filings.toolsKKR & Co. 10-Q 2026-03-31
Filed 2026-05-08. 8 sections, 603K characters. Original on sec.gov · Markdown · JSON
Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the quarterly period ended March 31, 2026
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
For the Transition period from to .
Commission File Number 001-34820
KKR & CO. INC.
(Exact name of Registrant as specified in its charter)
| Delaware | 88-1203639 | |
| (State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
30 Hudson Yards
New York**,** New York 10001
Telephone: (212) 750-8300
(Address, zip code, and telephone number, including
area code, of registrant's principal executive office.)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
| Common Stock | KKR | New York Stock Exchange |
| 6.25% Series D Mandatory Convertible Preferred Stock | KKR PR D | New York Stock Exchange |
| 4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC | KKRS | New York Stock Exchange |
| 6.875% Subordinated Notes due 2065 | KKRT | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an
emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ | |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of May 7, 2026, there were 897,872,941 shares of common stock of the registrant outstanding.
KKR & CO. INC.
FORM 10-Q
For the Quarterly Period Ended March 31, 2026
TABLE OF CONTENTS
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
which reflect our current views with respect to, among other things, our operations and financial performance. You can
identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "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. Without limiting the foregoing, forward-looking statements may include
statements regarding KKR’s business, financial condition, liquidity and results of operations, including capital invested,
uncalled commitments, cash and short-term investments, and levels of indebtedness; the potential for future business
growth; outstanding shares of common stock of KKR & Co. Inc. and its capital structure; non-GAAP and segment measures and
performance metrics, including assets under management (“AUM”), fee paying assets under management (“FPAUM”),
Adjusted Net Income, Total Operating Earnings, Total Segment Earnings, Fee Related Earnings ("FRE"), Insurance Operating
Earnings, Strategic Holdings Operating Earnings, Total Investing Earnings, and Total Segment Earnings; the declaration and
payment of dividends on capital stock of KKR & Co. Inc.; the timing, manner and volume of repurchase of shares of common
stock of KKR & Co. Inc.; our statements regarding the potential of, and future financial results from, KKR’s Strategic Holdings
segment, including expectations about dividend payments and earnings from companies and businesses in the Strategic
Holdings segment in the future, the future growth of such companies and businesses, and the potential for compounding
earnings over a longer period of time from such segment; KKR’s ability to grow its AUM, to deploy capital, to realize
unrealized investment appreciation, and the time period over which such events may occur; KKR’s ability to manage the
investments in and operations of acquired companies and businesses; the effects of any transactional activity on KKR’s
operating results, including pending sales of investments; expansion and growth opportunities and other synergies resulting
from acquisitions of companies, including the acquisition of Arctos Partners and businesses in our Strategic Holdings
segment), internal reorganizations or strategic partnerships with third parties; the timing and expected impact to our business
of any new investment fund, vehicle or product launches; the timing and completion of certain transactions contemplated by
the Reorganization Agreement entered into on October 8, 2021 by KKR & Co. Inc.; the implementation or execution of, or
results from, any strategic initiatives, including efforts to distribute financial products to individual investors; the modification
of our compensation framework announced on November 29, 2023, which decreased the targeted percentage of
compensation from fee related revenues and increased the targeted percentage from realized carried interest and certain
incentive fees; and our insurance business's strategic initiatives to invest more into non-yielding or lower-yield assets classes
like private equity and real assets, expand outside the United States, and raise more third-party co-investment insurance
capital. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important
factors that could cause actual outcomes or results to differ materially from those indicated in these statements or cause the
anticipated benefits and synergies from transactions to not be realized. We believe these factors include those described in
the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 (our "Annual
Report"). These factors should be read in conjunction with the other cautionary statements that are included in this report
and in our other filings with the U.S. Securities and Exchange Commission ("SEC"). We do not undertake any obligation to
publicly update or revise any forward-looking statement, whether as a result of new information, future developments or
otherwise, except as required by law.
CERTAIN TERMS USED IN THIS REPORT
In this report, references to "KKR," "we," "us," and "our" refer to KKR & Co. Inc. and its subsidiaries, including The Global
Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic"),
unless the context requires otherwise.
References to the “Series I preferred stockholder” or “KKR Management” are to KKR Management LLP, the holder of the
sole outstanding share of our Series I preferred stock. KKR Management is owned by our senior employees, including Mr.
Henry Kravis and Mr. George Roberts (our "Co-Founders"). References to “carry pool participants” are to our current and
former employees who hold interests in our “carry pool,” which refers to the carried interest generated by KKR’s business that
is allocated to KKR Associates Holdings L.P. (“Associates Holdings”), in which carry pool participants are limited partners.
Associates Holdings is currently not a subsidiary of KKR & Co. Inc.
KKR Group Partnership L.P. ("KKR Group Partnership") is the intermediate holding company that owns the entirety of
KKR’s business. Unless otherwise indicated, references to equity interests in KKR’s business, or to percentage interests in
KKR’s business, reflect the aggregate equity interests in KKR Group Partnership, and are net of amounts that have been
allocated to carry pool participants and any other holders of minority interests in KKR Group Partnership. References to a
“KKR Group Partnership Unit” refer to one Class A partner interest in KKR Group Partnership for periods on and after January
1, 2020. “Exchangeable securities” refers to securities that have the right to acquire KKR Group Partnership Units and to
exchange them for our shares of common stock. As of the date of this report, our only outstanding exchangeable securities
are (i) restricted holdings units issued through KKR Holdings II L.P. ("KKR Holdings II"), which are issued under the Amended
and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (the "2019 Equity Incentive Plan"), and (ii) restricted holdings units
issued through KKR Holdings III L.P. ("KKR Holdings III"), which are not issued under the 2019 Equity Incentive Plan. In the
future, we may issue securities other than restricted holdings units that may constitute exchangeable securities.
On October 8, 2021, KKR entered into a Reorganization Agreement (the "Reorganization Agreement") with KKR Holdings
L.P. (“KKR Holdings”), KKR Management, Associates Holdings, and the other parties thereto. Pursuant to the Reorganization
Agreement, the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural
and governance changes, including (a) the acquisition by KKR of KKR Holdings and all of the KKR Group Partnership Units held
by it (which as noted below was completed), (b) the future elimination of voting control by KKR Management and the Series I
preferred stock held by it, (c) the future establishment of voting rights for all common stock on a one vote per share basis,
including with respect to the election of directors, and (d) the future control of the carry pool by KKR. On May 31, 2022, KKR
completed the acquisition of KKR Holdings and the 258.3 million KKR Group Partnership Units held by it, and in exchange KKR
issued and delivered 266.8 million shares of common stock to the limited partners of KKR Holdings. On the "Sunset
Date" (which will occur no later than December 31, 2026), KKR will cancel the Series I preferred stock, establish voting rights
for all common stock on a one vote per share basis, and acquire control of the carry pool. For more information about the
Reorganization Agreement, see Note 1 "Organization" in our financial statements included in this report.
KKR’s asset management business is conducted by Kohlberg Kravis Roberts & Co. L.P. and various other subsidiaries of
KKR & Co. Inc. other than Global Atlantic. KKR’s insurance business is operated by Global Atlantic, in which KKR acquired a
majority controlling interest on February 1, 2021 and of which KKR acquired all the remaining equity interests in Global
Atlantic on January 2, 2024 (the “2024 GA Acquisition”). KJR Management ("KJRM") is a Japanese real estate asset manager,
which KKR acquired on April 28, 2022.
References to our "funds," "vehicles," or "investment vehicles" refer to a wide array of investment funds, vehicles, and
accounts that are advised, managed, or sponsored by one or more subsidiaries of KKR, including collateralized loan obligations
("CLOs"), certain operating companies, and business development companies (each, a "BDC"), unless the context requires
otherwise. These references do not include the investment funds, vehicles, or accounts of any hedge fund partnership or any
other third-party asset manager with which we have formed a strategic partnership or have acquired a minority ownership
interest. Unless the context requires otherwise, references to “fund investors” or "investors in our investment vehicles" refers
to the third-party investors in these funds and investment vehicles. References to “strategic investor partnerships” refers to
separately managed accounts with certain investors, which typically have investment periods longer than our traditional
funds and typically provide for investments across different investment strategies. References to “hedge fund partnerships”
refers to strategic partnerships with third-party hedge fund managers in which KKR owns a minority stake.
Unless otherwise indicated, references in this report to our outstanding common stock on a fully exchanged and diluted
basis reflect (i) actual shares of common stock outstanding, (ii) shares of common stock issuable pursuant to equity awards
actually granted pursuant to the 2019 Equity Incentive Plan, and (iii) shares of common stock issuable from exchangeable
securities, including vested partnership interests in KKR Holdings III. Our outstanding common stock on a fully exchanged and
diluted basis does not include shares of common stock available for issuance pursuant to the 2019 Equity Incentive Plan for
which equity awards have not yet been granted or any shares of common stock into which all outstanding shares of Series D
Mandatory Convertible Preferred Stock are convertible.
In this report, the term "GAAP" refers to accounting principles generally accepted in the United States of America. We
disclose certain financial measures in this report that are calculated and presented using methodologies other than in
accordance with GAAP, including Adjusted Net Income, Total Asset Management Segment Revenues, Total Segment Earnings,
Total Investing Earnings, Total Operating Earnings, FRE, and Strategic Holdings Operating Earnings. We believe that providing
these performance measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall
performance of KKR's businesses. These non-GAAP financial measures should not be considered as a substitute for similar
financial measures calculated in accordance with GAAP. We caution readers that these non-GAAP financial measures may
differ from the calculations of other investment managers, and as a result, may not be comparable to similar measures
presented by other investment managers. Reconciliations of these non-GAAP financial measures to the most directly
comparable financial measures calculated and presented in accordance with GAAP, where applicable, are included under
"Management's Discussion and Analysis of Financial Condition and Results of Operations—Segment Balance Sheet Measures
—Reconciliations to GAAP Measures." This report also uses the terms AUM, FPAUM, and capital invested. You should note
that our calculations of these and other operating metrics may differ from the calculations of other investment managers and,
as a result, may not be comparable to similar metrics presented by other investment managers. These non-GAAP and
operating metrics are defined in the section "Management's Discussion and Analysis of Financial Condition and Results of
Operations—Key Segment and Non-GAAP Performance Measures—Other Terms and Capital Metrics."
The use of any defined term in this report to mean more than one entity, person, security, or other item collectively is
solely for convenience of reference and in no way implies that such entities, persons, securities, or other items are one
indistinguishable group. For example, notwithstanding the use of the defined terms "KKR," "we" and "our" in this report to
refer to KKR & Co. Inc. and its subsidiaries, each subsidiary of KKR & Co. Inc. is a standalone legal entity that is separate and
distinct from KKR & Co. Inc. and any of its other subsidiaries. Any KKR entity (including any Global Atlantic entity) referenced
herein is responsible for its own financial, contractual, and legal obligations. Additionally, references to "including" are for the
purpose of illustration and shall be read to mean "including without limitation" unless the context explicitly requires
otherwise.
PART I - FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
| Page No. | |
| Condensed Consolidated Statements of Financial Condition (Unaudited) as of March 31, 2026 and December 31, 2025 | 7 |
| Condensed Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2026 and 2025 | 11 |
| Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three Months Ended March 31, 2026 and 2025 | 13 |
| Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2026 and 2025 | 14 |
| Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025 | 16 |
| Notes to Consolidated Financial Statements | 19 |
| KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) | |||
| (Amounts in Thousands, Except Share and Per Share Data) | |||
| March 31, 2026 | December 31, 2025 | ||
| Assets | |||
| Asset Management and Strategic Holdings | |||
| Cash and Cash Equivalents | $9,273,480 | $9,380,874 | |
| Restricted Cash and Cash Equivalents | 41,631 | 48,033 | |
| Investments | 128,050,466 | 127,948,305 | |
| Due from Affiliates | 2,703,403 | 2,307,701 | |
| Other Assets | 6,484,165 | 6,294,381 | |
| 146,553,145 | 145,979,294 | ||
| Insurance | |||
| Cash and Cash Equivalents | $9,926,589 | $7,511,273 | |
| Restricted Cash and Cash Equivalents | 243,756 | 211,610 | |
| Investments | 188,274,505 | 192,009,748 | |
| Reinsurance Recoverable | 50,453,448 | 48,022,605 | |
| Insurance Intangible Assets | 5,929,072 | 5,905,228 | |
| Other Assets | 7,118,726 | 6,662,911 | |
| Separate Account Assets | 3,585,272 | 3,841,403 | |
| 265,531,368 | 264,164,778 | ||
| Total Assets | $412,084,513 | $410,144,072 | |
| Liabilities and Equity | |||
| Asset Management and Strategic Holdings | |||
| Debt Obligations | $49,175,395 | $49,117,744 | |
| Due to Affiliates | 415,260 | 442,362 | |
| Accrued Expenses and Other Liabilities | 14,806,709 | 14,348,335 | |
| 64,397,364 | 63,908,441 | ||
| Insurance | |||
| Policy Liabilities (market risk benefit liabilities: $1,403,740 and $1,349,774, as of March 31, 2026 and December 31, 2025, respectively.) | $204,727,117 | $205,558,727 | |
| Debt Obligations | 3,813,234 | 3,820,407 | |
| Funds Withheld Payable at Interest | 49,360,332 | 46,822,744 | |
| Accrued Expenses and Other Liabilities | 4,369,533 | 3,341,695 | |
| Reinsurance Liabilities | 1,025,414 | 1,218,744 | |
| Separate Account Liabilities | 3,585,272 | 3,841,403 | |
| 266,880,902 | 264,603,720 | ||
| Total Liabilities | 331,278,266 | 328,512,161 | |
| Commitments and Contingencies (See Note 24) | |||
| Redeemable noncontrolling interests (See Note 23) | 2,795,494 | 2,710,242 | |
| KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (CONTINUED) | |||
| (Amounts in Thousands, Except Share and Per Share Data) | |||
| March 31, 2026 | December 31, 2025 | ||
| Stockholders' Equity | |||
| Series D Mandatory Convertible Preferred Stock, $0.01 par value. 51,750,000 shares, issued and outstanding as of March 31, 2026 and December 31, 2025. | 2,543,404 | 2,543,404 | |
| Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of March 31, 2026 and December 31, 2025. | — | — | |
| Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 889,413,785 and 891,451,844 shares, issued and outstanding as of March 31, 2026 and December 31, 2025, respectively. | 8,894 | 8,914 | |
| Additional Paid-In Capital | 18,976,939 | 19,041,497 | |
| Retained Earnings | 14,084,430 | 13,884,438 | |
| Accumulated Other Comprehensive Income (Loss) | (5,117,514) | (4,575,692) | |
| Total KKR & Co. Inc. Stockholders' Equity | 30,496,153 | 30,902,561 | |
| Noncontrolling Interests (See Note 22) | 47,514,600 | 48,019,108 | |
| Total Equity | 78,010,753 | 78,921,669 | |
| Total Liabilities and Equity | $412,084,513 | $410,144,072 |
See notes to financial statements.
KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(CONTINUED)
(Amounts in Thousands)
The following presents the portion of the consolidated balances provided in the consolidated statements of financial
condition attributable to consolidated variable interest entities ("VIEs"). As of March 31, 2026 and December 31, 2025, KKR's
consolidated VIEs consist primarily of (i) certain collateralized financing entities ("CFEs") including those CFEs holding
collateralized loan obligations ("CLOs"), (ii) certain investment funds, and (iii) certain VIEs formed by Global Atlantic. The
noteholders, creditors, and equity holders of these VIEs have no recourse to the assets of any other KKR entity.
With respect to consolidated CFEs and certain investment funds, the following assets may only be used to settle
obligations of these consolidated VIEs and the following liabilities are only the obligations of these consolidated VIEs and not
generally to KKR. Additionally, KKR has no right to the benefits from, nor does KKR bear the risks associated with, the assets
held by these VIEs beyond KKR's beneficial interest therein and any income generated from the VIEs. There are neither explicit
arrangements nor does KKR hold implicit variable interests that would require KKR to provide any material ongoing financial
support to the consolidated VIEs, beyond amounts previously committed to them, if any.
With respect to certain other VIEs consolidated by Global Atlantic, Global Atlantic has formed certain VIEs to either (i)
hold investments, including fixed maturity securities, consumer and other loans, renewable energy, transportation, and real
estate, or (ii) to conduct certain reinsurance activities with third party commitments. These VIEs issue beneficial interests
primarily to Global Atlantic’s insurance companies.
| March 31, 2026 | |||||||
| Consolidated CFEs | Consolidated Funds and Other Investment Vehicles | Other VIEs | Total | ||||
| Assets | |||||||
| Asset Management and Strategic Holdings | |||||||
| Cash and Cash Equivalents | $2,795,409 | $1,243,372 | $— | $4,038,781 | |||
| Restricted Cash and Cash Equivalents | — | 41,631 | — | 41,631 | |||
| Investments | 30,356,670 | 77,465,073 | — | 107,821,743 | |||
| Other Assets | 890,256 | 478,745 | — | 1,369,001 | |||
| 34,042,335 | 79,228,821 | — | 113,271,156 | ||||
| Insurance | |||||||
| Cash and Cash Equivalents | — | — | 1,695,789 | 1,695,789 | |||
| Investments | — | — | 30,460,274 | 30,460,274 | |||
| Other Assets | — | — | 973,676 | 973,676 | |||
| — | — | 33,129,739 | 33,129,739 | ||||
| Total Assets | $34,042,335 | $79,228,821 | $33,129,739 | $146,400,895 | |||
| Liabilities | |||||||
| Asset Management and Strategic Holdings | |||||||
| Debt Obligations | $30,012,515 | $6,990,566 | $— | $37,003,081 | |||
| Accrued Expenses and Other Liabilities | 2,437,163 | 791,552 | — | 3,228,715 | |||
| 32,449,678 | 7,782,118 | * |
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Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial
statements of KKR & Co. Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this
report and our Annual Report, including the audited consolidated financial statements and the related notes and
"Management's Discussion and Analysis of Financial Condition and Results of Operations" and “Business” section contained
therein. In addition, this discussion and analysis contains forward-looking statements and involves numerous risks and
uncertainties, including those described under "Cautionary Note Regarding Forward-looking Statements" and "Business
Environment" in this report and our Annual Report and "Risk Factors" in our Annual Report, and our other filings with the SEC.
Actual results may differ materially from those contained in any forward-looking statements.
The unaudited condensed consolidated financial statements and the related notes included elsewhere in this report are
hereafter referred to as the "financial statements." Additionally, the condensed consolidated statements of financial condition
are referred to herein as the "consolidated statements of financial condition"; the condensed consolidated statements of
operations are referred to herein as the "consolidated statements of operations"; the condensed consolidated statements of
comprehensive income (loss) are referred to herein as the "consolidated statements of comprehensive income (loss)"; the
condensed consolidated statements of changes in equity are referred to herein as the "consolidated statements of changes in
equity"; and the condensed consolidated statements of cash flows are referred to herein as the "consolidated statements of
cash flows."
Overview
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance
solutions. We aim to generate attractive investment returns by following a patient and disciplined investment approach,
employing world-class people, and supporting growth in our portfolio companies and communities.
Founded in 1976, KKR pioneered the leveraged buyout strategy and has been a leader of the private equity industry for
five decades. Since the inception of our firm, we have expanded our investment strategies and product offerings from
traditional private equity to other alternative asset classes such as leveraged credit, alternative credit, infrastructure, real
estate, energy, growth equity, and core private equity. Over the same period, we scaled from being a U.S.-focused firm to a
global operation with 35 offices around the world as of March 31, 2026. Our business further expanded with the acquisition of
Global Atlantic in 2021, which today conducts our insurance business providing retirement and life insurance solutions. As of
March 31, 2026, we managed $758 billion of assets under management, of which $220 billion comes from Global Atlantic.
Our three reporting segments align with the KKR business model:
Our business model of (i) Asset Management, (ii) Insurance, and (iii) Strategic Holdings corresponds to our three reporting
segments. We have purposely created a business model that we believe enables us to grow long-term, durable, recurring
earnings with a focus on large addressable markets where we can be an industry leader. Importantly, these pieces were built
to leverage our core strengths as a firm: investing acumen, capital allocation expertise and our collaborative culture.
Business Segments
Asset Management
In Asset Management, we have five business lines: (i) Private Equity, (ii) Real Assets, (iii) Credit and Liquid Strategies, (iv)
Capital Markets, and (v) Principal Activities.
Our Assets Under Management have grown and diversified in the last 15 years across Private Equity, Real Assets, and
Credit and Liquid Strategies as illustrated on the following chart. KKR has evolved from a relatively US-centric and traditional
private equity firm to a global alternative asset manager. As of December 31, 2010, our traditional Private Equity strategy
represented over 70% of our total AUM. As of March 31, 2026, traditional Private Equity was less than 25% of our total AUM.
Assets Under Management ($ in billions):
Liquid Strategies
Alternative Credit
Credit and Liquid
Strategies(1)
$329
+18%
CAGR
Leveraged Credit
Real Estate
Real Assets(2)
$198
Infrastructure &
Energy
Growth Equity
Core Private Equity
Private Equity
$231
Traditional Private
Equity
(1)As of March 31, 2026, Alternative Credit AUM includes $92 billion of asset-based finance, $49 billion of corporate private credit (including $39 billion of
direct lending) and $8 billion of strategic investments.
(2)Real estate credit lends across the risk return spectrum of investments secured by or relating to real property, including senior mortgage loans, mezzanine
loans and mortgage-backed securities in North America and Europe. As of March 31, 2026, real estate credit AUM totals $44 billion. Real estate equity
seeks core, core+ and opportunistic real estate investment opportunities by geography: North America, Europe and Asia Pacific. As of March 31, 2026,
real estate equity AUM totals $40 billion. This includes $12 billion from the management of two publicly listed Japanese REITs through our subsidiary,
KJRM.
(3)The K-Series suite of vehicles are offered through various distribution channels to investors in the U.S. and other jurisdictions around the world. We have
K-Series vehicles that operate or invest in private equity companies, infrastructure assets, credit investments, and real estate. As of March 31, 2026, total
K-Series AUM was $38 billion, which has grown significantly over the past three years.
As an asset management firm, we earn recurring management fees and fee-related performance revenues for providing
investment management services and expertise to our institutional and individual investors who entrust us with their capital.
The amount of fees we charge for managing these assets depends on the underlying investment strategy, liquidity profile, and
ultimately our ability to generate attractive investment returns for our clients.
We earn transaction fees for providing capital markets services as a broker-dealer, and we also earn transaction and
monitoring fees as part of the management of our portfolio companies.
Carried interest that we receive from our investment vehicles entitles us to a specified percentage of investment gains
that are generated on third-party capital that is invested. We earn investment income by investing our own capital alongside
investors in our funds and other investment vehicles and from other assets we own on our balance sheet.
Operating expenses, which include occupancy expenses and other typical operating expenses, are shared across a single
expense pool given the collaborative nat
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We believe there were no material changes to our market risks during the three months ended March 31, 2026. For a
discussion of our market risks in general, please refer to our Annual Report on Form 10-K for the year ended December 31,
- In addition, for a discussion of current risks, uncertainties, and other market and economic conditions, see
"Management's Discussion and Analysis of Financial Condition and Results of Operations—Business Environment."
Item 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the
Exchange Act) that are designed to ensure that the information required to be disclosed by us in the reports filed or submitted
by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's
rules and forms and such information is accumulated and communicated to management, including the Co-Chief Executive
Officers and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls
and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired
control objectives.
We carried out an evaluation, under the supervision and with the participation of our management, including the Co-
Chief Executive Officers and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure
controls and procedures as of March 31, 2026. Based upon that evaluation, our Co-Chief Executive Officers and Chief Financial
Officer have concluded that, as of March 31, 2026, our disclosure controls and procedures were effective to accomplish their
objectives at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act)
occurred during the three months ended March 31, 2026, that materially affected, or are reasonably likely to materially
affect, our internal control over financial reporting.
PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
For a discussion of KKR's legal proceedings, see the section entitled "Legal Proceedings" appearing in Note 24
"Commitments and Contingencies" in our financial statements included elsewhere in this report, which is incorporated herein
by reference.
Item 1A. RISK FACTORS.
Other than as set forth in "Management's Discussion and Analysis of Financial Condition and Results of Operations—
Business Environment" in this report, there were no material changes to the risk factors disclosed in our Annual Report.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Share Repurchases in the Three Months Ended March 31, 2026
Under our current share repurchase program, KKR is authorized to repurchase its common stock from time to time in
open market transactions, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any
common stock repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal
requirements, price and economic and market conditions. KKR expects that the program, which has no expiration date, will
continue to be in effect until the maximum approved dollar amount has been used. The program does not require KKR to
repurchase any specific number of shares of common stock, and the program may be suspended, extended, modified or
discontinued at any time. In addition to the repurchases of common stock described above, the repurchase program is used
for the retirement (by cash settlement or the payment of tax withholding amounts upon net settlement) of equity awards
issued pursuant to our Equity Incentive Plan representing the right to receive shares of common stock.
As of May 1, 2026, there is approximately $122 million remaining under KKR's share repurchase program.
The table below sets forth the information with respect to repurchases made by or on behalf of KKR & Co. Inc. or any
"affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Exchange Act) of our common stock for the periods
presented. During the three months ended March 31, 2026, 2,173,970 shares of common stock were repurchased, and 578
equity awards were retired.
| Issuer Purchases of Common Stock | |||||||
| (amounts in thousands, except share and per share amounts) | |||||||
| Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||
| Month #1 (January 1, 2026 to January 31, 2026) | — | $— | — | $439,178 | |||
| Month #2 (February 1, 2026 to February 28, 2026) | 21,598 | $92.60 | 21,598 | $437,133 | |||
| Month #3 (March 1, 2026 to March 31, 2026) | 2,152,372 | $87.92 | 2,152,372 | $247,877 | |||
| Total through March 31, 2026 | 2,173,970 | 2,173,970 | $247,877 | ||||
(1)Our existing share repurchase program was announced in April 2024. In March 2026, 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 (the “Share Repurchase Program Increase
Threshold”). As of May 1, 2026, there was approximately $122 million remaining under the program. Any additional increases to the total available
amount after the Share Repurchase Program Increase Threshold is reached would require a separate approval by the Board of Directors of KKR & Co. Inc.
The repurchase program does not have an expiration date.
Unregistered Sales of Equity in the Three Months Ended March 31, 2026
On March 30, 2026, we issued 15,105 shares of KKR & Co. Inc. common stock to one of our fund investors in connection
with arrangements related to the fees paid by such fund investor with respect to its investments. The shares were issued
pursuant to Section 4(a)(2) of the Securities Act, exempting issuances by an issuer not involving a public offering.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
Item 5. OTHER INFORMATION.
The KKR & Co. Inc. 2026 Annual Meeting of Stockholders (the “Annual Meeting”) will be held on Friday, May 29, 2026 at
9:00 a.m., Eastern Time. The Annual Meeting will be held in a virtual meeting format only. Only stockholders of record at the
close of business on May 18, 2026 may attend the meeting. To receive further information about how to attend the meeting,
please register by sending an e-mail to Investor-Relations@kkr.com with the following information between May 18, 2026
and May 27, 2026. Please write “KKR 2026 Annual Meeting Registration” in the subject line of the e-mail, include your full
name, address, and the number of shares of common stock owned by you as of the record date, and be prepared to confirm
your ownership of such shares as of the record date. Please note that no discussion of KKR's business will be presented at the
Annual Meeting, and no matter will be presented to its common stockholders for a vote. Therefore, no action of common
stockholders will be taken at the Annual Meeting.
Item 6. EXHIBITS.
The following is a list of all exhibits filed or furnished as part of this report:
† Certain information contained in this agreement has been omitted because it is not material and is the type that the
registrant treats as private or confidential.
The registrant hereby agrees to furnish to the SEC at its request copies of long-term debt instruments defining the rights
of holders of outstanding long-term debt that are not required to be filed herewith.
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or
other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not
rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other
documents were made solely within the specific context of the relevant agreement or document and may not describe the
actual state of affairs as of the date they were made or at any other time.
SIGNATURES
Pursuant to requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
| KKR & CO. INC. | |||
| By: | /s/ ROBERT H. LEWIN | ||
| Robert H. Lewin | |||
| Chief Financial Officer | |||
| (principal financial and accounting officer) | |||
| DATE: | May 8, 2026 |