3Q'21 Supplemental Financial Data

The Carlyle Group Inc.

3Q'21 Supplemental Financial Data

October 28, 2021

The Carlyle Group Inc.

Summary Key Metrics

					Quarterly Data										Annual Data
		4Q'18	1Q'19	2Q'19	3Q'19	4Q'19	1Q'20	2Q'20	3Q'20	4Q'20	1Q'21	2Q'21	3Q'21		FY'16	FY'17	FY'18	FY'19	FY'20	LTM 3Q'21
	Fee Related Earnings ($ mm)	175.4	103.3	132.7	108.8	108.0	128.8	127.3	118.7	144.9	129.0	143.2	151.4		Fee Related Earnings ($ mm)	32.6	192.0	350.4	452.8	519.7	568.5
	Global Private Equity	126.5	84.3	115.9	93.8	93.6	101.2	91.3	83.4	107.1	94.2	93.5	93.3		Global Private Equity	184.2	77.9	244.6	387.6	383.0	388.1
	Global Credit	41.9	12.5	10.6	10.9	13.8	19.3	24.1	21.5	34.5	21.4	24.9	32.7		Global Credit	(174.9)	82.0	71.9	47.8	99.4	113.5
	Global Investment Solutions	7.0	6.5	6.2	4.1	0.6	8.3	11.9	13.8	3.3	13.4	24.8	25.4		Global Investment Solutions	23.3	32.1	33.9	17.4	37.3	66.9
	Distributable Earnings ($ mm)	210.5	100.8	213.4	160.7	171.7	175.0	198.4	151.8	236.9	214.9	395.4	730.6		Distributable Earnings ($ mm)	651.7	670.0	673.9	646.6	762.1	1,577.8
	Global Private Equity	158.6	80.2	197.1	145.0	157.1	134.8	156.5	115.1	198.1	178.2	337.6	666.1		Global Private Equity	788.7	512.7	557.5	579.4	604.5	1,380.0
	Global Credit	42.7	14.2	8.8	11.1	14.3	31.8	28.1	22.0	34.3	23.1	29.6	35.7		Global Credit	(157.4)	126.9	77.5	48.4	116.2	122.7
	Global Investment Solutions	9.2	6.4	7.5	4.6	0.3	8.4	13.8	14.7	4.5	13.6	28.2	28.8		Global Investment Solutions	20.4	30.4	38.9	18.8	41.4	75.1
	Total AUM ($ bn)	216.5	221.5	222.7	221.8	224.4	216.9	221.3	230.0	245.8	259.8	275.9	293.1		Total AUM ($ bn)	157.6	195.1	216.5	224.4	245.8	293.1
	Global Private Equity	126.4	130.4	130.7	129.0	129.8	120.2	124.5	125.3	131.8	137.5	150.1	161.2		Global Private Equity	85.1	115.4	126.4	129.8	131.8	161.2
	Corporate Private Equity	80.8	84.3	83.9	84.1	86.4	80.4	84.3	85.3	90.7	95.7	100.7	108.9		Corporate Private Equity	50.9	72.6	80.8	86.4	90.7	108.9
	Real Estate	18.6	19.0	19.4	18.9	18.4	18.3	18.3	18.6	19.4	19.2	25.5	28.5		Real Estate	12.8	18.3	18.6	18.4	19.4	28.5
	Natural Resources	23.0	23.2	24.0	23.1	22.4	19.7	20.3	20.4	20.9	22.0	23.3	23.4		Natural Resources	15.3	19.4	23.0	22.4	20.9	23.4
	Global Credit	44.4	45.6	46.6	48.0	49.4	48.8	50.0	53.0	55.9	58.8	61.1	66.3		Global Credit	29.4	33.3	44.4	49.4	55.9	66.3
	Global Investment Solutions	45.7	45.4	45.4	44.8	45.2	48.0	46.9	51.7	58.1	63.6	64.6	65.6		Global Investment Solutions	43.1	46.3	45.7	45.2	58.1	65.6
	Fee-earning AUM ($ bn)	159.6	160.0	158.4	158.8	161.1	158.2	162.4	166.6	170.1	173.1	174.9	176.4		Fee-earning AUM ($ bn)	115.0	124.6	159.6	161.1	170.1	176.4
	Global Private Equity	95.3	94.8	93.7	93.9	94.8	92.0	88.8	89.2	91.6	90.6	90.5	90.3		Global Private Equity	63.8	67.2	95.3	94.8	91.6	90.3
	Corporate Private Equity	62.4	61.9	60.5	61.2	61.7	61.1	57.2	57.6	60.0	59.1	58.8	58.7		Corporate Private Equity	36.3	35.6	62.4	61.7	60.0	58.7
	Real Estate	11.8	12.1	11.7	11.8	11.5	11.4	11.7	12.1	12.1	12.1	12.6	12.9		Real Estate	7.7	12.0	11.8	11.5	12.1	12.9
	Natural Resources	17.8	17.8	18.4	18.4	19.1	18.0	18.4	18.2	18.3	18.5	18.3	18.3		Natural Resources	14.3	15.8	17.8	19.1	18.3	18.3
	Global Credit	35.2	36.5	35.9	37.1	37.9	38.1	41.8	42.4	42.1	43.3	45.9	48.2		Global Credit	24.1	27.3	35.2	37.9	42.1	48.2
	Global Investment Solutions	29.1	28.7	28.8	27.7	28.4	28.2	31.8	35.0	36.4	39.3	38.5	37.9		Global Investment Solutions	27.1	30.2	29.1	28.4	36.4	37.9
	Fundraising ($ bn)	7.1	6.9	3.5	5.7	3.3	7.5	4.8	5.5	9.7	7.8	10.4	21.7		Fundraising ($ bn)	8.2	43.3	33.1	19.3	27.5	49.6
	Global Private Equity	5.1	4.2	2.1	2.5	1.9	1.6	0.5	0.2	1.2	1.4	6.7	15.7		Global Private Equity	2.0	30.8	22.6	10.6	3.5	25.0
	Corporate Private Equity	2.4	3.6	0.5	1.9	1.4	0.5	0.0	0.0	0.1	0.5	0.5	13.1		Corporate Private Equity	0.8	20.5	16.9	7.4	0.6	14.3
	Real Estate	0.4	0.1	0.1	0.1	0.3	0.5	0.2	0.2	0.7	0.6	5.9	2.5		Real Estate	0.8	6.2	2.0	0.6	7.6	9.8
	Natural Resources	2.2	0.5	1.4	0.5	0.2	0.6	0.3	0.1	0.3	0.2	0.3	0.0		Natural Resources	0.4	4.0	3.7	2.6	1.3	1.0
	Global Credit	1.4	1.5	1.0	2.8	0.4	1.6	2.9	2.4	3.2	3.2	2.4	4.7		Global Credit	3.5	6.6	6.3	5.7	10.1	13.6
	Global Investment Solutions	0.6	1.2	0.4	0.4	1.0	4.3	1.4	2.8	5.3	3.2	1.2	1.3		Global Investment Solutions	2.8	5.9	4.2	3.0	13.9	11.0
	Invested Capital ($ bn)	11.5	3.4	7.3	3.4	7.1	3.0	2.9	3.7	8.7	5.5	8.1	6.3		Invested Capital ($ bn)	17.9	22.0	22.4	21.3	18.3	28.7
	Global Private Equity	9.5	2.0	5.0	1.8	4.6	1.5	1.4	2.1	6.2	4.3	4.4	3.3		Global Private Equity	12.9	15.5	16.5	13.4	11.1	18.1
	Corporate Private Equity	7.8	1.1	4.2	1.0	2.0	0.7	0.5	1.5	4.8	3.2	2.7	1.9		Corporate Private Equity	7.9	11.1	11.3	8.2	7.5	12.7
	Real Estate	0.6	0.5	0.6	0.6	0.5	0.2	0.5	0.5	0.7	0.4	1.0	0.6		Real Estate	1.9	2.0	2.0	2.3	1.9	2.8
	Natural Resources	1.1	0.3	0.3	0.2	2.1	0.5	0.3	0.1	0.7	0.6	0.7	0.7		Natural Resources	2.9	2.4	3.2	2.9	1.7	2.7
	Global Credit	0.4	0.4	0.8	0.7	0.7	0.8	0.5	0.6	0.7	0.3	1.6	1.8		Global Credit	0.7	2.1	1.2	2.6	2.6	4.4
	Global Investment Solutions	1.6	1.1	1.4	0.9	1.8	0.7	1.0	1.1	1.8	1.0	2.2	1.3		Global Investment Solutions	4.3	4.4	4.7	5.3	4.6	6.2
	Realized Proceeds ($ bn)	4.9	4.7	4.4	5.7	5.1	4.5	5.7	3.9	6.9	6.4	8.7	13.9		Realized Proceeds ($ bn)	29.4	26.0	24.0	19.9	21.0	35.9
	Global Private Equity	2.5	2.5	2.3	2.8	3.2	2.7	3.7	2.0	3.7	4.0	5.4	9.9		Global Private Equity	20.4	15.7	13.9	10.7	12.1	23.0
	Corporate Private Equity	1.7	0.9	1.6	1.1	1.3	2.2	2.6	1.0	2.6	3.2	3.5	8.1		Corporate Private Equity	14.8	11.2	8.8	5.0	8.4	17.4
	Real Estate	0.5	0.2	0.4	1.2	0.9	0.5	0.8	0.3	0.7	0.3	1.1	1.0		Real Estate	2.8	2.2	3.1	2.7	2.3	3.2
	Natural Resources	0.3	0.8	0.2	0.3	0.8	0.0	0.1	0.1	0.1	0.3	0.6	0.7		Natural Resources	2.5	1.2	0.9	2.1	0.3	1.7
	Global Credit	0.2	0.4	0.3	1.0	0.2	0.3	0.4	0.4	0.7	0.4	0.6	0.4		Global Credit	0.4	0.6	0.8	1.8	1.8	2.1
	Global Investment Solutions	2.2	1.8	1.9	1.9	1.7	1.5	1.5	1.5	2.6	1.9	2.7	3.6		Global Investment Solutions	8.6	9.6	9.4	7.3	7.1	10.8
	Fund Appreciation	(2)%	3 %	2 %	2 %	2 %	(7)%	5 %	5 %	8 %	13 %	11 %	7 %		Fund Appreciation	12 %	20 %	9 %	9 %	10 %	45 %
	Global Private Equity														Global Private Equity
	Corporate Private Equity	(2)%	3 %	1 %	1 %	3 %	(8)%	13 %	5 %	11 %	15 %	12 %	4 %		Corporate Private Equity	11 %	32 %	5 %	8 %	19 %	50 %
	Real Estate	(1)%	5 %	6 %	3 %	1 %	(1)%	2 %	3 %	3 %	4 %	11 %	9 %		Real Estate	19 %	18 %	8 %	16 %	8 %	31 %
	Natural Resources	(7)%	3 %	(4)%	(3)%	(1)%	(22)%	3 %	1 %	3 %	7 %	9 %	7 %		Natural Resources	24 %	30 %	6 %	(5)%	(16)%	30 %
	Global Credit	(2)%	5 %	1 %	(2)%	(1)%	(21)%	8 %	4 %	7 %	8 %	8 %	3 %		Global Credit	(11)%	11 %	5 %	1 %	(2)%	30 %
	Global Investment Solutions	2 %	3 %	4 %	7 %	1 %	1 %	(6)%	8 %	7 %	14 %	12 %	10 %		Global Investment Solutions	12 %	10 %	19 %	15 %	10 %	48 %
	Net Accrued Perf Revenue ($ mm)	1,681	1,828	1,915	1,777	1,720	1,201	1,783	1,963	2,331	3,165	4,007	3,943		Net Accrued Perf Revenue ($ mm)	1,071	1,717	1,681	1,720	2,331	3,943
	Global Private Equity	1,544	1,673	1,750	1,610	1,544	1,062	1,662	1,811	2,115	2,891	3,632	3,510		Global Private Equity	991	1,616	1,544	1,544	2,115	3,510
	Corporate Private Equity	1,069	1,125	1,168	1,114	1,139	776	1,400	1,531	1,814	2,543	3,213	3,015		Corporate Private Equity	706	1,140	1,069	1,139	1,814	3,015
	Real Estate	270	305	368	361	310	283	259	278	298	345	376	412		Real Estate	250	312	270	310	298	412
	Natural Resources	224	241	211	134	97	6	6	6	6	6	46	87		Natural Resources	52	180	224	97	6	87
	Global Credit	56	72	69	70	75	29	38	47	72	83	124	138		Global Credit	35	27	56	75	72	138
	Global Investment Solutions	81	84	97	97	101	110	84	105	145	191	251	295		Global Investment Solutions	45	74	81	101	145	295

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. In the fourth quarter of 2020, our Corporate Private Equity and Real Assets segments were combined into a new segment named Global Private Equity.

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. The impact of the Legacy Energy funds is included in the total for Global Private Equity, but is excluded within the Global Private Equity strategy breakout, for all periods presented.

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

Carlyle Total Segment Results by Quarter

Carlyle Total Segment Results by Quarter

(Dollars in millions, except per share amounts)		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		4Q'20		1Q'21		2Q'21		3Q'21
SEGMENT REVENUES
Fund management fees	$	391.0	$	381.6	$	414.5	$	384.6	$	390.2	$	381.5	$	386.4	$	389.1	$	402.2	$	392.2	$	409.8	$	416.9
Portfolio advisory fees, net and other		6.0		5.5		5.3		5.3		6.1		6.3		4.1		4.7		5.3		5.2		5.9		6.9
Transaction fees, net		25.3		4.5		9.6		5.8		11.4		0.5		14.2		0.4		21.4		14.5		9.7		16.3
Total segment fee revenues	$	422.3	$	391.6	$	429.4	$	395.7	$	407.7	$	388.3	$	404.7	$	394.2	$	428.9	$	411.9	$	425.4	$	440.1
Realized performance revenues		111.7		49.2		41.9		118.3		164.9		171.6		152.2		86.8		175.5		168.4		454.0		1,010.9
Realized principal investment income (loss)3		4.7		4.1		73.9		7.3		1.7		15.9		22.1		12.8		22.2		30.0		37.8		71.3
Interest income		6.7		6.0		5.5		6.5		6.4		5.3		3.2		2.7		3.1		2.2		1.8		1.5
Total Segment Revenues	$	545.4	$	450.9	$	550.7	$	527.8	$	580.7	$	581.1	$	582.2	$	496.5	$	629.7	$	612.5	$	919.0	$	1,523.8
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	192.9	$	202.3	$	207.1	$	194.1	$	188.6	$	203.8	$	210.1	$	205.3	$	202.3	$	212.2	$	217.4	$	218.0
Realized performance revenues related compensation		68.6		42.2		21.1		60.6		86.3		123.4		81.3		46.9		88.2		92.4		216.6		477.4
Total compensation and benefits4	$	261.5	$	244.5	$	228.2	$	254.7	$	274.3	$	327.2	$	291.4	$	252.2	$	290.5	$	304.6	$	434.0	$	695.4
General, administrative and other expenses		44.2		75.7		80.0		81.0		94.6		48.3		58.1		62.0		73.0		61.6		55.6		60.0
Depreciation and amortization expense		9.8		10.3		9.6		11.8		16.5		7.4		9.2		8.2		8.7		9.1		9.2		10.7
Interest expense		19.4		19.6		19.5		19.6		23.0		23.2		25.1		22.3		20.6		22.3		24.8		27.1
Total Segment Expenses	$	334.9	$	350.1	$	337.3	$	367.1	$	409.0	$	406.1	$	383.8	$	344.7	$	392.8	$	397.6	$	523.6	$	793.2
Total Segment Revenues	$	545.4	$	450.9	$	550.7	$	527.8	$	580.7	$	581.1	$	582.2	$	496.5	$	629.7	$	612.5	$	919.0	$	1,523.8
Total Segment Expenses		334.9		350.1		337.3		367.1		409.0		406.1		383.8		344.7		392.8		397.6		523.6		793.2
(=) Distributable Earnings	$	210.5	$	100.8	$	213.4	$	160.7	$	171.7	$	175.0	$	198.4	$	151.8	$	236.9	$	214.9	$	395.4	$	730.6
(-) Realized Net Performance Revenues		43.1		7.0		20.8		57.7		78.6		48.2		70.9		39.9		87.3		76.0		237.4		533.5
(-) Realized Principal Investment Income (Loss)		4.7		4.1		73.9		7.3		1.7		15.9		22.1		12.8		22.2		30.0		37.8		71.3
(+) Net Interest		12.7		13.6		14.0		13.1		16.6		17.9		21.9		19.6		17.5		20.1		23.0		25.6
(=) Fee Related Earnings	$	175.4	$	103.3	$	132.7	$	108.8	$	108.0	$	128.8	$	127.3	$	118.7	$	144.9	$	129.0	$	143.2	$	151.4
After-tax Distributable Earnings, per common share1	$	0.57	$	0.25	$	0.57	$	0.41	$	0.47	$	0.48	$	0.53	$	0.40	$	0.64	$	0.58	$	0.88	$	1.54
Dividend per common share2	$	0.43	$	0.19	$	0.43	$	0.31	$	0.25	$	0.25	$	0.25	$	0.25	$	0.25	$	0.25	$	0.25	$	0.25

1. In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended September 30, 2021 and furnished to the SEC on October 28, 2021, reconciliation of Distributable Earnings to After-tax Distributable Earnings per common share is provided on page 28.
2. Our dividend policy as a Corporation is to pay dividends in an initial amount of $0.25 per share of common stock ($1.00 annually), beginning with the 4Q'19 dividend paid to stockholders in February 2020. In the earnings presentation attached as an exhibit to our Form 8- K for the quarter ended December 31, 2020 and furnished to the SEC on February 4, 2021, see Notes at the end of the document for our Dividend Policy.
3. Realized principal investment income in YTD 3Q'19 includes $72 million of gain upon the final resolution of French tax litigation concerning a European Real Estate fund, reversing in part a loss that was recognized in 2015.
4. Total Segment compensation and benefits exclude equity-based compensation. In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended September 30, 2021 and furnished to the SEC on October 28, 2021, details on equity-based compensation are shown on page 29. These amounts include equity-based compensation reflected in (i) principal investment income and (ii) general, administration and other expense in our U.S. GAAP statement of operations, and excludes amounts related to shares issued in conjunction with a previous acquisition. pense in our U.S. GAAP statement of operations, and excludes amounts related to shares issued in conjunction with a previous acquisition.

Global Private Equity Segment Results by Quarter

(Dollars in millions, except per share amounts)		4Q'18		1Q'19		2Q'19		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		4Q'20		1Q'21		2Q'21		3Q'21
SEGMENT REVENUES
Fund management fees	$	284.7	$	267.4	$	296.1	$	270.3	$	272.8	$	268.7	$	262.5	$	248.1	$	262.7	$	260.2	$	263.4	$	265.1
Portfolio advisory fees, net and other		4.8		4.4		4.1		4.2		4.8		4.0		2.8		3.4		4.0		3.6		4.4		5.4
Transaction fees, net		24.4		2.7		7.4		4.4		6.9		0.2		0.3		0.1		8.0		7.0		1.8		1.9
Total segment fee revenues	$	313.9	$	274.5	$	307.6	$	278.9	$	284.5	$	272.9	$	265.6	$	251.6	$	274.7	$	270.8	$	269.6	$	272.4
Realized performance revenues		67.5		28.3		35.8		98.3		139.4		65.2		116.0		70.5		152.8		134.1		428.9		962.9
Realized principal investment income (loss)		3.8		(0.7)		71.1		5.7		(2.8)		10.2		16.3		7.5		18.0		23.7		24.0		61.6
Interest income		2.6		1.7		1.9		2.5		2.6		1.8		0.5		0.3		0.7		0.2		0.5		0.2
Total Segment Revenues	$	387.8	$	303.8	$	416.4	$	385.4	$	423.7	$	350.1	$	398.4	$	329.9	$	446.2	$	428.8	$	723.0	$	1,297.1
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	129.0	$	132.5	$	135.1	$	125.7	$	117.3	$	129.7	$	130.6	$	122.5	$	119.1	$	129.1	$	133.6	$	133.6
Realized performance revenues related compensation		30.3		22.4		16.6		44.1		62.1		29.7		51.8		32.9		68.6		60.2		193.6		434.5
Total compensation and benefits	$	159.3	$	154.9	$	151.7	$	169.8	$	179.4	$	159.4	$	182.4	$	155.4	$	187.7	$	189.3	$	327.2	$	568.1
General, administrative and other expenses		51.7		50.9		50.3		51.5		62.5		37.2		37.6		40.4		42.7		41.4		36.4		38.4
Depreciation and amortization expense		6.7		6.8		6.3		7.9		11.1		4.8		6.1		5.3		5.8		6.1		6.1		7.1
Interest expense		11.5		11.0		11.0		11.2		13.6		13.9		15.8		13.7		11.9		13.8		15.7		17.4
Total Segment Expenses	$	229.2	$	223.6	$	219.3	$	240.4	$	266.6	$	215.3	$	241.9	$	214.8	$	248.1	$	250.6	$	385.4	$	631.0
Total Segment Revenues	$	387.8	$	303.8	$	416.4	$	385.4	$	423.7	$	350.1	$	398.4	$	329.9	$	446.2	$	428.8	$	723.0	$	1,297.1
Total Segment Expenses		229.2		223.6		219.3		240.4		266.6		215.3		241.9		214.8		248.1		250.6		385.4		631.0
(=) Distributable Earnings	$	158.6	$	80.2	$	197.1	$	145.0	$	157.1	$	134.8	$	156.5	$	115.1	$	198.1	$	178.2	$	337.6	$	666.1
(-) Realized Net Performance Revenues		37.2		5.9		19.2		54.2		77.3		35.5		64.2		37.6		84.2		73.9		235.3		528.4
(-) Realized Principal Investment Income (Loss)		3.8		(0.7)		71.1		5.7		(2.8)		10.2		16.3		7.5		18.0		23.7		24.0		61.6
(+) Net Interest		8.9		9.3		9.1		8.7		11.0		12.1		15.3		13.4		11.2		13.6		15.2		17.2
(=) Fee Related Earnings	$	126.5	$	84.3	$	115.9	$	93.8	$	93.6	$	101.2	$	91.3	$	83.4	$	107.1	$	94.2	$	93.5	$	93.3