Kkr & Co. Inc. · NYSE:KKR
Kkr & — Q3 2025 Earnings Presentation
47 slides from Kkr &'s earnings presentation, Nov 7, 2025
Slide 1: KKR Reports Third Quarter 2025 Financial Results
KKR & Co. Inc. Reports Third Quarter 2025 Financial February 7,Results 2023 November 7, 2025
Slide 2: KKR Reports Third Quarter 2025 Financial Results
KKR Reports Third Quarter 2025 Financial Results New York, November 7, 2025 – KKR & Co. Inc. (NYSE: KKR) today reported its third quarter 2025 results. Conference Call A conference call to discuss KKR's financial results will be held on November 7, 2025 at 9:00 a.m. ET. The conference call may be ac
Slide 3: Legal Disclosures
KKR Reports Third 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. Third Quarter Earnings
KKR & Co. Inc. Third Quarter Earnings
Slide 5: Third Quarter 2025 GAAP Results
Third Quarter 2025 GAAP Results (Unaudited) GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $0.9 billion for the quarter and $1.1 billion YTD. ($ in thousands, except per share data) 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Revenues Asset Management and Strategic Holdings $ 2,26
Slide 6: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights • Fee Related Earnings (“FRE”) of $1.0 billion ($1.15/adj. share) in the quarter which is a record for KKR. FRE is up 3% on a year-over-year basis • FRE was $3.6 billion in the LTM ($3.99/adj. share), up 16% year-over-year • Total Operating Earnings ("TOE") of $1.4 bill
Slide 7: Third Quarter 2025 Segment Earnings
Third Quarter 2025 Segment Earnings ($ in thousands, except per share data) 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Management Fees $ 892,629 $ 1,063,553 $ 2,555,263 $ 2,976,650 Transaction and Monitoring Fees, Net 467,145 328,124 842,087 823,882 Fee Related Performance Revenues 56,655 73,177 112,901 148,19
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 15% 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) 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Management Fees $ 892,629 $ 1,063,553 $ 2,555,263 $ 2,976,650 Transaction and Monitoring Fees, Net 467,145 328,124 842,087 823,882 Fee Related Performance Revenues 56,655 73,177 112,901 148,191 Fee Relat
Slide 11: Management Fees and Fee Related Earnings
Management Fees and Fee Related Earnings Management Fees Fee Related Earnings Per Adjusted Share ($ in millions) • Increased by 16% to $3.9 billion in the LTM • Increased 15% year-over-year driven primarily by the • Growth has primarily been driven by an increase in Fee growth in management fees and
Slide 12: Assets Under Management
Assets Under Management • AUM of $723 billion, up 16% year-over-year, with $43 billion of organic new capital raised in the quarter and $128 billion in the LTM • K-Series AUM totaled $29 billion across asset classes compared to $14 billion a year prior • Fee Paying AUM of $585 billion, up 16% year-o
Slide 13: Additional Capital Detail
Additional Capital Detail • Dry Powder: Uncalled commitments of $126 billion remain diversified across the firm’s investment strategies • AUM Not Yet Paying Fees: At quarter end, there was $64 billion of committed capital with a weighted average management fee rate of approximately 80 bps that becom
Slide 14: Fund Investment Performance
Fund Investment Performance Gross unrealized performance income totals $9.0 billion as of September 30, 2025 Gross Return 3Q'25 LTM Private Equity Traditional Private Equity Portfolio 2% 10% Real Assets Infrastructure Portfolio 3% 12% Opportunistic Real Estate Portfolio 0% 5% Credit Leveraged Credit
Slide 15: Asset Management Segment - Private Equity
Asset Management Segment − Private Equity • AUM: Increased 4% quarter-over-quarter and 17% year-over-year to $222 billion with organic new capital raised of $5 billion in the quarter and $22 billion YTD • New capital raised in the quarter was primarily driven by K-Series Private Equity and North Ame
Slide 16: Asset Management Segment - Real Assets
Asset Management Segment − Real Assets • AUM: Increased 4% quarter-over-quarter and 14% year-over-year to $186 billion with organic new capital raised of $10 billion in the quarter and $24 billion YTD • New capital raised in the quarter was widespread and included infrastructure flows globally acros
Slide 17: Asset Management Segment - Credit and Liquid Strategies
Asset Management Segment − Credit and Liquid Strategies • AUM: Increased 8% quarter-over-quarter and 16% year-over-year to $315 billion with organic new capital raised of $27 billion in the quarter and $55 billion YTD • New capital raised in the quarter was primarily driven by inflows at Global Atla
Slide 18: Capital Markets and Principal Activities
Asset Management Segment − Capital Markets • Transaction Fees: Totaled $276 million in the quarter and $705 million YTD • Approximately 60% of transaction fees were originated in North America in the quarter • Capital markets transaction fees were diversified by source in the quarter: traditional pr
Slide 19: Insurance Segment Detail
Insurance Segment Detail
Slide 20: Insurance Segment
Insurance Segment • Insurance Operating Earnings: Insurance Operating Earnings of $305 million in the quarter benefitted from $41 million primarily related to the impact of Global Atlantic's annual actuarial assumption review, which is included in Net Cost of Insurance. 3Q'24 Insurance Operating Ear
Slide 21: Strategic Holdings Segment Detail
Strategic Holdings Segment Detail
Slide 22: Strategic Holdings Segment
Strategic Holdings Segment • Strategic Holdings Segment Earnings: Driven by dividends from our Core PE businesses and realized gains from the Strategic Holdings portfolio • Highlights: • KKR closed on the previously announced acquisition of Karo Healthcare in the quarter • KKR's share of 2Q'25 LTM A
Slide 23: Supplemental Information
Supplemental Information
Slide 24: Total Insurance Economics
Total Insurance Economics Total Insurance Economics ($ in millions) Global Atlantic-related Capital Markets Fees(1) Ivy and Related Sidecar Fees(1) 100% ownership Insurance Operating Earnings in all periods does not Management Fees Paid by Insurance Segment(1) reflect mark-to-market appreciation of
Slide 25: Duration of Capital
Duration of Capital Growth in Strategic & Perpetual Capital Assets Under Management ($ in billions) 52% of AUM $375 is perpetual capital or long-dated strategic investor partnerships $328 $66 7% $69 43% 41% $309 $259 9% 93% of AUM is perpetual capital or has a duration of at least 8 years at incepti
Slide 26: Assets Under Management Rollforward
Assets Under Management Rollforward Three Months Ended September 30, 2025 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 214,576 $ 179,447 $ 291,783 $ 685,806 New Capital Raised 5,473 10,286 26,855 42,614 Acquisitions 3,214 — — 3,214 Distributions a
Slide 27: Fee Paying Assets Under Management Rollforward
Fee Paying Assets Under Management Rollforward Three Months Ended September 30, 2025 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 141,222 $ 150,497 $ 264,528 $ 556,247 New Capital Raised 6,510 9,110 20,123 35,743 Acquisitions 3,214 — — 3,214 Distr
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 $ 17,466 $ 17,466 $ — $ — $ — $ — 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 $ 15,044 $ 15,044 $ — $
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 $ 2,412 $ 1,007
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 undrawn revolving credit facility Key Asset Management Highlights - Thir
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 October 31, 2025, KKR used a total of $129 million under the share repurchase plan to retire equity awards and repurchase shares representing 1.1 million shares in aggregate. During this period, retirements and share repurchases were made at an average co
Slide 34: Appendix
Appendix
Slide 35: GAAP Condensed Consolidated Income Statement
GAAP Condensed Consolidated Income Statement (Unaudited) ($ in thousands) 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Revenues Asset Management and Strategic Holdings Fees and Other $ 1,105,666 $ 1,105,238 $ 2,621,516 $ 2,916,482 Capital Allocation-Based Income (Loss) 1,163,424 638,764 3,164,491 2,708,601 2,269
Slide 36: Reconciliation of GAAP to Non-GAAP Shares
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 GAAP Shares of Common Stock Outstanding 887,448,993 888,232,174 888,250,332 890,938,778 890,970,061 Adjustments: Exchangeable Securities 6,996,738 7,557,791 8,208,839 9,573,175 9,554,374 Adjusted Shares(1) 894,445,73
Slide 37: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD 3Q'24 LTM 3Q'25 LTM Net Income (Loss) - KKR Common Stockholders $ 600,550 $ 859,927 $ 1,950,690 $ 1,146,390 $ 2,991,119 $ 2,271,945 Preferred Stock Dividends — 40,430 — 78,166 — 78,166 Net Income
Slide 38: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Total Operating Earnings $ 1,246,021 $ 1,395,252 $ 3,257,784 $ 3,701,920 Total Investing Earnings 318,433 306,297 751,576 819,761 Depreciation and Amortization 13,013 19,589 38,065 47,033 Adjuste
Slide 39: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 3Q'25 KKR & Co. Inc. Stockholders' Equity - Common Stock - GAAP $ 27,205,798 Asset Management and Strategic Holdings Net Assets and Other(1) (20,987,576) Accumulated Other Comprehensive (Income) Loss and Other (Insurance)(2) 4,
Slide 40: Important Information - Endnotes
Important Information − Endnotes Notes to All Pages • The leveraged credit composite refers to the composite of certain investment portfolios made in KKR’s collateralized loan obligations and U.S. and European leveraged credit • All figures in this presentation are as of September 30, 2025, unless o
Slide 41: Important Information - Endnotes (cont'd)
Important Information − Endnotes (cont’d) Notes to Page 20 – Total Insurance Economics • For the nine months ended September 30, 2025, Distributions and Other includes net changes in fee base of certain Private Equity funds of $1,281 million, $68 million of • Total insurance economics is an alternat
Slide 42: Important Information - Non-GAAP and Other Measures
Important Information − Non-GAAP and Other Measures Non-GAAP and Segment Measures from ANI, because (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 The key non-GAAP and other operating and
Slide 43: 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 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) • 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 45: 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 46: 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 47: 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