The Carlyle Group Inc. · NASDAQ:CG
The Carlyle — Q1 2026 Earnings Presentation
39 slides from The Carlyle's earnings presentation, May 7, 2026
Slide 1: Carlyle Reports First Quarter 2026 Financial Results
Carlyle Reports First Quarter 2026 Financial Results EXHIBIT 99.2 MAY 7, 2026
Slide 2: Carlyle Reports First Quarter 2026 Financial Results
“ Carlyle Reports First Quarter 2026 Financial Results WASHINGTON, D.C. AND NEW YORK, NY – MAY 7, 2026 – The Carlyle Group Inc. (NASDAQ: CG) today reported its unaudited results for the first quarter ended Our first quarter results reflect March 31, 2026. continued momentum executing against our str
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to
Slide 4: First Quarter 2026 Financial Results
First Quarter 2026 01 Financial Results 4
Slide 5: Carlyle First Quarter 2026 U.S. GAAP Results
Carlyle First Quarter 2026 U.S. GAAP Results Net loss attributable to The Carlyle Group Inc. common stockholders was $132.2 million for Q1 2026, or $0.37 per share on a diluted basis (Dollars in millions, except per share amounts) 1Q'25 1Q'26 LTM 1Q'25 LTM 1Q'26 REVENUES Fund management fees $ 586.1
Slide 6: Carlyle First Quarter 2026 Highlights
Carlyle First Quarter 2026 Highlights • Distributable Earnings (“DE”) of $327 million for Q1 2026 on a pre-tax basis, or $0.89 per common share on a post-tax basis, and $1.6 billion, or $3.77 per common share, for the LTM FINANCIAL • Fee Related Earnings (“FRE”) of $300 million for Q1 2026 and $1.2
Slide 7: Carlyle First Quarter 2026 Total Segment Results
Carlyle First Quarter 2026 Total Segment Results (Dollars in millions, except per share amounts) 1Q'25 1Q'26 LTM 1Q'25 LTM 1Q'26 SEGMENT REVENUES Fund management fees $ 525.5 $ 544.5 $ 2,117.4 $ 2,262.1 Transaction and portfolio advisory fees, net and other 77.9 54.1 214.8 201.3 Fee related performa
Slide 8: Distributable Earnings
Distributable Earnings • Distributable Earnings were $327 million in Q1 2026 and $1.6 billion for the LTM • Realized Net Performance Revenues were $21 million in Q1 2026 and $250 million for the LTM • Realized Principal Investment Income was $28 million in Q1 2026 and $150 million for the LTM QUARTE
Slide 9: Fee Related Earnings
Fee Related Earnings • Fee Related Earnings of $300 million in Q1 2026 decreased 3% compared to $311 million in Q1 2025. Fee Related Earnings was $1.2 billion for the LTM • FRE margin2 of 47% in Q1 2026 decreased from 48% in Q1 2025. FRE margin for the LTM was 46% QUARTERLY FRE AND FRE MARGIN FRE AN
Slide 10: Performance Revenues
Performance Revenues • Net Accrued Performance Revenues3 were $2.6 billion as of Q1 2026, down 9% from the prior quarter, primarily attributable to depreciation in certain public investments and carry reversals in our seventh U.S. buyout fund, partially offset by appreciation in our international en
Slide 11: Total Assets Under Management
Total Assets Under Management Total Assets Under Management1 of $475 billion at March 31, 2026 was flat to the prior quarter as a 5% increase in Carlyle AlpInvest AUM was offset by a 3% decrease in Global Private Equity AUM and a 1% decrease in Global Credit AUM. Total Assets Under Management was up
Slide 12: Performance Fee Eligible Assets Under Management
Performance Fee Eligible Assets Under Management Performance Fee Eligible AUM4 of $231 billion decreased 2% from the prior quarter, driven by realizations in our U.S. buyout funds. Performance Fee Eligible AUM was flat to $231 billion one year ago PERFORMANCE FEE ELIGIBLE AUM PERFORMANCE FEE ELIGIBL
Slide 13: Fee-earning Assets Under Management
Fee-earning Assets Under Management Fee-earning Assets Under Management6 of $333 billion at March 31, 2026 decreased 1% from the prior quarter, as a 3% increase in Carlyle AlpInvest was more than offset by a 2% decrease in Global Credit and a 2% decrease in Global Private Equity. Fee-earning Assets
Slide 14: Key Metrics Activity
Key Metrics Activity • Inflows1 were $13.0 billion in Q1 2026, driven by fundraising across our Carlyle AlpInvest and Global Credit segments. Carlyle AlpInvest inflows were driven by capital raised in managed accounts and in our CAPS and CAPM funds, while Global Credit inflows included the first clo
Slide 15: Segment Highlights
Segment Highlights CARLYLE
Slide 16: Global Private Equity
Global Private Equity • Total AUM was $159 billion as of March 31, 2026, down 3% from the prior quarter, as realizations in Q1 2026 more than offset $25 Inflows of $2.2 billion. Inflows in Q1 2026 were led by capital raised in U.S. buyout coinvestments and in our U.S. real estate $119BN strategy. To
Slide 17: Global Credit
Global Credit • Total AUM was $209 billion as of March 31, 2026, down 1% from the prior quarter, as Inflows of $3.9 billion were more than offset by outflows and market activity. Inflows in Q1 2026 were driven by our asset-backed finance, insurance solutions, and Europe liquid $186BN $76 credit stra
Slide 18: Carlyle AlpInvest
Carlyle AlpInvest • Total AUM was $107 billion as of March 31, 2026, a 5% increase from the prior quarter, as Inflows of $6.8 billion in Q1 2026 exceeded outflows for the period. Inflows in Q1 2026 reflected fundraising across the segment, notably in our secondaries & $74BN $35 portfolio finance, CA
Slide 19: Supplemental Details
Supplemental Details CARLYLE
Slide 20: Carlyle First Quarter 2026 Total Segment Results
Carlyle First Quarter 2026 Total Segment Results (Dollars in millions, except per share amounts) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 LTM 1Q'25 LTM 1Q'26 SEGMENT REVENUES Fund management fees $ 525.5 $ 589.6 $ 573.9 $ 554.1 $ 544.5 $ 2,117.4 $ 2,262.1 Transaction and portfolio advisory fees, net and other
Slide 21: Total Segment Balance Sheet Highlights
Total Segment Balance Sheet Highlights • Balance sheet assets attributable to Carlyle stockholders, including cash and equivalents, net accrued performance revenues and investments, net of debt obligations, totaled $4.9 billion at March 31, 2026 • Balance sheet cash totaled $1.7 billion as of March
Slide 22: AUM and Fee-earning AUM Roll Forward
AUM and Fee-earning AUM Roll Forward TOTAL AUM ROLL FORWARD in millions Three Months Ended March 31, 2026 Twelve Months Ended March 31, 2026 Global Private Global Carlyle Global Private Global Carlyle Equity Credit AlpInvest Total Equity Credit AlpInvest Total Balance, Beginning of Period $ 163,543
Slide 23: Global Private Equity Fund Performance
Global Private Equity Fund Performance Realized/Partially Realized Total Investments Investments(5) (Reported in Local Currency, mn) As of March 31, 2026 As of March 31, 2026 Cumulative Net Accrued Fund (Fee Initiation Date / Committed Invested Percent Realized Remaining MOIC Gross IRR Net IRR Carry
Slide 24: Global Private Equity Fund Performance, continued
Global Private Equity Fund Performance, continued Realized/Partially Realized Total Investments Investments(5) (Reported in Local Currency, mn) As of March 31, 2026 As of March 31, 2026 Cumulative Net Accrued Fund (Fee Initiation Date / Committed Invested Percent Realized Remaining MOIC Gross IRR Ne
Slide 25: Global Credit Fund Performance
Global Credit Fund Performance CARRY FUNDS ($ mn) Total Investments as of March 31, 2026 Committed Cumulative Invested Percent Realized Remaining MOIC Gross IRR Net IRR Net Accrued Fund (Fee Initiation Date / Stepdown Date)(27) Capital(28) Capital(18) Invested Value(2) Fair Value(3) (4) (6)(12) (7)(
Slide 26: Carlyle AlpInvest Fund Performance
Carlyle AlpInvest Fund Performance (Reported in Local Currency, mn) Total Investments as of March 31, 2026 Cumulative Net Accrued Vintage Invested Capital Realized Remaining Total Value Gross IRR Net IRR Carry/(Giveback) Carlyle AlpInvest (21)(25) Year Fund Size (1)(22) Value (22) Fair Value(22) (9)
Slide 27: Reconciliations & Disclosures
Reconciliations 04 & Disclosures 27
Slide 28: Reconciliation for Distributable Earnings Per Share
Reconciliation for Distributable Earnings Per Share (Unaudited) Our estimated DE effective tax rate was 2.5% for Q1 2026, primarily driven by the impact of tax deductions resulting from the vesting of restricted stock units. (in millions, except per share data) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 DISTRIBU
Slide 29: Reconciliation of GAAP to Total Segment Information
Reconciliation of GAAP to Total Segment Information LTM LTM (Dollars in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'25 1Q'26 FY'24 FY'25 INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES $ 171.0 $ 440.6 $ 85.8 $ 461.8 $ (179.0) $ 1,444.0 $ 809.2 $ 1,393.7 $ 1,159.2 Adjustments: Net unrealized performan
Slide 30: Reconciliation of GAAP to Total Segment Information, continued
Reconciliation of GAAP to Total Segment Information, continued Total Reportable Consolidated Reconciling Carlyle Total Reportable Consolidated Reconciling Carlyle Segments Funds Items Consolidated1 Segments Funds Items Consolidated1 (Dollars in millions) Three Months Ended March 31, 2025 Year Ended
Slide 31: Reconciliation of GAAP to Total Segment Information, continued
Reconciliation of GAAP to Total Segment Information, continued Carlyle Reconciling Total Reportable Carlyle Reconciling Total Reportable Consolidated Items1 Segments Consolidated Items1 Segments (Dollars in millions) Three Months Ended March 31, 2025 Year Ended December 31, 2024 Performance revenues
Slide 32: Reconciliation of GAAP to Total Segment Information, continued
Reconciliation of GAAP to Total Segment Information, continued LTM LTM (Dollars in millions) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'25 1Q'26 FY'24 FY'25 REVENUE RECONCILING ITEMS Unrealized performance and fee related performance revenues $ (197.3) $ 331.0 $ (632.0) $ 619.8 $ (669.4) $ 1,356.2 $ (350.6) $
Slide 33: Reconciliation for Total Segment Information
Reconciliation for Total Segment Information RECONCILIATION OF TOTAL INVESTMENTS RECONCILIATION OF ATTRIBUTABLE TO THE CARLYLE GROUP INC. ACCRUED PERFORMANCE ALLOCATIONS (Dollars in millions) 03/31/26 (Dollars in millions) 12/31/25 03/31/26 Accrued Performance Allocations, Net of Accrued Investments
Slide 34: GAAP Statement of Operations
GAAP Statement of Operations (Unaudited) (Dollars in millions, except per share amounts) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 LTM 1Q'25 LTM 1Q'26 FY’24 FY’25 REVENUES Fund management fees $ 586.1 $ 620.4 $ 583.3 $ 606.8 $ 584.0 $ 2,250.6 $ 2,394.5 $ 2,188.1 $ 2,396.6 Incentive fees 43.2 40.5 51.4 55.4 51.7
Slide 35: GAAP Balance Sheet
GAAP Balance Sheet (Unaudited) As of March 31, 2026 Consolidated Consolidated (Dollars in millions) Operating Entities Funds Eliminations Consolidated ASSETS Cash and cash equivalents $ 1,673.2 $ — $ — $ 1,673.2 Cash and cash equivalents of Consolidated Funds — 1,081.0 — 1,081.0 Investments, includi
Slide 36: Notes
Notes DIVIDEND POLICY Our dividend policy for our common stock is an annual rate of $1.40 per share ($0.35 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
Slide 37: Notes, continued
Notes, continued NOTES ON ASSETS UNDER MANAGEMENT (PAGES 11-13) (CONTINUED) 7. Pending Fee-earning Assets Under Management refers to commitments that have been raised and will become Fee-earning Assets Under Management upon the activation of recurring fund management fees on the commitments, or as t
Slide 38: Notes, continued
Notes, continued NOTES ON FUND PERFORMANCE TABLES (PAGES 23-26) 1. Represents the original cost of investments since inception of the fund. 2. Represents all realized proceeds since inception of the fund. 3. Represents remaining fair value, before management fees, expenses and carried interest, and
Slide 39: Notes, continued
Notes, continued NOTES ON FUND PERFORMANCE TABLES (PAGES 23-26) (CONTINUED) 21. Includes private equity and mezzanine primary fund investments, secondary fund investments and co-investments originated by AlpInvest. Excluded from the performance information shown are: (a) investments that were not or