7cad45c30e9246be658b98a3a66a4e17f72c6b1a1c7505a19f2470956449b550

| Metric (Unit) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Fee Paying AUM (Billion $) | **412** **[0001404912-23-000002_q422earningsrelease_vf.htm:5]** | **416** **[0001404912-23-000011_q123earningsrelease_vf.htm:5]** | **420** **[0001404912-23-000017_q223earningsrelease_vf.htm:4]** | **423.624** **[0001404912-23-000022_q323earningsrelease_vf.htm:5]** | **446** **[0001404912-24-000002_q423earningsrelease_vf.htm:4]** | **470.6** **[0001404912-24-000008_q124earningsrelease_vf.htm:5]** | **487** **[0001404912-24-000014_q224earningsrelease_vf.htm:3]** | **505.7** **[0001404912-24-000022_q324earningsrelease_vf.htm:5]** |
| Uncalled Commitments (Billion $) | **108** **[0001404912-23-000002_q422earningsrelease_vf.htm:5]** | **106** **[0001404912-23-000011_q123earningsrelease_vf.htm:5]** | **100.154** **[0001404912-23-000020_kkr-20230630.htm:212]** | **99** **[0001404912-23-000022_q323earningsrelease_vf.htm:6]** | **99** **[0001404912-24-000002_q423earningsrelease_vf.htm:4]** **[0001404912-24-000002_q423earningsrelease_vf.htm:3]** | **97.5** **[0001404912-24-000008_q124earningsrelease_vf.htm:13]** | **107.7** **[0001404912-24-000014_q224earningsrelease_vf.htm:5]** **[0001404912-24-000019_kkr-20240630.htm:206]** **[0001404912-24-000019_kkr-20240630.htm:194]** | **107.6** **[0001404912-24-000022_q324earningsrelease_vf.htm:5]** **[0001404912-24-000029_kkr-20240930.htm:206]** |
| Capital Invested (Billion $) | **16** **[0001404912-23-000002_q422earningsrelease_vf.htm:5]** | **10** **[0001404912-23-000011_q123earningsrelease_vf.htm:5]** | **10** **[KKR_3384677_1]** | **9** **[0001404912-23-000022_q323earningsrelease_vf.htm:4]** | **16** **[KKR_3372008_2]** | **14** **[KKR_3381832_3]** **[0001404912-24-000008_q124earningsrelease_vf.htm:3]** **[0001404912-24-000011_kkr-20240331.htm:168]** | **23** **[KKR_3395304_4]** | **24.1** **[0001404912-24-000029_kkr-20240930.htm:206]** |
| Private Equity AUM (Billion $) | **165.1** **[0001404912-23-000005_kkr-20221231.htm:274]** **[0001404912-23-000002_q422earningsrelease_vf.htm:7]** | **165.8** **[0001404912-23-000015_kkr-20230331.htm:131]** **[0001404912-23-000011_q123earningsrelease_vf.htm:7]** | **170.1** **[0001404912-23-000020_kkr-20230630.htm:227]** **[0001404912-23-000020_kkr-20230630.htm:212]** **[0001404912-23-000020_kkr-20230630.htm:146]** | **173.6** **[0001404912-23-000025_kkr-20230930.htm:221]** | **176.4** **[0001404912-24-000005_kkr-20231231.htm:266]** | **182.8** **[0001404912-24-000011_kkr-20240331.htm:113]** | **185.3** **[0001404912-24-000019_kkr-20240630.htm:194]** **[0001404912-24-000019_kkr-20240630.htm:206]** | **190.2** **[0001404912-24-000029_kkr-20240930.htm:206]** |
| AUM of Real Assets (Billion $) | **118.6** **[0001404912-23-000005_kkr-20221231.htm:21]** | **120.8** **[0001404912-23-000015_kkr-20230331.htm:135]** | **121.6** **[0001404912-23-000020_kkr-20230630.htm:228]** | **124.7** **[0001404912-23-000025_kkr-20230930.htm:222]** | **130.9** **[0001404912-24-000005_kkr-20231231.htm:20]** | **135.4** **[0001404912-24-000011_kkr-20240331.htm:165]** | **151.5** **[0001404912-24-000019_kkr-20240630.htm:195]** **[0001404912-24-000019_kkr-20240630.htm:138]** **[0001404912-24-000019_kkr-20240630.htm:207]** | **162.8** **[0001404912-24-000029_kkr-20240930.htm:207]** |
| AUM of Credit and Liquid Strategies (Billion $) | **220.2** **[0001404912-23-000005_kkr-20221231.htm:35]** | **223.5** **[0001404912-23-000015_kkr-20230331.htm:142]** | **226.8** **[0001404912-23-000020_kkr-20230630.htm:157]** | **229.4** **[0001404912-23-000025_kkr-20230930.htm:164]** | **245.5** **[0001404912-24-000005_kkr-20231231.htm:28]** | **259.5** **[0001404912-24-000011_kkr-20240331.htm:165]** | **264.5** **[0001404912-24-000019_kkr-20240630.htm:208]** | **271.4** **[0001404912-24-000029_kkr-20240930.htm:207]** |
| Unfunded Revolver Commitments (Thousand $) | **137,315** **[0001404912-23-000005_kkr-20221231.htm:442]** | **112,534** **[0001404912-23-000015_kkr-20230331.htm:59]** | **110,106** **[0001404912-23-000020_kkr-20230630.htm:68]** | **97,841** **[0001404912-23-000025_kkr-20230930.htm:71]** | **94,683** **[0001404912-24-000005_kkr-20231231.htm:433]** | **95,004** **[0001404912-24-000011_kkr-20240331.htm:45]** | **98,327** **[0001404912-24-000019_kkr-20240630.htm:58]** | **103,926** **[0001404912-24-000029_kkr-20240930.htm:62]** |
| Policy Liabilities (Billion $) | **141.223** **[0001404912-23-000005_kkr-20221231.htm:480]** | **141.130** **[0001404912-23-000015_kkr-20230331.htm:91]** | **141.429** **[0001404912-23-000020_kkr-20230630.htm:90]** | **140.983** **[0001404912-23-000025_kkr-20230930.htm:108]** | **160.058** **[0001404912-24-000005_kkr-20231231.htm:451]** | **173.599** **[0001404912-24-000011_kkr-20240331.htm:76]** | **177.833** **[0001404912-24-000019_kkr-20240630.htm:97]** | **184.050** **[0001404912-24-000029_kkr-20240930.htm:102]** |
| Embedded Derivative - Interest-sensitive Life Products (Million $) | **337.9** **[0001404912-23-000005_kkr-20221231.htm:324]** | **373.4** **[0001404912-23-000015_kkr-20230331.htm:229]** | **447.0** **[0001404912-23-000020_kkr-20230630.htm:267]** | **388.1** **[0001404912-23-000025_kkr-20230930.htm:277]** | **458.3** **[0001404912-24-000005_kkr-20231231.htm:317]** | **486.2** **[0001404912-24-000011_kkr-20240331.htm:204]** **[0001404912-24-000011_kkr-20240331.htm:45]** | **495.3** **[0001404912-24-000019_kkr-20240630.htm:246]** | **512.5** **[0001404912-24-000029_kkr-20240930.htm:259]** |
| Embedded Derivative - Annuity Products (Million $) | **1,855.366** **[0001404912-23-000005_kkr-20221231.htm:456]** | **2,402.427** **[0001404912-23-000015_kkr-20230331.htm:229]** **[0001404912-23-000015_kkr-20230331.htm:59]** | **2,815.783** **[0001404912-23-000020_kkr-20230630.htm:267]** | **2,855.502** **[0001404912-23-000025_kkr-20230930.htm:277]** | **3,587.371** **[0001404912-24-000005_kkr-20231231.htm:317]** | **4,051.405** **[0001404912-24-000011_kkr-20240331.htm:204]** **[0001404912-24-000011_kkr-20240331.htm:45]** | **4,478.104** **[0001404912-24-000019_kkr-20240630.htm:246]** **[0001404912-24-000019_kkr-20240630.htm:58]** | **5,244.375** **[0001404912-24-000029_kkr-20240930.htm:259]** |
| Net Amount at Risk (Million $) | **800.383** **[0001404912-23-000005_kkr-20221231.htm:482]** | **85.681** **[0001404912-23-000015_kkr-20230331.htm:92]** | **84.498** **[0001404912-23-000020_kkr-20230630.htm:106]** | **84.208** **[0001404912-23-000025_kkr-20230930.htm:109]** | **5,706.758** **[0001404912-24-000005_kkr-20231231.htm:476]** | **118.170** **[0001404912-24-000011_kkr-20240331.htm:77]** | **116.446** **[0001404912-24-000019_kkr-20240630.htm:98]** | **114.884** **[0001404912-24-000029_kkr-20240930.htm:103]** |
| Net Premiums (Thousand $) | **555,357** **[0001404912-23-000002_q422earningsrelease_vf.htm:17]** | **473,624** **[0001404912-23-000015_kkr-20230331.htm:176]** | **626,429** **[0001404912-23-000020_kkr-20230630.htm:190]** | **220,212** **[0001404912-23-000025_kkr-20230930.htm:197]** | **655,410** **[0001404912-24-000002_q423earningsrelease_vf.htm:16]** | **6,036,522** **[0001404912-24-000008_q124earningsrelease_vf.htm:15]** | **935,794** **[0001404912-24-000019_kkr-20240630.htm:173]** | **621,218** **[0001404912-24-000029_kkr-20240930.htm:181]** |
| Net Investment Income (Thousand $) | **1,230,677** **[0001404912-23-000002_q422earningsrelease_vf.htm:9]** | **1,271,000** **[0001404912-23-000011_q123earningsrelease_vf.htm:9]** | **1,311,055** **[0001404912-23-000020_kkr-20230630.htm:44]** | **1,412,130** **[0001404912-23-000025_kkr-20230930.htm:48]** | **1,491,020** **[0001404912-24-000002_q423earningsrelease_vf.htm:16]** | **1,519,902** **[0001404912-24-000008_q124earningsrelease_vf.htm:15]** | **1,580,498** **[0001404912-24-000019_kkr-20240630.htm:29]** | **1,701,826** **[0001404912-24-000029_kkr-20240930.htm:33]** |
| Realized Performance Income (Thousand $) | **338,733** **[0001404912-23-000002_q422earningsrelease_vf.htm:19]** | **175,398** **[0001404912-23-000011_q123earningsrelease_vf.htm:18]** | **149,334** **[0001404912-23-000020_kkr-20230630.htm:208]** | **329,000** **[0001404912-23-000022_q323earningsrelease_vf.htm:20]** **[0001404912-23-000025_kkr-20230930.htm:218]** | **411,391** **[0001404912-24-000002_q423earningsrelease_vf.htm:18]** | **271,545** **[0001404912-24-000011_kkr-20240331.htm:161]** | **482,000** **[KKR_3395304_0]** | **391,920** **[0001404912-24-000029_kkr-20240930.htm:203]** |
| Fee Related Performance Revenues (Thousand $) | **18,691** **[0001404912-23-000002_q422earningsrelease_vf.htm:19]** | **21,741** **[0001404912-23-000015_kkr-20230331.htm:185]** | **28,352** **[0001404912-23-000017_q223earningsrelease_vf.htm:5]** | **20,436** **[0001404912-23-000022_q323earningsrelease_vf.htm:5]** **[0001404912-23-000025_kkr-20230930.htm:217]** | **23,898** **[0001404912-24-000002_q423earningsrelease_vf.htm:18]** | **19,101** **[0001404912-24-000011_kkr-20240331.htm:161]** | **37,100** **[0001404912-24-000019_kkr-20240630.htm:191]** **[0001404912-24-000014_q224earningsrelease_vf.htm:4]** | **56,655** **[0001404912-24-000029_kkr-20240930.htm:202]** |
| Gross IRR (%) | **25.6** **[0001404912-23-000005_kkr-20221231.htm:26]** | **21** **[0001404912-23-000011_q123earningsrelease_vf.htm:15]** | **20** **[KKR_3384677_1]** **[0001404912-23-000020_kkr-20230630.htm:167]** **[0001404912-23-000020_kkr-20230630.htm:162]** | **20** **[0001404912-23-000025_kkr-20230930.htm:174]** **[0001404912-23-000022_q323earningsrelease_vf.htm:15]** | **25.5** **[0001404912-24-000005_kkr-20231231.htm:25]** **[0001404912-24-000002_q423earningsrelease_vf.htm:14]** | **18.7** **[0001404912-24-000011_kkr-20240331.htm:127]** | **22.7** **[0001404912-24-000019_kkr-20240630.htm:144]** | **25.8** **[0001404912-24-000029_kkr-20240930.htm:156]** |
| Net IRR (%) | N/A | **21** **[0001404912-23-000011_q123earningsrelease_vf.htm:15]** | **11.7** **[0001404912-23-000020_kkr-20230630.htm:162]** | **23** **[KKR_3364715_1]** **[0001404912-23-000025_kkr-20230930.htm:169]** | N/A | **12.4** **[0001404912-24-000011_kkr-20240331.htm:127]** | **9.1** **[0001404912-24-000019_kkr-20240630.htm:149]** | **18.5** **[0001404912-24-000029_kkr-20240930.htm:156]** |
| Gross Multiple of Invested Capital | **1.9** **[0001404912-23-000005_kkr-20221231.htm:27]** | **1.9** **[0001404912-23-000015_kkr-20230331.htm:139]** | **2.0** **[0001404912-23-000017_q223earningsrelease_vf.htm:15]** | **1.9** **[0001404912-23-000025_kkr-20230930.htm:161]** | **1.9** **[0001404912-24-000005_kkr-20231231.htm:26]** | **1.9** **[0001404912-24-000011_kkr-20240331.htm:120]** | **1.9** **[0001404912-24-000019_kkr-20240630.htm:142]** | **1.9** **[0001404912-24-000029_kkr-20240930.htm:149]** |

c303c0d95b9706ad938beea6780971240d559f11cee7e740835b7c16b0864c91

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

Selling, General, and Administrative Expenses (SG&A) [USD, Thousands]

Research and Development (R&D) [USD, Thousands]

Depreciation and Amortization (D&A) [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

Earnings Per Share (EPS) - Basic [USD, Units]

Earnings Per Share (EPS) - Diluted [USD, Units]

ed0d51a19a4a01a038289a2aaa5f95e93328baaa02ef0719ae652890810580f0

Adjustments for Non-Cash Items [USD, Thousands]

Stock-Based Compensation [USD, Thousands]

Changes in Working Capital [USD, Thousands]

Capital Expenditures (CapEx) [USD, Thousands]

Proceeds from / Repayments of Debt [USD, Billions]

Share Repurchases [USD, Thousands]

Dividend Payments [USD, Thousands]

Net Change in Cash [USD, Thousands]

690d6025de18cd3997fe5287e79f7e6b52c69142c7026d814e211ab25a4101ce

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 **[0001404912-24-000011_kkr-20240331.htm:112]** **[0001404912-24-000005_kkr-20231231.htm:259]** **[0001404912-24-000005_kkr-20231231.htm:11]**. KKR's asset management segment is a major revenue driver, with significant earnings from management fees **[0001404912-24-000011_kkr-20240331.htm:112]** **[0001404912-24-000005_kkr-20231231.htm:259]**. 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 **[0001404912-24-000005_kkr-20231231.htm:38]** **[KKR_3379726_70]** **[0001404912-24-000005_kkr-20231231.htm:9]** **[0001404912-24-000005_kkr-20231231.htm:42]** **[0001404912-24-000029_kkr-20240930.htm:161]**.

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.

d338f854fc0208098524f562a0135482ad2c4922415c40057031665965b7bde9

| Metric [Unit: $ Thousand] | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Asset Management          | 1,481,859  **[0001404912-23-000002_q422earningsrelease_vf.htm:19]**  | N/A     | 1,231,477  **[0001404912-23-000017_q223earningsrelease_vf.htm:19]**  | 1,665,012  **[0001404912-23-000022_q323earningsrelease_vf.htm:4]**  | 1,564,916  **[0001404912-24-000002_q423earningsrelease_vf.htm:3]**  | 1,956,468  **[0001404912-24-000008_q124earningsrelease_vf.htm:3]**  | 1,560,449  **[0001404912-24-000014_q224earningsrelease_vf.htm:3]**  | 2,269,090  **[0001404912-24-000022_q324earningsrelease_vf.htm:3]**  |
| Insurance                 | (1,835,201)  **[0001404912-23-000002_q422earningsrelease_vf.htm:19]**  | N/A     | 2,175,174  **[0001404912-23-000017_q223earningsrelease_vf.htm:19]**  | 1,650,469  **[0001404912-23-000022_q323earningsrelease_vf.htm:4]**  | 2,864,915  **[0001404912-24-000002_q423earningsrelease_vf.htm:3]**  | 7,700,270  **[0001404912-24-000008_q124earningsrelease_vf.htm:3]**  | 2,611,461  **[0001404912-24-000014_q224earningsrelease_vf.htm:3]**  | 2,522,606  **[0001404912-24-000022_q324earningsrelease_vf.htm:3]**  |
| Total GAAP Revenues       | 2,528,695  **[0001404912-23-000002_q422earningsrelease_vf.htm:19]**  | 3,127,482  **[0001404912-23-000015_kkr-20230331.htm:203]**  | 3,626,518  **[0001404912-23-000017_q223earningsrelease_vf.htm:19]**  | 3,315,481  **[0001404912-23-000022_q323earningsrelease_vf.htm:4]**  | 4,429,831  **[0001404912-24-000002_q423earningsrelease_vf.htm:3]**  | 9,656,738  **[0001404912-24-000008_q124earningsrelease_vf.htm:3]**  | 4,171,910  **[0001404912-24-000014_q224earningsrelease_vf.htm:3]**  | 4,791,696  **[0001404912-24-000022_q324earningsrelease_vf.htm:3]**  |

0dfe31c09c5d7d52546be207284291a320b5d9194aeb01139587826ecaab994d

4a4514189c646449f00dc4c55f0ca4976598eb7c23c8c83b40673e0ec982b4e2

1. Given that you don't expect $400-plus million to be the new quarterly run rate for your Capital Markets business  **[KKR_3403646_4]** , 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  **[KKR_3403646_11]** , 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  **[KKR_3403646_15]** , 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  **[KKR_3403646_6]** , 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  **[KKR_3403646_7]** , 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?

a4374dd83d253a32e84732e4ad249923f959884a5f131064d84bcf2866e53dbe

- Sponsors of public and private investment funds: Compete for both fund investors and investment opportunities  **[0001404912-24-000005_kkr-20231231.htm:49]** .
- Real estate development companies: Compete for investment opportunities  **[0001404912-24-000005_kkr-20231231.htm:49]** .
- Business development companies (BDCs): Compete for investment opportunities  **[0001404912-24-000005_kkr-20231231.htm:49]** .
- Investment banks: Compete for investment opportunities  **[0001404912-24-000005_kkr-20231231.htm:49]** .
- Commercial finance companies: Compete for investment opportunities  **[0001404912-24-000005_kkr-20231231.htm:49]** .
- Operating companies acting as strategic buyers: Compete for investment opportunities  **[0001404912-24-000005_kkr-20231231.htm:49]** .
- Insurance companies: Compete in the insurance market  **[0001404912-24-000005_kkr-20231231.htm:80]** .
- Reinsurance companies: Compete in the insurance market  **[0001404912-24-000005_kkr-20231231.htm:80]** .
- Other financial institutions offering investment products: Compete in the insurance market  **[0001404912-24-000005_kkr-20231231.htm:80]** .
- Local and regional firms, financial institutions, and sovereign wealth funds: Compete in various countries where KKR invests  **[0001404912-24-000005_kkr-20231231.htm:49]** .
- High net worth individuals, family offices, and state-sponsored entities: Represent new types of fund investors  **[0001404912-24-000005_kkr-20231231.htm:49]** .
- Competitors with greater financial, technical, marketing, and other resources: Pose competitive risks  **[0001404912-24-000005_kkr-20231231.htm:81]** .
- Competitors with longer operating histories, more established relationships, or greater expertise: Pose competitive risks  **[0001404912-24-000005_kkr-20231231.htm:81]** .
- Competitors with higher financial strength, claims-paying, or credit ratings: Compete in the insurance business  **[0001404912-24-000005_kkr-20231231.htm:81]** .
- Competitors using technological advancements and innovation: Compete in distribution, underwriting, recordkeeping, advisory, claims, and operations  **[0001404912-24-000005_kkr-20231231.htm:81]** .
- Competitors with lower management fees, greater fee sharing, or higher performance hurdles: Compete for fund investors  **[0001404912-24-000005_kkr-20231231.htm:81]** .
- Competitors with lower cost of capital and access to funding sources: Compete for investment opportunities  **[0001404912-24-000005_kkr-20231231.htm:81]** .
- Competitors with higher risk tolerances, different risk assessments, or lower return thresholds: Compete for investment opportunities  **[0001404912-24-000005_kkr-20231231.htm:81]** .
- Competitors subject to less regulation or less regulatory scrutiny: Compete with more flexibility  **[0001404912-24-000005_kkr-20231231.htm:81]** .
- New entrants into the investment management business: Increase competition  **[0001404912-24-000005_kkr-20231231.htm:81]** .
- Competitors offering more attractive insurance products or higher commission rates: Compete in the insurance business  **[0001404912-24-000005_kkr-20231231.htm:92]** .

21ced8c5dd72e77edf64a7548ba589f8ebf3769b4bc8d6249bb7ea0d3ef5fd01

Total Fees and Other

- Americas

- Europe/Middle East

- Asia-Pacific

Total Capital Allocation-Based Income

Total Revenue - Asset Management

Total Revenue

f9c3f259763caf96b9f29e07c9d087ac4d182ffb6d6839b3ba97b6c89d0118b4

Fee Paying AUM (Billion $)

Uncalled Commitments (Billion $)

Capital Invested (Billion $)

Private Equity AUM (Billion $)

AUM of Real Assets (Billion $)

AUM of Credit and Liquid Strategies (Billion $)

Unfunded Revolver Commitments (Thousand $)

Policy Liabilities (Billion $)

Embedded Derivative - Interest-sensitive Life Products (Million $)

Embedded Derivative - Annuity Products (Million $)

Net Amount at Risk (Million $)

Net Premiums (Thousand $)

Net Investment Income (Thousand $)

Realized Performance Income (Thousand $)

Fee Related Performance Revenues (Thousand $)

Gross IRR (%)

Net IRR (%)

Gross Multiple of Invested Capital

e4070ec45a0a894a20ed907eaef33b462398d9d8519cbddb25620330e993e614

7599470da34123bda5cdab32cb47252fc13e87e061287a75e46ff76023754e8d

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: Q4 2024, FY 2026, FY 2028, FY 2030
- **Guidance**:
  1. **Operating Earnings**: $300-plus million by 2026, $600-plus million by 2028, and $1 billion-plus by 2030  **[KKR_3403646_16]** .
  2. **Insurance Operating Earnings**: Run rate expected to remain at approximately $250 million  **[KKR_3403646_1]** .
  3. **Fee-Related Earnings (FRE) Margin**: Aim to sustain a mid-60% FRE margin  **[KKR_3403646_19]** .
  4. **Capital Markets Revenue**: Q3 2024 revenue of $424 million was a record; variability expected but strong performance anticipated  **[KKR_3403646_4]** .
  5. **Global Atlantic ROE Target**: Long-term pretax ROE target of 14% to 15%  **[KKR_3403646_15]** .
  6. **Monetization Pipeline**: Visibility into approximately $500 million of monetization-related revenue for Q4 2024  **[KKR_3403646_18]** .

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2026
- **Guidance**:
  1. **New Capital Raised**: Over $300 billion from 2024 through 2026  **[KKR_3395304_2]** .
  2. **Fee-Related Earnings (FRE)**: $4.50-plus per share by 2026  **[KKR_3395304_2]** .
  3. **Total Operating Earnings**: $7-plus per share by 2026  **[KKR_3395304_2]** .
  4. **Adjusted Net Income**: Between $7 and $8 per share by 2026  **[KKR_3395304_2]** .
  5. **Annual Growth Rate**: 20% annual growth rate across key financial metrics  **[KKR_3395304_2]** .
  6. **Strategic Holdings**: Over $1 billion of operating earnings by 2030  **[KKR_3395304_2]** .
  7. **Insurance**: Long-term target for pretax ROEs is 14% to 15%  **[KKR_3395304_2]** .

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024 through FY 2026, next 10 years
- **Guidance**:
  1. **Capital Raising**: $300-plus billion from 2024 through 2026  **[KKR_3381832_4]** .
  2. **Fee-Related Earnings (FRE) per Share**: $4.50-plus by 2026  **[KKR_3381832_4]** .
  3. **Total Operating Earnings per Share**: $7-plus by 2026  **[KKR_3381832_4]** .
  4. **Adjusted Net Income per Share**: $7 to $8 by 2026, $15-plus in the next 10 years  **[KKR_3381832_4]** .
  5. **Cash Generation**: $25-plus billion over the next 5 years  **[KKR_3381832_4]** .
  6. **Assets Under Management (AUM)**: Surpass $1 trillion over the next 5 years  **[KKR_3381832_4]** .
  7. **Insurance Growth**: Double Global Atlantic from its current size  **[KKR_3381832_4]** .
  8. **Strategic Holdings**: $1 billion-plus of annual operating earnings by 2030  **[KKR_3381832_4]** .

### Q4 2023 Earnings Call
- **Issued Period**: Q4 2023
- **Guided Period**: Q1 2024, FY 2026
- **Guidance**:
  1. **Fee-Related Earnings (FRE) Per Share**: $4.50-plus by 2026  **[KKR_3372008_3]** .
  2. **Dividend**: Increase from $0.66 to $0.70 per share  **[KKR_3372008_1]** .
  3. **FRE Margin**: Sustainably operate in the mid-60% range  **[KKR_3372008_11]** .
  4. **Insurance Segment**: 14% to 15% pretax ROE  **[KKR_3372008_8]** .
  5. **Capital Markets Business**: Optimism about growth  **[KKR_3372008_13]** .
  6. **Asset-Based Finance (ABF)**: Significant growth potential  **[KKR_3372008_10]** .

437054164f0529688e4238df3af279c5782775b58cb4ac079364bfa9b846128a

| Name               | Position                                | Start Date         | Short Bio                                                                                                                                                                                                                                                                                                                                                       |
|--------------------|-----------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Henry R. Kravis    | Co-Executive Chairman                   | October 2021       | Henry 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  **[0001404912-24-000005_kkr-20231231.htm:517]** .                                                                                   |
| George R. Roberts  | Co-Executive Chairman                   | October 2021       | George 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  **[0001404912-24-000005_kkr-20231231.htm:517]** .                                                                                                       |
| Joseph Y. Bae      | Co-Chief Executive Officer              | 2021               | Joseph 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  **[0001404912-24-000005_kkr-20231231.htm:517]** **[0001404912-23-000005_kkr-20221231.htm:527]** .                                                                                                                                |
| Scott C. Nuttall   | Co-Chief Executive Officer              | 2021               | Scott 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  **[0001404912-24-000005_kkr-20231231.htm:518]** **[0001404912-24-000005_kkr-20231231.htm:517]** **[0001404912-23-000005_kkr-20221231.htm:527]** .                                                                                                                                  |
| Robert H. Lewin    | Chief Financial Officer                 | N/A                | Robert 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  **[0001404912-24-000005_kkr-20231231.htm:522]** **[0001404912-23-000005_kkr-20221231.htm:534]** .                                                                                                                     |
| Dane E. Holmes     | Chief Administrative Officer            | December 2023      | Dane 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  **[0001404912-24-000005_kkr-20231231.htm:523]** **[0001404912-24-000005_kkr-20231231.htm:517]** **[0001404912-24-000005_kkr-20231231.htm:530]** .                                                                                                                                                  |
| Ryan D. Stork      | Chief Operating Officer                 | 2022               | Ryan 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  **[0001404912-24-000005_kkr-20231231.htm:523]** .                                                                                                     |
| Kathryn K. Sudol   | Chief Legal Officer and General Counsel | 2022               | Kathryn 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  **[0001404912-24-000005_kkr-20231231.htm:523]** **[0001404912-23-000005_kkr-20221231.htm:535]** .                                                                                                                   |

252a4f65a20e8f5c3056ec3284b1b2a3b03b127c9bcec8d00a06940901743a08

| Program Details          | Program 1       |
|--------------------------|-----------------|
| Approval Date            | **Not specified**  **[0001404912-24-000029_kkr-20240930.htm:267]** **[0001404912-24-000029_kkr-20240930.htm:127]**  |
| End Date/Duration        | **No expiration date**  **[0001404912-24-000029_kkr-20240930.htm:267]** **[0001404912-24-000029_kkr-20240930.htm:127]**  |
| Total Additional Amount  | **$500 million**  **[0001404912-24-000029_kkr-20240930.htm:267]** **[0001404912-24-000029_kkr-20240930.htm:127]**  |
| Remaining Authorization  | **$69 million**  **[0001404912-24-000029_kkr-20240930.htm:267]** **[0001404912-24-000029_kkr-20240930.htm:127]**  |
| Details                  | The 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.  **[0001404912-24-000029_kkr-20240930.htm:267]** **[0001404912-24-000029_kkr-20240930.htm:127]**  |

ced55bde2fdda059bd0dbfea285b4a18df58504c6bff6da96f04e57fcf8daea3

**Quarterly guidance for Q4 2024:**
- **Strategic Holdings Operating Earnings**: Expected to be at a similar level as Q3 2024  **[KKR_3403646_1]**  (no prior guidance)

**Annual guidance for FY 2026:**
- **Strategic Holdings Operating Earnings**: $300+ million  **[KKR_3403646_16]**  (no prior guidance)
- **Strategic Holdings Net Dividends**: $300+ million  **[KKR_3403646_1]**  (no prior guidance)

**Annual guidance for FY 2028:**
- **Strategic Holdings Operating Earnings**: $600+ million  **[KKR_3403646_16]**  (no prior guidance)
- **Strategic Holdings Net Dividends**: $600+ million  **[KKR_3403646_1]**  (no prior guidance)

**Annual guidance for FY 2030:**
- **Strategic Holdings Operating Earnings**: $1 billion+  **[KKR_3403646_16]**  (no change from prior guidance over $1 billion  **[KKR_3395304_2]** )

**Ongoing guidance:**
- **Insurance Operating Earnings**: Run rate ~ $250 million per quarter  **[KKR_3403646_1]**  (no prior guidance)
- **Fee-Related Earnings (FRE) Margin**: Mid-60% range  **[KKR_3403646_19]**  (no prior guidance)
- **Fundraising Target**: $300+ billion  **[KKR_3403646_10]**  (no change from prior guidance over $300 billion  **[KKR_3395304_2]** )
- **Capital Markets Business**: 2024 projected to be ~50% higher than 2022–2023, not a new run rate  **[KKR_3403646_13]**  (no prior guidance)

06a9786bbf41d2da68fda2d28559447ef44c3415a01d57c6da032b52bc65e5cf

| Name                   | Start Date | End Date | Reason for Change |
|------------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 2006  **[0001404912-24-000005_kkr-20231231.htm:336]**    | Present  | Current auditor   |

392bee765a67196ac09e6f30ace6f2cb96afcdbaecb6c29ddfb8db4d9786430c

- Total Revenue: $4,791.696 million (+44% YoY)  **[0001404912-24-000029_kkr-20240930.htm:12]** **[0001404912-24-000029_kkr-20240930.htm:231]** **[0001404912-23-000025_kkr-20230930.htm:11]**   
- Insurance Segment Revenue: $2,522.606 million (+50% YoY)  **[0001404912-24-000029_kkr-20240930.htm:12]** **[0001404912-24-000029_kkr-20240930.htm:231]** **[0001404912-23-000025_kkr-20230930.htm:11]**   
- Net Premiums (Insurance): $621.218 million (**+182%** YoY)  **[0001404912-24-000029_kkr-20240930.htm:12]** **[0001404912-24-000029_kkr-20240930.htm:231]** **[0001404912-23-000025_kkr-20230930.htm:11]**   
- Net Investment Income (Asset Management): $1,701.826 million (+20% YoY)  **[0001404912-24-000029_kkr-20240930.htm:12]** **[0001404912-24-000029_kkr-20240930.htm:231]** **[0001404912-23-000025_kkr-20230930.htm:11]**   
- SG&A: $514.7 million (-18% YoY)  **[0001404912-24-000029_kkr-20240930.htm:12]** **[0001404912-23-000025_kkr-20230930.htm:11]**   
- Net Income: $1,434.668 million (-40% YoY)  **[0001404912-24-000029_kkr-20240930.htm:14]** **[0001404912-23-000025_kkr-20230930.htm:11]**   

ab30192126685aa5456e135e6e274a6297717da2e907bedb372778c626f633a6

2d44e66d982647c487e610d88c46a61b8e1b47220ec3aa1eaf2610778da22188

dfd04cd3c024ad5571ae919cf1beb7cc0e6d27a5064b489793dabb1b1680e9a0

| Year | Amount Due (Billions) | Debt Type | Interest Rate (%) | % of Total Debt |
|------|-----------------------|-----------|-------------------|-----------------|
| 2024 | 0.750                 | Revolving Credit Facilities | N/A               | 1.6% = (0.750 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| 2024 | 0.348                 | KKR Yen Senior Notes | 1.67               | 0.8% = (0.348 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| 2029 | 3.469                 | Revolving Credit Facilities | N/A               | 7.6% = (3.469 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| 2029 | 0.750                 | KKR USD Senior Notes | 4.23               | 1.6% = (0.750 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| 2029 | 0.909                 | KKR Yen Senior Notes | 1.67               | 2.0% = (0.909 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| 2029 | 0.724                 | KKR Euro Senior Notes | 1.63               | 1.6% = (0.724 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| 2031 | 0.001                 | KKR Group Finance Co. XI LLC Yen Notes | 1.762             | 0.0% = (0.001 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:95]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| 2034 | 0.026                 | KKR Group Finance Co. XI LLC Yen Notes | 2.083             | 0.1% = (0.026 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:95]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| 2044 | 0.010                 | KKR Group Finance Co. XI LLC Yen Notes | 2.719             | 0.0% = (0.010 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:95]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| 2054 | 0.010                 | KKR Group Finance Co. XI LLC Yen Notes | 3.008             | 0.0% = (0.010 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:95]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| After 5 Years | 4.250                 | KKR USD Senior Notes | 4.23               | 9.3% = (4.250 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| After 5 Years | 0.648                 | KKR Yen Senior Notes | 1.67               | 1.4% = (0.648 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| After 5 Years | 0.500                 | KKR Subordinated Notes | 4.63               | 1.1% = (0.500 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| After 5 Years | 0.690                 | KFN USD Senior Notes | 5.44               | 1.5% = (0.690 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:92]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| After 5 Years | 0.259                 | KFN Junior Subordinated Notes | 8.00               | 0.6% = (0.259 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:93]** **[0001404912-24-000029_kkr-20240930.htm:8]** |
| After 5 Years | 3.900                 | Other Debt Obligations | N/A               | 8.5% = (3.900 / 45.642) * 100 **[0001404912-24-000029_kkr-20240930.htm:99]** **[0001404912-24-000029_kkr-20240930.htm:8]** |

87b8697973db0db534ea4a6b087f93d8b02f0873a83cbef67f6f861e2998df8f

- **Capital Markets revenues in Q3 were boosted by a few sizable fee events and catch-up activity, including the Telecom Italia deal, which may not be sustainable in future quarters. Management noted that Capital Markets is not a business to evaluate quarter-on-quarter and such spikes should be viewed over a longer time frame.**  **[KKR_3403646_13]**
- **The realization of embedded gains ($3 billion) on the balance sheet depends heavily on market conditions, and any deterioration in the monetization environment could delay or reduce expected future earnings.**  **[KKR_3403646_9]**
- **The timeline for achieving the targeted 14%-15% pre-tax ROE for Global Atlantic (GA) is uncertain, as management stated they do not have a specific timeline and it depends on multiple variables, suggesting potential delays in realizing expected returns from GA.**  **[KKR_3403646_15]**

425693a48dc00c35c06319ddde500160473c4972e7fa5548cb5242f4acf37ecc

1. **Private Equity Deployment**  
   **Q:** How will KKR utilize direct lending vs. syndicated markets in private equity?  
   **A:** KKR expects increased private equity deployment in the second half, with a healthy backlog of traditional PE investments.  **[KKR_3395304_9]**  The revival of syndicated debt markets provides flexibility, allowing KKR to choose the best financing solution for each deal.  **[KKR_3395304_9]**  While syndicated markets may reduce private debt’s market share, overall deal volumes should rise, benefiting both private equity deployment and KKR’s private debt business.  **[KKR_3395304_9]** 

2. **Fundraising and LP Demand**  
   **Q:** What's the outlook on fundraising volume and LP demand across asset classes?  
   **A:** The fundraising environment is improving, with strong interest in infrastructure and private credit.  **[KKR_3395304_8]**  KKR has raised **$214 billion** over the last 2.5 years, with only **$14 billion** in flagship funds.  **[KKR_3395304_8]**  Private equity fundraising may have bottomed, and activity is picking up as LPs receive more capital back.  **[KKR_3395304_8]**  The oversubscription of KKR's Ascendant strategy indicates positive investor sentiment.  **[KKR_3395304_8]**  Insurance companies remain active allocators to alternatives.  **[KKR_3395304_8]** 

3. **Capital Markets Revenue Outlook**  
   **Q:** What is the long-term outlook for Capital Markets revenue?  
   **A:** KKR's Capital Markets pipeline is robust, potentially the best they've ever seen for the next two quarters.  **[KKR_3395304_12]**  In 2021, they generated approximately **$850 million** in Capital Markets revenue.  **[KKR_3395304_12]**  With expanded activities across debt, equity, geographies, and third-party clients, KKR believes the business can grow meaningfully from current levels.  **[KKR_3395304_15]**  The partnership with Global Atlantic alone could contribute hundreds of millions of dollars annually.  **[KKR_3395304_15]** 

4. **Net Investment Income and ROE**  
   **Q:** How will yields improve as KKR deploys GA's excess liquidity?  
   **A:** KKR has been operating with elevated liquidity levels, holding roughly **$8 billion** in cash at quarter-end compared to **$4 billion** a year ago.  **[KKR_3395304_7]**  As they thoughtfully deploy this excess liquidity into higher-yielding assets, yields are expected to improve.  **[KKR_3395304_7]**  However, investments in assets like core real estate may be dilutive to near-term ROE but are expected to generate meaningful long-term returns.  **[KKR_3395304_7]**  KKR anticipates operating slightly below their long-term ROE range of **14% to 15%** in the near term, focusing on long-term growth.  **[KKR_3395304_7]** 

5. **Growth in Carry-Eligible AUM**  
   **Q:** How has carry-eligible AUM above cost grown, and what's the outlook for realizations?  
   **A:** KKR's gross accrued carried interest on the balance sheet stands at approximately **$7.1 billion**, up from **$6 billion** two quarters ago.  **[KKR_3395304_13]**  This growth, despite realizing more carry than expected, indicates a healthy outlook for future monetization-related revenue.  **[KKR_3395304_13]**  Over **50%** of the private equity portfolio is marked at **1.5x cost or greater**, with roughly **30%** at **2x cost or greater**, reflecting a mature and profitable portfolio poised for future gains.  **[KKR_3395304_13]** 

6. **Retail Distribution and Partnerships**  
   **Q:** What's the update on K-Series rollout and the Capital Group partnership?  
   **A:** KKR's K-Series products have grown to around **$11 billion** in AUM, up from **$3 billion** a year ago.  **[KKR_3395304_10]**  Monthly fundraising increased from **$500 million** at the end of 2023 to **$900 million** in Q2.  **[KKR_3395304_10]**  KKR expects to expand platform presence and introduce new products, particularly in private BDCs.  **[KKR_3395304_10]**  The partnership with Capital Group aims to create hybrid products targeting the broader mass market beyond accredited investors, starting with credit products in the first half of next year.  **[KKR_3395304_11]** 

7. **Infrastructure Opportunities**  
   **Q:** How does the partnership with HASI enhance KKR's infrastructure strategy?  
   **A:** The partnership with HASI allows KKR to expand in the climate and energy transition space, leveraging their experience investing behind this theme.  **[KKR_3395304_16]**  With infrastructure AUM growing from **$15 billion** four years ago to **$73 billion** today, KKR sees significant opportunities in areas like digital infrastructure and renewables.  **[KKR_3395304_16]**  They have invested **$5 billion** in data infrastructure and view partnerships like HASI as a way to capitalize on thematic investments across the firm.  **[KKR_3395304_16]** 

8. **Realizations Pipeline**  
   **Q:** What's the outlook for realizations, and what drove Q2 results?  
   **A:** KKR has a healthy level of monetizations expected for Q3, with approximately **$500 million** in monetization-related revenue planned.  **[KKR_3395304_14]**  This includes roughly **60%** carry and **40%** investment income.  **[KKR_3395304_14]**  In Q2, they exceeded earlier estimates and ended up with over **$600 million** in monetization-related revenue due to several deals closing within the quarter.  **[KKR_3395304_14]** 

9. **FRE Margins and Capital Markets Impact**  
   **Q:** How will elevated Capital Markets fees affect FRE margins?  
   **A:** Elevated Capital Markets revenue positively impacts FRE margins, as operating expenses are more fixed compared to incremental Capital Markets revenue.  **[KKR_3395304_12]**  KKR believes they can operate sustainably with FRE margins in the mid-**60%** range across most market environments.  **[KKR_3395304_12]**  Successful scaling of revenues and fees above headcount growth and operating complexity could lead to further margin expansion.  **[KKR_3395304_12]** 

10. **Management Fee Dynamics**  
    **Q:** What are the expected base management fee dynamics with Infra V and the next PE fund?  
    **A:** KKR is turning on Infra V management fees in Q3 as they begin deployment.  **[KKR_3395304_17]**  For the next flagship North America private equity fund, they are nearing the end of the investment period for the current fund but still have time to go.  **[KKR_3395304_17]**  Fundraising for the new fund is underway, but specific target sizes have not been disclosed.  **[KKR_3395304_17]** 

11. **Secondaries Market Opportunity**  
    **Q:** Is KKR considering entering the secondaries market to address individual investors?  
    **A:** While recognizing the opportunity in the secondaries market, KKR is not currently focusing on this area.  **[KKR_3395304_18]**  They are concentrating on existing asset classes and believe there's ample opportunity without entering the secondaries market at this time.  **[KKR_3395304_18]** 

af1d0483b68902025a2cddfb4d0239a119ec6a7526ccad9632bfd1a58cb68952

- **KKR is experiencing strong fundraising momentum**, having raised $32 billion in the quarter—the second most active fundraising quarter in their history—with **Global Infrastructure V fund raising approximately $10 billion through July** and their **Ascendant middle market private equity strategy oversubscribed at a $4.6 billion hard cap**.  **[KKR_3395304_8]**
- **KKR's Capital Markets business has a robust pipeline**, expecting Q3 Capital Markets fees to be **one of the highest in their history**, driven by broad-based activity across debt and equity markets globally, indicating potential for significant revenue growth.  **[KKR_3395304_12]**
- **KKR's K-Series products targeting individual investors have shown substantial growth**, with assets under management increasing from **$3 billion a year ago to $11 billion**, and monthly fundraising increasing from $500 million at the end of 2023 to **$900 million per month in Q2 2024**, reflecting successful expansion into the private wealth market.  **[KKR_3395304_10]**

3cffef9fe8b122ec840d1f57957d38925abd01415f21af79724ddbe3369a491a

- **KKR's Asset-Based Finance (ABF) business has shown significant growth**, with Assets Under Management (AUM) reaching **$66 billion, up 40% over the last 12 months**, driven by strong origination and a large market opportunity of **$5 trillion on its way to $7 trillion**.  **[KKR_3403646_6]**
- **KKR's fundraising momentum is strong**, having raised **$85 billion year-to-date**, tracking ahead of their **$300-plus billion** target, with confidence bolstered by both flagship funds and wealth management initiatives.  **[KKR_3403646_10]**
- **KKR's Infrastructure business has experienced exceptional growth and performance**, increasing AUM from **$15 billion five years ago to $77 billion as of September 30, 2024**, all organic, contributing significantly to capital market transaction fees and demonstrating scalability advantages.  **[KKR_3403646_5]**

1eb004252c49121c13390b6e4c776bbf8de5cddd48ba3ad8c9bf125781fcaa27

- **KKR's insurance segment, Global Atlantic (GA), experienced reduced returns in the quarter due to elevated cash balances from recent block transactions and delays in redeploying those assets into higher-yielding investments.**  **[KKR_3381832_11]**
- **KKR is facing competition in the pension risk transfer (PRT) market, with larger PRT deals going to traditional insurance players, potentially limiting growth opportunities for GA in this area.**  **[KKR_3381832_10]**
- **KKR is not active in the secondary market, which could be seen as a missed opportunity to scale and diversify its business, especially as demand from limited partners (LPs) increases in this area.**  **[KKR_3381832_9]**

6649c557085c325436898cb9cc0b85e0b43ef5e1e87a929d4f75ec8a6b7b3c3d

- **KKR's private credit business has experienced significant growth, with assets under management increasing 22% year-over-year from $76 billion to $93 billion as of March 31**.  **[KKR_3381832_7]**  The firm is seeing strong investor interest in private credit, and fundraising momentum is broad-based across institutional, private wealth, and insurance channels.  **[KKR_3381832_7]**
- **KKR has a robust pipeline for future monetizations, with over $400 million of visible pipeline related to monetizations and a gross unrealized carried interest balance up 50% year-over-year**.  **[KKR_3381832_16]**  This reflects strong investment performance and a seasoned portfolio, positioning the firm for potential increases in realized earnings.  **[KKR_3381832_16]**
- **KKR anticipates significant growth in Strategic Holdings operating earnings, expecting to increase from approximately $20 million per quarter in 2024 to over $300 million by 2026**.  **[KKR_3381832_8]**  This anticipated growth underscores the firm's confidence in its long-term trajectory and earnings potential.  **[KKR_3381832_8]**

5c5206a8cbed57f2a7ab210a12d800dfb2ee38ccd4db2c2066485754724a448b

- **KKR's Infrastructure platform has experienced significant organic growth, expanding from $17 billion to $60 billion in AUM over three years**, with strong performance exceeding targets, particularly in Asia.  **[KKR_3372008_15]**
- **KKR expects significant growth in their insurance business through Global Atlantic**, aiming to increase individual annuity production from **$10 billion to $15–$20 billion** and expanding institutional channels, including flow reinsurance and pension risk transfer.  **[KKR_3372008_16]**
- **KKR is expanding into the private wealth channel**, with their **K Series products** gaining traction and expectations for significant long-term growth potential, supported by increasing allocations from mass affluent investors.  **[KKR_3372008_6]**

6013f79c7510cd0db91e88b1a65a492430563c0d66369cc72dd1ae58fde5b1d5

1. **Private Equity Deployment Outlook**  
   **Q:** What is the expected investment activity in private equity?  
   **A:** Management highlighted a very healthy pipeline in private equity, with significant pending investments in corporate carve-outs in Europe and the U.S..  **[KKR_3381832_5]**  They expect increased activity as the M&A market comes back, and recent deals like the Cotiviti transaction, which closed today, illustrate this momentum.  **[KKR_3381832_5]** 

2. **Capital Allocation Priorities**  
   **Q:** How will you allocate the $25 billion cash flow over the next 5 years?  
   **A:** Management intends to use excess free cash flow to drive durable and recurring growth in earnings per share by allocating capital nimbly across four areas: core private equity, share buybacks, insurance, and strategic M&A.  **[KKR_3381832_6]**  They have no fixed percentages and focus on pursuing the highest-return opportunities, aiming for **$1 billion plus** in Strategic Holdings operating earnings by 2030.  **[KKR_3381832_6]** 

3. **Growth in Private Credit and Fundraising**  
   **Q:** Can you discuss the growth and fundraising in your credit portfolio?  
   **A:** Investor interest in private credit remains strong, with KKR's private credit AUM reaching **$93 billion** as of March 31, up **22%** year-over-year.  **[KKR_3381832_7]**  Fundraising is broad-based across institutional, private wealth, and insurance channels, including evergreen capital in direct lending, opportunistic asset-based finance, and Asia private credit.  **[KKR_3381832_7]** 

4. **Monetization Pipeline and Realization Outlook**  
   **Q:** What is the outlook for realizations and monetizations?  
   **A:** KKR has over **$400 million** of visible pipeline related to monetizations, with approximately **60%** expected from carry and **40%** from investment income.  **[KKR_3381832_16]**  Management notes that pipelines are healthier than at any point in the past 12 to 18 months, driven by a maturing portfolio and strong investment performance, with gross unrealized carry up **50%** year-over-year.  **[KKR_3381832_16]** 

5. **Asset-Based Finance and Synthetic Risk Transfers**  
   **Q:** How do you see the ABF deployment opportunity unfolding, especially in synthetic risk transfers?  
   **A:** KKR is active in the synthetic risk transfer market, which is expanding, particularly in the U.S..  **[KKR_3381832_13]**  With the ABF platform now over **$50 billion** in AUM, KKR sees significant macro tailwinds and expects continued robust deployment opportunities as banks look to free up capital.  **[KKR_3381832_13]** 

6. **Capital Markets Business Outlook**  
   **Q:** What is the outlook for your capital markets business?  
   **A:** After generating around **$600 million** of revenue in each of the past two tough years, KKR's capital markets pipelines are better today than at any point in the last 12 months.  **[KKR_3381832_14]**  In 2021, the business generated **$850 million** in revenue, and with increased activity and greater market share, management expects to exceed that figure as markets continue to open up.  **[KKR_3381832_14]** 

7. **Impact of Block Transactions on GA Returns**  
   **Q:** How have recent block transactions affected Global Atlantic's returns?  
   **A:** Completing over **$20 billion** in block transactions led to a temporary reduction in returns due to the immediate cost of liabilities and a 12- to 18-month asset redeployment period.  **[KKR_3381832_11]**  Management views this as part of a strategic investment, expecting long-term ROEs to benefit as assets are deployed into higher-yielding investments, including attractive opportunities in core and core-plus real estate.  **[KKR_3381832_11]** 

8. **Cost of Insurance and ROE Outlook for Global Atlantic**  
   **Q:** How should we think about the cost of insurance and ROE for Global Atlantic?  
   **A:** As interest rates rise, crediting spreads and yields have increased, allowing Global Atlantic to maintain its spreads.  **[KKR_3381832_12]**  Management continues to forecast long-term pretax ROEs for Global Atlantic in the **14% to 15%** range, confident in their ability to source attractive liabilities and deploy assets effectively.  **[KKR_3381832_12]** 

9. **Scaling Asset-Based Finance Originations**  
   **Q:** What steps are you taking to drive ABF originations higher?  
   **A:** Post the Global Atlantic acquisition, KKR's ABF business has scaled significantly, with **18–19** global platforms and over **7,000** people sourcing unique deal flow.  **[KKR_3381832_15]**  While they plan to add more platforms and resources, the focus is on leveraging existing opportunities, as they are capital constrained rather than opportunity constrained.  **[KKR_3381832_15]** 

10. **Global Atlantic Flows and PRT Opportunity**  
    **Q:** Can you discuss Global Atlantic's flows and the pension risk transfer opportunity?  
    **A:** In the quarter, about **75%** of Global Atlantic's flows came from the institutional side, including a significant block transaction with Manulife.  **[KKR_3381832_10]**  While starting from a low base, KKR sees the pension risk transfer market as a medium- to long-term opportunity, leveraging their institutional reinsurance platform to capture future growth.  **[KKR_3381832_10]** 

11. **View on Secondaries Market Participation**  
    **Q:** Do you plan to scale into the secondaries market?  
    **A:** KKR does not see secondaries as a need-to-have business and focuses on areas where they can be a top three player.  **[KKR_3381832_9]**  Management is comfortable concentrating on their existing businesses and has evaluated opportunities in secondaries but determined they were not the right fit or did not offer acceptable returns.  **[KKR_3381832_9]** 

3ad47da4149e90bc498c469586249f2b228ec6dbadf547c262f13b24ebd27fb3

- **KKR's near-term Return on Equity (ROE) is expected to be below their 14%-15% long-term target range** due to investments that are dilutive to near-term earnings, as they prioritize long-term growth over short-term profitability.  **[KKR_3395304_7]**
- **Elevated levels of liquidity from significant capital inflows ($50 billion over the past 9 months)** have not yet been fully deployed, leading to lower net investment income and pressure on near-term ROEs.  **[KKR_3395304_7]**
- **KKR is not currently prioritizing expansion into the secondary market for distributing private market assets to individuals**, potentially missing out on growth opportunities in that area.  **[KKR_3395304_18]**

229a28bccbd1f2cf46ac0c1fe7be18e5475692739a190e6c4352d714e3b03684

- **Declining interest rates may pressure earnings in KKR's insurance platform.** As Robert Lewin noted, lower interest rates could reduce Global Atlantic's P&L due to decreased variable investment income, which may not be replicable in future periods.  **[KKR_3372008_16]**
- **KKR's capital markets business relies on favorable market conditions that may not persist.** The firm acknowledged that strong performance in Q4 was aided by market improvements in November and December, but capital markets activity remains muted compared to prior healthy levels, suggesting future revenues are uncertain.  **[KKR_3372008_9]**
- **Changes in compensation structure and new financial metrics could obscure underlying performance.** KKR is moving compensation from fees to carried interest and introducing new metrics like total operating earnings, making it more challenging to assess earnings stability and increasing potential earnings volatility.  **[KKR_3372008_14]**

de7540121b8dbdddae76ec59aaff69ccae7d57cbf9542404c2503906ce5c0880

1. **Flagship Fundraising and FRE Outlook**  
   **Q:** What's the timing for flagship fundraises and FRE impact?  
   **A:** Management plans to actively fundraise for their infrastructure strategy and expects to launch fundraising for the Americas private equity strategy later this year, with Asia likely in 2025.  **[KKR_3372008_5]**  In 2022 and 2023, they raised around **$150 billion** of new capital, but only **$6 billion** came from flagships.  **[KKR_3372008_5]**  They anticipate this will change in 2024 and 2025.  **[KKR_3372008_5]**  Fee-Related Earnings (FRE) per share are currently **$2.68** and are expected to exceed **$4.50** in three years, driven by management fee growth and contributions from flagships.  **[KKR_3372008_5]** 

2. **Wealth Channel Expansion**  
   **Q:** How will wealth initiatives contribute over time?  
   **A:** As of December 31, around **$75 billion** of AUM is from individuals, primarily high-net-worth investors.  **[KKR_3372008_6]**  They recently introduced the K Series suite of products designed for wealth investors, with assets growing from **$2.4 billion** a year ago to **$6.5 billion** now.  **[KKR_3372008_6]**  They're raising about **$500 million** a month with these products and expect an acceleration in platforms in the first half of 2024.  **[KKR_3372008_6]**  While their 2026 targets didn't include much from private wealth, they now see contributions growing over the next few years, with a material impact expected post-2026.  **[KKR_3372008_6]** 

3. **Asset-Based Finance Opportunities**  
   **Q:** How is KKR positioning in asset-based finance growth?  
   **A:** KKR has around **$90 billion** in private credit AUM, with nearly **$50 billion** in asset-based finance (ABF) and **$38 billion** in direct lending.  **[KKR_3372008_7]**  As banks pull back from certain lending areas, KKR sees expanding opportunities in ABF.  **[KKR_3372008_7]**  They've recently announced several transactions, including a partnership with BMO on a **$7 billion** RV loan portfolio and acquisitions of auto loan portfolios.  **[KKR_3372008_7]**  The asset-backed securities market is growing toward **$7 trillion**, and KKR expects significant growth ahead, with over 20 origination platforms in ABF.  **[KKR_3372008_7]** 

57dabd8717cd50a2073f43bf0baa2e3eb66c0c839132f9d24cbbfaa5d6a1d867

1. **Fundraising Outlook**  
   **Q:** Is the $300B fundraising target conservative given momentum?  
   **A:** Management feels confident about exceeding the **$300+ billion** fundraising target, given strong momentum and increased contributions from flagship funds like infrastructure and private equity.  **[KKR_3403646_10]** 

2. **Accrued Performance Income and Monetization**  
   **Q:** Any funds flipping into carry; timing of monetizing gains?  
   **A:** Accrued carry increased due to broad-based performance, especially in infrastructure funds growing from **$1B to $17B**. Realizing embedded gains depends on the improving monetization environment.  **[KKR_3403646_9]** 

3. **Wealth Management Growth and Capital Group Partnership**  
   **Q:** Update on wealth management traction and Capital Group partnership?  
   **A:** Wealth AUM from individuals reached **$75 billion**, with strong traction in private equity and infrastructure. KKR is expanding products across four verticals and sees significant growth ahead with Capital Group partnerships launching credit vehicles.  **[KKR_3403646_8]** 

4. **Capital Markets Performance and Outlook**  
   **Q:** Can strong Capital Markets performance continue?  
   **A:** The Capital Markets business had a record quarter, with revenues expected to be up **50%** over last year. Management is optimistic about sustained growth due to the diversification and breadth of the business model.  **[KKR_3403646_13]** 

5. **Infrastructure Business Sustainability**  
   **Q:** What's driving strong infra returns; sustainability into 2025?  
   **A:** The infrastructure business grew AUM from **$15B to $77B** in five years, all organic. Strong performance and scale advantages are expected to sustain momentum into 2025.  **[KKR_3403646_5]** 

6. **Monetization Pipeline into 2025**  
   **Q:** Outlook for monetizations, especially IPOs, into 2025?  
   **A:** The monetization environment has recovered, with a positive backlog. KKR expects the IPO market to pick up, having seen recent IPOs trading **50% above** issue price on average.  **[KKR_3403646_20]** 

7. **Real Assets Fundraising Momentum**  
   **Q:** How is fundraising across real assets beyond infrastructure?  
   **A:** Real estate AUM reached **$80 billion**, split equally between equity and credit. Investment activity increased significantly, with **$12 billion** deployed year-to-date, reflecting positive investor sentiment.  **[KKR_3403646_7]** 

8. **Asset-Backed Finance Growth**  
   **Q:** Details on asset-backed finance growth and sourcing?  
   **A:** Asset-backed finance AUM grew **40%** to **$66 billion**, with origination running at a **$30 billion** annual pace. Growth is driven by 35 platforms and partnerships with major finance brands.  **[KKR_3403646_6]** 

9. **Climate Strategy Progress**  
   **Q:** Update on building out the climate strategy?  
   **A:** KKR sees massive capital needs of **$200 trillion** for net zero by 2050. Their climate strategy is a priority, currently at around **$2.5 billion** in fundraising and continues to grow.  **[KKR_3403646_14]** 

10. **Fee Rates in Real Assets and PE**  
    **Q:** What's impacting fee rates in real assets and PE segments?  
    **A:** Fee rates in real assets increased due to infra fund fees turning on. PE fee rates decreased slightly due to K-Series products with fee holidays and scaling of core PE at lower fees.  **[KKR_3403646_12]** 

11. **Global Atlantic ROE Target Update**  
    **Q:** Is the 14-15% pretax ROE target for 2026 still on track?  
    **A:** Management feels great about performance and remains committed to the **14-15%** pretax ROE target for Global Atlantic, though exact timing may vary due to growth dynamics.  **[KKR_3403646_15]** 

12. **Sale of Core PE Portfolio Asset**  
    **Q:** Why did you sell an asset from core PE portfolio?  
    **A:** The sale was part of portfolio optimization, related to a transaction with Telecom Italia. The long-term hold strategy in Strategic Holdings remains unchanged.  **[KKR_3403646_16]** 

13. **Private Assets in Retirement Channel**  
    **Q:** Thoughts on private assets in retirement and DC channels?  
    **A:** KKR sees logic in introducing alternatives into target-date funds, a massive market with over **60%** of new 401(k) dollars. The Capital Group partnership is strategic in this area.  **[KKR_3403646_18]** 

14. **Capital Markets Contribution from GA**  
    **Q:** How much did Global Atlantic contribute to Capital Markets?  
    **A:** Global Atlantic was a solid contributor but not material within the **$420+ million** Capital Markets revenue. There's potential for contributions in the hundreds of millions over time.  **[KKR_3403646_17]** 

15. **Potential Tariff/Trade War Impact**  
    **Q:** How could tariffs or trade wars impact your portfolio?  
    **A:** Management focuses on controllable factors but has scenario planning in place. Portfolio construction already considers such risks to mitigate potential impacts.  **[KKR_3403646_11]** 

16. **Visible Realization Pipeline Numbers**  
    **Q:** Can you provide updated realization pipeline numbers?  
    **A:** There is visibility into about **$500 million** of monetization-related revenue for Q4, with approximately **60%** enhancing P&L impact due to a lower compensation ratio.  **[KKR_3403646_19]** 

5063ba8fff284b815bd14fd25fdcc6dac4e03496757e866f8403f5298857b7e1

KKR & Co Inc (KKR)

Financials