Company: CGABL
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001527166-25-000032
Chunk: 109

Company: Carlyle Group Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 109
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| Distributable Earnings, net                                                                      |                                         | $1,315.2 |     | $1,175.1 |
| Distributable Earnings, net per common share outstanding(5)                                      |                                         |    $3.66 |     |    $3.24 |
| FRE margin(6)                                                                                    |                                         |      46% |     |      37% |
| Margin on income (loss) before provision for income taxes(7)                                     |                                         |      26% |     |     -20% |

(1) Equity-based compensation includes amounts that are presented in principal investment income and general, administrative and other expenses in our U.S. GAAP consolidated statements of operations.

| CARLYLE | Proxy Statement2025 | A-3 |

| Appendix A: Reconciliations of Non-GAAP Measures |

(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) Refer to “Realized Net Performance Revenues and Realized Principal Investment Income” below for the reconciliations to the most directly comparable U.S. GAAP measures. (4) 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 charges (credits) related to corporate actions and non-recurring items. Management believes that using the estimated current tax provision (benefit) in this manner more accurately reflects earnings that are available to be distributed to common stockholders. (5) Distributable Earnings, net per common share outstanding is calculated by dividing Distributable Earnings, net for each quarter by the number of common shares outstanding at each quarter end. For the purposes of this calculation, net common shares that were issued in the following quarter in connection with the vesting of restricted stock units were added to the common shares outstanding, as they participate in the dividend paid on common shares in the following quarter. (6) FRE margin is calculated as Fee Related Earnings divided by Total