CG · The Carlyle Group Inc.

The Carlyle Group Inc. announced unaudited Q1 2026 financial results on May 7, 2026, via a summary press release (Exhibit 99.1) and earnings presentation (Exhibit 99.2), furnished under Item 2.02. U.S. GAAP results showed a significant net loss attributable to common stockholders of $132.2 million, or $(0.37) per diluted share, compared to net income of $130.0 million or $0.35 per share in Q1 2025. This deterioration was primarily driven by a sharp decline in total revenues to $254.0 million from $973.1 million, largely due to an investment loss including performance allocations of $(616.7) million versus $159.8 million income prior year. The loss reflected reversals of unrealized performance allocations from depreciation in the seventh U.S. buyout fund amid market price decreases in public investments, partially offset by international energy fund appreciation. Fund management fees held steady at $584.0 million, with Carlyle AlpInvest growth offsetting declines in transaction fees and $13 million catch-up fees. Equity-based compensation rose to $119.8 million from stock awards aligning leadership with performance. Despite GAAP losses, non-GAAP Distributable Earnings reached $327 million pre-tax ($0.89 post-tax per share), supported by Fee Related Earnings of $300 million and Realized Net Performance Revenues of $21 million. CEO Harvey M. Schwartz highlighted continued strategic momentum, including exceptional Carlyle AlpInvest growth, strong institutional and wealth client fundraising, and record U.S. Buyout realizations, bolstering confidence in 2028 targets from the February Shareholder Update. Assets under management grew to $475 billion (+5% YoY), fee-earning AUM to $333 billion (+6% YoY), with $13.0 billion inflows, $10.0 billion deployment, and $12.2 billion realized proceeds from carry funds. Capital returns included a $0.35 quarterly dividend (record May 18, payable May 28) and $205 million share repurchases (3.8 million shares), with $1.9 billion remaining authorization. A conference call was held at 8:30 a.m. EDT on May 7, 2026, webcast at ir.carlyle.com.