Carlyle Group Inc.CG
Carlyle Group Inc. Segments Disclosure
15. Segment Reporting
Carlyle conducts its operations through three reportable segments:
Global Private Equity – The Global Private Equity segment advises buyout, growth, real estate, and infrastructure &
natural resources funds. The segment also includes the NGP Carry Funds advised by NGP.
Global Credit – The Global Credit segment advises funds and vehicles that pursue investment strategies including
insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance,
infrastructure credit, cross-platform credit products, and global capital markets.
Carlyle AlpInvest – The Carlyle AlpInvest segment advises global private equity programs that pursue secondary
purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments.
The Company’s reportable business segments are differentiated by their various investment focuses and strategies.
Overhead costs are generally allocated based on cash-based compensation and benefits expense for each segment. The
Company’s earnings from its investment in NGP are presented in the respective operating captions within the Global Private
Equity segment.
Distributable Earnings. Distributable Earnings, or “DE,” is a key performance benchmark used in the Company’s
industry and is evaluated regularly by the chief operating decision maker (“CODM”), which is our Chief Executive Officer, in
making resource deployment and compensation decisions and in assessing performance of the Company’s three reportable
segments. The CODM also uses DE in budgeting, forecasting, and the overall management of the Company’s segments. The
CODM believes that reporting DE is helpful to understanding the Company’s business and that investors should review the
same supplemental financial measure that the CODM uses to analyze the Company’s segment performance. DE is intended to
show the amount of net realized earnings without the effects of the consolidation of the Consolidated Funds. DE is derived from
the Company’s segment reported results and is used to assess performance.
Distributable Earnings differs from income (loss) before provision for income taxes computed in accordance with U.S.
GAAP in that it includes certain tax expenses associated with certain foreign performance revenues (composed of performance
allocations and incentive fees), and does not include unrealized performance allocations and related compensation expense,
unrealized principal investment income, equity-based compensation expense, net income (loss) attributable to non-Carlyle
interests in consolidated entities, or charges (credits) related to Carlyle corporate actions and non-recurring items that affect
period-to-period comparability and are not reflective of the Company’s operational performance. Charges (credits) related to
Carlyle corporate actions and non-recurring items include: charges associated with the Conversion, charges (credits) associated
with acquisitions, dispositions or strategic investments, changes in the tax receivable agreement liability, amortization and any
impairment charges associated with acquired intangible assets, transaction costs associated with acquisitions and dispositions,
charges associated with earn-outs and contingent consideration including gains and losses associated with the estimated fair
value of contingent considerations issued in conjunction with acquisitions or strategic investments, impairment charges
associated with lease right-of-use assets, gains and losses from the retirement of debt, charges associated with contract
terminations and employee severance, and non-recurring items that affect period-to-period comparability and are not reflective
of the Company’s operating performance. Management believes the inclusion or exclusion of these items provides investors
with a meaningful indication of the Company’s core operating performance.
Fee Related Earnings. Fee Related Earnings, or “FRE,” is a component of DE and is used to assess the ability of the
business to cover base compensation and operating expenses from total fee revenues. FRE adjusts DE to exclude net realized
performance revenues, realized principal investment income, and net interest (interest income less interest expense). Fee
Related Earnings includes fee related performance revenues and related compensation expense. Fee related performance
revenues represent the realized portion of performance revenues that are measured and received on a recurring basis, are not
dependent on realization events, and which have no risk of giveback.
Asset information by segment is not disclosed because this information is not used by the CODM to make resource
deployment decisions or evaluate the performance of the Company’s segments.
The following tables present the financial data for the Company’s three reportable segments for the year ended
December 31, 2025:
Year Ended December 31, 2025 | |||||||
Global Private Equity | Global Credit | Carlyle AlpInvest | Total | ||||
(Dollars in millions) | |||||||
Segment Revenues | |||||||
Fund level fee revenues | |||||||
Fund management fees | $1,176.3 | $609.1 | $457.7 | $2,243.1 | |||
Portfolio advisory and transaction fees, net and other | 39.0 | 185.8 | 0.3 | 225.1 | |||
Fee related performance revenues | 0.3 | 115.2 | 59.0 | 174.5 | |||
Total fund level fee revenues | 1,215.6 | 910.1 | 517.0 | 2,642.7 | |||
Realized performance revenues | 845.6 | 98.0 | 93.8 | 1,037.4 | |||
Realized principal investment income | 56.3 | 59.4 | 36.1 | 151.8 | |||
Interest income | 28.7 | 31.6 | 9.3 | 69.6 | |||
Total revenues | 2,146.2 | 1,099.1 | 656.2 | 3,901.5 | |||
Segment Expenses | |||||||
Compensation and benefits | |||||||
Cash-based compensation and benefits | 397.2 | 351.9 | 153.0 | 902.1 | |||
Realized performance revenues related compensation | 540.4 | 59.9 | 79.8 | 680.1 | |||
Total compensation and benefits | 937.6 | 411.8 | 232.8 | 1,582.2 | |||
General, administrative, and other indirect expenses(1) | 228.1 | 140.3 | 82.0 | 450.4 | |||
Depreciation and amortization expense | 29.4 | 16.4 | 8.2 | 54.0 | |||
Interest expense | 60.3 | 49.6 | 13.8 | 123.7 | |||
Total expenses | 1,255.4 | 618.1 | 336.8 | 2,210.3 | |||
(=) Distributable Earnings | $890.8 | $481.0 | $319.4 | $1,691.2 | |||
(-) Realized Net Performance Revenues | 305.2 | 38.1 | 14.0 | 357.3 | |||
(-) Realized Principal Investment Income | 56.3 | 59.4 | 36.1 | 151.8 | |||
(+) Net Interest | 31.6 | 18.0 | 4.5 | 54.1 | |||
(=) Fee Related Earnings | $560.9 | $401.5 | $273.8 | $1,236.2 | |||
(1)General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and
entertainment expenses, and fundraising costs.
The following tables present the financial data for the Company’s three reportable segments for the year ended
December 31, 2024:
Year Ended December 31, 2024 | |||||||
Global Private Equity | Global Credit | Carlyle AlpInvest | Total | ||||
(Dollars in millions) | |||||||
Segment Revenues | |||||||
Fund level fee revenues | |||||||
Fund management fees | $1,212.0 | $558.3 | $337.2 | $2,107.5 | |||
Portfolio advisory and transaction fees, net and other | 24.6 | 138.8 | 0.2 | 163.6 | |||
Fee related performance revenues | 6.9 | 109.1 | 16.7 | 132.7 | |||
Total fund level fee revenues | 1,243.5 | 806.2 | 354.1 | 2,403.8 | |||
Realized performance revenues | 927.2 | 32.0 | 116.7 | 1,075.9 | |||
Realized principal investment income | 49.7 | 46.2 | 5.1 | 101.0 | |||
Interest income | 28.1 | 39.0 | 7.6 | 74.7 | |||
Total revenues | 2,248.5 | 923.4 | 483.5 | 3,655.4 | |||
Segment Expenses | |||||||
Compensation and benefits | |||||||
Cash-based compensation and benefits | 422.8 | 320.1 | 118.8 | 861.7 | |||
Realized performance revenues related compensation | 590.1 | 19.4 | 100.3 | 709.8 | |||
Total compensation and benefits | 1,012.9 | 339.5 | 219.1 | 1,571.5 | |||
General, administrative, and other indirect expenses(1) | 195.2 | 140.4 | 55.1 | 390.7 | |||
Depreciation and amortization expense | 26.8 | 13.2 | 6.8 | 46.8 | |||
Interest expense | 56.3 | 53.0 | 11.6 | 120.9 | |||
Total expenses | 1,291.2 | 546.1 | 292.6 | 2,129.9 | |||
(=) Distributable Earnings | $957.3 | $377.3 | $190.9 | $1,525.5 | |||
(-) Realized Net Performance Revenues | 337.1 | 12.6 | 16.4 | 366.1 | |||
(-) Realized Principal Investment Income | 49.7 | 46.2 | 5.1 | 101.0 | |||
(+) Net Interest | 28.2 | 14.0 | 4.0 | 46.2 | |||
(=) Fee Related Earnings | $598.7 | $332.5 | $173.4 | $1,104.6 | |||
(1)General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and
entertainment expenses, and fundraising costs.
The following tables present the financial data for the Company’s three reportable segments for the year ended
December 31, 2023:
Year Ended December 31, 2023 | |||||||
Global Private Equity | Global Credit | Carlyle AlpInvest | Total | ||||
(Dollars in millions) | |||||||
Segment Revenues | |||||||
Fund level fee revenues | |||||||
Fund management fees | $1,309.8 | $512.2 | $242.4 | $2,064.4 | |||
Portfolio advisory and transaction fees, net and other | 18.4 | 62.0 | — | 80.4 | |||
Fee related performance revenues | 68.3 | 89.1 | 3.6 | 161.0 | |||
Total fund level fee revenues | 1,396.5 | 663.3 | 246.0 | 2,305.8 | |||
Realized performance revenues | 805.1 | 43.5 | 89.7 | 938.3 | |||
Realized principal investment income | 45.3 | 37.1 | 6.4 | 88.8 | |||
Interest income | 31.6 | 34.7 | 5.9 | 72.2 | |||
Total revenues | 2,278.5 | 778.6 | 348.0 | 3,405.1 | |||
Segment Expenses | |||||||
Compensation and benefits | |||||||
Cash-based compensation and benefits | 583.8 | 324.5 | 123.6 | 1,031.9 | |||
Realized performance revenues related compensation | 308.1 | 20.3 | 78.9 | 407.3 | |||
Total compensation and benefits | 891.9 | 344.8 | 202.5 | 1,439.2 | |||
General, administrative, and other indirect expenses(1) | 221.9 | 106.8 | 47.8 | 376.5 | |||
Depreciation and amortization expense | 26.0 | 7.6 | 4.4 | 38.0 | |||
Interest expense | 66.9 | 45.0 | 9.0 | 120.9 | |||
Total expenses | 1,206.7 | 504.2 | 263.7 | 1,974.6 | |||
(=) Distributable Earnings | $1,071.8 | $274.4 | $84.3 | $1,430.5 | |||
(-) Realized Net Performance Revenues | 497.0 | 23.2 | 10.8 | 531.0 | |||
(-) Realized Principal Investment Income | 45.3 | 37.1 | 6.4 | 88.8 | |||
(+) Net Interest | 35.3 | 10.3 | 3.1 | 48.7 | |||
(=) Fee Related Earnings | $564.8 | $224.4 | $70.2 | $859.4 | |||
(1)General, administrative, and other indirect expenses primarily comprised professional fees, rent and other office expenses, IT expenses, travel and
entertainment expenses, and fundraising costs.
The following tables reconcile the Total Segments to the Company’s Income (Loss) Before Provision for Taxes for the
years ended December 31, 2025, 2024 and 2023:
Year Ended December 31, 2025 | |||||||||
Total Reportable Segments | Consolidated Funds | Reconciling Items | Carlyle Consolidated | ||||||
(Dollars in millions) | |||||||||
Revenues | $3,901.5 | $635.3 | $243.0 | $4,779.8 | |||||
Expenses | $2,210.3 | $678.4 | $849.8 | $3,738.5 | |||||
Other income (loss) | $— | $117.9 | $— | $117.9 | |||||
Distributable earnings | $1,691.2 | $74.8 | $(606.8) | $1,159.2 | |||||
Year Ended December 31, 2024 | |||||||||
Total Reportable Segments | Consolidated Funds | Reconciling Items | Carlyle Consolidated | ||||||
(Dollars in millions) | |||||||||
Revenues | $3,655.4 | $631.6 | $1,138.8 | $5,425.8 | |||||
Expenses | $2,129.9 | $610.3 | $1,315.9 | $4,056.1 | |||||
Other income (loss) | $— | $24.0 | $— | $24.0 | |||||
Distributable earnings | $1,525.5 | $45.3 | $(177.1) | $1,393.7 | |||||
Year Ended December 31, 2023 | |||||||||
Total Reportable Segments | Consolidated Funds | Reconciling Items | Carlyle Consolidated | ||||||
(Dollars in millions) | |||||||||
Revenues | $3,405.1 | $570.1 | $(1,011.3) | $2,963.9 | |||||
Expenses | $1,974.6 | $460.3 | $1,136.8 | $3,571.7 | |||||
Other income (loss) | $— | $6.9 | $— | $6.9 | |||||
Distributable earnings | $1,430.5 | $116.7 | $(2,148.1) | $(600.9) | |||||
(a)The Revenues adjustment principally represents unrealized performance revenues, unrealized principal investment
income (loss) (including Fortitude), 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, and adjustments to
reflect the reimbursement of certain costs incurred on behalf of Carlyle funds on a net basis, as detailed below:
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
(Dollars in millions) | |||||
Unrealized performance and fee related performance revenues | $121.5 | $1,031.9 | $(1,046.6) | ||
Unrealized principal investment income (loss) | (19.4) | 34.1 | 36.1 | ||
Principal investment loss from dilution of indirect investment in Fortitude | — | — | (104.0) | ||
Adjustments related to expenses associated with investments in NGP Management and its affiliates | (130.3) | (13.1) | (13.8) | ||
Non-controlling interests and other adjustments to present certain costs on a net basis | 290.4 | 167.9 | 191.6 | ||
Elimination of revenues of Consolidated Funds | (19.2) | (82.0) | (74.6) | ||
$243.0 | $1,138.8 | $(1,011.3) | |||
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 years ended December 31, 2025, 2024 and 2023:
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
(Dollars in millions) | |||||
Total Reportable Segments - Fund level fee revenues | $2,642.7 | $2,403.8 | $2,305.8 | ||
Adjustments(1) | (246.1) | (215.7) | (262.6) | ||
Carlyle Consolidated - Fund management fees | $2,396.6 | $2,188.1 | $2,043.2 | ||
(1)Adjustments represent the reclassification of NGP management fees from principal investment income, the reclassification of fee
related performance revenues from certain products, management fees earned from Consolidated Funds 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.
(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, 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:
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
(Dollars in millions) | |||||
Unrealized performance and fee related performance revenue compensation expense | $99.0 | $635.2 | $612.6 | ||
Equity-based compensation | 376.6 | 476.5 | 260.1 | ||
Acquisition or disposition-related charges and amortization of intangibles and impairment | 262.4 | 136.6 | 145.3 | ||
Tax (expense) benefit associated with certain foreign performance revenues related compensation | (0.5) | (1.0) | (1.0) | ||
Non-controlling interests and other adjustments to present certain costs on a net basis | 133.9 | 92.8 | 148.7 | ||
Other adjustments | 32.6 | 21.2 | 11.6 | ||
Elimination of expenses of Consolidated Funds | (54.2) | (45.4) | (40.5) | ||
$849.8 | $1,315.9 | $1,136.8 | |||
(c)The Other Income (Loss) adjustment results from the Consolidated Funds that 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:
Year Ended December 31, | |||||
2025 | 2024 | 2023 | |||
(Dollars in millions) | |||||
Income (loss) before provision for income taxes | $1,159.2 | $1,393.7 | $(600.9) | ||
Adjustments: | |||||
Net unrealized performance and fee related performance revenues | (22.5) | (396.7) | 1,659.2 | ||
Unrealized principal investment (income) loss | 19.4 | (34.1) | (36.1) | ||
Principal investment loss from dilution of indirect investment in Fortitude | — | — | 104.0 | ||
Equity-based compensation(1) | 376.6 | 476.5 | 260.1 | ||
Acquisition or disposition-related charges, including amortization of intangibles and impairment | 262.4 | 136.6 | 145.3 | ||
Net income attributable to non-controlling interests in consolidated entities | (136.0) | (70.7) | (111.7) | ||
Tax (expense) benefit associated with certain foreign performance revenues | (0.5) | (1.0) | (1.0) | ||
Other adjustments(2) | 32.6 | 21.2 | 11.6 | ||
Distributable Earnings | $1,691.2 | $1,525.5 | $1,430.5 | ||
Realized performance revenues, net of related compensation(3) | 357.3 | 366.1 | 531.0 | ||
Realized principal investment income(3) | 151.8 | 101.0 | 88.8 | ||
Net interest | 54.1 | 46.2 | 48.7 | ||
Fee Related Earnings | $1,236.2 | $1,104.6 | $859.4 | ||
(1)Equity-based compensation for the years ended December 31, 2025, 2024 and 2023 included amounts that are presented in
principal investment income and general, administrative and other expenses in the Company’s consolidated statements of
operations.
(2)Includes charges (credits) related to Carlyle corporate actions and non-recurring items that affect period-to-period
comparability and are not reflective of the Company’s operating performance.
(3)See reconciliation to most directly comparable U.S. GAAP measure below:
Year Ended December 31, 2025 | |||||
Carlyle Consolidated | Adjustments(4) | Total Reportable Segments | |||
(Dollars in millions) | |||||
Performance revenues | $1,222.5 | $(185.1) | $1,037.4 | ||
Performance revenues related compensation expense | 936.3 | (256.2) | 680.1 | ||
Net performance revenues | $286.2 | $71.1 | $357.3 | ||
Principal investment income (loss) | $119.2 | $32.6 | $151.8 | ||
Year Ended December 31, 2024 | |||||
Carlyle Consolidated | Adjustments(4) | Total Reportable Segments | |||
(Dollars in millions) | |||||
Performance revenues | $2,015.7 | $(939.8) | $1,075.9 | ||
Performance revenues related compensation expense | 1,361.5 | (651.7) | 709.8 | ||
Net performance revenues | $654.2 | $(288.1) | $366.1 | ||
Principal investment income (loss) | $238.7 | $(137.7) | $101.0 | ||
Year Ended December 31, 2023 | |||||
Carlyle Consolidated | Adjustments(4) | Total Reportable Segments | |||
(Dollars in millions) | |||||
Performance revenues | $(88.6) | $1,026.9 | $938.3 | ||
Performance revenues related compensation expense | 1,103.7 | (696.4) | 407.3 | ||
Net performance revenues | $(1,192.3) | $1,723.3 | $531.0 | ||
Principal investment income (loss) | $133.4 | $(44.6) | $88.8 | ||
(4)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 are eliminated in the U.S. GAAP consolidation but are included in the
segment results, (iii) amounts attributable to non-controlling interests in consolidated entities, which are excluded from the
segment results, (iv) the reclassification of NGP performance revenues, which are included in principal investment income in
the U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which are included in fund
level fee revenues 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, the exclusion
of charges associated with the investment in NGP Management and its affiliates from the segment results and the exclusion of
the principal investment loss from dilution of the indirect investment in Fortitude.
Information by Geographic Location
Carlyle primarily transacts business in the United States and a significant amount of its revenues are generated
domestically. The Company has established investment vehicles whose primary focus is making investments in specified
geographical locations. The tables below present consolidated revenues based on the geographical focus of the associated
investment vehicle.
Total Revenues | |||
Share | % | ||
(Dollars in millions) | |||
Year Ended December 31, 2025 | |||
Americas(1) | $3,281.9 | 69% | |
EMEA(2) | 1,451.3 | 30% | |
Asia-Pacific(3) | 46.6 | 1% | |
Total | $4,779.8 | 100% | |
Total Revenues | |||
Share | % | ||
(Dollars in millions) | |||
Year Ended December 31, 2024 | |||
Americas(1) | $4,096.4 | 76% | |
EMEA(2) | 1,047.6 | 19% | |
Asia-Pacific(3) | 281.8 | 5% | |
Total | $5,425.8 | 100% | |
Total Revenues | |||
Share | % | ||
(Dollars in millions) | |||
Year Ended December 31, 2023 | |||
Americas(1) | $1,289.0 | 44% | |
EMEA(2) | 1,318.9 | 44% | |
Asia-Pacific(3) | 356.0 | 12% | |
Total | $2,963.9 | 100% | |
(1)Relates to investment vehicles whose primary focus is the United States or South America.
(2)Relates to investment vehicles whose primary focus is Europe, the Middle East, and Africa.
(3)Relates to investment vehicles whose primary focus is Asia, including China, Japan, India, South Korea, and Australia.
The Company’s long-lived assets consist of Lease right-of-use assets, net, Fixed assets, net, and Intangible assets, net
excluding goodwill. As of December 31, 2025, the Company held long-lived assets in the Americas and EMEA of
$650.5 million and $214.3 million, respectively. As of December 31, 2024, the Company held long-lived assets in the Americas
and EMEA of $781.0 million and $207.2 million, respectively.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 10, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 12, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.