Overall Total Revenue

58% increase (from $4.430 billion in Q4 2023 to $7.013 billion in Q4 2024)

Strong revenue growth driven by robust performance across multiple business lines including higher transaction fees, increased management fees, and stronger capital allocation gains, building on previous periods’ momentum and market opportunities. This jump indicates effective leveraging of prior trends with continued operational expansion. " "

Net Income

Increased dramatically from approximately $1.435 billion in Q3 2024 to $20.843 billion in Q4 2024

A massive turnaround in profitability compared to prior period performance, suggesting extraordinary gains and improved portfolio effectiveness that far outpaced earlier results. This surge may reflect one-off realizations as well as ongoing operational improvements, though such volatility demands careful forward-looking risk assessment. "

Asset Management Total Revenue

Declined by roughly 32% (from $4.792 billion in Q3 2024 to $3.258 billion in Q4 2024)

The decline is mainly attributable to lower fee-based income such as reduced transaction fees and carried interest compared to the previous quarter. This reversal compared to earlier strong performance indicates that market conditions or timing of fee recognitions shifted, which may prompt adjustments in strategy. "

Asset Management Net Investment Income

Swung from a positive $1.702 billion in Q3 2024 to a negative $4.268 billion in Q4 2024

This stark adverse shift suggests that portfolio yields deteriorated significantly, possibly due to market volatility, suboptimal asset rotations, or increased expense ratios compared to the robust results in Q3 2024. The swing indicates that investment income’s sensitivity to market dynamics is now a key challenge moving forward. "

Insurance Revenue within Asset Management

Fell nearly 27% (from $2.523 billion in Q3 2024 to $1.832 billion in Q4 2024)

The decline is driven primarily by lower net premiums and related fee income, which contrasts with previous robust contributions from insurance operations. This drop suggests a shift in underwriting or market conditions that will likely need to be addressed to stabilize future insurance revenue streams. "

Interest Expense

Increased about 68% (from $78.508 million in Q3 2024 to $132.119 million in Q4 2024)

The significant rise is due to increased borrowings, new debt issuances at higher coupon rates, and consolidation impacts from closing CLOs. This builds on previous period trends and reflects a heavier reliance on debt financing, which could have implications for future earnings due to higher fixed financing costs. " "

Annual Dividend

FY 2025

no prior guidance

$0.74 "

no prior guidance

Strategic Holdings Operating Earnings

FY 2026

$300+ million "

$350+ million "

raised

Strategic Holdings Operating Earnings

FY 2028

$600+ million "

$700+ million "

raised

Strategic Holdings Operating Earnings

FY 2030

$1 billion+ "

$1.1 billion+ "

raised

Consistent Fundraising Momentum

In Q1–Q3, fundraising was noted for its broad-based appeal—from private credit growth in Q1 " to significant Q2 K-Series deals " " and a robust $87 billion YTD in Q3 " —with growing emphasis on diversification.

In Q4, KKR raised $114 billion in new capital, with only 15% from flagship funds and a clear emphasis on emerging fund strategies and the early stages of a fundraising super cycle. " "

Upward momentum and enhanced diversification are evident as the firm shifts focus toward innovative strategies and non-flagship sources.

Monetizations and Embedded Gains

Q1 highlighted a $400 million monetization pipeline and modest embedded gains " ; Q2 saw $500 million expected revenue and a carry balance increase " " ; Q3 reported record monetization proceeds and significant embedded gains. "

Q4 emphasized an increase in monetizations with expectations for higher 2025 figures and noted embedded gains nearing $16 billion, while still relying on benign market conditions. "

Growing monetization activity and increasingly robust embedded gains are reflected across periods, with continued reliance on favorable market environments.

Capital Markets Activity

Earlier periods (Q1–Q3) featured strong capital markets performance with annual revenues near $600 million in Q1 and record quarterly figures (e.g. $424 million in Q3) despite caution over one‑time fee spikes. " " "

Q4 reported $270 million in capital markets revenue for the quarter, contributing to a full‑year milestone of $1 billion, with an emphasis on the diversified and sustainable nature of the business. " "

Steady performance with a longer‑term, diversified view is maintained amid concerns over quarterly variability and fee sustainability.

Infrastructure Business Expansion

Consistently noted since Q2—with AUM growing from $15 billion to $73–77 billion in Q2 and Q3 respectively, and a strong emphasis on digital infrastructure " " —while Q1 provided minimal details.

Q4 focused on continued fundraising efforts, reporting $17 billion raised for infrastructure, the upcoming Asia strategy launch, and a robust global data center portfolio valued at about $50 billion. " "

Consistent and broad‑based growth with geographic and sector expansion positions infrastructure as a major long‑term growth driver.

Traditional Private Equity Performance

Across Q1–Q3, the private equity portfolio showed modest quarterly gains (4%–5%) and solid 12‑month appreciation (17%–19%), although near‑term ROE challenges were repeatedly acknowledged due to strategic investments. " " "

Q4 exhibited a flat quarter‑on‑quarter performance but a 14% full‑year appreciation, with explicit mention of near‑term ROE adjustments driven by longer‑dated liabilities and strategic shifts. " "

Stable long‑term appreciation but cautious near‑term sentiment as strategic investments depress immediate ROE while promising improved future earnings.

Global Atlantic/Insurance Segment Performance

Q1–Q3 discussions noted strong operating performance, temporary ROE drag from large block transactions, elevated liquidity, and active coordination across asset classes. " " "

Q4 confirmed continued capital contributions, a strategic shift toward elongating liability profiles, and subdued short‑term accounting P&L—with expectations of improved P&L and ROE over time. "

A strategic transition is underway: short‑term performance is muted by liquidity and redeployment challenges, but long‑term fundamentals remain robust.

Emergence of New Investment Platforms

Q1 highlighted platforms with $50 billion in ABF AUM, a growing private credit business (reaching $93 billion), and modest K‑Series inflows. " " " Q2 saw marked acceleration (K‑Series growing from $3 billion to $11 billion and expanded private credit opportunities), while Q3 reinforced rapid ABF and K‑Series growth with significant AUM and origination figures. " " "

In Q4, the narrative emphasized further expansion in asset-based finance (with 40%+ AUM growth), substantial increases in private credit, and K‑Series AUM rising from $7 billion to $18 billion, underlining dynamic product innovation and strong investor interest. " " "

Rapid expansion and innovation characterize these platforms, indicating enhanced client access and diversification with significant positive momentum across periods.

Underutilization of Secondary Market Opportunities

Q1 featured a clear message that the secondary market is “not a need‑to‑have” and subsequent calls (notably Q2) reiterated its low priority, with Q3 providing no additional focus. " "

In Q4, this topic was not mentioned at all.

Phased out as a focus area, suggesting deprioritization in favor of higher‑value initiatives.

Broader Macroeconomic Sensitivity

Q1 comments noted reliance on improving market conditions (e.g. leveraged finance and CLO formation) and potential impacts on monetization pipelines; Q2 and Q3 included cautionary statements about volatility and external risks affecting returns. " " "

Q4 did not explicitly address heightened macroeconomic sensitivity, though reliance on benign markets for monetizations was mentioned. " " "

Less explicit discussion in Q4—while underlying sensitivity remains, the tone shifted toward optimism and resilience despite potential market risks.