Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Across 2021–2024 Carlyle’s balance sheet shows modest net growth in total assets from $21,250.4m (2021) to $23,103.5m (2024), with year‑to‑year moves of +0.7% (2021→22), −1.1% (2022→23) and +9.1% (2023→24). Total liabilities fell sharply in 2022 (−6.2% to $14,581.7m) then rose in 2023 and 2024 to $15,391.5m and $16,755.9m respectively (+5.6% and +8.9%). Stockholders’ equity jumped in 2022 (+19.5% to $6,821.3m), declined in 2023 (−15.2% to $5,784.5m) and partially recovered in 2024 (+9.7% to $6,347.6m). The 2025 row contains zeros and should be treated as missing data. The net effect is a relatively stable leverage profile: liabilities/assets ran about 68–73% through the period (73.1% in 2021, 68.1% in 2022, ~72.7% in 2023, 72.5% in 2024) while the equity/asset ratio peaked near 32% in 2022 before settling around 27% thereafter. For an alternative asset manager like Carlyle, these swings are consistent with capital‑raising, distributions/returns of capital, mark‑to‑market valuation swings and use of fund‑level borrowings — all of which can drive pronounced year‑to‑year moves in both liabilities and equity. For a fuller assessment of operational health and causes of the 2022–23 equity volatility, review of the income statement, cash flows, capital‑raising/distribution activity and notes on fair‑value movements would be required.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.