Kkr & Co. Inc. · NYSE:KKR
Kkr & — Investor Presentation (March 2026)
49 slides from Kkr &'s investor presentation, March 2026
Slide 1: KKR & Co. Inc. Overview Presentation
KKR & Co. Inc. Overview February 7,Presentation 2023 – 4Q’25 March 2026
Slide 2: Legal Disclosures
Legal Disclosures This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, “KKR”), which includes The Global A
Slide 3: KKR Overview
KKR Overview Established in 1976, KKR is a global investment firm with industry-leading investment experience and a strong culture committed to teamwork $744 billion ~4,200 Multi-asset 36 global 50 Years in AUM employees(1) experience offices across Credit & ~2,700 Liquid Strategies Asset Management
Slide 4: Positioned For Significant Growth Ahead
Positioned For Significant Growth Ahead Purpose-built business model with three High-growth growth engines to drive recurring earnings industry with Leveraging our leadership in key core strengths Asset Strategic markets Management Insurance Holdings Growing alternatives Differentiated Leading
Slide 5: Evolution And Growth Of Our Business
Evolution And Growth Of Our Business ($ in billions, except per share data) Three Segments 2020 2025 Scaling of Strategic Existing Insurance Asset Holdings Management Asset Businesses Management Assets Under Initial acquisition in Strategic Insurance Management February 2021 Introduced as a Holdings
Slide 6: A Strong 2025 Across Key Metrics
Year-Over-Year Growth A Strong 2025 Across Key Metrics Strong Financial Results $ 744bn +17% • Management Fees +18% in 2025 vs. 2024, both with and without AUM catch-up fees • Fee Related Earnings +14% in 2025 vs. 2024 • Adjusted Net Income +4% in 2025 vs. 2024; excluding the impact of the car
Slide 7: KKR's Culture And Values Drive Outcomes
KKR’s Culture And Values Drive Outcomes Teamwork Diversity Best-in-class talent Integrity One P&L and compensation pool Accountability One Collaboration Firm Business building & innovation Relationship-Driven Allows us to maximize the impact of our model Innovation Excellence 7
Slide 8: Our Model
Our Model
Slide 9: Our Model – Three Growth Engines
Our Model – Three Growth Engines Asset Strategic Insurance Management Holdings 9
Slide 10: Asset Management
Asset Management
Slide 11: Scaled And Diversified Assets Under Management
Scaled And Diversified Assets Under Management Assets Under Management ($ in billions) $744 $744 $34 Liquid Strategies $638 $143 Alternative Credit $553 $504 $471 $145 Leveraged Credit +18% CAGR $86 Real Estate $107 Infrastructure & Energy $252 $218 $195 $21 Growth Equity $168 $41 Core Private Equit
Slide 12: Differentiated Value Creation Toolkit
Differentiated Value Creation Toolkit CAPSTONE KKR ADVISORS KKR CAPITAL MARKETS GLOBAL MACRO KKR GLOBAL INSTITUTE ASSET ALLOCATION PUBLIC POLICY & GLOBAL CLIENT SUSTAINABILITY SOLUTIONS 12
Slide 13: Diversified & Fast-Growing Management Fee Profile
Diversified & Fast-Growing Management Fee Profile Other(1) +23% CAGR Core PE Growth Equity Real Estate Infrastructure Alternative Credit Leveraged Credit Traditional PE Distinct strategies in Americas, Europe and Asia 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 No
Slide 14: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Core+ Real Estate
Slide 15: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth 50%+ Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Core+ Real Es
Slide 16: Continued Fundraising Momentum
Continued Fundraising Momentum 30+ Strategies Targeted To Raise Capital New Capital Raised In The Next 12-18 Months ($ in billions) Including four major flagship strategies Private Equity Private Equity Real Assets • North America Private Equity • Customized Portfolio Solutions Credit & Liquid Strat
Slide 17: Private Wealth Approach Positions KKR To Win
Private Wealth Approach Positions KKR To Win Traditional Family Capital Drawdown Office & K-Series Group & Perpetual Ultra HNW Partnership Vehicles Growing K-Series AUM ($ in billions) $35 Strategic Partnership Recent Developments: 2x First Two Public-Private Fixed Income Investment Solutions Launch
Slide 18: KKR's Alternative Credit Footprint
KKR’s Alternative Credit Footprint ($ in billions) KKR Assets Under Management $744 $24 $744 $14 $3 $41 Direct Lending Institutional Direct Lending Public BDC Private BDCs $143 Alternative Credit Funds & SMAs (NYSE: FSK) $102 excl. Direct Credit and Lending A B C Liquid $34 $34 Liquid Strategies Str
Slide 19: Performance Across Our Institutional Private Credit Strategies
A Performance Across Our Institutional Private Credit Strategies KKR has several institutional private credit strategies focused on the U.S. and Europe. Given investor interest on investment performance across recent vintages, the track record of these vehicles (all vintages since 2017) are shown be
Slide 20: KKR's Public BDC – FS KKR Capital Corp
B KKR’s Public BDC – FS KKR Capital Corp (NYSE: FSK) Formed through the FS / KKR partnership that assumed management of its legacy platform, FSK is a scaled, publicly traded BDC focused on senior secured term loans with a broader mandate relative to KKR’s institutional Direct Lending strategies • Cu
Slide 21: KKR's Private BDCs
C KKR’s Private BDCs KKR’s private credit BDC strategy launched in 2023 in partnership with FS in a higher rate, more conservative underwriting environment, enabling the construction of a defensive, recent-vintage portfolio. The strategy invests primarily in first-lien U.S. direct lending and privat
Slide 22: Insurance
Insurance
Slide 23: Overview Of Global Atlantic
Overview Of Global Atlantic Leading insurance company with a 20-year track record of serving the retirement & life insurance needs of individuals & institutions • Founded at Goldman Sachs in 2004 and separated as an independent company in 2013 • In February 2021, GA was initially acquired by KKR as
Slide 24: Two Complementary Channels
Two Complementary Channels Individual Markets Institutional Markets Block Annuity and Fixed & Indexed Annuities Reinsurance for Flow Life Insurance Products Insurance Companies Pension Risk Transfer (PRT) for Individuals Preneed Insurance Funding Agreements $13.5 $21.0 Leading Top 3 200+ 41% Top 3 L
Slide 25: Global Atlantic Has Multiple Ways To Grow
Global Atlantic Has Multiple Ways To Grow Global Atlantic has a clear path to doubling assets c Invest in Emerging Opportunities • International Life & Annuity Blocks Improve Positioning in • International Flow Reinsurance b • GA-KKR Wealth Product & Distribution Maturing Businesses • Retirement gro
Slide 26: Multiplier Effect: Scaling GA And Asset Management In Tandem
Multiplier Effect: Scaling GA And Asset Management In Tandem …And GA Helps Scale KKR Helps Scale GA Originations… …And Third Party Insurance Capital KKR Existing Platforms… ($ in billions) ($ in billions) ($ in billions) KKR AUM of Asset Classes Average Annual Asset Originations(1) Third Party Insur
Slide 27: Global Atlantic AUM And Total Insurance Economics
Global Atlantic AUM And Total Insurance Economics Global Atlantic AUM Total Insurance Economics ($ in billions) ($ in millions) Insurance Operating Ivy and other sponsored reinsurance vehicles Global Atlantic-related Capital Markets Fees(1) Earnings in all periods do not Global Atlantic Ivy and Rela
Slide 28: Strategic Holdings
Strategic Holdings
Slide 29: An Observation: The Asset Management Industry
An Observation: The Asset Management Industry Market Capitalization ($ in billions) $1,153 $1,072 Publicly Listed Asset Managers Globally Note: Market capitalization as of February 19, 2026. Asset Managers inclusive of 3i Group, Aberdeen, Affiliated Managers Group, Allfunds, AllianceBernstein, Amund
Slide 30: Strategic Holdings Overview
Strategic Holdings Overview Strategic Holdings primarily consists of KKR’s direct interest in our Core Private Equity strategy Key Characteristics of a Core Private Equity Business We Have Built An Attractive, Diversified Strategy Lower Leverage Over Industry Diversification(1) Long Duration Hold Pe
Slide 31: Acquisition of Arctos
Acquisition of Arctos
Slide 32: Arctos – A Unique And Compelling Strategic Acquisition
Arctos – A Unique And Compelling Strategic Acquisition KKR has agreed to acquire 100% of Arctos for $1.4 billion in initial consideration subject to vesting plus additional future equity tied to both KKR share price and business-specific performance targets • Initial consideration includes: i) $900
Slide 33: Arctos Acquisition – Consistent With Our M&A Strategy
Arctos Acquisition – Consistent With Our M&A Strategy Consideration Transaction Benefits Large Addressable • Large addressable markets across sports, GP solutions and secondaries Market With Right To Win • Leading franchise with deep expertise and proven track-record • Immediately establishes meanin
Slide 34: KKR Is Creating A New Investing Business With Multiple Ways To Win
KKR Is Creating A New Investing Business With Multiple Ways To Win KKR Solutions 1 Sports 2 Keystone (GP Solutions) 3 New Secondaries Strategies Arctos already a leader Senior Arctos team members have been leaders in the secondaries space throughout their careers Originating and Sourcing Across the
Slide 35: Appendix I
Appendix I
Slide 36: Our Earnings Framework
Our Earnings Framework Strategic Expected Insurance Fee Related Holdings Total Operating to be More Operating Stable & Earnings Operating Earnings Recurring Earnings Earnings Net of Compensation and Operating Expenses Net Realized Net Realized Driven by Performance Investment Total Investing Monetiz
Slide 37: Fourth Quarter 2025 Segment Earnings
Fourth Quarter 2025 Segment Earnings ($ in thousands, except per share data) 4Q'24 4Q'25 FY'24 FY'25 Management Fees $ 906,118 $ 1,124,191 $ 3,461,381 $ 4,100,841 Transaction and Monitoring Fees, Net 323,797 268,695 1,165,884 1,092,577 Fee Related Performance Revenues 25,091 33,593 137,992 181,784 F
Slide 38: Appendix II
Appendix II
Slide 39: Important Information – Endnotes
Important Information – Endnotes Note to Page 3 – KKR Overview investments may have an elevated unrealized IRR if they were purchased at a discount and/or had upfront fees. Cash flows used to calculate IRR for foreign investments are converted to USD using a • 800 additional employees includes emplo
Slide 40: Important Information – Endnotes (cont'd)
Important Information – Endnotes (cont’d) Notes to Page 27 – Global Atlantic AUM And Total Insurance Economics • Total insurance economics is an alternative performance measure of KKR's insurance business, derived from a portion of KKR's reported segment results. We believe this measure may be helpf
Slide 41: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) FY'20 4Q'24 4Q'25 FY'24 FY'25 Net Income (Loss) - KKR Common Stockholders $ 1,945,954 $ 1,125,555 $ 1,105,477 $ 3,076,245 $ 2,251,867 Preferred Stock Dividends 56,555 — 40,430 — 118,596 Net Income (Loss) Attributable to Noncont
Slide 42: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 4Q'24 4Q'25 FY'24 FY'25 Insurance Operating Earnings $ 249,973 $ 268,038 $ 1,014,546 $ 1,109,395 Management Fees, Net Paid by Insurance Segment 126,010 147,266 443,220 555,969 Ivy and Related Sidecar Fees, Net 37,787 46,336 138
Slide 43: Reconciliation of GAAP to Non-GAAP Shares (Unaudited)
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 4Q'24 4Q'25 FY'24 FY'25 Weighted Average GAAP Shares of Common Stock Outstanding - Basic 888,222,552 891,402,259 887,021,433 890,342,060 Adjustments: Weighted Average Exchangeable Securities 7,552,802 9,667,137 6,828,095 9,200,005 Weighted Averag
Slide 44: Non-GAAP and Segment Definitions
Non-GAAP and Segment Definitions Non-GAAP and Segment Measures 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 The key non-GAAP and other operating and performance mea
Slide 45: Non-GAAP and Segment Definitions (cont'd)
Non-GAAP and Segment Definitions (cont’d) Non-GAAP and Segment Measures (cont’d) • Strategic Holdings Operating Earnings is a performance measure used to assess the firm’s earnings from companies and businesses reported through its Strategic Holdings segment. • Insurance Operating Earnings is the se
Slide 46: Non-GAAP and Segment Definitions (cont'd)
Non-GAAP and Segment Definitions (cont’d) Other Operating and Capital Metrics (cont’d) • Assets Under Management (“AUM”) represent the assets managed (including core private equity), advised or sponsored by KKR from which KKR is entitled to receive management fees or performance income (currently or
Slide 47: Important Information – Other Legal Disclosures
Important Information – Other Legal Disclosures Past Performance and Investment Returns its AUM, to deploy capital, to realize unrealized investment appreciation, and the time period over which such events may occur; KKR’s ability to manage the investments in and operations of acquired companies Pas
Slide 48: Important Information – Other Legal Disclosures (cont'd)
Important Information – Other Legal Disclosures (cont’d) Forward-Looking Statements (cont’d) party investors failing to fund their capital calls; These statements are subject to numerous risks, uncertainties and assumptions, including those listed • risks related to our insurance activities, includi
Slide 49: Important Information – Other Legal Disclosures (cont'd)
Important Information – Other Legal Disclosures (cont’d) Website From time to time, KKR may use its website as a channel of distribution of material company information. Financial and other important information regarding KKR is routinely posted and accessible on the Investor Center for KKR & Co. In