The Carlyle Group Carlyle, founded in 1987, is a global investment firm offering specialized investment funds and other investment vehicles that invest private capital across a range of industries, geographies, asset classes and investment strategies. Carlyle operates its business, through CIM and several other Carlyle-affiliated investment advisers, across three segments: (i) Global Private Equity, (ii) Global Credit and (iii) Global Investment Solutions. Various entities affiliated with the Public Company (Nasdaq: CG), an affiliate of CIM, directly and indirectly own and control CIM. On January 1, 2020, The Carlyle Group, L.P. completed its conversion (together with related restructuring steps and transactions, the “Conversion”) from a Delaware limited partnership to a Delaware corporation named The Carlyle Group, Inc. Pursuant to the Conversion, each common unit of The Carlyle Group, L.P. converted into one share of common stock of the Public Company (“Common Stock”) and each special voting unit and general partner unit was canceled for no consideration. In addition, holders of the partnership units in Carlyle Holdings I L.P., Carlyle Holdings II L.P., and Carlyle Holdings III L.P. (collectively, “Carlyle Holdings”) exchanged such units for an equivalent number of shares of Common Stock and certain other internal restructuring steps occurred. In connection with the Conversion, senior Carlyle professionals and certain of the other former limited partners of Carlyle Holdings who became holders of shares of Common Stock in connection with the Conversion were generally required to grant an irrevocable proxy to Carlyle Group Management L.L.C., which is wholly owned by Carlyle’s founders and other senior Carlyle professionals. This proxy entitles Carlyle Group Management L.L.C. to vote such shares of Common Stock until the earlier of (i) such time as Carlyle Group Management L.L.C. ceases to have voting power over shares of Common Stock representing at least 20% of the total voting power of all the then outstanding shares of capital stock of the Public Company entitled to vote in the election of directors and (ii) January 1, 2025. As of December 31, 2023, Carlyle Group Management L.L.C. held voting power for approximately 41% of Common Stock. CIM does not hold any economic interest in the Public Company, although certain of its officers and supervised persons hold Common Stock. From and after the consummation of the Conversion, the Public Company holds directly and indirectly all of the outstanding equity interests in Carlyle Holdings, whose subsidiaries operate and control all of the business and affairs of Carlyle and its affiliates. A group of senior management professionals establishes the management structures and policies and procedures for the operation and development of the firm, guided by the strategic direction set by the Board of Directors of the Public Company. Harvey M. Schwartz, Chief Executive Officer, John Redett, Chief Financial Officer, Jeffrey W. Ferguson, General Counsel, and Christopher Finn, Chief Operating Officer comprise this group of executives. Additional information about the Public Company is available in its current public filings with the SEC. Unless specifically stated otherwise, references in this Brochure to CIM do not include Carlyle, the Public Company or any of Carlyle’s other affiliated entities. Carlyle Investment Management L.L.C. CIM, a Delaware limited liability company formed in 1996, is registered with the SEC as an investment adviser. It provides investment advisory services, either directly or through co- and sub-advisory arrangements, to various Carlyle-sponsored investment vehicles and managed accounts (each an “Advisory Client”1). In the context of Carlyle’s structured credit investment activities, CIM, through its relying advisers Carlyle CLO Management L.L.C. (“Carlyle CLO”), CBAM CLO Management, LLC (“CBAM CLO”) and Carlyle CLO Management Europe, LLC (f/k/a CBAM CLO Management Europe, LLC, “Carlyle CLO Europe”), generally provides advisory services directly to the investment vehicle as collateral/investment manager. CBAM CLO and Carlyle CLO Europe were acquired by Carlyle in March 2022. As of December 31, 2023, CIM managed approximately $195.3 billion of assets in respect of which CIM has full investment discretion (subject to the Advisory Client’s established investment guidelines). As of December 31, 2023, CIM also managed approximately $78.3 billion of assets in respect of which CIM does not have full investment discretion. Although CIM is a separately-registered investment adviser that generally operates independently of other Carlyle-affiliated investment advisers, CIM acts as a co-investment adviser with certain affiliated investment advisers (e.g., AlpInvest, as defined below). Further, its status as part of the larger Carlyle organization raises certain actual and potential conflicts of interest, as discussed more fully in Items 8 and 10. CIM also acts as a sub- or co-investment adviser with unaffiliated investment advisers for certain investment vehicles that are joint ventures between Carlyle and unaffiliated entities, for example, its joint ventures with Riverstone Holdings, LLC (“Riverstone”) with respect to certain legacy energy and renewables funds. Through a series of delegation agreements, CIM provides portfolio management services with respect to certain private investment funds that are managed by CIM Europe S.àr.l. (the “CIM AIFM”), an affiliated alternative investment fund manager licensed with the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”) under the AIFMD (as defined below). In providing its services to each Advisory Client, CIM and its related persons provide advice with respect to the investment and reinvestment of each Advisory Client’s assets, and may assist in coordinating reports to investors. CIM manages the assets of each Advisory Client in accordance with the terms of the governing documents (or investment management agreement in the case of a separately managed account) applicable to such Advisory Client. Interests in Carlyle-sponsored investment vehicles advised by CIM are privately offered only to 1 “Advisory Client” means any fund, pooled investment vehicle or account for which CIM directly or indirectly provides investment advice and/or places trades on a discretionary or nondiscretionary basis. The investors and other persons who invest in CIM’s Advisory Clients are generally referred to herein as “investors.” Unless otherwise expressly stated herein, the term “Advisory Clients” does not include “investors”, and the term “investors” does not reference stockholders or debtholders, as applicable, of the Public Company. eligible investors pursuant to exemptions available under the United States Securities Act of 1933, as amended (the “Securities Act”), and the regulations promulgated thereunder. Such investment vehicles, including parallel and co-investment vehicles, are not registered with the SEC as investment companies based on specific exclusions from the United States Investment Company Act of 1940, as amended (the “1940 Act”). Typically, interests in such investment vehicles are offered to institutional investors, high net worth individuals as well as non-U.S. investors investing in a non-U.S. investment vehicle. Additionally, Carlyle, its affiliates and equity owners, and certain of their respective professionals typically invest in or alongside Advisory Clients. Other qualified individuals who generally are not employees of Carlyle, but who have or had business relationships with Carlyle or industry expertise in the sector in which a particular Advisory Client may be investing (including, without limitation, operating executives, operating advisors, consultants, former employees, senior advisors, and other similar professionals) are also expected to invest in or alongside Advisory Clients. Some of these outside investors and industry experts are current or former executives of portfolio companies in which an investment vehicle will invest. The Carlyle Group Business Segments As noted above, Carlyle operates its business, through CIM and several other Carlyle-affiliated investment advisers, across three segments: (i) Global Private Equity, (ii) Global Credit and (iii) Global Investment Solutions. Global Private Equity Carlyle’s Global Private Equity (“GPE”) segment includes Carlyle’s buyout, growth, real estate and natural resources funds (including infrastructure and energy). Across the GPE funds, as of December 31, 2023, Carlyle had investments in nearly 300 active portfolio companies. Carlyle’s GPE teams have the following areas of focus: Corporate Private Equity Carlyle established its private equity business in 1990 with its first U.S. buyout fund and continues to pursue a wide variety of corporate investments of different sizes and growth potentials. Outside of the U.S., Carlyle primarily sponsors corporate private equity funds in Europe, Asia, and Japan. Within Carlyle’s Global Private Equity segment, its corporate private equity Advisory Clients (which include funds advised by CIM) are advised by teams of local professionals who typically live and work in the markets where they invest. These teams closely analyze investment opportunities in a wide range of companies, from small-cap growth companies to market-leading, large-cap companies across their core industries (including, aerospace and government services, consumer, media and retail, financial services, healthcare, life sciences, industrial and technology).
• Buyout. Carlyle’s buyout teams advise a diverse group of Advisory Clients that invest in buyout transactions, including corporate buyouts and strategic minority investments. Carlyle’s buyout platform also includes a core strategy, seeking longer duration private equity opportunities, targeting stable businesses with sustainable market leadership.
• Growth Capital. Carlyle’s growth capital Advisory Clients are advised by regionally- focused teams in the United States, Europe and Asia, with each team seeking private equity investments in middle market investment opportunities consistent with specific regional investment criteria. The investment mandate for Carlyle’s growth capital funds is to seek out companies exhibiting significant growth characteristics. Carlyle also advises legacy middle-market buyout funds.
• Life Sciences. Carlyle completed its acquisition of Abingworth LLP (“ALLP”), a life sciences investment firm, on August 1, 2022, to offer investors broader-based investment management services in life sciences and healthcare investing, which complement Carlyle’s existing product set and investments in the space. ALLP is a relying adviser of CIM. ALLP is wholly-owned by Carlyle and provides investment advisory services to pooled investment vehicles investing in companies and financing of late-stage clinical assets in the life sciences and healthcare sectors across all stages of company development including seed, early- and late-stage venture financing, clinical co-development and public companies. CIM (including ALLP), either directly or indirectly, advises the corporate private equity Advisory Clients within its Global Private Equity segment. Real Estate Carlyle’s Real Estate investment program, established in 1997 with Carlyle’s first U.S. real estate fund, focuses on real estate investments in the U.S. and Europe, with a focus on a broad range of opportunities including residential properties (including, without limitation, multifamily and single-family rental properties), active adult and senior living facilities, industrial properties, and self-storage properties. Carlyle’s real estate funds may also acquire, to a significantly lesser extent, office buildings, hotels and retail properties. Carlyle’s real estate investment team generally focuses on acquiring single-property assets (rather than large-cap companies with real estate portfolios) or smaller portfolios and has historically pursued primarily an opportunistic real estate investment strategy. Carlyle’s activities also include a core-plus real estate investment strategy, seeking more stable, relatively low volatility equity investments in the U.S. as compared to its opportunistic investment strategy. In the U.S., Carlyle continues to focus on single asset transactions in its opportunistic and core- plus investment strategies. Outside the U.S., Carlyle continues to invest opportunistically in the European market, often focusing on multiple transactions involving smaller portfolios, and assembling platforms or operating businesses. CIM, either directly or indirectly, advises the real estate Advisory Clients within its Global Private Equity segment. Infrastructure & Natural Resources Carlyle’s infrastructure and natural resources funds focus on infrastructure and energy investing.
• Infrastructure.

Carlyle’s infrastructure group is comprised of teams that invest in renewables and the energy transition, energy infrastructure, water and waste, transportation, digital infrastructure, and power generation, including our global infrastructure opportunities fund, our North American power fund and our renewable and sustainable energy funds. Carlyle’s North American power investment team leverages the expertise of the operating professionals at Cogentrix Energy L.L.C., a portfolio company owned by certain Carlyle funds.
• Energy. Carlyle’s energy activities focus on buyouts, growth capital investments and strategic joint ventures in the midstream, upstream, downstream, energy, energy transition and oilfield services sectors around the world. Carlyle’s North American energy investment activities include investment funds that are advised by NGP Energy Capital Management, LLC (“NGP”), based in Dallas, TX. NGP is primarily responsible for Carlyle’s North American energy (except as specified elsewhere herein) investment strategy2; however, CIM does not control the investment decisions of any NGP funds. NGP focuses on investments across a range of energy and natural resource assets in North America, including oil and gas resources, oilfield services, pipelines and processing. Carlyle owns certain economic interests in NGP; however, Carlyle does not control NGP or its current funds. NGP is separately registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For the purposes of this Brochure, references to CIM do not include references to NGP. In 2013, Carlyle engaged an investment team, primarily through Atlas NV, an unaffiliated investment adviser, and supplemented such team with additional Carlyle investment professionals to develop its international energy platform. The international energy team focuses on investments across the energy value chain outside of North America. Through Atlas NV, certain of the Atlas-associated investment professionals also manage an existing international energy platform with active portfolio companies. Carlyle does not control or manage this platform or its underlying portfolio companies. Atlas NV is an “Exempt Reporting Adviser” under the exemption from the SEC’s investment adviser registration requirements set forth in Rule 203(m)-1 under the Advisers Act. For purposes of this Brochure, references to CIM do not include references to Atlas NV. CIM, either directly or indirectly, advises or co-advises the natural resources Advisory Clients within the Global Private Equity segment (which, for the avoidance of doubt, do not include current funds advised by NGP, or investments of Atlas NV). Global Credit Carlyle’s Global Credit business segment (“Global Credit”), established in 1999 with Carlyle’s first high yield fund, advises a group of advisory clients that pursue investment strategies including liquid credit, illiquid credit, and real assets credit. CIM, CGCIM, CSL III Advisor, LLC (“CSL III Advisor”), Carlyle Aviation Securities Partners 2 CIM and Riverstone Investment Group L.L.C., a separately registered and unaffiliated investment adviser, jointly advise certain legacy energy and renewable resources funds. Carlyle and Riverstone have mutually decided not to pursue additional jointly managed funds. LLC (“CASP”) and Carlyle Aviation PDP Management LLC (together with its relying advisers, “CAPDP”) are the primary investment advisers that provide advice to Global Credit advisory clients. For the purposes of this Brochure, references to CIM do not include references to CGCIM, CSL III Advisor, CASP or CAPDP. The Global Credit team includes investment professionals located in the United States, Europe and Asia. Liquid Credit
• Loans and Structured Credit. Carlyle’s U.S. structured credit investment team focuses on investments primarily in performing senior secured bank loans through structured credit vehicles (i.e., CLOs) and certain other investment vehicles advised by CGCIM, including the Carlyle Revolving Loan Fund. CIM and its relying advisers, Carlyle CLO and CBAM CLO, advise the CLO U.S. structured credit Advisory Clients. CBAM CLO and Carlyle CLO Europe (and the CLOs they advise) were acquired from CBAM Partners, LLC in March 2022. Carlyle’s European structured credit funds are independently advised by CELF Advisors LLP (“CELF”), an affiliated investment adviser authorized and regulated by the United Kingdom Financial Conduct Authority (the “FCA”), and Carlyle CLO Europe. CELF is an “Exempt Reporting Adviser” under the exemption from the SEC’s investment adviser registration requirements set forth in Rule 203(m)-1 under the Advisers Act. Global Credit’s European platform also includes CIC Advisors LLP, a foreign private adviser and an appointed representative of CECP Advisors LLP (registered with the FCA). CGCIM is a sub-advisor to Carlyle AlpInvest Private Markets Fund (“CAPM”), a continuously offered, unlisted closed-end registered investment company. Private Credit
• Direct Lending. Carlyle’s direct lending business includes its business development companies (“BDCs”) that invest primarily in middle market first-lien loans and second- lien loans of middle market companies that lack access to the broadly syndicated loan and bond markets (including Carlyle Secured Lending, Inc., f/k/a TCG BDC, Inc., which became a publicly-traded BDC in June 2017). CGCIM acts as the investment adviser to two advisory client affiliates of CIM (including Carlyle Secured Lending, Inc.), which have elected to be regulated as BDCs under the 1940 Act, and additional middle market finance advisory clients. CSL III Advisor3 acts as the investment adviser to one advisory client affiliate of CIM which has elected to be regulated as a BDC under the 1940 Act.
• Opportunistic Credit. Carlyle’s opportunistic credit team invests primarily in highly- structured and privately-negotiated capital solutions supporting corporate and other borrowers through secured loans, senior subordinated debt, mezzanine debt, convertible notes, and other debt-like instruments, as well as preferred and common equity in such 3 CSL III Advisor is a wholly-owned subsidiary of CGCIM and registered with the SEC as an investment advisor. borrowers. The opportunistic credit team also considers investing in special situations and market dislocations, including primary and secondary market investments. In certain investments, these funds may seek to restructure pre-reorganization debt claims into controlling positions in the equity of reorganized companies. CGCIM acts as investment adviser to the opportunistic credit funds (including certain legacy distressed credit funds). Real Assets Credit
• Aircraft Finance. Carlyle Aviation Partners is a multi-strategy investment platform that is engaged in commercial aviation aircraft financing and investment and providing investment management services related to the commercial aviation industry. Carlyle Aviation Partners includes CASP and CAPDP, investment advisers registered with the SEC.
• Infrastructure Credit. Carlyle’s infrastructure credit team invests primarily in directly originated and privately negotiated debt instruments related to global infrastructure projects, with projects focused on energy transition, renewables and digital infrastructure, with additional exposure to transportation and logistics, social infrastructure, low-carbon power, water and waste treatment and other energy infrastructure sectors. The team focuses primarily on senior, subordinated, and mezzanine debt and seeks to invest primarily in developed markets within the Organization for Economic Cooperation and Development. CGCIM acts as investment adviser to infrastructure debt investments. Platform Initiatives
• Cross-Platform Credit Products. Carlyle’s platform initiatives include a closed-end registered investment company that operates as a cross-platform interval fund, Carlyle Tactical Private Credit Fund (“CTAC”, formerly known as OFI Carlyle Private Credit Fund), that invests across credit strategies, including direct lending, liquid credit and opportunistic credit, cross-platform separately managed accounts that are tailored to invest across Carlyle’s credit platform, and structured solutions that focus on private, primarily investment-grade investments, backed by assets with contractual cash flows. CGCIM acts as investment adviser to CTAC and other platform initiative advisory clients.
• Credit Strategic Solutions. Credit Strategic Solutions (“CSS”) is an asset-backed, private fixed income investment strategy within Global Credit that seeks to generate a premium return profile compared to traditional fixed income and credit investments by acquiring and lending against diversified pools of assets with contractual cash flows. CSS combines Carlyle’s long-standing history in structured credit, private asset underwriting expertise, and capital markets capabilities, to deliver tailored asset-focused financing solutions across the entire debt and equity capital structure. Other Credit
• Insurance Solutions. Carlyle Insurance Solutions (“CIS”) provides comprehensive liability funding and reinsurance, asset management and advisory solutions for (re)insurance companies and fund investors. The CIS team oversees the investment held by Carlyle and an Advisory Client in Fortitude Re (defined and discussed in more detail in Item 8) and the strategic advisory services agreement with certain subsidiaries of Fortitude Re. CIS also includes Carlyle Insurance Solutions Management L.L.C. (“CISM”), a relying advisor of CIM. CIM (including its relying advisor, CISM) and CGCIM are the investment advisors to the CIS advisory clients.
• Global Capital Markets. Global Capital Markets (“GCM”) is a loan syndication and capital markets business that Carlyle launched in 2018. The primary focus of GCM is to arrange, place, underwrite, originate and syndicate loans and underwrite securities of third parties and Carlyle portfolio companies including underwriting private offerings and participating in the underwriting syndicate for public offerings, through TCG Capital Markets L.L.C. (“TCG Capital Markets”), and TCG Senior Funding, L.L.C. (an advisory client of CGCIM, established to underwrite, originate and syndicate loans). GCM may also act as the initial purchaser of such loans and securities. Please see Items 5, 8 and 10 for additional information regarding GCM. Global Investment Solutions4 Carlyle’s Global Investment Solutions segment primarily operates through AlpInvest Partners B.V., its affiliated sub-advisers, AlpInvest US Holdings LLC and AlpInvest Private Equity Investment Management, L.L.C. (“AlpInvest PEIM”, collectively, “AlpInvest”). Carlyle owns 100% of the equity interests of AlpInvest, investment advisers separately registered under the Advisers Act. AlpInvest provides investment advisory services to pooled investment vehicles sponsored by AlpInvest, customized separately managed accounts and CAPM, a continuously offered, unlisted closed-end registered investment company. CGCIM is a sub-advisor to CAPM. AlpInvest invests globally across the private equity spectrum (including buyout, growth capital, venture, subordinated private debt and distressed debt) through direct subscriptions for interests in private equity and mezzanine funds, co-investments in single portfolio companies alongside private equity and mezzanine funds, and secondary market purchases of interests in private equity funds and private operating companies and other transactions such as portfolio financings. For the purposes of this Brochure, references to CIM do not include references to AlpInvest. Each of AlpInvest, CIM and CGCIM are expected to act as investment advisers to certain advisory clients within Carlyle’s Global Investment Solutions business. Advisory services include, for example, making recommendations to such advisory clients regarding overall investment strategy or allocation, including recommended allocations of capital to certain investment vehicles sponsored by AlpInvest or Carlyle. 4 Carlyle has substantially wound down the Diversified Global Asset Management Corporation (“DGAM”) business, a Toronto-based affiliate of CIM and global manager of hedge funds, acquired by Carlyle in February 2014. In connection with the wind down of its operations, DGAM has surrendered its investment fund manager and portfolio manager licenses, and retained an exempt market dealer license with the Ontario Securities Commission to facilitate certain marketing activities in Canada for advisory clients. DGAM has been renamed Carlyle Investments (Canada) Corporation.