Financial Data and Key Metrics Changes - The company reported fee-related earnings of $0.98 per share, total operating earnings of $1.33 per share, and adjusted net income of $1.18 per share, marking some of the highest figures in its history as a public company [3][4] - Management fees increased by 18% year-over-year to $996 million, driven by fundraising initiatives and deployment activities [4] - Fee-related performance revenues rose by 45% year-over-year to $54 million, attributed to performance allocation from the offshore infrastructure K Series vehicle [4][5] - Fee-related earnings (FRE) for the quarter totaled $887 million, with a FRE margin of 69%, reflecting a 33% increase in FRE per share over the last twelve months [5] Business Line Data and Key Metrics Changes - Insurance segment operating earnings were $278 million, slightly above the previous guidance of $250 million [5] - Strategic Holdings operating earnings reached $29 million, contributing to total operating earnings of $1.33 per share [5] - Realized performance income was $419 million, while realized investment income was $154 million, driven by public secondary sales and private transactions [7] Market Data and Key Metrics Changes - The private equity portfolio increased by 5% in the quarter and 13% over the last twelve months, while the infrastructure portfolio appreciated by 3% in the quarter and 14% over the same period [8] - The alternative credit composite rose by 19% over the last twelve months, indicating strong performance in credit markets [8] Company Strategy and Development Direction - The company continues to focus on long-term investments, deploying nearly $37 billion of capital year-to-date, with a significant portion outside the U.S. [10][11] - The alternative credit ecosystem, including asset-based finance (ABF), is viewed as a growing market with significant opportunities, with AUM in ABF increasing over 20% year-over-year to $75 billion [17] - The company announced an expansion into life sciences through the acquisition of Healthcare Royalty Partners, enhancing its healthcare investment capabilities [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2026 guidance shared last year, citing strong fundraising momentum and healthy portfolio performance [25] - The fundraising environment remains constructive, with $28 billion raised in Q2 and a target of over $300 billion for 2024-2026 [16][45] - The company is optimistic about the potential for 401(k) retirement reform to increase access to private market investments, viewing it as a long-term opportunity [78][82] Other Important Information - The company has a record of $9.2 billion in unrealized carried interest across its global portfolio, up approximately 30% from the previous year [13] - The firm is actively working on elongating and diversifying its liabilities, with a focus on third-party capital and alternative investments [20][73] Q&A Session Summary Question: Update on K Series credit and fundraising progress - Management highlighted that K Series AUM increased from $11 billion to $25 billion year-over-year, with strong progress in infrastructure and private equity [31][32] Question: Institutional fundraising dynamics - Management noted that institutional investors are returning to business as usual, with constructive discussions and a positive outlook for fundraising [45][46] Question: Opportunities in asset-based finance (ABF) - Management indicated that the environment is favorable for ABF, with companies looking to free up capital for strategic initiatives [55][56] Question: Performance of Global Atlantic - Management reported a solid quarter for Global Atlantic with $278 million in operating earnings, driven by variable investment income [71] Question: Impact of potential 401(k) retirement reform - Management expressed optimism about the reform, viewing it as a long-term opportunity to increase access to private market investments [78][82] Question: Industry evolution with AI and blockchain - Management is exploring how AI and blockchain can enhance productivity and create new investment opportunities [90][92]

格隆汇7月31日｜另类资产管理公司KKR公布第二季度业绩，总收入同比增长22%，达到50.9亿美元； 调整后每股收益为1.18美元，高于分析师预期的1.14美元。管理资产规模增加14%，达到6860亿美元， 略高于分析师预期的6837亿美元。KKR联合首席执行官Joseph Bae和Scott Nuttall表示，我们在全球范围 内积极进行投资、变现和筹资，这些领域的势头正在反映在公司的财务结果中，我们对下半年的发展持 乐观态度。 ...

Financial Performance - Fee Related Earnings (FRE) reached $887 million ($0.98/adj share) for the quarter, a 17% year-over-year increase[19] - Total Operating Earnings (TOE) amounted to $1.2 billion ($1.33/adj share) in the quarter, reflecting a 14% year-over-year growth[19] - Adjusted Net Income (ANI) was $1.1 billion ($1.18/adj share) for the quarter, up 9% year-over-year[19] - On a last-twelve-month (LTM) basis, FRE totaled $3.6 billion ($3.96/adj share), up 34% year-over-year, while TOE reached $4.7 billion ($5.19/adj share), up 26% year-over-year, and ANI was $4.5 billion ($4.98/adj share), up 27% year-over-year[19] - GAAP Net Income Attributable to KKR Common Stockholders was $0.5 billion for the quarter and $0.3 billion year-to-date[16] Assets Under Management - Assets Under Management (AUM) reached $686 billion, a 14% increase year-over-year[19] - Fee Paying Assets Under Management (FPAUM) totaled $556 billion, also up 14% year-over-year[19] - New capital raised in the quarter was $28 billion, and $109 billion for the last twelve months[19] - Capital invested during the quarter was $18 billion, and $83 billion for the last twelve months[19] Strategic Initiatives - KKR closed on a majority stake in HealthCare Royalty Partners, adding approximately $3 billion to AUM[22] - Japan Post Insurance announced a $2 billion investment in a new vehicle sponsored by Global Atlantic[62]

[Report Overview](index=1&type=section&id=Report%20Overview) [Press Release and Company Information](index=3&type=section&id=Press%20Release%20and%20Company%20Information) KKR released Q2 2025 earnings on July 31, 2025, and announced a conference call to discuss results, highlighting over 25% growth in FRE, TOE, and ANI over the past 12 months as a leading global investment firm - KKR is a leading global investment firm providing alternative asset management, capital markets, and insurance solutions[8](index=8&type=chunk) - The company achieved over **25% growth** in Fee Related Earnings, Total Operating Earnings, and Adjusted Net Income over the past 12 months[9](index=9&type=chunk) [Legal Disclosures and Non-GAAP Measures](index=5&type=section&id=Legal%20Disclosures%20and%20Non-GAAP%20Measures) This report contains forward-looking statements subject to risks and uncertainties, and uses non-GAAP measures like ANI, TOE, and FRE to supplement GAAP results for overall business performance evaluation - The report contains forward-looking statements, and actual results may differ materially from expectations; past performance is not indicative of future results[15](index=15&type=chunk) - Non-GAAP measures such as Adjusted Net Income (ANI), Total Operating Earnings (TOE), and Fee Related Earnings (FRE) are used to supplement GAAP financial performance and assess overall business performance[16](index=16&type=chunk) [Financial Results](index=7&type=section&id=Financial%20Results) [GAAP Results](index=9&type=section&id=GAAP%20Results) KKR reported GAAP net income attributable to common stockholders of $0.5 billion for Q2 2025 and $0.3 billion year-to-date, with total revenues of $5.089 billion and total expenses of $4.746 billion 2025 Q2 GAAP Key Financial Data | ($ in thousands, except per share data) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :------------------------------------ | :---- | :---- | :-------- | :-------- | | **Revenues** | | | | | | Asset Management and Strategic Holdings | 1,560,449 | 1,835,166 | 3,516,917 | 3,881,081 | | Insurance | 2,611,461 | 3,253,677 | 10,311,731 | 4,317,945 | | **Total Revenues** | 4,171,910 | 5,088,843 | 13,828,648 | 8,199,026 | | **Expenses** | | | | | | Asset Management and Strategic Holdings | 1,222,960 | 1,436,234 | 2,840,929 | 3,104,134 | | Insurance | 2,723,369 | 3,310,210 | 10,418,344 | 5,473,265 | | **Total Expenses** | 3,946,329 | 4,746,444 | 13,259,273 | 8,577,399 | | Net Income (Loss) - KKR Common Stockholders | 667,926 | 472,387 | 1,350,140 | 286,463 | | Basic EPS | 0.75 | 0.53 | 1.52 | 0.31 | | Diluted EPS | 0.72 | 0.50 | 1.45 | 0.29 | - GAAP net income attributable to KKR & Co. Inc. common stockholders was **$0.5 billion** for the second quarter and **$0.3 billion** year-to-date[22](index=22&type=chunk) [Key Highlights](index=11&type=section&id=Key%20Highlights) KKR's Q2 2025 saw FRE of $887 million (+17% YoY), TOE of $1.2 billion (+14% YoY), and ANI of $1.1 billion (+9% YoY), with AUM and FPAUM both growing 14% to $686 billion and $556 billion respectively 2025 Q2 Key Financial and Capital Metrics | Financial Measures | 2Q'25 | YoY Change | | :----------------- | :---- | :--------- | | Fee Related Earnings (FRE) | $887 million | +17% | | Total Operating Earnings (TOE) | $1.2 billion | +14% | | Adjusted Net Income (ANI) | $1.1 billion | +9% | | Assets Under Management (AUM) | $686 billion | +14% | | Fee Paying AUM (FPAUM) | $556 billion | +14% | | New Capital Raised | $28 billion | - | | Capital Invested | $18 billion | - | | Regular dividend | $0.185 per share | - | - Strategic acquisition of HealthCare Royalty Partners completed at quarter-end, adding approximately **$3 billion** in AUM and enhancing biopharmaceutical royalty and credit investment capabilities[26](index=26&type=chunk) [Segment Earnings](index=13&type=section&id=Segment%20Earnings) KKR's total segment earnings reached $1.434 billion in Q2 2025, an 11.16% year-over-year increase, driven by Fee Related Earnings, Insurance Operating Earnings, and Strategic Holdings Operating Earnings 2025 Q2 Segment Earnings Overview | ($ in thousands, except per share data) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :------------------------------------ | :---- | :---- | :-------- | :-------- | | Management Fees | 847,307 | 995,763 | 1,662,634 | 1,913,097 | | Fee Related Earnings | 755,397 | 886,754 | 1,424,138 | 1,709,357 | | Insurance Operating Earnings | 253,213 | 277,932 | 526,053 | 536,704 | | Strategic Holdings Operating Earnings | 40,852 | 29,121 | 61,572 | 60,607 | | Total Operating Earnings | 1,049,462 | 1,193,807 | 2,011,763 | 2,306,668 | | Total Investing Earnings | 240,603 | 240,212 | 433,143 | 513,464 | | Total Segment Earnings | 1,290,065 | 1,434,019 | 2,444,906 | 2,820,132 | | Adjusted Net Income | 971,869 | 1,063,350 | 1,835,614 | 2,097,338 | | FRE per Adjusted Share | 0.84 | 0.98 | 1.60 | 1.90 | [Total Operating Earnings Overview](index=15&type=section&id=Total%20Operating%20Earnings%20Overview) Total Operating Earnings (TOE), representing the more persistent and recurring portion of KKR's total segment earnings, grew 26% over the past 12 months, primarily driven by Fee Related Earnings - Total Operating Earnings (TOE) represent the more persistent and recurring portion of KKR's total segment earnings, growing **26%** over the past 12 months[32](index=32&type=chunk) - TOE growth was primarily driven by Fee Related Earnings, with Strategic Holdings Operating Earnings expected to contribute more significantly in the future[32](index=32&type=chunk) [Segment Performance](index=17&type=section&id=Segment%20Performance) [Asset Management Segment](index=19&type=section&id=Asset%20Management%20Segment) The Asset Management segment showed strong performance in Q2 2025 with Fee Related Earnings of $887 million (+17% YoY), AUM of $686 billion, and FPAUM of $556 billion, both up 14% YoY 2025 Q2 Asset Management Segment Key Financial and Capital Metrics | ($ in thousands, except per share data) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :------------------------------------ | :---- | :---- | :-------- | :-------- | | Management Fees | 847,307 | 995,763 | 1,662,634 | 1,913,097 | | Fee Related Earnings | 755,397 | 886,754 | 1,424,138 | 1,709,357 | | Total Investing Earnings | 240,603 | 240,212 | 433,143 | 513,464 | | Asset Management Segment Earnings | 996,000 | 1,126,966 | 1,857,281 | 2,222,821 | | FRE per Adjusted Share | 0.84 | 0.98 | 1.60 | 1.90 | | Total Asset Management Segment Revenues | 1,728,165 | 1,856,597 | 3,120,975 | 3,622,594 | | Assets Under Management | 601,341,000 | 685,806,000 | 601,341,000 | 685,806,000 | | Fee Paying Assets Under Management | 487,320,000 | 556,247,000 | 487,320,000 | 556,247,000 | | New Capital Raised (AUM) | 32,432,000 | 27,986,000 | 63,038,000 | 58,526,000 | | Capital Invested | 22,733,000 | 17,701,000 | 36,837,000 | 36,675,000 | | Uncalled Commitments | 107,707,000 | 115,145,000 | 107,707,000 | 115,145,000 | - Management fees grew **16%** over the past 12 months to **$3.7 billion**, primarily driven by organic growth in Fee Paying Assets Under Management (FPAUM)[39](index=39&type=chunk) - Perpetual Capital reached **$289 billion**, a **16% year-over-year increase**, accounting for **42% of AUM** and **50% of FPAUM**, driven by organic growth in Global Atlantic and inflows into K-Series Private Equity and Infrastructure vehicles[47](index=47&type=chunk) - Uncalled commitments totaled **$115 billion**, diversified across various investment strategies[53](index=53&type=chunk) 2025 Q2 Fund Investment Performance (Gross Return) | Gross Return | 2Q'25 | LTM | | :------------- | :---- | :-- | | Private Equity | | | | Traditional Private Equity Portfolio | 5% | 13% | | Real Assets | | | | Infrastructure Portfolio | 3% | 14% | | Opportunistic Real Estate Portfolio | 3% | 7% | | Credit | | | | Leveraged Credit Composite | 2% | 7% | | Alternative Credit Composite | 1% | 9% | [Private Equity](index=29&type=section&id=Private%20Equity) Private Equity AUM increased 16% to $215 billion, with $5 billion in new capital raised and $5 billion invested in Q2 2025, and traditional private equity portfolio appreciating 13% over the last 12 months 2025 Q2 Private Equity Segment Key Metrics | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | Management Fees | 350,650 | 372,094 | 693,135 | 706,886 | | Realized Performance Income | 327,943 | 355,492 | 593,240 | 689,552 | | Assets Under Management | 185,265,000 | 214,576,000 | 185,265,000 | 214,576,000 | | Fee Paying Assets Under Management | 118,240,000 | 141,222,000 | 118,240,000 | 141,222,000 | | New Capital Raised (AUM) | 2,071,000 | 5,497,000 | 5,661,000 | 16,486,000 | | Capital Invested | 2,578,000 | 4,898,000 | 3,728,000 | 9,216,000 | | Uncalled Commitments | 54,925,000 | 55,194,000 | 54,925,000 | 55,194,000 | - Private Equity AUM increased **16%** year-over-year to **$215 billion**, with **$5 billion** in new capital raised this quarter, primarily from North America Fund XIV and K-Series PE[59](index=59&type=chunk) - **$5 billion** in capital was invested this quarter, primarily driven by traditional private equity in the US and Europe, as well as technology and healthcare growth sectors[59](index=59&type=chunk) - The traditional private equity portfolio appreciated **13%** over the past 12 months[59](index=59&type=chunk) [Real Assets](index=31&type=section&id=Real%20Assets) Real Assets AUM grew 18% to $179 billion, with $8 billion in new capital raised and $4 billion invested in Q2 2025, and infrastructure portfolio appreciating 14% over the last 12 months 2025 Q2 Real Assets Segment Key Metrics | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | Management Fees | 230,085 | 310,394 | 450,172 | 590,972 | | Realized Performance Income | 124,342 | 27,404 | 124,966 | 36,771 | | Assets Under Management | 151,549,000 | 179,447,000 | 151,549,000 | 179,447,000 | | Fee Paying Assets Under Management | 126,574,000 | 150,497,000 | 126,574,000 | 150,497,000 | | New Capital Raised (AUM) | 18,023,000 | 8,239,000 | 23,881,000 | 13,461,000 | | Capital Invested | 8,245,000 | 4,286,000 | 13,701,000 | 9,846,000 | | Uncalled Commitments | 33,106,000 | 33,924,000 | 33,106,000 | 33,924,000 | - Real Assets AUM increased **18%** year-over-year to **$179 billion**, with **$8 billion** in new capital raised this quarter, primarily from global infrastructure and K-Series infrastructure[63](index=63&type=chunk) - **$4 billion** in capital was invested this quarter, primarily driven by US core infrastructure, European climate transition, and diversified real estate credit and equity opportunities[63](index=63&type=chunk) - The infrastructure portfolio appreciated **14%** over the past 12 months, and the opportunistic real estate portfolio appreciated **7%**[63](index=63&type=chunk) [Credit and Liquid Strategies](index=33&type=section&id=Credit%20and%20Liquid%20Strategies) Credit and Liquid Strategies AUM increased 10% to $292 billion, with $14 billion in new capital raised and $9 billion invested in Q2 2025, and leveraged credit portfolio appreciating 7% over the last 12 months 2025 Q2 Credit and Liquid Strategies Segment Key Metrics | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | Management Fees | 266,572 | 313,275 | 519,327 | 615,239 | | Realized Performance Income | 30,024 | 35,954 | 35,648 | 40,447 | | Assets Under Management | 264,527,000 | 291,783,000 | 264,527,000 | 291,783,000 | | Fee Paying Assets Under Management | 242,506,000 | 264,528,000 | 242,506,000 | 264,528,000 | | New Capital Raised (AUM) | 12,338,000 | 14,250,000 | 33,496,000 | 28,579,000 | | Capital Invested | 11,910,000 | 8,517,000 | 19,408,000 | 17,613,000 | | Uncalled Commitments | 19,676,000 | 26,027,000 | 19,676,000 | 26,027,000 | - Credit and Liquid Strategies AUM increased **10%** year-over-year to **$292 billion**, with **$14 billion** in new capital raised this quarter, primarily from Global Atlantic inflows, CLO issuances, asset-backed finance, and K-Series credit[68](index=68&type=chunk) - AUM composition includes **$134 billion** leveraged credit, **$75 billion** asset-backed finance, and **$45 billion** direct lending[68](index=68&type=chunk) - **$9 billion** in capital was invested this quarter, primarily active in direct lending and highly-rated asset-backed finance[68](index=68&type=chunk) - The leveraged credit portfolio appreciated **7%** over the past 12 months, and the alternative credit portfolio appreciated **9%**[68](index=68&type=chunk) [Capital Markets and Principal Activities](index=35&type=section&id=Capital%20Markets%20and%20Principal%20Activities) Capital Markets transaction fees totaled $200 million in Q2 2025, with realized investment income of $154 million, and unrealized embedded gains on the balance sheet totaling $2.8 billion at quarter-end 2025 Q2 Capital Markets Transaction Fees | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | Transaction Fees | 192,100 | 199,568 | 307,818 | 428,912 | - Transaction fees totaled **$200 million** this quarter, with approximately half from Europe, primarily contributed by infrastructure, private equity, and third-party fees, and approximately **80%** from debt products[75](index=75&type=chunk) 2025 Q2 Principal Activities Realized Investment Income | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | Realized Investment Income | 138,546 | 153,998 | 273,299 | 371,955 | - Realized investment income was **$154 million** this quarter, with balance sheet investments appreciating **1%** this quarter and **5%** over the past 12 months[76](index=76&type=chunk) - Unrealized embedded gains on the balance sheet totaled **$2.8 billion** at quarter-end[76](index=76&type=chunk) [Insurance Segment](index=39&type=section&id=Insurance%20Segment) The Insurance segment generated $278 million in operating earnings in Q2 2025, with net investment income of $1.8 billion, and Global Atlantic's AUM totaling $201 billion, including $149 billion in credit AUM 2025 Q2 Insurance Segment Key Financial Metrics | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | Net Investment Income | 1,538,046 | 1,788,525 | 3,024,465 | 3,517,868 | | Net Cost of Insurance | (1,070,616) | (1,277,381) | (2,073,943) | (2,518,603) | | General, Administrative and Other | (214,217) | (233,212) | (424,469) | (462,561) | | Insurance Operating Earnings | 253,213 | 277,932 | 526,053 | 536,704 | | Global Atlantic Book Value | 8,317,285 | 9,565,438 | 8,317,285 | 9,565,438 | - Net investment income was **$1.8 billion**, primarily reflecting portfolio growth due to net inflows and higher average portfolio yields[82](index=82&type=chunk) - Global Atlantic AUM totaled **$201 billion**, of which **$149 billion** is credit AUM[82](index=82&type=chunk) - Post-quarter, Japan Post Insurance announced a **$2 billion** investment in a new Global Atlantic sponsored vehicle[82](index=82&type=chunk) [Strategic Holdings Segment](index=43&type=section&id=Strategic%20Holdings%20Segment) Strategic Holdings segment earnings are primarily driven by dividends from core private equity businesses, with KKR expecting operating earnings to exceed $350 million by 2026, $700 million by 2028, and $1.1 billion by 2030 2025 Q2 Strategic Holdings Segment Earnings | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | Dividends, Net | 40,852 | 29,121 | 61,572 | 60,607 | | Strategic Holdings Operating Earnings | 40,852 | 29,121 | 61,572 | 60,607 | | Net Realized Investment Income | - | - | - | - | | Strategic Holdings Segment Earnings | 40,852 | 29,121 | 61,572 | 60,607 | LTM Adjusted EBITDA by Geography and Industry (KKR's Share) | LTM Adjusted EBITDA by Geography (KKR's Share) | Percentage | | :--------------------------------------------- | :--------- | | Americas | 70% | | Europe | 25% | | Asia Pacific | 5% | | LTM Adjusted EBITDA by Industry (KKR's Share) | Percentage | | TMT | 36% | | Consumer | 28% | | Health Care | 14% | | Business Services | 13% | | Infrastructure | 9% | - KKR expects Strategic Holdings Operating Earnings to exceed **$350 million** by 2026, **$700 million** by 2028, and **$1.1 billion** by 2030[90](index=90&type=chunk) [Supplemental Information](index=45&type=section&id=Supplemental%20Information) [Duration of Capital](index=47&type=section&id=Duration%20of%20Capital) KKR's AUM demonstrates long-term stability, with 52% in perpetual capital or long-dated strategic investor partnerships, and 93% having an initial term of at least 8 years - **52% of AUM** is perpetual capital or long-dated strategic investor partnerships, and **93% of AUM** is perpetual capital or has an initial term of at least 8 years[98](index=98&type=chunk) Perpetual Capital and Long-Dated Strategic Investor Partnerships Growth | ($ in billions) | 2Q'24 | 2Q'25 | | :-------------- | :---- | :---- | | Perpetual Capital | $250 | $289 | | Long-Dated Strategic Investor Partnerships | $65 | $68 | | Total Strategic & Perpetual Capital | $315 | $357 | [AUM and FPAUM Rollforward](index=49&type=section&id=AUM%20and%20FPAUM%20Rollforward) As of June 30, 2025, KKR's total AUM reached $685.806 billion, with $27.986 billion in new capital raised and $11.148 billion from value changes this quarter 2025 Q2 AUM Rollforward | ($ in millions) | Private Equity | Real Assets | Credit and Liquid Strategies | Total | | :-------------- | :------------- | :---------- | :--------------------------- | :---- | | Beginning Balance | 209,395 | 171,281 | 283,643 | 664,319 | | New Capital Raised | 5,497 | 8,239 | 14,250 | 27,986 | | Distributions and Other | (5,732) | (3,298) | (8,617) | (17,647) | | Change in Value | 5,416 | 3,225 | 2,507 | 11,148 | | Ending Balance | 214,576 | 179,447 | 291,783 | 685,806 | 2025 Q2 FPAUM Rollforward | ($ in millions) | Private Equity | Real Assets | Credit and Liquid Strategies | Total | | :-------------- | :------------- | :---------- | :--------------------------- | :---- | | Beginning Balance | 124,050 | 144,033 | 257,962 | 526,045 | | New Capital Raised | 18,691 | 7,382 | 12,733 | 38,806 | | Distributions and Other | (2,516) | (2,802) | (8,547) | (13,865) | | Change in Value | 997 | 1,884 | 2,380 | 5,261 | | Ending Balance | 141,222 | 150,497 | 264,528 | 556,247 | [Investment Vehicle Summary](index=53&type=section&id=Investment%20Vehicle%20Summary) KKR's investment vehicles span private equity, real assets, and credit and liquid strategies, with total committed capital of $220.582 billion for private equity, $105.935 billion for real assets, and $45.238 billion for credit and liquid strategies Private Equity Business Line Investment Vehicle Summary | ($ in millions) | Commitment | Uncalled Commitments | Invested | Realized | Remaining Cost | Remaining Fair Value | | :-------------- | :--------- | :------------------- | :------- | :------- | :------------- | :------------------- | | Total Private Equity | 220,582 | 55,132 | 173,061 | 163,156 | 100,866 | 151,443 | Real Assets Business Line Investment Vehicle Summary | ($ in millions) | Commitment | Uncalled Commitments | Invested | Realized | Remaining Cost | Remaining Fair Value | | :-------------- | :--------- | :------------------- | :------- | :------- | :------------- | :------------------- | | Total Real Assets | 105,935 | 33,275 | 74,879 | 28,321 | 59,324 | 70,602 | Credit and Liquid Strategies Business Line Investment Vehicle Summary | ($ in millions) | Commitment | Uncalled Commitments | Invested | Realized | Remaining Cost | Remaining Fair Value | | :-------------- | :--------- | :------------------- | :------- | :------- | :------------- | :------------------- | | Total Credit and Liquid Strategies | 45,238 | 16,166 | 29,314 | 20,247 | 13,880 | 15,951 | Performance Fee Eligible AUM | ($ in millions) | Uncalled Commitments | Remaining Fair Value | Total | | :-------------- | :------------------- | :------------------- | :---- | | Carried Interest Eligible | 104,573 | 237,996 | 342,569 | | Incentive Fee Eligible | - | 68,450 | 68,450 | | Total Performance Fee Eligible | 104,573 | 306,446 | 411,019 | [Strong Financial Profile](index=59&type=section&id=Strong%20Financial%20Profile) KKR maintains a robust financial profile with $7.084 billion in cash and short-term investments, $9.360 billion in asset management segment investments, and $7.138 billion in net cash and investments as of Q2 2025 2025 Q2 Asset Management Segment Cash and Investments | ($ in millions) | 2Q'25 | | :-------------- | :---- | | Cash and Short-term Investments | 7,084 | | Investments - Asset Management Segment | 9,360 | | Cash and Investments | 16,444 | | Outstanding Debt (at par) | 9,306 | | Net Cash and Investments | 7,138 | - KKR & Co. Inc. is rated 'A' by S&P and Fitch, with an average debt maturity of approximately **16 years** and an after-tax weighted average fixed coupon rate of **3%**[117](index=117&type=chunk) - Debt capacity includes a **$2.75 billion** undrawn revolving credit facility[117](index=117&type=chunk) - Unrealized embedded gains totaled **$2.8 billion**, and gross unrealized performance income totaled **$9.2 billion**[117](index=117&type=chunk) Asset Management Investment Holdings by Asset Class (Fair Value) | Asset Class | Percentage | | :---------- | :--------- | | Traditional Private Equity | 36% | | Real Estate | 15% | | Leveraged Credit | 12% | | Growth Equity | 9% | | Alternative Credit | 8% | | Energy | 6% | | Infrastructure | 5% | | Other | 9% | [Dividends and Corporate Information](index=61&type=section&id=Dividends%20and%20Corporate%20Information) KKR declared a Q2 2025 common stock dividend of $0.185 per share and a Series D mandatory convertible preferred stock dividend of $0.78125 per share, and issued $590 million in 6.875% subordinated notes - The Q2 2025 common stock dividend is **$0.185 per share**, payable on August 26, 2025[121](index=121&type=chunk) - The Series D mandatory convertible preferred stock dividend is **$0.78125 per share**, payable on September 1, 2025[122](index=122&type=chunk) - **$590 million** of 6.875% subordinated notes due 2065 were issued in the second quarter[123](index=123&type=chunk) [Stock Summary](index=63&type=section&id=Stock%20Summary) From December 31, 2024, to July 25, 2025, KKR repurchased 1 million shares for $110 million at an average cost of $114.90 per share, with total adjusted shares at 900,511,953 as of Q2 2025 - From December 31, 2024, to July 25, 2025, KKR repurchased **1 million shares** for **$110 million** at an average cost of **$114.90 per share** under its share repurchase program[125](index=125&type=chunk) Share Repurchase Activity and Adjusted Shares | (Amounts in millions, except per share amounts) | Inception to Date | | :-------------------------------------------- | :---------------- | | Open Market Share Repurchases | 67.4 | | Reduction of Shares for Retired Equity Awards | 26.6 | | Total Repurchased Shares and Retired Equity Awards | 94.0 | | Total Capital Used | $2,746 | | Average Price Paid Per Share | $29.20 | | Remaining Availability under Share Repurchase Plan | $459 | | Adjusted Shares | 4Q'24 | 2Q'25 | | :-------------------------------------------- | :---- | :---- | | Common Stock Outstanding | 888,232,174 | 890,938,778 | | Exchangeable Securities | 7,557,791 | 9,573,175 | | Adjusted Shares | 895,789,965 | 900,511,953 | [Appendix](index=65&type=section&id=Appendix) [GAAP Condensed Consolidated Income Statement](index=67&type=section&id=GAAP%20Condensed%20Consolidated%20Income%20Statement) The appendix provides an unaudited GAAP condensed consolidated income statement for Q2 2025 and YTD, showing total revenues of $5.089 billion and net income attributable to KKR common stockholders of $472 million 2025 Q2 GAAP Condensed Consolidated Income Statement | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | **Revenues** | | | | | | Asset Management and Strategic Holdings | 1,560,449 | 1,835,166 | 3,516,917 | 3,881,081 | | Insurance | 2,611,461 | 3,253,677 | 10,311,731 | 4,317,945 | | **Total Revenues** | 4,171,910 | 5,088,843 | 13,828,648 | 8,199,026 | | **Expenses** | | | | | | Asset Management and Strategic Holdings | 1,222,960 | 1,436,234 | 2,840,929 | 3,104,134 | | Insurance | 2,723,369 | 3,310,210 | 10,418,344 | 5,473,265 | | **Total Expenses** | 3,946,329 | 4,746,444 | 13,259,273 | 8,577,399 | | Net Income (Loss) - KKR Common Stockholders | 667,926 | 472,387 | 1,350,140 | 286,463 | [Reconciliation of GAAP to Non-GAAP Measures](index=69&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section details reconciliations between GAAP and non-GAAP measures, including shares, ANI, total segment earnings, TOE, FRE, adjusted EBITDA, total asset management segment revenues, Global Atlantic book value, cash, investments, and debt GAAP to Non-GAAP Shares Reconciliation (Unaudited) | | 2Q'24 | 3Q'24 | 4Q'24 | 1Q'25 | 2Q'25 | | :------------------------------------------ | :---- | :---- | :---- | :---- | :---- | | GAAP Shares of Common Stock Outstanding | 887,439,098 | 887,448,993 | 888,232,174 | 888,250,332 | 890,938,778 | | Adjustments: | | | | | | | Exchangeable Securities | 7,005,071 | 6,996,738 | 7,557,791 | 8,208,839 | 9,573,175 | | Adjusted Shares | 894,444,169 | 894,445,731 | 895,789,965 | 896,459,171 | 900,511,953 | GAAP Net Income to Adjusted Net Income Reconciliation | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | Net Income (Loss) - KKR Common Stockholders | 667,926 | 472,387 | 1,350,140 | 286,463 | | Income (Loss) Before Tax (GAAP) | 1,210,205 | 1,528,768 | 2,573,256 | 2,299,835 | | Adjusted Net Income | 971,869 | 1,063,350 | 1,835,614 | 2,097,338 | | Total Segment Earnings | 1,290,065 | 1,434,019 | 2,444,906 | 2,820,132 | | Total Operating Earnings | 1,049,462 | 1,193,807 | 2,011,763 | 2,306,668 | | Fee Related Earnings | 755,397 | 886,754 | 1,424,138 | 1,709,357 | GAAP Total Revenues to Total Asset Management Segment Revenues Reconciliation | ($ in thousands) | 2Q'24 | 2Q'25 | 2Q'24 YTD | 2Q'25 YTD | | :--------------- | :---- | :---- | :-------- | :-------- | | Total GAAP Revenues | 4,171,910 | 5,088,843 | 13,828,648 | 8,199,026 | | Insurance GAAP Revenues | (2,611,461) | (3,253,677) | (10,311,731) | (4,317,945) | | Total Asset Management Segment Revenues | 1,728,165 | 1,856,597 | 3,120,975 | 3,622,594 | Global Atlantic Book Value, Cash, Investments, and Debt Reconciliation | ($ in thousands) | 2Q'25 | | :--------------- | :---- | | Global Atlantic Book Value | 9,565,438 | | Cash and Short-term Investments | 7,083,841 | | Investments - Asset Management Segment | 9,360,072 | | Outstanding Debt (at par) | 9,306,000 | [Important Information - Endnotes](index=77&type=section&id=Important%20Information%20-%20Endnotes) The endnotes provide detailed explanations for specific terms, data sources, and calculation methodologies used in the report, including definitions for perpetual capital, AUM/FPAUM changes, fund investment performance, and insurance/strategic holdings segment metrics - Perpetual Capital refers to components of AUM with an indefinite term, without a preset requirement to return invested capital to investors, though it may decrease or terminate due to valuation changes, investor withdrawals, or termination of management agreements[145](index=145&type=chunk) - Changes in Assets Under Management (AUM) and Fee Paying Assets Under Management (FPAUM) include redemptions by fund investors and net changes in certain fund fee bases[158](index=158&type=chunk)[159](index=159&type=chunk) - Traditional Private Equity Portfolio excludes investments in growth equity or core private equity funds; Infrastructure Portfolio excludes investments in core infrastructure funds or global climate funds[147](index=147&type=chunk)[150](index=150&type=chunk) [Important Information - Non-GAAP and Other Measures](index=81&type=section&id=Important%20Information%20-%20Non-GAAP%20and%20Other%20Measures) This section defines KKR's non-GAAP and operational performance measures, such as ANI, total segment earnings, TOE, FRE, insurance operating earnings, strategic holdings operating earnings, total investing earnings, and total asset management segment revenues - Adjusted Net Income (ANI) is a measure of KKR's profitability, used to assess business operating performance and measure earnings potentially distributable to equity holders or reinvested[164](index=164&type=chunk) - Total Operating Earnings (TOE) is the sum of Fee Related Earnings, Insurance Operating Earnings, and Strategic Holdings Operating Earnings, representing the most recurring forms of earnings across KKR's segments[169](index=169&type=chunk) - Definitions and calculation methodologies for Assets Under Management (AUM) and Fee Paying Assets Under Management (FPAUM), along with the meaning of uncalled commitments, aim to provide insight into KKR's capital raising and deployment activities[173](index=173&type=chunk)[174](index=174&type=chunk) [Important Information - Other Legal Disclosures](index=87&type=section&id=Important%20Information%20-%20Other%20Legal%20Disclosures) This section covers KKR website information, entity liability, disclaimers against investment advice, past performance warnings, and detailed risk factors for forward-looking statements, emphasizing potential material differences from expectations - The KKR website serves as a channel for important company information, but website content does not constitute part of the report[177](index=177&type=chunk) - Past performance does not guarantee future results, and investment return information is solely for illustrating KKR's investment experience and strategies[181](index=181&type=chunk) - Forward-looking statements involve expectations regarding future business growth, financial condition, non-GAAP metrics, future performance of the Strategic Holdings segment, and other strategic initiatives, but are subject to various risks and uncertainties that may cause actual results to differ materially from expectations[183](index=183&type=chunk)[186](index=186&type=chunk)[190](index=190&type=chunk)

Core Insights - Energy Capital Partners and KKR announced a partnership to build a 190 MW data center in Texas with an investment of nearly $4 billion, marking the first investment in their $50 billion strategic partnership [1] Group 1 - The new data center will have a capacity of 190 megawatts [1] - The total investment for the project is expected to be close to $4 billion [1] - This investment is the first under the $50 billion strategic partnership between Energy Capital Partners and KKR [1]

Group 1 - KKR and ECP are launching a joint $4 billion data center project [1] - The project aims to capitalize on the growing demand for data storage and processing capabilities [1] - This initiative reflects the increasing investment interest in the data center sector, driven by digital transformation trends [1] Group 2 - The collaboration between KKR and ECP signifies a strategic move to enhance their portfolios in the technology infrastructure space [1] - The data center project is expected to contribute significantly to the regional economy and create job opportunities [1] - This investment aligns with global trends where data centers are becoming critical for businesses and consumers alike [1]

Group 1 - The abbot of Shaolin Temple, Shi Yongxin, is under investigation for alleged criminal activities, including misappropriation of funds and maintaining improper relationships [2] - Shi Yongxin is noted as the first abbot in China to hold an MBA and has been involved in various business ventures related to tourism and Buddhist products [4][5] - Shaolin Temple has expanded its commercial activities significantly since the 21st century, including the establishment of companies for publishing, consulting, and traditional medicine products, with sales exceeding 80 million yuan in 2019 for its herbal products [5] Group 2 - NASA plans to reduce its workforce by approximately 3,870 employees through a voluntary resignation program, which has raised concerns among current and former employees about the potential loss of critical knowledge and experience [6] - Jeff Bezos sold approximately 4.2 million shares of Amazon, cashing out around $954 million shortly after his wedding, bringing his total stock sales to over 16.91 billion yuan [6] - Huawei Cloud announced the discontinuation of several services, including domain registration and enterprise email, due to a strategic business adjustment [6] Group 3 - Tesla's engineering vice president stated that the company is at a critical strategic breakthrough period with several key products set to launch, including the Semi electric truck and advancements in autonomous driving technology [11] - The 2025 World Artificial Intelligence Conference highlighted a surge in demand for humanoid robots, with expectations of 50,000 units being produced this year [13][14] - BYD launched its new electric compact SUV, Yuan UP, in Malaysia, expanding its sales network to over 40 stores [16] Group 4 - KKR is in talks to acquire ST Telemedia Global Data Centres, with the deal potentially valuing the company at over $5 billion [18] - Avita's new 5G smart factory in Chongqing aims to achieve 100% automation and produce a new vehicle every 60 seconds [20][21] - The number of large models developed in China has reached 1,509, leading the world in total model count [29]

Group 1 - The European Commission has initiated an investigation to determine whether KKR violated obligations to provide accurate information during its merger transaction with NetCo [1]

Core Viewpoint - The article highlights a resurgence of foreign investment in China's primary market, driven by technological breakthroughs and policy incentives, with global private equity giants increasingly establishing RMB funds in China [2][4][12]. Group 1: Foreign Investment Trends - KKR has launched a RMB fund, marking a significant step in its strategic expansion in China, which is more aligned with the local market compared to previous USD funds [5][9]. - Other global private equity firms, such as Warburg Pincus, Hanley Capital, and L Catterton, are also accelerating their investments in China, indicating a broader trend among foreign investors [11]. - The establishment of KKR's RMB fund is seen as a new approach for foreign general partners (GPs) to invest in domestic assets, reflecting a shift in strategy [9][10]. Group 2: Market Sentiment and Future Outlook - After a period of low investment interest, foreign limited partners (LPs) are showing a strong recovery in their willingness to invest in Chinese assets, particularly in sectors like AI and robotics [12][13]. - The year 2025 is anticipated to be a pivotal turning point for foreign investment in China, with many international LPs restarting or initiating new investment plans [11][12]. - The article emphasizes that the evolving global economic landscape is prompting a reassessment of China's market potential, leading to increased confidence and investment from foreign entities [13].

文：韦亚军 新加坡曹宝记（TPC）集团通过在华平台曹宝记（中国）企业管理有限公司出资0.6亿元，占14.63%， 为第二大LP。 施罗德资本则通过旗下海南三亚施罗德股权投资基金合伙企业（有限合伙）出资0.23亿元，占5.58%，为第三大LP。 通过出资结构，我们可以看出这是典型的"外资GP+境内机构LP"组合。 在过去的2年里，放眼中国一级市场，除了KKR，其他几乎能够叫得出名字的全球PE巨头，包括华平投资、汉领资本（Hamilton Lane）、路威凯腾（L Catterton）、施罗德资本、亚赋资本（Affirma Capital）、博枫（Brookfield）、以及黑石、凯雷、CVC等，都已经募集过或正在募集人民币基金。 摄影：Bob君 募集人民币基金，已经成为跨国PE们的新共识。 近日，KKR境内管理实体开德时璞（上海）私募投资基金合伙企业（有限合伙）在中国证券投资基金业协会完成备案，基金类型为私募股权基金。这标 志着KKR首支在岸人民币基金正式落地。 开德时璞成立于2024年12月，注册地在上海浦东，由KKR香港公司100%控股。 其中，平安资本通过旗下母基平台——金嘉兴平汇利海股权投资合伙企业（有 ...