 193.4
$ 207.3
$ 204.7
$ 254.0
$ 266.3
$ 273.0
$ 277.9
$ 287.4
$ 310.6
After-tax Distributable Earnings, per common share2
$ 1.17
$ 1.42
$ 1.01
$ 0.63
$ 0.88
$ 0.87
$ 0.86
$ 1.01
$ 0.78
$ 0.95
$ 0.92
$ 1.14
Dividend per common share3
$ 0.325
$ 0.325
$ 0.325
$ 0.350
$ 0.350
$ 0.350
$ 0.350
$ 0.350
$ 0.350
$ 0.350
$ 0.350
$ 0.350
Fee related performance revenues are the realized portion of performance revenues that are measured and received on a recurring basis, are not dependent on the disposition of investments, and which are not at risk of giveback. The related compensation expense is included in cash-based compensation and benefits.
In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended March 31, 2025 and furnished to the SEC on May 8, 2025, reconciliation of Distributable Earnings to After-tax Distributable Earnings per common share is provided on page 28.
In February 2023, our Board of Directors approved an increase in the anticipated common stock dividend to an annual rate of $1.40 per share ($0.35 per common share on a quarterly basis), commencing with the first quarter 2023 dividend to be paid in May 2023. Prior to the first quarter 2023 dividend, our dividend policy for our common stock was an annual rate of $1.30 per share of common stock ($0.325 per common share on a quarterly basis). The declaration and payment of any dividends to holders of our common stock are subject to the discretion of our Board of Directors, which may change our dividend policy at any time or from time to time, and the terms of our certificate of incorporation. There can be no assurance that dividends will be made as intended or at all or that any particular dividend policy will be maintained.
(Dollars in millions, except per share amounts)
2Q'22
3Q'22
4Q'22
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
SEGMENT REVENUES
Fund management fees
$ 337.0 $
330.1 $
329.6 $
326.9 $
330.2 $
330.1 $
322.6 $
304.6 $
305.2 $
298.6 $
303.6 $
283.0
Transaction and portfolio advisory fees, net and other
7.5
7.7
8.2
5.4
5.3
4.0
3.7
7.1
3.8
5.9
7.8
14.5
Fee related performance revenues
22.3
6.1
10.4
9.6
52.8
0.7
5.2
3.7
3.2
-
-
-
Total segment fee revenues
$ 366.8 $
343.9
$ 348.2
$ 341.9
$ 388.3
$ 334.8 $
331.5
$ 315.4
$ 312.2 $
304.5
$ 311.4 $
297.5
Realized performance revenues
473.8
628.4
354.5
99.0
313.7
164.6
227.8
373.8
129.7
225.2
198.5
317.1
Realized principal investment income (loss) 34.2
46.0
14.3
11.9
13.2
14.4
5.8
18.9
6.8
10.0
14.0
15.1
Interest income 1.2
5.1
8.2
5.4
5.5
8.8
11.9
7.6
6.5
7.7
6.3
6.0
Total Segment Revenues $ 876.0 $
1,023.4
$ 725.2
$ 458.2
$ 720.7
$ 522.6 $
577.0
$ 715.7
$ 455.2 $
547.4
$ 530.2 $
635.7
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits
$ 154.2 $
146.7
$ 144.4
$ 148.7
$ 173.6
$ 142.3 $
119.2
$ 109.3
$ 103.9 $
101.1
$ 108.5 $
100.7
Realized performance revenues related compensation
214.5
283.5
162.8
46.3
144.6
18.2
99.0
234.3
81.4
141.5
132.9
200.4
Total compensation and benefits
$ 368.7 $
430.2
$ 307.2
$ 195.0
$ 318.2
$ 160.5 $
218.2
$ 343.6
$ 185.3 $
242.6
$ 241.4 $
301.1
General, administrative and other expenses
59.3
65.3
65.2
57.1
59.1
46.0
59.7
38.6
50.2
48.5
57.9
48.7
Depreciation and amortization expense
6.3
6.3
6.7
6.7
5.9
7.1
6.3
6.4
6.5
6.7
7.2
6.9
Interest expense
16.0
15.9
16.0
16.6
16.8
16.8
16.7
14.0
14.1
14.1
14.1
13.4
Total Segment Expenses
$ 450.3 $
517.7
$ 395.1
$ 275.4
$ 400.0
$ 230.4 $
300.9
$ 402.6
$ 256.1 $
311.9
$ 320.6 $
370.1
Total Segment Revenues
$ 876.0 $
1,023.4
$ 725.2
$ 458.2
$ 720.7
$ 522.6 $
577.0
$ 715.7
$ 455.2 $
547.4
$ 530.2 $
635.7
Total Segment Expenses
450.3
517.7
395.1
275.4
400.0
230.4
300.9
402.6
256.1
311.9
320.6
370.1
(=) Distributable Earnings
$ 425.7 $
505.7
$ 330.1
$ 182.8
$ 320.7
$ 292.2 $
276.1
$ 313.1
$ 199.1 $
235.5
$ 209.6 $
265.6
(-) Realized Net Performance Revenues
259.3
344.9
191.7
52.7
169.1
146.4
128.8
139.5
48.3
83.7
65.6
116.7
(-) Realized Principal Investment Income (Loss)
34.2
46.0
14.3
11.9
13.2
14.4
5.8
18.9
6.8
10.0
14.0
15.1
(+) Net Interest
14.8
10.8
7.8
11.2
11.3
8.0
4.8
6.4
7.6
6.4
7.8
7.4
(=) Fee Related Earnings
$
147.0 $
125.6 $
131.9 $
129.4 $
149.7 $
139.4 $
146.3 $
161.1 $
151.6 $
148.2 $
137.8 $
141.2
(Dollars in millions, except per share amounts)
2Q'22
3Q'22
4Q'22
1Q'23
2Q'23
3Q'23
4Q'23
1Q'24
2Q'24
3Q'24
4Q'24
1Q'25
SEGMENT REVENUES
Fund management fees
$ 123.7 $
128.4 $
127.3 $
122.6 $
126.9 $
128.9 $
133.8 $
136.9 $
140.8 $
142.8 $
137.8 $
139.6
Transaction and portfolio advisory fees, net and other
34.7
27.3
9.5
11.0
12.9
7.2
30.9
19.6
25.0
21.4
72.8
63.4
Fee related performance revenues
12.8
14.5
18.7
18.4
19.6
21.1
30.0
24.2
28.0
29.0
27.9
28.8
Total segment fee revenues
$ 171.2 $
170.2
$ 155.5
$ 152.0
$ 159.4
$ 157.2 $
194.7
$ 180.7
$ 193.8 $
193.2
$ 238.5 $
231.8
Realized performance revenues
19.9
63.0
34.9
27.7
5.6
2.7
7.5
0.6
6.9
11.5
13.0
13.3
Realized principal investment income (loss)
8.7
9.2
9.9
9.0
8.2
8.0
11.9
13.8
19.2
(2.8)
16.0
5.5
Interest income
2.6
4.5
6.7
7.2
7.7
9.7
10.1
10.7
10.1
9.8
8.4
7.0
Total Segment Revenues
$ 202.4 $
246.9
$ 207.0
$ 195.9
$ 180.9
$ 177.6 $
224.2
$ 205.8
$ 230.0 $
211.7
$ 275.9 $
257.6
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits
$ 77.1 $
69.9
$ 70.0
$ 80.4
$ 84.6
$ 81.3 $
78.2
$ 76.8
$ 74.0 $
76.5
$ 92.8 $
89.0
Realized performance revenues related compensation
9.4
28.9
16.3
12.7
2.7
1.4
3.5
0.3
4.3
6.9
7.9
7.9
Total compensation and benefits
$ 86.5 $
98.8
$ 86.3
$ 93.1
$ 87.3
$ 82.7 $
81.7
$ 77.1
$ 78.3 $
83.4
$ 100.7 $
96.9
General, administrative and other expenses
20.3
26.4
27.5
21.7
25.6
26.2
33.3
29.6
35.3
31.2
44.3
35.0
Depreciation and amortization expense
1.9
2.1
2.2
2.0
1.7
2.1
1.8
3.1
3.2
3.3
3.6
3.9
Interest expense
7.4
7.9
9.1
10.2
10.9
11.8
12.1
13.9
13.4
13.3
12.4
11.3
Total Segment Expenses
$ 116.1 $
135.2
$ 125.1
$ 127.0
$ 125.5
$ 122.8 $
128.9
$ 123.7
$ 130.2 $
131.2
$ 161.0 $
147.1
Total Segment Revenues
$ 202.4 $
246.9
$ 207.0
$ 195.9
$ 180.9
$ 177.6 $
224.2
$ 205.8
$ 230.0 $
211.7
$ 275.9 $
257.6
Total Segment Expenses
116.1
135.2
125.1
127.0
125.5
122.8
128.9
123.7
130.2
131.2
161.0
147.1
(=) Distributable Earnings $ 86.3 $
111.7
$ 81.9
$ 68.9
$ 55.4
$ 54.8 $
95.3
$ 82.1
$ 99.8 $
80.5
$ 114.9 $
110.5
(-) Realized Net Performance Revenues 10.5
34.1
18.6
15.0
2.9
1.3
4.0
0.3
2.6
4.6
5.1
5.4
(-) Realized Principal Investment Income (Loss) 8.7
9.2
9.9
9.0
8.2
8.0
11.9
13.8
19.2
(2.8)
16.0
5.5
(+) Net Interest 4.8
3.4
2.4
3.0
3.2
2.1
2.0
3.2
3.3
3.5
4.0
4.3
(=) Fee Related Earnings $
71.9 $
71.8 $
55.8 $
47.9 $
47.5 $
47.6 $
81.4 $
71.2 $
81.3 $
82.2 $
97.8 $
103.9
Disclaimer
The Carlyle Group Inc. published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 10:16 UTC.