Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 3/6 · 19/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Investor commitments, lengthy fund terms and continuing fees establish a bounded contractual advantage. Its prevalence across KKR and comparative strength are not quantified.
durability · 2/4 · Disclosed fund terms provide multiyear continuity, but fees generally step down and successor capital must be won again. Exceptional durability is unproven.
customer dependency · 2/4 · Existing commitments imply friction in reallocating capital within a vehicle. Customers can maintain competing relationships, and certain vehicles allow redemptions or short-notice termination.
erosion resilience · 2/4 · Long-duration contracts and fees continuing beyond investment periods provide some protection. Lower later-life fees and recompetition for successor capital limit it; these are structural exposures rather than demonstrated competitive losses.
Pouvoir de fixation des prix50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Contractual fees are earned, but the disclosed pricing pattern includes generally reduced management fee rates after investment periods. This supports a mixed assessment, without evidence of premium pricing or widespread competitive discounting.
retention · 2/4 · Assessed from contractual stickiness and continuing fee relationships, rather than measured renewals. Long commitments support existing-vehicle retention, while repeat fundraising and actual redemption outcomes are missing.
margin resilience · 2/4 · Mixed demonstrated resilience. Asset Management's non-GAAP fee-related earnings margin, calculated against management fees, net transaction/monitoring fees and fee-related performance revenues, increased from 69.1% to 70.3% in Q2 and from 68.8% to 69.8% year to date. However, performance revenues contributed materially, and their classification changed in Q2 2026, limiting attribution to durable pricing or cost control. GAAP Asset Management and Strategic Holdings revenue less disclosed expenses improved relative to revenue, while Insurance's expenses exceeded revenues in both comparable quarters and year-to-date periods. The consolidated revenue-minus-expense spread narrowed quarterly but improved year to date. These results support a mixed assessment rather than uniformly strong margin protection; they do not isolate price increases from business mix or scale.
contractual freedom · 2/4 · KKR negotiates consulting fees and earns fees under governing agreements. Long contracts constrain unilateral repricing, and management fees generally decline later in fund lives. Reinsurance repricing is described as an approach, without its contractual limits or results.
Prévisibilité—
Missing exact annual revenue, free cash flow or FCF margin; operating cash flow and capex must both be reported for all five years.
Solidité financière—
Missing required inputs: debtFcfGrade, netDebtEbitGrade, currentRatioGrade. Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- interestCoverageGrade
- 23.24
Allocation du capital—
Missing required inputs: operatingReturn, dilution, cashConversionGrade. Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year average SBC / revenue (%)
- 3.80
Qualité du management50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual repurchases and grant retirements show capital returned or dilution offset, alongside $11.1 billion of unfunded commitments and substantial new conditional awards. These support a mixed assessment; net dilution, corporate cash coverage and acquisition returns are not established.
incentive alignment · 2/4 · Disclosed insider beneficial ownership, long service and market conditions, and transfer restrictions support alignment. Beneficial ownership need not equal economic ownership; newer funds allocate 80% of carry to the carry pool, and principal tax payments do not require continued ownership. Awards were granted, without assuming vesting.
execution · 2/4 · Approximately $208.1 billion of cumulative private equity realization proceeds demonstrates execution of exits. It is indirect evidence of management capability, without investment cost, comparative returns or commitment-versus-outcome measures. Management's relationship-based explanation is not separately proven.
governance · 2/4 · Existing independent oversight, valuation firm engagement and independent approval requirements provide safeguards. Controlled voting and the absence of a compensation committee limit accountability. The one-vote-per-share transition and additional committees remain future changes in the supplied disclosures.
Preuves
These funds, called drawdown funds, typically receive commitments from our investors, known as limited partners, that are
Business—drawdown fund investor commitments · Dépôt 27/02/2026
•The terms of our drawdown private equity funds are typically 10 to 12 years from the date of the fund's first or last
Business—private equity fund terms · Dépôt 27/02/2026
investment, subject to a limited number of extensions with the consent of the limited partners.
Business—limited partner consent to fund extensions · Dépôt 27/02/2026
generally have a fund term of 10 to 13 years.
Business—infrastructure and real estate fund terms · Dépôt 27/02/2026
•The term of our drawdown credit funds generally lasts for 8 to 10 years and may last up to 12 years.
Business—drawdown credit fund terms · Dépôt 27/02/2026
Once a fund nears the end of its investment period, our success depends on our ability to raise additional or successor funds in order to keep making investments and, over the long term, earning management fees (although our funds and investment vehicles continue to earn management fees after the expiration of their investment periods, they are generally at a reduced rate).
Risk Factors—continuing management fees, reduced rates and successor fundraising · Dépôt 28/02/2025
These fees are based on the contractual terms of the governing agreements and are recognized when earned, which coincides with the period during which the related services are performed and in the case of transaction fees, upon closing of the transaction.
Critical Accounting Policies—contractual fee recognition · Dépôt 06/08/2026
•investors in certain of our investment vehicles are entitled to redeem their investments in these vehicles on a periodic basis, and certain of our investment advisory agreements may be terminated with minimal notice; and
Risk Factors—periodic redemption and advisory termination rights · Dépôt 28/02/2025
Even if we are successful in raising successor funds, to the extent we are unable to raise successor funds of a comparable size to our predecessor funds or the extent that we are delayed in raising such successor funds, our revenues may decrease as the investment period of our predecessor funds expire and associated fees decrease.
Risk Factors—successor-fund size and timing sensitivity · Dépôt 28/02/2025
While we generally target customers with whom we have existing relationships, those customers may have similar relationships with the firm's competitors, many of whom will have access to competing securities transactions, greater financial, technical or marketing resources, or more established reputations than us.
Competition—shared customer relationships and competing resources · Dépôt 27/02/2026
Consulting fees are separately negotiated with each company for which services are provided.
Revenue accounting—separately negotiated consulting fees · Dépôt 27/02/2026
Global Atlantic seeks to ensure that its partnerships generate profitable growth, repricing flow reinsurance products as market conditions evolve.
Business—flow reinsurance repricing approach · Dépôt 28/02/2025
From our inception through December 31, 2024, the firm has generated approximately $208.1 billion of cash proceeds from the sale of our Private Equity portfolio companies in initial public offerings and secondary offerings, dividends, and sales to strategic and financial buyers.
Business—cumulative private equity cash realization proceeds · Dépôt 28/02/2025
We believe that our ability to successfully realize investments is attributable in part to the strength and discipline of our portfolio management committees and capital markets business, as well as the firm's longstanding relationships with corporate buyers and members of the investment banking and investing communities.
Business—management attribution of realization capability to relationships and internal capabilities · Dépôt 28/02/2025
Since 2015, KKR has repurchased, or retired equity grants representing, a total of 98.1 million shares of common stock for $3.1 billion, which equates to an average price of $31.79 per share.
Liquidity—historical repurchases and equity grant retirements · Dépôt 06/08/2026
As of June 30, 2026, KKR had unfunded commitments consisting of $11.1 billion to its investment funds and other investment vehicles across Private Equity, Real Assets, and Credit and Liquid Strategies business lines.
Capital Commitments—unfunded investment commitments at June 30, 2026 · Dépôt 06/08/2026
In April 2026, KKR granted equity awards under the 2019 Equity Incentive Plan representing approximately 29 million shares of common stock, which awards are subject to market price and cliff service vesting conditions based on average prices of common stock ranging from $150 to $250 and the recipient’s continued service through May 1, 2031, subject to certain exceptions (including if the market price conditions are satisfied between May 1, 2031, and May 1, 2033, with continued service through such date).
Equity compensation—April 2026 market and service condition awards · Dépôt 06/08/2026
These grants also have transfer restrictions ranging from 1 to 5 years following vesting.
Equity compensation—post-vesting transfer restrictions · Dépôt 06/08/2026
Sudol(9) 160,000 * Directors and executive officers as a group (18 persons)(3)(4)(5)(6)(7)(8)(9)(10) 206,873,438 23.20% 5% Stockholders The Vanguard Group Inc.(11) 56,245,699 6.31% BlackRock, Inc.(12) 44,890,451 5.04% * Less than 1.0%.
Security Ownership—aggregate director and executive beneficial ownership · Dépôt 27/02/2026
Under these rules, more than one person may be deemed a beneficial owner of the same securities and a person may be deemed a beneficial owner of securities as to which he has no economic interest.
Security Ownership—beneficial ownership and economic interest limitations · Dépôt 27/02/2026
For funds that closed after December 31, 2023, the carry pool percentage is fixed at 80%.
Compensation accounting—carry pool allocation for newer funds · Dépôt 06/08/2026
4 TABLE OF CONTENTS We have strengthened our governance throughout our history as a public company: The following table summarizes our key corporate governance practices, which we believe exemplify our commitment to sound governance: Existing Governance Best Practices Expected Post-Sunset Date Additions ✔ Majority Independent Board ✔ No classified Board ✔ 100% independent Audit Committee ✔ 100% independent Risk Committee ✔ Regular executive sessions of Independent Directors at Board meetings ✔ Annual Board self-evaluations ✔ Ability of stockholders to call a special meeting ✔ No poison pill ✔ Common stockholders entitled to one vote per share ✔ Annual meeting of stockholders with annual election of Directors by the common stockholders ✔ 100% independent Nominating and Corporate Governance Committee ✔ 100% independent Compensation Committee ✔ Majority voting for election of directors with plurality carveout for contested elections ✔ No supermajority vote requirements, if approved.
Corporate Governance—existing practices and expected post-Sunset additions · Dépôt 27/02/2026
316 Table of Contents Compensation Committee Report Our Board of Directors does not have a compensation committee.
Compensation Committee Report—absence of compensation committee · Dépôt 27/02/2026
On the “Sunset Date” (which will occur no later than December 31, 2026), KKR will cancel the Series I preferred stock, establish voting rights for all common stock on a one vote per share basis, and acquire control of the carry pool.
Organization—future voting rights and control transition · Dépôt 06/08/2026
As of June 30, 2026, less than 5% of the total value of Level III investments in aggregate across all of our segments were not valued with the engagement of an independent valuation firm.
Critical Accounting Estimates—independent valuation firm engagement coverage · Dépôt 06/08/2026
During the year ended December 31, 2024, an aggregate of $27.2 million was made to our current and former principals and KKR Holdings.
Related Party Transactions—2024 tax receivable agreement payments · Dépôt 28/02/2025
The payments under the tax receivable agreement are not conditioned upon our principals' continued ownership of us and are required to be made within 90 days of the filing of our tax returns.
Related Party Transactions—payments independent of continued principal ownership · Dépôt 28/02/2025
This increase to the carry pool percentage was approved by a majority of KKR's independent directors, and the carry pool percentage may not be increased above 80% without the further approval of a majority of KKR's independent directors.
Compensation accounting—independent director approval of carry pool changes · Dépôt 06/08/2026
6 Asset Management Segment ($ in thousands, except per share data) 2Q'25 2Q'26 2Q'25 YTD 2Q'26 YTD Management Fees $ 995,763 $ 1,249,964 $ 1,913,097 $ 2,442,468 Transaction and Monitoring Fees, Net 234,249 221,269 495,758 473,978 Fee Related Performance Revenues 53,737 254,699 75,014 278,461 Fee Related Compensation (224,656) (302,038) (434,677) (559,233) Other Operating Expenses (172,339) (209,746) (339,835) (405,151) Fee Related Earnings $ 886,754 $ 1,214,148 $ 1,709,357 $ 2,230,523 Realized Performance Income 418,850 847,535 766,770 1,603,499 Realized Performance Income Compensation (309,536) (635,651) (569,467) (1,194,424) Net Realized Performance Income $ 109,314 $ 211,884 $ 197,303 $ 409,075 Realized Investment Income 153,998 189,718 371,955 311,619 Realized Investment Income Compensation (23,100) (28,458) (55,794) (46,743) Net Realized Investment Income $ 130,898 $ 161,260 $ 316,161 $ 264,876 Total Investing Earnings $ 240,212 $ 373,144 $ 513,464 $ 673,951 Asset Management Segment Earnings $ 1,126,966 $ 1,587,292 $ 2,222,821 $ 2,904,474 Additional Financial Measures and Capital Metrics: FRE per Adjusted Share $ 0.98 $ 1.32 $ 1.90 $ 2.45 Total Asset Management Segment Revenues $ 1,856,597 $ 2,763,185 $ 3,622,594 $ 5,110,025 Assets Under Management $ 685,806,000 $ 796,487,000 $ 685,806,000 $ 796,487,000 Fee Paying Assets Under Management $ 556,247,000 $ 638,403,000 $ 556,247,000 $ 638,403,000 New Capital Raised (AUM) $ 27,986,000 $ 34,325,000 $ 58,526,000 $ 62,075,000 Capital Invested $ 17,701,000 $ 24,159,000 $ 36,675,000 $ 45,931,000 Uncalled Commitments $ 115,145,000 $ 142,656,000 $ 115,145,000 $ 142,656,000 Note: Beginning in 2Q'26, KKR has reported realized performance fees from its K-Series Private Equity vehicles in Fee Related Performance Revenues.
Asset Management Segment table; comparable Q2 and year-to-date 2025/2026 columns, $ in thousands; performance-fee classification note · Dépôt 30/07/2026
32 GAAP Condensed Consolidated Income Statement (Unaudited) ($ in thousands) 2Q'25 2Q'26 2Q'25 YTD 2Q'26 YTD Revenues Asset Management and Strategic Holdings Fees and Other $ 924,434 $ 1,180,442 $ 1,811,244 $ 2,367,284 Capital Allocation-Based Income (Loss) 910,732 1,022,381 2,069,837 1,864,234 1,835,166 2,202,823 3,881,081 4,231,518 Insurance Net Premiums 730,242 697,036 1,053,606 1,259,006 Policy Fees 334,974 339,769 673,447 665,463 Net Investment Income 1,863,346 2,039,122 3,646,626 4,028,186 Net Investment-Related Gains (Losses) 239,151 378,590 (1,197,186) (274,107) Other Income 85,964 68,551 141,452 133,808 3,253,677 3,523,068 4,317,945 5,812,356 Total Revenues $ 5,088,843 $ 5,725,891 $ 8,199,026 $ 10,043,874 Expenses Asset Management and Strategic Holdings Compensation and Benefits $ 1,077,597 $ 1,189,556 $ 2,410,700 $ 2,241,237 Occupancy and Related Charges 34,640 39,464 69,105 77,301 General, Administrative and Other 323,997 450,242 624,329 831,971 1,436,234 1,679,262 3,104,134 3,150,509 Insurance Net Policy Benefits and Claims 2,791,705 3,308,522 4,499,999 5,188,550 Amortization of Policy Acquisition Costs 80,800 90,324 178,771 233,245 Interest Expense 70,830 74,633 140,401 148,514 Policy and Other Operating Expense 366,875 253,518 654,094 555,576 3,310,210 3,726,997 5,473,265 6,125,885 Total Expenses $ 4,746,444 $ 5,406,259 $ 8,577,399 $ 9,276,394 Investment Income (Loss) - Asset Management and Strategic Holdings Net Gains (Losses) from Investment Activities 747,734 404,254 1,834,325 87,875 Dividend Income 336,143 227,056 610,033 495,073 Interest Income 809,883 732,793 1,595,740 1,474,384 Interest Expense (707,391) (702,751) (1,361,890) (1,380,938) Total Investment Income (Loss) $ 1,186,369 $ 661,352 $ 2,678,208 $ 676,394 Income Tax Expense (Benefit) 174,304 246,105 260,873 431,490 Redeemable Noncontrolling Interests 68,175 54,252 76,669 53,269 Noncontrolling Interests 776,166 (19,855) 1,638,094 (146,596) Preferred Stock Dividends 37,736 40,429 37,736 80,859 Net Income (Loss) - KKR Common Stockholders $ 472,387 $ 660,053 $ 286,463 $ 1,024,852 Note: See Appendix for endnotes explaining certain prior period information that has been recast to conform to the current period presentation.
GAAP Condensed Consolidated Income Statement; comparable Q2 and year-to-date 2025/2026 revenue and expense columns, $ in thousands · Dépôt 30/07/2026
