The Carlyle Group Inc. (CG) SEC Filings & Earnings Calls

Performance allocation volatility

“Performance allocations for the three and six months ended June 30, 2026 included reversals in Global Private Equity primarily attributable to declines in CP VII’s accrued performance allocations, largely due to decreases in the market price of certain public investments and the impact of preferred return.”

Concentration in software loans

“Excluding software, the average secondary bid firmed by roughly 0.4 points over the quarter, while software loans fell approximately 1.9 points, widening the gap between software and the rest of the index to a historically wide 9.6 points.” · word for word

Geopolitical risk from Strait of Hormuz

“shipping through the Strait of Hormuz remained well below pre-conflict levels, leaving physical supply constraints largely intact.” · word for word

Interest rate hike risk

“market participants largely expect the Fed’s next move to be a rate hike.” · word for word

Consolidated fund exposure

“As of June 30, 2026, the assets and liabilities of the Consolidated Funds were primarily related to our consolidated CLOs, which held approximately $10.9 billion of total assets.” · word for word

Unrealized investment losses in consolidated infrastructure fund; expected realization later in 2026.

“Net investment income of Consolidated Funds in 2Q'26 included unrealized investment losses of approximately $47 million related to an investment in a consolidated infrastructure fund in Global Private Equity.” · word for word

Leadership transition risk is low as outgoing GC remains as Senior Advisor, ensuring continuity.

“Jeffrey Ferguson will become a Senior Advisor effective June 29, 2026.”

Geopolitical risk from Middle East conflict

“The commencement of hostilities in the Middle East and the closure of the Strait of Hormuz have not yet manifested as visible economic damage. However, risks to the global economy remain elevated as the conflict in the Middle East persists, and those risks will continue to rise for as long as the Strait remains effectively shut.” · word for word

Performance allocation volatility

“Performance allocations $ (681.1) $ 222.9” · word for word

LBO activity deceleration

“Leveraged buyout (“LBO”) activity, however, was not as robust. GPs announced LBOs totaling $126 billion in the first quarter of 2026, a deceleration both quarter-over-quarter (-21%) and year-over-year (-3.5%).” · word for word

Exit environment uncertainty

“Aggregate exit volumes of $94 billion were down -15% quarter-over-quarter and were 17% lower than in the first quarter of 2025.”

Unrealized investment losses in U.S. buyout fund due to market price decreases of public investments; potential for further mark-to-market volatility.

“Investment loss primarily reflected reversal of unrealized performance allocations due to depreciation in seventh U.S. buyout fund driven by market price decreases of certain public investments.”

Consolidated CLOs and infrastructure fund contributed to unrealized losses; cumulative loss of ~$175M on infrastructure fund expected to be realized upon disposition in 2026.

“Unrealized investment losses of approximately $35 million related to consolidated CLOs; cumulative unrealized loss of ~$175 million on infrastructure fund investment.” · word for word

Catch-up management fees declined $13M as fundraising for recent vintage secondaries & portfolio finance funds concluded.

“Decrease in catch-up management fees of $13 million as fundraising in our most recent vintage secondaries & portfolio finance funds concluded in 3Q’25.” · word for word

Macroeconomic and geopolitical volatility

“We recognize that the current macroeconomic and geopolitical backdrop remains complex and volatile and may be so for the foreseeable future.” · word for word

Key person dependence on CEO

“Mr. Schwartz’s 2023 performance-vesting RSU (“PSU”) award also encourages strong relative performance, with 110% stock price appreciation and superior outperformance relative to the constituent companies in the S&P 500 Financials Index required for full vesting.” · word for word

Market and Economic Downturn Risk

“Adverse economic and market conditions and other events or conditions throughout the world could negatively impact our business in many ways, including by reducing the value or performance of the investments made by our investment funds and reducing the ability of our investment funds to raise capital.” · word for word

Revenue Volatility

“Our revenue, earnings, net income, and cash flow can all vary materially, which may make it difficult for us to achieve steady earnings growth on a quarterly basis and may cause the price of our common stock to decline.” · word for word

Key Person Dependency

“We depend on our senior Carlyle professionals, including our Chief Executive Officer, and the loss of their services or investor confidence in such personnel could have a material adverse effect on our business, results of operations, and financial condition.” · word for word

High Interest Rate Impact

“High interest rates and challenging debt market conditions have negatively impacted and could continue to negatively impact the values of certain assets or investments and the ability of our funds and their portfolio companies to access the capital markets, which could adversely affect investment and realization opportunities, lead to lower-yielding investme” · word for word

Execution risk on ambitious three-year targets

“Forward-looking statements caution that fundraising may not translate into increased earnings and margins”

Investment income subject to market fluctuations and unrealized performance allocations.

“Investment income impacted by market price increases and reversal of unrealized performance allocations.”

Leadership transition risk is low given orderly succession plan and continued advisory role.

“Carlyle is commencing a search to find Mr. Ferguson’s successor.” · word for word

Market concentration risk

“Broad enthusiasm for AI continues to drive sharp price action, with just ten stocks accounting for 40% of U.S. stock market capitalization, the highest degree of concentration on record.” · word for word

AI monetization timeline risk

“Relatively modest declines in data center capacity utilization, or extensions of AI monetization timelines, could be enough to shift major stock market indexes.” · word for word

Private credit asset quality risk

“In the aftermath of the Tricolor Auto Group and First Brands Group bankruptcies in September of 2025, fears have risen around the quality of underlying assets in the syndicated loan and private credit markets.” · word for word

Government shutdown impact

“The ongoing U.S. federal government shutdown has introduced meaningful uncertainty into capital markets and regulatory workflows.” · word for word

Forward-looking statements caution about risks and uncertainties

“forward-looking statements are subject to various risks, uncertainties, and assumptions” · word for word