Form 4: Carlyle CEO Schwartz Accrues 28,519 Shares

Carlyle Group Inc. CEO Harvey M. Schwartz accrued 28,519 shares of common stock as dividend equivalent units on November 19, 2025.

Summary

• Harvey M. Schwartz, Chief Executive Officer and Director of Carlyle Group Inc., acquired 28,519 shares of common stock.
• The transaction occurred on November 19, 2025, with an acquisition price of $0 per share.
• These shares represent dividend equivalent units accrued on existing time-based and performance-based restricted stock unit awards.
• The underlying restricted stock unit awards were originally granted on February 15, 2023.
• The accrued dividend equivalent units will vest on the same schedule and under the same terms and conditions as the original underlying awards.
• Following this transaction, Schwartz's beneficial ownership stands at 6,240,292 shares of common stock.

Sentiment

Score: 7

Explanation: The filing reports a routine, positive event where the CEO accrues additional shares through dividend equivalent units, increasing his beneficial ownership and aligning interests with shareholders. This is a standard part of executive compensation and reflects ongoing value from prior equity grants.

Positives

• Increased beneficial ownership for the CEO, enhancing alignment of management interests with those of shareholders.
• Accrual of dividend equivalent units indicates ongoing value generation from previously granted equity awards, reflecting a standard component of executive compensation.

Future Outlook

The dividend equivalent units will vest on the same schedule and subject to the same terms and conditions as the underlying restricted stock unit awards, indicating future vesting events tied to the original equity grants.

Industry Context

This transaction represents a routine insider filing reporting the accrual of equity compensation, which is a common practice in the financial services industry for executive remuneration. Such compensation structures are designed to align management incentives with the long-term performance and shareholder value creation of the company.

Comparison to Industry Standards

• The accrual of dividend equivalent units on existing equity awards is a standard practice in executive compensation across the financial services industry, including peers like Blackstone, KKR, and Apollo Global Management.
• This mechanism ensures that executives benefit from dividends declared on their unvested equity, maintaining the economic value of their awards.
• The $0 acquisition price is typical for such accruals, as these are not direct purchases but rather additional units granted based on dividend distributions.

Stakeholder Impact

• Shareholders: The increase in the CEO's beneficial ownership enhances the alignment of his interests with those of the company's shareholders.
• Employees: No direct impact on general employees is indicated by this specific transaction.

Next Steps

• The accrued dividend equivalent units will vest according to the established schedule of the underlying restricted stock unit awards.

Key Dates

Recommendation

This Form 4 reports a routine accrual of dividend equivalent units for the CEO, which is a standard component of executive compensation and increases his beneficial ownership. While it demonstrates continued alignment of management interests with shareholders, it does not present new fundamental information that would warrant a change in investment recommendation. It is an expected event within the existing compensation framework.

Keywords

Carlyle Group, CG, Harvey M. Schwartz, Form 4, Insider Transaction, Dividend Equivalent Units, Restricted Stock Units, Equity Compensation, CEO Stock Ownership