KKR : Q1 Financial Results (KKR Q125 Earnings Release 1)

KKR & Co. Inc.

Reports First Quarter 2025 Financial Results

May 1, 2025

KKR Reports First Quarter 2025 Financial Results

New York, May 1, 2025 - KKR & Co. Inc. (NYSE: KKR) today reported its first quarter 2025 results.

Over our 49-year history, we have successfully navigated many periods of uncertainty. Our first quarter results and significant April activity bear testament to the strength of our diversified and durable business model.

Volatility can yield attractive investment opportunities, and we're encouraged by our positioning given our global footprint, differentiated operational and investment capabilities, and collaborative culture alongside $116 billion of dry powder ready to invest on behalf of our clients.

Joseph Y. Bae and Scott C. Nuttall

Co-Chief Executive Officers

Conference Call

A conference call to discuss KKR's financial results will be held on May 1, 2025 at 9:00 a.m. ET. The conference call may be accessed by dialing [phone] (U.S. callers) or [phone] (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR's website beginning approximately one hour after the live broadcast ends.

About KKR

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

KKR Reports First Quarter 2025 Financial Results

Legal Disclosures

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

The statements contained in this presentation are made as of the date of this presentation, other than financial figures, which are as of March 31, 2025, unless another time is specified in relation to such statements or financial figures, and access to this presentation at any given time shall not give rise to any implication that there has been no change in the facts set forth in this presentation since such date.

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

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

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

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

Contact Information

Investor Relations

Craig Larson

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

[e-mail]

Media

Kristi Huller

Phone: [phone]

[e-mail]

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First Quarter 2025 GAAP Results (Unaudited)

GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $(0.2) billion for the quarter and

$2.2 billion in the LTM.

($ in thousands, except per share data) 1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
Revenues
Asset Management and Strategic Holdings $ 1,956,468	$ 2,045,915	$ 6,637,740	$ 7,301,693
Insurance 7,700,270	1,064,268	14,390,828	8,030,450
Total Revenues $ 9,656,738	$ 3,110,183	$ 21,028,568	$ 15,332,143
Expenses
Asset Management and Strategic Holdings $ 1,617,969	$ 1,667,900	$ 4,969,438	$ 5,809,685
Insurance 7,694,975	2,163,055	13,842,028	9,694,186
Total Expenses $ 9,312,944	$ 3,830,955	$ 18,811,466	$ 15,503,871
Total Investment Income (Loss) - Asset Management and Strategic Holdings $ 1,019,257	$ 1,491,839	$ 5,292,123	$ 5,440,177
Income Tax Expense (Benefit) 269,201	86,569	1,317,977	771,764
Redeemable Noncontrolling Interests 32,678	8,494	34,576	48,965
Noncontrolling Interests 378,958	861,928	2,082,191	2,239,613
Preferred Stock Dividends -	-	34,497	-
Net Income (Loss) - KKR Common Stockholders $ 682,214	$ (185,924)	$ 4,039,984	$ 2,208,107
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock
Basic $ 0.77	$ (0.22)	$ 4.63	$ 2.47
Diluted $ 0.74	$ (0.22)	$ 4.46	$ 2.32
Weighted Average Shares of Common Stock Outstanding
Basic 885,005,824	888,246,698	873,421,040	887,826,075
Diluted 925,141,166	888,246,698	914,564,951	946,906,375

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

First Quarter 2025 Highlights

Financial Measures

• Fee Related Earnings ("FRE") of $823 million ($0.92/adj. share) in the quarter, up 23% year-over-year

  • FRE was $3.4 billion in the LTM ($3.82/adj. share), up 37% year-over-year

• Total Operating Earnings ("TOE") of $1.1 billion ($1.24/adj. share) in the quarter, up 16% year-over-year

  • TOE was $4.5 billion in the LTM ($5.04/adj. share), up 32% year-over-year

• Adjusted Net Income ("ANI") of $1.0 billion ($1.15/adj. share) in the quarter, up 20% year-over-year

  • ANI was $4.4 billion in the LTM ($4.88/adj. share), up 37% year-over-year

    Capital Metrics

• Assets Under Management ("AUM") of $664 billion, up 15% year-over-year

  • K-Series AUM totals $21 billion as of March 31, 2025 versus $8 billion one year prior

• Fee Paying Assets Under Management ("FPAUM") of $526 billion, up 12% year-over-year
• New Capital Raised of $31 billion in the quarter and $114 billion in the LTM
• Capital Invested of $19 billion in the quarter and $88 billion in the LTM

  • An additional $13 billion of private markets investments are signed and not yet closed

    Corporate

• Capital Group Strategic Partnership: Launched our first two public-private fixed income solutions for individual investors in April with two equity-oriented strategies expected to be launched in 2026. In addition, we are working jointly to extend access for individuals interested in private markets through vehicles such as model portfolios and target date funds
• Mandatory Convertible Preferred Offering: Issued $2.6 billion of 6.25% Series D Mandatory Convertible Preferred Stock in March
• Regular dividend of $0.185 per share of common stock was declared for the quarter, up 6% on an annualized basis from the 2024 dividend. KKR has increased its annualized dividend every year since its C-Corp conversion in 2018

Note: Adj. share refers to adjusted shares. See the Appendix for GAAP reconciliations and other important information. See page 27 for record and payment dates for common and mandatory convertible preferred stock.

First Quarter 2025 Segment Earnings

($ in thousands, except per share data)	1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
Management Fees	$ 815,327	$ 917,334	$ 3,107,496	$ 3,563,388
Transaction and Monitoring Fees, Net	152,084	261,509	730,559	1,275,309
Fee Related Performance Revenues	19,101	21,277	91,787	140,168
Fee Related Compensation	(172,640)	(210,021)	(834,882)	(871,299)
Other Operating Expenses	(145,131)	(167,496)	(591,011)	(685,908)
Fee Related Earnings	$ 668,741	$ 822,603	$ 2,503,949	$ 3,421,658
Insurance Operating Earnings	$ 272,840	$ 258,772	$ 884,365	$ 1,000,478
Strategic Holdings Operating Earnings	$ 20,720	$ 31,486	$ 35,251	$ 86,977
Total Operating Earnings	$ 962,301	$ 1,112,861	$ 3,423,565	$ 4,509,113
Net Realized Performance Income	77,998	87,989	415,558	618,779
Net Realized Investment Income	114,542	185,263	490,863	612,884
Total Investing Earnings	$ 192,540	$ 273,252	$ 906,421	$ 1,231,663
Total Segment Earnings	$ 1,154,841	$ 1,386,113	$ 4,329,986	$ 5,740,776
Interest Expense, Net and Other	(74,730)	(91,470)	(338,733)	(335,181)
Income Taxes on Adjusted Earnings	(216,366)	(260,655)	(806,691)	(1,033,086)
Adjusted Net Income	$ 863,745	$ 1,033,988	$ 3,184,562	$ 4,372,509
Adjusted Per Share Measures:
FRE per Adjusted Share	$ 0.75	$ 0.92	$ 2.81	$ 3.82
TOE per Adjusted Share	$ 1.08	$ 1.24	$ 3.85	$ 5.04
ANI per Adjusted Share	$ 0.97	$ 1.15	$ 3.58	$ 4.88

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

Total Operating Earnings

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

• TOE increased 32% over the last 12 months primarily driven by the growth in Fee Related Earnings. Over time, we expect Strategic Holdings Operating Earnings to contribute more meaningfully to Total Operating Earnings

Total Operating Earnings

($ in millions)

$4,509

Total Segment Earnings

($ in millions)

Total Investing Earnings

$3,424

$4,509

Strategic Holdings Operating Earnings Insurance Operating Earnings

Fee Related Earnings

$5,741

$962

$1,113

79%

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

1Q'24 1Q'25

1Q'24 LTM

1Q'25 LTM

1Q'25 LTM

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

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Asset Management Segment

($ in thousands, except per share data)	1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
Management Fees	$ 815,327	$ 917,334	$ 3,107,496	$ 3,563,388
Transaction and Monitoring Fees, Net	152,084	261,509	730,559	1,275,309
Fee Related Performance Revenues	19,101	21,277	91,787	140,168
Fee Related Compensation	(172,640)	(210,021)	(834,882)	(871,299)
Other Operating Expenses	(145,131)	(167,496)	(591,011)	(685,908)
Fee Related Earnings	$ 668,741	$ 822,603	$ 2,503,949	$ 3,421,658
Realized Performance Income	271,545	347,920	1,161,536	1,898,490
Realized Performance Income Compensation	(193,547)	(259,931)	(745,978)	(1,279,711)
Net Realized Performance Income	$ 77,998	$ 87,989	$ 415,558	$ 618,779
Realized Investment Income	134,753	217,957	584,950	617,872
Realized Investment Income Compensation	(20,211)	(32,694)	(94,087)	(92,681)
Net Realized Investment Income	$ 114,542	$ 185,263	$ 490,863	$ 525,191
Total Investing Earnings	$ 192,540	$ 273,252	$ 906,421	$ 1,143,970
Asset Management Segment Earnings	$ 861,281	$ 1,095,855	$ 3,410,370	$ 4,565,628
Additional Financial Measures and Capital Metrics:
FRE per Adjusted Share	$ 0.75	$ 0.92	$ 2.81	$ 3.82
Total Asset Management Segment Revenues	$ 1,392,810	$ 1,765,997	$ 5,676,328	$ 7,495,227
Assets Under Management	$ 577,633,000	$ 664,319,000	$ 577,633,000	$ 664,319,000
Fee Paying Assets Under Management	$ 470,603,000	$ 526,045,000	$ 470,603,000	$ 526,045,000
New Capital Raised (AUM)	$ 30,606,000	$ 30,540,000	$ 88,395,000	$ 113,576,000
Capital Invested	$ 14,104,000	$ 18,974,000	$ 48,347,000	$ 88,440,000
Uncalled Commitments	$ 97,508,000	$ 115,628,000	$ 97,508,000	$ 115,628,000

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

Management Fees and Fee Related Earnings

Management Fees Fee Related Earnings Per Adjusted Share

($ in millions)

• Increased by 15% to $3.6 billion in the LTM

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

• Increased 36% year-over-year driven primarily by the growth in management fees and capital markets transaction fees

  $3,461

  $3,563

  $3,030

  $3,107

  $2,656

  FRE per adjusted share FRE margin
  
  

  $3.82

  $2.81

  64%

  69%

  2022 2023 2024 1Q'24

  LTM

  1Q'25 LTM

  1Q'24 LTM

  1Q'25 LTM

  Assets Under Management

• AUM of $664 billion, up 15% year-over-year, with $31 billion of organic new capital raised in the quarter and $114 billion in the LTM
• Fee Paying AUM of $526 billion, up 12% year-over-year, with $22 billion of organic new capital raised in the quarter and $97 billion in the LTM
• Perpetual Capital of $279 billion, up 16% year-over-year driven primarily by the organic growth of Global Atlantic and from inflows into our K-Series Private Equity and Infrastructure vehicles. Perpetual capital represents 42% of AUM and 52% of FPAUM

  AUM

  ($ in billions)

  $664

  $578

  1Q'24 1Q'25

  Fee Paying AUM

  ($ in billions)

  $526

  $471

  1Q'24 1Q'25

  Perpetual Capital

  ($ in billions)

  $279

  $240

  1Q'24 1Q'25

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

  Additional Capital Detail

• Dry Powder: Uncalled commitments of $116 billion remain diversified across the firm's investment strategies
• AUM Not Yet Paying Fees: At quarter end, there was $64 billion of committed capital with a weighted average management fee rate of approximately 100 bps that becomes payable when the capital is either invested or enters its investment period
• Carry Eligible AUM: Of the $330 billion of carried interest eligible AUM, $245 billion is above cost and accruing carry
• Performance Fee Eligible AUM: $398 billion, up 16% year-over-year

  Performance Fee Eligible AUM Uncalled Commitments

  ($ in billions)

  $344

  $398

  1Q'24 1Q'25

  ($ in billions)

  $116

  $98

  1Q'24 1Q'25

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

  Fund Investment Performance

  Gross unrealized performance income totals $8.7 billion as of March 31, 2025

  Gross Return

  		1Q'25	LTM
  Private Equity
  Traditional Private Equity Portfolio		4%	11%
  Real Assets
  Infrastructure Portfolio		4%	13%
  Opportunistic Real Estate Portfolio		2%	5%

  Credit

  Leveraged Credit Composite		0%	7%
  Alternative Credit Composite		3%	11%

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

  Past performance is no guarantee of future results.

  Asset Management Segment − Private Equity

• AUM: Increased 7% quarter-over-quarter and increased 15% year-over-year to $209 billion with organic new capital raised of $11 billion in the quarter and $25 billion in the LTM

  • New capital raised in the quarter was primarily driven by Americas flagship private equity, K-Series PE and core private equity

  • Following the first close period, capital raised for North America XIV, including capital raised in April, totals $14 billion

• Realizations: Carried Interest drivers in 1Q included core private equity and exits across traditional private equity and multiple growth strategies
• Capital Invested: $4 billion in the quarter and $20 billion in the LTM. In 1Q, deployment was driven primarily by traditional private equity and growth, globally, as well as the previously announced investments in existing core private equity portfolio companies

  • $7 billion of private equity capital has been committed to new investments YTD that are not yet closed

• Performance: The traditional private equity portfolio appreciated 11% in the LTM

  ($ in thousands)	1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
  Management Fees	$ 342,485	$ 334,792	$ 1,312,206	$ 1,368,642
  Transaction and Monitoring Fees, Net	15,805	18,913	96,807	103,727
  Fee Related Performance Revenues	-	-	-	-
  Fee Related Revenues	$ 358,290	$ 353,705	$ 1,409,013	$ 1,472,369
  Realized Performance Income	$ 265,297	$ 334,060	$ 1,041,035	$ 1,381,242
  Capital Metrics:
  Assets Under Management	$ 182,766,000	$ 209,395,000	$ 182,766,000	$ 209,395,000
  Fee Paying Assets Under Management	$ 116,287,000	$ 124,050,000	$ 116,287,000	$ 124,050,000
  New Capital Raised (AUM)	$ 3,590,000	$ 10,989,000	$ 10,142,000	$ 25,059,000
  Capital Invested	$ 1,150,000	$ 4,318,000	$ 11,816,000	$ 20,230,000
  Uncalled Commitments	$ 55,017,000	$ 60,211,000	$ 55,017,000	$ 60,211,000

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

  Asset Management Segment − Real Assets

• AUM: Increased 3% quarter-over-quarter and 27% year-over-year to $171 billion with organic new capital raised of $5 billion in the quarter and $39 billion in the LTM

  • New capital raised in the quarter was widespread and included Global Atlantic inflows invested in real estate, Global Infrastructure V, Global Climate and K-Series Infrastructure

• Capital Invested: $6 billion in the quarter and $28 billion in the LTM. In 1Q, deployment was primarily driven by infrastructure in both Europe and Asia, as well as U.S. real estate credit and real estate equity in Asia

  • $6 billion of real assets capital has been committed to new investments that are not yet closed as of March 31, 2025

• Performance: The infrastructure portfolio appreciated 13% and the opportunistic real estate portfolio appreciated 5% in the LTM

  ($ in thousands)	1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
  Management Fees	$ 220,087	$ 280,578	$ 852,457	$ 1,053,222
  Transaction and Monitoring Fees, Net	17,373	9,855	32,203	44,990
  Fee Related Performance Revenues	1,400	1,765	19,344	59,922
  Fee Related Revenues	$ 238,860	$ 292,198	$ 904,004	$ 1,158,134
  Realized Performance Income	$ 624	$ 9,367	$ 57,956	$ 227,063
  Capital Metrics:
  Assets Under Management	$ 135,362,000	$ 171,281,000	$ 135,362,000	$ 171,281,000
  Fee Paying Assets Under Management	$ 115,649,000	$ 144,033,000	$ 115,649,000	$ 144,033,000
  New Capital Raised (AUM)	$ 5,858,000	$ 5,222,000	$ 19,229,000	$ 39,044,000
  Capital Invested	$ 5,456,000	$ 5,560,000	$ 16,265,000	$ 28,026,000
  Uncalled Commitments	$ 24,311,000	$ 31,378,000	$ 24,311,000	$ 31,378,000

  Asset Management Segment − Credit and Liquid Strategies

• AUM: Increased 3% quarter-over-quarter and 9% year-over-year to $284 billion with organic new capital raised of $14 billion in the quarter and $49 billion in the LTM

  • New capital raised in the quarter was primarily driven by inflows at Global Atlantic, leveraged credit SMAs, fundraising across opportunistic and high grade asset-based finance, direct lending and junior capital, as well as K-Series Credit

  • AUM comprised of: $129 billion of leveraged credit, $74 billion of asset-based finance, $43 billion of direct lending, $8 billion of strategic investments and $30 billion of liquid strategies

  • Following quarter end, the Capital Group partnership launched two public-private fixed income solutions

• Capital Invested: $9 billion in the quarter and $40 billion in the LTM. In 1Q, deployment was most active in direct lending and high grade asset-based finance
• Performance: The alternative credit composite appreciated 11% and the leveraged credit composite appreciated 7% in the LTM

  ($ in thousands)	1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
  Management Fees	$ 252,755	$ 301,964	$ 942,833	$ 1,141,524
  Transaction and Monitoring Fees, Net	3,188	3,397	10,101	11,203
  Fee Related Performance Revenues	17,701	19,512	72,443	80,246
  Fee Related Revenues	$ 273,644	$ 324,873	$ 1,025,377	$ 1,232,973
  Realized Performance Income	$ 5,624	$ 4,493	$ 62,545	$ 290,185
  Capital Metrics:
  Assets Under Management	$ 259,505,000	$ 283,643,000	$ 259,505,000	$ 283,643,000
  Fee Paying Assets Under Management	$ 238,667,000	$ 257,962,000	$ 238,667,000	$ 257,962,000
  New Capital Raised (AUM)	$ 21,158,000	$ 14,329,000	$ 59,024,000	$ 49,473,000
  Capital Invested	$ 7,498,000	$ 9,096,000	$ 20,266,000	$ 40,184,000
  Uncalled Commitments	$ 18,180,000	$ 24,039,000	$ 18,180,000	$ 24,039,000

  Asset Management Segment − Capital Markets

• Transaction Fees: Totaled $229 million in the quarter and $1.1 billion in the LTM

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

  • Capital markets transaction fees were diversified by source in the quarter: private equity, infrastructure and third-party fees generated approximately 25%, 20% and 20%, respectively

  • Approximately two thirds of transaction fees were debt product focused in the quarter

    ($ in thousands) 1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
    Transaction Fees $ 115,718	$ 229,344	$ 591,448	$ 1,115,389

    Asset Management Segment − Principal Activities

• All financial results exclude Strategic Holdings

  • Realizations: Realized Investment Income of $218 million in the quarter and $618 million in the LTM
  • Balance Sheet Investment Return: Remained flat in the quarter and appreciated 6% in the LTM
  • Embedded Gains: $2.8 billion of embedded unrealized gains on the balance sheet at quarter end

    ($ in thousands) 1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
    Realized Investment Income $ 134,753	$ 217,957	$ 584,950	$ 617,872

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    Insurance Segment

• Net Investment Income: Net Investment Income of $1.7 billion in the quarter primarily reflects growth in the investment portfolio attributable to net inflows and higher average portfolio yields
• Net Cost of Insurance: Net Cost of Insurance of $1.2 billion in the quarter primarily reflects business growth and the associated higher funding costs as well as the routine run off of older business that was originated in a lower cost environment
• Highlights:

  • Global Atlantic AUM totals $197 billion, of which $146 billion is Credit AUM. Ivy and other sponsored reinsurance vehicles total $47 billion of the $197 billion

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

    ($ in thousands)	1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
    Net Investment Income	$ 1,486,419	$ 1,729,343	$ 5,592,981	$ 6,571,746
    Net Cost of Insurance	(1,003,327)	(1,241,222)	(3,535,724)	(4,686,781)
    General, Administrative and Other	(210,252)	(229,349)	(818,647)	(884,487)
    Pre-tax Operating Earnings	272,840	258,772	1,238,610	1,000,478
    Pre-tax Operating Earnings Attributable to Noncontrolling Interests	-	-	(354,245)	-
    Insurance Operating Earnings	$ 272,840	$ 258,772	$ 884,365	$ 1,000,478
    Additional Financial Measure:
    Global Atlantic Book Value	$ 8,068,171	$ 9,480,620	$ 8,068,171	$ 9,480,620

    Note: See Appendix for endnotes explaining certain terms. 1Q'25 and 1Q'25 LTM Net Investment Income included $10 million ($8 million of insurance operating earnings), and $33 million ($27 million of insurance operating earnings), respectively, of realized gains and losses not related to asset/liability matching investment strategies. 1Q'24 Net Investment Income only included income related to asset/liability matching investment strategies. 1Q'24 LTM Net Investment Income included $37 million ($17 million of insurance operating earnings) of realized gains and losses not related to asset/liabilities matching investment strategies.

    6 W U D W H J L F + R O G L Q J V

    6 H J P H Q W ' H W D L O

    
    
    

    Strategic Holdings Segment

• Strategic Holdings Segment Earnings: Driven by dividends from our Core PE businesses
• Highlights:

  • KKR's share of the 18 businesses' 4Q'24 LTM Adjusted Revenues is $3.8 billion and 4Q'24 LTM Adjusted EBITDA is $920 million. KKR's share includes the additional purchases of 1-800 Contacts and USI that closed in the first quarter of 2025

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

($ in thousands)	1Q'24	1Q'25	1Q'24 LTM	1Q'25 LTM
Dividends, Net	$ 20,720	$ 31,486	$ 35,251	$ 86,977
Strategic Holdings Operating Earnings	$ 20,720	$ 31,486	$ 35,251	$ 86,977
Net Realized Investment Income	$ -	$ -	$ -	$ 87,693
Strategic Holdings Segment Earnings	$ 20,720	$ 31,486	$ 35,251	$ 174,670

LTM Adjusted EBITDA by Geography (KKR's Share)

LTM Adjusted EBITDA by Industry (KKR's Share)

Asia Pacific 6%

Infrastructure 9%

Europe 25%

Americas 69%

Health Care 13%

TMT 13%

Business Services 36%

Consumer 29%

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

6 X S S O H P H Q W D O

, Q I R U P D W L R Q

Duration of Capital

Growth in Strategic & Perpetual Capital

($ in billions)

Assets Under Management

$240

$279

$64

$72

$304

$351

53% of AUM

is perpetual capital or long-dated strategic investor partnerships

7%

42%

40%

11%

1Q'24 1Q'25

Perpetual Capital

Long-Dated Strategic Investor Partnerships

93% of AUM

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

Perpetual Capital

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

Other

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

Assets Under Management Rollforward

Three Months Ended March 31, 2025

($ in millions)	Private Equity	Real Assets	Credit and Liquid Strategies	Total
Beginning Balance	$ 195,358	$ 165,969	$ 276,245	$ 637,572
New Capital Raised	10,989	5,222	14,329	30,540
Distributions and Other	(2,162)	(2,646)	(8,149)	(12,957)
Change in Value	5,210	2,736	1,218	9,164
Ending Balance	$ 209,395	$ 171,281	$ 283,643	$ 664,319

Twelve Months Ended March 31, 2025

($ in millions)	Private Equity	Real Assets	Credit and Liquid Strategies	Total
Beginning Balance	$ 182,766	$ 135,362	$ 259,505	$ 577,633
New Capital Raised	25,059	39,044	49,473	113,576
Distributions and Other	(14,552)	(10,651)	(30,688)	(55,891)
Change in Value	16,122	7,526	5,353	29,001
Ending Balance	$ 209,395	$ 171,281	$ 283,643	$ 664,319

Fee Paying Assets Under Management Rollforward

Three Months Ended March 31, 2025

($ in millions)	Private Equity	Real Assets	Credit and Liquid Strategies	Total
Beginning Balance	$ 119,598	$ 139,681	$ 252,684	$ 511,963
New Capital Raised	4,587	5,346	12,384	22,317
Distributions and Other	(820)	(2,031)	(8,063)	(10,914)
Change in Value	685	1,037	957	2,679
Ending Balance	$ 124,050	$ 144,033	$ 257,962	$ 526,045

Twelve Months Ended March 31, 2025

($ in millions)	Private Equity	Real Assets	Credit and Liquid Strategies	Total
Beginning Balance	$ 116,287	$ 115,649	$ 238,667	$ 470,603
New Capital Raised	13,386	38,420	45,436	97,242
Distributions and Other	(6,616)	(11,344)	(30,699)	(48,659)
Change in Value	993	1,308	4,558	6,859
Ending Balance	$ 124,050	$ 144,033	$ 257,962	$ 526,045

Investment Vehicle Summary - Asset Management

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

PRIVATE EQUITY BUSINESS LINE

North America Fund XIV	(3)	(4)	$ 13,091		$ 13,091		$ -		$ -		$ -		$ -
North America Fund XIII	8/2021	8/2027		18,400		5,342		13,361		327		13,024		17,351
Americas Fund XII	5/2017	5/2021		13,500		1,377		12,744		14,154		9,235		18,314
North America Fund XI	11/2012	1/2017		8,718		48		10,165		23,097		2,167		3,387
2006 Fund(1)	9/2006	9/2012		17,642		-		17,309		37,423		-		-
Millennium Fund(1)	12/2002	12/2008		6,000		-		6,000		14,129		-		-
Ascendant Fund	6/2022	6/2028		4,328		2,963		1,365		-		1,365		1,388
European Fund VI	6/2022	6/2028		7,432		4,515		2,917		-		2,917		2,584
European Fund V	7/2019	2/2022		6,366		611		5,878		2,821		4,455		6,256
European Fund IV	2/2015	3/2019		3,512		18		3,646		5,726		1,621		2,513
European Fund III(1)	3/2008	3/2014		5,506		146		5,360		10,625		151		21
European Fund II(1)	11/2005	10/2008		5,751		-		5,751		8,533		-		-
Asian Fund IV	7/2020	7/2026		14,735		7,300		8,234		1,478		7,810		12,899
Asian Fund III	8/2017	7/2020		9,000		1,265		8,265		8,663		6,129		10,612
Asian Fund II	10/2013	3/2017		5,825		-		7,496		6,699		2,456		946
Asian Fund(1)	7/2007	4/2013		3,983		-		3,974		8,728		-		-
Next Generation Technology Growth Fund III	11/2022	11/2028		2,740		1,579		1,161		-		1,161		1,284
Next Generation Technology Growth Fund II	12/2019	5/2022		2,088		31		2,254		913		1,872		3,378
Next Generation Technology Growth Fund	3/2016	12/2019		659		3		670		1,314		241		858
Health Care Strategic Growth Fund II	5/2021	5/2027		3,789		2,198		1,591		-		1,591		2,005
Health Care Strategic Growth Fund	12/2016	4/2021		1,331		91		1,370		467		1,068		1,899
Global Impact Fund II	6/2022	6/2028		2,700		1,842		858		-		858		749
Global Impact Fund	2/2019	3/2022		1,242		215		1,209		620		973		1,609
Co-Investment Vehicles and Other	Various	Various		28,252		3,130		25,771		11,548		19,487		24,120
Core Investors II	8/2022	8/2027		11,814		8,963		2,851		-		2,851		3,693
Core Investors I	2/2018	8/2022		8,500		23		9,526		1,658		8,295		16,709
Other Core Vehicles	Various	Various		6,920		1,165		5,831		1,919		5,247		8,518
Unallocated Commitments(2)	N/A	N/A		4,223		4,223		-		-		-		-
Total Private Equity			$	218,047	$	60,139	$	165,557	$	160,842	$	94,974	$	141,093

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

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

   (3)

   (4)

   
   
   

2. Represents unallocated commitments from certain of our strategic investor partnerships. Starts upon the date of the close of the first investment.

Six years after the start date for the investment period. 23

Investment Vehicle Summary - Asset Management (cont'd)

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

REAL ASSETS BUSINESS LINE

Global Infrastructure Investors V	7/2024	7/2030	$ 11,296	$ 11,296	$ -	$ -	$ -	$ -
Global Infrastructure Investors IV	8/2021	6/2024	16,585	2,881	14,074	899	13,741	17,387
Global Infrastructure Investors III	7/2018	6/2021	7,165	891	6,627	3,990	4,278	6,649
Global Infrastructure Investors II	12/2014	6/2018	3,040	131	3,167	5,600	633	1,048
Global Infrastructure Investors	9/2010	10/2014	1,040	-	1,050	2,228	-	-
Asia Pacific Infrastructure Investors II	9/2022	9/2028	6,348	3,540	2,982	197	2,770	3,447
Asia Pacific Infrastructure Investors	1/2020	9/2022	3,792	535	3,542	1,788	2,480	3,201
Diversified Core Infrastructure Fund	12/2020	(1)	11,173	706	10,673	1,117	10,594	11,456
Global Climate Fund(2)	7/2024	7/2030	2,749	2,749	-	-	-	-
Real Estate Partners Americas IV	11/2024	11/2028	1,928	1,928	-	-	-	-
Real Estate Partners Americas III	1/2021	9/2024	4,253	674	3,792	325	3,550	3,814
Real Estate Partners Americas II	5/2017	12/2020	1,921	235	1,970	2,808	351	295
Real Estate Partners Americas	5/2013	5/2017	1,229	135	1,024	1,444	-	-
Real Estate Partners Europe II	3/2020	12/2023	2,060	305	1,959	431	1,644	1,666
Real Estate Partners Europe	8/2015	12/2019	707	94	692	783	196	176
Asia Real Estate Partners	7/2019	7/2023	1,682	368	1,360	301	1,164	1,322
Property Partners Americas	12/2019	(1)	2,571	46	2,525	159	2,525	2,231
Real Estate Credit Opportunity Partners II	8/2019	6/2023	950	-	976	368	895	923
Real Estate Credit Opportunity Partners	2/2017	4/2019	1,130	122	1,008	613	1,008	1,009
Energy Related Vehicles	Various	Various	4,385	62	4,196	2,096	1,100	1,604
Co-Investment Vehicles & Other	Various	Various	13,288	2,594	10,734	1,955	10,316	11,031
Unallocated Commitments(3)	N/A	N/A	1,372	1,372	-	-	-	-

Total Real Assets

$

100,664 $

30,664 $

72,351 $

27,102 $

57,245 $

67,259

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

1. Open ended fund.

2. Includes an Asia-focused vehicle with different fund terms and whose investment period has not yet begun as of March 31, 2025.

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

Investment Vehicle Summary - Asset Management (cont'd)

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

CREDIT AND LIQUID STRATEGIES BUSINESS LINE(1)

Opportunities Fund II	11/2021	1/2026	$ 2,369	$ 988	$ 1,381	$ 45	$ 1,382	$ 1,570
Dislocation Opportunities Fund	8/2019	11/2021	2,967	362	2,605	1,758	1,470	1,582
Special Situations Fund II	2/2015	3/2019	3,525	284	3,241	2,567	759	796
Special Situations Fund	1/2013	1/2016	2,274	1	2,273	1,899	337	126
Mezzanine Partners	7/2010	3/2015	1,023	33	990	1,166	184	1
Asset-Based Finance Partners II	3/2024	3/2028	4,158	4,158	-	-	-	-
Asset-Based Finance Partners	10/2020	7/2025	2,059	712	1,347	235	1,347	1,512
Private Credit Opportunities Partners II	12/2015	12/2020	2,245	305	1,940	951	1,236	1,177
Lending Partners IV	3/2022	9/2026	1,150	345	805	123	805	846
Lending Partners III	4/2017	11/2021	1,498	540	958	1,106	519	490
Lending Partners II	6/2014	6/2017	1,336	157	1,179	1,220	108	67
Lending Partners	12/2011	12/2014	460	40	420	458	23	12
Lending Partners Europe II	5/2019	9/2023	837	210	627	540	332	356
Lending Partners Europe	3/2015	3/2019	848	184	662	567	101	105
Asia Credit Opportunities	1/2021	5/2025	1,084	408	676	52	676	823
Other Alternative Credit Vehicles	Various	Various	16,273	7,290	9,215	6,864	4,681	5,560
Total Credit and Liquid Strategies			$ 44,106	$ 16,017	$ 28,319	$ 19,551	$ 13,960	$ 15,023
Total Eligible To Receive Carried Interest			$ 362,817	$ 106,820	$ 266,227	$ 207,495	$ 166,179	$ 223,375

($ in millions) Uncalled Commitments Remaining Fair Value Total
Carried Interest Eligible	$	106,820	$	223,375	$	330,195
Incentive Fee Eligible		-		67,661		67,661
Total Performance Fee Eligible		106,820		291,036		397,856
Private Equity and Real Assets		786		64,867		65,653

Credit and Liquid Strategies	8,022	192,788	200,810
Total Assets Under Management	$ 115,628	$ 548,691	$ 664,319

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

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

   Strong Financial Profile

   • KKR & Co. Inc. is 'A' rated by both S&P and Fitch

   • Average maturity of debt is approximately 15 years with an after-tax weighted average fixed coupon of 3%(1)

   • Debt capacity includes a $2.75 billion undrawn revolving credit facility

     Key Asset Management Highlights - First Quarter 2025

• Embedded Gains (Unrealized) total $2.8 billion

• Gross Unrealized Performance Income totals $8.7 billion(2)

Net Cash and Investments Asset Management Investment Holdings by Asset Class (Fair Value)

($ in millions) 1Q'25

Cash and Short-term Investments(3)$ 7,135

16,538

$

Cash and Investments

9,403

Investments - Asset Management Segment

Infrastructure 6%

Energy 8%

Other 7%

Traditional Private Equity 34%

Outstanding Debt (at par)(1)8,643

Net Cash and Investments $ 7,895

Alternative Credit

8%

Growth Equity 11%

Leveraged Credit 12%

Real Estate 14%

Note: See Appendix for GAAP reconciliations, endnotes about investments and other important information.

1. Only includes debt guaranteed by KKR & Co. Inc. of $7,694 million and debt issued by KKR Financial Holdings LLC of $949 million. Does not include Global Atlantic or other debt.

2. Net unrealized performance income would be $2.2 billion assuming a 75% compensation accrual (using the mid-point of the guided range) on gross unrealized performance income.

3. Cash and short-term investments excludes Global Atlantic.