Carlyle Group (CG) FY2024 10-K Annual Report
Carlyle Group (CG) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 27, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Carlyle Group FY2024 10-K Analysis
Business Overview
- • Core business as global investment firm specializing in private equity and alternative asset management
- • No new products, services, or business segments introduced or emphasized in 2025 filing
- • Continued disclosure approach relying heavily on 2025 Proxy Statement references for governance and compensation details
- • No quantitative metrics disclosed in the business section of 2025 10-K filing
- • Unusual reliance on cross-references to Proxy Statement for most substantive business and governance information
Management Discussion & Analysis
- • Revenue drivers: Net transaction and portfolio advisory fees $152.5M, up from $68.6M in 2023; realized proceeds from carry funds $28.6B, up from $18.9B in 2023
- • Segment performance: Global Private Equity AUM $163.5B, Fee-earning AUM $98.0B; Global Credit AUM $192.4B, Fee-earning AUM $154.2B; Global Investment Solutions AUM $85.1B, Fee-earning AUM $52.1B
- • Carry fund appreciation: Global Private Equity funds +8% (latest U.S. buyout funds up 15% and 21%), Global Credit carry funds +12%, Global Investment Solutions +9%
- • Capital deployment: $42.7B deployed in 2024, +50% YoY from $28.8B; capital inflows $40.8B exceeding $40B target; Global Credit deployment $24.5B including 10 new CLOs
- • Forward outlook: Management expects less buyout fund size growth, potential lower future fees; monitoring SEC regulations and global trade policy risks; dividend declared $0.35/share payable Feb 28, 2025
Risk Factors
- • Equity-method investment impairment risk from NGP Energy Funds, with 55% of related management fee revenue exposure under US GAAP
- • Valuation risk of fund assets due to subjective methodologies potentially misstating performance and accrued performance allocations
- • $467.9 million equity-based compensation expense in 2024, with $231.6 million related to awards with market-based conditions, creating valuation volatility
- • Intangible assets $634.1 million net, including $103.6 million goodwill, subject to annual impairment testing amid significant judgment and market changes
Carlyle Group FY2024 Key Financial MetricsXBRL
Revenue
$5.4B
▲ +83.1% YoY
Net Income
$1.0B
▲ +267.7% YoY
Net Margin
18.8%
▲ +3933bp YoY
ROE
16.1%
▲ +2659bp YoY
Total Assets
$23.1B
▲ +9.1% YoY
EPS (Diluted)
$2.77
▲ +264.9% YoY
Operating Cash Flow
-$760M
▼ -470.7% YoY
Source: XBRL data from Carlyle Group FY2024 10-K filing on SEC EDGAR. All figures in USD.
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