KKR : Q1 Financial Results (KKR Q126 Earnings Release)

Published: 2026-05-05 06:55:09 ET KKR

Published on 05/05/2026 at 06:55 am EDT

KKR & Co. Inc.

Reports First Quarter 2026 Financial Results

May 5, 2026

KKR Reports First Quarter 2026 Financial Results

New York, May 5, 2026 - KKR & Co. Inc. (NYSE: KKR) today reported its first quarter 2026 results.

On May 1st, KKR celebrated its 50th anniversary

- a milestone reflecting a half century of navigating cycles and delivering for our clients. Our first quarter results demonstrate that track record and durability, with approximately 20% year-over-year growth across Fee Related Earnings, Total Operating Earnings and Adjusted Net Income per share. Against a volatile backdrop, monetization activity accelerated, and over the past 12 months we've invested more capital on behalf of our clients than at any point in our history. We are highly confident in the strength of our platform and our long-term positioning.

Joseph Y. Bae and Scott C. Nuttall

Co-Chief Executive Officers

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 dialing +1 (877) 407-0312 (U.S. callers) or +1 (201) 389-0899 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR's website beginning approximately one hour after the live broadcast ends.

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at https://www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at https://www.globalatlantic.com.

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 (collectively, "KKR"), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, "Global Atlantic" or "GA"), unless the context requires otherwise. This presentation is not, and shall not be construed, as an offer to purchase or sell, or the solicitation of an offer to purchase or sell any securities of KKR in any jurisdiction in which such offer, solicitation or sale would be unlawful. This presentation may not be distributed, referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by KKR & Co. Inc.

The statements contained in this presentation are made as of the date of this presentation, other than financial figures, which are as of March 31, 2026, unless another time is specified in relation to such statements or financial figures, and access to this presentation at any given time shall not give rise to any implication that there has been no change in the facts set forth in this presentation since such date.

This presentation contains certain forward-looking statements pertaining to KKR, including with respect to the investment funds, and vehicles and accounts managed by KKR and the Global Atlantic insurance companies. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "opportunity," "outlook," "believe," "think," "expect," "feel," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," "visibility," "positioned," "path to," "conviction," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. These forward-looking statements are based on KKR's beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is no guarantee of future results. All forward-looking statements speak only as of the date of this presentation. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date of this presentation except as required by law. Please see the Appendix for additional important information about forward-looking statements, including the assumptions and risks concerning projections and estimates of future performance.

This presentation includes certain non-GAAP measures, including adjusted net income ("ANI"), total segment earnings, total investing earnings, total operating earnings ("TOE"), fee related earnings ("FRE"), strategic holdings operating earnings, and total asset management segment revenues. These non-GAAP measures are in addition to, and not a substitute for, measures of financial and operating performance prepared in accordance with U.S. GAAP. While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of KKR's business, they may not include all items that are significant to an investor's analysis of our financial results. Please see the Appendix for additional important information about the non-GAAP measures presented herein.

Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be considered when making a decision to purchase or sell any securities of KKR, can be found in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, and its other filings with the SEC, which are available at https://www.sec.gov.

From time to time, we may use our website as a channel of distribution of material information. Financial and other material information regarding KKR is routinely posted on and accessible at https://www.kkr.com. Financial and other material information regarding Global Atlantic is routinely posted on and accessible at https://www.globalatlantic.com. Information on these websites are not incorporated by reference herein and are not a part of this presentation.

Contact Information

Investor Relations

Craig Larson

Phone: +1 (877) 610-4910 in U.S. / +1 (212) 230-9410

[email protected]

Media

Kristi Huller

Phone: +1 (212) 750-8300

[email protected]

KKR & Co. Inc.

First Quarter Earnings

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 $ 2,045,915

$ 2,028,695

$ 7,301,693

$ 7,818,288

Insurance 1,064,268

2,289,288

8,030,450

12,853,819

Total Revenues $ 3,110,183

$ 4,317,983

$ 15,332,143

$ 20,672,107

Expenses

Asset Management and Strategic Holdings $ 1,667,900

$ 1,471,247

$ 5,809,685

$ 6,129,478

Insurance 2,163,055

2,398,888

9,694,186

12,922,017

Total Expenses $ 3,830,955

$ 3,870,135

$ 15,503,871

$ 19,051,495

Total Investment Income (Loss) - Asset Management and Strategic Holdings $ 1,491,839

$ 15,042

$ 5,440,177

$ 5,170,371

Income Tax Expense (Benefit) 86,569

185,385

771,764

1,052,564

Redeemable Noncontrolling Interests 8,494

(983)

48,965

145,626

Noncontrolling Interests 861,928

(126,741)

2,239,613

2,631,177

Preferred Stock Dividends -

40,430

159,026

Net Income (Loss) - KKR Common Stockholders $ (185,924)

$ 364,799

$ 2,208,107

$ 2,802,590

Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock

Basic $ (0.22)

$ 0.41

$ 2.47

$ 3.15

Diluted $ (0.22)

$ 0.38

$ 2.32

$ 2.93

Weighted Average Shares of Common Stock Outstanding

Basic 888,246,698

891,145,378

887,826,075

891,056,803

Diluted 888,246,698

954,219,620

946,906,375

954,961,958

Note: See Appendix for detailed GAAP income statement. Totals may not sum due to rounding in this presentation.

First Quarter 2026 Highlights

Financial Measures

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 19% year-over-year

TOE was $5.2 billion in the LTM ($5.77/adj. share), up 15% year-over-year

Adjusted Net Income ("ANI") of $1.2 billion ($1.39/adj. share) in the quarter, up 21% year-over-year

ANI was $4.6 billion in the LTM ($5.10/adj. share), up 5% year-over-year

Capital Metrics

Assets Under Management ("AUM") of $758 billion, up 14% year-over-year

Fee Paying Assets Under Management ("FPAUM") of $615 billion, up 17% year-over-year

New Capital Raised of $28 billion in the quarter and $127 billion in the LTM

Capital Invested of $22 billion in the quarter and $97 billion in the LTM

Corporate

Share Repurchase Program: From year-end through May 1st, KKR used $317 million to repurchase and retire 3.5 million shares at an average price per share of $91.08. In addition, KKR has approved an increase to its share repurchase program by $500 million

Regular dividend of $0.195 per share of common stock was declared for the quarter, up 5% on an annualized basis from the 2025 dividend. KKR has increased its annualized dividend every year since its C-Corp conversion in 2018

Strategic acquisition of Arctos: Subsequent to quarter end, on May 5th, KKR announced the closing of its acquisition of Arctos Partners ("Arctos"), a premier institutional investor in professional sports franchise stakes and a leader in asset management solutions for sponsors with $16 billion in AUM

Note: Adj. share refers to adjusted shares. See the Appendix for GAAP reconciliations and other important information. See page 30 for record and payment dates for common and mandatory convertible preferred stock, as well as more information on dividends and our share repurchase program.

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

184,269

Fee Related Compensation

(210,021)

(257,195)

(871,299)

(987,895)

Other Operating Expenses

(167,496)

(195,405)

(685,908)

(748,077)

Fee Related Earnings

$ 822,603

$ 1,016,375

$ 3,421,658

$ 3,908,085

Insurance Operating Earnings

$ 258,772

$ 260,330

$ 1,000,478

$ 1,110,953

Strategic Holdings Operating Earnings

$ 31,486

$ 48,296

$ 86,977

$ 178,906

Total Operating Earnings

$ 1,112,861

$ 1,325,001

$ 4,509,113

$ 5,197,944

Net Realized Performance Income

87,989

197,191

618,779

600,938

Net Realized Investment Income

185,263

103,616

612,884

331,149

Total Investing Earnings

$ 273,252

$ 300,807

$ 1,231,663

$ 932,087

Total Segment Earnings

$ 1,386,113

$ 1,625,808

$ 5,740,776

$ 6,130,031

Interest Expense, Net and Other

(91,470)

(128,304)

(335,181)

(441,634)

Income Taxes on Adjusted Earnings

(260,655)

(247,965)

(1,033,086)

(1,095,374)

Adjusted Net Income

$ 1,033,988

$ 1,249,539

$ 4,372,509

$ 4,593,023

Adjusted Per Share Measures:

FRE per Adjusted Share

$ 0.92

$ 1.13

$ 3.82

$ 4.34

TOE per Adjusted Share

$ 1.24

$ 1.47

$ 5.04

$ 5.77

ANI per Adjusted Share

$ 1.15

$ 1.39

$ 4.88

$ 5.10

Note: See Appendix for GAAP reconciliations, endnotes about taxes affecting Adjusted Net Income and other important information.

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 primarily driven by the growth in Fee Related Earnings. Over time, we expect Strategic Holdings Operating Earnings to contribute more meaningfully to Total Operating Earnings

Total Operating Earnings

($ in billions)

Total Segment Earnings

($ in billions)

Total Investing Earnings

$5.2

$4.5

$5.2

Fee Related Earnings

$6.1

$1.1

$1.3

85%

of segment earnings are from the more durable and recurring portions of total segment earnings

1Q'25 1Q'26

1Q'25 LTM

1Q'26 LTM

Asset Management Segment Detail

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 Related Compensation

(210,021)

(257,195)

(871,299)

(987,895)

Other Operating Expenses

(167,496)

(195,405)

(685,908)

(748,077)

Fee Related Earnings

$ 822,603

$ 1,016,375

$ 3,421,658

$ 3,908,085

Realized Performance Income

347,920

755,964

1,898,490

2,287,556

Realized Performance Income Compensation

(259,931)

(558,773)

(1,279,711)

(1,686,618)

Net Realized Performance Income

$ 87,989

$ 197,191

$ 618,779

$ 600,938

Realized Investment Income

217,957

121,901

617,872

307,399

Realized Investment Income Compensation

(32,694)

(18,285)

(92,681)

(46,111)

Net Realized Investment Income

$ 185,263

$ 103,616

$ 525,191

$ 261,288

Total Investing Earnings

$ 273,252

$ 300,807

$ 1,143,970

$ 862,226

Asset Management Segment Earnings

$ 1,095,855

$ 1,317,182

$ 4,565,628

$ 4,770,311

Additional Financial Measures and Capital Metrics:

FRE per Adjusted Share

$ 0.92

$ 1.13

$ 3.82

$ 4.34

Total Asset Management Segment Revenues

$ 1,765,997

$ 2,346,840

$ 7,495,227

$ 8,239,012

Assets Under Management

$ 664,319,000

$ 757,877,000

$ 664,319,000

$ 757,877,000

Fee Paying Assets Under Management

$ 526,045,000

$ 614,845,000

$ 526,045,000

$ 614,845,000

New Capital Raised (AUM)

$ 30,540,000

$ 27,750,000

$ 113,576,000

$ 126,609,000

Capital Invested

$ 18,974,000

$ 21,772,000

$ 88,440,000

$ 97,408,000

Uncalled Commitments

$ 115,628,000

$ 124,857,000

$ 115,628,000

$ 124,857,000

Note: See Appendix for GAAP reconciliations and other important information.

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

Growth has primarily been driven by an increase in Fee Paying AUM from organic new capital raised

Increased 14% year-over-year driven primarily by the growth in management fees and fee related performance revenues

$4.4

$4.1

$3.5

$3.6

$3.0

$4.34

$3.82

69%

2023 2024 2025 1Q'25

LTM

1Q'26

LTM

1Q'25

LTM

1Q'26

LTM

Assets Under Management

K-Series AUM totaled $38 billion across asset classes compared to $21 billion a year prior

AUM

($ in billions)

$758

$664

1Q'25 1Q'26

Fee Paying AUM

($ in billions)

$615

$526

1Q'25 1Q'26

Perpetual Capital

($ in billions)

$326

$279

1Q'25 1Q'26

Note: Perpetual capital is capital of indefinite duration, which may be reduced or terminated under certain conditions. See Appendix for endnotes about perpetual capital and other important information.

Additional Capital Detail

Performance Fee Eligible AUM Uncalled Commitments

($ in billions)

$398

$450

1Q'25 1Q'26

($ in billions)

$116

$125

1Q'25 1Q'26

Note: See Appendix for endnotes for additional information relating to uncalled commitments.

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

10%

Real Assets

Infrastructure Portfolio

10%

Opportunistic Real Estate Portfolio

-1%

Credit

Leveraged Credit Composite

-1%

Alternative Credit Composite

-1%

Note: Traditional private equity does not include core or growth. See Appendix for endnotes explaining composition of the portfolios and composites presented on this page and for other important information.

Past performance is no guarantee of future results.

Asset Management Segment − Private Equity

New capital raised in the quarter was primarily driven by North America Fund XIV and K-Series Private Equity

North America Fund XIV held its final close, bringing total commitments to $23 billion. The fund is the largest private equity fund raised that focuses on investing solely in North America

($ in thousands)

1Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

Management Fees

$ 334,792

$ 459,885

$ 1,368,642

$ 1,654,262

Transaction and Monitoring Fees, Net

18,913

18,636

103,727

93,430

Fee Related Performance Revenues

846

3,352

Fee Related Revenues

$ 353,705

$ 479,367

$ 1,472,369

$ 1,751,044

Realized Performance Income

$ 334,060

$ 693,643

$ 1,381,242

$ 1,680,699

Capital Metrics:

Assets Under Management

$ 209,395,000

$ 231,047,000

$ 209,395,000

$ 231,047,000

Fee Paying Assets Under Management

$ 124,050,000

$ 153,692,000

$ 124,050,000

$ 153,692,000

New Capital Raised (AUM)

$ 10,989,000

$ 4,697,000

$ 25,059,000

$ 20,884,000

Capital Invested

$ 4,318,000

$ 2,198,000

$ 20,230,000

$ 21,980,000

Uncalled Commitments

$ 60,211,000

$ 53,301,000

$ 60,211,000

$ 53,301,000

Note: See Appendix for endnotes about our private equity business line and other important information.

Asset Management Segment − Real Assets

New capital raised in the quarter was widespread and included infrastructure flows globally across multiple strategies, including K-Series Infrastructure, Global Infrastructure V, core infrastructure and Asia Infrastructure III

($ in thousands)

1Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

Management Fees

$ 280,578

$ 383,489

$ 1,053,222

$ 1,403,835

Transaction and Monitoring Fees, Net

9,855

7,667

44,990

50,877

Fee Related Performance Revenues

1,765

4,980

59,922

108,701

Fee Related Revenues

$ 292,198

$ 396,136

$ 1,158,134

$ 1,563,413

Realized Performance Income

$ 9,367

$ 45,173

$ 227,063

$ 296,547

Capital Metrics:

Assets Under Management

$ 171,281,000

$ 197,928,000

$ 171,281,000

$ 197,928,000

Fee Paying Assets Under Management

$ 144,033,000

$ 168,821,000

$ 144,033,000

$ 168,821,000

New Capital Raised (AUM)

$ 5,222,000

$ 7,805,000

$ 39,044,000

$ 36,322,000

Capital Invested

$ 5,560,000

$ 8,333,000

$ 28,026,000

$ 29,437,000

Uncalled Commitments

$ 31,378,000

$ 37,441,000

$ 31,378,000

$ 37,441,000

Asset Management Segment − Credit and Liquid Strategies

New capital raised in the quarter was primarily driven by activity within high grade asset-based finance and leveraged credit, CLO issuances as well as inflows at Global Atlantic

AUM comprised of: $144 billion of leveraged credit, $92 billion of asset-based finance, $49 billion of corporate private credit (including $39 billion of direct lending), $8 billion of strategic investments and $36 billion of liquid strategies

Performance: The leveraged credit composite appreciated 5% and the alternative credit composite appreciated 4% in the LTM

($ in thousands)

1Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

Management Fees

$ 301,964

$ 349,130

$ 1,141,524

$ 1,317,914

Transaction and Monitoring Fees, Net

3,397

2,759

11,203

15,024

Fee Related Performance Revenues

19,512

17,936

80,246

72,216

Fee Related Revenues

$ 324,873

$ 369,825

$ 1,232,973

$ 1,405,154

Realized Performance Income

$ 4,493

$ 17,148

$ 290,185

$ 310,310

Capital Metrics:

Assets Under Management

$ 283,643,000

$ 328,902,000

$ 283,643,000

$ 328,902,000

Fee Paying Assets Under Management

$ 257,962,000

$ 292,332,000

$ 257,962,000

$ 292,332,000

New Capital Raised (AUM)

$ 14,329,000

$ 15,248,000

$ 49,473,000

$ 69,403,000

Capital Invested

$ 9,096,000

$ 11,241,000

$ 40,184,000

$ 45,991,000

Uncalled Commitments

$ 24,039,000

$ 34,115,000

$ 24,039,000

$ 34,115,000

Asset Management Segment − Capital Markets

Approximately half of transaction fees were originated in North America in the quarter

Capital markets transaction fees were diversified by source in the quarter: traditional private equity, infrastructure, credit and third-party

Approximately 80% of transaction fees were debt product focused in the quarter

($ in thousands) 1Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

Transaction Fees $ 229,344

$ 223,647

$ 1,115,389

$ 924,446

Asset Management Segment − Principal Activities

All financial results exclude Strategic Holdings

($ in thousands) 1Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

Realized Investment Income $ 217,957

$ 121,901

$ 617,872

$ 307,399

Insurance Segment Detail

Insurance Segment

Global Atlantic AUM totals $220 billion, of which $164 billion is Credit AUM. Ivy and other sponsored reinsurance vehicles total $61 billion of the $220 billion

Inflows in the quarter were primarily driven by individual markets annuity sales, institutional flow business and funding agreement issuances

($ in thousands)

1Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

Net Investment Income

$ 1,729,343

$ 1,900,612

$ 6,571,746

$ 7,395,387

Net Cost of Insurance

(1,287,983)

(1,453,334)

(4,866,333)

(5,586,543)

General, Administrative and Other

(182,588)

(186,948)

(704,935)

(697,891)

Insurance Operating Earnings

$ 258,772

$ 260,330

$ 1,000,478

$ 1,110,953

Additional Financial Measure:

Global Atlantic Book Value

$ 9,480,620

$ 11,664,526

$ 9,480,620

$ 11,664,526

Note: See Appendix for endnotes explaining certain prior period segment information that has been recast to conform to the current period presentation. This reclassification had no impact on Insurance Operating Earnings. See endnotes for more information.

Strategic Holdings Segment Detail

Strategic Holdings Segment

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 Strategic Holdings Operating Earnings to be $350+ million in 2026, $700+ million by 2028 and $1.1+ billion by 2030 as a result of ongoing strong operating and financial performance across the portfolio

($ in thousands)

1Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

Dividends, Net

$ 31,486

$ 48,296

$ 86,977

$ 178,906

Strategic Holdings Operating Earnings

$ 31,486

$ 48,296

$ 86,977

$ 178,906

Net Realized Investment Income

$ -

$ 87,693

$ 69,861

Strategic Holdings Segment Earnings

$ 31,486

$ 48,296

$ 174,670

$ 248,767

LTM Adjusted EBITDA by Geography (KKR's Share)

LTM Adjusted EBITDA by Industry (KKR's Share)

Asia Pacific 5%

Infrastructure 6%

Industrials 3%

Europe 31%

Americas 64%

TMT 14%

Health Care 16%

Business Services 33%

Consumer 28%

Note: See Appendix for endnotes for additional information relating to LTM Adjusted Revenues and LTM Adjusted EBITDA. Expectations about Strategic Holdings Operating Earnings over time are forward-looking statements. These are estimated based on various assumptions, and there is no guarantee that our expectations will be realized as presented. See Appendix for further information and important information regarding estimates and assumptions and cautionary factors about forward-looking statements.

Supplemental Information

KKR's Alternative Credit Footprint

KKR Assets Under Management

($ in billions)

$758 $758

$149

$36

Institutional Public BDC Private BDCs

Direct Lending (NYSE: FSK) Funds & SMAs

$39

$110

$36

Direct Lending

Alternative Credit excl. Direct Lending

Liquid Strategies

$144

Direct Lending Represents 5% of KKR AUM Private BDCs Represent Less Than 0.5% of KKR AUM

$144

Leveraged Credit

$84

Real Estate

$114

Infrastructure & Energy

$24

$41

$166

$24

$41

$166

Growth Equity Core Private Equity

Traditional Private Equity

1Q'26 1Q'26

Performance Across Our Institutional and Wealth Private Credit Strategies

Risk-Adjusted Returns

18.2%

16.6%

15.0%

13.7%

13.4%

13.9%

12.2%

10.9%

9.2%

9.6%

7.4%

8.0%

7.3%

7.6%

7.7%

8.0%

6.0%

Lending Partners

Levered U.S. Direct

Lending Partners

Unlevered

Capital Partners I

Private BDC

Asset Based

III

Lending Evergreen

Europe II

Europe III

European Direct

(2022)

(2023) (1)

Finance Partners I

(2017)

(2021)

Strategy

(2024)

(2019)

(2023)

Lending Evergreen

Strategy (2023)

(2020)

Corporate Private Credit

ABF

Note: As of March 31, 2026. Past performance is no guarantee of future results. Excludes publicly listed vehicles. For U.S. Direct Lending and Junior Debt funds, benchmark reflects the LSTA index plus 200bps per respective ITD; for European Direct Lending funds, benchmark reflects the CSW Euro Lev index plus 200bps per respective ITD; for Private BDC, benchmark reflects Morningstar LSTA U.S. Leveraged Loan Index; for ABF funds, benchmark reflects the BoAML HY benchmark plus 200bps per respective ITD. See Appendix endnotes for footnote references and important information.

(1) Private BDC return shown net of fees.

Global Atlantic AUM and Total Insurance Economics

Global Atlantic AUM Total Insurance Economics

Insurance Operating Earnings in all periods do not reflect mark-to-market appreciation of investments in the Global Atlantic portfolio

($ in billions) ($ in millions)

$197

$147

$159

$50

$61

$220

$1,921

+14%

$1,687

$1,000

$1,111

1Q'25 1Q'26 LTM 1Q'25 LTM 1Q'26

Note: See Appendix for endnotes for additional information about total insurance economics.

(1) Figures are net of the FRE compensation expense in each respective year.

Duration of Capital

Growth in Strategic & Perpetual Capital Assets Under Management

($ in billions)

$279

$326

$72

$67

$351

$393

Other

8+ Year Duration at Inception

Long-Dated Strategic Investor Partnerships Perpetual Capital

52% of AUM

is perpetual capital or long-dated strategic investor partnerships

43%

40%

92% of AUM

is perpetual capital or has a duration of at least 8 years at inception

1Q'25 1Q'26

Note: Perpetual capital is capital of indefinite duration, which may be materially reduced or terminated under certain conditions. See Appendix for endnotes and other important information.

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)

(19,836)

Change in Value

3,567

747

1,791

6,105

Ending Balance

$ 231,047

$ 197,928

$ 328,902

$ 757,877

Twelve Months Ended March 31, 2026

($ in millions)

Private Equity

Real Assets

Credit and Liquid Strategies

Total

Beginning Balance

$ 209,395

$ 171,281

$ 283,643

$ 664,319

New Capital Raised

20,884

36,322

69,403

126,609

Acquisitions

3,214

Distributions and Other

(20,945)

(15,803)

(33,593)

(70,341)

Change in Value

18,499

6,128

9,449

34,076

Ending Balance

$ 231,047

$ 197,928

$ 328,902

$ 757,877

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)

(11,293)

(16,931)

Change in Value

252

(311)

1,653

1,594

Ending Balance

$ 153,692

$ 168,821

$ 292,332

$ 614,845

Twelve Months Ended March 31, 2026

($ in millions)

Private Equity

Real Assets

Credit and Liquid Strategies

Total

Beginning Balance

$ 124,050

$ 144,033

$ 257,962

$ 526,045

New Capital Raised

35,416

37,452

60,241

133,109

Acquisitions

3,214

Distributions and Other

(11,575)

(14,125)

(34,175)

(59,875)

Change in Value

2,587

1,461

8,304

12,352

Ending Balance

$ 153,692

$ 168,821

$ 292,332

$ 614,845

Investment Vehicle Summary - Asset Management

($ in millions)

Investment Period

Amount

Start End

Date Date

Commitment

Uncalled Commitments

Invested

Realized

Remaining Cost

Remaining Fair Value

PRIVATE EQUITY BUSINESS LINE

North America Fund XIV

4/2025

4/2031

$ 21,893

$ -

North America Fund XIII

8/2021

4/2025

18,400

1,432

17,271

566

16,786

23,446

Americas Fund XII

5/2017

5/2021

13,500

1,386

12,754

18,506

7,873

16,320

North America Fund XI

11/2012

1/2017

8,718

10,203

25,152

1,172

1,707

2006 Fund(1)

9/2006

9/2012

17,642

17,309

37,423

Millennium Fund(1)

12/2002

12/2008

6,000

14,129

Ascendant Fund

6/2022

6/2028

4,328

2,194

2,134

2,511

European Fund VI

6/2022

6/2028

7,521

2,537

4,984

3,888

5,749

European Fund V

7/2019

2/2022

6,379

505

5,997

2,909

4,552

6,640

European Fund IV

2/2015

3/2019

3,512

3,648

5,726

1,621

2,187

European Fund III(1)

3/2008

3/2014

5,506

5,360

10,647

European Fund II(1)

11/2005

10/2008

5,751

8,533

Asian Fund IV

7/2020

7/2026

14,735

3,857

12,061

4,229

11,108

16,204

Asian Fund III

8/2017

7/2020

9,000

1,267

8,274

11,601

4,628

8,680

Asian Fund II

10/2013

3/2017

5,825

7,507

6,723

1,270

744

Asian Fund(1)

7/2007

4/2013

3,983

3,974

8,728

Next Generation Technology Growth Fund III

11/2022

3/2026

2,740

734

2,006

2,302

Next Generation Technology Growth Fund II

12/2019

5/2022

2,088

2,270

1,846

1,610

2,390

Next Generation Technology Growth Fund

3/2016

12/2019

659

671

1,314

241

871

Health Care Strategic Growth Fund II

5/2021

5/2027

3,789

1,421

2,368

103

2,245

3,556

Health Care Strategic Growth Fund

12/2016

4/2021

1,331

1,409

1,085

987

1,674

Global Impact Fund II

6/2022

6/2028

2,711

1,374

1,337

986

3,237

Global Impact Fund

2/2019

3/2022

1,242

187

1,238

646

975

1,450

Co-Investment Vehicles and Other

Various

43,072

3,430

40,360

18,205

30,328

37,711

Core Investors II

8/2022

8/2027

11,814

7,957

3,858

122

3,858

4,495

Core Investors I

2/2018

8/2022

8,500

10,501

2,683

8,767

17,525

Other Core Vehicles

Various

7,625

1,175

6,526

2,313

5,787

9,356

Unallocated Commitments(2)

N/A

1,684

Total Private Equity

$ 239,948

$ 53,261

$ 195,771

$ 183,189

$ 112,822

$ 168,755

Note: Past performance is no guarantee of future results. See Appendix for endnotes about investment period start and end dates.

The "Invested" and "Realized" columns do not include the amounts of any realized investments that restored the unused capital commitments of the fund investors, if any.

Represents unallocated commitments from certain of our strategic investor partnerships.

Investment Vehicle Summary - Asset Management (cont'd)

($ in millions)

Investment Period

Amount

Start End

Date Date

Commitment

Uncalled Commitments

Invested

Realized

Remaining Cost

Remaining Fair Value

REAL ASSETS BUSINESS LINE

Global Infrastructure Investors V

7/2024

7/2030

$ 17,295

$ 13,613

$ 3,795

$ 113

$ 3,795

$ 4,033

Global Infrastructure Investors IV

8/2021

6/2024

16,609

1,731

15,249

1,703

14,554

19,620

Global Infrastructure Investors III

7/2018

6/2021

7,174

467

7,073

5,828

3,718

5,153

Global Infrastructure Investors II

12/2014

6/2018

3,040

133

3,167

5,764

560

961

Global Infrastructure Investors

9/2010

10/2014

1,040

1,050

2,228

Asia Pacific Infrastructure Investors III

12/2025

12/2031

4,473

Asia Pacific Infrastructure Investors II

9/2022

9/2028

6,348

3,117

3,633

797

2,943

4,330

Asia Pacific Infrastructure Investors

1/2020

9/2022

3,792

592

3,562

2,286

2,213

3,097

Diversified Core Infrastructure Fund

12/2020

(1)

14,343

1,959

12,384

1,723

12,265

13,512

Global Climate Transition Fund(2)

7/2024

7/2030

3,128

Real Estate Partners Americas IV

11/2024

11/2028

2,272

Real Estate Partners Americas III

1/2021

9/2024

4,253

523

3,979

379

3,713

4,246

Real Estate Partners Americas II

5/2017

12/2020

1,921

116

1,988

3,094

137

Real Estate Partners Americas

5/2013

5/2017

1,229

1,024

1,444

Real Estate Partners Europe II

3/2020

12/2023

2,066

238

2,032

625

1,654

1,447

Real Estate Partners Europe

8/2015

12/2019

710

694

806

173

Asia Real Estate Partners

7/2019

7/2023

1,682

353

1,380

617

971

864

Property Partners Americas

12/2019

(1)

2,571

2,525

179

2,525

2,304

Real Estate Credit Opportunity Partners II

8/2019

6/2023

950

976

487

855

869

Real Estate Credit Opportunity Partners

2/2017

4/2019

1,130

122

1,008

697

964

1,002

Energy Related Vehicles

Various

4,357

4,493

2,543

954

1,584

Co-Investment Vehicles & Other

Various

21,037

2,070

19,027

4,668

16,915

17,985

Unallocated Commitments(3)

N/A

1,384

Total Real Assets

$ 122,804

$ 36,513

$ 89,039

$ 35,981

$ 68,909

$ 81,145

Note: Past performance is no guarantee of future results. See Appendix for endnotes about investment period start and end dates.

Open ended fund.

Includes an Asia-focused vehicle with different fund terms.

Represents unallocated commitments from certain of our strategic investor partnerships.

Investment Vehicle Summary - Asset Management (cont'd)

($ in millions)

Investment Period

Amount

Start End

Date Date

Commitment

Uncalled Commitments

Invested

Realized

Remaining Cost

Remaining Fair Value

CREDIT AND LIQUID STRATEGIES BUSINESS LINE(1)

Opportunities Fund II

11/2021

1/2026

$ 2,420

$ 897

$ 1,427

$ 291

$ 1,302

$ 1,598

Dislocation Opportunities Fund

8/2019

11/2021

2,967

268

2,522

1,866

1,292

1,310

Special Situations Fund II

2/2015

3/2019

3,525

284

3,241

2,651

615

640

Special Situations Fund

1/2013

1/2016

2,274

2,273

1,899

138

Mezzanine Partners

7/2010

3/2015

1,023

990

1,166

184

Asset-Based Finance Partners II

3/2024

3/2028

5,571

4,420

1,151

1,242

Asset-Based Finance Partners

10/2020

7/2025

2,059

385

1,674

627

1,493

1,619

Private Credit Opportunities Partners II

12/2015

12/2020

2,245

188

2,057

1,089

1,264

1,117

Lending Partners IV

3/2022

9/2026

1,150

173

977

201

977

1,001

Lending Partners III

4/2017

11/2021

1,498

540

958

1,247

390

338

Lending Partners II

6/2014

6/2017

1,336

157

1,179

1,276

Lending Partners

12/2011

12/2014

460

420

466

Lending Partners Europe II

5/2019

9/2023

837

159

678

792

193

199

Lending Partners Europe

3/2015

3/2019

848

184

662

632

Asia Credit Opportunities II

2/2025

12/2028

1,795

1,604

191

186

Asia Credit Opportunities

1/2021

5/2025

1,084

197

887

330

713

866

Other Alternative Credit Vehicles

Various

19,037

8,191

10,898

7,427

5,738

7,136

Total Credit and Liquid Strategies

$ 50,129

$ 17,721

$ 32,185

$ 21,960

$ 15,650

$ 17,445

Total Eligible To Receive Carried Interest

$ 412,881

$ 107,495

$ 316,995

$ 241,130

$ 197,381

$ 267,345

($ in millions) Uncalled Commitments Remaining Fair Value Total

Carried Interest Eligible

107,495

267,345

374,840

Incentive Fee Eligible

74,770

Total Performance Fee Eligible

107,495

342,115

449,610

Private Equity and Real Assets

968

70,954

71,922

Credit and Liquid Strategies

16,394

219,951

236,345

Total Assets Under Management

$ 124,857

$ 633,020

$ 757,877

Note: Past performance is no guarantee of future results. See Appendix for endnotes about investment period start and end dates.

The "Commitment" and "Uncalled Commitments" columns include income that is eligible to be reinvested if permitted under the terms of the investment vehicle agreements.

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 - First Quarter 2026

Embedded Gains (Unrealized) in Asset Management total $2.8 billion

Gross Unrealized Performance Income totals $10.2 billion(2)

Net Cash and Investments

Asset Management Investment Holdings by Asset Class (Fair Value)

Other

($ in millions)

1Q'26

Cash and Short-term Investments(3)

$ 4,968

Investments - Asset Management Segment

7,999

Cash and Investments

$ 12,967

Outstanding Debt (at par)(1)

9,340

Net Cash and Investments

$ 3,627

Energy

Leveraged Credit 5%

Infrastructure 7%

Alternative Credit

Traditional Private Equity 41%

Growth Equity 13%

Note: See Appendix for GAAP reconciliations, endnotes about investments and other important information.

Only includes debt issued or guaranteed by KKR & Co. Inc. Does not include Global Atlantic or other debt.

Real Estate 16%

Net unrealized performance income would be $2.6 billion assuming a 75% compensation accrual (using the mid-point of the guided range) on gross unrealized performance income.

Cash and short-term investments excludes Global Atlantic.

‌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 considerations that the Board deems relevant, the terms of KKR & Co. Inc.'s certificate of incorporation and applicable law. There can be no assurance that future dividends will be made as intended or at all or that any particular dividend policy for common stock or preferred stock will be maintained.

Common Stock

A dividend of $0.195 per share of common stock of KKR & Co. Inc. has been declared for the first quarter of 2026, which will be paid on May 29, 2026 to holders of record of common stock as of the close of business on May 15, 2026.

Mandatory Preferred Convertible Stock

A dividend of $0.78125 per share of Series D Mandatory Convertible Preferred Stock has been declared and set aside for payment on June 1, 2026 to holders of record of Series D Mandatory Convertible Preferred Stock as of the close of business on May 15, 2026.

Share Repurchase Program

The share repurchase program was amended such that when the remaining available amount under the share repurchase program becomes $50 million or less, the total available amount under the share repurchase program will automatically increase by an additional $500 million to the then remaining available amount of $50 million or less.

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 $91.08 per share.

Common Stock Repurchase Activity

(Amounts in millions, except per share amounts)

Inception to Date(1)

Open Market Share Repurchases

69.6

Reduction of Shares for Retired Equity Awards(2)

28.1

Total Repurchased Shares and Retired Equity Awards

97.7

Total Capital Used

$3,083

Average Price Paid Per Share

$31.56

Remaining Availability under Share Repurchase Plan

$122

Adjusted Shares

4Q'25

1Q'26

Common Stock Outstanding

891,451,844

889,413,785

Exchangeable Securities(3)

9,623,541

10,663,888

Adjusted Shares(4)

901,075,385

900,077,673

KKR & Co. Inc.'s initial repurchase authorization was announced on October 27, 2015. Information is through May 1, 2026.

Refers to the retirement of equity awards issued pursuant to KKR & Co. Inc.'s equity incentive plan.

Includes certain securities exchangeable into shares of common stock of KKR & Co. Inc.

Excludes the potential dilutive impact of: (i) any conversion of the Series D Mandatory Convertible Preferred Stock (expected no later than March 1, 2028) and (ii) unvested shares of common stock and exchangeable securities.

Appendix

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

2,045,915

2,028,695

7,301,693

7,818,288

Insurance

Net Premiums

323,364

561,970

2,185,676

3,635,792

Policy Fees

338,473

325,694

1,387,212

1,338,035

Net Investment Income

1,783,280

1,989,064

6,837,986

7,870,890

Net Investment-Related Gains (Losses)

(1,436,337)

(652,697)

(2,617,937)

(257,430)

Other Income

55,488

65,257

237,513

266,532

1,064,268

2,289,288

8,030,450

12,853,819

Total Revenues

$ 3,110,183

$ 4,317,983

$ 15,332,143

$ 20,672,107

Expenses

Asset Management and Strategic Holdings

Compensation and Benefits

$ 1,333,103

$ 1,051,681

$ 4,347,622

$ 4,428,972

Occupancy and Related Charges

34,465

37,837

128,036

139,313

General, Administrative and Other

300,332

381,729

1,334,027

1,561,193

1,667,900

1,471,247

5,809,685

6,129,478

Insurance

Net Policy Benefits and Claims

1,708,294

1,880,028

7,740,507

10,902,887

Amortization of Policy Acquisition Costs

97,971

142,921

275,886

354,269

Interest Expense

69,571

73,881

286,773

299,279

Policy and Other Operating Expense

287,219

302,058

1,391,020

1,365,582

2,163,055

2,398,888

9,694,186

12,922,017

Total Expenses

$ 3,830,955

$ 3,870,135

$ 15,503,871

$ 19,051,495

Investment Income (Loss) - Asset Management and Strategic Holdings

Net Gains (Losses) from Investment Activities

1,086,591

(316,379)

3,891,282

3,398,483

Dividend Income

273,890

268,017

1,129,194

1,434,917

Interest Income

785,857

741,591

3,354,281

3,137,605

Interest Expense

(654,499)

(678,187)

(2,934,580)

(2,800,634)

Total Investment Income (Loss)

$ 1,491,839

$ 15,042

$ 5,440,177

$ 5,170,371

Income Tax Expense (Benefit)

86,569

185,385

771,764

1,052,564

Redeemable Noncontrolling Interests

8,494

(983)

48,965

145,626

Noncontrolling Interests

861,928

(126,741)

2,239,613

2,631,177

Preferred Stock Dividends

40,430

159,026

Net Income (Loss) - KKR Common Stockholders

$ (185,924)

$ 364,799

$ 2,208,107

$ 2,802,590

Note: See Appendix for endnotes explaining certain prior period information that has been recast to conform to the current period presentation. This reclassification had no impact on Net Income - KKR Common Stockholders. See End Notes for more information.

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)

896,459,171

900,511,953

900,524,435

901,075,385

900,077,673

Unvested Shares of Common Stock and Exchangeable Securities(2)

74,220,514

68,846,206

69,164,275

70,057,645

68,574,289

1Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

Weighted Average GAAP Shares of Common Stock Outstanding - Basic 888,246,698

891,145,378

887,826,075

891,056,803

Adjustments:

Weighted Average Exchangeable Securities 7,977,355

10,316,567

7,382,850

9,776,798

Weighted Average Adjusted Shares(1) 896,224,053

901,461,945

895,208,925

900,833,601

Excludes the potential dilutive impact of any conversion of the Series D Mandatory Convertible Preferred Stock. As of March 31, 2026, this represents 21.4 million shares that is expected to convert no later than March 1, 2028. After March 31, 2026, equity awards representing 21.0 million shares of common stock vested and will be included in the number of adjusted shares outstanding beginning in the second quarter of 2026.

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

870,422

(127,724)

2,288,578

2,776,803

Income Tax Expense (Benefit)

86,569

185,385

771,764

1,052,564

Income (Loss) Before Tax (GAAP)

$ 771,067

$ 462,890

$ 5,268,449

$ 6,790,983

Impact of Consolidation and Other

(1,017,351)

53,946

(2,094,619)

(2,948,882)

Preferred Stock Dividends

(40,430)

(159,026)

Income Taxes on Adjusted Earnings

(260,655)

(247,965)

(1,033,086)

(1,095,374)

Asset Management Adjustments:

Unrealized (Gains) Losses

379,337

177,131

104,625

358,686

Unrealized Carried Interest

(807,713)

(9,664)

(1,804,097)

(1,342,698)

Unrealized Carried Interest Compensation

646,170

7,733

1,394,276

928,391

Transaction-related and Non-operating Items

10,551

34,009

70,885

119,747

Equity-based Compensation

78,277

68,396

283,918

258,186

Equity-based Compensation - Performance Based

84,599

82,319

336,257

346,568

Amortization of Acquired Intangibles

3,168

4,955

Strategic Holdings Adjustments:

Unrealized (Gains) Losses

(321,408)

120,613

(1,206,569)

(304,231)

Insurance Adjustments:

(Gains) Losses from Investments

1,358,940

508,943

2,577,371

1,238,690

Non-Operating Changes from Policy Liabilities and Derivatives

86,631

(26,058)

309,685

206,782

Transaction-related and Non-operating Items

152

13,961

20,767

56,159

Equity-based Compensation

20,692

26,360

126,425

105,803

Amortization of Acquired Intangibles

4,699

14,187

18,222

28,284

Adjusted Net Income

$ 1,033,988

$ 1,249,539

$ 4,372,509

$ 4,593,023

Interest Expense, Net

74,509

83,011

304,083

266,227

Preferred Stock Dividends

13,477

40,430

13,477

159,026

Income (Loss) Attributable to Noncontrolling Interests

3,484

4,863

17,621

16,381

Income Taxes on Adjusted Earnings

260,655

247,965

1,033,086

1,095,374

Total Segment Earnings

$ 1,386,113

$ 1,625,808

$ 5,740,776

$ 6,130,031

Net Realized Performance Income

(87,989)

(197,191)

(618,779)

(600,938)

Net Realized Investment Income

(185,263)

(103,616)

(612,884)

(331,149)

Total Operating Earnings

$ 1,112,861

$ 1,325,001

$ 4,509,113

$ 5,197,944

Strategic Holdings Operating Earnings

(31,486)

(48,296)

(86,977)

(178,906)

Insurance Operating Earnings

(258,772)

(260,330)

(1,000,478)

(1,110,953)

Fee Related Earnings

$ 822,603

$ 1,016,375

$ 3,421,658

$ 3,908,085

Note: See Appendix for endnotes regarding important additional information relating to Transaction-related and Non-operating Items.

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

Adjusted EBITDA

$ 1,399,346

$ 1,646,355

$ 5,791,517

$ 6,205,199

Depreciation and Amortization

(13,233)

(20,547)

(50,741)

(75,168)

Total Investing Earnings

(273,252)

(300,807)

(1,231,663)

(932,087)

Strategic Holdings Operating Earnings

(31,486)

(48,296)

(86,977)

(178,906)

Fee Related Earnings

(822,603)

(1,016,375)

(3,421,658)

(3,908,085)

Insurance Operating Earnings

$ 258,772

$ 260,330

$ 1,000,478

$ 1,110,953

Management Fees, Net Paid by Insurance Segment

131,714

145,059

482,172

569,314

Ivy and Related Sidecar Fees, Net

38,980

59,098

145,493

189,364

Global Atlantic-related Capital Markets Fees, Net

15,163

17,479

58,707

51,643

Total Insurance Economics

$ 444,629

$ 481,966

$ 1,686,850

$ 1,921,274

($ in thousands)

1Q'25

1Q'26

1Q'25 LTM

1Q'26 LTM

Total GAAP Revenues

$ 3,110,183

$ 4,317,983

$ 15,332,143

$ 20,672,107

Insurance GAAP Revenues

(1,064,268)

(2,289,288)

(8,030,450)

(12,853,819)

Impact of Consolidation and Other

219,179

213,856

1,129,071

1,170,999

Capital Allocation-Based (Income) Loss (GAAP)

(1,159,105)

(841,853)

(3,454,447)

(3,453,983)

Realized Carried Interest - Asset Management Segment

327,495

719,904

1,558,987

1,962,614

Realized Investment Income - Asset Management Segment

217,957

121,901

617,872

307,399

Insurance Segment Fees

159,653

175,829

584,451

690,078

Strategic Holdings Segment Fees

7,948

10,917

47,717

51,941

Capstone Fees

(20,837)

(26,841)

(113,276)

(119,567)

Expense Reimbursements

(32,208)

(55,568)

(176,841)

(188,757)

Total Asset Management Segment Revenues

$ 1,765,997

$ 2,346,840

$ 7,495,227

$ 8,239,012

Disclaimer

KKR & Co. Inc. published this content on May 05, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2026 at 10:54 UTC.