Operating

The Carlyle Group·Cash Flow Statement·40 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Purchases Of Investments By Consolidated Funds	$2.4B	$1.1B	$2.5B	$2.4B	$1.6B	$5B	$2.7B	$4.1B
Proceeds from sales and settlements of investments by Consolidated Funds	$1.4B	$1B	$1.8B	$1.4B	$880.3M	$2.9B	$1.2B	$2.2B
Net cash from operating activities	-$1.3B	—	-$352.8M	-$352.1M	-$168.8M	-$1.6B	-$1.2B	-$1.2B
Change in other liabilities held at Consolidated Funds	$302.6M	—	$388.4M	-$2.5M	-$11.5M	$79.3M	$105.4M	$606.6M
Change in accrued compensation	—	—	—	-$327.7M	—	—	$156.5M	-$461.2M
Accrued compensation	—	—	—	-$327.7M	—	—	$156.5M	-$461.2M
Non-Cash Performance Allocations And Incentive Fees Gain (Loss)	—	$534.1M	—	-$15M	$265.6M	-$263.7M	$291.6M	-$283.1M
Realized Unrealized Gain (Loss) On Investments Of Consolidated Funds	$300K	—	$38.3M	$7M	$4.6M	$88.5M	—	-$248.6M
Change in deferred revenue	-$261.4M	$247.9M	-$238.3M	$280.2M	-$222.6M	$169.1M	-$243.2M	$229.8M
Realized Unrealized Gain (Loss) From Loans Payable Of Consolidated Funds	-$5.4M	—	-$4.7M	-$900K	$42.2M	$34.7M	$25.5M	$184.2M
Increase (Decrease) In Cash And Cash Equivalents Held At Consolidated Funds	$621.7M	—	$339M	-$270.9M	-$134.5M	—	—	-$169M
Proceeds from Investments - Asset Management	$83M	$148.2M	$164.7M	$144.8M	$324.8M	$194.4M	$168.9M	$160.8M
Payments for Purchase of Securities, Operating Activities	$35M	$33.7M	$172.1M	$78.3M	$66M	$106.8M	$152.5M	$148.2M
Increase (Decrease) Other Receivables Held At Consolidated Funds	$22.6M	—	$26.6M	-$8.3M	-$2.2M	$18.5M	-$58.2M	$143.6M
Net income	$149.3M	$615.7M	$227.3M	$158.6M	$328.1M	$112.5M	$345.5M	-$141.9M
Stock-based compensation	$125.2M	$121.6M	$112.8M	$103.5M	$92.9M	$90.7M	$87.6M	$119.8M
Change in accounts payable	—	—	$43.4M	-$25.4M	$64.5M	$0	$111.9M	-$66.1M
Depreciation and amortization	$45.5M	$46.2M	$47.1M	$46.9M	$47.7M	$48.5M	$49M	$50.5M
Deferred income taxes	—	-$140.8M	—	$29.4M	—	$51M	—	$45.4M
Increase (Decrease) in Deferred Income Taxes	—	-$140.8M	—	$29.4M	—	$51M	—	$45.4M
Non-Cash Principal Investment Income	$75.6M	$42.8M	—	-$72.7M	—	$82.8M	—	$39.6M
Change in related party payables	—	—	-$10.8M	$6.5M	$17.1M	$1.5M	$1.9M	$18M
Increase (Decrease) in Deposit Assets	—	—	-$13.9M	$10.8M	$14.1M	$500K	$15.6M	-$7.1M
Change in lease right-of-use assets and lease liabilities	-$1.8M	-$1.4M	-$2.7M	-$2.8M	-$3.5M	-$3.4M	-$700K	-$4.5M
Non Cash Interest Income Net Of Consolidated Funds	$4.7M	$5.3M	$4.1M	$4.1M	$4.6M	$4.3M	$16.2M	$4.2M
Other non-cash income (expense)	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other non-cash income (expense)	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other working capital changes	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other Non-Cash Income (Expense)	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other Non-cash Income (Expense)	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other Non-cash Income (Expense)	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other non-cash income (expense)	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other Noncash Income (Expense)	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other Non-cash Income and Expense	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other Non-Cash Adjustments	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Other Non-Cash Income and Expense	—	-$17.3M	—	-$12.6M	-$24.2M	—	—	$2.1M
Change in related party receivables	$27.9M	$18.9M	—	-$10.7M	$27M	-$7.6M	-$53.4M	$1.7M
Change in fair value of contingent consideration	$0	$2.5M	$100K	$1M	—	$1.7M	—	$0
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Asset	$0	$2.5M	$100K	$1M	—	$1.7M	—	$0
Non-cash principal investment (income) loss	-$52.4M	-$52.4M	-$52.4M	-$23.5M	-$23.5M	-$23.5M	-$23.5M	—