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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED March 31, 2022
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                      TO                     
Commission File Number: 001-35538
 
The Carlyle Group Inc.
(Exact name of registrant as specified in its charter)
Delaware 45-2832612
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
1001 Pennsylvania Avenue, NW
Washington, DC, 20004-2505
(Address of principal executive offices) (Zip Code)
(202) 729-5626
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockCGThe Nasdaq Global Select Market
4.625% Subordinated Notes due 2061 of Carlyle Finance L.L.C.CGABLThe Nasdaq Global Select Market
As of April 27, 2022, there were 361,666,609 shares of common stock of the registrant outstanding.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No   



TABLE OF CONTENTS
 
  Page
Item 1.
Unaudited Condensed Consolidated Financial Statements – March 31, 2022 and 2021:
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
 



1


Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, our dividend policy, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described under the sections entitled “Risk Factors” in this report and in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the United States Securities and Exchange Commission (“SEC”) on February 10, 2022, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in our other periodic filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

Website and Social Media Disclosure
We use our website (www.carlyle.com), our corporate Facebook page (https://www.facebook.com/onecarlyle/), our corporate Twitter account (@OneCarlyle or www.twitter.com/onecarlyle), our corporate Instagram account (@onecarlyle or www.instagram.com/onecarlyle), our corporate LinkedIn account (www.linkedin.com/company/the-carlyle-group) and our corporate YouTube channel (www.youtube.com/user/onecarlyle) as channels of distribution of material company information. For example, financial and other material information regarding our company is routinely posted on and accessible at www.carlyle.com. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about Carlyle when you enroll your email address by visiting the “Email Alert Subscription” section at http://ir.carlyle.com/email-alerts. The contents of our website and social media channels are not, however, a part of this Quarterly Report on Form 10-Q and are not incorporated by reference herein.
 

    On January 1, 2020, we completed our conversion from a Delaware limited partnership named The Carlyle Group L.P. into a Delaware Corporation named The Carlyle Group Inc. (the conversion, together with such restructuring steps and related transactions, the “Conversion”).
    Unless the context suggests otherwise, references in this report to “Carlyle,” the “Company,” “we,” “us” and “our” refer to The Carlyle Group Inc. and its consolidated subsidiaries. When we refer to our “senior Carlyle professionals,” we are referring to the partner-level personnel of our firm. References in this report to the ownership of the senior Carlyle professionals include the ownership of personal planning vehicles of these individuals. When we refer to the “Carlyle Holdings partnerships” or “Carlyle Holdings”, we are referring to Carlyle Holdings I L.P., Carlyle Holdings II L.P., and Carlyle Holdings III L.P., which prior to the Conversion were the holding partnerships through which the Company and our senior Carlyle professionals and other holders of Carlyle Holdings partnership units owned their respective interests in our business.
    “Carlyle funds,” “our funds” and “our investment funds” refer to the investment funds and vehicles advised by Carlyle.
    “Carry funds” generally refers to closed-end investment vehicles, in which commitments are drawn down over a specified investment period, and in which the general partner receives a special residual allocation of income from limited partners, which we refer to as carried interest, in the event that specified investment returns are achieved by the fund. Disclosures referring to carry funds will also include the impact of certain commitments which do not earn carried interest, but are either part of, or associated with our carry funds. The rate of carried interest, as well as the share of carried interest allocated to Carlyle, may vary across the carry fund platform. Carry funds generally include the following investment vehicles across our three business segments:

Global Private Equity: Buyout, middle market and growth capital, real estate, infrastructure and natural resources funds advised by Carlyle, as well as certain energy funds advised by our strategic partner NGP Energy Capital Management (“NGP”) in which Carlyle is entitled to receive a share of carried interest (“NGP Carry Funds”)


2


Global Credit: Distressed credit, energy credit, opportunistic credit, corporate mezzanine funds, aircraft financing and servicing, and other closed-end credit funds advised by Carlyle
Global Investment Solutions: Funds and vehicles advised by AlpInvest Partners B.V. (“AlpInvest”), which include primary fund, secondary and co-investment strategies 

Carry funds specifically exclude certain funds advised by NGP in which Carlyle is not entitled to receive a share of carried interest (or “NGP Predecessor Funds”), collateralized loan obligation vehicles (“CLOs”), business development companies and direct lending managed accounts, as well as capital raised from a strategic third-party investor which directly invests in Fortitude Holdings alongside a carry fund.

    For an explanation of the fund acronyms used throughout this Quarterly Report, refer to “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation – Our Family of Funds.”
“Fortitude” refers to Fortitude Group Holdings, LLC (“Fortitude Holdings”) prior to October 1, 2021 and to FGH Parent, L.P. (“FGH Parent”) as of October 1, 2021. On October 1, 2021, the owners of Fortitude Holdings contributed their interests to FGH Parent such that FGH Parent became the direct parent of Fortitude Holdings. Fortitidue Holdings owns 100% of the outstanding common shares of Fortitude Reinsurance Company Ltd., a Bermuda domiciled reinsurer (“Fortitude Re”). See Note 6 to the condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q for more information regarding the Company’s strategic investment in Fortitude.
    “Fee-earning assets under management” or “Fee-earning AUM” refers to the assets we manage or advise from which we derive recurring fund management fees. Our Fee-earning AUM is generally based on one of the following, once fees have been activated:
(a)the amount of limited partner capital commitments, generally for carry funds where the original investment period has not expired, for AlpInvest carry funds during the commitment fee period;
(b)the remaining amount of limited partner invested capital at cost, generally for carry funds and certain co-investment vehicles where the original investment period has expired, as well as one of our business development companies;
(c)the amount of aggregate fee-earning collateral balance of our CLOs and other securitization vehicles, as defined in the fund indentures (typically exclusive of equities and defaulted positions) as of the quarterly cut-off date;
(d)the external investor portion of the net asset value of our open-ended funds (pre-redemptions and subscriptions), as well as certain carry funds;
(e)the gross assets (including assets acquired with leverage), excluding cash and cash equivalents, of one of our business development companies and certain carry funds; or
(f)the lower of cost or fair value of invested capital, generally for AlpInvest carry funds where the commitment fee period has expired and certain carry funds where the investment period has expired.
    “Assets under management” or “AUM” refers to the assets we manage or advise. Our AUM generally equals the sum of the following:
(a) the aggregate fair value of our carry funds and related co-investment vehicles, NGP Predecessor Funds and separately managed accounts, plus the capital that Carlyle is entitled to call from investors in those funds and vehicles (including Carlyle commitments to those funds and vehicles and those of senior Carlyle professionals and employees) pursuant to the terms of their capital commitments to those funds and vehicles;
(b)     the amount of aggregate collateral balance and principal cash or aggregate principal amount of the notes of our CLOs and other structured products (inclusive of all positions);
(c)     the net asset value (pre-redemptions and subscriptions) of our open-ended funds; and
(d)     the gross assets (including assets acquired with leverage) of our business development companies, plus the capital that Carlyle is entitled to call from investors in those vehicles pursuant to the terms of their capital commitments to those vehicles.
    We include in our calculation of AUM and Fee-earning AUM certain energy and renewable resources funds that we jointly advise with Riverstone Holdings L.L.C. (“Riverstone”), the NGP Predecessor Funds and NGP Carry Funds (collectively, the “NGP Energy Funds”) that are advised by NGP, as well as capital raised from a strategic third-party investor which directly invests in Fortitude Holdings alongside a carry fund.


3


    For most of our carry funds, total AUM includes the fair value of the capital invested, whereas Fee-earning AUM includes the amount of capital commitments or the remaining amount of invested capital, depending on whether the original investment period for the fund has expired. As such, Fee-earning AUM may be greater than total AUM when the aggregate fair value of the remaining investments is less than the cost of those investments.
    Our calculations of AUM and Fee-earning AUM may differ from the calculations of other asset managers. As a result, these measures may not be comparable to similar measures presented by other asset managers. In addition, our calculation of AUM (but not Fee-earning AUM) includes uncalled commitments to, and the fair value of invested capital in, our investment funds from Carlyle and our personnel, regardless of whether such commitments or invested capital are subject to management fees, incentive fees or performance allocations. Our calculations of AUM or Fee-earning AUM are not based on any definition of AUM or Fee-earning AUM that is set forth in the agreements governing the investment funds that we manage or advise.
“Metropolitan” refers to Metropolitan Real Estate Management, LLC, which was included in the Global Investment Solutions business segment prior to its sale on April 1, 2021.


4


PART I – FINANCIAL INFORMATION
 
Item 1.         Financial Statements
The Carlyle Group Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions)
March 31,
2022
December 31,
2021
 (Unaudited)
Assets
Cash and cash equivalents$1,290.2 $2,469.5 
Cash and cash equivalents held at Consolidated Funds168.9 147.8 
Restricted cash0.6 5.6 
Investments, including accrued performance allocations of $8,504.8 million and $8,133.0 million as of March 31, 2022 and December 31, 2021, respectively
11,923.0 10,832.0 
Investments of Consolidated Funds6,412.6 6,661.0 
Due from affiliates and other receivables, net364.8 379.6 
Due from affiliates and other receivables of Consolidated Funds, net141.5 138.8 
Fixed assets, net145.2 143.9 
Lease right-of-use assets, net350.8 361.1 
Deposits and other101.3 61.7 
Intangible assets, net820.1 34.9 
Deferred tax assets17.4 14.5 
Total assets$21,736.4 $21,250.4 
Liabilities and equity
Debt obligations$2,255.0 $2,071.6 
Loans payable of Consolidated Funds5,715.8 5,890.0 
Accounts payable, accrued expenses and other liabilities365.4 379.7 
Accrued compensation and benefits4,542.6 4,955.0 
Due to affiliates332.9 388.1 
Deferred revenue373.7 120.8 
Deferred tax liabilities595.6 487.1 
Other liabilities of Consolidated Funds636.1 683.9 
Lease liabilities524.6 537.8 
Accrued giveback obligations40.4 30.2 
Total liabilities15,382.1 15,544.2 
Commitments and contingencies
Common stock, $0.01 par value, 100,000,000,000 shares authorized (361,664,727 and 355,367,876 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)
3.6 3.6 
Additional paid-in-capital2,982.4 2,717.6 
Retained earnings3,207.0 2,805.3 
Accumulated other comprehensive loss(283.0)(247.5)
Non-controlling interests in consolidated entities444.3 427.2 
Total equity6,354.3 5,706.2 
Total liabilities and equity$21,736.4 $21,250.4 
See accompanying notes.


5


The Carlyle Group Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in millions, except share and per share data)
 Three Months Ended
March 31,
 20222021
Revenues
Fund management fees$450.5 $381.0 
Incentive fees14.0 9.5 
Investment income
Performance allocations710.2 1,786.1 
Principal investment income319.6 179.1 
Total investment income1,029.8 1,965.2 
Interest and other income25.8 20.4 
Interest and other income of Consolidated Funds61.7 61.1 
Total revenues1,581.8 2,437.2 
Expenses
Compensation and benefits
Cash-based compensation and benefits254.3 228.5 
Equity-based compensation39.7 32.4 
Performance allocations and incentive fee related compensation370.7 866.6 
Total compensation and benefits664.7 1,127.5 
General, administrative and other expenses106.3 91.7 
Interest27.8 23.0 
Interest and other expenses of Consolidated Funds42.8 42.4 
Other non-operating expenses0.3 0.6 
Total expenses841.9 1,285.2 
Other income
Net investment income of Consolidated Funds2.8 12.3 
Income before provision for income taxes742.7 1,164.3 
Provision for income taxes147.9 273.4 
Net income594.8 890.9 
Net income attributable to non-controlling interests in consolidated entities23.2 21.6 
Net income attributable to The Carlyle Group Inc.$571.6 $869.3 
Net income attributable to The Carlyle Group Inc. per common share (see Note 14)
Basic$1.60 $2.45 
Diluted$1.57 $2.41 
Weighted-average common shares
Basic357,574,838 354,230,092 
Diluted363,010,282 360,504,780 
Substantially all revenue is earned from affiliates of the Company. See accompanying notes.


6


The Carlyle Group Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollars in millions)
 
 Three Months Ended
March 31,
 20222021
Net income$594.8 $890.9 
Other comprehensive income (loss)
Foreign currency translation adjustments(39.8)(27.9)
Defined benefit plans
Unrealized gain (loss) for the period(1.8)1.3 
Less: reclassification adjustment for gain during the period, included in cash-based compensation and benefits expense0.3 0.5 
Other comprehensive loss(41.3)(26.1)
Comprehensive income553.5 864.8 
Comprehensive income attributable to non-controlling interests in consolidated entities17.4 20.8 
Comprehensive income attributable to The Carlyle Group Inc.$536.1 $844.0 
See accompanying notes.



7


The Carlyle Group Inc.
Condensed Consolidated Statements of Changes in Equity
(Unaudited)
(Dollars and shares in millions)

Common SharesCommon StockAdditional Paid-in-CapitalRetained EarningsAccumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interests in
Consolidated
Entities
Total
Equity
Balance at December 31, 2021355.4 $3.6 $2,717.6 $2,805.3 $(247.5)$427.2 $5,706.2 
Shares repurchased(1.7)— — (80.4)— — (80.4)
Equity-based compensation— — 39.0 — — — 39.0 
Shares issued for equity-based awards3.2 — — — — — — 
Shares issued for performance allocations0.6 — 31.3 — — — 31.3 
Shares issued related to the acquisition of CBAM4.2 — 194.5 — — — 194.5 
Contributions— — — — — 146.8 146.8 
Distributions— — — (89.5)— (147.1)(236.6)
Net income— — — 571.6 — 23.2 594.8 
Currency translation adjustments— — — — (34.0)(5.8)(39.8)
Defined benefit plans, net— — — — (1.5)— (1.5)
Balance at March 31, 2022361.7 $3.6 $2,982.4 $3,207.0 $(283.0)$444.3 $6,354.3 

Common
 Shares
Common
Stock
Additional
Paid-in-
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Non-
controlling
Interests in
Consolidated
Entities
Total
Equity
Balance at December 31, 2020353.5 $3.5 $2,546.2 $348.2 $(208.7)$241.0 $2,930.2 
Shares repurchased(0.3)— — (10.0)— — (10.0)
Equity-based compensation— — 27.5 — — — 27.5 
Shares issued for equity-based awards1.3 — — — — — — 
Contributions— — — — — 3.7 3.7 
Distributions— — — (88.7)— (15.3)(104.0)
Net loss— — — 869.3 — 21.6 890.9 
Currency translation adjustments— — — — (27.1)(0.8)(27.9)
Defined benefit plans, net— — — — 1.8 — 1.8 
Balance at March 31, 2021354.5 $3.5 $2,573.7 $1,118.8 $(234.0)$250.2 $3,712.2 

See accompanying notes.


8

The Carlyle Group Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)

 Three Months Ended March 31,
 20222021
Cash flows from operating activities
Net income $594.8 $890.9 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization19.4 13.4 
Equity-based compensation39.7 32.4 
Non-cash performance allocations and incentive fees(300.8)(865.4)
Non-cash principal investment income(315.3)(176.2)
Other non-cash amounts5.3 8.5 
Consolidated Funds related:
Realized/unrealized (gain) loss on investments of Consolidated Funds43.4 (89.3)
Realized/unrealized (gain) loss from loans payable of Consolidated Funds(46.2)77.0 
Purchases of investments by Consolidated Funds(1,025.9)(925.5)
Proceeds from sale and settlements of investments by Consolidated Funds1,113.7 1,074.1 
Non-cash interest income, net(2.7)(3.2)
Change in cash and cash equivalents held at Consolidated Funds(21.1)(30.9)
Change in other receivables held at Consolidated Funds(6.0)(84.3)
Change in other liabilities held at Consolidated Funds(34.1)(7.3)
Purchases of investments (307.5)(63.8)
Proceeds from the sale of investments158.3 156.0 
Payments of contingent consideration(5.7)(49.9)
Changes in deferred taxes, net110.9 260.3 
Change in due from affiliates and other receivables(9.5)(6.8)
Change in deposits and other(39.8)(1.4)
Change in accounts payable, accrued expenses and other liabilities(14.3)(69.1)
Change in accrued compensation and benefits(580.1)(328.0)
Change in due to affiliates(0.2)(0.4)
Change in lease right-of-use assets and lease liabilities(2.5)2.6 
Change in deferred revenue254.5 255.8 
Net cash provided by (used in) operating activities(371.7)69.5 
Cash flows from investing activities
Purchases of fixed assets, net(12.3)(9.7)
Purchase of CBAM intangibles and investments, net(618.4) 
Net cash used in investing activities(630.7)(9.7)
Cash flows from financing activities
Payments on CLO borrowings(8.9)(66.6)
Proceeds from CLO borrowings, net of financing costs40.8 43.4 
Net payments on loans payable of Consolidated Funds(21.8)(20.0)
Dividends to common stockholders(89.5)(88.7)
Payment of deferred consideration for Carlyle Holdings units(68.8)(68.8)
Contributions from non-controlling interest holders146.8 3.7 
Distributions to non-controlling interest holders(147.1)(15.3)
Common shares issued for performance allocations31.3  
Common shares repurchased(80.4)(10.0)
Change in due to/from affiliates financing activities33.1 71.1 
Net cash used in financing activities(164.5)(151.2)
Effect of foreign exchange rate changes(17.4)(11.2)
Decrease in cash, cash equivalents and restricted cash(1,184.3)(102.6)
Cash, cash equivalents and restricted cash, beginning of period2,475.1 989.6 
Cash, cash equivalents and restricted cash, end of period$1,290.8 $887.0 
Supplemental non-cash disclosures
Issuance of common shares related to the acquisition of CBAM intangibles and investments$194.5 $ 
Reconciliation of cash, cash equivalents and restricted cash, end of period:
Cash and cash equivalents$1,290.2 $880.4 
Restricted cash0.6 6.6 
Total cash, cash equivalents and restricted cash, end of period$1,290.8 $887.0 
Cash and cash equivalents held at Consolidated Funds$168.9 $174.6 
See accompanying notes.



9

The Carlyle Group Inc.

Notes to the Condensed Consolidated Financial Statements
(Unaudited)


1. Organization and Basis of Presentation
Carlyle is one of the world’s largest global investment firms that deploys private capital across its business through three reportable segments: Global Private Equity, Global Credit and Global Investment Solutions (see Note 17). In the Global Private Equity segment, Carlyle advises buyout, growth, real estate, infrastructure and natural resources funds. The primary areas of focus for the Global Credit segment are liquid credit, illiquid credit, real assets credit, and other credit such as insurance solutions, and loan syndication and capital markets. The Global Investment Solutions segment provides investment opportunities and resources for investors and clients through fund of funds, secondary purchases of existing portfolios, and managed co-investment programs. Carlyle typically serves as the general partner, investment manager or collateral manager, making day-to-day investment decisions concerning the assets of these products.
Basis of Presentation
The accompanying financial statements include the accounts of the Company and its consolidated subsidiaries. In addition, certain Carlyle-affiliated funds, related co-investment entities and certain CLOs managed by the Company (collectively the “Consolidated Funds”) have been consolidated in the accompanying financial statements pursuant to accounting principles generally accepted in the United States (“U.S. GAAP”), as described in Note 3. The consolidation of the Consolidated Funds generally has a gross-up effect on assets, liabilities and cash flows, and generally has no effect on the net income attributable to the Company. The economic ownership interests of the other investors in the Consolidated Funds are reflected as non-controlling interests in consolidated entities in the accompanying consolidated financial statements (see Note 3).
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. These statements, including notes, have not been audited, exclude some of the disclosures required for annual financial statements, and should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”). The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.
2. Recent Transactions
During the three months ended March 31, 2022, the Company announced several transactions as outlined below.
Acquisition of iStar Triple Net Lease Portfolio (See Note 6)
In March 2022, Carlyle Net Leasing Income, L.P., a Carlyle-affiliated investment fund, acquired a diversified portfolio of triple net leases for an enterprise value of $3 billion, which was funded using $2 billion in debt and $1 billion in equity. The investment fund is not consolidated by the Company and the debt is non-recourse to the Company. Carlyle, as general partner of the investment fund, contributed $