# KKR & Co. Inc. (KKR) Informational only - not investment advice. CIK: 0001404912 SIC: 6282 Investment Advice SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Security And Commodity Brokers, Dealers, Exchanges, And Services](/major-group/62/) > [SIC 6282 Investment Advice](/industry/6282/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1404912 Filing source: https://www.sec.gov/Archives/edgar/data/1404912/000140491226000007/kkr-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001404912-26-000007 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001404912.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 19,464,307,000 USD | 2025 | verified | | Net income | 2,370,463,000 USD | 2025 | verified | | Assets | 410,144,072,000 USD | 2025 | verified | | Net margin | 12.18% | 2025 | computed | | Revenue YoY | -11.04% | 2025 | computed | | ROE | 7.67% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Asset managers and investment advisers](/compare/asset-managers/) · SIC 6282 Investment Advice No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including KKR - Asset managers and investment advisers: [peer review](/compare/asset-managers/) · [market-risk page](/compare/asset-managers/risk/) ### Peer percentile fingerprint | Ratio | KKR | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 12.2% | 15.3% | 39 | 34 | | Revenue growth | -11.0% | 7.6% | 3 | 34 | | ROE | 7.7% | 15.5% | 27 | 34 | | ROA | 0.6% | 4.8% | 9 | 35 | | Liabilities / equity | 10.63 | 1.57 | 88 | 34 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6282 Investment Advice, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 19464307000 | USD | 2025 | 2026-02-27 | | Net income | 2370463000 | USD | 2025 | 2026-02-27 | | Assets | 410144072000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001404912.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 2,040,018,000 | 3,557,280,000 | 2,395,836,000 | 4,220,900,000 | 4,230,891,000 | 16,226,040,000 | 5,704,180,000 | 14,499,312,000 | 21,878,698,000 | 19,464,307,000 | | Net income | | 309,307,000 | 1,018,305,000 | 1,131,063,000 | 2,005,049,000 | 2,002,509,000 | 4,732,406,000 | -521,664,000 | 3,732,261,000 | 3,076,245,000 | 2,370,463,000 | | Operating cash flow | | -1,441,220,000 | -3,532,166,000 | -7,606,475,000 | -5,682,155,000 | -5,953,693,000 | -7,176,708,000 | -5,279,259,000 | -1,493,812,000 | 6,649,878,000 | 477,760,000 | | Dividends paid | | 285,408,000 | 311,973,000 | 322,341,000 | 271,486,000 | 297,324,000 | 331,429,000 | 444,341,000 | 563,285,000 | 612,068,000 | 649,942,000 | | Share buybacks | 161,929,000 | | 0.00 | 173,142,000 | 72,124,000 | 246,160,000 | 269,710,000 | 346,651,000 | 289,844,000 | 0.00 | 3,362,000 | | Assets | 71,042,339,000 | 39,002,897,000 | 45,834,719,000 | 50,743,375,000 | 60,899,319,000 | 79,806,502,000 | | 275,346,636,000 | 317,294,194,000 | 360,099,411,000 | 410,144,072,000 | | Liabilities | 21,574,754,000 | 21,884,814,000 | 25,171,919,000 | 25,360,766,000 | 30,396,945,000 | 39,006,586,000 | | 219,975,946,000 | 258,915,282,000 | 298,114,719,000 | 328,512,161,000 | | Stockholders' equity | | | 7,185,936,000 | 8,649,610,000 | 10,807,490,000 | 13,716,818,000 | 17,582,164,000 | 18,807,767,000 | 22,858,694,000 | 23,651,568,000 | 30,902,561,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 15.16% | 28.63% | 47.21% | 47.50% | 47.33% | 29.17% | -9.15% | 25.74% | 14.06% | 12.18% | | Return on equity | | | 14.17% | 13.08% | 18.55% | 14.60% | 26.92% | -2.77% | 16.33% | 13.01% | 7.67% | | Return on assets | | 0.79% | 2.22% | 2.23% | 3.29% | 2.51% | | -0.19% | 1.18% | 0.85% | 0.58% | | Liabilities / equity | | | 3.50 | 2.93 | 2.81 | 2.84 | | 11.70 | 11.33 | 12.60 | 10.63 | ## As-reported value updates 4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/KKR/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001404912.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q3 | 2023-09-30 | 3,315,481,000 | 1,490,126,000 | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 4,429,831,000 | 1,040,429,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 9,656,738,000 | 682,214,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 4,171,910,000 | 667,926,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 4,791,696,000 | 600,550,000 | | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 3,258,354,000 | 1,125,555,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 3,110,183,000 | -185,924,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 5,088,843,000 | 510,123,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 5,525,975,000 | 900,357,000 | | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 5,739,306,000 | 1,145,907,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 4,317,983,000 | 405,229,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 5,725,891,000 | 700,482,000 | | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from KKR's latest 10-K: [/company/KKR/business/](/company/KKR/business/). ## Risk Factors Verbatim Item 1A Risk Factors from KKR's latest 10-K: [/company/KKR/risk-factors/](/company/KKR/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1404912/000140491226000027/kkr-20260630.htm Extracted from Part I Item 2 to the first post-MD&A boundary after HTML sanitization. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements of KKR & Co. Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this report and our Annual Report, including the audited consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and “Business” section contained therein. In addition, this discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including those described under “Cautionary Note Regarding Forward-looking Statements” and “Business Environment” in this report and our Annual Report and “Risk Factors” in our Annual Report, and our other filings with the SEC. Actual results may differ materially from those contained in any forward-looking statements. The unaudited condensed consolidated financial statements and the related notes included elsewhere in this report are hereafter referred to as the “financial statements.” Additionally, the condensed consolidated statements of financial condition are referred to herein as the “consolidated statements of financial condition”; the condensed consolidated statements of operations are referred to herein as the “consolidated statements of operations”; the condensed consolidated statements of comprehensive income (loss) are referred to herein as the “consolidated statements of comprehensive income (loss)”; the condensed consolidated statements of changes in equity are referred to herein as the “consolidated statements of changes in equity”; and the condensed consolidated statements of cash flows are referred to herein as the “consolidated statements of cash flows.” Overview KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. We aim to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in our portfolio companies and communities. Founded in 1976, KKR pioneered the leveraged buyout strategy and has been a leader of the private equity industry for five decades. Since the inception of our firm, we have expanded our investment strategies and product offerings from traditional private equity to other alternative asset classes such as leveraged credit, alternative credit, infrastructure, real estate, energy, growth equity, and core private equity. Over the same period, we scaled from being a U.S.-focused firm to a global operation with 36 offices around the world as of June 30, 2026. Our business further expanded with the acquisition of Global Atlantic in 2021, which today conducts our insurance business providing retirement and life insurance solutions. As of June 30, 2026, we managed $796 billion of assets under management, of which $220 billion comes from Global Atlantic. Our three reporting segments align with the KKR business model: Our business model of (i) Asset Management, (ii) Insurance, and (iii) Strategic Holdings corresponds to our three reporting segments. We have purposely created a business model that we believe enables us to grow long-term, durable, recurring earnings with a focus on large addressable markets where we can be an industry leader. Importantly, these pieces were built to leverage our core strengths as a firm: investing acumen, capital allocation expertise and our collaborative culture. 102 Table of Contents Business Segments Asset Management In Asset Management, we have five business lines: (i) Private Equity, (ii) Real Assets, (iii) Credit and Liquid Strategies, (iv) Capital Markets, and (v) Principal Activities. Our Assets Under Management have grown and diversified in the last 15 years across Private Equity, Real Assets, and Credit and Liquid Strategies as illustrated on the following chart. KKR has evolved from a relatively US-centric and traditional private equity firm to a global alternative asset manager. As of December 31, 2010, our traditional Private Equity strategy represented over 70% of our total AUM. As of June 30, 2026, traditional Private Equity was less than 25% of our total AUM. Assets Under Management ($ in billions): Liquid Strategies Alternative Credit Credit and Liquid Strategies(1)(3)  $331 +18% CAGR Leveraged Credit Real Estate Real Assets(2)(3)  $211 Infrastructure & Energy Growth Equity Core Private Equity Private Equity(3)  $255 Traditional Private Equity (1)As of June 30, 2026, Alternative Credit AUM includes $91 billion of asset-based finance, $48 billion of corporate private credit (including $39 billion of direct lending) and $11 billion of strategic investments. (2)Real estate credit lends across the risk return spectrum of investments secured by or relating to real property, including senior mortgage loans, mezzanine loans and mortgage-backed securities in North America and Europe. As of June 30, 2026, real estate credit AUM totals $43 billion. Real estate equity seeks core, core+ and opportunistic real estate investment opportunities by geography: North America, Europe and Asia Pacific. As of June 30, 2026, real estate equity AUM totals $41 billion. This includes $12 billion from the management of two publicly listed Japanese REITs through our subsidiary, KJRM. (3)The K-Series suite of vehicles are offered through various distribution channels to investors in the U.S. and other jurisdictions around the world. We have K-Series vehicles that operate or invest in private equity companies, infrastructure assets, credit investments, and real estate. As of June 30, 2026, total K- Series AUM was $42 billion, which has grown significantly over the past three years. As an asset management firm, we earn recurring management fees and fee-related performance revenues for providing investment management services and expertise to our institutional and individual investors who entrust us with their capital. The amount of fees we charge for managing these assets depends on the underlying investment strategy, liquidity profile, and ultimately our ability to generate attractive investment returns for our clients. We earn transaction fees for providing capital markets services as a broker-dealer, and we also earn transaction and monitoring fees as part of the management of our portfolio companies. Carried interest that we receive from our investment vehicles entitles us to a specified percentage of investment gains that are generated on third-party capital that is invested. We earn investment income by investing our own capital alongside investors in our funds and other investment vehicles and from other assets we own on our balance sheet. 103 Table of Contents Operating expenses, which include occupancy expenses and other typical operating expenses, are shared across a single expense pool given the collaborative nature of our five business lines within Asset Management. Insurance Our insurance business operates under the Global Atlantic brand. Global Atlantic is a leading retirement and life insurance company, with an over 20-year track record of providing a broad suite of protection, legacy, and savings products to customers and reinsurance solutions to clients across individual and institutional markets. Global Atlantic primarily generates income by earning a spread between the investment income generated from originated assets and the required cost of benefits payable to policyholders. Global Atlantic also earns fees paid by policyholders on certain types of insurance contracts and fees paid by third-party investors, which are reported in our asset management segment. As of June 30, 2026, Global Atlantic serves over 3.5 million policyholders. The following table represents Global Atlantic’s new business volumes by business and product for the three and six months ended June 30, 2026 and 2025. [[GREPCENT_TABLE]] [["","","Three Months Ended June 30,","Six Months Ended June 30,"],["($ in millions)","","2025","","2026","","2025","","2026"],["Individual Channel (1):"],["Retirement Products","","$3,160","","$2,293","","$6,652","","$3,884"],["Preneed Life","","284","","318","","541","","619"],["Institutional Channel(2)(3)","","$3,819","","$1,224","","$7,483","","$3,117"]] [[/GREPCENT_TABLE]] (1)New business volumes in individual markets are referred to as sales. In Global Atlantic's individual market channel, sales of annuities include all money paid into new and existing contracts. Individual market channel sales for preneed life are based on the face amount of insurance and do not include the recurring premiums that policyholders may pay over time. (2)Block reinsurance transactions may be episodic and volumes may fluctuate. Similarly, funding agreements issued in the FABN program are subject to capital markets conditions and volumes may fluctuate. Flow and pension risk transfer new business volumes typically occur throughout the year. See “— Risks Related to Our Business—Parts of our earnings and cash flow are highly variable due to the nature of our business” in our Annual Report. (3)New business volumes from Global Atlantic’s institutional market channel are based on the assets assumed, net of any ceding commission, and are gross of any retrocessions to investment vehicles that participate in qualifying reinsurance transactions sourced by Global Atlantic and to other third party reinsurers. Strategic Holdings Our Strategic Holdings segment, which we started reporting in the first quarter of 2024, acquires and manages interests in operating companies that are owned by the firm. Today, those companies primarily consist of our participation in our core private equity strategy. We have acquired, and in the future we expect to continue to acquire, other long-term assets outside of, and in addition to, our participation in our core private equity strategy. Strategic Holdings is not limited to acquiring companies in specific industries. We intend to hold the companies in our Strategic Holdings segment over a longer period of time, and we believe most of these companies generally have a lower risk profile than would be typical for an investment through our traditional private equity strategy. We currently expect our Strategic Holdings segment primarily to generate income from the receipt of dividends from our ownership stakes in these businesses and, upon the sale of any ownership stake, realized investment income from such sale. As of June 30, 2026, our Strategic Holdings segment consisted of our ownership stakes in 19 companies. The fees and carried interest paid by the third party investors in our core private equity funds continue to be reported in our Asset Management segment and are not reported in our Strategic Holdings segment. Our Asset Management segment charges a quarterly management fee in our Strategic Holdings segment. Additionally, our Asset Management segment charges a performance fee from the sale of our interests in the companies included in our Strategic Holdings segment. The management and performance fees are charged in order to represent the cost of providing advisory services by our Asset Management segment rather than determining the allocable costs borne by our Asset Management segment to support our Strategic Holdings segment. 104 Table of Contents Based on information made available to management as of June 30, 2026, the following represents KKR’s pro-rata portion of LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of March 31, 2026: [[GREPCENT_TABLE]] [["By Geography","","By Industry"]] [[/GREPCENT_TABLE]] Based on information made available to management as of June 30, 2026, the following [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1404912/000140491226000007/kkr-20251231.htm Complete FY 2025 MD&A: /company/KKR/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis should be read in conjunction with the consolidated financial statements of KKR & Co. Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this report. In addition, this discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including those described under "Cautionary Note Regarding Forward-looking Statements" and "Risk Factors." Actual results may differ materially from those contained in any forward-looking statements.  Business Environment Our asset management, insurance, and strategic holdings segments are affected by the various market and economic conditions of the various countries and regions in which we operate. Market and economic conditions are expected to continue to have a substantial impact on our financial condition, results of operations, and our business in various ways that we are unable to control, including our ability to make new investments, the valuations of the investments we manage, the amount of investment proceeds we realize when we exit our investments, the timing for such realization activity, our ability to fundraise or to sell our various investment and insurance products and services, and the level of our capital markets activities, as discussed in the "Risk Factors" section of this report. In 2025, the United States continued to experience economic growth while also continuing to experience inflation in excess of the U.S. Federal Reserve Board’s 2.0% target rate. The U.S. Federal Reserve Board lowered the target range for the federal funds rate three times in 2025, including two reductions in the fourth quarter, that brought the target range to 3.50-3.75%. The U.S. Federal Reserve Board in connection with its fourth quarter rate reductions noted that the reduction was in response to the slowdown in the labor market; however, they maintained a cautious stance as inflation remained somewhat elevated and above its long-run target. Real gross domestic product (“GDP”) growth in the Eurozone in 2025 was moderately positive. The European Central Bank lowered the deposit rate four times in the first half of 2025 to 2.00% as part of a broader easing cycle in response to downward revisions to inflation expectations. The European Central Bank subsequently held the deposit rate unchanged for the remainder of 2025 as Eurozone core inflation slowed compared to 2024 and remained close to the European Central Bank’s 2% medium-term target. In Asia, Japan’s economy reaccelerated in 2025, supported by resilient exports and consumer spending. The Bank of Japan continued its gradual monetary policy normalization during 2025, including an increase in its policy rate from 0.25% to 0.75%. In China, the economy grew in 2025 but continued to face significant headwinds, including weak domestic demand, ongoing contraction in the property sector, and uncertainty relating to ongoing trade tensions with the United States as discussed further below. Several key economic indicators in the United States and in other countries and regions in which we operate include: •GDP. In the United States, real GDP expanded by 2.2% for the year ended December 31, 2025, compared to an expansion of 2.8% for the year ended December 31, 2024. Eurozone real GDP is estimated to have expanded by 1.4% for the year ended December 31, 2025, up from 0.9% expansion for the year ended December 31, 2024. In Japan, real GDP expanded by 1.1% for the year ended December 31, 2025, up from a 0.2% contraction for the year ended December 31, 2024. Real GDP in China expanded 5.0% for the year ended December 31, 2025, unchanged from 5.0% growth reported for the year ended December 31, 2024 •Interest Rates. The target federal funds rate set by the U.S. Federal Reserve Board was 3.625% as of December 31, 2025, down from 4.375% as of December 31, 2024. The benchmark short-term interest rate set by the European Central Bank was 2.0% as of December 31, 2025, down from 3.00% as of December 31, 2024. The benchmark short- term interest rate set by the Bank of Japan was 0.75% as of December 31, 2025, up from 0.25% as of December 31, 2024. The benchmark interest rate set by The People’s Bank of China was 3.0% as of December 31, 2025, down from 3.10% as of December 31, 2024. •Inflation. The U.S. core consumer price index rose 2.6% on a year-over-year basis as of December 31, 2025, down from 3.2% on a year-over-year basis as of December 31, 2024. Eurozone core inflation was 2.3% as of December 31, 2025, down from 2.7% as of December 31, 2024. In Japan, core inflation rose 1.5% on a year-over-year basis as of December 31, 2025, down from 1.6% on a year-over-year basis as of December 31, 2024. Core inflation in China was 1.2% on a year-over-year basis as of December 31, 2025, up from 0.4% as of December 31, 2024. 85 Table of Contents •Unemployment. The U.S. unemployment rate was 4.4% as of December 31, 2025, up from 4.1% as of December 31, 2024. Eurozone unemployment was 6.3% as of December 31, 2025, unchanged from 6.3% as of December 31, 2024. The unemployment rate in Japan was 2.6% as of December 31, 2025, up from 2.5% as of December 31, 2024. The unemployment rate in China was 5.2% as of December 31, 2025, substantially unchanged from 5.1% as of December 31, 2024. In 2025, the United States equity markets appreciated on a year-over-year basis, with varying volatility throughout the year, and the U.S. 10-year benchmark treasury yield also fluctuated throughout the year to end at a rate lower at year-end than at the prior year-end of 2024. Short term interest rates fell as the Federal Reserve lowered benchmark interest rates. European, Japanese and Chinese equity markets all appreciated on a year-over-year basis. Several key financial market indicators in the United States and in other countries and regions in which we operate include: •Equity Markets. For the year ended December 31, 2025, the S&P 500 was up 17.9%, the MSCI Europe Index was up 36.3%, the MSCI Asia Pacific Index was up 28.7% and the MSCI World Index was up 21.6% in U.S. dollar terms, on a total return basis including dividends. Equity market volatility as evidenced by the Chicago Board Options Exchange Market Volatility Index (VIX), a measure of volatility, ended at 15.0 as of December 31, 2025, decreasing from 17.4 as of December 31, 2024. •Credit Markets. During the year ended December 31, 2025, U.S. investment grade corporate bond spreads (BofA Merrill Lynch US Corporate Index) tightened by 3 basis points. The non-investment grade credit indices were up during the year ended December 31, 2025, with the S&P/LSTA Leveraged Loan Index up 5.9% and the BofAML HY Master II Index up 8.5%. During the year ended December 31, 2025, the 10-year government bond yields fell 40 basis points in the United States, rose 49 basis points in Germany, rose 97 basis points in Japan, fell 9 basis points in the UK, and rose 18 basis points in China. •Commodity Markets. During the year ended December 31, 2025, the 3-year forward price of WTI crude oil decreased approximately 7.6%, and the 3-year forward price of natural gas decreased from approximately $4.62 per MMBtu as of December 31, 2024 to $4.51 per MMBtu as of December 31, 2025. The Japan spot LNG import price decreased to approximately $11.03 per MMBtu as of December 31, 2025, from approximately $13.82 per MMBtu as of December 31, 2024. •Foreign Exchange Rates. For the year ended December 31, 2025, the euro rose 13.4%, the British pound rose 7.7%, the Japanese yen rose 0.3%, and the Chinese renminbi rose 4.5%, respectively, relative to the U.S. dollar. Beginning in March 2025 and continuing through the date of the filing of this report, the United States and countries around the world have experienced elevated levels of market volatility and uncertainty driven by, among other things, geopolitical and global trade concerns, including, the imposition of tariffs and threats of tariffs by the United States on certain of its trading partners since April 2025. This volatility and uncertainty adds to the various risks and uncertainties in the business environment in which we operate and may have various impacts, including on the valuations of certain of our and our investment vehicles' investments, the pace and volume of our capital market transactions, deployments, and realizations, and our fundraising activities. Other Trends, Uncertainties and Risks Related to Our Business Please refer to the "Risk Factors" section of this report for important additional detail regarding risks, uncertainties, and other conditions that could have a material favorable or unfavorable impact on our businesses, including the impact of market and economic conditions on valuations of investments and the impact of competition we face. These risks, uncertainties, and other conditions should be read in conjunction with this Business Environment section and the entire Risk Factor section of this report. In particular, see "Risk Factors—Risks Related to Our Business—Global, regional and local events outside of our control, including geopolitical events and natural disasters, could materially and adversely impact KKR”, “Risk Factors—Risks Related to Our Investment Activities—Various conditions and events outside of our control that are difficult to quantify or predict may have a significant impact on the valuation of our investments”, and "Risk Factors—Risks Related to Our Business —We operate in a highly competitive industry." 86 Table of Contents Basis of Accounting and Key Financial Measures under GAAP We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our operating activities. We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See Note 2 “ Summary of Significant Accounting Policies” in our financial statements and “—Critical Accounting Policies and Estimates” contained in this section below. Our key Segment and non-GAAP financial measures and operating metrics are discussed below. Key Segment and Non-GAAP Performance Measures The following key segment and non-GAAP performance measures are used by management in making operational and resource deployment decisions as well as assessing the performance of KKR's business. They include certain financial measures that are calculated and presented using methodologies other than in accordance with GAAP. These performance measures as described below are presented prior to giving effect to the allocation of income (loss) between KKR & Co. Inc. and holders of exchangeable securities and as such represent the entire KKR business in total. In addition, these performance measures are presented without giving effect to the consolidation of certain investment funds and collateralized financing entities ("CFEs") that KKR manages. We believe that providing these segment and non-GAAP performance measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall performance of KKR's business. These non-GAAP measures should not be considered as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of these non- GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, where applicable, are included under "—Segment Balance Sheet Measures—Reconciliations to GAAP Measures." Adjusted Net Income Adjusted Net Income ("ANI") is a performance measure of KKR’s earnings, which is derived from KKR’s reported segment results. ANI is used to assess the performance of KKR’s busine [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/KKR/mda/fy2025/ All MD&A years: /company/KKR/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/KKR/mda/fy2024/): filed 2025-02-28; accession 0001404912-25-000015 (https://www.sec.gov/Archives/edgar/data/1404912/000140491225000015/kkr-20241231.htm) - [FY 2023 MD&A](/company/KKR/mda/fy2023/): filed 2024-02-29; accession 0001404912-24-000005 (https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/kkr-20231231.htm) - [FY 2022 MD&A](/company/KKR/mda/fy2022/): filed 2023-02-27; accession 0001404912-23-000005 (https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/kkr-20221231.htm) - [FY 2021 MD&A](/company/KKR/mda/fy2021/): filed 2022-02-28; accession 0001404912-22-000004 (https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/kkr-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6282 Investment Advice) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/KKR.md · JSON record: /company/KKR.json · verified financials: /company/KKR/financials.json / /company/KKR/financials.csv · machine TOC for the whole site: /llms.txt