Form 4: Carlyle Group Chief Accounting Officer Accrues Additional Shares Through Dividend Equivalents

Carlyle Group Inc.'s Chief Accounting Officer, Charles Elliott Andrews Jr., has acquired 302 shares of common stock through dividend equivalent units, increasing his beneficial ownership.

Summary

• Charles Elliott Andrews Jr., Chief Accounting Officer of Carlyle Group Inc. (CG), reported the acquisition of 302 shares of common stock.
• The transaction occurred on May 27, 2025, and the shares were acquired at a price of $0.
• These shares represent dividend equivalent units accrued on existing time-vesting restricted stock unit awards.
• The dividend equivalent units will vest on the same schedule and under the same terms and conditions as the underlying awards.
• Following this transaction, Mr. Andrews beneficially owns 144,121 shares of Carlyle Group common stock directly.

Sentiment

Score: 6

Explanation: Slightly positive due to increased insider ownership, albeit through a routine compensation mechanism, indicating continued alignment of executive interests with shareholders.

Positives

• The acquisition of additional shares by a key executive, even through dividend equivalents, can be viewed as a minor positive, indicating continued alignment of management's interests with shareholders.
• The transaction is part of a standard compensation mechanism, reflecting the company's ongoing dividend policy and executive compensation structure.

Future Outlook

The acquired dividend equivalent units are subject to a future vesting schedule, aligning with the terms of the underlying restricted stock unit awards.

Management Comments

• The transaction reflects the accrual of dividend equivalent units on existing time-vesting restricted stock unit awards, in connection with the issuer's quarterly dividend.

Industry Context

This type of insider transaction, involving the accrual of dividend equivalent units on restricted stock awards, is a common practice in the financial services industry, particularly among alternative asset managers like Carlyle Group, as part of their executive compensation and retention strategies.

Comparison to Industry Standards

• The use of dividend equivalent units tied to restricted stock awards is a standard component of executive compensation packages across many publicly traded companies, including those in the financial sector, ensuring that executives benefit from dividends on their unvested equity awards, similar to common shareholders.
• This mechanism is widely adopted by peers in the asset management industry to align executive incentives with long-term shareholder value creation.

Related Party Transactions

• The transaction involves an executive (Charles Elliott Andrews Jr.) and the company (Carlyle Group Inc.) as part of an established compensation plan, which is a common form of related party dealing in the context of executive remuneration.

Stakeholder Impact

• Shareholders: The transaction slightly increases insider ownership, potentially enhancing alignment between management and shareholder interests.
• Employees (specifically the executive): The executive benefits from additional equity accrual as part of their compensation package.

Next Steps

• 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.

Key Dates

Keywords

Carlyle Group, CG, SEC Form 4, Insider Transaction, Dividend Equivalent Units, Restricted Stock Units, Executive Compensation, Beneficial Ownership, Charles Elliott Andrews Jr.