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    KKR & Co Inc (KKR)

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    Business Description

    KKR is a global investment firm specializing in asset management, capital markets, and insurance services. The company offers a diverse range of financial products and services, including private equity, real assets, credit strategies, and insurance products, catering to both its portfolio companies and third-party clients . KKR's asset management segment is a major revenue driver, with significant earnings from management fees . The firm's capital markets business provides comprehensive capital solutions, while its insurance operations, managed by Global Atlantic, focus on retirement, life, and reinsurance products .

    1. Asset Management - Manages investments across five business lines, generating revenue through management fees, incentive fees, carried interest, and transaction fees.

      • Private Equity - Invests in private companies to drive growth and operational improvements.
      • Real Assets - Focuses on investments in infrastructure and real estate.
      • Credit and Liquid Strategies - Offers credit investment opportunities and liquid market strategies.
      • Capital Markets - Provides capital solutions, including debt and equity financing and securities underwriting.
      • Principal Activities - Engages in proprietary investment activities.

    2. Capital Markets - Provides traditional and non-traditional capital solutions, including arranging debt and equity financing, underwriting securities offerings, and offering capital markets advice to both KKR's portfolio companies and third-party clients.

    3. Insurance - Operated by Global Atlantic, offers retirement, life, and reinsurance products, earning income through the spread between investment income and policyholder benefits costs.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Henry R. KravisCo-Executive ChairmanOctober 2021Henry R. Kravis is the Co-Executive Chairman of KKR, a position he has held since October 2021. He co-founded KKR in 1976 and previously served as Co-Chief Executive Officer. Mr. Kravis is actively involved in managing the firm and serves on each of the regional Private Equity Investment Committees .
    George R. RobertsCo-Executive ChairmanOctober 2021George R. Roberts is the Co-Executive Chairman of KKR. He co-founded KKR in 1976 and previously served as Co-Chief Executive Officer until October 2021. Mr. Roberts is actively involved in managing the firm and serves on each of the regional Private Equity Investment Committees .
    Joseph Y. BaeCo-Chief Executive Officer2021Joseph Y. Bae is the Co-Chief Executive Officer of KKR & Co. Inc. He joined KKR in 1996 and has been a member of the Board of Directors since July 2017. Before becoming Co-CEO, he served as Co-President and Co-Chief Operating Officer from 2017 to 2021 .
    Scott C. NuttallCo-Chief Executive Officer2021Scott C. Nuttall is the Co-Chief Executive Officer of KKR. He joined the firm in 1996 and has held numerous leadership roles, including serving as Co-President and Co-Chief Operating Officer from 2017 to 2021 .
    Robert H. LewinChief Financial OfficerN/ARobert H. Lewin is the Chief Financial Officer at KKR. He joined the firm in 2004 and has held various positions, including roles as an investor in private equity and co-leading the firm's credit and capital markets businesses .
    Dane E. HolmesChief Administrative OfficerDecember 2023Dane E. Holmes is the Chief Administrative Officer at KKR, a position he assumed in December 2023. Before this role, he was a member of KKR's Board of Directors from March 2021 to December 2023 .
    Ryan D. StorkChief Operating Officer2022Ryan D. Stork is the Chief Operating Officer at KKR, having joined the firm in 2022. Before joining KKR, he spent over 20 years at BlackRock Inc., where he held several leadership roles, including Deputy Chief Operating Officer from 2019 to 2021 .
    Kathryn K. SudolChief Legal Officer and General Counsel2022Kathryn K. Sudol is the Chief Legal Officer and General Counsel at KKR. She joined KKR in 2022 and initially served as General Counsel from September 2022 through March 2023 and as Secretary from September 2022 through June 2023 .

    Questions to Ask Management

    1. Given that you don't expect $400-plus million to be the new quarterly run rate for your Capital Markets business , how do you plan to sustain or grow revenues in that segment, considering its significant contribution this quarter?

    2. With the potential impacts of tariffs and a trade war on your portfolio companies , what specific measures are you taking to mitigate these risks, especially for sectors that might be negatively affected?

    3. Regarding your target of 14%-15% pretax ROE for Global Atlantic , given the upfront costs and variability in growth you've mentioned, can you elaborate on the concrete steps you're taking to achieve this target, and whether the 2026 timeline is still realistic?

    4. Your asset-backed finance business has grown over 40% to $66 billion in AUM , can you provide more details on the credit quality and risk management practices in place, especially considering the rapid expansion in this area?

    5. In light of the challenges in the real estate market and evolving investor sentiment , how confident are you in scaling your real estate equity platforms, and what strategies are you implementing to address potential headwinds in fundraising and deployment?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateNot specified
    End Date/DurationNo expiration date
    Total Additional Amount$500 million
    Remaining Authorization$69 million
    DetailsThe program automatically adds an additional $500 million when the remaining available amount becomes $50 million or less. It can be suspended, extended, modified, or discontinued at any time.

    Debt Maturity Schedule

    YearAmount Due (Billions)Debt TypeInterest Rate (%)% of Total Debt
    20240.750Revolving Credit FacilitiesN/A1.6% = (0.750 / 45.642) * 100
    20240.348KKR Yen Senior Notes1.670.8% = (0.348 / 45.642) * 100
    20293.469Revolving Credit FacilitiesN/A7.6% = (3.469 / 45.642) * 100
    20290.750KKR USD Senior Notes4.231.6% = (0.750 / 45.642) * 100
    20290.909KKR Yen Senior Notes1.672.0% = (0.909 / 45.642) * 100
    20290.724KKR Euro Senior Notes1.631.6% = (0.724 / 45.642) * 100
    20310.001KKR Group Finance Co. XI LLC Yen Notes1.7620.0% = (0.001 / 45.642) * 100
    20340.026KKR Group Finance Co. XI LLC Yen Notes2.0830.1% = (0.026 / 45.642) * 100
    20440.010KKR Group Finance Co. XI LLC Yen Notes2.7190.0% = (0.010 / 45.642) * 100
    20540.010KKR Group Finance Co. XI LLC Yen Notes3.0080.0% = (0.010 / 45.642) * 100
    After 5 Years4.250KKR USD Senior Notes4.239.3% = (4.250 / 45.642) * 100
    After 5 Years0.648KKR Yen Senior Notes1.671.4% = (0.648 / 45.642) * 100
    After 5 Years0.500KKR Subordinated Notes4.631.1% = (0.500 / 45.642) * 100
    After 5 Years0.690KFN USD Senior Notes5.441.5% = (0.690 / 45.642) * 100
    After 5 Years0.259KFN Junior Subordinated Notes8.000.6% = (0.259 / 45.642) * 100
    After 5 Years3.900Other Debt ObligationsN/A8.5% = (3.900 / 45.642) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Sponsors of public and private investment funds: Compete for both fund investors and investment opportunities .
    • Real estate development companies: Compete for investment opportunities .
    • Business development companies (BDCs): Compete for investment opportunities .
    • Investment banks: Compete for investment opportunities .
    • Commercial finance companies: Compete for investment opportunities .
    • Operating companies acting as strategic buyers: Compete for investment opportunities .
    • Insurance companies: Compete in the insurance market .
    • Reinsurance companies: Compete in the insurance market .
    • Other financial institutions offering investment products: Compete in the insurance market .
    • Local and regional firms, financial institutions, and sovereign wealth funds: Compete in various countries where KKR invests .
    • High net worth individuals, family offices, and state-sponsored entities: Represent new types of fund investors .
    • Competitors with greater financial, technical, marketing, and other resources: Pose competitive risks .
    • Competitors with longer operating histories, more established relationships, or greater expertise: Pose competitive risks .
    • Competitors with higher financial strength, claims-paying, or credit ratings: Compete in the insurance business .
    • Competitors using technological advancements and innovation: Compete in distribution, underwriting, recordkeeping, advisory, claims, and operations .
    • Competitors with lower management fees, greater fee sharing, or higher performance hurdles: Compete for fund investors .
    • Competitors with lower cost of capital and access to funding sources: Compete for investment opportunities .
    • Competitors with higher risk tolerances, different risk assessments, or lower return thresholds: Compete for investment opportunities .
    • Competitors subject to less regulation or less regulatory scrutiny: Compete with more flexibility .
    • New entrants into the investment management business: Increase competition .
    • Competitors offering more attractive insurance products or higher commission rates: Compete in the insurance business .

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2006 PresentCurrent auditor