KKR & Co. Inc. (Form: 8-K, Received: 02/08/2021 17:03:48)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
______________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 8, 2021

KKR & CO. INC.

(Exact name of registrant as specified in its charter)
Delaware 001-34820 26-0426107
(State or other jurisdiction
of incorporation) 		 (Commission
File Number) 		(IRS Employer
Identification No.)
30 Hudson Yards
New York, NY 10001
Telephone: (212) 750-8300
(Address, zip code, and telephone number, including
area code, of registrant's principal executive office.)

NOT APPLICABLE
(Former name or former address, if changed since last report)

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common Stock KKR New York Stock Exchange
6.75% Series A Preferred Stock KKR PR A New York Stock Exchange
6.50% Series B Preferred Stock KKR PR B New York Stock Exchange
6.00% Series C Mandatory Convertible Preferred Stock KKR PR C New York Stock Exchange

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 



Item 2.02    Results of Operations and Financial Condition

    On February 8, 2021, KKR & Co. Inc. issued an earnings release announcing its financial results for the quarter and year ended December 31, 2020.

    The earnings release is furnished as Exhibit 99.1 to this Report.

    As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and the exhibit furnished by this Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01    Financial Statements and Exhibits.
(d)     Exhibits



SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
KKR & CO. INC.

Date:
February 8, 2021
By: /s/ Robert H. Lewin
Name: Robert H. Lewin
Title: Chief Financial Officer







LOGOA201.JPG
KKR & Co. Inc. Reports Fourth Quarter 2020 Results
__________________________________________________________________________________________________________________________________________________________________________
NEW YORK, February 8, 2021 - KKR & Co. Inc. (NYSE: KKR) today reported its fourth quarter 2020 results.

GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders(1) was $1,479.7 million and $1,946.0 million, respectively, for the quarter and full year ended December 31, 2020. On a diluted basis, Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock was $2.46 and $3.37, respectively, for the quarter and full year ended December 31, 2020. KKR & Co. Inc. Stockholders' Equity - Common Stockholders(1) was $12.1 billion as of December 31, 2020, or $21.15 Per Outstanding Share of Common Stock.

After-tax Distributable Earnings and After-tax Distributable Earnings Per Adjusted Share were $431.1 million and $0.49, respectively, for the quarter ended December 31, 2020 and were $1,522.4 million and $1.78, respectively, for the full year ended December 31, 2020.

•After-tax Distributable Earnings Per Adjusted Share of $0.49 and $1.78 for the quarter and full year ended December 31, 2020, were up 11% and 6%, respectively, compared to the equivalent periods in 2019.
•Distributable operating earnings was up 18% and 11% for the quarter and full year ended December 31, 2020, respectively, compared to the equivalent periods in 2019.
•Assets Under Management and Fee Paying Assets Under Management were $252 billion and $186 billion, up 15% and 16%, respectively, year-over-year, driven in part by record fundraising in 2020.  Uncalled commitments were $67 billion, up 18% year-over-year, of which $20 billion will contribute to Fee Paying Assets Under Management when that capital is either invested or enters its investment period.
•Capital Invested and Syndicated Capital totaled $12.5 billion and $34.5 billion in the quarter and full year ended December 31, 2020, respectively.
•Book Value was $20 billion or $23.09 per adjusted share as of December 31, 2020.
•On February 1, 2021, KKR completed the previously announced acquisition of Global Atlantic Financial Group Limited, a leading retirement and life insurance company. Pro forma for the transaction, KKR's Assets Under Management and Fee Paying Assets Under Management would be approximately $342 billion and $276 billion, respectively.
•KKR’s regular dividend of $0.135 per common share was declared for the quarter ended December 31, 2020. Additionally, beginning with the dividend to be announced with the results for the quarter ending March 31, 2021, KKR intends to increase its regular annualized dividend per share of common stock from $0.54 to $0.58.
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“We ended 2020 with a strong fourth quarter. We are enormously proud of the dedication of our employees and the results delivered on behalf of our fund investors and shareholders over the course of the year. In addition to strong investment performance and continued Book Value growth, we had the most active fundraising and deployment year in our history,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-Chief Executive Officers of KKR. “The strength of our fundamentals, coupled with the completion of our acquisition of Global Atlantic, positions us well for future growth.”


Note: KKR discloses in this earnings release certain financial measures, including after-tax distributable earnings, distributable revenues, distributable expenses, book value, book assets, and book liabilities, that are not calculated and presented in accordance with accounting principles generally accepted in the United States of America (“non-GAAP”). Such non-GAAP measures should be considered in addition to, and not a substitute for or superior to, financial measures calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in Exhibit A.

(1)Represents only that portion of the business held by KKR & Co. Inc. and does not include the economic interests that are held by KKR Holdings L.P. Our non-GAAP financial results are presented prior to giving effect to the allocation of ownership interests between KKR & Co. Inc. and KKR Holdings L.P. and as such represents the business in total.


GAAP RESULTS
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $1,479.7 million for the quarter ended December 31, 2020, compared to $515.1 million for the quarter ended December 31, 2019. Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $1,946.0 million for the year ended December 31, 2020, compared to $1,971.7 million for the year ended December 31, 2019.
Revenues for the quarter ended December 31, 2020 were $2,005.2 million compared to $1,063.1 million for the quarter ended December 31, 2019. The increase is primarily driven by (i) a higher level of carried interest and (ii) an increase in transaction fees and management fees. Revenues for the year ended December 31, 2020 were $4,230.9 million compared to $4,220.9 million for the year ended December 31, 2019. The increase is primarily driven by higher level of management fees and transaction fees, partially offset by a lower level of carried interest in the current period.
Expenses for the quarter ended December 31, 2020 were $1,179.1 million compared to $751.3 million for the quarter ended December 31, 2019. The increase is primarily driven by higher accrued carried interest compensation. Expenses for the year ended December 31, 2020 were $2,933.1 million compared to $2,908.4 million for the year ended December 31, 2019. The increase is primarily due to a higher level of compensation expense, partially offset by a decrease in general, administrative and other expense.
Total investment income (loss) for the quarter ended December 31, 2020 was $3,998.1 million compared to $1,145.0 million for the quarter ended December 31, 2019. Total investment income (loss) for the year ended December 31, 2020 was $4,428.9 million compared to $3,855.8 million for the year ended December 31, 2019. The increase in both periods is primarily due to investment portfolio appreciation.
KKR & Co. Inc. Stockholders’ Equity - Common Stockholders per Outstanding Share of common stock was $21.15 as of December 31, 2020, up from $18.44 as of December 31, 2019. The increase was primarily attributable to the net income that is attributable to KKR & Co. Inc. common stockholders during 2020, partially offset by dividends to common stockholders.
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NON-GAAP RESULTS
AFTER-TAX DISTRIBUTABLE EARNINGS
After-tax distributable earnings were $431.1 million for the quarter ended December 31, 2020, compared with $375.1 million in the comparable prior period. After-tax distributable earnings were $1,522.4 million for the year ended December 31, 2020, compared with $1,405.3 million in the comparable prior period.
After-tax distributable earnings increased in the quarterly period primarily due to increases in transaction fees and management fees, partially offset by a decrease in realized investment income and a higher level of compensation expense. The increase in the year ended December 31, 2020 is primarily attributable to increases in management fees and realized performance income, partially offset by a higher level of compensation expense and a decrease in realized investment income. Management fees were $393.1 million for the quarter ended December 31, 2020 and $1,417.6 million for the year ended December 31, 2020, compared with $317.1 million and $1,227.2 million in the comparable prior periods. The increase in management fees for both periods reflects an overall higher level of FPAUM in each of the Private Markets and Public Markets business lines.
BOOK VALUE PER ADJUSTED SHARE
Book value per adjusted share was $23.09 as of December 31, 2020, up 20%, compared with $19.24 as of December 31, 2019. The increase was primarily attributable to net appreciation in the value of our investment portfolio and after-tax distributable earnings for the year ended December 31, 2020 net of dividends to our shareholders. For the year ended December 31, 2020, KKR's private equity portfolio appreciated 17%.
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OPERATING METRICS
ASSETS UNDER MANAGEMENT
AUM was $251.7 billion as of December 31, 2020 compared to $233.8 billion as of September 30, 2020. The increase was primarily attributable to (i) new capital raised primarily in our real assets, growth equity and leveraged credit strategies and (ii) appreciation in the value of our Private Markets and Public Markets portfolios. The increases were partially offset by distributions to limited partners in our private equity and private credit portfolios and redemptions in funds managed by our strategic partners.
FEE PAYING ASSETS UNDER MANAGEMENT
FPAUM was $186.2 billion as of December 31, 2020 compared to $177.3 billion as of September 30, 2020. The increase was primarily attributable to new capital raised in our real assets, private equity, leveraged credit and private credit strategies, partially offset by distributions to limited partners in our private equity portfolio, distributions across various Public Markets strategies and redemptions in funds managed by our strategic partners.


Page 2

DIVIDENDS AND OTHER
A dividend of $0.135 per share of common stock has been declared for the fourth quarter of 2020, which will be paid on March 9, 2021 to holders of record of common stock as of the close of business on February 22, 2021. Beginning with any dividends to be announced with the results for the quarter ending March 31, 2021, KKR expects to pay its common stockholders an annualized dividend of $0.58 per share of common stock, equal to a quarterly dividend of $0.145 per share of common stock.
A dividend of $0.421875 per share of Series A Preferred Stock has been declared and set aside for payment on March 15, 2021 to holders of record of Series A Preferred Stock as of the close of business on March 1, 2021. A dividend of $0.406250 per share of Series B Preferred Stock has been declared and set aside for payment on March 15, 2021 to holders of record of Series B Preferred Stock as of the close of business on March 1, 2021. A dividend of $0.75 per share of Series C Mandatory Convertible Preferred Stock has been declared and set aside for payment on March 15, 2021 to holders of record of Series C Mandatory Convertible Preferred Stock as of the close of business on March 1, 2021.
The declaration and payment of any future dividends on preferred or common stock will be subject to the discretion of the board of directors of KKR & Co. Inc. based on a number of factors, including KKR’s future financial performance and other considerations that the board deems relevant, the terms of KKR & Co. Inc.'s certificate of incorporation and applicable law. There can be no assurance that future dividends will be made as intended or at all or that any particular dividend policy for common stock will be maintained.
Based on preliminary financial results of Global Atlantic as of December 31, 2020, the estimated value of the Global Atlantic assets to be managed by KKR as of the closing of the Global Atlantic acquisition is approximately $90 billion.
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SHARE REPURCHASE ACTIVITY (1)
KKR has a repurchase program, which may be used to repurchase shares in the open market as well as to reduce shares issuable to participants in its equity incentive plans. In total, as can be seen in the table below, KKR has used approximately $1.4 billion to either repurchase shares or retire equity awards since the inception of KKR’s share repurchase plan on October 27, 2015 through February 5, 2021.
Share Repurchase Activity -- October 27, 2015 through February 5, 2021 (2)
(Amounts in millions, except per share amounts) Inception to Date
Open Market Share Repurchases 52.3 
Reduction of Shares for Retired Equity Awards (3)
20.5 
Total Repurchased Shares and Retired Equity Awards 72.8 
Total Capital Used $ 1,411 
Average Price Paid Per Share (4)
$ 19.38 
Remaining Availability under Current Share Repurchase Plan $ 407 

From December 31, 2019 through February 5, 2021, KKR used a total of approximately $379 million to repurchase 10.2 million shares in the open market and to retire equity awards representing 4.2 million shares that otherwise would have been issued to participants under the Equity Incentive Plans. During this period, open market purchases were made at an average cost of $24.14 per share. The timing, manner, price and amount of any common stock repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. The program does not require KKR to repurchase any specific number of shares of common stock, and the program may be suspended, extended, modified or discontinued at any time.
(1)References to the repurchase and reduction of shares relate to shares of KKR common stock.
(2)KKR & Co. Inc.'s initial repurchase authorization was announced on October 27, 2015.
(3)Refers to the retirement of equity awards issued pursuant to the Amended and Restated KKR & Co. Inc. 2010 Equity Incentive Plan and the KKR & Co. Inc. 2019 Equity Incentive Plan (collectively the "Equity Incentive Plans").
(4)Average price paid per share reflects total capital used to repurchase shares and to retire equity awards from inception to February 5, 2021 divided by the total number of repurchased shares and retired equity awards.
Page 3

CONFERENCE CALL
A conference call to discuss KKR's financial results will be held on Tuesday, February 9, 2021 at 10:00 a.m. ET. The conference call may be accessed by dialing (877) 407-0312 (U.S. callers) or +1 (201) 389-0899 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR's website beginning approximately one hour after the live broadcast ends.
A slide presentation containing supplemental commentary about KKR's financial results for the fiscal quarter and year ended December 31, 2020 may be accessed through the Investor Center of the KKR website at https://ir.kkr.com/events-presentations/. The presentation will be referenced on the conference call discussed above.
From time to time, KKR may use its website as a channel of distribution of material company information. Financial and other important information regarding KKR is routinely posted and accessible on the Investor Center for KKR & Co. Inc. at https://ir.kkr.com/. In addition, you may automatically receive email alerts and other information about KKR by enrolling your email address at the “Email Alerts” area of the Investor Center on the website.
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ABOUT KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
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Page 4

FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the declaration and payment of dividends in future quarters; the timing, manner and volume of repurchase of common stock pursuant to its repurchase program; the amount that Global Atlantic will contribute to KKR's AUM; KKR's ability to manage Global Atlantic's investments; operation of Global Atlantic following the closing of the transaction; expansion and growth opportunities and other synergies resulting from the transaction; the transaction’s effects on KKR’s operating results. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to dividends, tax assets, tax liabilities, AUM, FPAUM, after-tax distributable earnings, capital invested, syndicated capital, uncalled commitments, cash and short-term investments, fee related earnings, adjusted EBITDA, core interest expense and book value, debt levels, outstanding shares of common stock and capital structure may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the acquisition of Global Atlantic; unforeseen liabilities or integration and other costs of the Global Atlantic acquisition and timing related thereto; changes in Global Atlantic's business; distraction of KKR's or Global Atlantic's management or other diversion of resources within each company caused by the Global Atlantic acquisition; retention of key Global Atlantic employees; Global Atlantic's ability to maintain business relationships following the acquisition; the severity and duration of the COVID-19 pandemic; the pandemic's impact on the U.S. and global economies; foreign, federal, state and local governmental responses to the pandemic; whether KKR realizes all or any of the anticipated benefits from converting to a corporation and the timing of realizing such benefits; whether there are increased or unforeseen costs associated with the conversion, including any adverse change in tax law; the volatility of the capital markets; failure to realize the benefits of or changes in KKR's or Global Atlantic's business strategies including the ability to realize the anticipated synergies from acquisitions, including the Global Atlantic acquisition, strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance of KKR's or Global Atlantic's investments and decreased ability to raise funds; KKR's and Global Atlantic's compliance with laws applicable to their respective businesses; changes to Global Atlantic as a consolidated subsidiary of KKR; ability of KKR to manage Global Atlantic's investments; KKR's control of Global Atlantic; changes in Global Atlantic policyholders' behaviors; any disruption in servicing Global Atlantic's insurance policies; the use of estimates and risk management in Global Atlantic's business; outcome of Global Atlantic's litigation and regulatory matters; and the degree and nature of KKR's and Global Atlantic's competition. All forward-looking statements speak only as of the date hereof. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long term and financial results are subject to significant volatility. Additional information about factors affecting KKR is available in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 18, 2020, quarterly reports on Form 10-Q for subsequent quarters and other filings with the SEC, which are available at www.sec.gov.
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CONTACT INFORMATION
Investor Relations:                                        
Craig Larson                        
Tel: +1-877-610-4910 (U.S.) / +1-212-230-9410            
investor-relations@kkr.com                     

Media:
Kristi Huller
Tel: +1-212-750-8300
media@kkr.com
Page 5

GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in thousands, except share and per share amounts)
Quarter Ended Year Ended
December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Revenues
Fees and Other $ 669,406  $ 482,269  $ 2,006,791  $ 1,790,475 
Capital Allocation-Based Income (Loss) 1,335,758  580,802  2,224,100  2,430,425 
Total Revenues 2,005,164  1,063,071  4,230,891  4,220,900 
Expenses
Compensation and Benefits 940,964  535,834  2,152,490  2,116,890 
Occupancy and Related Charges 20,878  15,951  72,100  62,728 
General, Administrative and Other 217,215  199,535  708,542  728,813 
Total Expenses 1,179,057  751,320  2,933,132  2,908,431 
Investment Income (Loss)
Net Gains (Losses) from Investment Activities 3,821,837  924,611  3,642,804  3,161,884 
Dividend Income 57,516  131,228  352,563  318,972 
Interest Income 363,388  350,138  1,403,440  1,418,516 
Interest Expense (244,626) (260,950) (969,871) (1,043,551)
Total Investment Income (Loss) 3,998,115  1,145,027  4,428,936  3,855,821 
Income Tax Expense (Benefit) 404,137  142,626  609,097  528,750 
Net Income (Loss) Attributable to Noncontrolling Interests 2,908,864  790,710  3,115,089  2,634,491 
Series A and B Preferred Stock 8,341  8,341  33,364  33,364 
Series C Mandatory Convertible Preferred Stock Dividends 23,191  —  23,191  — 
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders (1)
$ 1,479,689  $ 515,101  $ 1,945,954  $ 1,971,685 
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock (1)
Basic $ 2.60  $ 0.93  $ 3.45  $ 3.62 
Diluted (2)
$ 2.46  $ 0.91  $ 3.37  $ 3.54 
Weighted Average Shares of Common Stock Outstanding (1)
Basic 570,818,257  555,379,973  562,812,883  545,096,999 
Diluted (2)
609,833,753  566,277,984  583,685,352  557,687,512 
GAAP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(Amounts in thousands, except per share amounts)
As of
December 31, 2020 December 31, 2019
Assets
Cash and Cash Equivalents $ 5,363,009  $ 2,346,713 
Investments 69,274,715  54,936,268 
Other Assets 5,168,778  3,616,338 
Total Assets $ 79,806,502  $ 60,899,319 
Liabilities and Equity
Debt Obligations $ 33,423,596  $ 27,013,284 
Other Liabilities 5,582,990  3,383,661 
Total Liabilities 39,006,586  30,396,945 
Stockholders' Equity
KKR & Co. Inc. Stockholders' Equity - Series A and B Preferred Stock 482,554  482,554 
KKR & Co. Inc. Stockholders' Equity - Series C Mandatory Convertible Preferred Stock 1,115,792  — 
KKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock (1)
12,118,472  10,324,936 
Noncontrolling Interests 27,083,098  19,694,884 
Total Equity 40,799,916  30,502,374 
Total Liabilities and Equity $ 79,806,502  $ 60,899,319 
KKR & Co. Inc. Stockholders' Equity Per Outstanding Share of Common Stock (1)
$ 21.15  $ 18.44 

(1)As used in this press release, references to common stock for prior periods mean Class A common stock of KKR & Co. Inc. and references to Series I Preferred Stock and Series II Preferred Stock for prior periods mean Class B common stock and Class C common stock of KKR & Co. Inc., respectively.
(2)Consistent with prior quarters, KKR Holdings L.P. units have been excluded from the calculation of diluted earnings per share of common stock since the exchange of these units would not dilute KKR’s respective ownership interests in the KKR Group Partnership L.P.

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DISTRIBUTABLE REVENUES, DISTRIBUTABLE EXPENSES AND AFTER-TAX DISTRIBUTABLE EARNINGS (UNAUDITED)
(Amounts in thousands, except share and per share amounts)
DISTRIBUTABLE REVENUES
Quarter Ended Year Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Distributable Revenues
Fees and Other, Net
Management Fees $ 393,144  $ 359,831  $ 317,131  $ 1,417,594  $ 1,227,236 
Transaction Fees 388,730  300,645  255,511  949,134  910,932 
Monitoring Fees 41,032  28,824  26,668  127,907  106,289 
Fee Credits (147,476) (115,442) (108,662) (373,643) (382,940)
Total Fees and Other, Net 675,430  573,858  490,648  2,120,992  1,861,517 
Realized Performance Income (Loss)
Carried Interest 117,230  217,978  232,180  1,042,204  1,070,788 
Incentive Fees 126,137  16,223  12,771  163,050  65,256 
Total Realized Performance Income (Loss) 243,367  234,201  244,951  1,205,254  1,136,044 
Realized Investment Income (Loss)
Net Realized Gains (Losses) 69,091  172,224  43,524  284,521  189,858 
Interest Income and Dividends 79,664  88,191  182,946  360,138  495,915 
Total Realized Investment Income (Loss) 148,755  260,415  226,470  644,659  685,773 
Total Distributable Revenues $ 1,067,552  $ 1,068,474  $ 962,069  $ 3,970,905  $ 3,683,334 
DISTRIBUTABLE EXPENSES
Quarter Ended Year Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Distributable Expenses
Compensation and Benefits (1)
$ 375,537  $ 427,396  $ 357,740  $ 1,536,777  $ 1,446,292 
Occupancy and Related Charges 17,142  13,639  14,302  58,859  58,888 
Other Operating Expenses 106,838  76,163  108,133  334,680  343,418 
Total Distributable Expenses $ 499,517  $ 517,198  $ 480,175  $ 1,930,316  $ 1,848,598 
AFTER-TAX DISTRIBUTABLE EARNINGS
Quarter Ended Year Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
After-tax Distributable Earnings
(+) Total Distributable Revenues $ 1,067,552  $ 1,068,474  $ 962,069  $ 3,970,905  $ 3,683,334 
(-) Total Distributable Expenses 499,517  517,198  480,175  1,930,316  1,848,598 
(=) Total Distributable Operating Earnings 568,035  551,276  481,894  2,040,589  1,834,736 
(-) Interest Expense 58,361  54,458  44,367  211,037  183,682 
(-) Series A and B Preferred Dividends 8,341  8,341  8,341  33,364  33,364 
(-) Income (Loss) Attributable to Noncontrolling Interests 3,042  2,709  1,803  7,842  4,907 
(-) Income Taxes Paid 67,187  75,413  52,242  265,950  207,479 
After-tax Distributable Earnings
$ 431,104  $ 410,355  $ 375,141  $ 1,522,396  $ 1,405,304 
After-tax Distributable Earnings Per Adjusted Share
$ 0.49  $ 0.48  $ 0.44  $ 1.78  $ 1.67 
Weighted Average Adjusted Shares (2)
877,218,055  861,854,785  848,327,093  857,495,058  841,542,195 
Assets Under Management $ 251,679,200  $ 233,808,800  $ 218,355,100  $ 251,679,200  $ 218,355,100 
Fee Paying Assets Under Management $ 186,217,000  $ 177,290,200  $ 161,209,800  $ 186,217,000  $ 161,209,800 
Capital Invested and Syndicated Capital $ 12,482,900  $ 10,019,100  $ 9,833,000  $ 34,541,900  $ 28,055,900 
Uncalled Commitments $ 66,960,000  $ 67,077,600  $ 56,920,600  $ 66,960,000  $ 56,920,600 
Fee Related Earnings $ 430,866  $ 318,900  $ 271,210  $ 1,230,501  $ 1,031,084 


(1)Includes equity-based compensation of $113.0 million, $42.5 million, and $49.9 million for the quarters ended December 31, 2020, September 30, 2020, and December 31, 2019, respectively, and $246.4 million and $207.8 million for the year ended December 31, 2020 and 2019, respectively.
(2)Includes shares of KKR & Co. Inc. common stock assuming conversion of all of the outstanding Series C Mandatory Convertible Preferred Stock. See Exhibit A for reconciliation of KKR's Weighted Average GAAP Shares of Common Stock Outstanding to Weighted Average Adjusted Shares.
Page 7

SCHEDULE OF SELECTED SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)
(Amounts in thousands)
PRIVATE MARKETS BUSINESS LINE REVENUES & OPERATING METRICS
Quarter Ended Year Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Fees and Other, Net
Management Fees $ 276,002  $ 241,788  $ 201,760  $ 958,271  $ 780,254 
Transaction Fees 162,570  133,943  122,601  398,859  421,494 
Monitoring Fees 41,032  28,824  26,668  127,907  106,289 
Fee Credits (115,405) (107,275) (83,170) (307,432) (307,716)
Total Fees and Other, Net $ 364,199  $ 297,280  $ 267,859  $ 1,177,605  $ 1,000,321 
Realized Performance Income (Loss)
Carried Interest $ 117,230  $ 217,978  $ 232,180  $ 1,006,564  $ 1,046,038 
Incentive Fees 11,375  701  831  14,098  2,316 
Total Realized Performance Income (Loss) $ 128,605  $ 218,679  $ 233,011  $ 1,020,662  $ 1,048,354 
Assets Under Management $ 148,689,300  $ 135,758,500  $ 119,274,700  $ 148,689,300  $ 119,274,700 
Fee Paying Assets Under Management $ 94,195,900  $ 90,351,000  $ 76,918,100  $ 94,195,900  $ 76,918,100 
Capital Invested
$ 6,035,000  $ 6,232,000  $ 4,491,600  $ 19,207,000  $ 14,116,000 
Uncalled Commitments $ 56,631,700  $ 56,202,000  $ 46,811,300  $ 56,631,700  $ 46,811,300 

PUBLIC MARKETS BUSINESS LINE REVENUES & OPERATING METRICS
Quarter Ended Year Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Fees and Other, Net
Management Fees $ 117,142  $ 118,043  $ 115,371  $ 459,323  $ 446,982 
Transaction Fees 33,564  8,436  26,142  69,792  79,383 
Fee Credits (32,071) (8,167) (25,492) (66,211) (75,224)
Total Fees and Other, Net $ 118,635  $ 118,312  $ 116,021  $ 462,904  $ 451,141 
Realized Performance Income (Loss)
Carried Interest $ —  $ —  $ —  $ 35,640  $ 24,750 
Incentive Fees 114,762  15,522  11,940  148,952  62,940 
Total Realized Performance Income (Loss) $ 114,762  $ 15,522  $ 11,940  $ 184,592  $ 87,690 
Assets Under Management $ 102,989,900  $ 98,050,300  $ 99,080,400  $ 102,989,900  $ 99,080,400 
Fee Paying Assets Under Management $ 92,021,100  $ 86,939,200  $ 84,291,700  $ 92,021,100  $ 84,291,700 
Capital Invested $ 3,800,200  $ 1,708,300  $ 4,034,000  $ 10,309,500  $ 10,075,400 
Uncalled Commitments $ 10,328,300  $ 10,875,600  $ 10,109,300  $ 10,328,300  $ 10,109,300 

CAPITAL MARKETS BUSINESS LINE REVENUES & OPERATING METRICS
Quarter Ended Year Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Transaction Fees $ 192,596  $ 158,266  $ 106,768  $ 480,483  $ 410,055 
Syndicated Capital $ 2,647,700  $ 2,078,800  $ 1,307,400  $ 5,025,400  $ 3,864,500 


PRINCIPAL ACTIVITIES BUSINESS LINE REVENUES
Quarter Ended Year Ended
December 31, 2020 September 30, 2020 December 31, 2019 December 31, 2020 December 31, 2019
Realized Investment Income (Loss)
Net Realized Gains (Losses) $ 69,091  $ 172,224  $ 43,524  $ 284,521  $ 189,858 
Interest Income and Dividends 79,664  88,191  182,946  360,138  495,915 
Total Realized Investment Income (Loss) $ 148,755  $ 260,415  $ 226,470  $ 644,659  $ 685,773 

Page 8

BOOK ASSETS, BOOK LIABILITIES AND BOOK VALUE (UNAUDITED)
(Amounts in thousands, except share and per share amounts)
BOOK ASSETS
As of
December 31, 2020 December 31, 2019
Book Assets
Cash and Short-term Investments $ 5,961,083  $ 2,783,905 
Investments 14,991,914 
(1)
13,026,387 
Net Unrealized Carried Interest 2,625,935 
(2)
1,982,251 
(2)
Tax Assets 43,446  111,719 
Other Assets 4,198,641  3,716,189 
Total Book Assets $ 27,821,019  $ 21,620,451 
BOOK LIABILITIES
As of
December 31, 2020 December 31, 2019
Book Liabilities
Debt Obligations - KKR (ex-KFN) $ 4,688,460  $ 3,097,460 
Debt Obligations - KFN 948,517  948,517 
Tax Liabilities 529,412  169,997 
Other Liabilities 857,764  514,236 
Total Book Liabilities $ 7,024,153  $ 4,730,210 
BOOK VALUE
As of
December 31, 2020 December 31, 2019
Book Value
(+) Total Book Assets $ 27,821,019  $ 21,620,451 
(-) Total Book Liabilities 7,024,153  4,730,210 
(-) Noncontrolling Interests 29,510  26,291 
(-) Series A and B Preferred Stock 500,000  500,000 
Book Value $ 20,267,356  $ 16,363,950 
Book Value Per Adjusted Share $ 23.09  $ 19.24 
Adjusted Shares 877,613,164  850,388,924 

Note: As of December 31, 2020, KKR had a (i) $1.0 billion revolving credit facility, which was undrawn, and (ii) $1.5 billion in revolving credit facilities for use in its capital markets business, which were also undrawn.

(1)See schedule of investments that follows on the next page.
(2)The following table provides net unrealized carried interest by business line:
As of
December 31, 2020 December 31, 2019
Private Markets Business Line $ 2,560,101  $ 1,832,581 
Public Markets Business Line 65,834  149,670 
Total $ 2,625,935  $ 1,982,251 




Page 9

SCHEDULE OF INVESTMENTS (UNAUDITED) (1)
(Amounts in thousands, except percentage amounts)
As of December 31, 2020
Investments Fair Value
Private Equity Funds / SMAs $ 6,445,077 
Private Equity Co-Investments and Other Equity 3,719,477 
Private Equity Total 10,164,554 
Energy 724,848 
Real Estate 1,324,660 
Infrastructure 428,878 
Real Assets Total 2,478,386 
Alternative Credit 689,068 
CLOs 798,279 
Other Credit 161,187 
Credit Total 1,648,534 
Other 700,440 
Total Investments $ 14,991,914 
CHART-CC08BE32E93B4050A081.JPG


As of December 31, 2020
Significant Investments: (3)
Fair Value Fair Value
as a % of Total Investments
Fiserv, Inc. $ 1,332,169  8.9  %
BridgeBio Pharma Inc. 974,317  6.5  %
USI, Inc. 884,634  5.9  %
PetVet Care Centers, LLC 559,333  3.7  %
Heartland Dental, LLC 545,064  3.6  %
Total Significant Investments 4,295,517  28.6  %
Other Investments 10,696,397  71.4  %
Total Investments $ 14,991,914  100.0  %







(1)Investments is a term used solely for purposes of financial presentation of a portion of KKR’s balance sheet and includes majority ownership of subsidiaries that operate KKR’s asset management and other businesses, including the general partner interests of KKR’s investment funds.
(2)Private Equity includes KKR private equity funds, co-investments alongside such KKR sponsored private equity funds, core private equity funds and other opportunistic investments. Equity investments in other asset classes, such as energy, real estate, and alternative credit appear in these other asset classes.
(3)Significant Investments include the top five investments based on their fair values as of December 31, 2020. Significant Investments exclude (i) investments expected to be syndicated, (ii) investments expected to be transferred in connection with a new fundraising, and (iii) investments in funds and other entities that are owned by one or more third parties and established for the purpose of making investments. Accordingly, this list of Significant Investments should not be relied upon as a substitute for the "Holdings by Asset Class" pie chart above for information about the asset class exposure of KKR's balance sheet. The fair value figures include the co-investment and the limited partner and/or general partner interests held by KKR in the underlying investment, if applicable.
Page 10

ASSETS UNDER MANAGEMENT (UNAUDITED)
(Amounts in thousands)
Private Markets
Business Line 		Public Markets
Business Line 		Total
Quarter Ended December 31, 2020
September 30, 2020 $ 135,758,500  $ 98,050,300  $ 233,808,800 
New Capital Raised 7,847,000  3,750,900  11,597,900 
Distributions and Other (2,423,400) (2,785,700)
(1)
(5,209,100)
Change in Value 7,507,200  3,974,400  11,481,600 
December 31, 2020 $ 148,689,300  $ 102,989,900  $ 251,679,200 
Year Ended December 31, 2020
December 31, 2019 $ 119,274,700  $ 99,080,400  $ 218,355,100 
New Capital Raised 28,040,000  15,750,300  43,790,300 
Distributions and Other (12,677,300) (14,608,500)
(2)
(27,285,800)
Change in Value 14,051,900  2,767,700  16,819,600 
December 31, 2020 $ 148,689,300  $ 102,989,900  $ 251,679,200 



FEE PAYING ASSETS UNDER MANAGEMENT (UNAUDITED)
(Amounts in thousands)
Private Markets
Business Line 		Public Markets
Business Line 		Total
Quarter Ended December 31, 2020
September 30, 2020 $ 90,351,000  $ 86,939,200  $ 177,290,200 
New Capital Raised 5,583,900  4,640,800  10,224,700 
Distributions and Other (1,549,000) (2,695,100)
(4)
(4,244,100)
Net Changes in Fee Base of Certain Funds (3)
(285,900) —  (285,900)
Change in Value 95,900  3,136,200  3,232,100 
December 31, 2020 $ 94,195,900  $ 92,021,100  $ 186,217,000 
Year Ended December 31, 2020
December 31, 2019 $ 76,918,100  $ 84,291,700  $ 161,209,800 
New Capital Raised 24,357,800  16,025,700  40,383,500 
Distributions and Other (6,296,500) (11,767,000)
(5)
(18,063,500)
Net Changes in Fee Base of Certain Funds (3)
(2,463,700) —  (2,463,700)
Change in Value 1,680,200  3,470,700  5,150,900 
December 31, 2020 $ 94,195,900  $ 92,021,100  $ 186,217,000 








(1)Includes $2,230.6 million of redemptions by fund investors.
(2)Includes $11,047.5 million of redemptions by fund investors.
(3)Represents the impact of certain funds entering their post-investment period.
(4)Includes $1,826.9 million of redemptions by fund investors.
(5)Includes $7,443.2 million of redemptions by fund investors.

Page 11

INVESTMENT VEHICLE SUMMARY (UNAUDITED)
As of December 31, 2020
(Amounts in millions, except percentages)
Investment Period Amount
Start
Date 		End Date Commitment Uncalled
Commitments 		Percentage
Committed
by General
Partner 		Invested Realized Remaining
Cost 		Remaining Fair Value
Private Markets Business Line  
Private Equity and Growth Funds
Americas Fund XII 1/2017 1/2023 $ 13,500.0  $ 5,462.1  5.8% $ 8,332.5  $ 379.6  $ 8,221.5  $ 13,506.1 
North America Fund XI 9/2012 1/2017 8,718.4  429.8  2.9% 9,733.0  12,717.1  4,499.7  8,851.6 
2006 Fund (1)
9/2006 9/2012 17,642.2  247.4  2.1% 17,309.3  32,435.1  2,546.3  4,794.0 
Millennium Fund (1)
12/2002 12/2008 6,000.0  —  2.5% 6,000.0  14,123.1  —  6.1 
European Fund V 3/2019 7/2025 6,415.0  3,810.0  1.8% 2,605.0  —  2,605.0  3,130.9 
European Fund IV 12/2014 3/2019 3,511.0  59.4  5.7% 3,578.1  3,092.2  2,351.3  3,953.8 
European Fund III (1)
3/2008 3/2014 5,513.9  154.1  5.2% 5,359.8  10,524.4  336.7  300.3 
European Fund II (1)
11/2005 10/2008 5,750.8  —  2.1% 5,750.8  8,507.4  —  34.3 
Asian Fund IV 7/2020 7/2026 13,818.5  13,818.5  7.2% —  —  —  — 
Asian Fund III 4/2017 7/2020 9,000.0  3,168.7  5.6% 6,190.7  1,261.1  5,795.6  8,773.5 
Asian Fund II 4/2013 4/2017 5,825.0  —  1.3% 6,842.4  4,903.4  4,023.2  5,416.4 
Asian Fund (1)
7/2007 4/2013 3,983.3  —  2.5% 3,974.3  8,723.3  17.1  25.7 
China Growth Fund (1)
11/2010 11/2016 1,010.0  —  1.0% 1,010.0  867.9  466.2  409.0 
Next Generation Technology Growth Fund II 12/2019 12/2025 2,088.3  1,225.5  7.2% 863.6  0.9  859.0  1,009.5 
Next Generation Technology Growth Fund 3/2016 12/2019 658.9  2.3  22.5% 663.3  326.8  527.6  1,096.4 
Health Care Strategic Growth Fund 12/2016 12/2021 1,331.0  844.7  11.3% 577.0  116.1  482.8  1,042.0 
Global Impact Fund 2/2019 2/2025 1,242.2  694.6  8.1% 547.6  —  547.6  645.8 
Total Private Equity and Growth Funds 106,008.5  29,917.1  79,337.4  97,978.4  33,279.6  52,995.4 
Co-Investment Vehicles and Other Various Various 12,069.8  4,285.7  Various 8,073.6  5,683.3  5,312.1  7,614.1 
Total Private Equity 118,078.3  34,202.8  87,411.0  103,661.7  38,591.7  60,609.5 
Core Investment Vehicles Various Various 10,693.6  3,326.3  33.0% 7,367.3  —  7,367.3  10,481.9 
Real Assets
Energy Income and Growth Fund II 6/2018 6/2021 994.2  515.0  20.1% 488.9  9.6  479.7  487.7 
Energy Income and Growth Fund 9/2013 6/2018 1,974.2  —  12.9% 1,967.9  834.8  1,239.4  975.9 
Natural Resources Fund (1)
Various Various 887.4  —  Various 887.4  123.2  194.2  71.8 
Global Energy Opportunities Various Various 914.1  63.4  Various 518.4  143.5  346.7  206.5 
Global Infrastructure Investors III 6/2018 6/2024 7,193.3  4,019.1  3.8% 3,390.1  216.0  3,328.7  3,294.9 
Global Infrastructure Investors II 10/2014 6/2018 3,040.8  161.3  4.1% 3,119.4  2,752.5  2,038.4  2,650.5 
Global Infrastructure Investors 9/2011 10/2014 1,040.2  25.1  4.8% 1,046.8  2,098.4  127.5  107.6 
Asia Pacific Infrastructure Investors 1/2020 1/2026 3,791.6  3,791.6  6.6% —  —  —  — 
Real Estate Partners Americas II 5/2017 12/2020 1,921.2  494.4  7.8% 1,662.9  519.3  1,399.4  1,556.5 
Real Estate Partners Americas 5/2013 5/2017 1,229.1  147.8  16.3% 1,011.1  1,357.9  186.6  84.4 
Real Estate Partners Europe 9/2015 12/2019 713.7  190.0  9.1% 599.5  172.1  510.7  656.0 
Asia Real Estate Partners 6/2019 6/2023 1,682.4  1,682.4  14.9% —  —  —  — 
Real Estate Credit Opportunity Partners II 4/2019 6/2022 950.0  606.6  5.3% 343.4  12.0  343.4  353.9 
Real Estate Credit Opportunity Partners 2/2017 4/2019 1,130.0  122.2  4.4% 1,007.8  232.2  1,007.8  942.6 
Property Partners Americas 12/2019 (2) 2,012.5  1,446.7  24.8% 565.8  11.5  565.8  618.1 
Co-Investment Vehicles and Other Various Various 7,594.3  4,478.8  Various 3,115.5  923.5  3,111.8  3,644.3 
Total Real Assets 37,069.0  17,744.4  19,724.9  9,406.5  14,880.1  15,650.7 
Unallocated Commitments (3)
903.1  903.1  Various —  —  —  — 
Private Markets Total 166,744.0  56,176.6  114,503.2  113,068.2  60,839.1  86,742.1 
Public Markets Business Line (4)
Alternative Credit
Dislocation Opportunities Fund 5/2020 11/2021 2,813.9  2,162.3  14.3% 651.6  23.8  651.6  802.9 
Special Situations Fund II 2/2015 3/2019 3,524.7  299.5  9.0% 3,225.2  1,054.8  2,533.8  2,373.1 
Special Situations Fund 1/2013 1/2016 2,274.3  1.3  11.6% 2,273.0  1,552.4  1,217.7  560.7 
Mezzanine Partners 7/2010 3/2015 1,022.8  33.3  4.4% 989.5  1,092.1  324.9  224.2 
Private Credit Opportunities Partners II 12/2015 12/2020 2,245.1  803.0  2.2% 1,442.1  178.7  1,392.4  1,462.0 
Lending Partners III 4/2017 11/2021 1,497.8  757.1  1.7% 740.7  187.9  740.7  774.3 
Lending Partners II 6/2014 6/2017 1,335.9  156.8  3.7% 1,179.1  1,100.7  529.9  215.8 
Lending Partners 12/2011 12/2014 460.2  53.0  15.2% 407.2  450.7  118.5  16.1 
Lending Partners Europe II 6/2019 9/2023 836.6  655.2  6.7% 181.4  10.1  181.4  211.0 
Lending Partners Europe 3/2015 3/2019 847.6  212.3  5.0% 635.3  240.7  515.4  378.7 
Total Alternative Credit 16,858.9  5,133.8  11,725.1  5,891.9  8,206.3  7,018.8 
Other Alternative Credit Vehicles Various Various 11,144.0  4,973.9  Various 6,170.1  3,706.7  4,153.1  4,206.4 
Unallocated Commitments (3)
124.3  124.3  Various —  —  —  — 
Public Markets Total 28,127.2  10,232.0  17,895.2  9,598.6  12,359.4  11,225.2 
Total Eligible To Receive Carried Interest $ 194,871.2  $ 66,408.6  $ 132,398.4  $ 122,666.8  $ 73,198.5  $ 97,967.3 
(1)The "Invested" and "Realized" columns do not include the amounts of any realized investments that restored the unused capital commitments of the fund investors, if any.
(2)Open ended fund.
(3)Represents unallocated commitments from our strategic investor partnerships.
(4)The "Commitment" and "Uncalled Commitments" columns include income that is eligible to be reinvested if permitted under the terms of the investment vehicle agreements.
Page 12

INVESTMENT VEHICLE SUMMARY (UNAUDITED) (CONTINUED)
As of December 31, 2020
(Amounts in millions)
Uncalled
Commitments 		Remaining
Fair Value 		Total
Carried Interest Eligible $ 66,408.6  $ 97,967.3  $ 164,375.9 
Incentive Fee Eligible
Hedge Fund Partnerships (1)
—  21,215.9  21,215.9 
Business Development Companies (BDCs) —  15,828.0  15,828.0 
KKR Real Estate Finance Trust Inc. —  1,136.3  1,136.3 
Other —  6,964.6  6,964.6 
Total Carried Interest and Incentive Fee Eligible 66,408.6  143,112.1  209,520.7 
Collateralized Loan Obligations (CLOs) —  18,004.6  18,004.6 
Leveraged Credit / Hedge Fund Partnerships (1) / Other
551.4  23,602.5  24,153.9 
Total Assets Under Management $ 66,960.0  $ 184,719.2  $ 251,679.2 
(1)Represents KKR's pro rata portion of AUM of hedge fund managers in which KKR holds a minority ownership interest. Total AUM for Hedge Fund Partnerships is $24,503.8 million, of which $21,215.9 million is incentive fee eligible.













KKR’S PORTION OF TOTAL UNCALLED COMMITMENTS TO ITS INVESTMENT FUNDS
(Amounts in thousands)
As of
December 31, 2020 December 31, 2019
Private Markets Business Line $ 5,517,700  $ 4,551,500 
Public Markets Business Line 756,200  689,700 
Total $ 6,273,900  $ 5,241,200 

















Page 13

INFORMATION ON NON-GAAP AND OTHER MEASURES & DEFINITIONS (UNAUDITED)

KKR operates through one operating and reportable segment. Management makes operating decisions and assesses performance of our business prior to giving effect to the (i) allocation of income (loss) between KKR & Co. Inc. and KKR Holdings L.P.; (ii) consolidation of the investment funds and collateralized financing entities that KKR manages; and (iii) other consolidated entities that are not subsidiaries of KKR & Co. Inc.
KKR discloses the following financial measures in this earnings release that are calculated and presented using methodologies other than in accordance with GAAP: after-tax distributable earnings, after-tax distributable earnings per adjusted share, book value, book value per adjusted share, book assets, book liabilities, distributable revenues, distributable expenses and fee related earnings. We believe that providing these performance measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall performance of KKR’s businesses. These financial measures should not be considered as a substitute for similar financial measures calculated in accordance with GAAP, if available. In addition, we caution readers that these non-GAAP financial measures may differ from the calculations of other investment managers, and as a result, may not be comparable to similarly titled measures presented by other investment managers. These non-GAAP measures are presented in this earnings release as KKR’s operating results, which were previously referred to as segment results. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, where applicable, are included in Exhibit A.
Adjusted shares represents shares of common stock of KKR & Co. Inc. outstanding under GAAP adjusted to include shares issuable upon exchange of all units of KKR Holdings L.P. and the number of assumed shares of common stock issuable upon conversion of our Series C Mandatory Convertible Preferred Stock. We believe providing adjusted shares is useful to stockholders as it provides insight into the calculation of amounts available for distribution as dividends on a per adjusted share basis assuming all units of KKR Holdings L.P. and all shares of Series C Mandatory Convertible Preferred Stock are exchanged and converted, respectively, to shares of common stock. Weighted average adjusted shares is used in the calculation of after-tax distributable earnings per adjusted share and adjusted shares is used in the calculation of book value per adjusted share.

After-tax distributable earnings is a non-GAAP performance measure of KKR’s earnings excluding mark-to-market gains (losses) after interest expense, Series A and B preferred dividends, noncontrolling interests and income taxes paid. It is used by management to assess the net realized earnings of KKR for a given reporting period, after deducting equity-based compensation under the Equity Incentive Plans and adjusting to exclude the impact of strategic corporate transaction-related charges and non-recurring items, if any. KKR believes that after-tax distributable earnings is useful to stockholders as it aligns KKR’s net realization performance with the manner in which KKR receives its revenues and determines the compensation of its employees. Series C Mandatory Convertible Preferred Stock dividends have been excluded from after-tax distributable earnings because the definition of adjusted shares used to calculate after-tax distributable earnings per adjusted share assumes that all shares of Series C Mandatory Convertible Preferred Stock have been converted to shares of common stock. After-tax distributable earnings does not represent and is not used to calculate actual dividends under KKR’s dividend policy. Equity-based compensation expense is included in after-tax distributable earnings as a component of compensation expense in order to reflect the dilutive nature of these non-cash equity-based awards. Income taxes paid represents the implied amount of income taxes that would be paid assuming that all pre-tax distributable earnings were allocated to KKR & Co. Inc. and taxed at the same effective rate, which would occur following an exchange of all KKR Holdings units for common stock of KKR & Co. Inc. Income taxes paid also includes amounts paid pursuant to the tax receivable agreement.
Assets under management ("AUM") represent the assets managed or advised by KKR from which KKR is entitled to receive fees or a carried interest (either currently or upon deployment of capital), general partner capital, and assets managed or advised by our strategic BDC partnership and the hedge fund and other managers in which KKR holds an ownership interest. We believe this measure is useful to stockholders as it provides additional insight into the capital raising activities of KKR and its hedge fund and other managers and the overall activity in their investment funds and other managed capital. KKR calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of KKR's investment funds; (ii) uncalled capital commitments from these funds, including uncalled capital commitments from which KKR is currently not earning management fees or carried interest; (iii) the fair value of investments in KKR's co-investment vehicles; (iv) the par value of outstanding CLOs (excluding CLOs wholly-owned by KKR); (v) KKR's pro rata portion of the AUM of hedge fund and other managers in which KKR holds an ownership interest; (vi) all AUM of the strategic BDC partnership with FS Investments; and (vii) the fair value of other assets managed by KKR. The pro rata portion of the AUM of hedge fund and other managers is calculated based on KKR’s percentage ownership interest in such entities multiplied by such entity’s respective AUM. KKR's definition of AUM is not based on any definition of AUM that may be set forth in the agreements governing the investment funds, vehicles or accounts that it manages or calculated pursuant to any regulatory definitions.
Book assets is a non-GAAP performance measure that represents cash and short-term investments, investments, net unrealized carried interest, tax assets, and other assets of KKR presented on a basis that deconsolidates (i) KKR's investment funds and collateralized financing entities that KKR manages and (ii) other consolidated entities that are not subsidiaries of KKR & Co. Inc. We believe this measure is useful to stockholders as it provides additional insight into the assets of KKR that are used to operate its business lines. As used in this definition, cash and short-term investments represent cash and liquid short-term investments in high-grade, short-duration cash management strategies used by KKR to generate additional yield.

Book liabilities is a non-GAAP performance measure that represents the debt obligations of KKR (including KFN), tax liabilities, and other liabilities of KKR presented on a basis that deconsolidates (i) KKR's investment funds and collateralized financing entities that KKR manages and (ii) other consolidated entities that are not subsidiaries of KKR & Co. Inc. We believe this measure is useful to stockholders as it provides additional insight into the liabilities of KKR excluding the liabilities that are allocated to noncontrolling interest holders and to the holders of the Series A and Series B Preferred Stock.

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Book value is a non-GAAP performance measure of the net assets of KKR and is used by management primarily in assessing the unrealized value of KKR’s book assets after deducting for book liabilities, noncontrolling interests and Series A and B Preferred Stock. We believe this measure is useful to stockholders as it provides additional insight into the net assets of KKR excluding those net assets that are allocated to noncontrolling interest holders and to the holders of the Series A and B Preferred Stock. KKR's book value includes the net impact of KKR's tax assets and liabilities as prepared under GAAP. Series C Mandatory Convertible Preferred Stock has been included in book value, because the definition of adjusted shares used to calculate book value per adjusted share assumes that all shares of Series C Mandatory Convertible Preferred Stock have been converted to shares of common stock.
Capital invested is the aggregate amount of capital invested by (i) KKR’s investment funds, (ii) KKR's Principal Activities business line as a co-investment, if any, alongside KKR’s investment funds, and (iii) KKR's Principal Activities business line in connection with a syndication transaction conducted by KKR's Capital Markets business line, if any. Capital invested is used as a measure of investment activity at KKR during a given period. We believe this measure is useful to stockholders as it provides a measure of capital deployment across KKR’s business lines. Capital invested includes investments made using investment financing arrangements like credit facilities, as applicable.  Capital invested excludes (i) investments in certain leveraged credit strategies, (ii) capital invested by KKR’s Principal Activities business line that is not a co-investment alongside KKR’s investment funds, and (iii) capital invested by KKR’s Principal Activities business line that is not invested in connection with a syndication transaction by KKR’s Capital Markets business line. Capital syndicated by KKR's Capital Markets business line to third parties other than KKR’s investment funds or Principal Activities business line is not included in capital invested.  See also syndicated capital.
Distributable revenues is a non-GAAP performance measure that represents the realized revenues (which excludes unrealized carried interest and unrealized net gains (losses)) generated by KKR and is the sum of (i) fees and other, net, (ii) realized performance income (loss) and (iii) realized investment income (loss). KKR believes that distributable revenues is useful to stockholders as it provides insight into the realized revenue generated by KKR's business lines.
Distributable expenses is a non-GAAP performance measure that represents the expenses of KKR and is the sum of (i) compensation and benefits (excluding unrealized performance income compensation), (ii) occupancy and related charges and (iii) other operating expenses. KKR believes that distributable expenses is useful to stockholders as it provides insight into the costs expended in connection with generating KKR's distributable revenues.
Distributable operating earnings is a non-GAAP performance measure that represents after-tax distributable earnings before interest expense, preferred dividends, income (loss) attributable to noncontrolling interests and income taxes paid. We believe distributable operating earnings is useful to stockholders as it provides a supplemental measure of our operating performance without taking into account items that we do not believe relate directly to KKR's operations.
Fee paying AUM ("FPAUM") represents only the AUM from which KKR is entitled to receive management fees. We believe this measure is useful to stockholders as it provides additional insight into the capital base upon which KKR earns management fees. FPAUM is the sum of all of the individual fee bases that are used to calculate KKR's and its hedge fund and BDC partnership management fees and differs from AUM in the following respects: (i) assets and commitments from which KKR is not entitled to receive a management fee are excluded (e.g., assets and commitments with respect to which it is entitled to receive only carried interest or is otherwise not currently entitled to receive a management fee) and (ii) certain assets, primarily in its private equity funds, are reflected based on capital commitments and invested capital as opposed to fair value because fees are not impacted by changes in the fair value of underlying investments.
Fee related earnings is a non-GAAP supplemental performance measure of earnings of KKR before performance income and investment income. KKR believes this measure may be useful to stockholders as it may provide additional insight into the profitability of KKR’s fee generating management companies and capital markets businesses. Fee related earnings is calculated as KKR’s total Fees and Other, Net, multiplied by KKR’s distributable operating margin. For purposes of the fee related earnings calculation, distributable operating margin is calculated as distributable operating earnings, before equity-based compensation, divided by total distributable revenues.
Syndicated capital is the aggregate amount of capital in transactions originated by KKR and its investment funds and carry-yielding co-investment vehicles, which has been distributed to third parties, generally in exchange for a fee. It does not include (i) capital invested in such transactions by KKR investment funds and carry-yielding co-investment vehicles, which is instead reported in capital invested, (ii) debt capital that is arranged as part of the acquisition financing of transactions originated by KKR investment funds, and (iii) debt capital that is either underwritten or arranged on a best efforts basis. Syndicated capital is used as a measure of investment activity for KKR during a given period, and we believe that this measure is useful to stockholders as it provides additional insight into levels of syndication activity in KKR's Capital Markets business line and across KKR's investment platform.
Uncalled commitments is the aggregate amount of unfunded capital commitments that KKR’s investment funds and carry-paying co-investment vehicles have received from partners to contribute capital to fund future investments. We believe this measure is useful to stockholders as it provides additional insight into the amount of capital that is available to KKR’s investment funds to make future investments. Uncalled commitments are not reduced for investments completed using fund-level investment financing arrangements.



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EXHIBIT A
GAAP COMMON STOCK AND ADJUSTED SHARES (UNAUDITED)
The following table provides a reconciliation of KKR's Weighted Average GAAP Shares of Common Stock Outstanding to Weighted Average Adjusted Shares:
Quarter Ended
December 31, 2020 September 30, 2020 December 31, 2019
Weighted Average GAAP Shares of Common Stock Outstanding - Basic 570,818,257  562,425,576  555,379,973 
Adjustments:
Weighted Average KKR Holdings Units (1)
277,306,865  282,692,900  292,947,120 
Weighted Average Common Stock - Series C Mandatory Convertible Preferred Stock(2)
29,092,933  16,736,309  — 
Weighted Average Adjusted Shares (3)
877,218,055  861,854,785  848,327,093 
Year Ended
December 31, 2020 December 31, 2019
Weighted Average GAAP Shares of Common Stock Outstanding - Basic 562,812,883  545,096,999 
Adjustments:
Weighted Average KKR Holdings Units (1)
283,633,220  296,445,196 
Weighted Average Common Stock - Series C Mandatory Convertible Preferred Stock(2)
11,048,955  — 
Weighted Average Adjusted Shares (3)
857,495,058  841,542,195 
The following table provides a reconciliation of KKR's GAAP Shares of Common Stock Outstanding to Adjusted Shares:
As of
December 31, 2020 December 31, 2019
GAAP Shares of Common Stock Outstanding 572,893,738  560,007,579 
Adjustments:
KKR Holdings Units (1)
275,626,493  290,381,345 
Common Stock - Series C Mandatory Convertible Preferred Stock (2)
29,092,933  — 
Adjusted Shares (3)
877,613,164  850,388,924 
Unvested Shares of Common Stock and Other Exchangeable Securities 23,892,201  22,712,604 
















(1)Shares that may be issued by KKR & Co. Inc. upon exchange of units in KKR Holdings L.P. for KKR common stock.
(2)Assumes that all shares of Series C Mandatory Convertible Preferred Stock have been converted to shares of KKR & Co. Inc. common stock on December 31, 2020.
(3)Amounts exclude unvested shares granted under the Equity Incentive Plans.

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EXHIBIT A (CONTINUED)
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK - BASIC (GAAP BASIS)
TO AFTER-TAX DISTRIBUTABLE EARNINGS PER ADJUSTED SHARE AND ADJUSTED EBITDA (UNAUDITED)
(Amounts in thousands, except share and per share amounts)
Quarter Ended
December 31, 2020 September 30, 2020 December 31, 2019
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Basic $ 2.60  $ 1.86  $ 0.93 
Weighted Average Shares of Common Stock Outstanding - Basic 570,818,257  562,425,576  555,379,973 
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders $ 1,485,439  $ 1,047,685  $ 515,101 
Accumulated Series C Mandatory Convertible Preferred Dividend (5,750) 8,817  — 
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders $ 1,479,689  $ 1,056,502  $ 515,101 
(+) Net Income (Loss) Attributable to Noncontrolling Interests held by KKR Holdings L.P. 905,988  691,730  351,844 
(+) Equity-based and Other Compensation - KKR Holdings L.P. 17,143  21,802  22,836 
(+) Amortization of Intangibles and Other, net 129,831  11,211  95,230 
(+) Strategic Corporate Transaction-Related Charges (1)
9,376  10,697  — 
(-) Net Unrealized Carried Interest 1,257,340  995,376  338,420 
(-) Net Unrealized Gains (Losses) 1,715,789  1,088,901  502,686 
(+) Unrealized Performance Income Compensation 525,256  418,728  140,852 
(+) Income Tax Expense (Benefit) 404,137  359,375  142,626 
(-) Income Taxes Paid 67,187  75,413  52,242 
After-tax Distributable Earnings $ 431,104  $ 410,355  $ 375,141 
Weighted Average Adjusted Shares 877,218,055  861,854,785  848,327,093 
After-tax Distributable Earnings Per Adjusted Share $ 0.49  $ 0.48  $ 0.44 
After-tax Distributable Earnings $ 431,104  $ 410,355  $ 375,141 
(+) Equity-based Compensation (Equity Incentive Plans) 112,971  42,488  49,898 
(+) Income (Loss) Attributable to Noncontrolling Interests 3,042  2,709  1,803 
(+) Income Taxes Paid 67,187  75,413  52,242 
(+) Series A and B Preferred Dividends 8,341  8,341  8,341 
(+) Core Interest Expense (2)
45,402  41,409  30,663 
(+) Depreciation and Amortization 4,437  4,568  4,699 
Adjusted EBITDA (3)
$ 672,484  $ 585,283  $ 522,787 



(1)Represents transaction costs related to the acquisition of Global Atlantic.
(2)Core interest expense may be used by certain debt investors as an alternative measurement of interest expense incurred by KKR and excludes interest expense related to debt obligations from investment financing arrangements related to certain of KKR’s investment funds, investment vehicles and principal investments and also excludes interest expense incurred by KFN. The financing arrangements excluded from core interest expense are not direct obligations of the general partners of KKR’s private equity funds or its management companies, and in the case of debt obligations of KFN, are non-recourse to KKR beyond the assets of KFN. KKR believes this measure is useful to debt investors as it provides an indication of the amount of interest expense borne by KKR excluding interest expense that is allocated to KKR’s investment funds, other noncontrolling interest holders and KFN. Additionally, we believe this measure is useful for analyzing KKR’s ability to service its debt obligations other than the debt obligations of KFN.
(3)Adjusted EBITDA may be useful to debt investors in evaluating KKR's ability to service its debt and provides insight into the amount of KKR’s distributable earnings before the impact of interest expense, taxes, depreciation and amortization, equity-based compensation, preferred dividends and noncontrolling interests.





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EXHIBIT A (CONTINUED)
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK - BASIC (GAAP BASIS)
TO AFTER-TAX DISTRIBUTABLE EARNINGS PER ADJUSTED SHARE AND ADJUSTED EBITDA (UNAUDITED)
(Amounts in thousands, except share and per share amounts)
Year Ended
December 31, 2020 December 31, 2019
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Basic $ 3.45  $ 3.62 
Weighted Average Shares of Common Stock Outstanding - Basic 562,812,883  545,096,999 
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders $ 1,942,887  $ 1,971,685 
(+) Accumulated Series C Mandatory Convertible Preferred Dividend 3,067  — 
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders $ 1,945,954  $ 1,971,685 
(+) Net Income (Loss) Attributable to Noncontrolling Interests held by KKR Holdings L.P. 1,207,934  1,369,671 
(+) Equity-based and Other Compensation - KKR Holdings L.P. 80,739  91,296 
(+) Amortization of Intangibles and Other, net 137,285  226,422 
(+) Strategic Corporate Transaction-Related Charges (1)
20,073  — 
(+) Non-recurring Items (2)
88,322  22,839 
(-) Net Unrealized Carried Interest 1,070,803  1,263,046 
(-) Net Unrealized Gains (Losses) 1,697,740  1,854,867 
(+) Unrealized Performance Income Compensation 467,485  520,033 
(+) Income Tax Expense (Benefit) 609,097  528,750 
(-) Income Taxes Paid 265,950  207,479 
After-tax Distributable Earnings $ 1,522,396  $ 1,405,304 
Weighted Average Adjusted Shares 857,495,058  841,542,195 
After-tax Distributable Earnings Per Adjusted Share $ 1.78  $ 1.67 
After-tax Distributable Earnings $ 1,522,396  $ 1,405,304 
(+) Equity-based Compensation (Equity Incentive Plans) 246,395  207,789 
(+) Income (Loss) Attributable to Noncontrolling Interests 7,842  4,907 
(+) Income Taxes Paid 265,950  207,479 
(+) Series A and B Preferred Dividends 33,364  33,364 
(+) Core Interest Expense (3)
158,186  128,387 
(+) Depreciation and Amortization 18,626  17,653 
Adjusted EBITDA (4)
$ 2,252,759  $ 2,004,883 
(1)Represents transaction costs related to the acquisition of Global Atlantic.
(2)Represents a $88.3 million non-recurring impairment charge taken on one of our equity method investments during the year ended December 31, 2020 and a non-recurring $22.8 million make-whole premium associated with KKR’s refinancing of its 2020 Senior Notes for the year ended December 31, 2019.
(3)Core interest expense may be used by certain debt investors as an alternative measurement of interest expense incurred by KKR and excludes interest expense related to debt obligations from investment financing arrangements related to certain of KKR’s investment funds, investment vehicles and principal investments and also excludes interest expense incurred by KFN. The financing arrangements excluded from core interest expense are not direct obligations of the general partners of KKR’s private equity funds or its management companies, and in the case of debt obligations of KFN, are non-recourse to KKR beyond the assets of KFN. KKR believes this measure is useful to debt investors as it provides an indication of the amount of interest expense borne by KKR excluding interest expense that is allocated to KKR’s investment funds, other noncontrolling interest holders and KFN. Additionally, we believe this measure is useful for analyzing KKR’s ability to service its debt obligations other than the debt obligations of KFN.
(4)Adjusted EBITDA may be useful to debt investors in evaluating KKR's ability to service its debt and provides insight into the amount of KKR’s distributable earnings before the impact of interest expense, taxes, depreciation and amortization, equity-based compensation, preferred dividends and noncontrolling interests.
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EXHIBIT A (CONTINUED)
RECONCILIATION OF TOTAL GAAP REVENUES TO TOTAL DISTRIBUTABLE REVENUES (UNAUDITED)
(Amounts in thousands)
Quarter Ended
December 31, 2020 September 30, 2020 December 31, 2019
Total GAAP Revenues $ 2,005,164  $ 1,895,238  $ 1,063,071 
(+) Management Fees - Consolidated Funds and Other 240,621  121,365  115,723 
(-) Fee Credits - Consolidated Funds 33,807  25,955  20,572 
(-) Capital Allocation-Based Income (Loss) (GAAP) 1,335,758  1,331,898  580,802 
(+) Realized Carried Interest 117,230  217,978  232,180 
(+) Realized Investment Income (Loss) 148,755  260,415  226,470 
(-) Revenue Earned by Other Consolidated Entities —  6,687  25,742 
(-) Capstone Fees 25,910  17,429  — 
(-) Expense Reimbursements 48,743  44,553  48,259 
Total Distributable Revenues $ 1,067,552  $ 1,068,474  $ 962,069 
Year Ended
December 31, 2020 December 31, 2019
Total GAAP Revenues $ 4,230,891  $ 4,220,900 
(+) Management Fees - Consolidated Funds and Other 603,508  464,190 
(-) Fee Credits - Consolidated Funds 74,229  42,041 
(-) Capital Allocation-Based Income (GAAP) 2,224,100  2,430,425 
(+) Realized Carried Interest 1,042,204  1,070,788 
(+) Realized Investment Income (Loss) 644,659  685,773 
(-) Revenue Earned by Other Consolidated Entities 21,054  116,435 
(-) Capstone Fees 81,452  — 
(-) Expense Reimbursements 149,522  169,416 
Total Distributable Revenues $ 3,970,905  $ 3,683,334 
RECONCILIATION OF TOTAL GAAP EXPENSES TO TOTAL DISTRIBUTABLE EXPENSES (UNAUDITED)
(Amounts in thousands)
Quarter Ended
December 31, 2020 September 30, 2020 December 31, 2019
Total GAAP Expenses $ 1,179,057  $ 1,093,699  $ 751,320 
(-) Equity-based and Other Compensation - KKR Holdings L.P. 17,143  21,802  22,836 
(-) Unrealized Performance Income Compensation 525,256  418,728  140,852 
(-) Amortization of Intangibles 412  399  373 
(-) Strategic Corporate Transaction-Related Charges 9,376  10,697  — 
(-) Reimbursable Expenses 54,470  50,382  56,453 
(-) Expenses relating to Other Consolidated Entities 45,346  43,268  47,808 
(-) Capstone Expenses 19,388  14,433  — 
(+) Other (8,149) (16,792) (2,823)
Total Distributable Expenses $ 499,517  $ 517,198  $ 480,175 
Year Ended
December 31, 2020 December 31, 2019
Total GAAP Expenses $ 2,933,132  $ 2,908,431 
(-) Equity-based and Other Compensation - KKR Holdings L.P. 80,739  91,921 
(-) Unrealized Performance Income Compensation 467,485  520,033 
(-) Amortization of Intangibles 1,570  1,674 
(-) Strategic Corporate Transaction-Related Charges 20,073  — 
(-) Reimbursable Expenses 177,834  196,694 
(-) Expenses relating to Other Consolidated Entities 144,072  187,056 
(-) Capstone Expenses 65,666  — 
(+) Other (45,377) (62,455)
Total Distributable Expenses $ 1,930,316  $ 1,848,598 
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EXHIBIT A (CONTINUED)
RECONCILIATION OF CERTAIN GAAP TO NON-GAAP BALANCE SHEET MEASURES (UNAUDITED)
(Amounts in thousands)
As of
December 31, 2020 December 31, 2019
Total GAAP Assets $ 79,806,502  $ 60,899,319 
(-) Impact of Consolidation of Funds and Other Entities 49,236,961  37,453,629 
(-) Carry Pool Reclassification 1,916,669  1,448,879 
(-) Other Reclassifications 831,853  376,360 
Total Book Assets $ 27,821,019  $ 21,620,451 
As of
December 31, 2020 December 31, 2019
Total GAAP Liabilities $ 39,006,586  $ 30,396,945 
(-) Impact of Consolidation of Funds and Other Entities 29,233,911  23,841,496 
(-) Carry Pool Reclassification 1,916,669  1,448,879 
(-) Other Reclassifications 831,853  376,360 
Total Book Liabilities $ 7,024,153  $ 4,730,210 
As of
December 31, 2020 December 31, 2019
KKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock $ 12,118,472  $ 10,324,936 
(+) Impact of Consolidation of Funds and Other Entities 538,156  327,826 
(-) Other Reclassifications 17,446  17,446 
(+) Noncontrolling Interests Held by KKR Holdings L.P. 6,512,382  5,728,634 
(+) Series C Mandatory Convertible Preferred Stock 1,115,792  — 
Book Value $ 20,267,356  $ 16,363,950 

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