KKR & Co. Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>KKR & Co. Inc. has submitted its comprehensive 2023 annual report detailing financial performance and business operations.</b>

AI Summary

KKR & Co. Inc. (KKRS) filed a Annual Report (10-K) with the SEC on February 29, 2024. KKR & Co. Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 30 Hudson Yards, New York, NY 10001. KKR & Co. Inc. was formerly known as KKR & Co. L.P. until June 27, 2007. The filing includes data related to its Asset Management and Insurance segments.

Why It Matters

For investors and stakeholders tracking KKR & Co. Inc., this filing contains several important signals. This 10-K filing provides investors with a detailed overview of KKR's financial health, strategic initiatives, and risk factors for the fiscal year 2023. Understanding the specifics of KKR's segments, such as Asset Management and Insurance, is crucial for assessing its diversified business model and future growth potential.

Risk Assessment

Risk Level: — KKR & Co. Inc. shows moderate risk based on this filing. The company operates in the investment management industry, which is subject to market volatility and regulatory changes, as indicated by the 10-K filing.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess KKR's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-29 — Filing Date (Date of submission)
• 001-34820 — SEC File Number (SEC registration number)
• 881203639 — IRS Number (Tax identification number)

Key Players & Entities

• KKR & Co. Inc. (company) — Filer name
• KKR & Co. L.P. (company) — Former company name
• 30 Hudson Yards (company) — Business address
• New York (company) — Business address state
• 212-750-8300 (dollar_amount) — Business phone number

FAQ

Industry Context

KKR & Co. Inc. operates in the financial services sector, primarily focused on investment management and capital markets.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the risk factors section to understand potential challenges and their impact on the company.
3. Examine management's discussion and analysis for insights into strategic priorities and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2007-06-27: Name Change Date — Date KKR & Co. Inc. changed its name from KKR & Co. L.P.

Year-Over-Year Comparison

This is the initial 10-K filing for KKR & Co. Inc. for the fiscal year ending December 31, 2023, following its previous filings as KKR & Co. L.P.

Key Financial Figures

• $710 billion — a total transaction value in excess of $710 billion as of December 31, 2023. Since the ince

Filing Documents

• kkr-20231231.htm (10-K) — 12352KB
• ex4_1.htm (EX-4.1) — 106KB
• ex10_3.htm (EX-10.3) — 18KB
• ex10_15.htm (EX-10.15) — 50KB
• ex10_17.htm (EX-10.17) — 8KB
• ex10_21.htm (EX-10.21) — 74KB
• ex10_29.htm (EX-10.29) — 140KB
• ex10_30.htm (EX-10.30) — 131KB
• kkr-20231231xex211subsidia.htm (EX-21.1) — 598KB
• kkr-20231231xex231xconsent.htm (EX-23.1) — 2KB
• kkr-20231231xex311.htm (EX-31.1) — 11KB
• kkr-20231231xex312.htm (EX-31.2) — 12KB
• kkr-20231231xex313.htm (EX-31.3) — 12KB
• kkr-20231231xex321.htm (EX-32.1) — 8KB
• kkr-20231231xex322.htm (EX-32.2) — 8KB
• kkr-20231231xex323.htm (EX-32.3) — 8KB
• ex97_1.htm (EX-97.1) — 26KB
• kkr-20231231_g1.jpg (GRAPHIC) — 25KB
• kkr-20231231_g2.jpg (GRAPHIC) — 73KB
• kkr-20231231_g3.jpg (GRAPHIC) — 66KB
• kkr-20231231_g4.jpg (GRAPHIC) — 76KB
• kkr-20231231_g5.jpg (GRAPHIC) — 73KB
• kkr-20231231_g6.jpg (GRAPHIC) — 50KB
• kkr-20231231_g7.jpg (GRAPHIC) — 32KB
• kkr-20231231_g8.jpg (GRAPHIC) — 87KB
• 0001404912-24-000005.txt (&nbsp;) — 57893KB
• kkr-20231231.xsd (EX-101.SCH) — 242KB
• kkr-20231231_cal.xml (EX-101.CAL) — 311KB
• kkr-20231231_def.xml (EX-101.DEF) — 1690KB
• kkr-20231231_lab.xml (EX-101.LAB) — 2493KB
• kkr-20231231_pre.xml (EX-101.PRE) — 1967KB
• kkr-20231231_htm.xml (XML) — 13798KB

Risk Factors

Item 1A. Risk Factors 46

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 127

Cybersecurity

Item 1C. Cybersecurity 127

Properties

Item 2. Properties 128

Legal Proceedings

Item 3. Legal Proceedings 128

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 128 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 129

[Reserved]

Item 6. [Reserved] 130

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 131

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 214

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 224

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 372

Controls and Procedures

Item 9A. Controls and Procedures 372

Other Information

Item 9B. Other Information 373

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 373 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 374

Executive Compensation

Item 11. Executive Compensation 381

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 396

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 398

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 405 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 406

Form 10-K Summary

Item 16. Form 10-K Summary 418

SIGNATURES

SIGNATURES 419 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. Without limiting the foregoing, statements regarding the declaration and payment of dividends on common or preferred stock of KKR & Co. Inc.; the timing, manner and volume of repurchase of common stock pursuant to its repurchase program; expansion and growth opportunities and other synergies resulting from acquisitions, reorganizations or strategic partnerships; the return of balance sheet capital if a fund has a successful fundraise; investment opportunities offered to individual investors to continue to grow and to represent a larger percentage of our assets under management; the estimate of the amounts expected to be owed under the tax receivable agreement; the ability of core private equity investments to generate earnings that compound over a long period of time; the timing and completion of certain transactions contemplated by the Reorganization Agreement (as defined below); and the implementation, growth and synergies relating to the strategic initiatives previously announced on November 29, 2023 may constitute forward-looking statements. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or wi

BUSINESS

ITEM 1. BUSINESS Overview We are a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. We aim to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in our portfolio companies and communities. We sponsor investment funds that invest in private equity, credit and real assets and have strategic partners that manage hedge funds. Our insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic. Our asset management business offers a broad range of investment management services to fund investors around the world. Throughout our history, we have consistently been a leader in the private equity industry, having completed more than 730 private equity investments in portfolio companies with a total transaction value in excess of $710 billion as of December 31, 2023. Since the inception of our firm in 1976, we have expanded our investment strategies and product offerings from traditional private equity to areas such as leveraged credit, alternative credit, infrastructure, energy, real estate, growth equity, core private equity, and impact investments. We also provide capital markets services for our firm, our portfolio companies and third parties. Our balance sheet provides a significant source of capital in the growth and expansion of our business, and it has allowed us to further align our interests with those of our investment vehicle investors. Building on these efforts and leveraging our industry expertise and intellectual capital have allowed us to capitalize on a broader range of the opportunities we source. Our insurance business is operated by Global Atlantic, in which we acquired a majority controlling interest on February 1, 2021 and the remaining equity interests in Global Atlantic that KKR did not already own on January 2, 2024. Global Atlan

View Full Filing

View this 10-K filing on SEC EDGAR