KKR : Q3 Financial Results (KKR Q325 Earnings Release)

KKR & Co. Inc.

Reports Third Quarter 2025 Financial Results

November 7, 2025

KKR Reports Third Quarter 2025 Financial Results

New York, November 7, 2025 - KKR & Co. Inc. (NYSE: KKR) today reported its third quarter 2025 results.

"KKR's strong performance continued in Q3 with latest twelve month management fees, Fee Related Earnings and Adjusted Net Income all at record levels. New capital raised reached $43 billion - the highest quarterly figure for KKR in over four years - reflecting the trust we've built with our investors and continued momentum across our businesses. With a record $126 billion of dry powder, we remain incredibly well positioned to help our clients navigate the current environment."

Joseph Y. Bae and Scott C. Nuttall

Co-Chief Executive Officers

Conference Call

A conference call to discuss KKR's financial results will be held on November 7, 2025 at 9:00 a.m. ET. The conference call may be accessed by dialing [phone] (U.S. callers) or [phone] (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR's website beginning approximately one hour after the live

broadcast ends.

About KKR

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

KKR Reports Third Quarter 2025 Financial Results

Legal Disclosures

This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, "KKR"), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, "Global Atlantic" or "GA"), unless the context requires otherwise. This presentation is not, and shall not be construed, as an offer to purchase or sell, or the solicitation of an offer to purchase or sell any securities of KKR in any jurisdiction in which such offer, solicitation or sale would be unlawful. This presentation may not be distributed, referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by KKR & Co. Inc.

The statements contained in this presentation are made as of the date of this presentation, other than financial figures, which are as of September 30, 2025, unless another time is specified in relation to such statements or financial figures, and access to this presentation at any given time shall not give rise to any implication that there has been no change in the facts set forth in this presentation since such date.

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

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

Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be considered when making a decision to purchase or sell any securities of KKR, can be found in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025, and its other filings with the SEC, which are available at https://www.sec.gov.

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

Contact Information

Investor Relations

Craig Larson

Phone: [phone] in U.S. / [phone]

[e-mail]

Media

Kristi Huller

Phone: [phone]

[e-mail]

KKR & Co. Inc.

Third Quarter Earnings

Third Quarter 2025 GAAP Results (Unaudited)

GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $0.9 billion for the quarter and

$1.1 billion YTD.

($ in thousands, except per share data) 3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
Revenues
Asset Management and Strategic Holdings $ 2,269,090	$ 1,744,002	$ 5,786,007	$ 5,625,083
Insurance 2,522,606	3,781,973	12,834,337	8,099,918
Total Revenues $ 4,791,696	$ 5,525,975	$ 18,620,344	$ 13,725,001
Expenses
Asset Management and Strategic Holdings $ 1,778,343	$ 1,400,471	$ 4,619,272	$ 4,504,605
Insurance 2,967,662	3,623,800	13,386,006	9,097,065
Total Expenses $ 4,746,005	$ 5,024,271	$ 18,005,278	$ 13,601,670
Total Investment Income (Loss) - Asset Management and Strategic Holdings $ 1,598,873	$ 1,697,857	$ 3,602,754	$ 4,376,065
Income Tax Expense (Benefit) 209,896	359,739	696,066	620,612
Redeemable Noncontrolling Interests (4,798)	34,058	57,546	110,727
Noncontrolling Interests 838,916	905,407	1,513,518	2,543,501
Preferred Stock Dividends -	40,430	-	78,166
Net Income (Loss) - KKR Common Stockholders $ 600,550	$ 859,927	$ 1,950,690	$ 1,146,390
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock
Basic $ 0.68	$ 0.97	$ 2.20	$ 1.27
Diluted $ 0.64	$ 0.90	$ 2.09	$ 1.19
Weighted Average Shares of Common Stock Outstanding
Basic 887,444,991	890,961,714	886,618,138	889,984,777
Diluted 941,967,479	955,751,429	933,079,377	955,793,116

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

Third Quarter 2025 Highlights

Financial Measures

• Fee Related Earnings ("FRE") of $1.0 billion ($1.15/adj. share) in the quarter which is a record for KKR. FRE is up 3% on a year-over-year basis

  • FRE was $3.6 billion in the LTM ($3.99/adj. share), up 16% year-over-year

• Total Operating Earnings ("TOE") of $1.4 billion ($1.55/adj. share) in the quarter, up 12% year-over-year

  • TOE was $4.8 billion in the LTM ($5.35/adj. share), up 15% year-over-year

  • Insurance Operating Earnings of $305 million in the quarter benefitted from $41 million primarily related to the impact of Global Atlantic's annual actuarial assumption review

• Adjusted Net Income ("ANI") of $1.3 billion ($1.41/adj. share) in the quarter, up 8% year-over-year

  • ANI was $4.6 billion in the LTM ($5.07/adj. share), up 17% year-over-year

    Capital Metrics

• Assets Under Management ("AUM") of $723 billion, up 16% year-over-year
• Fee Paying Assets Under Management ("FPAUM") of $585 billion, up 16% year-over-year
• New Capital Raised of $43 billion in the quarter and $128 billion in the LTM

  • $43 billion of New Capital Raised is the second-highest quarter KKR has ever reported

• Capital Invested of $26 billion in the quarter and $85 billion in the LTM

  • $26 billion of Capital Invested represents the most active investment quarter in KKR's history

Corporate

• Regular dividend of $0.185 per share of common stock was declared for the quarter

• Strategic acquisition of HealthCare Royalty Partners: On July 30th, KKR closed on a majority stake in HealthCare Royalty Partners, a biopharma royalty acquisition company, adding approximately $3 billion to AUM and FPAUM

• Japan Post Insurance Strategic Partnership: KKR closed on a $2 billion investment from Japan Post Insurance in a new vehicle sponsored by Global Atlantic in the quarter. The vehicle is expected to access insurance, reinsurance and strategic activity across Global Atlantic

Note: Adj. share refers to adjusted shares. See the Appendix for GAAP reconciliations and other important information. See page 28 for record and payment dates for common and mandatory convertible preferred stock.

Third Quarter 2025 Segment Earnings

($ in thousands, except per share data)	3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
Management Fees	$ 892,629	$ 1,063,553	$ 2,555,263	$ 2,976,650
Transaction and Monitoring Fees, Net	467,145	328,124	842,087	823,882
Fee Related Performance Revenues	56,655	73,177	112,901	148,191
Fee Related Compensation	(247,875)	(256,350)	(614,294)	(691,027)
Other Operating Expenses	(167,881)	(175,568)	(471,146)	(515,403)
Fee Related Earnings	$ 1,000,673	$ 1,032,936	$ 2,424,811	$ 2,742,293
Insurance Operating Earnings	$ 238,520	$ 304,653	$ 764,573	$ 841,357
Strategic Holdings Operating Earnings	$ 6,828	$ 57,663	$ 68,400	$ 118,270
Total Operating Earnings	$ 1,246,021	$ 1,395,252	$ 3,257,784	$ 3,701,920
Net Realized Performance Income	101,926	232,665	302,763	429,968
Net Realized Investment Income	216,507	73,632	448,813	389,793
Total Investing Earnings	$ 318,433	$ 306,297	$ 751,576	$ 819,761
Total Segment Earnings	$ 1,564,454	$ 1,701,549	$ 4,009,360	$ 4,521,681
Interest Expense, Net and Other	(88,101)	(102,789)	(242,783)	(287,866)
Income Taxes on Adjusted Earnings	(294,850)	(325,158)	(749,460)	(862,875)
Adjusted Net Income	$ 1,181,503	$ 1,273,602	$ 3,017,117	$ 3,370,940
Adjusted Per Share Measures:
FRE per Adjusted Share	$ 1.12	$ 1.15	$ 2.71	$ 3.05
TOE per Adjusted Share	$ 1.39	$ 1.55	$ 3.65	$ 4.12
ANI per Adjusted Share	$ 1.32	$ 1.41	$ 3.38	$ 3.75

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

Total Operating Earnings

• Total Operating Earnings ("TOE") - the sum of Fee Related Earnings, Insurance Operating Earnings and Strategic Holdings Operating Earnings - represents the more durable and recurring portion of KKR's total segment earnings

• TOE increased 15% over the last 12 months primarily driven by the growth in Fee Related Earnings. Over time, we expect Strategic Holdings Operating Earnings to contribute more meaningfully to Total Operating Earnings

Total Operating Earnings

($ in billions)

$4.8

$4.2

$1.4

Total Segment Earnings

($ in billions)

Total Investing Earnings

$6.0

$4.8

Strategic Holdings Operating Earnings

Insurance Operating Earnings Fee Related Earnings

$1.2

80%

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

3Q'24 3Q'25

3Q'24 LTM

3Q'25 LTM

3Q'25 LTM

Note: KKR increased its ownership in Global Atlantic to 100% at the beginning of 2024. Financial results prior to 2024 do not reflect 100% ownership.

Asset Management Segment Detail

Asset Management Segment

($ in thousands, except per share data)	3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
Management Fees	$ 892,629	$ 1,063,553	$ 2,555,263	$ 2,976,650
Transaction and Monitoring Fees, Net	467,145	328,124	842,087	823,882
Fee Related Performance Revenues	56,655	73,177	112,901	148,191
Fee Related Compensation	(247,875)	(256,350)	(614,294)	(691,027)
Other Operating Expenses	(167,881)	(175,568)	(471,146)	(515,403)
Fee Related Earnings	$ 1,000,673	$ 1,032,936	$ 2,424,811	$ 2,742,293
Realized Performance Income	391,920	930,659	1,145,774	1,697,429
Realized Performance Income Compensation	(289,994)	(697,994)	(843,011)	(1,267,461)
Net Realized Performance Income	$ 101,926	$ 232,665	$ 302,763	$ 429,968
Realized Investment Income	151,546	4,436	424,845	376,391
Realized Investment Income Compensation	(22,732)	(665)	(63,725)	(56,459)
Net Realized Investment Income	$ 128,814	$ 3,771	$ 361,120	$ 319,932
Total Investing Earnings	$ 230,740	$ 236,436	$ 663,883	$ 749,900
Asset Management Segment Earnings	$ 1,231,413	$ 1,269,372	$ 3,088,694	$ 3,492,193
Additional Financial Measures and Capital Metrics:
FRE per Adjusted Share	$ 1.12	$ 1.15	$ 2.71	$ 3.05
Total Asset Management Segment Revenues	$ 1,959,895	$ 2,399,949	$ 5,080,870	$ 6,022,543
Assets Under Management	$ 624,396,000	$ 723,190,000	$ 624,396,000	$ 723,190,000
Fee Paying Assets Under Management	$ 505,703,000	$ 585,045,000	$ 505,703,000	$ 585,045,000
New Capital Raised (AUM)	$ 23,893,000	$ 42,614,000	$ 86,931,000	$ 101,140,000
Capital Invested	$ 24,094,000	$ 26,100,000	$ 60,931,000	$ 62,775,000
Uncalled Commitments	$ 107,592,000	$ 125,776,000	$ 107,592,000	$ 125,776,000

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

Management Fees and Fee Related Earnings

Management Fees Fee Related Earnings Per Adjusted Share

($ in millions)

• Increased by 16% to $3.9 billion in the LTM

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

• Increased 15% year-over-year driven primarily by the growth in management fees and fee related performance revenues

  $3,883

  $3,461

  $3,340

  $3,030

  $2,656

  FRE per adjusted share FRE margin
  
  

  $3.99

  $3.47

  68%

  69%

  2022 2023 2024 3Q'24

  LTM

  3Q'25

  LTM

  3Q'24

  LTM

  3Q'25

  LTM

  Assets Under Management

• AUM of $723 billion, up 16% year-over-year, with $43 billion of organic new capital raised in the quarter and $128 billion in the LTM

  • K-Series AUM totaled $29 billion across asset classes compared to $14 billion a year prior

• Fee Paying AUM of $585 billion, up 16% year-over-year, with $36 billion of organic new capital raised in the quarter and $118 billion in the LTM
• Perpetual Capital of $309 billion, up 19% year-over-year driven primarily by the organic growth of Global Atlantic and from inflows into our K-Series vehicles. Perpetual capital represents 43% of AUM and 51% of FPAUM

  AUM

  ($ in billions)

  $723

  $624

  3Q'24 3Q'25

  Fee Paying AUM

  ($ in billions)

  $585

  $506

  3Q'24 3Q'25

  Perpetual Capital

  ($ in billions)

  $309

  $259

  3Q'24 3Q'25

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

  Additional Capital Detail

• Dry Powder: Uncalled commitments of $126 billion remain diversified across the firm's investment strategies
• AUM Not Yet Paying Fees: At quarter end, there was $64 billion of committed capital with a weighted average management fee rate of approximately 80 bps that becomes payable when the capital is either invested or enters its investment period
• Carry Eligible AUM: Of the $356 billion of carried interest eligible AUM, $270 billion is above cost and accruing carry
• Performance Fee Eligible AUM: $428 billion, up 15% year-over-year

  Performance Fee Eligible AUM Uncalled Commitments

  ($ in billions)

  $371

  $428

  3Q'24 3Q'25

  ($ in billions)

  $108

  $126

  3Q'24 3Q'25

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

  Fund Investment Performance

  Gross unrealized performance income totals $9.0 billion as of September 30, 2025

  Gross Return

  		3Q'25	LTM
  Private Equity
  Traditional Private Equity Portfolio		2%	10%
  Real Assets
  Infrastructure Portfolio		3%	12%
  Opportunistic Real Estate Portfolio		0%	5%

  Credit

  Leveraged Credit Composite		2%	7%
  Alternative Credit Composite		4%	9%

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

  Past performance is no guarantee of future results.

  Asset Management Segment − Private Equity

• AUM: Increased 4% quarter-over-quarter and 17% year-over-year to $222 billion with organic new capital raised of $5 billion in the quarter and $22 billion YTD

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

• Realizations: Carried Interest drivers in 3Q included realization events across traditional private equity in Asia and the U.S. and onshore K-Series investment performance
• Capital Invested: $6 billion in the quarter and $15 billion YTD. In 3Q, deployment was primarily driven by traditional private equity in Asia and the Americas, core private equity in Europe and additional deployment in health care growth
• Performance: The traditional private equity portfolio appreciated 10% in the LTM

  ($ in thousands)	3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
  Management Fees	$ 346,675	$ 394,380	$ 1,039,810	$ 1,101,266
  Transaction and Monitoring Fees, Net	29,306	30,327	61,751	69,661
  Fee Related Performance Revenues	-	-	-	-
  Fee Related Revenues	$ 375,981	$ 424,707	$ 1,101,561	$ 1,170,927
  Realized Performance Income	$ 283,626	$ 702,475	$ 876,866	$ 1,392,027
  Capital Metrics:
  Assets Under Management	$ 190,150,000	$ 222,189,000	$ 190,150,000	$ 222,189,000
  Fee Paying Assets Under Management	$ 119,602,000	$ 149,729,000	$ 119,602,000	$ 149,729,000
  New Capital Raised (AUM)	$ 2,490,000	$ 5,473,000	$ 8,151,000	$ 21,959,000
  Capital Invested	$ 6,040,000	$ 5,971,000	$ 9,768,000	$ 15,187,000
  Uncalled Commitments	$ 52,299,000	$ 54,493,000	$ 52,299,000	$ 54,493,000

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

  Asset Management Segment − Real Assets

• AUM: Increased 4% quarter-over-quarter and 14% year-over-year to $186 billion with organic new capital raised of $10 billion in the quarter and $24 billion YTD

  • New capital raised in the quarter was widespread and included infrastructure flows globally across multiple strategies, including Global Infrastructure V, Asia Infrastructure III and K-Series Infrastructure. Global Atlantic inflows contributed to AUM increases across real estate and infrastructure

• Realizations: Carried Interest in 3Q was driven by global and Asia infrastructure
• Capital Invested: $9 billion in the quarter and $19 billion YTD. In 3Q, deployment was primarily driven by infrastructure in both the U.S. and Europe, as well as real estate equity in Japan and U.S. real estate credit
• Performance: The infrastructure portfolio appreciated 12% and the opportunistic real estate portfolio appreciated 5% in the LTM

  ($ in thousands)	3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
  Management Fees	$ 265,912	$ 350,225	$ 716,084	$ 941,197
  Transaction and Monitoring Fees, Net	11,631	20,290	40,756	39,516
  Fee Related Performance Revenues	34,387	55,373	51,993	93,196
  Fee Related Revenues	$ 311,930	$ 425,888	$ 808,833	$ 1,073,909
  Realized Performance Income	$ 93,354	$ 197,593	$ 218,320	$ 234,364
  Capital Metrics:
  Assets Under Management	$ 162,809,000	$ 186,335,000	$ 162,809,000	$ 186,335,000
  Fee Paying Assets Under Management	$ 136,804,000	$ 155,739,000	$ 136,804,000	$ 155,739,000
  New Capital Raised (AUM)	$ 10,463,000	$ 10,286,000	$ 34,344,000	$ 23,747,000
  Capital Invested	$ 7,825,000	$ 9,368,000	$ 21,526,000	$ 19,214,000
  Uncalled Commitments	$ 35,635,000	$ 38,287,000	$ 35,635,000	$ 38,287,000

  Asset Management Segment − Credit and Liquid Strategies

• AUM: Increased 8% quarter-over-quarter and 16% year-over-year to $315 billion with organic new capital raised of $27 billion in the quarter and $55 billion YTD

  • New capital raised in the quarter was primarily driven by inflows at Global Atlantic, CLO issuance, fundraising across high grade and opportunistic asset-based finance, as well as K-Series Credit

  • AUM comprised of: $143 billion of leveraged credit, $84 billion of asset-based finance, $47 billion of direct lending, $8 billion of strategic investments and $33 billion of liquid strategies

• Realizations: Performance Income in 3Q was driven by a diverse set of strategies
• Capital Invested: $11 billion in the quarter and $28 billion YTD. In 3Q, deployment was most active in high grade asset-based finance and direct lending
• Performance: The leveraged credit composite appreciated 7% and the alternative credit composite appreciated 9% in the LTM

  ($ in thousands)	3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
  Management Fees	$ 280,042	$ 318,948	$ 799,369	$ 934,187
  Transaction and Monitoring Fees, Net	2,559	1,738	8,113	10,024
  Fee Related Performance Revenues	22,268	17,804	60,908	54,995
  Fee Related Revenues	$ 304,869	$ 338,490	$ 868,390	$ 999,206
  Realized Performance Income	$ 14,940	$ 30,591	$ 50,588	$ 71,038
  Capital Metrics:
  Assets Under Management	$ 271,437,000	$ 314,666,000	$ 271,437,000	$ 314,666,000
  Fee Paying Assets Under Management	$ 249,297,000	$ 279,577,000	$ 249,297,000	$ 279,577,000
  New Capital Raised (AUM)	$ 10,940,000	$ 26,855,000	$ 44,436,000	$ 55,434,000
  Capital Invested	$ 10,229,000	$ 10,761,000	$ 29,637,000	$ 28,374,000
  Uncalled Commitments	$ 19,658,000	$ 32,996,000	$ 19,658,000	$ 32,996,000

  Asset Management Segment − Capital Markets

• Transaction Fees: Totaled $276 million in the quarter and $705 million YTD

  • Approximately 60% of transaction fees were originated in North America in the quarter

  • Capital markets transaction fees were diversified by source in the quarter: traditional private equity, infrastructure, core private equity and third-party fees generated approximately 30%, 20%, 20% and 20%, respectively

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

    ($ in thousands) 3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
    Transaction Fees $ 423,649	$ 275,769	$ 731,467	$ 704,681

    Asset Management Segment − Principal Activities

• All financial results exclude Strategic Holdings

  • Realizations: Realized Investment Income of $4 million in the quarter and $376 million YTD
  • Balance Sheet Investment Return: Remained flat in the quarter and 3% in the LTM
  • Embedded Gains: $2.8 billion of embedded unrealized gains on the balance sheet at quarter end

    ($ in thousands) 3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
    Realized Investment Income $ 151,546	$ 4,436	$ 424,845	$ 376,391

    Insurance Segment Detail

    
    
    

    Insurance Segment

• Insurance Operating Earnings: Insurance Operating Earnings of $305 million in the quarter benefitted from $41 million primarily related to the impact of Global Atlantic's annual actuarial assumption review, which is included in Net Cost of Insurance. 3Q'24 Insurance Operating Earnings of $239 million included a charge of approximately $20 million primarily related to the annual actuarial assumption review
• Net Investment Income: Net Investment Income of $1.8 billion in the quarter primarily reflects growth in the investment portfolio attributable to net inflows and higher average portfolio yields
• Net Cost of Insurance: Net Cost of Insurance of $1.3 billion in the quarter primarily reflects business growth and the associated higher funding costs as well as the routine run off of older business that was originated in a lower cost environment
• Highlights:

  • Global Atlantic AUM totals $212 billion, of which $160 billion is Credit AUM. Ivy and other sponsored reinsurance vehicles total $51 billion of the $212 billion

  • Inflows in the quarter were primarily driven by funding agreement issuances, individual markets annuity sales, institutional flow business and capital raising for the Ivy strategy

    ($ in thousands)	3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
    Net Investment Income	$ 1,636,300	$ 1,835,025	$ 4,660,765	$ 5,352,893
    Net Cost of Insurance	(1,166,891)	(1,305,073)	(3,240,834)	(3,823,676)
    General, Administrative and Other	(230,889)	(225,299)	(655,358)	(687,860)
    Insurance Operating Earnings	$ 238,520	$ 304,653	$ 764,573	$ 841,357
    Additional Financial Measure:
    Global Atlantic Book Value	$ 8,779,170	$ 10,390,207	$ 8,779,170	$ 10,390,207

    Note: See Appendix for endnotes explaining certain terms. 3Q'25 and 3Q'25 YTD Net Investment Income included $9 million ($7 million of insurance operating earnings), and $44 million ($36 million of insurance operating earnings), respectively, of realized gains and losses not related to asset/liability matching investment strategies. 3Q'24 and 3Q'24 YTD Net Investment Income included $7 million ($6 million of insurance operating earnings), and $17 million ($14 million of insurance operating earnings), respectively, of realized gains and losses not related to asset/liability matching investment strategies.

    Strategic Holdings Segment Detail

    
    
    

    Strategic Holdings Segment

• Strategic Holdings Segment Earnings: Driven by dividends from our Core PE businesses and realized gains from the Strategic Holdings portfolio
• Highlights:

  • KKR closed on the previously announced acquisition of Karo Healthcare in the quarter

  • KKR's share of 2Q'25 LTM Adjusted Revenues is $4.2 billion and 2Q'25 LTM Adjusted EBITDA is $1.0 billion across a scaled and diversified portfolio

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

($ in thousands)	3Q'24	3Q'25	3Q'24 YTD	3Q'25 YTD
Dividends, Net	$ 6,828	$ 57,663	$ 68,400	$ 118,270
Strategic Holdings Operating Earnings	$ 6,828	$ 57,663	$ 68,400	$ 118,270
Net Realized Investment Income	$ 87,693	$ 69,861	$ 87,693	$ 69,861
Strategic Holdings Segment Earnings	$ 94,521	$ 127,524	$ 156,093	$ 188,131

LTM Adjusted EBITDA by Geography (KKR's Share)

LTM Adjusted EBITDA by Industry (KKR's Share)

Asia Pacific 5%

TMT 13%

Infrastructure 6%

Europe 27%

B

Consumer

28%

usiness Services 36%

Health Care 17%

Americas 68%

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

Supplemental Information

Total Insurance Economics

Total Insurance Economics ($ in millions)

$1,225

Global Atlantic-related Capital Markets Fees(1)

Ivy and Related Sidecar Fees(1)

Management Fees Paid by Insurance Segment(1) Insurance Operating Earnings

100% ownership

$1,833

$1,641

+16%

$1,417

$1,198

$725

$841

$765

$817

$1,015

$1,091

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

$1,012

2022	2023	2024	3Q'25 LTM	3Q'24 YTD	3Q'25 YTD
$139	$161	$191	$212	$187	$212

Global Atlantic AUM ($ in billions)

Note: 2022 and 2023 represent KKR's ownership share in a given year. At 100% ownership, total insurance economics would have been $1,466 million and $1,671 million in 2022 and 2023, respectively. At 100% ownership, Global Atlantic Book Value would have been $6.9 billion and $7.6 billion in 2022 and 2023, respectively. See Appendix for endnotes for additional information about total insurance economics.

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

Duration of Capital

Growth in Strategic & Perpetual Capital

($ in billions)

Assets Under Management

$259

$309

$69

$66

$328

$375

52% of AUM

is perpetual capital or long-dated strategic investor partnerships

7%

43%

41%

9%

3Q'24 3Q'25

Perpetual Capital

Long-Dated Strategic Investor Partnerships

93% of AUM

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

Perpetual Capital

Long-Dated Strategic Investor Partnerships 8+ Year Duration at Inception

Other

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

Assets Under Management Rollforward

Three Months Ended September 30, 2025

($ in millions)	Private Equity	Real Assets	Credit and Liquid Strategies	Total
Beginning Balance	$ 214,576	$ 179,447	$ 291,783	$ 685,806
New Capital Raised	5,473	10,286	26,855	42,614
Acquisitions	3,214	-	-	3,214
Distributions and Other	(4,641)	(5,438)	(7,457)	(17,536)
Change in Value	3,567	2,040	3,485	9,092
Ending Balance	$ 222,189	$ 186,335	$ 314,666	$ 723,190

Nine Months Ended September 30, 2025

($ in millions)	Private Equity	Real Assets	Credit and Liquid Strategies	Total
Beginning Balance	$ 195,358	$ 165,969	$ 276,245	$ 637,572
New Capital Raised	21,959	23,747	55,434	101,140
Acquisitions	3,214	-	-	3,214
Distributions and Other	(12,535)	(11,382)	(24,223)	(48,140)
Change in Value	14,193	8,001	7,210	29,404
Ending Balance	$ 222,189	$ 186,335	$ 314,666	$ 723,190

Fee Paying Assets Under Management Rollforward

Three Months Ended September 30, 2025

($ in millions)	Private Equity	Real Assets	Credit and Liquid Strategies	Total
Beginning Balance	$ 141,222	$ 150,497	$ 264,528	$ 556,247
New Capital Raised	6,510	9,110	20,123	35,743
Acquisitions	3,214	-	-	3,214
Distributions and Other	(1,821)	(4,247)	(7,863)	(13,931)
Change in Value	604	379	2,789	3,772
Ending Balance	$ 149,729	$ 155,739	$ 279,577	$ 585,045

Nine Months Ended September 30, 2025

($ in millions)	Private Equity	Real Assets	Credit and Liquid Strategies	Total
Beginning Balance	$ 119,598	$ 139,681	$ 252,684	$ 511,963
New Capital Raised	29,788	21,838	45,240	96,866
Acquisitions	3,214	-	-	3,214
Distributions and Other	(5,157)	(9,080)	(24,473)	(38,710)
Change in Value	2,286	3,300	6,126	11,712
Ending Balance	$ 149,729	$ 155,739	$ 279,577	$ 585,045

Investment Vehicle Summary - Asset Management

($ in millions)	Investment Period			Amount
	Start End Date Date	Commitment	Uncalled Commitments	Invested	Realized	Remaining Cost	Remaining Fair Value

PRIVATE EQUITY BUSINESS LINE
North America Fund XIV	4/2025	4/2031	$ 17,466	$ 17,466	$ -	$ -	$ -	$ -
North America Fund XIII	8/2021	4/2025	18,400	3,167	15,536	327	15,123	20,707
Americas Fund XII	5/2017	5/2021	13,500	1,381	12,751	14,776	9,138	19,038
North America Fund XI	11/2012	1/2017	8,718	48	10,203	23,541	1,861	3,098
2006 Fund(1)	9/2006	9/2012	17,642	-	17,309	37,423	-	-
Millennium Fund(1)	12/2002	12/2008	6,000	-	6,000	14,129	-	-
Ascendant Fund	6/2022	6/2028	4,328	2,673	1,655	-	1,655	1,784
European Fund VI	6/2022	6/2028	7,536	3,050	4,486	-	4,486	4,666
European Fund V	7/2019	2/2022	6,382	534	5,970	2,909	4,528	6,768
European Fund IV	2/2015	3/2019	3,513	17	3,648	5,726	1,621	2,412
European Fund III(1)	3/2008	3/2014	5,506	-	5,360	10,647	-	-
European Fund II(1)	11/2005	10/2008	5,751	-	5,751	8,533	-	-
Asian Fund IV	7/2020	7/2026	14,735	6,360	9,549	3,948	8,683	13,329
Asian Fund III	8/2017	7/2020	9,000	1,262	8,268	9,317	5,602	10,500
Asian Fund II	10/2013	3/2017	5,825	-	7,499	6,706	1,283	774
Asian Fund(1)	7/2007	4/2013	3,983	-	3,974	8,728	-	-
Next Generation Technology Growth Fund III	11/2022	11/2028	2,740	1,079	1,661	-	1,661	1,845
Next Generation Technology Growth Fund II	12/2019	5/2022	2,088	55	2,269	1,846	1,610	2,513
Next Generation Technology Growth Fund	3/2016	12/2019	659	3	671	1,314	241	802
Health Care Strategic Growth Fund II	5/2021	5/2027	3,789	1,658	2,131	-	2,131	2,742
Health Care Strategic Growth Fund	12/2016	4/2021	1,331	65	1,396	554	1,065	2,053
Global Impact Fund II	6/2022	6/2028	2,715	1,526	1,189	-	1,189	1,182
Global Impact Fund	2/2019	3/2022	1,242	214	1,211	638	950	1,540
Co-Investment Vehicles and Other	Various	Various	38,124	3,422	35,452	16,134	26,574	32,772
Core Investors II	8/2022	8/2027	11,814	7,978	3,838	108	3,838	4,565
Core Investors I	2/2018	8/2022	8,500	23	9,924	1,658	8,443	17,350
Other Core Vehicles	Various	Various	7,436	1,178	6,335	2,078	5,722	9,130
Unallocated Commitments(2)	N/A	N/A	1,281	1,281	-	-	-	-
Total Private Equity			$ 230,004	$ 54,440	$ 184,036	$ 171,040	$ 107,404	$ 159,570

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

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

2. Represents unallocated commitments from certain of our strategic investor partnerships.

Investment Vehicle Summary - Asset Management (cont'd)

($ in millions)	Investment Period			Amount
	Start End Date Date	Commitment	Uncalled Commitments	Invested	Realized	Remaining Cost	Remaining Fair Value

REAL ASSETS BUSINESS LINE

Global Infrastructure Investors V	7/2024	7/2030	$ 15,044	$ 15,044	$ -	$ -	$ -	$ -
Global Infrastructure Investors IV	8/2021	6/2024	16,612	2,672	14,310	1,546	13,667	18,041
Global Infrastructure Investors III	7/2018	6/2021	7,174	861	6,677	5,552	3,459	5,192
Global Infrastructure Investors II	12/2014	6/2018	3,040	133	3,167	5,723	560	985
Global Infrastructure Investors	9/2010	10/2014	1,040	-	1,050	2,228	-	-
Asia Pacific Infrastructure Investors III	(1)	(2)	3,003	3,003	-	-	-	-
Asia Pacific Infrastructure Investors II	9/2022	9/2028	6,348	3,152	3,434	261	3,202	4,305
Asia Pacific Infrastructure Investors	1/2020	9/2022	3,792	594	3,561	2,239	2,231	2,982
Diversified Core Infrastructure Fund	12/2020	(3)	12,773	1,253	11,768	1,393	11,689	12,874
Global Climate Transition Fund(4)	7/2024	7/2030	2,945	2,945	-	-	-	-
Real Estate Partners Americas IV	11/2024	11/2028	2,136	2,136	-	-	-	-
Real Estate Partners Americas III	1/2021	9/2024	4,253	551	3,932	343	3,685	4,151
Real Estate Partners Americas II	5/2017	12/2020	1,921	132	1,973	2,816	350	280
Real Estate Partners Americas	5/2013	5/2017	1,229	15	1,024	1,444	-	-
Real Estate Partners Europe II	3/2020	12/2023	2,067	275	1,996	489	1,677	1,692
Real Estate Partners Europe	8/2015	12/2019	710	97	692	802	177	154
Asia Real Estate Partners	7/2019	7/2023	1,682	359	1,369	470	1,010	1,096
Property Partners Americas	12/2019	(3)	2,571	46	2,525	159	2,525	2,279
Real Estate Credit Opportunity Partners II	8/2019	6/2023	950	-	976	417	895	905
Real Estate Credit Opportunity Partners	2/2017	4/2019	1,130	122	1,008	655	1,008	1,004
Energy Related Vehicles	Various	Various	4,357	62	4,169	2,211	1,030	1,471
Co-Investment Vehicles & Other	Various	Various	16,609	2,283	14,394	3,745	12,518	13,580
Unallocated Commitments(5)	N/A	N/A	1,360	1,360	-	-	-	-
Total Real Assets			$ 112,746	$ 37,095	$ 78,025	$ 32,493	$ 59,683	$ 70,991

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

1. Starts upon the date of the close of the first investment.

2. Six years after the start date for the investment period.

3. Open ended fund.

4. Includes an Asia-focused vehicle with different fund terms.

5. Represents unallocated commitments from certain of our strategic investor partnerships.

Investment Vehicle Summary - Asset Management (cont'd)

($ in millions)	Investment Period			Amount
	Start End Date Date	Commitment	Uncalled Commitments	Invested	Realized	Remaining Cost	Remaining Fair Value

CREDIT AND LIQUID STRATEGIES BUSINESS LINE(1)

Opportunities Fund II	11/2021	1/2026	$ 2,412	$ 1,007	$ 1,405	$ 88	$ 1,405	$ 1,779
Dislocation Opportunities Fund	8/2019	11/2021	2,967	298	2,670	1,916	1,421	1,497
Special Situations Fund II	2/2015	3/2019	3,525	284	3,241	2,651	615	659
Special Situations Fund	1/2013	1/2016	2,274	1	2,273	1,899	94	136
Mezzanine Partners	7/2010	3/2015	1,023	33	990	1,166	184	3
Asset-Based Finance Partners II	3/2024	3/2028	5,571	4,921	650	-	650	687
Asset-Based Finance Partners	10/2020	7/2025	2,059	532	1,527	345	1,527	1,689
Private Credit Opportunities Partners II	12/2015	12/2020	2,245	250	1,995	1,011	1,250	1,177
Lending Partners IV	3/2022	9/2026	1,150	288	862	162	862	889
Lending Partners III	4/2017	11/2021	1,498	540	958	1,231	415	366
Lending Partners II	6/2014	6/2017	1,336	157	1,179	1,261	71	17
Lending Partners	12/2011	12/2014	460	40	420	458	23	8
Lending Partners Europe II	5/2019	9/2023	837	173	664	717	233	272
Lending Partners Europe	3/2015	3/2019	848	184	662	595	97	84
Asia Credit Opportunities	1/2021	5/2025	1,084	296	788	183	699	874
Other Alternative Credit Vehicles	Various	Various	18,508	8,786	9,978	7,103	4,990	6,413
Total Credit and Liquid Strategies			$ 47,797	$ 17,790	$ 30,262	$ 20,786	$ 14,536	$ 16,550
Total Eligible To Receive Carried Interest			$ 390,547	$ 109,325	$ 292,323	$ 224,319	$ 181,623	$ 247,111

($ in millions) Uncalled Commitments Remaining Fair Value Total
Carried Interest Eligible	$	109,325	$	247,111	$	356,436
Incentive Fee Eligible		-		71,347		71,347
Total Performance Fee Eligible		109,325		318,458		427,783
Private Equity and Real Assets		1,245		68,667		69,912

Credit and Liquid Strategies	15,206	210,289	225,495
Total Assets Under Management	$ 125,776	$ 597,414	$ 723,190

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

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