AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 31/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Long fund terms and contractual commitment-based fee bases establish a bounded switching-friction advantage. Its competitive distinctiveness and share of total economics are not quantified.
durability · 2/4 · Multiyear terms and fees continuing beyond investment periods support persistence within vehicles. Later-life fee reductions and redemption rights prevent a stronger durability conclusion.
customer dependency · 2/4 · Investors face contractual continuity within long-lived funds, but customers maintain competing relationships and actual redemptions demonstrate that dependency is incomplete.
erosion resilience · 2/4 · Management fees and new capital raised increased despite disclosed redemptions. This demonstrates current resilience, while fee-base transitions and nonexclusive relationships leave the franchise exposed to erosion.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · KKR earns contractual fees, with management fees increasing in the reported periods. However, disclosed terms include potential lower rates and a shift from committed to invested capital. These support mixed pricing economics; aggregate growth does not prove higher realized fee rates.
retention · 2/4 · Assessed indirectly from long fund terms, continuing fees and new fundraising. Six-month new capital raised increased to $62.075 billion, while disclosed redemptions totaled $4.838 billion across the three investment businesses. These figures do not establish repeat-investor retention rates.
margin resilience · 2/4 · Asset-management fee-related earnings grew faster than their disclosed revenue components, but performance revenues increased sharply and their classification changed. GAAP asset-management and strategic-holdings operating spreads improved, while insurance expenses exceeded revenues in both comparable quarters and six-month periods. Resilience is mixed and cannot be attributed solely to pricing.
contractual freedom · 2/4 · Consulting fees are separately negotiated and other fees follow governing agreements. This establishes some ability to negotiate terms, alongside contractual limitations and potential later-life rate reductions; unilateral repricing is not established.
Predictability39
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 81.11
- positiveEarningsShare
- 80.00
- netMarginStdDev
- 15.36
- observedAnnualPeriods
- 5.00
Financial strength50
Qualitative financial_services assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-services-1; not an industrial ratio score or credit rating.
capital adequacy · 2/4 · A bounded qualitative assessment is supported by $28.504 billion of GAAP common equity, $34.471 billion of adjusted book value and disclosed insurance-subsidiary compliance with intervention minimums. These are distinct accounting and regulatory scopes. Exact subsidiary RBC and BSCR ratios, current corporate borrowing totals and broker-dealer capital measures are absent; substantial commitments and Commonwealth's distribution restriction limit the conclusion.
liquidity funding · 2/4 · The corporate cash reconciliation identifies $5.314 billion of cash and short-term investments after consolidation adjustments, rather than using gross fund or insurance cash. Against this stand $11.1 billion of unfunded investment commitments, $0.6 billion of capital-markets commitments and some accrued carry unavailable for distribution. Funding dates and current undrawn facilities are missing, so these amounts do not establish an immediate shortfall or strong coverage.
asset liability risk · 2/4 · Insurance mortgage disclosures show substantial collateral coverage and 97% of residential mortgages current, alongside actual delinquencies. Modeled interest-rate sensitivity and obligations to fund vehicle losses or provide liquidity establish additional exposures. The sensitivity is a scenario estimate, not a realized loss; complete asset-liability matching and reinsurance recoverability evidence is absent.
earnings resilience · 2/4 · GAAP common-stockholder earnings and operating earnings increased, supported by management-fee growth. However, GAAP pretax income declined, investment income fell substantially and insurance expenses continued to exceed revenues. The supplied periods show mixed resilience rather than demonstrated stability through a full market cycle.
Capital allocation—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital efficiency · — · Current earnings and ending equity are disclosed, but comparable average capital, scope-consistent returns and sufficient investment-cost information are absent. Earnings growth alone does not establish capital efficiency.
distributions and buffers · 2/4 · Actual repurchases and award retirements occurred alongside positive common earnings and an identifiable corporate cash buffer. Adjusted shares nevertheless increased, unfunded commitments remain substantial and Commonwealth distributions require approval. Available evidence supports a mixed assessment without establishing comprehensive payout coverage.
dilution and cost · 2/4 · Repurchases offset some issuance, but adjusted shares rose from 901.075 million to 923.732 million between year-end and June. The reconciliation reports material equity-compensation costs and higher net interest expense. Additional conditional awards and mandatory preferred conversion create further disclosed dilution exposure; their full issuance is not assumed.
investment discipline · 2/4 · Realized performance income and net realized investment income demonstrate monetization outcomes, while $11.1 billion of unfunded commitments and loss-funding obligations require continuing capital discipline. Some accrued carry remains unavailable in cash. These support a mixed assessment; acquisition returns and scope-consistent invested-capital returns are not established.
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual repurchases and award retirements used $352 million through July 24, 2026, alongside profitable operations and $5.314 billion of adjusted corporate cash and short-term investments. Offsetting considerations include $11.1 billion of unfunded investment commitments, rising adjusted shares and substantial conditional equity grants.
incentive alignment · 2/4 · Granted awards have stock-price, lengthy service and transfer restrictions, and directors and officers have disclosed beneficial ownership. Beneficial ownership can differ from economic interest, while the 80% carry-pool allocation for newer funds creates a significant compensation claim on investment economics. Grants are not assumed vested.
execution · 3/4 · Current operating evidence demonstrates strong execution: six-month management fees rose from $1.913 billion to $2.442 billion, new capital raised increased, and realized performance income rose from $766.770 million to $1.603 billion. These are indirect evidence of management capability, without establishing superior fund returns or successful acquisition integration.
governance · 2/4 · Independent audit and risk oversight, broad independent valuation engagement and approval requirements provide safeguards. Controlling preferred-stock voting power and the absence of a compensation committee constrain accountability. The supermajority amendment was not submitted to a vote for lack of quorum, and future governance arrangements are not credited as implemented.
Evidence
•The terms of our drawdown private equity funds are typically 10 to 12 years from the date of the fund's first or last
2025 Form 10-K, business: drawdown private equity fund terms · Filed 27/02/2026
investment, subject to a limited number of extensions with the consent of the limited partners.
2025 Form 10-K, business: fund extensions require limited-partner consent · Filed 27/02/2026
•The term of our drawdown credit funds generally lasts for 8 to 10 years and may last up to 12 years.
2025 Form 10-K, business: drawdown credit fund terms · Filed 27/02/2026
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.
2025 Form 10-K, competition: competing customer relationships and resources · Filed 27/02/2026
Consulting fees are separately negotiated with each company for which services are provided.
2025 Form 10-K, business: separately negotiated consulting fees · Filed 27/02/2026
316 Table of Contents Compensation Committee Report Our Board of Directors does not have a compensation committee.
2025 Form 10-K, compensation committee report · Filed 27/02/2026
Regulatory action is triggered beginning at 200% RBC
and below.
2025 Form 10-K, Note 25: U.S. insurance RBC intervention threshold · Filed 27/02/2026
at or above a BSCR ratio of at least 120%.
2025 Form 10-K, Note 25: Bermuda BSCR expectation · Filed 27/02/2026
Each of our Global Atlantic insurance companies exceeded the minimum requirements that would trigger regulatory
2025 Form 10-K, Note 25: insurance subsidiaries exceeded intervention minimums · Filed 27/02/2026
(“Commonwealth”). Commonwealth has negative unassigned surplus, and while it remains so, Commonwealth must obtain
2025 Form 10-K, Note 25: Commonwealth negative unassigned surplus · Filed 27/02/2026
written approval from the Massachusetts Division of Insurance prior to the payment of any dividend or distribution.
2025 Form 10-K, Note 25: prior approval for Commonwealth distributions · Filed 27/02/2026
December 31, 2025
December 31, 2024
Hypothetical Change(1)
Hypothetical Change(1)
($ in thousands)
+50 Basis Points
-50 Basis Points
+50 Basis Points
-50 Basis Points
Total Estimated Net income and Shareholders’ Equity Excluding
AOCI Sensitivity (Point in Time)
$306,814
$(320,746)
$217,630
$(227,213)
Total Estimated Net Income and Shareholders’ Equity Excluding
2025 Form 10-K, market risk: modeled insurance interest-rate sensitivities · Filed 27/02/2026
underlying collateral. As of both June 30, 2026 and December 31, 2025, approximately 89% of the commercial mortgage loans
164
Table of Contents
have a loan-to-value ratio of 70% or less, and as of both June 30, 2026 and December 31, 2025, 2% have loan-to-value ratio
over 90%, respectively.
June 2026 Form 10-Q, insurance commercial mortgage collateral · Filed 06/08/2026
As of June 30, 2026, the payment status of 97% of the residential mortgage loan portfolio is current, and approximately
June 2026 Form 10-Q, insurance residential mortgage current-payment share · Filed 06/08/2026
$217.3 million is 90 days or more past due or in process of foreclosure (representing 1% of the total residential mortgage
June 2026 Form 10-Q, insurance residential mortgage delinquencies · Filed 06/08/2026
The weighted average loan-to-value ratio for residential mortgage loans was 64% as of both June 30, 2026 and December
31, 2025.
June 2026 Form 10-Q, insurance residential mortgage loan-to-value · Filed 06/08/2026
Inc. Common Stockholders
Three Months Ended
Six Months Ended
($ in thousands)
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Net Income (Loss) - KKR Common Stockholders (GAAP)
$660,053
$472,387
$1,024,852
$286,463
Preferred Stock Dividends
40,429
37,736
80,859
37,736
Net Income (Loss) Attributable to Noncontrolling Interests
427,397
844,341
299,673
1,714,763
Income Tax Expense (Benefit)
246,105
174,304
431,490
260,873
Income (Loss) Before Tax (GAAP)
$1,373,984
$1,528,768
$1,836,874
$2,299,835
Impact of Consolidation and Other
18,580
(879,614)
72,526
(1,896,965)
Preferred Stock Dividends
(40,429)
(37,736)
(80,859)
(37,736)
Income Taxes on Adjusted Earnings
(314,375)
(277,062)
(562,340)
(537,717)
Asset Management Adjustments:
Unrealized (Gains) Losses
128,610
257,754
305,741
637,091
Unrealized Carried Interest
12,360
(429,906)
2,696
(1,237,619)
Unrealized Carried Interest Compensation
(16,678)
343,769
(8,945)
989,939
Transaction-related and Non-operating Items(1)
82,684
10,765
116,693
21,316
Equity-based Compensation – Time Based
58,023
63,750
126,419
142,027
Equity-based Compensation – Performance based
125,340
86,512
207,659
171,111
Amortization of Acquired Intangibles
9,519
—
12,687
—
Strategic Holdings Adjustments:
Unrealized (Gains) Losses
(55,479)
(64,304)
65,134
(385,712)
Insurance Adjustments:
(Gains) Losses from Investments
458,061
290,084
967,004
1,649,024
Non-Operating Changes in Policy Liabilities and Derivatives
11,017
140,458
(15,041)
227,089
Transaction-Related and Non-Operating Items(1)
10,410
2,042
24,371
2,194
Equity-Based Compensation
19,655
23,371
46,015
44,063
Amortization of Acquired Intangibles
4,412
4,699
18,599
9,398
Adjusted Net Income
$1,885,694
$1,063,350
$3,135,233
$2,097,338
Interest Expense, Net
92,455
53,020
175,466
127,529
Preferred Stock Dividends
40,429
37,736
80,859
51,213
Net Income Attributable to Noncontrolling Interests
2,660
2,851
7,523
6,335
Income Taxes on Adjusted Earnings
314,375
277,062
562,340
537,717
Total Segment Earnings
$2,335,613
$1,434,019
$3,961,421
$2,820,132
Net Realized Performance Income
(211,884)
(109,314)
(409,075)
(197,303)
Net Realized Investment Income
(191,325)
(130,898)
(294,941)
(316,161)
Total Operating Earnings
$1,932,404
$1,193,807
$3,257,405
$2,306,668
Total Investing Earnings
403,209
240,212
704,016
513,464
Depreciation and Amortization
20,355
14,211
40,902
27,444
June 2026 Form 10-Q, GAAP earnings reconciliation and compensation adjustments · Filed 06/08/2026
Inc. Stockholders' Equity - Common Stock (GAAP)
$28,503,995
Impact of Consolidation and Other
312,737
Exchangeable Securities
903,835
Accumulated Other Comprehensive (Income) Loss (AOCI) and Other (Insurance)
4,759,362
Accumulated Unrealized (Gains) Losses on Loans carried at Fair Value (Insurance)
(8,829)
KKR Book Value(1)
$34,471,100
(1)Book Value is a non-GAAP performance measure, which provides additional insight into the net assets of KKR presented on a basis that (i) excludes the net
June 2026 Form 10-Q, common equity and non-GAAP book-value reconciliation · Filed 06/08/2026
Inc. common stock as of June 30, 2026, our Book Value would have increased by $2.5 billion and our common stock outstanding would have increased by
21.4 million shares.
June 2026 Form 10-Q, hypothetical mandatory preferred conversion · Filed 06/08/2026
Cash and Cash Equivalents - Asset Management and Strategic Holdings
As of
($ in thousands)
June 30, 2026
Cash and Cash Equivalents - Asset Management and Strategic Holdings (GAAP)
$10,505,046
Impact of Consolidation and Other
(5,449,618)
Short-term Investments
258,836
Cash and Short-term Investments
$5,314,264
Investments - Asset Management and Strategic Holdings
As of
($ in thousands)
June 30, 2026
Investments - Asset Management and Strategic Holdings (GAAP)
$127,562,542
Impact of Consolidation and Other
(118,691,741)
Short-term Investments
(258,836)
Investments - Asset Management Segment
$8,611,965
167
Table of Contents
Liquidity
We manage our liquidity and capital requirements by (a) focusing on our cash flows before the consolidation of our funds
June 2026 Form 10-Q, corporate cash and investment reconciliation · Filed 06/08/2026
As of June 30, 2026, certain of our investment funds had met the first and second criteria, as described above, but did not
June 2026 Form 10-Q, liquidity: funds not meeting cash-carry distribution criteria · Filed 06/08/2026
meet the third criteria. In these cases, carried interest accrues on the consolidated statement of operations, but will not be
June 2026 Form 10-Q, liquidity: accrued carry unavailable for cash distribution · Filed 06/08/2026
amounted to $0.6 billion. Whether these amounts are actually funded, in whole or in part, depends on the contractual terms
June 2026 Form 10-Q, capital markets commitments · Filed 06/08/2026
As of June 30, 2026, KKR had unfunded commitments consisting of $11.1 billion to its investment funds and other
June 2026 Form 10-Q, KKR unfunded investment commitments · Filed 06/08/2026
investment vehicles and structured transactions to fund or otherwise be liable for a portion of the vehicle's investment losses
June 2026 Form 10-Q, commitments involving investment-loss funding · Filed 06/08/2026
and/or to provide the vehicle with liquidity upon certain termination events.
June 2026 Form 10-Q, liquidity obligations on vehicle termination · Filed 06/08/2026
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.
June 2026 Form 10-Q, contractual fee recognition · Filed 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).
June 2026 Form 10-Q, April 2026 equity grants and vesting conditions · Filed 06/08/2026
These grants also have transfer restrictions ranging from 1 to 5 years following vesting.
June 2026 Form 10-Q, post-vesting transfer restrictions · Filed 06/08/2026
For funds that closed after December 31, 2023, the carry pool percentage is fixed at 80%.
June 2026 Form 10-Q, carry-pool allocation for newer funds · Filed 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.
June 2026 Form 10-Q, independent valuation firm engagement · Filed 06/08/2026
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.
June 2026 Form 10-Q, independent approval of carry-pool changes · Filed 06/08/2026
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.
February 2026 proxy, existing governance and expected future additions · Filed 27/02/2026
KKR’s Co-Founders, who also currently serve as Co-Executive Chairmen, currently hold and will continue to hold until the Sunset Date controlling voting power of KKR through non-economic preferred stock, which is also referred to as the Series I preferred stock.
February 2026 proxy, controlling preferred-stock voting power · Filed 27/02/2026
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%.
February 2026 proxy, directors' and officers' beneficial ownership · Filed 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.
February 2026 proxy, beneficial ownership versus economic interest · Filed 27/02/2026
•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
2024 Form 10-K, risks: redemption and advisory termination rights · Filed 28/02/2025
Stock Summary From December 31, 2025 through July 24, 2026, KKR used a total of $352 million under the share repurchase plan to retire equity awards and repurchase shares representing 3.9 million shares in aggregate.
July 2026 earnings release, actual 2026 repurchases and award retirements · Filed 30/07/2026
Common Stock Repurchase Activity (Amounts in millions, except per share amounts) Inception to Date(1) Open Market Share Repurchases 70.0 Reduction of Shares for Retired Equity Awards(2) 28.1 Total Repurchased Shares and Retired Equity Awards 98.1 Total Capital Used $3,118 Average Price Paid Per Share $31.79 Remaining Availability under Share Repurchase Plan $87 Adjusted Shares 4Q'25 2Q'26 Common Stock Outstanding 891,451,844 897,776,609 Exchangeable Securities(3) 9,623,541 25,954,902 Adjusted Shares(4) 901,075,385 923,731,511
Appendix
July 2026 earnings release, common and adjusted share counts · Filed 30/07/2026
32 GAAP Condensed Consolidated Income Statement (Unaudited) ($ 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.
July 2026 earnings release, comparative GAAP income statement · Filed 30/07/2026
• For the six months ended June 30, 2026, Distributions and Other includes $337 million of redemptions by fund investors in Private Equity, $314 million of redemptions by fund investors in Real Assets, and $4,187 million of redemptions by fund investors in Credit and Liquid Strategies.
July 2026 earnings release, six-month actual investor redemptions · Filed 30/07/2026
• The end date represents the end of the fund's investment period as defined in the fund's governing documents and is generally not the date upon which management fees cease to accrue.
July 2026 earnings release, fees continuing beyond investment periods · Filed 30/07/2026
For funds that initially charge management fees on the basis of committed capital, the end date is generally the date on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated using a lower rate.
July 2026 earnings release, fee-base changes and possible lower rates · Filed 30/07/2026
FPAUM is the sum of all of the individual fee bases that are used to calculate management fees and differs from AUM in the following respects: (i) assets and commitments from which KKR is not entitled to receive a management fee are excluded (e.g., assets and commitments with respect to which it is entitled to receive only performance income or is otherwise not currently entitled to receive a management fee) and (ii) certain assets, primarily in its private equity funds, are reflected based on capital commitments and invested capital as opposed to fair value because fees are not impacted by changes in the fair value of underlying investments.
July 2026 earnings release, fee-paying AUM contractual bases · Filed 30/07/2026
6 Asset Management Segment ($ 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.
July 2026 earnings release, asset-management results, fundraising and presentation change · Filed 30/07/2026
A quorum was not present at the Reconvened Special Meeting with respect to Proposal 1, so the Company concluded the Reconvened Special Meeting without conducting any business and Proposal 1 was not submitted to a vote.
May 2026 Form 8-K, supermajority amendment not submitted to vote · Filed 28/05/2026
