The carbs have a float which rides on the fuel level in the carbs.
The float arm also actuates and float valve to close off the incoming gas when the float reaches a predetermined (set) level.
Part of carb refurbishment is cleaning those parts, and checking they shut off level. If the float doesn't shut the fuel off properly, the carb overflows through the bowl stand pipe. And if it comes in too much too fast, it overflows into the intake runners, past the intake valve, past the piston rings and dilutes the oil supply. If the engine is running during the overflow, it goes out the exhaust, as well.
Not that any of this applies to your bike, because you told us:
I've rebuilt the carbs and cleaned them thoroughly.