KKR & Co. Inc. (NYSE: KKRT)

KKR & Co. Inc. is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. The company generates attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its 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.

KKR generates revenue through management fees, fee-related performance revenues, transaction fees, carried interest, and investment income. As an asset management firm, it earns recurring management fees and fee-related performance revenues for providing investment management services to institutional and individual investors. The company also earns transaction fees for providing capital markets services as a broker-dealer and transaction and monitoring fees from managing portfolio companies. Carried interest is received from investment vehicles as a specified percentage of investment gains on third-party capital, and investment income is earned by investing its own capital alongside investors in its funds and from other assets on its balance sheet.

The company operates through the following segments: Asset Management, Insurance, and Strategic Holdings.

• Asset Management: This segment includes five business lines: Private Equity, Real Assets, Credit and Liquid Strategies, Capital Markets, and Principal Activities. As of December 31, 2025, Assets Under Management totaled $744 billion, with $219 billion from Global Atlantic. Private Equity AUM was $229 billion, Real Assets AUM was $192 billion, and Credit and Liquid Strategies AUM was $322 billion. The segment earns management fees, transaction fees, carried interest, and investment income from managing capital across these strategies.

• Insurance: This segment operates under the Global Atlantic brand, providing retirement and life insurance solutions. As of December 31, 2025, Global Atlantic served over 3.5 million policyholders and had $219 billion of Assets Under Management. The insurance business generates income from the spread between investment income from originated assets and the cost of benefits payable to policyholders, as well as fees from policyholders and third-party investors. Global Atlantic offers fixed-rate and fixed-indexed annuities, preneed life insurance, block and flow reinsurance, pension risk transfer, and funding agreements.

• Strategic Holdings: This segment acquires and manages interests in operating companies owned by the firm, primarily consisting of participation in the core private equity strategy. As of December 31, 2025, the segment consisted of ownership stakes in 19 companies. It generates income from dividends from ownership stakes and realized investment income from the sale of ownership stakes. The segment reported pro-rata LTM Adjusted EBITDA of $1.1 billion and LTM Adjusted Revenue of $4.4 billion as of September 30, 2025.

KKR holds a pre-eminent position in the alternative asset management industry, competing with traditional and alternative asset managers, investment banks, commercial finance companies, and operating companies acting as strategic buyers. Its competitive advantages include a global integrated platform for sourcing and originating investments, raising capital, and conducting capital markets activities, multi-lingual and multi-cultural investment teams with local market knowledge, and a one-firm philosophy that enables collaboration across business lines and geographies. The firm's ability to raise substantial capital, realize investment opportunities, assist portfolio companies in global markets, and diversify its operations has been critical to its success.

KKR serves a broad investor base across institutions and individual investors spanning 65 countries. Its institutional investor base includes public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, foundations, and investment managers. The company has focused on private wealth as a key addressable market, offering investment solutions through wirehouses, independent broker-dealers, registered investment advisers, global private banks, and family offices. Strategic partnerships include Capital Group, which provides access to KKR investment capabilities through sponsored vehicles, and the K-Series suite of vehicles offered to individual investors in the U. S. and other jurisdictions.