KKR & Co. Inc. (NYSE:KKR) Q3 2023 Earnings Conference Call November 7, 2023 10:00 AM ET Company Participants Craig Larson - IR Robert Lewin - CFO Scott Nuttall - Co-CEO Conference Call Participants Craig Siegenthaler - Bank of America Merrill Lynch Glenn Schorr - Evercore Steven Chubak - Wolfe Research Alexander Blostein - Goldman Sachs Patrick Davitt - Autonomous Research Brian McKenna - JMP Securities Benjamin Budish - Barclays Brian Bedell - Deutsche Bank Michael Brown - KBW Michael Cyprys - Morgan Stanl ...

Financial Data and Key Metrics Changes - Fee-related earnings per share for Q2 2023 were reported at $0.67, with after-tax distributable earnings at $0.73 per share [3][5] - Management fees reached $749 million, with total fee-related revenues of $967 million, reflecting a 7% increase from the previous quarter and a 25% increase year-over-year [4][5] - Fee-related earnings totaled $602 million, showing a 10% improvement from the last quarter and a 31% increase year-over-year [4][5] Business Line Data and Key Metrics Changes - Realized performance income for the quarter was $149 million, while realized investment income was $115 million, leading to total asset management operating earnings of $752 million [5] - The traditional private equity portfolio appreciated by 5% in the quarter and 2% over the last 12 months, with inception-to-date IRRs for flagship funds at 22% [6] - The insurance segment generated $170 million in pretax earnings, with a pretax ROE of 14% to 15% [5][6] Market Data and Key Metrics Changes - The infrastructure portfolio increased by 2% in the quarter and 10% over the last 12 months, indicating strong global performance [7] - The company raised $13 billion in the quarter, with assets under management increasing to $519 billion and fee-paying AUM to $420 billion [8][9] Company Strategy and Development Direction - The company aims to enhance the durability and recurring nature of revenues, with management fees doubling from $1.4 billion in 2020 to $2.9 billion over the last 12 months [12][13] - Focus areas for growth include insurance and private wealth, with significant initiatives in partnerships and product launches [14][17] - The company is strategically positioned to leverage its $100 billion of dry powder for future investments [20][63] Management's Comments on Operating Environment and Future Outlook - Management noted an improving operating backdrop and expressed confidence in the potential for significant and sustainable growth in earnings per share [21][23] - The company anticipates continued scaling of recurring revenue businesses and expects to monetize embedded gains as market conditions improve [20][62] Other Important Information - The company has introduced broad-based employee ownership programs at over 35 companies, impacting over 60,000 employees [10][11] - The company has executed a stock buyback program, repurchasing approximately 6 million shares at an average price of less than $50 per share [21] Q&A Session Summary Question: When do you expect to have the first close for global infrastructure investors V? - Management indicated that they see a high level of activity and strategies in the market but did not provide specific timelines for individual fund closings [25][26] Question: Are buybacks becoming a bigger part of the story going forward? - Management confirmed that share buybacks will continue to be an important part of their capital allocation strategy, alongside other growth initiatives [28][31] Question: Can you provide more color on KPAC and its performance? - Management highlighted the long-term opportunity in alternative investments and noted that they raised $1.9 billion across new strategies, exceeding expectations [33][36] Question: What is the outlook for the insurance business? - Management explained that the decline in ROE was due to a strategic repositioning towards more liquid securities, which was deemed a prudent decision [39] Question: Can you discuss the demand for core private equity? - Management noted significant organic growth in core private equity AUM and expressed optimism about future fundraising opportunities [41][44] Question: What is the current state of the capital markets environment? - Management observed signs of improvement in the capital markets and expressed hope for increased monetization opportunities in the coming quarters [50][62]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. ☒ For the quarterly period ended June 30, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. ☐ For the Transition period from to . Commission File Number 001-34820 KKR & CO. INC. (Exact name of Registrant as specified in its charter) Delaware 88-1203639 (State or other Jurisdiction of (I.R.S. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. ☒ For the quarterly period ended March 31, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. ☐ For the Transition period from to . Commission File Number 001-34820 KKR & CO. INC. (Exact name of Registrant as specified in its charter) Delaware 88-1203639 (State or other Jurisdiction of (I.R.S. ...

KKR & Co. Inc. (NYSE:KKR) Q1 2023 Results Conference Call May 8, 2023 12:00 PM ET Company Participants Craig Larson - IR Scott Nuttall - Co-CEO Rob Lewin - CFO Conference Call Participants Alex Blostein - Goldman Sachs Patrick Davitt - Autonomous Research Brian McKenna - JMP Securities Mike Brown - KBW Brian Bedell - Deutsche Bank Michael Cyprys - Morgan Stanley Arnaud Giblat - BNP Paribas Benjamin Budish - Barclays Michael Kelly - Credit Suisse Finian O'Shea - Wells Fargo Operator Ladies and gentlemen, tha ...

Investment Overview - As of December 31, 2022, KKR has completed over 690 private equity investments with a total transaction value exceeding $700 billion[22]. - KKR's asset management business has approximately 91% of its AUM consisting of capital that is not subject to redemption for at least 8 years or is classified as perpetual capital[29]. - KKR and its employees have approximately $28.1 billion invested in or committed to its own funds and portfolio companies, including $13.0 billion funded from its balance sheet[30]. - The firm operates with a global integrated platform that enhances its ability to raise capital and capture investment opportunities[24]. - KKR's investment teams leverage a substantial and diversified capital base, providing significant flexibility to grow investments[29]. Private Equity Business - The Private Equity business line manages $165.1 billion in AUM, which includes $115.3 billion in traditional private equity and $16.1 billion in growth equity[31]. - As of December 31, 2022, the Private Equity business line had $200 billion in Assets Under Management (AUM), showing significant growth from $91.6 billion in 2018[40]. - The traditional private equity portfolio consists of over 125 companies with approximately $290 billion in annual revenues, operating in around 20 industries across more than 20 countries[43]. - The company has committed $187.281 billion to various private equity funds, with $127.127 billion invested and $136.384 billion realized[42]. - The cumulative gross internal rate of return (IRR) for Private Equity and Real Assets investment funds since inception is 25.6%, significantly outperforming the S&P 500 Index (11.7%) and MSCI World Index (8.9%) over the same period[75]. Investment Strategies - The firm has expanded its investment strategies from traditional private equity to include leveraged credit, infrastructure, energy, and impact investments[22]. - The company has a disciplined investment approach, focusing on high-quality investments and rigorous due diligence to drive growth and value creation[44]. - The investment strategy includes a focus on strong business franchises and attractive growth prospects, avoiding hostile transactions[45]. - The company has access to exclusive investment opportunities through its global network and proactive business development strategies[46]. - The company’s growth equity strategy targets high-growth companies in the technology, media, telecommunications, and healthcare sectors, focusing on emerging opportunities[36]. Real Assets - As of December 31, 2022, the Real Assets business line managed $118.6 billion in AUM, including $64.4 billion in real estate, $50.5 billion in infrastructure, and $3.7 billion in energy[57]. - The Real Assets AUM grew significantly from December 31, 2018, to December 31, 2022, reflecting the firm's strategic investments[64]. - The total committed capital for Real Assets is $72.539 billion, with $27.441 billion in uncalled commitments[69]. - The total amount invested in Real Assets is $46.414 billion, with $18.204 billion realized and a remaining fair value of $38.589 billion[69]. - The firm emphasizes efficient capital management, top-line growth, R&D spending, geographical expansion, and long-term investment strategies[48]. Credit and Liquid Strategies - KKR's Credit and Liquid Strategies business line reported a total AUM of $34.358 billion as of December 31, 2022, with $11.663 billion in uncalled commitments[92]. - KKR's leveraged credit strategies primarily invest in leveraged loans, CLOs, high yield bonds, and stressed securities, focusing on capitalizing on credit market dislocations[82]. - The total realized amount across all credit and liquid strategies is $15.206 billion, with a remaining cost of $12.241 billion[92]. - KKR's private credit strategies focus on direct lending, junior mezzanine debt, and asset-based finance, targeting middle-market companies[84]. - The total amount committed across all funds was $34.358 billion, with $22.846 billion invested[98]. Global Atlantic - Global Atlantic, acquired by KKR, serves approximately three million policyholders as of December 31, 2022[23]. - Global Atlantic generated $9.8 billion in sales for the year ended December 31, 2022, with approximately 3 million policyholders served[128]. - As of December 31, 2022, Global Atlantic's total reserves amounted to $145.4 billion, with 47% in individual markets and 53% in institutional markets[140]. - Global Atlantic's investment management is overseen by KKR, focusing on stable, predictable, long-dated asset cash flows[147]. - Global Atlantic maintains a strong capital position, recognized by ratings agencies with an "A" rating from A.M. Best and "A-" from S&P Global Ratings, indicating a stable outlook[153]. Regulatory and Compliance - KKR's investment adviser subsidiaries are registered with the SEC under the Investment Advisers Act of 1940, ensuring compliance with fiduciary duties and anti-fraud provisions[179]. - Global Atlantic's U.S. insurance subsidiaries must adhere to state regulations, including financial statement preparation and risk management reporting[183]. - KKR operates under various regulatory frameworks across multiple jurisdictions, including the EU AIFMD for alternative investment fund managers[196]. - KKR Capital Markets LLC is registered as a broker-dealer with the SEC and is subject to periodic examinations and compliance requirements[181]. - KKR's operations in Japan include registration as a Type I and Type II Financial Instruments Business Operator, enabling a range of financial services[198]. Market Conditions and Risks - The company faces risks from difficult market conditions that could adversely affect net income, cash flow, and financial condition[208]. - Adverse financial market conditions may impact the frequency and size of fees generated by KKR's capital markets business[212]. - Global equity and credit market conditions significantly influence KKR's financial performance and ability to execute investments[213].

KKR & Co. Inc. (NYSE:KKR) Q4 2022 Earnings Conference Call February 7, 2023 10:00 AM ET Company Participants Craig Larson – Head-Investor Relations Rob Lewin – Chief Financial Officer Scott Nuttall – Co-Chief Executive Officer Conference Call Participants Craig Siegenthaler – Bank of America Alex Blostein – Goldman Sachs Glenn Schorr – Evercore Brian McKenna – JMP Securities Mike Brown – KBW Gerry O’Hara – Jefferies Bill Katz – Credit Suisse Patrick Davitt – Autonomous Research Brian Bedell – Deutsche Bank ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock KKR New York Stock Exchange 6.00% Series C Mandatory Convertible Preferred Stock KKR PR C New York Stock Exchange 4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC KKRS New York Stock Exchange Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended Septe ...

KKR & Co, Inc. (NYSE:KKR) Q3 2022 Earnings Conference Call November 1, 2022 10:00 AM ET Company Participants Craig Larson - Partner & Head, IR Robert Lewin - Partner & CFO Scott Nuttall - Co-CEO & Director Conference Call Participants Alexander Blostein - Goldman Sachs Craig Siegenthaler - Bank of America Merrill Lynch Gerald O'Hara - Jefferies Arnaud Giblat - BNP Rufus Hone - BMO Capital Markets Patrick Davitt - Bernstein Autonomous Michael Cyprys - Morgan Stanley Brian Bedell - Deutsche Bank Christoph Kot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock KKR New York Stock Exchange 6.00% Series C Mandatory Convertible Preferred Stock KKR PR C New York Stock Exchange 4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC KKRS New York Stock Exchange Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June ...