Group 1 - Barrick Mining Corporation has appointed Ben van Beurden as Lead Independent Director of the Board, succeeding Brett Harvey [1][4] - Ben van Beurden, former CEO of Shell, brings nearly four decades of experience in the energy and natural resources sectors, having led Shell's transformation into a diversified energy leader [2][6] - Brett Harvey has served as Lead Director since 2013, contributing to governance improvements and board diversity, and will remain a valued board member [4][5] Group 2 - Barrick's Chairman John Thornton praised Brett Harvey's leadership and noted that van Beurden's insights will enhance the Board's effectiveness [5][6] - Van Beurden's appointment aligns with Barrick's commitment to board renewal and strategic initiatives to adapt to industry dynamics [6] - Barrick Mining Corporation is a leading global mining company with a significant portfolio of gold and copper assets, operating in 18 countries [7]

[PART I — FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section details KKR's financial performance, condition, and management's analysis for the period ended June 30, 2025 [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) KKR's unaudited condensed consolidated financial statements as of June 30, 2025, reflect significant asset growth and increased revenues, presented with a two-tiered approach for clarity - KKR presents its financial statements using a two-tiered approach, separating the Insurance operations (Global Atlantic) from the Asset Management and Strategic Holdings businesses. This is done to provide a more informative view, given the distinct characteristics and significance of each business, particularly the policy liabilities of the insurance segment[58](index=58&type=chunk) [Condensed Consolidated Statements of Financial Condition](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Condition) The statements detail KKR's assets, liabilities, and equity, showing significant growth in total assets driven by both Asset Management and Insurance segments Condensed Consolidated Statements of Financial Condition (Unaudited) | Key Metrics | June 30, 2025 (In Thousands) | December 31, 2024 (In Thousands) | | :--- | :--- | :--- | | **Total Assets** | **$380,867,573** | **$360,099,411** | | *Asset Management and Strategic Holdings Assets* | $134,252,009 | $122,517,378 | | *Insurance Assets* | $246,615,564 | $237,582,033 | | **Total Liabilities** | **$309,899,128** | **$298,114,719** | | *Asset Management and Strategic Holdings Liabilities* | $61,510,960 | $57,906,939 | | *Insurance Liabilities* | $248,388,168 | $240,207,780 | | **Total KKR & Co. Inc. Stockholders' Equity** | **$28,219,229** | **$23,651,568** | | **Total Equity** | **$68,974,847** | **$60,399,515** | - Total assets of consolidated Variable Interest Entities (VIEs) were **$131.8 billion** as of June 30, 2025, up from **$122.4 billion** at December 31, 2024. These VIEs primarily consist of collateralized financing entities (CFEs), certain investment funds, and VIEs formed by Global Atlantic. The assets and liabilities of these VIEs are generally non-recourse to other KKR entities[29](index=29&type=chunk)[30](index=30&type=chunk)[32](index=32&type=chunk) [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements present KKR's revenues, expenses, and net income for the three and six months ended June 30, 2025, highlighting growth in total revenues Condensed Consolidated Statements of Operations (Unaudited) | (In Thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$5,088,843** | **$4,171,910** | **$8,199,026** | **$13,828,648** | | *Asset Management & Strategic Holdings* | $1,835,166 | $1,560,449 | $3,881,081 | $3,516,917 | | *Insurance* | $3,253,677 | $2,611,461 | $4,317,945 | $10,311,731 | | **Total Expenses** | **$4,746,444** | **$3,946,329** | **$8,577,399** | **$13,259,273** | | **Income (Loss) Before Taxes** | **$1,528,768** | **$1,210,205** | **$2,299,835** | **$2,573,256** | | **Net Income (Loss)** | **$1,354,464** | **$993,236** | **$2,038,962** | **$2,087,086** | | **Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders** | **$472,387** | **$667,926** | **$286,463** | **$1,350,140** | | **Diluted EPS** | **$0.50** | **$0.72** | **$0.29** | **$1.45** | [Notes to Financial Statements (Unaudited)](index=19&type=section&id=Notes%20to%20Financial%20Statements%20(Unaudited)) This section provides detailed disclosures and explanations supporting the condensed consolidated financial statements [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=118&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management provides an in-depth analysis of KKR's financial condition and operating results across its segments, highlighting key performance drivers and the prevailing business environment - KKR operates through three reportable segments: Asset Management, Insurance (Global Atlantic), and Strategic Holdings. The chief operating decision-makers use segment earnings to allocate resources and assess performance[287](index=287&type=chunk)[289](index=289&type=chunk) Total Segment Earnings Summary | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Asset Management Segment Earnings | $1,126,966 | $996,000 | | Insurance Operating Earnings | $277,932 | $253,213 | | Strategic Holdings Segment Earnings | $29,121 | $40,852 | | **Total Segment Earnings** | **$1,434,019** | **$1,290,065** | [Business Environment](index=133&type=section&id=Business%20Environment) This section describes the macroeconomic conditions and market trends influencing KKR's operations during the second quarter of 2025 - In Q2 2025, the U.S. economy expanded with real GDP growth of **3.0%**, while inflation remained persistent. The Federal Reserve held the federal funds rate target at **4.25% to 4.50%**. The Eurozone saw moderate GDP growth, and the European Central Bank lowered its deposit rate to **2.0%**[421](index=421&type=chunk)[422](index=422&type=chunk)[426](index=426&type=chunk) - Global equity markets showed positive returns in Q2 2025, with the S&P 500 up **10.9%** and the MSCI World Index up **11.6%**. Market volatility, as measured by the VIX, decreased from **22.3 to 16.7** during the quarter[425](index=425&type=chunk) - Elevated market volatility and uncertainty continued, driven by geopolitical and global trade concerns, including the imposition of tariffs by the United States and retaliation from trading partners since April 2025[425](index=425&type=chunk) [Analysis of Segment Operating Results](index=160&type=section&id=Analysis%20of%20Segment%20Operating%20Results) This section details the operating performance of KKR's Asset Management, Insurance, and Strategic Holdings segments for the quarter Asset Management Segment Operating Results (Q2) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Fee Related Earnings | $886,754 | $755,397 | | Realized Performance Income | $418,850 | $482,309 | | Realized Investment Income | $153,998 | $138,546 | | **Asset Management Segment Earnings** | **$1,126,966** | **$996,000** | Insurance Segment Operating Results (Q2) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Investment Income | $1,788,525 | $1,538,046 | | Net Cost of Insurance | ($1,277,381) | ($1,070,616) | | **Insurance Operating Earnings** | **$277,932** | **$253,213** | Strategic Holdings Segment Operating Results (Q2) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Dividends, Net | $29,121 | $40,852 | | **Strategic Holdings Segment Earnings** | **$29,121** | **$40,852** | [Analysis of Non-GAAP Performance Measures](index=172&type=section&id=Analysis%20of%20Non-GAAP%20Performance%20Measures) This section provides an analysis of KKR's non-GAAP financial measures, including Total Segment Earnings and Adjusted Net Income, to assess underlying business performance Non-GAAP Performance Measures (Q2) | (In thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Operating Earnings | $1,193,807 | $1,049,462 | | Total Investing Earnings | $240,212 | $240,603 | | **Total Segment Earnings** | **$1,434,019** | **$1,290,065** | | **Adjusted Net Income (ANI)** | **$1,063,350** | **$971,869** | - Total Operating Earnings increased by **$144.3 million** YoY for Q2 2025, driven by higher Fee Related Earnings and Insurance Operating Earnings[619](index=619&type=chunk)[620](index=620&type=chunk) - Adjusted Net Income (ANI) increased to **$1.06 billion** in Q2 2025 from **$972 million** in Q2 2024, primarily due to higher total segment earnings[619](index=619&type=chunk)[623](index=623&type=chunk) [Liquidity and Capital Resources](index=192&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses KKR's sources and uses of liquidity, capital structure, and financial flexibility - KKR's primary sources of liquidity include operating activities, realizations on carried interest and investments, cash inflows from its insurance business, and borrowings under various credit facilities and debt offerings[725](index=725&type=chunk) - As of June 30, 2025, KKR had unfunded commitments of **$10.5 billion** to its investment funds and vehicles, and **$0.3 billion** in capital markets commitments[313](index=313&type=chunk)[314](index=314&type=chunk) - A dividend of **$0.185 per common share** was declared for Q2 2025. As of July 25, 2025, approximately **$459 million** remained available under the company's share repurchase program[344](index=344&type=chunk)[305](index=305&type=chunk) - As of June 30, 2025, approximately **$521 million** of carried interest was subject to clawback obligations, assuming all applicable funds were liquidated at their current fair values[320](index=320&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=198&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risks during the second quarter of 2025, referring to its Annual Report for comprehensive details - There were no material changes to KKR's market risks during the three months ended June 30, 2025[825](index=825&type=chunk) [Controls and Procedures](index=198&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective at a reasonable assurance level[827](index=827&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[828](index=828&type=chunk) [PART II — OTHER INFORMATION](index=199&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section provides additional information including legal proceedings, risk factors, equity sales, and exhibits [Legal Proceedings](index=199&type=section&id=Item%201.%20Legal%20Proceedings) KKR is involved in various legal proceedings incidental to its business, with detailed information provided in the notes to financial statements - The company refers to Note 24 "Commitments and Contingencies" for a detailed discussion of its legal proceedings[830](index=830&type=chunk) [Risk Factors](index=199&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to its risk factors beyond those discussed in the Business Environment section of the MD&A - There were no material changes to the risk factors disclosed in the company's Annual Report, aside from those discussed in the Business Environment section[831](index=831&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=199&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details KKR's share repurchase activities and the status of its equity award retirements and repurchase program during the quarter Share Repurchases in Q2 2025 | Period | Total Shares Purchased | Average Price Paid Per Share ($) | | :--- | :--- | :--- | | April 2025 | 36,411 | $92.32 | | May 2025 | — | $— | | June 2025 | — | $— | | **Total Q2 2025** | **36,411** | **$92.32** | - The share repurchase program was automatically increased by **$500 million** during Q2 2025 after the remaining available amount fell below the **$50 million** threshold. As of July 25, 2025, approximately **$459 million** remained available for repurchases[833](index=833&type=chunk)[835](index=835&type=chunk) [Defaults Upon Senior Securities](index=200&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable [Mine Safety Disclosures](index=200&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable [Other Information](index=200&type=section&id=Item%205.%20Other%20Information) Not applicable [Exhibits](index=200&type=section&id=Item%206.%20Exhibits) This section provides a comprehensive list of all exhibits filed as part of the report, including key corporate and financial documents - The report includes exhibits such as the Indenture for the **6.875% Subordinated Notes due 2065**, CEO and CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906, and interactive data files (XBRL)[839](index=839&type=chunk)

美国科技巨头Meta斥巨资建设数据中心有了新的进展。 据美国媒体报道，Meta已经选定太平洋投资管理公司（Pimco）和蓝猫头鹰资本（Blue Owl Capital）牵 头为其数据中心扩建项目提供290亿美元融资。这是7月中，Meta宣布将投资数千亿美元建设几座大型 数据中心后，首次传出融资信息。 Meta选定数据中心融资机构 今年6月，Meta就与包括阿波罗、KKR、Brookfield、Carlyle和Pimco在内的多家PE巨头进行谈判。最 终，Meta选定太平洋投资和蓝猫头鹰资本牵头为其在美国路易斯安那州的数据中心扩建项目提供290亿 美元融资。其中，太平洋投资预计将牵头260亿美元的债务融资部分，蓝猫头鹰则提供30亿美元的股权 融资。他们透露，债务部分可能以数据中心资产支持的投资级债券形式发行。 据报道，Meta与摩根士丹利合作，通过竞争性融资流程吸引了多家顶级私募信贷机构的角逐。阿波罗 和KKR在最后一轮谈判前仍在竞争领投资格，并透露后续阶段可能引入其他投资者。 Meta首席财务官上周在财报电话会上向投资者表示："我们相信这些模式将吸引大量外部资金支持大型 数据中心项目，既能依托我们建设世界级基 ...

Financial Data and Key Metrics Changes - The company reported a 20% growth in portfolio receipts, reaching $727 million, and an 11% growth in royalty receipts to $672 million, exceeding previous guidance [6][19][24] - Operating and professional costs were 12.9% of portfolio receipts, but excluding one-time expenses, this would have been just over 8% [19][25] - The company raised its full-year 2025 top-line guidance, now expecting portfolio receipts between $3.05 billion and $3.15 billion, reflecting a growth of around 9% to 12% [9][24] Business Line Data and Key Metrics Changes - The strong performance in royalty receipts was driven by Voronego, Trelegy, Evrysdi, and Tremfya [18] - A one-time payment of approximately $50 million contributed to the growth in portfolio receipts [19] - The company completed the acquisition of its external manager, integrating its royalty portfolio with its investment platform [7] Market Data and Key Metrics Changes - The company is focusing on innovative partnerships, such as the collaboration with Revolution Medicines, which involves providing up to $2 billion in funding for a Phase III oncology therapy [8][11] - The unmet need in pancreatic cancer is significant, with around 56,000 new cases diagnosed annually in the U.S., highlighting the market potential for new therapies [15] Company Strategy and Development Direction - The company aims to be a leading partner in funding innovation in life sciences, emphasizing its ability to provide flexible funding solutions [6][8] - The recent partnership with Revolution Medicines is seen as a new funding paradigm for biotech companies, allowing them to retain control over their development while accessing large-scale capital [11][38] - The company is actively exploring opportunities in the Chinese market, recognizing the growing percentage of early-stage pipelines coming from there [34][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong financial performance for 2025, supported by a diversified portfolio and strategic partnerships [9][28] - The company is aware of potential policy impacts, such as MFN and PBM reforms, and is proactively assessing their implications [96][102] - Management highlighted the importance of maintaining a flexible business model to adapt to changing market conditions and policy environments [104] Other Important Information - The company returned $1.26 billion to shareholders in the first half of the year, a record amount [23] - The company is engaged in a dispute resolution process with Vertex regarding royalty payments, which may impact future revenue [27][70] Q&A Session Summary Question: Interest in Revolution Medicines deal and capacity for similar transactions - Management confirmed the excitement around the Revolution Medicines deal and indicated that it is not a one-off transaction, with capacity for more similar deals in the future [38][39] Question: Royalty opportunities in China - Management acknowledged the growing innovation in China and confirmed active engagement in developing relationships with emerging companies there [42][44] Question: Bladder cancer market exposure and royalty tracking - Management did not disclose specific royalty figures for adstilodrine but expressed optimism about the market's growth due to increased competition [46][51] Question: Operating expenses and share repurchase strategy - Management indicated a trend towards lower operating expenses and a dynamic approach to share repurchases based on capital allocation opportunities [48][49] Question: Vertex dispute resolution timing - Management provided a conservative estimate for the resolution of the Vertex dispute, suggesting it could extend into 2026 but may resolve sooner [81] Question: Impact of Kymzios on aficamtan market opportunity - Management expressed confidence that the success of Kymzios validates the market opportunity for aficamtan, emphasizing its unique advantages [82] Question: Competition in the biopharma royalty space - Management acknowledged increased competition but emphasized Royalty Pharma's unique structure, low cost of capital, and strong relationships as competitive advantages [88][90]

Core Viewpoint - The Chinese beverage brand Dayao, which ranks among the top three in the carbonated drink market, is reportedly being acquired by KKR, a prominent American investment firm, amidst ongoing speculation about its future ownership [1][19]. Company Background - Dayao was initially a small local brand, founded by Wang Qingdong, who began selling drinks from a tricycle in Inner Mongolia [4][6]. - Over the years, Dayao has successfully penetrated the market, particularly in Northern China, and has gained a loyal customer base [10][12]. Market Position and Strategy - Dayao has positioned itself as a leading beverage brand in the restaurant sector, leveraging partnerships with local dining establishments to increase visibility and sales [8][12]. - The brand's market share is currently second only to Coca-Cola and Pepsi in the carbonated beverage sector, indicating a strong competitive position [22]. Acquisition Details - KKR's acquisition strategy focuses on brands with unclear business lines, aiming to streamline operations and enhance core offerings [21]. - Dayao's diverse ambitions in both the restaurant and retail sectors have led to operational challenges, making it a suitable candidate for KKR's investment approach [22][23]. Industry Context - The trend of Chinese brands being acquired by foreign capital is not uncommon, with several well-known domestic brands having undergone similar transitions [24][27]. - The potential acquisition of Dayao has sparked discussions among consumers and restaurant owners, with some expressing resistance to the idea of a foreign-controlled brand [25][35]. Future Outlook - The involvement of foreign capital may provide Dayao with the necessary resources to overcome current market challenges and pursue growth opportunities [24][37]. - The brand's ability to adapt and thrive in a competitive landscape will be crucial as it navigates this potential transition [35][37].

KKR raises its offer for British precision testing company Spectris to £4.2 billion in an ongoing bidding war with rival private equity firm Advent https://t.co/teG2YzP42x ...

KKR has hired Goldman Sachs’s Ken Murata as a managing director for its credit business in Japan, as the country becomes a key market for the private credit boom in Asia. https://t.co/k15hoTE8Gy ...

Core Insights - The acquisition of the Chinese beverage brand "Dayao" by the American private equity firm KKR marks a significant shift in the brand's control and strategy, highlighting the intersection of capital and brand history [2][3][15] - Dayao, once a symbol of grassroots entrepreneurship, achieved remarkable success with annual sales of 3.2 billion, but faced challenges from emerging health-conscious brands and rising operational costs [3][11][14] Group 1: Acquisition Details - KKR, known for its substantial capital and global market influence, has acquired Dayao, which opens doors to the Chinese lower-tier market for the firm [2][3] - The acquisition has been approved by the Chongqing Market Supervision Administration, indicating a smooth transition of ownership [3] Group 2: Brand Strategy and Market Position - Dayao's unique market strategy focused on under-served segments, such as local dining establishments, allowing it to compete effectively against international giants like Coca-Cola and Sprite [6][10] - The brand's pricing strategy, offering higher profit margins for restaurant owners, contributed to its rapid growth and national presence [9][10] Group 3: Challenges and Market Dynamics - The beverage market has evolved, with new brands like Yuanqi Forest and Dongfang Shuye capturing the health-conscious demographic, while Dayao's traditional high-sugar products fall out of favor [11][13] - Dayao's reliance on glass bottle packaging has increased operational costs, limiting its expansion into southern and first-tier cities where competition is fierce [14] Group 4: Future Implications - KKR's investment is expected to enhance Dayao's supply chain, cost control, and brand internationalization, but may also lead to significant changes in product formulation and packaging to align with health trends [16][18] - The balance between capital-driven efficiency and consumer sentiment towards the brand's original identity poses a challenge for Dayao's future [19][21]

Group 1 - Danaher is recognized as a "king of mergers and acquisitions" with a remarkable track record of 400 acquisitions and a return of 1800 times over 40 years [2] - The company has evolved from a real estate trust to a diversified global corporation, focusing on healthcare and achieving a market value exceeding $200 billion [5][6] - Danaher has consistently outperformed major competitors, including Berkshire Hathaway, in stock performance over the past 40 years, delivering nearly 100,000% total shareholder return since its inception [9][8] Group 2 - The company has completed approximately 400 acquisitions, spending around $90 billion, and has created significant shareholder value, estimated at $250 billion when including spun-off companies [11][12] - Danaher’s operational management system, known as DBS, has been instrumental in enhancing the performance of acquired companies, leading to substantial improvements in profit margins [14][15] - The company has a strong track record of developing CEOs, with many former executives taking leadership roles in other major corporations [17][19] Group 3 - Danaher’s business model is characterized as a combination of a long-term acquisition fund and a management consulting firm, continuously evolving its business portfolio [22][23] - The company has strategically shifted its business focus over the decades, with significant changes in revenue composition, particularly towards life sciences and diagnostics [25][26] - Financial metrics have shown consistent improvement, with revenue growing from under $1 billion in 1990 to approximately $31.5 billion in 2022, reflecting a compound annual growth rate of about 12% [27][28]

Core Viewpoint - The domestic soda brand "Dayao" is rumored to be facing acquisition by foreign investors, highlighting the challenges faced by local soda brands amid market dominance by giants like Coca-Cola and Pepsi [3][4][13]. Group 1: Company Performance - Dayao achieved annual revenue exceeding 3.2 billion yuan in 2023, significantly outperforming regional competitors [4]. - The market share of Dayao has shown a gradual increase, from 2.28% in 2023 to 2.42% in 2024, and further to 2.64% in the first half of 2024 [4]. - Dayao's pricing strategy, with a 520ml bottle priced at 4.58 yuan, positions it competitively against other brands [5]. Group 2: Market Challenges - Despite being the third-largest player in the market, Dayao's market share remains low at 2.42%, overshadowed by Coca-Cola and Pepsi's combined market dominance of nearly 90% [2][11]. - The carbonated beverage market is declining, with ready-to-drink tea surpassing it as the leading category, and functional drinks gaining traction [2][17]. - Consumer preferences are shifting away from carbonated drinks due to health concerns, with a growing inclination towards sugar-free options [23][24]. Group 3: Industry Dynamics - The overall beverage market has seen growth, with a total value of 304.1 billion yuan in 2023, but carbonated drinks are losing their leading position [17]. - The reliance of carbonated drinks on dining establishments is significant, with 78.4% of sales coming from this channel, which is currently facing a decline [19]. - The average dining price has decreased, indicating a challenging environment for carbonated beverage sales in restaurants [20][21].