KKR & Co. Inc. (KKR) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for standing by, and welcome to KKR's third quarter 2025 earnings conference call. During today's presentation, all parties will be on a listen-only mode. Following management's prepared remarks, the conference will be open for questions. If you'd like to ask a question at that time, please press star 1 on your telephone keypad. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Craig Larson. Thank you. You may begin. Craig Larson Thank you, operator. Good morning, everyone, and welcome to our third quarter 2025 earnings call. This morning, as usual, I'm joined by Rob Lewin, our chief financial officer, and 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 GAAP figures in our press release, which is available on the Investor Center section at KKR.com. And as a reminder, we report our segment numbers on an adjusted share basis. This call will also contain forward-looking statements which do not guarantee future events or performance. please refer to our earnings release as well as our SEC filings for cautionary factors about these statements. I'll begin this morning with our results for the third quarter. As you likely would have already seen through our press release, we had a strong Q3. We're pleased to be reporting fee-related earnings of $1.15 per share, total operating earnings of $1.55 per share, and adjusted net income of $1.41 per share. All of these figures are among the highest we've reported in our history as a public company. Going into the P&L in a...