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Carlyle Group Inc.

For the period ended Mar 31, 2025. Filed May 9, 2025.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 9, 2025

CG$41.70-1.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Condensed Consolidated Statements of Cash Flows for

Condensed Consolidated Statements of Cash Flows

Three Months Ended March 31,
20252024
Cash flows from operating activities
Net income$158.6$98.8
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization46.945.3
Equity-based compensation103.5108.3
Non-cash performance allocations and incentive fees, net15.0190.9
Non-cash principal investment income72.7(70.0)
Other non-cash amounts12.6(2.9)
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds(7.0)(82.7)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds0.989.7
Purchases of investments by Consolidated Funds(2,425.5)(1,477.3)
Proceeds from sales and settlements of investments by Consolidated Funds1,430.81,276.3
Non-cash interest income, net(4.1)(6.7)
Change in cash and cash equivalents held at Consolidated Funds270.9(80.0)
Change in other receivables held at Consolidated Funds8.3(65.0)
Change in other liabilities held at Consolidated Funds(2.5)227.9
Purchases of investments(78.3)(145.1)
Proceeds from the sale of investments144.8102.1
Payments of contingent consideration(1.0)(1.5)
Changes in deferred taxes, net(29.4)(47.1)
Change in due from affiliates and other receivables10.76.7
Change in deposits and other(10.8)(19.7)
Change in accounts payable, accrued expenses and other liabilities(25.4)41.5
Change in accrued compensation and benefits(327.7)(365.6)
Change in due to affiliates6.5(2.2)
Change in lease right-of-use assets and lease liabilities(2.8)(2.2)
Change in deferred revenue280.2251.6
Net cash (used in) provided by operating activities(352.1)71.1
Cash flows from investing activities
Purchases of fixed assets, net(16.7)(14.2)
Net cash used in investing activities(16.7)(14.2)
Three Months Ended March 31,
20252024
Cash flows from financing activities
Payments on CLO borrowings(14.6)(13.9)
Proceeds from CLO borrowings, net of financing costs15.1—
Net borrowings on loans payable of Consolidated Funds559.445.3
Dividends to common stockholders(126.4)(126.7)
Payment of deferred consideration for Carlyle Holdings units—(68.8)
Contributions from non-controlling interest holders163.064.7
Distributions to non-controlling interest holders(164.2)(19.0)
Common shares repurchased and net share settlement of equity-based awards(176.5)(150.0)
Change in due to/from affiliates financing activities40.851.7
Net cash provided by (used in) financing activities296.6(216.7)
Effect of foreign exchange rate changes5.0(4.4)
Decrease in cash, cash equivalents and restricted cash(67.2)(164.2)
Cash, cash equivalents and restricted cash, beginning of period1,266.51,442.1
Cash, cash equivalents and restricted cash, end of period$1,199.3$1,277.9
Supplemental non-cash disclosures
Initial consolidation of Consolidated Funds$57.0$—
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents$1,190.3$1,276.5
Restricted cash9.01.4
Total cash, cash equivalents and restricted cash, end of period$1,199.3$1,277.9
Cash and cash equivalents held at Consolidated Funds$570.9$426.0
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