Carlyle Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Carlyle Group Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Carlyle Group Inc. (CGABL) filed a Annual Report (10-K) with the SEC on February 22, 2024. Carlyle Group Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 1001 Pennsylvania Avenue, N.W., Washington, D.C. Carlyle Group Inc. was formerly known as Carlyle Group L.P. until August 1, 2011. The filing includes financial data for consolidated operating entities.

Why It Matters

For investors and stakeholders tracking Carlyle Group Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Carlyle Group's financial performance, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K are essential for understanding the company's revenue streams, profitability, and overall financial position, including its management of investment funds.

Risk Assessment

Risk Level: medium — Carlyle Group Inc. shows moderate risk based on this filing. The company operates in the investment management industry, which is subject to significant market and regulatory risks that can impact its financial performance and assets under management.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Carlyle Group's performance and potential challenges in the current market environment.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-22 — Filing Date (Filed as of date)
• 154 — Public Document Count (Document count)
• 0001527166 — Central Index Key (Filer's unique identifier)

Key Players & Entities

• Carlyle Group Inc. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240222 (date) — Filed as of date
• 1001 Pennsylvania Avenue, N.W., Washington, D.C. 20004 (address) — Business address
• Carlyle Group L.P. (company) — Former company name
• 20110801 (date) — Date of name change
• 0001527166 (company) — Central Index Key
• 2023 (date) — Fiscal year

FAQ

Industry Context

Carlyle Group Inc. operates in the investment management industry, providing asset management services across various alternative and traditional investment strategies.

Regulatory Implications

The company is subject to regulations governing investment advisors and asset managers, including those set forth by the SEC.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Examine management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the 2023 fiscal year, following the 2022 10-K.

Key Financial Figures

• $426 billion — , D.C. in 1987, we have grown to manage $426 billion in AUM as of December 31, 2023 . Our e
• $373 billion — 26 billion as of December 31, 2023 from $373 billion as of December 31, 2022 , and fee-earn
• $307 billion — ssets under management increased 15% to $307 billion , driven by inflows of $24 billion fro
• $24 billion — to $307 billion , driven by inflows of $24 billion from Fortitude's transaction with Linco
• $37.1 billion — Group as well as total fundraising of $37.1 billion . Perpetual Capital products now compri
• $89 billion — Perpetual Capital products now comprise $89 billion , or 29% , of our fee-earning assets un
• $19.8 billion — assets under management. We invested $19.8 billion in our carry funds during 2023 and real
• $20.6 billion — ds during 2023 and realized proceeds of $20.6 billion for our carry fund investors . We app

Filing Documents

• cg-20231231.htm (10-K) — 13049KB
• a10-k.pdf (10-K) — 3454KB
• cg2023123110-kex1018.htm (EX-10.18) — 2101KB
• cg20231231ex1032formofrest.htm (EX-10.32) — 102KB
• cg2023123110-kex211.htm (EX-21.1) — 1297KB
• cg2023123110-kex22.htm (EX-22) — 25KB
• cg2023123110-kex231.htm (EX-23.1) — 18KB
• cg2023123110-kex311.htm (EX-31.1) — 24KB
• cg2023123110-kex312.htm (EX-31.2) — 23KB
• cg2023123110-kex321.htm (EX-32.1) — 12KB
• cg2023123110-kex322.htm (EX-32.2) — 12KB
• cg20231231ex97doddxfrankin.htm (EX-97) — 118KB
• cg-20231231_g1.jpg (GRAPHIC) — 1332KB
• cg-20231231_g2.jpg (GRAPHIC) — 196KB
• cg-20231231_g3.gif (GRAPHIC) — 47KB
• cg-20231231_g4.gif (GRAPHIC) — 47KB
• 0001527166-24-000019.txt (&nbsp;) — 56201KB
• cg-20231231.xsd (EX-101.SCH) — 150KB
• cg-20231231_cal.xml (EX-101.CAL) — 143KB
• cg-20231231_def.xml (EX-101.DEF) — 870KB
• cg-20231231_lab.xml (EX-101.LAB) — 1379KB
• cg-20231231_pre.xml (EX-101.PRE) — 1103KB
• cg-20231231_htm.xml (XML) — 10795KB

BUSINESS

BUSINESS 7 ITEM 1A.

RISK FACTORS

RISK FACTORS 30 ITEM 1B. UNRESOLVED STAFF COMMENTS 104 ITEM 1C. CYBERSECURITY 104 ITEM 2.

PROPERTIES

PROPERTIES 106 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 106 ITEM 4. MINE SAFETY DISCLOSURES 106 PART II. ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 106 ITEM 6. [RESERVED] 108 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 109 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 164 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 166 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 240 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 240 ITEM 9B. OTHER INFORMATION 241 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 241 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 242 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 242 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 242 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 242 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 242 PART IV. ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 243 ITEM 16. FORM 10-K SUMMARY 247 1

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K 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 our expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions and statements that are not historical facts, including our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, and our dividend policy. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those listed below and those described under the section entitled "Risk Factors" in this Annual Report on Form 10-K, as such factors may be updated from time to time in our periodic filings with the U.S. Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this Annual Report on Form 10-K and in our other periodic filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by ap

BUSINESS

ITEM 1. BUSINESS Overview Carlyle is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. Our teams invest across a range of strategies that leverage our deep industry expertise, local insights, and global resources to deliver attractive returns throughout an investment cycle. Since our firm was founded in Washington, D.C. in 1987, we have grown to manage $426 billion in AUM as of December 31, 2023 . Our experienced and diverse team of more than 2,200 employees includes more than 720 investment professionals in 28 offices across four continents, and we serve more than 3,000 active carry fund investors from 87 countries. We seek to invest with a clarity of purpose, adaptability, and alignment between our interests and the interests of our fund investors, shareholders, and other stakeholders . Operational and strategic highlights for our firm for 2023 include: In order to continue to enhance stakeholder alignment, we updated our employee compensation program to increase the proportion of our performance allocations used to compensate our employees, effective December 31, 2023. Under the realigned program, we expect to allocate a range of 60% to 70% of performance allocations and incentive fees to our employees, up from a range of generally 45% to 50% prior to December 31, 2023 . W e expect FRE to increase and the portion of realized performance revenues retained by the Company to decrease beginning in 2024. Assets under management grew 14% to $426 billion as of December 31, 2023 from $373 billion as of December 31, 2022 , and fee-earning assets under management increased 15% to $307 billion , driven by inflows of $24 billion from Fortitude's transaction with Lincoln Financial Group as well as total fundraising of $37.1 billion . Perpetual Capital products now comprise $89 billion , or 29% , of our fee-earning assets un

View Full Filing

View this 10-K filing on SEC EDGAR