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Carlyle Group
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Updated Nov 6, 2026
Carlyle Q3 2026 10-Q: Unrealized carry reversals dominate GAAP results while segment DE reaches $432.5M and FRE holds at $292.6M
Carlyle's Q3 2026 results are defined by a $626.6 million GAAP performance allocation reversal — driven almost entirely by CP VII public market declines — that overwhelms an otherwise stable fee-revenue and realized-earnings picture. On a segment basis, Distributable Earnings of $432.5 million rose 17% year-over-year, powered by a surge in realized carry from Global Private Equity; Fee Related Earnings of $292.6 million declined modestly as GPE fund management fees stepped down on basis transitions. Total AUM of $479 billion and $11.0 billion of quarterly deployment signal the platform's scale and activity level remain intact, but a pre-announced ~$222 million infrastructure fund loss expected to realize in Q4 2026 will suppress GPE distributable earnings in the near term.
Tone: mixedRevenue
$4.8B
CG 10-K · FY 2025
Revenue FY2024
$5.4B
Founded
1987
Headquarters
Washington, DC
Profile
CG 10-K Item 1 · Feb 27, 2026The Carlyle Group is one of the world's largest global investment firms, deploying private capital across three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. The firm earns management fees, incentive fees, and performance allocations (carried interest) from the investment funds it advises. As of December 31, 2025, total AUM across all segments was approximately $476.8 billion.
Read filing description ↓ Collapse description ↑
Carlyle is one of the world's largest global investment firms that deploys private capital across its business and conducts its operations through three reportable segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. The Global Private Equity segment advises buyout, growth, real estate, and infrastructure & natural resources funds. The Global Private Equity segment also includes the NGP Carry Funds advised by NGP. The Global Credit segment advises funds and vehicles that pursue investment strategies including insurance solutions, liquid credit, opportunistic credit, direct lending, asset-backed finance, aviation finance, infrastructure credit, cross-platform credit products, and global capital markets. The Carlyle AlpInvest segment advises global private equity programs that pursue secondary purchases and financing of existing portfolios, managed co-investment programs, and primary fund investments. Carlyle typically serves as the general partner, investment manager, or collateral manager, making day-to-day investment decisions concerning the assets of these products. We earn management fees pursuant to contractual arrangements with the investment funds that we manage and fees for transaction advisory and oversight services provided to portfolio companies of these funds. We also typically receive a performance fee from an investment fund, which may be either an incentive fee or a special residual allocation of income, which we refer to as a performance allocation, or carried interest, in the event that specified investment returns are achieved by the fund.
Primary products
- Buyout funds
- Growth equity funds
- Real estate funds
- Infrastructure and natural resources funds
- NGP Carry Funds
- CLOs (collateralized loan obligations)
Business segments
End markets
Geographies
Named customers
Named competitors
Revenue commentary · FY 2025
Total revenues declined in 2025 versus 2024, primarily due to a large decrease in unrealized performance allocations, partially offset by higher fund management fees and incentive fees.
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