{"schemaVersion":1,"research":true,"symbol":"kkr","name":"KKR & Co.","topic":"moat","path":"/stock/kkr/moat","status":"published","version":10,"updatedAt":"2026-10-20T01:39:11.080Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"KKR has a narrow moat from long-duration fund relationships and contractual fee bases that, for certain private equity funds, are insulated from underlying valuation changes. Growing management fees and fundraising demonstrate demand, but do not establish premium pricing or superior investment returns. Actual redemptions, later-life fee reductions and customers' competing relationships limit the advantage. Reputation and sourcing capabilities remain plausible additional advantages rather than demonstrated moats.","advantages":[{"mechanism":"switching_costs","claim":"Long-duration drawdown funds and continuing contractual management fees create friction in reallocating existing investor capital. Certain private equity fee bases depend on commitments or invested capital rather than market value, protecting fee continuity within those vehicles.","durability":"Private equity fund terms typically span 10–12 years and drawdown credit funds generally span 8–10 years, potentially longer. This supports multiyear continuity, without guaranteeing successor fundraising or equivalent protection across all products.","risks":"Fees can shift to invested capital and lower rates after investment periods. Some vehicles permit redemptions or short-notice termination; actual redemptions occurred in every disclosed investment business. Customers can use competing firms simultaneously.","invalidation":"The assessment would fail if long-duration contractual fee bases ceased to be material, termination or redemption rights materially shortened their effective duration, or persistent fundraising weakness and fee-base runoff overwhelmed continuing fees.","competitors":[],"evidenceIds":["e308","e309","e311","e1021","e1027","e1049"],"counterEvidenceIds":["e312","e966","e1015","e1022"]}],"evidence":[{"id":"e308","location":"2025 Form 10-K, business: drawdown private equity fund terms","sourceId":"filing-1","excerpt":"•The terms of our drawdown private equity funds are typically 10 to 12 years from the date of the fund's first or last"},{"id":"e309","location":"2025 Form 10-K, business: fund extensions require limited-partner consent","sourceId":"filing-1","excerpt":"investment, subject to a limited number of extensions with the consent of the limited partners."},{"id":"e311","location":"2025 Form 10-K, business: drawdown credit fund terms","sourceId":"filing-1","excerpt":"•The term of our drawdown credit funds generally lasts for 8 to 10 years and may last up to 12 years."},{"id":"e312","location":"2025 Form 10-K, competition: competing customer relationships and resources","sourceId":"filing-1","excerpt":"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."},{"id":"e313","location":"2025 Form 10-K, business: separately negotiated consulting fees","sourceId":"filing-1","excerpt":"Consulting fees are separately negotiated with each company for which services are provided."},{"id":"e314","location":"2025 Form 10-K, compensation committee report","sourceId":"filing-1","excerpt":"316 Table of Contents Compensation Committee Report Our Board of Directors does not have a compensation committee."},{"id":"e145","location":"2025 Form 10-K, Note 25: U.S. insurance RBC intervention threshold","sourceId":"filing-1","excerpt":"Regulatory action is triggered beginning at 200% RBC\nand below."},{"id":"e149","location":"2025 Form 10-K, Note 25: Bermuda BSCR expectation","sourceId":"filing-1","excerpt":"at or above a BSCR ratio of at least 120%."},{"id":"e150","location":"2025 Form 10-K, Note 25: insurance subsidiaries exceeded intervention minimums","sourceId":"filing-1","excerpt":"Each of our Global Atlantic insurance companies exceeded the minimum requirements that would trigger regulatory"},{"id":"e156","location":"2025 Form 10-K, Note 25: Commonwealth negative unassigned surplus","sourceId":"filing-1","excerpt":"(“Commonwealth”). Commonwealth has negative unassigned surplus, and while it remains so, Commonwealth must obtain"},{"id":"e157","location":"2025 Form 10-K, Note 25: prior approval for Commonwealth distributions","sourceId":"filing-1","excerpt":"written approval from the Massachusetts Division of Insurance prior to the payment of any dividend or distribution."},{"id":"e124","location":"2025 Form 10-K, market risk: modeled insurance interest-rate sensitivities","sourceId":"filing-1","excerpt":"December 31, 2025\nDecember 31, 2024\nHypothetical Change(1)\nHypothetical Change(1)\n($ in thousands)\n+50 Basis Points\n-50 Basis Points\n+50 Basis Points\n-50 Basis Points\nTotal Estimated Net income and Shareholders’ Equity Excluding \nAOCI Sensitivity (Point in Time)\n$306,814\n$(320,746)\n$217,630\n$(227,213)\nTotal Estimated Net Income and Shareholders’ Equity Excluding"},{"id":"e315","location":"June 2026 Form 10-Q, insurance commercial mortgage collateral","sourceId":"filing-2","excerpt":"underlying collateral. As of both June 30, 2026 and December 31, 2025, approximately 89% of the commercial mortgage loans\n164\nTable of Contents\nhave 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\nover 90%, respectively."},{"id":"e324","location":"June 2026 Form 10-Q, insurance residential mortgage current-payment share","sourceId":"filing-2","excerpt":"As of June 30, 2026, the payment status of 97% of the residential mortgage loan portfolio is current, and approximately"},{"id":"e325","location":"June 2026 Form 10-Q, insurance residential mortgage delinquencies","sourceId":"filing-2","excerpt":"$217.3 million is 90 days or more past due or in process of foreclosure (representing 1% of the total residential mortgage"},{"id":"e328","location":"June 2026 Form 10-Q, insurance residential mortgage loan-to-value","sourceId":"filing-2","excerpt":"The weighted average loan-to-value ratio for residential mortgage loans was 64% as of both June 30, 2026 and December\n31, 2025."},{"id":"e344","location":"June 2026 Form 10-Q, GAAP earnings reconciliation and compensation adjustments","sourceId":"filing-2","excerpt":"Inc. Common Stockholders\nThree Months Ended\nSix Months Ended\n($ in thousands)\nJune 30, 2026\nJune 30, 2025\nJune 30, 2026\nJune 30, 2025\nNet Income (Loss) - KKR Common Stockholders (GAAP)\n$660,053\n$472,387\n$1,024,852\n$286,463\nPreferred Stock Dividends\n40,429\n37,736\n80,859\n37,736\nNet Income (Loss) Attributable to Noncontrolling Interests\n427,397\n844,341\n299,673\n1,714,763\nIncome Tax Expense (Benefit)\n246,105\n174,304\n431,490\n260,873\nIncome (Loss) Before Tax (GAAP)\n$1,373,984\n$1,528,768\n$1,836,874\n$2,299,835\nImpact of Consolidation and Other\n18,580\n(879,614)\n72,526\n(1,896,965)\nPreferred Stock Dividends\n(40,429)\n(37,736)\n(80,859)\n(37,736)\nIncome Taxes on Adjusted Earnings\n(314,375)\n(277,062)\n(562,340)\n(537,717)\nAsset Management Adjustments:\nUnrealized (Gains) Losses\n128,610\n257,754\n305,741\n637,091\nUnrealized Carried Interest\n12,360\n(429,906)\n2,696\n(1,237,619)\nUnrealized Carried Interest Compensation\n(16,678)\n343,769\n(8,945)\n989,939\nTransaction-related and Non-operating Items(1)\n82,684\n10,765\n116,693\n21,316\nEquity-based Compensation – Time Based\n58,023\n63,750\n126,419\n142,027\nEquity-based Compensation – Performance based\n125,340\n86,512\n207,659\n171,111\nAmortization of Acquired Intangibles\n9,519\n—\n12,687\n—\nStrategic Holdings Adjustments:\nUnrealized (Gains) Losses\n(55,479)\n(64,304)\n65,134\n(385,712)\nInsurance Adjustments:\n(Gains) Losses from Investments\n458,061\n290,084\n967,004\n1,649,024\nNon-Operating Changes in Policy Liabilities and Derivatives\n11,017\n140,458\n(15,041)\n227,089\nTransaction-Related and Non-Operating Items(1)\n10,410\n2,042\n24,371\n2,194\nEquity-Based Compensation\n19,655\n23,371\n46,015\n44,063\nAmortization of Acquired Intangibles\n4,412\n4,699\n18,599\n9,398\nAdjusted Net Income\n$1,885,694\n$1,063,350\n$3,135,233\n$2,097,338\nInterest Expense, Net\n92,455\n53,020\n175,466\n127,529\nPreferred Stock Dividends\n40,429\n37,736\n80,859\n51,213\nNet Income Attributable to Noncontrolling Interests\n2,660\n2,851\n7,523\n6,335\nIncome Taxes on Adjusted Earnings\n314,375\n277,062\n562,340\n537,717\nTotal Segment Earnings\n$2,335,613\n$1,434,019\n$3,961,421\n$2,820,132\nNet Realized Performance Income\n(211,884)\n(109,314)\n(409,075)\n(197,303)\nNet Realized Investment Income\n(191,325)\n(130,898)\n(294,941)\n(316,161)\nTotal Operating Earnings\n$1,932,404\n$1,193,807\n$3,257,405\n$2,306,668\nTotal Investing Earnings\n403,209\n240,212\n704,016\n513,464\nDepreciation and Amortization\n20,355\n14,211\n40,902\n27,444"},{"id":"e351","location":"June 2026 Form 10-Q, common equity and non-GAAP book-value reconciliation","sourceId":"filing-2","excerpt":"Inc. Stockholders' Equity - Common Stock (GAAP)\n$28,503,995\nImpact of Consolidation and Other\n312,737\nExchangeable Securities\n903,835\nAccumulated Other Comprehensive (Income) Loss (AOCI) and Other (Insurance)\n4,759,362\nAccumulated Unrealized (Gains) Losses on Loans carried at Fair Value (Insurance)\n(8,829)\nKKR Book Value(1)\n$34,471,100\n(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"},{"id":"e358","location":"June 2026 Form 10-Q, hypothetical mandatory preferred conversion","sourceId":"filing-2","excerpt":"Inc. common stock as of June 30, 2026, our Book Value would have increased by $2.5 billion and our common stock outstanding would have increased by\n21.4 million shares."},{"id":"e359","location":"June 2026 Form 10-Q, corporate cash and investment reconciliation","sourceId":"filing-2","excerpt":"Cash and Cash Equivalents - Asset Management and Strategic Holdings \nAs of\n($ in thousands)\nJune 30, 2026\nCash and Cash Equivalents - Asset Management and Strategic Holdings (GAAP)\n$10,505,046\nImpact of Consolidation and Other\n(5,449,618)\nShort-term Investments\n258,836\nCash and Short-term Investments\n$5,314,264\nInvestments - Asset Management and Strategic Holdings\nAs of\n($ in thousands)\nJune 30, 2026\nInvestments - Asset Management and Strategic Holdings (GAAP)\n$127,562,542\nImpact of Consolidation and Other\n(118,691,741)\nShort-term Investments\n(258,836)\nInvestments - Asset Management Segment\n$8,611,965\n167\nTable of Contents\nLiquidity\nWe manage our liquidity and capital requirements by (a) focusing on our cash flows before the consolidation of our funds"},{"id":"e398","location":"June 2026 Form 10-Q, liquidity: funds not meeting cash-carry distribution criteria","sourceId":"filing-2","excerpt":"As of June 30, 2026, certain of our investment funds had met the first and second criteria, as described above, but did not"},{"id":"e399","location":"June 2026 Form 10-Q, liquidity: accrued carry unavailable for cash distribution","sourceId":"filing-2","excerpt":"meet the third criteria. In these cases, carried interest accrues on the consolidated statement of operations, but will not be"},{"id":"e507","location":"June 2026 Form 10-Q, capital markets commitments","sourceId":"filing-2","excerpt":"amounted to $0.6 billion. Whether these amounts are actually funded, in whole or in part, depends on the contractual terms"},{"id":"e540","location":"June 2026 Form 10-Q, KKR unfunded investment commitments","sourceId":"filing-2","excerpt":"As of June 30, 2026, KKR had unfunded commitments consisting of $11.1 billion to its investment funds and other"},{"id":"e545","location":"June 2026 Form 10-Q, commitments involving investment-loss funding","sourceId":"filing-2","excerpt":"investment vehicles and structured transactions to fund or otherwise be liable for a portion of the vehicle's investment losses"},{"id":"e546","location":"June 2026 Form 10-Q, liquidity obligations on vehicle termination","sourceId":"filing-2","excerpt":"and/or to provide the vehicle with liquidity upon certain termination events."},{"id":"e593","location":"June 2026 Form 10-Q, contractual fee recognition","sourceId":"filing-2","excerpt":"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."},{"id":"e596","location":"June 2026 Form 10-Q, April 2026 equity grants and vesting conditions","sourceId":"filing-2","excerpt":"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)."},{"id":"e597","location":"June 2026 Form 10-Q, post-vesting transfer restrictions","sourceId":"filing-2","excerpt":"These grants also have transfer restrictions ranging from 1 to 5 years following vesting."},{"id":"e598","location":"June 2026 Form 10-Q, carry-pool allocation for newer funds","sourceId":"filing-2","excerpt":"For funds that closed after December 31, 2023, the carry pool percentage is fixed at 80%."},{"id":"e600","location":"June 2026 Form 10-Q, independent valuation firm engagement","sourceId":"filing-2","excerpt":"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."},{"id":"e601","location":"June 2026 Form 10-Q, independent approval of carry-pool changes","sourceId":"filing-2","excerpt":"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."},{"id":"e620","location":"February 2026 proxy, existing governance and expected future additions","sourceId":"filing-3","excerpt":"The following table summarizes our key corporate governance practices, which we believe exemplify our commitment to sound governance:\n \n \n \n \n \n \n \nExisting Governance Best Practices\n \n \n​Expected Post-Sunset Date Additions \n \n \n✔ \nMajority Independent Board\n✔ \nNo classified Board\n✔ \n100% independent Audit Committee\n✔ \n100% independent Risk Committee\n✔ \nRegular executive sessions of Independent Directors at Board meetings\n✔ \nAnnual Board self-evaluations\n✔ \nAbility of stockholders to call a special meeting\n✔ \nNo poison pill \n \n \n✔ \nCommon stockholders entitled to one vote per share\n✔ \nAnnual meeting of stockholders with annual election of Directors by the common stockholders\n✔ \n100% independent Nominating and Corporate Governance Committee\n✔ \n100% independent Compensation Committee\n✔ \nMajority voting for election of directors with plurality carveout for contested elections\n✔ \nNo supermajority vote requirements, if approved."},{"id":"e632","location":"February 2026 proxy, controlling preferred-stock voting power","sourceId":"filing-3","excerpt":"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."},{"id":"e812","location":"February 2026 proxy, directors' and officers' beneficial ownership","sourceId":"filing-3","excerpt":"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%."},{"id":"e813","location":"February 2026 proxy, beneficial ownership versus economic interest","sourceId":"filing-3","excerpt":"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."},{"id":"e966","location":"2024 Form 10-K, risks: redemption and advisory termination rights","sourceId":"filing-4","excerpt":"•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"},{"id":"e996","location":"July 2026 earnings release, actual 2026 repurchases and award retirements","sourceId":"filing-7","excerpt":"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."},{"id":"e998","location":"July 2026 earnings release, common and adjusted share counts","sourceId":"filing-7","excerpt":"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 $87 Adjusted Shares 4Q'25 2Q'26 Common Stock Outstanding 891,451,844 897,776,609 Exchangeable Securities(3) 9,623,541 25,954,902 Adjusted Shares(4) 901,075,385 923,731,511 \n Appendix"},{"id":"e999","location":"July 2026 earnings release, comparative GAAP income statement","sourceId":"filing-7","excerpt":"32 GAAP Condensed Consolidated Income Statement (Unaudited) ($ 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."},{"id":"e1015","location":"July 2026 earnings release, six-month actual investor redemptions","sourceId":"filing-7","excerpt":"• 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 $4,187 million of redemptions by fund investors in Credit and Liquid Strategies."},{"id":"e1021","location":"July 2026 earnings release, fees continuing beyond investment periods","sourceId":"filing-7","excerpt":"• The end date represents the end of the fund's investment period as defined in the fund's governing documents and is generally not the date upon which management fees cease to accrue."},{"id":"e1022","location":"July 2026 earnings release, fee-base changes and possible lower rates","sourceId":"filing-7","excerpt":"For funds that initially charge management fees on the basis of committed capital, the end date is generally the date on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated using a lower rate."},{"id":"e1027","location":"July 2026 earnings release, fee-paying AUM contractual bases","sourceId":"filing-7","excerpt":"FPAUM is the sum of all of the individual fee bases that are used to calculate management fees and differs from AUM in the following respects: (i) assets and commitments from which KKR is not entitled to receive a management fee are excluded (e.g., assets and commitments with respect to which it is entitled to receive only performance income or is otherwise not currently entitled to receive a management fee) and (ii) certain assets, primarily in its private equity funds, are reflected based on capital commitments and invested capital as opposed to fair value because fees are not impacted by changes in the fair value of underlying investments."},{"id":"e1049","location":"July 2026 earnings release, asset-management results, fundraising and presentation change","sourceId":"filing-7","excerpt":"6 Asset Management Segment ($ 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."},{"id":"e1076","location":"May 2026 Form 8-K, supermajority amendment not submitted to vote","sourceId":"filing-8","excerpt":"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."}],"changes":["Retained the narrow verdict, with current contractual fee-base disclosures supporting the existing-vehicle advantage.","Added demonstrated fundraising growth and actual redemptions; retention is no longer discussed as though redemption outcomes were absent.","Raised execution from 2 to 3 based on current management-fee growth, fundraising and realized performance income, without treating those outcomes as comparative investment returns.","Removed reliance on historical realization proceeds and the prior analysis's unsupported sourcing explanation.","Added the financial-services assessments using current corporate cash, equity, commitments, compensation and subsidiary-risk disclosures.","Incorporated the failed quorum for the supermajority amendment; future governance changes remain uncredited as completed reforms."],"limitations":["The supplied passages are issuer disclosures. Contractual terms and reported outcomes support bounded conclusions; competitive superiority and exceptional durability are unproven.","No named entity is established as a competitor in the supplied competition passages. Named shareholders, affiliates and transaction counterparties are not treated as competitors.","Fundraising includes aggregate new capital and does not identify repeat investors, renewal rates or organic growth separately from other effects.","Management-fee growth does not isolate fee rates from asset growth or mix. Premium pricing and unilateral repricing authority are not demonstrated.","Current corporate debt balances, maturity schedules, undrawn facility amounts and applicable broker-dealer net-capital measures are absent. The older February 2025 filing is outside the 550-day window for establishing current financial grades.","GAAP common equity and non-GAAP book value are not eligible regulatory capital. Insurance subsidiary cash, statutory capital and policyholder assets are not freely available parent funding.","No comparable return-on-capital series or sufficient acquisition outcome evidence is supplied. Governance changes after the latest disclosures cannot be assumed completed."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"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.","evidenceIds":["e308","e309","e311","e1027"]},{"criterion":"durability","grade":2,"rationale":"Multiyear terms and fees continuing beyond investment periods support persistence within vehicles. Later-life fee reductions and redemption rights prevent a stronger durability conclusion.","evidenceIds":["e308","e311","e1021","e1022","e966"]},{"criterion":"customer_dependency","grade":2,"rationale":"Investors face contractual continuity within long-lived funds, but customers maintain competing relationships and actual redemptions demonstrate that dependency is incomplete.","evidenceIds":["e308","e311","e312","e1015"]},{"criterion":"erosion_resilience","grade":2,"rationale":"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.","evidenceIds":["e1049","e1015","e1022","e312"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"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.","evidenceIds":["e593","e1022","e1049"]},{"criterion":"retention","grade":2,"rationale":"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.","evidenceIds":["e308","e311","e1021","e1049","e1015"]},{"criterion":"margin_resilience","grade":2,"rationale":"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.","evidenceIds":["e1049","e999"]},{"criterion":"contractual_freedom","grade":2,"rationale":"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.","evidenceIds":["e313","e593","e1022"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"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. 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