Financial Data and Key Metrics Changes - Fee related earnings per share increased to $0.92, up 22% year over year [6] - Total operating earnings rose to $1.24 per share, reflecting a 16% year over year increase [6] - Adjusted net income reached $1.15 per share, up 19% compared to the previous year [6] - Management fees for Q1 were $917 million, a 13% increase year over year, driven by fundraising and deployment activities [7] - Total fee related revenues amounted to $1.2 billion, up 22% year over year [8] Business Line Data and Key Metrics Changes - Insurance segment operating earnings were $259 million, in line with guidance [9] - Strategic holdings operating earnings reached $31 million, slightly ahead of guidance [9] - Realized performance income was $348 million, and realized investment income was $218 million, totaling $566 million in monetization activity, up nearly 40% year over year [11] - The private equity portfolio increased by 4% in the quarter and 11% over the last twelve months [12] Market Data and Key Metrics Changes - The company raised $31 billion in new capital during the quarter, with significant contributions from North America private equity strategy [22] - The K Series suite of vehicles saw AUM grow to $22 billion, compared to $9 billion a year ago [25] - The asset-based finance segment grew significantly, with AUM in private credit reaching $117 billion, and asset-based finance growing between 35% and 40% year over year [71] Company Strategy and Development Direction - The company is focused on leveraging its global and diversified business model to source attractive investment opportunities amid market volatility [15] - There is a strong emphasis on capital raising efforts, with no changes to targets despite market conditions [22] - The company aims to build long-term investment vehicles that will perform well over time, rather than focusing on short-term capital raises [95] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market volatility and highlighted the potential for attractive investment opportunities [15] - The company believes that its diversified portfolio is well-positioned to manage challenges posed by tariffs and supply chain issues [16] - There is optimism regarding deployment and monetization, with a record amount of gross unrealized performance income at $8.7 billion, up over 25% year on year [20] Other Important Information - The company increased its dividend to $0.74 per share on an annualized basis, marking the sixth consecutive year of dividend increases [14] - The insurance segment is evolving to source liabilities and assets more effectively, with expectations of stable operating earnings around $250 million [27] Q&A Session Summary Question: Impact of the emerging trade war on Asia business - Management indicated no change to strategy, emphasizing lessons learned from past experiences with tariffs and supply chain issues [46] Question: Resilience of private wealth flows and potential acceleration - Management noted that strong relative performance and low adoption rates could drive future growth in private wealth channels [50] Question: Why not increase share buybacks now? - Management reiterated a consistent capital allocation strategy focused on maximizing long-term earnings per share and quality of earnings [61] Question: Update on asset-backed finance platform - Management highlighted significant growth in asset-based finance, with a strong deployment environment expected [74] Question: Expectations for capital markets fees and transaction focus - Management noted that capital markets fees were solid in Q1, with a strong pipeline for Q2, although they may be slightly lower than Q1 [81]

Financial Performance - KKR reported a GAAP net income attributable to common stockholders of $(0.2) billion for Q1 2025, compared to $2.2 billion in the last twelve months (LTM) [22]. - Total revenues for Q1 2025 were $15.3 billion, a decrease from $21.0 billion in the LTM, with asset management and strategic holdings revenues at $7.3 billion [23]. - Total Operating Earnings (TOE) for Q1 2025 were $1.1 billion, a 16% increase year-over-year, with LTM TOE at $4.5 billion, up 32% year-over-year [25]. - Adjusted Net Income for 1Q'25 was $4,372.5 million, compared to $3,184.6 million in 1Q'24 [28]. - KKR's adjusted net income for 1Q'25 was $1,033,988, up from $863,745 in 1Q'24, showing an increase of approximately 19.7% [134]. - KKR's net income attributable to KKR common stockholders for 1Q'25 was $(185,924), compared to $682,214 in 1Q'24, indicating a significant loss [131]. - Total expenses for 1Q'25 were $15,503,871, compared to $18,811,466 in 1Q'24, reflecting a decrease of about 17.3% [130]. - The company reported net investment income of $6,837,986 for 1Q'25, an increase from $5,734,107 in 1Q'24, representing a growth of about 19.3% [130]. Revenue and Earnings Growth - Fee Related Earnings (FRE) for Q1 2025 were $823 million, up 23% year-over-year, with LTM FRE at $3.4 billion, up 37% year-over-year [25]. - Total Segment Earnings for 1Q'25 were $5,740.8 million, compared to $4,329.9 million in 1Q'24 [28]. - Fee Related Earnings reached $3,421.7 million for the last twelve months (LTM), up from $2,503.9 million in the previous LTM [36]. - Management Fees increased by 15% to $3,563.4 million in the LTM, supported by an increase in Fee Paying AUM [39]. - Total Asset Management Segment Revenues for the last twelve months (LTM) were $7,495,227, showing a significant increase from $5,676,328 [138]. Assets Under Management (AUM) - Assets Under Management (AUM) reached $664 billion, reflecting a 15% increase year-over-year, while Fee Paying Assets Under Management (FPAUM) were $526 billion, up 12% year-over-year [25]. - Performance Fee Eligible AUM increased by 16% year-over-year to $398 billion [52]. - Total AUM increased from $637.6 billion to $664.3 billion over the three months ended March 31, 2025, a growth of approximately 4.2% [101]. - The change in value for total AUM was $9.16 billion, driven by positive market performance across various asset classes [101]. - KKR's Assets Under Management (AUM) includes the fair value of investments, uncalled capital commitments, and the asset value of Global Atlantic insurance companies, totaling significant capital raising activities [172]. Capital Raising and Investments - KKR raised $31 billion in new capital during Q1 2025 and $114 billion in the LTM, with $19 billion capital invested in Q1 and $88 billion in the LTM [25]. - New Capital Raised in the quarter was $30.6 billion, contributing to a total of $113.6 billion in the LTM [37]. - The company raised $97.24 billion in new capital over the twelve months ended March 31, 2025, showcasing strong investor interest [104]. - KKR's capital allocation-based income for 1Q'25 was $3,454,447, down from $3,657,361 in 1Q'24, a decrease of approximately 5.6% [130]. - The company reported $10.8 billion in Uncalled Commitments across various investment strategies, indicating strong future investment potential [145]. Dividends and Share Repurchase - A regular dividend of $0.185 per share was declared for the quarter, representing a 6% increase on an annualized basis from the 2024 dividend [26]. - The company declared a dividend of $0.185 per share of common stock for Q1 2025, payable on May 27, 2025 [122]. - The share repurchase plan was increased by $500 million, with $462 million remaining available as of April 25, 2025 [127]. - The average price paid per share for share repurchases was $114.91, with a total of $107 million used to repurchase 0.9 million shares from December 31, 2024, to April 25, 2025 [125]. Strategic Initiatives and Future Outlook - KKR launched its first two public-private fixed income solutions for individual investors in April 2025, with plans for additional equity-oriented strategies in 2026 [25]. - Strategic Holdings Segment Earnings are expected to exceed $350 million by 2026, $700 million by 2028, and $1.1 billion by 2030, driven by strong operating performance and recent acquisitions [89]. - The company is focused on expanding into new investment strategies and geographic markets to enhance growth opportunities [189]. - KKR's Strategic Holdings segment is expected to contribute to future growth, with anticipated dividend payments from its companies [182]. Risks and Challenges - The company faces various risks, including market volatility, competition, and regulatory changes that could impact its business operations [188]. - KKR's ability to successfully integrate Global Atlantic and achieve its growth strategies is crucial for future performance [188]. - The company acknowledges that actual results may differ materially from forward-looking statements due to numerous uncertainties [185]. - KKR's reliance on third-party service providers and the potential impact of cybersecurity risks are significant concerns [189].

Group 1 - KKR & Co. Inc. is scheduled to report its first-quarter results on May 1, indicating a proactive approach despite the recent underperformance of private equity stocks [1] - The company is focusing on sectors such as AI, fintech, finance, and technology, highlighting its commitment to long-term growth and investment strategies [1] - KKR is actively analyzing publicly traded companies, emphasizing business models, earnings performance, and competitive positioning to identify potential investment opportunities [1]

欢迎加入投资界读者群 风云变幻。 作者 I 吴琼 报道 I 投资界PEdaily 投资界-解码LP获悉，近日KKR在一份公告中提到，将在中东地区成立一支投资团队， 由KKR董事总经理J u li a n Ba rr a tt-Due领导。 作 为 全 球 最 大 的 另 类 资 产 管 理 公 司 之 一 ， KKR 自 美 国 起 家 ， 此 后 便 不 断 进 行 全 球 化 布 局。2 009年，KKR进军中东，在当地设立办事处，成立专用基础设施和能源投资平台。 除了与海湾数据中心建立战略合作伙伴关系外，2 0 1 9年，KKR还与阿布扎比国家石油公 司合作，共同创建阿布扎比国家石油管道项目，这也是全球领先投资机构与中东国家石 油 公 司 在 中 游 基 础 设 施 领 域 的 首 次 合 作 。 一 年 后 ， KKR 还 通 过 飞 机 租 赁 投 资 平 台 Altit ude Air c r a ft Le a si n g 从阿提哈德航空收购了一批商用飞机，前者由KKR信贷和基 础设施基金成立。 颇 为 轰 动 的 还 有 今 年 初 ， KKR 宣 布 将 收 购 中 东 数 据 中 心 企 ...

Core Insights - The article emphasizes the importance of innovation and disruption in the financial sector, particularly focusing on high-tech and early growth companies [1] Group 1: Investment Focus - The company is keen on identifying growth buyouts and value stocks as potential investment opportunities [1] - There is a strong emphasis on monitoring the pace of technological advancements within the industry [1] Group 2: Research and Analysis - The article aims to provide readers with comprehensive research and insights into current events affecting the industry [1]

Group 1 - The Cash Flow Kingdom Income Portfolio aims to achieve an overall yield in the range of 7% to 10% by combining various income streams for a steady payout [1] - FS KKR Capital Corp (NYSE: FSK) is a Business Development Company that has experienced a decline in share price, resulting in an increased dividend yield of 15% [1] - The Cash Flow Club, where Jonathan Weber is a contributing author, focuses on company cash flows and access to capital, offering features like a personal income portfolio targeting 6%+ yield and coverage of various sectors [1] Group 2 - Jonathan Weber has been active in the stock market and as a freelance analyst since 2014, primarily focusing on value and income stocks [2]

当地时间 2 0 2 5年4月9日下午，首届中阿投资峰会在阿联酋阿布扎比成功举办。在峰会上，全 球母基金协会重磅发布了2 0 2 4全球最佳投资机构榜单，并举行了颁奖仪式。 On t h e a ft e r n o o n o f Ap ril 9 , 2 0 2 5 l o c a l time , t h e first Ch i n a -Ar a b I n v e stme n t Summit wa s s u c c e ssf u ll y h e l d i n Ab u Dh a b i, Un it e d Ar a b Emir a t e s. At t h e s ummit, t h e Gl o b a l FOF Ass o c i a ti o n r e l e a s e d t h e list o f t h e Wo rl d 's Be st I n v e stme n t I n stit u ti o n s i n 2 0 2 4 a n d h e l d a n awa r d c e r emo n y. 该榜单由全球母基金协会邀请欧美、中东等地 ...

Group 1 - The article recommends a buy on the common shares of KKR Real Estate Finance Trust Inc. (NYSE: KREF) [1] - KREF is identified as a commercial real estate loan manager with a portfolio consisting of 50 individual loans [1]

Group 1 - The article presents an IPO analysis for a new fixed-income security entering the market [1] - It invites active investors to join a free trial and engage in discussions with experienced traders [1] Group 2 - The article emphasizes that past performance does not guarantee future results [2] - It clarifies that no specific investment recommendations are provided [2]

Core Viewpoint - FS KKR Capital (NYSE: FSK) is highlighted as a strong Business Development Company (BDC) investment opportunity, offering both high recurring dividend income and potential for upside revaluation [1] Financial Performance - The non-accrual percentage for FS KKR Capital slightly deteriorated in Q4'24, indicating a minor decline in the quality of its loan portfolio [1]