KKR(KKR) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenues for the three months ended March 31, 2025, were $3,110,183, a decrease of 67.7% compared to$ 9,656,738 in the same period of 2024[36]. - Net income for the three months ended March 31, 2025, was $684,498, down 37.4% from$ 1,093,850 in 2024[37]. - The company reported a net loss attributable to common stockholders of $(185,924) for Q1 2025, compared to a profit of$ 682,214 in Q1 2024[37]. - Comprehensive income for the three months ended March 31, 2025, was $2,095,968, significantly higher than$ 911,648 in the same period of 2024[41]. - The company reported net gains from investment activities of $1,086,591 for Q1 2025, compared to$ 638,162 in Q1 2024, marking a growth of 70.0%[36]. - The company reported a net unrealized loss of $(335,565) in asset management and strategic holdings for the three months ended March 31, 2025[170]. Assets and Liabilities - Total assets increased to$ 372,372,919 thousand as of March 31, 2025, up from $360,099,411 thousand at December 31, 2024, representing a growth of approximately 3.5%[26]. - Total liabilities increased to$ 303,415,987 thousand as of March 31, 2025, compared to $298,114,719 thousand at December 31, 2024, marking a rise of approximately 1.1%[27]. - Stockholders' equity grew to$ 67,035,452 thousand, up from $60,399,515 thousand, indicating an increase of about 11.0%[27]. - The total investments as of March 31, 2025, amounted to$ 285,850,575, an increase from $276,597,795 as of December 31, 2024[77]. - The total liabilities at fair value as of March 31, 2025, amounted to$ 33.70 billion, an increase from $33.32 billion as of December 31, 2024, reflecting a growth of approximately 1.1%[146]. Investment Activities - Net investment income increased to$ 1,783,280 for Q1 2025, compared to $1,519,902 in Q1 2024, reflecting a growth of 17.3%[36]. - Total investments purchased in insurance for Q1 2025 amounted to$ 24,919,638, significantly higher than $13,726,204 in Q1 2024[48]. - Proceeds from investments in insurance for Q1 2025 were$ 21,793,291, compared to $7,528,657 in Q1 2024, indicating a substantial increase[48]. - The company reported unrealized losses on fixed maturity securities classified as trading of$ 99,579 in Q1 2024, which improved to unrealized gains of $259,207 in Q1 2025[73]. Cash Flow and Operating Activities - Net cash provided by operating activities increased to$ 2,549,726 in Q1 2025, up 67.0% from $1,527,433 in Q1 2024[44]. - The net cash used in investing activities for Q1 2025 was$ (3,147,312), an improvement from $(6,198,779) in Q1 2024[48]. - KKR's net cash provided by financing activities in Q1 2025 was$ 3,603,104, a significant increase compared to $44,964 in Q1 2024[48]. Insurance Operations - Total insurance liabilities increased from$ 4,041,894 million in Q1 2024 to $4,338,050 million in Q1 2025, representing a growth of 7.3%[154]. - The total balance of funds withheld payable at interest decreased from$ (2,447,303) million in Q1 2024 to $(2,373,981) million in Q1 2025, a reduction of 3.0%[154]. - The company reported a change in total liabilities of$ 162,223 million for insurance in Q1 2025, compared to $234,067 million in Q1 2024, reflecting a decrease of 30.7%[154]. Equity and Stockholder Information - The Series D Mandatory Convertible Preferred Stock issued increased to 51,750,000 shares as of March 31, 2025, compared to zero shares at December 31, 2024[27]. - Basic net income (loss) per share of common stock for Q1 2025 was$ (0.22), a decrease from $0.77 in Q1 2024[13]. - The weighted average shares of common stock outstanding for basic calculations increased to 888,246,698 in Q1 2025 from 885,005,824 in Q1 2024[13]. Future Outlook and Strategic Initiatives - The company plans to expand its market presence through strategic acquisitions and new product developments in the upcoming quarters[149]. - Future guidance suggests a continued focus on enhancing operational efficiency and exploring new technology innovations[149].