Financial Position - Total assets increased to $339.77 billion as of March 31, 2024, up from $317.29 billion at December 31, 2023, representing a growth of approximately 7.8%[19] - Total liabilities increased to $282.86 billion as of March 31, 2024, from $258.92 billion at the end of 2023, reflecting a rise of about 9.2%[19] - Total stockholders' equity decreased to $21.42 billion from $22.86 billion, a decline of about 6.3%[21] - Total equity decreased to $55.99 billion from $57.76 billion, a decline of about 3.1%[21] - The total assets of the company as of March 31, 2024, were $109,927,538, compared to $86,096,876 at the end of the previous year, reflecting an increase of approximately 28%[28] - Total liabilities as of March 31, 2024, were $35,526,497, compared to $35,189,335 at the end of the previous year, showing a slight increase of about 1%[28] Revenue and Income - Total revenues for Q1 2024 reached $9,656,738, a significant increase from $3,127,482 in Q1 2023, representing a growth of approximately 209%[30] - Net income attributable to KKR & Co. Inc. for Q1 2024 was $682,214, compared to $339,994 in Q1 2023, reflecting an increase of about 100%[32] - Capital allocation-based income for Q1 2024 was $1,262,942, up from $449,018 in Q1 2023, indicating a growth of approximately 181%[30] - Net premiums in the insurance segment for Q1 2024 were $6,036,522, a substantial rise from $473,624 in Q1 2023, marking an increase of around 1,172%[30] - Total expenses for Q1 2024 amounted to $9,312,944, compared to $2,860,083 in Q1 2023, which is an increase of approximately 226%[30] - The company reported net investment income of $1,519,902 for Q1 2024, compared to $1,300,697 in Q1 2023, reflecting a growth of about 17%[30] Cash and Cash Equivalents - Cash and cash equivalents in Asset Management decreased to $7.08 billion from $8.39 billion, a decline of approximately 15.6%[19] - Cash, cash equivalents, and restricted cash at the end of the period were $16,165,528, up from $9,728,520 at the end of the previous year[39] - Cash and Cash Equivalents for Asset Management and Strategic Holdings increased to $8,393,892 from $6,705,325, representing a growth of approximately 25% year-over-year[1] - Total Insurance Cash and Cash Equivalents rose to $12,297,629 from $6,426,614, marking an increase of about 91% compared to the previous year[1] Investments - Investments rose to $100.69 billion in Asset Management and Strategic Holdings, compared to $98.63 billion at the end of 2023, marking an increase of about 2.1%[19] - The company reported a significant increase in reinsurance recoverable, which rose to $44.16 billion from $36.62 billion, representing a growth of approximately 20.5%[19] - The total investments as of March 31, 2024, amounted to $258,441,157, an increase from $240,005,124 as of December 31, 2023[90] - The company reported net realized gains of $190,905 in asset management and strategic holdings, compared to a loss of $(99,380) in the prior year[39] Policy Liabilities - Policy liabilities in the insurance segment rose to $173.60 billion, up from $160.06 billion, indicating an increase of approximately 8.5%[19] - The company reported policy liabilities, including market risk benefits, of $1,337,563 as of March 31, 2024, compared to $1,474,970 as of December 31, 2023[163] - As of March 31, 2024, total policy liabilities increased to $173.6 billion from $160.1 billion as of December 31, 2023, reflecting a growth of approximately 8.9%[207] Derivatives and Fair Value - The fair value of derivative assets and liabilities as of March 31, 2024, included total derivative assets of $327,153 and total derivative liabilities of $475,752[141] - The total fair value of embedded derivatives related to liabilities was $1.6 billion as of December 31, 2023[142] - The total gains (losses) on derivatives not qualifying as hedge accounting instruments from insurance activities were $(349,019)[154] - The total net investment income for the three months ended March 31, 2023, was $34,557[154] Other Financial Metrics - The company reported a change in unrealized losses of $(829,067) in asset management and strategic holdings, compared to a gain of $258,789 in the prior year[39] - The company experienced a net cash outflow of $(6,198,779) from investing activities, compared to $(3,818,533) in the previous year[39] - The company reported direct net policy fees of $328.9 million for the three months ended March 31, 2024, slightly up from $313.8 million in 2023, reflecting a growth of 4.9%[213] - The company’s assumed policy liabilities rose to $94.9 billion as of March 31, 2024, from $84.3 billion at the end of 2023, reflecting an increase of 12.5%[207]

KKR & Co. Inc. (NYSE:KKR) Q1 2024 Earnings Conference Call May 1, 2024 10:00 AM ET Company Participants Craig Larson - Partner and Head of IR Scott Nuttall - Co-CEO Rob Lewin - CFO Conference Call Participants Craig Siegenthaler - Bank of America Alex Blostein - Goldman Sachs Bill Katz - TD Cowen Brian McKenna - Citizens JMP Glenn Schorr - Evercore ISI Patrick Davitt - Autonomous Research Dan Fannon - Jefferies Benjamin Budish - Barclays Steven Chubak - Wolfe Research Brian Bedell - Deutsche Bank Michael Cy ...

Financial Performance - KKR reported a GAAP net income of $0.7 billion for Q1 2024, with $4.0 billion over the last twelve months (LTM)[15] - Fee Related Earnings (FRE) for Q1 2024 were $669 million, up 19% year-over-year, with LTM FRE reaching $2.5 billion[17] - Total Operating Earnings (TOE) for Q1 2024 were $962 million, a 28% increase year-over-year, with LTM TOE at $3.4 billion[17] - Adjusted Net Income (ANI) for Q1 2024 was $864 million, down 2% year-over-year, with LTM ANI at $3.2 billion[17] - Total revenues for Q1 2024 were $9.66 billion, up significantly from $3.13 billion in Q1 2023[16] - Insurance segment revenues for Q1 2024 were $7.70 billion, compared to $2.00 billion in Q1 2023[16] - Net Investment Income for the quarter was $1.5 billion, driven by higher yields and strong net inflows[48] - Net Cost of Insurance totaled $1.0 billion in the quarter, primarily due to new business and higher funding costs[48] - Total revenues for 1Q'24 were $9.656 billion, with net income attributable to KKR common stockholders at $682.214 million[73] - Adjusted Net Income for 1Q'24 was $863.75 million, compared to $719.28 million in 1Q'23, reflecting a 20% increase[79] - Total Operating Earnings for 1Q'24 were $962.30 million, up from $753.69 million in 1Q'23, a 28% increase[79] - Total GAAP Revenues for 1Q'24 were $9.66 billion, a significant increase from $3.13 billion in 1Q'23[81] - Insurance GAAP Revenues for 1Q'24 were $7.70 billion, compared to $2.00 billion in 1Q'23[81] - Adjusted EBITDA for 1Q'24 was $1.17 billion, up from $990.63 million in 1Q'23[80] Assets Under Management (AUM) - Assets Under Management (AUM) grew to $578 billion, a 13% increase year-over-year, with Fee Paying AUM at $471 billion[17] - Assets Under Management (AUM) reached $578 billion, up 13% year-over-year, with $31 billion of organic new capital raised in the quarter[28] - Fee Paying AUM grew to $471 billion, up 13% year-over-year, with $36 billion of organic new capital raised in the LTM[28] - Perpetual Capital increased to $240 billion, up 22% year-over-year, representing 42% of AUM and 50% of Fee Paying AUM[28] - Private Equity AUM increased 10% year-over-year to $183 billion, with $10 billion of organic new capital raised in the LTM[35] - Real Assets AUM grew 12% year-over-year to $135 billion, with $19 billion of organic new capital raised in the LTM[37] - Credit and Liquid Strategies AUM increased 16% year-over-year to $260 billion, with $59 billion of organic new capital raised in the LTM[40] - Global Atlantic AUM reached $177 billion, with $137 billion in Credit AUM[48] - The Manulife block reinsurance transaction added $10 billion to AUM in the quarter[48] - Private Equity AUM increased to $182.8 billion, with $3.6 billion in new capital raised during the quarter[57] - Real Assets AUM grew to $135.4 billion, with $5.9 billion in new capital raised during the quarter[57] - Credit and Liquid Strategies AUM rose to $259.5 billion, with $21.2 billion in new capital raised during the quarter[57] - Fee Paying AUM for Private Equity increased to $116.3 billion, with $9.5 billion in new capital raised during the quarter[59] - Total Assets Under Management (AUM) stand at $480.125 billion, with $97.508 billion in uncalled commitments[64] Capital Raising and Deployment - KKR raised $31 billion in new capital during Q1 2024 and $88 billion over the LTM[17] - Capital invested during Q1 2024 was $14 billion, with $48 billion invested over the LTM[17] - KKR completed the acquisition of the remaining minority equity stake in Global Atlantic, now reporting three segments including the new Insurance segment[18] - KKR's share of Strategic Holdings' 4Q'23 LTM Adjusted Revenues was $3.6 billion, with LTM Adjusted EBITDA of $1.5 billion[51] - Capital Invested in Strategic Holdings was $0.9 billion over the LTM[51] - Total Private Equity commitments amount to $194.641 billion, with $54.951 billion in uncalled commitments and $146.409 billion invested[61] - North America Fund XIII has a commitment of $18.4 billion, with $8.219 billion uncalled and $10.181 billion invested[61] - Global Infrastructure Investors IV has a commitment of $16.59 billion, with $6.86 billion uncalled and $10.062 billion invested[63] - Asian Fund IV shows a commitment of $14.735 billion, with $8.322 billion uncalled and $6.965 billion invested[61] - Total Real Assets commitments stand at $80.078 billion, with $23.606 billion uncalled and $58.236 billion invested[63] - Next Generation Technology Growth Fund III has a commitment of $2.74 billion, with $2.321 billion uncalled and $419 million invested[61] - Health Care Strategic Growth Fund II has a commitment of $3.789 billion, with $2.812 billion uncalled and $977 million invested[61] - Real Estate Partners Americas III has a commitment of $4.253 billion, with $1.544 billion uncalled and $2.818 billion invested[63] - Co-Investment Vehicles and Other in Private Equity have a commitment of $20.763 billion, with $3.358 billion uncalled and $17.973 billion invested[61] - Asia Pacific Infrastructure Investors II has a commitment of $6.348 billion, with $5.444 billion uncalled and $904 million invested[63] - Total Credit and Liquid Strategies commitments amount to $38.329 billion, with $25.640 billion invested and $17.407 billion realized[64] - KKR's portion of Uncalled Commitments to its investment funds includes $4.6 billion to Private Equity, $2.2 billion to Real Assets, and $1.2 billion to Credit and Liquid Strategies[88] Financial Position and Liquidity - Uncalled commitments (Dry Powder) remained at $98 billion, diversified across the firm's investment strategies[30] - Gross unrealized carried interest totaled $6.9 billion as of March 31, 2024[32] - Cash and Investments total $14.586 billion at 1Q'24, with embedded gains of $2.8 billion[65] - Net Cash and Investments amount to $6.529 billion, with gross unrealized performance income of $6.931 billion[66] - KKR maintains a strong financial profile with an 'A' rating from both S&P and Fitch, and $1.5 billion of undrawn corporate credit revolver capacity[65] - Total assets for 4Q'23 were $317.29 billion, with cash and cash equivalents in Asset Management and Strategic Holdings at $8.39 billion and Insurance at $11.95 billion[75] - Total liabilities for 4Q'23 were $258.92 billion, with debt obligations in Asset Management and Strategic Holdings at $44.89 billion and Insurance at $2.59 billion[75] Dividends and Share Repurchases - KKR declared a dividend of $0.175 per share of common stock for the first quarter of 2024, payable on May 28, 2024[70] - KKR used $93 million to retire equity awards, repurchasing shares at an average cost of $100.58 per share[68] - Total capital used for share repurchases and retired equity awards was $93 million, with an average price paid per share of $100.58[69] Expenses and Compensation - Total expenses for 1Q'24 were $9.312 billion, with compensation and benefits accounting for $1.316 billion[73] - The tax benefit from equity-based compensation for 1Q'24 was $26.2 million, increasing Adjusted Net Income by 3%[86] - KKR's compensation framework has been modified to decrease the percentage from fee-related revenues and increase the percentage from realized carried interest and incentive fees[122] Strategic Holdings and Investments - KKR's share of Strategic Holdings' 4Q'23 LTM Adjusted Revenues was $3.6 billion, with LTM Adjusted EBITDA of $1.5 billion[51] - Capital Invested for Strategic Holdings segment is included in Private Equity Capital Invested within the Asset Management segment and relates to Core Private Equity[93] - LTM Adjusted revenue and EBITDA represents KKR's look-through ownership percentage for each of these companies in the aggregate as a result of the firm's investments in these companies through its participation in our core private equity strategy multiplied by the revenue and EBITDA of each portfolio company, respectively[94] - Non-U.S. dollar businesses have been converted at the period-ending foreign exchange rate[94] - The calculation reflects the underlying revenue or EBITDA growth of investments made in the preceding periods, assuming those businesses were owned for the full acquisition year and are shown on a constant currency / constant ownership percentage basis[94] Risks and Uncertainties - Risks related to KKR's business include market volatility, geopolitical developments, and challenges in raising additional funds[127] - Valuation methodologies for certain assets can be subjective, and historical returns may not be indicative of future results[128] - Risks related to insurance activities include interest rate fluctuations and discrepancies between policyholder behavior estimates and actual claims experience[129] Operational Metrics - Management fees increased by 12% to $3.1 billion in the LTM, driven by growth in Fee Paying AUM from organic capital raised[26] - Fee Related Earnings (FRE) increased by 18% year-over-year, driven by growth in management fees, with the LTM FRE margin rising due to compensation framework adjustments[27] - For the three months ended March 31, 2024, Distributions and Other includes $128 million of redemptions by fund investors in Real Assets and $2,893 million of redemptions by fund investors in Credit and Liquid Strategies[96] - For the twelve months ended March 31, 2024, Distributions and Other includes $360 million of redemptions by fund investors in Real Assets and $8,396 million of redemptions by fund investors in Credit and Liquid Strategies[96] - The adjusted revenue and adjusted EBITDA information represents the measures management currently uses to monitor the operating performance of the businesses[93] - LTM Adjusted EBITDA is shown based on the geographic location of the businesses' headquarters[93] - Total Segment Earnings excludes: (i) equity-based compensation charges, (ii) amortization of acquired intangibles, (iii) strategic corporate related charges, and (iv) non-recurring items, if any[107] - Total Operating Earnings is a performance measure that represents the sum of (i) FRE, (ii) Insurance Operating Earnings, and (iii) Strategic Holdings Operating Earnings[112] - Capital Invested includes investments in funds, co-investments, and Principal Activities business line, with financing arrangements like credit facilities and leveraged credit strategies[115] - Fee Paying AUM (FPAUM) represents assets under management that generate management fees, excluding assets only entitled to performance income[115] - Uncalled Commitments represent the aggregate amount of capital available for future investments by KKR's investment funds and co-investment vehicles[116] - KKR's website serves as a channel for distributing material company information, including financial updates and investor alerts[117] - Forward-looking statements include expectations for business growth, AUM expansion, capital deployment, and investment returns, subject to risks and uncertainties[122] - KKR's Strategic Holdings segment is expected to contribute to future financial results, with potential for compounding earnings over time[122] - Perpetual capital, a component of AUM, includes registered funds, unregistered funds, listed companies, and insurance companies, but excludes traditional private equity funds and other investment vehicles[87]

KKR & Co. Inc. (KKR) is scheduled to announce first-quarter 2024 results on May 1, before the opening bell. Its earnings and revenues in the quarter are expected to have increased on a year-over-year basis.In the last reported quarter, the company’s earnings beat the Zacks Consensus Estimate. Results benefited from an improvement in revenues and growth in the assets under management (AUM) balance, partly offset by higher expenses.The company boasts an impressive earnings surprise history. Its earnings surpa ...

Editor's note: Seeking Alpha is proud to welcome Tomas Cverna as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » Richard Drury/DigitalVision via Getty Images Investment Thesis As part of the change in the Private Equity division's strategy, KKR & Co. Inc. (NYSE:KKR) has come up with the concept of long-term value creation a ...

KKR & Co. Inc. (KKR) ended the recent trading session at $94.47, demonstrating a +2% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.87%. Elsewhere, the Dow gained 0.67%, while the tech-heavy Nasdaq added 1.11%.Coming into today, shares of the company had lost 8.08% in the past month. In that same time, the Finance sector lost 5.66%, while the S&P 500 lost 3.97%.The investment community will be paying close attention to the earnings perfor ...

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KKR & Co. Inc. (KKR) closed at $100.27 in the latest trading session, marking a -1.36% move from the prior day. This change lagged the S&P 500's 0.15% gain on the day. Meanwhile, the Dow lost 0.02%, and the Nasdaq, a tech-heavy index, added 0.32%.Shares of the company have appreciated by 4.37% over the course of the past month, outperforming the Finance sector's loss of 1.77% and the S&P 500's gain of 1.65%.Market participants will be closely following the financial results of KKR & Co. Inc. in its upcoming ...

ATLANTA--(BUSINESS WIRE)--GreenSky today completed the previously announced acquisition of the company by a consortium of institutional investors led by Sixth Street and including KKR, Bayview Asset Management and CardWorks from Goldman Sachs. As part of the transaction, GreenSky is also deepening its strategic partnership with Synovus Bank, which has been an integral part of the GreenSky® Program since 2015. The GreenSky® Program is the largest lending platform for home improvement loan originations by ...

NEWARK, N.J.--(BUSINESS WIRE)--HarbourView Equity Partners (HarbourView), an industry-leading alternative asset management company focused on investment opportunities in the sports, media and entertainment space, has secured approximately $500 million in debt financing through a private securitization backed by its diversified catalog of music royalties. Insurance vehicles and accounts managed by KKR, a leading global investment firm, led the financing and investment accounts advised by Kuvare Asset Managem ...