Carlyle Reports
Second Quarter 2024
Financial Results
AUGUST 5, 2024

Please note that this version reflects an adjustment to the
Global Credit fund performance table on page 26 fromour earnings release previously issued on August 5,
2024. No changes were made to reported earnings.

Carlyle Reports
Second Quarter 2024
Financial Results
NEW YORK AND WASHINGTON – August 5, 2024 – Global investment firm The
Carlyle Group Inc. (NASDAQ: CG) today reported its unaudited results for the second
quarter ended June 30, 2024.

U.S. GAAP Results
U.S. GAAP results for QTD and YTD Q2 2024 included income before provision forincome taxes of $219 million and $340 million, respectively, and an income before
provision for income tax margin of 20.5% and 19.3%, respectively.

Dividend
The Board of Directors has declared a quarterly dividend of $0.35 per commonshare to holders of record at the close of business on August 16, 2024, payable on
August 26, 2024.

Conference Call
Carlyle will host a conference call at 8:30 a.m. EDT on Monday, August 5, 2024, todiscuss its second quarter financial results. The call will be available via public
webcast from the Shareholders section of Carlyle's website at www.carlyle.com anda replay will be available on our website soon after the call’s completion.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that
deploys private capital across its business and conducts its operations throughthree business segments: Global Private Equity, Global Credit and Global Investment
Solutions. With $435 billion of assets under management as of June 30, 2024,
Carlyle’s purpose is to invest wisely and create value on behalf of its investors,
portfolio companies and the communities in which we live and invest. Carlyle employs
more than 2,200 people in 29 offices across four continents. Further information isavailable at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The
Carlyle Group.

“The first half of 2024
reflects strong momentum
across our business, withactivity accelerating withimproved market sentiment.
This momentum is reflectedin our results, where we
generated record Fee
Related Earnings, record
FRE margins, record assets
under management, andstrong fundraising for the
first half of 2024. We havemade significant progresscompared to where we were
just one year ago and as theenvironment continues toimprove, Carlyle, and our
stakeholders, are wellpositioned to benefit.”
HARVEY M. SCHWARTZ
Chief Executive Officer

Forward-Looking Statements
Statements contained in this press release that are nothistorical facts are based on current expectations, estimates,
projections, opinions, and/or beliefs of Carlyle. Such statements
involve known and unknown risks, uncertainties, and otherfactors, and undue reliance should not be placed thereon.
Certain information contained in this press release constitutes“forward-looking statements,” which can be identified by theuse of forward-looking terminology such as “may,” “will,”“should,” “seek,” “expect,” “anticipate,” “forecast,” “project,”“estimate,” “intend,” “continue,” “target,” or “believe,” or thenegative version of these words or other comparable words.
Statements related to projected Assets Under Management(“AUM”), Distributable Earnings (“DE”), Fee Related Earnings(“FRE”), FRE Margin, fundraising, and fee revenue for future
periods could be impacted by the level of investment
performance, our ability to fundraise and the fees we cancharge on such commitments, the pace and scale of capital
deployment, which may not be consistent with historical levels,the pace and success of exit activity, changes in regulations
and laws (including tax laws), our ability to scale existing
businesses and wind-down underperforming businesses, ourability to manage expenses and retain key personnel, our ability
to manage stock dilution, and our ability to charge and retaintransaction fees.

Even if we were to achieve our goals, there is no guaranteethat such fundraising will translate into increased earnings andmargins. There can be no assurance that Carlyle’s strategic
goals will ultimately be realized, or if realized that they will havethe effect of accelerating our growth or earnings. All
projections assume benign market conditions. These statements
are subject to risks, uncertainties, and assumptions, including
those listed in this disclaimer and described under the section
entitled “Risk Factors” in our Annual Report on Form 10-K for theyear ended December 31, 2023, as filed with the U.S. Securities
and Exchange Commission (“SEC”) on February 22, 2024, as suchfactors may be updated from time to time in our periodic filings
with the SEC, which are accessible on the SEC’s website atwww.sec.gov. These factors should not be construed as
exhaustive and should be read in conjunction with the othercautionary statements that are included in this press releaseand in our filings with the SEC. We undertake no obligation to
publicly update or review any forward-looking statements,
whether as a result of new information, future developments, orotherwise, except as required by applicable law.
This release does not constitute an offer for any Carlyle fund.

Contacts
INVESTOR RELATIONS

MEDIA

Daniel Harris
Phone: +1 (212) 813-4527
daniel.harris@carlyle.com

Brittany Berliner
Phone: +1 (212) 813-4839
brittany.berliner@carlyle.com

Kristen Greco Ashton
Phone: +1 (212) 813-4763
kristen.ashton@carlyle.com

Second Quarter 2024
Financial Results

Carlyle Second Quarter 2024 U.S. GAAP Results
Net income attributable to The Carlyle Group Inc. common stockholders was $148 million for Q2 2024, or $0.40 per
share on a diluted basis
2Q'23(Dollars in millions, except per share amounts)
REVENUES
Fund management fees
Incentive fees
Investment income (loss), including performance allocations
Revenue from consolidated entities
All other revenues
Total Revenues
EXPENSES
Cash-based compensation and benefits
Equity-based compensation
Performance allocations and incentive fee related compensation
General, administrative and other expenses
Expenses from consolidated entities
Interest and other non-operating expenses
Total Expenses
Net investment income (loss) of consolidated funds
Income (loss) before provision for income taxes1
Provision (benefit) for income taxes
Net income (loss)
Net income attributable to non-controlling interests
Net income (loss) attributable to The Carlyle Group Inc. Common Stockholders
Net income (loss) attributable to The Carlyle Group Inc. per common share:
Basic
DilutedIncome (loss) before provision for taxes margin2
Effective tax rate
Net performance revenues3

$

$
$
$

$

507.8
21.0
(254.0)
137.1
50.2
462.1
270.6
68.0
(92.2)
168.5
102.1
30.7
547.7
15.6
(70.0)(7.3)(62.7)
35.7(98.4)

2Q'24$$(0.27) $(0.27) $(15.1)%
10.4 %(154.6) $YTD 2Q'23

534.4
31.3
286.3
165.6
52.1
1,069.7
206.3
125.2
144.2
187.9
152.1
30.1
845.8
(5.1)
218.8
69.5
149.3
1.1
148.2
0.41
0.40
20.5 %
31.8 %
54.0

$

$
$
$

$

1,008.6
40.8(81.5)
259.0
94.2
1,321.1
530.8
122.4
13.5
327.7
195.8
60.5
1,250.7
19.2
89.6
27.0
62.6
60.3
2.3

YTD 2Q'24
$

$

0.01
$
0.01
$
6.8 %
30.1 %(99.5) $1,058.0
57.5
202.4
330.5
109.7
1,758.1
428.2
233.5
71.4
335.6
276.7
61.1
1,406.5(12.1)
339.5
91.4
248.1
34.3
213.8
0.59
0.58
19.3 %
26.9 %(30.2)• Fund management fees increased 5% in 2Q’24 from the comparable period in 2023 primarily driven by the impact of fundraising across our platform, particularly in our Global Investment Solutions products, as well as an increase in fees
earned under the Fortitude strategic advisory services agreement, partially offset by the impact of step-downs in certain products in our Global Private Equity segment. In funds on which management fees are based on invested capital, theimpact of capital deployment was largely offset by the impact of realizations.
• Investment income, including performance allocations, in 2Q’24 primarily reflects the accrual of unrealized performance allocations driven by appreciation in our carry fund portfolio, while Investment loss, including performance allocations,in 2Q’23 reflects an investment loss of $104 million related to the dilution of our ownership in Fortitude as well as the reversal of unrealized performance allocations in certain carry funds.
• Equity-based compensation increased in 2Q’24 from the comparable period in 2023, driven by awards granted in February 2024, including awards to certain senior Carlyle professionals that are subject to vesting based on the achievement ofstock price performance conditions over a service period of three years.
• Performance allocations and incentive fee related compensation in 2024 reflects the realignment of our employee compensation program, which became effective December 31, 2023 and increased the proportion of our accrued performanceallocations used to compensate our employees. As a result of the realignment, we expect our cash-based compensation and benefits to decrease and performance allocations and incentive fee related compensation to increase in 2024.

See Notes at end of document.

5

Carlyle Second Quarter 2024 Highlights• Distributable Earnings (“DE”) of $343 million for Q2 2024 on a pre-tax basis, or $0.78 per common

Financial
Measuresshare on a post-tax basis, and $775 million, or $1.79 per common share YTD• Fee Related Earnings (“FRE”) of $273 million for Q2 2024 and $539 million YTD• Realized Net Performance Revenues of $56 million for Q2 2024 and $198 million YTD• Net Accrued Performance Revenues of $2.2 billion as of June 30, 2024
• Total Assets Under Management: $435 billion, up 13% year-over-year

Assets Under
Management• Fee-earning Assets Under Management: $307 billion, up 13% year-over-year• Perpetual Capital Fee-earning AUM: $90 billion, representing 29% of total Fee-earning AUM• Pending Fee-earning AUM: $18 billion, up 19% year-over-year• Available Capital for investment: $83 billion, up 15% year-over-year• Fundraising: $12.4 billion in Q2 2024 and $40.9 billion for the LTM

Key Metrics• Invested Capital (carry funds): $4.0 billion in Q2 2024 and $20.2 billion for the LTM• Realized Proceeds (carry funds): $5.8 billion in Q2 2024 and $22.6 billion for the LTM• Carry Fund Appreciation: 1% in Q2 2024 and 7% for the LTM

CapitalManagement• Declared a quarterly dividend of $0.35 per common share, payable to shareholders of record as ofAugust 16, 2024
• Repurchased or withheld 4.1 million shares of common stock in Q2 2024, including shares withheld in
the net share settlement of equity awards, totaling $178 million• As of June 30, 2024, $1.1 billion of repurchase capacity remained under our $1.4 billion repurchaseauthorization
6

Carlyle Second Quarter 2024 Total Segment Operating Results
2Q'23(Dollars in millions, except per share amounts)
SEGMENT REVENUES
Fund management fees
Transaction and portfolio advisory fees, net and otherFee related performance revenues1
Total segment fee revenues
Realized performance revenues
Realized principal investment income

2Q'24

YTD 2Q'23$

515.0 $
18.2
73.2
606.4
335.1
22.1
14.3

18.3

$

977.9 $$

288.7 $
160.0
448.7
101.7
8.7
30.0

30.4

Total Segment Expenses
Total Segment Revenues
Total Segment Expenses(=) Distributable Earnings(-) Realized Net Performance Revenues(-) Realized Principal Investment Income(+) Net Interest$$$

589.1 $
977.9 $
589.1
388.8 $
175.1
22.1
15.7

(=) Fee Related Earnings$

After-tax Distributable Earnings per common share2$$

Interest income
Total Segment Revenues
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits
Realized performance revenues related compensation
Total compensation and benefits
General, administrative and other expenses
Depreciation and amortization expense
Interest expense

3

Dividend per common share

525.5
28.9
33.1
587.5
156.5
26.6

YTD 2Q'24$

1,021.2 $
34.6
102.0
1,157.8
500.2
45.9

788.9

$

1,732.1 $1,811.9

205.3
100.8
306.1
97.9
11.3

$

549.3 $
255.6
804.9
189.2
18.6

419.6
356.6
776.2
177.6
22.4

445.7
788.9
445.7
343.2
55.7
26.6
12.1

$
$
$

1,071.7 $1,732.1 $1,071.7
660.4 $
244.6
45.9
30.8

1,037.4
1,811.9
1,037.4
774.5
197.7
60.3
22.8

207.3 $

273.0$

400.7 $

539.3

0.88 $

0.78$

1.51 $

1.79

0.35 $

0.35$

0.70 $

0.70

28.2

59.0

1,041.1
55.6
62.2
1,158.9
554.3
60.3
38.4

61.2

(1) 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.
(2) A reconciliation of Distributable Earnings to After-tax Distributable Earnings per common share is provided on page 29.
(3) The Board of Directors has declared a quarterly dividend of $0.35 per common share to holders of record at the close of business on August 16, 2024, payable on August 26, 2024. See Notes at the end of the document for our
Dividend Policy.

7

Distributable Earnings• Distributable Earnings were $343 million in Q2 2024 and $775 million YTD• Realized Net Performance Revenues were $56 million in Q2 2024 and $198 million YTD• Realized Principal Investment Income was $27 million in Q2 2024 and $60 million YTD

Quarterly Distributable Earnings

Distributable Earnings

in millions, except per share amounts

in millions, except per share amounts

$431
$389

$403

$1,909$367$343$1,431
$254

$207

$266

$273
$775

$205
$834

$859
$539

DE per
Share

2Q'23

3Q'23

4Q'23

1Q'24

2Q'24

2022

2023

YTD 2Q'24

$0.88

$0.87

$0.86

$1.01

$0.78

$4.34

$3.24

$1.79

n Fee Related Earnings

n Realized Net Performance Revenues,

Realized Principal Investment Income, andNet Interest

8Fee Related Earnings• Fee Related Earnings of $273 million in Q2 2024 increased 32% compared to $207 million in Q2 2023. Fee

Related Earnings of $539 million YTD were 35% higher compared to $401 million in the prior YTD period• FRE margin1 of 46% in Q2 2024 increased from 34% in Q2 2023. FRE margin was 47% YTD

Quarterly FRE and FRE Margin

FRE and FRE Margin

dollars in millions

dollars in millions

$254

$266

$273

$834

$859
47%

$207

$205
47%

46%

43%

$539
37%

37%

2022

2023

37%
34%

2Q'23

3Q'23

See notes at end of document.

4Q'23

1Q'24

2Q'24

YTD 2Q'24

9

Investment PerformanceCARRY FUNDS
Appreciation (Depreciation)
Fair Value ofInvestments ($ bn)

2Q'24

YTD 2Q'24

LTM 2Q'24

$198

1%

3%

7%

Corporate Private Equity

$84

2%

3%

5%

Real Estate

$21

1%

3%

1%

Infrastructure & Natural Resources

$17

3%

5%

9%

Global Credit

$19

3%

5%

13%

Global Investment Solutions

$56

(1)%

4%

8%

Total Carry Funds
Global Private Equity

LIQUID CREDIT
Loan Level Return

Average Annual
Default Rate

Fair Value ofInvestments ($ bn)

2Q'24

U.S. CLOs

$39

2%

11%

0.3%

0.4%

European CLOs

$11

2%

11%

1.6%

1.4%

LTM 2Q'24 LTM 2Q'24

Last 3Years*PRIVATE & OTHER CREDIT
Business Development Companies
Carlyle Tactical Private Credit

Fair Value ofInvestments ($ bn)$4$4

Dividend Yield• Carry fund appreciation was 1%
across our investment portfolio in
the second quarter, withappreciation of 7% on an LTM
basis• Our Global Credit carry funds
appreciated 3% during thequarter, reflecting solid
performance across all of ourCredit Opportunities funds, and
our Infrastructure & Natural
Resources funds continued theirpositive performance with 3%
appreciation during the quarter• Our Global Investment Solutions
funds depreciated (1)% during thequarter, as appreciation in our
Co-investments strategy was
more than offset by modest
depreciation in our Secondaries &Portfolio Finance and Primary
Investment strategies• Our business development
companies and CTAC continue todeliver double-digit dividend
yields of 10% at June 30, 2024

10%
10%

* Last 3 Years Average Annual Default Rates exclude CBAM assets that defaulted prior to the March 2022 CBAM acquisition

Totals may not sum due to rounding.

10Performance Revenues• Net Accrued Performance Revenues1 were $2.2 billion as of Q2 2024, generally flat quarter-over-quarter, anddown 9% from Q4 2023 primarily reflecting the impact of realizations• Realized Net Performance Revenues were $56 million in Q2 2024 and $198 million YTD– Q2 2024 Realized Net Performance Revenues were primarily driven by exit activity in our firstinternational energy fund and our sixth U.S. buyout fund

Net Accrued Performance Revenues

Net Accrued
Performance
Revenues

dollars in millions$2,379

4Q’23

$198

$5

$2,181$2,176$5

Realized Net
Performance
Revenues

Net
Performance
Revenues &2
Other

See notes at end of document. Totals may not sum due to rounding.

4Q'23

($mn)
$2,176

2Q’24

Global Private Equity3

2Q'24

YTD 2Q'24

1,778 $

1,508

Corporate Private Equity

1,169

932

127

Real Estate

158

148

8

Infrastructure &Natural Resources

452

428

53

Global Credit

118

156

3

Global Investment Solutions

483

512

7

2,379 $

2,176

Total

$

Realized Net
Performance
Revenues

$

$

$

188

198

11

Total Assets Under Management
Total Assets Under Management1 of $435 billion at June 30, 2024 increased 2% from the prior quarter as Q22024 inflows and appreciation were partially offset by realizations and outflows. Total Assets Under
Management was up 13% from one year ago

Total AUM by Segment

Total AUM by Product Typein billions

in billions

YoY
Change

$385

$435

13%

$81

14%

$190

25%

$86

$70

$152

$435BN
$79

$163

$164

2Q’23

2Q’24

n GPE
Available
Capital2$72 billionn GC

Total AUM

$270

1%

n GIS
$83 billion

See notes at end of document. Totals may not sum due to rounding.

n Carry Funds
n Fortituden Credit & Other (non-carry funds)312

Performance Fee Eligible Assets Under Management
Performance Fee Eligible AUM4 of $223 billion was up 3% quarter-over-quarter as new performance fee eligible
capital raised, notably in our real estate funds and AlpInvest Secondaries strategy, was partially offset byrealizations primarily in our GPE segment. Performance Fee Eligible AUM was up 5% from $213 billion one year ago

Performance Fee Eligible AUM

Performance Fee Eligible Fair Valuein billions

in billions$162

In-Carry Ratio5

76%

down from 84% one year ago$141$223BN$24

Performance Fee
Eligible AUM

$124

$102

$70

$42

$58
$18

$41

$13
GPE

n GPE

n GC

n GIS

See notes at end of document. Totals may not sum due to rounding.

GC

GIS

Total

Performance Fee-Generating Fair Value
Eligible Fair Value not yet Generating Performance Fees

13

Fee-earning Assets Under Management
Fee-earning Assets Under Management6 of $307 billion at June 30, 2024 were up 1% from the prior quarter due
to capital deployment in Global Credit, the activation of fees in our sixth Asia Buyout fund, and fee-paying
capital raised in our AlpInvest funds, which was partially offset by outflows in our Global Private Equity andGlobal Credit segments. Fee-earning Assets Under Management were up 13% from one year ago

Perpetual FEAUM 8

FEAUM by Segment
in billions
YoY
Change

$271

$307

13%

$48

26%

$155

23%

in billions, 29% of Total FEAUM

$73

$38

$126

$90BN
$29 billion increaseyear-over-year

$7
$107

$104

(3)%

$6
2Q’23

n GPE
Pending
FEAUM7

$4

2Q’24

n GC

n GIS

$15 billion

See notes at end of document. Totals may not sum due to rounding.

$18 billionn Real Estaten Direct Lendingn Fortituden Other
14

Key Metrics Activity• Fundraising was $12.4 billion in Q2 2024, driven by commitments raised in Real Estate, the closing of four new CLOs, and additional
capital raised for our AlpInvest Secondaries & Portfolio Finance strategy. Fundraising of $40.9 billion for the LTM increased 64%
compared to the prior LTM period• Invested Capital in carry funds was $4.0 billion in Q2 2024, led by investment activity in our AlpInvest Secondaries and Co-Investment
strategies as well as our Opportunistic Credit and Real Estate funds. Invested Capital of $20.2 billion for the LTM decreased 22%compared to the prior LTM period• Realized Proceeds from carry funds were $5.8 billion in Q2 2024, driven by realizations in our Infrastructure & Natural Resources, U.S.
Buyout, and Opportunistic Credit funds. Realized Proceeds of $22.6 billion for the LTM decreased 22% compared to the prior LTM
periodFUNDRAISINGINVESTED CAPITALREALIZED PROCEEDS

Carry Funds

Carry Funds

($bn)

2Q'24

YTD
2Q'24

LTM
2Q'24

2Q'24

YTD
2Q'24

LTM
2Q'24

2Q'24

YTD
2Q'24

LTM
2Q'24

Total

$12.4

$17.7

$40.9

$4.0

$9.0

$20.2

$5.8

$11.8

$22.6

Global Private Equity1

$5.2

$6.7

$11.2

$1.2

$2.8

$7.7

$3.7

$7.0

$14.2

Corporate Private Equity

$1.4

$2.5

$5.4

$0.3

$1.4

$3.7

$2.0

$4.0

$6.6

Real Estate

$3.4

$3.6

$4.1

$0.6

$0.9

$2.9

$0.3

$0.5

$1.1

Infrastructure &Natural Resources

$0.4

$0.5

$1.7

$0.3

$0.5

$1.0

$1.4

$2.5

$6.5

Global Credit

$5.0

$6.5

$18.1

$1.0

$1.7

$3.6

$1.0

$1.7

$2.8

Global Investment
Solutions

$2.3

$4.6

$11.7

$1.7

$4.5

$9.0

$1.1

$3.1

$5.6

See Notes at end of document. Totals may not sum due to rounding.

15

Segment Highlights

Global Private Equity• Total AUM was $164 billion as of June 30, 2024, up 3% from the priorquarter as Q2 2024 Fundraising of $5.2 billion and portfolio
appreciation more than offset realizations. Fundraising in Q2 2024 wasprimarily driven by our Real Estate strategy. Total AUM increased 1%
from the prior year, including LTM Fundraising of $11.2 billion

Fair Value$41BN
Available Capital• Invested Capital was $1.2 billion in Q2 2024 and $7.7 billion for the LTM.
Q2 2024 activity was largely driven by our Real Estate strategy as wellas broad-based follow-on activity$(=) Fee Related Earnings(+) Realized Performance Revenues(-) Realized Performance Revenues Related Compensation
Realized Net Performance Revenues(+) Realized Principal Investment Income (Loss)(-) Net Interest(=) Distributable Earnings$

See notes at end of document. Totals may not sum due to rounding.

$

$

$

$164BN
Total AUM

$108

Publicly Traded

47%
Aged 4+ Years1

2Q'23

Fund management fees
Transaction and portfolio advisory fees, net and otherFee related performance revenues
Fee Revenues
Cash-based compensation and benefits
General, administration and other indirect expenses
Depreciation and amortization expense
Operating Expenses

$31

3%

• Realized Proceeds totaled $3.7 billion in Q2 2024 and $14.2 billion for
the LTM. Notable Q2 2024 realization activity included Assala Energy(CIEP I / CSSAF), Jagex (CP VII / CETP IV), and Rede D’Or São Luiz S.A.
(CP VI)(Dollars in millions)$25$123BNn Corporate Private Equity n Infrastructure &Natural Resources
n Real Estate

2Q'24

YTD 2Q'23

330.2 $
5.3
52.8
388.3 $
173.6
59.1
5.9
238.6 $

305.2
3.8
3.2
312.2
103.9
50.2
6.5
160.6

$

149.7 $
313.7
144.6
169.1
13.2
11.3
320.7 $

151.6
129.7
81.4
48.3
6.8
7.6
199.1

$

$

$

$

YTD 2Q'24

657.1 $
10.7
62.4
730.2 $
322.3
116.2
12.6
451.1 $

609.8
10.9
6.9
627.6
213.2
88.8
12.9
314.9

279.1 $
412.7
190.9
221.8
25.1
22.5
503.5 $

312.7
503.5
315.7
187.8
25.7
14.0
512.2

17

Global Credit• Total AUM was $190 billion as of June 30, 2024, up 2% quarter-overquarter, as Fundraising of $5.0 billion more than offset outflows.
Fundraising activity during the quarter included the closing of four
new CLOs, capital raised in our third credit opportunities fund, andsubscriptions in CTAC. Total AUM increased 25% from one year ago,
including $18.1 billion of Fundraising for the LTM

$13
$52

$173BN
Fair Value• Invested Capital in traditional carry funds was $1.0 billion in Q2 2024
and $3.6 billion for the LTM. Liquid Credit issued four new CLOs for$2.0 billion during Q2 2024 and eight new CLOs for $3.7 billion LTM.
Direct Lending had gross originations of $1.1 billion in Q2 2024 and $2.9
billion LTM

$79

$17BN

$27
$18
n Liquid Creditn Real Assets Creditn Private Credit

2Q'23

Fund management fees
Transaction and portfolio advisory fees, net and otherFee related performance revenues
Fee Revenues
Cash-based compensation and benefits
General, administration and other indirect expenses
Depreciation and amortization expense
Operating Expenses$(=) Fee Related Earnings(+) Realized Performance Revenues(-) Realized Performance Revenues Related Compensation
Realized Net Performance Revenues(+) Realized Principal Investment Income (Loss)(-) Net Interest(=) Distributable Earnings$

See Notes at end of document. Totals may not sum due to rounding.

$

$

$

Total AUM

Available
Capital• Realized Proceeds in traditional carry funds totaled $1.0 billion in Q2
2024 and $2.8 billion for the LTM(Dollars in millions)$190BN

2Q'24

n Fortitude2
n Platform Initiatives

YTD 2Q'23

126.9 $
12.9
19.6
159.4 $
84.6
25.6
1.7
111.9 $

140.8
25.0
28.0
193.8
74.0
35.3
3.2
112.5

$

47.5 $
5.6
2.7
2.9
8.2
3.2
55.4 $

81.3
6.9
4.3
2.6
19.2
3.3
99.8

$

$

$

$

YTD 2Q'24

249.5 $
23.9
38.0
311.4 $
165.0
47.3
3.7
216.0 $

277.7
44.6
52.2
374.5
150.8
64.9
6.3
222.0

95.4 $
33.3
15.4
17.9
17.2
6.2
124.3 $

152.5
7.5
4.6
2.9
33.0
6.5
181.9
18

Global Investment Solutions• Total AUM was $81 billion as of June 30, 2024, a 1% increase quarter-overquarter, as Fundraising of $2.3 billion in Q2 2024, particularly in ourSecondaries & Portfolio Finance strategy, exceeded outflows and theimpact of (1)% segment depreciation for the period. Total AUM increased
14% from one year ago, including $11.7 billion in Fundraising for the LTM

$56BN

$25

Fair Value• Invested Capital was $1.7 billion in Q2 2024 and $9.0 billion for the LTM.
Invested Capital in Q2 2024 was driven primarily by our Secondaries &Portfolio Finance strategy

$81BN

$25BN

Total AUM

Available
Capital• Realized Proceeds totaled $1.1 billion in Q2 2024 and $5.6 billion for the
LTM. Realized Proceeds in Q2 2024 were driven largely by our Primary
Investments and Secondaries & Portfolio Finance strategies$22• Net Accrued Performance Revenues reached $512 million as of Q2 2024,
a 17% increase from $438 million as of Q2 2023
(Dollars in millions)

2Q'23

Fund management fees
Transaction and portfolio advisory fees, net and otherFee related performance revenues
Fee Revenues
Cash-based compensation and benefits
General, administration and other indirect expenses
Depreciation and amortization expense
Operating Expenses$(=) Fee Related Earnings(+) Realized Performance Revenues(-) Realized Performance Revenues Related Compensation
Realized Net Performance Revenues(+) Realized Principal Investment Income (Loss)(-) Net Interest(=) Distributable Earnings$

See notes at end of document. Totals may not sum due to rounding.

$

$

$

$34

n Secondaryn Co-Investments

n Primary & Other3

YTD 2Q'23

YTD 2Q'24

2Q'24

57.9 $—
0.8
58.7 $
30.5
17.0
1.1
48.6 $

79.5
0.1
1.9
81.5
27.4
12.4
1.6
41.4

$

10.1 $
15.8
12.7
3.1
0.7
1.2
12.7 $

40.1
19.9
15.1
4.8
0.6
1.2
44.3

$

$

$

$

114.6 $—
1.6
116.2 $
62.0
25.7
2.3
90.0 $

153.6
0.1
3.1
156.8
55.6
23.9
3.2
82.7

26.2 $
54.2
49.3
4.9
3.6
2.1
32.6 $

74.1
43.3
36.3
7.0
1.6
2.3
80.4
19

Supplemental Details

Carlyle Second Quarter 2024 Total Segment Results
2Q'23(Dollars in millions, except per share amounts)
SEGMENT REVENUES
Fund management fees
Transaction and portfolio advisory fees, net and otherFee related performance revenues
Total segment fee revenues
Realized performance revenues
Realized principal investment income$

Total Segment Revenues
Total Segment Expenses(=) Distributable Earnings(-) Realized Net Performance Revenues(-) Realized Principal Investment Income(+) Net Interest

1Q'24

2Q'24

YTD 2Q'23

525.1 $
34.6
35.6
595.3
257.7
19.5

515.6 $
26.7
29.1
571.4
397.8
33.7

525.5
28.9
33.1
587.5
156.5
26.6

14.3

20.1

23.9

20.1

18.3

$

977.9 $

776.6 $

896.4 $

1,023.0 $

788.9

$

1,732.1 $1,811.9$

288.7 $
160.0
448.7
101.7
8.7

256.0 $
30.4
286.4
81.6
10.4

226.6 $
121.3
347.9
105.7
9.0

214.3 $
255.8
470.1
79.7
11.1

205.3
100.8
306.1
97.9
11.3

$

549.3 $
255.6
804.9
189.2
18.6

419.6
356.6
776.2
177.6
22.4

30.0

30.8

31.1

30.8

30.4

$

589.1 $

409.2 $

493.7 $

591.7 $

445.7$

1,071.7 $1,037.4

977.9
589.1
388.8 $
175.1
22.1
15.7

776.6
409.2
367.4 $
150.0
23.4
10.7

896.4
493.7
402.7 $
136.4
19.5
7.2

1,023.0
591.7
431.3 $
142.0
33.7
10.7

788.9
445.7
343.2
55.7
26.6
12.1

1,732.1
1,071.7
660.4 $
244.6
45.9
30.8

1,811.9
1,037.4
774.5
197.7
60.3
22.8

$

$

YTD 2Q'24

518.1 $
11.2
23.4
552.7
180.4
23.4

Interest expense
Total Segment Expenses

4Q'23

515.0 $
18.2
73.2
606.4
335.1
22.1

Interest income
Total Segment Revenues
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits
Realized performance revenues related compensation
Total compensation and benefits
General, administrative and other expenses
Depreciation and amortization expense

3Q'23

1,021.2 $
34.6
102.0
1,157.8
500.2
45.9

1,041.1
55.6
62.2
1,158.9
554.3
60.3

28.2

38.4

59.0

$

61.2

(=) Fee Related Earnings$

207.3 $

204.7 $

254.0 $

266.3 $

273.0$

400.7 $

539.3

After-tax Distributable Earnings, per common share$

0.88 $

0.87 $

0.86 $

1.01 $

0.78$

1.51 $

1.79

Dividend per common share$

0.35 $

0.35 $

0.35 $

0.35 $

0.35$

0.70 $

0.70

Note: Historical quarterly results by segment available in Q2 2024 financial supplement on Carlyle's investor relations website.

21

Total Segment Balance Sheet Highlights• Balance sheet assets attributable to Carlyle shareholders, including cash and equivalents, net accrued
performance revenue and investments, net of debt obligations, totaled $4.0 billion at June 30, 2024
• Balance sheet cash totaled $0.9 billion as of June 30, 2024, with no balance drawn on our $1.0 billion
revolving line of credit
KEY BALANCE SHEET ITEMS 1 ($mn)

6/30/2024

Cash, cash equivalents and corporate treasury
investments$920.4

Net accrued performance revenues2(net of related accrued compensation
and accrued giveback)$2,175.7

Investments attributable to Carlyle
shareholders3$2,709.4

Debt obligations4$1,855.0

Drawn revolving credit line($1.0 billion available capacity)

Balance Sheet Highlights
in billions

$4.0
$2.4

$2.2

$2.4

$2.5

$2.7

$(0.5)$(0.4)

2022

2023

$0.0

(1) Balance sheet amounts presented exclude the effect of U.S. GAAP consolidation eliminations on
investments and accrued performance revenue, as well as cash and debt associated with Carlyle's
consolidated funds.
(2) Net accrued performance revenues as of June 30, 2024 are net of $44 million in accrued giveback
obligations and $4.0 billion in accrued performance allocations and incentive fee compensation. See page
34 for a reconciliation to U.S. GAAP.
(3) Investments exclude Carlyle’s equity investments in NGP Energy Capital Management and the portion of
CLO investments attributable to Carlyle stockholders that were financed with debt. Refer to page 34 for areconciliation to U.S. GAAP.
(4) Excludes approximately $380 million in carrying value of loans used to finance CLO investments and$506 million of lease liabilities.

n Net Accrued

Performance
Revenues 2

n Investments$(0.9)

2Q'24
3n Cash/Equivalents
4less Debt

22

AUM and Fee-earning AUM Roll Forward
Total AUM Roll Forward
in millions
Three Months Ended June 30, 2024

Global Private
Equity$GlobalInvestment
SolutionsGlobalCreditTwelve Months Ended June 30, 2024

Global Private
EquityTotal

159,190 $

186,351 $

79,924 $425,465

5,149

4,993

2,284

(2,225)(2,657)

Market Activity & Other

2,432

Foreign Exchange4(320)
164,226 $Balance, Beginning of Period
1

Inflows2

Outflows (including realizations)
3$

Balance, End of Period

GlobalInvestment
SolutionsTotal

162,802 $151,539 $

70,450 $384,791

12,426

11,12341,881

11,68664,690(1,147)(6,029)(14,073)(7,498)(6,313)(27,884)

1,148

(233)

3,347

4,961

4,046

5,674

14,681

(74)

(195)

(589)

(587)

(207)

(864)

(1,658)

189,761 $

80,633 $164,226 $

189,761 $

80,633 $434,620434,620$

GlobalCredit$Fee-earning AUM Roll Forward
in millions
Three Months Ended June 30, 2024

Global Private
Equity$Balance, Beginning of Period
5

Inflows

6

Outflows (including realizations)Market Activity & Other78

Foreign Exchange

Balance, End of Period*$

GlobalInvestment
SolutionsGlobalCreditTwelve Months Ended June 30, 2024

Global Private
EquityTotal

104,024 $

153,428 $

46,773 $304,225

2,965

4,861

2,410

(3,254)(2,804)

116

23

(189)
103,662 $GlobalInvestment
SolutionsTotal

107,079 $

126,200 $38,120 $271,399

10,236

6,732

37,462

15,75559,949(1,084)(7,142)(9,418)(9,088)(6,134)(24,640)

259

398

(280)

1,065

1,268

2,053

(71)

(112)

(372)

(451)

(202)

(763)

(1,416)

155,437 $48,246 $103,662 $

155,437 $48,246 $307,345

307,345$

GlobalCredit$*Fee-earning AUM balances as of June 30, 2024 exclude Pending Fee-earning AUM of $18 billion.

See Notes at end of document. Totals may not sum due to rounding.

23

Global Private Equity Fund Performance

Fund (Fee Initiation Date / Stepdown Date)(28)

REALIZED/PARTIALLY REALIZEDINVESTMENTS(5)As of June 30, 2024

TOTAL INVESTMENTS
As of June 30, 2024

(Reported in Local Currency, mn)

Committed
Capital (29)

Cumulative
Invested
Capital(1)Percent
Invested

Realized
Value(2)Remaining
Fair
Value(3)MOIC(4)

Gross IRR
(6)(12)Net IRR(7)(12)

Net Accrued
Carry/(Giveback)(8)Total Fair
Value(9)MOIC(4)

Gross IRR
(6)(12)CORPORATE PRIVATE EQUITY
CP VIII (Oct 2021 / Oct 2027)$

14,797 $

7,836

53%

$

682 $

9,162

1.3x

NM

NM

$

11

n/a

n/a

n/a

CP VII (May 2018 / Oct 2021)$

18,510 $17,74096%$

2,624 $

22,883

1.4x

11%

8%

$

26

$

2,187

1.0x

Neg

CP VI (May 2013 / May 2018)$

13,000 $13,140101%$

24,665 $

3,772

2.2x

18%

13%

$

135

$

26,0682.5x

22%

CP V (Jun 2007 / May 2013)$

13,720 $13,238

96%$

28,103 $

795

2.2x

18%

14%

$

56

$

28,143

2.3x

20%

CEP V (Oct 2018 / Sep 2024)€

6,416 €

5,544

86%

€

1,446 €

6,158

1.4x

13%

8%

$

14

n/a

n/a

n/a

CEP IV (Sep 2014 / Oct 2018)€

3,670 €

3,797

103%

€

6,196 €

1,404

2.0x

17%

12%

$

86

€

6,255

2.1x

20%

CEP III (Jul 2007 / Dec 2013)€

5,295 €

5,177

98%

€

11,725 €

105

2.3x

19%

14%

$

8

€

11,6582.3x

19%

CAP VI (Jun 2024/Jun 2030)$

1,934 $

—

0%

$

— $

—

n/a

NM

NM

$

—

n/a

n/a

n/a

CAP V (Jun 2018 / Jun 2024)$

6,554 $

6,204

95%

$

1,889 $

6,675

1.4x

16%

8%

$

88

$

944

1.9x

143%

CAP IV (Jul 2013 / Jun 2018)$

3,880 $

4,146

107%

$

7,747 $

1,099

2.1x

18%

13%

$

72

$

7,651

2.5x

24%

CJP IV (Oct 2020 / Oct 2026)¥

258,000 ¥180,01670%¥

54,503 ¥257,519

1.7x

43%

26%

$

47

¥

50,811

3.5x

150%

CJP III (Sep 2013 / Aug 2020)¥

119,505 ¥91,19276%¥

217,875 ¥

55,621

3.0x

25%

18%

$

22

¥

203,055

3.4x

27%

CGFSP III (Dec 2017 / Dec 2023)$

1,005 $

963

96%

$

388 $

1,760

2.2x

27%

19%

$

72

$

783

6.3x

48%

CGFSP II (Jun 2013 / Dec 2017)$

1,000 $

943

94%

$

1,960 $

570

2.7x

26%

20%

$

32

$

1,956

2.4x

28%

CP Growth (Oct 2021 / Oct 2027)$

1,283 $

472

37%

$

— $

531

1.1x

NM

NM

$

—

n/a

n/a

n/a

CEOF II (Nov 2015 / Mar 2020)$

2,400 $

2,364

98%

$

3,105 $

1,959

2.1x

20%

15%

$

85

$

3,083

2.9x

37%

CETP V (Mar 2022 / Jun 2028)€

3,180 €

1,024

32%

€

— €

1,066

1.0x

NM

NM

$

—

n/a

n/a

n/a

CETP IV (Jul 2019 / Jun 2022)€

1,350 €

1,190

88%

€

1,007 €

1,635

2.2x

35%

25%

$

65

€

1,008

4.9x

82%

CETP III (Jul 2014 / Jul 2019)

€

657 €

607

92%

€

1,285 €

785

3.4x

41%

29%

$

47

€

1,290

3.4x

46%

CGP II (Dec 2020 / Jan 2025)$

1,840 $

984

53%

$

40 $

1,334

1.4x

16%

11%

$

13

n/a

n/a

n/a

CGP (Jan 2015 / Mar 2021)$

3,588 $

3,206

89%

$

1,491 $

3,006

1.4x

6%

5%

$

30

$

1,688

2.1x

16%

CSABF (Dec 2009 / Dec 2016)

$

776 $

773

100%

$

542 $

245

1.0x

—%

Neg

$

—

$

620

1.3x

1%

All Other Active Funds & Vehicles(10)$21,514n/a$

18,680 $15,933

1.6x

18%

12%

$

22

$

18,4852.0x

27%

Fully Realized Funds & Vehicles(11) (31)$30,752n/a$

73,973 $

2

2.4x

28%

20%

$

2

$

73,9752.4x

28%

TOTAL CORPORATE PRIVATE EQUITY(13)$144,540n/a$

190,792 $

83,621

1.9x

25%

17%

$

932

$

188,818

2.3x

26%

See Notes at end of document. Totals may not sum due to rounding.

24Global Private Equity Fund Performance, continued

Fund (Fee Initiation Date / Stepdown Date)(28)

REALIZED/PARTIALLY REALIZEDINVESTMENTS(5)As of June 30, 2024

TOTAL INVESTMENTS
As of June 30, 2024

(Reported in Local Currency, mn)

Committed
Capital(29)Cumulative
Invested
Capital(1)Percent
Invested

Realized
Value(2)Remaining
Fair
Value(3)MOIC(4)

Gross IRR
(6)(12)

Net Accrued
Carry/(Giveback)(8)Net IRR(7)(12)

Total Fair
Value(9)MOIC(4)

Gross IRR
(6)(12)REAL ESTATECRP IX ( Oct 2021 / Oct 2026 )$7,987 $

4,345

54%

$

65 $

4,748

1.1x

NM

NM

$

—

$

65

1.4x

NM

CRP VIII (Aug 2017 / Oct 2021)$

5,505 $

5,220

95%

$

4,854 $

4,140

1.7x

37%

22%

$

108

$

4,911

2.1x

54%

CRP VII (Jun 2014 / Dec 2017)$

4,162 $

3,836

92%

$

4,919 $

1,407

1.6x

17%

10%

$

33

$

4,873

1.8x

22%

CRP VI (Mar 2011 / Jun 2014)$

2,340 $

2,170

93%

$

3,792 $

149

1.8x

27%

18%

$

4

$

3,711

1.9x

29%

CPI (May 2016 / n/a)$

7,621 $

8,126

107%

$

2,700 $

7,737

1.3x

13%

11%

n/a*

$

1,595

1.7x

11%

All Other Active Funds & Vehicles(14)

$

3,156

n/a

$

1,266 $

2,949

1.3x

9%

7%

$

3

$

901

1.7x

20%

Fully Realized Funds & Vehicles(15) (31)$12,874n/a$

19,466 $

11

1.5x

10%

6%

$

—

$

19,4771.5x

10%TOTAL REAL ESTATE(13)$39,726n/a$

37,062 $21,141

1.5x

12%

8%

$

148

$

35,532

1.7x

13%

INFRASTRUCTURE & NATURAL RESOURCES
CIEP II (Apr 2019 / Apr 2025)$

2,286 $

1,008

44%

$

707 $

1,000

1.7x

30%

13%

$

28

$

644

2.7x

NM**

CIEP I (Sep 2013 / Jun 2019)$2,500 $

2,432

97%

$

2,947 $

1,652

1.9x

16%

9%

$

61

$

3,426

2.3x

20%

CPP II (Sep 2014 / Apr 2021)$

1,527 $

1,607

105%

$

1,484 $

1,600

1.9x

16%

10%

$

87

$

2,552

3.0x

26%

CGIOF (Dec 2018 / Sep 2023)$

2,201 $

1,863

85%

$

455 $

2,502

1.6x

21%

12%

$

57

$

312

1.7x

20%

CRSEF II (Nov 2022 / Aug 2027)$

1,187 $

334

28%

$

— $

447

1.3x

NM

NM

$

3

n/a

n/a

n/a

NGP XIII (Feb 2023 / Feb 2028)$

1,981 $

299

15%

$

— $

351

1.2x

NM

NM

$

—

n/a

n/a

n/a

NGP XII (Jul 2017 / Jul 2022)$

4,304 $

3,134

73%

$

3,869 $

2,658

2.1x

20%

16%

$

39

$

3,578

3.5x

41%

NGP XI (Oct 2014 / Jul 2017)$

5,325 $

5,034

95%

$

6,252 $

3,384

1.9x

14%

10%

$

135

$

6,737

2.1x

23%

NGP X (Jan 2012 / Dec 2014)$

3,586 $

3,351

93%

$

3,423 $

299

1.1x

3%

Neg

$

—

$

3,261

1.2x

5%

All Other Active Funds & Vehicles(17)

$

4,954

n/a

$

3,835 $

3,820

1.5x

14%

12%

$

19

$

3,661

2.1x

19%

Fully Realized Funds & Vehicles(18) (31)

$

1,190

n/a

$

1,435 $

—

1.2x

3%

1%

$

—

$

1,435

1.2x

3%

TOTAL INFRASTRUCTURE & NATURAL RESOURCES(13)$25,206n/a$

24,406 $17,712

1.7x

12%

8%

$

428

$

25,6052.0x

15%Legacy Energy Funds(16)$16,741n/a$

24,035 $

14

1.4x

12%

6%

$

(1)

$

24,0491.4x

12%*Net accrued fee related performance revenues for CPI are excluded from Net Accrued Performance Revenues. These amounts will be reflected as fee related performance revenues when realized, and included in Fund level fee
revenues in our segment results. There were no accrued fee related performance revenues for CPI as of June 30, 2024.
**The IRR is incalculable, which occurs in instances when a distribution occurs prior to a Limited Partner capital contribution due to the use of fund-level credit facilities.

See Notes at end of document. Totals may not sum due to rounding.

25

Global Credit Fund Performance (Carry Funds Only)
TOTAL INVESTMENTS
As of June 30, 2024($ mn)
Cumulative
Invested
Capital(19)Committed
Capital(29)Fund (Fee Initiation Date / Stepdown Date)(28)

Percent
Invested

Realized
Value(2)Remaining Fair
Value(3)MOIC(4)

Gross IRR
(6)(12)Net IRR(7)(12)

Net Accrued
Carry/(Giveback)(8)

GLOBAL CREDIT CARRY FUNDSCCOF III (Feb 2023 / Jun 2028)$

2,846 $

1,519

53%

$

72 $

1,602

1.1x

NM

NM

$

3

CCOF II (Nov 2020 / Mar 2026)$

4,430 $

5,333

120%

$

1,871 $

4,954

1.3x

15%

11%

$

82

CCOF I (Nov 2017 / Sep 2022)$

2,373 $

3,496

147%

$

3,194 $

1,669

1.4x

17%

12%

$

30

CSP IV (Apr 2016 / Dec 2020)$

2,500 $

2,500

100%

$

1,249 $

2,083

1.3x

10%

5%

$

—

CSP III (Dec 2011 / Aug 2015)

$

703 $

703

100%

$

932 $

25

1.4x

18%

8%

$

—

CEMOF II (Dec 2015 / Jun 2019)$

1,692 $

1,713

101%

$

1,854 $

341

1.3x

7%

3%

$

—

SASOF III (Nov 2014 / n/a)

$

833 $

991

119%

$

1,197 $

63

1.3x

18%

10%

$

5

All Other Active Funds & Vehicles(20)$10,713n/a$2,607 $

9,198

1.1x

7%

5%

$

36

Fully Realized Funds & Vehicles(21) (31)

$

6,625

n/a

$

8,190 $

—

1.2x

9%

3%

$

—

TOTAL GLOBAL CREDIT CARRY FUNDS$

33,593n/a$

21,166 $19,935

1.2x

10%

6%

$

156

See Notes at end of document. Totals may not sum due to rounding.

26

Global Investment Solutions Fund Performance
TOTAL INVESTMENTS
As of June 30, 2024

(Reported in Local Currency, mn)

Cumulative
Invested
Capital (1)(23)

Remaining
Fair
Value(23)

GLOBAL INVESTMENT SOLUTIONS(22)(26)
ASF VIII

2024$

7,451 $

1,772 $

40 $

2,312 $

2,352

1.3x

NM

NM

$

20

ASF VII

2020$

6,769 $

5,542 $

1,163 $

6,603 $

7,765

1.4x

22%

17%

$

89

ASF VII - SMAs

2020

€

2,016 €

1,674 €

399 €

1,999 €

2,399

1.4x

21%

18%

$

32

ASF VI2017$

3,333 $

3,155 $

2,967 $

1,923 $

4,890

1.5x

17%

13%

$

56

Secondaries & ASF VI - SMAs
Portfolio Finance ASF V

2017

€

2,817 €

2,764 €

2,290 €

2,120 €

4,409

1.6x

15%

13%

$

46

2012

$

756 $

654 $

1,014 $

177 $

1,191

1.8x

18%

15%

$

7

ASF V - SMAs

2012

€

3,916 €

4,161 €

7,071 €

725 €

7,795

1.9x

21%

20%

$

14

SMAs 2009-2011

2010

€

1,859 €

2,039 €

3,479 €

72 €

3,551

1.7x

19%

18%

$

—

All Other Active Funds & Vehicles (25)

Various$1,419 $

539 $

1,381 $

1,920

1.4x

22%

20%

$

17

Fully Realized Funds & Vehicles

Various€4,335 €

7,117 €

31 €

7,147

1.6x

19%

18%

$

—

ACF IX

2023$

3,123 $

668 $

1 $

687 $

688

1.0x

NM

NM

$

—

ACF VIII

2021$

3,614 $

3,229 $

62 $

3,910 $

3,972

1.2x

11%

9%

$

22

ACF VIII - SMAs

2021

$

1,069 $

874 $

36 $

1,049 $

1,084

1.2x

12%

10%

$

6

ACF VII2017$

1,688 $

1,618 $

817 $

2,328 $

3,145

1.9x

17%

14%

$

55

ACF VII - SMAs

2017

€

1,452 €

1,449 €

607 €

2,021 €

2,628

1.8x

16%

14%

$

45

SMAs 2014-2016

2014

€

1,274 €

1,133 €

2,254 €

709 €

2,963

2.6x

25%

23%

$

11

SMAs 2012-2013

2012

€

1,124 €

1,078 €

2,814 €

246 €

3,060

2.8x

28%

26%

$

2

SMAs 2009-2010

2010

€

1,475 €

1,404 €

3,615 €

609 €

4,224

3.0x

23%

22%

$

—

Strategic SMAs

Various$3,725 $

1,230 $

4,956 $

6,186

1.7x

18%

17%

$

59

All Other Active Funds & Vehicles (25)

Various

€

495 €

598 €

150 €

749

1.5x

16%

14%

$

2

Fully Realized Funds & Vehicles

Various€5,848 €

10,045 €1 €10,046

1.7x

14%

12%

$

—

SMAs 2024-2026

2024

$

1,186 $

3 $

— $

2 $

2

0.8x

NM

NM

$

—

SMAs 2021-2023

2021

€

4,505 €

925 €

31 €

986 €

1,017

1.1x

NM

NM

$

—

SMAs 2018-2020

2018

$

3,116 $

2,147 $

359 $

2,588 $

2,947

1.4x

15%

14%

$

2

SMAs 2015-2017

2015

€

2,501 €

2,500 €

2,309 €

2,552 €

4,862

1.9x

21%

20%

$

10

SMAs 2012-2014

2012

€

5,080 €

6,044 €

9,018 €

4,195 €

13,213

2.2x

18%

17%

$

15

SMAs 2009-2011

2009

€

4,877 €

5,834 €

10,493 €2,151 €

12,644

2.2x

17%

17%

$

1

SMAs 2006-2008

2005

€

11,500 €13,691 €22,323 €

1,512 €

23,836

1.7x

10%

10%

$

—

SMAs 2003-2005

2003

€

4,628 €

5,168 €

8,177 €

182 €

8,360

1.6x

10%

9%

$

—

All Other Active Funds & Vehicles (25)

Various€1,872 €

1,813 €

296 €

2,109

1.1x

2%

2%

$

—

Fully Realized Funds & Vehicles

Various€5,048 €

8,217 €

36 €

8,252

1.6x

12%

11%

$

—

$

97,098 $118,248 $49,982 $168,229

1.7x

14%

13%

$

510

Co-Investments

Primary
Investments

Fund SizeTOTAL GLOBAL INVESTMENT SOLUTIONS (USD)(13)Realized
Value (23)

Total Fair
Value(9)(23)

MOIC(4)Gross IRR
(12)(24)Net IRR(12)(27)

Net Accrued
Carry/(Giveback)(8)(30)Vintage
Year“ASF” stands for AlpInvest Secondaries Fund, “ACF” stands for AlpInvest Co-Investment Fund, and “SMAs” are Separately Managed Accounts. “ASF - SMAs” and “ACF - SMAs” reflect the aggregated portfolios of investments held by
SMAs within the relevant strategy, which invest alongside the relevant ASF or ACF (as applicable). Strategic SMAs reflect the aggregated portfolios of co-investments made by SMAs sourced from the SMA investor’s own private equity fundinvestment portfolio. Other SMAs reflect the aggregated portfolios of investments within the relevant strategy that began making investments in the corresponding time periods. See Notes at end of document for further detail.

See Notes at end of document. Totals may not sum due to rounding.

27

Reconciliations & Disclosures

Reconciliation for Distributable Earnings Per Share (Unaudited)
Our estimated DE effective tax rate was 18.8% for Q2 2024, reflecting the impact of tax deductions resulting
from the vesting of restricted stock units, the amortization of intangible assets related to acquisitions, partially
offset by the impact of state and foreign taxes
2Q'23(in millions, except per share data)

3Q'23

4Q'23

1Q'24

2Q'24

DISTRIBUTABLE EARNINGS, TAX AND PER SHARE INFORMATION
Distributable Earnings$

Less: Estimated current corporate, foreign,state and local taxes1
DISTRIBUTABLE EARNINGS, NET
attributable to common stockholders

388.8

$

68.9
$

319.9

$

52.1
$

17.7 %

Estimated DE effective tax rate2

367.4

315.3

402.7

$

92.2
$

14.2 %

310.5

431.3

$

66.3
$

22.9 %

365.0

343.2
64.6

$

15.4 %

278.6
18.8 %

DISTRIBUTABLE EARNINGS, NET
per common share outstanding

$

0.88

$

0.87

$

0.86

$

1.01

$

0.78

Dividend per common share*

$

0.35

$

0.35

$

0.35

$

0.35

$

0.35

SHARE INFORMATION
Shares issued during the period

0.1

2.1

0.6

0.8

0.6

Shares repurchased and retired during the period**

(2.2)

(1.3)

—

(2.9)

(3.5)

Total outstanding shares, end of period

360.0

360.7

361.3

359.3

356.4

Shares eligible for dividend***

361.7

360.8

362.1

359.9

359.4

Total cost of shares repurchased and retired
during the period**

$

60.0

$

43.2

$

—

$

150.0

$

178.3

* See Notes at the end of the document for our Dividend Policy.
** Shares repurchased and retired exclude approximately 1.1 million shares withheld in the net share settlement of equity awards during the six months ended June 30, 2024. We include the associated tax withholding payments madeby the Company in the total cost of shares repurchased and retired during the period and in calculating the remaining capacity under our repurchase authorization. In February 2024, the Board reset the Company’s total share
repurchase authorization to $1.4 billion, effective February 6, 2024. As of June 30, 2024, approximately $1.1 billion of repurchase capacity remained under the program.
*** Shares eligible for dividend include 3.0 million net common shares that were issued in August 2024 in connection with the vesting of restricted stock units. For purposes of this calculation, these common shares have been added tothe common shares outstanding as of June 30, 2024 because they will participate in the dividend paid on common shares in August 2024.

See notes at end of document. Totals may not sum due to rounding.

29

Reconciliation of GAAP to Total Segment Information
2Q'23(Dollars in millions)

3Q'23

4Q'23

1Q'24

2Q'24

YTD 2Q'23(70.0) $152.2 $

(842.7) $120.7 $

218.8

Net unrealized performance and fee related
performance revenues1

314.3

138.9

1,187.6

193.2

Unrealized principal investment (income) loss

(30.4)(17.1)(17.6)

Principal investment loss from dilution of indirect
investment in Fortitude2

104.0

—

Equity-based compensation3

70.7

Acquisition related charges, including amortization of
intangibles and impairment$

YTD 2Q'24

89.6 $

339.5(15.2)

332.7

(4.4)

(48.1)

—

—

67.3

65.0

33.7

50.6

Tax (expense) benefit associated with certain foreign
performance revenues(0.1)

Net (income) loss attributable to non-controllinginterests in consolidated entities

FY'22
$

FY'23

1,572.5 $(600.9)178.0(183.7)

1,659.2(1.4)(52.5)

38.3(36.1)

—

104.0

—

176.9

104.0

111.0

127.4

127.8

238.4

161.9

260.1

32.3

32.8

33.3

62.4

66.1

187.4

145.3

(0.2)

(0.2)

(1.0)

(0.2)

(0.6)

(1.2)

3.0

(1.0)

(35.7)(29.7)(21.7)(33.2)(1.1)(60.3)(34.3)(59.7)(111.7)

2.3

5.4

—

12.2

28.3

6.2

40.5

12.4

11.6

388.8 $

367.4 $

402.7 $

431.3 $

343.2

660.4 $

774.5

1,909.0 $1,430.5

Realized net performance revenues

175.1

150.0

136.4

142.0

55.7

244.6

197.7

998.5

531.0

Realized principal investment income

22.1

23.4

19.5

33.7

26.6

45.9

60.3

150.6

88.8

Net interest

15.7

10.7

7.2

10.7

12.1

30.8

22.8

74.5

48.7

207.3 $

204.7 $

254.0 $

266.3 $

273.0

400.7 $

539.3

834.4 $

859.4

INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES$

Adjustments:

Other adjustments 4
DISTRIBUTABLE EARNINGSFEE RELATED EARNINGS

$

$

$

$

$

$

(1) Effective December 31, 2023, we realigned our employee compensation program to increase the proportion of our performance allocations used to compensate our employees. Net realized performance and fee related
performance revenues in 4Q’23 and FY 2023 include a one-time charge of $1.1 billion to unrealized performance allocations and incentive fee related compensation expense related to this compensation realignment.
(2) In connection with the initial drawdown of the March 2022 capital raise from Fortitude, the Company’s indirect ownership of Fortitude decreased from 19.9% to 13.5%. As a result of the dilution, the Company recorded a
reduction in the carrying value of its equity method investment and corresponding loss of $177 million in 2Q’22. In 2Q’23, the remaining capital was called by Fortitude and the Company’s indirect ownership further decreased to10.5%. As a result of this dilution, the Company recorded an additional reduction in carrying value and corresponding loss of $104 million. These amounts are excluded from the total segment results.
(3) Equity-based compensation includes amounts reflected in principal investment income and general, administrative and other expense in our U.S. GAAP statement of operations.
(4) 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.

30

Reconciliation of GAAP to Total Segment Information, continued(Dollars in millions)

Total Reportable
Segments

Consolidated
Funds

Reconciling
Items

CarlyleConsolidated1

Total Reportable
Segments

Three Months Ended June 30, 2023
Revenues$

977.9 $

137.1 $

(652.9) $Consolidated
Funds

Reconciling
Items

CarlyleConsolidated1

Year Ended December 31, 2022
462.1

2

$

4,401.4 $311.0 $

(273.7) $4,438.7

2$2,492.4 $255.3 $

77.0 $

2,824.7

2

Expenses$

589.1 $

116.3 $

(157.7) $

547.7

2

Other income (loss)$— $15.6 $

— $

15.6

3

$

— $

(41.5) $— $(70.0)

4$

1,909.0 $14.2 $(350.7) $$3,405.1 $570.1 $

Distributable Earnings $388.8 $

36.4 $(495.2) $Three Months Ended September 30, 2023

(41.5) 3
1,572.5

4(1,011.3) $2,963.92Year Ended December 31, 2023

Revenues$

776.6 $

152.7 $

(212.7) $

716.6

2

Expenses$409.2 $

111.2 $

34.7 $

555.1

2

$

1,974.6 $460.3 $

1,136.8 $3,571.7

2

$

— $

6.9 $

— $

6.9

3

116.7 $

(2,148.1) $$— $(9.3) $

— $

(9.3)

3

Distributable Earnings $367.4 $

32.2 $(247.4) $

152.2

4

$

1,430.5 $Revenues$

896.4 $

158.4 $

(128.6) $

926.2

2

$

1,732.1 $259.0 $

(670.0) $1,321.1

2

Expenses$493.7 $

135.6 $

1,136.6 $1,765.92$

1,071.7 $213.5 $

(34.5) $1,250.7

2

Other income (loss)$— $(3.0) $

— $(3.0) 3$

— $19.2 $

— $

19.2

3

(1,265.2) $(842.7)4$

660.4 $

64.7 $(635.5) $

89.6

4

$

1,811.9 $330.5 $

(384.3) $1,758.1

2

1,406.5

2

Other income (loss)

Three Months Ended December 31, 2023

Distributable Earnings $402.7 $

19.8 $Six Months Ended June 30, 2023

Three Months Ended March 31, 2024

Six Months Ended June 30, 2024

Revenues$

1,023.0 $164.9 $

(499.5) $

688.4

2

Expenses$591.7 $

139.5 $

(170.5) $

560.7

2

$

1,037.4 $304.0 $

65.1 $$— $(12.1) $— $$774.5 $

14.4 $(449.4) $$— $(7.0) $

— $

(7.0)

3

Distributable Earnings $431.3 $

18.4 $(329.0) $

120.7

4

Other income (loss)(600.9) 4(12.1) 3
339.5

Revenues$

788.9 $

165.6 $

115.2 $

1,069.7

2(1) The Distributable Earnings in the Carlyle Consolidated column is income before provision
for income taxes, which is the GAAP measure that is most directly comparable toDistributable Earnings.

Expenses$445.7 $

164.5 $

235.6 $

845.8

2(2) See detailed breakdown of revenue and expense adjustments on page 33.

Other income (loss)$— $(5.1) $— $Distributable Earnings $343.2 $

(4.0) $

(120.4) $Three Months Ended June 30, 2024

(5.1) 3
218.8

4

4

(3) The Other Income (Loss) adjustment results from the Consolidated Funds which were
eliminated in consolidation to arrive at Carlyle's total Other Income (Loss).
(4) See the reconciliation for Distributable Earnings and Fee Related Earnings on page 30.

31

Reconciliation of GAAP to Total Segment Information, continued
CarlyleConsolidated(Dollars in millions)

Reconciling
Items1

Total Reportable
Segments

CarlyleConsolidated

Three Months Ended June 30, 2023
Performance revenues$

Performance revenues related compensation expense
Net performance revenues

Reconciling
Items1

Total Reportable
Segments

Year Ended December 31, 2022

(246.8) $581.9 $

335.1$

1,327.5 $653.2 $

1,980.7$(92.2) $252.2 $

160.0$

719.9 $

262.3 $

982.2$

(154.6) $329.7 $

175.1$

607.6 $

390.9 $

998.5

Principal investment income (loss)$(7.2) $

29.3 $

22.1$

570.5 $

(419.9) $150.6

Performance revenues$(118.3) $

180.4

$

(88.6) $Performance revenues related compensation expense$(53.9) $84.3 $

30.4$

Net performance revenues$(64.4) $214.4 $

150.0$

Principal investment income (loss)$

100.6 $

(77.2) $23.4$

133.4 $

Three Months Ended September 30, 2023
298.7 $

Year Ended December 31, 2023

Three Months Ended December 31, 2023

1,026.9 $938.3

1,103.7 $(696.4) $407.3(1,192.3) $1,723.3 $531.0(44.6) $88.8

Six Months Ended June 30, 2023

Performance revenues$

115.7 $

142.0 $

257.7$

(86.0) $586.2 $

500.2

Performance revenues related compensation expense$

1,144.1 $(1,022.8) $

121.3

$

13.5 $

242.1 $

255.6

Net performance revenues$(1,028.4) $1,164.8 $

136.4

$

(99.5) $344.1 $

244.6

Principal investment income (loss)$

28.3 $(8.8) $

19.5

$

4.5 $

41.4 $

45.9

Performance revenues$(157.0) $554.8 $

397.8$

Performance revenues related compensation expense$(72.8) $328.6 $

255.8

Net performance revenues$(84.2) $226.2 $

142.0

Principal investment income (loss)$

73.1 $(39.4) $33.7

Three Months Ended March 31, 2024

Six Months Ended June 30, 2024
41.2 $

513.1 $

554.3$

71.4 $

285.2 $

356.6$

(30.2) $227.9 $

197.7$

161.2 $

(100.9) $60.3

Three Months Ended June 30, 2024
Performance revenues$

198.2 $

(41.7) $156.5

Performance revenues related compensation expense$

144.2 $

(43.4) $100.8

Net performance revenues$

54.0 $

1.7 $

55.7

Principal investment income (loss)$

88.1 $(61.5) $26.6

See Notes at end of document.

32

Reconciliation of GAAP to Total Segment Information, continued
2Q'23(Dollars in millions)

3Q'23

4Q'23

1Q'24

2Q'24

YTD 2Q'23

YTD 2Q'24

FY'22

FY'23

REVENUE RECONCILING ITEMS(600.5) $(229.2) $(196.2) $(521.6) $47.4(621.2) $(474.2)

30.4

17.1

17.6

4.4

48.1

1.4

52.5

(38.3)

36.1(104.0)

—

—

—

—

(104.0)—(176.9)(104.0)Adjustments related to expenses associated with NGPManagement and its affiliates

(4.1)

(3.5)

(2.8)

(3.2)

(3.8)

(7.5)

(7.0)

(12.9)(13.8)Tax expense (benefit) associated with certain foreign
performance revenues

—

—

—

—

—

—

—

0.1

—

Non-controlling interests and other adjustments to present
certain costs on a net basis

43.9

23.5

73.4

41.5

36.2

94.7

77.7

119.0

191.6

Elimination of revenues of Consolidated Funds(18.6)(20.6)(20.6)(20.6)(12.7)(33.4)(33.3)(22.2)(74.6)$(652.9) $(212.7) $(128.6) $(499.5) $

115.2

$

(670.0) $(384.3)$(273.7) $ (1,011.3)$(286.2) $(90.3) $991.4 $

(328.4) $32.2$(288.5) $(296.2)$(326.2) $612.6

Equity-based compensation

70.7

67.3

65.0

111.0

127.4

127.8

238.4

161.9

260.1

Acquisition or disposition related charges (credits), including
amortization of intangibles and impairment

33.7

50.6

32.3

32.8

33.3

62.4

66.1

187.4

145.3

Tax (expense) benefit associated with certain foreign
performance revenues related compensation

(0.1)

(0.2)

(0.2)

(1.0)

(0.2)

(0.6)

(1.2)

2.9

(1.0)

Non-controlling interests and other adjustments to present
certain costs on a net basis

35.2

10.7

62.8

17.8

27.0

75.2

44.8

82.7

148.7

Other

2.3

5.4

—

12.2

28.3

6.2

40.5

12.4

11.6

(13.3)(8.8)(14.7)(14.9)(12.4)(17.0)(27.3)(44.1)(40.5)(170.5) $235.6(34.5) $65.1

Unrealized performance and fee related performance revenues$

Unrealized principal investment income (loss)
Principal investment loss from dilution of indirect investment in
Fortitude

Total Revenue Reconciling Items$$(142.5) $ (1,046.6)

EXPENSE RECONCILING ITEMS
Unrealized performance and fee related performance revenue
compensation expense

Elimination of expenses of Consolidated Funds
Total Expense Reconciling Items$(157.7) $34.7 $ 1,136.6 $$$77.0 $ 1,136.8

33

Reconciliation for Total Segment Information, continued
RECONCILIATION OF
ACCRUED PERFORMANCE ALLOCATIONSRECONCILIATION OF TOTAL INVESTMENTS
ATTRIBUTABLE TO THE CARLYLE GROUP INC.
(Dollars in millions)

06/30/24(Dollars in millions)

INVESTMENTS, EXCLUDING PERFORMANCE ALLOCATIONS$ACCRUED PERFORMANCE ALLOCATIONS, NET OF ACCRUEDGIVEBACK OBLIGATIONS

3,931.2

06/30/24$

Less: Amounts attributable to non-controlling interests inConsolidated Funds(260.0)Plus: Investments in Consolidated Funds, eliminated inconsolidation

252.6

Less: Strategic equity method investments in NGPManagement1(370.8)Less: Investment in NGP general partners - accrued
performance allocations1(480.6)TOTAL INVESTMENTS ATTRIBUTABLE TO
THE CARLYLE GROUP INC.

3,072.4

Less: CLO loans and other borrowings attributable to The
Carlyle Group Inc.2
TOTAL INVESTMENTS ATTRIBUTABLE TO THE CARLYLE GROUP
INC., NET OF CLO LOANS AND OTHER BORROWINGS(363.0)$2,709.4

5,623.3
480.6

3

Plus: Accrued performance allocations from NGP Carry Funds
Less: Accrued performance allocation-related expense(4,021.7)

Plus: Receivable for giveback obligations from current andformer employees

11.5

Less: Deferred taxes on certain foreign accrued performanceallocations(25.0)

Less: Net accrued performance allocations attributable tonon-controlling interests in consolidated entities

7.9

Plus: Net accrued performance allocations attributable toConsolidated Funds, eliminated in Consolidation

9.3

NET ACCRUED PERFORMANCE REVENUES BEFORE TIMINGDIFFERENCES

2,085.9

Plus/Less: Timing differences between the period whenaccrued performance allocations are realized and the period
they are collected/distributed
NET ACCRUED PERFORMANCE REVENUES ATTRIBUTABLE TO
THE CARLYLE GROUP INC.

89.8

$

2,175.7(1) The Company has equity interests in NGP Management, L.L.C. (“NGP Management”), the general partners of certain carry funds advised by NGP, and principal investments in certain NGP funds. These equity interests areaccounted for as investments under the equity method of accounting. Total investments attributable to The Carlyle Group Inc. excludes the strategic equity method investment in NGP Management and investments in the generalpartners of certain NGP carry funds. The Company does not control or advise the NGP funds.
(2) Of the $380.2 million in CLO borrowings as of June 30, 2024, $363.0 million are collateralized by investments attributable to The Carlyle Group Inc. The remaining CLO borrowings are collateralized by investments attributable
to non-controlling interests.
(3) Accrued performance allocations from NGP Carry Funds are recorded as an investment in the U.S. GAAP balance sheet.

34

GAAP Statement of Operations (Unaudited)
2Q'23

3Q'23

4Q'23

1Q'24

2Q'24

$ 507.8
21.0$ 502.6
21.1$ 532.0
31.8$ 523.6
26.2$ 534.4
31.3$ 1,008.6
40.8(246.8)(7.2)(254.0)
50.2
137.1
462.1

(118.3)100.6(17.7)
57.9
152.7
716.6

115.7
28.3
144.0
60.0
158.4
926.2

(157.0)73.1(83.9)
57.6
164.9
688.4

198.2
88.1
286.3
52.1
165.6
1,069.7

270.6
68.0(92.2)
246.4
168.5
30.7
102.1
—
547.7
15.6
(70.0)(7.3)(62.7)

267.6
64.4(53.9)
278.1
143.0
31.4
102.5
0.1
555.1
(9.3)
152.2
41.2
111.0

225.3
62.3
1,144.1
1,431.7
181.4
32.0
120.8
—
1,765.9(3.0)(842.7)(172.4)(670.3)

221.9
108.3
(72.8)
257.4
147.7
30.8
124.6
0.2
560.7
(7.0)
120.7
21.9
98.8

206.3
125.2
144.2
475.7
187.9
30.4
152.1
(0.3)
845.8
(5.1)
218.8
69.5
149.3

(Dollars in millions, except per share amounts)
REVENUES
Fund management fees
Incentive fees
Investment income
Performance allocations
Principal investment income (loss)
Total investment income (loss)
Interest and other income
Interest and other income of Consolidated Funds
Total Revenues
EXPENSES
Compensation and benefits
Cash-based compensation and benefits
Equity-based compensation
Performance allocations and incentive fee related compensation
Total compensation and benefits
General, administrative and other expenses
Interest
Interest and other expenses of Consolidated Funds
Other non-operating expenses (income)
Total Expenses
Net investment income (loss) of consolidated funds
Income (loss) before provision for income taxes
Provision (benefit) for income taxes
Net income (loss)
Net income (loss) attributable to non-controlling interests inconsolidated entities
Net income (loss) attributable to The Carlyle Group Inc.

35.7

YTD 2Q'23 YTD 2Q'24

FY'22

FY’23

$ 1,058.0
57.5$ 2,030.1
63.7$ 2,043.2
93.7(86.0)
4.5(81.5)
94.2
259.0
1,321.1

41.2
161.2
202.4
109.7
330.5
1,758.1

1,327.5
570.5
1,898.0135.9
311.0
4,438.7(88.6)
133.4
44.8
212.1
570.1
2,963.9

530.8
122.4
13.5
666.7
327.7
60.4
195.8
0.1
1,250.7
19.2
89.6
27.0
62.6

428.2
233.5
71.4
733.1
335.6
61.2
276.7
(0.1)
1,406.5(12.1)
339.5
91.4
248.1

1,052.0
154.0
719.9
1,925.9
575.8
110.4
211.6
1.0
2,824.7(41.5)
1,572.5287.8
1,284.7

1,023.7
249.1
1,103.7
2,376.5
652.1
123.8
419.1
0.2
3,571.7
6.9(600.9)(104.2)(496.7)

29.7

21.7

33.2

1.1

60.3

34.3

59.7

111.7

$ (98.4)$

81.3$ (692.0)$

65.6$ 148.2$

2.3$ 213.8$1,225.0$ (608.4)

$
$

$
$

0.23
0.22

$
$

$
$

0.18
0.18

$
$

$
$

0.01
0.01

$
$

$
$

$
$

Net income (loss) attributable to The Carlyle Group Inc. per common
share
Basic
DilutedWeighted-average common shares (in millions)
Basic
DilutedIncome (loss) before provision for income taxes margin(0.27)(0.27)
361.3
361.3(15.1)%

360.6
363.7
21.2 %(1.92)(1.92)
360.8
360.8(91.0)%

360.9
369.3
17.5 %

0.41
0.40
358.3
366.9
20.5 %

362.1
364.3
6.8 %

0.59
0.58
359.6
368.1
19.3 %

3.39
3.35
361.3
365.7
35.4 %(1.68)(1.68)
361.4
361.4(20.3)%

35

GAAP Balance Sheet (Unaudited)
As of June 30, 2024
(Dollars in millions)

Consolidated
Operating Entities

Consolidated
Funds

Eliminations

Consolidated

ASSETSCash and cash equivalents$

914.8 $

— $

— $

914.8

Cash and cash equivalents of Consolidated Funds—

1,047.5—

1,047.5

Restricted cash

2.3

—

—

2.3

Corporate treasury investments

5.6

—

—

5.6

9,860.3—(261.9)9,598.4

Investments, including performance allocations of $5,667.2 million
Investments of Consolidated Funds
Due from affiliates and other receivables, net—

8,428.4—

8,428.4

1,022.7—(307.3)

715.4

—

228.4

—

228.4

Fixed assets, net

167.5

—

—

167.5

Lease right-of-use assets, net

354.0

—

—

354.0

Deposits and other

71.6

1.8

—

73.4

Intangible assets, net

700.2

—

—

700.2

Due from affiliates and other receivables of Consolidated Funds, net

48.2

—

—

$

13,147.2 $

9,706.1 $(569.2) $22,284.1$

2,235.2 $

— $

— $

2,235.2

Deferred tax assets
Total assets

48.2

LIABILITIES & EQUITY
Debt obligations—

8,103.0(301.9)

371.1

—

—

371.1

4,328.0——

4,328.0

Due to affiliates

208.2

5.4

(0.1)

213.5

Deferred revenue

129.6

—

—

129.6

Deferred tax liabilities

26.3

—

—

26.3

Loans payable of Consolidated Funds
Accounts payable, accrued expenses and other liabilities
Accrued compensation and benefits

7,801.1

—

900.3

—

900.3

Lease liabilities

505.7

—

—

505.7

Accrued giveback obligations

43.9

—

—

43.9

Total liabilities

7,848.0

9,008.7(302.0)16,554.7

Total equity

5,299.2

697.4(267.2)

5,729.4

13,147.2 $

9,706.1 $(569.2) $22,284.1

Other liabilities of Consolidated Funds

Total liabilities and equity$

36NotesDividend Policy
Our dividend policy for our common stock is an annual rate of $1.40 per share ($0.35 per common share on a quarterly basis), which commenced with the first quarter 2023 dividend 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 timeor from time to time, and the terms of our amended and restated 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.
Non-GAAP Financial Measures
This press release contains financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the
United States of America. These non-GAAP financial measures should be considered in addition to and not as a substitute for, or superior to, financial measures presented in accordance with
U.S. GAAP. The reasons management believes that these non-GAAP financial measures provide useful information are set forth in our most recent Annual Report on Form 10-K filed with theSEC. A reconciliation of any forward-looking non-GAAP financial measures cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting theoccurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For thesame reasons, Carlyle is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.
Notes on Carlyle Consolidated GAAP Results (Page 5)(1) Income (loss) before provision for income taxes is the GAAP measure that is most directly comparable to Distributable Earnings, which management uses to measure the performance of thebusiness. A full reconciliation is included starting on page 30.
(2) Income (loss) before provision for taxes margin is equal to Income (loss) before provision for taxes, divided by Total revenues.
(3) Net performance revenues are equal to Performance revenues less Performance revenues related compensation expense.
Note on Fee Related Earnings (Page 9)(1) FRE Margin is calculated as Fee Related Earnings, divided by Total Segment Fee Revenues. Effective December 31, 2023, we realigned of our employee compensation program, which
increased the proportion of our accrued performance allocations used to compensate our employees. This led to a lower FRE compensation ratio, which is calculated as total segment cashbased compensation and benefits, divided by total segment fee revenues, and a higher realized performance revenue compensation ratio.
Notes on Performance Revenues (Page 11)(1) We generally earn performance revenues (or carried interest) from our carry funds representing a 20% allocation of profits generated on third-party capital, and on which the generalpartner receives a special residual allocation of income from limited partners, which we refer to as carried interest, in the event that specified investment returns are achieved by the fund.
Disclosures referring to carry funds also include the impact of certain commitments that do not earn carried interest, but are either part of, or associated with, our carry funds. The rate ofcarried interest, as well as the share of carried interest allocated to Carlyle, may vary across the carry fund platform. See “Non-GAAP Financial Measures” for more information. A
reconciliation of accrued performance allocations to total segment net accrued performance revenues is included on page 34.
(2) Includes the change in performance revenue accrual from positive or negative movements in portfolio valuation, incremental preferred return and fees, foreign exchange fluctuations andacquisition/divestiture activity. See “Non-GAAP Financial Measures” for more information. See page 32 for a reconciliation of performance revenues to realized net performance revenues.
(3) Total for Global Private Equity includes Legacy Energy funds. The impact of these funds is no longer significant to our results of operations.
Notes on Assets Under Management (Pages 12-14)(1) Total Assets Under Management refers to the assets we manage or advise, and reflects the sum of the unrealized Fair Value of Investments and Available Capital. We also include the NGP
funds, which are advised by NGP.
(2) Available Capital refers to the amount of capital commitments available to be called for investments, which may be reduced for equity invested that is funded via fund credit facility andexpected to be called from investors at a later date, plus any additional assets/liabilities at the fund level other than active investments. Amounts previously called may be added back toavailable capital following certain distributions.
(3) Credit (Non-Carry Funds) includes our CLOs, business development companies and related managed accounts, the Carlyle Tactical Private Credit Fund, as well as securitization vehicles
and various managed accounts in our Carlyle Aviation business. "Other" includes certain managed account vehicles. Total AUM for Fortitude includes $6 billion related to the investment in
Fortitude by Carlyle FRL and third-party strategic investors. Amounts invested in Carlyle products under the strategic advisory services agreement are included in Fortitude AUM as well as in
the AUM of the strategy in which they are invested.
(4) Performance Fee Eligible AUM represents the AUM of funds for which we are entitled to receive performance allocations, inclusive of the fair value of investments in those funds (which werefer to as “Performance Fee Eligible Fair Value”) and their Available Capital. Performance Fee Eligible Fair Value is “Performance Fee Generating” when the associated fund has achieved thespecified investment returns required under the terms of the fund’s agreement and is accruing performance revenue as of the quarter-end reporting date. Funds whose performanceallocations are treated as fee-related performance allocations are excluded from these metrics.

37

Notes, continued
Notes on Assets Under Management (Pages 12-14) (continued)(5) Beginning in Q4’23, the In-Carry Ratio represents Performance Fee-Generating Fair Value divided by Total Performance Fee Eligible Fair Value (as defined above). Prior to Q4’23, thismetric represented the percentage of Fair Value of our Traditional Carry Funds (Global Private Equity and Global Credit) which was accruing performance revenue as of the quarter-end
reporting date, and was inclusive of both (1) fair value of traditional carry funds which are not eligible to earn performance allocations, and (2) fair value of carry funds whose performanceallocations are treated as fee-related performance allocations. The In-Carry Ratio as of Q2’23 as previously reported using the legacy calculation was 72%.
(6) Fee-earning Assets Under Management refers to the assets we manage or advise from which we derive recurring fund management fees, and is calculated as the basis on which
management fees would be called, if called on the effective reporting date. We include Fee-earning AUM on the NGP funds, which are advised by NGP.
(7) Pending Fee-earning Assets Under Management refers to commitments that have been raised, and will become Fee-earning Assets Under Management upon the activation of recurring
fund management fees on the commitments, or as the capital is invested, depending on the fee structure of the fund or vehicle.
(8) “Perpetual Capital” refers to the assets we manage or advise which have an indefinite term and for which there is no immediate requirement to return capital to investors upon therealization of investments made with such capital, except as required by applicable law. Perpetual Capital may be materially reduced or terminated under certain conditions, including
reductions from changes in valuations and payments to investors, including through elections by investors to redeem their investments, dividend payments, and other payment obligations, aswell as the termination of or failure to renew the respective investment advisory agreements. Perpetual Capital includes: (a) assets managed under the strategic advisory services agreementwith Fortitude, (b) our Core Plus real estate fund, (c) our business development companies and certain other direct lending products, (d) Carlyle Tactical Private Credit Fund (“CTAC”) and (e)our closed-end tender offer fund Carlyle AlpInvest Private Markets Fund (“CAPM”).
Note on Key Metrics Activity (Page 15)(1) Total for Global Private Equity includes Legacy Energy funds. The impact of these funds is no longer significant to our results of operations.
Notes on Segment Highlights (Pages 17-19)(1) Reflects the percentage of Fair Value in our GPE carry funds attributable to investments originated in Q2 2020 or prior. Investments that include follow-on tranches are fully recognizedbased on the date of the initial investment activity.
(2) Fortitude includes $6 billion related to the investment in Fortitude by Carlyle FRL and third-party strategic investors. Amounts invested in Carlyle products under the strategic advisory
services agreement are included in Fortitude AUM as well as in the AUM of the strategy in which they are invested.
(3) Includes Mezzanine funds and CAPM.
Notes on Total AUM and Fee-earning AUM Roll Forwards (Page 23)(1) Inflows generally reflects the impact of gross fundraising and closed reinsurance transactions at Fortitude during the period. For funds or vehicles denominated in foreign currencies, thisreflects translation at the average quarterly rate, while the separately reported Fundraising metric is translated at the spot rate for each individual closing. New CLO warehouse assets arerecognized as an inflow to AUM, while corresponding fundraising will not be recognized until CLO issuance.
(2) Outflows includes distributions net of recallable or recyclable amounts in our carry funds, related co-investment vehicles, and separately managed accounts, gross redemptions in our
open-ended funds, runoff of CLO collateral balances and the expiration of available capital.
(3) Market Activity & Other generally represents realized and unrealized gains (losses) on portfolio investments in our carry funds and related co-investment vehicles, and separately
managed accounts, as well as the net impact of fees, expenses and non-investment income, change in gross asset value for our business development companies, changes in the fair value ofFortitude’s general account assets covered by the strategic advisory services agreement, and other changes in AUM.
(4) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated funds. Activity during the period is translated at the
average rate for the period. Ending balances are translated at the spot rate as of the period end.
(5) Inflows represents limited partner capital raised by our carry funds or separately managed accounts for which management fees based on commitments were activated during theperiod, the fee-earning commitments invested in vehicles for which management fees are based on invested capital, the fee-earning collateral balance of new CLO issuances, closed
reinsurance transactions at Fortitude, as well as gross subscriptions in vehicles for which management fees are based on net asset value. Inflows exclude fundraising amounts during theperiod for which fees have not yet been activated, which are referenced as Pending Fee-earning AUM.
(6) Outflows represents the impact of realizations from vehicles with management fees based on remaining invested capital at cost or fair value, changes in basis for funds where theinvestment period, weighted-average investment period or commitment fee period has expired during the period, reductions for funds that are no longer calling for management fees, grossredemptions in open-ended funds, and runoff of CLO collateral balances. Realizations for funds earning management fees based on commitments during the period do not affect Feeearning AUM.
(7) Market Activity & Other represents realized and unrealized gains (losses) on portfolio investments in our carry funds based on the lower of cost or fair value and net asset value, activityof funds with fees based on gross asset value, and changes in the fair value of Fortitude’s general account assets covered by the strategic advisory services agreement.
(8) Foreign Exchange represents the impact of foreign exchange rate fluctuations on the translation of our non-U.S. dollar denominated funds. Activity during the period is translated at the
average rate for the period. Ending balances are translated at the spot rate as of the period end.

38

Notes, continued
Notes on Fund Performance Tables (Pages 24-27)(1) Represents the original cost of investments since inception of the fund.
(2) Represents all realized proceeds since inception of the fund.
(3) Represents remaining fair value, before management fees, expenses and carried interest, and may include remaining escrow values for realized investments.
(4) Multiple of invested capital (“MOIC”) represents total fair value, before management fees, expenses and carried interest, divided by cumulative invested capital.
(5) An investment is considered realized when the investment fund has completely exited, and ceases to own an interest in, the investment. An investment is considered partially realized
when the total amount of proceeds received in respect of such investment, including dividends, interest or other distributions and/or return of capital, represents at least 85% of invested
capital and such investment is not yet fully realized. Because part of our value creation strategy involves pursuing best exit alternatives, we believe information regarding Realized/
Partially Realized MOIC and Gross IRR, when considered together with the other investment performance metrics presented, provides investors with meaningful information regarding ourinvestment performance by removing the impact of investments where significant realization activity has not yet occurred. Realized/Partially Realized MOIC and Gross IRR have limitations
as measures of investment performance, and should not be considered in isolation. Such limitations include the fact that these measures do not include the performance of earlier stage
and other investments that do not satisfy the criteria provided above. The exclusion of such investments will have a positive impact on Realized/Partially Realized MOIC and Gross IRR in
instances when the MOIC and Gross IRR in respect of such investments are less than the aggregate MOIC and Gross IRR. Our measurements of Realized/Partially Realized MOIC and Gross
IRR may not be comparable to those of other companies that use similarly titled measures.
(6) Gross Internal Rate of Return (“Gross IRR”) represents an annualized time-weighted return on Limited Partner invested capital, based on contributions, distributions and unrealized fairvalue as of the reporting date, before the impact of management fees, partnership expenses and carried interest. For fund vintages 2017 and after, Gross IRR includes the impact ofinterest expense related to the funding of investments on fund lines of credit. Gross IRR is calculated based on the timing of Limited Partner cash flows, which may differ to varying degrees
from the timing of actual investment cash flows for the fund. Subtotal Gross IRR aggregations for multiple funds are calculated based on actual cash flow dates for each fund andrepresent a theoretical time-weighted return for a Limited Partner who invested sequentially in each fund.
(7) Net Internal Rate of Return (“Net IRR”) represents an annualized time-weighted return on Limited Partner invested capital, based on contributions, distributions and unrealized fairvalue as of the reporting date, after the impact of all management fees, partnership expenses and carried interest, including current accruals. Net IRR is calculated based on the timing ofLimited Partner cash flows, which may differ to varying degrees from the timing of actual investment cash flows for the fund. Fund level IRRs are based on aggregate Limited Partner cash
flows, and this blended return may differ from that of individual Limited Partners. As a result, certain funds may generate accrued performance revenues with a blended Net IRR that is
below the preferred return hurdle for that fund. Subtotal Net IRR aggregations for multiple funds are calculated based on actual cash flow dates for each fund and represent atheoretical time-weighted return for a Limited Partner who invested sequentially in each fund.
(8) Represents the net accrued performance revenue balance/(giveback obligation) as of the current quarter end.
(9) Represents all realized proceeds combined with remaining fair value, before management fees, expenses and carried interest.
(10) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and stand-alone investments arranged by us: MENA, CCI, CSSAF I,
CPF I, CAP Growth I, CAP Growth II, CBPF II, CEP II, CAGP IV, ABV 8, ABV 9 and ACCD 2.
(11) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and certain other stand-alone investments arranged by us: CP I, CP II,
CP III, CP IV, CEP I, CAP I, CAP II, CAP III, CBPF I, CJP I, CJP II, CMG, CVP I, CVP II, CUSGF III, CGFSP I, CEVP I, CETP I, CETP II, CAVP I, CAVP II, CAGP III, CEOF I and Mexico.
(12) For funds marked “NM,” IRR may be positive or negative, but is not considered meaningful because of the limited time since initial investment and early stage of capital deployment. For
funds marked “Neg,” IRR is considered meaningful but is negative as of reporting period end.
(13) For purposes of aggregation, funds that report in foreign currency have been converted to U.S. dollars at the reporting period spot rate.
(14) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and stand-alone investments arranged by us: CCR, CER I, and CER II.
(15) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and certain other stand-alone investments arranged by us: CRP I,
CRP II, CRP III, CRP IV, CRP V, CRCP I, CAREP I, CAREP II, CEREP I, CEREP II and CEREP III.
(16) Aggregate includes the following Legacy Energy funds and related co-investments: Energy I, Energy II, Energy III, Energy IV, Renew I, and Renew II.
(17) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and stand-alone investments arranged by us: NGP GAP, NGP RP I,
NGP RP II, NGP ETP IV, CPOCP, and CRSEF.
(18) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and certain other stand-alone investments arranged by us: CIP.
(19) Represents the original cost of investments since the inception of the fund. For CSP III and CSP IV, reflects amounts net of investment level recallable proceeds which is adjusted toreflect recyclability of invested capital for the purpose of calculating the fund MOIC.
(20) Aggregate includes the following funds, as well as all active co-investments, separately managed accounts (SMAs), and stand-alone investments arranged by us: SASOF IV, SASOF V,
CICF, CICF II, CAF, and CALF.

39

Notes, continued
Notes on Fund Performance Tables (Pages 24-27) (continued)(21) Aggregate includes the following funds, as well as related co-investments, separately managed accounts (SMAs), and certain other stand-alone investments arranged by us: CSP I,
CSP II, CEMOF I, CSC, CMP I, CMP II, SASOF II, and CASCOF.
(22) Includes private equity and mezzanine primary fund investments, secondary fund investments and co-investments originated by AlpInvest. Excluded from the performance
information shown are: (a) investments that were not originated by AlpInvest (i.e., AlpInvest did not make the original investment decision or recommendation); (b) Direct Investments,
which was spun off from AlpInvest in 2005; (c) Carlyle AlpInvest Private Markets Fund; and (d) LP co-investment vehicles managed by AlpInvest. As of June 30, 2024, these excluded
portfolios amounted to approximately $6.5 billion of AUM in the aggregate.
(23) To exclude the impact of FX, all foreign currency cash flows have been converted to the currency representing a majority of the capital committed to the relevant fund at thereporting period spot rate.
(24) Gross Internal Rate of Return (“Gross IRR”) represents the annualized IRR for the period indicated on Limited Partner invested capital based on investment contributions, distributions
and unrealized value of the underlying investments, before management fees, expenses and carried interest at the AlpInvest level.
(25) Includes AlpInvest Atom Fund, all mezzanine investment portfolios, all ‘clean technology’ private equity investment portfolios, all strategic portfolio finance portfolios, ASF VIII - SMAs,
ACF IX - SMAs, and any state-focused investment mandate portfolios.
(26) “ASF” stands for AlpInvest Secondaries Fund, “ACF” stands forAlpInvest Co-Investment Fund, and “SMAs” are Separately Managed Accounts. “ASF - SMAs” and “ACF - SMAs” reflect
the aggregated portfolios of investments held by SMAs within the relevant strategy, which invest alongside the relevant ASF or ACF (as applicable). Strategic SMAs reflect theaggregated portfolios of co-investments made by SMAs sourced from the SMA investor’s own private equity fund investment portfolio. Other SMAs reflect the aggregated portfolios ofinvestments within the relevant strategy that began making investments in the corresponding time periods. Co-Investments SMAs 2014-2016 does not include two SMAs that started in2016 but invested a substantial majority alongside ACF VII. These two SMAs have instead been grouped with ACF VII - SMAs. An SMA may pursue multiple investment strategies and makecommitments over multiple years.
(27) Net Internal Rate of Return (“Net IRR”) represents the annualized IRR for the period indicated on Limited Partner invested capital based on investment contributions, distributions andunrealized value of the underlying investments, after management fees, expenses and carried interest. Fund level IRRs are based on aggregate Limited Partner cash flows, and thisblended return may differ from that of individual Limited Partners. As a result, certain funds may generate accrued performance revenues with a blended Net IRR that is below thepreferred return hurdle for that fund.
(28) The fund stepdown date represents the contractual stepdown date under the respective fund agreements for funds on which the fee basis stepdown has not yet occurred. Funds
without a listed Fee Initiation Date and Stepdown Date have not yet initiated fees.
(29) All amounts shown represent total capital commitments as of June 30, 2024. Certain of our recent vintage funds are currently in fundraising and total capital commitments are
subject to change. Capital Committed for CEMOF II reflects original committed capital of $2.8 billion, less $1.1 billion in commitments which were extinguished following a Key Person Event.
(30) Net accrued carry excludes $2 million of net accrued carry as of June 30, 2024, which was retained as part of the sale of Metropolitan Real Estate on April 1, 2021.
(31) Funds are included when all investments have been realized. There may be remaining fair value and net accrued carry where there are outstanding escrow balances or undistributed
proceeds.
Notes on Reconciliation for Distributable Earnings per Share (Page 29)(1) Estimated current corporate, foreign, state and local taxes represents the total U.S. GAAP Provision (benefit) for income taxes adjusted to include only the current tax provision(benefit) applied to Net income (loss) attributable to The Carlyle Group Inc. This adjustment, used to calculate Distributable Earnings, Net attributable to common stockholders, reflects
the benefit of deductions available to the Company on certain expense items that are excluded from the underlying calculation of Distributable Earnings, such as equity-based
compensation expense, amortization of acquired intangible assets, and other charges (credits) related to corporate actions and non-recurring items that affect period-to-period
comparability and are not reflective of the Company’s operational performance. Management believes that using the estimated current tax provision (benefit) in this manner moreaccurately reflects earnings that are available to be distributed to common stockholders.
(2) Estimated DE effective tax rate is calculated as the estimated current corporate, foreign, state and local taxes divided by Distributable Earnings.
Note on Reconciliation of GAAP to Total Segment Information (Page 32)(1) 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 reclassificationof NGP performance revenues, which are included in principal investment income in U.S. GAAP financial statements, (v) the reclassification of fee related performance revenues, which areincluded 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 that are excluded from the segment results and the exclusion of the principal
investment loss from the dilution of the indirect investment in Fortitude.

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