$KKR-PD

KKR & Co. Inc.

CIK:0001404912|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net Premiums	$ 697,036	$ 730,242	$ 1,259,006	$ 1,053,606
Net Investment Income	2,039,122	1,863,346	4,028,186	3,646,626
Total Revenues	5,725,891	5,088,843	10,043,874	8,199,026
Expenses
Total Expenses	5,406,259	4,746,444	9,276,394	8,577,399
Investment Income (Loss) - Asset Management and Strategic Holdings
Net Gains (Losses) from Investment Activities	797,254	747,734	480,875	1,834,325
Income (Loss) Before Taxes	1,373,984	1,528,768	1,836,874	2,299,835
Income Tax Expense (Benefit)	246,105	174,304	431,490	260,873
Net Income (Loss)	1,127,879	1,354,464	1,405,384	2,038,962
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	54,252	68,175	53,269	76,669
Net Income (Loss) Attributable to Noncontrolling Interests	373,145	776,166	246,404	1,638,094
Net Income (Loss) Attributable to KKR & Co. Inc.	700,482	510,123	1,105,711	324,199
Series D Mandatory Convertible Preferred Stock Dividends	40,429	37,736	80,859	37,736
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders	$ 660,053	$ 472,387	$ 1,024,852	$ 286,463
Common Stock
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock
Basic (in dollars per share)	$ 0.74	$ 0.53	$ 1.15	$ 0.31
Diluted (in dollars per share)	$ 0.70	$ 0.50	$ 1.08	$ 0.29
Weighted Average Shares of Common Stock Outstanding
Basic (in shares)	895,585,447	890,716,083	893,377,678	889,488,212
Diluted (in shares)	945,581,938	954,209,566	949,892,385	955,811,238
Asset Management and Strategic Holdings
Revenues
Fees and Other	$ 1,180,442	$ 924,434	$ 2,367,284	$ 1,811,244
Capital Allocation-Based Income (Loss)	1,022,381	910,732	1,864,234	2,069,837
Total Revenues	2,202,823	1,835,166	4,231,518	3,881,081
Expenses
Compensation and Benefits	1,189,556	1,077,597	2,241,237	2,410,700
Occupancy and Related Charges	39,464	34,640	77,301	69,105
General, Administrative and Other	450,242	323,997	831,971	624,329
Total Expenses	1,679,262	1,436,234	3,150,509	3,104,134
Investment Income (Loss) - Asset Management and Strategic Holdings
Net Gains (Losses) from Investment Activities	797,254	747,734	480,875	1,834,325
Dividend Income	227,056	336,143	495,073	610,033
Interest Income	732,793	809,883	1,474,384	1,595,740
Interest Expense	(702,751)	(707,391)	(1,380,938)	(1,361,890)
Total Investment Income (Loss)	1,054,352	1,186,369	1,069,394	2,678,208
Insurance
Revenues
Net Premiums	697,036	730,242	1,259,006	1,053,606
Policy Fees	339,769	334,974	665,463	673,447
Net Investment Income	2,039,122	1,863,346	4,028,186	3,646,626
Net Investment-Related Gains (Losses)	378,590	239,151	(274,107)	(1,197,186)
Other Income	68,551	85,964	133,808	141,452
Total Revenues	3,523,068	3,253,677	5,812,356	4,317,945
Expenses
Net Policy Benefits and Claims (including market risk benefit (gain) loss)	3,308,522	2,791,705	5,188,550	4,499,999
Amortization of Policy Acquisition Costs	90,324	80,800	233,245	178,771
Interest Expense	74,633	70,830	148,514	140,401
Policy and Other Operating Expense	253,518	366,875	555,576	654,094
Total Expenses	$ 3,726,997	$ 3,310,210	$ 6,125,885	$ 5,473,265

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net Income (Loss)	$ 1,405,384	$ 2,038,962
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity-Based Compensation	405,972	357,200
Change in Unrealized (Gains) Losses – Asset Management and Strategic Holdings	271,239	(1,543,476)
Net Accretion and Amortization	(119,412)	(84,654)
Other Non-Cash Amounts	218,008	346,152
Cash Flows Due to Changes in Operating Assets and Liabilities:
Change in Consolidation	(15,393)	(145)
Change in Due from / to Affiliates	(487,348)	(138,947)
Change in Other Assets	(54,914)	(631,335)
Change in Accrued Expenses and Other Liabilities	842,592	1,630,187
Net Cash Provided (Used) by Operating Activities	4,999,202	2,988,482
Investing Activities
Acquisitions, Net	(176,640)	0
Purchases of Fixed Assets	(75,998)	(88,207)
Other Investing Activities, Net	26,778	15,539
Net Cash Provided (Used) by Investing Activities	2,982,776	(5,037,403)
Financing Activities
Series D Mandatory Convertible Preferred Stock Dividends	(80,859)	(37,736)
Common Stock Dividends	(339,916)	(320,248)
Distributions to Redeemable Noncontrolling Interests	(76,173)	(18,800)
Contributions from Redeemable Noncontrolling Interests	477,306	364,629
Distributions to Noncontrolling Interests	(3,701,216)	(1,929,065)
Contributions from Noncontrolling Interests	2,489,757	1,896,925
Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs)	0	2,543,404
Net Delivery of Common Stock (Equity Incentive Plan)	(117,345)	(106,773)
Repurchases of Common Stock	(233,220)	(3,362)
Proceeds from Debt Obligations	9,832,951	9,618,398
Repayment of Debt Obligations	(8,499,445)	(9,565,013)
Financing Costs Paid	(28,454)	(20,237)
Other Financing Activity, Net	(162,528)	100,377
Net Cash Provided (Used) by Financing Activities	(3,878,950)	4,593,923
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(52,624)	143,218
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash	4,050,404	2,688,220
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	17,151,790	15,367,953
Cash, Cash Equivalents and Restricted Cash, End of Period	21,202,194	18,056,173
Supplemental Disclosures of Cash Flow Information
Payments for Interest	1,450,610	1,287,890
Payments for Income Taxes, Net of Refunds	315,831	525,704
Payments for Operating Lease Liabilities	50,033	31,847
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Non-Cash Contribution from Noncontrolling Interests	1,368	150
Non-Cash Distribution to Noncontrolling Interests	(47,266)	0
Non-Cash Distribution to Redeemable Noncontrolling Interests	(11,898)	(14,077)
Non-Cash Repayment of Debt Obligations	0	(100,000)
Debt Obligations – Net Gains (Losses), Translation and Other	768,493	(1,646,482)
Non-Cash Consideration for Arctos Acquisition	406,304	0
Contractholder Deposit Funds Acquired through Reinsurance Agreements	127	0
Change in Consolidation
Other Assets	(7,725)	(2,147)
Debt Obligations	(144,715)	0
Accrued Expenses and Other Liabilities	(3,774)	(19)
Noncontrolling Interests	(1,327,192)	2,391,392
Redeemable Noncontrolling Interests	(144,526)	0
Asset Management and Strategic Holdings
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Net Realized (Gains) Losses – Asset Management and Strategic Holdings	(752,114)	(290,849)
Change in Unrealized (Gains) Losses – Asset Management and Strategic Holdings	271,239	(1,543,476)
Capital Allocation-Based (Income) Loss – Asset Management and Strategic Holdings	(1,864,234)	(2,069,837)
Cash Flows Due to Changes in Operating Assets and Liabilities:
Investments Purchased – Asset Management and Strategic Holdings	(17,332,485)	(17,929,110)
Proceeds from Investments – Asset Management and Strategic Holdings	18,405,338	16,533,820
Financing Activities
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	9,428,907	8,673,996
Cash, Cash Equivalents and Restricted Cash, End of Period	10,516,423	10,781,060
Change in Consolidation
Investments – Asset Management and Strategic Holdings	(1,601,203)	2,391,477
Insurance
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity-Based Compensation	46,015	44,063
Net Investment and Policy Liability-Related (Gains) Losses – Insurance	973,692	2,347,869
Interest Credited to Policyholder Account Balances (net of Policy Fees) – Insurance	2,876,488	2,395,584
Cash Flows Due to Changes in Operating Assets and Liabilities:
Reinsurance Transactions and Acquisitions, Net of Cash Provided – Insurance	0	87,399
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable – Insurance	158,184	337,647
Change in Deferred Policy Acquisition Costs – Insurance	(423,441)	(483,726)
Change in Policy Liabilities and Accruals, Net – Insurance	491,646	85,741
Investing Activities
Investments Purchased – Insurance	(43,656,273)	(44,677,353)
Proceeds from Investments – Insurance	46,864,909	39,712,618
Financing Activities
Additions to Contractholder Deposit Funds – Insurance	9,954,125	12,950,302
Withdrawals from Contractholder Deposit Funds – Insurance	(13,394,334)	(10,878,878)
Reinsurance Transactions, Net of Cash Provided – Insurance	401	0
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	7,722,883	6,693,957
Cash, Cash Equivalents and Restricted Cash, End of Period	$ 10,685,771	$ 7,275,113

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Other Assets	$ 13,174,946	$ 12,957,292
Separate Account Assets	3,825,222	3,841,403
Total Assets	414,463,237	410,144,072
Liabilities and Equity
Accrued Expenses and Other Liabilities	20,045,431	17,690,030
Separate Account Liabilities	3,825,222	3,841,403
Total Liabilities	334,012,983	328,512,161
Commitments and Contingencies (See Note 24)
Redeemable noncontrolling interests (See Note 23)	3,068,273	2,710,242
Stockholders' Equity
Common Stock	8,978	8,914
Additional Paid-In Capital	18,804,944	19,041,497
Retained Earnings	14,569,374	13,884,438
Accumulated Other Comprehensive Income (Loss)	(4,879,301)	(4,575,692)
Total KKR & Co. Inc. Stockholders' Equity	31,047,399	30,902,561
Noncontrolling Interests (See Note 22)	46,334,582	48,019,108
Total Equity	77,381,981	78,921,669
Total Liabilities and Equity	414,463,237	410,144,072
Series D Mandatory Convertible Preferred Stock Dividends
Stockholders' Equity
Preferred stock	2,543,404	2,543,404
Series I Preferred Stock
Stockholders' Equity
Preferred stock	0	0
Asset Management and Strategic Holdings
Assets
Cash and Cash Equivalents	10,505,046	9,380,874
Restricted Cash and Cash Equivalents	11,377	48,033
Investments	127,562,542	127,948,305
Due from Affiliates	2,729,396	2,307,701
Other Assets	6,916,958	6,294,381
Total Assets	147,725,319	145,979,294
Liabilities and Equity
Debt Obligations	49,682,423	49,117,744
Due to Affiliates	387,953	442,362
Accrued Expenses and Other Liabilities	15,673,253	14,348,335
Total Liabilities	65,743,629	63,908,441
Insurance
Assets
Cash and Cash Equivalents	10,575,004	7,511,273
Restricted Cash and Cash Equivalents	110,767	211,610
Investments	189,204,380	192,009,748
Reinsurance Recoverable	50,724,576	48,022,605
Insurance Intangible Assets	6,039,981	5,905,228
Other Assets	6,257,988	6,662,911
Separate Account Assets	3,825,222	3,841,403
Total Assets	266,737,918	264,164,778
Liabilities and Equity
Debt Obligations	3,794,785	3,820,407
Accrued Expenses and Other Liabilities	4,372,178	3,341,695
Funding agreements	205,499,130	205,558,727
Funds Withheld Payable at Interest	49,766,196	46,822,744
Reinsurance Liabilities	1,011,843	1,218,744
Separate Account Liabilities	3,825,222	3,841,403
Total Liabilities	$ 268,269,354	$ 264,603,720