Carlyle Group
36 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.
Customers
Fortitude Re
earns from · $80.4 billionnamed as a riskAs of December 31, 2025, total AUM related to these strategic advisory services agreements was $80.4 billion, which has increased over 50% since signing the Fortitude agreement in April 2022.Business (Item 1)
Fortitude Re
earns from · $24.6 billionnamed as a riskThrough our subsidiaries, we managed or advised $24.6 billion of capital attributable to investments made under these investment management agreements, as of December 31, 2025.Risk factors (Item 1A)
Fortitude Carlyle Asia Re, Ltd. (FCA Re)
earns fromnamed as a riskUnder the strategic advisory services agreements with Fortitude and Fortitude Carlyle Asia Re, Ltd. (“FCA Re”), the Company earns a recurring management fee due quarterly in arrears based on the client’s general account assets, which, with respect to Fortitude, adjusts within an agreed range based on Fortitude’s overall profitability.Business (Item 1)
Suppliers
Amazon Web Services
depends onnamed as a riskFor example, systemic risks such as a massive and prolonged global failure of Amazon or Microsoft’s cloud services could result in cascading catastrophic systems failures.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, COF, COMP and 56 more
Partners and platforms
NGP Energy Capital Management
depends on · $10.8 billion in AUMTotal AUM includes NGP, which advises ten funds with $10.8 billion in AUM as of December 31, 2025.Business (Item 1)
Other companies
Revolving credit facility
depends on · $1.0 billion revolving facilitynamed as a riskWe also have other senior notes and junior subordinated notes with an aggregate principal amount of $1,875.0 million as of December 31, 2025, as well as a credit agreement that provides a $1.0 billion revolving facility with a final maturity date of May 29, 2030 (see Note 6, Borrowings, to the consolidated financial statements in Part II, Item 8 of this Annual Report on Form 10-K for more information regarding our senior and subordinated notes and credit agreements).Risk factors (Item 1A)
Also named by AAON, BRO, BX, CRGY, FIVE, FIX, HEI, IR and 22 more
Places
China
operates innamed as a riskFurther trade escalation between the United States and China, the countries’ inability to reach further trade agreements, or the continued use of reciprocal sanctions by each country, may negatively impact opportunities for investment as well as the rate of global growth, particularly in China, which has and continues to exhibit signs of slowing growth.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Hong Kong
operates innamed as a riskIn addition, any downturn in Hong Kong’s economy could adversely affect our financial statements and our investments or could have a significant impact on the industries in which we participate, and may adversely affect our operations, our investment funds, and portfolio companies, including the retention of investment and other key professionals located in Hong Kong.Risk factors (Item 1A)
Also named by DECK, EWBC, EXPD, LZB, MCO, MPWR, MXL, NVDA and 1 more
Commodities and inputs
Foreign currencies vs U.S. dollar
exposed to its price · $60.5 millionnamed as a riskWe estimate that as of December 31, 2025, if there was a 10% decline in the rate of exchange of all foreign currencies against the U.S. dollar, the impact on our consolidated results of operations for the year then ended would be as follows: (a) fund management fees would decrease by $60.5 million, (b) performance allocations would decrease by $27.0 million, and (c) principal investment income would increase by $1.5 million.Market risk (Item 7A)
Also named by BX
SOFR/EURIBOR
exposed to its price · approximately $3.5 millionnamed as a riskBased on our debt obligations payable as of December 31, 2025, we estimate that interest expense relating to variable rates would increase by approximately $3.5 million on an annual basis in the event interest rates were to increase by one percentage point.Market risk (Item 7A)
Jet fuel
exposed to its pricenamed as a riskCarlyle Aviation Partners participates in the aircraft leasing industry, which has historically been cyclical in nature for a number of reasons outside the control of industry participants, including: the demand for aviation travel; geopolitical conflicts and other events, including wars, civil disturbances, acts of terrorism, outbreaks of epidemic diseases and natural disasters; governmental regulation, including regulation of trade, such as the imposition of import and export controls, tariffs, and other trade barriers; weakness in the capital and credit markets and the availability of credit; significant decreases in purchasing power caused by inflation or otherwise; fluctuations in interest rates whether caused by changes in monetary policy, lack of supply, or other economic conditions; changing political conditions, including risk of rising protectionism and authoritarian regimes, restrictions on immigration, or impositions of new trade barriers, including additional economic sanctions or export controls (including those introduced due to the war in Ukraine); cyber risk, including information hacking, viruses, and malware; operating costs, availability and price of jet fuel, and general economic conditions affecting aircraft operations; customer restructurings or bankruptcies and decreases in the creditworthiness of customers; technological innovation resulting in older aircraft and engine models being retired or otherwise made obsolete; new-entrant manufacturers producing additional aircraft that compete with existing models; production delays and supply chain issues impacting new aircraft delivery schedules; aircraft groundings and other costs associated with airworthiness directives and service bulletins; safety, noise, and emission standards and regulations; and the availability of spare parts.Risk factors (Item 1A)
Crude oil and natural gas
exposed to its pricenamed as a riskOil, gas, and product prices and related margins are highly volatile due to international supply-demand dynamics, political and geopolitical developments (including global conflicts), technological change, macroeconomic conditions, public health risks, and changes in the influence of the Organization of Petroleum Exporting Countries, and this volatility has affected and is likely to continue to affect the financial performance, financing availability, asset prices, and valuations of our current and future investments exposed to energy prices, whether as consumers or producers.Risk factors (Item 1A)
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskIn recent years, the financial services industry has been the subject of heightened scrutiny, and the SEC has specifically focused on private equity and the private funds industry.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
U.S. Food and Drug Administration (FDA)
subject tonamed as a riskLife sciences and healthcare companies are subject to extensive regulation by the U.S. Food and Drug Administration, similar foreign regulatory authorities and, to a lesser extent, other federal and state agencies.Risk factors (Item 1A)
Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more
Bermuda Monetary Authority
subject tonamed as a riskFortitude Re and Fortitude International Re are subject to regulation and supervision by the Bermuda Monetary Authority (the “BMA”) and compliance with all applicable Bermuda law and Bermuda insurance statutes and regulations, including but not limited to the Insurance Act of 1978 (Bermuda) and the rules and regulations promulgated thereunder (the “Bermuda Insurance Act”).Business (Item 1)
Also named by AFL, AIG, APO, ARES, CAT, CB, COIN, FNF and 8 more
Committee on Foreign Investment in the United States (CFIUS)
subject tonamed as a riskFor example, the expansion of the jurisdiction of the Committee on Foreign Investment in the United States (“CFIUS”) in 2018 and then again in 2022 may reduce the number of potential buyers of and investors in U.S. companies and, accordingly, may limit the ability of our funds to realize value and/or exit from certain existing and future investments.Risk factors (Item 1A)
China Securities Regulatory Commission (CSRC)
subject tonamed as a riskThese regulations may have an adverse effect on us and/or our renminbi (RMB)-denominated investment funds by, among other things, increasing the regulatory burden and costs of raising money for RMB-denominated investment funds if we admit investors that are regulated by the above regulators.Risk factors (Item 1A)
Laws and programs
OECD Pillar Two global minimum tax
subject to · 15%named as a riskPillar One and Pillar Two could impact the effective tax rates for our firm, funds, portfolio companies, and investors, including by way of higher levels of tax being imposed, possible denial of deductions, increased withholding taxes, and/or profits being allocated differently.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
EU Securitization Regulation
subject to · 5%named as a riskIf our non-EU AIFMs fall within the scope of the Securitization Regulation, it could affect the asset values of certain of our funds, force divestment of certain assets at depressed prices, and increase the operating cost of our CLOs.Risk factors (Item 1A)
Netherlands dividend withholding tax
subject to · 25.8% in 2025named as a riskWe are monitoring the impact of these rules, which could result in additional withholding taxes being levied on our investment funds or on repatriation of income and gains generated.Risk factors (Item 1A)
U.S. tariffs
subject tonamed as a riskTariffs on goods imported from China, Canada, Mexico, and Europe could further increases costs, decrease margins, and reduce the competitiveness of products and services offered by current and future portfolio companies.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
Investment Company Act of 1940
subject tonamed as a riskIf anything were to happen that would cause The Carlyle Group Inc. to be deemed to be an investment company under the Investment Company Act, requirements imposed by the Investment Company Act, including limitations on our capital structure, ability to transact business with affiliates (including us) and ability to compensate key employees, could make it impractical for us to continue our business as currently conducted, impair the agreements and arrangements between and among The Carlyle Group Inc. and our senior Carlyle professionals, and materially adversely affect our business, results of operations, and financial condition.Risk factors (Item 1A)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
MiFID II
subject tonamed as a riskFailure to comply with MiFID II and its associated legislative acts could result in sanctions from national regulators, the loss of market access, and a number of other adverse consequences, which would have a detrimental impact on our business.Business (Item 1)
EU Sustainable Finance Disclosure Regulation (SFDR)
subject tonamed as a riskOur funds may be required to be categorized by reference to different criteria under SFDR 2.0, which may adversely impact future capital raising from investors and investment returns.Risk factors (Item 1A)
Alternative Investment Fund Managers Directive (AIFMD II)
subject tonamed as a riskCompliance with AIFMD II may, among other things, increase the cost and complexity of raising capital, may slow the pace of fundraising, limit operations, increase operational costs, and disadvantage our investment funds as bidders for and potential owners of private companies located in the EEA when compared to non-AIF/AIFM competitors.Business (Item 1)
U.S. Outbound Investment Order
subject tonamed as a riskThese actions could negatively impact our ability to raise capital from and deploy capital in such jurisdictions, including if the administration seeks to expand such limitations to apply to a broader range of activities.Risk factors (Item 1A)
Also named by BX
UK Investment Firm Prudential Regime (IFPR)
subject tonamed as a riskIFPR has resulted in increased regulatory capital and liquidity adequacy requirements for CECP, in particular, and may continue to increase the costs of doing business and may impede intra-group capital and cash flows.Business (Item 1)
EU Investment Firm Regulation and Directive (IFR/IFD)
subject tonamed as a riskIn particular, as AlpInvest BV’s AUM attributable to separate accounts regulated by MiFID II increases so will AlpInvest BV’s regulatory capital and liquidity adequacy requirements, which may increase the costs of doing business and may impede intra-group capital and cash flows.Business (Item 1)
Executive Order 14376 (institutional single-family home purchases)
subject tonamed as a riskThese Residential Ownership Laws could have a negative impact on a fund’s ability to implement its investment approach and achieve its objective, including with respect to certain categories of residential property or within certain U.S. states implementing such laws.Risk factors (Item 1A)
Renewable energy tax credits and incentives
subject tonamed as a riskIn addition, the current administration has sought to reduce subsidies, block permits and leases for new projects, and roll back favorable terms for investments in renewable energy ventures, which could adversely impact the performance of those strategies in our portfolio.Risk factors (Item 1A)
FinCEN AML/CFT rule for investment advisers
subject tonamed as a riskThese types of AML/CFT rules, if and when they become effective, may impose substantial regulatory obligations related to AML/CFT on our business and may result in increased compliance costs and expenses borne by us, our investment advisers and our funds.Risk factors (Item 1A)
Investment Advisers Act of 1940
subject toRegistered investment advisers are subject to the requirements and regulations of the Advisers Act.Business (Item 1)
Also named by ABR, AMG, BAM, BEN, BX, HTGC, KKR, MAIN and 3 more
SEC Rule 15c3-1 (Uniform Net Capital Rule)
subject toIn particular, as a result of its registered status, TCG Capital Markets is subject to the SEC’s uniform net capital rule, Rule 15c3-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which specifies both the minimum level of net capital a broker-dealer must maintain relative to the scope of its business activities and net capital liquidity parameters.Business (Item 1)
Also named by FIS