KKR 8-K Current Reports

Regulation FDOther Events

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Aug 31, 2026)

KKR & Co. Inc. (KKR) has filed an 8-K report to disclose the posting of a presentation on its website regarding the sale of its USI Insurance Services business to Aon plc. This filing serves primarily as a Regulation FD disclosure, informing the public about material information that is being made available through KKR's investor relations website. Investors should note that the information presented in this external document is not being officially incorporated into the SEC filing itself, meaning it is not deemed 'filed' under securities laws. While the specific details of the transaction are contained within the presentation, the core purpose of this 8-K is to ensure transparency and equal access to information for all investors. The sale of a significant business unit like USI Insurance Services would typically have implications for KKR's future revenue streams, profitability, and strategic focus, making the presentation a key resource for understanding the implications of this divestiture and the rationale behind it. Investors are encouraged to visit KKR's investor center to access this presentation for a comprehensive understanding of the transaction.

Aug 31, 2026 8-K

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Aug 27, 2026)

KKR & Co. Inc. (KKR) has entered into a Stipulation and Order with the U.S. Department of Justice's Antitrust Division to resolve a civil antitrust complaint filed in January 2025. The complaint concerned certain premerger notification requirements under the Hart-Scott-Rodino (HSR) Act for transactions in 2021 and 2022. The settlement requires a subsidiary of KKR to pay $250.0 million to the Antitrust Division, contingent on a proposed final judgment being approved by the court.

Aug 27, 2026 8-K

KKR & Co. Inc. 8-K Report, Material Agreement (Jul 31, 2026)

KKR & Co. Inc. (KKR) has entered into a Fourth Amended and Restated Credit Agreement, establishing a new $3.0 billion senior unsecured multicurrency revolving credit facility. This facility, which can be increased by an additional $750 million under certain conditions, provides KKR with significant financial flexibility for general corporate purposes. The agreement is a five-year term, maturing in July 2031, with options for borrowers to extend, and allows for prepayment without penalty, underscoring the company's proactive debt management strategy. The new credit facility is guaranteed by KKR & Co. Inc. and includes key financial covenants, such as a maximum leverage ratio (excluding Global Atlantic Financial Group) of 4.0x covenant EBITDA and a minimum of $195 billion in fee-paying assets under management. These covenants demonstrate KKR's commitment to maintaining a strong balance sheet and operational scale. The facility's pricing is tied to KKR's corporate ratings, offering favorable terms as ratings improve.

Jul 31, 2026 8-K

Leadership ChangesShareholder Matters

KKR & Co. Inc. 8-K Report, Financial Results (Jul 30, 2026)

KKR reported record second-quarter 2026 results, with Fee Related Earnings (FRE), Total Operating Earnings (TOE) and Adjusted Net Income (ANI) per adjusted share all at record levels on both a quarterly and trailing twelve-month (LTM) basis. Q2 FRE was $1.2 billion ($1.32 per adjusted share), up 37% year over year, and LTM FRE reached $4.2 billion ($4.68 per adjusted share), up 19%. Q2 TOE was $1.5 billion ($1.68 per adjusted share), up 29%, and Q2 ANI was $1.5 billion ($1.63 per adjusted share), up 40%. GAAP net income attributable to KKR common stockholders was $660 million ($0.70 diluted EPS) for the quarter, compared with $472 million ($0.50) a year earlier, and $1.0 billion year to date. Growth was driven by the asset management franchise. Assets under management (AUM) reached $796 billion, up 16% year over year, and fee-paying AUM (FPAUM) reached $638 billion, up 15%. KKR raised $34 billion of new capital in the quarter and $133 billion over the LTM period, and invested $24 billion in the quarter. Management fees rose to $1.25 billion from $996 million. The company also closed its acquisition of Arctos Partners on May 4, 2026, adding $20 billion of AUM. Realized performance income was strong, with the firm describing it as its strongest monetization quarter ever. Investors should note a classification change. Beginning in 2Q'26, KKR reports realized performance fees from its K-Series private equity vehicles within Fee Related Performance Revenues, which feed FRE. Approximately $160 million of such revenue was recorded there in Q2, versus about $80 million in realized performance income a year earlier. Prior periods were not recast. KKR states the change had no effect on total segment earnings, GAAP net income or ANI, but FRE comparisons across periods are affected. The filing also notes that the company is furnishing, not filing, the earnings release, and that the 8-K itself contains no new forward guidance.

Jul 30, 2026 8-K

KKR & Co. Inc. 8-K Report, Executive Changes (May 29, 2026)

KKR & Co. Inc. (KKR) filed an 8-K on May 29, 2026, reporting on the election of directors to its Board. The filing confirms that eleven individuals, including key leadership like Henry R. Kravis, George R. Roberts, Joseph Y. Bae, and Scott C. Nuttall, alongside other existing directors, were re-elected by KKR Management LLP. This action maintains the current composition of the board and suggests continuity in leadership and governance strategy. For investors, this filing signifies stability at the highest levels of the company. The re-election of existing directors, many of whom are deeply involved in KKR's management and investment strategies, indicates a consistent approach to the firm's operations and oversight. The compensation structure for these non-employee directors remains unchanged, as detailed in KKR's 2025 10-K, and their existing indemnification agreements continue to be in place, which are standard practices for corporate governance.

May 29, 2026 8-K

Shareholder Matters

KKR & Co. Inc. 8-K Report, Shareholder Vote Results (May 28, 2026)

KKR & Co. Inc. filed an 8-K on May 28, 2026, to report on the outcome of its reconvened special meeting of stockholders held on May 21, 2026. The primary focus was Proposal 1, which aimed to eliminate a supermajority (90%) voting requirement for amending certain provisions of the Company's charter. While other proposals (2, 3, and 4) were approved at an earlier meeting, Proposal 1 did not proceed to a vote due to a lack of quorum.

May 28, 2026 8-K

KKR & Co. Inc. 8-K Report, Financial Results (May 5, 2026)

KKR reported first quarter 2026 results that showed strong growth in its recurring earnings. Fee Related Earnings (FRE) rose 24% year-over-year to $1.0 billion ($1.13 per adjusted share), Total Operating Earnings (TOE) rose 19% to $1.3 billion ($1.47 per adjusted share), and Adjusted Net Income (ANI) rose 21% to $1.2 billion ($1.39 per adjusted share). Assets under management reached $758 billion, up 14% year-over-year, and fee-paying AUM reached $615 billion, up 17%. KKR raised $28 billion of new capital in the quarter and $127 billion over the last twelve months, and invested $22 billion in the quarter. Management characterized about 85% of segment earnings as coming from the more durable, recurring portions of the business. GAAP results improved sharply. Net income attributable to KKR common stockholders was $365 million in Q1 2026, compared with a loss of $186 million in Q1 2025, and diluted EPS was $0.38 versus $(0.22). The filing notes that GAAP results are heavily influenced by insurance investment gains and losses and by consolidation effects, so investors should weigh the non-GAAP segment metrics alongside GAAP figures. Trailing-twelve-month ANI grew only 5% to $4.6 billion, which is a notable contrast to the quarterly growth rate. Other items of note include a declared quarterly dividend of $0.195 per common share (5% higher on an annualized basis than 2025), $317 million of share repurchases and retirements from year-end through May 1, 2026 at an average price of $91.08, and an increase of $500 million to the buyback authorization. KKR also closed its acquisition of Arctos Partners, a sports-franchise investor with $16 billion of AUM, on May 5, 2026, subsequent to quarter end. Management expects Strategic Holdings Operating Earnings of $350 million or more in 2026, $700 million or more by 2028, and $1.1 billion or more by 2030.

May 5, 2026 8-K

Shareholder Matters

KKR & Co. Inc. 8-K Report, Shareholder Vote Results (Apr 24, 2026)

KKR & Co. Inc. (KKR) held a special meeting of stockholders on April 21, 2026, where four out of five proposals related to amendments to its Certificate of Incorporation were approved. Key among these approvals are changes that will grant the Board sole authority to fill director vacancies and streamline the charter, along with establishing stockholder meetings as the sole mechanism for approving matters requiring a vote. These amendments are contingent on filing with the Secretary of State of Delaware and are expected to become effective by the Sunset Date. However, a significant proposal to remove supermajority voting requirements for amending certain charter provisions (Proposal 1) did not pass at the initial meeting, receiving 85.97% of outstanding common stock support, which falls short of the required 90% threshold. Consequently, the meeting has been adjourned to May 21, 2026, to solicit additional proxies for Proposal 1. This adjournment provides an opportunity for KKR to seek the necessary votes to lower this high threshold, which could impact future governance flexibility.

Apr 24, 2026 8-K

Securities & ListingRegulation FDExhibits & Filings

KKR & Co. Inc. 8-K Report, Financial Results (Feb 5, 2026)

KKR & Co. Inc. reported strong fourth-quarter and full-year 2025 results on February 5, 2026, led by its fee-based and recurring earnings. Fee Related Earnings (FRE) reached $972 million in the quarter, up 15% year-over-year, and $3.7 billion for the year ($4.13 per adjusted share), up 14%. Total Operating Earnings (TOE), which KKR describes as its more durable and recurring earnings, rose 17% in the quarter to $1.3 billion and 14% for the year to $5.0 billion. Assets under management grew 17% to $744 billion, and fee-paying AUM grew 18% to $604 billion. Capital raised ($129 billion for the year) and capital invested ($95 billion for the year, with $32 billion in Q4, the most active investment quarter in KKR's history) both set records. Earnings quality was mixed on a GAAP basis. Net income to KKR common stockholders was $1.1 billion in Q4 (roughly flat with Q4 2024) and $2.3 billion for 2025, down from $3.1 billion in 2024. Adjusted Net Income (ANI) was $1.0 billion in Q4 ($1.12 per adjusted share, versus $1.32 a year earlier), and $4.4 billion for the year ($4.87 per share). Management attributed the decline largely to a previously disclosed carried interest repayment obligation that reduced Q4 realized performance income by $207 million. Excluding that item, ANI per adjusted share would have been $1.30 for the quarter and $5.05 for the year. The most significant strategic news is the definitive agreement to acquire Arctos Partners, a sports-franchise investing and asset management firm with $15 billion in AUM. KKR will house Arctos in a new business, KKR Solutions, which will also anchor a multi-asset-class secondaries platform. The deal remains subject to regulatory and sports-league approvals. KKR also declared a $0.185 quarterly dividend and intends to raise its annualized dividend from $0.74 to $0.78 starting with the dividend announced alongside Q1 2026 results.

Feb 5, 2026 8-K

KKR & Co. Inc. 8-K Report, Unregistered Securities Sale (Feb 5, 2026)

KKR & Co. Inc. (NYSE: KKR) has entered into a definitive agreement, through its indirect subsidiary KKR Summit Holdings L.P., to acquire 100% of Arctos Partners, LP, a Dallas-based investment firm with approximately $15 billion in AUM that operates Arctos Sports (strategic growth capital for sports franchises) and Arctos Keystone (GP solutions for private fund sponsors). The agreement was signed February 4, 2026 and announced February 5, 2026. Closing is subject to regulatory approvals, specified sports league approvals, and other customary conditions, so the timing of completion is not yet set. Initial consideration is $1.4 billion: $300 million in cash (subject to purchase price adjustments) and $1.1 billion in KKR equity, of which $900 million goes to existing Arctos shareholders, with management's portion vesting through 2030, and $200 million of additional equity to be allocated by 2028 and vesting through 2033. An additional earn-out of up to $550 million in equity may be earned, tied to KKR share price and business-specific performance targets and vesting through 2031. KKR's equity issuance is priced off a reference price of $130.62 per share. Of the $1.1 billion initial equity, $920 million is being issued as unregistered securities (1.504 million common shares and 5.540 million KKR Restricted Units), and $415 million of the potential earn-out will also be unregistered restricted units. Management argues the deal creates a platform for sports investing, GP solutions, and a new multi-asset secondaries business (to be housed in a new KKR Solutions unit led by Ian Charles), expands KKR's origination reach, and is expected to be accretive per share across key financial metrics immediately after closing. KKR also notes that perpetual and long-dated capital would rise to 53% of its $759 billion AUM. The filing does not disclose Arctos's revenue, earnings, or the accounting treatment, so investors should look to the accompanying investor presentation and future disclosures for those details.

Feb 5, 2026 8-K

KKR & Co. Inc. 8-K Report, Material Agreement (Jan 16, 2026)

KKR & Co. Inc. (KKR) announced a significant update regarding its subsidiary, Global Atlantic, through a filing on January 16, 2026. The company has entered into a new Credit Agreement, establishing a $3.00 billion unsecured revolving credit facility for its insurance subsidiaries, Global Atlantic Limited (Delaware) and Global Atlantic (Fin) Company. This facility, which matures in January 2027, includes an option to increase the borrowing capacity by an additional $500 million, bringing the total potential to $3.50 billion, subject to lender commitments. The primary purpose of these funds is to support working capital, general corporate needs, and growth initiatives within the Credit Parties, which include Global Atlantic's insurance company subsidiaries. This new credit facility provides Global Atlantic with enhanced financial flexibility and access to capital. The terms include options for SOFR-based or alternate base rate borrowings, with margins and commitment fees that are tied to KKR's corporate credit ratings. The agreement also imposes financial covenants, such as a debt-to-total capitalization ratio not exceeding 35% and specific net worth maintenance requirements for GALD and its consolidated subsidiaries. These covenants, along with customary representations and negative covenants, are designed to ensure the financial stability of the borrower while providing lenders with standard protections, including event of default clauses that could lead to loan acceleration.

Jan 16, 2026 8-K

Leadership Changes

KKR & Co. Inc. 8-K Report, Executive Changes (Jan 9, 2026)

KKR & Co. Inc. has announced a significant leadership change via an 8-K filing dated January 8, 2026. Effective immediately, Ryan Stork has stepped down from his position as Chief Operating Officer (COO). This development marks a notable shift in the company's operational leadership, and investors will be keen to understand the implications for KKR's strategic execution and day-to-day management. While the filing itself does not provide reasons for Mr. Stork's departure or details on a successor, it signifies a point of interest for monitoring the firm's ongoing operational stability and strategic direction.

Jan 9, 2026 8-K

KKR & Co. Inc. 8-K Report, Financial Results (Nov 7, 2025)

KKR & Co. Inc. reported third quarter 2025 results on November 7, 2025, furnished under Item 2.02 as Exhibit 99.1 (not filed). The headline story is fee-based earnings strength: Fee Related Earnings (FRE) reached a record $1.0 billion in the quarter ($1.15 per adjusted share), up 3% year-over-year, and $3.6 billion on a last-twelve-months (LTM) basis, up 16%. Total Operating Earnings (TOE) was $1.4 billion ($1.55 per adjusted share), up 12% year-over-year, and Adjusted Net Income (ANI) was $1.3 billion ($1.41 per adjusted share), up 8%. Management has noted that roughly 80% of total segment earnings come from the more durable and recurring portions of the business. Capital formation was the standout operating metric. KKR raised $43 billion of new capital in the quarter, the highest quarterly figure in more than four years and the second-highest quarter in the firm's history. Capital invested reached a record $26 billion, and AUM grew 16% year-over-year to $723 billion, while fee-paying AUM rose to $585 billion. Uncalled commitments (dry powder) stood at a record $126 billion, supporting future management fee growth. Management also highlighted that $64 billion of committed capital is not yet paying fees, which should become a source of future fee growth once invested or once investment periods begin. GAAP results were more mixed. GAAP net income attributable to KKR common stockholders was $860 million in Q3 2025 (diluted EPS of $0.90), compared with $601 million a year earlier, but GAAP year-to-date net income fell to $1.15 billion from $1.95 billion, reflecting volatility from insurance and investment-related items. Insurance Operating Earnings of $305 million included a $41 million benefit from Global Atlantic's annual actuarial assumption review, and Global Atlantic AUM reached $212 billion. The company also declared a regular quarterly dividend of $0.185 per common share, payable December 2, 2025.

Nov 7, 2025 8-K

Leadership ChangesShareholder MattersRegulation FD+1

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Oct 9, 2025)

KKR & Co. Inc. (KKR) has filed an 8-K report on October 8, 2025, to announce the posting of a new investor presentation titled "Asset-Based Finance Overview" on its website. This presentation is intended for KKR common stockholders and analysts, providing insights into KKR's strategies and performance within its asset-based finance segment. The company utilizes its website as a key channel for disseminating important financial and corporate information.

Oct 9, 2025 8-K

KKR & Co. Inc. 8-K Report, Executive Changes (Sep 24, 2025)

On September 24, 2025, KKR & Co. Inc. (NYSE: KKR) disclosed that Craig Arnold, former Chairman and Chief Executive Officer of Eaton Corporation, was appointed to its Board of Directors effective September 23, 2025. The appointment was approved by written consent of the sole holder of the Series I preferred stock, KKR Management LLP, which also approved increasing the Board from fourteen to fifteen seats. Mr. Arnold joins the Audit Committee and will receive the standard non-executive director cash and equity compensation, prorated for his start date, and has signed the company's customary indemnification agreement. For investors, this is a governance-focused filing rather than a financial one. The filing contains no financial results, guidance, or material transactions. The company states that Mr. Arnold's addition brings independent directors to eleven of fifteen Board seats, which strengthens the independent oversight profile and adds audit committee expertise from a large industrial background. The Regulation FD press release (Exhibit 99.1) is furnished rather than filed, so it is not subject to Section 18 liability. The filing also reflects that KKR's Board control and director approvals currently run through KKR Management LLP's preferred stock mechanism, a structural feature that predates this appointment. Investors may wish to monitor whether the Audit Committee composition change affects oversight of KKR's financial reporting, but the filing itself offers no indication of any operational or financial concern.

Sep 24, 2025 8-K

Material AgreementsFinancial EventsOther Events+1

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Sep 19, 2025)

KKR & Co. Inc. (KKR) has filed a Current Report on Form 8-K, reporting an event on September 18, 2025, and filing on September 18, 2025. The primary disclosure under Item 7.01 relates to its subsidiary, Global Atlantic Financial Group LLC, which has posted a "2025 Global Atlantic Investor Presentation" on its website. This presentation is intended to provide supplemental disclosures specifically for Global Atlantic bondholders. KKR is utilizing Global Atlantic's website as a channel for distributing financial and other important information about the subsidiary. Investors should note that this information is being furnished under Regulation FD and is not considered 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934. It will not be incorporated by reference into any other KKR or Global Atlantic SEC filings unless expressly stated. The focus of this filing is informational, providing access to supplemental materials for a specific stakeholder group of Global Atlantic.

Sep 19, 2025 8-K

KKR & Co. Inc. 8-K Report, Material Agreement (Aug 7, 2025)

KKR & Co. Inc. (KKR) filed an 8-K report detailing the successful completion of a $900 million offering of 5.100% Senior Notes due 2035. These notes are unsecured and unsubordinated, guaranteed by its subsidiary KKR Group Partnership L.P. The offering, which occurred on August 7, 2025, was facilitated by an underwriting agreement with a syndicate of prominent financial institutions, including Morgan Stanley and Goldman Sachs. This debt issuance provides KKR with additional capital, likely to support its ongoing investment strategies and operational growth. The indenture includes standard covenants designed to protect noteholders, such as limitations on incurring secured debt and significant asset sales, as well as provisions for events of default and a change of control repurchase option. The fixed interest rate and long-term maturity of these notes offer a predictable cost of capital for the company over the next decade.

Aug 7, 2025 8-K

Leadership ChangesShareholder Matters

KKR & Co. Inc. 8-K Report, Financial Results (Jul 31, 2025)

KKR & Co. Inc. reported strong second-quarter 2025 non-GAAP results, driven by its recurring earnings streams. Fee Related Earnings (FRE) rose 17% year-over-year to $887 million ($0.98 per adjusted share), and Total Operating Earnings (TOE), which combines FRE, Insurance Operating Earnings, and Strategic Holdings Operating Earnings, grew 14% to $1.2 billion ($1.33 per adjusted share). Adjusted Net Income (ANI) increased 9% to $1.1 billion ($1.18 per adjusted share). On a trailing twelve-month basis, FRE reached $3.6 billion (up 34%), TOE reached $4.7 billion (up 26%), and ANI reached $4.5 billion (up 27%). Management states that about 79% of LTM total segment earnings come from the more durable and recurring components. Assets under management (AUM) rose 14% year-over-year to $686 billion, and fee-paying AUM rose 14% to $556 billion. New capital raised was $28 billion in the quarter and $109 billion over the LTM. GAAP results were considerably weaker than the non-GAAP metrics. Net income attributable to KKR common stockholders was $472 million ($0.50 diluted) in the quarter, down from $668 million ($0.72 diluted) a year earlier, and $286 million year-to-date versus $1.35 billion in the prior-year period. The decline reflects Insurance segment investment-related losses and the impact of noncontrolling interests, so investors should weigh the non-GAAP growth against the GAAP trend. Other developments include the post-quarter closing of a majority stake in HealthCare Royalty Partners (about $3 billion of AUM), a $2 billion Japan Post Insurance investment in a new Global Atlantic-sponsored vehicle, a $0.185 per share quarterly common dividend, and a $590 million issuance of 6.875% subordinated notes due 2065. Balance sheet and outlook indicators remain solid. The company reported $115 billion of uncalled commitments, $9.2 billion of gross unrealized performance income, $2.8 billion of embedded unrealized gains, and net cash and investments of $7.1 billion. Management expects Strategic Holdings Operating Earnings to exceed $350 million in 2026, $700 million in 2028, and $1.1 billion in 2030. Management described the firm as highly constructive entering the second half of 2025. These targets are forward-looking and subject to the risks described in the filing.

Jul 31, 2025 8-K

KKR & Co. Inc. 8-K Report, Executive Changes (Jun 23, 2025)

KKR & Co. Inc. (KKR) filed an 8-K on June 23, 2025, to report on director elections and committee appointments. All previously serving directors were re-elected to the Board of Directors by KKR Management LLP. This filing confirms the continuity of the existing board structure and leadership. Key committees, including the Audit, Conflicts, Nominating and Corporate Governance, Risk, and Executive committees, have had their members confirmed. The report also reiterates that non-employee directors will continue to receive compensation as outlined in the company's 2024 Form 10-K and have existing indemnification agreements. This filing primarily serves to formally document the continuation of the current board and committee composition, providing transparency and reassurance to investors regarding the stability of KKR's governance.

Jun 23, 2025 8-K

Material AgreementsFinancial EventsOther Events+1

KKR & Co. Inc. 8-K Report, Material Agreement (May 28, 2025)

KKR & Co. Inc. (KKR) has announced the successful completion of a $590 million offering of 6.875% Subordinated Notes due 2065. This offering, which included an over-allotment option exercise, strengthens KKR's capital structure by issuing long-term debt with a fixed interest rate. The notes are guaranteed by KKR Group Partnership L.P. and are unsecured and subordinated obligations of the Issuer, meaning they rank below senior debt in the event of liquidation. Investors should note the long maturity profile of these notes, extending to 2065, and the fixed 6.875% coupon rate, providing a predictable income stream. The indenture governing these notes includes standard covenants that limit the ability of KKR and its subsidiaries to incur additional secured indebtedness or engage in significant asset sales or mergers, which are designed to protect noteholders. The notes are redeemable at KKR's option beginning in June 2030, with specific provisions for redemption in the event of a tax event or rating agency event.

May 28, 2025 8-K

Other EventsExhibits & Filings

KKR & Co. Inc. 8-K Report, Corporate Update (May 23, 2025)

KKR & Co. Inc. (KKR) has announced its intention to issue and sell $550,000,000 aggregate principal amount of 6.875% Subordinated Notes due 2065. This offering, expected to close on May 28, 2025, is a strategic move to raise capital. The Notes are guaranteed on a subordinated unsecured basis by KKR Group Partnership L.P. The underwriters also have a 30-day option to purchase an additional $82,500,000 in Notes to cover potential over-allotments, which could bring the total offering size up to $632,500,000. This debt issuance is being conducted under a previously filed registration statement, indicating a standard capital-raising activity for the company. Investors considering these Notes should note the subordinated and unsecured nature of the guarantee, which implies a higher risk profile compared to senior secured debt. The fixed coupon rate of 6.875% provides a predictable income stream, but the long maturity of 2065 means investors are locking in this rate for an extended period.

May 23, 2025 8-K

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (May 7, 2025)

KKR & Co. Inc. (KKR) has filed an 8-K report on May 7, 2025, to disclose the posting of a new presentation on its website. This presentation is made available to KKR common stockholders and financial analysts, serving as a channel for distributing important financial and operational information. Investors should note that while this presentation is a key communication tool for KKR, the information contained within it is not being officially filed with the SEC for the purposes of Section 18 of the Exchange Act, nor is it automatically incorporated into other SEC filings unless specifically referenced. Investors are encouraged to visit the Investor Center on KKR's website to access this presentation for the latest company insights.

May 7, 2025 8-K

Leadership ChangesShareholder MattersRegulation FD+1

KKR & Co. Inc. 8-K Report, Financial Results (May 1, 2025)

KKR & Co. Inc. reported first quarter 2025 results on May 1, 2025, with strength concentrated in its recurring earnings streams. Fee Related Earnings (FRE) reached $823 million ($0.92 per adjusted share), up 23% year-over-year, and Total Operating Earnings (TOE) rose 16% to $1.1 billion. On a last-twelve-months basis, FRE grew 37% to $3.4 billion and TOE grew 32% to $4.5 billion, with management noting that about 79% of LTM total segment earnings come from these more durable, recurring portions. Management stressed that roughly 79% of segment earnings derive from recurring sources, which supports the durability of the earnings base. GAAP results were weak in the quarter. KKR reported a net loss attributable to common stockholders of $(185.9) million, or $(0.22) per basic share, versus net income of $682 million a year earlier. The swing was driven primarily by the Insurance segment, where total revenues fell to $1.06 billion from $7.70 billion, reflecting large net investment-related losses of $1.44 billion, and by lower investment-related gains. The LTM GAAP net income of $2.2 billion, however, remains well below the prior-year LTM figure of $4.0 billion. Investors should therefore weigh the non-GAAP strength against the volatility of GAAP insurance results. Asset growth was robust. AUM reached $664 billion, up 15% year-over-year, with $31 billion of new capital raised in the quarter and $114 billion over the LTM. Fee-paying AUM grew 12% to $526 billion, and perpetual capital reached $279 billion, representing 42% of AUM. Uncalled commitments (dry powder) stood at $116 billion, and management reported $19 billion of capital invested in the quarter. Balance sheet liquidity remained solid, with net cash and investments of about $7.9 billion and an 'A' rating from both S&P and Fitch. The quarterly common dividend was maintained at $0.185 per share, up 6% annualized.

May 1, 2025 8-K

KKR & Co. Inc. 8-K Report, Executive Changes (Mar 13, 2025)

KKR & Co. Inc. (NYSE: KKR) disclosed in this Form 8-K, dated March 13, 2025, that Timothy R. Barakett has been appointed to its Board of Directors effective that day. The appointment was approved by written consent of the sole holder of the Series I preferred stock (KKR Management LLP), which increased the Board from thirteen to fourteen seats. Barakett's appointment brings the number of independent directors to ten out of fourteen total Board seats. The filing is a governance event rather than a financial one; it contains no earnings, guidance, or capital-structure changes. Mr. Barakett is Founder and CEO of TRB Advisors, a private investment firm and family office, and previously founded Atticus Capital, a global investment manager. He also serves as Treasurer of Harvard University and Chair of the Board of Harvard Management Company. His compensation is the standard non-executive director package: a prorated annual cash retainer of $130,000 and an equity award of 1,166 shares of common stock under the 2019 Equity Incentive Plan, vesting December 1, 2025, subject to exceptions. He also entered into KKR's customary indemnification agreement for non-executive directors. For investors, the key takeaways are that the addition of an experienced investment-management figure may be viewed as incremental board expertise, and that the compensation and equity terms are modest and in line with standard practice. The press release was furnished under Item 7.01 and is not deemed filed for Exchange Act purposes. The filing does not indicate any committee assignments or changes to KKR's operations or financial outlook.

Mar 13, 2025 8-K

Shareholder MattersCorporate ChangesOther Events+1

KKR & Co. Inc. 8-K Report, Rights Modification (Mar 7, 2025)

KKR & Co. Inc. (KKR) has announced the successful completion of an underwritten public offering of its 6.25% Series D Mandatory Convertible Preferred Stock. This offering raised approximately $2.53 billion in net proceeds after deducting underwriting discounts and expenses. The issuance of this preferred stock, totaling 51,750,000 shares with an aggregate liquidation preference of $2,587,500,000, has been formalized through the filing of a Certificate of Designations establishing its specific rights and terms. Key for investors, this mandatory convertible preferred stock is designed to automatically convert into KKR's common stock on or around March 1, 2028. The conversion ratio will be between 0.3312 and 0.4140 shares of common stock per preferred share, contingent on the volume-weighted average price of KKR's common stock during a specified trading period prior to the conversion date. Dividends on the preferred stock are payable quarterly at an annual rate of 6.25% on its $50.00 liquidation preference, with the company having the option to pay in cash, common stock, or a combination thereof. Importantly, the terms include provisions that restrict dividends or share repurchases on common stock if preferred stock dividends are not paid in full.

Mar 7, 2025 8-K

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Feb 25, 2025)

KKR & Co. Inc. (KKR) filed an 8-K on February 24, 2025, to announce the posting of a presentation on its website intended for KKR common stockholders and analysts. This presentation, made available on February 24, 2025, and accessible via KKR's Investor Center, is being used as a channel to distribute financial and other important company information. Investors should note that the content of this presentation is furnished under Regulation FD and is not deemed 'filed' for purposes of Section 18 of the Exchange Act, nor incorporated by reference into other SEC filings unless expressly stated. This disclosure primarily serves to inform stakeholders about the availability of updated company materials.

Feb 25, 2025 8-K

Regulation FDOther Events

KKR & Co. Inc. 8-K Report, Financial Results (Feb 4, 2025)

KKR reported strong fourth-quarter and full-year 2024 results, with its key non-GAAP earnings measures all growing more than 35% year-over-year for the full year. Fee Related Earnings (FRE) reached $843 million in the quarter (up 25%) and $3.3 billion for the year (up 37%), Total Operating Earnings (TOE) reached $4.4 billion for the year (up 36%), and Adjusted Net Income (ANI) reached $4.2 billion for the year (up 38%). Management attributed the growth to a better operating backdrop, growth in management fees, a record $1.0 billion of capital markets transaction fees, and KKR's increased ownership of Global Atlantic. Assets under management (AUM) rose 15% to $638 billion, and KKR raised $114 billion of new capital and invested $84 billion for the year. GAAP results were more mixed and are distorted by consolidation. Full-year GAAP net income attributable to KKR common stockholders fell to $3.08 billion ($3.28 diluted EPS) from $3.68 billion in 2023, and total GAAP revenues rose to $21.9 billion from $14.5 billion largely because KKR consolidated 100% of Global Atlantic from the start of 2024. Investors should weigh the non-GAAP segment measures, which management presents as the more durable view of earnings, alongside these GAAP figures. Looking ahead, KKR agreed to acquire additional stakes in USI Insurance Services, 1-800 Contacts and Heartland Dental for about $1.1 billion, with completion expected in the first half of 2025. Based on this and stronger portfolio performance, KKR raised its projected Strategic Holdings Operating Earnings to $350+ million by 2026, $700+ million by 2028 and $1.1+ billion by 2030, and plans to raise its regular annualized dividend from $0.70 to $0.74 per share beginning with the dividend announced for the quarter ending March 31, 2025.

Feb 4, 2025 8-K

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Jan 14, 2025)

KKR & Co. Inc. (KKR) has filed an 8-K report detailing significant legal actions related to Hart-Scott-Rodino (HSR) Act filings. On January 14, 2025, KKR filed a complaint against the U.S. Department of Justice (DOJ) Antitrust Division and the Federal Trade Commission (FTC), alleging unconstitutional vagueness and excessive fines concerning their interpretations of the HSR Act for certain 2021 and 2022 transactions. Simultaneously, the DOJ filed its own civil antitrust complaint against KKR and its sponsored entities, alleging HSR Act violations and seeking civil penalties and equitable relief, including disgorgement and injunctions against future violations. KKR states it has cooperated in good faith for three years, asserting that its filings provided necessary information and that any alleged "paperwork errors" were inadvertent, not intentional circumvention of antitrust review. The company views the DOJ's actions as "government agency overreach" and is taking this legal step reluctantly, hoping an independent arbiter will foster a more fact-based approach. KKR intends to defend itself vigorously against the DOJ's complaint. Investors should monitor developments in these legal proceedings, as they could impact regulatory scrutiny and potential financial penalties for KKR.

Jan 14, 2025 8-K

Corporate ChangesExhibits & Filings

KKR & Co. Inc. 8-K Report, Financial Results (Oct 24, 2024)

KKR & Co. Inc. reported third quarter 2024 results on October 24, 2024, with its strongest operating metrics in company history. Fee Related Earnings (FRE) reached $1.0 billion ($1.12 per adjusted share), up 79% year-over-year, and Total Operating Earnings (TOE) reached $1.3 billion, up 71%. Management described both as the highest quarters in KKR's history. Adjusted Net Income (ANI) rose 58% to $1.2 billion ($1.38 per adjusted share). Roughly 81% of LTM segment earnings came from the more durable, recurring components of the business, which investors typically weight more heavily than realized investment gains. Growth in the asset base was also strong. Assets Under Management (AUM) grew 18% year-over-year to $624 billion, and Fee Paying AUM grew 19% to $506 billion. KKR raised $24 billion of new capital in the quarter and $118 billion over the last twelve months, and deployed $24 billion in the quarter. Transaction fees of $424 million in the quarter were a record, driven by capital markets activity. Global Atlantic, which KKR fully owned from the start of 2024, contributed $308 million of Insurance Operating Earnings. The main caveat is GAAP net income. Net income attributable to KKR common stockholders was $655 million in 3Q'24, versus $1.47 billion in 3Q'23, a decline driven by GAAP accounting items such as unrealized gains and carried interest, which are excluded from the non-GAAP metrics. The company declared a regular quarterly dividend of $0.175 per share, and management guided that Strategic Holdings Operating Earnings would rise from modest levels in 2024 to over $300 million by 2026, over $600 million by 2028, and over $1 billion by 2030. These are forward-looking estimates that carry execution risk.

Oct 24, 2024 8-K

KKR & Co. Inc. 8-K Report, Bylaw Amendment (Aug 9, 2024)

KKR & Co. Inc. (KKR) filed an 8-K report on August 8, 2024, detailing significant amendments to its corporate governance documents. The company amended and restated its certificate of incorporation and bylaws, effective August 5, 2024. Key changes include exculpating company officers from monetary damages for breach of fiduciary duty, removing indemnification rights for non-subsidiary affiliates, and eliminating the previously outstanding Series C Mandatory Convertible Preferred Stock. These amendments aim to streamline corporate structure and clarify governance responsibilities. The elimination of the Series C Preferred Stock and the restoration of authorized preferred shares are notable financial housekeeping items. The exculpation of officers, approved by the Conflicts Committee with affected officers recused, is a governance enhancement designed to attract and retain talent by mitigating certain personal liabilities. Investors should note these changes are primarily internal governance adjustments and do not appear to represent a material negative impact on common stockholders.

Aug 9, 2024 8-K

Leadership ChangesShareholder Matters

KKR & Co. Inc. 8-K Report, Financial Results (Jul 31, 2024)

KKR & Co. Inc. reported strong second quarter 2024 results on July 31, 2024, with management highlighting record Fee Related Earnings (FRE) of $755 million ($0.84 per adjusted share), up 25% year-over-year, and Total Operating Earnings (TOE) of $1.05 billion, up 36%. Adjusted Net Income (ANI) rose 49% year-over-year to $972 million ($1.09 per adjusted share). GAAP net income attributable to KKR common stockholders was $668 million for the quarter ($0.72 diluted EPS), down from $844 million a year earlier, largely reflecting lower investment-related and carried interest items and a change in the composition of consolidated results rather than operating weakness. Management emphasized that the quarter's gains were broad-based across the platform. Fundraising and deployment accelerated meaningfully. KKR raised $32 billion of new capital in the quarter (the second-highest quarter in its history), bringing first-half 2024 new capital raised to $63 billion, versus $24 billion in 1H'23. Capital invested reached $23 billion in the quarter, up from $10 billion a year earlier, and assets under management (AUM) grew 16% year-over-year to $601 billion, while fee-paying AUM rose 16% to $487 billion. Perpetual capital reached $250 billion, representing 42% of AUM, driven largely by organic growth at Global Atlantic, KKR's insurance subsidiary, which KKR has owned 100% of since the first quarter of 2024. The company also declared a regular quarterly dividend of $0.175 per common share, payable August 27, 2024, and continued to guide to growing Strategic Holdings Operating Earnings, targeting $300 million+ by 2026, $600 million+ by 2028, and $1 billion+ by 2030. Balance sheet metrics remain solid: cash and investments of $15.5 billion against $8.6 billion of outstanding debt (at par), an 'A' rating from both S&P and Fitch, and approximately $7.1 billion of gross unrealized carried interest. Investors should note that the filing furnishes the earnings release under Item 2.02, so the information is not deemed filed under the Exchange Act.

Jul 31, 2024 8-K

KKR & Co. Inc. 8-K Report, Executive Changes (Jul 22, 2024)

KKR & Co. Inc. (KKR) filed an 8-K on July 22, 2024, primarily to announce the election of its existing Board of Directors. All thirteen directors, including key figures like Henry R. Kravis, George R. Roberts, Joseph Y. Bae, and Scott C. Nuttall, were re-elected. This filing confirms the continuity of leadership and governance structure within the company, assuring investors that the established board will continue to oversee KKR's operations and strategic direction. The report also details the composition of key board committees, including the Audit Committee, Risk Committee, Conflicts Committee, Nominating and Corporate Governance Committee, and Executive Committee. This provides transparency on the oversight mechanisms in place. The filing reiterates that these non-employee directors will continue to receive compensation under the existing director compensation program and are covered by the company's indemnification agreements, suggesting no immediate changes to director compensation or liability arrangements.

Jul 22, 2024 8-K

Material AgreementsFinancial EventsRegulation FD+1

KKR & Co. Inc. 8-K Report, Material Agreement (Jul 10, 2024)

KKR & Co. Inc. (KKR) has filed an 8-K report detailing the execution of a Third Amended and Restated Credit Agreement on July 3, 2024. This agreement effectively restates and amends a prior credit facility, establishing a senior unsecured multicurrency revolving credit facility with an initial aggregate principal amount of $2.75 billion. The facility includes an option to increase the amount by an additional $750 million, bringing the total potential borrowing capacity to $3.50 billion, subject to lender commitments. The credit facility is set for a five-year term, maturing on July 3, 2029, with a possibility for extension and the ability for KKR to prepay, terminate, or reduce commitments without penalty. This facility is crucial for KKR's ongoing corporate finance activities, providing flexibility for general corporate purposes in various currencies. The agreement incorporates key financial covenants, including a maximum leverage ratio of not greater than 4.0x covenant EBITDA (with specific exclusions for certain subsidiaries like KKR Financial Holdings LLC and Global Atlantic) and a minimum of $150 billion in fee-paying assets under management. These covenants, along with other customary provisions, ensure financial discipline and provide assurance to lenders. The credit facility is guaranteed by KKR & Co. Inc. and other entities that guarantee specified senior notes, strengthening the overall creditworthiness of the facility.

Jul 10, 2024 8-K

Other Events

KKR & Co. Inc. 8-K Report, Corporate Update (Jun 14, 2024)

KKR & Co. Inc. (KKR) has filed an 8-K report to announce details regarding its upcoming 2024 Annual Meeting of Stockholders. The meeting is scheduled for Monday, July 22, 2024, at 9:00 a.m. Eastern Time and will be conducted exclusively in a virtual format. This filing is important for shareholders to note the record date for determining who is eligible to attend, which is June 24, 2024. Interested stockholders must register between June 24, 2024, and July 18, 2024, by emailing [email protected] with specific ownership details.

Jun 14, 2024 8-K

KKR & Co. Inc. 8-K Report, Material Agreement (May 30, 2024)

On May 30, 2024, KKR Group Finance Co. XI LLC, an indirect subsidiary of KKR & Co. Inc., closed a yen-denominated senior notes offering totaling ¥91.4 billion across five tranches maturing from 2029 to 2054. The notes are fully and unconditionally guaranteed by KKR & Co. Inc. and KKR Group Partnership L.P. The offering was priced on May 22, 2024, and KKR says the net proceeds will fund general corporate purposes. The notes were sold under Rule 144A and Regulation S, so they are not registered under the Securities Act. The weighted average coupon works out to roughly 1.99% (our calculation from the disclosed principal amounts and coupons). Coupons range from 1.559% on the 2029 notes to 3.008% on the 2054 notes, so the pricing reflects low yen-market rates. The 2029 tranche is the largest at ¥44.6 billion, about 49% of the total. The filing does not state a U.S. dollar equivalent. At late-May 2024 exchange rates of roughly ¥155 to ¥160 per dollar, the issue would be on the order of $570 million to $590 million, but that figure is our estimate and is not in the filing. For investors, the filing is a routine capital-markets transaction that extends KKR's debt maturity profile and diversifies its funding into the Japanese yen market. The indenture contains customary protections: limits on secured debt tied to voting stock or profit-participating interests, restrictions on mergers and asset sales, a 25% holder threshold to accelerate, and a 101% change-of-control put. The filing contains no financial results or guidance, so it does not by itself change the assessment of KKR's operating performance.

May 30, 2024 8-K

KKR & Co. Inc. 8-K Report, Financial Results (May 1, 2024)

KKR & Co. Inc. reported first quarter 2024 results on May 1, 2024, with fee-based earnings growing at 20%+ year-over-year. Fee Related Earnings (FRE) were $669 million ($0.75 per adjusted share), up 22%. Total Operating Earnings (TOE), which KKR introduced this quarter as a measure of its more recurring earnings, were $962 million ($1.08 per adjusted share), up 28%. Adjusted Net Income (ANI) was $864 million ($0.97 per adjusted share), up 20%. GAAP net income attributable to KKR common stockholders was $682 million ($0.74 diluted EPS), compared with $323 million ($0.36) a year earlier, though GAAP results are heavily influenced by unrealized investment gains and carried interest, so the non-GAAP measures are more representative of recurring performance. Fundraising and scale also improved. KKR raised $31 billion of new capital in the quarter and $88 billion over the last twelve months, and ended the quarter with $578 billion of assets under management (AUM, up 13%) and $471 billion of fee-paying AUM (up 13%). Capital invested was $14 billion for the quarter. The company closed its acquisition of the remaining minority stake in Global Atlantic on January 2, 2024, and now reports through three segments: Asset Management, Insurance and Strategic Holdings. Management reiterated expectations for Strategic Holdings operating earnings to be modest in 2024, reach $300 million or more by 2026, $600 million or more by 2028 and $1 billion or more by 2030. Investors should note that ANI for the last twelve months was down 2% year-over-year, that Strategic Holdings targets are forward-looking and not reconciled to GAAP, and that the company declared a regular quarterly dividend of $0.175 per share, payable May 28, 2024. Balance sheet metrics were solid, with $14.6 billion of cash and investments on the asset management balance sheet, $8.1 billion of debt at par, and $6.9 billion of gross unrealized performance income.

May 1, 2024 8-K

KKR & Co. Inc. 8-K Report, Material Agreement (Apr 10, 2024)

KKR & Co. Inc. (KKR) has filed an 8-K report detailing significant updates to its capital markets business financing. The company, through its subsidiaries KKR Capital Markets Holdings L.P. and other capital market entities, has entered into new revolving credit agreements. These agreements are crucial for facilitating debt transactions within KKR's capital markets segment and are structured to be non-recourse to the broader KKR organization, thereby isolating financial risk. Investors should note that these facilities are secured by specific assets of the capital markets subsidiaries. The filing announces the establishment of a new $750 million 364-day revolving credit agreement, replacing a similar prior agreement, and the amendment and restatement of a $750 million 5-year revolving credit agreement. Both facilities are provided by Mizuho Bank, Ltd. and its lenders. The 364-day facility expires in April 2025, while the 5-year facility extends to April 2029. The terms include variable interest rates based on SOFR, EURIBOR, or SONIA, plus applicable margins, with specific provisions for ABR loans. The capital structure and terms are designed to support KKR's ongoing capital markets activities.

Apr 10, 2024 8-K

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Apr 10, 2024)

KKR & Co. Inc. (KKR) filed an 8-K on April 10, 2024, to disclose that it posted a presentation on its website for its Investor Day event scheduled for the same date. This presentation is intended for KKR common stockholders and analysts and provides information about the company. Investors are encouraged to review this presentation for insights into KKR's strategic initiatives, financial performance, and future outlook, as KKR utilizes its website as a channel for distributing important company information.

Apr 10, 2024 8-K

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Mar 27, 2024)

KKR & Co. Inc. (KKR) has filed an 8-K report to disclose a new presentation regarding its segment and non-GAAP financial measures. This presentation, made available on March 27, 2024, introduces a revised reporting framework that KKR intends to adopt starting with the first quarter of 2024. Investors and analysts can access this updated information via KKR's Investor Center website. It is important to note that these changes affect how KKR presents its segment and non-GAAP data, but they do not alter KKR's historical consolidated U.S. GAAP financial results.

Mar 27, 2024 8-K/A

Exhibits & Filings

KKR & Co. Inc. 8-K/A Report, Exhibit Filing (Mar 8, 2024)

KKR & Co. Inc. filed an 8-K/A amendment on March 7, 2024, to provide updated information regarding the acquisition of Global Atlantic. The filing clarifies that separate financial statements for Global Atlantic are not required due to its consistent inclusion in KKR's consolidated audited financial statements for over a year. The amendment focuses on pro forma adjustments, presenting a narrative instead of full financial statements due to the limited nature of these adjustments. This provides investors with an illustration of the potential financial impact of the acquisition under different scenarios, emphasizing that these figures are for informational purposes and not necessarily indicative of future results.

Mar 8, 2024 8-K

KKR & Co. Inc. 8-K Report, Financial Results (Feb 6, 2024)

KKR & Co. Inc. reported fourth quarter and full-year 2023 results on February 6, 2024, highlighting record Fee Related Earnings (FRE) in the quarter and the firm's most active fundraising and deployment quarter of 2023. Q4 2023 FRE was $675 million ($0.76 per adjusted share), up 21% year over year, while full-year FRE reached $2.4 billion ($2.68 per adjusted share), up 10%. After-tax Distributable Earnings (DE) were $888 million ($1.00 per adjusted share) in the quarter, up 4%, but full-year DE of $3.0 billion ($3.42 per adjusted share) declined 13% year over year, largely reflecting lower realized performance income. GAAP net income attributable to KKR common stockholders was $3.7 billion for 2023, versus a loss of $591 million in 2022, driven by strong unrealized investment gains and carried interest. Total AUM rose 10% to $553 billion and fee-paying AUM rose 8% to $446 billion, with $69 billion of new capital raised for the year. Book value per adjusted share increased 13% to $30.95. Structural developments are central to the investment case. KKR closed the acquisition of the remaining minority stake in Global Atlantic on January 2, 2024, bringing its ownership to 100%. Management will begin reporting a new Strategic Holdings segment and a new metric, Total Operating Earnings, starting with 1Q'24 results, alongside revised compensation ratios. KKR also declared a $0.165 quarterly dividend and intends to raise its regular annualized dividend from $0.66 to $0.70 starting with the dividend announced alongside 1Q'24 results. Investors should note that full-year DE declined and that the firm's earnings are sensitive to the timing of realizations, so the forward view depends on exit activity and the pending Manulife block reinsurance transaction, expected to add roughly $10 billion of AUM in the first half of 2024. The 8-K itself is a furnishing of the earnings release under Item 2.02 (Exhibit 99.1), which is not deemed "filed" for Section 18 purposes, so the substantive content lies in the exhibit. Note that the exhibit's cover date reads "February 7, 2023," which appears to be a typographical error since the release is dated February 6, 2024.

Feb 6, 2024 8-K

Acquisitions & DispositionsRegulation FDExhibits & Filings

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Jan 22, 2024)

KKR & Co. Inc. (KKR) filed an 8-K on January 22, 2024, to disclose the posting of a presentation on its website intended for KKR common stockholders and analysts. This presentation, made available on January 22, 2024, offers KKR's latest information and is accessible via the Investor Center on their corporate website. The company utilizes its website as a key channel for disseminating financial and other material updates.

Jan 22, 2024 8-K

KKR & Co. Inc. 8-K Report, Acquisition Completed (Jan 2, 2024)

On January 2, 2024, KKR & Co. Inc. completed its acquisition of the remaining 36.7% (described as 37% in the press release) of The Global Atlantic Financial Group LLC that it did not already own, making Global Atlantic a wholly-owned subsidiary. The total cash purchase price is approximately $2.6 billion, subject to customary post-closing adjustments under the Merger Agreement dated November 28, 2023. Certain Global Atlantic employees who participated in the management equity incentive plan rolled a majority of their equity into KKR equity, which modestly affects share dilution and alignment going forward. For investors, the key takeaways are that KKR now captures 100% of Global Atlantic's earnings and capital generation, which deepens its push into insurance and retirement solutions and gives it a more permanent, balance-sheet-backed source of long-duration capital for its asset management activities. Management emphasized expected synergies from the three years since KKR's initial 2021 majority acquisition, particularly around investment origination for policyholder assets. Global Atlantic's outstanding debt remains obligations of Global Atlantic entities only and is not assumed or guaranteed by KKR, which limits the direct credit exposure added to KKR's parent-level balance sheet. The filing provides limited detail on the financial impact, as the pro forma financial information will be filed by amendment within 71 calendar days. Investors should monitor that amendment, the post-closing purchase price adjustments, and future segment reporting for quantification of earnings accretion, capital deployment effects, and the realization of targeted synergies. Risks flagged in the forward-looking statements include integration costs, retention of key Global Atlantic personnel, changes in interest rates and credit spreads, and policyholder behavior.

Jan 2, 2024 8-K

Leadership ChangesRegulation FDExhibits & Filings

KKR & Co. Inc. 8-K Report, Executive Changes (Dec 14, 2023)

KKR & Co. Inc. disclosed in this 8-K, filed December 14, 2023, that director Dane E. Holmes resigned from its Board of Directors on December 13, 2023, to accept an executive role with the firm. He had earlier stepped down from the Audit Committee, with no disagreement with the company. The Audit Committee now consists of Robert Scully (Chair), Patricia Russo, and Matthew Cohler. The company's press release, furnished as Exhibit 99.1, announces that Holmes will become KKR's Chief Administrative Officer effective December 29, 2023. In that role he will oversee and work with existing leaders of Human Capital, Communications, Marketing, Sustainability, and Citizenship. Co-CEOs Joe Bae and Scott Nuttall praised his business acumen and team-building ability. Holmes previously co-founded and led Eskalera Inc. as Chairman and CEO, and he held senior roles at Goldman Sachs, including Global Head of Human Capital Management and Global Head of Investor Relations. For investors, this is a governance and leadership transition rather than a financial event. No financial results, guidance, or compensation terms are disclosed in the filing. The main signals are a board seat becoming vacant and a senior internal hire focused on people, culture, and brand, which may matter for future board composition and management structure.

Dec 14, 2023 8-K

Material AgreementsRegulation FDExhibits & Filings

KKR & Co. Inc. 8-K Report, Material Agreement (Nov 29, 2023)

On November 28, 2023, KKR entered into a Merger Agreement to acquire the remaining 36.7% (about 37%) of Global Atlantic Financial Group that it does not already own, making Global Atlantic a wholly-owned subsidiary. The total cash purchase price is estimated at approximately $2.7 billion, calculated as 1.0x Global Atlantic's book value for the minority stake, subject to adjustments. Closing is expected in the first quarter of 2024 and is subject to customary conditions. No approval from minority equityholders is required, though they have appraisal rights. KKR will fund the deal from its balance sheet, which held $23 billion of cash and investments as of September 30, 2023. Global Atlantic management is expected to roll a majority of its equity into KKR equity, and Global Atlantic's debt will remain at the subsidiary level without KKR guarantee. Alongside the deal, KKR announced strategic initiatives contingent on closing. These include creating a new Strategic Holdings segment (mainly Core Private Equity balance sheet holdings, with $6.5 billion of balance sheet assets within $35 billion of Core PE AUM), shifting compensation toward carried interest and away from fee related earnings, and introducing a new headline metric, Total Operating Earnings. KKR expects the combined transaction and initiatives to be accretive to all per-share earnings metrics. The filing notes that the management-stated benefits are forward-looking and subject to the risks listed in the filing, including financing, regulatory approval, and integration risk. For investors, the key questions are the cost of the buyout relative to the value of the interest acquired, the cash drain on KKR's balance sheet, and whether the strategic initiatives deliver the promised recurring earnings and accretion. The filing provides the purchase price and funding source but does not quantify the accretion or the expected financial impact on KKR's results, so those claims should be evaluated against the presentation and future earnings reports.

Nov 29, 2023 8-K

Leadership ChangesShareholder MattersRegulation FD+1

KKR & Co. Inc. 8-K Report, Financial Results (Nov 7, 2023)

KKR & Co. Inc. reported third quarter 2023 results on November 7, 2023, with GAAP net income attributable to common stockholders of $1.5 billion for the quarter, a sharp rebound from a $32.6 million profit in 3Q'22. Total GAAP revenues rose to $3.3 billion from $1.9 billion, driven largely by a swing in Capital Allocation-Based Income (carried interest and unrealized gains) to $1.0 billion from a loss of $573 million a year earlier. Investors should note that this GAAP swing is heavily influenced by unrealized valuation gains rather than recurring cash earnings. Book value per adjusted share rose 10% year-over-year to $29.68, and stockholders' equity per GAAP share reached $23.07. The company's recurring, cash-based metrics were more mixed. Fee Related Earnings (FRE) increased 3% year-over-year to $558 million ($0.63 per adjusted share), with FRE margins above 60%, and LTM FRE rose 2% to $2.3 billion. In contrast, After-tax Distributable Earnings (DE) fell 7% to $780 million ($0.88 per adjusted share) for the quarter and declined 26% on an LTM basis to $3.0 billion, reflecting lower realized performance income and realized investment income versus the prior year's strong realizations. Fee-paying AUM grew 7% to $424 billion and total AUM reached $528 billion, up 6%, supported by $14 billion of new capital raised in the quarter. Other items of note include the declared regular quarterly dividend of $0.165 per common share, payable December 1, 2023, and a pending $13 billion block reinsurance transaction at Global Atlantic expected to close in the fourth quarter of 2023. The Series C Mandatory Convertible Preferred Stock automatically converted into common stock on September 15, 2023. Investors should weigh the strong GAAP earnings against the decline in realized, cash-generating earnings and the reliance on unrealized gains and market-sensitive carried interest.

Nov 7, 2023 8-K

KKR & Co. Inc. 8-K Report, Executive Changes (Sep 25, 2023)

KKR & Co. Inc. filed this Form 8-K on September 25, 2023 to disclose the appointment of Kimberly A. Ross to its Board of Directors, effective September 20, 2023. The filing is a governance update and contains no financial results, guidance, or operating metrics. Under Item 5.07, KKR Management LLP, as sole holder of the Company's Series I preferred stock, approved by written consent an increase in the Board from its prior size to fourteen directors and approved Ross's appointment. According to the accompanying press release (Exhibit 99.1), Ross is a former CFO of several public companies, including WeWork, Baker Hughes, Avon Products, and Royal Ahold. Her appointment brings the number of independent directors to ten of fourteen Board seats. Her non-employee director compensation follows the customary structure: a $130,000 2023 cash retainer and a $190,000 annual equity grant under the 2019 Equity Incentive Plan. The number of restricted stock units will be set on October 2, 2023, and they vest on October 1, 2024. She also signed the Company's standard indemnification agreement. For investors, the filing is low in financial impact. Its relevance lies in board composition and independence, and the compensation terms are consistent with KKR's existing non-executive director program. The filing does not disclose any committee assignments in the material provided.

Sep 25, 2023 8-K

KKR & Co. Inc. 8-K Report, Regulation FD Disclosure (Sep 11, 2023)

KKR & Co. Inc. (KKR) filed an 8-K on September 11, 2023, to disclose information presented at the Barclays Financial Services Conference. The filing indicates that KKR posted a presentation on its website on September 11, 2023, which was to be delivered at the conference later that day. This presentation likely contains updates on the company's performance, strategic initiatives, and outlook, providing investors with insights into KKR's business and future prospects. While the 8-K itself does not contain the substantive details of the presentation, it serves as an official notification that such information is being made available to the public. Investors interested in KKR's latest developments should access the presentation directly through KKR's Investor Center on their website, as referenced in the filing. The company also noted that it uses its website and Global Atlantic's website as channels for distributing important financial and other information.

Sep 11, 2023 8-K