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Carlyle Group Fourth Quarter 2024 Earnings Financial Data Supplement
The Carlyle Group Inc.4Q'24 Supplemental Financial DataFebruary 11, 2025~PAGE-BREAK~1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 FY'16 FY'17 FY'18 FY'19 FY'20* FY'21 FY'22 FY'23 FY'24Fee Related Earnings ($ mm) 183.3 236.4 212.6 202.1 193.4 207.3 204.7 254.0 266.3 273.0 277.9 287.4 Fee Related Earnings ($ mm) 32.6 192.0 350.4 452.8 519.7 598.1 834.4 859.4 1,104.6Global Private Equity 136.1 147.0 125.6 131.9 129.4 149.7 139.4 146.3 161.1 151.6 148.2 137.8 Global Private Equity 184.2 77.9 244.6 387.6 383.0 402.3 540.6 564.8 598.7Global Credit 25.0 71.9 71.8 55.8 47.9 47.5 47.6 81.4 71.2 81.3 82.2 97.8 Global Credit (174.9) 82.0 71.9 47.8 99.4 111.6 224.5 224.4 332.5Global Investment Solutions 22.2 17.5 15.2 14.4 16.1 10.1 17.7 26.3 34.0 40.1 47.5 51.8 Global Investment Solutions 23.3 32.1 33.9 17.4 37.3 84.2 69.3 70.2 173.4Distributable Earnings ($ mm) 302.8 528.8 644.4 433.0 271.6 388.8 367.4 402.7 431.3 343.2 367.1 383.9 Distributable Earnings ($ mm) 651.7 670.0 673.9 646.6 762.1 2,243.7 1,909.0 1,430.5 1,525.5Global Private Equity 244.1 425.7 505.7 330.1 182.8 320.7 292.2 276.1 313.1 199.1 235.5 209.6 Global Private Equity 788.7 512.7 557.5 579.4 604.5 2,021.9 1,505.6 1,071.8 957.3Global Credit 35.6 86.3 111.7 81.9 68.9 55.4 54.8 95.3 82.1 99.8 80.5 114.9 Global Credit (157.4) 126.9 77.5 48.4 116.2 119.7 315.5 274.4 377.3Global Investment Solutions 23.1 16.8 27.0 21.0 19.9 12.7 20.4 31.3 36.1 44.3 51.1 59.4 Global Investment Solutions 20.4 30.4 38.9 18.8 41.4 102.1 87.9 84.3 190.9Total AUM ($ bn) 325.2 376.4 368.8 372.7 381.2 384.8 382.3 426.0 425.5 434.6 447.4 441.0 Total AUM ($ bn) 157.6 195.1 216.5 224.4 245.8 301.0 372.7 426.0 441.0Global Private Equity 169.1 167.2 164.4 163.1 164.4 162.8 160.6 161.3 159.2 164.2 169.2 163.5 Global Private Equity 85.1 115.4 126.4 129.8 131.8 162.1 163.1 161.3 163.5Corporate Private Equity 112.1 107.7 106.1 105.4 107.0 105.7 105.3 108.1 106.6 107.9 111.0 105.2 Corporate Private Equity 50.9 72.6 80.8 86.4 90.7 109.0 105.4 108.1 105.2Real Estate 30.7 30.7 30.5 30.3 30.2 30.0 29.7 27.8 27.7 31.1 33.9 34.4 Real Estate 12.8 18.3 18.6 18.4 19.4 29.3 30.3 27.8 34.4Infrastructure & Natural Resources 26.1 28.6 27.8 27.3 27.1 27.0 25.6 25.4 24.9 25.2 24.3 24.0 Infrastructure & Natural Resources 15.3 19.4 23.0 22.4 20.9 23.6 27.3 25.4 24.0Global Credit 90.8 143.0 141.4 146.3 150.0 151.5 150.1 187.8 186.4 189.8 194.5 192.4 Global Credit 29.4 33.3 44.4 49.4 55.9 73.4 146.3 187.8 192.4Global Investment Solutions 65.3 66.2 63.0 63.3 66.8 70.4 71.6 76.9 79.9 80.6 83.7 85.1 Global Investment Solutions 43.1 46.3 45.7 45.2 58.1 65.5 63.3 76.9 85.1Fee-earning AUM ($ bn) 211.1 259.6 260.2 266.6 271.4 271.4 273.0 307.4 304.2 307.3 313.6 304.4 Fee-earning AUM ($ bn) 115.0 124.6 159.6 161.1 170.1 193.4 266.6 307.4 304.4Global Private Equity 106.7 105.6 106.5 107.8 107.8 107.1 107.4 106.7 104.0 103.7 103.5 98.0 Global Private Equity 63.8 67.2 95.3 94.8 91.6 104.3 107.8 106.7 98.0Corporate Private Equity 67.4 67.1 67.7 68.7 68.0 66.8 66.5 66.3 64.5 64.1 64.3 62.8 Corporate Private Equity 36.3 35.6 62.4 61.7 60.0 65.6 68.7 66.3 62.8Real Estate 20.5 20.1 20.1 20.6 20.6 20.8 20.9 21.3 21.3 21.5 21.1 18.3 Real Estate 7.7 12.0 11.8 11.5 12.1 19.9 20.6 21.3 18.3Infrastructure & Natural Resources 18.3 18.1 18.4 18.2 18.9 19.4 20.0 19.0 18.3 18.0 18.2 16.9 Infrastructure & Natural Resources 14.3 15.8 17.8 19.1 18.3 18.3 18.2 19.0 16.9Global Credit 67.3 116.4 117.3 121.2 125.3 126.2 124.0 155.2 153.4 155.4 159.2 154.2 Global Credit 24.1 27.3 35.2 37.9 42.1 51.7 121.2 155.2 154.2Global Investment Solutions 37.1 37.6 36.4 37.5 38.3 38.1 41.6 45.5 46.8 48.2 50.9 52.1 Global Investment Solutions 27.1 30.2 29.1 28.4 36.4 37.4 37.5 45.5 52.1Inflows(1) ($ bn) 23.7 58.4 7.8 4.9 9.4 7.2 6.3 40.6 5.3 12.4 8.8 14.2 Inflows(1) ($ bn) 13.2 42.8 38.7 20.0 26.9 51.3 94.8 63.5 40.8Global Private Equity 3.1 4.1 4.1 1.1 3.5 0.8 1.7 2.7 1.5 5.1 3.7 2.3 Global Private Equity 2.0 30.8 22.6 10.7 3.6 27.2 12.4 8.8 12.7Corporate Private Equity 2.7 3.2 3.5 0.7 2.2 0.3 1.0 1.8 1.1 1.4 0.5 1.2 Corporate Private Equity 0.8 20.5 16.9 7.5 0.6 16.1 10.0 5.3 4.2Real Estate 0.3 0.1 0.3 0.1 0.2 0.1 0.1 0.3 0.2 3.4 2.9 1.2 Real Estate 0.8 6.2 2.0 0.6 1.6 10.4 0.8 0.8 7.7Infrastructure & Natural Resources 0.2 0.8 0.2 0.3 1.0 0.4 0.6 0.6 0.2 0.4 0.3 0.0 Infrastructure & Natural Resources 0.4 4.0 3.7 2.6 1.0 0.7 1.5 2.6 0.9Global Credit 19.3 52.2 3.4 3.3 4.3 2.2 2.2 33.2 1.5 5.0 2.8 8.0 Global Credit 7.1 6.6 12.1 6.3 9.5 16.9 78.3 42.0 17.3Global Investment Solutions 1.3 2.1 0.3 0.5 1.6 4.1 2.4 4.6 2.4 2.3 2.3 3.9 Global Investment Solutions 4.1 5.5 4.1 3.0 13.9 7.1 4.2 12.7 10.8Deployment(2) ($ bn) 5.1 6.8 5.6 11.3 7.9 9.6 7.5 17.6 Deployment(2) ($ bn) 28.8 42.7Global Private Equity 1.8 1.8 2.1 2.8 1.6 1.2 1.6 3.8 Global Private Equity 8.5 8.2Corporate Private Equity 0.8 0.6 0.9 1.4 1.1 0.3 0.9 2.7 Corporate Private Equity 3.7 5.0Real Estate 0.7 1.0 0.8 1.2 0.3 0.6 0.5 0.8 Real Estate 3.7 2.2Infrastructure & Natural Resources 0.3 0.3 0.3 0.2 0.2 0.3 0.2 0.3 Infrastructure & Natural Resources 1.1 1.0Global Credit 2.0 2.9 2.2 5.4 3.6 6.7 4.2 9.9 Global Credit 12.5 24.5Global Investment Solutions 1.2 2.0 1.3 3.2 2.8 1.7 1.6 3.9 Global Investment Solutions 7.8 10.0Realized Proceeds ($ bn) 6.4 8.5 10.4 8.6 4.5 5.3 5.6 5.2 5.9 5.8 6.8 10.0 Realized Proceeds ($ bn) 29.4 26.0 24.0 19.9 20.9 44.3 33.8 20.6 28.6Global Private Equity 2.5 6.3 8.0 5.7 2.9 3.4 3.7 3.5 3.3 3.7 4.1 6.7 Global Private Equity 20.4 15.7 13.9 10.7 12.1 29.9 22.5 13.5 17.8Corporate Private Equity 1.6 5.2 5.5 3.6 1.3 2.6 0.4 2.3 2.0 2.0 2.8 5.6 Corporate Private Equity 14.8 11.2 8.8 5.0 8.4 21.3 15.9 6.5 12.4Real Estate 0.4 0.6 0.6 0.6 0.2 0.3 0.2 0.3 0.2 0.3 0.5 0.5 Real Estate 2.8 2.2 3.1 2.7 2.3 4.8 2.2 1.1 1.5Infrastructure & Natural Resources 0.4 0.6 1.9 1.4 1.3 0.5 3.1 0.9 1.1 1.4 0.8 0.5 Infrastructure & Natural Resources 2.5 1.2 0.9 2.1 0.3 3.1 4.3 5.8 3.9Global Credit 1.3 0.8 0.8 1.3 0.7 0.4 0.6 0.4 0.7 1.0 1.0 1.4 Global Credit 0.4 0.6 0.8 1.8 1.7 2.1 4.2 2.1 4.1Global Investment Solutions 2.6 1.3 1.6 1.7 0.9 1.6 1.2 1.3 1.9 1.1 1.7 1.9 Global Investment Solutions 8.6 9.6 9.4 7.3 7.1 12.2 7.2 5.0 6.6Fund Appreciation 5 % 3 % 2 % 0 % 2 % 2 % 2 % 1 % 2 % 1 % 3 % 1 % Fund Appreciation 12 % 20 % 9 % 9 % 10 % 41 % 11 % 7 % 8 %Global Private Equity 7 % 2 % 3 % 1 % 1 % 2 % 1 % 1 % 1 % 2 % 4 % 1 % Global Private Equity 12 % 40 % 13 % 5 % 7 %Corporate Private Equity 3 % 0 % 1 % 1 % 1 % 1 % 1 % 2 % 0 % 2 % 4 % 1 % Corporate Private Equity 11 % 32 % 5 % 8 % 19 % 41 % 6 % 5 % 8 %Real Estate 10 % 4 % 2 % (1)% 0 % 1 % 1 % (2)% 1 % 1 % 2 % 1 % Real Estate 19 % 18 % 8 % 16 % 8 % 39 % 16 % (1)% 5 %Infrastructure & Natural Resources 19 % 13 % 8 % 2 % 0 % 3 % 5 % 0 % 2 % 3 % 2 % 1 % Infrastructure & Natural Resources 24 % 30 % 6 % (5)% (16)% 34 % 48 % 8 % 8 %Global Credit 0 % 2 % 0 % 2 % 3 % 2 % 2 % 4 % 2 % 3 % 3 % 3 % Global Credit (11)% 11 % 5 % 1 % (2)% 22 % 3 % 12 % 12 %Global Investment Solutions 4 % 5 % 0 % (3)% 5 % 2 % 2 % 2 % 5 % (1)% 2 % 3 % Global Investment Solutions 12 % 10 % 19 % 15 % 10 % 48 % 6 % 10 % 9 %Net Accrued Perf Revenue ($ mm) 4,271 4,290 4,080 3,965 3,970 3,682 3,514 2,379 2,169 2,176 2,785 2,738 Net Accrued Perf Revenue ($ mm) 1,071 1,717 1,681 1,720 2,331 3,894 3,965 2,379 2,738Global Private Equity 3,794 3,788 3,608 3,489 3,443 3,123 2,931 1,778 1,498 1,508 2,056 2,005 Global Private Equity 991 1,616 1,544 1,544 2,115 3,414 3,489 1,778 2,005Corporate Private Equity 3,037 2,740 2,457 2,314 2,280 1,916 1,773 1,169 909 932 1,479 1,442 Corporate Private Equity 706 1,140 1,069 1,139 1,814 2,980 2,314 1,169 1,442Real Estate 309 313 297 276 270 273 256 158 155 148 142 131 Real Estate 250 312 270 310 298 298 276 158 131Infrastructure & Natural Resources 452 739 858 899 894 935 903 452 435 428 436 432 Infrastructure & Natural Resources 52 180 224 97 6 140 899 452 432Global Credit 135 126 107 102 105 122 144 118 143 156 174 192 Global Credit 35 27 56 75 72 161 102 118 192Global Investment Solutions 342 376 365 374 422 438 440 483 529 512 555 541 Global Investment Solutions 45 74 81 101 145 319 374 483 541Total AUM refers to the assets we manage or advise.Fee-earning AUM refers to the assets we manage or advise from which we derive recurring fund management fees.Inflows include the impact to our AUM of gross fundraising as well as closed reinsurance transactions at Fortitude and corporate acquisitions during the period, if any.Deployment comprises (i)Invested Capital of Carry Funds, (ii) new CLO issuances and incremental capital raised from CLO resets, and (iii) gross originations and other non-carry fund activity.Realized Proceeds represent carry funds only (including related coinvestments and separately managed accounts); for purposes of aggregation, transactions denominated in a currency other thanU.S. Dollars have been converted at the average rate for the period presented.Fund Appreciation/(Depreciation) represents unrealized gain/(loss) for the period on a total retubasis before fees and expenses; fund only, does not include coinvestment; the percentage of retuis calculated as: ending remaining investment fair market value plus net investment outflow (sales proceeds minus net purchases) minus beginning remaining investment fair market value divided by beginning remaining investment fair market value.The impact of the Legacy Energy funds is included in the total for Global Private Equity, but is excluded within the Global Private Equity strategy breakout, for all periods presented.*FY'20 Fee Related Earnings were$520 million , or$490 million excluding the impact of$30 million in one-time litigation cost recoveries.For detailed definitions of the operating metrics above, please seeThe Carlyle Group Inc.'s filings with theU.S. Securities and Exchange Commission .(1) In Q4 2024, we began reporting Inflows in place of Fundraising, as we believe it is a more comprehensive measure of activity within Total AUM.Inflows include the impact to our AUM of gross fundraising as well as closed reinsurance transactions at Fortitude and corporate acquisitions during the period, if any.There were no closed reinsurance transactions or corporate acquisitions in FY 2024.This change in presentation does not impact our calculations of Total AUM or Fee-earning AUM.(2) In Q4 2024, we began reporting Deployment in place ofInvested Capital of Carry Funds, as we believe it is a more comprehensive measure of capital deployment activity across our entire platform.Deployment comprises (i)Invested Capital of Carry Funds, (ii) new CLO issuances and incremental capital raised from CLO resets, and (iii) gross originations and other non-carry fund activity.This metric excludes deployment of Fortitude's general account assets covered by the strategic advisory services agreement into third party investments.This change in presentation does not impact our calculations of Total AUM or Fee Earning AUM.In the earnings presentation attached as an exhibit to our Form 8-K for the quarter endedDecember 31, 2024 and furnished to theSEC onFebruary 11, 2025 , quarterly detail of the components of deployment for 2023 and 2024 are included in note 14.2 on page 37.The Carlyle Group Inc.Summary Key MetricsQuarterly Data Annual DataNote: Segments and annual amounts may not sum due to rounding.Total AUM, Fee-earning AUM and Net Accrued Performance Revenue as of period end.In the fourth quarter of 2020, our Corporate Private Equity and Real Assets segments were combined into a new segment named Global Private Equity.~PAGE-BREAK~(Dollars in millions, except per share amounts) 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24SEGMENTREVENUES Fund management fees $ 454.2 $ 516.2 $ 514.1 $ 512.4 $ 506.2 $ 515.0 $ 518.1 $ 525.1 $ 515.6 $ 525.5 $ 526.5 $ 539.9Transaction and portfolio advisory fees, net and other 16.2 42.2 35.0 17.7 16.4 18.2 11.2 34.6 26.7 28.9 27.4 80.6Fee related performance revenues 44.5 35.1 20.6 29.1 28.8 73.2 23.4 35.6 29.1 33.1 36.3 34.2Total segment fee revenues $ 514.9 $ 593.5 $ 569.7 $ 559.2 $ 551.4 $ 606.4 $ 552.7 $ 595.3 $ 571.4 $ 587.5 $ 590.2 $ 654.7Realized performance revenues 236.3 519.9 764.8 459.7 165.1 335.1 180.4 257.7 397.8 156.5 275.9 245.7Realized principal investment income (loss) 26.3 43.8 56.7 23.8 23.8 22.1 23.4 19.5 33.7 26.6 9.1 31.6Interest income 2.0 4.0 10.5 16.3 13.9 14.3 20.1 23.9 20.1 18.3 19.8 16.5Total Segment Revenues $ 779.5 $ 1,161.2 $ 1,401.7 $ 1,059.0 $ 754.2 $ 977.9 $ 776.6 $ 896.4 $ 1,023.0 $ 788.9 $ 895.0 $ 948.5SEGMENT EXPENSES Compensation and benefits Cash-based compensation and benefits $ 245.8 $ 259.7 $ 246.7 $ 242.0 $ 260.6 $ 288.7 $ 256.0 $ 226.6 $ 214.3 $ 205.3 $ 207.6 $ 234.5Realized performance revenues related compensation 118.3 249.0 373.7 241.2 95.6 160.0 30.4 121.3 255.8 100.8 185.3 167.9Total compensation and benefits $ 364.1 $ 508.7 $ 620.4 $ 483.2 $ 356.2 $ 448.7 $ 286.4 $ 347.9 $ 470.1 $ 306.1 $ 392.9 $ 402.4General, administrative and other expenses 76.3 87.9 100.8 104.8 87.5 101.7 81.6 105.7 79.7 97.9 92.9 120.2Depreciation and amortization expense 9.5 9.5 9.6 10.3 9.9 8.7 10.4 9.0 11.1 11.3 11.8 12.6Interest expense 26.8 26.3 26.5 27.7 29.0 30.0 30.8 31.1 30.8 30.4 30.3 29.4Total Segment Expenses $ 476.7 $ 632.4 $ 757.3 $ 626.0 $ 482.6 $ 589.1 $ 409.2 $ 493.7 $ 591.7 $ 445.7 $ 527.9 $ 564.6Total Segment Revenues $ 779.5 $ 1,161.2 $ 1,401.7 $ 1,059.0 $ 754.2 $ 977.9 $ 776.6 $ 896.4 $ 1,023.0 $ 788.9 $ 895.0 $ 948.5Total Segment Expenses 476.7 632.4 757.3 626.0 482.6 589.1 409.2 493.7 591.7 445.7 527.9 564.6(=) Distributable Earnings $ 302.8 $ 528.8 $ 644.4 $ 433.0 $ 271.6 $ 388.8 $ 367.4 $ 402.7 $ 431.3 $ 343.2 $ 367.1 $ 383.9(-) Realized Net Performance Revenues 118.0 270.9 391.1 218.5 69.5 175.1 150.0 136.4 142.0 55.7 90.6 77.8(-) Realized Principal Investment Income (Loss) 26.3 43.8 56.7 23.8 23.8 22.1 23.4 19.5 33.7 26.6 9.1 31.6(+) Net Interest 24.8 22.3 16.0 11.4 15.1 15.7 10.7 7.2 10.7 12.1 10.5 12.9(=) Fee Related Earnings $ 183.3 $ 236.4 $ 212.6 $ 202.1 $ 193.4 $ 207.3 $ 204.7 $ 254.0 $ 266.3 $ 273.0 $ 277.9 $ 287.4After-tax Distributable Earnings, per common share $ 0.74 $ 1.17 $ 1.42 $ 1.01 $ 0.63 $ 0.88 $ 0.87 $ 0.86 $ 1.01 $ 0.78 $ 0.95 $ 0.92Dividend per common share $ 0.325 $ 0.325 $ 0.325 $ 0.325 $ 0.350 $ 0.350 $ 0.350 $ 0.350 $ 0.350 $ 0.350 $ 0.350 $ 0.350Carlyle Total Segment Results by Quarter(3) InFebruary 2022 , our Board of Directors approved an increase in the anticipated common stock dividend to an annual rate of$1.30 per share ($0.325 per common share on a quarterly basis), commencing with the first quarter 2022 dividend paid in May 2022.InFebruary 2023 , our Board of Directors approved an increase in the anticipated common stock dividend to an annual rate of$1.40 per share ($0.35 per common share on a quarterly basis), anticipated to commence for the first quarter 2023 dividend expected to be paid in May 2023.The declaration and payment of any dividends to holders of our common stock are subject to the discretion of our Board of Directors, which may change our dividend policy at any time or from time to time, and the terms of our certificate of incorporation.There can be no assurance that dividends will be made as intended or at all or that any particular dividend policy will be maintained.(2) In the earnings presentation attached as an exhibit to our Form 8-K for the quarter endedDecember 31, 2024 and furnished to theSEC onFebruary 11, 2025 , reconciliation of Distributable Earnings to After-tax Distributable Earnings per common share is provided on page 28.(1) Fee related performance revenues are the realized portion of performance revenues that are measured and received on a recurring basis, are not dependent on the disposition of investments, and which are not at risk of giveback. The related compensation expense is included in cash-based compensation and benefits.~PAGE-BREAK~(Dollars in millions, except per share amounts) 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24SEGMENTREVENUES Fund management fees $ 304.2 $ 337.0 $ 330.1 $ 329.6 $ 326.9 $ 330.2 $ 330.1 $ 322.6 $ 304.6 $ 305.2 $ 298.6 $ 303.6Transaction and portfolio advisory fees, net and other 6.1 7.5 7.7 8.2 5.4 5.3 4.0 3.7 7.1 3.8 5.9 7.8Fee related performance revenues 30.6 22.3 6.1 10.4 9.6 52.8 0.7 5.2 3.7 3.2 - -Total segment fee revenues $ 340.9 $ 366.8 $ 343.9 $ 348.2 $ 341.9 $ 388.3 $ 334.8 $ 331.5 $ 315.4 $ 312.2 $ 304.5 $ 311.4Realized performance revenues 199.9 473.8 628.4 354.5 99.0 313.7 164.6 227.8 373.8 129.7 225.2 198.5Realized principal investment income (loss) 14.2 34.2 46.0 14.3 11.9 13.2 14.4 5.8 18.9 6.8 10.0 14.0Interest income 0.4 1.2 5.1 8.2 5.4 5.5 8.8 11.9 7.6 6.5 7.7 6.3Total Segment Revenues $ 555.4 $ 876.0 $ 1,023.4 $ 725.2 $ 458.2 $ 720.7 $ 522.6 $ 577.0 $ 715.7 $ 455.2 $ 547.4 $ 530.2SEGMENT EXPENSES Compensation and benefits Cash-based compensation and benefits $ 153.0 $ 154.2 $ 146.7 $ 144.4 $ 148.7 $ 173.6 $ 142.3 $ 119.2 $ 109.3 $ 103.9 $ 101.1 $ 108.5Realized performance revenues related compensation 90.7 214.5 283.5 162.8 46.3 144.6 18.2 99.0 234.3 81.4 141.5 132.9Total compensation and benefits $ 243.7 $ 368.7 $ 430.2 $ 307.2 $ 195.0 $ 318.2 $ 160.5 $ 218.2 $ 343.6 $ 185.3 $ 242.6 $ 241.4General, administrative and other expenses 45.5 59.3 65.3 65.2 57.1 59.1 46.0 59.7 38.6 50.2 48.5 57.9Depreciation and amortization expense 6.3 6.3 6.3 6.7 6.7 5.9 7.1 6.3 6.4 6.5 6.7 7.2Interest expense 15.8 16.0 15.9 16.0 16.6 16.8 16.8 16.7 14.0 14.1 14.1 14.1Total Segment Expenses $ 311.3 $ 450.3 $ 517.7 $ 395.1 $ 275.4 $ 400.0 $ 230.4 $ 300.9 $ 402.6 $ 256.1 $ 311.9 $ 320.6Total Segment Revenues $ 555.4 $ 876.0 $ 1,023.4 $ 725.2 $ 458.2 $ 720.7 $ 522.6 $ 577.0 $ 715.7 $ 455.2 $ 547.4 $ 530.2Total Segment Expenses 311.3 450.3 517.7 395.1 275.4 400.0 230.4 300.9 402.6 256.1 311.9 320.6(=) Distributable Earnings $ 244.1 $ 425.7 $ 505.7 $ 330.1 $ 182.8 $ 320.7 $ 292.2 $ 276.1 $ 313.1 $ 199.1 $ 235.5 $ 209.6(-) Realized Net Performance Revenues 109.2 259.3 344.9 191.7 52.7 169.1 146.4 128.8 139.5 48.3 83.7 65.6(-) Realized Principal Investment Income (Loss) 14.2 34.2 46.0 14.3 11.9 13.2 14.4 5.8 18.9 6.8 10.0 14.0(+) Net Interest 15.4 14.8 10.8 7.8 11.2 11.3 8.0 4.8 6.4 7.6 6.4 7.8(=) Fee Related Earnings $ 136.1 $ 147.0 $ 125.6 $ 131.9 $ 129.4 $ 149.7 $ 139.4 $ 146.3 $ 161.1 $ 151.6 $ 148.2 $ 137.8Global Private Equity Segment Results by Quarter~PAGE-BREAK~(Dollars in millions, except per share amounts) 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24SEGMENTREVENUES Fund management fees $ 93.7 $ 123.7 $ 128.4 $ 127.3 $ 122.6 $ 126.9 $ 128.9 $ 133.8 $ 136.9 $ 140.8 $ 142.8 $ 137.8Transaction and portfolio advisory fees, net and other 10.1 34.7 27.3 9.5 11.0 12.9 7.2 30.9 19.6 25.0 21.4 72.8Fee related performance revenues 13.0 12.8 14.5 18.7 18.4 19.6 21.1 30.0 24.2 28.0 29.0 27.9Total segment fee revenues $ 117.7 $ 171.2 $ 170.2 $ 155.5 $ 152.0 $ 159.4 $ 157.2 $ 194.7 $ 180.7 $ 193.8 $ 193.2 $ 238.5Realized performance revenues (giveback) 13.7 19.9 63.0 34.9 27.7 5.6 2.7 7.5 0.6 6.9 11.5 13.0Realized principal investment income (loss) 10.3 8.7 9.2 9.9 9.0 8.2 8.0 11.9 13.8 19.2 (2.8) 16.0Interest income 1.5 2.6 4.5 6.7 7.2 7.7 9.7 10.1 10.7 10.1 9.8 8.4Total Segment Revenues $ 143.2 $ 202.4 $ 246.9 $ 207.0 $ 195.9 $ 180.9 $ 177.6 $ 224.2 $ 205.8 $ 230.0 $ 211.7 $ 275.9SEGMENT EXPENSES Compensation and benefits Cash-based compensation and benefits $ 67.2 $ 77.1 $ 69.9 $ 70.0 $ 80.4 $ 84.6 $ 81.3 $ 78.2 $ 76.8 $ 74.0 $ 76.5 $ 92.8Realized performance revenues related compensation 6.7 9.4 28.9 16.3 12.7 2.7 1.4 3.5 0.3 4.3 6.9 7.9Total compensation and benefits $ 73.9 $ 86.5 $ 98.8 $ 86.3 $ 93.1 $ 87.3 $ 82.7 $ 81.7 $ 77.1 $ 78.3 $ 83.4 $ 100.7General, administrative and other expenses 23.5 20.3 26.4 27.5 21.7 25.6 26.2 33.3 29.6 35.3 31.2 44.3Depreciation and amortization expense 2.0 1.9 2.1 2.2 2.0 1.7 2.1 1.8 3.1 3.2 3.3 3.6Interest expense 8.2 7.4 7.9 9.1 10.2 10.9 11.8 12.1 13.9 13.4 13.3 12.4Total Segment Expenses $ 107.6 $ 116.1 $ 135.2 $ 125.1 $ 127.0 $ 125.5 $ 122.8 $ 128.9 $ 123.7 $ 130.2 $ 131.2 $ 161.0Total Segment Revenues $ 143.2 $ 202.4 $ 246.9 $ 207.0 $ 195.9 $ 180.9 $ 177.6 $ 224.2 $ 205.8 $ 230.0 $ 211.7 $ 275.9Total Segment Expenses 107.6 116.1 135.2 125.1 127.0 125.5 122.8 128.9 123.7 130.2 131.2 161.0(=) Distributable Earnings $ 35.6 $ 86.3 $ 111.7 $ 81.9 $ 68.9 $ 55.4 $ 54.8 $ 95.3 $ 82.1 $ 99.8 $ 80.5 $ 114.9(-) Realized Net Performance Revenues (Giveback) 7.0 10.5 34.1 18.6 15.0 2.9 1.3 4.0 0.3 2.6 4.6 5.1(-) Realized Principal Investment Income (Loss) 10.3 8.7 9.2 9.9 9.0 8.2 8.0 11.9 13.8 19.2 (2.8) 16.0(+) Net Interest 6.7 4.8 3.4 2.4 3.0 3.2 2.1 2.0 3.2 3.3 3.5 4.0(=) Fee Related Earnings $ 25.0 $ 71.9 $ 71.8 $ 55.8 $ 47.9 $ 47.5 $ 47.6 $ 81.4 $ 71.2 $ 81.3 $ 82.2 $ 97.8Global Credit Segment Results by Quarter~PAGE-BREAK~(Dollars in millions, except per share amounts) 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24SEGMENTREVENUES Fund management fees $ 56.3 $ 55.5 $ 55.6 $ 55.5 $ 56.7 $ 57.9 $ 59.1 $ 68.7 $ 74.1 $ 79.5 $ 85.1 $ 98.5Transaction and portfolio advisory fees, net and other - - - - - - - -$ - 0.1 0.1$ -Fee related performance revenues - - - - 0.8 0.8 1.6 0.4 1.2 1.9 7.3 6.3Total segment fee revenues $ 56.3 $ 55.5 $ 55.6 $ 55.5 $ 57.5 $ 58.7 $ 60.7 $ 69.1 $ 75.3 $ 81.5 $ 92.5 $ 104.8Realized performance revenues 22.7 26.2 73.4 70.3 38.4 15.8 13.1 22.4 23.4 19.9 39.2 34.2Realized principal investment income (loss) 1.8 0.9 1.5 (0.4) 2.9 0.7 1.0 1.8 1.0 0.6 1.9 1.6Interest income 0.1 0.2 0.9 1.4 1.3 1.1 1.6 1.9 1.8 1.7 2.3 1.8Total Segment Revenues $ 80.9 $ 82.8 $ 131.4 $ 126.8 $ 100.1 $ 76.3 $ 76.4 $ 95.2 $ 101.5 $ 103.7 $ 135.9 $ 142.4SEGMENT EXPENSES Compensation and benefits Cash-based compensation and benefits $ 25.6 $ 28.4 $ 30.1 $ 27.6 $ 31.5 $ 30.5 $ 32.4 $ 29.2 $ 28.2 $ 27.4 $ 30.0 $ 33.2Realized performance revenues related compensation 20.9 25.1 61.3 62.1 36.6 12.7 10.8 18.8 21.2 15.1 36.9 27.1Total compensation and benefits $ 46.5 $ 53.5 $ 91.4 $ 89.7 $ 68.1 $ 43.2 $ 43.2 $ 48.0 $ 49.4 $ 42.5 $ 66.9 $ 60.3General, administrative and other expenses 7.3 8.3 9.1 12.1 8.7 17.0 9.4 12.7 11.5 12.4 13.2 18.0Depreciation and amortization expense 1.2 1.3 1.2 1.4 1.2 1.1 1.2 0.9 1.6 1.6 1.8 1.8Interest expense 2.8 2.9 2.7 2.6 2.2 2.3 2.2 2.3 2.9 2.9 2.9 2.9Total Segment Expenses $ 57.8 $ 66.0 $ 104.4 $ 105.8 $ 80.2 $ 63.6 $ 56.0 $ 63.9 $ 65.4 $ 59.4 $ 84.8 $ 83.0Total Segment Revenues $ 80.9 $ 82.8 $ 131.4 $ 126.8 $ 100.1 $ 76.3 $ 76.4 $ 95.2 $ 101.5 $ 103.7 $ 135.9 $ 142.4Total Segment Expenses 57.8 66.0 104.4 105.8 80.2 63.6 56.0 63.9 65.4 59.4 84.8 83.0(=) Distributable Earnings $ 23.1 $ 16.8 $ 27.0 $ 21.0 $ 19.9 $ 12.7 $ 20.4 $ 31.3 $ 36.1 $ 44.3 $ 51.1 $ 59.4(-) Realized Net Performance Revenues 1.8 1.1 12.1 8.2 1.8 3.1 2.3 3.6 2.2 4.8 2.3 7.1(-) Realized Principal Investment Income (Loss) 1.8 0.9 1.5 (0.4) 2.9 0.7 1.0 1.8 1.0 0.6 1.9 1.6(+) Net Interest 2.7 2.7 1.8 1.2 0.9 1.2 0.6 0.4 1.1 1.2 0.6 1.1(=) Fee Related Earnings $ 22.2 $ 17.5 $ 15.2 $ 14.4 $ 16.1 $ 10.1 $ 17.7 $ 26.3 $ 34.0 $ 40.1 $ 47.5 $ 51.8Global Investment Solutions Segment Results by Quarter~PAGE-BREAK~(Dollars in millions, except per share amounts) FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24SEGMENT REVENUESFund management fees $ 1,085.8 $ 1,081.0 $ 1,337.2 $ 1,537.8 $ 1,523.1 $ 1,654.6 $ 1,996.9 $ 2,064.4 $ 2,107.5Transaction and portfolio advisory fees, net and other 60.6 59.0 63.2 53.5 56.9 97.0 111.1 80.4 163.6Fee related performance revenues - - 24.6 33.1 36.1 43.2 129.3 161.0 132.7Total segment fee revenues $ 1,146.4 $ 1,140.0 $ 1,425.0 $ 1,624.4 $ 1,616.1 $ 1,794.8 $ 2,237.3 $ 2,305.8 $ 2,403.8Realized performance revenues 1,215.8 1,085.3 682.4 374.3 586.1 2,938.6 1,980.7 938.3 1,075.9Realized principal investment income (loss) 44.9 (25.8) 48.1 87.0 73.0 209.5 150.6 88.8 101.0Interest income 10.2 16.7 30.4 24.4 14.3 7.2 32.8 72.2 74.7Total Segment Revenues $ 2,417.3 $ 2,216.2 $ 2,185.9 $ 2,110.1 $ 2,289.5 $ 4,950.1 $ 4,401.4 $ 3,405.1 $ 3,655.4SEGMENT EXPENSESCompensation and benefitsCash-based compensation and benefits $ 601.3 $ 658.0 $ 740.7 $ 792.1 $ 821.5 $ 891.5 $ 994.2 $ 1,031.9 $ 861.7Realized performance revenues related compensation 590.5 532.7 362.7 210.2 339.8 1,409.0 982.2 407.3 709.8Total compensation and benefits $ 1,191.8 $ 1,190.7 $ 1,103.4 $ 1,002.3 $ 1,161.3 $ 2,300.5 $ 1,976.4 $ 1,439.2 $ 1,571.5General, administrative and other expenses 483.5 258.9 298.8 331.3 241.4 267.6 369.8 376.5 390.7Depreciation and amortization expense 29.0 31.1 35.1 48.2 33.5 37.6 38.9 38.0 46.8Interest expense 61.3 65.5 74.7 81.7 91.2 100.7 107.3 120.9 120.9Total Segment Expenses $ 1,765.6 $ 1,546.2 $ 1,512.0 $ 1,463.5 $ 1,527.4 $ 2,706.4 $ 2,492.4 $ 1,974.6 $ 2,129.9Total Segment Revenues $ 2,417.3 $ 2,216.2 $ 2,185.9 $ 2,110.1 $ 2,289.5 $ 4,950.1 $ 4,401.4 $ 3,405.1 $ 3,655.4Total Segment Expenses 1,765.6 1,546.2 1,512.0 1,463.5 1,527.4 2,706.4 2,492.4 1,974.6 2,129.9(=) Distributable Earnings $ 651.7 $ 670.0 $ 673.9 $ 646.6 $ 762.1 $ 2,243.7 $ 1,909.0 $ 1,430.5 $ 1,525.5(-) Realized Net Performance Revenues 625.3 552.6 319.7 164.1 246.3 1,529.6 998.5 531.0 366.1(-) Realized Principal Investment Income (Loss) 44.9 (25.8) 48.1 87.0 73.0 209.5 150.6 88.8 101.0(+) Net Interest 51.1 48.8 44.3 57.3 76.9 93.5 74.5 48.7 46.2(=) Fee Related Earnings $ 32.6 $ 192.0 $ 350.4 $ 452.8 $ 519.7 $ 598.1 $ 834.4 $ 859.4 $ 1,104.6After-tax Distributable Earnings, per common share $ 1.85 1.88$ 1.78 $ 1.70 $ 2.05 $ 5.01 $ 4.34 $ 3.24 $ 3.66Dividend per common share $ 1.55 1.41$ 1.34 $ 1.18 $ 1.00 $ 1.00 $ 1.30 $ 1.40 $ 1.40(5) InFebruary 2022 , our Board of Directors approved an increase in the anticipated common stock dividend to an annual rate of$1.30 per share ($0.325 per common share on a quarterly basis), commencing with the first quarter 2022 dividend paid in May 2022.InFebruary 2023 , our Board of Directors approved an increase in the anticipated common stock dividend to an annual rate of$1.40 per share ($0.35 per common share on a quarterly basis), anticipated to commence for the first quarter 2023 dividend expected to be paid in May 2023.The declaration and payment of any dividends to holders of our common stock are subject to the discretion of our Board of Directors, which may change our dividend policy at any time or from time to time, and the terms of our certificate of incorporation.There can be no assurance that dividends will be made as intended or at all or that any particular dividend policy will be maintained.Carlyle Total Segment Results by Year(4) In the earnings presentation attached as an exhibit to our Form 8-K for the quarter endedDecember 31, 2024 and furnished to theSEC onFebruary 11, 2025 , reconciliation of Distributable Earnings to After-tax Distributable Earnings per common share is provided on page 28.(3) General, administrative and other expenses ("G&A") in 2020 G&A includes the positive impact of a$30 million recovery of litigation costs (a contra expense).Excluding this, G&A would have been$271.4 million in FY 2020.(2) Realized principal investment income in 2019 includes$72 million of gain upon the final resolution of French tax litigation concerning aEuropean Real Estate fund, reversing in part a loss that was recognized in 2015.(1) Fee related performance revenues are the realized portion of performance revenues that are measured and received on a recurring basis, are not dependent on the disposition of investments, and which are not at risk of giveback.The related compensation expense is included in cash-based compensation and benefits.~PAGE-BREAK~(Dollars in millions, except per share amounts) FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24SEGMENT REVENUESFund management fees $ 750.0 $ 734.6 $ 952.0 $ 1,106.6 $ 1,042.0 $ 1,111.8 $ 1,300.9 $ 1,309.8 $ 1,212.0Transaction and portfolio advisory fees, net and other 53.5 51.1 56.7 38.9 22.8 34.3 29.5 18.4 24.6Fee related performance revenues - - - - - - 69.4 68.3 6.9Total segment fee revenues $ 803.5 $ 785.7 $ 1,008.7 $ 1,145.5 $ 1,064.8 $ 1,146.1 $ 1,399.8 $ 1,396.5 $ 1,243.5Realized performance revenues 1,113.6 923.5 566.2 301.8 404.5 2,757.8 1,656.6 805.1 927.2Realized principal investment income (loss) 39.7 (37.8) 40.1 73.3 52.0 167.8 108.7 45.3 49.7Interest income 5.1 8.5 13.7 8.7 3.3 1.4 14.9 31.6 28.1Total Segment Revenues $ 1,961.9 $ 1,679.9 $ 1,628.7 $ 1,529.3 $ 1,524.6 $ 4,073.1 $ 3,180.0 $ 2,278.5 $ 2,248.5SEGMENT EXPENSESCompensation and benefitsCash-based compensation and benefits $ 400.8 $ 468.8 $ 508.3 $ 510.6 $ 501.9 $ 546.2 $ 598.3 $ 583.8 $ 422.8Realized performance revenues related compensation 509.7 414.5 261.9 145.2 183.0 1,243.6 751.5 308.1 590.1Total compensation and benefits $ 910.5 $ 883.3 $ 770.2 $ 655.8 $ 684.9 $ 1,789.8 $ 1,349.8 $ 891.9 $ 1,012.9General, administrative and other expenses 199.0 216.6 231.7 215.2 157.9 172.5 235.3 221.9 195.2Depreciation and amortization expense 19.5 22.4 24.1 32.1 22.0 25.1 25.6 26.0 26.8Interest expense 44.2 44.9 45.2 46.8 55.3 63.8 63.7 66.9 56.3Total Segment Expenses $ 1,173.2 $ 1,167.2 $ 1,071.2 $ 949.9 $ 920.1 $ 2,051.2 $ 1,674.4 $ 1,206.7 $ 1,291.2Total Segment Revenues $ 1,961.9 $ 1,679.9 $ 1,628.7 $ 1,529.3 $ 1,524.6 $ 4,073.1 $ 3,180.0 $ 2,278.5 $ 2,248.5Total Segment Expenses 1,173.2 1,167.2 1,071.2 949.9 920.1 2,051.2 1,674.4 1,206.7 1,291.2(=) Distributable Earnings $ 788.7 $ 512.7 $ 557.5 $ 579.4 $ 604.5 $ 2,021.9 $ 1,505.6 $ 1,071.8 $ 957.3(-) Realized Net Performance Revenues 603.9 509.0 304.3 156.6 221.5 1,514.2 905.1 497.0 337.1(-) Realized Principal Investment Income (Loss) 39.7 (37.8) 40.1 73.3 52.0 167.8 108.7 45.3 49.7(+) Net Interest 39.1 36.4 31.5 38.1 52.0 62.4 48.8 35.3 28.2(=) Fee Related Earnings $ 184.2 $ 77.9 $ 244.6 $ 387.6 $ 383.0 $ 402.3 $ 540.6 $ 564.8 $ 598.7Global Private Equity Segment Results by Year(1) General, administrative and other expenses ("G&A") in 2020 G&A includes the positive impact of a$21 million recovery of litigation costs (a contra expense).~PAGE-BREAK~(Dollars in millions, except per share amounts) FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24SEGMENT REVENUESFund management fees $ 195.5 $ 191.5 $ 218.4 $ 274.1 $ 288.1 $ 314.4 $ 473.1 $ 512.2 $ 558.3Transaction and portfolio advisory fees, net and other 5.8 7.5 6.1 14.6 34.0 62.2 81.6 62.0 138.8Fee related performance revenues - - 24.6 33.1 36.1 43.2 59.9 89.1 109.1Total segment fee revenues $ 201.3 $ 199.0 $ 249.1 $ 321.8 $ 358.2 $ 419.8 $ 614.6 $ 663.3 $ 806.2Realized performance revenues 36.6 75.4 9.8 1.8 26.5 (6.0) 131.5 43.5 32.0Realized principal investment income (loss) 5.1 11.9 7.9 12.0 18.7 31.9 38.1 37.1 46.2Interest income 4.7 7.1 15.3 14.2 10.4 5.6 15.3 34.7 39.0Total Segment Revenues $ 247.7 $ 293.4 $ 282.1 $ 349.8 $ 413.8 $ 451.3 $ 799.5 $ 778.6 $ 923.4SEGMENT EXPENSESCompensation and benefitsCash-based compensation and benefits $ 120.0 $ 104.5 $ 140.4 $ 185.2 $ 206.1 $ 237.1 $ 284.2 $ 324.5 $ 320.1Realized performance revenues related compensation 17.6 35.0 4.5 0.4 12.2 (2.7) 61.3 20.3 19.4Total compensation and benefits $ 137.6 $ 139.5 $ 144.9 $ 185.6 $ 218.3 $ 234.4 $ 345.5 $ 344.8 $ 339.5General, administrative and other expenses 250.0 7.4 30.5 78.9 45.7 63.1 97.7 106.8 140.4Depreciation and amortization expense 6.2 5.1 6.3 9.9 7.0 8.0 8.2 7.6 13.2Interest expense 11.3 14.5 22.9 27.0 26.6 26.1 32.6 45.0 53.0Total Segment Expenses $ 405.1 $ 166.5 $ 204.6 $ 301.4 $ 297.6 $ 331.6 $ 484.0 $ 504.2 $ 546.1Total Segment Revenues $ 247.7 $ 293.4 $ 282.1 $ 349.8 $ 413.8 $ 451.3 $ 799.5 $ 778.6 $ 923.4Total Segment Expenses 405.1 166.5 204.6 301.4 297.6 331.6 484.0 504.2 546.1(=) Distributable Earnings $ (157.4)$ 126.9 $ 77.5 $ 48.4 $ 116.2 $ 119.7 $ 315.5 $ 274.4 $ 377.3(-) Realized Net Performance Revenues 19.0 40.4 5.3 1.4 14.3 (3.3) 70.2 23.2 12.6(-) Realized Principal Investment Income (Loss) 5.1 11.9 7.9 12.0 18.7 31.9 38.1 37.1 46.2(+) Net Interest 6.6 7.4 7.6 12.8 16.2 20.5 17.3 10.3 14.0(=) Fee Related Earnings $ (174.9)$ 82.0 $ 71.9 $ 47.8 $ 99.4 $ 111.6 $ 224.5 $ 224.4 $ 332.5Global Credit Segment Results by Year(1) General, administrative and other expenses ("G&A") in 2020 G&A includes the positive impact of a$6 million recovery of litigation costs (a contra expense).~PAGE-BREAK~(Dollars in millions, except per share amounts) FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 FY'23 FY'24SEGMENT REVENUESFund management fees $ 140.3 $ 154.9 $ 166.8 $ 157.1 $ 193.0 $ 228.4 $ 222.9 $ 242.4 $ 337.2Transaction and portfolio advisory fees, net and other 1.3 0.4 0.4 - 0.1 0.5 - - 0.2Fee related performance revenues - - - - - - - 3.6 16.7Total segment fee revenues $ 141.6 $ 155.3 $ 167.2 $ 157.1 $ 193.1 $ 228.9 $ 222.9 $ 246.0 $ 354.1Realized performance revenues 65.6 86.4 106.4 70.7 155.1 186.8 192.6 89.7 116.7Realized principal investment income (loss) 0.1 0.1 0.1 1.7 2.3 9.8 3.8 6.4 5.1Interest income 0.4 1.1 1.4 1.5 0.6 0.2 2.6 5.9 7.6Total Segment Revenues $ 207.7 $ 242.9 $ 275.1 $ 231.0 $ 351.1 $ 425.7 $ 421.9 $ 348.0 $ 483.5SEGMENT EXPENSESCompensation and benefitsCash-based compensation and benefits $ 80.5 $ 84.7 $ 92.0 $ 96.3 $ 113.5 $ 108.2 $ 111.7 $ 123.6 $ 118.8Realized performance revenues related compensation 63.2 83.2 96.3 64.6 144.6 168.1 169.4 78.9 100.3Total compensation and benefits $ 143.7 $ 167.9 $ 188.3 $ 160.9 $ 258.1 $ 276.3 $ 281.1 $ 202.5 $ 219.1General, administrative and other expenses 34.5 34.9 36.6 37.2 37.8 32.0 36.8 47.8 55.1Depreciation and amortization expense 3.3 3.6 4.7 6.2 4.5 4.5 5.1 4.4 6.8Interest expense 5.8 6.1 6.6 7.9 9.3 10.8 11.0 9.0 11.6Total Segment Expenses $ 187.3 $ 212.5 $ 236.2 $ 212.2 $ 309.7 $ 323.6 $ 334.0 $ 263.7 $ 292.6Total Segment Revenues $ 207.7 $ 242.9 $ 275.1 $ 231.0 $ 351.1 $ 425.7 $ 421.9 $ 348.0 $ 483.5Total Segment Expenses 187.3 212.5 236.2 212.2 309.7 323.6 334.0 263.7 292.6(=) Distributable Earnings $ 20.4 $ 30.4 $ 38.9 $ 18.8 $ 41.4 $ 102.1 $ 87.9 $ 84.3 $ 190.9(-) Realized Net Performance Revenues 2.4 3.2 10.1 6.1 10.5 18.7 23.2 10.8 16.4(-) Realized Principal Investment Income (Loss) 0.1 0.1 0.1 1.7 2.3 9.8 3.8 6.4 5.1(+) Net Interest 5.4 5.0 5.2 6.4 8.7 10.6 8.4 3.1 4.0(=) Fee Related Earnings $ 23.3 $ 32.1 $ 33.9 $ 17.4 $ 37.3 $ 84.2 $ 69.3 $ 70.2 $ 173.4Global Investment Solutions Segment Results by Year(1) General, administrative and other expenses ("G&A") in 2020 G&A includes the positive impact of a$3 million recovery of litigation costs (a contra expense).~PAGE-BREAK~
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