KKR & Co. Inc

Record fundamentals & strong Q2 momentum (good/surprising) - Q2 fee-related earnings per share: $1.32 (+34% YoY); total operating earnings per share: $1.68 (+27% YoY); adjusted net income per share: $1.63 (+38% YoY). - FRE margin: just above 70% in Q2; >65% for 10 consecutive quarters. - Management fees: $1.2B (+26% YoY); excluding catch-up fees: +18%. - Drivers: broad-based fundraising + healthy deployment; and the quarter was the largest monetization quarter in KKR history.

Fundraising & deployment acceleration (opportunities/forecast) - New capital raised in Q2: $34B; LTM capital raised: $133B (and they said it beat their prior 3-year $300B target in ~2.5 years). - Committed but not yet fee-earning capital: $72B, +~30% YoY (important visibility into future management fees once invested). - Deployed capital in Q2: $24B; LTM capital invested: $104B (helps future fee generation and performance fees). - Strategy/geographies: Asia +35% in their described AUM growth; wealth growth +6x; infrastructure doubled; private equity +~45%; credit +~35%.

Insurance / GA positioning: competition up, but liability outcomes strong (challenge + risk) - They acknowledge heightened competition in insurance (liability-side and asset-side), leading them to allocate “a little bit less capital” to insurance than before. - Despite competition, liability duration quality remains strong: in Q2 ~99% of liabilities were at least 5 years, and ~80% were ~7 years. - They emphasized ROE should be considered “through the cycle” and believe ROEs are structurally low right now due to competition; expect better conditions in a more volatile market (and they cited spread widening potential as volatility increases). - They also described third-party capital / “dry powder” as a competitive lever (ability to scale liability origination and purchasing power).