KKR & Co. Inc.

Record earnings and strong operating leverage (good/surprising) - Q2 2026 FRE per share: $1.32 (+34% YoY); Total operating earnings: $1.68 per share (+27% YoY); Adjusted net income per share: $1.63 (+38% YoY). - FRE margin ~70% in Q2 and >65% for 10 consecutive quarters (management says it’s not a ceiling). - Q2 management fees: $1.2B (+26% YoY); excluding catch-up fees: +18%—driven by both strong fundraising and continued deployment.

Fundraising momentum is ahead of plan (good) - $34B of new capital in Q2; $133B raised over the last 12 months. - Since the April 2024 investor day target, they beat it: raised $305B through 6/30/26 vs a stated 3-year $300B goal. - AUM growth highlights: Private equity +~45%, infrastructure doubled, credit +~35%, Asia +35%, third-party insurance +50%, wealth +6x. - Committed but not yet fee-earning capital is record: $72B committed, +~30% YoY.

Insurance strategy: resilient positioning but competition/ROE uncertainty acknowledged (good + challenge) - GA insurance effects: they report on cash outcomes, and highlighted that including mark-to-market insurance operating earnings would have been >$600M YTD. - Insurance segment operating earnings: $288M in Q2, with ~$40M of net realization in the alternatives book (not expected as a run-rate; portfolio “young/maturing”). - They explicitly said competition is heightened, and they are allocating slightly less capital to insurance right now. - Outlook nuance: organic growth and ROE are market- and spread/liability-competition-dependent, and ROEs are described as structurally low near term, expected to improve through-cycle (they pointed to long-duration liabilities and third-party “dry powder” as competitive advantages).