KKR & Co. Inc. (Form: 10-Q, Received: 05/09/2024 16:58:03)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
 Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2024 
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the Transition period from           to           . 
Commission File Number 001-34820
kkrlogoa16.jpg
KKR & CO. INC.
(Exact name of Registrant as specified in its charter) 
Delaware 88-1203639
(State or other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification Number)
  30 Hudson Yards
New York, New York 10001
Telephone: (212) 750-8300
(Address, zip code, and telephone number, including
area code, of registrant's principal executive office.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock
KKRNew York Stock Exchange
4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLCKKRSNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filer Smaller reporting company 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of May 8, 2024, there were 887,401,714 shares of common stock of the registrant outstanding.


Table of Contents

KKR & CO. INC.
FORM 10-Q
For the Quarterly Period Ended March 31, 2024
TABLE OF CONTENTS
  Page
  
   
Item 1.
  
Item 2.
Item 3.
  
Item 4.
  
Item 1.
  
Item 1A.
 
Item 2.
 
Item 3.
  
Item 4.
  
Item 5.
  
Item 6.

2

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
  This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," “visibility”, “positioned”, “path to”, “conviction”, the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. Without limiting the foregoing, statements regarding KKR’s business, financial condition, liquidity and results of operations, including capital invested, uncalled commitments, cash and short-term investments, and levels of indebtedness; the potential for future business growth; outstanding shares of common stock of KKR & Co. Inc. and its capital structure; non-GAAP and segment measures and performance metrics, including assets under management (“AUM”), fee paying assets under management (“FPAUM”), Adjusted Net Income, Total Operating Earnings, Total Segment Earnings, Fee Related Earnings ("FRE"), Insurance Operating Earnings, Strategic Holdings Operating Earnings, Total Investing Earnings, and Total Segment Earnings; the declaration and payment of dividends on capital stock of KKR & Co. Inc.; the timing, manner and volume of repurchase of shares of common stock of KKR & Co. Inc.; our statements regarding the potential of, and future financial results from, KKR’s Strategic Holdings segment (including expectations about dividend payments from companies and businesses in the Strategic Holdings segment in the future, the future growth of such companies and businesses, the potential for compounding earnings over a long period of time from such segment, and the belief that such segment is an unconstrained business line); KKR’s ability to grow its AUM, to deploy capital, to realize unrealized investment appreciation, and the time period over which such events may occur; KKR’s ability to manage the investments in and operations of acquired companies and businesses; the effects of any transactional activity on KKR’s operating results, including pending sales of investments; expansion and growth opportunities and other synergies resulting from acquisitions of companies (including the acquisition of Global Atlantic and businesses in our Strategic Holdings segment), internal reorganizations or strategic partnerships with third parties; the timing and expected impact to our business of any new investment fund, vehicle or product launches; the timing and completion of certain transactions contemplated by the Reorganization Agreement entered into on October 8, 2021 by KKR & Co. Inc. pursuant to which the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural and governance changes in the future; the implementation or execution of, or results from, any strategic initiatives, including efforts to access private wealth investors and the modification of our compensation framework announced on November 29, 2023, which decreased the targeted percentage of compensation from fee related revenues and increased the targeted percentage from realized carried interest and incentive fees. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements or cause the anticipated benefits and synergies from transactions to not be realized. We believe these factors include those described in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 (our "Annual Report" or "report"). These factors should be read in conjunction with the other cautionary statements that are included in this report and in our other filings with the U.S. Securities and Exchange Commission ("SEC"). We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

CERTAIN TERMS USED IN THIS REPORT
In this report, references to "KKR," "we," "us" and "our" refer to KKR & Co. Inc. and its subsidiaries, including The Global Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic"), unless the context requires otherwise.
References to the “Series I preferred stockholder” or “KKR Management” are to KKR Management LLP, the holder of the sole outstanding share of our Series I preferred stock. References to our “senior principals” are to our senior employees who hold interests in the Series I preferred stockholder, including Mr. Henry Kravis and Mr. George Roberts (our "Co-Founders"). References to "principals" are to our current and former employees who formerly held interests ("KKR Holdings Units") in KKR Holdings L.P. ("KKR Holdings"), which we acquired on May 31, 2022, pursuant to the Reorganization Agreement, as discussed below. References to “carry pool participants” are to our current and former employees who hold interests in our “carry pool,” which refers to the carried interest generated by KKR’s business that is allocated to KKR Associates Holdings L.P. (“Associates Holdings”), in which carry pool participants are limited partners. Associates Holdings is currently not a subsidiary of KKR & Co. Inc.
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KKR Group Partnership L.P. ("KKR Group Partnership") is the intermediate holding company that owns the entirety of KKR’s business. Unless otherwise indicated, references to equity interests in KKR’s business, or to percentage interests in KKR’s business, reflect the aggregate equity interests in KKR Group Partnership, and are net of amounts that have been allocated to carry pool participants and any other holders of minority interests in KKR Group Partnership. References to “KKR Group Partnership” for periods prior to January 1, 2020 refer to KKR Fund Holdings L.P., KKR Management Holdings L.P. and KKR International Holdings L.P., collectively, which were combined on that date to form KKR Group Partnership. References to a “KKR Group Partnership Unit” refer to (i) one Class A partner interest in each of KKR Fund Holdings L.P., KKR Management Holdings L.P. and KKR International Holdings L.P., collectively, for periods prior to prior to January 1, 2020, and (ii) one Class A partner interest in KKR Group Partnership for periods on and after January 1, 2020. “Exchangeable securities” refers to securities that have the right to acquire KKR Group Partnership Units and to exchange them for our shares of common stock. As of the date of this report, our only outstanding exchangeable securities are (i) restricted holdings units issued through KKR Holdings II L.P. ("KKR Holdings II"), which are issued under the Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (the "2019 Equity Incentive Plan"), and (ii) restricted holdings units issued through KKR Holdings III L.P. ("KKR Holdings III"), which are not issued under the 2019 Equity Incentive Plan and are currently held by certain Global Atlantic employees who received 2.6 million units (a majority of which are unvested) in connection with the January 2, 2024 transaction described below. In the future, we may issue securities other than restricted holdings units that may constitute exchangeable securities.
On October 8, 2021, KKR entered into a Reorganization Agreement (the "Reorganization Agreement") with KKR Holdings, KKR Management, Associates Holdings, and the other parties thereto. Pursuant to the Reorganization Agreement, the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural and governance changes, including (a) the acquisition by KKR of KKR Holdings and all of the KKR Group Partnership Units held by it (which as noted below was completed), (b) the future elimination of voting control by KKR Management and the Series I preferred stock held by it, (c) the future establishment of voting rights for all common stock on a one vote per share basis, including with respect to the election of directors, and (d) the future control of the carry pool by KKR. On May 31, 2022, KKR completed the acquisition of KKR Holdings and the 258.3 million KKR Group Partnership Units held by it, and in exchange KKR issued and delivered 266.8 million shares of common stock to our principals. On the "Sunset Date" (which will occur no later than December 31, 2026), KKR will cancel the Series I preferred stock, establish voting rights for all common stock on a one vote per share basis, and acquire control of the carry pool. For more information about the Reorganization Agreement, see Note 1 "Organization" in our financial statements included in this report.
KKR’s asset management business is conducted by Kohlberg Kravis Roberts & Co. L.P. and various other subsidiaries of KKR & Co. Inc. other than Global Atlantic. KKR’s insurance business is operated by Global Atlantic, which KKR acquired a majority controlling interest in on February 1, 2021 ("2021 GA Acquisition"). On January 2, 2024, KKR acquired the remaining minority interests of Global Atlantic held by third party co-investors and Global Atlantic employees in exchange for cash and securities exchangeable for shares of KKR & Co. Inc. common stock (the “2024 GA Acquisition”). As of January 2, 2024, KKR owns 100.0% of Global Atlantic. KJR Management ("KJRM") is a Japanese real estate asset manager, which KKR acquired on April 28, 2022.
References to our "funds," "vehicles" or "investment vehicles" refer to a wide array of investment funds, vehicles and accounts that are advised, managed or sponsored by one or more subsidiaries of KKR, including collateralized loan obligations ("CLOs") and business development companies (each, a "BDC"), unless the context requires otherwise. These references do not include the investment funds, vehicles or accounts of any hedge fund partnership or any other third-party asset manager with which we have formed a strategic partnership or have acquired a minority ownership interest. Unless the context requires otherwise, references to “fund investors” or "investors in our investment vehicles" refers to the third-party investors in these funds and investment vehicles. References to “strategic investor partnerships” refers to separately managed accounts with certain investors, which typically have investment periods longer than our traditional funds and typically provide for investments across different investment strategies. References to “hedge fund partnerships” refers to strategic partnerships with third-party hedge fund managers in which KKR owns a minority stake.
Unless otherwise indicated, references in this report to our outstanding common stock on a fully exchanged and diluted basis reflect (i) actual shares of common stock outstanding, (ii) shares of common stock into which all outstanding shares of Series C Mandatory Convertible Preferred Stock were convertible (for periods prior to the date of its mandatory redemption, which occurred in September 2023), (iii) shares of common stock issuable pursuant to equity awards actually granted pursuant to the Amended and Restated KKR & Co. Inc. 2010 Equity Incentive Plan (the "2010 Equity Incentive Plan" and, together with the 2019 Equity Incentive Plan, our "Equity Incentive Plans") and (iv) shares of common stock issuances from exchangeable securities, including vested partnership interests in KKR Holdings III L.P. Our outstanding common stock on a fully exchanged and diluted basis does not include shares of common stock available for issuance pursuant to the Equity Incentive Plans for which equity awards have not yet been granted.
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In this report, the term "GAAP" refers to accounting principles generally accepted in the United States of America. We disclose certain financial measures in this report that are calculated and presented using methodologies other than in accordance with GAAP, including Adjusted Net Income, Total Asset Management Segment Revenues, Total Segment Earnings, Total Investing Earnings, Total Operating Earnings, FRE, Insurance Operating Earnings and Strategic Holdings Operating 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 non-GAAP financial measures should not be considered as a substitute for similar financial measures calculated in accordance with GAAP. 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 similar measures presented by other investment managers. 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 under "Management's Discussion and Analysis of Financial Condition and Results of Operations—Segment Balance Sheet Measures—Reconciliations to GAAP Measures." This report also uses the terms AUM, FPAUM and capital invested. You should note that our calculations of these and other operating metrics may differ from the calculations of other investment managers and, as a result, may not be comparable to similar metrics presented by other investment managers. These non-GAAP and operating metrics are defined in the section "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Segment and Non-GAAP Performance Measures—Other Terms and Capital Metrics."
The use of any defined term in this report to mean more than one entity, person, security or other item collectively is solely for convenience of reference and in no way implies that such entities, persons, securities or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms "KKR," "we" and "our" in this report to refer to KKR & Co. Inc. and its subsidiaries, each subsidiary of KKR & Co. Inc. is a standalone legal entity that is separate and distinct from KKR & Co. Inc. and any of its other subsidiaries. Any KKR entity (including any Global Atlantic entity) referenced herein is responsible for its own financial, contractual and legal obligations. Additionally, references to "including" are for the purpose of illustration and shall be read to mean "including without limitation" unless the context explicitly requires otherwise.
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
March 31, 2024December 31, 2023
Assets  
Asset Management and Strategic Holdings
Cash and Cash Equivalents$7,083,931 $8,393,892 
Restricted Cash and Cash Equivalents227,486 116,599 
Investments100,693,987 98,634,801 
Due from Affiliates1,449,394 1,446,852 
Other Assets4,869,575 4,975,223 
114,324,373 113,567,367 
Insurance
Cash and Cash Equivalents$8,524,962 $11,954,675 
Restricted Cash and Cash Equivalents329,149 342,954 
Investments157,747,170 141,370,323 
Reinsurance Recoverable44,160,226 36,617,344 
Insurance Intangible Assets4,856,923 4,450,824 
Other Assets5,607,951 4,883,707 
Separate Account Assets4,223,173 4,107,000 
225,449,554 203,726,827 
Total Assets$339,773,927 $317,294,194 
Liabilities and Equity  
Asset Management and Strategic Holdings
Debt Obligations$45,053,639 $44,886,870 
Due to Affiliates443,219 538,099 
Accrued Expenses and Other Liabilities8,868,372 7,718,415 
54,365,230 53,143,384 
Insurance
Policy Liabilities (market risk benefit liabilities: $1,023,053 and $1,120,968, respectively.)
$173,598,686 $160,058,271 
Debt Obligations3,086,113 2,587,857 
Funds Withheld Payable at Interest42,639,725 34,339,522 
Accrued Expenses and Other Liabilities3,384,444 3,256,006 
Reinsurance Liabilities1,564,706 1,423,242 
Separate Account Liabilities4,223,173 4,107,000 
228,496,847 205,771,898 
Total Liabilities282,862,077 258,915,282 
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March 31, 2024December 31, 2023
Commitments and Contingencies (See Note 24)
Redeemable Noncontrolling Interests (See Note 23)$922,093 $615,427 
Stockholders' Equity  
Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of March 31, 2024 and December 31, 2023.
— — 
Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 885,010,967 and 885,005,588 shares, issued and outstanding as of March 31, 2024 and December 31, 2023, respectively.
8,850 8,850 
Additional Paid-In Capital18,032,599 17,549,157 
Retained Earnings10,354,524 9,818,336 
Accumulated Other Comprehensive Income (Loss) ("AOCI")(6,974,780)(4,517,649)
Total KKR & Co. Inc. Stockholders' Equity21,421,193 22,858,694 
Noncontrolling Interests (See Note 22)34,568,564 34,904,791 
Total Equity55,989,757 57,763,485 
Total Liabilities and Equity$339,773,927 $317,294,194 

See notes to financial statements.
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (CONTINUED)
(Amounts in Thousands)
 
The following presents the portion of the consolidated balances provided in the consolidated statements of financial condition attributable to consolidated variable interest entities ("VIEs"). As of March 31, 2024 and December 31, 2023, KKR's consolidated VIEs consist primarily of (i) certain collateralized financing entities ("CFEs") holding collateralized loan obligations ("CLOs"), (ii) certain investment funds, and (iii) certain VIEs formed by Global Atlantic. The noteholders, creditors and equity holders of these VIEs have no recourse to the assets of any other KKR entity.
With respect to consolidated CLOs and certain investment funds, the following assets may only be used to settle obligations of these consolidated VIEs and the following liabilities are only the obligations of these consolidated VIEs and not generally to KKR. Additionally, KKR has no right to the benefits from, nor does KKR bear the risks associated with, the assets held by these VIEs beyond KKR's beneficial interest therein and any income generated from the VIEs. There are neither explicit arrangements nor does KKR hold implicit variable interests that would require KKR to provide any material ongoing financial support to the consolidated VIEs, beyond amounts previously committed to them, if any.
With respect to certain other VIEs consolidated by Global Atlantic, Global Atlantic has formed certain VIEs to hold investments, including fixed maturity securities, consumer and other loans, renewable energy, transportation and real estate. These VIEs issue beneficial interests primarily to Global Atlantic’s insurance companies.
March 31, 2024
 Consolidated CLOsConsolidated Funds and Other Investment VehiclesOther
VIEs
Total
Assets 
Asset Management and Strategic Holdings
Cash and Cash Equivalents$1,809,877 $1,320,273 $— $3,130,150 
Restricted Cash and Cash Equivalents— 222,046 — 222,046 
Investments24,961,635 58,005,968 — 82,967,603 
Other Assets446,810 481,088 — 927,898 
27,218,322 60,029,375 — 87,247,697 
Insurance
Cash and Cash Equivalents— — 971,977 971,977 
Investments— — 22,073,507 22,073,507 
Other Assets— — 763,028 763,028 
— — 23,808,512 23,808,512 
Total Assets$27,218,322 $60,029,375 $23,808,512 $111,056,209 
  
Liabilities 
Asset Management and Strategic Holdings
Debt Obligations$25,075,510 $9,031,007 $— $34,106,517 
Accrued Expenses and Other Liabilities1,087,500 380,741 — 1,468,241 
26,163,010 9,411,748 — 35,574,758 
Insurance
Accrued Expenses and Other Liabilities— — 325,974 325,974 
Total Liabilities$26,163,010 $9,411,748 $325,974 $35,900,732 
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December 31, 2023
 Consolidated CLOsConsolidated Funds and Other Investment VehiclesOther
VIEs
Total
Assets 
Asset Management and Strategic Holdings
Cash and Cash Equivalents$1,709,523 $1,162,174 $— $2,871,697 
Restricted Cash and Cash Equivalents— 110,308 — 110,308 
Investments24,996,298 57,343,237 — 82,339,535 
Other Assets429,827 345,509 — 775,336 
27,135,648 58,961,228 — 86,096,876 
Insurance
Cash and Cash Equivalents— — 783,015 783,015 
Investments— — 22,556,040 22,556,040 
Other Assets— — 491,607 491,607 
— — 23,830,662 23,830,662 
Total Assets$27,135,648 $58,961,228 $23,830,662 $109,927,538 
Liabilities 
Asset Management and Strategic Holdings
Debt Obligations$25,276,404 $8,554,449 $— $33,830,853 
Accrued Expenses and Other Liabilities869,765 488,717 — 1,358,482 
26,146,169 9,043,166 — 35,189,335 
Insurance
Accrued Expenses and Other Liabilities— — 337,162 337,162 
Total Liabilities$26,146,169 $9,043,166 $337,162 $35,526,497 

See notes to financial statements.
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
Three Months Ended March 31,
 20242023
Revenues
Asset Management and Strategic Holdings
Fees and Other $693,526 $677,016 
Capital Allocation-Based Income (Loss)1,262,942 449,018 
1,956,468 1,126,034 
Insurance
Net Premiums6,036,522 473,624 
Policy Fees328,947 313,802 
Net Investment Income1,519,902 1,300,697 
Net Investment-Related Gains (Losses)(241,486)(123,833)
Other Income56,385 37,158 
7,700,270 2,001,448 
Total Revenues9,656,738 3,127,482 
Expenses
Asset Management and Strategic Holdings
Compensation and Benefits1,316,448 575,670 
Occupancy and Related Charges23,540 22,149 
General, Administrative and Other277,981 213,689 
1,617,969 811,508 
Insurance
Net Policy Benefits and Claims (including market risk benefit loss (gain) of $(101,760) and $146,309, respectively.)
7,261,069 1,527,054 
Amortization of Policy Acquisition Costs(3,752)44,211 
Interest Expense54,567 40,261 
Insurance Expenses199,236 225,318 
General, Administrative and Other183,855 211,731 
7,694,975 2,048,575 
Total Expenses9,312,944 2,860,083 
Investment Income (Loss) - Asset Management and Strategic Holdings
Net Gains (Losses) from Investment Activities638,162 (159,409)
Dividend Income245,057 148,167 
Interest Income890,102 728,616 
Interest Expense(754,064)(576,338)
Total Investment Income (Loss)1,019,257 141,036 
Income (Loss) Before Taxes1,363,051 408,435 
Income Tax Expense (Benefit)269,201 148,747 
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Three Months Ended March 31,
 20242023
Net Income (Loss)1,093,850 259,688 
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests 32,678 (7,303)
Net Income (Loss) Attributable to Noncontrolling Interests378,958 (73,003)
Net Income (Loss) Attributable to KKR & Co. Inc.682,214 339,994 
Series C Mandatory Convertible Preferred Stock Dividends— 17,250 
Net Income (Loss) Attributable to KKR & Co. Inc.
Common Stockholders
$682,214 $322,744 
Net Income (Loss) Attributable to KKR & Co. Inc.
Per Share of Common Stock
Basic$0.77 $0.37 
Diluted$0.74 $0.36 
Weighted Average Shares of Common Stock Outstanding
Basic885,005,824 861,108,510 
Diluted925,141,166 887,169,336 


See notes to financial statements.
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(Amounts in Thousands)
 Three Months Ended March 31,
 20242023
Net Income (Loss) $1,093,850 $259,688 
Other Comprehensive Income (Loss), Net of Tax:
Unrealized Gains (Losses) on Available-For-Sale Securities and Other(200,221)1,132,752 
Net effect of changes in discount rates and instrument-specific credit risk on policy liabilities125,180 (137,101)
Foreign Currency Translation Adjustments(107,161)(18,238)
Comprehensive Income (Loss)911,648 1,237,101 
Comprehensive Income (Loss)
Attributable to Redeemable Noncontrolling Interests
32,678 (7,303)
Comprehensive Income (Loss)
Attributable to Noncontrolling Interests
377,478 294,185 
Comprehensive Income (Loss) Attributable to KKR & Co. Inc.$501,492 $950,219 

 
See notes to financial statements.
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
Three Months Ended
March 31, 2024
Three Months Ended
March 31, 2023
AmountsSharesAmountsShares
Series C Mandatory Convertible Preferred Stock
Beginning of Period$— — $1,115,792 22,999,974 
End of Period— — 1,115,792 22,999,974 
Series I Preferred Stock
Beginning of Period— — 
End of Period— — 
Common Stock
Beginning of Period8,850 885,005,588 8,611 861,110,478 
Clawback of Transfer Restricted Shares— — — (13,624)
Private Placement Share Issuance— 5,379 — — 
Net Delivery of Common Stock— — — 7,146 
End of Period8,850 885,010,967 8,611 861,104,000 
Additional Paid-In Capital
Beginning of Period (as previously reported for the prior period)17,549,157 16,190,407 
Adoption of New Accounting Standard (See Note 2)— 93,650 
Beginning of Period (as revised for the prior period)17,549,157 16,284,057 
Compensation Modification (See Note 19)226,011 — 
Compensation Modification - Issuance of Holdings III Units (See Note 19)(53,623)— 
Equity-Based Compensation79,504 55,415 
2024 GA Acquisition - Issuance of Holdings III Units (See Note 1)(40,789)— 
Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition128,194 — 
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)144,145 — 
End of Period18,032,599 16,339,472 
Retained Earnings
Beginning of Period (as previously reported for the prior period)9,818,336 6,315,711 
Adoption of New Accounting Standard (See Note 2)— 385,396 
Beginning of Period (as revised for the prior period)9,818,336 6,701,107 
Net Income (Loss) Attributable to KKR & Co. Inc.682,214 339,994 
Series C Mandatory Convertible Preferred Stock Dividends ($0.75 per share)
— (17,250)
Common Stock Dividends ($0.165 and $0.155 per share)
(146,026)(133,470)
End of Period10,354,524 6,890,381 
Accumulated Other Comprehensive Income (Loss) (net of tax)
Beginning of Period (as previously reported for the prior period)(4,517,649)(5,901,701)
Adoption of New Accounting Standard (See Note 2)— 599,901 
Beginning of Period (as revised for the prior period)(4,517,649)(5,301,800)
Other Comprehensive Income (Loss)(180,722)610,225 
Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition (2,297,494)
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)21,085 — 
End of Period(6,974,780)(4,691,575)
Total KKR & Co. Inc. Stockholders' Equity21,421,193 19,662,681 
Noncontrolling Interests (See Note 22)34,568,564 37,316,569 
Total Equity$55,989,757 $56,979,250 
Redeemable Noncontrolling Interests (See Note 23)$922,093 $144,126 
See notes to financial statements.
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in Thousands)
 Three Months Ended March 31,
20242023
Operating Activities
Net Income (Loss)$1,093,850 $259,688 
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity-Based and Other Non-Cash Compensation183,411 184,135 
Net Realized (Gains) Losses - Asset Management and Strategic Holdings190,905 (99,380)
Change in Unrealized (Gains) Losses - Asset Management and Strategic Holdings(829,067)258,789 
Capital Allocation-Based (Income) Loss - Asset Management and Strategic Holdings(1,262,942)(449,018)
Net Investment and Policy Liability-Related (Gains) Losses - Insurance591,288 953,155 
Net Accretion and Amortization(14,484)32,180 
Interest Credited to Policyholder Account Balances (net of Policy Fees) - Insurance925,399 623,849 
Other Non-Cash Amounts59,030 49,999 
Cash Flows Due to Changes in Operating Assets and Liabilities:
Reinsurance Transactions and Acquisitions, Net of Cash Provided - Insurance152,861 242,554 
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable - Insurance 583,293 (263,534)
Change in Deferred Policy Acquisition Costs - Insurance (178,684)(166,926)
Change in Policy Liabilities and Accruals, Net - Insurance (89,817)130,151 
Change in Due from / to Affiliates(101,267)(145,301)
Change in Other Assets(19,836)493,728 
Change in Accrued Expenses and Other Liabilities951,953 699,553 
Investments Purchased - Asset Management and Strategic Holdings(10,454,480)(9,966,282)
Proceeds from Investments - Asset Management and Strategic Holdings9,746,020 5,229,772 
Net Cash Provided (Used) by Operating Activities1,527,433 (1,932,888)
Investing Activities
Purchases of Fixed Assets(17,295)(23,207)
Investments Purchased - Insurance(13,726,204)(8,769,518)
Proceeds from Investments - Insurance 7,528,657 4,956,273 
Other Investing Activities, Net - Insurance16,063 17,919 
Net Cash Provided (Used) by Investing Activities(6,198,779)(3,818,533)
Financing Activities
Series C Mandatory Convertible Preferred Stock Dividends— (17,250)
Common Stock Dividends(146,026)(133,470)
Distributions to Redeemable Noncontrolling Interests(8,265)(636)
Contributions from Redeemable Noncontrolling Interests282,253 — 
Distributions to Noncontrolling Interests(1,732,066)(1,840,303)
Contributions from Noncontrolling Interests1,434,323 2,468,778 
2024 GA Acquisition - Cash consideration (See Note 1)(2,622,230)— 
Proceeds from Debt Obligations5,717,282 3,378,792 
Repayment of Debt Obligations(4,928,299)(1,858,984)
Additions to Contractholder Deposit Funds - Insurance7,451,253 4,547,895 
Withdrawals from Contractholder Deposit Funds - Insurance(4,887,018)(4,060,332)
Reinsurance Transactions, Net of Cash Provided - Insurance12,198 79,516 
Other Financing Activity, Net - Insurance(528,441)(491,038)
Net Cash Provided (Used) by Financing Activities44,964 2,072,968 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(16,210)21,603 
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash$(4,642,592)$(3,656,850)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period20,808,120 13,385,370 
Cash, Cash Equivalents and Restricted Cash, End of Period$16,165,528 $9,728,520 
14

 Three Months Ended March 31,
20242023
Cash, Cash Equivalents and Restricted Cash are comprised of the following:
Beginning of the Period
Asset Management and Strategic Holdings
Cash and Cash Equivalents$8,393,892 $6,705,325 
Restricted Cash and Cash Equivalents116,599 253,431 
Total Asset Management and Strategic Holdings8,510,491 6,958,756 
Insurance
Cash and Cash Equivalents$11,954,675 $6,118,231 
Restricted Cash and Cash Equivalents342,954 308,383 
Total Insurance12,297,629 6,426,614 
Cash, Cash Equivalents and Restricted Cash, Beginning of Period$20,808,120 $13,385,370 
End of the Period
Asset Management and Strategic Holdings
Cash and Cash Equivalents$7,083,931 $5,576,121 
Restricted Cash and Cash Equivalents227,486 161,619 
  Total Asset Management and Strategic Holdings7,311,417 5,737,740 
Insurance
Cash and Cash Equivalents$8,524,962 $3,713,382 
Restricted Cash and Cash Equivalents329,149 277,398 
  Total Insurance8,854,111 3,990,780 
Cash, Cash Equivalents and Restricted Cash, End of Period$16,165,528 $9,728,520 
 

15

KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(Amounts in Thousands)
 Three Months Ended March 31,
 20242023
Supplemental Disclosures of Cash Flow Information  
Payments for Interest$745,412 $566,904 
Payments for Income Taxes$39,375 $21,441 
Payments for Operating Lease Liabilities$17,339 $15,281 
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Non-Cash Contribution from Noncontrolling Interests$3,879 $— 
Debt Obligations - Net Gains (Losses), Translation and Other$400,122 $(428,559)
Right-of-Use Assets obtained in Exchange for new Operating Lease Liabilities$— $17,167 
Investments Acquired through Reinsurance Agreements$9,996,537 $— 
Contractholder Deposit Funds Acquired through Reinsurance Agreements$1,229,728 $24,083 
Change in Consolidation
Investments - Insurance$— $(93,545)
Noncontrolling Interests$— $(93,545)
 
See notes to financial statements.

16

KKR & CO. INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(All Amounts in Thousands, Except Share and Per Share Data, and Except Where Noted)

1. ORGANIZATION
KKR & Co. Inc. (NYSE: KKR), through its subsidiaries (collectively, "KKR"), is a leading global investment firm that offers alternative asset management as well as 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 LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic").
KKR & Co. Inc. is the parent company of KKR Group Co. Inc., which in turn owns KKR Group Holdings Corp., which is the general partner of KKR Group Partnership L.P. ("KKR Group Partnership"). KKR & Co. Inc. both indirectly controls KKR Group Partnership and indirectly holds Class A partner interests in KKR Group Partnership ("KKR Group Partnership Units") representing economic interests in KKR's business. As of March 31, 2024, KKR & Co. Inc. held indirectly approximately 99.4% of the KKR Group Partnership Units. The remaining balance is held indirectly by KKR employees through restricted holdings units representing an ownership interest in KKR Group Partnership Units, which may be exchanged for shares of common stock of KKR & Co. Inc. ("exchangeable securities"). As limited partner interests, these KKR Group Partnership Units are non-voting and do not entitle anyone other than KKR to manage its business and affairs. KKR Group Partnership also has outstanding limited partner interests that provide for a carry pool provided by KKR Associates Holdings L.P. ("Associates Holdings").
On January 2, 2024, KKR acquired the remaining minority interests of Global Atlantic held by third party co-investors and Global Atlantic employees in exchange for cash and securities exchangeable for shares of KKR & Co. Inc. common stock (the “2024 GA Acquisition”). The purchase price paid by KKR was approximately $2.6 billion in cash and approximately $41 million in securities exchangeable for shares of KKR & Co. Inc. common stock. Global Atlantic was consolidated prior to January 2, 2024 and consequently, this transaction was accounted for as an equity transaction. At the time of the 2024 GA Acquisition, the carrying value of the noncontrolling interests held by third party co-investors and Global Atlantic employees in Global Atlantic was lower than the purchase price paid by KKR, which was determined by excluding unrealized losses on its available-for-sale portfolio and consistent with the calculation of the purchase price paid by KKR to acquire Global Atlantic in 2021. As such, this transaction resulted in a decrease in KKR & Co. Inc. Stockholders’ Equity.
References to "KKR" in these financial statements refer to KKR & Co. Inc. and its subsidiaries, including Global Atlantic, unless the context requires otherwise, especially in sections where "KKR" is intended to refer to the asset management and strategic holdings businesses only. References in these financial statements to "principals" are to KKR's current and former employees who held interests in KKR's business through KKR Holdings prior to the Reorganization Mergers (as defined below). References to "Global Atlantic" in these financial statements includes the insurance companies and other subsidiaries of Global Atlantic, which are consolidated by KKR.
Reorganization Agreement
On October 8, 2021, KKR entered into a Reorganization Agreement (the "Reorganization Agreement") with KKR Holdings L.P. ("KKR Holdings"), KKR Management LLP (which holds the sole outstanding share of Series I preferred stock), Associates Holdings, and the other parties thereto. Pursuant to the Reorganization Agreement, the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural and governance changes, some of which were completed on May 31, 2022, and other changes to be completed in the future. On May 31, 2022, KKR completed the merger transactions ("Reorganization Mergers") contemplated by the Reorganization Agreement pursuant to which KKR acquired KKR Holdings (which changed its name to KKR Group Holdings L.P.) and all of the KKR Group Partnership Units held by it.
17

Notes to Financial Statements (Continued)
Pursuant to the Reorganization Agreement, the following transactions will occur in the future on the Sunset Date (as defined below):
i.the control of KKR & Co. Inc. by KKR Management LLP and the Series I Preferred Stock held by it will be eliminated,
ii.the voting rights for all common stock of KKR & Co. Inc., including with respect to the election of directors, will be established on a one vote per share basis, and
iii.KKR will acquire control of Associates Holdings, the entity providing for the allocation of carry proceeds to KKR employees, also known as the carry pool.
The “Sunset Date” will be the earlier of (i) December 31, 2026 and (ii) the six-month anniversary of the first date on which the death or permanent disability of both Mr. Henry Kravis and Mr. George Roberts (collectively, "Co-Founders") has occurred (or any earlier date consented to by KKR Management LLP in its sole discretion). In addition, KKR Management LLP agreed not to transfer its ownership of the sole share of Series I Preferred Stock, and, the changes to occur effective on the Sunset Date are unconditional commitments of the parties to the Reorganization Agreement.
18

Notes to Financial Statements (Continued)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited financial statements of KKR & Co. Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to this Quarterly Report on Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the "financial statements"), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the financial statements are presented fairly and that estimates made in preparing the financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The consolidated balance sheet data as of December 31, 2023 were derived from audited financial statements included in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission ("SEC") on February 29, 2024 (our "Annual Report"), and the financial statements should be read in conjunction with the audited financial statements included therein. Additionally, in the accompanying financial statements, the condensed consolidated statements of financial condition are referred to hereafter as the "consolidated statements of financial condition"; the condensed consolidated statements of operations are referred to hereafter as the "consolidated statements of operations"; the condensed consolidated statements of comprehensive income (loss) are referred to hereafter as the "consolidated statements of comprehensive income (loss)"; the condensed consolidated statements of changes in equity are referred to hereafter as the "consolidated statements of changes in equity"; and the condensed consolidated statements of cash flows are referred to hereafter as the "consolidated statements of cash flows."
KKR consolidates the financial results of KKR Group Partnership and its consolidated entities, which include the accounts of KKR's investment management and capital markets companies, the general partners of certain unconsolidated investment funds, general partners of consolidated investment funds and their respective consolidated investment funds, Global Atlantic’s insurance companies and certain other entities including CFEs.
The presentations in the consolidated statement of financial condition and consolidated statement of operations reflect the significant industry diversification of KKR by its acquisition of Global Atlantic. Global Atlantic operates an insurance business, and KKR operates an asset management business, which manages the operations of the newly-formed Strategic Holdings segment (see Note 21 - "Segment Reporting"), each of which possess distinct characteristics. As a result, KKR developed a two-tiered approach for the financial statements presentation, where Global Atlantic's insurance operations are presented separately from KKR's asset management business. KKR believes that these separate presentations provide a more informative view of the consolidated financial position and results of operations than traditional aggregated presentations and that reporting Global Atlantic’s insurance operations separately is appropriate given, among other factors, the relative significance of Global Atlantic’s policy liabilities, which are not obligations of KKR. (other than the insurance companies that issued them). If a traditional aggregate presentation were to be used, KKR would expect to eliminate or combine several identical or similar captions, which would condense the presentations, but would also reduce the level of information presented. KKR also believes that using a traditional aggregate presentation would result in no new line items compared to the two-tier presentation included in the financial statements in this report.
In the ordinary course of business, KKR’s Asset Management business, Strategic Holdings business and Insurance business enter into transactions with each other, which may include transactions pursuant to their investment management agreements and certain financing arrangements. The borrowings from these financing arrangements are non-recourse to KKR beyond the assets designated to support such borrowings. All of the investment management and financing arrangements amongst KKR segments are eliminated in consolidation.
All intercompany transactions and balances have been eliminated.
For a detailed discussion about KKR’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the Annual Report. Other than the items listed below, during the three months ended March 31, 2024, there were no significant updates to KKR’s significant accounting policies.


19

Notes to Financial Statements (Continued)
Use of Estimates
The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the recognition and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, investment income (loss) and income taxes during the reporting periods. Such estimates include but are not limited to (i) the valuation of investments and financial instruments, (ii) the determination of the income tax provision, (iii) the impairment of goodwill and intangible assets, (iv) the impairment of available-for-sale investments, (v) the valuation of insurance policy liabilities, including market risk benefits, (vi) the valuation of embedded derivatives in policy liabilities and funds withheld, (vii) the determination of the allowance for loan losses, and (viii) amortization of deferred revenues and expenses associated with the insurance business.
Certain events particular to each industry and country or region in which the portfolio companies conduct their operations, as well as general market, economic, political and geopolitical, regulatory and public health conditions, may have a significant negative impact on KKR’s investments and profitability. Such events are beyond KKR’s control, and the likelihood that they may occur and the effect on KKR's use of estimates cannot be predicted. Actual results could differ from those estimates, and such differences could be material to the financial statements.
Compensation and Benefits
Carry Pool Allocation
With respect to our funds that provide for carried interest, KKR allocates a portion of the realized and unrealized carried interest that KKR earns to Associates Holdings, which is referred to as the carry pool, from which KKR's asset management employees and certain other carry pool participants are eligible to receive a carried interest allocation. The allocation is determined based upon a fixed arrangement between Associates Holdings and KKR, and KKR does not exercise discretion on whether to make an allocation to the carry pool upon a realization event. KKR refers to the portion of carried interest that KKR allocates to the carry pool as the carry pool percentage.
As of December 31, 2023, the carry pool percentage was fixed at 40%, 43% or 65% by investment fund, depending on the fund’s vintage. For funds that closed after December 31, 2020 but before December 31, 2023, the carry pool percentage was fixed at 65%. For funds that closed after June 30, 2017 but before December 31, 2020, the carry pool percentage was fixed at 43%, and the carry pool percentage was fixed at 40% for older funds that contributed to KKR's carry pool. Effective January 2, 2024, KKR is authorized to apply a carry pool percentage in excess of these fixed percentages of up to 80% for all funds.
This increase to the carry pool percentage was approved by a majority of KKR's independent directors, and the carry pool percentage may not be increased above 80% without the further approval of a majority of KKR's independent directors. For funds that closed after December 31, 2023, the carry pool percentage is fixed at 80%. For funds that closed prior to December 31, 2023, the carry pool percentage is calculated at a fixed percentage of 40%, 43% or 65% (depending on the fund’s vintage) for carried interest realized up to a high water mark, which was established based on the unrealized carried interest balance that existed on January 2, 2024, plus an additional percentage amount up to 80% based on a formulaic allocation, only if the unrealized carried interest balance at any period end exceeds the high water mark. This imposes a limitation of the carry pool allocation for such funds based on the amount of cumulative unrealized carried interest income earned subsequent to December 31, 2023.
For funds that closed before December 31, 2023, if the cumulative carried interest subsequent to December 31, 2023 is not sufficient to fund this formulaic allocation, the allocation of carried interest reverts to the carry pool percentage in effect before this modification. As such, upon modification of the carry pool percentage effective on January 2, 2024, the cumulative unrealized carried interest was not sufficient to fund the additional formulaic allocation percentage in excess of the pre-existing 40%, 43% and 65% carry pool percentages, and therefore no incremental expense was recognized as of such date. The carry pool percentage applicable for all funds that closed prior to December 31, 2023 will not be less than their applicable carry pool percentages of 40%, 43% or 65% prior to December 31, 2023, and will not be more than 80%. The intent of this modification is that for all funds that closed prior to January 2, 2024, upon the final liquidation of each fund, realized carried interest distributed will equal the historical fund carry pool allocations up to the high water mark and only distributions of realized carried interest in excess of the high water mark will be distributed at 80 percent if and only if the unrealized carried interest balance at any period end exceeds the high water mark. Under no circumstance would a distribution of carried interest exceed 80% of the total allocable carried interest at any time.

20

Notes to Financial Statements (Continued)
KKR accounts for the carry pool as a compensatory profit-sharing arrangement in Accrued Expenses and Other Liabilities within the accompanying consolidated statements of financial condition in conjunction with the related carried interest income and it is recorded as compensation expense. The liability that is recorded in each period reflects the legal entitlement of Associates Holdings at each point in time should the total unrealized carried interest be realized at the value recorded at each reporting date. Upon a reversal of carried interest income, the related carry pool allocation, if any, is also reversed. Accordingly, such compensation expense is subject to both positive and negative adjustments.
Adoption of new accounting pronouncements
Fair value measurement of equity securities subject to contractual sale restrictions
In June 2022, the FASB issued ASU 2022–03, ASC Subtopic 820 “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” ("ASU 2022–03"). According to ASU 2022-03, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value and an entity is not allowed to recognize a contractual sale restriction as a separate unit of account.
ASU 2022–03 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. KKR adopted this accounting standard effective January 1, 2024 and its adoption on a prospective basis did not have any material impact on KKR's consolidated financial statements.
Accounting for Investments in Tax Credit Structures
In March 2023, the FASB issued ASU 2023–02 "Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method" ("ASU 2023–02") to expand the population of investments in tax credit structures that may be eligible to apply the proportional amortization method (“PAM”), if certain criteria are met. The election to use the PAM can be made on a tax credit program-by-program basis. Under the new guidance, certain disclosures are required for investments in tax credit programs for which the PAM is elected. The guidance is effective for fiscal years beginning after December 15, 2023. KKR adopted this accounting standard effective January 1, 2024 and its adoption did not have any material impact on KKR's consolidated financial statements.
Future application of accounting standards
Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023–07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023–07"). ASU 2023–07 intends to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. KKR is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.
Scope Application of Profits Interest and Similar Awards
In March 2024, the FASB issued ASU 2024–01, Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024–01”). ASU 2024–01 amends the guidance in Accounting Standard Codification 718 (“ASC 718”) by adding an illustrative example to demonstrate and clarify how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as a share-based payment arrangement under ASC 718 or another standard. ASU 2024–01 will be effective for KKR’s reporting period ended March 31, 2025. KKR is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.
Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023–09 "Improvements to Income Tax Disclosures" ("ASU 2023–09"). ASU 2023–09 intends to enhance the transparency and decision usefulness of income tax disclosures, requiring disaggregated information about an entity’s effective tax rate reconciliation as well as income taxes paid. This is effective for fiscal years beginning after December 15, 2024. KKR is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements and disclosures.
21

Notes to Financial Statements (Continued)
3. REVENUES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS
For the three months ended March 31, 2024 and 2023, respectively, Asset Management and Strategic Holdings revenues consisted of the following:
 Three Months Ended March 31,
 20242023
Management Fees$486,754 $453,093 
Fee Credits(94,046)(57,531)
Transaction Fees218,618 209,839 
Monitoring Fees48,967 29,853 
Incentive Fees6,626 6,413 
Expense Reimbursements8,093 15,544 
Consulting Fees18,514 19,805 
Total Fees and Other693,526 677,016 
Carried Interest1,144,928 343,070 
General Partner Capital Interest118,014 105,948 
Total Capital Allocation-Based Income (Loss)1,262,942 449,018 
Total Revenues $1,956,468 $1,126,034 

22

Notes to Financial Statements (Continued)
4. NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS
Net Gains (Losses) from Investment Activities in the consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.
The following table summarizes total Net Gains (Losses) from Investment Activities:
Three Months Ended March 31, 2024
Net Realized Gains (Losses)Net Unrealized Gains (Losses)Total
Private Equity (1)
$(12,676)$348,441 $335,765 
Credit (1)
57,430 (81,451)(24,021)
Investments of Consolidated CFEs (1)
5,005 96,973 101,978 
Real Assets (1)
(109,398)(105,223)(214,621)
Equity Method - Other (1)
102,903 87,540 190,443 
Other Investments (1)
(269,858)345,478 75,620 
Foreign Exchange Forward Contracts and Options (2)
35,139 148,203 183,342 
Securities Sold Short (2)
(7,169)(2,093)(9,262)
Other Derivatives (2)
87 2,363 2,450 
Debt Obligations and Other (3)
7,632 (11,164)(3,532)
Net Gains (Losses) From Investment Activities$(190,905)$829,067 $638,162 
Three Months Ended March 31, 2023
Net Realized Gains (Losses)Net Unrealized Gains (Losses)Total
Private Equity (1)
$199,081 $(36,664)$162,417 
Credit (1)
(22,963)104,775 81,812 
Investments of Consolidated CFEs (1)
(5,017)317,881 312,864 
Real Assets (1)
9,434 (325,909)(316,475)
Equity Method - Other (1)
39,219 29,505 68,724 
Other Investments (1)
(112,663)(519)(113,182)
Foreign Exchange Forward Contracts and Options (2)
(58,635)36,269 (22,366)
Securities Sold Short (2)
(3,475)2,241 (1,234)
Other Derivatives (2)
(2,122)14,330 12,208 
Debt Obligations and Other (3)
56,521 (400,698)(344,177)
Net Gains (Losses) From Investment Activities$99,380 $(258,789)$(159,409)
(1)See Note 7 "Investments."
(2)See Note 8 "Derivatives" and Note 14 "Other Assets and Accrued Expenses and Other Liabilities."
(3)See Note 16 "Debt Obligations."
23

Notes to Financial Statements (Continued)
5. NET INVESTMENT INCOME - INSURANCE
Net investment income for Global Atlantic is comprised primarily of interest income, including amortization of premiums and accretion of discounts, based on yields that change due to expectations in projected cash flows, dividend income from common and preferred stock, earnings from investments accounted for under equity method accounting, and lease income on other investments.
The components of net investment income were as follows:
Three Months Ended March 31,
20242023
Fixed maturity securities – interest and other income$1,327,010 $1,050,796 
Mortgage and other loan receivables559,682 459,146 
Investments in transportation and other leased assets78,460 76,188 
Investments in renewable energy13,591 20,583 
Investments in real estate45,979 36,101 
Short-term and other investment income167,331 77,616 
Income assumed from funds withheld receivable at interest22,233 22,101 
Policy loans