KKR & Co. Inc.
For the period ended Mar 31, 2026. Filed May 8, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
KKR$96.48-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001404912-25-000042
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001404912-26-000017
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
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126 unchanged; 335 reworded; 462 added; 215 removed; 41 previous and 969 current paragraphs rearranged.
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A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (462)
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RESULTS OF OPERATIONS
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cash flows."
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Founded in 1976, KKR pioneered the leveraged buyout strategy and has been a leader of the private equity industry for
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estate, energy, growth equity, and core private equity. Over the same period, we scaled from being a U.S.-focused firm to a
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global operation with 35 offices around the world as of March 31, 2026. Our business further expanded with the acquisition of
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Global Atlantic in 2021, which today conducts our insurance business providing retirement and life insurance solutions. As of
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March 31, 2026, we managed $758 billion of assets under management, of which $220 billion comes from Global Atlantic.
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Our three reporting segments align with the KKR business model:
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Our business model of (i) Asset Management, (ii) Insurance, and (iii) Strategic Holdings corresponds to our three reporting
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segments. We have purposely created a business model that we believe enables us to grow long-term, durable, recurring
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earnings with a focus on large addressable markets where we can be an industry leader. Importantly, these pieces were built
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to leverage our core strengths as a firm: investing acumen, capital allocation expertise and our collaborative culture.
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Business Segments
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In Asset Management, we have five business lines: (i) Private Equity, (ii) Real Assets, (iii) Credit and Liquid Strategies, (iv)
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Capital Markets, and (v) Principal Activities.
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Our Assets Under Management have grown and diversified in the last 15 years across Private Equity, Real Assets, and
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Credit and Liquid Strategies as illustrated on the following chart. KKR has evolved from a relatively US-centric and traditional
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private equity firm to a global alternative asset manager. As of December 31, 2010, our traditional Private Equity strategy
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represented over 70% of our total AUM. As of March 31, 2026, traditional Private Equity was less than 25% of our total AUM.
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Assets Under Management ($ in billions):
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Liquid Strategies
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Alternative Credit
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Credit and Liquid
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Strategies(1)
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CAGR
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Leveraged Credit
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Real Estate
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Real Assets(2)
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Infrastructure &
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Energy
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Growth Equity
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Core Private Equity
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Traditional Private
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Equity
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(1)As of March 31, 2026, Alternative Credit AUM includes $92 billion of asset-based finance, $49 billion of corporate private credit (including $39 billion of
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direct lending) and $8 billion of strategic investments.
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(2)Real estate credit lends across the risk return spectrum of investments secured by or relating to real property, including senior mortgage loans, mezzanine
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loans and mortgage-backed securities in North America and Europe. As of March 31, 2026, real estate credit AUM totals $44 billion. Real estate equity
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seeks core, core+ and opportunistic real estate investment opportunities by geography: North America, Europe and Asia Pacific. As of March 31, 2026,
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real estate equity AUM totals$40 billion. This includes $12 billion from the management of two publicly listed Japanese REITs through our subsidiary,
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(1)The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the date upon which management fees begin to accrue.
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(2)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. 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.
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Through our Real Assets business line, we manage and sponsor a group of real assets funds and accounts that invest capital in infrastructure, real estate, or energy. These funds and accounts are managed by Kohlberg Kravis Roberts & Co. L.P. or one of its subsidiaries. As of September 30, 2025, our Real Assets business line had $186.3 billion of AUM, consisting of $95.2 billion in infrastructure, $84.6 billion in real estate (of which $44.1 billion is real estate credit and $40.5 billion is real estate equity), $5.1 billion in energy, and $1.4 billion of unallocated commitments from a strategic investment partnership.
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(1)The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the date upon which management fees begin to accrue.
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(2)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. 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.
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(3)The commitment represents the aggregate capital commitments to the fund, including capital commitments by third-party fund investors and the general partner. Foreign currency commitments have been converted into U.S. dollars based on the exchange rate that prevailed on September 30, 2025.
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(5)Starts upon the date of the close of the first investment.
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(6)Six years after the start of the investment period.
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(7)Open-ended fund.
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(8)Includes another climate strategy vehicle with different investment vehicle terms.
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Through our Credit and Liquid Strategies business line, we report our credit and hedge funds platforms on a combined basis. As of September 30, 2025, our Credit and Liquid Strategies business line had $314.7 billion of AUM, comprised of $142.9 billion of assets managed in our leveraged credit strategies, $84.0 billion of assets in asset-based finance, $47.4 billion in direct lending, $7.7 billion of assets managed in our SIG strategy, and $32.7 billion of assets managed through our hedge fund platform, which we refer to as the liquid strategies component of our credit and liquid strategies business. Asset-based finance and direct lending together represent our private credit strategy. We manage $160.1 billion of credit investments for our Global Atlantic insurance companies. Our BDCs have approximately $16.5 billion in assets under management, which is reflected in the AUM of our credit strategies above. We report all of the assets under management of our BDCs in our AUM, but we report only a pro rata portion of the assets under management of our hedge fund partnerships based on our percentage ownership in them.
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Our credit platform invests capital in a broad range of corporate debt and collateral-backed investments across asset classes and capital structures. Our credit strategies are primarily managed by KKR Credit Advisors (US) LLC, which is an SEC-registered investment adviser, KKR Credit Advisors (Ireland) Unlimited Company, which is regulated by the Central Bank of Ireland (“CBI”), KKR Credit Advisors (EMEA) LLP, which is regulated by the United Kingdom ("UK") Financial Conduct Authority (the "FCA"), and KKR Credit Advisors (Singapore) Pte. Ltd., which is regulated by the Monetary Authority of Singapore and an SEC-registered investment adviser. We also jointly own with a third party FS/KKR Advisor, LLC, an investment adviser registered with the SEC that provides investment advisory services to certain registered investment companies, including FS KKR Capital Corp. (NYSE: FSK), a publicly listed BDC, KKR FS Income Trust, a privately-offered BDC and KKR FS Income Trust Select, a privately-offered BDC.
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Our credit business pursues a variety of investment strategies in leveraged credit and alternative credit.
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Leveraged Credit. Our leveraged credit strategies seek to primarily invest in assets such as leveraged loans (including revolving credit facilities), high yield bonds, and structured credit (including CLOs and asset-backed securities). Within leveraged credit, we manage both single-asset class and multi-asset class pools of capital. Our opportunistic credit strategy seeks to deploy capital across investment themes that seek to take advantage of credit market dislocations and relative value opportunities spanning, asset types and liquidity profiles. Our multi-asset credit strategy seeks to dynamically allocate across public liquid credit asset types in a broadly diversified strategy.
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Alternative Credit. Our alternative credit strategy consists of our (i) private credit strategies and (ii) investments overseen by our credit platform’s strategic investments group (“SIG”):
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•Strategic Investments Group. This strategy seeks to provide strategic capital solutions to high quality, mid-to-large cap companies and assets. The strategy pursues investment capital solutions in corporate credit where we believe market volatility or other investment themes have created the opportunity to invest opportunistically across the capital structure and through market cycles to generate outsized returns, and which may include investment terms intended to offer various levels of downside-protection. These investment opportunities may include debt (senior and junior), preferred equity, convertible debt, and structured equity. These investments may include non-control-oriented opportunities, a variety of capital solutions for third-party investment vehicles, balance sheet optimization capital solutions, strategic partner capital, and other event-driven investments in debt or equity.
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Hedge Fund Platform
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Our hedge fund platform consists of strategic partnerships with third-party hedge fund managers in which KKR owns a minority stake. This principally consists of a 39.6% interest in Marshall Wace LLP (together with its affiliates, "Marshall Wace"), a global alternative investment manager specializing in long/short equity products.
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(1)The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the date upon which management fees begin to accrue.
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(2)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. 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.
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(1)Includes credit investments we manage for our Global Atlantic insurance companies. This capital is perpetual in nature, not subject to an incentive fee or carried interest, and does not require a preferred return.
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(2)Certain funds and CLOs are subject to a performance fee in which the manager or general partner of the funds share up to 20% of the net profits earned by investors in excess of performance hurdles (generally tied to a benchmark or index) and subject to a provision requiring the funds and investment vehicles to regain prior losses before any performance fee is earned.
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(3)Duration of capital is measured from inception. Inception dates for CLOs were between 2013 and 2025 and for separately managed accounts and funds investing in alternative credit strategies from 2009 through 2025.
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(5)Lower fees on uninvested capital in certain investment vehicles.
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(6)Hedge Funds represent KKR's pro rata portion of AUM and FPAUM of our hedge fund partnerships.
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(7)Represents FSK, KKR FS Income Trust, and KKR FS Income Trust Select. We report all of the assets under management of these BDCs in our AUM and FPAUM.
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Capital Markets
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Our Capital Markets business line is comprised of our global capital markets business, which serves our firm, including our insurance business, our portfolio companies, and third-party clients by developing and implementing both traditional and non-traditional capital solutions for investments or companies seeking financing. These services include arranging debt and equity financing, placing and underwriting securities offerings, and providing other types of capital markets services that result in the firm receiving fees, including underwriting, placement, transaction and syndication fees, commissions, underwriting discounts, interest payments and other compensation, which may be payable in cash or securities, in respect of the activities described above. Third-party clients of our capital markets business include multi-national corporations, public and private companies, financial sponsors, mutual funds, pension funds, sovereign wealth funds, and hedge funds globally. Our capital markets business provides these clients with differentiated access to capital through our distribution platform.
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Our capital markets business underwrites credit facilities and arranges loan syndications and participations. When we are sole or lead arrangers of a credit facility, we may advance amounts to the borrower on behalf of other lenders, subject to repayment. When we underwrite an offering of securities on a firm commitment basis, we commit to buy and sell an issue of securities and generate revenue by purchasing the securities at a discount or for a fee. When we act in an agency capacity or best efforts basis, we generate revenue for arranging financing or placing securities with capital markets investors. We may also provide issuers with capital markets advice on capital structuring, access to markets, marketing considerations, securities pricing, and other aspects of capital markets transactions in exchange for a fee. Our capital markets business also provides syndication services in respect of co-investments in transactions participated in by KKR, our funds, Global Atlantic, and third-party clients, which may entitle the firm to receive syndication fees, management fees, and/or a carried interest.
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The capital markets business has a global footprint, with local presence and licenses to carry out certain broker-dealer activities in various countries in North America, Europe, Asia-Pacific, and the Middle East. Our flagship capital markets subsidiaries include KKR Capital Markets LLC, which is an SEC-registered broker-dealer and a member of FINRA, KKR Capital Markets (Ireland) Limited, which is authorized and regulated by the Central Bank of Ireland, KKR Capital Markets Partners LLP, which is authorized and regulated by the Financial Conduct Authority, KKR Capital Markets Japan Limited, a Type I and Type II Financial Instruments Business Operator (broker dealer) under the Financial Instruments and Exchange Act of Japan, KKR Capital Markets Asia Limited, a Hong Kong licensed asset manager and broker-dealer licensed by the Securities and Futures Commission in Hong Kong to carry on dealing in securities, advising on securities and asset management regulated activities, and KKR Capital Markets Asia II Limited, a Hong Kong licensed broker-dealer licensed by the Securities and Futures Commission in Hong Kong to carry on dealing in securities and advising on securities.
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Principal Activities
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Through our Principal Activities business line, we manage certain of the firm’s assets and deploy capital to support and grow our Private Equity, Real Assets, and Credit and Liquid Strategies business lines.
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Typically, the funds in our Private Equity, Real Assets, and Credit and Liquid Strategies business lines contractually require us, as general partner of the funds, to make sizable capital commitments. We believe making general partner commitments assists us in raising new funds from limited partners by demonstrating our conviction in a given fund’s strategy. Our commitments to fund capital also occurs where we are the holder of the subordinated notes or the equity tranche of investment vehicles that we sponsor, including structured transactions. We also use our balance sheet to bridge investment activity during fundraising and, for example, by funding investments for new funds. We also use our own capital to bridge capital selectively for our funds’ investments or finance strategic transactions, although the financial results of an acquired business may be reported in our other business lines.
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Our Principal Activities business line also provides the required capital to fund the various commitments of our Capital Markets business line when underwriting or syndicating securities, or when providing term loan commitments for transactions involving our portfolio companies and for third parties. Our Principal Activities business line also holds assets that are utilized to satisfy regulatory requirements for our Capital Markets business line and risk retention requirements for certain investment vehicles.
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We also make opportunistic investments through our Principal Activities business line, which include co-investments alongside our Private Equity, Real Assets, and Credit and Liquid Strategies funds, as well as Principal Activities investments that do not involve our Private Equity, Real Assets, or Credit and Liquid Strategies funds.
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We endeavor to use our balance sheet strategically and opportunistically to generate an attractive risk-adjusted return on equity in a manner that is consistent with our fiduciary duties, in compliance with applicable laws, and consistent with our one firm approach.
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The chart below presents the holdings of our Principal Activities business line by asset class as of September 30, 2025, excluding our ownership of businesses reported through our Strategic Holdings segment.
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Holdings by Asset Class(1)
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(1)General partner commitments to our funds are included in the various asset classes shown above. Assets and revenues of other asset managers with which KKR has formed strategic partnerships where KKR does not hold more than 50% ownership interest are not included in our Principal Activities business line but are reported in the financial results of our other business lines.
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Our insurance business is operated by Global Atlantic, which operates as a separate business with its existing brands and management team. KKR acquired a majority controlling interest in Global Atlantic on February 1, 2021 and the remainder of Global Atlantic on January 2, 2024. Since the first quarter of 2021, we have presented Global Atlantic's financial results as a separate reportable segment.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
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The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements of KKR & Co. Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this report and our Annual Report, including the audited consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. In addition, this discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including those described under "Cautionary Note Regarding Forward-looking Statements" and "Business Environment" in this report and our Annual Report and "Risk Factors" in our Annual Report, and our other filings with the SEC. Actual results may differ materially from those contained in any forward-looking statements.
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The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial
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The unaudited condensed consolidated financial statements and the related notes included elsewhere in this report are hereafter referred to as the "financial statements." Additionally, the condensed consolidated statements of financial condition are referred to herein as the "consolidated statements of financial condition"; the condensed consolidated statements of operations are referred to herein as the "consolidated statements of operations"; the condensed consolidated statements of comprehensive income (loss) are referred to herein as the "consolidated statements of comprehensive income (loss)"; the condensed consolidated statements of changes in equity are referred to herein as the "consolidated statements of changes in equity"; and the condensed consolidated statements of cash flows are referred to herein as the "consolidated statements of cash flows."
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The unaudited condensed consolidated financial statements and the related notes included elsewhere in this report are
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We are a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. We aim to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in our portfolio companies and communities. We sponsor funds that invest in private equity, credit, and real assets and have strategic partners that manage hedge funds. Our insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic.
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KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance
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Our asset management business offers a broad range of investment management services to fund investors around the world. Throughout our history, we have consistently been a leader in the private equity industry, having completed more than 810 private equity investments in portfolio companies with a total transaction value in excess of $820 billion as of September 30, 2025. Since the inception of our firm in 1976, we have expanded our investment strategies and product offerings from traditional private equity to areas such as leveraged credit, alternative credit, infrastructure, energy, real estate, growth equity (including technology, health care, and impact strategies), and core private equity. We also provide capital markets services for our firm, our portfolio companies, and third parties. Our balance sheet provides a significant source of capital for the growth and expansion of our business, which has allowed us to further align our interests with those of our investment vehicle investors. Building on these efforts and leveraging our industry expertise and intellectual capital have allowed us to capitalize on a broader range of the opportunities we source.
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five decades. Since the inception of our firm, we have expanded our investment strategies and product offerings from
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Our asset management business offers a broad range of investment management services to fund investors around the world. In our asset management business, we have five business lines: (1) Private Equity, (2) Real Assets, (3) Credit and Liquid Strategies, (4) Capital Markets, and (5) Principal Activities. In addition to the overviews of each of these business lines provided in this report, please also refer to our Annual Report. As an asset management firm, we earn fees, including management fees and incentive fees, and carried interest for providing investment management and other services to our investment vehicles, CLOs, managed accounts, portfolio companies, and certain operating companies, and we generate transaction fees from capital markets transactions. We earn additional investment income by investing our own capital alongside investors in our investment vehicles and from other assets on our balance sheet. Carried interest we receive from our funds and certain other investment vehicles entitles us to a specified percentage of investment gains that are generated on third-party capital that is invested. On July 30, 2025, KKR acquired a majority ownership stake in HealthCare Royalty Management, LLC, a biopharma royalty acquisition company, which manages approximately $3 billion of assets and which is reported in growth equity within our Private Equity business line.
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As an asset management firm, we earn recurring management fees and fee-related performance revenues for providing
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Global Atlantic is a leading retirement and life insurance company that provides a broad suite of protection, legacy and savings products to customers and reinsurance solutions to clients across individual and institutional markets. Global Atlantic focuses on target markets that it believes support issuing products that have attractive risk and return characteristics. These markets allow Global Atlantic to leverage its strength in distribution and to deploy shareholder capital opportunistically across various market environments.
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Our insurance business operates under the Global Atlantic brand. Global Atlantic is a leading retirement and life
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Our insurance business is operated by our wholly-owned subsidiary Global Atlantic, which is a leading retirement and life insurance company that provides a broad suite of protection, legacy and savings products, and reinsurance solutions to clients across individual and institutional markets. Global Atlantic primarily offers individuals fixed-rate annuities, fixed-indexed annuities, and targeted life products through a network of banks, broker-dealers, and independent marketing organizations. Global Atlantic provides its institutional clients customized reinsurance solutions, including block, flow, and pension risk transfer, as well as funding agreements. Global Atlantic primarily generates income by earning a spread between its investment income and the cost of policyholder benefits. As of September 30, 2025, Global Atlantic served over three and a half million policyholders.
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Global Atlantic primarily generates income by earning a spread between the investment income generated from
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Global Atlantic offers individual customers fixed-rate annuities, fixed-indexed annuities, and preneed life insurance products primarily through a network of banks, broker-dealers, and independent marketing organizations. Global Atlantic provides its institutional clients customized reinsurance solutions, including block, flow, and pension risk transfer ("PRT") transactions, as well as funding agreements. Global Atlantic’s assets generally increase when individual market sales and reinsurance transactions exceed run-off of in-force policies. Global Atlantic primarily generates income by earning a spread on assets under management, as the difference between its net investment income and the cost of policyholder benefits. Global Atlantic also earns fees paid by policyholders on certain types of contracts and fees paid by third-party investors, which are reported in the asset management segment. As of September 30, 2025, Global Atlantic served over three and a half million policyholders.
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policyholders on certain types of insurance contracts and fees paid by third-party investors, which are reported in our asset
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In addition to the overview of our insurance business operated by Global Atlantic provided in this report, please also refer to our Annual Report. The following table represents Global Atlantic’s new business volumes by business and product for the three and nine months ended September 30, 2025 and 2024:
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The following table represents Global Atlantic’s new business volumes by business and product for the three months
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(1)New business volumes in individual markets are referred to as sales. In Global Atlantic's individual market channel, sales of annuities include all money paid into new and existing contracts. Individual market channel sales of life insurance products are based on commissionable premium and individual market channel sales for preneed life are based on the face amount of insurance. Life insurance product sales do not include the recurring premiums that policyholders may pay over time.
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(1)New business volumes in individual markets are referred to as sales. In Global Atlantic's individual market channel, sales of annuities include all money
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(2)Block reinsurance transactions may be episodic and volumes may fluctuate. Similarly, certain funding agreements are subject to capital markets conditions and volumes may fluctuate. Flow and pension risk transfer new business volumes typically occur throughout the year.
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capital markets conditions and volumes may fluctuate. Flow and pension risk transfer new business volumes typically occur throughout the year. See “—
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(3)New business volumes from Global Atlantic’s institutional market channel are based on the assets assumed, net of any ceding commission, and are gross of any retrocessions to investment vehicles that participate in qualifying reinsurance transactions sourced by Global Atlantic and to other third party reinsurers.
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(3)New business volumes from Global Atlantic’s institutional market channel are based on the assets assumed, net of any ceding commission, and are gross
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As of September 30, 2025, our Strategic Holdings segment consisted of our ownership stakes in 17 companies that we acquired through our core private equity strategy. Based on certain information made available to management as of September 30, 2025, approximately 68% of these companies are based in the Americas, 27% in Europe, and 5% in the Asia-Pacific (based on the geographic location of their headquarters). In addition, based on such information, these companies are primarily engaged in the following business sectors: approximately 36% in Business Services, 28% in Consumer, 17% in Healthcare, 13% in technology-media-telecommunications (TMT), and 6% in Infrastructure. We currently expect our Strategic Holdings segment to generate income from the receipt of dividends from our ownership stakes in these businesses, and if any ownership stake were to be sold, we would recognize realized investment income from such sale.
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income from the receipt of dividends from our ownership stakes in these businesses and, upon the sale of any ownership
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The fees and carried interest paid by the third party investors in our core private equity funds continues to be reported in our Asset Management segment and are not reported in our Strategic Holdings segment. Our Asset Management segment charges a quarterly management fee based on invested capital in our Strategic Holdings segment. Additionally, our Asset Management segment charges a performance fee from the sale of our interests in the companies included in our Strategic Holdings segment. The management and performance fees are charged in order to represent the cost of providing advisory services by our Asset Management segment rather than determining the allocable costs borne by our Asset Management segment to support our Strategic Holdings segment.
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The fees and carried interest paid by the third party investors in our core private equity funds continue to be reported in
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Our asset management, insurance, and strategic holdings segments are affected by the various market and economic conditions of the various countries and regions in which we operate. Market and economic conditions are expected to continue to have a substantial impact on our financial condition, results of operations, and our business in various ways that we are unable to control, including our ability to make new investments, the valuations of the investments we manage, the amount of investment proceeds we realize when we exit our investments, the timing for such realization activity, our ability to fundraise or to sell our various investment and insurance products and services, and the level of our capital markets activities, as discussed in the "Risk Factors" section of our Annual Report.
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Our asset management, insurance, and strategic holdings segments are affected by the various market and economic
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The United States, during the three months ended September 30, 2025, experienced an expansion in economic growth while also continuing to experience inflation in excess of the U.S. Federal Reserve Board’s target rate. The U.S. Federal Reserve Board decided to lower the target range to a range of 4.00% to 4.25% for the federal funds rate noting softening labor market conditions as a primary consideration in deciding to lower the target range despite inflation exceeding its target.
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the U.S. Federal Reserve Board left the federal funds rate unchanged.
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Real gross domestic product (“GDP”) growth in the Eurozone during the three months ended September 30, 2025 was moderately positive. In Europe during the three months ended September 30, 2025, the European Central Bank maintained interest rates at the same level as prior quarter, leaving the deposit rate unchanged at 2.0% as Eurozone core inflation accelerated compared to the prior quarter and remained slightly above the European Central Bank’s 2% inflation target.
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Real gross domestic product (“GDP”) growth in the Eurozone during the three months ended March 31, 2026 was
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In Asia, Japan’s economy is expected to have experienced negative growth in the third quarter of 2025 driven by an expected slowdown in consumer spending and export volumes. The Bank of Japan kept interest rates flat during the three months ended September 30, 2025, leaving its policy rate at 0.50%. In China, the economy grew during the three months ended September 30, 2025 but continued to experience divergent economic conditions and headwinds as Chinese growth remains subject to various headwinds including in the property sector and uncertainty relating to a potential trade war with the United States as discussed further below.
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consumer spending. The Bank of Japan left interest rates flat during the three months ended March 31, 2026, leaving its
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•GDP. In the United States, real GDP is estimated to have expanded at an annualized rate of 2.8% for the three months ended September 30, 2025, compared to an annualized expansion of 3.8% for the three months ended June 30, 2025. Eurozone real GDP expanded at an annualized rate of 0.8% for the three months ended September 30, 2025, up from an annualized 0.4% expansion for the three months ended June 30, 2025. In Japan, real GDP is estimated to have contracted at an annualized rate of 1.1% for the three months ended September 30, 2025, down from a 2.2% annualized expansion for the three months ended June 30, 2025. Real GDP in China expanded at an annualized rate of 4.4% for the three months ended September 30, 2025, compared to an annualized expansion of 4.0% reported for the three months ended June 30, 2025.
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•GDP. In the United States, real GDP expanded at an annualized rate of 2.0% for the three months ended March 31,
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•Interest Rates. The target federal funds rate set by the U.S. Federal Reserve Board was 4.125% as of September 30, 2025, down from 4.375% as of June 30, 2025. The benchmark short-term interest rate set by the European Central Bank was 2.0% as of September 30, 2025 unchanged from 2.0% as of June 30, 2025. The benchmark short-term interest rate set by the Bank of Japan was 0.50% as of September 30, 2025 with no change as compared with the rate as of June 30, 2025. The benchmark interest rate set by The People’s Bank of China was 3.0% as of September 30, 2025, unchanged from 3.0% as of June 30, 2025.
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•Interest Rates. The target federal funds rate set by the U.S. Federal Reserve Board was 3.625% as of March 31, 2026,
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•Inflation. The U.S. core consumer price index rose 3.1% on a year-over-year basis as of September 30, 2025, up from 2.9% on a year-over-year basis as of June 30, 2025. Eurozone core inflation was 2.4% as of September 30, 2025, up from 2.3% as of June 30, 2025. In Japan, core inflation rose 1.6% on a year-over-year basis as of September 30, 2025, flat from 1.6% on a year-over-year basis as of June 30, 2025. Core inflation in China was 1.0% on a year-over-year basis as of September 30, 2025, up from 0.7% as of June 30, 2025.
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•Inflation. The U.S. core consumer price index rose 2.6% on a year-over-year basis as of March 31, 2026, the same
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•Unemployment. The U.S. unemployment rate is estimated to have been 4.3% as of September 30, 2025, up from 4.1% as of June 30, 2025. Eurozone unemployment was 6.3% as of September 30, 2025, flat from 6.3% as of June 30, 2025. The unemployment rate in Japan was 2.6% as of September 30, 2025, up from 2.5% as of June 30, 2025. The unemployment rate in China was 5.2% as of September 30, 2025, flat from 5.2% as of June 30, 2025.
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•Unemployment. The U.S. unemployment rate was 4.3% as of March 31, 2026, down from 4.4% as of December 31,
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Several key financial market indicators in the United States and in other countries and regions in which we operate include:
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Several key financial market indicators in the United States and in other countries and regions in which we operate
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•Equity Markets. For the three months ended September 30, 2025, the S&P 500 was up 8.1%, the MSCI Europe Index was up 4.6%, the MSCI Asia Index was up 9.4% and the MSCI World Index was up 7.4% on a total return basis including dividends. Equity market volatility as evidenced by the Chicago Board Options Exchange Market Volatility Index (VIX), a measure of volatility, ended at 16.3 as of September 30, 2025, decreasing from 16.7 as of June 30, 2025.
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•Equity Markets. For the three months ended March 31, 2026, the S&P 500 was down -4.3%, the MSCI Europe Index
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•Credit Markets. During the three months ended September 30, 2025, U.S. investment grade corporate bond spreads (BofA Merrill Lynch US Corporate Index) tightened by 10 basis points. The non-investment grade credit indices were up during the three months ended September 30, 2025 with the S&P/LSTA Leveraged Loan Index up 1.8% and the BofAML HY Master II Index up 2.4%. During the three months ended September 30, 2025, the 10-year government bond yields fell 8 basis points in the United States, rose 10 basis points in Germany, rose 22 basis points in Japan, rose 21 basis points in the UK and rose 21 basis points in China.
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•Credit Markets. During the three months ended March 31, 2026, U.S. investment grade corporate bond spreads
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•Commodity Markets. During the three months ended September 30, 2025, the 3-year forward price of WTI crude oil increased approximately 0.5%, and the 3-year forward price of natural gas increased from approximately $3.25 per MMBtu as of June 30, 2025 to $3.63 per MMBtu as of September 30, 2025. The Japan spot LNG import price increased to approximately $11.68 per MMBtu as of September 30, 2025 from approximately $11.48 per MMBtu as of June 30, 2025.
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•Commodity Markets. During the three months ended March 31, 2026, the 3-year forward price of WTI crude oil
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•Foreign Exchange Rates. For the three months ended September 30, 2025, the euro fell 0.4%, the British pound fell 2.1%, the Japanese yen fell 2.6%, and the Chinese renminbi rose 0.6%, respectively, relative to the U.S. dollar.
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•Foreign Exchange Rates. For the three months ended March 31, 2026, the euro fell 1.6%, the British pound fell 1.8%,
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Beginning in March 2025 and continuing through the date of the filing of this report, the United States and countries around the world have experienced elevated levels of market volatility and uncertainty driven principally by geopolitical and global trade concerns, including, in particular, the announcements of the imposition of tariffs by the United States on certain of its trading partners since April 2025 and certain retaliation by such trade partners. This volatility and uncertainty adds to the various risks and uncertainties in the business environment in which we operate and may have various impacts, including on the valuations of certain of our and our investment vehicles' investments, the pace and volume of our capital market transactions, deployments, and realizations, and our fundraising activities.
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The United States and countries around the world have experienced elevated levels of market volatility and uncertainty
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Please refer to the "Risk Factors" section of our Annual Report for important additional detail regarding risks, uncertainties, and other conditions that could have a material favorable or unfavorable impact on our businesses, including the impact of market and economic conditions on valuations of investments and the impact of competition we face. These risks, uncertainties, and other conditions should be read in conjunction with this Business Environment section and the entire Risk Factor section of our Annual Report. In particular, see "Risk Factors—Risks Related to Our Business—Geopolitical developments and other local and global events outside of our control can materially and adversely impact KKR”, "Risk Factors—Risks Related to Our Investment Activities—Our valuation methodologies for certain assets can be subjective, and the fair value of assets established pursuant to such subjective methodologies is uncertain and may never be realized”, “Risk Factors—Risks Related to Our Investment Activities—Various market and economic conditions and events outside of our control that are difficult to quantify or predict may have a significant impact on the valuation of our investments and, therefore, on our financial results”, and "Risk Factors—Risks Related to Our Business—The investment management and insurance businesses are intensely competitive."
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Please refer to the "Risk Factors" section of our Annual Report for important additional detail regarding risks,
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We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our operating activities. We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See Note 2 “ Summary of Significant Accounting Policies” in our financial statements and “—Critical Accounting Policies and Estimates” contained in this section below. Our key Segment and non-GAAP financial measures and operating metrics are discussed below.
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We manage our business using certain financial measures and key operating metrics since we believe these metrics
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The following key segment and non-GAAP performance measures are used by management in making operational and resource deployment decisions as well as assessing the performance of KKR's business. They include certain financial measures that are calculated and presented using methodologies other than in accordance with GAAP. These performance measures as described below are presented prior to giving effect to the allocation of income (loss) between KKR & Co. Inc. and holders of exchangeable securities and as such represent the entire KKR business in total. In addition, these performance measures are presented without giving effect to the consolidation of certain investment funds and collateralized financing entities ("CFEs") that KKR manages.
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The following key segment and non-GAAP performance measures are used by management in making operational and
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We believe that providing these segment and non-GAAP performance measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall performance of KKR's business. These non-GAAP measures should not be considered as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, where applicable are included under "—Segment Balance Sheet Measures—Reconciliations to GAAP Measures."
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We believe that providing these segment and non-GAAP performance measures on a supplemental basis to our GAAP
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Adjusted Net Income ("ANI") is a performance measure of KKR’s earnings, which is derived from KKR’s reported segment results. ANI is used to assess the performance of KKR’s business operations and measures the earnings potentially available for distribution to its equity holders or reinvestment into its business. ANI is equal to Total Segment Earnings less Interest Expense, Net and Other and Income Taxes on Adjusted Earnings. Interest Expense, Net and Other includes interest expense on debt obligations not attributable to any particular segment and the cumulative dividend expense for the Series D Mandatory Convertible Preferred Stock net of interest income earned on cash and short-term investments. Income Taxes on Adjusted Earnings represents the (i) amount of income taxes that would be paid assuming that all pre-tax Asset Management and Strategic Holdings segment earnings were allocated to KKR & Co. Inc. and taxed at the same effective rate, which assumes that all securities exchangeable into shares of common stock of KKR & Co. Inc. were exchanged and (ii) amount of income taxes on Insurance Operating Earnings. Income taxes on Insurance Operating Earnings represent the total current and deferred tax expense or benefit on income before taxes adjusted to eliminate the impact of the tax expense or benefit associated with the non-operating adjustments. Equity based compensation expense is excluded from ANI, because (i) KKR believes that the cost of equity awards granted to employees does not contribute to the earnings potentially available for distributions to its equity holders or reinvestment into its business and (ii) excluding this expense makes KKR’s reporting metric more comparable to the corresponding metric presented by other publicly traded companies in KKR’s industry, which KKR believes enhances an investor’s ability to compare KKR’s performance to these other companies. Income Taxes on Adjusted Earnings includes the benefit of tax deductions arising from equity-based compensation, which reduces Income Taxes on Adjusted Earnings during the period. If tax deductions from equity-based compensation were to be excluded from Income Taxes on Adjusted Earnings, KKR’s ANI would be lower and KKR’s effective tax rate would appear to be higher, even though a lower amount of income taxes would have actually been paid or payable during the period. KKR separately discloses the amount of tax deduction from equity-based compensation for the period reported and the effect of its inclusion in ANI for the period. KKR makes these adjustments when calculating ANI in order to more accurately reflect the net realized earnings that are expected to be or become available for distribution to KKR’s equity holders or reinvestment into KKR’s business. However, ANI does not represent and is not used to calculate actual dividends under KKR’s dividend policy, which is a fixed amount per period, and ANI should not be viewed as a measure of KKR’s liquidity.
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Adjusted Net Income ("ANI") is a performance measure of KKR’s earnings, which is derived from KKR’s reported segment
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Total Segment Earnings is a performance measure that KKR believes is useful to stockholders as it provides a supplemental measure of our operating performance without taking into account items that KKR does not believe arise from or relate directly to KKR's operations. Total Segment Earnings excludes: (i) equity-based compensation charges, (ii) amortization of acquired intangibles, and (iii) transaction-related and non-operating items, if any. Transaction-related and non-operating items primarily arise from corporate actions, which consist of: (i) impairments, (ii) transaction costs from acquisitions, including any acquisition-related stock consideration, (iii) depreciation on real estate that KKR owns and occupies, (iv) contingent liabilities, net of any recoveries, (v) certain integration, restructuring, and other non-operating expenses, and (vi) other gains or charges that affect period-to-period comparability and are not reflective of KKR's ongoing operational performance. Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the respective segments. These transactions include (i) management fees earned by our Asset Management segment as the investment adviser for Global Atlantic insurance companies, (ii) management and performance fees earned by our Asset Management segment for acquiring and managing the companies included in our Strategic Holdings segment, and (iii) interest income and expense based on lending arrangements where our Asset Management segment borrows from our Insurance segment. All these inter-segment transactions are recorded by each segment based on the applicable governing agreements. Additionally, due to the integrated nature of our segment operations and as part of our strategic capital allocation decisions, intersegment asset transfers have and may continue to occur. In these cases in segment reporting, the assets are transferred at their fair value, and no realization is recognized at the time of transfer. Earnings are recognized upon realization events and transactions with third parties. Total Segment Earnings represents the total segment earnings of KKR’s Asset Management, Insurance and Strategic Holdings segments.
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Total Segment Earnings is a performance measure that KKR believes is useful to stockholders as it provides a
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Asset management segment earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Asset Management segment. This measure is presented before income taxes and is comprised of: (i) Fee Related Earnings, (ii) Realized Performance Income, (iii) Realized Performance Income Compensation, (iv) Realized Investment Income, and (v) Realized Investment Income Compensation. Asset Management Segment Earnings excludes the impact of: (i) unrealized gains (losses) on investments, (ii) unrealized carried interest, and (iii) unrealized carried interest compensation. Management fees earned by KKR as the adviser, manager or sponsor for its investment funds, vehicles and accounts, including its Global Atlantic insurance companies and Strategic Holdings segment, are included in Asset Management Segment Earnings.
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assess the performance of the Asset Management segment. This measure is presented before income taxes and is comprised
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Insurance Operating Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i) Net Investment Income, (ii) Net Cost of Insurance, and (iii) General, Administrative, and Other Expenses. Insurance Operating Earnings excludes the impact of: (i) investment gains (losses) which include realized gains (losses) related to asset/liability matching investment strategies and unrealized investment gains (losses) and (ii) non-operating changes in policy liabilities and derivatives which includes (a) changes in the fair value of market risk benefits and other policy liabilities measured at fair value and related benefit payments, (b) fees attributed to guaranteed benefits, (c) derivatives used to manage the risks associated with policy liabilities, and (d) losses at contract issuance on payout annuities. Insurance Operating Earnings includes (i) realized gains and losses not related to asset/liability matching investment strategies and (ii) the investment management costs that are earned by our Asset Management segment as the investment adviser of the Global Atlantic insurance companies.
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performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i) Net
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Our Strategic Holdings business is currently comprised of the firm’s ownership in the businesses we acquired through our participation in our core private equity strategy. In our core private equity strategy, our objective is to acquire and manage controlling interests in operating companies, which we intend to hold over a longer period of time and that we believe have a lower anticipated risk profile than our investments in businesses acquired through our traditional private equity strategy. As of September 30, 2025, our Strategic Holdings segment consisted of our ownership stakes in 17 companies that we acquired through our core private equity strategy.
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Strategic Holdings Segment Earnings is the segment profitability measure used to make operating decisions and to assess
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Strategic Holdings Segment Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Strategic Holdings segment. This measure is presented before income taxes and is comprised of: Dividends, Net and Net Realized Investment Income. Strategic Holdings Segment Earnings excludes the impact of unrealized gains (losses) on investments. Strategic Holdings Segment Earnings includes management fees and performance fee expenses that are earned by the Asset Management segment.
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the performance of the Strategic Holdings segment. This measure is presented before income taxes and is comprised of:
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Fee related earnings is a performance measure used to assess the Asset Management segment’s generation of earnings from revenues that are measured and received on a more recurring basis as compared to KKR’s investing earnings. KKR believes this measure is useful to stockholders as it provides additional insight into the profitability of our fee generating asset management and capital markets businesses. FRE equals (i) Management Fees, including fees paid by the Insurance and Strategic Holdings segments to the Asset Management segment and fees paid by Ivy vehicles and other reinsurance vehicles, (ii) Transaction and Monitoring Fees, Net and (iii) Fee Related Performance Revenues, less (x) Fee Related Compensation, and (y) Other Operating Expenses.
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Fee related earnings is a performance measure used to assess the Asset Management segment’s generation of earnings
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statements of KKR & Co. Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this
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report and our Annual Report, including the audited consolidated financial statements and the related notes and
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"Management's Discussion and Analysis of Financial Condition and Results of Operations" and “Business” section contained
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therein. In addition, this discussion and analysis contains forward-looking statements and involves numerous risks and
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uncertainties, including those described under "Cautionary Note Regarding Forward-looking Statements" and "Business
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Environment" in this report and our Annual Report and "Risk Factors" in our Annual Report, and our other filings with the SEC.
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Actual results may differ materially from those contained in any forward-looking statements.
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hereafter referred to as the "financial statements." Additionally, the condensed consolidated statements of financial condition
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are referred to herein as the "consolidated statements of financial condition"; the condensed consolidated statements of
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operations are referred to herein as the "consolidated statements of operations"; the condensed consolidated statements of
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comprehensive income (loss) are referred to herein as the "consolidated statements of comprehensive income (loss)"; the
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condensed consolidated statements of changes in equity are referred to herein as the "consolidated statements of changes in
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equity"; and the condensed consolidated statements of cash flows are referred to herein as the "consolidated statements of
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solutions. We aim to generate attractive investment returns by following a patient and disciplined investment approach,
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employing world-class people, and supporting growth in our portfolio companies and communities.
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traditional private equity to other alternative asset classes such as leveraged credit, alternative credit, infrastructure, real
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Carried interest that we receive from our investment vehicles entitles us to a specified percentage of investment gains
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that are generated on third-party capital that is invested. We earn investment income by investing our own capital alongside
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investors in our funds and other investment vehicles and from other assets we own on our balance sheet.
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insurance company, with an over 20-year track record of providing a broad suite of protection, legacy, and savings products to
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customers and reinsurance solutions to clients across individual and institutional markets.
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paid into new and existing contracts. Individual market channel sales for preneed life are based on the face amount of insurance and do not include the
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recurring premiums that policyholders may pay over time.
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(2)Block reinsurance transactions may be episodic and volumes may fluctuate. Similarly, funding agreements issued in the FABN program are subject to
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of any retrocessions to investment vehicles that participate in qualifying reinsurance transactions sourced by Global Atlantic and to other third party
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stake, realized investment income from such sale. As of March 31, 2026, our Strategic Holdings segment consisted of our
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our Asset Management segment and are not reported in our Strategic Holdings segment. Our Asset Management segment
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charges a quarterly management fee in our Strategic Holdings segment. Additionally, our Asset Management segment charges
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a performance fee from the sale of our interests in the companies included in our Strategic Holdings segment. The
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management and performance fees are charged in order to represent the cost of providing advisory services by our Asset
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Management segment rather than determining the allocable costs borne by our Asset Management segment to support our
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Based on information made available to management as of March 31, 2026, the following represents KKR’s pro-rata
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Based on information made available to management as of March 31, 2026, the following represents KKR’s pro-rata
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conditions of the various countries and regions in which we operate. Market and economic conditions are expected to
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continue to have a substantial impact on our financial condition, results of operations, and our business in various ways that
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we are unable to control, including our ability to make new investments, the valuations of the investments we manage, the
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amount of investment proceeds we realize when we exit our investments, the timing for such realization activity, our ability to
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fundraise or to sell our various investment and insurance products and services, and the level of our capital markets activities,
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as discussed in the "Risk Factors" section of our Annual Report.
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moderately positive. In Europe during the three months ended March 31, 2026, the European Central Bank maintained
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For the three months ended September 30, 2025 and 2024, revenues consisted of the following:
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For the three months ended September 30, 2025 and 2024, revenues consisted of the following:
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Condensed Consolidated Results of Operations (GAAP Basis - Unaudited)
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For a more detailed discussion of the factors that affected our transaction fees during the period, see "—Analysis of Asset Management Segment Operating Results."
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Investment gains and losses relating to our general partner capital interest in our unconsolidated funds are not reflected in our discussion and analysis of Net Gains (Losses) from Investment Activities. Our economics associated with these gains and losses are reflected in Capital Allocation-Based Income (Loss) as described above.
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•Private Equity (including core private equity), which were primarily impacted by overall positive operating performance of certain portfolio companies. Changes in market multiples varied across regions / sectors used in the market comparables methodology for the valuation of Level III investments; and
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•Infrastructure, which primarily benefited from the overall positive operating performance of certain infrastructure assets, partially offset by slightly higher cost of capital assumptions. Changes in market multiples varied across regions / sectors used in the market comparables methodology for the valuation of Level III investments.
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See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results, and valuation.
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Significant dividends from portfolio companies and consolidated funds are generally not recurring quarterly dividends, and while they may occur in the future, their size and frequency are variable. For a discussion of other factors that affected KKR's dividend income, see "—Analysis of Asset Management Segment Operating Results."
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Condensed Consolidated Results of Operations (GAAP Basis - Unaudited) - Insurance
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The components of net investment-related gains (losses) were as follows:
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Net Gains (Losses) on Derivative Instruments
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The components of net other investment gains (losses) were as follows:
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Other Condensed Consolidated Results of Operations (GAAP Basis - Unaudited)
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Net Income (Loss) Attributable to Noncontrolling Interests
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Net Income (Loss) Attributable to KKR & Co. Inc.
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Realized performance income in our Credit and Liquid Strategies business line for the three months ended September 30, 2024 consisted primarily of performance fees earned from Marshall Wace and certain leveraged credit investment funds.
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The following table reflects the changes in the AUM of our Credit and Liquid Strategies business line from June 30, 2025 to September 30, 2025:
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The following table reflects the changes in the FPAUM of our Private Equity business line from June 30, 2025 to September 30, 2025:
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The following table reflects the changes in the FPAUM of our Credit and Liquid Strategies business line from June 30, 2025 to September 30, 2025:
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Analysis of Asset Management Segment Operating Results
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The following tables set forth information regarding KKR's asset management segment operating results for the nine months ended September 30, 2025 and 2024.
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The following table presents management fees by business line:
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The following table presents transaction and monitoring fees, net by business line:
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The following table presents fee related performance revenues by business line:
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Fee related performance revenues represent performance fees that are (i) expected to be received from our investment funds, investment vehicles and accounts on a more recurring basis and (ii) not dependent on a realization event involving investments held by the investment fund, vehicle or account.
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The following table presents realized performance income by business line:
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The decrease in realized investment income compensation for the nine months ended September 30, 2025 compared to the prior period is primarily due to a lower level of compensation recorded in connection with the lower level of realized investment income.
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The following tables present our key asset management segment operating and capital metrics:
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The following table reflects the changes in the AUM of our Private Equity business line from December 31, 2024 to September 30, 2025:
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The following table reflects the changes in the AUM of our Real Assets business line from December 31, 2024 to September 30, 2025:
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The following table reflects the changes in the AUM of our Credit and Liquid Strategies business line from December 31, 2024 to September 30, 2025:
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The following table reflects the changes in the FPAUM of our Private Equity business line from December 31, 2024 to September 30, 2025:
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The following table reflects the changes in the FPAUM of our Real Assets business line from December 31, 2024 to September 30, 2025:
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The following table reflects the changes in the FPAUM of our Credit and Liquid Strategies business line from December 31, 2024 to September 30, 2025:
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Analysis of Insurance Segment Operating Results
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The following table sets forth information regarding KKR's insurance segment operating results for the nine months ended September 30, 2025 and 2024:
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Analysis of Strategic Holdings Segment Operating Results
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The following table sets forth information regarding KKR's strategic holdings segment operating results for the nine months ended September 30, 2025 and 2024:
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Analysis of Non-GAAP Performance Measures
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