A method of forming polycarbonate includes the steps of introducing a plurality of reaction components to a reactor operating under melt polymerization conditions and removing ester-substituted phenol from the reactor. The plurality of reaction components include a dihydroxy compound, an ester-substituted diaryl carbonate, and a melt transesterification catalyst. The reaction components are introduced in a plurality of reaction component streams. A first reaction component streams includes a melt transesterification catalyst dissolved or suspended in a liquid carrier containing an ester-substituted phenol. The composition of the first reaction component stream is selected such that ester-substituted phenol is not generated as a reaction product in the first reaction component stream.