Carlyle Group Stock (CG): Fees, Dividend and Funds, Q2 2026

Three things the quote pages leave out

CG is the listed manager. CTAC, CAPM, CAPS and Carlyle's BDCs are separate funds with their own filings, priced at net asset value or on an exchange. Owning CG does not give you any of them, and owning one of them does not make you a Carlyle shareholder. They connect through fees: Carlyle's subsidiaries manage the funds and are paid a percentage of net asset value or gross assets.

First, the dividend is a flat $0.35 a quarter. Carlyle's 10-Q says its “dividend policy for our common stock” is $0.35 per common share quarterly ($1.40 annually), not a percentage of earnings, and it is the same amount in every quarter of the five the earnings presentation shows. The board “may change our dividend policy at any time or from time to time.” What moves is the cushion: $1.07 of distributable earnings per share in Q2 2026, $0.89 in Q1.

Second, “perpetual capital” is mostly one mandate. The 10-Q defines it as assets with “an indefinite term” and “no immediate requirement to return capital to investors,” and lists what is in it: the assets Carlyle manages for Fortitude, its Core Plus real estate fund, its business development companies, CTAC, the CAPM and CAPS tender-offer funds and some structured credit. Then it gives two numbers: $113.2 billion of fee-earning AUM with Fortitude and $33.5 billion without it. The headline 34% share of fee-earning AUM is 10.0% once Fortitude is taken out (our arithmetic).

Third, the AUM that is growing fastest is the smallest. Carlyle AlpInvest AUM rose about 16% in a year and its fee related earnings rose about 27% in the quarter, while Global Private Equity AUM fell about 1% and its fee related earnings fell 7% (our arithmetic from the segment tables below).

Five quarters in one table

From the segment results table in the Q2 2026 earnings presentation. Dollars in millions except per-share figures. “DE” is distributable earnings, Carlyle's non-GAAP measure; the per-share figure is after estimated current taxes.

For full years, fee related earnings were $1,104.6 million in 2024 and $1,236.2 million in 2025, distributable earnings $1,525.5 million and $1,691.2 million, and after-tax DE per share $3.66 and $4.02. The last four quarters add to $3.93 a share and $1,260.0 million of fee related earnings (our arithmetic). The CEO's statement in the release says the quarter “was one of Carlyle’s strongest quarters in recent years,” with record fee related earnings and the highest distributable earnings in nearly four years.

GAAP is less smooth. U.S. GAAP net income attributable to common stockholders was $137.1 million in Q2 ($0.37 diluted) but only $4.9 million for the first half, against $449.7 million in the first half of 2025, because investment income including performance allocations was negative $502.8 million in the first half against positive $853.8 million.

Fees: what grew and what did not

Fee related earnings are the part of Carlyle's profit that does not depend on selling investments. The table splits Q2 fee revenue, in $ million, from the same segment table.

Three notes from the filings explain it. Carlyle says fund management fees included $24 million of catch-up fees in Q2 2025 against $11 million in Q2 2026, and that Q2 2025 also had $19 million of catch-up subordinated management fees from its aviation funds. The Global Credit jump in transaction fees, from $41.0 million to $92.6 million, reflects a structured investment vehicle the Company created in Global Private Equity, which “created liquidity for our fund investors and raised capital earmarked for our next vintage U.S. buyout fund”; the 10-Q says the related fees were recognized in the Global Credit segment. And fee related performance revenues are described as the realized part of performance revenues “received on a recurring basis,” not dependent on realization events and with no risk of giveback.

Fee-earning AUM was $334.4 billion, up 3.0% in a year (our arithmetic). The part based on net asset value, which is where evergreen funds sit, was $33.9 billion against $26.2 billion; the part based on CLO collateral at par fell from $45.1 billion to $42.4 billion. Gross fee-earning inflows were $8.5 billion in Q2 2026 against $18.0 billion in Q2 2025, and outflows including realizations $6.4 billion against $10.8 billion.

Credit, private equity and secondaries: where the money and the fees are

Carlyle reports three segments. The table uses the earnings presentation: AUM and fee-earning AUM at June 30, 2026 in $ billion, the Q2 2026 fee related earnings and distributable earnings in $ million, with changes against a year earlier from our arithmetic.

Global Credit is the biggest by AUM and the most mixed. The earnings presentation's chart splits its $211 billion into $86 billion of insurance solutions, $48 billion of liquid credit and $77 billion of private credit. Carlyle Insurance Solutions oversees the investment in Fortitude and the strategic advisory agreements with Fortitude affiliates: the 10-K gives $80.4 billion of AUM under the strategic advisory services agreements at December 31, 2025, plus $6.5 billion raised for equity investments in reinsurance companies, and says Fortitude and its reinsurance counterparties had committed about $24.6 billion to Carlyle strategies. Private credit, the part that resembles the funds our readers own, is $77 billion, or 15.9% of Carlyle's total AUM (our arithmetic). The presentation lists $5 billion of business development companies with a 9% dividend yield and $7 billion in Carlyle Tactical Private Credit with an 8% yield, both as of June 30, 2026.

Carlyle AlpInvest is the growth segment: LTM inflows of $20.2 billion into AUM of $111.7 billion, notably in the secondaries and portfolio finance strategy and the CAPM funds. Global Private Equity had inflows of $10.7 billion over the same twelve months and realized proceeds of $20.1 billion; its fee related earnings fell with fund management fees of $283.4 million against $302.4 million. For how secondaries funds work for an individual, see private equity secondaries for individual investors.

Perpetual capital: what the 34% is made of

The table puts the two figures the 10-Q gives for each date side by side, in $ billion. The Fortitude line is the difference between them (our arithmetic).

Total fee-earning AUM was $336.8 billion at the start of 2026 and $334.4 billion at June 30. The numbers are not wrong; the definition is wide. The same filing says perpetual capital “may be materially reduced or terminated” and names the ways, “including through elections by investors to redeem their investments.” The label describes the structure, not a promise that money cannot leave. How Blackstone, KKR and Apollo present the same measure is on their pages.

What Carlyle charges on the funds you can own

The 10-Q lists the range of management fee rates by product. For an investor in a retail fund, the line that matters is the last one.

The ladder explains why the wealth channel matters to the stock. Evergreen wealth products had $20.1 billion of AUM at June 30, 2026, 4.1% of total AUM (our arithmetic), with $7.3 billion of inflows in the last twelve months and a 64% rise in a year. The stated retail range sits above the 10-Q's range for certain other perpetual strategies, and because the fee is charged on net asset value, a lower valuation lowers it. The 10-K, at December 31, 2025, put Global Wealth at $18 billion of AUM and over 45,000 investors, and the CAPM and CAPS tender-offer funds at $7.2 billion of AUM. Fee-earning AUM based on net asset value grew from $26.2 billion to $33.9 billion in the year.

The same 10-K tells shareholders what it thinks the risks are: “Accessing individual investors and offering products directed at such investors exposes us to greater levels of risk, including heightened litigation and regulatory enforcement.” It also says of the third-party channels through which individuals reach its products, “we do not control and have limited information regarding many” of them.

The evergreen funds: what each filing says

On CTAC, the fund's own filing is the one that shows requests. In April 2026 holders tendered 15.65% of the fund against a 5.00% offer, so it repurchased about 32% of each request (our arithmetic); in July they tendered 11.82% and it repurchased about 42% (our arithmetic). The full history is on our CTAC repurchase page. Carlyle's own 10-Q does not give request or proration figures for CTAC, CAPM, CAPS or the BDCs. It says only that Fee-earning AUM outflows include “gross redemptions in our evergreen products.” A CG shareholder cannot read the redemption pressure on Carlyle's funds in the CG filings; a fund investor can read it in the fund's.

On CGBD, the numbers are those of a levered lender and not those of the manager: net investment income of $0.70 a share in the first half against $0.75 of dividends declared (93.3%, our arithmetic), NAV down 4.0% in six months and a market price 32.5% below NAV at June 30 (our arithmetic). The base management fee is 1.50% of gross assets. For the other listed BDCs see our BDC stocks list and for unlisted ones the non-traded BDC list.

Performance fees: one fund went down

Performance fees are what Carlyle earns when a carry fund beats its hurdle, and they come in lumps. Net accrued performance revenues, the amount recognized but not yet realized, were $2,415 million at June 30, 2026 against $2,859 million at the end of 2025 and down 7% from the prior quarter, of which $1,476 million is in Global Private Equity, $283 million in Global Credit and $655 million in Carlyle AlpInvest. Realized net performance revenues were $115 million in Q2. Carlyle's in-carry ratio was 79% against 84% a year earlier.

The 10-Q attributes the Q2 reversal of performance allocations to CP VII, “largely due to decreases in the market price of certain public investments and the impact of preferred return.” CP VII shows the lowest net IRR of the corporate buyout funds in the table, 8%. Carlyle also states that a consolidated infrastructure fund investment lost about $47 million in Q2 and that the cumulative unrealized loss attributable to the Company, about $222 million, “will be realized upon the disposition of the fund’s investment,” which it expects later in 2026. The 10-Q says management does not believe the legal matters it lists will have a material effect on its financial statements.

The dividend, buybacks and the 2028 targets

For the dividend year 2025 the board declared $505.1 million, $1.40 a share, and for 2026 to date $250.4 million, $0.70 a share. This page gives no dividend yield because a yield needs a share price, and the filings do not carry one; divide $1.40 by the price you see. Dividends are only part of the cash back to shareholders: in Q2 2026 Carlyle repurchased or withheld 6.7 million shares for $304 million, shares outstanding fell from 359.8 million to 353.4 million in the quarter, and $1.6 billion of the $2.0 billion repurchase authorization approved in February 2026 remained.

On February 26, 2026 Carlyle published three-year targets “to be achieved by the end of 2028”: fee related earnings of $1.9 billion or more, inflows of $200 billion or more and after-tax DE per share of $6.00 or more. The table sets them against the figures in this page. The release says all projections assume benign market conditions.

Debt, cash and the revolver

At June 30, 2026 Carlyle had $1,256.5 million of cash, $2,648.5 million of debt obligations on its balance-sheet presentation (which excludes about $350 million of loans used to finance CLO investments and $451 million of lease liabilities), and nothing drawn on its $1.0 billion revolver. Net of cash, debt was $1,392.0 million (our arithmetic). The 10-Q table below is in $ million, outstanding principal.

The nearest senior maturity is September 2029. The revolver matures May 29, 2030, and requires management fee-earning assets of at least $156.9 billion and a total leverage ratio of less than 4.0 to 1.0, tested quarterly; fee-earning AUM was $334.4 billion. The 10-Q gives the revolver's interest rate at June 30, 2026 as 4.75%.

What a CG shareholder or fund investor can do with this

This page is analysis of public documents, not investment, legal or tax advice. These are the checks the filings support.

• If you hold CG stock, the document is the quarterly 10-Q, and three lines in it matter more than the headline: segment fund management fees (down 5.0% in Q2), perpetual capital excluding Fortitude ($33.5 billion) and the net accrued performance revenues ($2.4 billion). The next dividend of $0.35 is already declared policy; the thing that can change is the policy itself. The Q3 2026 results are not filed as of October 15, 2026.
• If you hold CTAC, CAPM, CAPS or a Carlyle BDC, read the fund's own filing, not Carlyle's. CTAC's June 2026 semiannual report shows what holders tendered; Carlyle's 10-Q does not.
• Know what the sponsor earns. On retail perpetual products Carlyle's 10-Q puts the base management fee at generally 1.0% to 1.25% of net asset value, and on its BDCs at 1.0% to 1.5%. Our evergreen funds comparison shows the repurchase terms of the closed-end tender-offer funds side by side, and how to invest in private equity covers the fee and eligibility terms.
• Compare listed and non-traded. CG and CGBD trade on an exchange at a market price; CTAC and CAPM are priced at net asset value and sold back to the fund within its limits. CGBD's market price was 32.5% below its NAV at June 30 (our arithmetic); no such gap can show in a non-traded fund, and that is a difference in how the price is set, not in what the loans are worth.
• Compare other sponsors. The same three questions are answered for Blackstone, KKR, Apollo and Blue Owl; for the sponsor's other interval-style fund see TPG's T-POP.

For a holder of Carlyle's funds, the fact that bears on a decision is one: In April 2026 holders of CTAC tendered 15.65% of the fund against a 5.00% offer and the fund repurchased 5.00%. How much that matters depends on your size, your taxes and your other holdings.

FAQ

All figures are from SEC filings read on EDGAR on October 15, 2026: The Carlyle Group Inc. (CIK 1527166) Form 8-K of August 5, 2026 with Exhibits 99.1 and 99.2 (accession 0001527166-26-000036), Form 10-Q for Q2 2026 (0001527166-26-000045), Form 10-K for 2025 (0001527166-26-000009) and Form 8-K of February 26, 2026 (0001527166-26-000006); Carlyle Secured Lending, Inc. (CIK 1544206) Form 10-Q for Q2 2026 (0001544206-26-000055); and Carlyle Tactical Private Credit Fund (CIK 1725472) semiannual report, Form N-CSRS (0001725472-26-000005). Percentages, sums, the dividend as a share of distributable earnings, the Fortitude difference, segment shares and changes, last-four-quarter totals, net debt and the CGBD discount are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.