KKR & Co. Inc.

Q1 2026 results: strong growth and “record-high” earnings power - Fee-related EPS: $1.13 (+23% YoY); Total operating earnings: $1.47 (+18% YoY); Adjusted net income: $1.39/share (+20% YoY)—management says these are among the highest in KKR history. - Management fees: $1.2B (+30% YoY); excluding catch-up fees, fee growth still ~“north of 20%”. - FRE margin: ~69% at March 31 (slightly higher QoQ). Q1 fee-related compensation was at ~17.5% of fee-related earnings (midpoint of guidance).

Fundraising momentum remained strong despite market volatility (forecast: some slowdown ahead) - New capital raised: $28B in Q1, with demand across asset classes/geographies. - Credit led: $15B raised in Q1 across the platform; driven especially by asset-based finance (> $90B AUM). - Wealth channel (K-Series): $4B raised in Q1; ~$250M redemptions; AUM now > $38B. - Guidance expectation / outlook: management expects fundraising to slow in Q2 (they cite a pattern after tariff announcements last year), but remains confident in exceeding fundraising and FRE targets for 2026 overall.

Monetization and realized performance are very strong—BUT ANI visibility has modestly reduced (key investor watch item) - Monetization activity: about $880M in Q1 (+50% vs Q1 2025), driven by public secondaries/strategics plus dividends & interest. - Realized carried interest: $720M (+120% YoY). - Embedded gains: $18.3B at $331B total embedded gains base (up 11% YoY)—management calls them elevated. - 2026 ANI outlook (forecast/challenge): they still expect ~“$7+ per share” was the original plan, but now say with Q1–Q2 market uncertainty they think it is more likely below $7. - Why (surprising negative): less visibility/timing due to volatility affecting when realizations occur; however delayed monetizations are not “lost,” expected to shift into 2027+. - Forward monetization figure: signed/exiting from positions is >$1.2B gross monetization revenue for KKR (management says it’s the largest forward figure they’ve discussed).