Carlyle : 206.2 KB

The Carlyle Group Inc.

2Q'22 Supplemental Financial Data

July 28, 2022

The Carlyle Group Inc.

Summary Key Metrics

					Quarterly Data											Annual Data
		3Q'19	4Q'19	1Q'20	2Q'20	3Q'20	4Q'20	1Q'21	2Q'21	3Q'21	4Q'21	1Q'22	2Q'22		FY'16	FY'17	FY'18	FY'19	FY'20*	FY'21	YTD 2Q'22
	Fee Related Earnings ($ mm)	108.8	108.0	128.8	127.3	118.7	144.9	129.0	143.2	151.4	174.5	183.3	236.4		Fee Related Earnings ($ mm)	32.6	192.0	350.4	452.8	519.7	598.1	419.7
	Global Private Equity	93.8	93.6	101.2	91.3	83.4	107.1	94.2	93.5	93.3	121.3	136.1	147.0		Global Private Equity	184.2	77.9	244.6	387.6	383.0	402.3	283.1
	Global Credit	10.9	13.8	19.3	24.1	21.5	34.5	21.4	24.9	32.7	32.6	25.0	71.9		Global Credit	(174.9)	82.0	71.9	47.8	99.4	111.6	96.9
	Global Investment Solutions	4.1	0.6	8.3	11.9	13.8	3.3	13.4	24.8	25.4	20.6	22.2	17.5		Global Investment Solutions	23.3	32.1	33.9	17.4	37.3	84.2	39.7
	Distributable Earnings ($ mm)	160.7	171.7	175.0	198.4	151.8	236.9	214.9	395.4	730.6	902.8	302.8	528.8		Distributable Earnings ($ mm)	651.7	670.0	673.9	646.6	762.1	2,243.7	831.6
	Global Private Equity	145.0	157.1	134.8	156.5	115.1	198.1	178.2	337.6	666.1	840.0	244.1	425.7		Global Private Equity	788.7	512.7	557.5	579.4	604.5	2,021.9	669.8
	Global Credit	11.1	14.3	31.8	28.1	22.0	34.3	23.1	29.6	35.7	31.3	35.6	86.3		Global Credit	(157.4)	126.9	77.5	48.4	116.2	119.7	121.9
	Global Investment Solutions	4.6	0.3	8.4	13.8	14.7	4.5	13.6	28.2	28.8	31.5	23.1	16.8		Global Investment Solutions	20.4	30.4	38.9	18.8	41.4	102.1	39.9
	Total AUM ($ bn)	221.8	224.4	216.9	221.3	230.0	245.8	259.8	275.9	293.1	301.0	325.2	376.4		Total AUM ($ bn)	157.6	195.1	216.5	224.4	245.8	301.0	376.4
	Global Private Equity	129.0	129.8	120.2	124.5	125.3	131.8	137.5	150.1	161.2	162.1	169.1	167.2		Global Private Equity	85.1	115.4	126.4	129.8	131.8	162.1	167.2
	Corporate Private Equity	84.1	86.4	80.4	84.3	85.3	90.7	95.7	100.7	108.9	109.0	112.1	107.7		Corporate Private Equity	50.9	72.6	80.8	86.4	90.7	109.0	107.7
	Real Estate	18.9	18.4	18.3	18.3	18.6	19.4	19.2	25.5	28.5	29.3	30.7	30.7		Real Estate	12.8	18.3	18.6	18.4	19.4	29.3	30.7
	Infrastructure & Natural Resources	23.1	22.4	19.7	20.3	20.4	20.9	22.0	23.3	23.4	23.6	26.1	28.6		Infrastructure & Natural Resources	15.3	19.4	23.0	22.4	20.9	23.6	28.6
	Global Credit	48.0	49.4	48.8	50.0	53.0	55.9	58.8	61.1	66.3	73.4	90.8	143.0		Global Credit	29.4	33.3	44.4	49.4	55.9	73.4	143.0
	Global Investment Solutions	44.8	45.2	48.0	46.9	51.7	58.1	63.6	64.6	65.6	65.5	65.3	66.2		Global Investment Solutions	43.1	46.3	45.7	45.2	58.1	65.5	66.2
	Fee-earning AUM ($ bn)	158.8	161.1	158.2	162.4	166.6	170.1	173.1	174.9	176.4	193.4	211.1	259.6		Fee-earning AUM ($ bn)	115.0	124.6	159.6	161.1	170.1	193.4	259.6
	Global Private Equity	93.9	94.8	92.0	88.8	89.2	91.6	90.6	90.5	90.3	104.3	106.7	105.6		Global Private Equity	63.8	67.2	95.3	94.8	91.6	104.3	105.6
	Corporate Private Equity	61.2	61.7	61.1	57.2	57.6	60.0	59.1	58.8	58.7	65.6	67.4	67.1		Corporate Private Equity	36.3	35.6	62.4	61.7	60.0	65.6	67.1
	Real Estate	11.8	11.5	11.4	11.7	12.1	12.1	12.1	12.6	12.9	19.9	20.5	20.1		Real Estate	7.7	12.0	11.8	11.5	12.1	19.9	20.1
	Infrastructure & Natural Resources	18.4	19.1	18.0	18.4	18.2	18.3	18.5	18.3	18.3	18.3	18.3	18.1		Infrastructure & Natural Resources	14.3	15.8	17.8	19.1	18.3	18.3	18.1
	Global Credit	37.1	37.9	38.1	41.8	42.4	42.1	43.3	45.9	48.2	51.7	67.3	116.4		Global Credit	24.1	27.3	35.2	37.9	42.1	51.7	116.4
	Global Investment Solutions	27.7	28.4	28.2	31.8	35.0	36.4	39.3	38.5	37.9	37.4	37.1	37.6		Global Investment Solutions	27.1	30.2	29.1	28.4	36.4	37.4	37.6
	Fundraising ($ bn)	5.7	3.3	7.5	4.8	5.5	9.7	7.8	10.4	21.7	11.4	9.2	9.8		Fundraising ($ bn)	8.2	43.3	33.1	19.3	27.5	51.3	19.0
	Global Private Equity	2.5	1.9	1.6	0.5	0.2	1.2	1.4	6.7	15.7	3.4	3.0	4.1		Global Private Equity	2.0	30.8	22.6	10.6	3.5	27.2	7.1
	Corporate Private Equity	1.9	1.4	0.5	0.0	0.0	0.1	0.5	0.5	13.1	2.0	2.6	3.2		Corporate Private Equity	0.8	20.5	16.9	7.4	0.6	16.1	5.8
	Real Estate	0.1	0.3	0.5	0.2	0.2	0.7	0.6	5.9	2.5	1.4	0.2	0.1		Real Estate	0.8	6.2	2.0	0.6	7.6	10.5	0.3
	Infrastructure & Natural Resources	0.5	0.2	0.6	0.3	0.1	0.3	0.2	0.3	0.0	0.0	0.2	0.8		Infrastructure & Natural Resources	0.4	4.0	3.7	2.6	1.3	0.6	1.0
	Global Credit	2.8	0.4	1.6	2.9	2.4	3.2	3.2	2.4	4.7	6.6	4.9	3.8		Global Credit	3.5	6.6	6.3	5.7	10.1	17.0	8.6
	Global Investment Solutions	0.4	1.0	4.3	1.4	2.8	5.3	3.2	1.2	1.3	1.4	1.3	1.9		Global Investment Solutions	2.8	5.9	4.2	3.0	13.9	7.1	3.2
	Invested Capital ($ bn)	3.4	7.1	3.0	2.9	3.7	8.7	5.5	8.1	6.3	13.8	10.9	6.7		Invested Capital ($ bn)	17.9	22.0	22.4	21.3	18.3	33.8	17.6
	Global Private Equity	1.8	4.6	1.5	1.4	2.1	6.2	4.3	4.4	3.3	10.0	6.6	2.2		Global Private Equity	12.9	15.5	16.5	13.4	11.1	21.9	8.9
	Corporate Private Equity	1.0	2.0	0.7	0.5	1.5	4.8	3.2	2.7	1.9	8.3	4.7	0.9		Corporate Private Equity	7.9	11.1	11.3	8.2	7.5	16.2	5.6
	Real Estate	0.6	0.5	0.2	0.5	0.5	0.7	0.4	1.0	0.6	1.3	1.3	1.2		Real Estate	1.9	2.0	2.0	2.3	1.9	3.3	2.5
	Infrastructure & Natural Resources	0.2	2.1	0.5	0.3	0.1	0.7	0.6	0.7	0.7	0.4	0.7	0.1		Infrastructure & Natural Resources	2.9	2.4	3.2	2.9	1.7	2.4	0.8
	Global Credit	0.7	0.7	0.8	0.5	0.6	0.7	0.3	1.6	1.8	1.0	1.6	2.9		Global Credit	0.7	2.1	1.2	2.6	2.6	4.7	4.5
	Global Investment Solutions	0.9	1.8	0.7	1.0	1.1	1.8	1.0	2.2	1.3	2.8	2.6	1.6		Global Investment Solutions	4.3	4.4	4.7	5.3	4.6	7.2	4.2
	Realized Proceeds ($ bn)	5.7	5.1	4.5	5.7	3.9	6.9	6.4	8.7	13.9	15.3	6.4	8.5		Realized Proceeds ($ bn)	29.4	26.0	24.0	19.9	21.0	44.3	14.9
	Global Private Equity	2.8	3.2	2.7	3.7	2.0	3.7	4.0	5.4	9.9	10.6	2.5	6.3		Global Private Equity	20.4	15.7	13.9	10.7	12.1	29.9	8.8
	Corporate Private Equity	1.1	1.3	2.2	2.6	1.0	2.6	3.2	3.5	8.1	6.6	1.6	5.2		Corporate Private Equity	14.8	11.2	8.8	5.0	8.4	21.3	6.8
	Real Estate	1.2	0.9	0.5	0.8	0.3	0.7	0.3	1.1	1.0	2.4	0.4	0.6		Real Estate	2.8	2.2	3.1	2.7	2.3	4.8	1.0
	Infrastructure & Natural Resources	0.3	0.8	0.0	0.1	0.1	0.1	0.3	0.6	0.7	1.5	0.4	0.6		Infrastructure & Natural Resources	2.5	1.2	0.9	2.1	0.3	3.1	1.0
	Global Credit	1.0	0.2	0.3	0.4	0.4	0.7	0.4	0.6	0.4	0.6	1.3	0.8		Global Credit	0.4	0.6	0.8	1.8	1.8	2.1	2.1
	Global Investment Solutions	1.9	1.7	1.5	1.5	1.5	2.6	1.9	2.7	3.6	4.0	2.6	1.3		Global Investment Solutions	8.6	9.6	9.4	7.3	7.1	12.2	3.9
	Fund Appreciation	2 %	2 %	(7)%	5 %	5 %	8 %	13 %	11 %	7 %	6 %	5 %	3 %		Fund Appreciation	12 %	20 %	9 %	9 %	10 %	41 %	9 %
	Global Private Equity														Global Private Equity
	Corporate Private Equity	1 %	3 %	(8)%	13 %	5 %	11 %	15 %	12 %	4 %	6 %	3 %	- %		Corporate Private Equity	11 %	32 %	5 %	8 %	19 %	41 %	3 %
	Real Estate	3 %	1 %	(1)%	2 %	3 %	3 %	4 %	11 %	9 %	11 %	10 %	4 %		Real Estate	19 %	18 %	8 %	16 %	8 %	39 %	15 %
	Infrastructure & Natural Resources	(3)%	(1)%	(22)%	3 %	1 %	3 %	7 %	9 %	7 %	7 %	19 %	13 %		Infrastructure & Natural Resources	24 %	30 %	6 %	(5)%	(16)%	34 %	35 %
	Global Credit	(2)%	(1)%	(21)%	8 %	4 %	7 %	8 %	8 %	3 %	1 %	- %	2 %		Global Credit	(11)%	11 %	5 %	1 %	(2)%	22 %	1 %
	Global Investment Solutions	7 %	1 %	1 %	(6)%	8 %	7 %	14 %	12 %	10 %	7 %	4 %	5 %		Global Investment Solutions	12 %	10 %	19 %	15 %	10 %	48 %	9 %
	Net Accrued Perf Revenue ($ mm)	1,777	1,720	1,201	1,783	1,963	2,331	3,165	4,007	3,943	3,894	4,271	4,290		Net Accrued Perf Revenue ($ mm)	1,071	1,717	1,681	1,720	2,331	3,894	4,290
	Global Private Equity	1,610	1,544	1,062	1,662	1,811	2,115	2,891	3,632	3,510	3,414	3,794	3,788		Global Private Equity	991	1,616	1,544	1,544	2,115	3,414	3,788
	Corporate Private Equity	1,114	1,139	776	1,400	1,531	1,814	2,543	3,213	3,015	2,980	3,037	2,740		Corporate Private Equity	706	1,140	1,069	1,139	1,814	2,980	2,740
	Real Estate	361	310	283	259	278	298	345	376	412	298	309	313		Real Estate	250	312	270	310	298	298	313
	Infrastructure & Natural Resources	134	97	6	6	6	6	6	46	87	140	452	739		Infrastructure & Natural Resources	52	180	224	97	6	140	739
	Global Credit	70	75	29	38	47	72	83	124	138	161	135	126		Global Credit	35	27	56	75	72	161	126
	Global Investment Solutions	97	101	110	84	105	145	191	251	295	319	342	376		Global Investment Solutions	45	74	81	101	145	319	376

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. *FY'20 Fee Related Earnings were $520 million, or $490 million excluding the impact of $30 million in one-time litigation cost recoveries.

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

(Dollars in millions, except per share amounts)		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		4Q'20		1Q'21		2Q'21		3Q'21		4Q'21		1Q'22		2Q'22
SEGMENT REVENUES
Fund management fees	$	376.4	$	381.8	$	372.6	$	377.4	$	380.5	$	392.6	$	382.8	$	399.4	$	405.7	$	466.7	$	454.2	$	516.2
Transaction and portfolio advisory fees, net and other		11.1		17.5		6.8		18.3		5.1		26.7		19.7		15.6		23.2		38.5		16.2		42.2
Fee related performance revenues1		8.2		8.4		8.9		9.0		8.6		9.6		9.4		10.4		11.2		12.2		44.5		35.1
Total segment fee revenues	$	395.7	$	407.7	$	388.3	$	404.7	$	394.2	$	428.9	$	411.9	$	425.4	$	440.1	$	517.4	$	514.9	$	593.5
Realized performance revenues		118.3		164.9		171.6		152.2		86.8		175.5		168.4		454.0		1,010.9		1,305.3		236.3		519.9
Realized principal investment income (loss)2		7.3		1.7		15.9		22.1		12.8		22.2		30.0		37.8		71.3		70.4		26.3		43.8
Interest income		6.5		6.4		5.3		3.2		2.7		3.1		2.2		1.8		1.5		1.7		2.0		4.0
Total Segment Revenues	$	527.8	$	580.7	$	581.1	$	582.2	$	496.5	$	629.7	$	612.5	$	919.0	$	1,523.8	$	1,894.8	$	779.5	$	1,161.2
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	194.1	$	188.6	$	203.8	$	210.1	$	205.3	$	202.3	$	212.2	$	217.4	$	218.0	$	243.9	$	245.8	$	259.7
Realized performance revenues related compensation		60.6		86.3		123.4		81.3		46.9		88.2		92.4		216.6		477.4		622.6		118.3		249.0
Total compensation and benefits3	$	254.7	$	274.3	$	327.2	$	291.4	$	252.2	$	290.5	$	304.6	$	434.0	$	695.4	$	866.5	$	364.1	$	508.7
General, administrative and other expenses		81.0		94.6		48.3		58.1		62.0		73.0		61.6		55.6		60.0		90.4		76.3		87.9
Depreciation and amortization expense		11.8		16.5		7.4		9.2		8.2		8.7		9.1		9.2		10.7		8.6		9.5		9.5
Interest expense		19.6		23.0		23.2		25.1		22.3		20.6		22.3		24.8		27.1		26.5		26.8		26.3
Total Segment Expenses	$	367.1	$	409.0	$	406.1	$	383.8	$	344.7	$	392.8	$	397.6	$	523.6	$	793.2	$	992.0	$	476.7	$	632.4
Total Segment Revenues	$	527.8	$	580.7	$	581.1	$	582.2	$	496.5	$	629.7	$	612.5	$	919.0	$	1,523.8	$	1,894.8	$	779.5	$	1,161.2
Total Segment Expenses		367.1		409.0		406.1		383.8		344.7		392.8		397.6		523.6		793.2		992.0		476.7		632.4
(=) Distributable Earnings	$	160.7	$	171.7	$	175.0	$	198.4	$	151.8	$	236.9	$	214.9	$	395.4	$	730.6	$	902.8	$	302.8	$	528.8
(-) Realized Net Performance Revenues		57.7		78.6		48.2		70.9		39.9		87.3		76.0		237.4		533.5		682.7		118.0		270.9
(-) Realized Principal Investment Income (Loss)		7.3		1.7		15.9		22.1		12.8		22.2		30.0		37.8		71.3		70.4		26.3		43.8
(+) Net Interest		13.1		16.6		17.9		21.9		19.6		17.5		20.1		23.0		25.6		24.8		24.8		22.3
(=) Fee Related Earnings	$	108.8	$	108.0	$	128.8	$	127.3	$	118.7	$	144.9	$	129.0	$	143.2	$	151.4	$	174.5	$	183.3	$	236.4
After-tax Distributable Earnings, per common share4	$	0.41	$	0.47	$	0.48	$	0.53	$	0.40	$	0.64	$	0.58	$	0.88	$	1.54	$	2.01	$	0.74	$	1.17
Dividend per common share5	$	0.310	$	0.250	$	0.250	$	0.250	$	0.250	$	0.250	$	0.250	$	0.250	$	0.250	$	0.250	$	0.325	$	0.325

Global Private Equity Segment Results by Quarter

(Dollars in millions, except per share amounts)		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		4Q'20		1Q'21		2Q'21		3Q'21		4Q'21		1Q'22		2Q'22
SEGMENT REVENUES
Fund management fees	$	270.3	$	272.8	$	268.7	$	262.5	$	248.1	$	262.7	$	260.2	$	263.4	$	265.1	$	323.1	$	304.2	$	337.0
Transaction and portfolio advisory fees, net and other		8.6		11.7		4.2		3.1		3.5		12.0		10.6		6.2		7.3		10.2		6.1		7.5
Fee related performance revenues		-		-		-		-		-		-		-		-		-		-		30.6		22.3
Total segment fee revenues	$	278.9	$	284.5	$	272.9	$	265.6	$	251.6	$	274.7	$	270.8	$	269.6	$	272.4	$	333.3	$	340.9	$	366.8
Realized performance revenues		98.3		139.4		65.2		116.0		70.5		152.8		134.1		428.9		962.9		1,231.9		199.9		473.8
Realized principal investment income (loss)		5.7		(2.8)		10.2		16.3		7.5		18.0		23.7		24.0		61.6		58.5		14.2		34.2
Interest income		2.5		2.6		1.8		0.5		0.3		0.7		0.2		0.5		0.2		0.5		0.4		1.2
Total Segment Revenues	$	385.4	$	423.7	$	350.1	$	398.4	$	329.9	$	446.2	$	428.8	$	723.0	$	1,297.1	$	1,624.2	$	555.4	$	876.0
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	125.7	$	117.3	$	129.7	$	130.6	$	122.5	$	119.1	$	129.1	$	133.6	$	133.6	$	149.9	$	153.0	$	154.2
Realized performance revenues related compensation		44.1		62.1		29.7		51.8		32.9		68.6		60.2		193.6		434.5		555.3		90.7		214.5
Total compensation and benefits	$	169.8	$	179.4	$	159.4	$	182.4	$	155.4	$	187.7	$	189.3	$	327.2	$	568.1	$	705.2	$	243.7	$	368.7
General, administrative and other expenses		51.5		62.5		37.2		37.6		40.4		42.7		41.4		36.4		38.4		56.3		45.5		59.3
Depreciation and amortization expense		7.9		11.1		4.8		6.1		5.3		5.8		6.1		6.1		7.1		5.8		6.3		6.3
Interest expense		11.2		13.6		13.9		15.8		13.7		11.9		13.8		15.7		17.4		16.9		15.8		16.0
Total Segment Expenses	$	240.4	$	266.6	$	215.3	$	241.9	$	214.8	$	248.1	$	250.6	$	385.4	$	631.0	$	784.2	$	311.3	$	450.3
Total Segment Revenues	$	385.4	$	423.7	$	350.1	$	398.4	$	329.9	$	446.2	$	428.8	$	723.0	$	1,297.1	$	1,624.2	$	555.4	$	876.0
Total Segment Expenses		240.4		266.6		215.3		241.9		214.8		248.1		250.6		385.4		631.0		784.2		311.3		450.3
(=) Distributable Earnings	$	145.0	$	157.1	$	134.8	$	156.5	$	115.1	$	198.1	$	178.2	$	337.6	$	666.1	$	840.0	$	244.1	$	425.7
(-) Realized Net Performance Revenues		54.2		77.3		35.5		64.2		37.6		84.2		73.9		235.3		528.4		676.6		109.2		259.3
(-) Realized Principal Investment Income (Loss)		5.7		(2.8)		10.2		16.3		7.5		18.0		23.7		24.0		61.6		58.5		14.2		34.2
(+) Net Interest		8.7		11.0		12.1		15.3		13.4		11.2		13.6		15.2		17.2		16.4		15.4		14.8
(=) Fee Related Earnings	$	93.8	$	93.6	$	101.2	$	91.3	$	83.4	$	107.1	$	94.2	$	93.5	$	93.3	$	121.3	$	136.1	$	147.0

Global Credit Segment Results by Quarter

(Dollars in millions, except per share amounts)		3Q'19		4Q'19		1Q'20		2Q'20		3Q'20		4Q'20		1Q'21		2Q'21		3Q'21		4Q'21		1Q'22		2Q'22
SEGMENT REVENUES
Fund management fees	$	67.4	$	69.2	$	64.1	$	69.3	$	77.6	$	77.1	$	70.6	$	75.7	$	81.3	$	86.8	$	93.7	$	123.7
Transaction and portfolio advisory fees, net and other		2.5		5.8		2.6		15.2		1.6		14.6		8.8		9.4		15.9		28.1		10.1		34.7
Fee related performance revenues		8.2		8.4		8.9		9.0		8.6		9.6		9.4		10.4		11.2		12.2		13.9		12.8
Total segment fee revenues	$	78.1	$	83.4	$	75.6	$	93.5	$	87.8	$	101.3	$	88.8	$	95.5	$	108.4	$	127.1	$	117.7	$	171.2
Realized performance revenues		0.9		0.8		21.0		5.5		-		-		0.1		-		2.1		(8.2)		13.7		19.9
Realized principal investment income (loss)		2.2		3.8		5.1		5.3		4.5		3.8		5.9		9.8		7.4		8.8		10.3		8.7
Interest income		3.6		3.4		3.1		2.6		2.3		2.4		2.0		1.2		1.3		1.1		1.5		2.6
Total Segment Revenues	$	84.8	$	91.4	$	104.8	$	106.9	$	94.6	$	107.5	$	96.8	$	106.5	$	119.2	$	128.8	$	143.2	$	202.4
SEGMENT EXPENSES
Compensation and benefits
Cash-based compensation and benefits	$	43.9	$	45.2	$	49.1	$	54.5	$	52.5	$	50.0	$	53.7	$	55.6	$	58.7	$	69.1	$	67.2	$	77.1
Realized performance revenues related compensation		-		0.4		9.7		2.5		-		-		-		-		1.0		(3.7)		6.7		9.4
Total compensation and benefits	$	43.9	$	45.6	$	58.8	$	57.0	$	52.5	$	50.0	$	53.7	$	55.6	$	59.7	$	65.4	$	73.9	$	86.5
General, administrative and other expenses		20.9		21.0		5.6		13.1		12.0		15.0		11.8		13.0		14.7		23.6		23.5		20.3
Depreciation and amortization expense		2.4		3.4		1.6		1.8		1.8		1.8		1.9		2.0		2.3		1.8		2.0		1.9
Interest expense		6.5		7.1		7.0		6.9		6.3		6.4		6.3		6.3		6.8		6.7		8.2		7.4
Total Segment Expenses	$	73.7	$	77.1	$	73.0	$	78.8	$	72.6	$	73.2	$	73.7	$	76.9	$	83.5	$	97.5	$	107.6	$	116.1
Total Segment Revenues	$	84.8	$	91.4	$	104.8	$	106.9	$	94.6	$	107.5	$	96.8	$	106.5	$	119.2	$	128.8	$	143.2	$	202.4
Total Segment Expenses		73.7		77.1		73.0		78.8		72.6		73.2		73.7		76.9		83.5		97.5		107.6		116.1
(=) Distributable Earnings	$	11.1	$	14.3	$	31.8	$	28.1	$	22.0	$	34.3	$	23.1	$	29.6	$	35.7	$	31.3	$	35.6	$	86.3
(-) Realized Net Performance Revenues		0.9		0.4		11.3		3.0		-		-		0.1		-		1.1		(4.5)		7.0		10.5
(-) Realized Principal Investment Income (Loss)		2.2		3.8		5.1		5.3		4.5		3.8		5.9		9.8		7.4		8.8		10.3		8.7
(+) Net Interest		2.9		3.7		3.9		4.3		4.0		4.0		4.3		5.1		5.5		5.6		6.7		4.8
(=) Fee Related Earnings	$	10.9	$	13.8	$	19.3	$	24.1	$	21.5	$	34.5	$	21.4	$	24.9	$	32.7	$	32.6	$	25.0	$	71.9