Kkr & Co. Inc. · NYSE:KKR
Kkr & — Investor Presentation (May 2026)
52 slides from Kkr &'s investor presentation, May 2026
Slide 1: KKR & Co. Inc. Overview Presentation May 2026
KKR & Co. Inc. Overview February 7,Presentation 2023 – 1Q’26 May 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 $758 billion ~4,200 Multi-asset 35 global 50 Years in AUM employees(1) experience offices across Credit & ~2,700 Liquid Strategies Asset Management
Slide 4: Positioned For Significant Growth Ahead
Positioned For Significant Growth Ahead Purpose-built business model with three High-growth growth engines to drive recurring earnings industry with Leveraging our leadership in key core strengths Asset Strategic markets Management Insurance Holdings Growing alternatives Differentiated Leading
Slide 5: Evolution And Growth Of Our Business
Evolution And Growth Of Our Business ($ in billions, except per share data) Three Segments 2020 1Q’26 LTM Scaling of Strategic Existing Insurance Asset Holdings Management Asset Businesses Management Assets Under Initial acquisition in Strategic Insurance Management February 2021 Introduced as a Hol
Slide 6: Durable Model Evidenced In 1Q'26
Durable Model Evidenced In 1Q’26 1Q’26 Actual 1Q’26 vs. 1Q’25 ($ in billions) Management Fees $1,193 +30% Fee Related Earnings $1,016 +24% Fee Related Earnings Margin 69% +65bps Total Operating Earnings $1,325 +19% Adjusted Net Income $1,250 +21% AUM $758 +14% FPAUM $615 +17% Total Embedded Gains(1)
Slide 7: KKR's Culture And Values Drive Outcomes
KKR’s Culture And Values Drive Outcomes Work Together Earn Like & Trust Best-in-class talent One P&L and compensation pool Remember, People are Counting on Us One Collaboration Firm Business building & innovation Stay Curious, Allows us to maximize Be Creative the impact of our model Pursue Excellen
Slide 8: Our Model
Our Model
Slide 9: Our Model – Three Growth Engines
Our Model – Three Growth Engines Asset Strategic Insurance Management Holdings 9
Slide 10: Asset Management
Asset Management
Slide 11: Scaled And Diversified Assets Under Management
Scaled And Diversified Assets Under Management Assets Under Management ($ in billions) $758 $758 $744 $36 Liquid Strategies $638 $149 Alternative Credit $553 $504 $144 Leveraged Credit +18% $471 CAGR $84 Real Estate $114 Infrastructure & Energy $252 $218 $195 $24 Growth Equity $168 $41 Core Private
Slide 12: Differentiated Value Creation Toolkit
Differentiated Value Creation Toolkit CAPSTONE KKR ADVISORS KKR CAPITAL MARKETS GLOBAL MACRO KKR GLOBAL INSTITUTE ASSET ALLOCATION PUBLIC POLICY & GLOBAL CLIENT SUSTAINABILITY SOLUTIONS 12
Slide 13: Diversified & Fast-Growing Management Fee Profile
Diversified & Fast-Growing Management Fee Profile Other(1) Core PE +26% CAGR Growth Equity Real Estate Infrastructure Alternative Credit Leveraged Credit Traditional PE Distinct strategies in Americas, Europe and Asia 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q
Slide 14: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Asia Infrastructur
Slide 15: Lifecycle Of Our Products
Lifecycle Of Our Products Early Developing Maturing Scaled Platform Formation Product Buildout Building Scale Scale Benefits Private Health Care Growth North America PE Equity Middle Market PE Technology Growth 50%+ Global Impact Europe PE Core PE Customized Portfolio Solutions Asia PE Asia Infrastr
Slide 16: Continued Fundraising Momentum
Continued Fundraising Momentum ~30 Strategies Targeted To Raise Capital New Capital Raised In The Next 12-18 Months ($ in billions) Including three major flagship strategies Private Equity Private Equity Real Assets • Asia Private Equity • Customized Portfolio Solutions Credit & Liquid Strategies •
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) $38 Strategic Partnership Recent Developments: ~2x Private First Two Public-Private Fixed Income Investment $19 Equ
Slide 18: KKR's Alternative Credit Footprint
KKR’s Alternative Credit Footprint KKR Assets Under Management ($ in billions) Direct Lending Institutional Public BDC Private BDCs Alternative Credit Direct Lending (NYSE: FSK) excl. Direct Credit and Funds & SMAs Lending Liquid Liquid Strategies Strategies $329 Direct Lending Represents 5% of KKR
Slide 19: Performance Across Our Institutional And Wealth Private Credit Strategies
Performance Across Our Institutional And Wealth Private Credit Strategies Risk-Adjusted Returns (1) Corporate Private Credit ABF Note: As of March 31, 2026. Past performance is no guarantee of future results. Excludes publicly listed vehicles. For U.S. Direct Lending and Junior Debt funds, benchmark
Slide 20: Insurance
Insurance
Slide 21: 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 22: 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 $11.6 $19.1 Leading #1 200+ 40% Top 3 Lead
Slide 23: Global Atlantic Has Multiple Ways To Grow
Global Atlantic Has Multiple Ways To Grow Global Atlantic has a clear path to doubling assets c Invest in Emerging Opportunities • International Life & Annuity Blocks Improve Positioning in • International Flow Reinsurance b • GA-KKR Wealth Product & Distribution Maturing Businesses • Retirement gro
Slide 24: Multiplier Effect: Scaling GA And Asset Management In Tandem
Multiplier Effect: Scaling GA And Asset Management In Tandem …And GA Helps Scale KKR Helps Scale GA Originations… …And Third Party Insurance Capital KKR Existing Platforms… ($ in billions) ($ in billions) ($ in billions) KKR AUM of Asset Classes Average Annual Asset Originations(1) Third Party Insur
Slide 25: Global Atlantic AUM And Total Insurance Economics
Global Atlantic AUM And Total Insurance Economics Global Atlantic AUM Total Insurance Economics ($ in billions) ($ in millions) Global Atlantic-related Capital Markets Fees(1) Insurance Operating Earnings Ivy and other sponsored reinsurance vehicles in all periods do not reflect Global Atlantic Ivy
Slide 26: Strategic Holdings
Strategic Holdings
Slide 27: 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 28: Acquisition of Arctos
Acquisition of Arctos
Slide 29: Arctos – A Unique And Compelling Strategic Acquisition
Arctos – A Unique And Compelling Strategic Acquisition KKR has acquired 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 • At the closing, initial consideration included ap
Slide 30: 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 31: 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 32: KKR Capital Markets
KKR Capital Markets
Slide 33: KKR Capital Markets Overview
KKR Capital Markets Overview Highlights Business Lines Full service capabilities for both KKR companies and Debt Capital Markets Equity Capital Markets third party clients(1) Deep expertise and specialization across products, asset Structured Capital Markets Co-Invest & Partnerships classes and mark
Slide 34: Business Evolution
Business Evolution Platform Formation (2007 – 2015) Scaling and Diversifying (2016 – Today) Traditional private equity orientation Expanded with infrastructure, real estate, ABF, Launched third party business core and growth strategies 25-100 deals per year Scaled third party business; scaling GA-re
Slide 35: Differentiated Business Model With KKR Credit
Differentiated Business Model With KKR Credit Credit & Markets Model Our Approach Not many can deliver breadth of solutions Integrated our credit and capital markets capabilities to in as integrated and scaled way deliver comprehensive capital solutions Credit KCM KKR Combined origination into one t
Slide 36: Scaled And Diversified Revenue Base
Scaled And Diversified Revenue Base Expanded Revenue Sources Create Growth and Resiliency ($ in millions) Cumulative Transaction Fees by Source Over Period Annual Transaction Fee Revenue 2012 – 2015 2020 – 2025 Record Year in a $170 million Avg. Revenue Per Year $740 million Avg. Revenue Per Year Re
Slide 37: We Have A Growth Orientation
We Have A Growth Orientation Embedded Growth: We Grow as the Firm Grows Third Party Opportunity: Over $1 billion of Fees So Far ($ in millions) $1,276 $1,000.00 $966 950 Crossed $1.0 billion $975 of third party fees in 1Q’24 $800.00 750 $626 $691 $600.00 550 $541 $415 $400.00 $445 350 $200.00 $170 1
Slide 38: Appendix I
Appendix I
Slide 39: Our Earnings Framework
Our Earnings Framework Strategic Expected Insurance Fee Related Holdings Total Operating to be More Operating Stable & Earnings Operating Earnings Recurring Earnings Earnings Net of Compensation and Operating Expenses Net Realized Net Realized Driven by Performance Investment Total Investing Monetiz
Slide 40: First Quarter 2026 Segment Earnings
First Quarter 2026 Segment Earnings ($ in thousands, except per share data) 1Q'25 1Q'26 1Q'25 LTM 1Q'26 LTM Management Fees $ 917,334 $ 1,192,504 $ 3,563,388 $ 4,376,011 Transaction and Monitoring Fees, Net 261,509 252,709 1,275,309 1,083,777 Fee Related Performance Revenues 21,277 23,762 140,168 18
Slide 41: Appendix II
Appendix II
Slide 42: Important Information – Endnotes
Important Information – Endnotes Note to Page 3 – KKR Overview (Stable Outlook) / AM Best (Stable Outlook). • 800 additional employees includes employees from certain of our majority owned and controlled Notes to Page 22 – Two Complementary Channels subsidiaries such as KJRM and K-Star. The employme
Slide 43: Important Information – Endnotes (cont'd)
Important Information – Endnotes (cont’d) Note to Page 33 – KKR Capital Markets Overview (1) Any client that is not a portfolio company is considered third party. Our first third party fees were earned in 2009. Note to Page 40 – First Quarter 2026 Segment Earnings • The amount of tax benefit from eq
Slide 44: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) FY'20 1Q'25 1Q'26 1Q'25 LTM 1Q'26 LTM Net Income (Loss) - KKR Common Stockholders $ 1,945,954 $ (185,924) $ 364,799 $ 2,208,107 $ 2,802,590 Preferred Stock Dividends 56,555 — 40,430 — 159,026 Net Income (Loss) Attributable to N
Slide 45: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 1Q'25 1Q'26 1Q'25 LTM 1Q'26 LTM Insurance Operating Earnings $ 258,772 $ 260,330 $ 1,000,478 $ 1,110,953 Management Fees, Net Paid by Insurance Segment 131,714 145,059 482,172 569,314 Ivy and Related Sidecar Fees, Net 38,980 59
Slide 46: Reconciliation of GAAP to Non-GAAP Shares (Unaudited)
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 1Q'25 1Q'26 1Q'25 LTM 1Q'26 LTM Weighted Average GAAP Shares of Common Stock Outstanding - Basic 888,246,698 891,145,378 887,826,075 891,056,803 Adjustments: Weighted Average Exchangeable Securities 7,977,355 10,316,567 7,382,850 9,776,798 Weight
Slide 47: 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 48: 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 49: 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 50: Important Information – Other Legal Disclosures
Important Information – Other Legal Disclosures Past Performance and Investment Returns potential for compounding earnings over a long period of time from such segment); KKR’s ability to grow its AUM, to deploy capital, to realize unrealized investment appreciation, and the time period over which Pa
Slide 51: 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 52: 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