KKR & Co. Inc. (KKR) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by. Welcome to KKR's second quarter 2025 earnings conference call. During today's presentation, all parties will be in a listen-only mode. Following management's prepared remarks, the conference will be open for questions. If anyone should require operator assistance during today's conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I will now hand the call over to Craig Larson, partner and head of investor relations for KKR. Craig, please go ahead. Thank you, operator. Good morning, everyone. Welcome to our second quarter 2025 earnings call. This morning, as usual, I'm joined by Rob Lewin, our chief financial officer, as well as Scott Nuttall, our co-chief executive officer. We would like to remind everyone that we'll refer to non-GAAP measures on the call which are reconciled to gap figures in our press release, which is available on the Investor Center section at KQER.com. And as a reminder, we report our segment numbers on an adjusted share basis. This call will contain forward-looking statements, which do not guarantee future events or performance. So please refer to our earnings release as well as our SEC filings for cautionary factors about these statements. So first, beginning with our results, that we've just announced for the second quarter. We're pleased to be reporting fee-related earnings of 98 cents per share, total operating earnings of $1.33 per share, and adjusted net income of $1.18 per share. All of these figures are among the highest we've reported in our history as a public company. Now going into more detail, management fees in the quarter were $996 million. With Americas 14 turning on in Q2, alongside of our broader fundraising initiatives an...