Kkr & Co. Inc. · NYSE:KKR
Kkr & — Q4 2025 Earnings Presentation
48 slides from Kkr &'s earnings presentation, Feb 5, 2026
Slide 1: KKR & Co. Inc. Reports Fourth Quarter 2025 Financial Results
KKR & Co. Inc. Reports Fourth Quarter 2025 Financial February 7,Results 2023 February 5, 2026
Slide 2: KKR Reports Fourth Quarter 2025 Financial Results
KKR Reports Fourth Quarter 2025 Financial Results New York, February 5, 2026 – KKR & Co. Inc. (NYSE: KKR) today reported its fourth quarter 2025 results. Conference Call A conference call to discuss KKR's financial results will be held on February 5, 2026 at 9:00 a.m. ET. The conference call may be
Slide 3: Legal Disclosures
KKR Reports Fourth Quarter 2025 Financial Results 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
Slide 4: KKR & Co. Inc. Fourth Quarter Earnings
KKR & Co. Inc. Fourth Quarter Earnings
Slide 5: Fourth Quarter 2025 GAAP Results
Fourth Quarter 2025 GAAP Results (Unaudited) GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $2.3 billion for the full year 2025 ($ in thousands, except per share data) 4Q'24 4Q'25 FY'24 FY'25 Revenues Asset Management and Strategic Holdings $ 1,426,239 $ 2,210,425 $ 7,
Slide 6: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights • Fee Related Earnings (“FRE”) of $1.0 billion ($1.08/adj. share) in the quarter, up 15% year- over-year • FRE was $3.7 billion for the year ($4.13/adj. share), up 14% year-over-year • Total Operating Earnings ("TOE") of $1.3 billion ($1.42/adj. share) in the quarter,
Slide 7: Fourth Quarter 2025 Segment Earnings
Fourth Quarter 2025 Segment Earnings ($ 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 8: Total Operating Earnings
Total Operating Earnings • Total Operating Earnings ("TOE") - the sum of Fee Related Earnings, Insurance Operating Earnings and Strategic Holdings Operating Earnings - represents the more durable and recurring portion of KKR's total segment earnings • TOE increased 14% over the last 12 months primar
Slide 9: Asset Management Segment Detail
Asset Management Segment Detail
Slide 10: Asset Management Segment
Asset Management Segment ($ 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 Fee Related C
Slide 11: Management Fees and Fee Related Earnings
Management Fees and Fee Related Earnings Management Fees Fee Related Earnings Per Adjusted Share ($ in billions) • Increased by 18% to $4.1 billion for the year • Increased 13% year-over-year driven primarily by the • Growth has primarily been driven by an increase in Fee growth in management fees a
Slide 12: Assets Under Management
Assets Under Management • AUM of $744 billion, up 17% year-over-year, with $28 billion of organic new capital raised in the quarter and $129 billion for the year • K-Series AUM totaled $34 billion across asset classes compared to $16 billion a year prior • Fee Paying AUM of $604 billion, up 18% year
Slide 13: Additional Capital Detail
Additional Capital Detail • Dry Powder: Uncalled commitments of $118 billion remain diversified across the firm’s investment strategies • AUM Not Yet Paying Fees: At year end, there was $60 billion of committed capital with a weighted average management fee rate of approximately 80 bps that becomes
Slide 14: Fund Investment Performance
Fund Investment Performance Gross unrealized performance income totals $10.2 billion as of December 31, 2025 Gross Return 4Q'25 FY'25 Private Equity Traditional Private Equity Portfolio 4% 14% Real Assets Infrastructure Portfolio 2% 11% Opportunistic Real Estate Portfolio 0% 5% Credit Leveraged Cred
Slide 15: Asset Management Segment – Private Equity
Asset Management Segment − Private Equity • AUM: Increased 3% quarter-over-quarter and 17% year-over-year to $229 billion with organic new capital raised of $5 billion in the quarter and $27 billion for the year • New capital raised in the quarter was primarily driven by North America Fund XIV and K
Slide 16: Asset Management Segment – Real Assets
Asset Management Segment − Real Assets • AUM: Increased 3% quarter-over-quarter and 16% year-over-year to $192 billion with organic new capital raised of $10 billion in the quarter and $34 billion for the year • New capital raised in the quarter was primarily driven by K-Series Infrastructure, with
Slide 17: Asset Management Segment – Credit and Liquid Strategies
Asset Management Segment − Credit and Liquid Strategies • AUM: Increased 2% quarter-over-quarter and 17% year-over-year to $322 billion with organic new capital raised of $13 billion in the quarter and $68 billion for the year • New capital raised in the quarter was primarily driven by inflows at Gl
Slide 18: Asset Management Segment – Capital Markets
Asset Management Segment − Capital Markets • Transaction Fees: Totaled $225 million in the quarter and $930 million for the year • Approximately half of transaction fees were originated in Europe in the quarter • Private equity and credit generated approximately 50% and 20%, respectively, of capital
Slide 19: Insurance Segment Detail
Insurance Segment Detail
Slide 20: Insurance Segment
Insurance Segment • Net Investment Income: Net Investment Income of $1.9 billion in the quarter primarily reflects growth in the investment portfolio attributable to net inflows and higher average portfolio yields • Net Cost of Insurance: Net Cost of Insurance of $1.4 billion in the quarter primaril
Slide 21: Strategic Holdings Segment Detail
Strategic Holdings Segment Detail
Slide 22: Strategic Holdings Segment
Strategic Holdings Segment • Strategic Holdings Segment Earnings: Driven by dividends from our Strategic Holdings businesses • Highlights: • KKR's share of 3Q'25 LTM Adjusted Revenues is $4.4 billion and 3Q'25 LTM Adjusted EBITDA is $1.1 billion across a scaled and diversified portfolio • Expect Str
Slide 23: Supplemental Information
Supplemental Information
Slide 24: Global Atlantic AUM and Total Insurance Economics
Global Atlantic AUM and Total Insurance Economics Global Atlantic AUM Total Insurance Economics ($ in billions) ($ in millions) Ivy and other sponsored reinsurance vehicles Global Atlantic-related Capital Markets Fees(1) Insurance Operating Earnings Ivy and Related Sidecar Fees(1) in all periods do
Slide 25: Duration of Capital
Duration of Capital Growth in Strategic & Perpetual Capital Assets Under Management ($ in billions) Long-Dated Strategic Investor Partnerships Other 8+ Year Duration at Inception Perpetual Capital 52% of AUM Long-Dated Strategic Investor Partnerships is perpetual capital or long-dated $389 Perpetual
Slide 26: Assets Under Management Rollforward
Assets Under Management Rollforward Three Months Ended December 31, 2025 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 222,189 $ 186,335 $ 314,666 $ 723,190 New Capital Raised 5,217 9,992 13,050 28,259 Distributions and Other (3,981) (3,963) (7,378
Slide 27: Fee Paying Assets Under Management Rollforward
Fee Paying Assets Under Management Rollforward Three Months Ended December 31, 2025 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 149,729 $ 155,739 $ 279,577 $ 585,045 New Capital Raised 4,654 13,001 14,867 32,522 Distributions and Other (3,878) (4
Slide 28: Investment Vehicle Summary - Asset Management
Investment Vehicle Summary - Asset Management Investment Period Amount ($ in millions) Start End Uncalled Remaining Remaining Commitment Invested Realized Date Date Commitments Cost Fair Value PRIVATE EQUITY BUSINESS LINE North America Fund XIV 4/2025 4/2031 $ 19,375 $ 19,375 $ — $ — $ — $ — North A
Slide 29: Investment Vehicle Summary - Asset Management (cont'd)
Investment Vehicle Summary - Asset Management (cont’d) Investment Period Amount ($ in millions) Start End Uncalled Remaining Remaining Commitment Invested Realized Date Date Commitments Cost Fair Value REAL ASSETS BUSINESS LINE Global Infrastructure Investors V 7/2024 7/2030 $ 15,732 $ 12,051 $ 3,79
Slide 30: Investment Vehicle Summary - Asset Management (cont'd)
Investment Vehicle Summary - Asset Management (cont’d) Investment Period Amount ($ in millions) Start End Uncalled Remaining Remaining Commitment Invested Realized Date Date Commitments Cost Fair Value CREDIT AND LIQUID STRATEGIES BUSINESS LINE(1) Opportunities Fund II 11/2021 1/2026 $ 2,420 $ 897 $
Slide 31: Strong Financial Profile
Strong Financial Profile • KKR & Co. Inc. is 'A' rated by both S&P and Fitch • Average maturity of debt is approximately 16 years with an after-tax weighted average fixed coupon of 3%(1) • Debt capacity includes a $2.75 billion KKR corporate undrawn revolving credit facility Key Asset Management Hig
Slide 32: Dividends & Other Corporate Information
Dividends & Other Corporate Information Dividends The declaration and payment of any future dividends on common stock or preferred stock will be subject to the discretion of the Board of Directors of KKR & Co. Inc. based on a number of factors, including KKR’s future financial performance and other
Slide 33: Stock Summary
Stock Summary From December 31, 2024 through January 30, 2026, KKR used a total of $130 million under the share repurchase plan to retire equity awards and repurchase shares representing 1.1 million shares in aggregate. During this period, retirements and share repurchases were made at an average co
Slide 34: Appendix
Appendix
Slide 35: GAAP Condensed Consolidated Income Statement
GAAP Condensed Consolidated Income Statement (Unaudited) ($ in thousands) 4Q'24 4Q'25 FY'24 FY'25 Revenues Asset Management and Strategic Holdings Fees and Other $ 1,032,446 $ 1,147,791 $ 3,653,962 $ 4,064,273 Capital Allocation-Based Income (Loss) 393,793 1,062,634 3,558,284 3,771,235 1,426,239 2,2
Slide 36: Reconciliation of GAAP to Non-GAAP Shares
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 GAAP Shares of Common Stock Outstanding 888,232,174 888,250,332 890,938,778 890,970,061 891,451,844 Adjustments: Exchangeable Securities 7,557,791 8,208,839 9,573,175 9,554,374 9,623,541 Adjusted Shares(1) 895,789,96
Slide 37: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 4Q'24 4Q'25 FY'24 FY'25 Net Income (Loss) - KKR Common Stockholders $ 1,125,555 $ 1,105,477 $ 3,076,245 $ 2,251,867 Preferred Stock Dividends — 40,430 — 118,596 Net Income (Loss) Attributable to Noncontrolling Interests 258,728
Slide 38: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 4Q'24 4Q'25 FY'24 FY'25 Total Operating Earnings $ 1,100,769 $ 1,283,884 $ 4,358,553 $ 4,985,804 Total Investing Earnings 399,375 84,771 1,150,951 904,532 Depreciation and Amortization 11,946 20,821 50,011 67,854 Adjusted EBITD
Slide 39: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 4Q'25 KKR & Co. Inc. Stockholders' Equity - Common Stock - GAAP $ 28,359,157 Asset Management and Strategic Holdings Net Assets and Other(1) (21,279,669) Accumulated Other Comprehensive (Income) Loss and Other (Insurance)(2) 4,
Slide 40: Important Information – Endnotes
Important Information − Endnotes Notes to All Pages Notes to Page 10 – Fund Investment Performance • All figures in this presentation are as of December 31, 2025, unless otherwise • Traditional private equity portfolio refers to the portfolio of investments held by all of specifically indicated. KKR
Slide 41: Important Information – Endnotes (cont'd)
Important Information − Endnotes (cont’d) Notes to Page 18 – Strategic Holdings Segment (cont'd) • For the year ended December 31, 2025, Distributions and Other includes $105 million of redemptions by fund investors in Private Equity, $302 million of redemptions by • The Capital Invested for the Str
Slide 42: Important Information – Endnotes (cont'd)
Important Information − Endnotes (cont’d) Notes to Page 27 – Strong Financial Profile (cont'd) • Traditional private equity includes KKR's traditional private equity funds, co- investments alongside such KKR sponsored private equity funds, and other opportunistic investments. Equity investments in o
Slide 43: Important Information – Non-GAAP and Other Measures
Important Information − Non-GAAP and Other Measures Non-GAAP and Segment Measures (i) KKR believes that the cost of equity awards granted to employees does not contribute to the earnings potentially available for distributions to its equity holders or The key non-GAAP and other operating and perform
Slide 44: Important Information – Non-GAAP and Other Measures (cont'd)
Important Information − Non-GAAP and Other Measures (cont’d) Non-GAAP and Segment Measures (cont’d) reinsurance vehicles, (ii) Transaction and Monitoring Fees, Net and (iii) Fee Related Performance Revenues, less (x) Fee Related Compensation, and (y) Other Operating • Asset Management Segment Earnin
Slide 45: Important Information – Non-GAAP and Other Measures (cont'd)
Important Information − Non-GAAP and Other Measures (cont’d) Non-GAAP and Segment Measures (cont’d) • Capital Invested is the aggregate amount of capital invested by (i) KKR’s investment funds (including core private equity) and Global Atlantic insurance companies, (ii) KKR's • Total Asset Managemen
Slide 46: Important Information – Other Legal Disclosures
Important Information − Other Legal Disclosures Website Past Performance and Investment Returns From time to time, KKR may use its website as a channel of distribution of material company Past performance is not a guarantee of future results. Information about any fund or information. Financial and
Slide 47: Important Information – Other Legal Disclosures (cont'd)
Important Information − Other Legal Disclosures (cont’d) Forward Looking Statements Expected dividend amounts and investment returns in the business segment Strategic Holdings may be materially less than our current expectations or not materialize at all, and This presentation contains certain forwa
Slide 48: Important Information – Other Legal Disclosures (cont'd)
Important Information − Other Legal Disclosures (cont’d) Forward Looking Statements (cont'd) our ability to execute Global Atlantic's growth strategies successfully; Global Atlantic’s actual or perceived financial strength and ratings of Global Atlantic and its subsidiaries; Without limiting the sta