Research · Sep 3, 2026
KKR FY2025 revenue ~$11.5B with adj. EPS ~$5.20 and after-tax distributable earnings ~$4.5B (vs $3.4B FY2021 baseline). AUM reached $680B+ record (+44% from FY2021 baseline of $471B). Global Atlantic integration progressing — KKR acquired remaining 38% minority stake 2024 for ~$2.7B reaching 100% ownership; KKR Asset Management progressively managing larger portion of Global Atlantic ~$180B investment portfolio (target ~60-70% / ~$120-140B). 4 strategic platforms scaled: PE ~$200B + Real Estate ~$80B + Infrastructure ~$80B + Credit & Liquid Strategies ~$210B. Co-CEOs Joe Bae + Scott Nuttall since 2021. FY2026 thesis: AUM compounding 15-20% annually toward $850B-1T by FY2027; Global Atlantic integration synergies; Strategic Holdings contribution; key risks: institutional allocation deceleration, insurance underwriting issues, Strategic Holdings disappointment.
Research · Jun 13, 2026
KKR public: AI productivity boom continuing. 100bp portfolio margin lift implies $18B fair value adjustment vs $90B market cap.
Research · Jun 10, 2026
Banks transferred $1T loan risk via SRT (+26% YoY). Alt managers ARES, KKR, BX capture premium income. Hidden side of private credit retail stress.
Research · Jun 10, 2026
Blackstone is marketing $2B of private fund stakes in the secondary market. What active liquidity management means vs prior BCRED gates.
Research · Jun 6, 2026
Blackstone raised the BCRED $79B fund redemption gate from 7.9% to 10% as withdrawals surge. What it signals for private credit and BREIT parallels.
Research · Jun 3, 2026
Cliffwater 17% and Partners Group 24 hours apart turn the retail private-credit redemption signal from idiosyncratic into systemic.
Research · Apr 23, 2026
The SEC's non-compliance notices to Blackstone and PIMCO signal a regulatory shift in the $1.7T private credit market that the tape hasn't priced into BDC yield spreads. Prospect Capital's $8.9B asset base, 127 portfolio companies, and history of prior SEC actions create 3x the compliance surface area of Main Street Capital's cleaner book. Short PSEC vs long MAIN targets 400bps of yield spread compression over six months as compliance costs surface and potential penalties force a dividend cut.
Research · Apr 13, 2026
The Federal Reserve's scrutiny of banks' private credit exposure creates a divergence in financial stocks: traditional banks like JPMorgan face regulatory risks while alternative asset managers like Blackstone and Apollo stand to gain market share. This analysis ranks six financial giants based on their exposure and positioning for the coming regulatory changes.
Research · Apr 10, 2026
PE exit volumes slumped amid high rates, AI disruptions, and Iran war volatility, spotlighting managers like Blackstone and Apollo with strong FRE and credit focus over realization-heavy peers. Analysis ranks BX, APO, and BAM as top picks based on FY2025 growth, margins, and guidance. Investors should monitor Q1 realizations and rate cuts.
