KKR & Co. Inc. Files Q2 2024 10-Q Financial Report

TL;DR

KKR Q2 2024 10-Q is in. Check financials.

AI Summary

KKR & Co. Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial metrics and operational highlights for the second quarter of 2024 are presented, reflecting the company's ongoing business activities and strategic initiatives.

Why It Matters

This filing provides investors and analysts with a detailed look into KKR's financial health and operational performance during the second quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — As a publicly traded financial services firm, KKR is subject to market volatility, regulatory changes, and economic downturns that can impact its performance.

Key Players & Entities

• KKR & Co. Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date of the report
• 0001404912-24-000019 (accession_number) — Unique identifier for the filing

FAQ

Filing Documents

• kkr-20240630.htm (10-Q) — 10358KB
• kkr-2024630xex311.htm (EX-31.1) — 11KB
• kkr-2024630xex312.htm (EX-31.2) — 12KB
• kkr-2024630xex313.htm (EX-31.3) — 12KB
• kkr-2024630xex321.htm (EX-32.1) — 8KB
• kkr-2024630xex322.htm (EX-32.2) — 8KB
• kkr-2024630xex323.htm (EX-32.3) — 8KB
• kkr-20240630_g1.jpg (GRAPHIC) — 25KB
• kkr-20240630_g2.jpg (GRAPHIC) — 71KB
• 0001404912-24-000019.txt ( ) — 49219KB
• kkr-20240630.xsd (EX-101.SCH) — 192KB
• kkr-20240630_cal.xml (EX-101.CAL) — 223KB
• kkr-20240630_def.xml (EX-101.DEF) — 1423KB
• kkr-20240630_lab.xml (EX-101.LAB) — 1817KB
• kkr-20240630_pre.xml (EX-101.PRE) — 1592KB
• kkr-20240630_htm.xml (XML) — 13523KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Unaudited Condensed Consolidated Financial Statements Condensed Consolidated Statements of Financial Condition (Unaudited) as of June 3 0 , 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 3 0 , 2024 and 2023 10 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended J une 3 0 , 2024 and 2023 12 Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three and Six Months Ended June 3 0 , 2024 and 2023 13 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 3 0 , 2024 and 2023 15

Notes to Financial Statements (Unaudited)

Notes to Financial Statements (Unaudited) 18

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 110

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 201

Controls and Procedures

Item 4. Controls and Procedures 201

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 202

Risk Factors

Item 1A. Risk Factors 202

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 202

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 202

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 203

Other Information

Item 5. Other Information 203

Exhibits

Item 6. Exhibits 203

SIGNATURES

SIGNATURES 205 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," "visibility", "positioned", "path to", "conviction", 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 KKR's business, financial condition, liquidity and results of operations, including capital invested, uncalled commitments, cash and short-term investments, and levels of indebtedness; the potential for future business growth; outstanding shares of common stock of KKR & Co. Inc. and its capital structure; non-GAAP and segment measures and performance metrics, including assets under management ("AUM"), fee paying assets under management ("FPAUM"), Adjusted Net Income, Total Operating Earnings, Total Segment Earnings, Fee Related Earnings ("FRE"), Insurance Operating Earnings, Strategic Holdings Operating Earnings, Total Investing Earnings, and Total Segment Earnings; the declaration and payment of dividends on capital stock of KKR & Co. Inc.; the timing, manner and volume of repurchase of shares of common stock of KKR & Co. Inc.; our statements regarding the potential of, and future financial results from, KKR's Strategic Holdings segment (including expectations about dividend payments from companies and businesses in the Strategic Holdings seg

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Amounts in Thousands, Except Share and Per Share Data) June 30, 2024 December 31, 2023 Assets Asset Management and Strategic Holdings Cash and Cash Equivalents $ 7,829,321 $ 8,393,892 Restricted Cash and Cash Equivalents 168,888 116,599 Investments 102,046,987 98,634,801 Due from Affiliates 1,616,747 1,446,852 Other Assets 5,080,261 4,975,223 116,742,204 113,567,367 Insurance Cash and Cash Equivalents $ 7,710,857 $ 11,954,675 Restricted Cash and Cash Equivalents 360,705 342,954 Investments 163,502,261 141,370,323 Reinsurance Recoverable 45,473,921 36,617,344 Insurance Intangible Assets 4,904,683 4,450,824 Other Assets 5,651,906 4,883,707 Separate Account Assets 4,122,642 4,107,000 231,726,975 203,726,827 Total Assets $ 348,469,179 $ 317,294,194 Liabilities and Equity Asset Management and Strategic Holdings Debt Obligations $ 45,396,247 $ 44,886,870 Due to Affiliates 444,947 538,099 Accrued Expenses and Other Liabilities 9,869,018 7,718,415 55,710,212 53,143,384 Insurance Policy Liabilities (market risk benefit liabilities: $ 1,019,763 and $ 1,120,968 , respectively.) $ 177,832,610 $ 160,058,271 Debt Obligations 3,698,209 2,587,857 Funds Withheld Payable at Interest 43,943,834 34,339,522 Accrued Expenses and Other Liabilities 2,800,252 3,256,006 Reinsurance Liabilities 1,831,453 1,423,242 Separate Account Liabilities 4,122,642 4,107,000 234,229,000 205,771,898 Total Liabilities 289,939,212 258,915,282 6 Table of Contents June 30, 2024 December 31, 2023 Commitments and Contingencies (See Note 24) Redeemable Noncontrolling Interests (See Note 23) $ 1,291,487 $ 615,427 Stockholders' Equity Series I Preferred Stock, $ 0.01 par value. 1 share authorized, 1 share issued and outstanding as of June 30, 2024 and December 31, 2023. — — Common Stock, $ 0.01 par value. 3,500,000,000 shares authorized, 887,439,

View Full Filing

View this 10-Q filing on SEC EDGAR