Carlyle LP : 2Q'20 Supplemental Financial Data

2Q'20 Supplemental Financial Data

July 30, 2020

The Carlyle Group Inc.

Summary Key Metrics

	3Q'17	4Q'17	1Q'18	2Q'18	3Q'18	4Q'18	1Q'19	2Q'19	3Q'19	4Q'19	1Q'20	2Q'20		FY'15	FY'16	FY'17	FY'18	FY'19	YTD 2Q'20
	108.0	26.7	28.2	57.8	89.0	175.4	103.3	132.7	108.8	108.0	128.8	127.3			252.1	32.6	192.0	350.4	452.8	256.1
Fee Related Earnings ($ mm)	Fee Related Earnings ($ mm)
Corporate Private Equity	8.1	(17.4)	(13.4)	3.8	44.1	89.3	58.1	62.4	67.8	72.4	77.3	68.6		Corporate Private Equity	135.4	115.5	26.3	123.8	260.7	145.9
Real Assets	15.7	34.2	24.2	33.1	26.3	37.2	26.2	53.5	26.0	21.2	23.9	22.7		Real Assets	82.0	68.7	51.6	120.8	126.9	46.6
Global Credit	77.3	0.6	9.2	11.5	9.3	41.9	12.5	10.6	10.9	13.8	19.3	24.1		Global Credit	20.0	(174.9)	82.0	71.9	47.8	43.4
Investment Solutions	6.9	9.3	8.2	9.4	9.3	7.0	6.5	6.2	4.1	0.6	8.3	11.9		Investment Solutions	14.7	23.3	32.1	33.9	17.4	20.2
	259.9	155.8	138.9	114.5	210.0	210.5	100.8	213.4	160.7	171.7	175.0	198.4			922.5	651.7	670.0	673.9	646.6	373.4
Distributable Earnings ($ mm)		Distributable Earnings ($ mm)
Corporate Private Equity	207.1	72.6	86.8	39.5	121.3	102.8	62.1	62.5	81.7	90.5	107.4	95.8		Corporate Private Equity	798.0	739.4	487.9	350.4	296.8	203.2
Real Assets	(40.9)	50.3	33.2	51.9	66.2	55.8	18.1	134.6	63.3	66.6	27.4	60.7		Real Assets	72.8	49.3	24.8	207.1	282.6	88.1
Global Credit	87.5	22.7	10.2	14.6	10.0	42.7	14.2	8.8	11.1	14.3	31.8	28.1		Global Credit	38.8	(157.4)	126.9	77.5	48.4	59.9
Investment Solutions	6.2	10.2	8.7	8.5	12.5	9.2	6.4	7.5	4.6	0.3	8.4	13.8		Investment Solutions	12.9	20.4	30.4	38.9	18.8	22.2
	174.4	195.1	201.5	209.7	212.3	216.5	221.5	222.7	221.8	224.4	216.9	221.3			182.6	157.6	195.1	216.5	224.2	221.3
Total AUM ($ bn)		Total AUM ($ bn)
Corporate Private Equity	55.7	72.6	75.0	81.2	81.6	80.8	84.3	83.9	84.1	86.4	80.4	84.3		Corporate Private Equity	63.1	50.9	72.6	80.8	86.4	84.3
Real Assets	39.8	42.9	44.0	45.4	46.0	45.6	46.2	46.8	44.9	43.4	39.8	40.2		Real Assets	38.0	34.3	42.9	45.6	43.4	40.2
Global Credit	31.9	33.3	33.8	35.5	37.4	44.4	45.6	46.6	48.0	49.4	48.8	50.0		Global Credit	35.3	29.4	33.3	44.4	49.1	50.0
Investment Solutions	47.0	46.3	48.7	47.6	47.3	45.7	45.4	45.4	44.8	45.2	48.0	46.9		Investment Solutions	46.2	43.1	46.3	45.7	45.2	46.9
	121.8	124.6	125.8	146.5	147.4	159.6	160.0	158.4	158.8	161.1	158.2	162.4			131.0	115.0	124.6	159.6	161.1	162.4
Fee-earning AUM ($ bn)		Fee-earning AUM ($ bn)
Corporate Private Equity	35.6	35.6	35.3	56.3	56.3	62.4	61.9	60.5	61.2	61.7	61.1	57.2		Corporate Private Equity	40.9	36.3	35.6	62.4	61.7	57.2
Real Assets	29.8	31.6	32.1	31.5	31.6	33.0	32.9	33.2	32.7	33.2	30.9	31.6		Real Assets	30.9	27.5	31.6	33.0	33.2	31.6
Global Credit	26.0	27.3	27.8	28.8	30.1	35.2	36.5	35.9	37.1	37.9	38.1	41.8		Global Credit	31.0	24.1	27.3	35.2	37.9	41.8
Investment Solutions	30.3	30.2	30.5	29.8	29.5	29.1	28.7	28.8	27.7	28.4	28.2	31.8		Investment Solutions	28.2	27.1	30.2	29.1	28.4	31.8
	7.2	24.7	7.7	12.3	6.0	7.1	6.9	3.5	5.7	3.3	7.5	4.8			16.4	8.2	43.3	33.1	19.3	12.4
Fundraising ($ bn)		Fundraising ($ bn)
Corporate Private Equity	0.9	19.1	3.9	8.8	1.8	2.4	3.6	0.5	1.9	1.4	0.5	0.0		Corporate Private Equity	8.0	0.8	20.5	17.0	7.4	0.5
Real Assets	2.4	3.2	1.3	0.7	1.1	2.6	0.6	1.6	0.6	0.5	1.1	0.5		Real Assets	3.9	1.2	10.2	5.7	3.2	1.7
Global Credit	1.8	1.7	0.8	2.0	2.0	1.4	1.5	1.0	2.8	0.4	1.6	2.9		Global Credit	2.9	3.5	6.6	6.3	5.7	4.5
Investment Solutions	2.1	0.7	1.7	0.7	1.2	0.6	1.2	0.4	0.4	1.0	4.3	1.4		Investment Solutions	1.6	2.8	5.9	4.2	3.0	5.8
	6.9	7.2	4.0	3.5	3.3	11.5	3.4	7.3	3.4	7.1	3.0	2.9			14.0	17.9	22.0	22.4	21.3	5.9
Invested Capital ($ bn)		Invested Capital ($ bn)
Corporate Private Equity	3.6	3.6	0.7	1.6	1.1	7.8	1.1	4.2	1.0	2.0	0.7	0.5		Corporate Private Equity	5.3	7.9	11.1	11.3	8.2	1.3
Real Assets	1.3	1.6	1.9	0.9	0.8	1.7	0.8	0.9	0.8	2.6	0.8	0.8		Real Assets	3.1	5.1	4.4	5.2	5.2	1.6
Global Credit	0.7	0.8	0.4	0.2	0.1	0.4	0.4	0.8	0.7	0.7	0.8	0.5		Global Credit	0.6	0.7	2.1	1.2	2.6	1.3
Investment Solutions	1.3	1.2	1.0	0.8	1.3	1.6	1.1	1.4	0.9	1.8	0.7	1.0		Investment Solutions	5.0	4.3	4.4	4.7	5.3	1.7
	8.4	8.0	5.6	7.0	6.4	4.9	4.7	4.4	5.7	5.1	4.5	5.7			29.0	29.4	26.0	24.0	19.9	10.2
Realized Proceeds ($ bn)		Realized Proceeds ($ bn)
Corporate Private Equity	4.0	3.4	2.8	2.9	1.5	1.7	0.9	1.6	1.1	1.3	2.2	2.6		Corporate Private Equity	12.9	14.8	11.2	8.8	5.0	4.7
Real Assets	1.7	1.3	1.1	1.4	1.7	0.9	1.6	0.6	1.7	1.9	0.6	1.1		Real Assets	4.8	5.6	4.5	5.1	5.8	1.7
Global Credit	0.2	0.3	0.2	0.3	0.1	0.2	0.4	0.3	1.0	0.2	0.3	0.4		Global Credit	0.5	0.4	0.6	0.8	1.8	0.7
Investment Solutions	2.5	2.9	1.7	2.4	3.1	2.2	1.8	1.9	1.9	1.7	1.5	1.5		Investment Solutions	10.8	8.6	9.6	9.4	7.3	3.0
	3%	5%	3%	5%	3%	(2%)	3%	2%	2%	2%	(7%)	5%			12%	12%	20%	9%	9%	(3%)
Fund Appreciation		Fund Appreciation
Corporate Private Equity	4%	8%	4%	3%	1%	(2%)	3%	1%	1%	3%	(8%)	13%		Corporate Private Equity	13%	11%	32%	5%	8%	3%
Real Assets	2%	4%	2%	7%	3%	(7%)	3%	0%	0%	0%	(12%)	3%		Real Assets	(3%)	18%	19%	5%	3%	(10%)
Global Credit	0%	1%	2%	3%	1%	(2%)	5%	1%	(2%)	(1%)	(21%)	8%		Global Credit	(8%)	(11%)	11%	5%	1%	(13%)
Investment Solutions	3%	3%	4%	8%	5%	2%	3%	4%	7%	1%	1%	(6%)		Investment Solutions	23%	12%	10%	19%	15%	(4%)
	1,497	1,717	1,790	1,969	1,912	1,681	1,828	1,915	1,777	1,720	1,201	1,783			1,315	1,071	1,717	1,681	1,720	1,783
Net Accrued Perf Revenue ($ mm		Net Accrued Perf Revenue ($ mm
Corporate Private Equity	967	1,140	1,189	1,268	1,215	1,069	1,125	1,168	1,114	1,139	776	1,400		Corporate Private Equity	1,145	706	1,140	1,069	1,139	1,400
Real Assets	423	476	485	580	570	475	548	582	496	405	286	262		Real Assets	90	285	476	475	405	262
Global Credit	44	27	29	34	34	56	72	69	70	75	29	38		Global Credit	35	35	27	56	75	38
Investment Solutions	63	74	87	87	93	81	84	97	97	101	110	84		Investment Solutions	45	45	74	81	101	84

Note: Segments and annual amounts may not sum due to rounding. Total AUM, Fee-earning AUM and Net Accrued Performance Revenue as of period end.

Total AUM refers to the assets we manage or advise. Fee-earning AUM refers to the assets we manage or advise from which we derive recurring fund management fees. Fundraising excludes acquisitions; funds denominated in a currency other than U.S. Dollars have been converted at the spot rate as of the date of closing of such commitment. Invested Capital and Realized Proceeds represent carry funds only (including related coinvestments and separately managed accounts); for purposes of aggregation, transactions denominated in a currency other than U.S. Dollars have been converted at the average rate for the period presented. Fund Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total return basis before fees and expenses; fund only, does not include coinvestment; the percentage of return is calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining

investment fair market value.

For detailed definitions of the operating metrics above, please see The Carlyle Group Inc.'s filings with the U.S. Securities and Exchange Commission.

Data by Quarter: 3Q'17 to 2Q'20

Carlyle Total Segment Results by Quarter: 3Q'17 to 2Q'20

(Dollars in millions, except per share amounts)		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20
SEGMENT REVENUES
Fund management fees	$	278.4	$	289.8	$	287.5	$	328.1	$	355.2	$	391.0	$	381.6	$	414.5	$	384.6	$	390.2	$	381.5	$	386.4
Portfolio advisory fees, net and other		7.5		7.7		9.7		5.6		9.8		6.0		5.5		5.3		5.3		6.1		6.3		4.1
Transaction fees, net		6.1		11.9		3.0		3.8		-		25.3		4.5		9.6		5.8		11.4		0.5		14.2
Total segment fee revenues	$	292.0	$	309.4	$	300.2	$	337.5	$	365.0	$	422.3	$	391.6	$	429.4	$	395.7	$	407.7	$	388.3	$	404.7
Realized performance revenues		411.0		238.6		211.0		99.5		260.2		111.7		49.2		41.9		118.3		164.9		171.6		152.2
Realized principal investment income (loss)3		(53.4)		22.4		18.7		17.7		7.0		4.7		4.1		73.9		7.3		1.7		15.9		22.1
Interest income		5.4		5.5		6.7		7.9		9.1		6.7		6.0		5.5		6.5		6.4		5.3		3.2
Total Segment Revenues	$	655.0	$	575.9	$	536.6	$	462.6	$	641.3	$	545.4	$	450.9	$	550.7	$	527.8	$	580.7	$	581.1	$	582.2
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	177.3	$	180.4	$	189.1	$	172.3	$	186.4	$	192.9	$	202.3	$	207.1	$	194.1	$	188.6	$	203.8	$	210.1
Realized performance revenues related		194.1		120.3		107.9		49.9		136.3		68.6		42.2		21.1		60.6		86.3		123.4		81.3
Total compensation and benefits4	$	371.4	$	300.7	$	297.0	$	222.2	$	322.7	$	261.5	$	244.5	$	228.2	$	254.7	$	274.3	$	327.2	$	291.4
General, administrative and other expenses		(1.5)		94.4		74.8		98.9		80.9		44.2		75.7		80.0		81.0		94.6		48.3		58.1
Depreciation and amortization expense		8.2		7.9		8.1		8.5		8.7		9.8		10.3		9.6		11.8		16.5		7.4		9.2
Interest expense		17.0		17.1		17.8		18.5		19.0		19.4		19.6		19.5		19.6		23.0		23.2		25.1
Total Segment Expenses	$	395.1	$	420.1	$	397.7	$	348.1	$	431.3	$	334.9	$	350.1	$	337.3	$	367.1	$	409.0	$	406.1	$	383.8
Total Segment Revenues	$	655.0	$	575.9	$	536.6	$	462.6	$	641.3	$	545.4	$	450.9	$	550.7	$	527.8	$	580.7	$	581.1	$	582.2
Total Segment Expenses		395.1		420.1		397.7		348.1		431.3		334.9		350.1		337.3		367.1		409.0		406.1		383.8
(=) Distributable Earnings	$	259.9	$	155.8	$	138.9	$	114.5	$	210.0	$	210.5	$	100.8	$	213.4	$	160.7	$	171.7	$	175.0	$	198.4
(-) Realized Net Performance Revenues		216.9		118.3		103.1		49.6		123.9		43.1		7.0		20.8		57.7		78.6		48.2		70.9
(-) Realized Principal Investment Income (Loss)		(53.4)		22.4		18.7		17.7		7.0		4.7		4.1		73.9		7.3		1.7		15.9		22.1
(+) Net Interest		11.6		11.6		11.1		10.6		9.9		12.7		13.6		14.0		13.1		16.6		17.9		21.9
(=) Fee Related Earnings	$	108.0	$	26.7	$	28.2	$	57.8	$	89.0	$	175.4	$	103.3	$	132.7	$	108.8	$	108.0	$	128.8	$	127.3
After-tax Distributable Earnings, per common share1	$	0.75	$	0.44	$	0.36	$	0.29	$	0.56	$	0.57	$	0.25	$	0.57	$	0.41	$	0.47	$	0.48	$	0.53
Distribution per common share2	$	0.56	$	0.33	$	0.27	$	0.22	$	0.42	$	0.43	$	0.19	$	0.43	$	0.31	$	0.25	$	0.25	$	0.25

Corporate Private Equity Segment Results by Quarter: 3Q'17 to 2Q'20

(Dollars in millions, except per share amounts)		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20
SEGMENT REVENUES
Fund management fees	$	118.3	$	119.3	$	114.1	$	148.0	$	175.8	$	196.2	$	190.0	$	190.3	$	192.2	$	195.3	$	188.5	$	187.7
Portfolio advisory fees, net and other		5.2		5.1		6.3		3.4		7.6		3.8		3.5		3.6		4.3		4.4		3.7		2.5
Transaction fees, net		5.3		8.2		0.3		3.6		-		22.8		0.3		7.4		4.4		0.6		0.2		0.3
Total segment fee revenues	$	128.8	$	132.6	$	120.7	$	155.0	$	183.4	$	222.8	$	193.8	$	201.3	$	200.9	$	200.3	$	192.4	$	190.5
Realized performance revenues		345.4		162.7		188.0		52.0		143.6		32.3		23.4		11.2		33.3		53.8		53.6		40.5
Realized principal investment income (loss)		6.5		9.8		7.9		12.3		4.2		2.2		(2.3)		1.0		1.8		(3.8)		9.6		14.8
Interest income		1.8		1.8		2.0		2.5		3.0		1.8		1.2		1.2		1.7		1.9		1.2		0.3
Total Segment Revenues	$	482.5	$	306.9	$	318.6	$	221.8	$	334.2	$	259.1	$	216.1	$	214.7	$	237.7	$	252.2	$	256.8	$	246.1
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	83.6	$	110.3	$	97.2	$	90.5	$	93.9	$	91.6	$	96.7	$	101.1	$	92.6	$	81.3	$	94.2	$	94.8
Realized performance revenues related		147.7		77.5		90.7		24.0		66.1		14.5		10.4		5.4		14.9		24.0		24.3		18.2
Total compensation and benefits	$	231.3	$	187.8	$	187.9	$	114.5	$	160.0	$	106.1	$	107.1	$	106.5	$	107.5	$	105.3	$	118.5	$	113.0
General, administrative and other expenses		33.0		35.9		32.9		56.5		41.1		37.1		34.1		33.3		34.8		38.6		17.5		22.7
Depreciation and amortization expense		4.1		3.8		4.0		4.2		4.3		4.8		4.9		4.5		5.7		8.0		3.4		4.4
Interest expense		7.0		6.8		7.0		7.1		7.5		8.3		7.9		7.9		8.0		9.8		10.0		10.2
Total Segment Expenses	$	275.4	$	234.3	$	231.8	$	182.3	$	212.9	$	156.3	$	154.0	$	152.2	$	156.0	$	161.7	$	149.4	$	150.3
Total Segment Revenues	$	482.5	$	306.9	$	318.6	$	221.8	$	334.2	$	259.1	$	216.1	$	214.7	$	237.7	$	252.2	$	256.8	$	246.1
Total Segment Expenses		275.4		234.3		231.8		182.3		212.9		156.3		154.0		152.2		156.0		161.7		149.4		150.3
(=) Distributable Earnings	$	207.1	$	72.6	$	86.8	$	39.5	$	121.3	$	102.8	$	62.1	$	62.5	$	81.7	$	90.5	$	107.4	$	95.8
(-) Realized Net Performance Revenues		197.7		85.2		97.3		28.0		77.5		17.8		13.0		5.8		18.4		29.8		29.3		22.3
(-) Realized Principal Investment Income (Loss)		6.5		9.8		7.9		12.3		4.2		2.2		(2.3)		1.0		1.8		(3.8)		9.6		14.8
(+) Net Interest		5.2		5.0		5.0		4.6		4.5		6.5		6.7		6.7		6.3		7.9		8.8		9.9
(=) Fee Related Earnings	$	8.1	$	(17.4)	$	(13.4)	$	3.8	$	44.1	$	89.3	$	58.1	$	62.4	$	67.8	$	72.4	$	77.3	$	68.6

Real Assets Segment Results by Quarter: 3Q'17 to 2Q'20

(Dollars in millions, except per share amounts)		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20
SEGMENT REVENUES
Fund management fees	$	71.4	$	78.0	$	74.4	$	78.7	$	76.3	$	88.5	$	77.4	$	105.8	$	78.1	$	77.5	$	80.2	$	74.8
Portfolio advisory fees, net and other		1.0		1.1		1.5		1.1		0.9		1.0		0.9		0.5		(0.1)		0.4		0.3		0.3
Transaction fees, net		0.8		3.7		2.7		0.1		-		1.6		2.4		-		-		6.3		-		-
Total segment fee revenues	$	73.2	$	82.8	$	78.6	$	79.9	$	77.2	$	91.1	$	80.7	$	106.3	$	78.0	$	84.2	$	80.5	$	75.1
Realized performance revenues		20.4		18.4		7.8		33.6		73.7		35.2		4.9		24.6		65.0		85.6		11.6		75.5
Realized principal investment income (loss)		(64.6)		9.2		8.2		3.1		0.6		1.6		1.6		70.1		3.9		1.0		0.6		1.5
Interest income		1.0		1.0		0.9		1.2		1.5		0.8		0.5		0.7		0.8		0.7		0.6		0.2
Total Segment Revenues	$	30.0	$	111.4	$	95.5	$	117.8	$	153.0	$	128.7	$	87.7	$	201.7	$	147.7	$	171.5	$	93.3	$	152.3
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	39.3	$	20.9	$	34.7	$	29.3	$	33.7	$	37.4	$	35.8	$	34.0	$	33.1	$	36.0	$	35.5	$	35.8
Realized performance revenues related		9.2		8.2		4.0		15.0		31.8		15.8		12.0		11.2		29.2		38.1		5.4		33.6
Total compensation and benefits	$	48.5	$	29.1	$	38.7	$	44.3	$	65.5	$	53.2	$	47.8	$	45.2	$	62.3	$	74.1	$	40.9	$	69.4
General, administrative and other expenses		16.3		25.9		18.1		15.9		15.5		14.6		16.8		17.0		16.7		23.9		19.7		14.9
Depreciation and amortization expense		1.9		1.8		1.6		1.6		1.7		1.9		1.9		1.8		2.2		3.1		1.4		1.7
Interest expense		4.2		4.3		3.9		4.1		4.1		3.2		3.1		3.1		3.2		3.8		3.9		5.6
Total Segment Expenses	$	70.9	$	61.1	$	62.3	$	65.9	$	86.8	$	72.9	$	69.6	$	67.1	$	84.4	$	104.9	$	65.9	$	91.6
Total Segment Revenues	$	30.0	$	111.4	$	95.5	$	117.8	$	153.0	$	128.7	$	87.7	$	201.7	$	147.7	$	171.5	$	93.3	$	152.3
Total Segment Expenses		70.9		61.1		62.3		65.9		86.8		72.9		69.6		67.1		84.4		104.9		65.9		91.6
(=) Distributable Earnings	$	(40.9)	$	50.3	$	33.2	$	51.9	$	66.2	$	55.8	$	18.1	$	134.6	$	63.3	$	66.6	$	27.4	$	60.7
(-) Realized Net Performance Revenues		11.2		10.2		3.8		18.6		41.9		19.4		(7.1)		13.4		35.8		47.5		6.2		41.9
(-) Realized Principal Investment Income (Loss)		(64.6)		9.2		8.2		3.1		0.6		1.6		1.6		70.1		3.9		1.0		0.6		1.5
(+) Net Interest		3.2		3.3		3.0		2.9		2.6		2.4		2.6		2.4		2.4		3.1		3.3		5.4
(=) Fee Related Earnings	$	15.7	$	34.2	$	24.2	$	33.1	$	26.3	$	37.2	$	26.2	$	53.5	$	26.0	$	21.2	$	23.9	$	22.7

Global Credit Segment Results by Quarter: 3Q'17 to 2Q'20

(Dollars in millions, except per share amounts)		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20
SEGMENT REVENUES
Fund management fees	$	47.6	$	50.7	$	58.7	$	59.8	$	60.4	$	64.1	$	74.8	$	79.2	$	75.6	$	77.6	$	73.0	$	78.3
Portfolio advisory fees, net and other		1.2		1.4		1.7		1.0		1.2		1.2		1.1		1.2		1.1		1.3		2.3		1.3
Transaction fees, net		-		-		-		0.1		-		0.9		1.8		2.2		1.4		4.5		0.3		13.9
Total segment fee revenues	$	48.8	$	52.1	$	60.4	$	60.9	$	61.6	$	66.2	$	77.7	$	82.6	$	78.1	$	83.4	$	75.6	$	93.5
Realized performance revenues		15.0		37.6		1.1		4.7		0.1		3.9		-		0.1		0.9		0.8		21.0		5.5
Realized principal investment income (loss)		4.7		3.3		2.5		2.4		2.2		0.8		4.6		1.4		2.2		3.8		5.1		5.3
Interest income		2.0		2.5		3.3		3.9		4.2		3.9		3.8		3.4		3.6		3.4		3.1		2.6
Total Segment Revenues	$	70.5	$	95.5	$	67.3	$	71.9	$	68.1	$	74.8	$	86.1	$	87.5	$	84.8	$	91.4	$	104.8	$	106.9
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	29.7	$	28.3	$	34.0	$	30.5	$	36.6	$	39.3	$	46.6	$	49.5	$	43.9	$	45.2	$	49.1	$	54.5
Realized performance revenues related		7.3		16.8		0.6		2.1		-		1.8		-		-		-		0.4		9.7		2.5
Total compensation and benefits	$	37.0	$	45.1	$	34.6	$	32.6	$	36.6	$	41.1	$	46.6	$	49.5	$	43.9	$	45.6	$	58.8	$	57.0
General, administrative and other expenses		(59.5)		21.9		15.8		17.3		14.2		(16.8)		16.5		20.5		20.9		21.0		5.6		13.1
Depreciation and amortization expense		1.3		1.3		1.4		1.6		1.5		1.8		2.1		2.0		2.4		3.4		1.6		1.8
Interest expense		4.2		4.5		5.3		5.8		5.8		6.0		6.7		6.7		6.5		7.1		7.0		6.9
Total Segment Expenses	$	(17.0)	$	72.8	$	57.1	$	57.3	$	58.1	$	32.1	$	71.9	$	78.7	$	73.7	$	77.1	$	73.0	$	78.8
Total Segment Revenues	$	70.5	$	95.5	$	67.3	$	71.9	$	68.1	$	74.8	$	86.1	$	87.5	$	84.8	$	91.4	$	104.8	$	106.9
Total Segment Expenses		(17.0)		72.8		57.1		57.3		58.1		32.1		71.9		78.7		73.7		77.1		73.0		78.8
(=) Distributable Earnings	$	87.5	$	22.7	$	10.2	$	14.6	$	10.0	$	42.7	$	14.2	$	8.8	$	11.1	$	14.3	$	31.8	$	28.1
(-) Realized Net Performance Revenues		7.7		20.8		0.5		2.6		0.1		2.1		-		0.1		0.9		0.4		11.3		3.0
(-) Realized Principal Investment Income (Loss)		4.7		3.3		2.5		2.4		2.2		0.8		4.6		1.4		2.2		3.8		5.1		5.3
(+) Net Interest		2.2		2.0		2.0		1.9		1.6		2.1		2.9		3.3		2.9		3.7		3.9		4.3
(=) Fee Related Earnings	$	77.3	$	0.6	$	9.2	$	11.5	$	9.3	$	41.9	$	12.5	$	10.6	$	10.9	$	13.8	$	19.3	$	24.1

Investment Solutions Segment Results by Quarter: 3Q'17 to 2Q'20

(Dollars in millions, except per share amounts)		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20
SEGMENT REVENUES
Fund management fees	$	41.1	$	41.8	$	40.3	$	41.6	$	42.7	$	42.2	$	39.4	$	39.2	$	38.7	$	39.8	$	39.8	$	45.6
Portfolio advisory fees, net and other		0.1		0.1		0.2		0.1		0.1		-		-		-		-		-		-		-
Transaction fees, net		-		-		-		-		-		-		-		-		-		-		-		-
Total segment fee revenues	$	41.2	$	41.9	$	40.5	$	41.7	$	42.8	$	42.2	$	39.4	$	39.2	$	38.7	$	39.8	$	39.8	$	45.6
Realized performance revenues		30.2		19.9		14.1		9.2		42.8		40.3		20.9		6.0		19.1		24.7		85.4		30.7
Realized principal investment income (loss)		-		0.1		0.1		(0.1)		-		0.1		0.2		1.4		(0.6)		0.7		0.6		0.5
Interest income		0.6		0.2		0.5		0.3		0.4		0.2		0.5		0.2		0.4		0.4		0.4		0.1
Total Segment Revenues	$	72.0	$	62.1	$	55.2	$	51.1	$	86.0	$	82.8	$	61.0	$	46.8	$	57.6	$	65.6	$	126.2	$	76.9
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	24.7	$	20.9	$	23.2	$	22.0	$	22.2	$	24.6	$	23.2	$	22.5	$	24.5	$	26.1	$	25.0	$	25.0
Realized performance revenues related		29.9		17.8		12.6		8.8		38.4		36.5		19.8		4.5		16.5		23.8		84.0		27.0
Total compensation and benefits	$	54.6	$	38.7	$	35.8	$	30.8	$	60.6	$	61.1	$	43.0	$	27.0	$	41.0	$	49.9	$	109.0	$	52.0
General, administrative and other expenses		8.7		10.7		8.0		9.2		10.1		9.3		8.3		9.2		8.6		11.1		5.5		7.4
Depreciation and amortization expense		0.9		1.0		1.1		1.1		1.2		1.3		1.4		1.3		1.5		2.0		1.0		1.3
Interest expense		1.6		1.5		1.6		1.5		1.6		1.9		1.9		1.8		1.9		2.3		2.3		2.4
Total Segment Expenses	$	65.8	$	51.9	$	46.5	$	42.6	$	73.5	$	73.6	$	54.6	$	39.3	$	53.0	$	65.3	$	117.8	$	63.1
Total Segment Revenues	$	72.0	$	62.1	$	55.2	$	51.1	$	86.0	$	82.8	$	61.0	$	46.8	$	57.6	$	65.6	$	126.2	$	76.9
Total Segment Expenses		65.8		51.9		46.5		42.6		73.5		73.6		54.6		39.3		53.0		65.3		117.8		63.1
(=) Distributable Earnings	$	6.2	$	10.2	$	8.7	$	8.5	$	12.5	$	9.2	$	6.4	$	7.5	$	4.6	$	0.3	$	8.4	$	13.8
(-) Realized Net Performance Revenues		0.3		2.1		1.5		0.4		4.4		3.8		1.1		1.5		2.6		0.9		1.4		3.7
(-) Realized Principal Investment Income (Loss)		-		0.1		0.1		(0.1)		-		0.1		0.2		1.4		(0.6)		0.7		0.6		0.5
(+) Net Interest		1.0		1.3		1.1		1.2		1.2		1.7		1.4		1.6		1.5		1.9		1.9		2.3
(=) Fee Related Earnings	$	6.9	$	9.3	$	8.2	$	9.4	$	9.3	$	7.0	$	6.5	$	6.2	$	4.1	$	0.6	$	8.3	$	11.9

Data by Year: FY'15 to YTD 2Q'20

Carlyle Total Segment Results by Year: FY'15 to YTD 2Q'20

(Dollars in millions, except per share amounts)		FY'15		FY'16		FY'17		FY'18		FY'19		YTD 2Q'20
SEGMENT REVENUES
Fund management fees	$	1,197.9	$	1,085.8	$	1,081.0	$	1,361.8	$	1,570.9	$	767.9
Portfolio advisory fees, net and other		32.6		29.4		32.1		31.1		22.2		10.4
Transaction fees, net		9.8		31.2		26.9		32.1		31.3		14.7
Total segment fee revenues	$	1,240.3	$	1,146.4	$	1,140.0	$	1,425.0	$	1,624.4	$	793.0
Realized performance revenues		1,434.8		1,215.8		1,085.3		682.4		374.3		323.8
Realized principal investment income (loss)		(64.8)		44.9		(25.8)		48.1		87.0		38.0
Interest income		4.8		10.2		16.7		30.4		24.4		8.5
Total Segment Revenues
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	649.8	$	601.3	$	658.0	$	740.7	$	792.1	$	413.9
Realized performance revenues related		646.3		590.5		532.7		362.7		210.2		204.7
Total compensation and benefits
General, administrative and other expenses		312.8		483.5		258.9		298.8		331.3		106.4
Depreciation and amortization expense		25.6		29.0		31.1		35.1		48.2		16.6
Interest expense		58.1		61.3		65.5		74.7		81.7		48.3
Total Segment Expenses	$	1,692.6	$	1,765.6	$	1,546.2	$	1,512.0	$	1,463.5	$	789.9
Total Segment Revenues	$	2,615.1	$	2,417.3	$	2,216.2	$	2,185.9	$	2,110.1	$	1,163.3
Total Segment Expenses		1,692.6		1,765.6		1,546.2		1,512.0		1,463.5		789.9
(=) Distributable Earnings	$	922.5	$	651.7	$	670.0	$	673.9	$	646.6	$	373.4
(-) Realized Net Performance Revenues		788.5		625.3		552.6		319.7		164.1		119.1
(-) Realized Principal Investment Income (Loss)		(64.8)		44.9		(25.8)		48.1		87.0		38.0
(+) Net Interest		53.3		51.1		48.8		44.3		57.3		39.8
(=) Fee Related Earnings	$	252.1	$	32.6	$	192.0	$	350.4	$	452.8	$	256.1
After-tax Distributable Earnings, per common share	$	2.73	$	1.85		1.88	$	1.78	$	1.70	$	1.01
Distribution per common share	$	2.07	$	1.55		1.41	$	1.34	$	1.18	$	0.50

Corporate Private Equity Segment Results by Year: FY'15 to YTD 2Q'20

(Dollars in millions, except per share amounts)		FY'15		FY'16		FY'17		FY'18		FY'19		YTD 2Q'20
SEGMENT REVENUES
Fund management fees	$	577.4	$	498.9	$	471.0	$	634.1	$	767.8	$	376.2
Portfolio advisory fees, net and other		24.1		20.5		21.2		21.1		15.8		6.2
Transaction fees, net		7.7		31.2		22.4		26.7		12.7		0.5
Total segment fee revenues	$	609.2	$	550.6	$	514.6	$	681.9	$	796.3	$	382.9
Realized performance revenues		1,209.5		1,060.5		831.5		415.9		121.7		94.1
Realized principal investment income (loss)		23.3		60.3		25.4		26.6		(3.3)		24.4
Interest income		1.5		3.4		5.5		9.3		6.0		1.5
Total Segment Revenues
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	315.7	$	289.6	$	340.7	$	373.2	$	371.7	$	189.0
Realized performance revenues related		540.9		472.1		372.9		195.3		54.7		42.5
Total compensation and benefits
General, administrative and other expenses		145.6		131.9		132.3		167.6		140.8		40.2
Depreciation and amortization expense		12.5		13.6		15.3		17.3		23.1		7.8
Interest expense		30.8		28.2		27.9		29.9		33.6		20.2
Total Segment Expenses	$	1,045.5	$	935.4	$	889.1	$	783.3	$	623.9	$	299.7
Total Segment Revenues	$	1,843.5	$	1,674.8	$	1,377.0	$	1,133.7	$	920.7	$	502.9
Total Segment Expenses		1,045.5		935.4		889.1		783.3		623.9		299.7
(=) Distributable Earnings	$	798.0	$	739.4	$	487.9	$	350.4	$	296.8	$	203.2
(-) Realized Net Performance Revenues		668.6		588.4		458.6		220.6		67.0		51.6
(-) Realized Principal Investment Income (Loss)		23.3		60.3		25.4		26.6		(3.3)		24.4
(+) Net Interest		29.3		24.8		22.4		20.6		27.6		18.7
(=) Fee Related Earnings	$	135.4	$	115.5	$	26.3	$	123.8	$	260.7	$	145.9

Real Assets Segment Results by Year: FY'15 to YTD 2Q'20

(Dollars in millions, except per share amounts)		FY'15		FY'16		FY'17		FY'18		FY'19		YTD 2Q'20
SEGMENT REVENUES
Fund management fees	$	255.9	$	251.1	$	263.6	$	317.9	$	338.8	$	155.0
Portfolio advisory fees, net and other		3.0		1.8		3.0		4.5		1.7		0.6
Transaction fees, net		2.1		-		4.5		4.4		8.7		-
Total segment fee revenues	$	261.0	$	252.9	$	271.1	$	326.8	$	349.2	$	155.6
Realized performance revenues		163.2		53.1		92.0		150.3		180.1		87.1
Realized principal investment income (loss)		(93.6)		(20.6)		(63.2)		13.5		76.6		2.1
Interest income		0.3		1.7		3.0		4.4		2.7		0.8
Total Segment Revenues
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	109.3	$	111.2	$	128.1	$	135.1	$	138.9	$	71.3
Realized performance revenues related		68.5		37.6		41.6		66.6		90.5		39.0
Total compensation and benefits
General, administrative and other expenses		65.4		67.1		84.3		64.1		74.4		34.6
Depreciation and amortization expense		4.3		5.9		7.1		6.8		9.0		3.1
Interest expense		10.6		16.0		17.0		15.3		13.2		9.5
Total Segment Expenses	$	258.1	$	237.8	$	278.1	$	287.9	$	326.0	$	157.5
Total Segment Revenues	$	330.9	$	287.1	$	302.9	$	495.0	$	608.6	$	245.6
Total Segment Expenses		258.1		237.8		278.1		287.9		326.0		157.5
(=) Distributable Earnings	$	72.8	$	49.3	$	24.8	$	207.1	$	282.6	$	88.1
(-) Realized Net Performance Revenues		94.7		15.5		50.4		83.7		89.6		48.1
(-) Realized Principal Investment Income (Loss)		(93.6)		(20.6)		(63.2)		13.5		76.6		2.1
(+) Net Interest		10.3		14.3		14.0		10.9		10.5		8.7
(=) Fee Related Earnings	$	82.0	$	68.7	$	51.6	$	120.8	$	126.9	$	46.6

Global Credit Segment Results by Year: FY'15 to YTD 2Q'20

(Dollars in millions, except per share amounts)		FY'15		FY'16		FY'17		FY'18		FY'19		YTD 2Q'20
SEGMENT REVENUES
Fund management fees	$	210.7	$	195.5	$	191.5	$	243.0	$	307.2	$	151.3
Portfolio advisory fees, net and other		4.6		5.8		7.5		5.1		4.7		3.6
Transaction fees, net		-		-		-		1.0		9.9		14.2
Total segment fee revenues	$	215.3	$	201.3	$	199.0	$	249.1	$	321.8	$	169.1
Realized performance revenues		38.0		36.6		75.4		9.8		1.8		26.5
Realized principal investment income (loss)		5.4		5.1		11.9		7.9		12.0		10.4
Interest income		2.8		4.7		7.1		15.3		14.2		5.7
Total Segment Revenues
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	129.5	$	120.0	$	104.5	$	140.4	$	185.2	$	103.6
Realized performance revenues related		16.6		17.6		35.0		4.5		0.4		12.2
Total compensation and benefits
General, administrative and other expenses		60.8		250.0		7.4		30.5		78.9		18.7
Depreciation and amortization expense		5.0		6.2		5.1		6.3		9.9		3.4
Interest expense		10.8		11.3		14.5		22.9		27.0		13.9
Total Segment Expenses	$	222.7	$	405.1	$	166.5	$	204.6	$	301.4	$	151.8
Total Segment Revenues	$	261.5	$	247.7	$	293.4	$	282.1	$	349.8	$	211.7
Total Segment Expenses		222.7		405.1		166.5		204.6		301.4		151.8
(=) Distributable Earnings	$	38.8	$	(157.4)	$	126.9	$	77.5	$	48.4	$	59.9
(-) Realized Net Performance Revenues		21.4		19.0		40.4		5.3		1.4		14.3
(-) Realized Principal Investment Income (Loss)		5.4		5.1		11.9		7.9		12.0		10.4
(+) Net Interest		8.0		6.6		7.4		7.6		12.8		8.2
(=) Fee Related Earnings	$	20.0	$	(174.9)	$	82.0	$	71.9	$	47.8	$	43.4

Investment Solutions Segment Results by Year: FY'15 to YTD 2Q'20

(Dollars in millions, except per share amounts)		FY'15		FY'16		FY'17		FY'18		FY'19		YTD 2Q'20
SEGMENT REVENUES
Fund management fees	$	153.9	$	140.3	$	154.9	$	166.8	$	157.1	$	85.4
Portfolio advisory fees, net and other		0.9		1.3		0.4		0.4		-		-
Transaction fees, net		-		-		-		-		-		-
Total segment fee revenues	$	154.8	$	141.6	$	155.3	$	167.2	$	157.1	$	85.4
Realized performance revenues		24.1		65.6		86.4		106.4		70.7		116.1
Realized principal investment income (loss)		0.1		0.1		0.1		0.1		1.7		1.1
Interest income		0.2		0.4		1.1		1.4		1.5		0.5
Total Segment Revenues
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	95.3	$	80.5	$	84.7	$	92.0	$	96.3	$	50.0
Realized performance revenues related		20.3		63.2		83.2		96.3		64.6		111.0
Total compensation and benefits
General, administrative and other expenses		41.0		34.5		34.9		36.6		37.2		12.9
Depreciation and amortization expense		3.8		3.3		3.6		4.7		6.2		2.3
Interest expense		5.9		5.8		6.1		6.6		7.9		4.7
Total Segment Expenses	$	166.3	$	187.3	$	212.5	$	236.2	$	212.2	$	180.9
Total Segment Revenues	$	179.2	$	207.7	$	242.9	$	275.1	$	231.0	$	203.1
Total Segment Expenses		166.3		187.3		212.5		236.2		212.2		180.9
(=) Distributable Earnings	$	12.9	$	20.4	$	30.4	$	38.9	$	18.8	$	22.2
(-) Realized Net Performance Revenues		3.8		2.4		3.2		10.1		6.1		5.1
(-) Realized Principal Investment Income (Loss)		0.1		0.1		0.1		0.1		1.7		1.1
(+) Net Interest		5.7		5.4		5.0		5.2		6.4		4.2
(=) Fee Related Earnings	$	14.7	$	23.3	$	32.1	$	33.9	$	17.4	$	20.2

U.S. GAAP Results: by Quarter 3Q'17 to 2Q'20, by Year FY'15 to YTD 2Q'20

Carlyle U.S. GAAP Results by Quarter: 3Q'17 to 2Q'20

(Dollars in millions, except per share amounts)		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20
REVENUES
Fund management fees	$	262.5	$	279.3	$	264.5	$	301.3	$	328.8	$	377.4	$	353.4	$	390.9	$	359.5	$	372.4	$	355.9	$	371.8
Incentive fees		10.4		8.2		6.3		7.4		6.8		9.7		8.1		8.8		9.9		9.1		8.9		9.0
Investment income (loss), including performance allocations		312.4		664.4		362.2		503.3		258.6		(314.9)		650.9		589.6		324.6		3.3		(1,190.9)		679.2
Revenue from consolidated entities		44.7		45.1		47.3		53.6		60.5		53.1		52.4		45.8		51.3		49.7		53.0		55.2
All other revenues		9.9		10.8		22.5		28.0		24.4		26.4		22.2		26.0		23.3		25.8		27.4		15.8
Total Revenues	$	639.9	$	1,007.8	$	702.8	$	893.6	$	679.1	$	151.7	$	1,087.0	$	1,061.1	$	768.6	$	460.3	$	(745.7)	$	1,131.0
EXPENSES
Cash-based compensation and benefits	$	174.1	$	181.6	$	187.3	$	176.0	$	186.6	$	196.8	$	210.5	$	221.4	$	200.0	$	201.5	$	204.3	$	212.5
Equity-based compensation		81.0		78.5		84.9		64.9		49.7		40.4		36.0		35.2		36.6		32.2		29.1		30.5
Performance allocations and incentive fee related compensation		137.6		276.5		158.0		222.0		146.0		(149.7)		185.4		113.6		92.6		45.1		(442.5)		535.6
General, administrative and other expenses		(18.7)		105.9		95.0		126.8		166.2		72.7		112.5		110.7		121.7		145.9		69.6		80.2
Expenses from consolidated funds		101.7		36.7		35.9		45.3		40.5		42.9		38.1		27.5		34.1		35.7		45.6		39.3
Interest and other non-operating expenses (income)		16.9		(54.4)		18.2		18.7		26.6		19.8		20.0		19.9		20.3		23.2		24.1		26.4
Total Expenses	$	492.6	$	624.8	$	579.3	$	653.7	$	615.6	$	222.9	$	602.5	$	528.3	$	505.3	$	483.6	$	(69.8)	$	924.5
Net investment gains (losses) of consolidated funds	$	18.6	$	12.0	$	2.0	$	12.9	$	(2.9)	$	(7.5)	$	(14.2)	$	9.2	$	(1.9)	$	(17.0)	$	(113.1)	$	50.3
Income (loss) before provision for income taxes1		165.9		395.0		125.5		252.8		60.6		(78.7)		470.3		542.0		261.4		(40.3)		(789.0)		256.8
Provision (benefit) for income taxes		(1.3)		107.2		7.8		11.6		17.4		(5.5)		24.0		15.5		9.4		0.1		(80.0)		52.3
Net income (loss)		167.2		287.8		117.7		241.2		43.2		(73.2)		446.3		526.5		252.0		(40.4)		(709.0)		204.5
Net income (loss) attributable to non-controlling interests in consolidated		27.6		25.1		11.0		16.7		14.5		(8.3)		(4.5)		39.8		10.5		(9.2)		(97.0)		58.6
Net income (loss) attributable to Carlyle Holdings		139.6		262.7		106.7		224.5		28.7		(64.9)		450.8		486.7		241.5		(31.2)		(612.0)		145.9
Net income (loss) attributable to non-controlling interests in Carlyle Holdings		95.0		203.8		67.0		155.1		11.2		(54.8)		307.9		332.6		149.3		(22.9)		-		-
Net income (loss) attributable to The Carlyle Group Inc.		44.6		58.9		39.7		69.4		17.5		(10.1)		142.9		154.1		92.2		(8.3)		(612.0)		145.9
Net income attributable to Series A Preferred Unitholders		-		6.0		5.9		5.9		5.9		5.9		5.9		5.9		7.3		-		-		-
Series A Preferred Units redemption premium		-		-		-		-		-		-		-		-		16.5		-		-		-
Net income (loss) attributable to The Carlyle Group Inc. Common Stockholders	$	44.6	$	52.9	$	33.8	$	63.5	$	11.6	$	(16.0)	$	137.0	$	148.2	$	68.4	$	(8.3)	$	(612.0)	$	145.9
Net income (loss) attributable to The Carlyle Group Inc. per common share
Basic	$	0.47	$	0.53	$	0.34	$	0.62	$	0.11	$	(0.15)	$	1.25	$	1.34	$	0.60	$	(0.07)	$	(1.76)	$	0.42
Diluted	$	0.43	$	0.49	$	0.30	$	0.56	$	0.10	$	(0.15)	$	1.18	$	1.23	$	0.55	$	(0.08)	$	(1.76)	$	0.41
Income (loss) before provision for taxes margin2		25.9%		39.2%		17.9%		28.3%		8.9%		(51.9%)		43.3%		51.1%		34.0%		(8.8%)		105.8%		22.7%

Note: Our U.S. GAAP results for Q2 2020 include a loss in principal investment income (loss) of ($621) million related to the closing of the transaction in which a Carlyle-affiliated investment fund purchased additional interests in Fortitude from AIG. The loss is driven by the contribution of our existing 19.9% investment in Fortitude into the fund, and the subsequent accounting for our investment based on the net asset value of our limited partnership interest in the fund instead of a direct interest in Fortitude. This loss is more than offset by additional accrued performance allocations of $1,192 million recognized as a result of the appreciation in our funds during the quarter.

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 the business. In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended June 30, 2020 and furnished to the SEC on July 30, 2020, a full reconciliation is included starting on page 29. In that document, see "Non-GAAP Financial Information and Other Key Terms" for additional information.
2. Income (loss) before provision for taxes margin is equal to Income (loss) before provision for taxes, divided by Total Revenues.

Carlyle U.S. GAAP Results by Year: FY'15 to YTD 2Q'20

(Dollars in millions, except per share amounts)		FY'15		FY'16		FY'17		FY'18		FY'19		YTD 2Q'20
REVENUES
Fund management fees	$	1,085.2	$	1,076.1	$	1,026.9	$	1,272.0	$	1,476.2	$	727.7
Incentive fees		22.7		36.4		35.3		30.2		35.9		17.9
Investment income, including performance allocations		817.4		875.9		2,290.6		809.2		1,568.4		(511.7)
Revenue from consolidated entities		1,062.3		262.0		286.7		214.5		199.2		108.2
All other revenues		18.6		23.9		36.7		101.3		97.3		43.2
Total Revenues	$	3,006.2	$	2,274.3	$	3,676.2	$	2,427.2	$	3,377.0	$	385.3
EXPENSES
Cash-based compensation and benefits	$	632.2	$	647.1	$	652.7	$	746.7	$	833.4	$	416.8
Equity-based compensation		378.0		334.6		320.3		239.9		140.0		59.6
Performance allocations and incentive fee related compensation		510.9		353.1		988.3		376.3		436.7		93.1
General, administrative and other expenses		712.8		521.1		276.8		460.7		494.4		149.8
Expenses from consolidated funds		1,183.9		336.1		400.1		164.6		131.8		84.9
Interest and other non-operating expenses (income)		50.6		50.1		(5.9)		83.3		83.4		50.5
Total Expenses
Net investment gains (losses) of consolidated funds	$	864.4	$	13.1	$	88.4	$	4.5	$	(23.9)	$	(62.8)
Income (loss) before provision for income taxes1		402.2		45.3		1,132.3		360.2		1,233.4		(532.2)
Provision (benefit) for income taxes		2.1		30.0		124.9		31.3		49.0		(27.7)
Net income (loss)		400.1		15.3		1,007.4		328.9		1,184.4		(504.5)
Net income (loss) attributable to non-controlling interests in consolidated		537.9		41.0		72.5		33.9		36.6		(38.4)
Net income (loss) attributable to Carlyle Holdings		(137.8)		(25.7)		934.9		295.0		1,147.8		(466.1)
Net income (loss) attributable to non-controlling interests in Carlyle Holdings		(119.4)		(32.1)		690.8		178.5		766.9		-
Net income (loss) attributable to The Carlyle Group Inc.
Net income attributable to Series A Preferred Unitholders		-		-		6.0		23.6		19.1		-
Series A Preferred Units redemption premium		-		-		-		-		16.5		-
Net income (loss) attributable to The Carlyle Group Inc. Common Stockholders	$	(18.4)	$	6.4	$	238.1	$	92.9	$	345.3	$	(466.1)
Net income (loss) attributable to The Carlyle Group Inc. per common share
Basic	$	(0.24)	$	0.08	$	2.58	$	0.89	$	3.05	$	(1.34)
Diluted	$	(0.30)	$	(0.08)	$	2.38	$	0.82	$	2.82	$	(1.34)
Income (loss) before provision for taxes margin2		13.4%		2.0%		30.8%		14.8%		36.5%		(138.1%)

Note: Our U.S. GAAP results for Q2 2020 include a loss in principal investment income (loss) of ($621) million related to the closing of the transaction in which a Carlyle-affiliated investment fund purchased the contribution of our existing 19.9% investment in Fortitude into the fund, and the subsequent accounting for our investment based on the net asset value of our limited partnership interest in the fund offset by additional accrued performance allocations of $1,192 million recognized as a result of the appreciation in our funds during the quarter.

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 the business. In for the quarter ended June 30, 2020 and furnished to the SEC on July 30, 2020, a full reconciliation is included starting on page 29. In that document, see "Non-GAAP Financial Information and Other Key T
2. Income (loss) before provision for taxes margin is equal to Income (loss) before provision for taxes, divided by Total Revenues.

Reconciliation of GAAP to Non-GAAP Measures: by Quarter 3Q'17 to 2Q'20, by Year FY'15 to YTD 2Q'20

Carlyle Reconciliation of U.S. GAAP to Non-GAAP Results by Quarter: 3Q'17 to 2Q'20

(Dollars in millions, except per share amounts)		3Q'17		4Q'17		1Q'18		2Q'18		3Q'18		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	$	165.9	$	395.0	$	125.5	$	252.8	$	60.6	$	(78.7)	$	470.3	$	542.0	$	261.4	$	(40.3)	$	(789.0)	$	256.8
Adjustments:
Net unrealized performance revenues		69.9		(219.0)		(56.9)		(200.0)		54.6		252.5		(155.8)		(82.4)		126.2		69.7		528.9		(587.4)
Unrealized principal investment (income) loss1		(18.1)		(18.3)		(10.9)		(7.6)		(6.9)		(23.4)		(238.6)		(234.9)		(198.7)		81.3		264.7		459.5
Adjusted unrealized principal investment (income) loss from Fortitude Re		-		-		-		-		-		(11.7)		(27.0)		(40.1)		(68.1)		(5.7)		22.8		81.6
Equity-based compensation2		88.7		84.1		87.8		68.4		52.0		44.0		39.4		38.3		38.9		34.9		31.7		34.6
Acquisition related charges, including amortization of intangibles and		7.2		10.5		4.6		9.2		2.4		6.1		12.0		15.4		11.2		13.4		3.0		7.1
Other non-operating expense (income)		-		(71.5)		0.3		0.3		0.3		0.2		0.3		0.4		0.3		0.3		0.2		0.5
Tax (expense) benefit associated with certain foreign performance revenues		(1.7)		(2.2)		(2.1)		3.8		(12.7)		9.5		(6.1)		3.6		(10.8)		(1.0)		11.2		0.7
Net (income) loss attributable to non-controlling interests in consolidated		(27.6)		(25.1)		(11.0)		(16.7)		(14.5)		8.3		4.5		(39.8)		(10.5)		9.2		97.0		(58.6)
Lease assignment and termination costs		-		-		-		3.4		63.5		-		-		-		-		-		-		-
Reserve for litigation and contingencies		(25.0)		-		-		-		-		-		-		-		-		-		-		-
Debt extinguishment costs		-		-		-		-		7.8		-		0.1		-		-		-		-		-
Corporate conversion costs, severance and other adjustments		0.6		2.3		1.6		0.9		2.9		3.7		1.7		10.9		10.8		9.9		4.5		3.6
DISTRIBUTABLE EARNINGS	$	259.9	$	155.8	$	138.9	$	114.5	$	210.0	$	210.5	$	100.8	$	213.4	$	160.7	$	171.7	$	175.0	$	198.4
Realized net performance revenues3		216.9		118.3		103.1		49.6		123.9		43.1		7.0		20.8		57.7		78.6		48.2		70.9
Realized principal investment income (loss)3		(53.4)		22.4		18.7		17.7		7.0		4.7		4.1		73.9		7.3		1.7		15.9		22.1
Net interest		11.6		11.6		11.1		10.6		9.9		12.7		13.6		14.0		13.1		16.6		17.9		21.9
FEE RELATED EARNINGS	$	108.0	$	26.7	$	28.2	$	57.8	$	89.0	$	175.4	$	103.3	$	132.7	$	108.8	$	108.0	$	128.8	$	127.3

1. The U.S. GAAP results for 2Q'20 include a loss in principal investment income (loss) of $621 million related to the closing of the transaction in which a Carlyle-affiliated investment fund purchased additional interests in Fortitude from AIG. The loss is driven by the contribution of our existing 19.9% investment in Fortitude into the fund, and the subsequent accounting for our investment based on the net asset value of our limited partnership interest in the fund instead of a direct investment in Fortitude.
2. Equity-basedcompensation includes amounts reflected in principal investment income and general, administrative and other expense in our U.S. GAAP statement of operations, as well as amounts related to shares issued in conjunction with a previous acquisition and amounts related. 2019 and 2018 include amounts related to the
3. The most directly comparable U.S. GAAP measures are net performance revenues (performance revenues less performance revenues related compensation expense) and principal investment income (loss). In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended June 30, 2020 and furnished to the SEC on July 30, 2020, a full reconciliation is included starting on page 28. In that document, see "Non-GAAP Financial Information and Other Key Terms" for additional information. See Notes at end of document for a description of adjustments to these measures to arrive at realized net performance revenues and realized principal Information reported for periods prior to January 1, 2020 reflect the results of the Partnership.

Carlyle Reconciliation of U.S. GAAP to Non-GAAP Results by Year: FY'15 to YTD 2Q'20

(Dollars in millions, except per share amounts)		FY'15		FY'16		FY'17		FY'18		FY'19		YTD 2Q'20
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	$	402.2	$	45.3	$	1,132.3	$	360.2	$	1,233.4	$	(532.2)
Adjustments:
Net unrealized performance revenues		396.8		231.6		(625.2)		50.2		(42.3)		(58.5)
Unrealized principal investment (income) loss1		(42.4)		(5.4)		(73.0)		(48.8)		(590.9)		724.2
Adjusted unrealized principal investment (income) loss from Fortitude Re		-		-		-		(11.7)		(140.9)		104.4
Equity-based compensation2		381.3		343.0		365.1		252.2		151.5		66.3
Acquisition related charges, including amortization of intangibles and		288.8		94.2		35.7		22.3		52.0		10.1
Other non-operating expense (income)		(7.4)		(11.2)		(71.4)		1.1		1.3		0.7
Tax (expense) benefit associated with certain foreign performance revenues		(14.9)		(15.1)		(9.2)		(1.5)		(14.3)		11.9
Net (income) loss attributable to non-controlling interests in consolidated		(537.9)		(41.0)		(72.5)		(33.9)		(36.6)		38.4
Lease assignment and termination costs		-		-		-		66.9		-		-
Reserve for litigation and contingencies		50.0		-		(25.0)		-		-		-
Debt extinguishment costs		-		-		-		7.8		0.1		-
Corporate conversion costs, severance and other adjustments		6.0		10.3		13.2		9.1		33.3		8.1
DISTRIBUTABLE EARNINGS	$	922.5	$	651.7	$	670.0	$	673.9	$	646.6	$	373.4
Realized net performance revenues3		788.5		625.3		552.6		319.7		164.1		119.1
Realized principal investment income (loss)3		(64.8)		44.9		(25.8)		48.1		87.0		38.0
Net interest		53.3		51.1		48.8		44.3		57.3		39.8
FEE RELATED EARNINGS	$	252.1	$	32.6	$	192.0	$	350.4	$	452.8	$	256.1

1. The U.S. GAAP results for 2Q'20 include a loss in principal investment income (loss) of $621 million related to the closing of the transaction in which a Carlyle-affiliated investment fund purchased additional interests in Fortitude from AIG. The loss is driven by the contribution of our existing 19.9% investment in Fortitude into the fund, and the subsequent accounting for our investment based on the net asset value of our limited partnership interest in the fund instead of a direct investment in Fortitude.
2. Equity-basedcompensation includes amounts reflected in principal investment income and general, administrative and other expense in our U.S. GAAP statement of operations, as well as amounts related to shares issued in conjunction with a previous acquisition and amounts related. 2019 and 2018 include amounts related to the IPO.
3. The most directly comparable U.S. GAAP measures are net performance revenues (performance revenues less performance revenues related compensation expense) and principal investment income (loss). In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended June 30, 2020 and furnished to the SEC on July 30, 2020, a full reconciliation is included starting on page 28. In that document, see "Non-GAAP Financial Information and Other Key Terms" for additional information. See Notes at end of document for a description of adjustments to these measures to arrive at realized net performance revenues and realized principal investment income.
   Information reported for periods prior to January 1, 2020 reflect the results of the Partnership.