Form 4: Lindsay LoBue Credited 496 Dividend Units, Now Owns 476,225 CG Shares

Rhea-AI Filing Summary

Insider receipt of dividend-equivalent units tied to existing restricted stock awards. Carlyle Group COO Lindsay LoBue was granted 496 dividend equivalent units on 08/28/2025 related to previously reported time-vesting restricted stock unit awards; these units were recorded at a $0 cash price and will vest on the same schedule and terms as the underlying RSUs. After this accrual, Ms. LoBue is reported as beneficially owning 476,225 shares of Carlyle Group Inc. common stock, held directly. The Form 4 was submitted by a power of attorney on 08/29/2025.

Positive

• Dividend-equivalent units were credited to existing RSUs, preserving alignment between the executive's incentives and shareholders.
• Substantial beneficial ownership reported (476,225 shares) indicates material insider exposure to company equity.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider grant; small incremental dilution, confirms alignment via equity incentives.

The filing documents a non-cash accrual of 496 dividend-equivalent units tied to existing time-vesting RSUs, reflecting the company's practice of paying dividend equivalents on unvested awards. The units carry no immediate cash consideration (price $0) and will follow the vesting schedule of the underlying awards, so there is no change to vested share count today. The reported total beneficial ownership of 476,225 shares indicates continued meaningful insider exposure to CG equity, which supports management alignment with shareholders. Impact on share count and EPS is immaterial given the small number of additional units.

Corporate Governance Expert

TL;DR: Disclosure is standard and timely; shows compensation mechanics but no governance concerns.

The Form 4 discloses a routine, affirmative disclosure of dividend-equivalent units credited to previously granted RSUs. The statement clarifies these units vest under the same terms as the underlying awards, which is typical for equity compensation plans. Filing by power of attorney and inclusion of transaction date and post-transaction beneficial ownership meet Section 16 reporting norms. There are no indications of atypical transactions, option exercises, or sales that would raise governance flags.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LoBue Lindsay

(Last) (First) (Middle)

1001 PENNSYLVANIA AVENUE, NW

(Street)

WASHINGTON DC 20004

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Carlyle Group Inc. [ CG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/28/2025		A(1)		496	A	$0	476,225	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents dividend equivalent units accrued on certain existing time-vesting restricted stock unit awards, the grant of which was previously reported, in connection with the issuer's quarterly dividend. Such dividend equivalent units will vest on the same schedule and subject to the same terms and conditions as the underlying awards.

Remarks:

	/s/ Anne K. Frederick by Power of Attorney for Lindsay LoBue	08/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Lindsay LoBue report on Form 4 for CG?

The Form 4 reports the accrual of 496 dividend-equivalent units on 08/28/2025 related to existing time-vesting restricted stock units.

How many Carlyle Group (CG) shares does Lindsay LoBue beneficially own after the transaction?

After the reported transaction Ms. LoBue beneficially owns 476,225 shares of Carlyle Group common stock.

Were any shares sold or purchased for cash in this Form 4?

No; the entry shows an accrual of dividend-equivalent units with a recorded price of $0, not a cash purchase or sale.

When will the dividend-equivalent units vest?

The filing states the units will vest on the same schedule and under the same terms as the underlying time-vesting RSU awards.

Who signed the Form 4 filing?

The Form 4 was signed /s/ Anne K. Frederick by Power of Attorney for Lindsay LoBue on 08/29/2025.