KKR & Co. Inc. Files Q3 2024 10-Q Report

TL;DR

KKR filed its Q3 2024 10-Q. Financials look solid.

AI Summary

KKR & Co. Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position. Key financial data and disclosures are presented as required by SEC regulations.

Why It Matters

This report provides investors and analysts with crucial financial information for KKR & Co. Inc., enabling them to assess the company's performance and make informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• Q3 2024 — Quarterly Period (The filing covers the third quarter of 2024.)

Key Players & Entities

• KKR & Co. Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — Conformed period of report
• 20241105 (date) — Filed as of date
• 0001404912-24-000029 (other) — Accession number for the filing

FAQ

Filing Documents

• kkr-20240930.htm (10-Q) — 10469KB
• kkr-2024930xex311.htm (EX-31.1) — 11KB
• kkr-2024930xex312.htm (EX-31.2) — 12KB
• kkr-2024930xex313.htm (EX-31.3) — 12KB
• kkr-2024930xex321.htm (EX-32.1) — 8KB
• kkr-2024930xex322.htm (EX-32.2) — 8KB
• kkr-2024930xex323.htm (EX-32.3) — 8KB
• kkr-20240930_g1.jpg (GRAPHIC) — 25KB
• kkr-20240930_g2.jpg (GRAPHIC) — 72KB
• 0001404912-24-000029.txt ( ) — 49633KB
• kkr-20240930.xsd (EX-101.SCH) — 196KB
• kkr-20240930_cal.xml (EX-101.CAL) — 229KB
• kkr-20240930_def.xml (EX-101.DEF) — 1432KB
• kkr-20240930_lab.xml (EX-101.LAB) — 1845KB
• kkr-20240930_pre.xml (EX-101.PRE) — 1607KB
• kkr-20240930_htm.xml (XML) — 13575KB

— 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 September 30, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 10 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 12 Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 13 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 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 111

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 204

Controls and Procedures

Item 4. Controls and Procedures 204

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 205

Risk Factors

Item 1A. Risk Factors 205

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 205

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 205

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 206

Other Information

Item 5. Other Information 206

Exhibits

Item 6. Exhibits 206

SIGNATURES

SIGNATURES 208 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) September 30, 2024 December 31, 2023 Assets Asset Management and Strategic Holdings Cash and Cash Equivalents $ 8,602,477 $ 8,393,892 Restricted Cash and Cash Equivalents 114,285 116,599 Investments 104,301,594 98,634,801 Due from Affiliates 2,034,664 1,446,852 Other Assets 5,552,218 4,975,223 120,605,238 113,567,367 Insurance Cash and Cash Equivalents $ 5,857,308 $ 11,954,675 Restricted Cash and Cash Equivalents 388,369 342,954 Investments 172,377,108 141,370,323 Reinsurance Recoverable 46,386,313 36,617,344 Insurance Intangible Assets 5,092,908 4,450,824 Other Assets 5,814,459 4,883,707 Separate Account Assets 4,134,173 4,107,000 240,050,638 203,726,827 Total Assets $ 360,655,876 $ 317,294,194 Liabilities and Equity Asset Management and Strategic Holdings Debt Obligations $ 45,641,569 $ 44,886,870 Due to Affiliates 470,691 538,099 Accrued Expenses and Other Liabilities 11,919,685 7,718,415 58,031,945 53,143,384 Insurance Policy Liabilities (market risk benefit liabilities: $ 1,115,874 and $ 1,120,968 , respectively.) $ 184,050,410 $ 160,058,271 Debt Obligations 3,811,218 2,587,857 Funds Withheld Payable at Interest 45,389,307 34,339,522 Accrued Expenses and Other Liabilities 2,276,060 3,256,006 Reinsurance Liabilities 1,164,153 1,423,242 Separate Account Liabilities 4,134,173 4,107,000 240,825,321 205,771,898 Total Liabilities 298,857,266 258,915,282 6 Table of Contents September 30, 2024 December 31, 2023 Commitments and Contingencies (See Note 24) Redeemable Noncontrolling Interests (See Note 23) $ 1,322,308 $ 615,427 Stockholders' Equity Series I Preferred Stock, $ 0.01 par value. 1 share authorized, 1 share issued and outstanding as of September 30, 2024 and December 31, 2023. — — Common Stock, $ 0.01 par value. 3,500,000,000 shares author

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View this 10-Q filing on SEC EDGAR