Core Viewpoint - KKR & Co. Inc. has experienced significant underperformance over the past year, with shares losing over one-third of their value and nearing a 52-week low [1] Company Performance - Despite the decline in share value, KKR continues to report impressive financial results, indicating potential resilience in its business model [1]

Core Viewpoint - The private-markets firm maintains its return forecasts despite the turbulence in the software sector [1] Group 1 - The firm discussed its Q4 earnings in the context of current market conditions [1]

Core Insights - KKR & Co. Inc. reported a fourth-quarter 2025 net income per share of $1.12, missing the Zacks Consensus Estimate of $1.16, and a decline from $1.32 in the prior-year quarter [1][9] - The company's total assets under management (AUM) grew 16.6% year over year to $743.9 billion, contributing positively to management and transaction fees [4][9] - Total segment revenues increased by 13.7% year over year to $1.43 billion, but fell short of the Zacks Consensus Estimate of $1.44 billion [3][9] - Total segment expenses rose by 10.3% to $454.5 million, impacting the bottom line [3][9] Financial Performance - For 2025, KKR's net income per share was $5.05, missing the Zacks Consensus Estimate of $5.39, but increased from $4.70 in the previous year [2] - Net income attributable to the company was $3.08 billion, compared to $2.25 billion in the previous year [2] - Total operating earnings grew 17% year over year to $1.3 billion, while fee-related earnings increased by 15% year over year to $1 billion [5] Market Position and Outlook - KKR is expected to continue leveraging investment opportunities due to its effective fundraising capabilities, despite elevated expenses from global expansion [6] - The current challenging operating environment poses additional concerns for the company [6] - KKR holds a Zacks Rank 3 (Hold), indicating a neutral outlook in the market [7]

Core Viewpoint - KKR & Co. is acquiring Arctos Partners for $1.4 billion, marking a significant entry into the sports and secondaries investment sectors [1][2]. Group 1: Acquisition Details - The deal is structured as a cash-and-equity transaction valued at $1.4 billion, with potential additional equity payouts of up to $550 million [2]. - The initial payment includes $300 million in cash [2]. - Arctos will be integrated into a new unit called KKR Solutions, led by co-founder Ian Charles [1][3]. Group 2: Arctos Partners Overview - Arctos Partners, founded in 2019 and based in Dallas, has approximately $15 billion in assets under management [3]. - The firm holds stakes in prominent sports teams, including the NBA's Golden State Warriors and Sacramento Kings, Liverpool FC in the Premier League, and MLB's Los Angeles Dodgers [3]. Group 3: Industry Context - The acquisition positions KKR in two rapidly growing areas of private markets: sports investment and secondaries investing [3]. - Other recent transactions in the industry include EQT's acquisition of Coller Capital for $3.2 billion and Apollo Global Management's majority stake purchase in Atlético de Madrid [4].

Financial Data and Key Metrics Changes - The company reported fee-related earnings per share of $1.08, total operating earnings per share of $1.42, and adjusted net income per share of $1.12, with the adjusted net income excluding carried interest repayment obligation being $1.30 for Q4 [4] - Management fees for the quarter were $1.1 billion, up 24% year-over-year, driven by fundraising initiatives and deployment across the firm [4] - Total transaction and monitoring fees were $269 million in the quarter, while fee-related earnings were $972 million, reflecting a 15% year-over-year increase [5] Business Line Data and Key Metrics Changes - The Insurance segment reported operating earnings of $268 million in Q4, with potential earnings being approximately $320 million if investment marks were included [6][7] - Strategic Holdings operating earnings were $44 million in Q4, more than doubling compared to 2024 [8] - Realized performance income within the asset management segment was $528 million, with total monetization activity exceeding $550 million [9] Market Data and Key Metrics Changes - The company raised $28 billion of new capital in Q4, bringing the full-year total to $129 billion, marking the highest fundraising year in its history [11] - The North America Private Equity Fund has over $19 billion of committed capital, while the Global Infrastructure Fund is nearing $16 billion in commitments [12][13] - The K-Series suite of products raised $4.5 billion in Q4 and over $16 billion for the full year, nearly doubling the amount raised in 2024 [15] Company Strategy and Development Direction - The company aims to leverage its three growth engines: asset management, Insurance, and Strategic Holdings, to position itself well for long-term growth [18] - The acquisition of Arctos, valued at $1.4 billion, is expected to enhance the company's position in the sports investment sector and create a new investing vertical called KKR Solutions [24][27] - The company is focused on building a $100 billion AUM solutions franchise through strategic acquisitions and partnerships [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding fundraising and fee-related earnings targets for 2026, with a focus on maintaining a strong pipeline of monetization opportunities [29] - The company is well-positioned with $118 billion of dry powder, allowing it to capitalize on investment opportunities despite market volatility [21][46] - Management noted that the current economic environment presents both challenges and opportunities, emphasizing the importance of disciplined portfolio construction [33][36] Other Important Information - The company plans to increase its annual dividend from $0.74 to $0.78 per share, marking the seventh consecutive year of dividend increases since its C-Corp conversion [16] - Total embedded gains reached a record $19 billion, up 19% year-over-year, indicating strong performance across asset classes [10] Q&A Session Summary Question: How has the company reunderwritten its private portfolios in light of tariffs and AI? - Management indicated that they have minimal exposure to tariffs and have been proactive in addressing AI-related risks through careful portfolio construction and asset sales [41][44] Question: Is the strong 2025 result a level to build off of, given the linear deployment model? - Management confirmed that they expect to deploy more this year, citing broad-based deployment across strategies and geographies [51][58] Question: What are the expectations for management fee growth in 2026? - Management expressed confidence in exceeding the $450 million FRE target for 2026, supported by record capital raising and strong momentum in management fees [61][65] Question: What is the potential for realized investment income moving forward? - Management anticipates an increase in realized investment income, although it may decrease relative to recurring earnings as capital is reinvested for growth [69] Question: What are the recent trends at Global Atlantic? - Management expects to maintain a quarterly target of $250 million for Global Atlantic, with potential for growth in accrued income over the next few years [72][76]

Financial Data and Key Metrics Changes - The company reported fee-related earnings per share of $1.08, total operating earnings per share of $1.42, and adjusted net income per share of $1.12, with the adjusted net income excluding carried interest repayment obligation being $1.30 for Q4 [4] - Management fees for the quarter were $1.1 billion, up 24% year-over-year, driven by fundraising initiatives and deployment across the firm [4] - Total transaction and monitoring fees were $269 million in the quarter, while capital markets fees reached $225 million [5] - Fee-related earnings were $972 million, reflecting a 15% year-over-year increase, with an ROI margin of 68% for the quarter [5] Business Line Data and Key Metrics Changes - Insurance segment operating earnings in Q4 were $268 million, with potential earnings being approximately $320 million if marks on investments were included [6][7] - Strategic Holdings operating earnings were $44 million in Q4, more than doubling compared to 2024 [8] - Realized performance income within the asset management segment was $528 million, excluding carried interest repayment obligation [9] Market Data and Key Metrics Changes - The company raised $28 billion of new capital in Q4, bringing the full-year total to $129 billion, the highest in its history [11] - The North America Private Equity Fund has over $19 billion of committed capital, while the Global Infrastructure Fund is nearing $16 billion in commitments [12][13] - The K Series suite of products raised $4.5 billion in Q4 and over $16 billion for the full year, nearly double the amount raised in 2024 [15] Company Strategy and Development Direction - The company aims to leverage its three growth engines: asset management, insurance, and strategic holdings, to position itself well for the long term [18] - The acquisition of Arctos, valued at $1.4 billion, is expected to enhance the company's position in sports investments and GP solutions, with a goal of building a $100 billion AUM solutions franchise [24][27] - The company is focused on maintaining a collaborative culture to maximize business impact and attract top talent [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding fundraising and fee-related earnings targets for 2026, with a focus on long-term performance rather than short-term market conditions [29] - The company is well-positioned with $118 billion of dry powder for future investments, indicating a strong pipeline of opportunities despite market volatility [21][46] - Management noted that the current economic environment presents opportunities for strong returns, emphasizing the importance of disciplined portfolio construction [33][46] Other Important Information - The company plans to increase its annual dividend from $0.74 to $0.78 per share, marking the seventh consecutive year of dividend increases since its C-Corp conversion [16] - Total embedded gains reached a record $19 billion, up 19% year-over-year, indicating strong performance across asset classes [10] Q&A Session Summary Question: How has the company reunderwritten its private portfolios in light of tariffs and AI? - Management indicated that they have minimal exposure to tariffs and have been proactive in addressing AI-related risks, focusing on portfolio construction and linear pacing to mitigate potential disruptions [41][42][44] Question: Is the strong 2025 result a level to build off of, given the linear deployment model? - Management confirmed that 2025 was a record deployment year and expects to deploy more in the coming year, highlighting broad-based activity across strategies and geographies [51][58] Question: What are the expectations for management fee growth in 2026? - Management expressed confidence in exceeding the $450 million FRE target for 2026, citing strong capital raising momentum and operational efficiency [61][65] Question: What is the potential for realized investment income moving forward? - Management anticipates an increase in realized investment income over the next few years, although it will be relatively decreasing compared to recurring earnings as capital is reinvested for growth [69] Question: What are the recent trends at Global Atlantic? - Management expects to maintain a quarterly target of $250 million for Global Atlantic, with potential for growth in accrued income over the next few years [72][75]

Financial Data and Key Metrics Changes - The company reported fee-related earnings per share of $1.08, total operating earnings per share of $1.42, and adjusted net income per share of $1.12, with adjusted net income per share excluding carried interest repayment obligation being $1.30 for Q4 [3] - Management fees for the quarter were $1.1 billion, up 24% year-over-year, driven by fundraising initiatives and deployment across the firm [3] - Total transaction and monitoring fees were $269 million in the quarter, while fee-related earnings were $972 million, reflecting a 15% year-over-year increase [4] Business Line Data and Key Metrics Changes - Insurance segment operating earnings in Q4 were $268 million, with total insurance economics for 2025 reaching $1.9 billion, up 15% for the year [4][6] - Strategic Holdings operating earnings were $44 million in Q4, more than doubling compared to 2024 [6] - Realized performance income within the asset management segment was $528 million, with total monetization activity exceeding $550 million [7] Market Data and Key Metrics Changes - The company raised $28 billion of new capital in Q4, bringing the full-year capital raise to $129 billion, the highest in its history [9] - The North America Private Equity Fund now has over $19 billion of committed capital, while the Global Infrastructure Fund has nearly $16 billion of commitments [10][11] - The K Series suite of products raised $4.5 billion in Q4 and over $16 billion in full year 2025, nearly double the amount raised in 2024 [12] Company Strategy and Development Direction - The company is focused on three growth engines: asset management, insurance, and strategic holdings, positioning itself well for long-term growth [15] - The acquisition of Arctos, valued at $1.4 billion, aims to create a new investing vertical called KKR Solutions, expected to reach $100+ billion of AUM [20][24] - The company emphasizes a collaborative culture to maximize business impact and attract top talent [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding fundraising and fee-related earnings targets for 2026, with a focus on maintaining a strong monetization pipeline [26] - The company noted that despite market volatility, it remains well-positioned due to its disciplined portfolio construction and deployment strategy [30] - Management highlighted the importance of long-term performance over chasing favorable conditions, indicating a strong outlook for the next several years [33] Other Important Information - The company plans to increase its annual dividend from $0.74 to $0.78 per share, marking the seventh consecutive year of dividend increases since its C-Corp conversion [13] - The company has $118 billion of dry powder available for future investments, indicating strong capital availability [18] Q&A Session Questions and Answers Question: How has the company reunderwritten its private portfolios for tariffs and AI? - Management indicated that they have minimal exposure to tariffs and have been proactive in addressing AI-related risks through careful portfolio construction and selling assets that posed threats [34][36][38] Question: Is the strong 2025 result a level to build off of, given the linear deployment model? - Management confirmed that 2025 was a record deployment year and expects to deploy more in the current year, highlighting broad-based deployment across strategies and geographies [42][48] Question: What are the expectations for management fee growth in 2026? - Management expressed confidence in exceeding the $450 million FRE target for 2026, supported by record capital raising and a strong trajectory for management fees [49][51]

来源：滚动播报 KKR公布第四季度交易费用下降后，盘前股价下跌2.4%。 ...

Group 1 - The core viewpoint of the article is that KKR's fourth-quarter earnings report shows a decline in adjusted earnings per share and an increase in management fees, while assets under management have grown significantly [1] Group 2 - KKR reported an adjusted earnings per share of $1.12 for the fourth quarter, a decrease of 15.1% year-over-year, slightly below analysts' expectations of $1.14 [1] - Management fees for the period reached $1.12 billion, representing a year-over-year increase of 24% [1] - As of the end of the period, KKR's assets under management totaled $744 billion, reflecting a year-over-year growth of 17% [1]

KKR agreed to acquire Arctos Partners, an investor in professional sports franchise stakes, in a deal initially valued at $1.4 billion. ...