Carlyle : First Quarter 2025 Earnings Financial Data Supplement

The Carlyle Group Inc.

1Q'25 Supplemental Financial Data

May 8, 2025

The Carlyle Group Inc. Summary Key Metrics Quarterly Data Annual Data 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 FY'16 FY'17 FY'18 FY'19 FY'20* FY'21 FY'22 FY'23 FY'24 YTD 1Q'25

Fee Related Earnings ($ mm)	236.4	212.6	202.1	193.4	207.3	204.7	254.0	266.3	273.0	277.9	287.4	310.6
Global Private Equity	147.0	125.6	131.9	129.4	149.7	139.4	146.3	161.1	151.6	148.2	137.8	141.2
Global Credit	71.9	71.8	55.8	47.9	47.5	47.6	81.4	71.2	81.3	82.2	97.8	103.9
Carlyle AlpInvest	17.5	15.2	14.4	16.1	10.1	17.7	26.3	34.0	40.1	47.5	51.8	65.5

Fee Related Earnings ($ mm)	32.6	192.0	350.4	452.8	519.7	598.1	834.4	859.4	1,104.6	310.6
Global Private Equity	184.2	77.9	244.6	387.6	383.0	402.3	540.6	564.8	598.7	141.2
Global Credit	(174.9)	82.0	71.9	47.8	99.4	111.6	224.5	224.4	332.5	103.9
Carlyle AlpInvest	23.3	32.1	33.9	17.4	37.3	84.2	69.3	70.2	173.4	65.5

Distributable Earnings ($ mm)	528.8	644.4	433.0	271.6	388.8	367.4	402.7	431.3	343.2	367.1	383.9	455.4
Global Private Equity	425.7	505.7	330.1	182.8	320.7	292.2	276.1	313.1	199.1	235.5	209.6	265.6
Global Credit	86.3	111.7	81.9	68.9	55.4	54.8	95.3	82.1	99.8	80.5	114.9	110.5
Carlyle AlpInvest	16.8	27.0	21.0	19.9	12.7	20.4	31.3	36.1	44.3	51.1	59.4	79.3

Distributable Earnings ($ mm)	651.7	670.0	673.9	646.6	762.1	2,243.7	1,909.0	1,430.5	1,525.5	455.4
Global Private Equity	788.7	512.7	557.5	579.4	604.5	2,021.9	1,505.6	1,071.8	957.3	265.6
Global Credit	(157.4)	126.9	77.5	48.4	116.2	119.7	315.5	274.4	377.3	110.5
Carlyle AlpInvest	20.4	30.4	38.9	18.8	41.4	102.1	87.9	84.3	190.9	79.3

Total AUM ($ bn)	376.4	368.8	372.7	381.2	384.8	382.3	426.0	425.5	434.6	447.4	441.0	452.6
Global Private Equity	167.2	164.4	163.1	164.4	162.8	160.6	161.3	159.2	164.2	169.2	163.5	164.2
Corporate Private Equity	107.7	106.1	105.4	107.0	105.7	105.3	108.1	106.6	107.9	111.0	105.2	106.5
Real Estate	30.7	30.5	30.3	30.2	30.0	29.7	27.8	27.7	31.1	33.9	34.4	35.3
Infrastructure & Natural Resources	28.6	27.8	27.3	27.1	27.0	25.6	25.4	24.9	25.2	24.3	24.0	22.4
Global Credit	143.0	141.4	146.3	150.0	151.5	150.1	187.8	186.4	189.8	194.5	192.4	199.2
Carlyle AlpInvest	66.2	63.0	63.3	66.8	70.4	71.6	76.9	79.9	80.6	83.7	85.1	89.2

Total AUM ($ bn)	157.6	195.1	216.5	224.4	245.8	301.0	372.7	426.0	441.0	452.6
Global Private Equity	85.1	115.4	126.4	129.8	131.8	162.1	163.1	161.3	163.5	164.2
Corporate Private Equity	50.9	72.6	80.8	86.4	90.7	109.0	105.4	108.1	105.2	106.5
Real Estate	12.8	18.3	18.6	18.4	19.4	29.3	30.3	27.8	34.4	35.3
Infrastructure & Natural Resources	15.3	19.4	23.0	22.4	20.9	23.6	27.3	25.4	24.0	22.4
Global Credit	29.4	33.3	44.4	49.4	55.9	73.4	146.3	187.8	192.4	199.2
Carlyle AlpInvest	43.1	46.3	45.7	45.2	58.1	65.5	63.3	76.9	85.1	89.2

Fee-earning AUM ($ bn)	259.6	260.2	266.6	271.4	271.4	273.0	307.4	304.2	307.3	313.6	304.4	313.8
Global Private Equity	105.6	106.5	107.8	107.8	107.1	107.4	106.7	104.0	103.7	103.5	98.0	98.7
Corporate Private Equity	67.1	67.7	68.7	68.0	66.8	66.5	66.3	64.5	64.1	64.3	62.8	63.9
Real Estate	20.1	20.1	20.6	20.6	20.8	20.9	21.3	21.3	21.5	21.1	18.3	18.2
Infrastructure & Natural Resources	18.1	18.4	18.2	18.9	19.4	20.0	19.0	18.3	18.0	18.2	16.9	16.7
Global Credit	116.4	117.3	121.2	125.3	126.2	124.0	155.2	153.4	155.4	159.2	154.2	160.7
Carlyle AlpInvest	37.6	36.4	37.5	38.3	38.1	41.6	45.5	46.8	48.2	50.9	52.1	54.4

Fee-earning AUM ($ bn)	115.0	124.6	159.6	161.1	170.1	193.4	266.6	307.4	304.4	313.8
Global Private Equity	63.8	67.2	95.3	94.8	91.6	104.3	107.8	106.7	98.0	98.7
Corporate Private Equity	36.3	35.6	62.4	61.7	60.0	65.6	68.7	66.3	62.8	63.9
Real Estate	7.7	12.0	11.8	11.5	12.1	19.9	20.6	21.3	18.3	18.2
Infrastructure & Natural Resources	14.3	15.8	17.8	19.1	18.3	18.3	18.2	19.0	16.9	16.7
Global Credit	24.1	27.3	35.2	37.9	42.1	51.7	121.2	155.2	154.2	160.7
Carlyle AlpInvest	27.1	30.2	29.1	28.4	36.4	37.4	37.5	45.5	52.1	54.4

Inflows(1) ($ bn)	58.4	7.8	4.9	9.4	7.2	6.3	40.6	5.3	12.4	8.8	14.2	14.2
Global Private Equity	4.1	4.1	1.1	3.5	0.8	1.7	2.7	1.5	5.1	3.7	2.3	2.7
Corporate Private Equity	3.2	3.5	0.7	2.2	0.3	1.0	1.8	1.1	1.4	0.5	1.2	0.8
Real Estate	0.1	0.3	0.1	0.2	0.1	0.1	0.3	0.2	3.4	2.9	1.2	1.1
Infrastructure & Natural Resources	0.8	0.2	0.3	1.0	0.4	0.6	0.6	0.2	0.4	0.3	0.0	0.8
Global Credit	52.2	3.4	3.3	4.3	2.2	2.2	33.2	1.5	5.0	2.8	8.0	7.5
Carlyle AlpInvest	2.1	0.3	0.5	1.6	4.1	2.4	4.6	2.4	2.3	2.3	3.9	3.9

Inflows(1) ($ bn)	13.2	42.8	38.7	20.0	26.9	51.3	94.8	63.5	40.8	14.2
Global Private Equity	2.0	30.8	22.6	10.7	3.6	27.2	12.4	8.8	12.7	2.7
Corporate Private Equity	0.8	20.5	16.9	7.5	0.6	16.1	10.0	5.3	4.2	0.8
Real Estate	0.8	6.2	2.0	0.6	1.6	10.4	0.8	0.8	7.7	1.1
Infrastructure & Natural Resources	0.4	4.0	3.7	2.6	1.0	0.7	1.5	2.6	0.9	0.8
Global Credit	7.1	6.6	12.1	6.3	9.5	16.9	78.3	42.0	17.3	7.5
Carlyle AlpInvest	4.1	5.5	4.1	3.0	13.9	7.1	4.2	12.7	10.8	3.9

Deployment(2) ($ bn)		5.1	6.8	5.6	11.3	7.9	9.6	7.5	17.6	11.1
Global Private Equity		1.8	1.8	2.1	2.8	1.6	1.2	1.6	3.8	3.5
Corporate Private Equity		0.8	0.6	0.9	1.4	1.1	0.3	0.9	2.7	2.4
Real Estate		0.7	1.0	0.8	1.2	0.3	0.6	0.5	0.8	0.5
Infrastructure & Natural Resources		0.3	0.3	0.3	0.2	0.2	0.3	0.2	0.3	0.6
Global Credit		2.0	2.9	2.2	5.4	3.6	6.7	4.2	9.9	5.3
Carlyle AlpInvest		1.2	2.0	1.3	3.2	2.8	1.7	1.6	3.9	2.4

Deployment(2) ($ bn)		28.8	42.7	11.1
Global Private Equity		8.5	8.2	3.5
Corporate Private Equity		3.7	5.0	2.4
Real Estate		3.7	2.2	0.5
Infrastructure & Natural Resources		1.1	1.0	0.6
Global Credit		12.5	24.5	5.3
Carlyle AlpInvest		7.8	10.0	2.4

Realized Proceeds ($ bn)	8.5	10.4	8.6	4.5	5.3	5.6	5.2	5.9	5.8	6.8	10.0	8.6
Global Private Equity	6.3	8.0	5.7	2.9	3.4	3.7	3.5	3.3	3.7	4.1	6.7	5.0
Corporate Private Equity	5.2	5.5	3.6	1.3	2.6	0.4	2.3	2.0	2.0	2.8	5.6	2.3
Real Estate	0.6	0.6	0.6	0.2	0.3	0.2	0.3	0.2	0.3	0.5	0.5	0.2
Infrastructure & Natural Resources	0.6	1.9	1.4	1.3	0.5	3.1	0.9	1.1	1.4	0.8	0.5	2.6
Global Credit	0.8	0.8	1.3	0.7	0.4	0.6	0.4	0.7	1.0	1.0	1.4	1.7
Carlyle AlpInvest	1.3	1.6	1.7	0.9	1.6	1.2	1.3	1.9	1.1	1.7	1.9	1.9

Realized Proceeds ($ bn)	29.4	26.0	24.0	19.9	20.9	44.3	33.8	20.6	28.6	8.6
Global Private Equity	20.4	15.7	13.9	10.7	12.1	29.9	22.5	13.5	17.8	5.0
Corporate Private Equity	14.8	11.2	8.8	5.0	8.4	21.3	15.9	6.5	12.4	2.3
Real Estate	2.8	2.2	3.1	2.7	2.3	4.8	2.2	1.1	1.5	0.2
Infrastructure & Natural Resources	2.5	1.2	0.9	2.1	0.3	3.1	4.3	5.8	3.9	2.6
Global Credit	0.4	0.6	0.8	1.8	1.7	2.1	4.2	2.1	4.1	1.7
Carlyle AlpInvest	8.6	9.6	9.4	7.3	7.1	12.2	7.2	5.0	6.6	1.9

Fund Appreciation	3 %	2 %	0 %	2 %	2 %	2 %	1 %	2 %	1 %	3 %	1 %	2 %
Global Private Equity	2 %	3 %	1 %	1 %	2 %	1 %	1 %	1 %	2 %	4 %	1 %	2 %
Corporate Private Equity	0 %	1 %	1 %	1 %	1 %	1 %	2 %	0 %	2 %	4 %	1 %	2 %
Real Estate	4 %	2 %	(1)%	0 %	1 %	1 %	(2)%	1 %	1 %	2 %	1 %	1 %
Infrastructure & Natural Resources	13 %	8 %	2 %	0 %	3 %	5 %	0 %	2 %	3 %	2 %	1 %	3 %
Global Credit	2 %	0 %	2 %	3 %	2 %	2 %	4 %	2 %	3 %	3 %	3 %	4 %
Carlyle AlpInvest	5 %	0 %	(3)%	5 %	2 %	2 %	2 %	5 %	(1)%	2 %	3 %	1 %

Fund Appreciation	12 %	20 %	9 %	9 %	10 %	41 %	11 %	7 %	8 %	2 %
Global Private Equity									7 %	2 %
Corporate Private Equity	11 %	32 %	5 %	8 %	19 %	41 %	6 %	5 %	8 %	2 %
Real Estate	19 %	18 %	8 %	16 %	8 %	39 %	16 %	(1)%	5 %	1 %
Infrastructure & Natural Resources	24 %	30 %	6 %	(5)%	(16)%	34 %	48 %	8 %	8 %	3 %
Global Credit	(11)%	11 %	5 %	1 %	(2)%	22 %	3 %	12 %	12 %	5 %
Carlyle AlpInvest	12 %	10 %	19 %	15 %	10 %	48 %	6 %	10 %	9 %	1 %

Net Accrued Perf Revenue ($ mm)	4,290	4,080	3,965	3,970	3,682	3,514	2,379	2,169	2,176	2,785	2,738	2,688
Global Private Equity	3,788	3,608	3,489	3,443	3,123	2,931	1,778	1,498	1,508	2,056	2,005	1,902
Corporate Private Equity	2,740	2,457	2,314	2,280	1,916	1,773	1,169	909	932	1,479	1,442	1,455
Real Estate	313	297	276	270	273	256	158	155	148	142	131	122
Infrastructure & Natural Resources	739	858	899	894	935	903	452	435	428	436	432	325
Global Credit	126	107	102	105	122	144	118	143	156	174	192	217
Carlyle AlpInvest	376	365	374	422	438	440	483	529	512	555	541	569

Net Accrued Perf Revenue ($ mm)	1,071	1,717	1,681	1,720	2,331	3,894	3,965	2,379	2,738	2,688
Global Private Equity	991	1,616	1,544	1,544	2,115	3,414	3,489	1,778	2,005	1,902
Corporate Private Equity	706	1,140	1,069	1,139	1,814	2,980	2,314	1,169	1,442	1,455
Real Estate	250	312	270	310	298	298	276	158	131	122
Infrastructure & Natural Resources	52	180	224	97	6	140	899	452	432	325
Global Credit	35	27	56	75	72	161	102	118	192	217
Carlyle AlpInvest	45	74	81	101	145	319	374	483	541	569

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. Inflows include the impact to our AUM of gross fundraising as well as closed reinsurance transactions at Fortitude and corporate acquisitions during the period, if any. Deployment comprises (i) Invested Capital of Carry Funds, (ii) new CLO issuances and incremental capital raised from CLO resets, and (iii) gross originations and other non-carry fund activity. 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.

1. Inflows include the impact to our AUM of gross fundraising as well as closed reinsurance transactions at Fortitude and corporate acquisitions during the period, if any.

2. Deployment comprises (i) Invested Capital of Carry Funds, (ii) new CLO issuances and incremental capital raised from CLO resets, and (iii) gross originations and other non-carry fund activity. This metric excludes deployment of Fortitude's general account assets covered by the strategic advisory services agreement into third party investments.

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)	2Q'22	3Q'22	4Q'22	1Q'23	2Q'23	3Q'23	4Q'23	1Q'24	2Q'24	3Q'24	4Q'24	1Q'25
SEGMENT REVENUES
Fund management fees	$ 516.2	$ 514.1	$ 512.4	$ 506.2	$ 515.0	$ 518.1	$ 525.1	$ 515.6	$ 525.5	$ 526.5	$ 539.9	$ 525.5
Transaction and portfolio advisory fees, net and other	42.2	35.0	17.7	16.4	18.2	11.2	34.6	26.7	28.9	27.4	80.6	77.9
Fee related performance revenues1	35.1	20.6	29.1	28.8	73.2	23.4	35.6	29.1	33.1	36.3	34.2	39.5
Total segment fee revenues	$ 593.5	$ 569.7	$ 559.2	$ 551.4	$ 606.4	$ 552.7	$ 595.3	$ 571.4	$ 587.5	$ 590.2	$ 654.7	$ 642.9
Realized performance revenues	519.9	764.8	459.7	165.1	335.1	180.4	257.7	397.8	156.5	275.9	245.7	355.1
Realized principal investment income (loss)	43.8	56.7	23.8	23.8	22.1	23.4	19.5	33.7	26.6	9.1	31.6	30.0
Interest income	4.0	10.5	16.3	13.9	14.3	20.1	23.9	20.1	18.3	19.8	16.5	15.2
Total Segment Revenues SEGMENT EXPENSES Compensation and benefits	$ 1,161.2	$ 1,401.7	$ 1,059.0	$ 754.2	$ 977.9	$ 776.6	$ 896.4	$ 1,023.0	$ 788.9	$ 895.0	$ 948.5	$ 1,043.2
Cash-based compensation and benefits	$ 259.7	$ 246.7	$ 242.0	$ 260.6	$ 288.7	$ 256.0	$ 226.6	$ 214.3	$ 205.3	$ 207.6	$ 234.5	$ 224.0
Realized performance revenues related compensation	249.0	373.7	241.2	95.6	160.0	30.4	121.3	255.8	100.8	185.3	167.9	227.7
Total compensation and benefits	$ 508.7	$ 620.4	$ 483.2	$ 356.2	$ 448.7	$ 286.4	$ 347.9	$ 470.1	$ 306.1	$ 392.9	$ 402.4	$ 451.7
General, administrative and other expenses	87.9	100.8	104.8	87.5	101.7	81.6	105.7	79.7	97.9	92.9	120.2	95.6
Depreciation and amortization expense	9.5	9.6	10.3	9.9	8.7	10.4	9.0	11.1	11.3	11.8	12.6	12.7
Interest expense	26.3	26.5	27.7	29.0	30.0	30.8	31.1	30.8	30.4	30.3	29.4	27.8
Total Segment Expenses	$ 632.4	$ 757.3	$ 626.0	$ 482.6	$ 589.1	$ 409.2	$ 493.7	$ 591.7	$ 445.7	$ 527.9	$ 564.6	$ 587.8
Total Segment Revenues	$ 1,161.2	$ 1,401.7	$ 1,059.0	$ 754.2	$ 977.9	$ 776.6	$ 896.4	$ 1,023.0	$ 788.9	$ 895.0	$ 948.5	$ 1,043.2
Total Segment Expenses	632.4	757.3	626.0	482.6	589.1	409.2	493.7	591.7	445.7	527.9	564.6	587.8
(=) Distributable Earnings	$ 528.8	$ 644.4	$ 433.0	$ 271.6	$ 388.8	$ 367.4	$ 402.7	$ 431.3	$ 343.2	$ 367.1	$ 383.9	$ 455.4
(-) Realized Net Performance Revenues	270.9	391.1	218.5	69.5	175.1	150.0	136.4	142.0	55.7	90.6	77.8	127.4
(-) Realized Principal Investment Income (Loss)	43.8	56.7	23.8	23.8	22.1	23.4	19.5	33.7	26.6	9.1	31.6	30.0
(+) Net Interest	22.3	16.0	11.4	15.1	15.7	10.7	7.2	10.7	12.1	10.5	12.9	12.6
(=) Fee Related Earnings	$ 236.4	$ 212.6	$ 202.1	$ 193.4	$ 207.3	$ 204.7	$ 254.0	$ 266.3	$ 273.0	$ 277.9	$ 287.4	$ 310.6
After-tax Distributable Earnings, per common share2	$ 1.17	$ 1.42	$ 1.01	$ 0.63	$ 0.88	$ 0.87	$ 0.86	$ 1.01	$ 0.78	$ 0.95	$ 0.92	$ 1.14
Dividend per common share3	$ 0.325	$ 0.325	$ 0.325	$ 0.350	$ 0.350	$ 0.350	$ 0.350	$ 0.350	$ 0.350	$ 0.350	$ 0.350	$ 0.350

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. In the earnings presentation attached as an exhibit to our Form 8-K for the quarter ended March 31, 2025 and furnished to the SEC on May 8, 2025, reconciliation of Distributable Earnings to After-tax Distributable Earnings per common share is provided on page 28.

3. In February 2023, our Board of Directors approved an increase in the anticipated common stock dividend to an annual rate of $1.40 per share ($0.35 per common share on a quarterly basis), commencing with the first quarter 2023 dividend to be 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 time or from time to time, and the terms of our 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.

Global Private Equity Segment Results by Quarter

(Dollars in millions, except per share amounts)	2Q'22	3Q'22		4Q'22		1Q'23		2Q'23		3Q'23	4Q'23		1Q'24		2Q'24	3Q'24		4Q'24	1Q'25
SEGMENT REVENUES
Fund management fees	$ 337.0 $	330.1 $		329.6 $		326.9 $		330.2 $		330.1 $	322.6 $		304.6 $		305.2 $	298.6 $		303.6 $	283.0
Transaction and portfolio advisory fees, net and other	7.5	7.7		8.2		5.4		5.3		4.0	3.7		7.1		3.8	5.9		7.8	14.5
Fee related performance revenues	22.3	6.1		10.4		9.6		52.8		0.7	5.2		3.7		3.2	-		-	-
Total segment fee revenues	$ 366.8 $	343.9	$ 348.2		$ 341.9		$ 388.3		$ 334.8 $		331.5	$ 315.4		$ 312.2 $		304.5	$ 311.4 $		297.5
Realized performance revenues	473.8	628.4	354.5		99.0		313.7		164.6		227.8	373.8		129.7		225.2	198.5		317.1
Realized principal investment income (loss) 34.2		46.0	14.3		11.9		13.2		14.4		5.8	18.9		6.8		10.0	14.0		15.1
Interest income 1.2		5.1	8.2		5.4		5.5		8.8		11.9	7.6		6.5		7.7	6.3		6.0
Total Segment Revenues $ 876.0 $		1,023.4	$ 725.2		$ 458.2		$ 720.7		$ 522.6 $		577.0	$ 715.7		$ 455.2 $		547.4	$ 530.2 $		635.7
SEGMENT EXPENSES Compensation and benefits
Cash-based compensation and benefits	$ 154.2 $	146.7	$ 144.4		$ 148.7		$ 173.6		$ 142.3 $		119.2	$ 109.3		$ 103.9 $		101.1	$ 108.5 $		100.7
Realized performance revenues related compensation	214.5	283.5	162.8		46.3		144.6		18.2		99.0	234.3		81.4		141.5	132.9		200.4
Total compensation and benefits	$ 368.7 $	430.2	$ 307.2		$ 195.0		$ 318.2		$ 160.5 $		218.2	$ 343.6		$ 185.3 $		242.6	$ 241.4 $		301.1
General, administrative and other expenses	59.3	65.3	65.2		57.1		59.1		46.0		59.7	38.6		50.2		48.5	57.9		48.7
Depreciation and amortization expense	6.3	6.3	6.7		6.7		5.9		7.1		6.3	6.4		6.5		6.7	7.2		6.9
Interest expense	16.0	15.9	16.0		16.6		16.8		16.8		16.7	14.0		14.1		14.1	14.1		13.4
Total Segment Expenses	$ 450.3 $	517.7	$ 395.1		$ 275.4		$ 400.0		$ 230.4 $		300.9	$ 402.6		$ 256.1 $		311.9	$ 320.6 $		370.1
Total Segment Revenues	$ 876.0 $	1,023.4	$ 725.2		$ 458.2		$ 720.7		$ 522.6 $		577.0	$ 715.7		$ 455.2 $		547.4	$ 530.2 $		635.7
Total Segment Expenses	450.3	517.7	395.1		275.4		400.0		230.4		300.9	402.6		256.1		311.9	320.6		370.1
(=) Distributable Earnings	$ 425.7 $	505.7	$ 330.1		$ 182.8		$ 320.7		$ 292.2 $		276.1	$ 313.1		$ 199.1 $		235.5	$ 209.6 $		265.6
(-) Realized Net Performance Revenues	259.3	344.9	191.7		52.7		169.1		146.4		128.8	139.5		48.3		83.7	65.6		116.7
(-) Realized Principal Investment Income (Loss)	34.2	46.0	14.3		11.9		13.2		14.4		5.8	18.9		6.8		10.0	14.0		15.1
(+) Net Interest	14.8	10.8	7.8		11.2		11.3		8.0		4.8	6.4		7.6		6.4	7.8		7.4
(=) Fee Related Earnings	$	147.0 $	125.6 $	131.9 $		129.4 $		149.7 $		139.4 $	146.3 $		161.1 $		151.6 $	148.2 $		137.8 $	141.2

Global Credit Segment Results by Quarter

(Dollars in millions, except per share amounts)	2Q'22	3Q'22		4Q'22		1Q'23		2Q'23		3Q'23	4Q'23		1Q'24		2Q'24	3Q'24		4Q'24	1Q'25
SEGMENT REVENUES
Fund management fees	$ 123.7 $	128.4 $		127.3 $		122.6 $		126.9 $		128.9 $	133.8 $		136.9 $		140.8 $	142.8 $		137.8 $	139.6
Transaction and portfolio advisory fees, net and other	34.7	27.3		9.5		11.0		12.9		7.2	30.9		19.6		25.0	21.4		72.8	63.4
Fee related performance revenues	12.8	14.5		18.7		18.4		19.6		21.1	30.0		24.2		28.0	29.0		27.9	28.8
Total segment fee revenues	$ 171.2 $	170.2	$ 155.5		$ 152.0		$ 159.4		$ 157.2 $		194.7	$ 180.7		$ 193.8 $		193.2	$ 238.5 $		231.8
Realized performance revenues	19.9	63.0	34.9		27.7		5.6		2.7		7.5	0.6		6.9		11.5	13.0		13.3
Realized principal investment income (loss)	8.7	9.2	9.9		9.0		8.2		8.0		11.9	13.8		19.2		(2.8)	16.0		5.5
Interest income	2.6	4.5	6.7		7.2		7.7		9.7		10.1	10.7		10.1		9.8	8.4		7.0
Total Segment Revenues	$ 202.4 $	246.9	$ 207.0		$ 195.9		$ 180.9		$ 177.6 $		224.2	$ 205.8		$ 230.0 $		211.7	$ 275.9 $		257.6
SEGMENT EXPENSES Compensation and benefits
Cash-based compensation and benefits	$ 77.1 $	69.9	$ 70.0		$ 80.4		$ 84.6		$ 81.3 $		78.2	$ 76.8		$ 74.0 $		76.5	$ 92.8 $		89.0
Realized performance revenues related compensation	9.4	28.9	16.3		12.7		2.7		1.4		3.5	0.3		4.3		6.9	7.9		7.9
Total compensation and benefits	$ 86.5 $	98.8	$ 86.3		$ 93.1		$ 87.3		$ 82.7 $		81.7	$ 77.1		$ 78.3 $		83.4	$ 100.7 $		96.9
General, administrative and other expenses	20.3	26.4	27.5		21.7		25.6		26.2		33.3	29.6		35.3		31.2	44.3		35.0
Depreciation and amortization expense	1.9	2.1	2.2		2.0		1.7		2.1		1.8	3.1		3.2		3.3	3.6		3.9
Interest expense	7.4	7.9	9.1		10.2		10.9		11.8		12.1	13.9		13.4		13.3	12.4		11.3
Total Segment Expenses	$ 116.1 $	135.2	$ 125.1		$ 127.0		$ 125.5		$ 122.8 $		128.9	$ 123.7		$ 130.2 $		131.2	$ 161.0 $		147.1
Total Segment Revenues	$ 202.4 $	246.9	$ 207.0		$ 195.9		$ 180.9		$ 177.6 $		224.2	$ 205.8		$ 230.0 $		211.7	$ 275.9 $		257.6
Total Segment Expenses	116.1	135.2	125.1		127.0		125.5		122.8		128.9	123.7		130.2		131.2	161.0		147.1
(=) Distributable Earnings $ 86.3 $		111.7	$ 81.9		$ 68.9		$ 55.4		$ 54.8 $		95.3	$ 82.1		$ 99.8 $		80.5	$ 114.9 $		110.5
(-) Realized Net Performance Revenues 10.5		34.1	18.6		15.0		2.9		1.3		4.0	0.3		2.6		4.6	5.1		5.4
(-) Realized Principal Investment Income (Loss) 8.7		9.2	9.9		9.0		8.2		8.0		11.9	13.8		19.2		(2.8)	16.0		5.5
(+) Net Interest 4.8		3.4	2.4		3.0		3.2		2.1		2.0	3.2		3.3		3.5	4.0		4.3
(=) Fee Related Earnings $		71.9 $	71.8 $	55.8 $		47.9 $		47.5 $		47.6 $	81.4 $		71.2 $		81.3 $	82.2 $		97.8 $	103.9