KKR & Co. Inc. Q2 FY2025 earnings call

• Deployment and monetization: Since start of year, deployed nearly $37B, ~half in Q2; private markets ~50% outside US; $115B uncalled capital. Unrealized carried interest at record $9.2B. Asia has 9 offices, ~600 execs, manages over $75B assets. - Fundraising: Q2 raised $28B; final close of ABF drawdown fund with $6.5B commitments. - Insurance: Successfully issued ~$2.5B funding agreements in multiple regions; Japan Post Insurance to invest $2B in new vehicle. - Strategic update: Acquired majority stake in HealthCare Royalty Partners to expand life sciences footprint.

Management fees in the quarter were $996 million, up 18% year-over-year with Americas XIV turning on in Q2. Total transaction and monitoring fees were $234 million, with capital markets transaction fees $200 million, over half from Europe. Fee-related performance revenues were $54 million, up 45% year-over-year. Insurance segment operating earnings were $278 million. Strategic Holdings operating earnings were $29 million. Realized performance income was $419 million and realized investment income was $154 million. Private equity portfolio was up 5% in the quarter and 13% over 12 months. Real Assets' opportunistic real estate portfolio up 3% quarter and 7% LTM; Infrastructure up 3% quarter and 14% LTM; Credit's leverage credit composite up 2% quarter and 7% LTM, alternative credit composite up 1% and 9% respectively.

Continue to feel confident in achieving 2026 guidance shared last year, including fundraising and core financial metrics like FRE per share, TOE per share, adjusted net income per share.

Q: Craig Siegenthaler asked about K-FIT fundraising progress and differentiation.

A: Craig Larson said K-Series AUM at $25B, ranked second in new capital raise YTD; K-FIT has allocation to asset-based finance, raised more capital in Q2.

Q: Alex Blostein inquired about institutional fundraising pulse.

A: Scott Nuttall said investors back to business as usual, ahead of fundraising pace, institutions consolidating relationships.

Q: Steven Chubak asked about ABF deployment and Harley-Davidson deal.

A: Craig Larson said ABF AUM $75B growing Y/Y, Harley-Davidson deal is example of companies going capital-light.