KKR & Co. Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 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.
Jun 30, 2026 · Filed Aug 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001404912-26-000027
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.
Compared 1892 previous paragraphs and 2366 current paragraphs.
1269 unchanged; 433 reworded; 424 added; 168 removed; 22 previous and 240 current paragraphs rearranged.
Tables are not compared: 47 previous and 75 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (424)
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Strategies(1)(3)
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Real Assets(2)(3)
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Private Equity(3)
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costs-of-living continuing to pressure many U.S. households. During the three months ended June 30, 2026, the U.S. Federal
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In Asia, Japan’s economy continued to recover moderately in the second quarter of 2026, with industrial production and
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private investment increasing, although exports contracted. During the three months ended June 30, 2026, the Bank of Japan
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to have increased 2.4% on a year-over-year basis as of June 30, 2026, up slightly from 2.3% on a year-over-year basis
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KKR’s liquidity.
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performance, operating results and valuations.
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Strategic Holdings
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2025, primarily as a result of an increase in management fees and to a lesser extent, an increase in transaction fees.
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the past twelve months from our private equity and infrastructure K-Series vehicles, (ii)a higher level of management fees
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quarter that was retroactive to the start of the fund’s investment period as well as new capital raised over the past twelve
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months, and (iii)management fees contributed by Arctos following the acquisition during the quarter. The increase was
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partially offset by (i) a decrease in management fees earned from Americas Fund XII as a result of a step-down in the
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management fee rate in the third quarter of 2025, and (ii) a decrease in management fees earned from Next Generation
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Capital Allocation-Based Income (Loss) for the three months ended June 30, 2026, was positive primarily due to the net
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North America Fund XIII, Americas Fund XII, and our private equity and infrastructure K-Series vehicles. Capital Allocation-
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underlying investments in many of our unconsolidated carry-earning investment funds, most notably Asian Fund IV, Americas
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Fund XII, and Asian Fund III.
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Investment Income (Loss)
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Net Gains (Losses) from Investment Activities for the three months ended June 30, 2026
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The net gains from investment activities for the three months ended June 30, 2026 were$797.3 million. See Note 4 “Net
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core private equity vehicles and our investment in OHB SE (healthcare sector) held in our consolidated European Fund VI
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(USD) fund and (ii) mark-to-market gains on certain investments held in consolidated CLOs. These mark-to-market gains were
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partially offset by (i) mark-to-market losses primarily relating to our investment in PetVet Care Centers, LLC (healthcare
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sector) and Exact Holdings B.V. (technology sector)held through our consolidated core private equity vehicles, and (ii) mark-
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to-market losses from certain foreign currency forward contracts.
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•Private Equity (including core private equity), which primarily benefited from the overall operating performance of
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and
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See “Risk Factors” and “—Business Environment” in our Annual Report for more information about the factors that may
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Net Gains (Losses) from Investment Activities for the three months ended June 30, 2025
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The net gains from investment activities for the three months ended June 30, 2025 were $747.7 million. See Note 4 ”Net
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market gains primarily relating to our investment in Exact Holdings B.V. (technology sector), 1-800 Contacts Inc. (healthcare
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sector), and Arnott's Biscuit Limited (consumer products sector)held through our consolidated core private equity vehicles.
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These mark-to-market gains were partially offset by (i) mark-to-market losses primarily relating to unrealized losses on certain
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foreign exchange forward contracts,(ii) mark-to-market losses relating to PetVet Care Centers, LLC (health care sector) and
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the following asset classes:
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See “Risk Factors” and “—Business Environment” in our Annual Report for more information about the factors that may
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real estate equity funds. During the three months ended June 30, 2025, dividend income was primarily from (i) our
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Strategies(1)
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Real Assets(2)
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KJRM.
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interest rates at the same level as for the quarter ended December 31, 2025, leaving the deposit rate unchanged at 2.0% as
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In Asia, Japan’s economy experienced moderate growth in the first quarter of 2026, supported by resilient exports and
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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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contraction in the property sector.
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from 3.0% as of December 31, 2025.
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15.0 as of December 31, 2025.
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Adjusted Net Income
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measure of KKR’s liquidity.
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Total Segment Earnings
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Insurance Operating Earnings
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Strategic Holdings Segment Earnings
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Fee Related Earnings
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Total Operating Earnings
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Total Investing Earnings
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Assets Under Management
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Capital Invested
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Uncalled Commitments
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Administrative and Other” are now presented in a single line item, “Policy and Other Operating Expense”. Prior-period
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amounts have been reclassified to conform to the current-period presentation. This change in presentation had no impact on
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previously reported consolidated total expenses, income before taxes, and net income attributable to KKR.
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Fees and Other
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Management Segment Operating Results."
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private equity and infrastructure K-Series vehicles, and (iii) management fees earned on new capital raised over the past
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Capital Allocation-Based Income (Loss)
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Net Gains (Losses) from Investment Activities for thethree months ended March 31, 2026
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The net losses from investment activities for thethree months ended March 31, 2026, were comprised of net realized
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gains of$106.5 million and net unrealized losses of$(422.9) million. See Note 4 "Net Gains (Losses) from Investment Activities
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Activities by asset class.
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Investment gains and losses relating to our general partner capital interest in our unconsolidated funds are not reflected
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in our discussion and analysis of Net Gains (Losses) from Investment Activities. Our economics associated with these
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investment gains and losses are reflected in Capital Allocation-Based Income (Loss) as described above.
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losses at certain consolidated credit funds. These mark-to-market losses were partially offset by (i) mark-to-market gains on
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impact our business, financial performance, operating results, and valuation.
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Net Gains (Losses) from Investment Activities for thethree months ended March 31, 2025
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The net gains from investment activities for thethree months ended March 31, 2025, were comprised of net realized
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gains of$70.2 million and net unrealized gains of$1,016.4 million. See Note 4 "Net Gains (Losses) from Investment Activities -
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Investment gains and losses relating to our general partner capital interest in our unconsolidated funds are not reflected
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Reworded paragraphs (433)
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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 operation with 36 offices around the world as of June 30, 2026. Our business further expanded with the acquisition 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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June 30, 2026, we managed $796 billion of assets under management, of which $220 billion comes from Global Atlantic.
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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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(1)As of June 30, 2026, Alternative Credit AUM includes $91 billion of asset-based finance, $48 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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direct lending) and $11 billion of strategic investments.
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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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loans and mortgage-backed securities in North America and Europe. As of June 30, 2026, real estate credit AUM totals $43 billion. Real estate equity seeks
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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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core, core+ and opportunistic real estate investment opportunities by geography: North America, Europe and Asia Pacific. As of June 30, 2026, real estate
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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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equity AUM totals$41 billion. This includes $12 billion from the management of two publicly listed Japanese REITs through our subsidiary, KJRM.
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K-Series vehicles that operate or invest in private equity companies, infrastructure assets, credit investments, and real estate. As of March 31, 2026, total
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K-Series vehicles that operate or invest in private equity companies, infrastructure assets, credit investments, and real estate. As of June 30, 2026, total K-
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K-Series AUM was$38 billion, which has grown significantly over the past three years.
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Series AUM was$42 billion, which has grown significantly over the past three years.
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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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The following table represents Global Atlantic’s new business volumes by business and product for thethree and six
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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 June 30, 2026, the following represents KKR’s pro-rata portion
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portion of LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of December 31, 2025:
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of LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of March 31, 2026:
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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 June 30, 2026, the following represents KKR’s pro-rata portion
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portion of LTM Adjusted Revenue(1) and LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of December
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of LTM Adjusted Revenue(1) and LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of March 31, 2026:
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The United States, during the three months ended March 31, 2026, continued to experience economic growth in tandem
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The United States, during the three months ended June 30, 2026, continued to experience economic growth, despite
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with inflation in excess of the U.S. Federal Reserve Board’s 2.0% target rate. During the three months ended March 31, 2026,
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facing certain headwinds, including with inflation remaining above the U.S. Federal Reserve Board’s 2.0% target rate and with
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the U.S. Federal Reserve Board left the federal funds rate unchanged.
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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 March 31, 2026 was
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Real gross domestic product (“GDP”) growth in the Eurozone during the three months ended June 30, 2026 remained
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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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subdued. In Europe during the three months ended June 30, 2026, the European Central Bank raised the deposit rate to 2.25%
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Eurozone core inflation remained slightly above the European Central Bank’s 2% inflation target.
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as Eurozone core inflation remained above the European Central Bank’s 2.0% inflation target.
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policy rate at 0.75%. In China, the economy grew during the three months ended March 31, 2026, driven largely by strong
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raised its policy rate to 1.0%. In China, the economy grew during the three months ended June 30, 2026, but continued to face
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exports and industrial production, but continued to face headwinds, including weak domestic demand and ongoing
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headwinds, including weak domestic demand and ongoing contraction in the property sector.
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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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•GDP. In the United States, real GDP expanded at an annualized rate of 1.5% for the three months ended June 30,
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2026, compared to an annualized expansion of 0.5% for the three months ended December 31, 2025. Eurozone real
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2026, compared to an annualized expansion of 2.1% for the three months ended March 31, 2026. Eurozone real GDP
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GDP expanded at an annualized rate of 0.8% for the three months ended March 31, 2026, consistent with the 0.8%
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expanded at an annualized rate of 1.6% for the three months ended June 30, 2026, compared to an annualized
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annualized expansion for the three months ended December 31, 2025. In Japan, real GDP is expected to expand by
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growth of 0.0% for the three months ended March 31, 2026. In Japan, real GDP is expected to have expanded by
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1.2% for the three months ended March 31, 2026, down from a 1.3% annualized expansion for the three months
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0.2% for the three months ended June 30, 2026, down from a 1.8% annualized expansion for the three months
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ended December 31, 2025. Real GDP in China expanded at a 5.2% annualized rate for the three months ended March
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ended March 31, 2026. Real GDP in China expanded at a 3.6% annualized rate for the three months ended June 30,
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31, 2026, up from annualized growth of 4.8% reported for the three months ended December 31, 2025.
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2026, down from annualized growth of 5.2% reported for the three months ended March 31, 2026.
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unchanged from 3.625% as of December 31, 2025. The benchmark short-term interest rate set by the European
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unchanged from 3.625% as of March 31, 2026. The benchmark short-term interest rate set by the European Central
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Central Bank was 2.0% as of March 31, 2026, unchanged from 2.0% as of December 31, 2025. The benchmark short-
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Bank was 2.25% as of June 30, 2026, up from 2.0% as of March 31, 2026. The benchmark short-term interest rate set
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term interest rate set by the Bank of Japan was 0.75% as of March 31, 2026, unchanged from 0.75% as of December
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by the Bank of Japan was 1.00% as of June 30, 2026, up from 0.75% as of March 31, 2026. The benchmark interest
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31, 2025. The benchmark interest rate set by The People’s Bank of China was 3.0% as of March 31, 2026, unchanged
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rate set by The People’s Bank of China was 3.0% as of June 30, 2026, unchanged from 3.0% as of March 31, 2026.
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change as the 2.6% increase on a year-over-year basis as of December 31, 2025. Eurozone core inflation increased
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change as the 2.6% increase on a year-over-year basis as of March 31, 2026. Eurozone core inflation was estimated
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2.3% as of March 31, 2026, the same rate as of December 31, 2025. In Japan, core inflation rose 1.4% on a year-over-
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as of March 31, 2026. In Japan, core inflation rose 1.1% on a year-over-year basis as of June 30, 2026, down from
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inflation in China was 1.1% on a year-over-year basis as of March 31, 2026, down from 1.2% as of December 31,
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1.4% on a year-over-year basis as of March 31, 2026. Core inflation in China was 1.0% on a year-over-year basis as of
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year basis as of March 31, 2026, down slightly from 1.5% on a year-over-year basis as of December 31, 2025. Core
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June 30, 2026, down slightly from 1.1% as of March 31, 2026.
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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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•Unemployment. The U.S. unemployment rate was 4.2% as of June 30, 2026, down slightly from 4.3% as of March 31,
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unemployment rate in Japan was 2.6% as of March 31, 2026, unchanged from 2.6% as of December 31, 2025. The
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unemployment rate in Japan was 2.5% as of June 30, 2026, down from 2.7% as of March 31, 2026. The
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unemployment rate in China was 5.3% as of March 31, 2026, up from 5.1% as of December 31, 2025.
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unemployment rate in China was 5.0% as of June 30, 2026, down from 5.3% as of March 31, 2026.
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Consolidated Results of Operations (GAAP Basis - Unaudited)
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The following is a discussion of our consolidated results of operations on a GAAP basis for thethree months ended June
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elsewhere in this report. For a more detailed discussion of the factors that affected our segment results in these periods, see
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“—Analysis of Segment Operating Results.” See “Risk Factors” in our Annual Report and “—Business Environment” for more
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information about risks, uncertainties, and other market and economic conditions that may impact our business, financial
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Consolidated Results of Operations (GAAP Basis - Unaudited) - Asset Management and
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For the three months ended June 30, 2026 and 2025, revenues consisted of the following:
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Total Fees and Other for the three months ended June 30, 2026, increased compared to the three months ended June 30,
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The increase in management fees was primarily attributable to (i) management fees earned on new capital raised over
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and Real Assets business lines and (ii) a higher level of monitoring fees in our Private Equity business line. Fee credits owed to
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Based Income (Loss) for the three months ended June 30, 2025, was positive primarily due to the net appreciation of the
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well as factors specific to each investment. For thethree months ended June 30, 2026, net investment gains (losses) were
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Crescent Energy Company (NYSE: CRGY) (“Crescent”).
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methodology employed. For the three months ended June 30, 2025, net investment gains (losses) were primarily generated in
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market comparables methodology for the valuation of Level III investments; and
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through our consolidated core private equity vehicles and (ii) various investments in certain of our consolidated opportunistic
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our consolidated opportunistic real estate equity funds.
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The decrease in interest income during the three months ended June 30, 2026, compared to the three months ended
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floating rate debt obligations held in consolidated CLOs and at certain consolidated funds and other investment vehicles. The
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decrease was partially offset by (i) the impact of closing CLOs that were consolidated subsequent to June 30, 2025, and (ii) an
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“—Key Segment and Non-GAAP Performance Measures.”
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The increase in compensation and benefits during the three months ended June 30, 2026, compared to the three months
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The increase in occupancy and related charges during the three months ended June 30, 2026, compared to the three
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Consolidated Results of Operations (GAAP Basis - Unaudited) - Insurance
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For the three months ended June 30, 2026 and 2025, revenues consisted of the following:
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2025, primarily due to a decrease in new premiums earned on direct pension risk transfer with life contingencies or morbidity
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from new business are generally offset by a comparable change in policy reserves reported within net policy benefits and
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claims (as discussed below under “Expenses—Net policy benefits and claims”).
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The decrease in the fair value of embedded derivatives on funds withheld at interest payable for the three months ended
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The increase in the fair value of equity index options was primarily driven by the performance of the underlying indices.
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Atlantic's equity index options are based on the S&P 500 Index, which increased during both the three months ended June 30,
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2026, and 2025, and an increase in the notional amount of equity market contracts outstanding.
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The increase in the fair value of interest rate contracts was primarily driven by changes in market interest rates during the
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The increase in the fair value of foreign exchange and other derivative contracts was primarily driven by an increase due
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British pound during the three months ended June 30, 2026,(largely offset by the change in foreign exchange derivative
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in the related market segment multiples.
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in net realized losses on available-for-sale fixed maturity securities due to a decrease in portfolio repositioning trades during
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the three months ended June 30, 2026, as compared to the three months ended June 30, 2025.
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Net policy benefits and claims increased for the three months ended June 30, 2026, as compared to the three months
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thethree months ended June 30, 2025 (as discussed above under “—Consolidated Results of Operations (GAAP Basis)—
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For thethree months ended March 31, 2026 and 2025, revenues consisted of the following:
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Asset Management and Strategic Holdings" in our financial statements for detail of realized and unrealized gains and losses
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the market comparables methodology for the valuation of Level III investments; and
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certain of our consolidated opportunistic real estate equity funds.
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For thethree months ended March 31, 2026 and 2025, revenues consisted of the following:
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and individual market channels as a result of the cumulative impact of new business volumes in the preceding twelve months,
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gain on interest rate contracts for thethree months ended March 31, 2025.
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billion during thethree months ended March 31, 2026 and 2025, respectively. Investment funds are investment companies
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The increase was primarily attributable to (i) new capital raised from North America Fund XIV and our private equity K-
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from one of our infrastructure separately managed accounts with a public pension plan and Real Estate Partners Americas II.
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The following table reflects the changes in the FPAUM of our Private Equity business line from December 31, 2025 to
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payments to Global Atlantic policyholders, and (ii) distributions to fund investors as a result of realized proceeds, most notably
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impact our business, financial performance, operating results and valuations.
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to make investments during the period.
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and, consequently, a significant amount of capital invested in one period or a few periods may not be indicative of a similar
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level of capital deployment in future periods.
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thethree months ended March 31, 2026 and 2025, respectively.
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vehicles reported in our Real Assets business line for which we have the ability to earn carried interest. This data does not
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reflect acquisitions or disposals of investments, changes in investment values, or distributions occurring after March 31, 2026.
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investors in KKR’s investment funds and other noncontrolling interest holders. For the three months ended March 31, 2026
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summarized in the table below. This sensitivity considers the direct effect of such changes only and not changes in any other
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assumptions used in or items considered in the measurement of such balances.