KKR & Co. Inc
(NYSE:KKR)

KKR & Co. Inc. is a private equity and real estate investment firm specializing in direct and fund of fund investments. It specializes in acquisitions, leveraged buyouts, management buyouts, credit special situations, growth equity, mature, mezzanine, distressed, turnaround, lower middle market and ...

Website: http://www.kkr.com

Founded: 1976

Full Time Employees: 1,384

Sector: Financial Services

Industry: Asset Management

Financial Services

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At a glance:

Scaled Alternative Asset Manager With Diverse Fee Streams: KKR is a large global alternative asset manager with meaningful exposure across private equity, credit, real assets, and insurance, supporting multiple recurring revenue sources.
Fee-Related Earnings and AUM Growth Drive More Stable Earnings: Growth in assets under management (AUM) and management fees can improve the durability of earnings, while performance fees remain more cyclical and dependent on realizations.
Realizations and Exit Markets Influence Near-Term Profitability: Private equity monetizations and transaction activity materially affect distributable earnings and carried interest; slower exit markets can delay performance fee generation.
Insurance Platform Adds Permanent Capital and Duration: Through its insurance operations, KKR benefits from longer-duration, more permanent capital that can support AUM stability, though it introduces spread, credit, and reserve risks.
Key Risks: Valuations, Credit Cycle, and Fundraising Conditions: Market drawdowns can pressure portfolio marks and fundraising; a weaker credit environment can increase defaults and reduce realizations, impacting both performance fees and investor sentiment.

Bull Thesis:

Diversified and Growing Asset Under Management (AUM): KKR continues to expand its AUM across a broad range of strategies including private equity, credit, infrastructure, and real estate. This diversification provides stable fee-related earnings and multiple avenues for growth, reducing reliance on any single asset class.
Robust Fundraising and Investor Demand for Alternatives: The sustained institutional and private wealth demand for alternative assets allows KKR to consistently raise new funds and deploy capital. This strong fundraising environment benefits from long-term capital commitments and a flight to quality managers like KKR.
Strategic Integration of Global Atlantic and Permanent Capital: The acquisition of Global Atlantic provides KKR with a significant source of permanent, recurring capital and enhances its insurance solutions platform. This diversifies its revenue base, increases financial stability, and offers a captive source of capital for investment strategies.
Strong Investment Performance Track Record: KKR's long history of delivering strong investment returns across its funds attracts new investors and encourages existing limited partners to re-commit. This consistent performance reinforces its brand, fundraising capabilities, and ability to generate carried interest.

Bear Thesis:

Sensitivity to Interest Rates and Economic Downturns: Higher interest rates can increase financing costs for KKR's portfolio companies, reduce asset valuations, and make exits more challenging. A significant economic downturn could also impact portfolio company performance and fundraising efforts, affecting investment returns and carried interest generation.
Intense Competition and Valuation Pressures: The alternative asset management industry is highly competitive, with numerous firms vying for attractive assets. This competition can lead to elevated valuations for target companies, potentially compressing future returns and making it harder for KKR to find compelling investment opportunities.
Volatility of Performance Fees (Carried Interest): While KKR benefits from stable management fees, a significant portion of its profitability is derived from carried interest, which is inherently volatile. This revenue stream is dependent on successful exits, market conditions, and the timing of realizations, leading to less predictable earnings quarter-to-quarter.
Increasing Regulatory and Political Scrutiny: The private equity industry faces growing scrutiny from regulators and politicians regarding fees, transparency, and systemic risk. This could lead to new regulations, increased compliance costs, or reputational challenges that impact KKR's operations and profitability.

Main Competitors:

Blackstone Inc. ($BX) (Alternative Asset Management (Private Equity, Real Estate, Credit, Hedge Funds)), Competes directly with KKR across virtually all alternative asset classes, including private equity, real estate, credit, and infrastructure. Both firms target institutional and high-net-worth investors, seeking to generate superior returns through active management and strategic investments globally.
Apollo Global Management, Inc. ($APO) (Alternative Asset Management (Private Equity, Credit, Hybrid Value, Insurance)), A major competitor, particularly strong in private equity and credit (including direct lending and distressed debt). Apollo also has a significant insurance platform (Athene), similar to KKR's Global Atlantic, creating direct competition in managing long-duration liabilities and deploying capital.
The Carlyle Group Inc. ($CG) (Alternative Asset Management (Private Equity, Global Credit, Investment Solutions)), Competes with KKR primarily in global private equity buyouts and growth equity, as well as in various credit strategies. Both firms pursue large-scale, complex transactions and manage capital for a similar institutional investor base, vying for deal flow and investor commitments.
Ares Management Corporation ($ARES) (Alternative Asset Management (Credit, Private Equity, Real Estate, Infrastructure)), A rapidly growing competitor, especially strong in credit (direct lending, syndicated loans, distressed debt) and private equity. Ares competes with KKR for deal flow, investor capital, and talent across these key alternative investment strategies, often targeting similar market segments.
Brookfield Asset Management Ltd. ($BAM) (Alternative Asset Management (Real Estate, Infrastructure, Private Equity, Credit)), Competes with KKR across a broad range of alternative assets, with particular strength in real estate, infrastructure, and private equity. Brookfield's focus on long-term, real assets and its global scale make it a significant rival for large institutional mandates and complex transactions.

Moat:

KKR operates in a highly competitive alternative asset management industry. Its primary moat stems from its strong brand and long-standing reputation, global scale and extensive network for proprietary deal sourcing, deep operational expertise in value creation, and a diversified product offering across private equity, credit, real estate, infrastructure, and insurance solutions. This allows KKR to attract and retain significant institutional capital. Competition is fierce, primarily from other large, diversified alternative asset managers who vie for investor capital, attractive investment opportunities, and top talent. The industry also faces pressure on fees, increasing regulatory scrutiny, and sensitivity to global economic cycles.

Income Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2012-09-30	2012-06-30	2012-03-31	2011-06-30

revenues
asset management and strategic holdings
fees and other	1,105,238,000	924,434,000	886,810,000	1,105,666,000	822,324,000	693,526,000	877,039,000	655,367,000	754,447,000	677,016,000	751,923,000	673,929,000	615,264,000	780,511,000	962,349,000	718,968,000	675,526,000	493,311,000	669,406,000	563,340,000	393,473,000	380,572,000	482,269,000	416,217,000	519,441,000	372,548,000	541,583,000	491,503,000	413,846,000	394,394,000	941,648,000	692,877,000	931,788,000	715,952,000	481,475,000	687,056,000	576,757,000	162,805,000	307,923,000	188,626,000	255,874,000	291,345,000
capital allocation-based income	638,764,000	910,732,000	1,159,105,000	1,163,424,000	738,125,000	1,262,942,000	687,877,000	1,009,645,000	696,897,000	449,018,000	-58,429,000	-572,863,000	-923,474,000	-945,743,000	1,105,707,000	1,526,667,000	1,525,393,000	2,684,647,000	1,335,758,000	1,331,898,000	938,521,000	-1,382,077,000	580,802,000	374,268,000	660,423,000	814,932,000	-719,639,000	638,163,000	557,774,000	78,212,000
insurance
net premiums	1,059,610,000	730,242,000	323,364,000	621,218,000	935,794,000	6,036,522,000	655,410,000	220,212,000	626,429,000	473,624,000	555,357,000	480,462,000	-225,502,000	372,144,000	527,166,000	974,903,000	-452,133,000
policy fees	339,735,000	334,974,000	338,473,000	375,371,000	333,900,000	328,947,000	317,049,000	314,016,000	315,382,000	313,802,000	314,387,000	320,206,000	325,707,000	318,436,000	323,587,000	310,381,000	312,262,000	201,683,000
net investment income	1,969,779,000	1,863,346,000	1,783,280,000	1,701,826,000	1,580,498,000	1,519,902,000	1,491,020,000	1,412,130,000	1,311,055,000	1,300,697,000	1,278,875,000	1,094,877,000	931,889,000	812,605,000	925,964,000	758,381,000	716,497,000	444,781,000
net investment-related gains	351,800,000	239,151,000	-1,436,337,000	-235,971,000	-302,620,000	-241,486,000	344,351,000	-338,230,000	-117,550,000	-123,833,000	-349,654,000	-173,830,000	-426,326,000	-368,680,000
other income	61,049,000	85,964,000	55,488,000	60,162,000	63,889,000	56,385,000	57,085,000	42,341,000	39,858,000	37,158,000	36,236,000	35,632,000	32,512,000	34,744,000	38,053,000	31,938,000	32,078,000	18,144,000
total revenues	5,525,975,000	5,088,843,000	3,110,183,000	4,791,696,000	4,171,910,000	9,656,738,000	4,429,831,000	3,315,481,000	3,626,518,000	3,127,482,000	2,528,695,000	1,858,413,000	330,070,000	1,004,017,000	4,053,596,000	4,483,365,000	3,136,181,000	4,563,006,000	2,005,164,000	1,895,238,000	1,331,994,000	-1,001,505,000	1,063,071,000	790,485,000	1,179,864,000	1,187,480,000	-178,056,000	1,129,666,000	971,620,000	472,606,000
yoy	32.46%	-47.30%	-29.79%	44.52%	15.04%	208.77%	75.18%	78.40%	998.71%	211.50%	-37.62%	-58.55%	-89.48%	-78.00%	102.16%	136.56%	135.45%	-555.61%	88.62%	139.76%	12.89%	-184.34%	-697.04%	-30.02%	21.43%	151.26%
qoq	8.59%	63.62%	-35.09%	14.86%	-56.80%	117.99%	33.61%	-8.58%	15.96%	23.68%	36.07%	463.04%	-67.13%	-75.23%	-9.59%	42.96%	-31.27%	127.56%	5.80%	42.29%	-233.00%	-194.21%	34.48%	-33.00%	-0.64%	-766.91%	-115.76%	16.27%	105.59%
expenses
compensation and benefits	954,983,000	1,077,597,000	1,333,103,000	1,374,840,000	895,165,000	1,316,448,000	879,321,000	900,582,000	657,114,000	575,670,000	365,616,000	244,502,000	250,876,000	283,672,000	1,009,686,000	1,012,837,000	1,099,423,000	1,306,797,000	940,964,000	882,339,000	591,324,000	-262,137,000	535,834,000	427,527,000	608,967,000	544,562,000	43,293,000	560,434,000	472,500,000	298,136,000	461,173,000	368,513,000	462,841,000	402,963,000	283,751,000	358,161,000	296,412,000	125,489,000	306,942,000	96,959,000	411,691,000	364,999,000	320,423,000	358,730,000	331,038,000	329,182,000	200,602,000	331,121,000	366,350,000	280,640,000	372,410,000	272,415,000
occupancy and related charges	30,597,000	34,640,000	34,465,000	35,837,000	23,306,000	23,540,000	23,151,000	24,498,000	23,593,000	22,149,000	21,578,000	18,683,000	18,861,000	18,149,000	17,795,000	17,438,000	18,651,000	15,200,000	20,878,000	17,321,000	17,579,000	16,322,000	15,951,000	14,894,000	17,193,000	14,690,000	14,919,000	15,250,000	15,322,000	14,215,000	14,572,000	15,267,000	14,032,000	14,851,000	15,463,000	16,405,000	16,188,000	16,566,000	17,295,000	16,484,000	16,172,000	15,732,000	15,501,000	16,059,000	15,408,000	17,637,000	13,878,000	14,521,000	14,344,000	14,095,000	15,197,000	12,829,000
general, administrative and other	414,891,000	323,997,000	300,332,000	367,666,000	304,489,000	277,981,000	310,356,000	243,268,000	289,586,000	213,689,000	292,538,000	212,513,000	253,832,000	234,665,000	350,807,000	203,977,000	237,296,000	166,997,000	217,215,000	194,039,000	148,165,000	149,123,000	199,535,000	177,112,000	182,651,000	169,515,000	179,524,000	164,406,000	187,228,000	124,250,000	160,958,000	146,467,000	152,855,000	122,200,000	153,602,000	136,551,000	110,618,000	166,268,000	200,858,000	163,477,000	126,314,000	134,302,000	168,486,000	210,536,000	126,725,000	108,676,000	77,542,000	93,688,000	65,825,000	54,004,000	57,651,000	32,903,000
net policy benefits and claims	3,075,361,000	2,791,705,000	1,708,294,000	2,421,695,000	2,199,160,000	7,261,069,000	2,351,951,000	747,238,000	1,736,014,000	1,527,054,000	1,416,043,000	1,087,731,000	-45,407,000
amortization of policy acquisition costs	86,962,000	80,800,000	97,971,000	49,360,000	32,808,000	-3,752,000	25,238,000	17,656,000	170,000	44,211,000	-2,703,000	8,222,000	13,204,000	-7,733,000	-8,540,000	-16,900,000	-20,031,000	-20,478,000
interest expense	72,064,000	70,830,000	69,571,000	78,508,000	65,750,000	54,567,000	49,066,000	44,724,000	39,832,000	40,261,000	28,852,000	26,141,000	18,970,000	13,219,000	17,179,000	22,437,000	11,373,000	10,672,000	-244,626,000	-223,709,000	-240,067,000	-261,469,000	-260,950,000	-268,747,000	-264,766,000	-249,088,000	-241,508,000	-211,081,000	-203,850,000	-219,590,000	-211,495,000	-211,959,000	-198,590,000	-186,854,000	-182,141,000	-255,105,000	-181,313,000	-171,394,000	-170,282,000	-151,554,000	-139,427,000	-111,963,000
insurance expenses	185,787,000	158,459,000	105,654,000	211,148,000	244,954,000	199,236,000	274,248,000	154,311,000	172,121,000	225,318,000	159,216,000	158,280,000	131,065,000	116,743,000	116,287,000	89,534,000	100,973,000	52,084,000
total expenses	5,024,271,000	4,746,444,000	3,830,955,000	4,746,005,000	3,946,329,000	9,312,944,000	4,060,517,000	2,315,523,000	3,122,482,000	2,860,083,000	2,483,013,000	1,934,515,000	812,293,000	1,551,989,000	3,149,025,000	3,185,242,000	1,991,712,000	3,096,545,000	1,179,057,000	1,093,699,000	757,068,000	-96,692,000	751,320,000	619,533,000	808,811,000	728,767,000	237,736,000	740,090,000	675,050,000	436,601,000	636,703,000	530,247,000	629,728,000	540,014,000	452,816,000	511,117,000	423,218,000	308,323,000	525,095,000	276,920,000	554,177,000	515,033,000	504,410,000	585,325,000	473,171,000	455,495,000	292,022,000	439,330,000	446,519,000	348,739,000	445,258,000	331,286,000
investment income - asset management and strategic holdings
net gains from investment activities	1,197,827,000	747,734,000	1,086,591,000	1,314,626,000	392,667,000	638,162,000	1,146,498,000	1,468,209,000	570,085,000	-159,409,000	-315,149,000	-379,180,000	-1,885,469,000	914,261,000	-311,977,000	2,116,647,000	3,220,053,000	2,696,200,000	3,821,837,000	2,284,602,000	1,480,869,000	-3,944,504,000	924,611,000	-4,590,000	1,037,985,000	1,203,878,000	-1,001,286,000	666,731,000	1,116,587,000	472,800,000	117,504,000	108,779,000	418,428,000	558,448,000	333,808,000	735,144,000	9,168,000	-735,223,000	1,197,879,000	-1,555,681,000	3,110,604,000	1,919,825,000	298,259,000	1,971,850,000	1,972,180,000	2,230,401,000	98,537,000	2,269,817,000	2,308,613,000	1,601,688,000	3,086,865,000	1,319,089,000
dividend income	416,233,000	336,143,000	273,890,000	151,260,000	471,349,000	245,057,000	194,129,000	201,925,000	246,939,000	148,167,000	218,327,000	294,415,000	147,355,000	662,350,000	375,749,000	121,484,000	125,821,000	75,746,000	57,516,000	116,379,000	9,969,000	168,699,000	131,228,000	147,989,000	17,130,000	22,625,000	37,501,000	38,245,000	66,344,000	33,064,000	101,971,000	20,774,000	69,446,000	9,924,000	19,866,000	73,105,000	31,669,000	63,213,000	140,397,000	270,759,000	360,556,000	78,815,000	599,020,000	272,902,000	96,704,000	121,059,000	209,486,000	39,469,000	10,440,000	79,919,000	172,939,000	31,215,000
interest income	806,711,000	809,883,000	785,857,000	854,927,000	903,861,000	890,102,000	917,330,000	873,440,000	850,061,000	728,616,000	650,943,000	500,234,000	391,549,000	352,556,000	333,922,000	402,839,000	381,254,000	367,455,000	363,388,000	354,865,000	331,732,000	353,455,000	350,138,000	344,140,000	365,727,000	358,511,000	407,178,000	339,393,000	351,705,000	298,256,000	348,587,000	317,134,000	295,718,000	280,980,000	268,615,000	256,505,000	266,213,000	230,476,000	320,569,000	299,485,000	302,985,000	296,158,000	260,292,000	215,872,000	161,960,000	114,861,000	128,020,000	109,369,000	95,578,000	87,892,000	76,199,000	88,749,000
total investment income	1,697,857,000	1,186,369,000	1,491,839,000	1,598,873,000	984,624,000	1,019,257,000	1,506,657,000	1,819,232,000	946,977,000	141,036,000	5,349,000	23,949,000	-1,675,291,000	1,647,408,000	122,304,000	2,362,804,000	3,462,072,000	2,887,645,000	3,998,115,000	2,532,137,000	1,582,503,000	-3,683,819,000	1,145,027,000	218,792,000	1,156,076,000	1,335,926,000	-798,115,000	833,288,000	1,330,786,000	584,530,000	356,567,000	234,728,000	585,002,000	662,498,000	440,148,000	809,649,000	125,737,000	-612,928,000	1,488,563,000	-1,136,991,000	3,634,718,000	2,182,835,000	1,060,953,000	2,394,627,000	2,196,113,000	2,441,265,000	411,429,000	2,395,632,000	2,396,763,000	1,752,615,000	3,317,998,000	1,421,682,000
income before taxes	2,199,561,000	1,528,768,000	771,067,000	1,644,564,000	1,210,205,000	1,363,051,000	1,875,971,000	2,819,190,000	1,451,013,000	408,435,000	51,031,000	-52,153,000	-2,157,514,000		1,026,875,000	3,660,927,000			4,824,222,000	3,333,676,000	2,157,429,000	-4,588,632,000	1,456,778,000	389,744,000	1,527,129,000	1,794,639,000	-1,213,907,000	1,222,864,000	1,627,356,000	620,535,000	661,512,000	397,358,000	887,062,000	838,436,000	468,807,000	985,588,000	279,276,000	-758,446,000	1,271,391,000	-1,225,285,000	3,336,415,000	1,959,147,000	901,311,000	2,058,672,000	2,025,868,000	2,205,798,000	285,783,000	2,107,542,000	2,112,398,000	1,516,236,000	2,989,047,000	1,208,008,000
income tax benefit	359,739,000	174,304,000	86,569,000	209,896,000	216,969,000	269,201,000	286,611,000	437,210,000		148,747,000	93,164,000	27,434,000	-153,104,000		191,582,000	379,282,000					206,264,000
net income	1,839,822,000	1,354,464,000	684,498,000	1,434,668,000	993,236,000	1,093,850,000	1,589,360,000	2,381,980,000	1,126,058,000	259,688,000	-42,133,000	-79,587,000	-2,004,410,000		835,293,000	3,281,645,000			4,420,085,000	2,974,301,000	1,951,165,000	-4,227,953,000	1,314,152,000	336,612,000	1,361,730,000	1,627,046,000	-1,070,613,000	1,352,269,000	1,566,396,000	602,894,000	514,686,000	378,938,000	868,524,000	797,894,000	463,007,000	974,762,000	273,231,000	-760,336,000	1,244,050,000	-1,217,895,000	3,305,868,000	1,943,009,000	872,044,000	2,052,496,000	2,004,166,000	2,198,154,000	277,258,000	2,098,186,000	2,102,786,000	1,505,143,000	2,971,975,000	1,182,403,000
yoy	85.24%	23.83%	-56.93%	-39.77%	-11.80%	321.22%	-3872.25%	-3092.93%	-156.18%		-105.04%	-102.43%			-81.10%	10.33%			236.35%	783.60%	43.29%	-359.85%	-222.75%	-75.11%	-13.07%	169.87%	-308.01%	256.86%	80.35%	-24.44%	11.16%	-61.13%	217.87%	-204.94%	-62.78%	-180.04%	-91.73%	-139.13%	42.66%	-159.34%	64.95%	-11.61%	214.52%	-2.18%	-4.69%	46.04%	-90.67%	77.45%
qoq	35.83%	97.88%	-52.29%	44.44%	-9.20%	-31.18%	-33.28%	111.53%	333.62%	-716.35%	-47.06%	-96.03%			-74.55%				48.61%	52.44%	-146.15%	-421.72%	290.41%	-75.28%	-16.31%	-251.97%	-179.17%	-13.67%	159.81%	17.14%	35.82%	-56.37%	8.85%	72.33%	-52.50%	256.75%	-135.94%	-161.12%	-202.15%	-136.84%	70.14%	122.81%	-57.51%	2.41%	-8.83%	692.82%	-86.79%	-0.22%	39.71%	-49.36%	151.35%
net income margin %	33.29%	26.62%	22.01%	29.94%	23.81%	11.33%	35.88%	71.84%	31.05%	8.30%	-1.67%	-4.28%	-607.27%	0%	20.61%	73.20%	0%	0%	220.44%	156.94%	146.48%	422.16%	123.62%	42.58%	115.41%	137.02%	601.28%	119.71%	161.21%	127.57%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
net income attributable to redeemable noncontrolling interests	34,058,000	68,175,000	8,494,000	-4,798,000	29,666,000	32,678,000	7,323,000	-3,685,000	-1,740,000	-7,303,000	1,246,000	1,601,000	8,000		1,204,000	1,519,000											-57,246,000	12,236,000	-18,016,000	25,674,000	9,776,000	20,876,000	22,387,000	20,933,000	-13,092,000	3,121,000	1,533,000	-38,000	7,371,000	-12,925,000	-891,000	1,933,000			10,637,000			24,623,000	9,994,000	3,285,000	5,272,000
net income attributable to noncontrolling interests	905,407,000	776,166,000	861,928,000	838,916,000	295,644,000	378,958,000	541,608,000	895,539,000	266,086,000	-73,003,000	-143,849,000	-6,792,000	-1,193,734,000		309,281,000	2,123,569,000			2,908,864,000	1,909,458,000	1,244,196,000	-2,947,429,000	790,710,000	87,058,000	838,996,000	917,727,000	-628,726,000	691,494,000	895,690,000	398,777,000	330,180,000	196,158,000	432,150,000	509,277,000	296,789,000	611,288,000	172,115,000	-430,359,000									269,924,000	1,880,124,000	1,965,381,000	1,355,597,000	2,776,267,000
net income attributable to kkr & co. inc.	900,357,000	510,123,000		600,550,000	667,926,000	682,214,000	1,040,429,000	1,490,126,000	861,712,000	339,994,000	100,470,000	-74,396,000	-810,684,000		524,808,000	1,156,557,000			1,511,221,000	1,064,843,000	706,969,000	-1,280,524,000	523,442,000	249,554,000	522,734,000	709,319,000	-384,641,000	648,539,000
series d mandatory convertible preferred stock dividends	40,430,000	37,736,000
net income attributable to kkr & co. inc. common stockholders	859,927,000	472,387,000	-185,924,000	600,550,000	667,926,000	682,214,000	1,040,429,000	1,472,878,000	844,463,000	322,744,000	83,220,000	-91,646,000	-827,934,000		507,558,000	1,131,354,000			1,479,689,000	1,056,502,000	698,628,000
net income attributable to kkr & co. inc. per share of common stock
basic	0.97	0.53	-0.22	0.68	0.75	0.77	1.18	1.71	0.98	0.37	0.19	-0.11	-1.22		0.85	1.94			2.63	1.86	1.25	-2.31	0.93	0.44	0.94	1.31	-0.8	1.22	1,330	360	340	330	870	570	380	790	210	-730	60	-420	840	620	210	470	720	730	60	750	530	620	830	180
diluted	0.9	0.5	-0.22	0.64	0.72	0.74	1.14	1.64	0.94	0.36	0.19	-0.11	-1.22		0.79	1.8			2.57	1.79	1.24	-2.31	0.91	0.43	0.93	1.27	-0.77	1.17	1,240	320	320	300	810	520	350	730	190	-730	60	-420	780	570	200	430	650	660	50	690	490	580	800	180
weighted-average shares of common stock outstanding
basic	890,961,714	890,716,083	888,246,698	887,444,991	887,394,513	885,005,824	867,496,813	862,123,088	861,553,274	861,108,510	749,504,970	859,833,444	680,747,047		582,258,984	583,030,506			562,812,883	562,425,576	558,774,162	559,149,821	545,096,999	546,336,936	544,528,863	533,892,474	514,102,571	525,240,214	510,586,631,000	487,704,838,000	468,282,642,000	471,758,886,000	466,170,025,000	453,695,846,000	448,905,126,000	445,989,300,000	448,221,538,000	450,262,143,000	448,884,185,000	452,165,697,000	446,794,950,000	434,874,820,000	419,961,455,000	377,542,161,000	293,490,461,000	282,148,802,000	271,983,811,000	257,044,184,000	239,696,358,000	235,781,983,000	229,099,335,000	219,188,351,000
diluted	955,751,429	954,209,566	888,246,698	941,967,479	932,046,386	925,141,166	911,787,433	909,056,980	912,147,881	887,169,336	749,504,970	859,833,444	680,747,047		633,092,865	637,416,100			583,685,352	589,116,387	565,611,138	559,149,821	557,687,512	559,532,065	554,643,810	550,046,440	533,707,039	545,672,953	548,745,498,000	535,918,274,000	506,288,971,000	506,873,177,000	501,177,423,000	496,684,340,000	483,431,048,000	479,975,675,000	481,809,612,000	450,262,143,000	482,699,194,000	452,165,697,000	482,651,491,000	472,225,344,000	452,019,742,000	410,179,838,000	325,104,229,000	308,135,191,000	298,078,764,000	282,042,521,000	257,646,622,000	252,507,802,000	237,832,106,000	220,213,799,000
series c mandatory convertible preferred stock dividends								17,248,000	17,249,000	17,250,000	17,250,000	17,250,000	17,250,000		17,250,000	17,250,000
asset management
investment income - asset management
income tax expense									324,955,000										51,240,000	359,375,000		-360,679,000	142,626,000	53,132,000	165,399,000	167,593,000	-143,294,000	-129,405,000
series a preferred stock dividends																			5,822,000	5,822,000	5,822,000	5,822,000	5,822,000	5,822,000	5,822,000	5,822,000	5,822,000	5,822,000
series b preferred stock dividends																7,953,000			2,519,000	2,519,000	2,519,000	2,519,000	2,519,000	2,519,000	2,519,000	2,519,000	2,519,000	2,519,000
policy benefits and claims														726,060,000	1,462,146,000	1,697,046,000	411,199,000	1,485,318,000
net investment gains															8,245,750	162,127,000	326,558,000	-455,702,000
premiums																		1,176,142,000
investment income
net income attributable to kkr & co. inc. class a common stockholders																						-1,288,865,000	515,101,000	241,213,000	514,393,000	700,978,000	-392,982,000	640,198,000
net income attributable to kkr & co. inc. per share of class a common stock
basic	0.97	0.53	-0.22	0.68	0.75	0.77	1.18	1.71	0.98	0.37	0.19	-0.11	-1.22		0.85	1.94			2.63	1.86	1.25	-2.31	0.93	0.44	0.94	1.31	-0.8	1.22	1,330	360	340	330	870	570	380	790	210	-730	60	-420	840	620	210	470	720	730	60	750	530	620	830	180
diluted	0.9	0.5	-0.22	0.64	0.72	0.74	1.14	1.64	0.94	0.36	0.19	-0.11	-1.22		0.79	1.8			2.57	1.79	1.24	-2.31	0.91	0.43	0.93	1.27	-0.77	1.17	1,240	320	320	300	810	520	350	730	190	-730	60	-420	780	570	200	430	650	660	50	690	490	580	800	180
weighted-average shares of class a common stock outstanding
basic	890,961,714	890,716,083	888,246,698	887,444,991	887,394,513	885,005,824	867,496,813	862,123,088	861,553,274	861,108,510	749,504,970	859,833,444	680,747,047		582,258,984	583,030,506			562,812,883	562,425,576	558,774,162	559,149,821	545,096,999	546,336,936	544,528,863	533,892,474	514,102,571	525,240,214	510,586,631,000	487,704,838,000	468,282,642,000	471,758,886,000	466,170,025,000	453,695,846,000	448,905,126,000	445,989,300,000	448,221,538,000	450,262,143,000	448,884,185,000	452,165,697,000	446,794,950,000	434,874,820,000	419,961,455,000	377,542,161,000	293,490,461,000	282,148,802,000	271,983,811,000	257,044,184,000	239,696,358,000	235,781,983,000	229,099,335,000	219,188,351,000
diluted	955,751,429	954,209,566	888,246,698	941,967,479	932,046,386	925,141,166	911,787,433	909,056,980	912,147,881	887,169,336	749,504,970	859,833,444	680,747,047		633,092,865	637,416,100			583,685,352	589,116,387	565,611,138	559,149,821	557,687,512	559,532,065	554,643,810	550,046,440	533,707,039	545,672,953	548,745,498,000	535,918,274,000	506,288,971,000	506,873,177,000	501,177,423,000	496,684,340,000	483,431,048,000	479,975,675,000	481,809,612,000	450,262,143,000	482,699,194,000	452,165,697,000	482,651,491,000	472,225,344,000	452,019,742,000	410,179,838,000	325,104,229,000	308,135,191,000	298,078,764,000	282,042,521,000	257,646,622,000	252,507,802,000	237,832,106,000	220,213,799,000
income taxes																													60,960,000	17,641,000											30,547,000	16,138,000	29,267,000	6,176,000	21,702,000	7,644,000	8,525,000	9,356,000	9,612,000	11,093,000	17,072,000	25,605,000
net income attributable to kkr & co. l.p.																													688,722,000	178,443,000	174,730,000	161,904,000	413,987,000	267,684,000	179,310,000	360,353,000	99,583,000	-329,939,000	32,257,000	-190,588,000	376,306,000	270,507,000	89,938,000	178,215,000	210,041,000	204,740,000	15,134,000	193,439,000	127,411,000	146,261,000	190,436,000	39,621,000
net income attributable to series a preferred unitholders																													5,822,000	5,822,000	5,822,000	5,822,000	5,822,000	5,822,000	5,822,000	5,822,000	5,693,000
net income attributable to series b preferred unitholders																													2,519,000	2,519,000	2,519,000	2,519,000	2,519,000	2,519,000	2,519,000	2,379,000
net income attributable to kkr & co. l.p. common unitholders																													680,381,000	170,102,000	166,389,000	153,563,000	405,646,000	259,343,000	170,969,000	352,152,000	93,890,000
net income attributable to kkr & co. l.p. per common unit
basic	0.97	0.53	-0.22	0.68	0.75	0.77	1.18	1.71	0.98	0.37	0.19	-0.11	-1.22		0.85	1.94			2.63	1.86	1.25	-2.31	0.93	0.44	0.94	1.31	-0.8	1.22	1,330	360	340	330	870	570	380	790	210	-730	60	-420	840	620	210	470	720	730	60	750	530	620	830	180
diluted	0.9	0.5	-0.22	0.64	0.72	0.74	1.14	1.64	0.94	0.36	0.19	-0.11	-1.22		0.79	1.8			2.57	1.79	1.24	-2.31	0.91	0.43	0.93	1.27	-0.77	1.17	1,240	320	320	300	810	520	350	730	190	-730	60	-420	780	570	200	430	650	660	50	690	490	580	800	180
weighted-average common units outstanding
basic	890,961,714	890,716,083	888,246,698	887,444,991	887,394,513	885,005,824	867,496,813	862,123,088	861,553,274	861,108,510	749,504,970	859,833,444	680,747,047		582,258,984	583,030,506			562,812,883	562,425,576	558,774,162	559,149,821	545,096,999	546,336,936	544,528,863	533,892,474	514,102,571	525,240,214	510,586,631,000	487,704,838,000	468,282,642,000	471,758,886,000	466,170,025,000	453,695,846,000	448,905,126,000	445,989,300,000	448,221,538,000	450,262,143,000	448,884,185,000	452,165,697,000	446,794,950,000	434,874,820,000	419,961,455,000	377,542,161,000	293,490,461,000	282,148,802,000	271,983,811,000	257,044,184,000	239,696,358,000	235,781,983,000	229,099,335,000	219,188,351,000
diluted	955,751,429	954,209,566	888,246,698	941,967,479	932,046,386	925,141,166	911,787,433	909,056,980	912,147,881	887,169,336	749,504,970	859,833,444	680,747,047		633,092,865	637,416,100			583,685,352	589,116,387	565,611,138	559,149,821	557,687,512	559,532,065	554,643,810	550,046,440	533,707,039	545,672,953	548,745,498,000	535,918,274,000	506,288,971,000	506,873,177,000	501,177,423,000	496,684,340,000	483,431,048,000	479,975,675,000	481,809,612,000	450,262,143,000	482,699,194,000	452,165,697,000	482,651,491,000	472,225,344,000	452,019,742,000	410,179,838,000	325,104,229,000	308,135,191,000	298,078,764,000	282,042,521,000	257,646,622,000	252,507,802,000	237,832,106,000	220,213,799,000
income tax /																															19,375,000	18,420,000	18,538,000	40,542,000	5,800,000	10,826,000	6,045,000	1,890,000	27,341,000	-7,390,000
net income attributable to noncontrolling interests and appropriated capital																																							1,204,422,000	-1,014,382,000	2,930,453,000	1,670,569,000	784,568,000	1,881,090,000	1,783,488,000
fees																																											344,768,000	249,370,000	302,926,000	220,028,000	166,376,000	151,240,000	162,154,000	112,360,000	116,307,000	117,612,000
net income attributable to
redeemable noncontrolling interests																																														9,169,000
noncontrolling interests																																														1,984,245,000
distributions declared per kkr & co. l.p. common unit																																														230	420	270	240	130	150	110
fund expenses																																																				13,139,000
less: net income attributable to noncontrolling interests in consolidated entities																																																				1,014,756,000
less: net income attributable to noncontrolling interests held by kkr holdings l.p.																																																				128,026,000
weighted-average common units oustanding
basic	890,961,714	890,716,083	888,246,698	887,444,991	887,394,513	885,005,824	867,496,813	862,123,088	861,553,274	861,108,510	749,504,970	859,833,444	680,747,047		582,258,984	583,030,506			562,812,883	562,425,576	558,774,162	559,149,821	545,096,999	546,336,936	544,528,863	533,892,474	514,102,571	525,240,214	510,586,631,000	487,704,838,000	468,282,642,000	471,758,886,000	466,170,025,000	453,695,846,000	448,905,126,000	445,989,300,000	448,221,538,000	450,262,143,000	448,884,185,000	452,165,697,000	446,794,950,000	434,874,820,000	419,961,455,000	377,542,161,000	293,490,461,000	282,148,802,000	271,983,811,000	257,044,184,000	239,696,358,000	235,781,983,000	229,099,335,000	219,188,351,000
diluted	955,751,429	954,209,566	888,246,698	941,967,479	932,046,386	925,141,166	911,787,433	909,056,980	912,147,881	887,169,336	749,504,970	859,833,444	680,747,047		633,092,865	637,416,100			583,685,352	589,116,387	565,611,138	559,149,821	557,687,512	559,532,065	554,643,810	550,046,440	533,707,039	545,672,953	548,745,498,000	535,918,274,000	506,288,971,000	506,873,177,000	501,177,423,000	496,684,340,000	483,431,048,000	479,975,675,000	481,809,612,000	450,262,143,000	482,699,194,000	452,165,697,000	482,651,491,000	472,225,344,000	452,019,742,000	410,179,838,000	325,104,229,000	308,135,191,000	298,078,764,000	282,042,521,000	257,646,622,000	252,507,802,000	237,832,106,000	220,213,799,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2012-09-30	2011-06-30

assets
asset management and strategic holdings
cash and cash equivalents	13,561,041,000	10,729,004,000	11,503,912,000	8,602,477,000	7,829,321,000	7,083,931,000	8,393,892,000	6,977,836,000	5,885,308,000	5,576,121,000	6,705,325,000	6,911,691,000	6,720,983,000	8,324,897,000	6,699,668,000	7,256,382,000	5,170,243,000	5,031,724,000	5,363,009,000	4,363,105,000	2,454,541,000	1,982,292,000	2,346,713,000	2,686,985,000	2,143,057,000	1,808,368,000	1,751,287,000	2,264,875,000	2,065,172,000	1,880,834,000	1,876,687,000	2,436,566,000	2,131,687,000	2,758,398,000	2,508,902,000	2,196,800,000	1,512,475,000	1,280,893,000	1,047,740,000	1,756,918,000	1,306,975,000	1,472,760,000	2,504,205,000	1,324,925,000	1,112,316,000	1,167,413,000	1,278,354,000	933,479,000
restricted cash and cash equivalents	54,489,000	52,056,000	179,449,000	114,285,000	168,888,000	227,486,000	116,599,000	74,043,000		161,619,000		201,194,000	170,374,000	103,961,000		140,618,000	168,295,000	79,017,000	485,583,000	143,846,000	133,526,000	116,506,000	74,262,000	83,170,000	91,737,000	66,950,000	196,365,000	65,949,000	76,967,000	59,316,000	56,302,000	44,175,000	103,372,000	128,815,000	212,155,000	180,611,000	133,219,000	57,302,000	267,628,000	272,790,000	53,362,000	71,378,000	91,935,000	65,442,000	45,490,000	21,515,000	69,582,000	92,792,000
investments	118,617,813,000	115,427,392,000	110,703,961,000	104,301,594,000	102,046,987,000	100,693,987,000	98,634,801,000	103,801,213,000	101,878,868,000	97,949,918,000	92,375,463,000	89,720,859,000	88,191,528,000	88,770,480,000	88,775,514,000	89,908,570,000	83,441,638,000	76,156,229,000	69,274,715,000	60,990,162,000	54,425,153,000	48,601,127,000	54,936,268,000	50,844,657,000	51,243,090,000	45,795,254,000	44,907,982,000	44,119,593,000	42,622,545,000	42,101,905,000	39,013,934,000	37,251,837,000	36,267,767,000	34,225,324,000	31,409,765,000	31,277,959,000	30,375,163,000	29,785,312,000	65,305,931,000	62,705,798,000	60,971,453,000	59,928,242,000	57,378,768,000	51,433,451,000	44,263,123,000	41,142,537,000	40,940,868,000	38,578,531,000
due from affiliates	2,079,123,000	1,953,350,000	1,813,329,000	2,034,664,000	1,616,747,000	1,449,394,000	1,446,852,000	1,590,415,000		1,847,869,000		1,370,693,000	1,551,889,000	1,277,574,000		1,102,874,000	1,048,854,000	1,061,431,000	872,994,000	768,887,000	930,103,000	852,484,000	717,399,000	658,481,000	675,950,000	734,195,000	657,189,000	682,007,000	614,592,000	565,681,000	554,349,000	484,004,000	394,717,000	323,335,000	250,452,000	343,106,000	309,625,000	318,567,000	139,783,000	116,103,000	109,346,000	130,999,000	134,832,000	161,317,000	133,746,000	134,725,000	124,932,000	145,701,000
other assets	6,129,090,000	6,090,207,000	5,669,371,000	5,552,218,000	5,080,261,000	4,869,575,000	4,975,223,000	5,106,451,000	6,703,972,000	5,048,330,000	7,114,360,000	5,177,042,000	4,798,529,000	2,407,714,000	4,244,894,000	2,954,330,000	2,956,710,000	2,766,628,000	2,665,336,000	3,008,357,000	3,016,497,000	2,877,421,000	2,008,236,000	2,516,341,000	2,414,467,000	2,687,802,000	2,536,692,000	2,247,747,000	2,053,890,000	2,103,303,000	2,531,075,000	2,759,322,000	2,493,529,000	2,599,943,000	2,996,865,000	2,709,793,000	3,195,497,000	2,187,096,000	2,824,557,000	2,924,689,000	3,510,924,000	2,978,116,000	2,968,019,000	2,500,480,000	2,168,599,000	1,875,940,000	909,800,000	365,417,000
insurance
reinsurance recoverable	46,541,460,000	45,657,605,000	45,321,679,000	46,386,313,000	45,473,921,000	44,160,226,000	36,617,344,000	25,814,485,000		26,157,178,000		26,163,181,000	26,224,818,000	24,639,148,000		25,233,883,000	16,385,100,000	15,681,893,000
insurance intangible assets	5,590,682,000	5,454,971,000	5,303,897,000	5,092,908,000	4,904,683,000	4,856,923,000	4,450,824,000	2,506,921,000		2,391,610,000		1,632,083,000	1,548,907,000	1,481,284,000		1,279,070,000	1,194,142,000	1,089,830,000
separate account assets	3,906,414,000	3,843,382,000	3,738,664,000	4,134,173,000	4,122,642,000	4,223,173,000	4,107,000,000	3,899,903,000		4,164,803,000		4,052,251,000	4,362,633,000	5,069,742,000		5,445,170,000	5,637,651,000	5,470,087,000
total assets	398,480,928,000	380,867,573,000	372,372,919,000	360,655,876,000	348,469,179,000	339,773,927,000	317,294,194,000	288,732,956,000	287,694,799,000	282,610,589,000	277,077,191,000	266,248,640,000	266,075,098,000	266,290,981,000	264,285,440,000	265,799,650,000	229,234,863,000	216,445,114,000	79,806,502,000	70,655,333,000	62,110,382,000	55,601,075,000	60,899,319,000	57,645,049,000	57,524,065,000	52,004,019,000	50,743,375,000	50,343,948,000	48,572,664,000	47,579,153,000	45,834,719,000	44,305,639,000	42,868,081,000	41,635,712,000	39,002,897,000	37,984,599,000	37,506,871,000	34,428,583,000	71,057,759,000	69,056,926,000	67,286,990,000	66,332,985,000	65,634,317,000	56,402,666,000	48,160,051,000	44,807,645,000	43,648,620,000	40,588,171,000
liabilities and equity
debt obligations	49,232,778,000	47,361,299,000	45,807,864,000	45,641,569,000	45,396,247,000	45,053,639,000	44,886,870,000	43,676,117,000	43,693,384,000	42,519,776,000	40,598,613,000	38,257,833,000	37,177,474,000	36,112,872,000	36,669,755,000	38,988,544,000	36,316,451,000	34,669,430,000	33,423,596,000	31,451,641,000	28,676,899,000	26,265,381,000	27,013,284,000	25,281,202,000	25,685,785,000	22,262,369,000	22,341,192,000	20,266,172,000	19,972,383,000	22,041,271,000	21,193,859,000	20,290,714,000	19,425,253,000	19,625,439,000	18,544,075,000	17,589,353,000	17,894,036,000	16,827,497,000	18,730,017,000	16,587,643,000	11,717,676,000	10,306,770,000	10,557,736,000	3,241,751,000	2,027,116,000	1,706,010,000	1,314,845,000	1,530,056,000
due to affiliates	424,369,000	452,981,000	463,289,000	470,691,000	444,947,000	443,219,000	538,099,000	441,798,000		435,270,000		444,872,000	444,194,000	457,668,000		299,703,000	334,728,000	322,511,000	325,177,000	298,944,000	261,774,000	261,720,000	286,098,000	267,137,000	276,440,000	254,781,000	275,584,000	252,547,000	259,259,000	265,190,000	323,810,000	379,809,000	392,340,000	385,374,000	359,479,000	375,931,000	412,400,000	429,448,000	144,807,000	161,835,000	141,649,000	133,123,000	119,299,000	110,624,000	96,772,000	92,793,000	58,191,000	42,136,000
accrued expenses and other liabilities	14,798,038,000	13,696,680,000	12,376,223,000	11,919,685,000	9,869,018,000	8,868,372,000	7,718,415,000	7,784,684,000		7,792,747,000		7,135,124,000	7,461,253,000	7,241,786,000		8,914,739,000	8,731,727,000	7,293,077,000
policy liabilities	200,507,307,000	191,676,236,000	188,413,845,000	184,050,410,000	177,832,610,000	173,598,686,000	160,058,271,000	140,982,985,000		141,129,974,000		135,733,868,000	133,747,480,000	131,076,687,000		124,611,909,000	105,834,516,000	102,607,224,000
funds withheld payable at interest	45,371,908,000	44,143,847,000	44,254,674,000	45,389,307,000	43,943,834,000	42,639,725,000	34,339,522,000	22,736,507,000		22,995,695,000		21,063,577,000	22,090,096,000	21,781,731,000		23,614,810,000	14,622,639,000	13,446,163,000
reinsurance liabilities	1,455,966,000	1,401,109,000	1,400,007,000	1,164,153,000	1,831,453,000	1,564,706,000	1,423,242,000	1,199,754,000		826,566,000		729,531,000	456,320,000	607,014,000		261,669,000	175,518,000	422,078,000
separate account liabilities	3,906,414,000	3,843,382,000	3,738,664,000	4,134,173,000	4,122,642,000	4,223,173,000	4,107,000,000	3,899,903,000		4,164,803,000		4,052,251,000	4,362,633,000	5,069,742,000		5,445,170,000	5,637,651,000	5,470,087,000
total liabilities	323,078,973,000	309,899,128,000	303,415,987,000	298,857,266,000	289,939,212,000	282,862,077,000	258,915,282,000	227,134,781,000	227,100,365,000	225,487,213,000	223,418,306,000	214,265,845,000	213,256,707,000	208,993,110,000	206,146,220,000	208,742,097,000	176,735,602,000	170,142,484,000	39,006,586,000	36,611,703,000	32,715,720,000	29,011,045,000	30,396,945,000	29,059,852,000	29,242,002,000	25,796,178,000	25,360,766,000	24,204,037,000	24,285,474,000	25,810,215,000	25,171,919,000	24,440,205,000	23,325,722,000	23,347,914,000	21,884,814,000	21,162,334,000	21,822,918,000	19,520,258,000	21,590,174,000	19,556,186,000	15,129,445,000	14,219,030,000	13,869,570,000	6,854,459,000	4,651,764,000	3,903,067,000	3,007,920,000	2,757,831,000
commitments and contingencies
redeemable noncontrolling interests	2,360,396,000	1,993,598,000	1,921,480,000	1,322,308,000	1,291,487,000	922,093,000	615,427,000	421,874,000	183,413,000	144,126,000	152,065,000	82,133,000	81,167,000	81,793,000	82,491,000	93,339,000											1,122,641,000	1,070,575,000	962,147,000	690,630,000	610,540,000	570,134,000	512,481,000	781,428,000	632,348,000	395,210,000	339,637,000	230,762,000	188,629,000	160,565,000	303,169,000	300,957,000	277,084,000	665,576,000	574,065,000	580,840,000	472,837,000
stockholders' equity
series d mandatory convertible preferred stock, 0.01 par value. 51,750,000 and 0 shares, issued and outstanding as of september 30, 2025 and december 31, 2024, respectively.	2,543,404,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of september 30, 2025 and december 31, 2024.
common stock	8,910,000	8,909,000	8,882,000	8,874,000	8,874,000	8,850,000	8,850,000	8,846,000		8,611,000		8,598,000	8,598,000	5,905,000		5,830,000			5,729,000	5,663,000	5,591,000
additional paid-in capital	18,877,610,000	18,640,161,000	18,612,895,000	18,266,988,000	18,133,336,000	18,032,599,000	17,549,157,000	17,327,485,000		16,339,472,000		16,015,645,000	15,948,026,000	8,729,544,000		8,735,677,000			8,687,817,000	8,594,005,000	8,459,914,000	8,456,154,000	8,565,919,000	8,332,039,000	8,252,018,000	8,145,133,000	8,106,408,000	8,005,338,000
retained earnings	12,943,836,000	12,248,728,000	11,941,148,000	11,312,398,000	10,867,154,000	10,354,524,000	9,818,336,000	8,923,933,000		6,890,381,000		6,365,963,000	6,590,883,000	7,510,671,000		7,247,400,000			3,440,782,000	2,037,935,000	1,056,918,000	433,546,000	1,792,152,000	1,345,828,000	1,172,754,000	726,312,000	91,953,000	551,036,000
accumulated other comprehensive income	-4,624,558,000	-5,221,973,000	-5,636,342,000	-5,504,575,000	-7,336,261,000	-6,974,780,000	-4,517,649,000	-5,852,491,000		-4,691,575,000		-6,054,953,000	-4,590,616,000	-1,650,212,000		-174,439,000			-18,612,000	-41,081,000	-52,969,000	-54,694,000	-41,639,000	-51,093,000	-40,274,000	-39,954,000	-39,645,000	-40,448,000										-24,341,000	-28,799,000	-31,083,000	-32,154,000							2,651,000
total kkr & co. inc. stockholders' equity	29,749,202,000	28,219,229,000	27,469,987,000	24,083,685,000	21,673,103,000	21,421,193,000	22,858,694,000	20,407,773,000		19,662,681,000		17,451,045,000	19,072,683,000	15,714,287,000		16,932,970,000			13,716,818,000	12,197,656,000	9,954,868,000	9,325,962,000	10,807,490,000	10,117,754,000	9,875,478,000	9,322,371,000	8,649,610,000	9,006,767,000
noncontrolling interests	43,292,357,000	40,755,618,000	39,565,465,000	36,392,617,000	35,565,377,000	34,568,564,000	34,904,791,000	40,768,528,000	40,429,454,000	37,316,569,000	35,778,000,000	34,449,617,000	33,664,541,000	41,501,791,000	40,474,565,000	40,031,244,000			27,083,098,000	21,845,974,000	19,439,794,000	17,264,068,000	19,694,884,000	18,467,443,000	18,406,585,000	16,885,470,000	15,610,358,000	16,062,569,000	14,932,659,000	13,677,569,000	12,866,324,000	12,432,092,000	12,334,768,000	11,268,462,000	10,545,902,000	10,610,456,000	9,860,160,000	9,309,222,000	43,731,774,000	43,681,529,000	46,253,010,000	46,300,976,000	45,947,973,000	45,863,240,000	40,439,129,000	38,036,349,000	38,325,332,000
total equity	73,041,559,000	68,974,847,000	67,035,452,000	60,476,302,000	57,238,480,000	55,989,757,000	57,763,485,000	61,176,301,000	60,411,021,000	56,979,250,000	53,506,820,000	51,900,662,000	52,737,224,000	57,216,078,000	58,056,729,000	56,964,214,000			40,799,916,000	34,043,630,000	29,394,662,000	26,590,030,000	30,502,374,000	28,585,197,000	28,282,063,000	26,207,841,000	24,259,968,000	25,069,336,000	23,325,043,000	21,078,308,000	20,052,260,000	19,295,300,000	19,029,878,000	17,506,370,000	16,485,735,000	16,427,055,000	15,344,316,000	14,677,563,000	49,278,956,000	49,340,175,000	51,854,376,000	51,812,998,000	51,487,663,000	48,882,631,000	42,934,222,000	40,323,738,000	40,167,863,000	37,830,340,000
total liabilities and equity	398,480,928,000	380,867,573,000	372,372,919,000	360,655,876,000	348,469,179,000	339,773,927,000	317,294,194,000	288,732,956,000	287,694,799,000	282,610,589,000	277,077,191,000	266,248,640,000	266,075,098,000	266,290,981,000	264,285,440,000	265,799,650,000			79,806,502,000	70,655,333,000	62,110,382,000	55,601,075,000	60,899,319,000	57,645,049,000	57,524,065,000	52,004,019,000	50,743,375,000	50,343,948,000	48,572,664,000	47,579,153,000	45,834,719,000	44,305,639,000	42,868,081,000	41,635,712,000	39,002,897,000	37,984,599,000	37,506,871,000	34,428,583,000	71,057,759,000	69,056,926,000	67,286,990,000	66,332,985,000	65,634,317,000	56,402,666,000	48,160,051,000	44,807,645,000	43,648,620,000	40,588,171,000
series d mandatory convertible preferred stock, 0.01 par value. 51,750,000 and 0 shares, issued and outstanding as of june 30, 2025 and december 31, 2024, respectively.		2,543,404,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of june 30, 2025 and december 31, 2024.
series d mandatory convertible preferred stock, 0.01 par value. 51,750,000 and 0 shares, issued and outstanding as of march 31, 2025 and december 31, 2024, respectively.			2,543,404,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of march 31, 2025 and december 31, 2024.
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of september 30, 2024 and december 31, 2023.
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of june 30, 2024 and december 31, 2023.
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of march 31, 2024 and december 31, 2023.
asset management
series c mandatory convertible preferred stock, 0.01 par value. 0 and 22,999,974 shares, issued and outstanding as of december 31, 2023 and december 31, 2022, respectively.
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of december 31, 2023 and december 31, 2022.
series c mandatory convertible preferred stock, 0.01 par value. 0 and 22,999,974 shares, issued and outstanding as of september 30, 2023 and december 31, 2022, respectively.
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of september 30, 2023 and december 31, 2022.
other liabilities									7,176,042,000		6,937,832,000				8,359,619,000
stockholders' equity - series c mandatory convertible preferred stock									1,115,792,000		1,115,792,000
stockholders' equity - common stock									18,865,775,000		16,613,028,000
kkr & co. inc. stockholders' equity - common stock per outstanding share of common stock									21,990		19,290				27,640
series c mandatory convertible preferred stock, 0.01 par value. 22,999,974 and 22,999,974 shares, issued and outstanding as of march 31, 2023 and december 31, 2022, respectively.										1,115,792,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of march 31, 2023 and december 31, 2022.
series c mandatory convertible preferred stock, 0.01 par value. 22,999,974 and 23,000,000 shares, issued and outstanding as of september 30, 2022 and december 31, 2021, respectively.												1,115,792,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of september 30, 2022 and december 31, 2021.
series ii preferred stock, 0.01 par value. 499,999,999 shares authorized, 258,726,163 shares issued and outstanding as of december 31, 2021.
series c mandatory convertible preferred stock, 0.01 par value. 22,999,974 and 23,000,000 shares, issued and outstanding as of june 30, 2022 and december 31, 2021, respectively.													1,115,792,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of june 30, 2022 and december 31, 2021.
series c mandatory convertible preferred stock, 0.01 par value. 23,000,000 shares issued and outstanding as of march 31, 2022 and december 31, 2021.														1,115,792,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of march 31, 2022 and december 31, 2021.
series ii preferred stock, 0.01 par value. 499,999,999 shares authorized, 258,726,163 and 258,726,163 shares, issued and outstanding as of march 31, 2022 and december 31, 2021, respectively.														2,587,000
kkr & co. inc. stockholders' equity - series a and b preferred stock
kkr & co. inc. stockholders' equity - series c mandatory convertible preferred stock															1,115,792,000
kkr & co. inc. stockholders' equity - series i and ii preferred stock, common stock															16,466,372,000
series a preferred stock, 0.01 par value. 0 and 13,800,000 shares, issued and outstanding as of september 30, 2021 and december 31, 2020, respectively.series b preferred stock, 0.01 par value. 0 and 6,200,000 shares, issued and outstanding as of september 30, 2021 and december 31, 2020.
series c mandatory convertible preferred stock, 0.01 par value. 23,000,000 shares issued and outstanding as of september 30, 2021 and december 31, 2020.																1,115,792,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of september 30, 2021 and december 31, 2020.
series ii preferred stock, 0.01 par value. 499,999,999 shares authorized, 271,027,751 and 275,626,493 shares, issued and outstanding as of september 30, 2021 and december 31, 2020, respectively.																2,710,000
liabilities and stockholders' equity
cash and cash equivalents held at consolidated entities																			1,144,865,000	1,380,976,000	1,150,562,000	1,171,245,000	816,441,000	855,415,000	955,764,000	911,450,000	693,860,000	963,777,000	1,139,498,000	868,114,000	1,802,372,000	1,329,735,000	1,477,009,000	1,599,897,000	1,624,758,000	1,276,330,000	1,980,892,000	799,413,000	1,472,120,000	1,280,628,000	1,334,930,000	1,751,490,000	2,556,558,000	917,051,000	436,777,000	465,515,000	325,084,000	472,251,000
accounts payable, accrued expenses and other liabilities																			5,257,813,000	4,861,118,000	3,777,047,000	2,483,944,000	3,097,563,000	3,511,513,000	3,279,777,000	3,279,028,000	2,743,990,000	3,685,318,000	4,053,832,000	3,503,754,000	3,654,250,000	3,769,682,000	3,508,129,000	3,337,101,000	2,981,260,000	3,197,050,000	3,516,482,000	2,263,313,000	2,715,350,000	2,806,708,000	3,270,120,000	3,779,137,000	3,192,535,000	3,502,084,000	2,527,876,000	2,104,264,000	1,634,884,000	1,185,639,000
series a and b preferred stock, 0.01 par value. 13,800,000 and 6,200,000 shares, respectively, issued and outstanding as of december 31, 2020 and 2019.																			482,554,000
series c mandatory convertible preferred stock, 0.01 par value. 23,000,000 shares issued and outstanding as of december 31, 2020.																			1,115,792,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of december 31, 2020 and 2019.
series ii preferred stock, 0.01 par value. 499,999,999 shares authorized, 275,626,493 and 290,381,345 shares, issued and outstanding as of december 31, 2020 and 2019, respectively.																			2,756,000
see note 1
series a and b preferred stock, 0.01 par value. 13,800,000 and 6,200,000 shares, respectively, issued and outstanding as of september 30, 2020 and december 31, 2019.																				482,554,000
series c mandatory convertible preferred stock, 0.01 par value. 23,000,000 shares issued and outstanding as of september 30, 2020.																				1,115,792,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of september 30, 2020 and december 31, 2019.
series ii preferred stock, 0.01 par value. 499,999,999 shares authorized, 278,781,478 and 290,381,345 shares, issued and outstanding as of september 30, 2020 and december 31, 2019, respectively.																				2,788,000
see note 1 "organization"
series a and b preferred stock, 0.01 par value. 13,800,000 and 6,200,000 shares, respectively, issued and outstanding as of june 30, 2020 and december 31, 2019.																					482,554,000
series i preferred stock, 0.01 par value. 1 share authorized, 1 share issued and outstanding as of june 30, 2020 and december 31, 2019.
series ii preferred stock, 0.01 par value. 499,999,999 shares authorized, 285,978,495 and 290,381,345 shares, issued and outstanding as of june 30, 2020 and december 31, 2019, respectively.																					2,860,000
series a and b preferred stock, 0.01 par value. 13,800,000 and 6,200,000 shares, respectively, issued and outstanding as of march 31, 2020 and december 31, 2019.																						482,554,000
class a common stock																						5,537,000	5,600,000	5,468,000	5,456,000	5,339,000	5,349,000	5,256,000
class b common stock
class c common stock, 0.01 par value. 499,999,999 shares authorized, 286,477,271 and 290,381,345 shares, issued and outstanding as of march 31, 2020 and december 31, 2019, respectively.																						2,865,000
series a and b preferred stock, 0.01 par value. 13,800,000 and 6,200,000 shares, respectively, issued and outstanding as of december 31, 2019 and 2018.																							482,554,000
class c common stock, 0.01 par value. 499,999,999 shares authorized, 290,381,345 and 299,081,239 shares, issued and outstanding as of december 31, 2019 and 2018, respectively.																							2,904,000
series a and b preferred stock, 0.01 par value. 13,800,000 and 6,200,000 shares, respectively, issued and outstanding as of september 30, 2019 and december 31, 2018.																								482,554,000
class c common stock, 0.01 par value. 499,999,999 shares authorized, 295,746,147 and 299,081,239 shares, issued and outstanding as of september 30, 2019 and december 31, 2018, respectively.																								2,958,000
series a and b preferred stock, 0.01 par value. 13,800,000 and 6,200,000 shares, respectively, issued and outstanding as of june 30, 2019 and december 31, 2018.																									482,554,000
class c common stock, 0.01 par value. 499,999,999 shares authorized, 296,961,596 and 299,081,239 shares, issued and outstanding as of june 30, 2019 and december 31, 2018, respectively.																									2,970,000
series a and b preferred stock, 0.01 par value. 13,800,000 and 6,200,000 shares, respectively, issued and outstanding as of march 31, 2019 and december 31, 2018.																										482,554,000
class c common stock, 0.01 par value. 499,999,999 shares authorized, 298,645,285 and 299,081,239 shares, issued and outstanding as of march 31, 2019 and december 31, 2018, respectively.																										2,987,000
kkr & co. l.p. capital - common unitholders																													7,909,830,000	6,918,185,000	6,703,382,000	6,380,654,000	6,212,556,000	5,755,354,000	5,457,279,000	5,334,045,000	5,001,602,000	5,059,694,000
preferred units
preferred stock																											482,554,000	482,554,000
class c common stock																											2,991,000	3,031,000
equity
series a preferred units																													332,988,000	332,988,000	332,988,000	332,988,000	332,988,000	332,988,000	332,988,000	332,988,000	332,988,000	332,988,000
series b preferred units																													149,566,000	149,566,000	149,566,000	149,566,000	149,566,000	149,566,000	149,566,000	149,566,000	149,566,000
total kkr & co. l.p. partners' capital																													8,392,384,000	7,400,739,000	7,185,936,000	6,863,208,000	6,695,110,000	6,237,908,000	5,939,833,000
total kkr & co. l.p. partner's capital																																				5,816,599,000	5,484,156,000
liabilities
total kkr & co. l.p. capital - common unitholders																																						5,035,353,000
total kkr & co. l.p. partners' capital including preferred units																																						5,368,341,000
kkr & co. l.p. partners’ capital																																							5,575,981,000	5,689,729,000	5,633,520,000	5,500,280,000	5,496,720,000	3,016,677,000	2,501,518,000	2,293,542,000	1,844,057,000	1,521,637,000
total kkr & co. l.p. partners’ capital																																							5,547,182,000	5,658,646,000	5,601,366,000	5,486,179,000	5,491,877,000	3,011,683,000	2,495,093,000	2,287,389,000	1,842,531,000	1,524,288,000
appropriated capital																																										25,843,000	47,813,000	7,708,000
revenues
fees																																													220,028,000	166,376,000	162,154,000
expenses
compensation and benefits																																													329,182,000	200,602,000	366,350,000
occupancy and related charges																																													17,637,000	13,878,000	14,344,000
general, administrative and other																																													108,676,000	77,542,000	65,825,000
total expenses																																													455,495,000	292,022,000	446,519,000
investment income
net gains from investment activities																																													2,230,401,000	98,537,000	2,308,613,000
dividend income																																													121,059,000	209,486,000	10,440,000
interest income																																													114,861,000	128,020,000	95,578,000
interest expense
total investment income																																													2,441,265,000	411,429,000	2,396,763,000
income before taxes																																													2,205,798,000	285,783,000	2,112,398,000
income taxes																																													7,644,000	8,525,000	9,612,000
net income																																													2,198,154,000	277,258,000	2,102,786,000
net income attributable to
net income attributable to kkr & co. l.p.																																													204,740,000	15,134,000	127,411,000
distributions declared per kkr & co. l.p. common unit																																													230	420	240
net income attributable to kkr & co. l.p. per common unit
basic																																													730	60	530
diluted																																													660	50	490
weighted-average common units outstanding
net income attributable to redeemable noncontrolling interests																																															9,994,000
net income attributable to noncontrolling interests																																														269,924,000	1,965,381,000
noncontrolling interests in consolidated entities																																																31,578,069,000
noncontrolling interests held by kkr holdings l.p.																																																4,727,983,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2014-03-31	2012-09-30	2012-06-30	2012-03-31

operating activities
net income	1,839,822,000	1,354,464,000	684,498,000	1,434,668,000	993,236,000	1,093,850,000	1,589,360,000	2,381,980,000	1,126,058,000	259,688,000	-42,133,000	-79,587,000	-2,004,410,000	1,102,602,000	835,293,000	3,281,645,000	4,262,874,000	3,915,367,000	4,420,085,000	2,974,301,000	1,951,165,000	-4,227,953,000	1,314,152,000	336,612,000	1,361,730,000	1,627,046,000	-1,070,613,000	1,352,269,000	1,566,396,000	602,894,000	514,686,000	378,938,000	868,524,000	797,894,000	463,007,000	974,762,000	273,231,000	-760,336,000	1,244,050,000	2,004,166,000	2,102,786,000	1,505,143,000	2,971,975,000
adjustments to reconcile net income to net cash provided (used) by operating activities:
equity-based compensation	182,230,000	173,632,000	183,568,000
net realized (gains) losses - asset management and strategic holdings	-310,435,000	-220,620,000	-70,229,000	-252,529,000	-224,055,000	190,905,000
change in unrealized (gains) losses - asset management and strategic holdings	-887,392,000	-527,114,000	-1,016,362,000	-1,062,097,000	-168,612,000	-829,067,000
capital allocation-based (income) loss - asset management and strategic holdings	-638,764,000	-910,732,000	-1,159,105,000	-1,163,424,000	-738,125,000	-1,262,942,000
net investment and policy liability-related (gains) losses - insurance	332,711,000	687,628,000	1,660,241,000	1,171,933,000	782,481,000	591,288,000	848,748,000
net accretion and amortization	-34,135,000	-31,009,000	-53,645,000	-47,890,000	-26,458,000	-14,484,000	16,125,000	14,728,000	5,269,000	32,180,000	33,381,000	99,707,000	156,112,000	74,962,000	62,175,000	116,260,000	125,825,000	82,607,000
interest credited to policyholder account balances (net of policy fees) - insurance	1,227,932,000	1,238,665,000	1,156,919,000	1,073,664,000	1,004,403,000	925,399,000	785,424,000	681,830,000	708,655,000	623,849,000	235,831,000	231,067,000	308,026,000	470,543,000	802,550,000	228,390,000	287,152,000	422,873,000
other non-cash amounts	72,479,000	113,705,000	232,447,000	133,584,000	38,144,000	59,030,000	6,697,000	25,381,000	19,462,000	49,999,000	40,512,000	28,319,000	17,028,000	-8,079,000	-204,775,000	99,760,000	-153,000	2,297,000	-40,597,000	-1,342,000	-1,457,000	-9,857,000	-28,588,000	-25,415,000	20,864,000	-12,111,000	6,528,000	-59,681,000	-44,214,000	74,156,000	-62,407,000	-20,065,000	-6,901,000	38,087,000	-64,085,000	28,231,000	-33,687,000	34,921,000	-5,615,000
cash flows due to changes in operating assets and liabilities:
reinsurance transactions and acquisitions, net of cash provided - insurance	238,619,000	0	87,399,000	360,016,000	499,302,000	152,861,000	485,184,000	91,819,000	20,616,000	242,554,000	566,961,000	591,614,000	118,338,000	5,764,000	332,467,000	132,304,000	493,049,000	415,777,000
change in premiums, notes receivable and reinsurance recoverable, net of reinsurance premiums payable - insurance	230,481,000	-28,310,000	365,957,000	-748,525,000	473,627,000	583,293,000	490,065,000	587,833,000	246,608,000	-263,534,000	-110,001,000	228,907,000	275,163,000	291,418,000	250,087,000	292,941,000	-152,357,000	295,131,000
change in deferred policy acquisition costs - insurance	-301,482,000	-244,605,000	-239,121,000	-257,221,000	-173,062,000	-178,684,000	-160,405,000	-129,626,000	-77,577,000	-166,926,000	-115,305,000	-127,961,000	-119,748,000	-120,435,000	-105,640,000	-106,922,000	-126,908,000	-73,201,000
change in policy liabilities and accruals, net - insurance	761,282,000	346,006,000	-260,265,000	-27,998,000	-170,544,000	-89,817,000	-26,325,000	-577,725,000	-243,896,000	130,151,000	125,307,000	88,169,000	48,057,000	-422,298,000	-582,851,000	-197,934,000	-196,833,000	-189,108,000
change in consolidation	0	0	-145,000	-264,000			-349,874,000				0				-349,578,000	-3,034,000	0	-21,149,000
change in due from / to affiliates	-154,760,000	-153,693,000	14,746,000	-294,977,000	-169,625,000	-101,267,000	290,412,000	2,514,000	254,840,000	-145,301,000	-295,559,000	178,442,000	-273,549,000	-68,560,000	-188,172,000	-52,094,000	21,274,000	-212,300,000	-98,332,000	147,929,000	-80,695,000	-183,129,000	-47,926,000	29,000	65,918,000	-100,529,000	15,469,000	-87,824,000	-57,155,000	-71,686,000	-54,614,000	-106,548,000	-75,436,000	-48,964,000	78,421,000	-62,532,000	-16,463,000	-78,798,000	-7,062,000
change in other assets	-8,059,000	-782,586,000	151,251,000	-684,931,000	-422,101,000	-19,836,000	-456,819,000	291,481,000	-139,699,000	493,728,000	-588,475,000	59,922,000	832,754,000	570,262,000	-204,073,000	586,169,000	-225,247,000	308,439,000	-270,676,000	100,818,000	-78,438,000	-323,040,000	398,621,000	170,069,000	317,787,000	68,077,000	-180,984,000	-231,886,000	17,092,000	420,004,000	152,805,000	-212,527,000	-393,356,000	539,623,000	-505,500,000	-82,943,000	-81,555,000	114,332,000	138,807,000		-12,284,000
change in accrued expenses and other liabilities	447,223,000	464,217,000	1,165,970,000	1,514,400,000	706,070,000	951,953,000	291,104,000	560,636,000	-1,008,473,000	699,553,000	-339,227,000	-379,776,000	-1,912,676,000	-491,126,000	-465,448,000	724,633,000	748,586,000	1,135,268,000
investments purchased - asset management and strategic holdings	-10,418,024,000	-7,045,663,000	-10,883,447,000	-12,122,638,000	-10,906,351,000	-10,454,480,000
proceeds from investments - asset management and strategic holdings	9,809,881,000	6,004,771,000	10,529,049,000	12,665,818,000	11,597,086,000	9,746,020,000
net cash provided (used) by operating activities	2,389,609,000	438,756,000	2,549,726,000	1,876,258,000	3,357,842,000	1,527,433,000	1,107,124,000	1,971,073,000	-2,639,121,000	-1,932,888,000	-647,535,000	-1,485,052,000	-4,063,490,000	916,818,000	-3,618,209,000	-2,251,191,000	-1,234,142,000	-73,166,000	-1,806,348,000	-1,409,406,000	-1,331,533,000	-1,406,406,000	-2,169,369,000	-398,942,000	-3,270,122,000	156,278,000	-2,366,428,000	-701,740,000	-2,380,807,000	-2,157,500,000	-1,411,359,000	-355,194,000	-745,107,000	-1,118,369,000	-1,006,362,000	635,099,000	-452,129,000	-738,790,000	-1,347,138,000		1,882,893,000	2,371,898,000	364,494,000
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0		0	0	0
free cash flows	2,389,609,000	438,756,000	2,549,726,000	1,876,258,000	3,357,842,000	1,527,433,000	1,107,124,000	1,971,073,000	-2,639,121,000	-1,932,888,000	-647,535,000	-1,485,052,000	-4,063,490,000	916,818,000	-3,618,209,000	-2,251,191,000	-1,234,142,000	-73,166,000	-1,806,348,000	-1,409,406,000	-1,331,533,000	-1,406,406,000	-2,169,369,000	-398,942,000	-3,270,122,000	156,278,000	-2,366,428,000	-701,740,000	-2,380,807,000	-2,157,500,000	-1,411,359,000	-355,194,000	-745,107,000	-1,118,369,000	-1,006,362,000	635,099,000	-452,129,000	-738,790,000	-1,347,138,000		1,882,893,000	2,371,898,000	364,494,000
investing activities
acquisitions
purchases of fixed assets	-38,722,000	-67,361,000	-20,846,000	-44,601,000	-26,473,000	-17,295,000	-29,212,000	-17,419,000	-38,555,000	-23,207,000	-26,472,000	-24,411,000	-22,285,000	-11,888,000	-19,534,000	-32,950,000	-21,838,000	-27,727,000	-41,917,000	-32,299,000	-26,671,000	-41,371,000	-33,990,000	-16,542,000	-124,582,000	-19,455,000	-32,710,000
investments purchased - insurance	-24,997,772,000	-19,757,715,000	-24,919,638,000	-20,741,574,000	-25,793,535,000	-13,726,204,000	-9,837,338,000	-5,788,564,000	-5,092,895,000	-8,769,518,000	-9,984,270,000	-9,285,237,000	-12,816,186,000	-15,105,620,000	-20,402,337,000	-21,908,751,000	-11,006,141,000	-5,300,346,000
proceeds from investments - insurance	18,175,192,000	17,919,327,000	21,793,291,000	15,652,907,000	20,345,705,000	7,528,657,000	10,658,717,000	4,686,645,000	5,352,673,000	4,956,273,000	7,054,790,000	5,709,157,000	9,461,640,000	13,130,681,000	17,104,075,000	18,512,747,000	8,694,698,000	5,255,841,000
other investing activities
net cash provided (used) by investing activities	-7,005,936,000	-1,890,091,000	-3,147,312,000	-5,119,296,000	-5,476,617,000	-6,198,779,000	812,968,000	-1,076,760,000	199,389,000	-3,818,533,000	-2,966,110,000	-3,589,124,000	-5,094,209,000	-1,997,829,000	-2,588,310,000	-4,468,672,000	-2,172,530,000	-376,036,000	-41,917,000	-35,840,000	-30,185,000	-45,444,000	-43,537,000	-18,711,000	-125,208,000	-19,906,000	-35,273,000	-24,766,000	-9,888,000	-8,670,000	-38,359,000	36,657,000	-2,346,000	61,779,000	-85,706,000	-52,183,000	12,736,000	62,635,000	-160,697,000
financing activities
series d mandatory convertible preferred stock dividends	-40,430,000
common stock dividends	-164,819,000	-164,807,000	-155,441,000	-155,306,000	-155,296,000	-146,026,000	-146,026,000	-141,516,000	-142,273,000	-133,470,000	-133,472,000	-133,274,000	-91,854,000	-85,741,000	-84,776,000	-84,539,000	-84,310,000	-77,804,000	-76,842,000	-75,485,000	-75,256,000	-69,741,000	-68,777,000	-68,139,000	-67,951,000	-66,619,000	-66,101,000
distributions to redeemable noncontrolling interests	-6,807,000	-11,096,000	-7,704,000	-10,027,000	-2,140,000	-8,265,000	-847,000	-213,000	-1,149,000	-636,000	-635,000	-635,000	-635,000	-635,000	-653,000	-682,000											-5,911,000	-4,687,000	-2,968,000	-2,534,000	-365,000	-173,000	0	-352,000	-5,062,000	-4,287,000	-158,000	-17,329,000	-83,000
contributions from redeemable noncontrolling interests	343,279,000	29,116,000	335,513,000	47,409,000	341,868,000	282,253,000	187,077,000	242,359,000																			115,223,000	100,879,000	292,501,000	56,950,000	30,995,000	36,950,000	23,723,000	128,499,000	255,292,000	56,739,000	107,500,000	59,500,000	20,776,000	45,418,000	5,899,000	38,758,000	135,110,000
distributions to noncontrolling interests	-1,209,444,000	-941,062,000	-988,003,000	-2,729,479,000	-2,306,395,000	-1,732,066,000	-1,675,932,000	-1,542,926,000	-1,897,563,000	-1,840,303,000	-1,280,310,000	-2,143,703,000	-1,742,028,000	-1,873,873,000	-3,508,856,000	-2,031,348,000	-916,582,000	-1,027,834,000	-1,748,481,000	-2,617,289,000	-270,113,000	-524,656,000	-819,347,000	-729,333,000	-765,209,000	-856,086,000	-824,428,000	-640,272,000	-711,821,000	-839,134,000	-514,962,000	-809,481,000	-539,038,000	-262,361,000	-921,819,000	-344,503,000	-523,014,000	-297,241,000	-2,743,838,000
contributions from noncontrolling interests	2,885,509,000	1,063,356,000	833,569,000	2,549,932,000	1,958,078,000	1,434,323,000	3,580,866,000	1,886,326,000	4,935,615,000	2,468,778,000	2,588,840,000	3,686,407,000	3,852,455,000	3,494,333,000	4,972,540,000	3,658,497,000	2,052,560,000	3,164,049,000	3,655,278,000	3,276,674,000	1,189,337,000	1,120,966,000	1,305,659,000	713,189,000	1,456,093,000	1,194,815,000	822,578,000	1,126,315,000	1,146,948,000	1,263,774,000	634,073,000	727,041,000	1,235,339,000	520,269,000	769,823,000	698,755,000	519,904,000	507,870,000	1,626,840,000	4,564,205,000	941,253,000	592,595,000	742,315,000
issuance of series d mandatory convertible preferred stock	0	0	2,543,404,000
2024 ga acquisition - cash consideration				0	0	-2,622,230,000
net delivery of common stock	-1,208,000	-106,079,000	-694,000	-84,000			-9,918,000	0			-30,843,000	0			-59,930,000	0	-51,041,000	-55,873,000	-37,727,000	0
repurchases of common stock	0						0	-17,569,000			0	0	0	-346,651,000	-133,780,000	0	-64,564,000	-71,366,000	0	0
proceeds from debt obligations	10,362,623,000	4,958,302,000	4,660,096,000	7,320,341,000	8,153,611,000	5,717,282,000	4,754,674,000	2,917,195,000	5,332,493,000	3,378,792,000	3,247,251,000	4,125,766,000	7,550,180,000	5,515,904,000	9,754,298,000	8,617,947,000	6,887,380,000	5,109,790,000	4,912,058,000	4,697,305,000	3,219,012,000	3,792,041,000	3,818,018,000	2,530,130,000	6,882,512,000	1,581,043,000	5,688,667,000	2,496,675,000	5,344,182,000	3,588,463,000	2,809,213,000	3,551,087,000	3,136,690,000	2,160,958,000	2,555,496,000	1,935,200,000	2,153,485,000	1,251,139,000	3,640,742,000	308,435,000	224,648,000	50,142,000	245,206,000
repayment of debt obligations	-8,263,173,000	-4,399,068,000	-5,165,945,000	-6,800,790,000	-7,041,232,000	-4,928,299,000	-4,009,983,000	-2,937,965,000	-3,956,851,000	-1,858,984,000	-1,582,576,000	-2,460,373,000	-4,383,448,000	-5,484,370,000	-7,592,589,000	-4,983,135,000	-5,345,749,000	-3,552,362,000	-3,745,945,000	-2,815,553,000	-2,188,456,000	-2,543,694,000	-2,334,687,000	-1,558,041,000	-3,611,840,000	-1,806,203,000	-3,818,110,000	-2,184,917,000	-2,958,237,000	-2,750,750,000	-1,957,313,000	-2,793,315,000	-3,609,515,000	-1,154,415,000	-1,128,986,000	-2,133,904,000	-1,561,782,000	-657,461,000	-1,386,478,000
financing costs paid	-8,675,000	-20,128,000	-109,000	-4,411,000			-2,394,000	-1,167,000			-717,000	-1,113,000	11,370,000	-42,816,000	-34,839,000	-88,830,000	-4,163,000	-921,000	-10,462,000	-6,860,000	-14,696,000	-10,198,000	-6,476,000	-5,040,000	-33,473,000	-2,795,000	-19,240,000	-13,688,000	-15,384,000	-7,500,000	-898,000	-454,000	-2,306,000	-5,790,000	-13,086,000	-532,000	-61,000	-3,168,000	-9,627,000
additions to contractholder deposit funds - insurance	11,002,272,000	6,690,976,000	6,259,326,000	7,721,377,000	7,839,323,000	7,451,253,000	7,558,327,000	4,228,441,000	2,980,053,000	4,547,895,000	5,962,862,000	5,698,099,000	5,865,724,000	5,066,018,000
withdrawals from contractholder deposit funds - insurance	-5,491,544,000	-6,126,218,000	-4,752,660,000	-5,500,270,000	-6,377,222,000	-4,887,018,000	-5,272,651,000	-4,017,259,000	-4,035,710,000	-4,060,332,000	-3,452,189,000	-4,382,534,000	-2,852,607,000	-2,628,071,000
reinsurance transactions, net of cash provided - insurance				-288,000	35,911,000	12,198,000	1,143,661,000	0	387,000	79,516,000	14,847,000	0	8,183,000	46,566,000
other financing activity, net - insurance	19,968,000	58,625,000	41,752,000	-361,890,000	-278,583,000	-528,441,000	1,035,806,000	-494,334,000	501,836,000	-491,038,000	19,209,000	-25,368,000	-6,687,000	503,062,000
net cash provided (used) by financing activities	9,427,551,000	990,819,000	3,603,104,000	2,076,514,000	2,061,106,000	44,964,000	7,142,660,000	104,124,000	3,454,336,000	2,072,968,000	5,404,339,000	4,346,022,000	8,158,529,000	4,146,476,000	4,237,880,000	7,231,363,000	4,435,609,000	4,459,142,000	2,916,347,000	3,566,243,000	1,810,897,000	1,510,217,000	1,804,939,000	874,425,000	3,798,377,000	7,248,000	1,746,500,000	754,352,000	2,896,908,000	1,218,171,000	889,839,000	623,416,000	120,742,000	1,306,086,000	1,404,170,000	101,409,000	670,975,000	909,308,000	798,657,000	990,379,000
effect of exchange rate changes on cash, cash equivalents and restricted cash	19,092,000	123,224,000	19,994,000	59,192,000	-38,088,000	-16,210,000	34,526,000	-36,313,000	5,594,000	21,603,000	-35,189,000	-14,230,000	-170,974,000	-49,376,000	-17,869,000	-17,014,000	11,714,000	-25,722,000	37,448,000	28,301,000	19,407,000	-25,740,000	19,813,000	-21,760,000	743,000	1,636,000	2,112,000	-14,882,000	-32,840,000	20,902,000
net increase/(decrease) in cash, cash equivalents and restricted cash	4,830,316,000			-1,107,332,000	-95,757,000	-4,642,592,000	9,097,278,000			-3,656,850,000	1,755,505,000	-742,384,000	-1,170,144,000	3,016,089,000	-1,986,508,000	494,486,000	1,040,651,000	3,984,218,000			468,586,000	32,627,000							473,373,000	-927,097,000
cash, cash equivalents and restricted cash, beginning of period	0			0	0	20,808,120,000	0	0	0	13,385,370,000	0	0	0	10,526,304,000	0	0	0	6,993,457,000	0	0	0	3,237,416,000	0	0	0	2,641,512,000	0	0	0	3,735,361,000
cash, cash equivalents and restricted cash, end of period	4,830,316,000			-1,107,332,000	-95,757,000	16,165,528,000	9,097,278,000	962,124,000	1,020,198,000	9,728,520,000	1,755,505,000	-742,384,000	-1,170,144,000	13,542,393,000	-1,986,508,000	494,486,000	1,040,651,000	10,977,675,000	1,105,530,000	2,149,298,000	468,586,000	3,270,043,000	-388,154,000	435,012,000	403,790,000	2,786,768,000	-653,089,000	12,964,000	473,373,000	2,808,264,000
cash, cash equivalents and restricted cash are comprised of the following:
beginning of the period
asset management and strategic holdings
cash and cash equivalents	0			0			0	0			0	0	0	6,699,668,000	0	0	0	6,507,874,000
restricted cash and cash equivalents	0			0			0	0			0	0	0	134,298,000	0	0	0	485,583,000
total asset management and strategic holdings	0			0
insurance
total insurance	0			0			0	0			0	0	0	3,692,338,000
end of the period
other investing activities, net - insurance		15,658,000	-119,000	13,972,000	-2,314,000	16,063,000	20,801,000	42,578,000	-21,834,000	17,919,000	-10,158,000	11,367,000	-26,676,000	-11,002,000	729,486,000	-1,039,718,000	218,890,000	111,836,000
equity-based and other non-cash compensation				184,669,000	184,907,000	183,411,000	140,216,000	146,586,000	147,532,000	184,135,000	170,615,000	174,113,000	216,716,000	168,792,000	233,493,000	119,620,000	88,541,000	88,162,000	130,114,000	64,263,000	61,002,000	71,379,000	72,388,000	76,370,000	70,682,000	78,268,000	68,478,000	82,386,000	84,617,000	96,227,000
series c mandatory convertible preferred stock dividends							0	-17,248,000	-17,249,000	-17,250,000	-17,250,000	-17,250,000	-17,250,000	-17,250,000	-17,250,000	-17,250,000	-17,250,000	-17,250,000
net realized (gains) losses - asset management							417,544,000			-99,380,000	-139,924,000	-328,994,000	-549,959,000	-279,629,000	-849,253,000	-609,631,000	-338,944,000	-584,381,000
change in unrealized (gains) losses - asset management							-1,564,042,000			258,789,000	455,073,000	708,174,000	2,435,428,000	-634,632,000	1,161,230,000	-1,507,016,000	-2,881,109,000	-2,111,819,000
capital allocation-based (income) loss - asset management							-687,877,000			-449,018,000	58,429,000	572,863,000	923,474,000	945,743,000	-1,105,707,000	-1,526,667,000	-1,525,393,000	-2,684,647,000
investments purchased - asset management							-10,261,968,000	-7,282,189,000	-9,831,686,000	-9,966,282,000	-6,416,746,000	-9,129,431,000	-10,651,131,000	-12,736,719,000	-18,073,881,000	-21,605,309,000	-18,703,059,000	-15,127,133,000
proceeds from investments - asset management							9,253,555,000	7,415,421,000	6,888,377,000	5,229,772,000	4,913,735,000	5,441,350,000	6,030,668,000	12,123,184,000	14,616,266,000	17,553,325,000	16,909,925,000	13,823,098,000
acquisition of global atlantic, net of cash acquired															0	0	-58,139,000	-415,640,000
acquisition of kjrm, net of cash acquired											0	0
series a and b preferred stock dividends															0	-2,519,000	-8,341,000	-8,341,000	-8,341,000
redemption of series a and b preferred stock															0
private placement share issuance															0	0	0	38,463,000
asset management
total asset management							0	0			0	0	0	6,833,966,000	0	0	0	6,993,457,000
net realized losses - asset management
change in unrealized losses - asset management
capital allocation-based loss - asset management
net investment and policy liability-related losses - insurance
net increase in cash, cash equivalents and restricted cash																									403,790,000	145,256,000	-653,089,000
net realized (gains) losses on insurance operations										953,155,000
net investment-related (gains) losses - insurance
development of oil and natural gas properties																			0	-3,541,000	-3,514,000	-4,073,000	-9,547,000	-2,169,000	-626,000	-451,000					-11,000	70,000	-934,000	-177,000	-534,000	-398,000	-233,000	-957,000	-6,417,000
issuance of series c mandatory convertible preferred stock																			0
net realized (gains) losses - insurance												224,642,000	86,220,000	-74,974,000	217,608,000	222,369,000	-21,365,000	441,553,000
additions to contractholder deposit funds																4,155,373,000	4,742,639,000	2,433,498,000
withdrawals from contractholder deposit funds																-2,378,165,000	-2,410,975,000	-1,475,176,000
reinsurance transactions, net of cash provided
other financing activity																16,290,000	1,685,000	269,000
redemption of series a preferred stock
net realized (gains) losses on investments																					330,564,000	-63,375,000							-154,784,000	-30,380,000	-40,978,000	47,414,000	101,412,000	-146,164,000	7,008,000	-288,617,000	-108,771,000	43,283,000	1,334,046,000
change in unrealized (gains) losses on investments																					-1,811,433,000	4,007,879,000							-961,803,000	-442,420,000	-76,526,000	-156,193,000	-519,840,000	-412,284,000	-340,816,000	-446,527,000	99,603,000	691,940,000	-2,531,925,000
capital allocation-based (income) loss																					-938,521,000	1,382,077,000
change in consolidation and other																			0				0	0	0	-137,498,000
change in accounts payable, accrued expenses and other liabilities																			665,639,000	640,846,000	647,118,000	-766,087,000	-330,491,000	155,658,000	120,843,000	381,421,000	-637,974,000	358,150,000	414,840,000	-41,480,000	405,920,000	292,948,000	572,323,000	310,776,000	206,712,000	191,359,000	254,548,000	-3,882,000	-38,047,000	402,910,000	149,245,000	-50,756,000	273,511,000
investments purchased																			-19,739,017,000	-10,637,812,000	-8,887,808,000	-8,312,849,000	-11,060,410,000	-10,305,877,000	-10,010,865,000	-5,301,227,000	-8,856,282,000	-6,129,402,000	-11,161,663,000	-9,515,686,000	-10,151,187,000	-6,611,655,000	-14,508,026,000	-8,345,252,000	-6,501,128,000	-6,936,474,000	-4,072,658,000	-3,314,089,000	-6,616,544,000
proceeds from investments																			18,284,031,000	8,909,467,000	7,476,970,000	7,018,549,000	9,018,298,000	9,563,290,000	6,481,327,000	5,571,641,000	6,522,111,000	5,319,142,000	8,473,641,000	6,829,083,000	8,817,362,000	6,129,666,000	13,510,640,000	6,341,592,000	6,150,076,000	6,900,336,000
proceeds from sale of oil and natural gas properties																											0	0											0
net realized losses on investments																									-74,177,000	-129,781,000	-108,432,000
change in unrealized losses on investments																									-963,808,000	-1,074,097,000	1,109,718,000
capital allocation-based loss
preferred stock dividends																					-8,341,000	-8,341,000	-8,341,000	-8,341,000	-8,341,000	-8,341,000	-8,341,000
repurchases of class a common stock																						-246,160,000	-43,558,000	0	0	-28,566,000	-92,480,000
capital allocation-based income																							-580,802,000	-374,268,000	-660,423,000	-814,932,000	719,639,000	-638,163,000	-557,774,000	-78,212,000
net delivery of class a common stock																							-37,552,000	0			-45,357,000
issuance of preferred stock
purchase of fixed assets																													-36,518,000	-8,670,000	-26,221,000	-22,610,000	-26,855,000	-21,384,000	-54,486,000	-4,393,000	-2,314,000	-1,470,000
distributions to partners																													-84,321,000	-82,757,000	-81,188,000	-79,898,000	-78,506,000	-72,381,000	-71,925,000	-71,173,000	-70,277,000	-72,033,000	-162,432,000
preferred unit distributions																													-8,341,000	-8,341,000	-8,341,000	-8,341,000	-8,341,000	-8,341,000	-8,341,000	-8,201,000
net delivery of common units - equity incentive plan																															-21,375,000	0			-22,281,000	0			-25,314,000	28,379,000
unit repurchases																																			-4,941,000	-26,685,000	-70,261,000	-194,957,000
equity based compensation																															63,594,000	72,250,000	87,940,000	111,036,000	78,858,000	61,552,000	60,657,000	63,823,000	47,730,000	77,528,000	122,157,000	93,539,000	114,341,000
carried interest allocated as a result of changes in fund fair value																															-516,426,000	-337,459,000	-551,003,000	-335,773,000	-200,490,000	-414,864,000	-304,787,000	116,956,000
change in cash and cash equivalents held at consolidated entities																															-463,588,000	168,037,000	168,616,000	31,060,000	-378,425,000	710,816,000	-1,097,464,000	329,656,000	-202,780,000		30,377,000	112,445,000	462,405,000
change in restricted cash and cash equivalents																															-12,127,000	59,197,000	25,443,000	83,340,000	-31,544,000	-47,392,000	15,283,000	65,062,000	5,162,000		-36,242,000
issuance of preferred units																																			0	0
net increase/(decrease) in cash and cash equivalents																															-559,879,000	304,879,000	-626,711,000	249,496,000	312,102,000	684,325,000	231,582,000	233,153,000	-709,178,000	18,542,000
cash and cash equivalents, beginning of period																															0	0	0	2,508,902,000	0	0	0	1,047,740,000	0	1,306,383,000	0	0	843,261,000
cash and cash equivalents, end of period																															-559,879,000	304,879,000	-626,711,000	2,758,398,000	312,102,000	684,325,000	231,582,000	1,280,893,000	-709,178,000	1,324,925,000	539,396,000	127,745,000	611,213,000
net cash acquired
proceeds from sale of investments and principal payments																																						2,023,404,000	5,290,202,000
issuance of series a preferred units																																						332,988,000
purchase of furniture, computer hardware and leasehold improvements
cash acquired, net of cash paid for acquisitions
cash proceeds from sale of investments																																								9,389,630,000	4,034,770,000	5,210,594,000	2,508,720,000
cash paid for acquisitions, net of cash acquired
adjustments to reconcile net income
to net cash provided (used) by operating activities:
deferred financing costs
cash flows from operating activities
non-cash equity based payments
cash flows from investing activities
purchase of furniture, equipment and leasehold improvements
cash flows from financing activities
distributions to noncontrolling interests in consolidated entities
contributions from noncontrolling interests in consolidated entities
distributions to kkr holdings l.p.
contributions from kkr holdings l.p.
deferred financing costs incurred
net change in cash and cash equivalents

KKR & Co. Inc(NYSE:KKR)

KKR & Co. Inc
(NYSE:KKR)