KKR & Co. Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 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.
Sep 30, 2026 · Filed Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001404912-26-000034
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 2366 previous paragraphs and 2437 current paragraphs.
1313 unchanged; 660 reworded; 349 added; 289 removed; 104 previous and 115 current paragraphs rearranged.
Tables are not compared: 75 previous and 74 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 (349)
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from Global Atlantic.
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AUM.
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Strategies(2)
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Real Assets(1)(2)
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through our subsidiary, KJRM.
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(3)Our alternative credit strategy principally invests in debt and other investments that are privately originated and negotiated. Alternative credit includes
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our private credit strategy and Strategic Investments Group (“SIG”) strategy. Our private credit strategy consists of (i) asset-based finance (“ABF”), which is
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financing secured by cash flows from financial assets, contractual payments, or hard assets with counterparties like banks, specialty finance companies
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and corporate businesses, and (ii) corporate private credit, which is a credit investment where we have privately originated and negotiated the terms of
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the debt instrument directly with a corporate borrower. As of September 30, 2026, private credit AUM totals $139 billion, which is comprised of (i) $91
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billion of ABF of which $69 billion is high grade ABF and (ii) $49 billion of corporate private credit. Our references to “high grade ABF” generally refers to
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credit investments that were rated investment grade (BBB- or better) or have a risk profile of an investment grade rating in our determination.
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(4)Our leveraged credit strategy principally invests in the debt of a corporate borrower that we acquired through a syndicated offering arranged by a third
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party or traded through a secondary market transaction. As a result, corporate credit investments in our Leveraged Credit strategy generally trade in
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secondary markets and are more liquid than our corporate private credit investments. Leveraged credit includes investment portfolios made in KKR’s
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collateralized loan obligations and U.S. and European leveraged credit strategies including leveraged loans and high-yield bonds.
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Holdings segment.
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the U.S. Federal Reserve Board raised the federal funds rate to 3.875%.
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basis as of September 30, 2026, unchanged from 1.0% as of June 30, 2026.
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Eurozone unemployment was 6.4% as of September 30, 2026, unchanged from June 30, 2026. The unemployment
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was 5.2% as of September 30, 2026, up from 5.0% as of June 30, 2026.
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from 16.5 as of June 30, 2026.
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government bond yields rose 82 basis points in the United States, rose 73 basis points in Germany, rose 38 basis
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of June 30, 2026.
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our fundraising activities.
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Management Segment Operating Results.”
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fees contributed by Arctos funds following the acquisition of Arctos during the second quarter of 2026, and (iii) management
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Global Infrastructure Investors V, primarily due to a higher level of management fees earned on new capital raised in the prior
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period that was retroactive to the start of the fund’s investment period.
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notably private equity and infrastructure K-Series vehicles, Global Infrastructure Investors IV, and North America Fund XIV.
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North America Fund XIII, our private equity and infrastructure K-Series vehicles, and Global Infrastructure Investors IV.
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The net losses from investment activities for the three months ended September 30, 2026 were$(229.4) million. See
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market losses relating to (i) our investment in OHB SE (industrials sector) held in our consolidated European Fund VI (USD)
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equity vehicles, and (iii)a $230 million impairment charge taken on one of our asset management partnerships that is
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accounted for under the equity method of accounting. These net losses were partially offset by mark-to-market gains
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primarily relating to our investment in USI Insurance Services LLC (financial services sector) and IVI-RMA (healthcare sector)
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•Private Equity (including core private equity), which primarily was impacted by a mix of the operating performance of
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energy assets partially offset by higher cost of capital assumptions. Changes in market multiples varied across
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The net gains from investment activities for the three months ended September 30, 2025 were $1.2 billion. See Note 4
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detail of realized and unrealized gains and losses from Investment Activities by asset class.
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Strategies(1)(3)
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Real Assets(2)(3)
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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 $11 billion of strategic investments.
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Strategic Holdings
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Strategic Holdings segment.
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Reserve Board left the federal funds rate unchanged.
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June 30, 2026, down slightly from 1.1% as of March 31, 2026.
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Eurozone unemployment was 6.2% as of June 30, 2026, down from 6.3% as of March 31, 2026. The
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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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basis points in the United States, fell 14 basis points in Germany, rose 33 basis points in Japan, fell 16 basis points in
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by the United States on certain of its trading partners since April 2025 and impacts from the recent conflicts in the Middle
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Strategic Holdings
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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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management fee rate in the third quarter of 2025, and (ii) a decrease in management fees earned from Next Generation
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consolidation under GAAP, KKR's allocated share of the net income from the consolidated investment funds and other
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Operating Results.”
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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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North America Fund XIII, Americas Fund XII, and our private equity and infrastructure K-Series vehicles. Capital Allocation-
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Fund XII, and Asian Fund III.
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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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partially offset by (i) mark-to-market losses primarily relating to our investment in PetVet Care Centers, LLC (healthcare
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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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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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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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During the three months ended June 30, 2026, dividend income was primarily from (i) our investment in USI, Inc. held
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investment in April SA (financial services sector) held through ourconsolidated core private equity vehicles and (ii) certain of
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June 30, 2025, was primarily due to the impact of lower market interest rates, such as SOFR, during the current period on
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Compensation and Benefits Expense
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current period, (ii) a higher level of discretionary cash compensation, and (iii) a higher level of accrued carried interest
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the three months ended June 30, 2025, was primarily due to (i) acquisition-related costs, (ii) a higher level of expenses
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administrative costs.
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decreases in part were increases from preneed insurance products with life contingencies or morbidity risk. Initial premiums
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respective three months ended June 30, 2026 and 2025.
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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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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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global operation with 37 offices around the world as of September 30, 2026. Our business further expanded with the
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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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acquisition of Global Atlantic in 2021, which today conducts our insurance business providing retirement and life insurance
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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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solutions. As of September 30, 2026, we managed $804 billion of assets under management, of which $223 billion comes
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represented over 70% of our total AUM. As of June 30, 2026, traditional Private Equity was less than 25% of our total AUM.
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represented over 70% of our total AUM. As of September 30, 2026, traditional Private Equity was less than 25% of our total
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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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(1)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 June 30, 2026, real estate credit AUM totals $43 billion. Real estate equity seeks
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loans and mortgage-backed securities in North America and Europe. As of September 30, 2026, real estate credit AUM totals $42 billion. Real estate
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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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equity seeks core, core+ and opportunistic real estate investment opportunities by geography: North America, Europe and Asia Pacific. As of
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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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September 30, 2026, real estate equity AUM totals$42 billion. This includes $12 billion from the management of two publicly listed Japanese REITs
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(3)The K-Series suite of vehicles are offered through various distribution channels to investors in the U.S. and other jurisdictions around the world. We have
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(2)The K-Series suite of vehicles are offered through various distribution channels to investors in the U.S. and other jurisdictions around the world. We have
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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 vehicles that operate or invest in private equity companies, infrastructure assets, credit investments, and real estate. As of September 30, 2026,
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Series AUM was$42 billion, which has grown significantly over the past three years.
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total K-Series AUM was$45 billion, which has grown significantly over the past three years.
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management segment. As of June 30, 2026, Global Atlantic serves over 3.5 million policyholders.
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management segment. As of September 30, 2026, Global Atlantic serves approximately 4 million policyholders.
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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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The following table represents Global Atlantic’s new business volumes by business and product for thethree and nine
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charges a quarterly management fee in our Strategic Holdings segment. Additionally, our Asset Management segment charges
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charges our Strategic Holdings segment a quarterly management fee. Additionally, our Asset Management segment charges a
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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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performance fee from the sale of our interests in the companies included in our Strategic Holdings segment. The management
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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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and performance fees are charged in order to represent the cost of providing advisory services by our Asset Management
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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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segment rather than determining the allocable costs borne by our Asset Management segment to support our Strategic
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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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Based on information made available to management as of September 30, 2026, the following represents KKR’s pro-rata
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of LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of March 31, 2026:
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portion of LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of June 30, 2026:
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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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Based on information made available to management as of September 30, 2026, the following represents KKR’s pro-rata
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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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portion of LTM Adjusted Revenue(1) and LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of June 30,
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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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The United States, during the three months ended September 30, 2026, continued to experience economic growth,
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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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despite facing certain headwinds, including with inflation remaining above the U.S. Federal Reserve Board’s 2.0% target rate
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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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and with costs-of-living continuing to pressure many U.S. households. During the three months ended September 30, 2026,
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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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Real gross domestic product (“GDP”) growth in the Eurozone during the three months ended September 30, 2026
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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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remained subdued. In Europe during the three months ended September 30, 2026, the European Central Bank raised the
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as Eurozone core inflation remained above the European Central Bank’s 2.0% inflation target.
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deposit rate to 2.5% as Eurozone core inflation remained above the European Central Bank’s 2.0% inflation target.
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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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In Asia, Japan’s economy continued to recover moderately in the third 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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private investment increasing, although consumption slowed notably. During the three months ended September 30, 2026,
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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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the Bank of Japan raised its policy rate to 1.25%. In China, the economy grew during the three months ended September 30,
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headwinds, including weak domestic demand and ongoing contraction in the property sector.
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2026, but continued to face 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 1.5% for the three months ended June 30,
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•GDP. In the United States, real GDP expanded at an annualized rate of 3.4% for the three months ended September
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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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30, 2026, compared to an annualized expansion of 2.2% for the three months ended June 30, 2026. Eurozone real
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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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GDP expanded at an annualized rate of 1.6% for the three months ended September 30, 2026, compared to an
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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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annualized growth of 2.4% for the three months ended June 30, 2026. In Japan, real GDP is expected to have
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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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expanded by 1.0% for the three months ended September 30, 2026, down from a 1.4% annualized expansion for the
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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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three months ended June 30, 2026. Real GDP in China expanded at a 4.8% annualized rate for the three months
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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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ended September 30, 2026, up from annualized growth of 3.6% reported for the three months ended June 30, 2026.
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•Interest Rates. The target federal funds rate set by the U.S. Federal Reserve Board was 3.625% as of June 30, 2026,
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•Interest Rates. The target federal funds rate set by the U.S. Federal Reserve Board was 3.875% as of September 30,
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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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2026, up from 3.625% as of June 30, 2026. The benchmark short-term interest rate set by the European Central Bank
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Asian Fund IV as a result of entering its post-investment period in the second quarter of 2026, and now paying fees based on
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from companies which are not consolidated. Furthermore, transaction fees earned in our capital markets business are not
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Capital Allocation-Based Income (Loss) for the three months ended September 30, 2026, was positive primarily due to the
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were primarily generated in the following asset classes:
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”Net Gains (Losses) from Investment Activities – Asset Management and Strategic Holdings” in our financial statements for
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Centers, LLC (health care sector) and (ii) mark-to-market losses on certain investments held in consolidated CLOs.
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private equity vehicles and (ii) various investments in certain of our consolidated opportunistic real estate equity funds.
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Overnight Financing Rate (“SOFR”), during the current period on floating rate credit investments held in consolidated CLOs
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preceding quarters, and (ii) higher average portfolio yields.
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rates during the three months ended September 30, 2026, as compared to a decrease in long-term market interest rates
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during the three months ended September 30, 2025, resulting in a loss on interest rate contracts for the three months ended
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September 30, 2026, as compared to a gain on interest rate contracts for the three months ended September 30, 2025.
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to the three months ended September 30, 2025, was primarily due to (i) an increase in unrealized losses on fixed maturity
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unfavorable changes in the related market segment multiples, (iii) an increase in net realized losses on available-for-sale
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Operations (GAAP Basis)—Revenues—Net investment-related gains (losses)”, Global Atlantic purchases equity index options
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Income tax expense decreased for the three months ended September 30, 2026, as compared to the three months ended
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Note 18 “Income Taxes” in our financial statements included elsewhere in this report.
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consolidated investment funds and other investment vehicles in the current period.
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September 30, 2026, as compared to the three months ended September 30, 2025, primarily due to a lower level of
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business, and (ii) a higher level of insurance realized investment losses on available-for-sale fixed maturity securities in the
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September 30, 2026 and 2025. You should read this discussion in conjunction with the financial statements and related notes
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may impact our business, financial performance, operating results, and valuations.
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Consolidated Results of Operations (GAAP Basis - Unaudited) - Asset Management and
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America Fund XIV in the second quarter of 2025, and (iii) management fees contributed by Arctos funds following the
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quarter of 2026, and now paying fees based on invested capital rather than committed capital and at a lower fee rate.
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and Real Assets business lines. Fee credits owed to consolidated investment funds and other investment vehicles are
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to KKR would be unchanged if such investment funds and other investment vehicles were not consolidated. Transaction and
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from companies which are not consolidated. Furthermore, transaction fees earned in our capital markets business are not
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net appreciation of the underlying investments in many of our unconsolidated carry-earning investment vehicles, most
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“Net Gains (Losses) from Investment Activities – Asset Management and Strategic Holdings” in our financial statements for
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were primarily generated in the following asset classes:
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“Net Gains (Losses) from Investment Activities – Asset Management and Strategic Holdings” in our financial statements for
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generated in the following asset classes:
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regions / sectors used in the market comparables methodology for the valuation of Level III investments.
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investments in certain of our consolidated opportunistic real estate equity funds.
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The decrease was partially offset by the impact of closing CLOs that were consolidated subsequent to September 30, 2025.
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September 30, 2025, and (ii) an increase in the amount of borrowings outstanding. For a discussion of other factors that
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affected KKR's interest expense, see “—Key Segment and Non-GAAP Performance Measures.”
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months ended September 30, 2025, was primarily due to a lower level of accrued carried interest compensation driven by a
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Consolidated Results of Operations (GAAP Basis - Unaudited) - Insurance
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based on invested capital rather than committed capital and at a lower fee rate.
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consolidated investment funds and other investment vehicles are eliminated upon consolidation under GAAP. However,
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that are eliminated. Accordingly, net income (loss) attributable to KKR would be unchanged if such investment funds and
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transaction fees earned in our capital markets business are not shared with fund investors. Accordingly, certain transaction
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Crescent Energy Company (NYSE: CRGY) (“Crescent”).
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our consolidated opportunistic real estate equity funds.
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“—Key Segment and Non-GAAP Performance Measures.”
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reimbursable from our investment funds, and (iii) a higher level of information technology, and corporate general and
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quarters, and (ii) higher average portfolio yields.
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months ended June 30, 2025, was primarily due to (i) an increase in foreign exchange losses on non-U.S. dollar denominated
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for-sale fixed maturity securities during thethree months ended June 30, 2026, and (iv)an increase in unrealized losses on
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in the related market segment multiples.
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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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investment funds and other investment vehicles in the current period.
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30, 2026, as compared to the three months ended June 30, 2025, primarily due to a lower level of net gains from investment
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activities at these consolidated investment funds and other investment vehicles in the current period.
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ended June 30, 2026 and 2025. You should read this discussion in conjunction with the financial statements and related notes
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Condensed Consolidated Results of Operations (GAAP Basis - Unaudited) - Asset
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investment period in the second quarter of 2025 and now paying fees based on invested capital rather than committed capital
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consolidated investment funds and other investment vehicles are eliminated upon consolidation under GAAP. However,
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that are eliminated. Accordingly, net income (loss) attributable to KKR would be unchanged if such investment funds and
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other investment vehicles were not consolidated. Transaction and monitoring fees earned from KKR portfolio companies are
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transaction fees earned in our capital markets business are not shared with fund investors. Accordingly, certain transaction
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appreciation of the underlying investments in many of our unconsolidated carry-earning investment vehicles, most notably
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contracts. These mark-to-market gains were partially offset by (i) mark-to-market losses on our investment in PetVet Care
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primarily generated in the following asset classes:
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energy assets. Changes in market multiples varied across regions and sectors used in the market comparables
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methodology for the valuation of Level III investments.
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contracts, and (iii) mark-to-market losses on certain investments held in consolidated CLOs.
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core private equity vehicles and (ii) various investments in certain of our consolidated opportunistic real estate equity funds.
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rate credit investments held in consolidated CLOs and certain of our consolidated alternative credit funds and (ii) investment
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by the impact of closing CLOs that are consolidated subsequent to June 30, 2025. For a discussion of other factors that
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2025, was primarily due to (i) the impact of closing CLOs that were consolidated subsequent to June 30, 2025, and (ii) an
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Condensed Consolidated Results of Operations (GAAP Basis - Unaudited) - Insurance
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investment in alternative asset classes, such as real assets.
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June 30, 2026 was primarily driven by the changes in the fair value of the underlying investments in the funds withheld at
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accounted for in gains (losses) on derivative instruments, and generally offset the change in embedded derivative fair value
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ended June 30, 2025, primarily due to a lower level of net gains from investment activities at these consolidated investment
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funds and other investment vehicles in the current period.
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activities at these consolidated investment funds and other investment vehicles in the current period.
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