Kkr & Co. Inc. · NYSE:KKR
Kkr & — Q1 2026 Earnings Presentation
50 slides from Kkr &'s earnings presentation, May 5, 2026
Slide 1: KKR & Co. Inc. Reports First Quarter 2026 Financial Results
KKR & Co. Inc. Reports First Quarter 2026 Financial Results May 5, 2026
Slide 2: KKR Reports First Quarter 2026 Financial Results
KKR Reports First Quarter 2026 Financial Results New York, May 5, 2026 – KKR & Co. Inc. (NYSE: KKR) today reported its first quarter 2026 results. Conference Call A conference call to discuss KKR's financial results will be held on May 5, 2026 at 10:00 a.m. ET. The conference call may be accessed by
Slide 3: Legal Disclosures
KKR Reports First Quarter 2026 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. First Quarter Earnings
KKR & Co. Inc. First Quarter Earnings
Slide 5: First Quarter 2026 GAAP Results (Unaudited)
First Quarter 2026 GAAP Results (Unaudited) GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $0.4 billion for the quarter and $2.8 billion in the LTM ($ in thousands, except share data) 1Q'25 1Q'26 1Q'25 LTM 1Q'26 LTM Revenues Asset Management and Strategic Holdings $ 2,
Slide 6: First Quarter 2026 Highlights
First Quarter 2026 Highlights • Fee Related Earnings (“FRE”) of $1.0 billion ($1.13/adj. share) in the quarter, up 24% year- over-year • FRE was $3.9 billion in the LTM ($4.34/adj. share), up 14% year-over-year • Total Operating Earnings ("TOE") of $1.3 billion ($1.47/adj. share) in the quarter, up
Slide 7: First Quarter 2026 Segment Earnings
First Quarter 2026 Segment Earnings ($ 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 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) 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 23,762 140,168 184,269 Fee R
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 23% to $4.4 billion in the LTM • Increased 14% 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 $758 billion, up 14% year-over-year, with $28 billion of organic new capital raised in the quarter and $127 billion in the LTM • K-Series AUM totaled $38 billion across asset classes compared to $21 billion a year prior • Fee Paying AUM of $615 billion, up 17% year-o
Slide 13: Additional Capital Detail
Additional Capital Detail • Dry Powder: Uncalled commitments of $125 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 $10.2 billion as of March 31, 2026 Gross Return 1Q'26 LTM Private Equity Traditional Private Equity Portfolio 1% 10% Real Assets Infrastructure Portfolio 2% 10% Opportunistic Real Estate Portfolio -1% 2% Credit Leveraged Credit C
Slide 15: Asset Management Segment − Private Equity
Asset Management Segment − Private Equity • AUM: Increased 1% quarter-over-quarter and 10% year-over-year to $231 billion with organic new capital raised of $5 billion in the quarter and $21 billion in the LTM • New capital raised in the quarter was primarily driven by North America Fund XIV and K-S
Slide 16: Asset Management Segment − Real Assets
Asset Management Segment − Real Assets • AUM: Increased 3% quarter-over-quarter and 16% year-over-year to $198 billion with organic new capital raised of $8 billion in the quarter and $36 billion in the LTM • New capital raised in the quarter was widespread and included infrastructure flows globally
Slide 17: Asset Management Segment − Credit and Liquid Strategies
Asset Management Segment − Credit and Liquid Strategies • AUM: Increased 2% quarter-over-quarter and 16% year-over-year to $329 billion with organic new capital raised of $15 billion in the quarter and $69 billion in the LTM • New capital raised in the quarter was primarily driven by activity within
Slide 18: Capital Markets and Principal Activities
Asset Management Segment − Capital Markets • Transaction Fees: Totaled $224 million in the quarter and $924 million in the LTM • Approximately half of transaction fees were originated in North America in the quarter • Capital markets transaction fees were diversified by source in the quarter: tradit
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 $1.5 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 4Q'25 LTM Adjusted Revenues is $4.5 billion and 4Q'25 LTM Adjusted EBITDA is $1.1 billion across a scaled and diversified portfolio • Expect Str
Slide 23: Supplemental Information
Supplemental Information
Slide 24: KKR's Alternative Credit Footprint
KKR's Alternative Credit Footprint KKR Assets Under Management ($ in billions) $758 $758 $39 Direct Lending Institutional Public BDC Private BDCs Alternative Credit $149 Direct Lending (NYSE: FSK) $110 excl. Direct Credit and Funds & SMAs Lending Liquid $36 $36 Liquid Strategies Strategies $329 $144
Slide 25: Performance Across Our Institutional and Wealth Private Credit Strategies
Performance Across Our Institutional and Wealth Private Credit Strategies Risk-Adjusted Returns Benchmark Gross Return 18.2% 16.6% 15.0% 13.7% 13.9% 13.4% 12.2% 10.9% 10.9% 9.2% 9.6% 8.0% 7.6% 7.7% 8.0% 7.4% 7.3% 6.0% Lending Partners Lending Partners Levered U.S. Direct Lending Partners Lending Par
Slide 26: Global Atlantic AUM and Total Insurance Economics
Global Atlantic AUM and Total Insurance Economics Global Atlantic AUM Total Insurance Economics ($ 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 27: 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 $393 is perpetual capital or long-dated Perpetual
Slide 28: Assets Under Management Rollforward
Assets Under Management Rollforward Three Months Ended March 31, 2026 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 229,374 $ 192,480 $ 322,004 $ 743,858 New Capital Raised 4,697 7,805 15,248 27,750 Distributions and Other (6,591) (3,104) (10,141)
Slide 29: Fee Paying Assets Under Management Rollforward
Fee Paying Assets Under Management Rollforward Three Months Ended March 31, 2026 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 151,239 $ 163,451 $ 289,454 $ 604,144 New Capital Raised 5,561 7,959 12,518 26,038 Distributions and Other (3,360) (2,278
Slide 30: 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 $ 21,893 $ 21,893 $ — $ — $ — $ — North A
Slide 31: 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 $ 17,295 $ 13,613 $ 3,79
Slide 32: 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 33: Strong Financial Profile
Strong Financial Profile • KKR & Co. Inc. is 'A' rated by both S&P and Fitch • Average maturity of debt is approximately 15 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 - Firs
Slide 34: 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 35: Stock Summary
Stock Summary From December 31, 2025 through May 1, 2026, KKR used a total of $317 million under the share repurchase plan to retire equity awards and repurchase shares representing 3.5 million shares in aggregate. During this period, retirements and share repurchases were made at an average cost of
Slide 36: Appendix
Appendix
Slide 37: GAAP Condensed Consolidated Income Statement (Unaudited)
GAAP Condensed Consolidated Income Statement (Unaudited) ($ in thousands) 1Q'25 1Q'26 1Q'25 LTM 1Q'26 LTM Revenues Asset Management and Strategic Holdings Fees and Other $ 886,810 $ 1,186,842 $ 3,847,246 $ 4,364,305 Capital Allocation-Based Income (Loss) 1,159,105 841,853 3,454,447 3,453,983 2,045,9
Slide 38: Reconciliation of GAAP to Non-GAAP Shares (Unaudited)
Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 GAAP Shares of Common Stock Outstanding 888,250,332 890,938,778 890,970,061 891,451,844 889,413,785 Adjustments: Exchangeable Securities 8,208,839 9,573,175 9,554,374 9,623,541 10,663,888 Adjusted Shares(1) 896,459,1
Slide 39: 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 Net Income (Loss) - KKR Common Stockholders $ (185,924) $ 364,799 $ 2,208,107 $ 2,802,590 Preferred Stock Dividends — 40,430 — 159,026 Net Income (Loss) Attributable to Noncontrolling Interests 8
Slide 40: 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 Total Operating Earnings $ 1,112,861 $ 1,325,001 $ 4,509,113 $ 5,197,944 Total Investing Earnings 273,252 300,807 1,231,663 932,087 Depreciation and Amortization 13,233 20,547 50,741 75,168 Adjus
Slide 41: Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands) 1Q'26 KKR & Co. Inc. Stockholders' Equity - Common Stock - GAAP $ 27,952,749 Asset Management and Strategic Holdings Net Assets and Other(1) (20,885,277) Accumulated Other Comprehensive (Income) Loss and Other (Insurance)(2) 4,
Slide 42: Important Information − Endnotes
Important Information − Endnotes Notes to All Pages Notes to Page 10 – Fund Investment Performance (cont'd) • All figures in this presentation are as of March 31, 2026, unless otherwise specifically • Opportunistic real estate portfolio refers to the portfolio of investments held by KKR’s indicated.
Slide 43: Important Information − Endnotes (cont’d)
Important Information − Endnotes (cont’d) Notes to Page 16 – Insurance Segment (cont'd) Notes to Page 21 – Performance Across Our Institutional and Wealth Private Credit Strategies (cont'd) • 1Q'26 and 1Q'26 LTM Net Investment Income included $20 million ($14 million of insurance operating earnings)
Slide 44: Important Information − Endnotes (cont’d)
Important Information − Endnotes (cont’d) Notes to Page 25 – Fee Paying Assets Under Management Rollforward Notes to Page 33 – GAAP Condensed Consolidated Income Statement (Unaudited) • For the three months ended March 31, 2026, Distributions and Other includes net • Effective beginning in the first
Slide 45: 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 46: 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 47: 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 48: 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 49: Important Information − Other Legal Disclosures (cont’d)
Important Information − Other Legal Disclosures (cont’d) Forward Looking Statements Expected dividend amounts and earnings in the business segment Strategic Holdings may be materially less than our current expectations or not materialize at all, and the volatility of This presentation contains certa
Slide 50: Important Information − Other Legal Disclosures (cont’d)
Important Information − Other Legal Disclosures (cont’d) Forward Looking Statements (cont'd) • risks related to our insurance activities, including risks involving: operating in highly competitive markets; identifying and managing significant growth opportunities for our Without limiting the stateme