KKR & Co. Inc. (KKR)

Business

From the fiscal 2025 Annual Report on Form 10-K (year ended December 31, 2025), accession 0001404912-26-000007.

KKR is a global investment firm that sells alternative asset management, capital markets and insurance solutions. It manages private equity, real assets and credit strategies for institutional and individual investors; runs a broker-dealer that arranges and underwrites financings; and, through Global Atlantic, writes and reinsures retirement and life insurance business. Revenue comes from four sources: recurring management fees and fee-related performance revenues on managed assets; transaction and monitoring fees from capital markets services and portfolio companies; carried interest, which entitles KKR to a specified percentage of investment gains generated on third-party capital; and investment income earned on the firm's own balance sheet capital, alongside the investment spread Global Atlantic earns between asset yields and the cost of policyholder benefits.

As of December 31, 2025, KKR managed $744 billion of assets under management, of which $219 billion sits at Global Atlantic. Fee-paying AUM was $604.1 billion and uncalled commitments were $118.4 billion. The firm operated from 36 offices worldwide and employed 5,043 people (2,705 in asset management, 1,491 in insurance, 847 in subsidiary organizations such as KJRM and K-Star), including approximately 980 asset management professionals in investment, capital markets and KKR Capstone operating roles.

Founded in 1976, KKR pioneered the leveraged buyout and has expanded from traditional private equity into leveraged credit, alternative credit, infrastructure, real estate, energy, growth equity and core private equity. The 2021 acquisition of Global Atlantic added the insurance business. As of December 31, 2010, traditional private equity was over 70% of total AUM; by December 31, 2025 it was less than 25%.

Three reporting segments

Asset Management contains five business lines:

• Private Equity, $229 billion of AUM and $151 billion of FPAUM at December 31, 2025, across traditional private equity ($167 billion), core private equity ($41 billion) and growth equity ($21 billion). Traditional PE targets control or significant-influence positions through management buyouts, public-to-private transactions and carve-outs, with dedicated North America, Europe and Asia Pacific funds plus a middle-market strategy. Core PE targets longer-hold, lower-risk-profile companies (fund lives up to 25 years from first investment).
• Real Assets, $192 billion of AUM and $163 billion of FPAUM, across infrastructure, real estate and energy. Infrastructure AUM grew from $17 billion at December 31, 2020 to $100 billion at December 31, 2025, spanning power and utilities, midstream, energy transition, transportation, asset leasing, water and wastewater, telecom and social infrastructure, with Core+ and Core sub-strategies. Real estate includes $12 billion from two publicly listed Japanese REITs managed through KJRM. Energy AUM is $6 billion, primarily through the management of Crescent Energy Company (NYSE: CRGY).
• Credit and Liquid Strategies, the largest business line at $322 billion of AUM and $289 billion of FPAUM. Leveraged credit (leveraged loans, high yield, CLOs) is $145 billion. Alternative credit is $135 billion, split between asset-based finance ($85 billion, sourced through roughly 20 captive origination platforms, up from $7 billion at December 31, 2020) and corporate credit ($50 billion). The Strategic Investments Group adds $8 billion. Liquid strategies is the hedge fund platform ($34 billion), principally a 39.6% interest in Marshall Wace LLP, reported pro rata.
• Capital Markets, arranges debt and equity financing, underwrites and places securities, syndicates co-investments, and advises on capital structure, for KKR's own funds and portfolio companies, for Global Atlantic and for third parties. Capital markets transaction fees were $930 million in 2025.
• Principal Activities, manages the asset management balance sheet, deploying KKR's own capital alongside client commitments (general partner commitments are typically 2% to 8% of a fund's total commitments), bridging fund capital needs, financing strategic transactions and supporting capital markets underwriting. Management notes the magnitude of these commitments has declined over five years as funds have scaled and capital has been redirected elsewhere.

Fee economics: drawdown private equity management fees generally run 1.0%–2.0% of committed capital during the investment period and 0.75%–1.50% of invested capital afterwards; drawdown infrastructure and real estate 0.75%–1.50%; drawdown credit 0.85%–1.50% of invested capital; CLOs typically 0.4%–0.5% of asset value; evergreen and open-ended vehicles including K-Series generally 0.50%–1.25% of gross or net asset value. Carried interest is generally 10% to 20% of net profits realized by limited partners, usually subject to a 6%–8% preferred return with a general partner catch-up. Since 2014 fund agreements typically require KKR to share 100% of fund-allocable monitoring, transaction and break-up fees with fund investors, so those fees are effectively driven by co-investment opportunities. Up to 80% of carried interest earned from the funds is allocable to employees and other persons through the carry pool held at KKR Associates Holdings L.P.

Insurance operates as Global Atlantic, a retirement and life insurer with an over-20-year track record serving more than 3.5 million policyholders. It was founded at Goldman Sachs in 2004, separated in 2013; KKR acquired approximately 60% on February 1, 2021 and the remaining stake on January 2, 2024, reaching 100% ownership. Global Atlantic FPAUM was $213 billion at December 31, 2025. Reserves were 41% individual markets and 59% institutional markets. Individual products are fixed-rate, fixed-indexed and registered index-linked annuities, distributed through over 250 banks and broker-dealers and approximately 200 independent marketing organizations, plus preneed life sold through approximately 2,400 funeral homes. Institutional solutions are block and flow reinsurance, pension risk transfer and funding agreements (including FHLB advances and a funding-agreement-backed notes program with $8 billion outstanding at December 31, 2025); Global Atlantic has closed reinsurance transactions with over 30 clients. Financial strength ratings of the life operating subsidiaries are "A" (A.M. Best), "A2" (Moody's), "A" (S&P) and "A" (Fitch), each with a stable outlook. KKR also sponsors third-party insurance co-investment vehicles such as the Ivy vehicles, which provided $58 billion of Global Atlantic AUM at December 31, 2025.

Strategic Holdings, first reported in the first quarter of 2024, acquires and holds interests in operating companies owned by the firm, today mainly KKR's participation in its core private equity strategy. It held stakes in 19 companies at December 31, 2025 and is intended to generate dividend income plus realized gains on sale. On management's information as of December 31, 2025, KKR's pro-rata share of these companies' last-twelve-month adjusted revenue was $4.4 billion and adjusted EBITDA $1.1 billion (measured as of September 30, 2025). Fees and carried interest from third-party investors in the core PE funds stay in Asset Management, which also charges Strategic Holdings a quarterly management fee and a performance fee on sales.

Capital, alignment and regulation

Approximately 92% of AUM is capital with a duration of at least eight years at inception or longer, including perpetual capital, vehicles with no predetermined requirement to return invested capital, such as registered funds, K-Series vehicles offered to individual investors, listed companies including Crescent Energy, and Global Atlantic's own assets. KKR, its employees and other personnel had approximately $30 billion invested in or committed to the firm's funds and portfolio companies at December 31, 2025: roughly $15 billion funded from the balance sheet, $10 billion of further balance sheet commitments, $4 billion of personal investments and $1 billion of additional personal commitments. KKR employees owned approximately 30% of outstanding common stock (assuming exchange of all vested equity). The capital allocation framework directs excess earnings to four areas: strategic M&A, Insurance, Strategic Holdings and share repurchases.

The investor base spans 65 countries across public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, foundations and investment managers, with private wealth a declared priority addressable market.

KKR is heavily regulated. Advisory subsidiaries registered with the SEC under the Investment Advisers Act include Kohlberg Kravis Roberts & Co. L.P., KKR Credit Advisors (US) LLC, KKR Registered Advisor LLC, KKR Credit Advisors (Singapore) Pte. Ltd. and Global Atlantic Investment Advisors, LLC; FS/KKR Advisor, LLC is jointly owned with a third party. Registered funds and BDCs advised or sub-advised include KKR Income Opportunities Fund (NYSE: KIO), KKR Asset-Based Finance Fund, KKR Real Estate Select Trust Inc., FS KKR Capital Corp. (NYSE: FSK), KKR FS Income Trust and KKR FS Income Trust Select. Listed vehicles advised include KKR Real Estate Finance Trust Inc. (NYSE: KREF) and Crescent Energy. KKR Capital Markets, LLC and Global Atlantic Distributors, LLC are SEC- and FINRA-registered broker-dealers subject to the uniform net capital rule. The four U.S. insurance subsidiaries, Commonwealth Annuity and Life Insurance Company and First Allmerica Financial Life Insurance Company (Massachusetts), Accordia Life and Annuity Company (Iowa) and Forethought Life Insurance Company (Indiana), are licensed in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, with special purpose captives in Vermont and Iowa financing redundant reserves under Regulation XXX and AG38. Bermuda subsidiaries Global Atlantic Re Limited and Global Atlantic Assurance Limited are supervised by the Bermuda Monetary Authority. Irish subsidiaries are authorized by the Central Bank of Ireland, with AIFMD and MiFID passporting into the EEA; UK entities are authorized by the FCA; Asia-Pacific activities run through licensed entities in Japan, Hong Kong and Singapore. K-Star Asset Management LLC acts as special servicer for certain CMBS and CLO transactions and must maintain special servicer ratings from Fitch, S&P Global Ratings and DB Morningstar.

Risk factors

From the fiscal 2025 Form 10-K, accession 0001404912-26-000007. The Q2 2026 Form 10-Q states that, other than as set forth in its Business Environment discussion, there were no material changes to these risk factors.

Business and earnings variability

• Market and economic conditions, interest rates, credit availability, inflation, growth, trade barriers, commodity prices, foreign exchange and market liquidity, directly drive investment values, exit opportunities, fundraising, capital markets fee volume, policyholder behavior and the cost of guaranteed insurance benefits.
• Parts of earnings and cash flow are highly variable. Results swing with investment valuations, the accrual and payment of carried interest, and the pace and size of deployments and realizations. Carried interest is only distributable after a realization event, positive since-inception returns above any hurdle, and recovery of cost on below-cost investments; even then the general partner may defer. Insurance new business volumes in block reinsurance, pension risk transfer and funding agreements are episodic, and the accounting for certain insurance investments and liabilities adds quarter-to-quarter volatility.
• Clawback. Carry-paying funds include clawback provisions requiring return of previously distributed carry, typically after tax, if later performance disappoints. If current or former employees who received carry through the carry pool do not fund their share, KKR must fund the entire obligation.
• Fundraising. Failure to raise third-party capital for funds, the insurance business or specific transactions would hurt AUM, revenue and liquidity. Successor funds may not match predecessor size, timing or terms; competitive pressure may force reduced fees, fee holidays or other concessions. Institutional investors, especially public pension funds, may cut or suspend commitments, prefer separately managed accounts or specialized vehicles, consolidate with fewer managers, or hire their own professionals and become competitors.
• Balance sheet. KKR deliberately runs a larger balance sheet than most asset management peers, using it to capitalize the insurance business, underwrite capital markets commitments, commit to funds, warehouse investments pending fundraising, and buy Strategic Holdings companies. Insurance obligations must be paid regardless of asset performance; failed asset-liability management produces insurance operating losses and capital calls. Unsyndicated underwriting exposures may have to be sold at a loss or held. In structured transactions where KKR provides the subordinated or equity tranche, it can lose its entire interest ahead of third parties.
• Liquidity. Refinancing may be unavailable on reasonable terms; covenant breaches could trigger prepayment and cross-defaults on the corporate revolving credit facility. Subsidiary-level debt and insurance and broker-dealer regulation restrict upstream distributions. K-Series investors can redeem, and policyholders can surrender; reinsurance agreements require collateral in trust and can carry recapture rights. FHLB borrowing is described as an important liquidity source for the U.S. insurance subsidiaries.
• People. Loss of the Co-Founders, Co-Chief Executive Officers or other key personnel, misconduct by them, or key-person provisions in fund agreements that let investors cut unfunded commitments. Retention depends on carry pool distributions that may not have sufficient cash; noncompete restrictions are increasingly limited or banned by law.
• Growth and integration. New lines of business, strategies and acquisitions bring capital requirements, deal-completion risk, integration and control risk, unknown contingent liabilities, regulatory approvals and tax structuring exposure. The 10-K flags two specific initiatives: the Strategic Holdings segment, where expected dividends, returns and growth may not materialize; and the 2025 decision to reposition the insurance business toward longer-duration liabilities and assets (including private equity and real assets, non-U.S. expansion and more third-party co-investment capital), which management says could hurt near- and medium-term results during the rotation. It also notes that following the Arctos acquisition KKR, its vehicles and portfolio companies must comply with sports league ownership rules that prohibit or restrict certain investments and create conflicts of interest.
• Competition across alternative and traditional asset managers, banks, commercial finance companies, sovereign wealth funds, BDCs and strategic buyers, in both fundraising and deal sourcing; competitors may have lower cost of capital, higher risk tolerance, longer records or more favorable fund terms.
• Operations and technology. Heavy reliance on third-party service providers, administrators and financial intermediaries; counterparty default and intermediary insolvency risk; technology infrastructure disruption; residual manual processes subject to execution error. The 10-K notes Global Atlantic was previously the subject of policyholder and agent class action litigation and regulatory matters arising from service disruptions at a third-party administrator, and remains responsible for servicing under insurance regulation and contracts. Cybersecurity failures and data breaches, including at third parties that have already experienced incidents, are called out separately, as are the competitive, operational, legal and regulatory risks of artificial intelligence.
• Litigation and reputation, including legal claims, investigations, negative publicity, and liabilities or reputational harm arising from the actions of portfolio companies.
• Tax. Changes in tax law or adverse interpretations could raise the effective tax rate and tax liability.

Regulatory

Complex, extensive and evolving laws; suspension, revocation or limitation of registrations and licenses; loss of exemptions or the application of enhanced group-level regulation; reliance on Investment Company Act exclusions for the K-Series holding company conglomerates, whose forced registration would make current operations impractical. Distribution of financial products to individual investors carries heightened regulatory, litigation and reputational risk, compounded by third-party distribution channels KKR does not control, more frequent valuations (monthly or daily NAV for K-Series and certain redeeming funds) and enhanced liquidity management. Global investment activity brings investment-related and competition law constraints; ERISA and Section 4975 fiduciary and prohibited-transaction provisions could reach the funds and insurance subsidiaries; sustainability-related laws and disclosure rules add compliance cost and enforcement and reputational exposure.

Investment activities

Historical returns may not recur. Valuation of illiquid investments is subjective and uncertain, and realizations may differ from carrying values. Many investments are illiquid for long periods. Complex opportunities carry unique business, regulatory, legal and tax risk; due diligence may not surface all relevant facts. Significant leverage is used by KKR, its vehicles and its portfolio companies, and CLO exposure can amplify it. Non-U.S. investing adds country risk. Real asset investments carry greater liabilities and operational complexity than operating companies. Failure to manage conflicts of interest across funds, insurance assets and individual-investor vehicles is called out explicitly. Third-party investors may fail to fund capital calls.

Insurance activities

Highly competitive markets; inability to identify or manage growth; reinsurance sourcing is not guaranteed and block transaction volumes vary widely quarter to quarter and annually; volatile conditions and sustained increases or decreases in interest rates; disruption of the third-party distribution network, including partners ceasing to offer Global Atlantic products; actual experience differing from assumptions and estimates; ratings downgrades impairing sales, funding and debt issuance; risks on business ceded to and assumed from other reinsurers, including a reinsurer's insolvency or unwillingness to pay; U.S. "engaged in trade or business" tax uncertainty for the Bermuda subsidiaries; uncertainty over implementation of the Bermuda corporate income tax; heavy and changing insurance regulation; and reliance on permitted statutory accounting practices.

Organizational structure

Until the Sunset Date, no later than December 31, 2026, the Series I preferred stockholder, jointly controlled by the Co-Executive Chairmen acting together, holds significant voting power, can appoint and remove directors, and must approve specified corporate actions; common stockholders cannot remove directors until after that date. KKR is a "controlled company" and has elected not to comply with certain NYSE governance requirements. Under the Reorganization Agreement, by the Sunset Date KKR has committed to eliminate the Series I preferred stock and establish one-vote-per-share common stock voting; implementing those remaining structural and governance changes could be disruptive, costly or unsuccessful. Anti-takeover provisions include blank-check preferred, advance notice requirements, disenfranchisement of any non-Series I holder acquiring 20% or more of a class without board consent, and limits on convening meetings. The ability to pay periodic common dividends is not guaranteed, and amounts may become due under the tax receivable agreement.

Management's discussion, fiscal 2025

From the fiscal 2025 Form 10-K, accession 0001404912-26-000007.

Business environment

The United States grew through 2025 with inflation above the Federal Reserve's 2.0% target. The Fed cut the target range three times, including twice in the fourth quarter, to 3.50%–3.75%, citing a slowing labor market while staying cautious on inflation. Eurozone real GDP growth was moderately positive; the ECB cut the deposit rate four times in the first half to 2.00% and then held. Japan reaccelerated and the Bank of Japan raised its policy rate from 0.25% to 0.75%. China grew but faced weak domestic demand, a contracting property sector and U.S. trade tension.

Reported indicators: U.S. real GDP +2.2% (2024: +2.8%); Eurozone +1.4% (+0.9%); Japan +1.1% (−0.2%); China +5.0% (+5.0%). Target fed funds 3.625% at year-end versus 4.375%; ECB 2.0% versus 3.00%; BoJ 0.75% versus 0.25%; PBoC 3.0% versus 3.10%. U.S. core CPI +2.6% year over year versus +3.2%. U.S. unemployment 4.4% versus 4.1%. The S&P 500 returned 17.9%, MSCI Europe 36.3%, MSCI Asia Pacific 28.7% and MSCI World 21.6% in dollar terms; the VIX ended at 15.0 versus 17.4. U.S. investment grade spreads tightened 3 basis points, the S&P/LSTA Leveraged Loan Index rose 5.9% and the BofAML HY Master II Index 8.5%; the U.S. 10-year yield fell 40 basis points while German, Japanese and Chinese yields rose. The euro rose 13.4% and sterling 7.7% against the dollar. Management notes that from March 2025 through the filing date, markets have seen elevated volatility from geopolitical and trade concerns, including U.S. tariffs and tariff threats since April 2025, which may affect valuations, capital markets volume, deployment, realizations and fundraising.

GAAP results

Total GAAP revenues were $19.46 billion, down from $21.88 billion, driven entirely by the insurance line: net premiums fell $4.50 billion to $3.40 billion (block reinsurance volume is episodic), partly offset by net investment income up $1.09 billion to $7.67 billion. Asset Management and Strategic Holdings revenues rose $623 million to $7.84 billion, on fees and other of $4.06 billion (management fees $2.50 billion, transaction fees $1.76 billion) and capital allocation-based income of $3.77 billion (carried interest $3.49 billion). Total expenses fell $1.97 billion to $19.01 billion, again on insurance (net policy benefits and claims down $2.56 billion). Total investment income rose $1.68 billion to $6.65 billion.

Income before taxes was $7.10 billion, up $1.24 billion; net income was $6.15 billion. But noncontrolling interests absorbed far more of it, $3.62 billion versus $1.76 billion, so net income attributable to KKR & Co. Inc. common stockholders fell to $2.25 billion from $3.08 billion, after $118.6 million of Series D Mandatory Convertible Preferred Stock dividends (none in 2024).

Segment and non-GAAP results

The story is recurring earnings up, realizations down. Asset Management Segment Earnings rose $218 million to $4.55 billion. Management fees rose $639 million to $4.10 billion: Private Equity $1.53 billion (North America Fund XIV fees commencing in the second quarter of 2025 and new K-Series capital, less the Ascendant retroactive-fee comparison, North America Fund XIII entering its post-investment period and paying on invested rather than committed capital, and termination of Asian Fund II fees in the fourth quarter of 2024); Real Assets $1.30 billion (Global Infrastructure Investors V fees commencing in the third quarter of 2024, infrastructure K-Series capital, higher Global Atlantic fees); Credit and Liquid Strategies $1.27 billion (Global Atlantic inflows, higher alternative credit fee base, new U.S. and European CLO issuance).

Transaction and monitoring fees, net fell $73 million to $1.09 billion because Capital Markets transaction fees fell $72 million to $930 million: KKR completed 404 capital markets transactions (49 equity, 355 debt) versus 397 (56 equity, 341 debt), so volume rose while average deal size fell, and equity mandates, which carry higher fee rates, declined. About 15% of Capital Markets transaction fees came from unaffiliated third parties (2024: 13%) and about 54% were generated outside North America (2024: 47%). Fee related performance revenues rose $44 million to $182 million, mostly from infrastructure K-Series vehicles.

Insurance Operating Earnings rose $95 million to $1.11 billion: net investment income up $895 million on higher average AUM from cumulative new business growth and higher portfolio yields, against net cost of insurance up $780 million on reserve growth and higher crediting rates and the run-off of older business written at lower rates. The annual assumption review was a $40.1 million favorable item.

Strategic Holdings Segment Earnings rose $68 million to $232 million. 2025 dividends came from 1-800 Contacts, Exact Holding B.V., April S.A., Atlantic Aviation FBO Inc. and ERM Worldwide Group Limited; realized gains came from the sales of CyrusOne Inc. and Refresco Group B.V. Intersegment management and performance fees charged by Asset Management were $36.6 million and $12.3 million.

Total Investing Earnings fell $246 million, on lower realized investment income and lower net realized performance income, the latter reduced by repayment of the Asian Fund II clawback obligation in the fourth quarter of 2025. Interest expense, net and other rose $86 million, mainly Series D preferred dividends following the first-quarter 2025 issuance.

Operating metrics and capital

AUM reached $743.9 billion, up $106.3 billion; FPAUM $604.1 billion, up $92.2 billion; uncalled commitments $118.4 billion; capital invested $94.6 billion versus $83.6 billion. By business line, Private Equity AUM rose $34.0 billion to $229.4 billion (HealthCare Royalty Management funds acquired July 30, 2025; North America Fund XIV and PE K-Series capital; appreciation at Asian Fund IV, North America Fund XIII, core PE and PE K-Series; offset by the release of commitments from a strategic investor partnership with an insurance client and distributions from Asian Fund IV, Americas Fund XII and Asian Fund III). Real Assets rose $26.5 billion to $192.5 billion. Credit and Liquid Strategies rose $45.8 billion to $322.0 billion. Portfolio appreciation for the year: traditional private equity +14% (public holdings +16%, private +14%), growth equity +13%, core private equity +7%, infrastructure +11%, opportunistic real estate equity +5%.

KKR Book Value, a non-GAAP measure, was $33.05 billion against GAAP common stockholders' equity of $28.36 billion; full conversion of the Series D preferred would have added $2.5 billion of book value and 20.8 million shares. Cash and short-term investments on the segment basis were $4.79 billion, and Asset Management segment investments $8.63 billion. Netting holes in excess of $50 million existed only at North America Fund XI, at $417 million, where remaining accrued unrealized gains exceeded the hole. Approximately $150 million of previously distributed carried interest was subject to clawback assuming liquidation at reported fair values, with no single fund's clawback above $50 million that had not already reduced net realized performance income. Approximately $439 million remained under the share repurchase program as of January 30, 2026.

Current quarter, second quarter 2026

From the Form 10-Q for the quarter ended June 30, 2026, accession 0001404912-26-000027.

Scale and the Arctos addition

AUM reached $796.5 billion at June 30, 2026, up $38.6 billion from $757.9 billion at March 31, 2026, of which $220 billion is Global Atlantic. FPAUM was $638.4 billion (from $614.8 billion), uncalled commitments $142.7 billion (from $124.9 billion), and capital invested in the quarter $24.2 billion versus $17.7 billion a year earlier. Private Equity AUM rose $23.7 billion to $254.7 billion, of which $16.0 billion was Arctos AUM at closing, with further growth from Asian Fund V, PE K-Series vehicles and Arctos Keystone Fund I, and appreciation at North America Fund XIII, Americas Fund XII and European Fund VI. Real Assets AUM rose $13.0 billion to $210.9 billion (Helix Digital Infrastructure, infrastructure K-Series, Global Infrastructure V). Credit and Liquid Strategies rose only $1.9 billion to $330.8 billion, as Global Atlantic inflows, private credit raises and CLO issuance were largely offset by policyholder payments, fund distributions and redemptions including at Marshall Wace. Quarterly value change was modest: traditional private equity +4% (private holdings +2%, public +18%), growth equity +2%, core private equity essentially flat, infrastructure +1%, opportunistic real estate equity −1%.

Arctos. On May 4, 2026 KKR completed its acquisition of 100% of Arctos Management Company, LLC (Arctos Partners, LP in the February 2026 Form 8-K), agreed February 4 and announced February 5, 2026. Arctos provides strategic growth capital and liquidity solutions to sports franchises and to private investment fund sponsors. Under the transaction agreement KKR agreed to pay $1.4 billion of initial consideration in cash and KKR equity securities, plus up to $550 million of additional equity securities contingent on KKR's share price and Arctos-specific performance targets; the initial equity component was sized using a contractual reference price of $130.62 per share. Measured under business combination accounting, where equity was valued at the May 4, 2026 closing price of $103.33 and service-contingent equity is instead expensed post-combination, total consideration transferred was $560 million, $253 million cash (including $100 million deferred), $160 million in KKR common stock and $147 million in exchangeable securities. Provisional intangibles of $331 million were recognized ($310 million investment management contracts, $21 million investor relationships) plus $162 million of goodwill, all allocated to Asset Management; purchase accounting is provisional and to be finalized within a year of closing. Revenues and earnings attributable to Arctos after closing were determined to be immaterial for the three and six months ended June 30, 2026, so no pro forma results were presented.

Results

GAAP total revenues were $5.73 billion versus $5.09 billion. Of the $637 million increase, $368 million came from Asset Management and Strategic Holdings, where the principal drivers were management fees up $237 million, carried interest up $137 million and transaction fees up $25 million, partly offset by fee credits $46 million more negative and general partner capital interest down $26 million, and $269 million from Insurance, where GAAP Insurance segment net investment income rose $176 million and net investment-related gains rose $139 million, against net premiums down $33 million on lower direct pension risk transfer premiums.

Income before taxes fell to $1.37 billion from $1.53 billion despite the higher revenue, as total expenses rose $660 million and total investment income fell $132 million: insurance net policy benefits and claims rose $517 million (the change in the value of embedded derivatives in Global Atlantic's fixed indexed annuity products, higher crediting rates, and reserves on newly written preneed business), asset management compensation and benefits rose $112 million (equity-based grants, discretionary cash compensation and accrued carried interest compensation) and general, administrative and other rose $126 million (acquisition-related costs, higher fund-reimbursable expenses, and information technology and corporate costs), while dividend income fell $109 million and interest income $77 million. Income attributable to noncontrolling interests nonetheless fell sharply, $373 million versus $776 million, which the filing attributes to a lower level of net gains from investment activities at the consolidated investment funds and other investment vehicles. Net income attributable to common stockholders rose to $660.1 million from $472.4 million after $40.4 million of Series D preferred dividends. There were 897,635,601 shares of common stock outstanding as of August 5, 2026.

Asset Management Segment Earnings rose $460 million to $1.59 billion. Management fees rose $254 million to $1.25 billion, Private Equity $491 million (Arctos fees from the acquisition, North America Fund XIV on capital raised since June 30, 2025, PE K-Series, offset by a fee rate step-down at Americas Fund XII in the third quarter of 2025), Real Assets $418 million (Global Infrastructure Investors V retroactive and new capital, infrastructure K-Series, Asia Infrastructure III fees commencing in the fourth quarter of 2025), Credit and Liquid Strategies $341 million (CLO issuance, alternative credit fee base, Global Atlantic inflows). Retroactive fees on newly raised capital were approximately $41 million in Private Equity and $52 million in Real Assets in the quarter.

Realized performance income more than doubled to $847.5 million from $418.9 million, essentially all Private Equity ($830.7 million versus $355.5 million) and concentrated in Americas Fund XII ($497.2 million), Asian Fund III ($130.0 million), Asian Fund IV ($68.5 million) and European Fund V ($44.3 million). The underlying realizations were the sales of OneStream Software, LLC (Americas Fund XII and Next Generation Technology Growth Fund), Flow Control Group (Americas Fund XII) and Kokusai Electric Corporation (Asian Fund III). Real Assets realized performance income was nil, against $27.4 million a year earlier. Realized investment income rose to $189.7 million on the same three exits, partly offset by a realized loss on a real assets investment and losses on sales of revolving credit facilities from Capital Markets.

Two presentation changes matter for comparability. Beginning in the second quarter of 2026, performance revenues from K-Series Private Equity vehicles, approximately $160 million in the quarter, are reported in fee related performance revenues within fee related earnings; the comparable approximately $80 million in the second quarter of 2025 sat in net realized performance income, and KKR did not recast prior periods on the grounds that the effect was not material to previously reported results. The change does not affect total segment revenues, Total Segment Earnings, GAAP net income or Adjusted Net Income, but it does inflate the year-over-year growth in fee related performance revenues, which rose $201 million to $254.7 million. Separately, from the first quarter of 2026 the consolidated statements of operations combine the former "Insurance Expenses" and "General, Administrative and Other" into a single "Policy and Other Operating Expense" line, with prior periods reclassified and no effect on total expenses, pre-tax income or net income attributable to KKR; and Insurance segment reporting reclassified certain operating expenses from "General, Administrative and Other" to "Net Cost of Insurance," with prior periods recast and no effect on Insurance Operating Earnings.

Capital Markets transaction fees fell $21 million to $178.2 million on smaller average deal size, despite 112 transactions (15 equity, 97 debt) versus 93 (10 equity, 83 debt). The geographic and client mix swung hard: approximately 12% of Capital Markets transaction fees came from unaffiliated third parties versus 20%, and approximately 31% were generated outside North America versus approximately 69% a year earlier. Beginning with the second quarter of 2026, KKR has agreed to waive 100% of its portion of the FSK incentive fee for the next four consecutive quarters, and no FSK performance revenues were recognized in the quarter.

Insurance Operating Earnings rose only $10.3 million to $288.2 million. On the segment basis, net investment income rose $165 million to $1.95 billion on higher average AUM, investment realizations and higher portfolio yields from repositioning into higher-yielding fixed maturity securities and alternative asset classes such as real assets; net cost of insurance rose $142 million to $1.47 billion on reserve growth and higher crediting rates. New business volumes fell materially year over year: individual retirement products $2,293 million versus $3,160 million, preneed life $318 million versus $284 million, and the institutional channel $1,224 million versus $3,819 million, consistent with management's stated repositioning toward longer-duration liabilities and with the episodic nature of block reinsurance and funding agreements.

Strategic Holdings Segment Earnings rose to $67.1 million from $29.1 million. Second-quarter 2026 dividends came from USI Insurance Services LLC, against April SA a year earlier, and net realized investment income of $30.1 million came from the partial sale of Viridor Limited. Intersegment management and performance fees were $11.0 million and $5.3 million.

Interest expense, net and other rose $41.9 million to $135.5 million on note issuances since June 30, 2025 and lower bank interest income. The tax benefit from equity-based compensation included in income taxes on adjusted earnings was $55.4 million versus $29.2 million, raising Adjusted Net Income by 4% versus 3%.

Business environment, dividends and litigation

The U.S. economy continued to grow in the quarter with inflation above the Fed's 2.0% target and the federal funds rate left unchanged at 3.625%. The ECB raised its deposit rate to 2.25% and the Bank of Japan raised its policy rate to 1.00%; the PBoC held at 3.0%. U.S. annualized real GDP growth slowed to 1.5% from 2.1% in the first quarter, and China's to 3.6% from 5.2%. Equity markets were strong (S&P 500 +15.2%, MSCI Asia Pacific +21.5% for the three months) and volatility fell sharply, with the VIX ending at 16.5 versus 25.3 at March 31, 2026. U.S. investment grade spreads tightened 14 basis points. Japan spot LNG import prices rose to about $17.63 per MMBtu from about $11.19. Management again cites tariffs and tariff threats since April 2025 and Middle East conflicts as sources of volatility affecting valuations, capital markets volume, deployment, realizations and fundraising.

KKR announced on February 5, 2026 that its dividend policy is an annual aggregate of $0.78 per common share ($0.195 quarterly), beginning with the dividend announced with first-quarter 2026 results. Since 2015 KKR has repurchased or retired equity grants representing 98.1 million shares for $3.1 billion, an average of $31.79 per share; approximately $87 million remained under the repurchase program as of July 24, 2026.

As disclosed in this 10-Q, the U.S. Department of Justice Antitrust Division's civil complaint filed January 14, 2025 in the Southern District of New York, alleging Hart-Scott-Rodino premerger notification violations for certain 2021 and 2022 transactions and seeking civil penalties and equitable relief, remained in litigation as of the filing, with KKR's motion to dismiss filed April 17, 2025 and KKR's own countersuit partly stayed. The filing also notes the European Commission's investigation relating to the acquisition of certain infrastructure assets of Telecom Italia S.p.A. and FiberCop S.p.A., and the long-running Kentucky Retirement Systems litigation involving Prisma Capital Partners LP.

Subsequent events

The items below, through share repurchase capacity, are from the Form 10-Q for the quarter ended June 30, 2026, accession 0001404912-26-000027, the subsequent events note and the debt obligations note. They speak as of that filing's date, August 6, 2026.

• Common dividend. A dividend of $0.195 per share of common stock was declared and announced on July 30, 2026, payable August 25, 2026 to holders of record as of the close of business on August 10, 2026.
• Preferred dividend. A dividend of $0.78125 per share of Series D Mandatory Convertible Preferred Stock was declared and announced on July 30, 2026 and set aside for payment, payable September 1, 2026 to holders of record as of the close of business on August 15, 2026.
• Corporate revolving credit facility replaced. On July 30, 2026, KKR Group Partnership L.P. and Kohlberg Kravis Roberts & Co. L.P. entered into a Fourth Amended and Restated Credit Agreement with HSBC Bank USA, National Association as administrative agent, which amends and restates in its entirety the Third Amended and Restated Credit Agreement dated July 3, 2024, providing a $3.0 billion senior unsecured multicurrency revolving facility maturing July 30, 2031. Borrowings are available for general corporate purposes in U.S. dollars and other currencies, with U.S. dollar interest based on term SOFR or an alternate rate, and may be prepaid, terminated or reduced without penalty.
• Share repurchase capacity. Approximately $87 million remained available under the share repurchase program as of July 24, 2026.

No acquisitions, divestitures or litigation resolutions are reported in the subsequent events note of that filing.

After the filing date

From Forms 8-K filed August 27 and August 31, 2026, accessions 0001140361-26-034520 and 0001140361-26-034930.

• Antitrust settlement with the Department of Justice. On August 26, 2026, KKR entered into a Stipulation and Order with the DOJ Antitrust Division to resolve the civil antitrust complaint described above. Contingent on a proposed final judgment becoming effective, a KKR subsidiary would pay $250.0 million to the Antitrust Division, and the Division would release all defendants from the claims made in the complaint; the Division also notified KKR that it has terminated all of its related investigations. The stipulation and a proposed final judgment are to be filed with the U.S. District Court for the Southern District of New York, where the proposed judgment is subject to judicial approval under the Antitrust Procedures and Penalties Act (accession 0001140361-26-034520).
• USI. On August 31, 2026, KKR posted a presentation titled "Sale of USI Insurance Services to Aon plc" under Item 7.01; the Form 8-K itself discloses no transaction terms (accession 0001140361-26-034930). USI is the company named above as the source of second-quarter 2026 Strategic Holdings dividends.

Filings that contain financial statements

Every figure in KKR's financial statements traces to two SEC filings and the earnings-release exhibits furnished alongside quarterly Forms 8-K:

• Form 10-K, accession 0001404912-26-000007 (filed February 27, 2026), year ended December 31, 2025. Contains the full audited GAAP income statement, balance sheet, cash flow statement, and segment footnotes.
• Form 10-Q, accession 0001404912-26-000027 (filed August 6, 2026), quarter and six months ended June 30, 2026. Contains the unaudited GAAP income statement, balance sheet, cash flow statement, and segment footnotes, including the Arctos acquisition note.

The following Forms 8-K furnish an earnings-release exhibit (Exhibit 99.1) that carries the segment-earnings and capital-metrics tables (Fee Related Earnings, Insurance Operating Earnings, Strategic Holdings, Total Segment Earnings, and Asset Management/Insurance/Strategic Holdings segment detail) not broken out in the same form in the 10-K or 10-Q:

• Accession 0001404912-26-000022 (filed July 30, 2026), quarter and six months ended June 30, 2026. Exhibit 99.1 carries the GAAP income statement, segment earnings (Fee Related Earnings, Insurance Operating Earnings, Strategic Holdings, Total Segment Earnings), and Asset Management/Insurance/Strategic Holdings segment detail.
• Accession 0001404912-26-000011 (filed May 5, 2026), quarter ended March 31, 2026. Same set of tables as above.
• Accession 0001404912-26-000002 (filed February 5, 2026), quarter and full year ended December 31, 2025. Same set of tables, plus full-year (FY'24 vs. FY'25) comparatives.
• Accession 0001404912-25-000040 (filed November 7, 2025), quarter and nine months ended September 30, 2025. Same set of tables.

Mergers & Acquisitions

Acquisition of Arctos Partners, signed, then closed. On February 4, 2026, KKR Summit Holdings L.P., an indirect subsidiary of KKR & Co. Inc., entered into a definitive agreement to acquire 100% of Arctos Partners, LP (Arctos Management Company, LLC in KKR's Form 10-Q), an investment firm serving sports franchises (Arctos Sports) and private-fund sponsors (Arctos Keystone). On February 5, 2026, KKR announced that it had entered into the agreement, in a transaction valued at $1.4 billion in initial consideration (cash and equity) plus up to $550 million in additional contingent equity tied to KKR's share price and business performance through 2031. The deal was subject to regulatory and sports-league approvals (accessions 0001404912-26-000002 and 0001140361-26-003765, February 5, 2026). KKR closed the acquisition on May 4, 2026; the closing was disclosed in KKR's first-quarter 2026 earnings release ("Subsequent to quarter end, on May 5th, KKR announced the closing of its acquisition of Arctos Partners") and confirmed again in the second-quarter 2026 release, which reported Arctos (AUM of $20 billion as of June 30, 2026) as part of KKR's Private Equity business line (accessions 0001404912-26-000011 and 0001404912-26-000022).

Sale of USI Insurance Services to Aon plc. On August 31, 2026, KKR posted an investor presentation titled "Sale of USI Insurance Services to Aon plc" (accession 0001140361-26-034930). The Form 8-K itself discloses only that the presentation was posted under Item 7.01 (Regulation FD); it does not state transaction terms, signing date, or closing status. USI had been a recurring source of mark-to-market gains and dividend income in KKR's segment reporting, held through KKR's consolidated core private equity vehicles.

Antitrust settlement with the U.S. Department of Justice

On August 26, 2026, KKR entered into a Stipulation and Order with the Antitrust Division of the DOJ resolving the civil antitrust complaint filed against KKR and its affiliates in January 2025 over premerger (Hart-Scott-Rodino) notification practices for transactions entered into by KKR affiliates in 2021 and 2022. Contingent on a proposed final judgment becoming effective, a KKR subsidiary will pay $250.0 million to the Antitrust Division, which in turn will release all claims and has terminated its related investigations. KKR stated the settlement "will have no financial impact on the firm, our funds, or any of our investors" because it will be fully reimbursed by outside law firms, while disagreeing with the DOJ's characterization of the matter (accession 0001140361-26-034520).

Capital actions and financing

• July 30, 2026, KKR Group Partnership L.P. and Kohlberg Kravis Roberts & Co. L.P. entered into a Fourth Amended and Restated Credit Agreement establishing a $3.0 billion senior unsecured multicurrency revolving credit facility (with an option to increase by up to $750 million), maturing July 30, 2031, guaranteed by KKR & Co. Inc. The facility carries a leverage covenant (excluding Global Atlantic debt) of no more than 4.0x covenant EBITDA and a minimum fee-paying AUM covenant of $195 billion (accession 0001140361-26-030498).
• January 16, 2026, Global Atlantic Limited and related insurance-company subsidiaries entered into a new unsecured revolving credit facility with Wells Fargo Bank, N.A. as administrative agent, in an aggregate principal amount of $3.00 billion (with an option to increase to $3.50 billion), a 364-day facility maturing January 15, 2027 (accession 0001140361-26-001496).
• First-quarter 2026 earnings release, KKR used $317 million from year-end 2025 through May 1, 2026 to repurchase and retire 3.5 million shares at an average price of $91.08, and approved a $500 million increase to its share repurchase program (accession 0001404912-26-000011).
• Dividend increases, With fourth-quarter 2025 results, KKR announced it would raise its regular annualized dividend from $0.74 to $0.78 per share of common stock beginning with the quarter ending March 31, 2026 (accession 0001404912-26-000002); KKR has increased its annualized dividend every year since its 2018 C-Corp conversion.

Board and management changes

• May 29, 2026, Eleven directors, including Henry R. Kravis, George R. Roberts, Joseph Y. Bae, and Scott C. Nuttall, were re-elected to KKR's Board by the holder of the Series I preferred stock (accession 0001140361-26-023322).
• January 8, 2026, Ryan Stork stepped down as Chief Operating Officer of KKR & Co. Inc., effective immediately (accession 0001140361-26-000841).
• September 23, 2025, Craig Arnold, former Chairman and CEO of Eaton Corporation, was appointed to KKR's Board of Directors, bringing the number of independent directors to eleven of fifteen board seats (accessions 0001140361-25-036015 and its Exhibit 99.1 press release).

Stockholder votes on charter amendments

At an April 21, 2026 special meeting, KKR stockholders approved each of Proposals 2, 3, and 4, relating to amendments to the company's certificate of incorporation, and separately approved Proposal 5, the proposal to adjourn the meeting if needed to solicit additional proxies, as described in KKR's February 27, 2026 proxy statement. Proposal 1, eliminating the supermajority (90%) voting requirement for future charter amendments, which itself requires the affirmative vote of at least 90% of KKR's outstanding common stock to be approved, received votes at the meeting (766,481,570 shares, 85.97% of outstanding, in favor) but fell short of that 90% approval threshold, so the meeting was adjourned with respect to Proposal 1 to allow additional time for voting, to May 21, 2026 (accession 0001140361-26-016769). At the reconvened meeting on May 21, 2026, a 90%-of-voting-power quorum (802,395,805 shares) was required to consider Proposal 1; only 790,225,025 shares voted (772,091,964 for, 86.60% of outstanding, plus 17,097,954 against and 1,035,107 abstaining), short of the quorum, so the proposal was not submitted to a vote and the meeting was not further adjourned (accession 0001140361-26-023137).

Selected quarterly and annual results highlights

• Q2 2026 (accession 0001404912-26-000022): GAAP net income attributable to common stockholders of $0.7 billion for the quarter ($1.0 billion year-to-date); Fee Related Earnings of $1.2 billion (up 37% year-over-year in the quarter; up 19% on a trailing-twelve-month basis to $4.2 billion), Total Operating Earnings of $1.5 billion (up 29% in the quarter; up 19% on an LTM basis to $5.5 billion), and Adjusted Net Income of $1.5 billion (up 40% in the quarter; up 13% on an LTM basis to $5.0 billion), with per-share figures for all three measures at record levels for KKR as a public company on both a quarterly and LTM basis; Assets Under Management of $796 billion, up 16% year-over-year.
• Q1 2026 (accession 0001404912-26-000011): GAAP net income attributable to common stockholders of $0.4 billion for the quarter ($2.8 billion trailing twelve months); Fee Related Earnings, Total Operating Earnings, and Adjusted Net Income per share all up approximately 20% year-over-year; Assets Under Management of $758 billion, up 14% year-over-year.
• Q4/FY 2025 (accession 0001404912-26-000002): GAAP net income attributable to common stockholders of $2.3 billion for full-year 2025; record annual Fee Related Earnings and Adjusted Net Income per share, capital raised ($129 billion, a record for the year), and capital invested ($95 billion for the year, including $32 billion in the fourth quarter); Assets Under Management of $744 billion, up 17% year-over-year.
• Q3 2025 (accession 0001404912-25-000040): GAAP net income attributable to common stockholders of $0.9 billion for the quarter ($1.1 billion year-to-date); record Fee Related Earnings; new capital raised of $43 billion in the quarter, the second-highest quarterly figure in KKR's history; KKR closed a majority-stake acquisition of HealthCare Royalty Partners (adding roughly $3 billion to AUM) and closed a $2 billion investment from Japan Post Insurance into a new Global Atlantic-sponsored vehicle; KKR also closed its previously announced acquisition of Karo Healthcare in the quarter.

Other Regulation FD disclosures

On October 9, 2025, KKR posted an investor presentation titled "Asset-Based Finance Overview" to its website under Item 7.01; the filing itself does not disclose additional financial terms or transactions beyond making the presentation available (accession 0001140361-25-037759).

About this file

KKR annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

• Balance sheet not reported, FY2023. The FY2025 10-K presents balance sheets as of December 31, 2025 and 2024 only, so no December 31, 2023 balance sheet is published here.

KKR quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

KKR year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

KKR trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. Full year 2025 as reported in the FY2025 10-K, plus the six months ended June 30, 2026, less the six months ended June 30, 2025, both as reported in the Q2 2026 10-Q. Per-share amounts and weighted average share counts are deliberately omitted because they cannot be added across periods.

Adjustments

Prior year to date

Taken from the SEC filings and normalized to actual dollars.

Notes

• KKR is reported here as an alternative asset manager with a consolidated insurance segment. Its own statements split every line between "Asset Management and Strategic Holdings" and "Insurance" (the Global Atlantic business), so this record keeps that split and adds the company's segment measures - fee related earnings, segment earnings, assets under management - rather than a revenue/cost-of-revenue/capex frame, which does not describe this business.
• GAAP results consolidate investment funds, collateralized financing entities and other vehicles that KKR manages but does not wholly own. Most of the resulting income belongs to outside investors: of $6.15 billion of consolidated net income in FY2025, $3.62 billion was attributable to noncontrolling interests and $0.16 billion to redeemable noncontrolling interests, leaving $2.37 billion attributable to KKR & Co. Inc. Earnings per share is struck on net income attributable to common stockholders, which is that figure less preferred stock dividends.
• Except where a note below states otherwise, figures are taken from the consolidated statements of operations, financial condition and cash flows and from Note 21 (segment reporting) of the FY2025 10-K (accession 0001404912-26-000007) for the annual periods, and from the corresponding condensed consolidated statements and Note 21 of the Q2 2026 10-Q (accession 0001404912-26-000027) for the quarterly, six-month and as-of-June-30-2026 figures. Every one of those statements is stated in thousands of dollars; assets under management and fee paying assets under management are printed in millions. All figures in this record are converted to actual dollars.
• The condensed consolidated statements of cash flows in the Q2 2026 10-Q are presented on a six-month basis only. The quarterly entries therefore carry no cash flow figures; cash flow for the six months ended June 30, 2026 and June 30, 2025 is reported in the year-to-date blocks.
• The Q2 2026 10-Q does not present a balance sheet as of June 30, 2025. The Q2 2025 entry therefore carries only the equity figures that the condensed consolidated statement of changes in equity prints for that date, and no total assets or total liabilities.
• The FY2025 10-K presents balance sheets as of December 31, 2025 and 2024 only. FY2023 therefore carries an income statement, cash flow statement and segment measures but no balance sheet. For the same reason FY2023 shows fee related earnings and segment earnings from the segment footnote but no total operating earnings, adjusted net income, assets under management or book value: the 10-K does not present those measures for 2023.
• total_debt_obligations is the sum of the two debt obligations lines the balance sheet prints - Asset Management and Strategic Holdings plus Insurance. A large part of it is non-recourse debt of consolidated variable interest entities, whose noteholders and creditors have no recourse to any other KKR entity: $36.28 billion (asset management) plus $0.23 billion (insurance) of the $53.48 billion total as of June 30, 2026, and $36.89 billion plus $0.20 billion of the $52.94 billion total as of December 31, 2025.
• Fee related earnings, segment earnings, total operating earnings, adjusted net income, assets under management, fee paying assets under management and KKR book value are the company's own segment and non-GAAP performance measures, defined in the filings cited above. They are reported here as the company presents them and are not a substitute for the GAAP figures alongside them.
• The 2026 columns of the non-GAAP measures differ between two tables in the Q2 2026 10-Q. The "Analysis of Non-GAAP Performance Measures" table and the segment footnote both give total segment earnings of $1.9426 billion for the quarter and $3.5684 billion for the six months, with adjusted net income of $1.4927 billion and $2.7422 billion; the MD&A table headed "Reconciliations to GAAP Measures" gives figures exactly $393.0 million higher in both the quarter and the six-month column, at $2.3356 billion of total segment earnings and $1.8857 billion of adjusted net income for the quarter. The 2025 columns agree across all three tables. This record uses the figures that the segment footnote and the analysis table agree on. KKR's second quarter 2026 earnings release, furnished on Form 8-K (accession 0001404912-26-000022), independently prints fee related earnings of $1,214,148 thousand, total operating earnings of $1,539,404 thousand, total segment earnings of $1,942,613 thousand and adjusted net income of $1,492,694 thousand for the quarter - the same set carried here.
• Two segment presentation changes affect comparability. Effective the first quarter of 2026, certain Insurance operating expenses were reclassified from "General, Administrative and Other" to "Net Cost of Insurance" and prior periods were recast, with no effect on insurance operating earnings. Effective the second quarter of 2026, performance revenues from KKR's K-Series private equity vehicles of approximately $160 million were reported within fee related performance revenues in fee related earnings; approximately $80 million of such revenues were reported in net realized performance income for both the three and six months ended June 30, 2025, and prior periods were not recast. The company states this had no effect on total segment revenues, total segment earnings or consolidated net income.
• Assets under management of $796.5 billion as of June 30, 2026 includes the funds of Arctos Partners, which KKR acquired on May 4, 2026, at their value on closing.
• The assets under management and fee paying assets under management shown for Q2 2025 come from KKR's second quarter 2026 earnings release, furnished on Form 8-K (accession 0001404912-26-000022), rather than from the Q2 2026 10-Q, which prints neither measure as of June 30, 2025. That release's "Asset Management Segment" table, stated in thousands of dollars, gives Assets Under Management of $685,806,000 and Fee Paying Assets Under Management of $556,247,000 in its 2Q'25 column, and describes the June 30, 2026 assets under management as up 16% year-over-year and fee paying assets under management as up 15%. Every other figure in the Q2 2025 entry is from the Q2 2026 10-Q (accession 0001404912-26-000027).
• The trailing twelve months ended June 30, 2026 is not a filed period. It is full year 2025 as reported in the FY2025 10-K, plus the six months ended June 30, 2026, less the six months ended June 30, 2025, both as reported in the Q2 2026 10-Q. Per-share amounts and weighted average share counts are omitted from that block because they cannot be summed across periods.
• Per-share amounts and weighted average share counts are reported exactly as the company prints them. Net income attributable to common stockholders divided by the reported diluted share count differs from reported diluted earnings per share by a cent or two in some periods because the diluted calculation adjusts the numerator; the printed figure is the one carried here.
• KKR has had no stock splits over the period covered, is not an American depositary receipt issuer, and reports in US dollars, so no split, depositary-ratio or currency adjustment was applied.

Uncertainties

• The $393.0 million disagreement between the Q2 2026 10-Q's "Reconciliations to GAAP Measures" table and both its "Analysis of Non-GAAP Performance Measures" table and its segment footnote is not explained in the filing. Three independently typeset presentations - the analysis table, the segment footnote, and the second quarter 2026 earnings release furnished on Form 8-K (accession 0001404912-26-000022) - agree on the figures reported here; only the MD&A reconciliation table differs. The adjusted net income, total operating earnings and total segment earnings reported here for Q2 2026 and for the six months ended June 30, 2026 follow the analysis table and the segment footnote, whose components add up to the totals shown. A reader comparing against the reconciliation table will find the higher figures there.
• No three-month cash flow figures are reported for either quarter: the Q2 2026 10-Q presents cash flows on a six-month basis only, and a first-quarter figure to difference against is not in either of the two filings this record is drawn from.
• The Q2 2025 entry has no total assets, total liabilities, cash, investments or policy liabilities, because the Q2 2026 10-Q prints no balance sheet as of June 30, 2025.
• KKR book value is absent for Q2 2025 and FY2024, and assets under management, fee paying assets under management and KKR book value are all absent for FY2023. The FY2025 10-K (accession 0001404912-26-000007) presents its asset management metrics as of December 31, 2025 and 2024 only, and the second quarter 2026 earnings release (accession 0001404912-26-000022) reconciles book value in a single column, as of June 30, 2026.
• Preferred stock dividends are recorded as zero for FY2024. The Series D mandatory convertible preferred stock was issued in March 2025 and the FY2025 10-K prints a dash in the 2024 column; the FY2023 figure of $51.7 million is the Series C mandatory convertible preferred stock dividend, a different security.
• The trailing-twelve-month figures are arithmetic on filed periods rather than a period any filing presents, and the two segment presentation changes described in the notes fall inside that window.

Company details

Fiscal period

Source filings