Business Description

Overview Carlyle is one of the world’s largest global investment firms that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest (formerly, 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 $477 billion in AUM as of December 31, 2025 . Our experienced and diverse team of more than 2,500 employees includes 770 investment professionals in 27 offices across four continents, and we serve more than 3,200 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 and our three global business segments for 2025 include: • Assets under management grew 8% to $477 billion as of December 31, 2025 from $441 billion as of December 31, 2024 . The increase was driven by inflows of $53.7 billion during 2025, a 32% increase from 2024. We deployed $54.5 billion across our platform during 2025 and realized proceeds of $34.1 billion for our carry fund investors. • We returned approximately $0.9 billion in capital to our shareholders . During 2025 , we paid dividends to our common shareholders of $505 million , and used $400 million to repurchase 7.5 million shares of our common stock. • In our Global Private Equity (“GPE”) segment, we realized proceeds of $18.2 billion for our carry fund investors in 2025 and deployed $10.4 billion across the segment, both representing increases from prior year levels. Inflows of $7.5 billion during the year reflected final closes in our tenth and largest U.S. real estate fund (“CRP X”) and our sixth Asia buyout fund (“CAP VI”), fundraising in our life sciences platform, and subscriptions in our evergreen real estate offering (“CPI”). We had continued success in initial public offerings in 2025, listing Orion Breweries in Japan, Hexaware in India, and Medline in the United States, reflecting breadth and diversity across geographies and sectors. • Our Global Credit (“GC”) AUM increased 10% year-over-year to $211 billion, driven by inflows of $28.3 billion across a diverse set of strategies. D eployment of $29.9 billion in 2025 more than doubled compared to 2023 levels, driven by strong direct lending originations and sustained activity in our structured credit products. We priced 39 CLOs in 2025, including the closing of nine new CLO issuances . Our Global Capital Markets strategy also had a record year, and was t he primary driver of $206.0 million of portfolio advisory and transaction fees for the year ended December 31, 2025 . • In our Carlyle AlpInvest segment, total AUM increased 20% year-over-year to $102 billion , driven by $ 17.9 billion of inflows primarily from fundraising in our secondaries & portfolio finance, CAPM, and our newly launched CAPS funds. We deployed $14.2 billion in investments across our Carlyle AlpInvest platform, and we realized proceeds of $10.3 billion for our Carlyle AlpInvest investors. Business Segments We operate our business across three segments: Global Private Equity, Global Credit, and Carlyle AlpInvest . Information about our segments should be read together with Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” 8 Table of Contents Global Private Equity Our GPE segment advises our buyout, growth, real estate, infrastructure, and natural resources funds . Across our GPE funds, as of December 31, 2025 , we had investments in more than 275 active portfolio companies that employ over 700,000 people around the world. Our GPE teams have the following areas of focus: Corporate Private Equity . Our corporate private equity teams advise a diverse group of funds that invest in transactions that focus either on a particular geography or strategy. Our buyout funds focus on corporate buyouts and strategic minority investments. The investment mandate for our growth capital funds is to seek out companies with the potential for disruptive growth.…