Delaware | 88-1203639 | |||||||
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | KKR | New York Stock Exchange | ||||||
4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC | KKRS | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
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Investment Period | Amount ($ in millions) | |||||||||||||||||||||||||||||||
Start Date(1) | End Date (2) | Commitment (3) | Uncalled Commitments | Percentage Committed by General Partner | Invested | Realized | Remaining Cost (4) | Remaining Fair Value | Gross Accrued Carried Interest | |||||||||||||||||||||||
Private Equity Business Line | ||||||||||||||||||||||||||||||||
North America Fund XIII | 8/2021 | 8/2027 | $ | 18,400 | $ | 10,563 | 1% | $ | 7,837 | $ | — | $ | 7,837 | $ | 8,830 | $ | 5 | |||||||||||||||
Americas Fund XII | 5/2017 | 5/2021 | 13,500 | 1,665 | 2% | 12,432 | 8,722 | 9,326 | 18,767 | 1,624 | ||||||||||||||||||||||
North America Fund XI | 11/2012 | 1/2017 | 8,718 | 152 | 3% | 10,044 | 22,833 | 2,759 | 3,269 | 173 | ||||||||||||||||||||||
2006 Fund (5) | 9/2006 | 9/2012 | 17,642 | — | 2% | 17,309 | 37,416 | — | 8 | 1 | ||||||||||||||||||||||
Millennium Fund (5) | 12/2002 | 12/2008 | 6,000 | — | 3% | 6,000 | 14,123 | — | 4 | 1 | ||||||||||||||||||||||
Ascendant Fund | 6/2022 | 6/2028 | 3,003 | 3,003 | 10% | — | — | — | — | — | ||||||||||||||||||||||
European Fund VI | 6/2022 | 6/2028 | 7,426 | 5,852 | 2% | 1,574 | — | 1,574 | 1,263 | — | ||||||||||||||||||||||
European Fund V | 7/2019 | 2/2022 | 6,338 | 738 | 2% | 5,670 | 917 | 5,495 | 6,947 | 327 | ||||||||||||||||||||||
European Fund IV | 2/2015 | 3/2019 | 3,512 | 22 | 6% | 3,642 | 5,726 | 1,621 | 2,625 | 196 | ||||||||||||||||||||||
European Fund III (5) | 3/2008 | 3/2014 | 5,506 | 146 | 5% | 5,360 | 10,625 | 586 | 39 | (41) | ||||||||||||||||||||||
European Fund II (5) | 11/2005 | 10/2008 | 5,751 | — | 2% | 5,751 | 8,507 | — | 25 | 5 | ||||||||||||||||||||||
Asian Fund IV | 7/2020 | 7/2026 | 14,735 | 8,529 | 1% | 6,554 | 348 | 6,416 | 8,324 | 268 | ||||||||||||||||||||||
Asian Fund III | 8/2017 | 7/2020 | 9,000 | 1,329 | 6% | 8,189 | 6,295 | 6,797 | 12,018 | 981 | ||||||||||||||||||||||
Asian Fund II | 10/2013 | 3/2017 | 5,825 | — | 1% | 7,357 | 6,509 | 2,938 | 2,124 | (346) | ||||||||||||||||||||||
Asian Fund (5) | 7/2007 | 4/2013 | 3,983 | — | 3% | 3,974 | 8,728 | — | — | 21 | ||||||||||||||||||||||
China Growth Fund (5) | 11/2010 | 11/2016 | 1,010 | — | 1% | 1,010 | 1,150 | 181 | 22 | (34) | ||||||||||||||||||||||
Next Generation Technology Growth Fund III | 11/2022 | 11/2028 | 2,745 | 2,331 | 1% | 414 | — | 414 | 417 | — | ||||||||||||||||||||||
Next Generation Technology Growth Fund II | 12/2019 | 5/2022 | 2,088 | 154 | 7% | 2,131 | 496 | 1,924 | 2,894 | 193 | ||||||||||||||||||||||
Next Generation Technology Growth Fund | 3/2016 | 12/2019 | 659 | 5 | 22% | 668 | 1,148 | 276 | 934 | 74 | ||||||||||||||||||||||
Health Care Strategic Growth Fund II | 5/2021 | 5/2027 | 3,789 | 2,856 | 3% | 933 | — | 933 | 1,045 | — | ||||||||||||||||||||||
Health Care Strategic Growth Fund | 12/2016 | 4/2021 | 1,331 | 144 | 11% | 1,317 | 283 | 1,128 | 1,863 | 105 | ||||||||||||||||||||||
Global Impact Fund II | 6/2022 | 6/2028 | 2,704 | 1,889 | 1% | 815 | — | 815 | 753 | — | ||||||||||||||||||||||
Global Impact Fund | 2/2019 | 3/2022 | 1,242 | 224 | 8% | 1,194 | 471 | 1,018 | 1,562 | 106 | ||||||||||||||||||||||
Co-Investment Vehicles and Other | Various | Various | 18,340 | 3,219 | Various | 15,680 | 8,980 | 11,151 | 13,863 | 1,328 | ||||||||||||||||||||||
Core Investment Vehicles | Various | Various | 25,444 | 10,582 | 30% | 15,768 | 2,366 | 14,407 | 24,323 | 119 | ||||||||||||||||||||||
Unallocated Commitments (6) | N/A | N/A | 3,894 | 3,894 | Various | — | — | — | — | — | ||||||||||||||||||||||
Total Private Equity | $ | 192,585 | $ | 57,297 | $ | 141,623 | $ | 145,643 | $ | 77,596 | $ | 111,919 | $ | 5,106 |
Investment Period | Amount ($ in millions) | |||||||||||||||||||||||||||||||
Start Date (1) | End Date (2) | Commitment (3) | Uncalled Commitments | Percentage Committed by General Partner | Invested | Realized | Remaining Cost (4) | Remaining Fair Value | Gross Accrued Carried Interest | |||||||||||||||||||||||
Real Assets Business Line | ||||||||||||||||||||||||||||||||
Energy Income and Growth Fund II | 8/2018 | 8/2022 | $ | 994 | $ | — | 20% | $ | 1,191 | $ | 305 | $ | 954 | $ | 1,503 | $ | 36 | |||||||||||||||
Energy Income and Growth Fund | 9/2013 | 6/2018 | 1,589 | — | 13% | 1,589 | 1,221 | — | — | — | ||||||||||||||||||||||
Natural Resources Fund (5) | Various | Various | 887 | — | Various | 887 | 168 | — | — | — | ||||||||||||||||||||||
Global Energy Opportunities | Various | Various | 915 | 62 | Various | 520 | 204 | 297 | 167 | — | ||||||||||||||||||||||
Global Infrastructure Investors IV | 8/2021 | 8/2027 | 16,589 | 7,244 | —% | 9,672 | 328 | 9,477 | 10,598 | 86 | ||||||||||||||||||||||
Global Infrastructure Investors III | 7/2018 | 6/2021 | 7,165 | 1,097 | 4% | 6,335 | 1,910 | 5,483 | 7,612 | 436 | ||||||||||||||||||||||
Global Infrastructure Investors II | 12/2014 | 6/2018 | 3,040 | 130 | 4% | 3,166 | 5,330 | 807 | 1,135 | 34 | ||||||||||||||||||||||
Global Infrastructure Investors | 9/2010 | 10/2014 | 1,040 | — | 5% | 1,050 | 2,228 | — | — | — | ||||||||||||||||||||||
Asia Pacific Infrastructure Investors II | 9/2022 | 9/2028 | 6,368 | 6,368 | 5% | — | — | — | — | — | ||||||||||||||||||||||
Asia Pacific Infrastructure Investors | 1/2020 | 9/2022 | 3,792 | 702 | 7% | 3,375 | 738 | 2,943 | 3,347 | 109 | ||||||||||||||||||||||
Diversified Core Infrastructure Fund | 12/2020 | (6) | 9,587 | 1,199 | 5% | 8,452 | 508 | 8,452 | 8,916 | — | ||||||||||||||||||||||
Real Estate Partners Americas III | 1/2021 | 1/2025 | 4,253 | 1,592 | 5% | 2,771 | 228 | 2,611 | 2,584 | — | ||||||||||||||||||||||
Real Estate Partners Americas II | 5/2017 | 12/2020 | 1,921 | 253 | 8% | 1,951 | 2,688 | 487 | 428 | 13 | ||||||||||||||||||||||
Real Estate Partners Americas | 5/2013 | 5/2017 | 1,229 | 135 | 16% | 1,024 | 1,416 | 54 | 32 | (3) | ||||||||||||||||||||||
Real Estate Partners Europe II | 3/2020 | 12/2023 | 2,061 | 610 | 10% | 1,656 | 431 | 1,356 | 1,313 | — | ||||||||||||||||||||||
Real Estate Partners Europe | 8/2015 | 12/2019 | 707 | 99 | 10% | 687 | 763 | 209 | 208 | (6) | ||||||||||||||||||||||
Asia Real Estate Partners | 7/2019 | 7/2023 | 1,682 | 452 | 15% | 1,238 | 22 | 1,197 | 1,383 | — | ||||||||||||||||||||||
Real Estate Credit Opportunity Partners II | 8/2019 | 6/2023 | 950 | — | 5% | 976 | 226 | 976 | 928 | 9 | ||||||||||||||||||||||
Real Estate Credit Opportunity Partners | 2/2017 | 4/2019 | 1,130 | 122 | 4% | 1,008 | 508 | 1,008 | 991 | 3 | ||||||||||||||||||||||
Property Partners Americas | 12/2019 | (6) | 2,569 | 46 | 19% | 2,523 | 159 | 2,523 | 2,392 | — | ||||||||||||||||||||||
Co-Investment Vehicles and Other | Various | Various | 9,293 | 3,903 | Various | 5,429 | 1,582 | 5,017 | 4,923 | 23 | ||||||||||||||||||||||
Total Real Assets | $ | 77,761 | $ | 24,014 | $ | 55,500 | $ | 20,963 | $ | 43,851 | $ | 48,460 | $ | 740 |
Amount | Fair Value of Investments | ||||||||||||||||||||||||||||||||||
Private Equity and Real Assets Business Lines Investment Funds and Other Vehicles | Commitment (2) | Invested | Realized (4) | Unrealized | Total Value | Gross IRR (5) | Net IRR (5) | Gross Multiple of Invested Capital (5) | |||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||
Total Investments | |||||||||||||||||||||||||||||||||||
Legacy Funds (1) | |||||||||||||||||||||||||||||||||||
1976 Fund | $ | 31 | $ | 31 | $ | 537 | $ | — | $ | 537 | 39.5 | % | 35.5 | % | 17.1 | ||||||||||||||||||||
1980 Fund | 357 | 357 | 1,828 | — | 1,828 | 29.0 | % | 25.8 | % | 5.1 | |||||||||||||||||||||||||
1982 Fund | 328 | 328 | 1,291 | — | 1,291 | 48.1 | % | 39.2 | % | 3.9 | |||||||||||||||||||||||||
1984 Fund | 1,000 | 1,000 | 5,964 | — | 5,964 | 34.5 | % | 28.9 | % | 6.0 | |||||||||||||||||||||||||
1986 Fund | 672 | 672 | 9,081 | — | 9,081 | 34.4 | % | 28.9 | % | 13.5 | |||||||||||||||||||||||||
1987 Fund | 6,130 | 6,130 | 14,949 | — | 14,949 | 12.1 | % | 8.9 | % | 2.4 | |||||||||||||||||||||||||
1993 Fund | 1,946 | 1,946 | 4,143 | — | 4,143 | 23.6 | % | 16.8 | % | 2.1 | |||||||||||||||||||||||||
1996 Fund | 6,012 | 6,012 | 12,477 | — | 12,477 | 18.0 | % | 13.3 | % | 2.1 | |||||||||||||||||||||||||
Subtotal - Legacy Funds | 16,475 | 16,475 | 50,269 | — | 50,269 | 26.1 | % | 19.9 | % | 3.1 | |||||||||||||||||||||||||
Included Funds | |||||||||||||||||||||||||||||||||||
European Fund (1999) | 3,085 | 3,085 | 8,758 | — | 8,758 | 26.9 | % | 20.2 | % | 2.8 | |||||||||||||||||||||||||
Millennium Fund (2002) | 6,000 | 6,000 | 14,123 | 4 | 14,127 | 22.0 | % | 16.1 | % | 2.4 | |||||||||||||||||||||||||
European Fund II (2005) | 5,751 | 5,751 | 8,507 | 25 | 8,532 | 6.1 | % | 4.5 | % | 1.5 | |||||||||||||||||||||||||
2006 Fund (2006) | 17,642 | 17,309 | 37,416 | 8 | 37,424 | 11.9 | % | 9.3 | % | 2.2 | |||||||||||||||||||||||||
Asian Fund (2007) | 3,983 | 3,974 | 8,728 | — | 8,728 | 18.9 | % | 13.6 | % | 2.2 | |||||||||||||||||||||||||
European Fund III (2008) | 5,506 | 5,360 | 10,625 | 39 | 10,664 | 16.4 | % | 11.2 | % | 2.0 | |||||||||||||||||||||||||
E2 Investors (Annex Fund) (2009) | 196 | 196 | 200 | — | 200 | 0.6 | % | 0.5 | % | 1.0 | |||||||||||||||||||||||||
China Growth Fund (2010) | 1,010 | 1,010 | 1,150 | 22 | 1,172 | 3.8 | % | 0.1 | % | 1.2 | |||||||||||||||||||||||||
Natural Resources Fund (2010) | 887 | 887 | 168 | — | 168 | (24.3) | % | (25.9) | % | 0.2 | |||||||||||||||||||||||||
Global Infrastructure Investors (2010) | 1,040 | 1,050 | 2,228 | — | 2,228 | 17.6 | % | 15.6 | % | 2.1 | |||||||||||||||||||||||||
North America Fund XI (2012) | 8,718 | 10,044 | 22,833 | 3,269 | 26,102 | 23.8 | % | 19.2 | % | 2.6 | |||||||||||||||||||||||||
Asian Fund II (2013) | 5,825 | 7,357 | 6,509 | 2,124 | 8,633 | 4.6 | % | 3.0 | % | 1.2 | |||||||||||||||||||||||||
Real Estate Partners Americas (2013) | 1,229 | 1,024 | 1,416 | 32 | 1,448 | 15.8 | % | 11.0 | % | 1.4 | |||||||||||||||||||||||||
Energy Income and Growth Fund (2013) | 1,589 | 1,589 | 1,221 | — | 1,221 | (6.1) | % | (8.8) | % | 0.8 | |||||||||||||||||||||||||
Global Infrastructure Investors II (2014) | 3,040 | 3,166 | 5,330 | 1,135 | 6,465 | 19.7 | % | 17.0 | % | 2.0 | |||||||||||||||||||||||||
European Fund IV (2015) | 3,512 | 3,642 | 5,726 | 2,625 | 8,351 | 23.7 | % | 18.4 | % | 2.3 | |||||||||||||||||||||||||
Real Estate Partners Europe (2015) | 707 | 687 | 763 | 208 | 971 | 12.2 | % | 9.0 | % | 1.4 | |||||||||||||||||||||||||
Next Generation Technology Growth Fund (2016) | 659 | 668 | 1,148 | 934 | 2,082 | 31.0 | % | 26.4 | % | 3.1 | |||||||||||||||||||||||||
Health Care Strategic Growth Fund (2016) | 1,331 | 1,317 | 283 | 1,863 | 2,146 | 19.6 | % | 13.2 | % | 1.6 | |||||||||||||||||||||||||
Americas Fund XII (2017) | 13,500 | 12,432 | 8,722 | 18,767 | 27,489 | 24.9 | % | 20.4 | % | 2.2 | |||||||||||||||||||||||||
Real Estate Credit Opportunity Partners (2017) | 1,130 | 1,008 | 508 | 991 | 1,499 | 9.0 | % | 7.7 | % | 1.5 | |||||||||||||||||||||||||
Core Investment Vehicles (2017) | 25,444 | 15,768 | 2,366 | 24,323 | 26,689 | 18.0 | % | 16.9 | % | 1.7 | |||||||||||||||||||||||||
Asian Fund III (2017) | 9,000 | 8,189 | 6,295 | 12,018 | 18,313 | 29.1 | % | 22.8 | % | 2.2 | |||||||||||||||||||||||||
Real Estate Partners Americas II (2017) | 1,921 | 1,951 | 2,688 | 428 | 3,116 | 25.6 | % | 21.0 | % | 1.6 | |||||||||||||||||||||||||
Global Infrastructure Investors III (2018) | 7,165 | 6,335 | 1,910 | 7,612 | 9,522 | 16.0 | % | 12.5 | % | 1.5 | |||||||||||||||||||||||||
Global Impact Fund (2019) | 1,242 | 1,194 | 471 | 1,562 | 2,033 | 24.9 | % | 18.5 | % | 1.7 | |||||||||||||||||||||||||
European Fund V (2019) | 6,338 | 5,670 | 917 | 6,947 | 7,864 | 14.1 | % | 10.7 | % | 1.4 | |||||||||||||||||||||||||
Energy Income and Growth Fund II (2018) | 994 | 1,191 | 305 | 1,503 | 1,808 | 17.1 | % | 15.1 | % | 1.5 | |||||||||||||||||||||||||
Asia Real Estate Partners (2019) | 1,682 | 1,238 | 22 | 1,383 | 1,405 | 10.3 | % | 4.6 | % | 1.1 | |||||||||||||||||||||||||
Next Generation Technology Growth Fund II (2019) | 2,088 | 2,131 | 496 | 2,894 | 3,390 | 22.3 | % | 17.4 | % | 1.6 | |||||||||||||||||||||||||
Real Estate Credit Opportunity Partners II (2019) | 950 | 976 | 226 | 928 | 1,154 | 9.6 | % | 7.4 | % | 1.2 | |||||||||||||||||||||||||
Asia Pacific Infrastructure Investors (2020) | 3,792 | 3,375 | 738 | 3,347 | 4,085 | 14.4 | % | 9.9 | % | 1.2 | |||||||||||||||||||||||||
Asian Fund IV (2020) | 14,735 | 6,554 | 348 | 8,324 | 8,672 | 18.5 | % | 11.5 | % | 1.3 | |||||||||||||||||||||||||
Real Estate Partners Europe II (2020) | 2,061 | 1,656 | 431 | 1,313 | 1,744 | 3.5 | % | 0.2 | % | 1.1 | |||||||||||||||||||||||||
Real Estate Partners Americas III (2021) | 4,253 | 2,771 | 228 | 2,584 | 2,812 | 0.9 | % | (1.7) | % | 1.0 | |||||||||||||||||||||||||
Health Care Strategic Growth Fund II (2021) | 3,789 | 933 | — | 1,045 | 1,045 | 14.6 | % | (4.9) | % | 1.1 | |||||||||||||||||||||||||
North America Fund XIII (2021) | 18,400 | 7,837 | — | 8,830 | 8,830 | 10.7 | % | 6.1 | % | 1.1 | |||||||||||||||||||||||||
Global Infrastructure Investors IV (2021) (3) | 16,589 | 9,672 | 328 | 10,598 | 10,926 | — | — | — | |||||||||||||||||||||||||||
European Fund VI (2022) (3) | 7,426 | 1,574 | — | 1,263 | 1,263 | — | — | — | |||||||||||||||||||||||||||
Global Impact Fund II (2022) (3) | 2,704 | 815 | — | 753 | 753 | — | — | — | |||||||||||||||||||||||||||
Asia Pacific Infrastructure Investors II (2022) (3) | 6,368 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Next Generation Technology Growth Fund III (2022) (3) | 2,745 | 414 | — | 417 | 417 | — | — | — | |||||||||||||||||||||||||||
Ascendant Fund (2022) (3) | 3,003 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Subtotal - Included Funds | 229,029 | 167,800 | 164,131 | 130,118 | 294,249 | 16.1 | % | 12.3 | % | 1.8 | |||||||||||||||||||||||||
All Funds | $ | 245,504 | $ | 184,275 | $ | 214,400 | $ | 130,118 | $ | 344,518 | 25.5 | % | 18.7 | % | 1.9 | ||||||||||||||||||||
Investment Period | Amount ($ in millions) | |||||||||||||||||||||||||||||||
Start Date (1) | End Date (2) | Commitment (3) | Uncalled Commitments | Percentage Committed by General Partner | Invested | Realized | Remaining Cost (4) | Remaining Fair Value | Gross Accrued Carried Interest | |||||||||||||||||||||||
Credit and Liquid Strategies Business Line | ||||||||||||||||||||||||||||||||
Opportunities Fund II | 11/2021 | 1/2026 | $ | 2,329 | $ | 1,743 | 7% | $ | 586 | $ | 6 | $ | 586 | $ | 635 | $ | 5 | |||||||||||||||
Dislocation Opportunities Fund | 8/2019 | 11/2021 | 2,967 | 480 | 14% | 2,488 | 1,141 | 1,766 | 1,888 | 56 | ||||||||||||||||||||||
Special Situations Fund II | 2/2015 | 3/2019 | 3,525 | 284 | 9% | 3,241 | 2,342 | 1,216 | 1,263 | — | ||||||||||||||||||||||
Special Situations Fund | 1/2013 | 1/2016 | 2,274 | 1 | 12% | 2,273 | 1,790 | 429 | 348 | — | ||||||||||||||||||||||
Mezzanine Partners | 7/2010 | 3/2015 | 1,023 | 33 | 4% | 990 | 1,166 | 184 | 152 | (20) | ||||||||||||||||||||||
Asset-Based Finance Partners | 10/2020 | 7/2025 | 2,059 | 1,017 | 7% | 1,042 | 83 | 1,042 | 1,116 | 22 | ||||||||||||||||||||||
Private Credit Opportunities Partners II | 12/2015 | 12/2020 | 2,245 | 377 | 2% | 1,868 | 872 | 1,238 | 1,210 | — | ||||||||||||||||||||||
Lending Partners IV | 3/2022 | 9/2026 | 1,150 | 518 | 5% | 632 | 24 | 633 | 666 | 4 | ||||||||||||||||||||||
Lending Partners III | 4/2017 | 11/2021 | 1,498 | 540 | 2% | 958 | 766 | 741 | 741 | 41 | ||||||||||||||||||||||
Lending Partners II | 6/2014 | 6/2017 | 1,336 | 157 | 4% | 1,179 | 1,198 | 151 | 85 | — | ||||||||||||||||||||||
Lending Partners | 12/2011 | 12/2014 | 460 | 40 | 15% | 420 | 458 | 23 | 11 | — | ||||||||||||||||||||||
Lending Partners Europe II | 5/2019 | 9/2023 | 837 | 210 | 7% | 627 | 182 | 591 | 623 | 5 | ||||||||||||||||||||||
Lending Partners Europe | 3/2015 | 3/2019 | 848 | 184 | 5% | 662 | 425 | 247 | 218 | — | ||||||||||||||||||||||
Asia Credit Opportunities | 1/2021 | 5/2025 | 1,084 | 581 | 9% | 503 | 16 | 503 | 580 | 12 | ||||||||||||||||||||||
Other Alternative Credit Vehicles | Various | Various | 13,683 | 5,758 | Various | 7,911 | 5,953 | 4,125 | 4,404 | 14 | ||||||||||||||||||||||
Total Credit and Liquid Strategies | $ | 37,318 | $ | 11,923 | $ | 25,380 | $ | 16,422 | $ | 13,475 | $ | 13,940 | $ | 139 |
Leveraged Credit Strategy | Inception Date | Gross Returns | Net Returns | Benchmark (1) | Benchmark Gross Returns | |||||||||||||||||||||||||||
Multi-Asset Credit Composite | Jul 2008 | 6.99 | % | 6.30 | % | 50% S&P/LSTA Loan Index, 50% BoAML HY Master II Index (2) | 5.63% | |||||||||||||||||||||||||
Opportunistic Credit (3) | May 2008 | 10.54 | % | 8.95 | % | 50% S&P/LSTA Loan Index, 50% BoAML HY Master II Index (3) | 5.83% | |||||||||||||||||||||||||
Bank Loans | Apr 2011 | 5.57 | % | 5.00 | % | S&P/LSTA Loan Index (4) | 4.55% | |||||||||||||||||||||||||
High-Yield | Apr 2011 | 5.99 | % | 5.41 | % | BoAML HY Master II Index (5) | 5.33% | |||||||||||||||||||||||||
European Leveraged Loans (6) | Sep 2009 | 4.69 | % | 4.17 | % | CS Inst West European Leveraged Loan Index (7) | 3.73% | |||||||||||||||||||||||||
European Credit Opportunities (6) | Sept 2007 | 6.34 | % | 5.18 | % | S&P European Leveraged Loans (All Loans) (8) | 4.23% | |||||||||||||||||||||||||
Amount | Fair Value of Investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit and Liquid Strategies Investment Funds | Investment Period Start Date | Commitment | Invested (1) | Realized (1) | Unrealized | Total Value | Gross IRR (2) | Net IRR (2) | Multiple of Invested Capital (3) | |||||||||||||||||||||||||||||||||||||||||||||||
($ in Millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Opportunities Fund II | Nov 2021 | $ | 2,329 | $ | 586 | $ | 6 | $ | 635 | $ | 641 | 14.4 | % | 9.0 | % | 1.1 | ||||||||||||||||||||||||||||||||||||||||
Dislocation Opportunities Fund | Aug 2019 | 2,967 | 2,488 | 1,141 | 1,888 | 3,029 | 10.7 | % | 8.4 | % | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||
Special Situations Fund II | Feb 2015 | 3,525 | 3,241 | 2,342 | 1,263 | 3,605 | 2.6 | % | 0.7 | % | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||
Special Situations Fund | Jan 2013 | 2,274 | 2,273 | 1,790 | 348 | 2,138 | (1.3) | % | (3.0) | % | 0.9 | |||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Partners | July 2010 | 1,023 | 990 | 1,166 | 152 | 1,318 | 9.1 | % | 5.9 | % | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||
Asset-Based Finance Partners | Oct 2020 | 2,059 | 1,042 | 83 | 1,116 | 1,199 | 14.8 | % | 10.5 | % | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||
Private Credit Opportunities Partners II | Dec 2015 | 2,245 | 1,868 | 872 | 1,210 | 2,082 | 3.2 | % | 1.5 | % | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||
Lending Partners IV | Mar 2022 | 1,150 | 632 | 24 | 666 | 690 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
Lending Partners III | Apr 2017 | 1,498 | 958 | 766 | 741 | 1,507 | 15.1 | % | 12.3 | % | 1.6 | |||||||||||||||||||||||||||||||||||||||||||||
Lending Partners II | Jun 2014 | 1,336 | 1,179 | 1,198 | 85 | 1,283 | 3.0 | % | 1.6 | % | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||
Lending Partners | Dec 2011 | 460 | 420 | 458 | 11 | 469 | 3.5 | % | 1.8 | % | 1.1 | |||||||||||||||||||||||||||||||||||||||||||||
Lending Partners Europe II | May 2019 | 837 | 627 | 182 | 623 | 805 | 16.0 | % | 12.3 | % | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||
Lending Partners Europe | Mar 2015 | 848 | 662 | 425 | 218 | 643 | (0.7) | % | (2.9) | % | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||
Asia Credit Opportunities | Jan 2021 | 1,084 | 503 | 16 | 580 | 596 | 17.7 | % | 12.7 | % | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||
Other Alternative Credit Vehicles | Various | 13,683 | 7,911 | 5,953 | 4,404 | 10,357 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||
All Funds | $ | 37,318 | $ | 25,380 | $ | 16,422 | $ | 13,940 | $ | 30,362 |
($ in millions) | AUM | FPAUM | Typical Management Fee Rate | Incentive Fee / Carried Interest | Preferred Return | Duration of Capital | ||||||||||||||||||||||||||||||||
Leveraged Credit: | ||||||||||||||||||||||||||||||||||||||
Leveraged Credit SMAs/Funds (1) | $ | 96,810 | $ | 94,465 | 0.15% - 1.30% | Various (2) | Various (2) | Subject to redemptions | ||||||||||||||||||||||||||||||
CLOs | 26,784 | 26,784 | 0.40% - 0.50% | Various (2) | Various (2) | 10-14 Years (3) | ||||||||||||||||||||||||||||||||
Total Leveraged Credit | 123,594 | 121,249 | ||||||||||||||||||||||||||||||||||||
Alternative Credit: (4) | ||||||||||||||||||||||||||||||||||||||
Private Credit (1) | 72,150 | 60,340 | 0.25% - 1.50% (5) | 10.00 - 20.00% | 5.00 - 8.00% | 8-15 Years (3) | ||||||||||||||||||||||||||||||||
SIG | 7,807 | 2,899 | 0.50% - 1.75% | 10.00 - 20.00% | 7.00 - 12.00% | 7-15 Years (3) | ||||||||||||||||||||||||||||||||
Total Alternative Credit | 79,957 | 63,239 | ||||||||||||||||||||||||||||||||||||
Hedge Funds (6) | 26,522 | 26,522 | 0.50% - 2.00% | Various (2) | Various (2) | Subject to redemptions | ||||||||||||||||||||||||||||||||
BDCs (7) | 15,418 | 15,418 | 0.60% - 0.625% | 7.00% - 8.00% | 7.00% | Indefinite | ||||||||||||||||||||||||||||||||
Total | $ | 245,491 | $ | 226,428 |
Years Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
($ in millions) | ||||||||||||||
Individual channel: | ||||||||||||||
Fixed-rate annuities | $ | 7,509 | $ | 5,243 | ||||||||||
Fixed-indexed annuities | 3,606 | 4,179 | ||||||||||||
Variable annuities | 23 | 42 | ||||||||||||
Total retirement products(1) | $ | 11,138 | $ | 9,464 | ||||||||||
Life insurance products(2) | $ | 9 | $ | 35 | ||||||||||
Preneed life | $ | 299 | $ | 277 | ||||||||||
Institutional channel: | ||||||||||||||
Block | $ | 10,854 | $ | 5,737 | ||||||||||
Flow & pension risk transfer | 11,258 | 9,520 | ||||||||||||
Funding agreements(3) | — | 2,000 | ||||||||||||
Total institutional channel(4) | $ | 22,112 | $ | 17,257 |
Reserves as of December 31, 2023 | |||||||||||||||||||||||||||||||||||
Individual market | Institutional market(4) | Total | Ceded | Total, net | Percentage of total | ||||||||||||||||||||||||||||||
($ in thousands, except percentages, if applicable) | |||||||||||||||||||||||||||||||||||
Fixed-rate annuity(1) | $ | 25,133,802 | $ | 31,780,482 | $ | 56,914,284 | $ | (9,267,828) | $ | 47,646,456 | 34.7 | % | |||||||||||||||||||||||
Fixed-indexed annuity(1) | 24,689,469 | 10,041,153 | 34,730,622 | (3,720,581) | 31,010,041 | 21.2 | % | ||||||||||||||||||||||||||||
Payout annuities(1) | 483,567 | 19,643,365 | 20,126,932 | (10,439,470) | 9,687,462 | 12.3 | % | ||||||||||||||||||||||||||||
Variable annuity | 2,546,586 | 5,918,581 | 8,465,167 | (2,409,862) | 6,055,305 | 5.2 | % | ||||||||||||||||||||||||||||
Interest sensitive life(1) | 13,680,803 | 18,424,906 | 32,105,709 | (8,750,053) | 23,355,656 | 19.6 | % | ||||||||||||||||||||||||||||
Other life insurance(2) | 3,518,490 | 272,148 | 3,790,638 | (210,202) | 3,580,436 | 2.3 | % | ||||||||||||||||||||||||||||
Funding agreements(3) | 2,055,528 | 4,960,470 | 7,015,998 | — | 7,015,998 | 4.3 | % | ||||||||||||||||||||||||||||
Closed block and other corporate products(4) | — | 1,015,921 | 1,015,921 | (961,747) | 54,174 | 0.4 | % | ||||||||||||||||||||||||||||
Total reserves | $ | 72,108,245 | $ | 92,057,026 | $ | 164,165,271 | $ | (35,759,743) | $ | 128,405,528 | 100.0 | % | |||||||||||||||||||||||
Total general account | $ | 69,910,599 | $ | 90,147,672 | $ | 160,058,271 | $ | (35,759,743) | $ | 124,298,528 | 97.5 | % | |||||||||||||||||||||||
Total separate account | 2,197,646 | 1,909,354 | 4,107,000 | — | 4,107,000 | 2.5 | % | ||||||||||||||||||||||||||||
Total reserves | $ | 72,108,245 | $ | 92,057,026 | $ | 164,165,271 | $ | (35,759,743) | $ | 128,405,528 | 100.0 | % |
Asset Management Investment Professionals and KKR Capstone | 791 | ||||
Other Asset Management Employees | 1,944 | ||||
Total Asset Management Employees | 2,735 | ||||
Global Atlantic Professionals and Employees | 1,553 | ||||
Other(1) | 202 | ||||
Total Employees | 4,490 | ||||
Issuer Purchases of Common stock | |||||||||||||||||||||||
(amounts in thousands, except share and per share amounts) | |||||||||||||||||||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||
Month #1 (October 1, 2023 to October 31, 2023) | — | $ | — | — | $ | 193,999 | |||||||||||||||||
Month #2 (November 1, 2023 to November 30, 2023) | — | $ | — | — | $ | 193,999 | |||||||||||||||||
Month #3 (December 1, 2023 to December 31, 2023) | — | $ | — | — | $ | 193,999 | |||||||||||||||||
Total through December 31, 2023 | — |
Years Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | |||||||||||||||
($ in thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
Asset Management | |||||||||||||||||
Fees and Other | $ | 2,963,869 | $ | 2,821,627 | $ | 142,242 | |||||||||||
Capital Allocation-Based Income (Loss) | 2,843,437 | (2,500,509) | 5,343,946 | ||||||||||||||
5,807,306 | 321,118 | 5,486,188 | |||||||||||||||
Insurance | |||||||||||||||||
Net Premiums | 1,975,675 | 1,182,461 | 793,214 | ||||||||||||||
Policy Fees | 1,260,249 | 1,261,721 | (1,472) | ||||||||||||||
Net Investment Income | 5,514,902 | 4,118,246 | 1,396,656 | ||||||||||||||
Net Investment-Related Gains (Losses) | (235,262) | (1,318,490) | 1,083,228 | ||||||||||||||
Other Income | 176,442 | 139,124 | 37,318 | ||||||||||||||
8,692,006 | 5,383,062 | 3,308,944 | |||||||||||||||
Total Revenues | 14,499,312 | 5,704,180 | 8,795,132 | ||||||||||||||
Expenses | |||||||||||||||||
Asset Management | |||||||||||||||||
Compensation and Benefits | 3,012,687 | 1,144,666 | 1,868,021 | ||||||||||||||
Occupancy and Related Charges | 93,391 | 77,271 | 16,120 | ||||||||||||||
General, Administrative and Other | 1,056,899 | 993,548 | 63,351 | ||||||||||||||
4,162,977 | 2,215,485 | 1,947,492 | |||||||||||||||
Insurance | |||||||||||||||||
Net Policy Benefits and Claims (including market risk benefit loss (gain) of $224,380 and $(673,399), respectively; remeasurement (gain) loss on policy liabilities: $15,497 and $(57,128), respectively.) | 6,362,257 | 2,358,238 | 4,004,019 | ||||||||||||||
Amortization of Policy Acquisition Costs | 87,275 | 55,349 | 31,926 | ||||||||||||||
Interest Expense | 173,883 | 87,182 | 86,701 | ||||||||||||||
Insurance Expenses | 825,998 | 562,585 | 263,413 | ||||||||||||||
General, Administrative and Other | 746,215 | 718,977 | 27,238 | ||||||||||||||
8,195,628 | 3,782,331 | 4,413,297 | |||||||||||||||
Total Expenses | 12,358,605 | 5,997,816 | 6,360,789 | ||||||||||||||
Investment Income (Loss) - Asset Management | |||||||||||||||||
Net Gains (Losses) from Investment Activities | 3,025,383 | (1,665,537) | 4,690,920 | ||||||||||||||
Dividend Income | 791,160 | 1,322,447 | (531,287) | ||||||||||||||
Interest Income | 3,369,447 | 1,895,282 | 1,474,165 | ||||||||||||||
Interest Expense | (2,772,088) | (1,550,777) | (1,221,311) | ||||||||||||||
Total Investment Income (Loss) | 4,413,902 | 1,415 | 4,412,487 | ||||||||||||||
Income (Loss) Before Taxes | 6,554,609 | (292,221) | 6,846,830 | ||||||||||||||
Income Tax Expense (Benefit) | 1,197,523 | 125,393 | 1,072,130 | ||||||||||||||
Years Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | |||||||||||||||
($ in thousands) | |||||||||||||||||
Net Income (Loss) | 5,357,086 | (417,614) | 5,774,700 | ||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | (5,405) | 2,792 | (8,197) | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 1,630,230 | 101,258 | 1,528,972 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 3,732,261 | (521,664) | 4,253,925 | ||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends | 51,747 | 69,000 | (17,253) | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 3,680,514 | $ | (590,664) | $ | 4,271,178 |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | $ | 1,843,144 | $ | 1,682,466 | $ | 160,678 | ||||||||||||||
Fee Credits | (297,936) | (532,355) | 234,419 | |||||||||||||||||
Transaction Fees | 1,075,204 | 1,316,637 | (241,433) | |||||||||||||||||
Monitoring Fees | 138,339 | 131,750 | 6,589 | |||||||||||||||||
Incentive Fees | 29,117 | 33,537 | (4,420) | |||||||||||||||||
Expense Reimbursements | 75,687 | 102,927 | (27,240) | |||||||||||||||||
Consulting Fees | 100,314 | 86,665 | 13,649 | |||||||||||||||||
Total Fees and Other | 2,963,869 | 2,821,627 | 142,242 | |||||||||||||||||
Carried Interest | 2,304,623 | (2,068,662) | 4,373,285 | |||||||||||||||||
General Partner Capital Interest | 538,814 | (431,847) | 970,661 | |||||||||||||||||
Total Capital Allocation-Based Income (Loss) | 2,843,437 | (2,500,509) | 5,343,946 | |||||||||||||||||
Total Revenues - Asset Management | $ | 5,807,306 | $ | 321,118 | $ | 5,486,188 |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Total assumption review impact on income before taxes (GAAP basis) | $ | (15,497) | $ | 57,128 | $ | (72,625) | ||||||||||||||
Assumption review impact on adjustments to derive insurance segment adjusted operating earnings | 15,826 | (89,961) | 105,787 | |||||||||||||||||
Noncontrolling interests' share of assumption review impact | (121) | 12,043 | (12,164) | |||||||||||||||||
Total assumption review impact on insurance segment adjusted operating earnings | $ | 208 | $ | (20,790) | $ | 20,998 |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Net Premiums | $ | 1,975,675 | $ | 1,182,461 | $ | 793,214 | ||||||||||||||
Policy Fees | 1,260,249 | 1,261,721 | (1,472) | |||||||||||||||||
Net Investment Income | 5,514,902 | 4,118,246 | 1,396,656 | |||||||||||||||||
Net Investment-Related Gains (Losses) | (235,262) | (1,318,490) | 1,083,228 | |||||||||||||||||
Other Income | 176,442 | 139,124 | 37,318 | |||||||||||||||||
Total Insurance Revenues | $ | 8,692,006 | $ | 5,383,062 | $ | 3,308,944 |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Funds withheld payable embedded derivatives | $ | (1,040,463) | $ | 3,448,710 | $ | (4,489,173) | ||||||||||||||
Equity futures contracts | (116,766) | 167,924 | (284,690) | |||||||||||||||||
Foreign currency forwards | 20,171 | 18,929 | 1,242 | |||||||||||||||||
Credit risk contracts | (280) | (108) | (172) | |||||||||||||||||
Equity index options | 482,121 | (895,602) | 1,377,723 | |||||||||||||||||
Interest rate and foreign exchange contracts | (101,376) | (333,937) | 232,561 | |||||||||||||||||
Funds withheld receivable embedded derivatives | 75,876 | (29,390) | 105,266 | |||||||||||||||||
Other | — | (29,779) | 29,779 | |||||||||||||||||
Net gains on derivative instruments | (680,717) | 2,346,747 | (3,027,464) | |||||||||||||||||
Net other investment gains (losses) | 445,455 | (3,665,237) | 4,110,692 | |||||||||||||||||
Net investment-related gains (losses) | $ | (235,262) | $ | (1,318,490) | $ | 1,083,228 |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized gains on investments not supporting asset-liability matching strategies | $ | 36,689 | $ | 87,198 | $ | (50,509) | ||||||||||||||
Realized losses on available-for-sale fixed maturity debt securities | (64,140) | (559,987) | 495,847 | |||||||||||||||||
Credit loss allowances | (373,282) | (456,176) | 82,894 | |||||||||||||||||
Impairment of available-for-sale fixed maturity debt securities due to intent to sell | (26,741) | — | (26,741) | |||||||||||||||||
Unrealized gains (losses) on fixed maturity securities classified as trading | 1,031,227 | (2,603,874) | 3,635,101 | |||||||||||||||||
Unrealized (losses) gains on investments accounted under a fair-value option | (110,371) | 60,237 | (170,608) | |||||||||||||||||
Unrealized losses on real estate investments recognized at fair value under investment company accounting | (115,840) | (42,870) | (72,970) | |||||||||||||||||
Realized gains on funds withheld at interest, payable portfolio | 25,427 | 38,074 | (12,647) | |||||||||||||||||
Realized losses on funds withheld at interest, receivable portfolio | (9,193) | (3,176) | (6,017) | |||||||||||||||||
Other | 51,679 | (184,663) | 236,342 | |||||||||||||||||
Net other investment-related gains (losses) | $ | 445,455 | $ | (3,665,237) | $ | 4,110,692 |
Years Ended | |||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | |||||||||||||||
($ in thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
Asset Management | |||||||||||||||||
Fees and Other | $ | 2,821,627 | $ | 2,850,154 | $ | (28,527) | |||||||||||
Capital Allocation-Based Income (Loss) | (2,500,509) | 6,842,414 | (9,342,923) | ||||||||||||||
321,118 | 9,692,568 | (9,371,450) | |||||||||||||||
Insurance | |||||||||||||||||
Net Premiums | 1,182,461 | 2,226,078 | (1,043,617) | ||||||||||||||
Policy Fees | 1,261,721 | 1,137,805 | 123,916 | ||||||||||||||
Net Investment Income | 4,118,246 | 2,845,623 | 1,272,623 | ||||||||||||||
Net Investment-Related Gains (Losses) | (1,318,490) | 203,753 | (1,522,243) | ||||||||||||||
Other Income | 139,124 | 120,213 | 18,911 | ||||||||||||||
5,383,062 | 6,533,472 | (1,150,410) | |||||||||||||||
Total Revenues | 5,704,180 | 16,226,040 | (10,521,860) | ||||||||||||||
Expenses | |||||||||||||||||
Asset Management | |||||||||||||||||
Compensation and Benefits | 1,144,666 | 4,428,743 | (3,284,077) | ||||||||||||||
Occupancy and Related Charges | 77,271 | 69,084 | 8,187 | ||||||||||||||
General, Administrative and Other | 993,548 | 959,077 | 34,471 | ||||||||||||||
2,215,485 | 5,456,904 | (3,241,419) | |||||||||||||||
Insurance | |||||||||||||||||
Net Policy Benefits and Claims (including market risk benefit loss (gain) of $(673,399) and $(152,424), respectively; remeasurement (gain) loss on policy liabilities: $(57,128) and $(71,227), respectively.) | 2,358,238 | 4,816,879 | (2,458,641) | ||||||||||||||
Amortization of Policy Acquisition Costs | 55,349 | (35,377) | 90,726 | ||||||||||||||
Interest Expense | 87,182 | 61,661 | 25,521 | ||||||||||||||
Insurance Expenses | 562,585 | 358,878 | 203,707 | ||||||||||||||
General, Administrative and Other | 718,977 | 555,321 | 163,656 | ||||||||||||||
3,782,331 | 5,757,362 | (1,975,031) | |||||||||||||||
Total Expenses | 5,997,816 | 11,214,266 | (5,216,450) | ||||||||||||||
Investment Income (Loss) - Asset Management | |||||||||||||||||
Net Gains (Losses) from Investment Activities | (1,665,537) | 7,720,923 | (9,386,460) | ||||||||||||||
Dividend Income | 1,322,447 | 698,800 | 623,647 | ||||||||||||||
Interest Income | 1,895,282 | 1,485,470 | 409,812 | ||||||||||||||
Interest Expense | (1,550,777) | (1,070,368) | (480,409) | ||||||||||||||
Total Investment Income (Loss) | 1,415 | 8,834,825 | (8,833,410) | ||||||||||||||
Income (Loss) Before Taxes | (292,221) | 13,846,599 | (14,138,820) | ||||||||||||||
Income Tax Expense (Benefit) | 125,393 | 1,394,882 | (1,269,489) | ||||||||||||||
Years Ended | |||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | |||||||||||||||
($ in thousands) | |||||||||||||||||
Net Income (Loss) | (417,614) | 12,451,717 | (12,869,331) | ||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | 2,792 | 4,060 | (1,268) | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 101,258 | 7,715,251 | (7,613,993) | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | (521,664) | 4,732,406 | (5,254,070) | ||||||||||||||
Series A Preferred Stock Dividends | — | 23,656 | (23,656) | ||||||||||||||
Series B Preferred Stock Dividends | — | 12,991 | (12,991) | ||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends | 69,000 | 69,000 | — | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | (590,664) | $ | 4,626,759 | $ | (5,217,423) |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | $ | 1,682,466 | $ | 1,301,975 | $ | 380,491 | ||||||||||||||
Fee Credits | (532,355) | (464,594) | (67,761) | |||||||||||||||||
Transaction Fees | 1,316,637 | 1,552,621 | (235,984) | |||||||||||||||||
Monitoring Fees | 131,750 | 134,472 | (2,722) | |||||||||||||||||
Incentive Fees | 33,537 | 55,701 | (22,164) | |||||||||||||||||
Expense Reimbursements | 102,927 | 178,572 | (75,645) | |||||||||||||||||
Consulting Fees | 86,665 | 91,407 | (4,742) | |||||||||||||||||
Total Fees and Other | 2,821,627 | 2,850,154 | (28,527) | |||||||||||||||||
Carried Interest | (2,068,662) | 5,388,354 | (7,457,016) | |||||||||||||||||
General Partner Capital Interest | (431,847) | 1,454,060 | (1,885,907) | |||||||||||||||||
Total Capital Allocation-Based Income (Loss) | (2,500,509) | 6,842,414 | (9,342,923) | |||||||||||||||||
Total Revenues - Asset Management | $ | 321,118 | $ | 9,692,568 | $ | (9,371,450) |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Total assumption review impact on income before taxes (GAAP basis) | $ | 57,128 | $ | 71,227 | $ | (14,099) | ||||||||||||||
Assumption review impact on adjustments to derive insurance segment adjusted operating earnings | (89,961) | (59,247) | (30,714) | |||||||||||||||||
Noncontrolling interests' share of assumption review impact | 12,043 | (4,612) | 16,655 | |||||||||||||||||
Total assumption review impact on insurance segment adjusted operating earnings | $ | (20,790) | $ | 7,368 | $ | (28,158) |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Net Premiums | $ | 1,182,461 | $ | 2,226,078 | $ | (1,043,617) | ||||||||||||||
Policy Fees | 1,261,721 | 1,137,805 | 123,916 | |||||||||||||||||
Net Investment Income | 4,118,246 | 2,845,623 | 1,272,623 | |||||||||||||||||
Net Investment-Related (Losses) Gains | (1,318,490) | 203,753 | (1,522,243) | |||||||||||||||||
Other Income | 139,124 | 120,213 | 18,911 | |||||||||||||||||
Total Insurance Revenues | $ | 5,383,062 | $ | 6,533,472 | $ | (1,150,410) |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Funds withheld payable embedded derivatives | $ | 3,448,710 | $ | 49,491 | $ | 3,399,219 | ||||||||||||||
Equity futures contracts | 167,924 | (263,637) | 431,561 | |||||||||||||||||
Foreign currency forwards | 18,929 | 2,484 | 16,445 | |||||||||||||||||
Credit risk contracts | (108) | (400) | 292 | |||||||||||||||||
Equity index options | (895,602) | 549,987 | (1,445,589) | |||||||||||||||||
Interest rate and foreign exchange contracts | (333,937) | (146,920) | (187,017) | |||||||||||||||||
Funds withheld receivable embedded derivatives | (29,390) | 31,740 | (61,130) | |||||||||||||||||
Other | (29,779) | — | (29,779) | |||||||||||||||||
Net gains on derivative instruments | 2,346,747 | 222,745 | 2,124,002 | |||||||||||||||||
Net other investment losses | (3,665,237) | (18,992) | (3,646,245) | |||||||||||||||||
Net investment-related (losses) gains | $ | (1,318,490) | $ | 203,753 | $ | (1,522,243) |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized gains on investments not supporting asset-liability matching strategies | $ | 87,198 | $ | 527,788 | $ | (440,590) | ||||||||||||||
Realized losses on available-for-sale fixed maturity debt securities | (559,987) | (201,411) | (358,576) | |||||||||||||||||
Credit loss allowances | (456,176) | (249,338) | (206,838) | |||||||||||||||||
Unrealized losses on fixed maturity securities classified as trading | (2,603,874) | (118,714) | (2,485,160) | |||||||||||||||||
Unrealized gains on investments classified as trading or fair-value option | 60,237 | 39,758 | 20,479 | |||||||||||||||||
Unrealized (losses) gains on real estate investments recognized at fair value under investment company accounting | (42,870) | 35,418 | (78,288) | |||||||||||||||||
Realized gains (losses) on funds withheld at interest, payable portfolio | 38,074 | (30,015) | 68,089 | |||||||||||||||||
Realized (losses) gains on funds withheld at interest, receivable portfolio | (3,176) | 12,418 | (15,594) | |||||||||||||||||
Other | (184,663) | (34,896) | (149,767) | |||||||||||||||||
Net other investment-related losses | $ | (3,665,237) | $ | (18,992) | $ | (3,646,245) |
(Amounts in thousands, except per share amounts) | ||||||||||||||
As of | As of | |||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||
Assets | ||||||||||||||
Asset Management | ||||||||||||||
Cash and Cash Equivalents | $ | 8,393,892 | $ | 6,705,325 | ||||||||||
Investments | 98,634,801 | 92,375,463 | ||||||||||||
Other Assets | 6,538,674 | 7,114,360 | ||||||||||||
113,567,367 | 106,195,148 | |||||||||||||
Insurance | ||||||||||||||
Cash and Cash Equivalents | 11,954,675 | 6,118,231 | ||||||||||||
Investments | 141,370,323 | 124,199,176 | ||||||||||||
Other Assets | 50,401,829 | 38,834,081 | ||||||||||||
203,726,827 | 169,151,488 | |||||||||||||
Total Assets | $ | 317,294,194 | $ | 275,346,636 | ||||||||||
Liabilities and Equity | ||||||||||||||
Asset Management | ||||||||||||||
Debt Obligations | $ | 44,886,870 | $ | 40,598,613 | ||||||||||
Other Liabilities | 8,256,514 | 6,937,832 | ||||||||||||
53,143,384 | 47,536,445 | |||||||||||||
Insurance | ||||||||||||||
Debt Obligations | 2,587,857 | 2,128,166 | ||||||||||||
Other Liabilities | 203,184,041 | 170,311,335 | ||||||||||||
205,771,898 | 172,439,501 | |||||||||||||
Total Liabilities | $ | 258,915,282 | $ | 219,975,946 | ||||||||||
Redeemable Noncontrolling Interests | 615,427 | 152,065 | ||||||||||||
Stockholders' Equity | ||||||||||||||
Stockholders' Equity - Series C Mandatory Convertible Preferred Stock | — | 1,115,792 | ||||||||||||
Stockholders' Equity - Common Stock | 22,858,694 | 17,691,975 | ||||||||||||
Noncontrolling Interests | 34,904,791 | 36,410,858 | ||||||||||||
Total Equity | 57,763,485 | 55,218,625 | ||||||||||||
Total Liabilities and Equity | $ | 317,294,194 | $ | 275,346,636 | ||||||||||
KKR & Co. Inc. Stockholders' Equity - Common Stock Per Outstanding Share of Common Stock | $ | 25.83 | $ | 20.55 | ||||||||||
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | $ | 3,030,325 | $ | 2,656,487 | $ | 373,838 | ||||||||||||||
Transaction and Monitoring Fees, Net | 720,654 | 775,933 | (55,279) | |||||||||||||||||
Fee Related Performance Revenues | 94,427 | 90,665 | 3,762 | |||||||||||||||||
Fee Related Compensation | (865,336) | (769,735) | (95,601) | |||||||||||||||||
Other Operating Expenses | (596,284) | (585,999) | (10,285) | |||||||||||||||||
Fee Related Earnings | 2,383,786 | 2,167,351 | 216,435 | |||||||||||||||||
Realized Performance Income | 1,065,389 | 2,176,658 | (1,111,269) | |||||||||||||||||
Realized Performance Income Compensation | (666,440) | (1,333,526) | 667,086 | |||||||||||||||||
Realized Investment Income | 690,727 | 1,134,419 | (443,692) | |||||||||||||||||
Realized Investment Income Compensation | (103,590) | (159,003) | 55,413 | |||||||||||||||||
Asset Management Segment Operating Earnings | $ | 3,369,872 | $ | 3,985,899 | $ | (616,027) | ||||||||||||||
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | ||||||||||||||||||||
Private Equity | $ | 1,286,062 | $ | 1,188,463 | $ | 97,599 | ||||||||||||||
Real Assets | 825,735 | 679,890 | 145,845 | |||||||||||||||||
Credit and Liquid Strategies | 918,528 | 788,134 | 130,394 | |||||||||||||||||
Total Management Fees | $ | 3,030,325 | $ | 2,656,487 | $ | 373,838 |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Transaction and Monitoring Fees, Net | ||||||||||||||||||||
Private Equity | $ | 115,276 | $ | 120,410 | $ | (5,134) | ||||||||||||||
Real Assets | 20,564 | 33,202 | (12,638) | |||||||||||||||||
Credit and Liquid Strategies | 7,197 | 22,018 | (14,821) | |||||||||||||||||
Capital Markets | 577,617 | 600,303 | (22,686) | |||||||||||||||||
Total Transaction and Monitoring Fees, Net | $ | 720,654 | $ | 775,933 | $ | (55,279) |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Fee Related Performance Revenues | ||||||||||||||||||||
Private Equity | $ | — | $ | — | $ | — | ||||||||||||||
Real Assets | 21,648 | 51,183 | (29,535) | |||||||||||||||||
Credit and Liquid Strategies | 72,779 | 39,482 | 33,297 | |||||||||||||||||
Total Fee Related Performance Revenues | $ | 94,427 | $ | 90,665 | $ | 3,762 |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized Performance Income | ||||||||||||||||||||
Private Equity | $ | 938,790 | $ | 1,903,580 | $ | (964,790) | ||||||||||||||
Real Assets | 67,018 | 113,465 | (46,447) | |||||||||||||||||
Credit and Liquid Strategies | 59,581 | 159,613 | (100,032) | |||||||||||||||||
Total Realized Performance Income | $ | 1,065,389 | $ | 2,176,658 | $ | (1,111,269) |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Private Equity | ||||||||||||||||||||
Americas Fund XII | $ | 357,618 | $ | 197,023 | $ | 160,595 | ||||||||||||||
Core Investment Vehicles | 220,075 | 262,219 | (42,144) | |||||||||||||||||
Asian Fund III | 178,947 | 104,601 | 74,346 | |||||||||||||||||
European Fund IV | 61,841 | 86,233 | (24,392) | |||||||||||||||||
Global Impact Fund | 35,361 | — | 35,361 | |||||||||||||||||
Co-Investment Vehicles and Other | 32,894 | 55,868 | (22,974) | |||||||||||||||||
Next Generation Technology Growth Fund | 24,248 | — | 24,248 | |||||||||||||||||
North America Fund XI | 23,486 | 932,428 | (908,942) | |||||||||||||||||
2006 Fund | 4,271 | 231,689 | (227,418) | |||||||||||||||||
Total Realized Carried Interest (1) | 938,741 | 1,870,061 | (931,320) | |||||||||||||||||
Incentive Fees | 49 | 33,519 | (33,470) | |||||||||||||||||
Total Realized Performance Income | $ | 938,790 | $ | 1,903,580 | $ | (964,790) |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Real Assets | ||||||||||||||||||||
Global Infrastructure Investors II | $ | 38,145 | $ | 17,693 | $ | 20,452 | ||||||||||||||
Real Estate Partners Americas II | 27,599 | 95,772 | (68,173) | |||||||||||||||||
Co-Investment Vehicles and Other | 1,274 | — | 1,274 | |||||||||||||||||
Total Realized Carried Interest (1) | 67,018 | 113,465 | (46,447) | |||||||||||||||||
Incentive Fees | — | — | — | |||||||||||||||||
Total Realized Performance Income | $ | 67,018 | $ | 113,465 | $ | (46,447) |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Credit and Liquid Strategies | ||||||||||||||||||||
Alternative Credit and Other Funds | $ | — | $ | 10,334 | $ | (10,334) | ||||||||||||||
Total Realized Carried Interest (1) | — | 10,334 | (10,334) | |||||||||||||||||
Incentive Fees | 59,581 | 149,279 | (89,698) | |||||||||||||||||
Total Realized Performance Income | $ | 59,581 | $ | 159,613 | $ | (100,032) |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized Investment Income | ||||||||||||||||||||
Net Realized Gains (Losses) | $ | 230,055 | $ | 530,284 | $ | (300,229) | ||||||||||||||
Interest Income and Dividends, Net | 460,672 | 604,135 | (143,463) | |||||||||||||||||
Total Realized Investment Income | $ | 690,727 | $ | 1,134,419 | $ | (443,692) |
As of | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Assets Under Management | $ | 552,801 | $ | 503,897 | $ | 48,904 | ||||||||||||||
Fee Paying Assets Under Management | $ | 446,408 | $ | 411,923 | $ | 34,485 | ||||||||||||||
Uncalled Commitments | $ | 98,557 | $ | 107,679 | $ | (9,122) |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Capital Invested | $ | 44,010 | $ | 71,411 | $ | (27,401) |
($ in millions) | |||||
December 31, 2022 | $ | 165,147 | |||
New Capital Raised | 6,901 | ||||
Distributions and Other | (9,340) | ||||
Change in Value | 13,669 | ||||
December 31, 2023 | $ | 176,377 |
($ in millions) | |||||
December 31, 2022 | $ | 118,592 | |||
New Capital Raised | 15,984 | ||||
Distributions and Other | (7,112) | ||||
Redemptions | (311) | ||||
Change in Value | 3,780 | ||||
December 31, 2023 | $ | 130,933 |
($ in millions) | |||||
December 31, 2022 | $ | 220,158 | |||
New Capital Raised | 46,581 | ||||
Distributions and Other | (18,237) | ||||
Redemptions | (8,036) | ||||
Change in Value | 5,025 | ||||
December 31, 2023 | $ | 245,491 | |||
($ in millions) | |||||
December 31, 2022 | $ | 102,261 | |||
New Capital Raised | 10,533 | ||||
Distributions and Other | (5,483) | ||||
Change in Value | 415 | ||||
December 31, 2023 | $ | 107,726 |
($ in millions) | |||||
December 31, 2022 | $ | 103,532 | |||
New Capital Raised | 16,645 | ||||
Distributions and Other | (6,766) | ||||
Redemptions | (311) | ||||
Net Changes in Fee Base of Certain Funds | (805) | ||||
Change in Value | (41) | ||||
December 31, 2023 | $ | 112,254 |
($ in millions) | |||||
December 31, 2022 | $ | 206,130 | |||
New Capital Raised | 43,968 | ||||
Distributions and Other | (19,619) | ||||
Redemptions | (8,036) | ||||
Change in Value | 3,985 | ||||
December 31, 2023 | $ | 226,428 | |||
Years Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | |||||||||||||||
($ in thousands) | |||||||||||||||||
Net Investment Income | $ | 5,377,817 | $ | 4,112,244 | $ | 1,265,573 | |||||||||||
Net Cost of Insurance | (3,283,009) | (2,295,133) | (987,876) | ||||||||||||||
General, Administrative and Other | (805,109) | (638,274) | (166,835) | ||||||||||||||
Pre-tax Operating Earnings | 1,289,699 | 1,178,837 | 110,862 | ||||||||||||||
Pre-tax Operating Earnings Attributable to Noncontrolling Interests | (473,062) | (454,075) | (18,987) | ||||||||||||||
Insurance Segment Operating Earnings | $ | 816,637 | $ | 724,762 | $ | 91,875 |
Years Ended | ||||||||||||||||||||
December 31, 2023 | December 31, 2022 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Asset Management Segment Operating Earnings | $ | 3,369,872 | $ | 3,985,899 | $ | (616,027) | ||||||||||||||
Insurance Segment Operating Earnings | 816,637 | 724,762 | 91,875 | |||||||||||||||||
Distributable Operating Earnings | 4,186,509 | 4,710,661 | (524,152) | |||||||||||||||||
Interest Expense | (357,084) | (315,189) | (41,895) | |||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (25,950) | (23,200) | (2,750) | |||||||||||||||||
Income Taxes on Operating Earnings | (763,382) | (859,964) | 96,582 | |||||||||||||||||
After-tax Distributable Earnings | $ | 3,040,093 | $ | 3,512,308 | $ | (472,215) | ||||||||||||||
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | $ | 2,656,487 | $ | 2,071,440 | $ | 585,047 | ||||||||||||||
Transaction and Monitoring Fees, Net | 775,933 | 1,004,241 | (228,308) | |||||||||||||||||
Fee Related Performance Revenues | 90,665 | 45,852 | 44,813 | |||||||||||||||||
Fee Related Compensation | (769,735) | (702,387) | (67,348) | |||||||||||||||||
Other Operating Expenses | (585,999) | (449,155) | (136,844) | |||||||||||||||||
Fee Related Earnings | 2,167,351 | 1,969,991 | 197,360 | |||||||||||||||||
Realized Performance Income | 2,176,658 | 2,141,596 | 35,062 | |||||||||||||||||
Realized Performance Income Compensation | (1,333,526) | (1,239,177) | (94,349) | |||||||||||||||||
Realized Investment Income | 1,134,419 | 1,613,244 | (478,825) | |||||||||||||||||
Realized Investment Income Compensation | (159,003) | (241,994) | 82,991 | |||||||||||||||||
Asset Management Segment Operating Earnings | $ | 3,985,899 | $ | 4,243,660 | $ | (257,761) | ||||||||||||||
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | ||||||||||||||||||||
Private Equity | $ | 1,188,463 | $ | 967,038 | $ | 221,425 | ||||||||||||||
Real Assets | 679,890 | 437,102 | 242,788 | |||||||||||||||||
Credit and Liquid Strategies | 788,134 | 667,300 | 120,834 | |||||||||||||||||
Total Management Fees | $ | 2,656,487 | $ | 2,071,440 | $ | 585,047 |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Transaction and Monitoring Fees, Net | ||||||||||||||||||||
Private Equity | $ | 120,410 | $ | 122,478 | $ | (2,068) | ||||||||||||||
Real Assets | 33,202 | 20,687 | 12,515 | |||||||||||||||||
Credit and Liquid Strategies | 22,018 | 14,181 | 7,837 | |||||||||||||||||
Capital Markets | 600,303 | 846,895 | (246,592) | |||||||||||||||||
Total Transaction and Monitoring Fees, Net | $ | 775,933 | $ | 1,004,241 | $ | (228,308) |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Fee Related Performance Revenues | ||||||||||||||||||||
Private Equity | $ | — | $ | — | $ | — | ||||||||||||||
Real Assets | 51,183 | 9,068 | 42,115 | |||||||||||||||||
Credit and Liquid Strategies | 39,482 | 36,784 | 2,698 | |||||||||||||||||
Total Fee Related Performance Revenues | $ | 90,665 | $ | 45,852 | $ | 44,813 |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized Performance Income | ||||||||||||||||||||
Private Equity | $ | 1,903,580 | $ | 1,678,753 | $ | 224,827 | ||||||||||||||
Real Assets | 113,465 | 97,312 | 16,153 | |||||||||||||||||
Credit and Liquid Strategies | 159,613 | 365,531 | (205,918) | |||||||||||||||||
Total Realized Performance Income | $ | 2,176,658 | $ | 2,141,596 | $ | 35,062 |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Private Equity | ||||||||||||||||||||
North America Fund XI | $ | 932,428 | $ | 433,708 | $ | 498,720 | ||||||||||||||
Core Investment Vehicles | 262,219 | 80,937 | 181,282 | |||||||||||||||||
2006 Fund | 231,689 | 219,737 | 11,952 | |||||||||||||||||
Americas Fund XII | 197,023 | 207,559 | (10,536) | |||||||||||||||||
Asian Fund III | 104,601 | 387,863 | (283,262) | |||||||||||||||||
European Fund IV | 86,233 | 186,476 | (100,243) | |||||||||||||||||
Co-Investment Vehicles and Other | 55,868 | 90,305 | (34,437) | |||||||||||||||||
Next Generation Technology Growth Fund | — | 32,544 | (32,544) | |||||||||||||||||
European Fund III | — | 353 | (353) | |||||||||||||||||
Total Realized Carried Interest (1) | 1,870,061 | 1,639,482 | 230,579 | |||||||||||||||||
Incentive Fees | 33,519 | 39,271 | (5,752) | |||||||||||||||||
Total Realized Performance Income | $ | 1,903,580 | $ | 1,678,753 | $ | 224,827 |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Real Assets | ||||||||||||||||||||
Real Estate Partners Americas II | $ | 95,772 | $ | — | $ | 95,772 | ||||||||||||||
Global Infrastructure Investors II | 17,693 | 72,862 | (55,169) | |||||||||||||||||
Real Estate Partners Europe | — | 18,200 | (18,200) | |||||||||||||||||
Co-Investment Vehicles and Other | — | 3,283 | (3,283) | |||||||||||||||||
Global Infrastructure Investors | — | 2,967 | (2,967) | |||||||||||||||||
Total Realized Carried Interest (1) | 113,465 | 97,312 | 16,153 | |||||||||||||||||
Incentive Fees | — | — | — | |||||||||||||||||
Total Realized Performance Income | $ | 113,465 | $ | 97,312 | $ | 16,153 |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Credit and Liquid Strategies | ||||||||||||||||||||
Alternative Credit and Other Funds | $ | 10,334 | $ | 15,336 | $ | (5,002) | ||||||||||||||
Total Realized Carried Interest (1) | 10,334 | 15,336 | (5,002) | |||||||||||||||||
Incentive Fees | 149,279 | 350,195 | (200,916) | |||||||||||||||||
Total Realized Performance Income | $ | 159,613 | $ | 365,531 | $ | (205,918) |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized Investment Income | ||||||||||||||||||||
Net Realized Gains (Losses) | $ | 530,284 | $ | 1,199,414 | $ | (669,130) | ||||||||||||||
Interest Income and Dividends, Net | 604,135 | 413,830 | 190,305 | |||||||||||||||||
Total Realized Investment Income | $ | 1,134,419 | $ | 1,613,244 | $ | (478,825) |
As of | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Assets Under Management | $ | 503,897 | $ | 470,555 | $ | 33,342 | ||||||||||||||
Fee Paying Assets Under Management | $ | 411,923 | $ | 357,389 | $ | 54,534 | ||||||||||||||
Uncalled Commitments | $ | 107,679 | $ | 111,822 | $ | (4,143) |
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Capital Invested | $ | 71,411 | $ | 73,318 | $ | (1,907) |
($ in millions) | |||||
December 31, 2021 | $ | 173,745 | |||
New Capital Raised | 18,087 | ||||
Distributions and Other | (16,171) | ||||
Change in Value | (10,514) | ||||
December 31, 2022 | $ | 165,147 |
($ in millions) | |||||
December 31, 2021 | $ | 83,303 | |||
New Capital Raised | 29,244 | ||||
Acquisitions and Other(1) | 13,779 | ||||
Distributions and Other | (6,369) | ||||
Change in Value | (1,365) | ||||
December 31, 2022 | $ | 118,592 |
($ in millions) | |||||
December 31, 2021 | $ | 213,507 | |||
New Capital Raised | 33,883 | ||||
Acquisitions and Other(1) | 7,997 | ||||
Distributions and Other | (15,854) | ||||
Redemptions | (6,030) | ||||
Change in Value | (13,345) | ||||
December 31, 2022 | $ | 220,158 | |||
($ in millions) | |||||
December 31, 2021 | $ | 87,890 | |||
New Capital Raised | 20,735 | ||||
Distributions and Other | (3,887) | ||||
Net Changes in Fee Base of Certain Funds | (1,573) | ||||
Change in Value | (904) | ||||
December 31, 2022 | $ | 102,261 |
($ in millions) | |||||
December 31, 2021 | $ | 66,965 | |||
New Capital Raised | 32,315 | ||||
Acquisitions and Other(1) | 13,779 | ||||
Distributions and Other | (4,685) | ||||
Net Changes in Fee Base of Certain Funds | (1,125) | ||||
Change in Value | (3,717) | ||||
December 31, 2022 | $ | 103,532 |
($ in millions) | |||||
December 31, 2021 | $ | 202,534 | |||
New Capital Raised | 29,430 | ||||
Acquisitions and Other(1) | 7,997 | ||||
Distributions and Other | (15,097) | ||||
Redemptions | (6,030) | ||||
Change in Value | (12,704) | ||||
December 31, 2022 | $ | 206,130 | |||
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Net Investment Income | $ | 4,112,244 | $ | 3,329,570 | $ | 782,674 | ||||||||||||||
Net Cost of Insurance | (2,295,133) | (1,564,264) | (730,869) | |||||||||||||||||
General, Administrative and Other | (638,274) | (500,410) | (137,864) | |||||||||||||||||
Pre-tax Operating Earnings | 1,178,837 | 1,264,896 | (86,059) | |||||||||||||||||
Pre-tax Operating Earnings Attributable to Noncontrolling Interests | (454,075) | (489,456) | 35,381 | |||||||||||||||||
Insurance Segment Operating Earnings | $ | 724,762 | $ | 775,440 | $ | (50,678) | ||||||||||||||
Years Ended | ||||||||||||||||||||
December 31, 2022 | December 31, 2021 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Asset Management Segment Operating Earnings | $ | 3,985,899 | $ | 4,243,660 | $ | (257,761) | ||||||||||||||
Insurance Segment Operating Earnings | 724,762 | 775,440 | (50,678) | |||||||||||||||||
Distributable Operating Earnings | 4,710,661 | 5,019,100 | (308,439) | |||||||||||||||||
Interest Expense | (315,189) | (250,183) | (65,006) | |||||||||||||||||
Preferred Dividends | — | (19,201) | 19,201 | |||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (23,200) | (23,664) | 464 | |||||||||||||||||
Income Taxes on Operating Earnings | (859,964) | (809,962) | (50,002) | |||||||||||||||||
After-tax Distributable Earnings | $ | 3,512,308 | $ | 3,916,090 | $ | (403,782) | ||||||||||||||
As of | |||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
(+) | Cash and Short-term Investments | $ | 5,441,908 | $ | 3,256,515 | ||||||||||||
(+) | Investments | 18,405,295 | 17,628,327 | ||||||||||||||
(+) | Net Unrealized Performance Income (1) | 3,375,807 | 2,509,589 | ||||||||||||||
(+) | Other Assets, Net (2) | 6,498,269 | 6,979,235 | ||||||||||||||
(+) | Global Atlantic Book Value | 4,988,280 | 4,409,873 | ||||||||||||||
(-) | Debt Obligations - KKR (excluding KFN and Global Atlantic) | 7,191,020 | 6,957,932 | ||||||||||||||
(-) | Debt Obligations - KFN | 948,517 | 948,517 | ||||||||||||||
(-) | Tax Liabilities, Net | 2,101,774 | 1,648,600 | ||||||||||||||
(-) | Other Liabilities | 913,008 | 911,612 | ||||||||||||||
(-) | Noncontrolling Interests | 29,936 | 32,843 | ||||||||||||||
Book Value | $ | 27,525,304 | $ | 24,284,035 | |||||||||||||
Book Value Per Adjusted Share | $ | 30.95 | $ | 27.27 | |||||||||||||
Adjusted Shares | 889,469,232 | 890,628,190 | |||||||||||||||
As of | ||||||||||||||
December 31, 2023 | December 31, 2022 | |||||||||||||
($ in thousands) | ||||||||||||||
Private Equity Business Line | $ | 2,850,342 | $ | 2,199,869 | ||||||||||
Real Assets Business Line | 397,593 | 212,974 | ||||||||||||
Credit and Liquid Strategies Business Line | 127,872 | 96,746 | ||||||||||||
Total | $ | 3,375,807 | $ | 2,509,589 |
As of December 31, 2023 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Investments (1) | Cost | Fair Value | Fair Value as a Percentage of Total Investments | |||||||||||||||||
Core Private Equity | $ | 2,864,489 | $ | 6,668,834 | 36.2 | % | ||||||||||||||
Traditional Private Equity | 1,315,063 | 2,844,147 | 15.5 | % | ||||||||||||||||
Growth Equity | 410,440 | 1,278,110 | 6.9 | % | ||||||||||||||||
Private Equity Total | 4,589,992 | 10,791,091 | 58.6 | % | ||||||||||||||||
Real Estate | 1,816,614 | 1,798,888 | 9.8 | % | ||||||||||||||||
Infrastructure | 958,432 | 1,170,925 | 6.4 | % | ||||||||||||||||
Energy | 831,215 | 891,397 | 4.8 | % | ||||||||||||||||
Real Assets Total | 3,606,261 | 3,861,210 | 21.0 | % | ||||||||||||||||
Leveraged Credit | 1,346,725 | 1,264,761 | 6.9 | % | ||||||||||||||||
Alternative Credit | 876,495 | 980,942 | 5.3 | % | ||||||||||||||||
Credit Total | 2,223,220 | 2,245,703 | 12.2 | % | ||||||||||||||||
Other | 1,640,134 | 1,507,291 | 8.2 | % | ||||||||||||||||
Total Investments | $ | 12,059,607 | $ | 18,405,295 | 100.0 | % | ||||||||||||||
As of December 31, 2023 | ||||||||||||||
($ in thousands) | ||||||||||||||
Top 20 Investments: (1) | Cost | Fair Value | ||||||||||||
USI, Inc. | $ | 833,195 | $ | 1,914,535 | ||||||||||
PetVet Care Centers, LLC | 355,715 | 1,134,006 | ||||||||||||
Heartland Dental, LLC | 375,365 | 824,288 | ||||||||||||
Exact Holding B.V. | 213,362 | 757,336 | ||||||||||||
Arnott's Biscuits Limited | 250,841 | 533,994 | ||||||||||||
BridgeBio Pharma, Inc. (NASDAQ: BBIO) | 59,799 | 483,769 | ||||||||||||
1-800 Contacts Inc. | 300,178 | 435,095 | ||||||||||||
Barracuda Networks, Inc. | 432,831 | 432,831 | ||||||||||||
Roompot B.V. | 349,036 | 420,613 | ||||||||||||
ERM Worldwide Group Limited | 228,710 | 366,321 | ||||||||||||
Crescent Energy Company (NYSE: CRGY) | 531,293 | 354,085 | ||||||||||||
Internet Brands, Inc. | 331,163 | 336,479 | ||||||||||||
APRIL Group | 280,213 | 331,692 | ||||||||||||
IVIRMA Global SL | 321,871 | 330,288 | ||||||||||||
Teaching Strategies, LLC | 307,162 | 307,162 | ||||||||||||
The Bay Clubs Company, LLC | 257,879 | 274,657 | ||||||||||||
Shriram General Insurance Co. | 245,470 | 246,689 | ||||||||||||
FiberCop S.p.A. | 127,742 | 245,665 | ||||||||||||
Viridor Limited | 131,959 | 209,875 | ||||||||||||
PortAventura | 155,803 | 196,480 | ||||||||||||
Total Top 20 Investments | $ | 6,089,587 | $ | 10,135,860 | ||||||||||
Years Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||||||
($ in thousands) | |||||||||||||||||
Total GAAP Revenues | $ | 14,499,312 | $ | 5,704,180 | $ | 16,226,040 | |||||||||||
Impact of Consolidation and Other | 861,928 | 841,711 | 808,174 | ||||||||||||||
Asset Management Adjustments: | |||||||||||||||||
Capital Allocation-Based Income (Loss) (GAAP) | (2,843,437) | 2,500,509 | (6,842,414) | ||||||||||||||
Realized Carried Interest | 1,005,759 | 1,993,860 | 1,752,130 | ||||||||||||||
Realized Investment Income | 690,727 | 1,134,419 | 1,613,244 | ||||||||||||||
Capstone Fees | (100,314) | (86,665) | (91,407) | ||||||||||||||
Expense Reimbursements | (75,687) | (102,927) | (178,572) | ||||||||||||||
Insurance Adjustments: | |||||||||||||||||
Net Premiums | (1,975,675) | (1,182,461) | (2,226,078) | ||||||||||||||
Policy Fees | (1,260,249) | (1,261,721) | (1,137,805) | ||||||||||||||
Other Income | (176,442) | (139,124) | (120,213) | ||||||||||||||
(Gains) Losses from Investments (1) | 700,380 | 472,053 | 544,357 | ||||||||||||||
Non-operating Changes in Policy Liabilities and Derivatives | (346,963) | 1,072,572 | (141,513) | ||||||||||||||
Total Segment Revenues (2) | $ | 10,979,339 | $ | 10,946,406 | $ | 10,205,943 |
Years Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||||||
($ in thousands) | |||||||||||||||||
Net Income (Loss) - KKR Common Stockholders (GAAP) | $ | 3,680,514 | $ | (590,664) | $ | 4,626,759 | |||||||||||
Preferred Stock Dividends | 51,747 | 69,000 | 105,647 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 1,624,825 | 104,050 | 7,719,311 | ||||||||||||||
Income Tax Expense (Benefit) | 1,197,523 | 125,393 | 1,394,882 | ||||||||||||||
Income (Loss) Before Tax (GAAP) | $ | 6,554,609 | $ | (292,221) | $ | 13,846,599 | |||||||||||
Impact of Consolidation and Other | (1,569,591) | (394,427) | (5,064,946) | ||||||||||||||
Equity-based Compensation - KKR Holdings(1) | — | 119,834 | 161,283 | ||||||||||||||
Preferred Stock Dividends | — | — | (19,201) | ||||||||||||||
Income Taxes on Operating Earnings | (763,382) | (859,964) | (809,962) | ||||||||||||||
Asset Management Adjustments: | |||||||||||||||||
Unrealized (Gains) Losses | (1,534,934) | 2,002,082 | (2,590,280) | ||||||||||||||
Unrealized Carried Interest | (1,656,974) | 4,231,359 | (4,043,135) | ||||||||||||||
Unrealized Carried Interest Compensation (Carry Pool) | 792,758 | (1,753,396) | 1,751,912 | ||||||||||||||
Strategic Corporate Related Charges(2) | 31,805 | 94,629 | 25,153 | ||||||||||||||
Equity-based Compensation | 230,858 | 210,756 | 183,100 | ||||||||||||||
Equity-based Compensation - Performance based | 271,958 | 238,929 | 78,230 | ||||||||||||||
Insurance Adjustments:(3) | |||||||||||||||||
(Gains) Losses from Investments(3)(4) | 363,956 | 379,647 | 352,819 | ||||||||||||||
Non-operating Changes in Policy Liabilities and Derivatives(3) | 228,929 | (584,495) | (39,858) | ||||||||||||||
Strategic Corporate Related Charges(3) | 7,347 | 15,215 | 15,808 | ||||||||||||||
Equity-based and Other Compensation(3) | 71,579 | 93,508 | 58,622 | ||||||||||||||
Amortization of Acquired Intangibles(3) | 11,175 | 10,852 | 9,946 | ||||||||||||||
After-tax Distributable Earnings | $ | 3,040,093 | $ | 3,512,308 | $ | 3,916,090 | |||||||||||
Interest Expense | 357,084 | 315,189 | 250,183 | ||||||||||||||
Preferred Stock Dividends | — | — | 19,201 | ||||||||||||||
Net Income Attributable to Noncontrolling Interests | 25,950 | 23,200 | 23,664 | ||||||||||||||
Income Taxes on Operating Earnings | 763,382 | 859,964 | 809,962 | ||||||||||||||
Distributable Operating Earnings | $ | 4,186,509 | $ | 4,710,661 | $ | 5,019,100 | |||||||||||
Insurance Segment Operating Earnings | (816,637) | (724,762) | (775,440) | ||||||||||||||
Realized Performance Income | (1,065,389) | (2,176,658) | (2,141,596) | ||||||||||||||
Realized Performance Income Compensation | 666,440 | 1,333,526 | 1,239,177 | ||||||||||||||
Realized Investment Income | (690,727) | (1,134,419) | (1,613,244) | ||||||||||||||
Realized Investment Income Compensation | 103,590 | 159,003 | 241,994 | ||||||||||||||
Fee Related Earnings | $ | 2,383,786 | $ | 2,167,351 | $ | 1,969,991 | |||||||||||
Insurance Segment Operating Earnings | 816,637 | 724,762 | 775,440 | ||||||||||||||
Realized Performance Income | 1,065,389 | 2,176,658 | 2,141,596 | ||||||||||||||
Realized Performance Income Compensation | (666,440) | (1,333,526) | (1,239,177) | ||||||||||||||
Realized Investment Income | 690,727 | 1,134,419 | 1,613,244 | ||||||||||||||
Realized Investment Income Compensation | (103,590) | (159,003) | (241,994) | ||||||||||||||
Depreciation and Amortization | 46,727 | 33,809 | 25,940 | ||||||||||||||
Adjusted EBITDA | $ | 4,233,236 | $ | 4,744,470 | $ | 5,045,040 |
As of | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
($ in thousands) | |||||||||||
KKR & Co. Inc. Stockholders' Equity - Common Stock | $ | 22,858,694 | $ | 17,691,975 | |||||||
Series C Mandatory Convertible Preferred Stock | — | 1,115,792 | |||||||||
Impact of Consolidation and Other | 409,663 | 399,318 | |||||||||
Exchangeable Securities | 221,303 | 128,850 | |||||||||
Accumulated Other Comprehensive Income (AOCI) and Other (Insurance) | 4,035,644 | 4,948,100 | |||||||||
Book Value | $ | 27,525,304 | $ | 24,284,035 |
As of | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
GAAP Shares of Common Stock Outstanding | 885,005,588 | 861,110,478 | |||||||||
Adjustments: | |||||||||||
Exchangeable Securities (1) | 4,463,644 | 2,695,142 | |||||||||
Common Stock - Series C Mandatory Convertible Preferred Stock (2) | — | 26,822,570 | |||||||||
Adjusted Shares (3) | 889,469,232 | 890,628,190 | |||||||||
Unvested Equity Awards and Exchangeable Securities (4) | 41,660,450 | 35,457,274 | |||||||||
Uncalled Commitments | |||||
Private Equity | ($ in millions) | ||||
Core Investment Vehicles | $ | 3,066 | |||
Ascendant Fund | 312 | ||||
European Fund VI | 146 | ||||
Health Care Strategic Growth Fund II | 90 | ||||
Asian Fund IV | 84 | ||||
North America Fund XIII | 80 | ||||
Next Generation Technology Growth Fund III | 21 | ||||
Global Impact Fund II | 17 | ||||
Other Private Equity Vehicles | 938 | ||||
Total Private Equity Commitments | 4,754 | ||||
Real Assets | |||||
Asia Pacific Infrastructure Investors II | 342 | ||||
Real Estate Partners Americas III | 80 | ||||
Asia Real Estate Partners | 63 | ||||
Real Estate Partners Europe II | 63 | ||||
Global Infrastructure Investors IV | 17 | ||||
Other Real Assets Vehicles | 1,330 | ||||
Total Real Assets Commitments | 1,895 | ||||
Credit and Liquid Strategies | |||||
Opportunities Fund II | 116 | ||||
Asia Credit Opportunities | 94 | ||||
Dislocation Opportunities Fund | 69 | ||||
Asset-Based Finance Partners | 68 | ||||
Lending Partners IV | 16 | ||||
Lending Partners Europe II | 16 | ||||
Private Credit Opportunities Partners II | 7 | ||||
Other Credit and Liquid Strategies Vehicles | 633 | ||||
Total Credit and Liquid Strategies Commitments | 1,019 | ||||
Total Uncalled Commitments | $ | 7,668 |
Payments due by Period | ||||||||||||||||||||||||||||||||
Types of Contractual Obligations | <1 Year | 1-3 Years | 3-5 Years | >5 Years | Total | |||||||||||||||||||||||||||
($ in millions) | ||||||||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||
Uncalled commitments to investment funds (1) | $ | 7,668.0 | $ | — | $ | — | $ | — | $ | 7,668.0 | ||||||||||||||||||||||
Debt payment obligations (2) | — | 35.5 | 575.1 | 7,470.9 | 8,081.5 | |||||||||||||||||||||||||||
Interest obligations on debt payment obligations (3) | 355.5 | 590.0 | 582.7 | 3,877.1 | 5,405.3 | |||||||||||||||||||||||||||
Underwriting commitments (4) | 19.9 | — | — | — | 19.9 | |||||||||||||||||||||||||||
Lending commitments (5) | 192.3 | — | — | — | 192.3 | |||||||||||||||||||||||||||
Purchase commitments (6) | 68.6 | — | — | — | 68.6 | |||||||||||||||||||||||||||
Lease obligations | 56.0 | 99.8 | 60.5 | 203.3 | 419.6 | |||||||||||||||||||||||||||
Insurance (7) | ||||||||||||||||||||||||||||||||
Policy liabilities (8) | 17,018.5 | 33,917.3 | 29,888.6 | 111,065.0 | 191,889.4 | |||||||||||||||||||||||||||
Debt payment obligations (9) | — | 200.0 | — | 2,550.0 | 2,750.0 | |||||||||||||||||||||||||||
Interest obligations on debt payment obligations (10) | 145.0 | 295.0 | 303.0 | 1,623.0 | 2,366.0 | |||||||||||||||||||||||||||
Purchase and lease commitments (11) | 58.7 | 88.3 | 54.7 | 363.5 | 565.2 | |||||||||||||||||||||||||||
Total Contractual Obligations of KKR | $ | 25,582.5 | $ | 35,225.9 | $ | 31,464.6 | $ | 127,152.8 | $ | 219,425.8 | ||||||||||||||||||||||
(+) Uncalled commitments of consolidated funds (12) | 17,746.4 | — | — | — | 17,746.4 | |||||||||||||||||||||||||||
(+) Debt payment obligations of consolidated funds, CFEs and Other (13) | 3,127.4 | 1,447.3 | 1,510.9 | 30,630.6 | 36,716.2 | |||||||||||||||||||||||||||
(+) Corporate real estate borrowings (14) | 490.0 | — | — | — | 490.0 | |||||||||||||||||||||||||||
(+) Interest obligations of consolidated funds, CFEs and Other (15) | 2,402.1 | 4,173.8 | 3,958.3 | 8,123.9 | 18,658.1 | |||||||||||||||||||||||||||
Total Consolidated Contractual Obligations | $ | 49,348.4 | $ | 40,847.0 | $ | 36,933.8 | $ | 165,907.3 | $ | 293,036.5 |
As of December 31, 2023 | ||||||||||||||
Fixed-indexed annuity | Other | |||||||||||||
($ in thousands) | ||||||||||||||
Balance | $ | 868,268 | $ | 238,469 | ||||||||||
Hypothetical change: | ||||||||||||||
+50 bps interest rates | (133,210) | (52,782) | ||||||||||||
-50 bps interest rates | 149,220 | 58,690 | ||||||||||||
+50 bps instrument-specific credit risk | (127,981) | (28,591) | ||||||||||||
-50 bps instrument-specific credit risk | 142,883 | 31,460 | ||||||||||||
+10% equity market prices | (46,934) | (53,674) | ||||||||||||
-10% equity market prices | 28,964 | 60,217 | ||||||||||||
95% of expected mortality | 41,872 | 7,144 | ||||||||||||
105% of expected mortality | (39,435) | (6,395) | ||||||||||||
90% of expected surrenders | 24,283 | 3,721 | ||||||||||||
110% of expected surrenders | (23,102) | (3,591) |
As of December 31, 2023 | ||||||||
Variable annuities | ||||||||
($ in thousands) | ||||||||
Balance | $ | 354,001 | ||||||
Hypothetical change: | ||||||||
+50 bps interest rates | (22,535) | |||||||
-50 bps interest rates | 24,425 | |||||||
+50 bps instrument-specific credit risk | (15,046) | |||||||
-50 bps instrument-specific credit risk | 15,613 | |||||||
+10% equity market prices | (17,354) | |||||||
-10% equity market prices | 20,139 | |||||||
95% of expected mortality | (5,538) | |||||||
105% of expected mortality | 5,284 | |||||||
90% of expected surrenders | 1,200 | |||||||
110% of expected surrenders | (1,173) |
As of December 31, 2023 | ||||||||||||||
Payout annuities | Life and other | |||||||||||||
($ in thousands) | ||||||||||||||
Balance | $ | 8,156,842 | $ | 393,355 | ||||||||||
Hypothetical change: | ||||||||||||||
+50 bps interest rates | (149,006) | (127,657) | ||||||||||||
-50 bps interest rates | 160,612 | 137,622 | ||||||||||||
+50 bps credit spreads | (121,028) | (130,025) | ||||||||||||
-50 bps credit spreads | 125,780 | 135,004 | ||||||||||||
95% of expected mortality(1) | 54,650 | 30,024 | ||||||||||||
105% of expected mortality(1) | (51,862) | (28,586) | ||||||||||||
90% of expected surrenders/lapses | — | (2,209) | ||||||||||||
110% of expected surrenders/lapses | — | 1,790 |
As of December 31, 2023 | ||||||||
Interest-sensitive life | ||||||||
($ in thousands) | ||||||||
Balance | $ | 7,053,847 | ||||||
Hypothetical change: | ||||||||
+50 bps interest rates | 520 | |||||||
-50 bps interest rates | (521) | |||||||
+10% equity market prices | (637) | |||||||
-10% equity market prices | (1,094) | |||||||
1% lower annual equity growth | (3,478) | |||||||
95% of expected mortality | (30,855) | |||||||
105% of expected mortality | 30,464 | |||||||
90% of expected surrenders | 22,504 | |||||||
110% of expected surrenders | (21,422) |
As of December 31, 2023 | ||||||||||||||
Fixed-indexed annuities | Interest sensitive life | |||||||||||||
($ in thousands) | ||||||||||||||
Balance | $ | 3,587,371 | $ | 458,302 | ||||||||||
Hypothetical change: | ||||||||||||||
+50 bps interest rates | (67,424) | (3,939) | ||||||||||||
-50 bps interest rates | 71,503 | 4,106 | ||||||||||||
+50 bps credit spreads | (85,038) | (3,939) | ||||||||||||
-50 bps credit spreads | 88,802 | 4,106 | ||||||||||||
+10% equity market prices | 455,208 | 42,210 | ||||||||||||
-10% equity market prices | (376,313) | (87,422) |
As of December 31, 2023 | ||||||||||||||
Embedded derivative on funds withheld receivable at interest | Embedded derivative on funds withheld payable at interest | |||||||||||||
($ in thousands) | ||||||||||||||
Balance | $ | 88,661 | $ | (2,447,303) | ||||||||||
Hypothetical change: | ||||||||||||||
+50 bps interest rates | (16,738) | (1,014,317) | ||||||||||||
-50 bps interest rates | 22,577 | 1,096,853 | ||||||||||||
+50 bps investment credit spreads | (38,815) | (879,367) | ||||||||||||
-50 bps investment credit spreads | 38,815 | 961,903 |
December 31, 2023 | ||||||||||||||||||||
Management Fees | Carried Interest, Net of Carry Pool Allocation | Net Gains/(Losses) From Investment Activities Including General Partner Capital Interest | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Hypothetical 10% Decline in Fair Value of Investments (1) | $ | 50,011 | (2) | $ | 902,575 | (3) | $ | 1,831,293 | (3) |
December 31, 2023 | ||||||||||||||
Hypothetical change(1) | ||||||||||||||
+50 Basis points | -50 Basis points | |||||||||||||
($ in thousands) | ||||||||||||||
Total estimated net income and shareholders’ equity excluding AOCI sensitivity (point in time) | $ | 163,003 | $ | (165,739) | ||||||||||
Total estimated net income and shareholders’ equity excluding AOCI sensitivity (over 12 months)(2) | 47,454 | (47,454) |
December 31, 2023 | ||||||||||||||
Hypothetical change | ||||||||||||||
+50 Basis points | -50 Basis points | |||||||||||||
($ in thousands) | ||||||||||||||
Total estimated AOCI sensitivity (point in time) | $ | (1,338,318) | $ | 1,379,943 |
December 31, 2023 | ||||||||||||||
Hypothetical change | ||||||||||||||
+50 Basis points | -50 Basis points | |||||||||||||
($ in thousands) | ||||||||||||||
Total estimated net income and shareholders’ equity excluding AOCI sensitivity (point in time) | $ | 181,690 | $ | (187,903) |
December 31, 2023 | ||||||||||||||
Hypothetical change | ||||||||||||||
+50 Basis points | -50 Basis points | |||||||||||||
($ in thousands) | ||||||||||||||
Total estimated AOCI sensitivity (point in time) | $ | 123,692 | $ | (137,731) |
December 31, 2023 | ||||||||||||||
Hypothetical change(1) | ||||||||||||||
+10% Equity Prices | -10% Equity Prices | |||||||||||||
($ in thousands) | ||||||||||||||
Total estimated net income and shareholders’ equity excluding AOCI sensitivity (point in time) | $ | (14.861) | $ | 10,129 | ||||||||||
Total estimated net income and shareholders’ equity excluding AOCI sensitivity (over 12 months)(2) | $ | 4,660 | $ | (5.161) |
Report of Independent Registered Public Accounting Firm | |||||
Consolidated Statements of Financial Condition as of December 31, 2023 and 2022 | |||||
Consolidated Statements of Operations for the Years Ended December 31, 2023, 2022 and 2021 | |||||
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2023, 2022 and 2021 | |||||
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2023, 2022 and 2021 | |||||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021 | |||||
Notes to Consolidated Financial Statements | |||||
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Asset Management | |||||||||||
Cash and Cash Equivalents | $ | 8,393,892 | $ | 6,705,325 | |||||||
Restricted Cash and Cash Equivalents | 116,599 | 253,431 | |||||||||
Investments | 98,634,801 | 92,375,463 | |||||||||
Due from Affiliates | 1,446,852 | 1,663,303 | |||||||||
Other Assets | 4,975,223 | 5,197,626 | |||||||||
113,567,367 | 106,195,148 | ||||||||||
Insurance | |||||||||||
Cash and Cash Equivalents | $ | 11,954,675 | $ | 6,118,231 | |||||||
Restricted Cash and Cash Equivalents | 342,954 | 308,383 | |||||||||
Investments | 141,370,323 | 124,199,176 | |||||||||
Reinsurance Recoverable | 36,617,344 | 26,022,081 | |||||||||
Insurance Intangible Assets | 4,450,824 | 2,331,494 | |||||||||
Other Assets | 4,883,707 | 6,041,329 | |||||||||
Separate Account Assets | 4,107,000 | 4,130,794 | |||||||||
203,726,827 | 169,151,488 | ||||||||||
Total Assets | $ | 317,294,194 | $ | 275,346,636 | |||||||
Liabilities and Equity | |||||||||||
Asset Management | |||||||||||
Debt Obligations | $ | 44,886,870 | $ | 40,598,613 | |||||||
Due to Affiliates | 538,099 | 466,057 | |||||||||
Accrued Expenses and Other Liabilities | 7,718,415 | 6,471,775 | |||||||||
53,143,384 | 47,536,445 | ||||||||||
Insurance | |||||||||||
Policy Liabilities (market risk benefit liabilities: $1,120,968 and $682,038, respectively.) | $ | 160,058,271 | $ | 137,780,929 | |||||||
Debt Obligations | 2,587,857 | 2,128,166 | |||||||||
Funds Withheld Payable at Interest | 34,339,522 | 22,739,417 | |||||||||
Accrued Expenses and Other Liabilities | 3,256,006 | 4,600,375 | |||||||||
Reinsurance Liabilities | 1,423,242 | 1,059,820 | |||||||||
Separate Account Liabilities | 4,107,000 | 4,130,794 | |||||||||
205,771,898 | 172,439,501 | ||||||||||
Total Liabilities | 258,915,282 | 219,975,946 | |||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Commitments and Contingencies (See Note 24) | |||||||||||
Redeemable Noncontrolling Interests (See Note 23) | $ | 615,427 | $ | 152,065 | |||||||
Stockholders' Equity | |||||||||||
Series C Mandatory Convertible Preferred Stock, $0.01 par value. 0 and 22,999,974 shares, issued and outstanding as of December 31, 2023 and December 31, 2022, respectively. | $ | — | $ | 1,115,792 | |||||||
Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of December 31, 2023 and December 31, 2022. | — | — | |||||||||
Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 885,005,588 and 861,110,478 shares, issued and outstanding as of December 31, 2023 and December 31, 2022, respectively. | 8,850 | 8,611 | |||||||||
Additional Paid-In Capital | 17,549,157 | 16,284,057 | |||||||||
Retained Earnings | 9,818,336 | 6,701,107 | |||||||||
Accumulated Other Comprehensive Income (Loss) ("AOCI") | (4,517,649) | (5,301,800) | |||||||||
Total KKR & Co. Inc. Stockholders' Equity | 22,858,694 | 18,807,767 | |||||||||
Noncontrolling Interests (See Note 22) | 34,904,791 | 36,410,858 | |||||||||
Total Equity | 57,763,485 | 55,218,625 | |||||||||
Total Liabilities and Equity | $ | 317,294,194 | $ | 275,346,636 | |||||||
December 31, 2023 | |||||||||||||||||||||||
Consolidated CLOs | Consolidated Funds and Other Investment Vehicles | Other VIEs | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | 1,709,523 | $ | 1,162,174 | $ | — | $ | 2,871,697 | |||||||||||||||
Restricted Cash and Cash Equivalents | — | 110,308 | — | 110,308 | |||||||||||||||||||
Investments | 24,996,298 | 57,343,237 | — | 82,339,535 | |||||||||||||||||||
Other Assets | 429,827 | 345,509 | — | 775,336 | |||||||||||||||||||
27,135,648 | 58,961,228 | — | 86,096,876 | ||||||||||||||||||||
Insurance | |||||||||||||||||||||||
Cash and Cash Equivalents | — | — | 783,015 | 783,015 | |||||||||||||||||||
Investments | — | — | 22,556,040 | 22,556,040 | |||||||||||||||||||
Other Assets | — | — | 491,607 | 491,607 | |||||||||||||||||||
— | — | 23,830,662 | 23,830,662 | ||||||||||||||||||||
Total Assets | $ | 27,135,648 | $ | 58,961,228 | $ | 23,830,662 | $ | 109,927,538 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Debt Obligations | $ | 25,276,404 | $ | 8,554,449 | $ | — | $ | 33,830,853 | |||||||||||||||
Accrued Expenses and Other Liabilities | 869,765 | 488,717 | — | 1,358,482 | |||||||||||||||||||
26,146,169 | 9,043,166 | — | 35,189,335 | ||||||||||||||||||||
Insurance | |||||||||||||||||||||||
Accrued Expenses and Other Liabilities | — | — | 337,162 | 337,162 | |||||||||||||||||||
Total Liabilities | $ | 26,146,169 | $ | 9,043,166 | $ | 337,162 | $ | 35,526,497 | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Consolidated CLOs | Consolidated Funds and Other Investment Vehicles | Other VIEs | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | 920,821 | $ | 2,936,937 | $ | — | $ | 3,857,758 | |||||||||||||||
Restricted Cash and Cash Equivalents | — | 155,521 | — | 155,521 | |||||||||||||||||||
Investments | 22,492,366 | 54,507,084 | — | 76,999,450 | |||||||||||||||||||
Other Assets | 182,487 | 652,031 | — | 834,518 | |||||||||||||||||||
23,595,674 | 58,251,573 | — | 81,847,247 | ||||||||||||||||||||
Insurance | |||||||||||||||||||||||
Cash and Cash Equivalents | — | — | 619,264 | 619,264 | |||||||||||||||||||
Investments | — | — | 24,732,042 | 24,732,042 | |||||||||||||||||||
Other Assets | — | — | 1,420,933 | 1,420,933 | |||||||||||||||||||
— | — | 26,772,239 | 26,772,239 | ||||||||||||||||||||
Total Assets | $ | 23,595,674 | $ | 58,251,573 | $ | 26,772,239 | $ | 108,619,486 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Debt Obligations | $ | 22,273,242 | $ | 7,306,625 | $ | — | $ | 29,579,867 | |||||||||||||||
Accrued Expenses and Other Liabilities | 620,200 | 742,384 | — | 1,362,584 | |||||||||||||||||||
22,893,442 | 8,049,009 | — | 30,942,451 | ||||||||||||||||||||
Insurance | |||||||||||||||||||||||
Accrued Expenses and Other Liabilities | — | — | 461,812 | 461,812 | |||||||||||||||||||
Total Liabilities | $ | 22,893,442 | $ | 8,049,009 | $ | 461,812 | $ | 31,404,263 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Revenues | |||||||||||||||||
Asset Management | |||||||||||||||||
Fees and Other | $ | 2,963,869 | $ | 2,821,627 | $ | 2,850,154 | |||||||||||
Capital Allocation-Based Income (Loss) | 2,843,437 | (2,500,509) | 6,842,414 | ||||||||||||||
5,807,306 | 321,118 | 9,692,568 | |||||||||||||||
Insurance | |||||||||||||||||
Net Premiums | 1,975,675 | 1,182,461 | 2,226,078 | ||||||||||||||
Policy Fees | 1,260,249 | 1,261,721 | 1,137,805 | ||||||||||||||
Net Investment Income | 5,514,902 | 4,118,246 | 2,845,623 | ||||||||||||||
Net Investment-Related Gains (Losses) | (235,262) | (1,318,490) | 203,753 | ||||||||||||||
Other Income | 176,442 | 139,124 | 120,213 | ||||||||||||||
8,692,006 | 5,383,062 | 6,533,472 | |||||||||||||||
Total Revenues | 14,499,312 | 5,704,180 | 16,226,040 | ||||||||||||||
Expenses | |||||||||||||||||
Asset Management | |||||||||||||||||
Compensation and Benefits | 3,012,687 | 1,144,666 | 4,428,743 | ||||||||||||||
Occupancy and Related Charges | 93,391 | 77,271 | 69,084 | ||||||||||||||
General, Administrative and Other | 1,056,899 | 993,548 | 959,077 | ||||||||||||||
4,162,977 | 2,215,485 | 5,456,904 | |||||||||||||||
Insurance | |||||||||||||||||
Net Policy Benefits and Claims (including market risk benefit loss (gain) of $224,380, $(673,399) and $(152,424), respectively; remeasurement (gain) loss on policy liabilities: $15,497, $(57,128) and $(71,227), respectively.) | 6,362,257 | 2,358,238 | 4,816,879 | ||||||||||||||
Amortization of Policy Acquisition Costs | 87,275 | 55,349 | (35,377) | ||||||||||||||
Interest Expense | 173,883 | 87,182 | 61,661 | ||||||||||||||
Insurance Expenses | 825,998 | 562,585 | 358,878 | ||||||||||||||
General, Administrative and Other | 746,215 | 718,977 | 555,321 | ||||||||||||||
8,195,628 | 3,782,331 | 5,757,362 | |||||||||||||||
Total Expenses | 12,358,605 | 5,997,816 | 11,214,266 | ||||||||||||||
Investment Income (Loss) - Asset Management | |||||||||||||||||
Net Gains (Losses) from Investment Activities | 3,025,383 | (1,665,537) | 7,720,923 | ||||||||||||||
Dividend Income | 791,160 | 1,322,447 | 698,800 | ||||||||||||||
Interest Income | 3,369,447 | 1,895,282 | 1,485,470 | ||||||||||||||
Interest Expense | (2,772,088) | (1,550,777) | (1,070,368) | ||||||||||||||
Total Investment Income (Loss) | 4,413,902 | 1,415 | 8,834,825 | ||||||||||||||
Income (Loss) Before Taxes | 6,554,609 | (292,221) | 13,846,599 | ||||||||||||||
Income Tax Expense (Benefit) | 1,197,523 | 125,393 | 1,394,882 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net Income (Loss) | 5,357,086 | (417,614) | 12,451,717 | ||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | (5,405) | 2,792 | 4,060 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 1,630,230 | 101,258 | 7,715,251 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 3,732,261 | (521,664) | 4,732,406 | ||||||||||||||
Series A Preferred Stock Dividends | — | — | 23,656 | ||||||||||||||
Series B Preferred Stock Dividends | — | — | 12,991 | ||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends | 51,747 | 69,000 | 69,000 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 3,680,514 | $ | (590,664) | $ | 4,626,759 | |||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock | |||||||||||||||||
Basic | $ | 4.24 | $ | (0.79) | $ | 7.95 | |||||||||||
Diluted | $ | 4.09 | $ | (0.79) | $ | 7.42 | |||||||||||
Weighted Average Shares of Common Stock Outstanding | |||||||||||||||||
Basic | 867,496,813 | 749,504,970 | 582,258,984 | ||||||||||||||
Diluted | 911,787,433 | 749,504,970 | 633,092,865 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net Income (Loss) | $ | 5,357,086 | $ | (417,614) | $ | 12,451,717 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax: | |||||||||||||||||
Unrealized Gains (Losses) on Available-For-Sale Securities and Other | 2,085,499 | (9,235,715) | (450,631) | ||||||||||||||
Net effect of changes in discount rates and instrument-specific credit risk on policy liabilities | (491,239) | 1,383,193 | 88,759 | ||||||||||||||
Foreign Currency Translation Adjustments | (100,032) | (2,673) | (39,521) | ||||||||||||||
Comprehensive Income (Loss) | 6,851,314 | (8,272,809) | 12,050,324 | ||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests | (5,405) | 2,792 | 4,060 | ||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 2,218,645 | (3,818,549) | 7,486,975 | ||||||||||||||
Comprehensive Income (Loss) Attributable to KKR & Co. Inc. | $ | 4,638,074 | $ | (4,457,052) | $ | 4,559,289 |
KKR & CO. INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Amounts in Thousands, Except Share and Per Share Data) | |||||||||||
Year Ended December 31, 2023 | |||||||||||
Amounts | Shares | ||||||||||
Series C Mandatory Convertible Preferred Stock | |||||||||||
Beginning of Period | $ | 1,115,792 | 22,999,974 | ||||||||
Conversion of Series C Mandatory Convertible Preferred Stock | (1,115,792) | (22,999,974) | |||||||||
End of Period | — | — | |||||||||
Series I Preferred Stock | |||||||||||
Beginning of Period | — | 1 | |||||||||
End of Period | — | 1 | |||||||||
Common Stock | |||||||||||
Beginning of Period | 8,611 | 861,110,478 | |||||||||
Clawback of Transfer Restricted Shares | — | (25,045) | |||||||||
Net Delivery of Common Stock (Equity Incentive Plans) | 24 | 2,405,399 | |||||||||
Conversion of Series C Mandatory Convertible Preferred Stock | 269 | 26,909,918 | |||||||||
Repurchases of Common Stock | (54) | (5,395,162) | |||||||||
End of Period | 8,850 | 885,005,588 | |||||||||
Additional Paid-In Capital | |||||||||||
Beginning of Period (as previously reported for the prior period) | 16,190,407 | ||||||||||
93,650 | |||||||||||
Beginning of Period (as revised for the prior period) | 16,284,057 | ||||||||||
Conversion of Series C Mandatory Convertible Preferred Stock | 1,115,523 | ||||||||||
Excise Tax on Repurchases of Common Stock | (1,349) | ||||||||||
Net Delivery of Common Stock (Equity Incentive Plans) | (41,697) | ||||||||||
Repurchases of Common Stock | (289,790) | ||||||||||
Equity-Based Compensation | 197,414 | ||||||||||
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | 278,529 | ||||||||||
Tax Effects of Changes in Ownership and Other | 6,470 | ||||||||||
End of Period | 17,549,157 | ||||||||||
Retained Earnings | |||||||||||
Beginning of Period (as previously reported for the prior period) | 6,315,711 | ||||||||||
Adoption of New Accounting Standard (See Note 2) | 385,396 | ||||||||||
Beginning of Period (as revised for the prior period) | 6,701,107 | ||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 3,732,261 | ||||||||||
Series C Mandatory Convertible Preferred Stock Dividends ($2.25 per share) | (51,747) | ||||||||||
Common Stock Dividends ($0.650 per share) | (563,285) | ||||||||||
End of Period | 9,818,336 | ||||||||||
Accumulated Other Comprehensive Income (Loss) (net of tax) | |||||||||||
Beginning of Period (as previously reported for the prior period) | (5,901,701) | ||||||||||
Adoption of New Accounting Standard (See Note 2) | 599,901 | ||||||||||
Beginning of Period (as revised for the prior period) | (5,301,800) | ||||||||||
Other Comprehensive Income (Loss) | 905,813 | ||||||||||
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | (121,662) | ||||||||||
End of Period | (4,517,649) | ||||||||||
Total KKR & Co. Inc. Stockholders' Equity | 22,858,694 | ||||||||||
Noncontrolling Interests (See Note 22) | 34,904,791 | ||||||||||
Total Equity | $ | 57,763,485 | |||||||||
Redeemable Noncontrolling Interests (See Note 23) | $ | 615,427 | |||||||||
KKR & CO. INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED) (Amounts in Thousands, Except Share and Per Share Data) | |||||||||||
Year Ended December 31, 2022 | |||||||||||
Amounts | Shares | ||||||||||
Series C Mandatory Convertible Preferred Stock | |||||||||||
Beginning of Period | $ | 1,115,792 | 23,000,000 | ||||||||
Conversion of Series C Mandatory Convertible Preferred Stock | — | (26) | |||||||||
End of Period | 1,115,792 | 22,999,974 | |||||||||
Series I Preferred Stock | |||||||||||
Beginning of Period | — | 1 | |||||||||
End of Period | — | 1 | |||||||||
Series II Preferred Stock | |||||||||||
Beginning of Period | 2,587 | 258,726,163 | |||||||||
Cancellation of Series II Preferred Stock - Holdings Merger (See Note 1) | (2,582) | (258,259,143) | |||||||||
Cancellation of Series II Preferred Stock | (5) | (467,020) | |||||||||
End of Period | — | — | |||||||||
Common Stock | |||||||||||
Beginning of Period | 5,957 | 595,663,618 | |||||||||
Clawback of Transfer Restricted Shares | — | (1,513) | |||||||||
Exchange of KKR Holdings Units | 5 | 467,020 | |||||||||
Holdings Merger (See Note 1) | 2,667 | 266,759,143 | |||||||||
Net Delivery of Common Stock (Equity Incentive Plans) | 34 | 3,413,354 | |||||||||
Conversion of Series C Mandatory Convertible Preferred Stock | — | 30 | |||||||||
Repurchases of Common Stock | (52) | (5,191,174) | |||||||||
End of Period | 8,611 | 861,110,478 | |||||||||
Additional Paid-In Capital | |||||||||||
Beginning of Period (as previously reported) | 8,997,435 | ||||||||||
Adoption of New Accounting Standard (See Note 2) | — | ||||||||||
Beginning of Period | 8,997,435 | ||||||||||
Exchange of KKR Holdings Units | 14,811 | ||||||||||
Holdings Merger (See Note 1) | 8,213,182 | ||||||||||
Tax Effects - Holdings Merger and Other (See Note 1) | (1,064,869) | ||||||||||
Net Delivery of Common Stock (Equity Incentive Plans) | (65,751) | ||||||||||
Repurchases of Common Stock | (346,599) | ||||||||||
Equity-Based Compensation | 215,711 | ||||||||||
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | 320,137 | ||||||||||
End of Period | 16,284,057 | ||||||||||
Retained Earnings | |||||||||||
Beginning of Period (as previously reported) | 7,670,182 | ||||||||||
Adoption of New Accounting Standard (See Note 2) | 65,930 | ||||||||||
Beginning of Period (as revised) | 7,736,112 | ||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | (521,664) | ||||||||||
Series C Mandatory Convertible Preferred Stock Dividends ($3.00 per share) | (69,000) | ||||||||||
Common Stock Dividends ($0.610 per share) | (444,341) | ||||||||||
End of Period | 6,701,107 | ||||||||||
Accumulated Other Comprehensive Income (Loss) (net of tax) | |||||||||||
Beginning of Period (as previously reported) | (209,789) | ||||||||||
Adoption of New Accounting Standard (See Note 2) | 10,341 | ||||||||||
Beginning of Period (as revised) | (199,448) | ||||||||||
Other Comprehensive Income (Loss) | (3,935,388) | ||||||||||
Exchange of KKR Holdings Units | (1,946) | ||||||||||
Holdings Merger (See Note 1) | (1,015,317) | ||||||||||
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | (149,701) | ||||||||||
End of Period | (5,301,800) | ||||||||||
Total KKR & Co. Inc. Stockholders' Equity | 18,807,767 | ||||||||||
Noncontrolling Interests (See Note 22) | 36,410,858 | ||||||||||
Total Equity | $ | 55,218,625 | |||||||||
Redeemable Noncontrolling Interests (See Note 23) | $ | 152,065 | |||||||||
KKR & CO. INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued) (Amounts in Thousands, Except Share and Per Share Data) | |||||||||||
Year Ended December 31, 2021 | |||||||||||
Amounts | Shares | ||||||||||
Series A and B Preferred Stock | |||||||||||
Beginning of Period | $ | 482,554 | 20,000,000 | ||||||||
Redemption of Series A Preferred Stock | (332,988) | (13,800,000) | |||||||||
Redemption of Series B Preferred Stock | (149,566) | (6,200,000) | |||||||||
End of Period | — | — | |||||||||
Series C Mandatory Convertible Preferred Stock | |||||||||||
Beginning of Period | 1,115,792 | 23,000,000 | |||||||||
End of Period | 1,115,792 | 23,000,000 | |||||||||
Series I Preferred Stock | |||||||||||
Beginning of Period | — | 1 | |||||||||
End of Period | — | 1 | |||||||||
Series II Preferred Stock | |||||||||||
Beginning of Period | 2,756 | 275,626,493 | |||||||||
Cancellation of Series II Preferred Stock | (169) | (16,900,330) | |||||||||
End of Period | 2,587 | 258,726,163 | |||||||||
Common Stock | |||||||||||
Beginning of Period | 5,729 | 572,893,738 | |||||||||
Private Placement Share Issuance | 9 | 964,871 | |||||||||
Exchange of KKR Holdings Units | 169 | 16,900,330 | |||||||||
Net Delivery of Common Stock (Equity Incentive Plans) | 95 | 9,383,733 | |||||||||
Clawback of Transfer Restricted Shares | — | (16,521) | |||||||||
Repurchases of Common Stock | (45) | (4,462,533) | |||||||||
End of Period | 5,957 | 595,663,618 | |||||||||
Additional Paid-In Capital | |||||||||||
Beginning of Period | 8,687,817 | ||||||||||
Private Placement Share Issuance | 38,454 | ||||||||||
Exchange of KKR Holdings Units | 530,194 | ||||||||||
Tax Effects - Exchange of KKR Holdings Units and Other | 6,929 | ||||||||||
Net Delivery of Common Stock (Equity Incentive Plans) | (166,939) | ||||||||||
Repurchases of Common Stock | (269,665) | ||||||||||
Equity-Based Compensation | 170,645 | ||||||||||
End of Period | 8,997,435 | ||||||||||
Retained Earnings | |||||||||||
Beginning of Period | 3,440,782 | ||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 4,732,406 | ||||||||||
Series A Preferred Stock Dividends ($0.843750 per share) | (11,644) | ||||||||||
Redemption of Series A Preferred Stock | (12,012) | ||||||||||
Series B Preferred Stock Dividends ($1.218750 per share) | (7,557) | ||||||||||
Redemption of Series B Preferred Stock | (5,434) | ||||||||||
Series C Mandatory Convertible Preferred Stock Dividends ($3.00 per share) | (69,000) | ||||||||||
Common Stock Dividends ($0.57 per share) | (331,429) | ||||||||||
End of Period | 7,736,112 | ||||||||||
Accumulated Other Comprehensive Income (Loss) (net of tax) | |||||||||||
Beginning of Period | (18,612) | ||||||||||
Other Comprehensive Income (Loss) | (173,117) | ||||||||||
Exchange of KKR Holdings Units | (7,719) | ||||||||||
End of Period | (199,448) | ||||||||||
Total KKR & Co. Inc. Stockholders' Equity | 17,658,435 | ||||||||||
Noncontrolling Interests (See Note 22) | 40,579,526 | ||||||||||
Total Equity | $ | 58,237,961 | |||||||||
Redeemable Noncontrolling Interests (See Note 23) | $ | 82,491 | |||||||||
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Operating Activities | |||||||||||||||||
Net Income (Loss) | $ | 5,357,086 | $ | (417,614) | $ | 12,451,717 | |||||||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: | |||||||||||||||||
Equity-Based and Other Non-Cash Compensation | 618,469 | 730,236 | 529,816 | ||||||||||||||
Net Realized (Gains) Losses - Asset Management | 776,473 | (1,298,506) | (2,382,209) | ||||||||||||||
Change in Unrealized (Gains) Losses - Asset Management | (3,801,856) | 2,964,043 | (5,338,714) | ||||||||||||||
Capital Allocation-Based (Income) Loss - Asset Management | (2,843,437) | 2,500,509 | (6,842,414) | ||||||||||||||
Net Investment and Policy Liability-Related (Gains) Losses - Insurance | 2,556,183 | 362,480 | 706,180 | ||||||||||||||
Net Accretion and Amortization | 68,302 | 364,162 | 386,867 | ||||||||||||||
Interest Credited to Policyholder Account Balances (net of Policy Fees) - Insurance | 2,799,758 | 1,245,467 | 1,740,965 | ||||||||||||||
Other Non-Cash Amounts | 101,539 | 125,934 | (60,318) | ||||||||||||||
Cash Flows Due to Changes in Operating Assets and Liabilities: | |||||||||||||||||
Reinsurance Transactions and Acquisitions, Net of Cash Provided - Insurance | 840,173 | 1,282,677 | 1,373,597 | ||||||||||||||
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable - Insurance | 1,060,972 | 685,487 | 685,797 | ||||||||||||||
Change in Deferred Policy Acquisition Costs - Insurance | (534,534) | (483,449) | (411,063) | ||||||||||||||
Change in Policy Liabilities and Accruals, Net - Insurance | (717,795) | (300,332) | (1,253,550) | ||||||||||||||
Change in Consolidation | (354,121) | (66,593) | (373,761) | ||||||||||||||
Change in Due from / to Affiliates | 402,465 | (459,226) | (431,292) | ||||||||||||||
Change in Other Assets | 188,691 | 1,035,529 | 507,031 | ||||||||||||||
Change in Accrued Expenses and Other Liabilities | 542,820 | (3,124,973) | 2,141,411 | ||||||||||||||
Investments Purchased - Asset Management | (37,342,125) | (38,934,027) | (73,509,382) | ||||||||||||||
Proceeds from Investments - Asset Management | 28,787,125 | 28,508,937 | 62,902,614 | ||||||||||||||
Net Cash Provided (Used) by Operating Activities | (1,493,812) | (5,279,259) | (7,176,708) | ||||||||||||||
Investing Activities | |||||||||||||||||
Acquisition of Global Atlantic, Net of Cash Acquired | — | — | (473,779) | ||||||||||||||
Acquisition of KJRM, Net of Cash Acquired | — | (1,690,702) | — | ||||||||||||||
Purchases of Fixed Assets | (108,393) | (85,056) | (102,049) | ||||||||||||||
Investments Purchased - Insurance | (29,488,315) | (47,191,313) | (58,617,575) | ||||||||||||||
Proceeds from Investments - Insurance | 25,654,308 | 35,356,268 | 49,567,361 | ||||||||||||||
Other Investing Activities, Net - Insurance | 59,464 | (36,469) | 20,494 | ||||||||||||||
Net Cash Provided (Used) by Investing Activities | (3,882,936) | (13,647,272) | (9,605,548) | ||||||||||||||
Financing Activities | |||||||||||||||||
Series A and B Preferred Stock Dividends | — | — | (19,201) | ||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends | (51,747) | (69,000) | (69,000) | ||||||||||||||
Common Stock Dividends | (563,285) | (444,341) | (331,429) | ||||||||||||||
Distributions to Redeemable Noncontrolling Interests | (2,845) | (2,540) | (2,015) | ||||||||||||||
Contributions from Redeemable Noncontrolling Interests | 499,433 | 69,322 | — | ||||||||||||||
Distributions to Noncontrolling Interests | (6,956,724) | (7,039,914) | (7,484,620) | ||||||||||||||
Contributions from Noncontrolling Interests | 12,871,585 | 13,622,035 | 13,847,646 | ||||||||||||||
Redemption of Series A and B Preferred Stock | — | — | (500,000) | ||||||||||||||
Net Delivery of Common Stock (Equity Incentive Plans) | (41,673) | (65,717) | (166,844) | ||||||||||||||
Repurchases of Common Stock | (289,844) | (346,651) | (269,710) | ||||||||||||||
Private Placement Share Issuance | — | — | 38,463 | ||||||||||||||
Proceeds from Debt Obligations | 16,383,154 | 20,439,101 | 30,369,415 | ||||||||||||||
Repayment of Debt Obligations | (12,763,783) | (13,910,767) | (21,473,835) | ||||||||||||||
Financing Costs Paid | (14,781) | (33,276) | (128,753) | ||||||||||||||
Additions to Contractholder Deposit Funds - Insurance | 19,314,716 | 22,592,703 | 14,720,510 | ||||||||||||||
Withdrawals from Contractholder Deposit Funds - Insurance | (17,385,952) | (13,315,401) | (8,777,045) |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Reinsurance Transactions, Net of Cash Provided - Insurance | 1,223,564 | 69,596 | 610,314 | ||||||||||||||
Other Financing Activity, Net - Insurance | 552,270 | 490,216 | 98 | ||||||||||||||
Net Cash Provided (Used) by Financing Activities | 12,774,088 | 22,055,366 | 20,363,994 | ||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 25,410 | (269,769) | (48,891) | ||||||||||||||
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | $ | 7,422,750 | $ | 2,859,066 | $ | 3,532,847 | |||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 13,385,370 | 10,526,304 | 6,993,457 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 20,808,120 | $ | 13,385,370 | $ | 10,526,304 | |||||||||||
Cash, Cash Equivalents and Restricted Cash are comprised of the following: | |||||||||||||||||
Beginning of the Period | |||||||||||||||||
Asset Management | |||||||||||||||||
Cash and Cash Equivalents | $ | 6,705,325 | $ | 6,699,668 | $ | 6,507,874 | |||||||||||
Restricted Cash and Cash Equivalents | 253,431 | 134,298 | 485,583 | ||||||||||||||
Total Asset Management | 6,958,756 | 6,833,966 | 6,993,457 | ||||||||||||||
Insurance | |||||||||||||||||
Cash and Cash Equivalents | $ | 6,118,231 | $ | 3,391,934 | $ | — | |||||||||||
Restricted Cash and Cash Equivalents | 308,383 | 300,404 | — | ||||||||||||||
Total Insurance | 6,426,614 | 3,692,338 | — | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | $ | 13,385,370 | $ | 10,526,304 | $ | 6,993,457 | |||||||||||
End of the Period | |||||||||||||||||
Asset Management | |||||||||||||||||
Cash and Cash Equivalents | $ | 8,393,892 | $ | 6,705,325 | $ | 6,699,668 | |||||||||||
Restricted Cash and Cash Equivalents | 116,599 | 253,431 | 134,298 | ||||||||||||||
Total Asset Management | 8,510,491 | 6,958,756 | 6,833,966 | ||||||||||||||
Insurance | |||||||||||||||||
Cash and Cash Equivalents | $ | 11,954,675 | $ | 6,118,231 | $ | 3,391,934 | |||||||||||
Restricted Cash and Cash Equivalents | 342,954 | 308,383 | 300,404 | ||||||||||||||
Total Insurance | 12,297,629 | 6,426,614 | 3,692,338 | ||||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 20,808,120 | $ | 13,385,370 | $ | 10,526,304 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Supplemental Disclosures of Cash Flow Information | |||||||||||||||||
Payments for Interest | $ | 2,691,086 | $ | 1,500,123 | $ | 1,241,886 | |||||||||||
Payments for Income Taxes | $ | 981,425 | $ | 764,966 | $ | 658,578 | |||||||||||
Payments for Operating Lease Liabilities | $ | 58,715 | $ | 52,184 | $ | 46,585 | |||||||||||
Supplemental Disclosures of Non-Cash Investing and Financing Activities | |||||||||||||||||
Non-Cash Contribution from Noncontrolling Interests | $ | — | $ | 84,786 | $ | 845,171 | |||||||||||
Non-Cash Distribution to Noncontrolling Interests | $ | (1,344,792) | $ | — | $ | — | |||||||||||
Non-Cash Distribution to Redeemable Noncontrolling Interests | $ | — | $ | — | $ | (11,399) | |||||||||||
Debt Obligations - Net Gains (Losses), Translation and Other | $ | (1,048,308) | $ | 2,022,751 | $ | 593,699 | |||||||||||
Tax Effects - Exchange of KKR Holdings L.P. Units and Other (See Note 1) | $ | — | $ | (1,064,869) | $ | 6,929 | |||||||||||
Tax Effects of Changes in Ownership and Other | $ | 6,470 | $ | — | $ | — | |||||||||||
Right-of-Use Assets obtained in Exchange for new Operating Lease Liabilities | $ | 32,466 | $ | 159,367 | $ | 46,284 | |||||||||||
Investments Acquired through Reinsurance Agreements | $ | 10,772,318 | $ | 5,552,508 | $ | 16,339,358 | |||||||||||
Contractholder Deposit Funds Acquired through Reinsurance Agreements | $ | 8,461,031 | $ | 5,542,192 | $ | 14,773,306 | |||||||||||
Change in Consolidation | |||||||||||||||||
Investments - Asset Management | $ | (8,675,404) | $ | (57,440) | $ | (5,293,537) | |||||||||||
Investments - Insurance | $ | (93,545) | $ | — | $ | — | |||||||||||
Due from Affiliates | $ | — | $ | — | $ | (3,735) | |||||||||||
Other Assets | $ | (216,543) | $ | (59,675) | $ | (67,255) | |||||||||||
Debt Obligations | $ | 85,005 | $ | (50,339) | $ | (4,502,453) | |||||||||||
Due to Affiliates | $ | — | $ | (174) | $ | (517) | |||||||||||
Accrued Expenses and Other Liabilities | $ | (294,379) | $ | (4,162) | $ | (39,428) | |||||||||||
Noncontrolling Interests | $ | (8,461,491) | $ | — | $ | (1,132,796) | |||||||||||
Redeemable Noncontrolling Interests | $ | (27,821) | $ | — | $ | — | |||||||||||
Revenue Type | Customer | Performance Obligation | Performance Obligation Satisfied Over Time or Point In Time (1) | Variable or Fixed Consideration | Payment Terms | Subject to Return Once Recognized | Classification of Uncollected Amounts (2) | ||||||||||||||||
Management Fees | Investment funds, CLOs and other vehicles | Investment management services | Over time as services are rendered | Variable consideration since varies based on fluctuations in the basis of the management fee over time | Typically quarterly or annually in arrears | No | Due from Affiliates | ||||||||||||||||
Transaction Fees | Portfolio companies and third party companies | Advisory services and debt and equity arranging and underwriting | Point in time when the transaction (e.g. underwriting) is completed | Fixed consideration | Typically paid on or shortly after transaction closes | No | Due from Affiliates (portfolio companies) Other Assets (third parties) | ||||||||||||||||
Monitoring Fees | |||||||||||||||||||||||
Recurring Fees | Portfolio companies | Monitoring services | Over time as services are rendered | Variable consideration since varies based on fluctuations in the basis of the recurring fee | Typically quarterly in arrears | No | Due from Affiliates | ||||||||||||||||
Termination Fees | Portfolio companies | Monitoring services | Point in time when the termination is completed | Fixed consideration | Typically paid on or shortly after termination occurs | No | Due from Affiliates | ||||||||||||||||
Incentive Fees | Investment funds and other vehicles | Investment management services that result in achievement of minimum investment return levels | Over time as services are rendered | Variable consideration since contingent upon the investment fund and other vehicles achieving more than stipulated investment return hurdles | Typically paid shortly after the end of the performance measurement period | No | Due from Affiliates | ||||||||||||||||
Expense Reimbursements | Investment funds and portfolio companies | Investment management and monitoring services | Point in time when the related expense is incurred | Fixed consideration | Typically shortly after expense is incurred | No | Due from Affiliates | ||||||||||||||||
Consulting Fees | Portfolio companies and other companies | Consulting and other services | Over time as services are rendered | Fixed consideration | Typically quarterly in arrears | No | Due from Affiliates |
Liability for future policy benefits | Payout annuities | Other | Total | ||||||||||||||
Balance, as of February 1, 2021 | $ | 12,785,557 | $ | 592,242 | $ | 13,377,799 | |||||||||||
Change in discount rate assumptions | 151,651 | 20,930 | 172,581 | ||||||||||||||
Adjusted balance, as of February 1, 2021 | $ | 12,937,208 | $ | 613,172 | $ | 13,550,380 |
Market risk benefits | Fixed-indexed annuities | Variable- and other annuities | Total | ||||||||||||||
Balance, as of February 1, 2021(1) | $ | 895,114 | $ | 325,311 | $ | 1,220,425 | |||||||||||
Adjustment for the difference between prior carrying amount and market risk benefit value | 282,354 | 87,733 | 370,087 | ||||||||||||||
Adjusted balance, as of February 1, 2021 | $ | 1,177,468 | $ | 413,044 | $ | 1,590,512 |
Reinsurance recoverable | Fixed indexed annuities | Payout annuities | Other | Total | |||||||||||||||||||
Balance, as of February 1, 2021 | $ | 4,487,850 | $ | 7,100,198 | $ | 4,164,982 | $ | 15,753,030 | |||||||||||||||
Change in discount rate assumptions | — | 75,708 | — | 75,708 | |||||||||||||||||||
Adjusted balance, as of February 1, 2021, net of reinsurance | $ | 4,487,850 | $ | 7,175,906 | $ | 4,164,982 | $ | 15,828,738 |
VOBA | Fixed indexed annuities | Fixed-rate annuities | Payout annuities | Interest-sensitive life | Variable annuities | Other | Total | ||||||||||||||||||||||||||||||||||
Balance, as of February 1, 2021 | $ | 474,165 | $ | 56,563 | $ | — | $ | 307,216 | $ | 186,576 | $ | — | $ | 1,024,520 | |||||||||||||||||||||||||||
Adjustment to reflect transition impact to balance established as part of purchase accounting upon the 2021 GA Acquisition | 282,354 | — | 101,338 | 692 | 108,411 | — | 492,795 | ||||||||||||||||||||||||||||||||||
Adjusted balance, as of February 1, 2021 | $ | 756,519 | $ | 56,563 | $ | 101,338 | $ | 307,908 | $ | 294,987 | $ | — | $ | 1,517,315 |
Negative VOBA | Fixed indexed annuities | Fixed-rate annuities | Payout annuities | Interest-sensitive life | Variable annuities | Other | Total | ||||||||||||||||||||||||||||||||||
Balance, as of February 1, 2021 | $ | 222,135 | $ | 180,769 | $ | — | $ | 549,983 | $ | 119,122 | $ | 201,405 | $ | 1,273,414 | |||||||||||||||||||||||||||
Adjustment to reflect transition impact to balance established as part of purchase accounting upon the 2021 GA Acquisition | — | — | 25,395 | 755 | — | (315) | 25,835 | ||||||||||||||||||||||||||||||||||
Adjusted balance, as of February 1, 2021 | $ | 222,135 | $ | 180,769 | $ | 25,395 | $ | 550,738 | $ | 119,122 | $ | 201,090 | $ | 1,299,249 |
February 1, 2021 | |||||||||||
VOBA | Negative VOBA | ||||||||||
Reinsurance recoverable | $ | (75,708) | $ | — | |||||||
Liability for future policy benefits | 198,416 | (25,835) | |||||||||
Market risk benefits | 370,087 | — | |||||||||
Total transition adjustments | $ | 492,795 | $ | (25,835) |
Consolidated statement of financial condition as of December 31, 2022 | As previously reported | Adjustment | As revised | ||||||||||||||
Reinsurance recoverable | $ | 27,919,591 | $ | (1,897,510) | $ | 26,022,081 | |||||||||||
Insurance intangible assets | 1,722,681 | 608,813 | 2,331,494 | ||||||||||||||
Other assets | 6,483,187 | (441,858) | 6,041,329 | ||||||||||||||
Total assets | 277,077,191 | (1,730,555) | 275,346,636 | ||||||||||||||
Policy liabilities | 141,223,287 | (3,442,358) | 137,780,929 | ||||||||||||||
Accrued expenses and other liabilities | 4,600,377 | (2) | 4,600,375 | ||||||||||||||
Total liabilities | 223,418,306 | (3,442,360) | 219,975,946 | ||||||||||||||
Additional paid-in capital | 16,190,407 | 93,650 | 16,284,057 | ||||||||||||||
Retained earnings | 6,315,711 | 385,396 | 6,701,107 | ||||||||||||||
Accumulated other comprehensive income (loss) | (5,901,701) | 599,901 | (5,301,800) | ||||||||||||||
Noncontrolling interests | 35,778,000 | 632,858 | 36,410,858 | ||||||||||||||
Total equity | 53,506,820 | 1,711,805 | 55,218,625 |
Consolidated statement of operations for the year ended December 31, 2022 | As previously reported | Adjustment | As revised | ||||||||||||||
Policy fees | $ | 1,278,736 | $ | (17,015) | $ | 1,261,721 | |||||||||||
Net policy benefits and claims(1) | 3,184,427 | (826,189) | 2,358,238 | ||||||||||||||
Amortization of policy acquisition costs | 10,990 | 44,359 | 55,349 | ||||||||||||||
Insurance expenses | 565,304 | (2,719) | 562,585 | ||||||||||||||
General, administrative and other | 718,422 | 555 | 718,977 | ||||||||||||||
Income tax expense (benefit) | (35,672) | 161,065 | 125,393 | ||||||||||||||
Net Income (Loss) | (1,023,528) | 605,914 | (417,614) | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | (910,130) | 319,466 | (590,664) | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock – Basic | (1.21) | 0.42 | (0.79) | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock – Diluted | (1.21) | 0.42 | (0.79) |
Consolidated statement of operations for the year ended December 31, 2021 | As previously reported | Adjustment | As revised | ||||||||||||||
Policy fees | $ | 1,147,913 | $ | (10,108) | $ | 1,137,805 | |||||||||||
Net policy benefits and claims(1) | 5,055,709 | (238,830) | 4,816,879 | ||||||||||||||
Amortization of policy acquisition costs | (65,949) | 30,572 | (35,377) | ||||||||||||||
Income tax expense (benefit) | 1,353,270 | 41,612 | 1,394,882 | ||||||||||||||
Net Income (Loss) | 12,295,179 | 156,538 | 12,451,717 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | 4,560,829 | 65,930 | 4,626,759 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock – Basic | 7.83 | 0.12 | 7.95 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock – Diluted | 7.31 | 0.11 | 7.42 |
Consolidated statement of comprehensive loss for the year ended December 31, 2022 | As previously reported | Adjustment | As revised | ||||||||||||||
Unrealized Gains (Losses) on Available-For-Sale Securities and Other | $ | (8,777,181) | $ | (458,534) | $ | (9,235,715) | |||||||||||
Net effect of changes in discount rates and instrument-specific credit risk on policy liabilities | — | 1,383,193 | 1,383,193 | ||||||||||||||
Comprehensive Income (Loss) | (9,803,382) | 1,530,573 | (8,272,809) | ||||||||||||||
Comprehensive Income (Loss) Attributable to KKR & Co. Inc. | (5,191,511) | 734,459 | (4,457,052) |
Consolidated statement of comprehensive income for the year ended December 31, 2021 | As previously reported | Adjustment | As revised | ||||||||||||||
Unrealized Gains (Losses) on Available-For-Sale Securities and Other | $ | (387,338) | $ | (63,293) | $ | (450,631) | |||||||||||
Net effect of changes in discount rates and instrument-specific credit risk on policy liabilities | — | 88,759 | 88,759 | ||||||||||||||
Comprehensive Income (Loss) | 11,868,320 | 182,004 | 12,050,324 | ||||||||||||||
Comprehensive Income (Loss) Attributable to KKR & Co. Inc. | 4,483,018 | 76,271 | 4,559,289 |
Consolidated statement of cash flow for the year ended December 31, 2022 | As previously reported | Adjustment | As revised | ||||||||||||||
Net realized (gains) losses on insurance operations | $ | 1,035,879 | $ | (673,399) | $ | 362,480 | |||||||||||
Other non-cash amounts | 77,780 | 48,154 | 125,934 | ||||||||||||||
Change in policy liabilities and accruals, net | (160,765) | (139,567) | (300,332) | ||||||||||||||
Change in other assets | 874,463 | 161,066 | 1,035,529 | ||||||||||||||
Change in accrued expenses and other liabilities | (3,122,805) | (2,168) | (3,124,973) |
Consolidated statement of cash flow for the year ended December 31, 2021 | As previously reported | Adjustment | As revised | ||||||||||||||
Net realized (gains) losses on insurance operations | $ | 860,165 | $ | (153,985) | $ | 706,180 | |||||||||||
Other non-cash amounts | (102,871) | 42,553 | (60,318) | ||||||||||||||
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable - Insurance | 685,802 | (5) | 685,797 | ||||||||||||||
Change in Deferred Policy Acquisition Costs - Insurance | (412,671) | 1,608 | (411,063) | ||||||||||||||
Change in policy liabilities and accruals, net | (1,166,726) | (86,824) | (1,253,550) | ||||||||||||||
Change in other assets | 465,288 | 41,743 | 507,031 | ||||||||||||||
Change in accrued expenses and other liabilities | 2,143,039 | (1,628) | 2,141,411 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Management Fees | $ | 1,843,144 | $ | 1,682,466 | $ | 1,301,975 | ||||||||||||||
Fee Credits | (297,936) | (532,355) | (464,594) | |||||||||||||||||
Transaction Fees | 1,075,204 | 1,316,637 | 1,552,621 | |||||||||||||||||
Monitoring Fees | 138,339 | 131,750 | 134,472 | |||||||||||||||||
Incentive Fees | 29,117 | 33,537 | 55,701 | |||||||||||||||||
Expense Reimbursements | 75,687 | 102,927 | 178,572 | |||||||||||||||||
Consulting Fees | 100,314 | 86,665 | 91,407 | |||||||||||||||||
Total Fees and Other | 2,963,869 | 2,821,627 | 2,850,154 | |||||||||||||||||
Carried Interest | 2,304,623 | (2,068,662) | 5,388,354 | |||||||||||||||||
General Partner Capital Interest | 538,814 | (431,847) | 1,454,060 | |||||||||||||||||
Total Capital Allocation-Based Income (Loss) | 2,843,437 | (2,500,509) | 6,842,414 | |||||||||||||||||
Total Revenues - Asset Management | $ | 5,807,306 | $ | 321,118 | $ | 9,692,568 |
For the Year Ended December 31, 2023 | |||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||||||||
Private Equity (1) | $ | (300,439) | $ | 2,931,254 | $ | 2,630,815 | |||||||||||
Credit (1) | (322,067) | 505,868 | 183,801 | ||||||||||||||
Investments of Consolidated CFEs (1) | (104,196) | 1,019,063 | 914,867 | ||||||||||||||
Real Assets (1) | (322,894) | 16,107 | (306,787) | ||||||||||||||
Equity Method - Other (1) | 327,549 | 586,125 | 913,674 | ||||||||||||||
Other Investments (1) | (329,006) | 198,889 | (130,117) | ||||||||||||||
Foreign Exchange Forward Contracts and Options (2) | 155,784 | (312,408) | (156,624) | ||||||||||||||
Securities Sold Short (2) | 4,780 | (12,872) | (8,092) | ||||||||||||||
Other Derivatives (2) | 11,120 | 2,383 | 13,503 | ||||||||||||||
Debt Obligations and Other (3) | 102,896 | (1,132,553) | (1,029,657) | ||||||||||||||
Net Gains (Losses) From Investment Activities | $ | (776,473) | $ | 3,801,856 | $ | 3,025,383 | |||||||||||
For the Year Ended December 31, 2022 | |||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||||||||
Private Equity (1) | $ | 784,736 | $ | (1,541,242) | $ | (756,506) | |||||||||||
Credit (1) | (168,025) | (470,254) | (638,279) | ||||||||||||||
Investments of Consolidated CFEs (1) | (69,234) | (1,437,482) | (1,506,716) | ||||||||||||||
Real Assets (1) | 323,901 | 220,207 | 544,108 | ||||||||||||||
Equity Method - Other (1) | 73,317 | (298,100) | (224,783) | ||||||||||||||
Other Investments (1) | 29,490 | (661,967) | (632,477) | ||||||||||||||
Foreign Exchange Forward Contracts and Options (2) | 389,371 | (26,406) | 362,965 | ||||||||||||||
Securities Sold Short (2) | 89,705 | 11,010 | 100,715 | ||||||||||||||
Other Derivatives (2) | (32,614) | 39,404 | 6,790 | ||||||||||||||
Debt Obligations and Other (3) | (122,141) | 1,200,787 | 1,078,646 | ||||||||||||||
Net Gains (Losses) From Investment Activities | $ | 1,298,506 | $ | (2,964,043) | $ | (1,665,537) | |||||||||||
For the Year Ended December 31, 2021 | |||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||||||||
Private Equity (1) | $ | 1,694,796 | $ | 2,679,388 | $ | 4,374,184 | |||||||||||
Credit (1) | 148,301 | (111) | 148,190 | ||||||||||||||
Investments of Consolidated CFEs (1) | 62,075 | 134,174 | 196,249 | ||||||||||||||
Real Assets (1) | 489,613 | 260,728 | 750,341 | ||||||||||||||
Equity Method - Other (1) | 477,344 | 618,906 | 1,096,250 | ||||||||||||||
Other Investments (1) | (334,948) | 949,664 | 614,716 | ||||||||||||||
Foreign Exchange Forward Contracts and Options (2) | (28,829) | 574,067 | 545,238 | ||||||||||||||
Securities Sold Short (2) | 38,698 | 27,773 | 66,471 | ||||||||||||||
Other Derivatives (2) | (148,245) | 71,211 | (77,034) | ||||||||||||||
Debt Obligations and Other (3) | (16,596) | 22,914 | 6,318 | ||||||||||||||
Net Gains (Losses) From Investment Activities | $ | 2,382,209 | $ | 5,338,714 | $ | 7,720,923 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Fixed maturity securities – interest and other income | $ | 4,450,917 | $ | 3,257,226 | $ | 2,262,326 | |||||||||||
Mortgage and other loan receivables | 1,958,875 | 1,572,308 | 952,951 | ||||||||||||||
Investments in transportation and other leased assets | 319,167 | 281,941 | 208,057 | ||||||||||||||
Investments in renewable energy | 104,709 | 206,566 | 142,095 | ||||||||||||||
Investments in real estate | 169,557 | 116,975 | 16,101 | ||||||||||||||
Short-term and other investment income | 342,135 | 119,476 | 54,785 | ||||||||||||||
Income assumed from funds withheld receivable at interest | 94,658 | 91,608 | 79,989 | ||||||||||||||
Policy loans | 37,460 | 31,433 | 35,411 | ||||||||||||||
Equity securities – dividends and other income | — | — | 1,492 | ||||||||||||||
Income ceded to funds withheld payable at interest | (1,363,704) | (954,763) | (461,505) | ||||||||||||||
Gross investment income | 6,113,774 | 4,722,770 | 3,291,702 | ||||||||||||||
Less investment expenses: | |||||||||||||||||
Investment management and administration | 352,042 | 364,609 | 272,321 | ||||||||||||||
Transportation and renewable energy asset depreciation and maintenance | 198,385 | 215,672 | 171,306 | ||||||||||||||
Interest expense on derivative collateral and repurchase agreements | 48,445 | 24,243 | 2,452 | ||||||||||||||
Net investment income | $ | 5,514,902 | $ | 4,118,246 | $ | 2,845,623 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Realized losses on available-for-sale fixed maturity debt securities | $ | (64,140) | $ | (559,987) | $ | (201,411) | |||||||||||
Credit loss allowances on available-for-sale securities | (168,899) | (57,411) | 25,316 | ||||||||||||||
Credit loss allowances on mortgage and other loan receivables | (210,704) | (369,296) | (252,979) | ||||||||||||||
Allowances on unfunded commitments | 6,321 | (34,112) | (21,675) | ||||||||||||||
Impairment of available-for-sale fixed maturity debt securities due to intent to sell | (26,741) | — | — | ||||||||||||||
Unrealized gains (losses) on fixed maturity securities classified as trading | 1,031,227 | (2,603,874) | (118,714) | ||||||||||||||
Unrealized (losses) gains on investments recognized under the fair-value option | (110,371) | 60,237 | 39,758 | ||||||||||||||
Unrealized (losses) gains on real estate investments recognized at fair value under investment company accounting | (115,840) | (42,870) | 35,418 | ||||||||||||||
Net (losses) gains on derivative instruments | (680,717) | 2,346,747 | 222,745 | ||||||||||||||
Realized gains (losses) on funds withheld at interest payable portfolio | 25,427 | 38,074 | (30,015) | ||||||||||||||
Realized (losses) gains on funds withheld at interest receivable portfolio | (9,193) | (3,176) | 12,418 | ||||||||||||||
Realized gains on equity investments | — | — | 511,247 | ||||||||||||||
Other realized gains (losses) | 88,368 | (92,822) | (18,355) | ||||||||||||||
Net investment-related gains (losses) | $ | (235,262) | $ | (1,318,490) | $ | 203,753 |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||
Corporate | Structured | Total | Corporate | Structured | Total | ||||||||||||||||||||||||||||||
Balance, as of beginning of period | $ | 1,298 | $ | 127,034 | $ | 128,332 | $ | 3,238 | $ | 84,895 | $ | 88,133 | |||||||||||||||||||||||
Initial credit loss allowance recognized on securities with no previously recognized allowance | 68,166 | 75,623 | 143,789 | 791 | 68,943 | 69,734 | |||||||||||||||||||||||||||||
Initial credit loss allowance recognized on purchased credit deteriorated ("PCD") securities | — | — | — | — | 707 | 707 | |||||||||||||||||||||||||||||
Accretion of initial credit loss allowance on PCD securities | — | 1,191 | 1,191 | — | 1,847 | 1,847 | |||||||||||||||||||||||||||||
Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities with a previously recognized credit loss allowance | (2,843) | (13,220) | (16,063) | — | (11,925) | (11,925) | |||||||||||||||||||||||||||||
Net additions / reductions for securities with a previously recognized credit loss allowance | (3,966) | 29,076 | 25,110 | 5,110 | (17,433) | (12,323) | |||||||||||||||||||||||||||||
Balances charged off | (13,647) | — | (13,647) | (7,841) | — | (7,841) | |||||||||||||||||||||||||||||
Balance, as of end of period | $ | 49,008 | $ | 219,704 | $ | 268,712 | $ | 1,298 | $ | 127,034 | $ | 128,332 |
Year Ended December 31, 2021 | |||||||||||||||||
Corporate | Structured | Total | |||||||||||||||
Balance, as of beginning of period(1) | $ | — | $ | 120,895 | $ | 120,895 | |||||||||||
Initial credit loss allowance recognized on securities with no previously recognized allowance | 3,238 | 55,271 | 58,509 | ||||||||||||||
Initial credit loss allowance recognized on PCD securities | — | 8,072 | 8,072 | ||||||||||||||
Accretion of initial credit loss allowance on PCD securities | — | 2,782 | 2,782 | ||||||||||||||
Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities with a previously recognized credit loss allowance | — | (18,300) | (18,300) | ||||||||||||||
Net additions / reductions for securities with a previously recognized credit loss allowance | — | (83,825) | (83,825) | ||||||||||||||
Balance, as of end of period | $ | 3,238 | $ | 84,895 | $ | 88,133 |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans | Residential Mortgage Loans | Consumer and Other Loan Receivables | Total | Commercial Mortgage Loans | Residential Mortgage Loans | Consumer and Other Loan Receivables | Total | ||||||||||||||||||||||||||||||||||||||||
Balance, as of beginning of period | $ | 227,315 | $ | 125,825 | $ | 207,088 | $ | 560,228 | $ | 65,970 | $ | 72,082 | $ | 236,025 | $ | 374,077 | |||||||||||||||||||||||||||||||
Net provision (release) | 113,932 | (10,445) | 107,217 | 210,704 | 161,345 | 74,798 | 133,153 | 369,296 | |||||||||||||||||||||||||||||||||||||||
Charge-offs(2) | (21,616) | (8,176) | (160,465) | (190,257) | — | (21,055) | (162,090) | (183,145) | |||||||||||||||||||||||||||||||||||||||
Recoveries of amounts previously charged-off | — | — | 21,768 | 21,768 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance, as of end of period | $ | 319,631 | $ | 107,204 | $ | 175,608 | $ | 602,443 | $ | 227,315 | $ | 125,825 | $ | 207,088 | $ | 560,228 |
Year Ended December 31, 2021 | |||||||||||||||||||||||
Commercial Mortgage Loans | Residential Mortgage Loans | Consumer and Other Loan Receivables | Total | ||||||||||||||||||||
Balance, as of beginning of period(1) | $ | 58,203 | $ | 62,056 | $ | — | $ | 120,259 | |||||||||||||||
Net provision (release) | 7,767 | 10,024 | 235,188 | 252,979 | |||||||||||||||||||
Loans purchased with credit deterioration | — | 799 | 837 | 1,636 | |||||||||||||||||||
Charge-offs | — | (797) | — | (797) | |||||||||||||||||||
Balance, as of end of period | $ | 65,970 | $ | 72,082 | $ | 236,025 | $ | 374,077 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
AFS fixed maturity securities: | |||||||||||||||||
Proceeds from voluntary sales | $ | 6,687,271 | $ | 12,050,106 | $ | 17,946,293 | |||||||||||
Gross gains | $ | 62,452 | $ | 21,567 | $ | 45,532 | |||||||||||
Gross losses | $ | (120,799) | $ | (569,706) | $ | (187,619) |
December 31, 2023 | December 31, 2022 | ||||||||||
Asset Management | |||||||||||
Private Equity | $ | 32,742,484 | $ | 26,607,688 | |||||||
Credit | 8,274,904 | 7,804,392 | |||||||||
Investments of Consolidated CFEs | 24,996,298 | 22,492,366 | |||||||||
Real Assets | 12,000,008 | 17,976,366 | |||||||||
Equity Method - Other | 8,163,831 | 6,838,541 | |||||||||
Equity Method - Capital Allocation-Based Income | 7,877,904 | 6,862,712 | |||||||||
Other Investments | 4,579,372 | 3,793,398 | |||||||||
Investments - Asset Management | $ | 98,634,801 | $ | 92,375,463 | |||||||
Insurance | |||||||||||
Fixed maturity securities, available-for-sale, at fair value(1) | $ | 69,414,188 | $ | 61,939,529 | |||||||
Mortgage and other loan receivables | 39,177,927 | 35,090,698 | |||||||||
Fixed maturity securities, trading, at fair value(2) | 18,805,470 | 12,038,847 | |||||||||
Other investments | 9,683,326 | 11,374,656 | |||||||||
Funds withheld receivable at interest | 2,713,645 | 2,868,036 | |||||||||
Policy loans | 1,556,030 | 868,911 | |||||||||
Equity securities at fair value | 19,737 | 18,499 | |||||||||
Investments - Insurance | $ | 141,370,323 | $ | 124,199,176 | |||||||
Total Investments | $ | 240,005,124 | $ | 216,574,639 |
December 31, 2023 | December 31, 2022 | ||||||||||
Asset Management | |||||||||||
Total Assets | $ | 245,172,170 | $ | 236,214,688 | |||||||
Total Liabilities | $ | 67,695,320 | $ | 78,864,977 | |||||||
Total Equity | $ | 177,476,850 | $ | 157,349,711 | |||||||
Insurance | |||||||||||
Total Assets | $ | 5,643,540 | $ | 12,304,705 | |||||||
Total Liabilities | $ | 3,040,471 | $ | 3,382,255 | |||||||
Total Equity | $ | 2,603,069 | $ | 8,922,450 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Asset Management | |||||||||||||||||
Investment Related Revenues | $ | 17,454,663 | $ | 28,379,991 | $ | 5,812,879 | |||||||||||
Other Revenues | 854,595 | 826,557 | 3,919,200 | ||||||||||||||
Investment Related Expenses | 18,623,867 | 4,297,342 | 2,504,491 | ||||||||||||||
Other Expenses | 422,050 | 223,953 | 2,949,799 | ||||||||||||||
Net Realized and Unrealized Gains (Losses) from Investments | 15,795,029 | (16,279,901) | 31,380,451 | ||||||||||||||
$ | 15,058,370 | $ | 8,405,352 | $ | 35,658,240 | ||||||||||||
Insurance | |||||||||||||||||
Revenues | $ | 416,360 | $ | 1,365,222 | $ | 1,225,099 | |||||||||||
Expenses | 482,056 | 708,229 | 588,724 | ||||||||||||||
$ | (65,696) | $ | 656,993 | $ | 636,375 | ||||||||||||
Net Income (Loss) | $ | 14,992,674 | $ | 9,062,345 | $ | 36,294,615 |
Cost or amortized cost | Allowance for Credit Losses (1)(2) | Gross unrealized | Fair value | ||||||||||||||||||||||||||
As of December 31, 2023 | gains | losses | |||||||||||||||||||||||||||
AFS fixed maturity securities portfolio by type: | |||||||||||||||||||||||||||||
U.S. government and agencies | $ | 1,209,507 | $ | — | $ | 62,514 | $ | (68,929) | $ | 1,203,092 | |||||||||||||||||||
U.S. state, municipal and political subdivisions | 5,562,826 | — | 29,699 | (985,133) | 4,607,392 | ||||||||||||||||||||||||
Corporate | 46,378,337 | (49,008) | 211,570 | (6,592,143) | 39,948,756 | ||||||||||||||||||||||||
Residential mortgage-backed securities, or “RMBS” | 8,734,629 | (152,067) | 38,206 | (674,550) | 7,946,218 | ||||||||||||||||||||||||
Commercial mortgage-backed securities, or “CMBS” | 7,491,743 | (35,953) | 4,195 | (731,358) | 6,728,627 | ||||||||||||||||||||||||
Collateralized bond obligations, or “CBOs” | 2,951,511 | (1,214) | — | (143,818) | 2,806,479 | ||||||||||||||||||||||||
CLOs | 3,493,731 | (19,077) | 6,483 | (52,365) | 3,428,772 | ||||||||||||||||||||||||
Asset-backed securities, or “ABSs” | 2,901,573 | (11,393) | 14,358 | (159,686) | 2,744,852 | ||||||||||||||||||||||||
Total AFS fixed maturity securities | $ | 78,723,857 | $ | (268,712) | $ | 367,025 | $ | (9,407,982) | $ | 69,414,188 |
Cost or amortized cost | Allowance for Credit Losses (1)(2) | Gross unrealized | Fair value | ||||||||||||||||||||||||||
As of December 31, 2022 | gains | losses | |||||||||||||||||||||||||||
AFS fixed maturity securities portfolio by type: | |||||||||||||||||||||||||||||
U.S. government and agencies | $ | 438,931 | $ | — | $ | 304 | $ | (72,494) | $ | 366,741 | |||||||||||||||||||
U.S. state, municipal and political subdivisions | 5,638,252 | — | 6,582 | (1,233,874) | 4,410,960 | ||||||||||||||||||||||||
Corporate | 44,253,062 | (1,298) | 49,509 | (7,984,341) | 36,316,932 | ||||||||||||||||||||||||
RMBS | 7,307,526 | (100,554) | 12,052 | (834,212) | 6,384,812 | ||||||||||||||||||||||||
CMBS | 7,269,662 | (14,490) | 36 | (834,735) | 6,420,473 | ||||||||||||||||||||||||
CBOs | 3,051,850 | (426) | — | (217,773) | 2,833,651 | ||||||||||||||||||||||||
CLOs | 2,726,888 | (6,165) | 127 | (200,160) | 2,520,690 | ||||||||||||||||||||||||
ABSs | 2,914,617 | (5,399) | 4,702 | (228,650) | 2,685,270 | ||||||||||||||||||||||||
Total AFS fixed maturity securities | $ | 73,600,788 | $ | (128,332) | $ | 73,312 | $ | (11,606,239) | $ | 61,939,529 |
As of December 31, 2023 | Cost or amortized cost (net of allowance) | Fair value | |||||||||
Due in one year or less | $ | 1,548,028 | $ | 1,528,883 | |||||||
Due after one year through five years | 13,293,658 | 12,831,682 | |||||||||
Due after five years through ten years | 8,126,717 | 7,626,953 | |||||||||
Due after ten years | 30,133,259 | 23,771,722 | |||||||||
Subtotal | 53,101,662 | 45,759,240 | |||||||||
RMBS | 8,582,562 | 7,946,218 | |||||||||
CMBS | 7,455,790 | 6,728,627 | |||||||||
CBOs | 2,950,297 | 2,806,479 | |||||||||
CLOs | 3,474,654 | 3,428,772 | |||||||||
ABSs | 2,890,180 | 2,744,852 | |||||||||
Total AFS fixed maturity securities | $ | 78,455,145 | $ | 69,414,188 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Purchase price of PCD securities acquired during the current period | $ | — | $ | 24,005 | $ | 1,734,352 | |||||||||||
Allowance for credit losses at acquisition | — | 707 | 128,967 | ||||||||||||||
Discount attributable to other factors | — | 1,710 | 311,729 | ||||||||||||||
Par value | $ | — | $ | 26,422 | $ | 2,175,048 |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
As of December 31, 2023 | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | |||||||||||||||||||||||||||||
AFS fixed maturity securities portfolio by type: | |||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 94,807 | $ | (2,512) | $ | 198,750 | $ | (66,417) | $ | 293,557 | $ | (68,929) | |||||||||||||||||||||||
U.S. state, municipal and political subdivisions | 112,468 | (4,140) | 3,829,447 | (980,993) | 3,941,915 | (985,133) | |||||||||||||||||||||||||||||
Corporate | 4,360,234 | (189,026) | 27,108,292 | (6,403,117) | 31,468,526 | (6,592,143) | |||||||||||||||||||||||||||||
RMBS | 1,371,230 | (66,550) | 4,354,902 | (608,000) | 5,726,132 | (674,550) | |||||||||||||||||||||||||||||
CBOs | 1,867 | (118) | 2,804,612 | (143,700) | 2,806,479 | (143,818) | |||||||||||||||||||||||||||||
CMBS | 332,095 | (4,535) | 6,031,766 | (726,823) | 6,363,861 | (731,358) | |||||||||||||||||||||||||||||
CLOs | 246,728 | (868) | 1,679,813 | (51,497) | 1,926,541 | (52,365) | |||||||||||||||||||||||||||||
ABSs | 553,438 | (15,760) | 1,742,373 | (143,926) | 2,295,811 | (159,686) | |||||||||||||||||||||||||||||
Total AFS fixed maturity securities in a continuous loss position | $ | 7,072,867 | $ | (283,509) | $ | 47,749,955 | $ | (9,124,473) | $ | 54,822,822 | $ | (9,407,982) |
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
As of December 31, 2022 | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | |||||||||||||||||||||||||||||
AFS fixed maturity securities portfolio by type: | |||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 122,272 | $ | (52,639) | $ | 108,498 | $ | (19,855) | $ | 230,770 | $ | (72,494) | |||||||||||||||||||||||
U.S. state, municipal and political subdivisions | 2,321,404 | (605,698) | 1,780,984 | (628,176) | 4,102,388 | (1,233,874) | |||||||||||||||||||||||||||||
Corporate | 14,792,384 | (2,114,695) | 17,943,907 | (5,869,646) | 32,736,291 | (7,984,341) | |||||||||||||||||||||||||||||
RMBS | 3,998,737 | (442,543) | 2,068,529 | (391,669) | 6,067,266 | (834,212) | |||||||||||||||||||||||||||||
CBOs | 1,351,552 | (103,499) | 1,482,099 | (114,274) | 2,833,651 | (217,773) | |||||||||||||||||||||||||||||
CMBS | 4,054,053 | (445,168) | 2,338,517 | (389,567) | 6,392,570 | (834,735) | |||||||||||||||||||||||||||||
CLOs | 1,862,608 | (139,766) | 636,014 | (60,394) | 2,498,622 | (200,160) | |||||||||||||||||||||||||||||
ABSs | 1,610,876 | (113,285) | 832,635 | (115,365) | 2,443,511 | (228,650) | |||||||||||||||||||||||||||||
Total AFS fixed maturity securities in a continuous loss position | $ | 30,113,886 | $ | (4,017,293) | $ | 27,191,183 | $ | (7,588,946) | $ | 57,305,069 | $ | (11,606,239) |
December 31, 2023 | December 31, 2022 | ||||||||||
Commercial mortgage loans(1) | $ | 21,861,245 | $ | 18,830,780 | |||||||
Residential mortgage loans(1) | 12,722,778 | 10,688,972 | |||||||||
Consumer loans | 4,424,882 | 5,228,534 | |||||||||
Other loan receivables(2) | 771,465 | 902,640 | |||||||||
Total mortgage and other loan receivables | 39,780,370 | 35,650,926 | |||||||||
Allowance for credit losses(3) | (602,443) | (560,228) | |||||||||
Total mortgage and other loan receivables, net of allowance for credit losses | $ | 39,177,927 | $ | 35,090,698 |
Years | Residential | Commercial | Total mortgage loans | ||||||||||||||
2024 | $ | 103,420 | $ | 2,557,317 | $ | 2,660,737 | |||||||||||
2025 | 14,808 | 3,729,624 | 3,744,432 | ||||||||||||||
2026 | 809,292 | 6,429,282 | 7,238,574 | ||||||||||||||
2027 | 830,982 | 3,158,793 | 3,989,775 | ||||||||||||||
2028 | 127,275 | 1,452,608 | 1,579,883 | ||||||||||||||
Thereafter | 10,837,001 | 4,533,621 | 15,370,622 | ||||||||||||||
Total | $ | 12,722,778 | $ | 21,861,245 | $ | 34,584,023 |
Mortgage loans – carrying value by geographic region | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Pacific | $ | 8,649,256 | 25.0 | % | $ | 7,197,110 | 24.4 | % | |||||||||||||||
West South Central | 4,202,501 | 12.2 | % | 3,582,648 | 12.1 | % | |||||||||||||||||
South Atlantic | 9,653,955 | 27.9 | % | 8,051,653 | 27.3 | % | |||||||||||||||||
Middle Atlantic | 4,436,129 | 12.8 | % | 3,590,530 | 12.2 | % | |||||||||||||||||
East North Central | 1,166,460 | 3.4 | % | 1,240,264 | 4.2 | % | |||||||||||||||||
Mountain | 3,262,801 | 9.4 | % | 3,152,895 | 10.7 | % | |||||||||||||||||
New England | 1,470,741 | 4.3 | % | 1,414,897 | 4.8 | % | |||||||||||||||||
East South Central | 731,053 | 2.1 | % | 712,886 | 2.4 | % | |||||||||||||||||
West North Central | 358,609 | 1.0 | % | 349,079 | 1.2 | % | |||||||||||||||||
Other regions | 652,518 | 1.9 | % | 227,790 | 0.7 | % | |||||||||||||||||
Total by geographic region | $ | 34,584,023 | 100.0 | % | $ | 29,519,752 | 100.0 | % |
Mortgage loans – carrying value by property type | December 31, 2023 | December 31, 2022 | |||||||||||||||||||||
Residential | $ | 12,722,778 | 36.8 | % | $ | 10,688,972 | 36.2 | % | |||||||||||||||
Office building | 4,586,277 | 13.3 | % | 4,594,238 | 15.6 | % | |||||||||||||||||
Multi-family | 11,495,638 | 33.2 | % | 9,698,728 | 32.9 | % | |||||||||||||||||
Industrial | 4,415,819 | 12.8 | % | 3,139,163 | 10.6 | % | |||||||||||||||||
Retail | 493,596 | 1.4 | % | 630,455 | 2.1 | % | |||||||||||||||||
Warehouse | 291,116 | 0.8 | % | 185,717 | 0.6 | % | |||||||||||||||||
Other property types | 578,799 | 1.7 | % | 582,479 | 2.0 | % | |||||||||||||||||
Total by property type | $ | 34,584,023 | 100.0 | % | $ | 29,519,752 | 100.0 | % |
By year of origination | |||||||||||||||||||||||||||||||||||||||||
Performance status as of December 31, 2023 | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | (14,000) | $ | (7,616) | $ | (21,616) | |||||||||||||||||||||||||||
Current | $ | 3,600,652 | $ | 6,278,419 | $ | 6,633,293 | $ | 624,457 | $ | 1,395,717 | $ | 2,969,381 | $ | 21,501,919 | |||||||||||||||||||||||||||
30 to 59 days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
60 to 89 days past due | — | — | — | — | — | 79,635 | 79,635 | ||||||||||||||||||||||||||||||||||
90 days or more past due or in process of foreclosure | — | — | 182,069 | 36,859 | — | 60,763 | 279,691 | ||||||||||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 3,600,652 | $ | 6,278,419 | $ | 6,815,362 | $ | 661,316 | $ | 1,395,717 | $ | 3,109,779 | $ | 21,861,245 | |||||||||||||||||||||||||||
Residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | (6) | $ | (1,228) | $ | (2,244) | $ | (913) | $ | (1,412) | $ | (2,373) | $ | (8,176) | |||||||||||||||||||||||||||
Current | $ | 2,794,600 | $ | 1,981,373 | $ | 4,518,357 | $ | 1,358,200 | $ | 221,566 | $ | 1,365,231 | $ | 12,239,327 | |||||||||||||||||||||||||||
30 to 59 days past due | 43,432 | 22,291 | 37,082 | 3,554 | 5,461 | 84,079 | 195,899 | ||||||||||||||||||||||||||||||||||
60 to 89 days past due | 8,467 | 8,520 | 9,991 | 1,437 | 1,389 | 26,565 | 56,369 | ||||||||||||||||||||||||||||||||||
90 days or more past due or in process of foreclosure | 2,518 | 19,326 | 72,753 | 12,048 | 9,265 | 115,273 | 231,183 | ||||||||||||||||||||||||||||||||||
Total residential mortgage loans | $ | 2,849,017 | $ | 2,031,510 | $ | 4,638,183 | $ | 1,375,239 | $ | 237,681 | $ | 1,591,148 | $ | 12,722,778 | |||||||||||||||||||||||||||
Consumer loans | |||||||||||||||||||||||||||||||||||||||||
Current-period gross charge-offs | $ | (185) | $ | (18,117) | $ | (83,147) | $ | (23,273) | $ | (15,740) | $ | (19,783) | $ | (160,245) | |||||||||||||||||||||||||||
Current | $ | 109,393 | $ | 497,113 | $ | 1,726,280 | $ | 701,655 | $ | 610,988 | $ | 656,270 | $ | 4,301,699 | |||||||||||||||||||||||||||
30 to 59 days past due | 1,707 | 4,229 | 28,966 | 5,082 | 4,497 | 12,686 | 57,167 | ||||||||||||||||||||||||||||||||||
60 to 89 days past due | 1,193 | 2,548 | 14,872 | 3,298 | 2,561 | 6,756 | 31,228 | ||||||||||||||||||||||||||||||||||
90 days or more past due or in process of foreclosure | 2,597 | 3,991 | 13,461 | 4,281 | 3,907 | 6,551 | 34,788 | ||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 114,890 | $ | 507,881 | $ | 1,783,579 | $ | 714,316 | $ | 621,953 | $ | 682,263 | $ | 4,424,882 | |||||||||||||||||||||||||||
Total mortgage and consumer loan receivables | $ | 6,564,559 | $ | 8,817,810 | $ | 13,237,124 | $ | 2,750,871 | $ | 2,255,351 | $ | 5,383,190 | $ | 39,008,905 |
By year of origination | |||||||||||||||||||||||||||||||||||||||||
Performance status as of December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||||||||||||||||
Commercial mortgage loans | |||||||||||||||||||||||||||||||||||||||||
Current | $ | 6,081,261 | $ | 6,845,839 | $ | 809,254 | $ | 1,529,897 | $ | 1,260,593 | $ | 2,303,936 | $ | 18,830,780 | |||||||||||||||||||||||||||
30 to 59 days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
60 to 89 days past due | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
90 days or more past due or in process of foreclosure | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 6,081,261 | $ | 6,845,839 | $ | 809,254 | $ | 1,529,897 | $ | 1,260,593 | $ | 2,303,936 | $ | 18,830,780 | |||||||||||||||||||||||||||
Residential mortgage loans | |||||||||||||||||||||||||||||||||||||||||
Current | $ | 1,855,038 | $ | 4,802,333 | $ | 1,879,606 | $ | 264,050 | $ | 13,670 | $ | 1,485,244 | $ | 10,299,941 | |||||||||||||||||||||||||||
30 to 59 days past due | 10,534 | 49,169 | 6,144 | 6,471 | — | 80,357 | 152,675 | ||||||||||||||||||||||||||||||||||
60 to 89 days past due | 796 | 13,143 | 2,016 | 955 | — | 27,114 | 44,024 | ||||||||||||||||||||||||||||||||||
90 days or more past due or in process of foreclosure | 7,598 | 35,978 | 11,483 | 8,389 | 2,438 | 126,446 | 192,332 | ||||||||||||||||||||||||||||||||||
Total residential mortgage loans | $ | 1,873,966 | $ | 4,900,623 | $ | 1,899,249 | $ | 279,865 | $ | 16,108 | $ | 1,719,161 | $ | 10,688,972 | |||||||||||||||||||||||||||
Total mortgage loans | $ | 7,955,227 | $ | 11,746,462 | $ | 2,708,503 | $ | 1,809,762 | $ | 1,276,701 | $ | 4,023,097 | $ | 29,519,752 |
Performance status | December 31, 2022 | |||||||
Consumer loans | ||||||||
Current | $ | 5,113,507 | ||||||
30 to 59 days past due | 62,742 | |||||||
60 to 89 days past due | 31,371 | |||||||
90 days or more past due or in process of foreclosure | 20,914 | |||||||
Total consumer loans | $ | 5,228,534 |
Loan-to-value as of December 31, 2023, by year of origination | Carrying value loan-to-value 70% and less | Carrying value loan-to-value 71% - 90% | Carrying value loan-to-value over 90% | Total carrying value | |||||||||||||||||||
2023 | $ | 3,600,652 | $ | — | $ | — | $ | 3,600,652 | |||||||||||||||
2022 | 5,912,623 | 365,796 | — | 6,278,419 | |||||||||||||||||||
2021 | 5,110,011 | 1,483,763 | 221,588 | 6,815,362 | |||||||||||||||||||
2020 | 496,085 | 93,210 | 72,021 | 661,316 | |||||||||||||||||||
2019 | 1,257,983 | 93,661 | 44,073 | 1,395,717 | |||||||||||||||||||
2018 | 881,620 | 52,640 | 114,989 | 1,049,249 | |||||||||||||||||||
Prior | 1,991,780 | — | 68,750 | 2,060,530 | |||||||||||||||||||
Total commercial mortgage loans | $ | 19,250,754 | $ | 2,089,070 | $ | 521,421 | $ | 21,861,245 |
Loan-to-value as of December 31, 2022, by year of origination | Carrying value loan-to-value 70% and less | Carrying value loan-to-value 71% - 90% | Carrying value loan-to-value over 90% | Total carrying value | |||||||||||||||||||
2022 | $ | 5,677,763 | $ | 403,498 | $ | — | $ | 6,081,261 | |||||||||||||||
2021 | 4,971,346 | 1,758,748 | 115,745 | 6,845,839 | |||||||||||||||||||
2020 | 650,825 | 123,343 | 35,086 | 809,254 | |||||||||||||||||||
2019 | 1,211,523 | 215,050 | 103,324 | 1,529,897 | |||||||||||||||||||
2018 | 1,061,566 | 18,885 | 180,142 | 1,260,593 | |||||||||||||||||||
2017 | 699,144 | — | 18,160 | 717,304 | |||||||||||||||||||
Prior | 1,586,632 | — | — | 1,586,632 | |||||||||||||||||||
Total commercial mortgage loans | $ | 15,858,799 | $ | 2,519,524 | $ | 452,457 | $ | 18,830,780 |
Year ended December 31, 2023 by loan type | Deferral of Amounts Due | Interest Rate Relief | Maturity Extension | Combination(1) | Total | Percentage of total carrying value outstanding | |||||||||||||||||||||||||||||
Commercial mortgage loans | $ | — | $ | — | $ | — | $ | 478,836 | $ | 478,836 | 2.19 | % | |||||||||||||||||||||||
Residential mortgage loans | 1,371 | 1,206 | 25,130 | 8,145 | 35,852 | 0.28 | % | ||||||||||||||||||||||||||||
Consumer loans | 6,515 | 3,768 | 48,568 | 18,465 | 77,316 | 1.75 | % | ||||||||||||||||||||||||||||
Total(2) | $ | 7,886 | $ | 4,974 | $ | 73,698 | $ | 505,446 | $ | 592,004 |
Performance status as of December 31, 2023 by loan type | Current | 30-59 days past due | 60-89 days past due | 90 days or more past due or in process of foreclosure | Total | ||||||||||||||||||||||||
Commercial mortgage loans | $ | 478,836 | $ | — | $ | — | $ | — | $ | 478,836 | |||||||||||||||||||
Residential mortgage loans | 17,852 | 5,804 | 217 | 11,979 | 35,852 | ||||||||||||||||||||||||
Consumer loans | 64,583 | 9,207 | 2,452 | 1,074 | 77,316 | ||||||||||||||||||||||||
Total | $ | 561,271 | $ | 15,011 | $ | 2,669 | $ | 13,053 | $ | 592,004 |
December 31, 2023 | December 31, 2022 | ||||||||||
Investments in real estate(1) | $ | 4,778,431 | $ | 4,641,429 | |||||||
Investments in renewable energy(2) | 1,348,080 | 3,427,062 | |||||||||
Investments in transportation and other leased assets(3) | 2,972,469 | 2,821,602 | |||||||||
Other investment partnerships | 179,469 | 197,378 | |||||||||
Federal Home Loan Bank (FHLB) common stock and other investments | 404,877 | 287,185 | |||||||||
Total other investments | $ | 9,683,326 | $ | 11,374,656 |
As of December 31, 2023 | Overnight | <30 Days | 30 - 90 Days | > 90 Days | Total | ||||||||||||||||||||||||
AFS corporate securities | $ | — | $ | — | $ | 524,411 | $ | 849,368 | $ | 1,373,779 | |||||||||||||||||||
Residential mortgage loans | — | 39,289 | — | — | 39,289 | ||||||||||||||||||||||||
Total assets pledged | $ | — | $ | 39,289 | $ | 524,411 | $ | 849,368 | $ | 1,413,068 |
As of December 31, 2022 | Overnight | <30 Days | 30 - 90 Days | > 90 Days | Total | ||||||||||||||||||||||||
AFS corporate securities | $ | — | $ | — | $ | 507,656 | $ | 325,912 | $ | 833,568 | |||||||||||||||||||
Total assets pledged | $ | — | $ | — | $ | 507,656 | $ | 325,912 | $ | 833,568 |
As of December 31, 2023 | Notional Value | Derivative Assets | Derivative Liabilities | ||||||||||||||
Asset Management | |||||||||||||||||
Foreign Exchange Contracts and Options | $ | 15,771,463 | $ | 264,621 | $ | 441,608 | |||||||||||
Other Derivatives | 374,604 | 4,792 | 2,382 | ||||||||||||||
Total Asset Management | $ | 16,146,067 | $ | 269,413 | $ | 443,990 | |||||||||||
Insurance | |||||||||||||||||
Derivatives designated as hedge accounting instruments: | |||||||||||||||||
Interest rate contracts | $ | 7,320,500 | $ | — | $ | 372,212 | |||||||||||
Foreign currency contracts | 2,302,335 | 24,278 | 73,478 | ||||||||||||||
Total derivatives designated as hedge accounting instruments | $ | 9,622,835 | $ | 24,278 | $ | 445,690 | |||||||||||
Derivatives not designated as hedge accounting instruments: | |||||||||||||||||
Interest rate contracts | $ | 22,259,423 | $ | 284,067 | $ | 306,244 | |||||||||||
Equity market contracts | 35,203,206 | 1,480,875 | 248,127 | ||||||||||||||
Foreign currency contracts | 1,331,345 | 65,803 | 56,616 | ||||||||||||||
Credit risk contracts | 60,000 | — | 600 | ||||||||||||||
Total derivatives not designated as hedge accounting instruments | $ | 58,853,974 | $ | 1,830,745 | $ | 611,587 | |||||||||||
Impact of netting(2) | — | (1,809,329) | (911,080) | ||||||||||||||
Total Insurance(1) | $ | 68,476,809 | $ | 45,694 | $ | 146,197 | |||||||||||
Fair value included within total assets and liabilities | $ | 84,622,876 | $ | 315,107 | $ | 590,187 |
As of December 31, 2022 | Notional Value | Derivative Assets | Derivative Liabilities | ||||||||||||||
Asset Management | |||||||||||||||||
Foreign Exchange Contracts and Options | $ | 16,144,795 | $ | 668,716 | $ | 406,746 | |||||||||||
Other Derivatives | 125,000 | 7,519 | 11,018 | ||||||||||||||
Total Asset Management | $ | 16,269,795 | $ | 676,235 | $ | 417,764 | |||||||||||
Insurance | |||||||||||||||||
Derivatives designated as hedge accounting instruments: | |||||||||||||||||
Interest rate contracts | $ | 6,999,000 | $ | — | $ | 695,296 | |||||||||||
Foreign currency contracts | 2,021,061 | 42,557 | 44,238 | ||||||||||||||
Total derivatives designated as hedge accounting instruments | $ | 9,020,061 | $ | 42,557 | $ | 739,534 | |||||||||||
Derivatives not designated as hedge accounting instruments: | |||||||||||||||||
Interest rate contracts | $ | 8,700,253 | $ | 182,734 | $ | 267,033 | |||||||||||
Equity market contracts | 34,889,122 | 626,391 | 91,344 | ||||||||||||||
Foreign currency contracts | 675,390 | 84,883 | 47,442 | ||||||||||||||
Credit risk contracts | 60,000 | — | 929 | ||||||||||||||
Total derivatives not designated as hedge accounting instruments | $ | 44,324,765 | $ | 894,008 | $ | 406,748 | |||||||||||
Impact of netting(2) | — | (212,175) | (212,175) | ||||||||||||||
Total Insurance(1) | $ | 53,344,826 | $ | 724,390 | $ | 934,107 | |||||||||||
Fair value included within total assets and liabilities | $ | 69,614,621 | $ | 1,400,625 | $ | 1,351,871 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||
Carrying amount of hedged assets/(liabilities) | Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets/(liabilities)(1) | Carrying amount of hedged assets/(liabilities) | Cumulative amount of fair value hedging adjustments included in the carrying amount of hedged assets/(liabilities)(1) | ||||||||||||||||||||
AFS fixed maturity securities(2) | $ | 2,324,364 | $ | 80,210 | $ | 2,010,748 | $ | (61,785) | |||||||||||||||
Debt | (1,608,294) | (165,817) | (945,873) | (201,603) | |||||||||||||||||||
Policy liabilities | (4,380,048) | (255,308) | (5,670,884) | (435,494) | |||||||||||||||||||
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Net Gains (Losses) from Investment Activities | Net investment-related gains (losses) | Net investment income | Net policy benefits and claims | Interest expense | Change in AOCI | ||||||||||||||||||||||||||||||
Derivatives designated as hedge accounting instruments: | |||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives designated as hedge instruments: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | (53,870) | $ | (20,410) | $ | — | |||||||||||||||||||||||
Foreign currency contracts | — | (88,384) | — | — | — | 9,119 | |||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | $ | — | $ | (88,384) | $ | — | $ | (53,870) | $ | (20,410) | $ | 9,119 | |||||||||||||||||||||||
Gains (losses) on hedged items: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | 53,870 | $ | 20,410 | $ | — | |||||||||||||||||||||||
Foreign currency contracts | — | 80,210 | — | — | — | — | |||||||||||||||||||||||||||||
Total gains (losses) on hedged items | $ | — | $ | 80,210 | $ | — | $ | 53,870 | $ | 20,410 | $ | — | |||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of effectiveness: | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | — | $ | 28,345 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total amortization for gains (losses) excluded from assessment of effectiveness | — | 28,345 | — | — | — | — | |||||||||||||||||||||||||||||
Total gains (losses) on fair value hedges, net of hedged items | $ | — | $ | 20,171 | $ | — | $ | — | $ | — | $ | 9,119 | |||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | (1,381) | $ | — | $ | — | $ | 33,446 | |||||||||||||||||||||||
Total gains (losses) on cash flow hedges | $ | — | $ | — | $ | (1,381) | $ | — | $ | — | $ | 33,446 | |||||||||||||||||||||||
Derivatives not designated as hedge accounting instruments: | |||||||||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts and Options | $ | (156,624) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Other Derivatives | 13,503 | — | — | — | — | — | |||||||||||||||||||||||||||||
Total included in Net Gains (Losses) from Investment Activities | $ | (143,121) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||
Embedded derivatives - funds withheld receivable | $ | — | $ | 75,876 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Embedded derivatives - funds withheld payable | — | (1,040,463) | — | — | — | — | |||||||||||||||||||||||||||||
Equity index options | — | 482,121 | — | — | — | — | |||||||||||||||||||||||||||||
Equity future contracts | — | (116,766) | — | — | — | — | |||||||||||||||||||||||||||||
Interest rate and foreign exchange contracts | — | (101,376) | — | — | — | — | |||||||||||||||||||||||||||||
Credit risk contracts | — | (280) | — | — | — | — | |||||||||||||||||||||||||||||
Total gains (losses) on derivatives not designated as hedge accounting instruments from Insurance Activities | $ | — | $ | (700,888) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total | $ | (143,121) | $ | (680,717) | $ | (1,381) | $ | — | $ | — | $ | 42,565 |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Net Gains (Losses) from Investment Activities | Net investment-related gains (losses) | Net investment income | Net policy benefits and claims | Interest expense | Change in AOCI | ||||||||||||||||||||||||||||||
Derivatives designated as hedge accounting instruments: | |||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives designated as hedge instruments: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | (382,376) | $ | (177,855) | $ | — | |||||||||||||||||||||||
Foreign currency contracts | — | 64,945 | — | — | — | (6,784) | |||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | $ | — | $ | 64,945 | $ | — | $ | (382,376) | $ | (177,855) | $ | (6,784) | |||||||||||||||||||||||
Gains (losses) on hedged items: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | 382,376 | $ | 177,855 | $ | — | |||||||||||||||||||||||
Foreign currency contracts | — | (61,785) | — | — | — | — | |||||||||||||||||||||||||||||
Total gains (losses) on hedged items | $ | — | $ | (61,785) | $ | — | $ | 382,376 | $ | 177,855 | $ | — | |||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of effectiveness: | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | — | $ | 14,737 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total amortization for gains (losses) excluded from assessment of effectiveness | $ | — | $ | 14,737 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total gains (losses) on fair value hedges, net of hedged items | $ | — | $ | 17,897 | $ | — | $ | — | $ | — | $ | (6,784) | |||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | 1,032 | $ | — | $ | — | $ | — | $ | (169,785) | |||||||||||||||||||||||
Total gains (losses) on cash flow hedges | $ | — | $ | 1,032 | $ | — | $ | — | $ | — | $ | (169,785) | |||||||||||||||||||||||
Derivatives not designated as hedge accounting instruments: | |||||||||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts and Options | $ | 362,965 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Other Derivatives | 6,790 | — | — | — | — | — | |||||||||||||||||||||||||||||
Total included in Net Gains (Losses) from Investment Activities | $ | 369,755 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||
Embedded derivatives - funds withheld receivable | $ | — | $ | (29,390) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Embedded derivatives - funds withheld payable | — | 3,448,710 | — | — | — | — | |||||||||||||||||||||||||||||
Equity index options | — | (895,602) | — | — | — | — | |||||||||||||||||||||||||||||
Equity future contracts | — | 167,924 | — | — | — | — | |||||||||||||||||||||||||||||
Interest rate and foreign exchange contracts | — | (333,937) | — | — | — | — | |||||||||||||||||||||||||||||
Credit risk contracts | — | (108) | — | — | — | — | |||||||||||||||||||||||||||||
Other | — | (29,779) | — | — | — | — | |||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments from Insurance Activities | $ | — | $ | 2,327,818 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total | $ | 369,755 | $ | 2,346,747 | $ | — | $ | — | $ | — | $ | (176,569) |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Net Gains (Losses) from Investment Activities | Net investment-related gains (losses) | Net investment income | Net policy benefits and claims | Interest expense | Change in AOCI | ||||||||||||||||||||||||||||||
Derivatives designated as hedge accounting instruments: | |||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||
Gains (losses) on derivatives designated as hedge instruments: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | (16,092) | $ | (24,369) | $ | — | |||||||||||||||||||||||
Foreign currency contracts | — | 21,490 | — | — | — | 2,275 | |||||||||||||||||||||||||||||
Total gains (losses) on derivatives designated as hedge instruments | $ | — | $ | 21,490 | $ | — | $ | (16,092) | $ | (24,369) | $ | 2,275 | |||||||||||||||||||||||
Gains (losses) on hedged items: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | 16,092 | $ | 24,369 | $ | — | |||||||||||||||||||||||
Foreign currency contracts | — | (22,721) | — | — | — | — | |||||||||||||||||||||||||||||
Total gains (losses) on hedged items | $ | — | $ | (22,721) | $ | — | $ | 16,092 | $ | 24,369 | $ | — | |||||||||||||||||||||||
Amortization for gains (losses) excluded from assessment of effectiveness: | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | — | $ | 2,971 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total amortization for gains (losses) excluded from assessment of effectiveness | $ | — | $ | 2,971 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total gains (losses) on fair value hedges, net of hedged items | $ | — | $ | 1,740 | $ | — | $ | — | $ | — | $ | 2,275 | |||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | 744 | $ | — | $ | — | $ | — | $ | 4,843 | |||||||||||||||||||||||
Total gains (losses) on cash flow hedges | $ | — | $ | 744 | $ | — | $ | — | $ | — | $ | 4,843 | |||||||||||||||||||||||
Derivatives not designated as hedge accounting instruments: | |||||||||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts and Options | $ | 545,238 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Other Derivatives | (77,034) | — | — | — | — | — | |||||||||||||||||||||||||||||
Total included in Net Gains (Losses) from Investment Activities | $ | 468,204 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||
Embedded derivatives - funds withheld receivable | $ | — | $ | 31,740 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Embedded derivatives - funds withheld payable | — | 49,491 | — | — | — | — | |||||||||||||||||||||||||||||
Equity index options | — | 549,987 | — | — | — | — | |||||||||||||||||||||||||||||
Equity future contracts | — | (263,637) | — | — | — | — | |||||||||||||||||||||||||||||
Interest rate and foreign exchange contracts | — | (146,920) | — | — | — | — | |||||||||||||||||||||||||||||
Credit risk contracts | — | (400) | — | — | — | — | |||||||||||||||||||||||||||||
Total gains (losses) on derivatives not qualifying as hedge accounting instruments from Insurance Activities | $ | — | $ | 220,261 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total | $ | 468,204 | $ | 222,745 | $ | — | $ | — | $ | — | $ | 7,118 |
As of December 31, 2023 | Gross amount recognized | Gross amounts offset in the statements of financial position(1) | Net amounts presented in the statements of financial condition | Collateral (received) / pledged | Net amount after collateral | ||||||||||||||||||||||||
Derivative assets (excluding embedded derivatives) | $ | 1,855,023 | $ | (1,809,329) | $ | 45,694 | $ | (45,095) | $ | 599 | |||||||||||||||||||
Derivative liabilities (excluding embedded derivatives) | $ | 1,057,277 | $ | (911,080) | $ | 146,197 | $ | 167,973 | $ | (21,776) |
As of December 31, 2022 | Gross amount recognized | Gross amounts offset in the statements of financial position(1) | Net amounts presented in the statements of financial condition | Collateral (received) / pledged | Net amount after collateral | ||||||||||||||||||||||||
Derivative assets (excluding embedded derivatives) | $ | 936,565 | $ | (212,175) | $ | 724,390 | $ | (466,371) | $ | 258,019 | |||||||||||||||||||
Derivative liabilities (excluding embedded derivatives) | $ | 1,146,282 | $ | (212,175) | $ | 934,107 | $ | 366,508 | $ | 567,599 |
December 31, 2023 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Private Equity | $ | 1,762,257 | $ | 58,653 | $ | 30,921,574 | $ | 32,742,484 | |||||||||||||||
Credit | 281,626 | 2,540,362 | 5,452,916 | 8,274,904 | |||||||||||||||||||
Investments of Consolidated CFEs | — | 24,996,298 | — | 24,996,298 | |||||||||||||||||||
Real Assets | 676,808 | 27,567 | 11,295,633 | 12,000,008 | |||||||||||||||||||
Equity Method - Other | 418,791 | 326,835 | 1,537,962 | 2,283,588 | |||||||||||||||||||
Other Investments | 218,151 | 95,453 | 4,265,768 | 4,579,372 | |||||||||||||||||||
Total Investments | $ | 3,357,633 | $ | 28,045,168 | $ | 53,473,853 | $ | 84,876,654 | |||||||||||||||
Foreign Exchange Contracts and Options | — | 264,621 | — | 264,621 | |||||||||||||||||||
Other Derivatives | — | 4,792 | — | 4,792 | |||||||||||||||||||
Total Assets at Fair Value - Asset Management | $ | 3,357,633 | $ | 28,314,581 | $ | 53,473,853 | $ | 85,146,067 | |||||||||||||||
Insurance | |||||||||||||||||||||||
AFS fixed maturity securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | 1,082,421 | $ | 120,671 | $ | — | $ | 1,203,092 | |||||||||||||||
U.S. state, municipal and political subdivisions | — | 4,607,392 | — | 4,607,392 | |||||||||||||||||||
Corporate | — | 31,377,753 | 8,571,003 | 39,948,756 | |||||||||||||||||||
Structured securities | — | 21,824,948 | 1,830,000 | 23,654,948 | |||||||||||||||||||
Total AFS fixed maturity securities | $ | 1,082,421 | $ | 57,930,764 | $ | 10,401,003 | $ | 69,414,188 | |||||||||||||||
Trading fixed maturity securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | 2,354,194 | $ | 163,919 | $ | — | $ | 2,518,113 | |||||||||||||||
U.S. state, municipal and political subdivisions | — | 1,223,946 | — | 1,223,946 | |||||||||||||||||||
Corporate | — | 9,815,909 | 656,923 | 10,472,832 | |||||||||||||||||||
Structured securities | — | 3,997,341 | 593,238 | 4,590,579 | |||||||||||||||||||
Total trading fixed maturity securities | $ | 2,354,194 | $ | 15,201,115 | $ | 1,250,161 | $ | 18,805,470 | |||||||||||||||
Equity securities | 4,215 | — | 15,522 | 19,737 | |||||||||||||||||||
Mortgage and other loan receivables | — | — | 697,402 | 697,402 | |||||||||||||||||||
Other investments | — | — | 4,925,751 | (1) | 4,925,751 | ||||||||||||||||||
Funds withheld receivable at interest | — | — | 88,661 | 88,661 | |||||||||||||||||||
Reinsurance recoverable | — | — | 926,035 | 926,035 | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||
Equity market contracts | 1,669 | 1,479,206 | — | 1,480,875 | |||||||||||||||||||
Interest rate contracts | 19,474 | 264,593 | — | 284,067 | |||||||||||||||||||
Foreign currency contracts | — | 90,081 | — | 90,081 | |||||||||||||||||||
Impact of netting | (23,522) | (1,785,807) | — | (2) | (1,809,329) | ||||||||||||||||||
Total derivative assets | $ | (2,379) | $ | 48,073 | $ | — | $ | 45,694 | |||||||||||||||
Separate account assets | 4,107,000 | — | — | 4,107,000 | |||||||||||||||||||
Total Assets at Fair Value - Insurance | $ | 7,545,451 | $ | 73,179,952 | $ | 18,304,535 | $ | 99,029,938 | |||||||||||||||
Total Assets at Fair Value | $ | 10,903,084 | $ | 101,494,533 | $ | 71,778,388 | $ | 184,176,005 |
December 31, 2022 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Private Equity | $ | 1,057,025 | $ | 213,706 | $ | 25,336,957 | $ | 26,607,688 | |||||||||||||||
Credit | 187,504 | 1,830,862 | 5,786,026 | 7,804,392 | |||||||||||||||||||
Investments of Consolidated CFEs | — | 22,492,366 | — | 22,492,366 | |||||||||||||||||||
Real Assets | — | 961,254 | 17,015,112 | 17,976,366 | |||||||||||||||||||
Equity Method - Other | 435,315 | 883,652 | 1,624,420 | 2,943,387 | |||||||||||||||||||
Other Investments | 395,972 | 63,060 | 3,334,366 | 3,793,398 | |||||||||||||||||||
Total Investments | $ | 2,075,816 | $ | 26,444,900 | $ | 53,096,881 | $ | 81,617,597 | |||||||||||||||
Foreign Exchange Contracts and Options | — | 668,716 | — | 668,716 | |||||||||||||||||||
Other Derivatives | 9 | 7,510 | — | 7,519 | |||||||||||||||||||
Total Assets at Fair Value - Asset Management | $ | 2,075,825 | $ | 27,121,126 | $ | 53,096,881 | $ | 82,293,832 | |||||||||||||||
Insurance | |||||||||||||||||||||||
AFS fixed maturity securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | 283,402 | $ | 83,339 | $ | — | $ | 366,741 | |||||||||||||||
U.S. state, municipal and political subdivisions | — | 4,410,960 | — | 4,410,960 | |||||||||||||||||||
Corporate | — | 28,006,275 | 8,310,657 | 36,316,932 | |||||||||||||||||||
Structured securities | — | 19,425,455 | 1,419,441 | 20,844,896 | |||||||||||||||||||
Total AFS fixed maturity securities | $ | 283,402 | $ | 51,926,029 | $ | 9,730,098 | $ | 61,939,529 | |||||||||||||||
Trading fixed maturity securities: | |||||||||||||||||||||||
U.S. government and agencies | $ | 93,697 | $ | 59,940 | $ | — | $ | 153,637 | |||||||||||||||
U.S. state, municipal and political subdivisions | — | 705,836 | — | 705,836 | |||||||||||||||||||
Corporate | — | 7,218,354 | 672,023 | 7,890,377 | |||||||||||||||||||
Structured securities | — | 2,645,186 | 643,811 | 3,288,997 | |||||||||||||||||||
Total trading fixed maturity securities | $ | 93,697 | $ | 10,629,316 | $ | 1,315,834 | $ | 12,038,847 | |||||||||||||||
Equity securities | 2,213 | — | 16,286 | 18,499 | |||||||||||||||||||
Mortgage and other loan receivables | — | — | 787,515 | 787,515 | |||||||||||||||||||
Other investments | — | — | 4,883,441 | (1) | 4,883,441 | ||||||||||||||||||
Funds withheld receivable at interest | — | — | 12,785 | 12,785 | |||||||||||||||||||
Reinsurance recoverable | — | — | 981,775 | 981,775 | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||
Equity market contracts | 31,025 | 595,366 | — | 626,391 | |||||||||||||||||||
Interest rate contracts | 4,856 | 177,878 | — | 182,734 | |||||||||||||||||||
Foreign currency contracts | — | 127,440 | — | 127,440 | |||||||||||||||||||
Impact of netting | (7,079) | (205,096) | — | (2) | (212,175) | ||||||||||||||||||
Total derivative assets | $ | 28,802 | $ | 695,588 | $ | — | $ | 724,390 | |||||||||||||||
Separate account assets | 4,130,794 | — | — | 4,130,794 | |||||||||||||||||||
Total Assets at Fair Value - Insurance | $ | 4,538,908 | $ | 63,250,933 | $ | 17,727,734 | $ | 85,517,575 | |||||||||||||||
Total Assets at Fair Value | $ | 6,614,733 | $ | 90,372,059 | $ | 70,824,615 | $ | 167,811,407 |
December 31, 2023 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Securities Sold Short | $ | 149,136 | $ | — | $ | — | $ | 149,136 | |||||||||||||||
Foreign Exchange Contracts and Options | — | 441,608 | — | 441,608 | |||||||||||||||||||
Unfunded Revolver Commitments | — | — | 94,683 | (1) | 94,683 | ||||||||||||||||||
Other Derivatives | 143 | 2,239 | — | 2,382 | |||||||||||||||||||
Debt Obligations of Consolidated CFEs | — | 25,276,404 | — | 25,276,404 | |||||||||||||||||||
Total Liabilities at Fair Value - Asset Management | $ | 149,279 | $ | 25,720,251 | $ | 94,683 | $ | 25,964,213 | |||||||||||||||
Insurance | |||||||||||||||||||||||
Policy liabilities (including market risk benefits) | $ | — | $ | — | $ | 1,474,970 | (3) | $ | 1,474,970 | ||||||||||||||
Closed block policy liabilities | — | — | 968,554 | 968,554 | |||||||||||||||||||
Funds withheld payable at interest | — | — | (2,447,303) | (2,447,303) | |||||||||||||||||||
Derivative instruments payable: | |||||||||||||||||||||||
Equity market contracts | 7,088 | 241,039 | — | 248,127 | |||||||||||||||||||
Interest rate contracts | 17,931 | 660,525 | — | 678,456 | |||||||||||||||||||
Foreign currency contracts | — | 130,094 | — | 130,094 | |||||||||||||||||||
Credit contracts | — | 600 | — | 600 | |||||||||||||||||||
Impact of netting | (23,522) | (887,558) | — | (2) | (911,080) | ||||||||||||||||||
Total derivative instruments payable | 1,497 | 144,700 | — | 146,197 | |||||||||||||||||||
Embedded derivative – interest-sensitive life products | — | — | 458,302 | 458,302 | |||||||||||||||||||
Embedded derivative – annuity products | — | — | 3,587,371 | 3,587,371 | |||||||||||||||||||
Total Liabilities at Fair Value - Insurance | $ | 1,497 | $ | 144,700 | $ | 4,041,894 | $ | 4,188,091 | |||||||||||||||
Total Liabilities at Fair Value | $ | 150,776 | $ | 25,864,951 | $ | 4,136,577 | $ | 30,152,304 |
December 31, 2022 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Securities Sold Short | $ | 158,751 | $ | — | $ | — | $ | 158,751 | |||||||||||||||
Foreign Exchange Contracts and Options | — | 406,746 | — | 406,746 | |||||||||||||||||||
Unfunded Revolver Commitments | — | — | 137,315 | (1) | 137,315 | ||||||||||||||||||
Other Derivatives | — | 11,018 | — | 11,018 | |||||||||||||||||||
Debt Obligations of Consolidated CFEs | — | 22,273,242 | — | 22,273,242 | |||||||||||||||||||
Total Liabilities at Fair Value - Asset Management | $ | 158,751 | $ | 22,691,006 | $ | 137,315 | $ | 22,987,072 | |||||||||||||||
Insurance | |||||||||||||||||||||||
Policy liabilities (including market risk benefits) | $ | — | $ | — | $ | 1,063,496 | (3) | $ | 1,063,496 | ||||||||||||||
Closed block policy liabilities | — | — | 1,016,313 | 1,016,313 | |||||||||||||||||||
Funds withheld payable at interest | — | — | (3,487,766) | (3,487,766) | |||||||||||||||||||
Derivative instruments payable: | |||||||||||||||||||||||
Equity market contracts | 2,692 | 88,652 | — | 91,344 | |||||||||||||||||||
Interest rate contracts | 9,693 | 952,636 | — | 962,329 | |||||||||||||||||||
Foreign currency contracts | — | 91,680 | — | 91,680 | |||||||||||||||||||
Credit contracts | — | 929 | — | 929 | |||||||||||||||||||
Impact of netting | (7,079) | (205,096) | — | (2) | (212,175) | ||||||||||||||||||
Total derivative instruments payable | 5,306 | 928,801 | — | 934,107 | |||||||||||||||||||
Embedded derivative – interest-sensitive life products | — | — | 337,860 | 337,860 | |||||||||||||||||||
Embedded derivative – annuity products | — | — | 1,851,381 | 1,851,381 | |||||||||||||||||||
Total Liabilities at Fair Value - Insurance | $ | 5,306 | $ | 928,801 | $ | 781,284 | $ | 1,715,391 | |||||||||||||||
Total Liabilities at Fair Value | $ | 164,057 | $ | 23,619,807 | $ | 918,599 | $ | 24,702,463 |
For the Year Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Balance, Beg. of Period | Transfers In / (Out) - Changes in Consolidation(1) | Transfers In | Transfers Out | Net Purchases/Issuances/Sales/Settlements | Net Unrealized and Realized Gains (Losses) | Balance, End of Period | Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||
Private Equity | $ | 25,336,957 | $ | 286,848 | $ | 33,231 | $ | (29,417) | $ | 3,693,726 | $ | 1,600,229 | $ | — | $ | 30,921,574 | $ | 1,696,643 | $ | — | ||||||||||||
Credit | 5,786,026 | — | 253,572 | (188,710) | (470,131) | 72,159 | — | 5,452,916 | 116,478 | — | ||||||||||||||||||||||
Real Assets | 17,015,112 | (8,962,252) | — | (628) | 3,643,071 | (399,670) | — | 11,295,633 | (434,545) | — | ||||||||||||||||||||||
Equity Method - Other | 1,624,420 | — | — | (2,335) | (343,597) | 259,474 | — | 1,537,962 | 260,584 | — | ||||||||||||||||||||||
Other Investments | 3,334,366 | — | 22,777 | (22,376) | 1,025,854 | (94,853) | — | 4,265,768 | (70,060) | — | ||||||||||||||||||||||
Other Derivatives | — | — | — | — | 2,153 | (2,153) | — | — | — | — | ||||||||||||||||||||||
Total Assets - Asset Management | $ | 53,096,881 | $ | (8,675,404) | $ | 309,580 | $ | (243,466) | $ | 7,551,076 | $ | 1,435,186 | $ | — | $ | 53,473,853 | $ | 1,569,100 | $ | — | ||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
AFS fixed maturity securities: | ||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | $ | 8,310,657 | $ | — | $ | 108,323 | $ | — | $ | 57,480 | $ | 50,066 | $ | 44,477 | $ | 8,571,003 | $ | — | $ | 55,176 | ||||||||||||
Structured securities | 1,419,441 | — | 275,347 | (15,666) | 63,618 | 19,789 | 67,471 | 1,830,000 | — | 60,873 | ||||||||||||||||||||||
Total AFS fixed maturity securities | 9,730,098 | — | 383,670 | (15,666) | 121,098 | 69,855 | 111,948 | 10,401,003 | — | 116,049 | ||||||||||||||||||||||
Trading fixed maturity securities: | ||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | 672,023 | — | — | (188) | (508) | (14,404) | — | 656,923 | (10,951) | — | ||||||||||||||||||||||
Structured securities | 643,811 | — | 11,971 | (11,878) | (46,528) | (4,138) | — | 593,238 | 5,338 | — | ||||||||||||||||||||||
Total trading fixed maturity securities | 1,315,834 | — | 11,971 | (12,066) | (47,036) | (18,542) | — | 1,250,161 | (5,613) | — | ||||||||||||||||||||||
Equity securities | 16,286 | — | — | — | (218) | (546) | — | 15,522 | (560) | — | ||||||||||||||||||||||
Mortgage and other loan receivables | 787,515 | — | — | — | (89,548) | (565) | — | 697,402 | (1,637) | — | ||||||||||||||||||||||
Other investments | 4,883,441 | — | — | — | 274,865 | (232,555) | — | 4,925,751 | (216,860) | — | ||||||||||||||||||||||
Funds withheld receivable at interest | 12,785 | — | — | — | — | 75,876 | — | 88,661 | — | — | ||||||||||||||||||||||
Reinsurance recoverable | 981,775 | — | — | — | (7,200) | (48,540) | — | 926,035 | — | — | ||||||||||||||||||||||
Total Assets - Insurance | $ | 17,727,734 | $ | — | $ | 395,641 | $ | (27,732) | $ | 251,961 | $ | (155,017) | $ | 111,948 | $ | 18,304,535 | $ | (224,670) | $ | 116,049 | ||||||||||||
Total | $ | 70,824,615 | $ | (8,675,404) | $ | 705,221 | $ | (271,198) | $ | 7,803,037 | $ | 1,280,169 | $ | 111,948 | $ | 71,778,388 | $ | 1,344,430 | $ | 116,049 |
For the Year Ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Balance, Beg. of Period | Transfers In / (Out) - Changes in Consolidation | Transfers In | Transfers Out | Net Purchases/Issuances/Sales/Settlements | Net Unrealized and Realized Gains (Losses) | Change in OCI | Balance, End of Period | Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||
Private Equity | $ | 23,322,634 | $ | (49,000) | $ | — | $ | (138,220) | $ | 2,496,973 | $ | (295,430) | $ | — | $ | 25,336,957 | $ | (593,364) | $ | — | ||||||||||||
Credit | 5,826,661 | 34,245 | 9,617 | (96,218) | 362,875 | (346,686) | (4,468) | 5,786,026 | (278,038) | — | ||||||||||||||||||||||
Real Assets | 11,389,530 | — | — | — | 5,115,282 | 510,300 | — | 17,015,112 | 114,614 | — | ||||||||||||||||||||||
Equity Method - Other | 1,013,807 | 156,183 | — | — | 603,992 | (149,562) | — | 1,624,420 | (142,352) | — | ||||||||||||||||||||||
Other Investments | 3,240,013 | 513,875 | — | (839) | 93,743 | (512,426) | — | 3,334,366 | (459,482) | — | ||||||||||||||||||||||
Other Derivatives | 479 | — | — | — | 30,593 | (31,072) | — | — | — | — | ||||||||||||||||||||||
Total Assets - Asset Management | $ | 44,793,124 | $ | 655,303 | $ | 9,617 | $ | (235,277) | $ | 8,703,458 | $ | (824,876) | $ | (4,468) | $ | 53,096,881 | $ | (1,358,622) | $ | — | ||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
AFS fixed maturity securities: | ||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | $ | 7,650,660 | $ | — | $ | — | $ | (88,076) | $ | 1,177,295 | $ | (59,342) | $ | (369,880) | $ | 8,310,657 | $ | — | $ | (328,184) | ||||||||||||
Structured securities | 828,401 | — | 343,338 | — | 368,742 | (7,296) | (113,744) | 1,419,441 | — | (123,614) | ||||||||||||||||||||||
Total AFS fixed maturity securities | 8,479,061 | — | 343,338 | (88,076) | 1,546,037 | (66,638) | (483,624) | 9,730,098 | — | (451,798) | ||||||||||||||||||||||
Trading fixed maturity securities: | ||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | 565,025 | — | 11,826 | (44,273) | 219,892 | (80,447) | — | 672,023 | (79,031) | — | ||||||||||||||||||||||
Structured securities | 418,774 | — | 128,744 | (31,741) | 232,211 | (104,177) | — | 643,811 | (107,122) | — | ||||||||||||||||||||||
Total trading fixed maturity securities | 983,799 | — | 140,570 | (76,014) | 452,103 | (184,624) | — | 1,315,834 | (186,153) | — | ||||||||||||||||||||||
Equity securities | 32,937 | — | — | — | 195 | (16,846) | — | 16,286 | (16,846) | — | ||||||||||||||||||||||
Mortgage and other loan receivables | 832,674 | — | — | — | 54,239 | (99,398) | — | 787,515 | (84,219) | — | ||||||||||||||||||||||
Other investments | 1,603,345 | — | — | — | 3,167,542 | 112,554 | — | 4,883,441 | 42,996 | — | ||||||||||||||||||||||
Funds withheld receivable at interest | 31,740 | — | — | — | 10,435 | (29,390) | — | 12,785 | — | — | ||||||||||||||||||||||
Reinsurance recoverable | 1,293,791 | — | — | — | (11,088) | (300,928) | — | 981,775 | — | — | ||||||||||||||||||||||
Total Assets - Insurance | $ | 13,257,347 | $ | — | $ | 483,908 | $ | (164,090) | $ | 5,219,463 | $ | (585,270) | $ | (483,624) | $ | 17,727,734 | $ | (244,222) | $ | (451,798) | ||||||||||||
Total | $ | 58,050,471 | $ | 655,303 | $ | 493,525 | $ | (399,367) | $ | 13,922,921 | $ | (1,410,146) | $ | (488,092) | $ | 70,824,615 | $ | (1,602,844) | $ | (451,798) |
For the Year Ended December 31, 2023 | |||||||||||||||||
Purchases | Issuances | Sales | Settlements | Net Purchases/ Issuances/ Sales/ Settlements | |||||||||||||
Assets | |||||||||||||||||
Asset Management | |||||||||||||||||
Private Equity | $ | 4,909,109 | $ | — | $ | (1,215,383) | $ | — | $ | 3,693,726 | |||||||
Credit | 1,598,277 | — | (1,945,798) | (122,610) | (470,131) | ||||||||||||
Real Assets | 5,052,128 | — | (1,408,018) | (1,039) | 3,643,071 | ||||||||||||
Equity Method - Other | 10,130 | — | (353,727) | — | (343,597) | ||||||||||||
Other Investments | 1,545,695 | — | (356,694) | (163,147) | 1,025,854 | ||||||||||||
Other Derivatives | 2,153 | — | — | — | 2,153 | ||||||||||||
Total Assets - Asset Management | $ | 13,117,492 | $ | — | $ | (5,279,620) | $ | (286,796) | $ | 7,551,076 | |||||||
Insurance | |||||||||||||||||
AFS fixed maturity securities: | |||||||||||||||||
Corporate fixed maturity securities | $ | 1,332,909 | $ | — | $ | (157,859) | $ | (1,117,570) | $ | 57,480 | |||||||
Structured securities | 366,410 | — | (1,020) | (301,772) | 63,618 | ||||||||||||
Total AFS fixed maturity securities | 1,699,319 | — | (158,879) | (1,419,342) | 121,098 | ||||||||||||
Trading fixed maturity securities: | |||||||||||||||||
Corporate fixed maturity securities | 74,783 | — | (8,014) | (67,277) | (508) | ||||||||||||
Structured securities | 55,633 | — | (51,193) | (50,968) | (46,528) | ||||||||||||
Total trading fixed maturity securities | 130,416 | — | (59,207) | (118,245) | (47,036) | ||||||||||||
Equity securities | — | — | (218) | — | (218) | ||||||||||||
Mortgage and other loan receivables | 1,796 | — | (3,078) | (88,266) | (89,548) | ||||||||||||
Other investments | 301,108 | — | (26,243) | — | 274,865 | ||||||||||||
Reinsurance recoverable | — | — | — | (7,200) | (7,200) | ||||||||||||
Total Assets - Insurance | $ | 2,132,639 | $ | — | $ | (247,625) | $ | (1,633,053) | $ | 251,961 | |||||||
Total | $ | 15,250,131 | $ | — | $ | (5,527,245) | $ | (1,919,849) | $ | 7,803,037 |
For the Year Ended December 31, 2022 | |||||||||||||||||
Purchases | Issuances | Sales | Settlements | Net Purchases/ Issuances/ Sales/ Settlements | |||||||||||||
Assets | |||||||||||||||||
Asset Management | |||||||||||||||||
Private Equity | $ | 3,026,251 | $ | — | $ | (529,278) | $ | — | $ | 2,496,973 | |||||||
Credit | 2,468,167 | — | (1,526,492) | (578,800) | 362,875 | ||||||||||||
Real Assets | 6,906,707 | — | (1,736,916) | (54,509) | 5,115,282 | ||||||||||||
Equity Method - Other | 612,818 | — | (8,826) | — | 603,992 | ||||||||||||
Other Investments | 497,617 | — | (382,290) | (21,584) | 93,743 | ||||||||||||
Other Derivatives | 64,500 | — | (33,907) | — | 30,593 | ||||||||||||
Total Assets - Asset Management | $ | 13,576,060 | $ | — | $ | (4,217,709) | $ | (654,893) | $ | 8,703,458 | |||||||
Insurance | |||||||||||||||||
AFS fixed maturity securities: | |||||||||||||||||
Corporate fixed maturity securities | $ | 3,175,479 | $ | — | $ | (204,292) | $ | (1,793,892) | $ | 1,177,295 | |||||||
Structured securities | 589,561 | — | (13) | (220,806) | 368,742 | ||||||||||||
Total AFS fixed maturity securities | 3,765,040 | — | (204,305) | (2,014,698) | 1,546,037 | ||||||||||||
Trading fixed maturity securities: | |||||||||||||||||
Corporate fixed maturity securities | 300,744 | — | (606) | (80,246) | 219,892 | ||||||||||||
Structured securities | 322,291 | — | (4,700) | (85,380) | 232,211 | ||||||||||||
Total trading fixed maturity securities | 623,035 | — | (5,306) | (165,626) | 452,103 | ||||||||||||
Equity securities | 195 | — | — | — | 195 | ||||||||||||
Mortgage and other loan receivables | 239,013 | — | (7,302) | (177,472) | 54,239 | ||||||||||||
Other investments | 3,665,360 | — | (497,818) | — | 3,167,542 | ||||||||||||
Funds withheld receivable at interest | — | 10,435 | — | — | 10,435 | ||||||||||||
Reinsurance recoverable | — | — | — | (11,088) | (11,088) | ||||||||||||
Total Assets - Insurance | $ | 8,292,643 | $ | 10,435 | $ | (714,731) | $ | (2,368,884) | $ | 5,219,463 | |||||||
Total | $ | 21,868,703 | $ | 10,435 | $ | (4,932,440) | $ | (3,023,777) | $ | 13,922,921 |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
Balance, Beg. of Period | Transfers In / (Out) - Changes in Consolidation | Transfers In | Transfers Out | Net Purchases/Sales/Settlements/Issuances | Net Unrealized and Realized Gains (Losses) | Balance, End of Period | Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||
Unfunded Revolver Commitments | $ | 137,315 | $ | — | $ | — | $ | — | $ | — | $ | (42,632) | $ | — | $ | 94,683 | $ | (42,632) | |||||||||||
Total Liabilities - Asset Management | $ | 137,315 | $ | — | $ | — | $ | — | $ | — | $ | (42,632) | $ | — | $ | 94,683 | $ | (42,632) | |||||||||||
Insurance | |||||||||||||||||||||||||||||
Policy liabilities | $ | 1,063,496 | $ | — | $ | — | $ | — | $ | (4,292) | $ | 177,932 | $ | 237,834 | $ | 1,474,970 | $ | — | |||||||||||
Closed block policy liabilities | 1,016,313 | — | — | — | (11,951) | (42,705) | 6,897 | 968,554 | — | ||||||||||||||||||||
Funds withheld payable at interest | (3,487,766) | — | — | — | — | 1,040,463 | — | (2,447,303) | — | ||||||||||||||||||||
Embedded derivative – interest-sensitive life products | 337,860 | — | — | — | (43,820) | 164,262 | — | 458,302 | — | ||||||||||||||||||||
Embedded derivative – annuity products | 1,851,381 | — | — | — | 955,812 | 780,178 | — | 3,587,371 | — | ||||||||||||||||||||
Total Liabilities - Insurance | $ | 781,284 | $ | — | $ | — | $ | — | $ | 895,749 | $ | 2,120,130 | $ | 244,731 | $ | 4,041,894 | $ | — | |||||||||||
Total | $ | 918,599 | $ | — | $ | — | $ | — | $ | 895,749 | $ | 2,077,498 | $ | 244,731 | $ | 4,136,577 | $ | (42,632) |
For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||
Balance, Beg. of Period | Transfers In / (Out) - Changes in Consolidation | Transfers In | Transfers Out | Net Purchases/Sales/Settlements/Issuances | Net Unrealized and Realized Gains (Losses) | Balance, End of Period | Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||
Unfunded Revolver Commitments | $ | 64,276 | $ | — | $ | — | $ | — | $ | 1,749 | $ | 71,290 | $ | — | $ | 137,315 | $ | 66,957 | |||||||||||
Total Liabilities - Asset Management | $ | 64,276 | $ | — | $ | — | $ | — | $ | 1,749 | $ | 71,290 | $ | — | $ | 137,315 | $ | 66,957 | |||||||||||
Insurance | |||||||||||||||||||||||||||||
Policy liabilities | $ | 1,962,855 | $ | — | $ | — | $ | — | $ | 36,007 | $ | (796,711) | $ | (138,655) | $ | 1,063,496 | $ | — | |||||||||||
Closed block policy liabilities | 1,350,224 | — | — | — | (3,479) | (327,226) | (3,206) | 1,016,313 | — | ||||||||||||||||||||
Funds withheld payable at interest | (49,491) | — | — | — | 10,435 | (3,448,710) | — | (3,487,766) | — | ||||||||||||||||||||
Embedded derivative – interest-sensitive life products | 557,276 | — | — | — | 14,547 | (233,963) | — | 337,860 | — | ||||||||||||||||||||
Embedded derivative – annuity products | 1,864,409 | — | — | — | 717,671 | (730,699) | — | 1,851,381 | — | ||||||||||||||||||||
Total Liabilities - Insurance | $ | 5,685,273 | $ | — | $ | — | $ | — | $ | 775,181 | $ | (5,537,309) | $ | (141,861) | $ | 781,284 | $ | — | |||||||||||
Total | $ | 5,749,549 | $ | — | $ | — | $ | — | $ | 776,930 | $ | (5,466,019) | $ | (141,861) | $ | 918,599 | $ | 66,957 |
Year Ended December 31, 2023 | |||||||||||
Issuances | Settlements | Net Issuances/Settlements | |||||||||
Liabilities | |||||||||||
Asset Management | |||||||||||
Unfunded Revolver Commitments | $ | — | $ | — | $ | — | |||||
Total Liabilities - Asset Management | $ | — | $ | — | $ | — | |||||
Insurance | |||||||||||
Policy liabilities | $ | 1,803 | $ | (6,095) | $ | (4,292) | |||||
Closed block policy liabilities | — | (11,951) | (11,951) | ||||||||
Embedded derivative – interest-sensitive life products | — | (43,820) | (43,820) | ||||||||
Embedded derivative – annuity products | 1,081,979 | (126,167) | 955,812 | ||||||||
Total Liabilities - Insurance | $ | 1,083,782 | $ | (188,033) | $ | 895,749 | |||||
Total | $ | 1,083,782 | $ | (188,033) | $ | 895,749 |
Year Ended December 31, 2022 | |||||||||||
Issuances | Settlements | Net Issuances/Settlements | |||||||||
Liabilities | |||||||||||
Asset Management | |||||||||||
Unfunded Revolver Commitments | $ | 19,141 | $ | (17,392) | $ | 1,749 | |||||
Total Liabilities - Asset Management | $ | 19,141 | $ | (17,392) | $ | 1,749 | |||||
Insurance | |||||||||||
Policy liabilities | $ | 42,536 | $ | (6,529) | $ | 36,007 | |||||
Closed block policy liabilities | — | (3,479) | (3,479) | ||||||||
Funds withheld payable at interest | 10,435 | — | 10,435 | ||||||||
Embedded derivative – interest-sensitive life products | 14,795 | (248) | 14,547 | ||||||||
Embedded derivative – annuity products | 741,488 | (23,817) | 717,671 | ||||||||
Total Liabilities - Insurance | $ | 809,254 | $ | (34,073) | $ | 775,181 | |||||
Total | $ | 828,395 | $ | (51,465) | $ | 776,930 |
Level III Assets | Fair Value December 31, 2023 | Valuation Methodologies & Inputs | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||||||||||||||||||||||||||
ASSET MANAGEMENT | ||||||||||||||||||||||||||||||||||||||
Private Equity | $ | 30,921,574 | ||||||||||||||||||||||||||||||||||||
Private Equity | $ | 28,183,233 | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 5.8% | 5.0% - 15.0% | Decrease | |||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 26.0% | 0.0% - 100.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 60.8% | 0.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 13.2% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 16.2x | 6.6x - 55.1x | Increase | ||||||||||||||||||||||||||||||||||
Enterprise Value/Forward EBITDA Multiple | 15.9x | 4.9x - 34.3x | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 10.1% | 6.5% - 15.8% | Decrease | ||||||||||||||||||||||||||||||||||
Enterprise Value/EBITDA Exit Multiple | 14.1x | 6.0x - 27.6x | Increase | |||||||||||||||||||||||||||||||||||
Level III Assets | Fair Value December 31, 2023 | Valuation Methodologies & Inputs | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||||||||||||||||||||||||||
Growth Equity | $ | 2,738,341 | Inputs to market comparables, discounted cash flow and milestones | Illiquidity Discount | 8.9% | 5.0% - 15.0% | Decrease | |||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 42.7% | 0.0% - 100.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 2.0% | 0.0% - 50.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 4.8% | 0.0% - 50.0% | ||||||||||||||||||||||||||||||||||||
Weight Ascribed to Milestones | 50.5% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Scenario Weighting | Base | 68.6% | 60.0% - 80.0% | Increase | ||||||||||||||||||||||||||||||||||
Downside | 9.3% | 5.0% - 15.0% | Decrease | |||||||||||||||||||||||||||||||||||
Upside | 22.1% | 10.0% - 35.0% | Increase | |||||||||||||||||||||||||||||||||||
Market Comparables | Enterprise Value/Revenues Multiple | 9.3x | 3.7x - 10.4x | Increase | ||||||||||||||||||||||||||||||||||
Credit | $ | 5,452,916 | Yield Analysis | Yield | 11.6% | 7.9% - 24.4% | Decrease | |||||||||||||||||||||||||||||||
Net Leverage | 6.1x | 1.9x -24.0x | Decrease | |||||||||||||||||||||||||||||||||||
EBITDA Multiple | 12.6x | 6.8x - 30.0x | Increase | |||||||||||||||||||||||||||||||||||
Real Assets | $ | 11,295,633 | ||||||||||||||||||||||||||||||||||||
Energy | $ | 1,504,407 | Inputs to market comparables, discounted cash flow and transaction price | Weight Ascribed to Market Comparables | 44.3% | 0.0% - 50.0% | (4) | |||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 55.7% | 50.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | —% | 0.0% - 0.0% | (6) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 4.5x | 4.5x - 4.5x | Increase | ||||||||||||||||||||||||||||||||||
Enterprise Value/Forward EBITDA Multiple | 4.0x | 4.0x- 4.0x | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 12.2% | 11.7% - 12.3% | Decrease | ||||||||||||||||||||||||||||||||||
Average Price Per BOE (8) | $49.30 | $44.34 - $54.40 | Increase | |||||||||||||||||||||||||||||||||||
Infrastructure | $ | 1,520,473 | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 5.7% | 5.0% - 10.0% | Decrease | |||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 5.4% | 0.0% - 25.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 63.2% | 25.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 31.4% | 0.0% - 75.0% | (6) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 10.8x | 10.8x - 10.8x | Increase | ||||||||||||||||||||||||||||||||||
Enterprise Value/Forward EBITDA Multiple | 17.9x | 10.5x - 22.1x | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 7.5% | 6% - 9.0% | Decrease | ||||||||||||||||||||||||||||||||||
Enterprise Value/EBITDA Exit Multiple | 15.6x | 10.0x - 22.0x | Increase | |||||||||||||||||||||||||||||||||||
Real Estate | $ | 8,270,753 | Inputs to direct income capitalization, discounted cash flow and transaction price | Weight Ascribed to Direct Income Capitalization | 21.7% | 0.0% - 100.0% | (7) | |||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 74.6% | 0.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 3.7% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Direct income capitalization | Current Capitalization Rate | 4.4% | 1.9% - 8.5% | Decrease | ||||||||||||||||||||||||||||||||||
Discounted cash flow | Exit Capitalization Rate | 5.6% | 2.9% - 9.0% | Decrease | ||||||||||||||||||||||||||||||||||
Unlevered Discount Rate | 6.4% | 2.6% - 18.0% | Decrease | |||||||||||||||||||||||||||||||||||
Equity Method - Other | $ | 1,537,962 | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 6.9% | 5.0% - 15.0% | Decrease | |||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 46.5% | 0.0% - 100.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 41.8% | 0.0% - 50.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 11.7% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 13.9x | 4.5x - 19.6x | Increase | ||||||||||||||||||||||||||||||||||
Enterprise Value/Forward EBITDA Multiple | 11.6x | 4.0x - 16.9x | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 10.8% | 7.5% - 14.9% | Decrease | ||||||||||||||||||||||||||||||||||
Enterprise Value/EBITDA Exit Multiple | 11.0x | 9.5x - 17.3x | Increase | |||||||||||||||||||||||||||||||||||
Other Investments | $ | 4,265,768 | (9) | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 8.3% | 5.0% - 15.0% | Decrease | ||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 16.9% | 0.0% - 100.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 52.2% | 0.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 30.9% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 9.7x | 0.6x - 21.5x | Increase | ||||||||||||||||||||||||||||||||||
Enterprise Value/Forward EBITDA Multiple | 11.9x | 5.3x - 19.1x | Increase |
Level III Assets | Fair Value December 31, 2023 | Valuation Methodologies & Inputs | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 11.8% | 5.9% - 43.2% | Decrease | ||||||||||||||||||||||||||||||||||
Enterprise Value/EBITDA Exit Multiple | 9.0x | 6.7x - 15.0x | Increase | |||||||||||||||||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | $ | 1,279,386 | Discounted cash flow | Discount Spread | 3.6% | 1.4% - 5.8% | Decrease | |||||||||||||||||||||||||||||||
Structured securities | $ | 82,010 | Discounted cash flow | Discount Spread | 3.6% | 3.1% - 6.3% | Decrease | |||||||||||||||||||||||||||||||
Constant Prepayment Rate | 6.8% | 5.0% - 15.0% | Increase/Decrease | |||||||||||||||||||||||||||||||||||
Constant Default Rate | 1.2% | 1.0% - 2.5% | Decrease | |||||||||||||||||||||||||||||||||||
Loss Severity | 100.0% | Decrease | ||||||||||||||||||||||||||||||||||||
Other investments | $ | 4,775,549 | Discounted cash flow | Vacancy rate | 2.1% | 0.0% - 2.5% | Decrease | |||||||||||||||||||||||||||||||
Discount rate | 6.1% | 5.0% - 7.0% | Decrease | |||||||||||||||||||||||||||||||||||
Terminal capitalization rate | 7.6% | 6.3% - 8.1% | Decrease | |||||||||||||||||||||||||||||||||||
Funds withheld receivable at interest | $ | 88,661 | Discounted cash flow | Duration/Weighted Average Life | 8.1 years | 0.0 years - 19.5 years | Increase | |||||||||||||||||||||||||||||||
Contractholder Persistency | 4.5% | 2.0% - 24.9% | Increase | |||||||||||||||||||||||||||||||||||
Instrument-specific credit risk | 0.8% | 0.6% - 0.9% | Decrease | |||||||||||||||||||||||||||||||||||
Reinsurance recoverable | $ | 926,035 | Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities. | Expense assumption | $17.5 | The average expense assumption is between $8.2 and $78.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%. | Increase | |||||||||||||||||||||||||||||||
Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities. | Expense risk margin | 9.4% | Decrease | |||||||||||||||||||||||||||||||||||
Cost of capital | 9.7% | 3.7% - 13.9% | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Mortality Rate | 5.5% | Increase | |||||||||||||||||||||||||||||||||||
Surrender Rate | 2.0% | Increase |
Level III Liabilities | Fair Value December 31, 2023 | Valuation Methodologies | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||||||||||||||||||||||||||
Closed block policy liabilities | $ | 968,554 | Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities. | Expense assumption | $17.5 | The average expense assumption is between $8.2 and $78.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%. | Increase | |||||||||||||||||||||||||||||||
Instrument-specific credit risk | 0.8% | 0.6% - 0.9% | Decrease | |||||||||||||||||||||||||||||||||||
Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities. | Expense Risk Margin | 9.4% | Decrease | |||||||||||||||||||||||||||||||||||
Cost of Capital | 9.7% | 3.7% - 13.9% | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Mortality Rate | 5.5% | Increase | |||||||||||||||||||||||||||||||||||
Surrender Rate | 2.0% | Increase | ||||||||||||||||||||||||||||||||||||
Funds withheld payable at interest | $ | (2,447,303) | Discounted cash flow | Duration/Weighted Average Life | 7.9 years | 0.0 years - 16.9 years | Decrease | |||||||||||||||||||||||||||||||
Contractholder Persistency | 4.5% | 2.0% - 24.9% | Decrease | |||||||||||||||||||||||||||||||||||
Instrument-specific credit risk | 0.8% | 0.6% - 0.9% | Decrease | |||||||||||||||||||||||||||||||||||
Embedded derivative – interest-sensitive life products | $ | 458,302 | Policy persistency is a significant unobservable input. | Lapse Rate | 3.3% | Decrease | ||||||||||||||||||||||||||||||||
Mortality Rate | 0.8% | Decrease | ||||||||||||||||||||||||||||||||||||
Future costs for options used to hedge the contract obligations | Option Budge Assumption | 3.8% | Increase | |||||||||||||||||||||||||||||||||||
Instrument-specific credit risk | 0.8% | 0.6% - 0.9% | Decrease | |||||||||||||||||||||||||||||||||||
Embedded derivative – annuity products | $ | 3,587,371 | Policyholder behavior is a significant unobservable input, including utilization and lapse. | Utilization: | ||||||||||||||||||||||||||||||||||
Fixed-indexed annuity | 3.1% | Decrease | ||||||||||||||||||||||||||||||||||||
Surrender Rate: | ||||||||||||||||||||||||||||||||||||||
Retail FIA | 13.3% | Decrease | ||||||||||||||||||||||||||||||||||||
Institutional FIA | 16.5% | Decrease | ||||||||||||||||||||||||||||||||||||
Mortality Rate: | ||||||||||||||||||||||||||||||||||||||
Retail FIA | 2.5% | Decrease | ||||||||||||||||||||||||||||||||||||
Institutional FIA | 2.1% | Decrease | ||||||||||||||||||||||||||||||||||||
Future costs for options used to hedge the contract obligations | Option Budge Assumption: | |||||||||||||||||||||||||||||||||||||
Retail RIA | 2.6% | Increase | ||||||||||||||||||||||||||||||||||||
Institutional FIA | 3.2% | Increase | ||||||||||||||||||||||||||||||||||||
Instrument-specific credit risk | 0.8% | 0.6% - 0.9% | Decrease |
Fair Value Hierarchy | |||||||||||||||||||||||||||||
As of December 31, 2023 | Carrying Value | Level I | Level II | Level III | Fair Value | ||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||
Mortgage and other loan receivables | $ | 38,480,525 | $ | — | $ | — | $ | 35,539,059 | $ | 35,539,059 | |||||||||||||||||||
Policy loans | 1,556,030 | — | — | 1,341,005 | 1,341,005 | ||||||||||||||||||||||||
FHLB common stock and other investments | 173,148 | — | — | 173,148 | 173,148 | ||||||||||||||||||||||||
Funds withheld receivables at interest | 2,624,984 | — | 2,624,984 | — | 2,624,984 | ||||||||||||||||||||||||
Cash and cash equivalents | 11,954,675 | 11,954,675 | — | — | 11,954,675 | ||||||||||||||||||||||||
Restricted cash and cash equivalents | 342,954 | 342,954 | — | — | 342,954 | ||||||||||||||||||||||||
Total financial assets | $ | 55,132,316 | $ | 12,297,629 | $ | 2,624,984 | $ | 37,053,212 | $ | 51,975,825 | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||
Policy liabilities - policyholder account balances | $ | 53,821,432 | $ | — | $ | 45,395,423 | $ | 6,966,991 | $ | 52,362,414 | |||||||||||||||||||
Funds withheld payables at interest | 36,786,825 | — | 36,786,825 | — | 36,786,825 | ||||||||||||||||||||||||
Debt obligations | 2,587,857 | — | — | 2,396,587 | 2,396,587 | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 1,358,434 | — | 1,358,434 | — | 1,358,434 | ||||||||||||||||||||||||
Total financial liabilities | $ | 94,554,548 | $ | — | $ | 83,540,682 | $ | 9,363,578 | $ | 92,904,260 |
Fair Value Hierarchy | |||||||||||||||||||||||||||||
As of December 31, 2022 | Carrying Value | Level I | Level II | Level III | Fair Value | ||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||
Mortgage and other loan receivables | $ | 34,303,183 | $ | — | $ | — | $ | 31,256,107 | $ | 31,256,107 | |||||||||||||||||||
Policy loans | 868,911 | — | — | 789,726 | 789,726 | ||||||||||||||||||||||||
FHLB common stock and other investments | 163,289 | — | — | 163,289 | 163,289 | ||||||||||||||||||||||||
Funds withheld receivables at interest | 2,855,251 | — | 2,855,251 | — | 2,855,251 | ||||||||||||||||||||||||
Cash and cash equivalents | 6,118,231 | 6,118,231 | — | — | 6,118,231 | ||||||||||||||||||||||||
Restricted cash and cash equivalents | 308,383 | 308,383 | — | — | 308,383 | ||||||||||||||||||||||||
Total financial assets | $ | 44,617,248 | $ | 6,426,614 | $ | 2,855,251 | $ | 32,209,122 | $ | 41,490,987 | |||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||
Policy liabilities - policyholder account balances | $ | 48,403,949 | $ | — | $ | 38,328,025 | $ | 7,383,537 | $ | 45,711,562 | |||||||||||||||||||
Funds withheld payables at interest | 26,227,183 | — | 26,227,183 | — | 26,227,183 | ||||||||||||||||||||||||
Debt obligations | 2,128,166 | — | — | 1,698,526 | 1,698,526 | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | 805,316 | — | 805,316 | — | 805,316 | ||||||||||||||||||||||||
Total financial liabilities | $ | 77,564,614 | $ | — | $ | 65,360,524 | $ | 9,082,063 | $ | 74,442,587 |
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Asset Management | |||||||||||
Credit | $ | 976,978 | $ | 1,121,775 | |||||||
Investments of Consolidated CFEs | 24,996,298 | 22,492,366 | |||||||||
Real Assets | 59,721 | 202,153 | |||||||||
Equity Method - Other | 2,283,588 | 2,943,387 | |||||||||
Other Investments | 153,597 | 88,046 | |||||||||
Total Asset Management | $ | 28,470,182 | $ | 26,847,727 | |||||||
Insurance | |||||||||||
Mortgage and other loan receivables | $ | 697,402 | $ | 787,515 | |||||||
Other investments | 232,877 | 335,168 | |||||||||
Reinsurance recoverable | 926,035 | 981,775 | |||||||||
Total Insurance | $ | 1,856,314 | $ | 2,104,458 | |||||||
Total Assets | $ | 30,326,496 | $ | 28,952,185 | |||||||
Liabilities | |||||||||||
Asset Management | |||||||||||
Debt Obligations of Consolidated CFEs | $ | 25,276,404 | $ | 22,273,242 | |||||||
Total Asset Management | $ | 25,276,404 | $ | 22,273,242 | |||||||
Insurance | |||||||||||
Policy liabilities | $ | 1,322,555 | $ | 1,410,951 | |||||||
Total Insurance | $ | 1,322,555 | $ | 1,410,951 | |||||||
Total Liabilities | $ | 26,598,959 | $ | 23,684,193 | |||||||
For the Year Ended December 31, 2023 | |||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||||||||
Assets | |||||||||||||||||
Asset Management | |||||||||||||||||
Credit | $ | (85,682) | $ | 66,109 | $ | (19,573) | |||||||||||
Investments of Consolidated CFEs | (104,196) | 1,019,063 | 914,867 | ||||||||||||||
Real Assets | 51,637 | (54,697) | (3,060) | ||||||||||||||
Equity Method - Other | 170,909 | 61,205 | 232,114 | ||||||||||||||
Other Investments | 1,455 | (813) | 642 | ||||||||||||||
Total Asset Management | $ | 34,123 | $ | 1,090,867 | $ | 1,124,990 | |||||||||||
Insurance | |||||||||||||||||
Mortgage and other loan receivables | $ | — | $ | (1,342) | $ | (1,342) | |||||||||||
Other investments | — | (65,414) | (65,414) | ||||||||||||||
Total Insurance | $ | — | $ | (66,756) | $ | (66,756) | |||||||||||
Total Assets | $ | 34,123 | $ | 1,024,111 | $ | 1,058,234 | |||||||||||
Liabilities | |||||||||||||||||
Asset Management | |||||||||||||||||
Debt Obligations of Consolidated CFEs | $ | (1,212) | $ | (1,015,491) | $ | (1,016,703) | |||||||||||
Total Asset Management | $ | (1,212) | $ | (1,015,491) | $ | (1,016,703) | |||||||||||
Insurance | |||||||||||||||||
Policy liabilities | $ | — | $ | 62,621 | $ | 62,621 | |||||||||||
Total Insurance | $ | — | $ | 62,621 | $ | 62,621 | |||||||||||
Total Liabilities | $ | (1,212) | $ | (952,870) | $ | (954,082) | |||||||||||
For the Year Ended December 31, 2022 | |||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||||||||
Assets | |||||||||||||||||
Asset Management | |||||||||||||||||
Credit | $ | (103,860) | $ | (9,326) | $ | (113,186) | |||||||||||
Investments of Consolidated CFEs | (69,234) | (1,437,482) | (1,506,716) | ||||||||||||||
Real Assets | 85 | 19,295 | 19,380 | ||||||||||||||
Equity Method - Other | (14,891) | (201,935) | (216,826) | ||||||||||||||
Other Investments | 6,657 | (9,927) | (3,270) | ||||||||||||||
Total Asset Management | $ | (181,243) | $ | (1,639,375) | $ | (1,820,618) | |||||||||||
Insurance | |||||||||||||||||
Mortgage and other loan receivables | $ | — | $ | (96,569) | $ | (96,569) | |||||||||||
Other investments | — | 153,109 | 153,109 | ||||||||||||||
Total Insurance | $ | — | $ | 56,540 | $ | 56,540 | |||||||||||
Total Assets | $ | (181,243) | $ | (1,582,835) | $ | (1,764,078) | |||||||||||
Liabilities | |||||||||||||||||
Asset Management | |||||||||||||||||
Debt Obligations of Consolidated CFEs | $ | (785) | $ | 1,175,161 | $ | 1,174,376 | |||||||||||
Total Asset Management | $ | (785) | $ | 1,175,161 | $ | 1,174,376 | |||||||||||
Insurance | |||||||||||||||||
Policy liabilities | $ | — | $ | 138,039 | $ | 138,039 | |||||||||||
Total Insurance | $ | — | $ | 138,039 | $ | 138,039 | |||||||||||
Total Liabilities | $ | (785) | $ | 1,313,200 | $ | 1,312,415 | |||||||||||
For the Year Ended December 31, 2021 | |||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||||||||
Assets | |||||||||||||||||
Asset Management | |||||||||||||||||
Credit | $ | 43,227 | $ | 19,833 | $ | 63,060 | |||||||||||
Investments of Consolidated CFEs | 62,075 | 134,174 | 196,249 | ||||||||||||||
Real Assets | (1,133) | 16,375 | 15,242 | ||||||||||||||
Equity Method - Other | 404,513 | (90,867) | 313,646 | ||||||||||||||
Other Investments | 15,816 | 26,639 | 42,455 | ||||||||||||||
Total Asset Management | $ | 524,498 | $ | 106,154 | $ | 630,652 | |||||||||||
Insurance | |||||||||||||||||
Mortgage and other loan receivables | $ | — | $ | (2,257) | $ | (2,257) | |||||||||||
Other investments | — | 490,607 | 490,607 | ||||||||||||||
Total Insurance | $ | — | $ | 488,350 | $ | 488,350 | |||||||||||
Total Assets | $ | 524,498 | $ | 594,504 | $ | 1,119,002 | |||||||||||
Liabilities | |||||||||||||||||
Asset Management | |||||||||||||||||
Debt Obligations of Consolidated CFEs | $ | 47,179 | $ | (72,376) | $ | (25,197) | |||||||||||
Total Asset Management | $ | 47,179 | $ | (72,376) | $ | (25,197) | |||||||||||
Insurance | |||||||||||||||||
Policy liabilities | $ | — | $ | 122,738 | $ | 122,738 | |||||||||||
Total Insurance | $ | — | $ | 122,738 | $ | 122,738 | |||||||||||
Total Liabilities | $ | 47,179 | $ | 50,362 | $ | 97,541 | |||||||||||
December 31, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
Deferred acquisition costs | $ | 1,154,697 | $ | 820,970 | |||||||
Value of business acquired | 1,252,984 | 1,316,529 | |||||||||
Cost-of-reinsurance intangibles | 2,043,143 | 193,995 | |||||||||
Total insurance intangibles | $ | 4,450,824 | $ | 2,331,494 |
Year ended December 31, 2023 | |||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Other | Total | |||||||||||||||||||||||||
Balance, as of the beginning of the period | $ | 221,679 | $ | 367,813 | $ | 116,021 | $ | 115,457 | $ | 820,970 | |||||||||||||||||||
Capitalizations | 218,243 | 175,869 | 23,592 | 66,458 | 484,162 | ||||||||||||||||||||||||
Amortization expense | (66,059) | (61,712) | (7,534) | (15,130) | (150,435) | ||||||||||||||||||||||||
Balance, as of the end of the period | $ | 373,863 | $ | 481,970 | $ | 132,079 | $ | 166,785 | $ | 1,154,697 |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Other | Total | |||||||||||||||||||||||||
Balance, as of the beginning of the period | $ | 107,104 | $ | 179,449 | $ | 54,298 | $ | 56,730 | $ | 397,581 | |||||||||||||||||||
Capitalizations | 144,635 | 220,866 | 67,892 | 69,515 | 502,908 | ||||||||||||||||||||||||
Amortization expense | (30,060) | (32,502) | (6,169) | (10,788) | (79,519) | ||||||||||||||||||||||||
Balance, as of the end of the period | $ | 221,679 | $ | 367,813 | $ | 116,021 | $ | 115,457 | $ | 820,970 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Other | Total | |||||||||||||||||||||||||
Balance, as of the beginning of the period | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Capitalizations | 116,231 | 187,301 | 55,636 | 59,427 | 418,595 | ||||||||||||||||||||||||
Amortization expense | (9,127) | (7,852) | (1,338) | (2,697) | (21,014) | ||||||||||||||||||||||||
Balance, as of the end of the period | $ | 107,104 | $ | 179,449 | $ | 54,298 | $ | 56,730 | $ | 397,581 |
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Variable annuities | Other | Total | ||||||||||||||||||||||||||||||
Balance, as of the beginning of the period | $ | 48,762 | $ | 663,296 | $ | 276,795 | $ | 241,778 | $ | 85,898 | $ | 1,316,529 | |||||||||||||||||||||||
Amortization expense | (3,840) | (41,924) | (13,853) | 3,264 | (7,192) | (63,545) | |||||||||||||||||||||||||||||
Balance, as of the end of the period | $ | 44,922 | $ | 621,372 | $ | 262,942 | $ | 245,042 | $ | 78,706 | $ | 1,252,984 |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Variable annuities | Other | Total | ||||||||||||||||||||||||||||||
Balance, as of the beginning of the period | $ | 52,723 | $ | 709,271 | $ | 292,323 | $ | 269,172 | $ | 94,479 | $ | 1,417,968 | |||||||||||||||||||||||
Amortization expense | (3,961) | (45,975) | (15,528) | (27,394) | (8,581) | (101,439) | |||||||||||||||||||||||||||||
Balance, as of the end of the period | $ | 48,762 | $ | 663,296 | $ | 276,795 | $ | 241,778 | $ | 85,898 | $ | 1,316,529 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Variable annuities | Other | Total | ||||||||||||||||||||||||||||||
Balance, as of the beginning of the period | $ | 56,563 | $ | 756,519 | $ | 307,908 | $ | 294,987 | $ | 101,338 | $ | 1,517,315 | |||||||||||||||||||||||
Amortization expense | (3,840) | (47,248) | (15,585) | (25,815) | (6,859) | (99,347) | |||||||||||||||||||||||||||||
Balance, as of the end of the period | $ | 52,723 | $ | 709,271 | $ | 292,323 | $ | 269,172 | $ | 94,479 | $ | 1,417,968 |
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Variable annuities | Other | Total | ||||||||||||||||||||||||||||||
Balance, as of the beginning of the period | $ | 98,342 | $ | 145,610 | $ | 461,592 | $ | 99,776 | $ | 198,804 | $ | 1,004,124 | |||||||||||||||||||||||
Amortization expense | (32,376) | (39,072) | (40,379) | (8,481) | (15,884) | (136,192) | |||||||||||||||||||||||||||||
Balance, as of the end of the period | $ | 65,966 | $ | 106,538 | $ | 421,213 | $ | 91,295 | $ | 182,920 | $ | 867,932 |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Variable annuities | Other | Total | ||||||||||||||||||||||||||||||
Balance, as of the beginning of the period | $ | 136,227 | $ | 184,664 | $ | 500,264 | $ | 109,826 | $ | 211,296 | $ | 1,142,277 | |||||||||||||||||||||||
Amortization expense | (37,885) | (39,054) | (38,672) | (10,050) | (12,492) | (138,153) | |||||||||||||||||||||||||||||
Balance, as of the end of the period | $ | 98,342 | $ | 145,610 | $ | 461,592 | $ | 99,776 | $ | 198,804 | $ | 1,004,124 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Variable annuities | Other | Total | ||||||||||||||||||||||||||||||
Balance, as of the beginning of the period | $ | 180,769 | $ | 222,135 | $ | 550,738 | $ | 119,122 | $ | 226,485 | $ | 1,299,249 | |||||||||||||||||||||||
Amortization expense | (44,542) | (37,471) | (50,474) | (9,296) | (15,189) | (156,972) | |||||||||||||||||||||||||||||
Balance, as of the end of the period | $ | 136,227 | $ | 184,664 | $ | 500,264 | $ | 109,826 | $ | 211,296 | $ | 1,142,277 |
Years | VOBA | Negative VOBA | Total, net | ||||||||||||||
2024 | $ | 84,836 | $ | (103,411) | $ | (18,575) | |||||||||||
2025 | 80,544 | (83,505) | (2,961) | ||||||||||||||
2026 | 75,528 | (68,168) | 7,360 | ||||||||||||||
2027 | 71,497 | (57,616) | 13,881 | ||||||||||||||
2028 | 67,669 | (49,748) | 17,921 | ||||||||||||||
Thereafter | 872,910 | (505,484) | 367,426 | ||||||||||||||
Total | $ | 1,252,984 | $ | (867,932) | $ | 385,052 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Preneed | |||||||||||||||||
Balance, as of the beginning of the period | $ | 118,186 | $ | 55,510 | $ | — | |||||||||||
Deferral | 71,798 | 69,548 | 57,649 | ||||||||||||||
Amortized to income during the year | (11,931) | (6,872) | (2,139) | ||||||||||||||
Balance, as of the end of the period | $ | 178,053 | $ | 118,186 | $ | 55,510 |
December 31, 2023 | December 31, 2022 | ||||||||||
Policy liabilities: | |||||||||||
Direct | $ | 75,715,857 | $ | 71,833,991 | |||||||
Assumed | 84,342,414 | 65,946,938 | |||||||||
Total policy liabilities | 160,058,271 | 137,780,929 | |||||||||
Ceded(1) | (35,773,958) | (25,755,283) | |||||||||
Net policy liabilities | $ | 124,284,313 | $ | 112,025,646 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
A.M. Best Rating(1) | Reinsurance recoverable and funds withheld receivable at interest(2) | Credit enhancements(3) | Net reinsurance credit exposure(4) | Reinsurance recoverable and funds withheld receivable at interest(2) | Credit enhancements(3) | Net reinsurance credit exposure(4) | |||||||||||||||||||||||||||||
A++ | $ | 38,857 | $ | — | $ | 38,857 | $ | 55,630 | $ | — | $ | 55,630 | |||||||||||||||||||||||
A+ | 1,801,954 | — | 1,801,954 | 1,883,864 | — | 1,883,864 | |||||||||||||||||||||||||||||
A | 2,212,800 | — | 2,212,800 | 2,462,963 | — | 2,462,963 | |||||||||||||||||||||||||||||
A- | 4,430,484 | 3,814,976 | 615,508 | 4,780,165 | 4,197,739 | 582,426 | |||||||||||||||||||||||||||||
B++ | 589 | — | 589 | 37,939 | — | 37,939 | |||||||||||||||||||||||||||||
B+ | — | — | — | — | — | — | |||||||||||||||||||||||||||||
B | — | — | — | — | — | — | |||||||||||||||||||||||||||||
B- | — | — | — | (221) | — | — | |||||||||||||||||||||||||||||
C++/C+ | (228) | — | — | — | — | — | |||||||||||||||||||||||||||||
Not rated or private rating(5) | 30,859,068 | 30,210,350 | 648,718 | 19,691,984 | 18,541,678 | 1,150,306 | |||||||||||||||||||||||||||||
Total | $ | 39,343,524 | $ | 34,025,326 | $ | 5,318,426 | $ | 28,912,324 | $ | 22,739,417 | $ | 6,173,128 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net premiums: | |||||||||||||||||
Direct | $ | 118,535 | $ | 111,602 | $ | 107,733 | |||||||||||
Assumed(1) | 4,138,758 | 2,413,234 | 4,573,925 | ||||||||||||||
Ceded | (2,281,618) | (1,342,375) | (2,455,580) | ||||||||||||||
Net premiums | $ | 1,975,675 | $ | 1,182,461 | $ | 2,226,078 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Policy fees: | |||||||||||||||||
Direct | $ | 912,931 | $ | 950,702 | $ | 850,062 | |||||||||||
Assumed(1) | 442,085 | 328,528 | 288,870 | ||||||||||||||
Ceded | (94,767) | (17,509) | (1,127) | ||||||||||||||
Net policy fees | $ | 1,260,249 | $ | 1,261,721 | $ | 1,137,805 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net policy benefits and claims: | |||||||||||||||||
Direct | $ | 3,406,055 | $ | 812,961 | $ | 1,986,661 | |||||||||||
Assumed(1) | 5,922,927 | 3,255,354 | 5,613,319 | ||||||||||||||
Ceded | (2,966,725) | (1,710,077) | (2,783,101) | ||||||||||||||
Net policy benefits and claims | $ | 6,362,257 | $ | 2,358,238 | $ | 4,816,879 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic | $ | 3,680,514 | $ | (590,664) | $ | 4,626,759 | |||||||||||
(+) Series C Mandatory Convertible Preferred Dividend (if dilutive) (1) | 51,747 | — | 69,000 | ||||||||||||||
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted | $ | 3,732,261 | $ | (590,664) | $ | 4,695,759 | |||||||||||
Basic Net Income (Loss) Per Share of Common Stock | |||||||||||||||||
Weighted Average Shares of Common Stock Outstanding - Basic | 867,496,813 | 749,504,970 | 582,258,984 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Basic | $ | 4.24 | $ | (0.79) | $ | 7.95 | |||||||||||
Diluted Net Income (Loss) Per Share of Common Stock | |||||||||||||||||
Weighted Average Shares of Common Stock Outstanding - Basic | 867,496,813 | 749,504,970 | 582,258,984 | ||||||||||||||
Incremental Common Shares: | |||||||||||||||||
Assumed vesting of dilutive equity awards (2) | 25,294,958 | — | 24,011,281 | ||||||||||||||
Assumed conversion of Series C Mandatory Convertible Preferred Stock (1) | 18,995,662 | — | 26,822,600 | ||||||||||||||
Weighted Average Shares of Common Stock Outstanding - Diluted | 911,787,433 | 749,504,970 | 633,092,865 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted | $ | 4.09 | $ | (0.79) | $ | 7.42 | |||||||||||
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Weighted Average KKR Holdings Units | — | 107,018,025 | 271,719,976 | ||||||||||||||
Weighted Average Vested Restricted Holdings Units | 3,675,345 | 2,250,186 | 1,190,590 | ||||||||||||||
Total | 3,675,345 | 109,268,211 | 272,910,566 |
December 31, 2023 | December 31, 2022 | ||||||||||
Asset Management | |||||||||||
Unsettled Investment Sales (1) | $ | 271,544 | $ | 90,072 | |||||||
Receivables | 55,602 | 26,119 | |||||||||
Due from Broker (2) | 76,075 | 160,533 | |||||||||
Deferred Tax Assets, net (See Note 18) | 48,580 | 54,769 | |||||||||
Interest Receivable | 351,999 | 223,660 | |||||||||
Fixed Assets, net (3) | 863,096 | 857,903 | |||||||||
Foreign Exchange Contracts and Options (4) | 264,621 | 668,716 | |||||||||
Goodwill (5) | 558,279 | 594,270 | |||||||||
Intangible Assets (6) | 1,624,648 | 1,747,891 | |||||||||
Derivative Assets | 4,792 | 7,519 | |||||||||
Prepaid Taxes | 211,966 | 68,107 | |||||||||
Prepaid Expenses | 56,828 | 48,233 | |||||||||
358,684 | 344,022 | ||||||||||
Deferred Financing Costs | 19,213 | 16,382 | |||||||||
Other | 209,296 | 289,430 | |||||||||
Total Asset Management | $ | 4,975,223 | $ | 5,197,626 | |||||||
Insurance | |||||||||||
Unsettled Investment Sales(1) and Derivative Collateral Receivables | $ | 27,562 | $ | 663,280 | |||||||
Deferred Tax Assets, net | 2,273,757 | 2,272,153 | |||||||||
Derivative Assets | 45,694 | 724,390 | |||||||||
Accrued Investment Income | 1,220,781 | 1,130,103 | |||||||||
Goodwill | 501,496 | 501,496 | |||||||||
Intangible Assets and Deferred Sales Inducements(8) | 258,529 | 276,176 | |||||||||
172,955 | 175,035 | ||||||||||
Premiums and Other Account Receivables | 188,136 | 141,551 | |||||||||
Other | 152,486 | 121,114 | |||||||||
Prepaid Taxes | 42,294 | 22,851 | |||||||||
Market Risk Benefit Asset | 17 | 13,180 | |||||||||
Total Insurance | $ | 4,883,707 | $ | 6,041,329 | |||||||
Total Other Assets | $ | 9,858,930 | $ | 11,238,955 |
December 31, 2023 | December 31, 2022 | ||||||||||
Asset Management | |||||||||||
Amounts Payable to Carry Pool (1) | $ | 2,664,694 | $ | 1,872,568 | |||||||
Unsettled Investment Purchases (2) | 574,986 | 416,822 | |||||||||
Securities Sold Short (3) | 149,136 | 158,752 | |||||||||
Derivative Liabilities | 2,382 | 11,018 | |||||||||
Accrued Compensation and Benefits | 210,625 | 265,712 | |||||||||
Interest Payable | 492,501 | 363,849 | |||||||||
Foreign Exchange Contracts and Options (4) | 441,608 | 406,746 | |||||||||
Accounts Payable and Accrued Expenses | 221,851 | 216,688 | |||||||||
Taxes Payable | 39,255 | 136,245 | |||||||||
Uncertain Tax Positions | 23,579 | 56,032 | |||||||||
Unfunded Revolver Commitments | 94,683 | 137,315 | |||||||||
360,852 | 347,901 | ||||||||||
Deferred Tax Liabilities, net (See Note 18) | 2,370,118 | 1,667,740 | |||||||||
Other Liabilities | 72,145 | 414,387 | |||||||||
Total Asset Management | $ | 7,718,415 | $ | 6,471,775 | |||||||
Insurance | |||||||||||
Unsettled Investment Purchases(2) and Derivative Collateral Liabilities | $ | 205,669 | $ | 675,312 | |||||||
Accrued Expenses | 607,262 | 600,633 | |||||||||
Insurance Operations Balances in Course of Settlement | 250,367 | 949,383 | |||||||||
Securities Sold Under Agreements to Repurchase | 1,358,434 | 805,316 | |||||||||
Derivative Liabilities | 146,197 | 934,107 | |||||||||
Accrued Employee Related Expenses | 370,984 | 322,698 | |||||||||
193,566 | 195,001 | ||||||||||
Tax Payable to Former Parent Company | 62,545 | 67,086 | |||||||||
Interest Payable | 15,894 | 13,329 | |||||||||
Accounts and Commissions Payable | 32,104 | 25,261 | |||||||||
Other Tax Related Liabilities | 12,984 | 12,249 | |||||||||
Total Insurance | $ | 3,256,006 | $ | 4,600,375 | |||||||
Total Accrued Expenses and Other Liabilities | $ | 10,974,421 | $ | 11,072,150 | |||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Investments - Asset Management | $ | 7,877,904 | $ | 6,862,712 | |||||||
Due from (to) Affiliates, net - Asset Management | 1,097,939 | 1,356,308 | |||||||||
Maximum Exposure to Loss - Asset Management | $ | 8,975,843 | $ | 8,219,020 | |||||||
Other Investment Partnerships - Insurance | $ | 169,265 | $ | 295,808 | |||||||
Investment in Renewable Energy - Insurance | 55,485 | 30,177 | |||||||||
Maximum Exposure to Loss - Insurance | $ | 224,750 | $ | 325,985 | |||||||
Total Maximum Exposure to Loss | $ | 9,200,593 | $ | 8,545,005 | |||||||
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Financing Available | Borrowing Outstanding | Fair Value | Financing Available | Borrowing Outstanding | Fair Value | |||||||||||||||||||||||||||||||||
Revolving Credit Facilities: | ||||||||||||||||||||||||||||||||||||||
Corporate Credit Agreement | $ | 1,500,000 | $ | — | $ | — | $ | 1,500,000 | $ | — | $ | — | ||||||||||||||||||||||||||
KCM Credit Agreement (1) | 736,492 | — | — | 723,132 | — | — | ||||||||||||||||||||||||||||||||
KCM 364-Day Revolving Credit Agreement | 750,000 | — | — | 750,000 | — | — | ||||||||||||||||||||||||||||||||
Notes Issued: (2) | ||||||||||||||||||||||||||||||||||||||
KKR ¥25 billion (or $177.3 million) 0.509% Notes Due 2023 (8) | (5) | — | — | — | — | 189,432 | 189,447 | |||||||||||||||||||||||||||||||
KKR ¥5 billion (or $35.5 million) 0.764% Notes Due 2025 | (5) | — | 35,316 | 35,390 | — | 37,646 | 37,625 | |||||||||||||||||||||||||||||||
KKR ¥36.4 billion (or $258.1 million) 1.054% Notes Due 2027 | (5) | — | 257,132 | 255,840 | — | 274,628 | 271,081 | |||||||||||||||||||||||||||||||
KKR ¥44.7 billion (or $317.0 million) 1.428% Notes Due 2028 | (5) | — | 315,599 | 315,217 | — | — | — | |||||||||||||||||||||||||||||||
KKR €650 million (or $717.4 million) 1.625% Notes Due 2029 | (5) | — | 712,331 | 646,248 | — | 687,928 | 565,003 | |||||||||||||||||||||||||||||||
KKR $750 million 3.750% Notes Due 2029 (7) | (5) | — | 726,331 | 684,323 | — | 744,222 | 675,413 | |||||||||||||||||||||||||||||||
KKR ¥4.9 billion (or $34.7 million) 1.244% Notes Due 2029 | (5) | — | 34,339 | 33,985 | — | 36,657 | 36,020 | |||||||||||||||||||||||||||||||
KKR ¥1.8 billion (or $12.8 million) 1.614% Notes Due 2030 | (5) | — | 12,448 | 12,514 | — | — | — | |||||||||||||||||||||||||||||||
KKR $750 million 4.850% Notes Due 2032 | (5) | — | 742,545 | 733,163 | — | 741,655 | 701,610 | |||||||||||||||||||||||||||||||
KKR ¥6.2 billion (or $44.0 million) 1.437% Notes Due 2032 | (5) | — | 43,461 | 42,155 | — | 46,431 | 44,800 | |||||||||||||||||||||||||||||||
KKR ¥1.5 billion (or $10.6 million) 1.939% Notes Due 2033 | (5) | — | 10,316 | 10,322 | — | — | — | |||||||||||||||||||||||||||||||
KKR ¥7.5 billion (or $53.2 million) 1.553% Notes Due 2034 | (5) | — | 52,595 | 49,937 | — | 56,204 | 53,477 | |||||||||||||||||||||||||||||||
KKR ¥5.5 billion (or $39.0 million) 1.795% Notes Due 2037 | (5) | — | 38,450 | 35,742 | — | 41,097 | 38,550 | |||||||||||||||||||||||||||||||
KKR ¥10.3 billion (or $73.0 million) 1.595% Notes Due 2038 | (5) | — | 72,161 | 64,646 | — | 77,134 | 69,565 | |||||||||||||||||||||||||||||||
KKR ¥3 billion (or $21.3 million) 2.312% Notes Due 2038 | (5) | — | 20,874 | 20,272 | — | — | — | |||||||||||||||||||||||||||||||
KKR $500 million 5.500% Notes Due 2043 (7) | (5) | — | 490,728 | 475,022 | — | 490,494 | 455,287 | |||||||||||||||||||||||||||||||
KKR ¥4.5 billion (or $31.9 million) 2.574% Notes Due 2043 | (5) | — | 31,413 | 29,723 | — | — | — | |||||||||||||||||||||||||||||||
KKR $1 billion 5.125% Notes Due 2044 (7) | (5) | — | 963,674 | 887,286 | — | 964,726 | 845,944 | |||||||||||||||||||||||||||||||
KKR $500 million 3.625% Notes Due 2050 | (5) | — | 493,020 | 358,580 | — | 492,753 | 343,490 | |||||||||||||||||||||||||||||||
KKR $750 million 3.500% Notes Due 2050 (7) | (5) | — | 734,437 | 527,183 | — | 736,451 | 503,862 | |||||||||||||||||||||||||||||||
KKR $750 million 3.250% Notes Due 2051 | (5) | — | 740,184 | 516,038 | — | 739,832 | 475,920 | |||||||||||||||||||||||||||||||
KKR ¥6 billion (or $42.5 million) 2.747% Notes Due 2053 | (5) | — | 41,929 | 37,801 | — | — | — | |||||||||||||||||||||||||||||||
KKR $500 million 4.625% Notes Due 2061 | (6) | — | 486,755 | 377,400 | — | 486,399 | 340,400 | |||||||||||||||||||||||||||||||
KFN $500 million 5.500% Notes Due 2032 | (3) | — | 495,997 | 455,340 | — | 495,511 | 417,551 | |||||||||||||||||||||||||||||||
KFN $120 million 5.200% Notes Due 2033 | (3) | — | 118,895 | 106,030 | — | 118,773 | 96,502 | |||||||||||||||||||||||||||||||
KFN $70 million 5.400% Notes Due 2033 | (3) | — | 69,140 | 62,648 | — | 69,048 | 57,042 | |||||||||||||||||||||||||||||||
KFN Issued Junior Subordinated Notes (4) | (3) | — | 238,801 | 208,902 | — | 237,471 | 189,673 | |||||||||||||||||||||||||||||||
2,986,492 | 7,978,871 | 6,981,707 | 2,973,132 | 7,764,492 | 6,408,262 | |||||||||||||||||||||||||||||||||
Other Debt Obligations(1)(7) | 6,618,692 | 36,907,999 | 36,699,920 | 4,837,893 | 32,834,121 | 32,649,546 | ||||||||||||||||||||||||||||||||
$ | 9,605,184 | $ | 44,886,870 | $ | 43,681,627 | $ | 7,811,025 | $ | 40,598,613 | $ | 39,057,808 |
December 31, 2023 | December 31, 2022 | ||||||||||
KKR Issued 0.509% Notes Due 2023 | $ | — | $ | 68 | |||||||
KKR Issued 0.764% Notes Due 2025 | 140 | 254 | |||||||||
KKR Issued 1.054% Notes Due 2027 | 987 | 1,284 | |||||||||
KKR Issued 1.428% Notes Due 2028 | 1,377 | — | |||||||||
KKR Issued 1.625% Notes Due 2029 | 3,301 | 3,914 | |||||||||
KKR Issued 3.750% Notes Due 2029 | 3,534 | 4,177 | |||||||||
KKR Issued 1.244% Notes Due 2029 | 408 | 485 | |||||||||
KKR Issued 1.614% Notes Due 2030 | 316 | — | |||||||||
KKR Issued 4.850% Notes Due 2032 | 5,237 | 5,862 | |||||||||
KKR Issued 1.437% Notes Due 2032 | 504 | 565 | |||||||||
KKR Issued 1.939% Notes Due 2033 | 321 | — | |||||||||
KKR Issued 1.553% Notes Due 2034 | 589 | 646 | |||||||||
KKR Issued 1.795% Notes Due 2037 | 552 | 593 | |||||||||
KKR Issued 1.595% Notes Due 2038 | 879 | 940 | |||||||||
KKR Issued 2.312% Notes Due 2038 | 400 | — | |||||||||
KKR Issued 5.500% Notes Due 2043 | 2,831 | 2,979 | |||||||||
KKR Issued 2.574% Notes Due 2043 | 497 | — | |||||||||
KKR Issued 5.125% Notes Due 2044 | 6,420 | 6,736 | |||||||||
KKR Issued 3.625% Notes Due 2050 | 4,688 | 4,867 | |||||||||
KKR Issued 3.500% Notes Due 2050 | 6,965 | 7,226 | |||||||||
KKR Issued 3.250% Notes Due 2051 | 7,553 | 7,824 | |||||||||
KKR Issued 2.747% Notes Due 2053 | 618 | — | |||||||||
KKR Issued 4.625% Notes Due 2061 | 13,245 | 13,601 | |||||||||
KFN Issued 5.500% Notes Due 2032 | 4,143 | 4,548 | |||||||||
KFN Issued 5.200% Notes Due 2033 | 1,146 | 1,243 | |||||||||
KFN Issued 5.400% Notes Due 2033 | 890 | 964 | |||||||||
$ | 67,541 | $ | 68,776 |
Financing Available | Borrowing Outstanding | Fair Value | Weighted Average Interest Rate | Weighted Average Remaining Maturity in Years | |||||||||||||||||||||||||
Financing Facilities of Consolidated Funds and Other (1) | $ | 6,618,692 | $ | 11,631,595 | $ | 11,423,516 | 6.2% | 5.2 | |||||||||||||||||||||
Debt Obligations of Consolidated CLOs | — | 25,276,404 | 25,276,404 | (2) | 9.3 | ||||||||||||||||||||||||
$ | 6,618,692 | $ | 36,907,999 | $ | 36,699,920 |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Financing Available | Borrowing Outstanding | Fair Value(2) | Financing Available | Borrowing Outstanding | Fair Value(2) | ||||||||||||||||||||||||||||||
Revolving Credit Facilities: | |||||||||||||||||||||||||||||||||||
Global Atlantic revolving credit facility, due August 2026 | $ | 800,000 | $ | 200,000 | $ | 200,000 | $ | 600,000 | $ | 400,000 | $ | 400,000 | |||||||||||||||||||||||
Notes Issued and Others: | |||||||||||||||||||||||||||||||||||
Global Atlantic senior notes, due October 2029 | 500,000 | 460,850 | 500,000 | 419,550 | |||||||||||||||||||||||||||||||
Global Atlantic senior notes, due June 2031 | 650,000 | 533,130 | 650,000 | 478,335 | |||||||||||||||||||||||||||||||
Global Atlantic senior notes, due June 2033 | 650,000 | 721,175 | — | — | |||||||||||||||||||||||||||||||
Global Atlantic subordinated debentures, due October 2051 | 750,000 | 643,575 | 750,000 | 572,475 | |||||||||||||||||||||||||||||||
2,750,000 | $ | 2,558,730 | 2,300,000 | $ | 1,870,360 | ||||||||||||||||||||||||||||||
Purchase accounting adjustments(1) | 40,173 | 43,285 | |||||||||||||||||||||||||||||||||
Debt issuance costs, net of accumulated amortization | (36,499) | (17,623) | |||||||||||||||||||||||||||||||||
Fair value loss of hedged debt obligations, recognized in earnings | (165,817) | (197,496) | |||||||||||||||||||||||||||||||||
$ | 2,587,857 | $ | 2,128,166 |
Scheduled principal payments for Asset Management debt obligations at December 31, 2023 are as follows: | |||||||||||||||||||||||
Revolving Credit Facilities | Notes Issued | Other Debt Obligations | Total | ||||||||||||||||||||
2024 | — | — | 3,617,425 | 3,617,425 | |||||||||||||||||||
2025 | — | 35,456 | 318,191 | 353,647 | |||||||||||||||||||
2026 | — | — | 1,129,095 | 1,129,095 | |||||||||||||||||||
2027 | — | 258,119 | 519,240 | 777,359 | |||||||||||||||||||
2028 | — | 316,976 | 991,662 | 1,308,638 | |||||||||||||||||||
Thereafter | — | 7,470,916 | 30,630,598 | 38,101,514 | |||||||||||||||||||
$ | — | $ | 8,081,467 | $ | 37,206,211 | $ | 45,287,678 | ||||||||||||||||
Scheduled principal payments for Insurance debt obligations at December 31, 2023 are as follows: | |||||||||||||||||||||||
Revolving Credit Facilities | Notes Issued | Other Debt Obligations | Total | ||||||||||||||||||||
2024 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
2025 | — | — | — | — | |||||||||||||||||||
2026 | 200,000 | — | — | 200,000 | |||||||||||||||||||
2027 | — | — | — | — | |||||||||||||||||||
2028 | — | — | — | — | |||||||||||||||||||
Thereafter | — | 2,550,000 | — | 2,550,000 | |||||||||||||||||||
$ | 200,000 | $ | 2,550,000 | $ | — | $ | 2,750,000 |
December 31, 2023 | December 31, 2022 | ||||||||||
Policyholders’ account balances | $ | 125,187,354 | $ | 112,281,236 | |||||||
Liability for future policy benefits | 17,823,750 | 14,445,920 | |||||||||
Additional liability for annuitization, death, or other insurance benefits | 7,129,785 | 4,970,969 | |||||||||
Market risk benefit liability | 1,120,968 | 682,038 | |||||||||
Other policy-related liabilities(1) | 8,796,414 | 5,400,766 | |||||||||
Total policy liabilities | $ | 160,058,271 | $ | 137,780,929 |
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Funding agreements | Other(1) | Total | ||||||||||||||||||||||||||||||
Balance as of beginning of period | $ | 48,510,703 | $ | 29,123,926 | $ | 17,397,185 | $ | 7,535,489 | $ | 9,713,933 | $ | 112,281,236 | |||||||||||||||||||||||
Issuances and premiums received | 16,604,445 | 4,891,428 | 5,824,786 | 510,000 | 675,340 | 28,505,999 | |||||||||||||||||||||||||||||
Benefit payments, surrenders, and withdrawals | (9,493,423) | (4,234,383) | (917,240) | (1,415,763) | (1,585,439) | (17,646,248) | |||||||||||||||||||||||||||||
Interest(2) | 1,483,545 | 533,127 | 497,919 | 226,394 | 303,026 | 3,044,011 | |||||||||||||||||||||||||||||
Other activity(3) | (342,534) | (145,653) | (833,597) | 159,878 | 164,262 | (997,644) | |||||||||||||||||||||||||||||
Balance as of end of period | $ | 56,762,736 | $ | 30,168,445 | $ | 21,969,053 | $ | 7,015,998 | $ | 9,271,122 | $ | 125,187,354 | |||||||||||||||||||||||
Less: reinsurance recoverable | (10,279,657) | (3,191,151) | (7,190,573) | — | (3,021,333) | (23,682,714) | |||||||||||||||||||||||||||||
Balance as of end of period, net of reinsurance recoverable | $ | 46,483,079 | $ | 26,977,294 | $ | 14,778,480 | $ | 7,015,998 | $ | 6,249,789 | $ | 101,504,640 | |||||||||||||||||||||||
Average interest rate | 3.36 | % | 2.15 | % | 3.28 | % | 3.12 | % | 2.74 | % | 2.94 | % | |||||||||||||||||||||||
Net amount at risk, gross of reinsurance(4) | $ | — | $ | — | $ | 135,840,650 | $ | — | $ | 1,168,689 | $ | 137,009,339 | |||||||||||||||||||||||
Cash surrender value(5) | $ | 43,590,426 | $ | 28,429,388 | $ | 15,161,982 | $ | — | $ | 4,659,916 | $ | 91,841,712 |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Fixed rate annuities | Fixed indexed annuities | Interest sensitive life | Funding agreements | Other(1) | Total | ||||||||||||||||||||||||||||||
Balance as of beginning of period | $ | 42,408,740 | $ | 25,204,787 | $ | 17,391,996 | $ | 6,014,553 | $ | 6,624,562 | $ | 97,644,638 | |||||||||||||||||||||||
Issuances and premiums received | 11,930,479 | 6,048,967 | 1,080,292 | 3,118,776 | 3,733,841 | 25,912,355 | |||||||||||||||||||||||||||||
Benefit payments, surrenders, and withdrawals | (6,555,890) | (2,408,735) | (712,204) | (1,338,392) | (862,341) | (11,877,562) | |||||||||||||||||||||||||||||
Interest(2) | 1,024,872 | 323,086 | 506,836 | 132,590 | 228,452 | 2,215,836 | |||||||||||||||||||||||||||||
Other activity(3) | (297,498) | (44,179) | (869,735) | (392,038) | (10,581) | (1,614,031) | |||||||||||||||||||||||||||||
Balance as of end of period | $ | 48,510,703 | $ | 29,123,926 | $ | 17,397,185 | $ | 7,535,489 | $ | 9,713,933 | $ | 112,281,236 | |||||||||||||||||||||||
Less: reinsurance recoverable | (6,704,792) | (3,525,320) | (3,469,319) | — | (3,061,609) | (16,761,040) | |||||||||||||||||||||||||||||
Balance as of end of period, net of reinsurance recoverable | $ | 41,805,911 | $ | 25,598,606 | $ | 13,927,866 | $ | 7,535,489 | $ | 6,652,324 | $ | 95,520,196 | |||||||||||||||||||||||
Average interest rate | 2.58 | % | 1.46 | % | 3.09 | % | 1.98 | % | 2.84 | % | 2.13 | % | |||||||||||||||||||||||
Net amount at risk, gross of reinsurance(4) | $ | — | $ | — | $ | 81,049,075 | $ | — | $ | 1,187,719 | $ | 82,236,794 | |||||||||||||||||||||||
Cash surrender value(5) | $ | 39,035,216 | $ | 25,924,670 | $ | 12,907,551 | $ | — | $ | 5,022,020 | $ | 82,889,457 |
Years Ended | |||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Payout annuities(1) | Other(2) | Total | Payout annuities(1) | Other(2) | Total | ||||||||||||||||||||||||||||||
Present value of expected net premiums | |||||||||||||||||||||||||||||||||||
Balance as of beginning of the period | $ | — | $ | (255,401) | $ | (255,401) | $ | — | $ | (329,716) | $ | (329,716) | |||||||||||||||||||||||
Balance at original discount rate | $ | — | $ | (308,674) | $ | (308,674) | $ | — | $ | (334,780) | $ | (334,780) | |||||||||||||||||||||||
Effect of changes in cash flow assumptions | — | 43,842 | 43,842 | — | 5,226 | 5,226 | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience | — | (4,839) | (4,839) | — | (9,738) | (9,738) | |||||||||||||||||||||||||||||
Adjusted beginning of period balance | — | (269,671) | (269,671) | — | (339,292) | (339,292) | |||||||||||||||||||||||||||||
Interest | (4,314) | (4,314) | — | (4,768) | (4,768) | ||||||||||||||||||||||||||||||
Net premiums collected | — | 32,927 | 32,927 | — | 35,386 | 35,386 | |||||||||||||||||||||||||||||
Ending balance at original discount rate | — | (241,058) | (241,058) | — | (308,674) | (308,674) | |||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | — | 32,688 | 32,688 | — | 53,273 | 53,273 | |||||||||||||||||||||||||||||
Balance as of the end of the period | $ | — | $ | (208,370) | $ | (208,370) | $ | — | $ | (255,401) | $ | (255,401) | |||||||||||||||||||||||
Present value of expected future policy benefits | |||||||||||||||||||||||||||||||||||
Balance as of beginning of the period | $ | 14,021,515 | $ | 679,806 | $ | 14,701,321 | $ | 16,302,904 | $ | 883,399 | $ | 17,186,303 | |||||||||||||||||||||||
Balance at original discount rate | $ | 17,321,203 | $ | 818,450 | $ | 18,139,653 | $ | 16,443,480 | $ | 895,295 | $ | 17,338,775 | |||||||||||||||||||||||
Effect of changes in cash flow assumptions | (1,563) | (46,438) | (48,001) | — | (7,224) | (7,224) | |||||||||||||||||||||||||||||
Effect of actual variances from expected experience | 29,339 | 13,296 | 42,635 | (149,324) | 11,202 | (138,122) | |||||||||||||||||||||||||||||
Adjusted beginning of period balance | 17,348,979 | 785,308 | 18,134,287 | 16,294,156 | 899,273 | 17,193,429 | |||||||||||||||||||||||||||||
Issuances | 3,869,133 | 458 | 3,869,591 | 2,228,976 | 9,391 | 2,238,367 | |||||||||||||||||||||||||||||
Interest | 437,596 | 9,246 | 446,842 | 305,303 | 16,385 | 321,688 | |||||||||||||||||||||||||||||
Benefit payments | (1,615,708) | (93,357) | (1,709,065) | (1,507,232) | (100,994) | (1,608,226) | |||||||||||||||||||||||||||||
De-recognition (lapses and withdrawals) | — | — | — | — | (5,605) | (5,605) | |||||||||||||||||||||||||||||
Ending balance at original discount rate | 20,040,000 | 701,655 | 20,741,655 | 17,321,203 | 818,450 | 18,139,653 | |||||||||||||||||||||||||||||
Effect of changes in discount rate assumptions | (2,612,647) | (96,888) | (2,709,535) | (3,299,688) | (138,644) | (3,438,332) | |||||||||||||||||||||||||||||
Balance as of the end of the period | 17,427,353 | 604,767 | 18,032,120 | 14,021,515 | 679,806 | 14,701,321 | |||||||||||||||||||||||||||||
Net liability for future policy benefits | 17,427,353 | 396,397 | 17,823,750 | 14,021,515 | 424,405 | 14,445,920 | |||||||||||||||||||||||||||||
Less: reinsurance recoverable(3) | (9,270,511) | (3,042) | (9,273,553) | (7,442,737) | 1,911 | (7,440,826) | |||||||||||||||||||||||||||||
Net liability for future policy benefits, net of reinsurance recoverables | $ | 8,156,842 | $ | 393,355 | $ | 8,550,197 | $ | 6,578,778 | $ | 426,316 | $ | 7,005,094 |
Gross premiums | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Payout annuities | $ | 4,143,287 | $ | 2,400,351 | $ | 4,745,708 | |||||||||||
Other | 64,493 | 72,159 | 71,804 | ||||||||||||||
Total products | $ | 4,207,780 | $ | 2,472,510 | $ | 4,817,512 |
As of December 31, 2023 | |||||||||||
Payout annuities | Other | ||||||||||
Weighted-average interest rates, original discount rate | 3.37 | % | 2.57 | % | |||||||
Weighted-average interest rates, current discount rate | 4.95 | % | 4.95 | % | |||||||
Weighted-average liability duration (years, current rates) | 8.58 | 9.03 |
As of December 31, 2022 | |||||||||||
Payout annuities | Other | ||||||||||
Weighted-average interest rates, original discount rate | 2.76 | % | 2.50 | % | |||||||
Weighted-average interest rates, current discount rate | 5.04 | % | 5.03 | % | |||||||
Weighted-average liability duration (years, current rates) | 8.39 | 9.32 |
As of December 31, 2023 | |||||||||||
Payout annuities | Other | ||||||||||
Expected future benefit payments, undiscounted | $ | 29,164,580 | $ | 832,608 | |||||||
Expected future benefit payments, discounted (original discount rate) | 19,899,423 | 689,760 | |||||||||
Expected future benefit payments, discounted (current discount rate) | 17,427,352 | 604,768 | |||||||||
Expected future gross premiums, undiscounted | — | 377,693 | |||||||||
Expected future gross premiums, discounted (original discount rate) | — | 317,710 | |||||||||
Expected future gross premiums, discounted (current discount rate) | — | 262,653 |
As of December 31, 2022 | |||||||||||
Payout annuities | Other | ||||||||||
Expected future benefit payments, undiscounted | $ | 23,980,780 | $ | 986,614 | |||||||
Expected future benefit payments, discounted (original discount rate) | 17,321,202 | 812,773 | |||||||||
Expected future benefit payments, discounted (current discount rate) | 14,021,514 | 680,807 | |||||||||
Expected future gross premiums, undiscounted | — | 524,122 | |||||||||
Expected future gross premiums, discounted (original discount rate) | — | 431,466 | |||||||||
Expected future gross premiums, discounted (current discount rate) | — | 356,968 |
Years ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Balance as of beginning of period | $ | 5,104,810 | $ | 4,832,678 | |||||||
Effect of changes in cash flow assumptions | 13,773 | 18,346 | |||||||||
Effect of changes in experience | (43,775) | (18,298) | |||||||||
Adjusted balance as of beginning of period | 5,074,808 | 4,832,726 | |||||||||
Issuances | 1,929,571 | 23,790 | |||||||||
Assessments | 495,559 | 505,365 | |||||||||
Benefits paid | (399,201) | (406,062) | |||||||||
Interest | 150,529 | 148,991 | |||||||||
Balance as of end of period | 7,251,266 | 5,104,810 | |||||||||
Less: impact of unrealized investment gain and losses | 121,481 | 133,841 | |||||||||
Less: reinsurance recoverable, end of period | 1,434,130 | — | |||||||||
Balance, end of year, net of reinsurance recoverable and impact of unrealized investment gains and losses | $ | 5,695,655 | $ | 4,970,969 |
Gross assessments | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Total amount recognized within revenue in the consolidated statements of operations | $ | 471,957 | $ | 586,269 | $ | 562,955 |
As of | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Weighted-average interest, current discount rate | 3.09 | % | 3.00 | % | |||||||
Weighted-average liability duration (years) | 27.64 | 28.21 |
Years ended | |||||||||||||||||||||||||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Fixed-indexed annuity | Variable- and other annuities | Total | Fixed-indexed annuity | Variable- and other annuities | Total | ||||||||||||||||||||||||||||||
Balance as of beginning of period | $ | 548,536 | $ | 120,322 | $ | 668,858 | $ | 1,188,355 | $ | 255,048 | $ | 1,443,403 | |||||||||||||||||||||||
Balance as of beginning of period, before impact of changes in instrument-specific credit risk | $ | 651,641 | $ | 150,558 | $ | 802,199 | $ | 1,183,116 | $ | 254,972 | $ | 1,438,088 | |||||||||||||||||||||||
Issuances | 1,839 | (36) | 1,803 | 532 | 42,004 | 42,536 | |||||||||||||||||||||||||||||
Interest | 38,739 | 8,590 | 47,329 | 17,428 | 4,794 | 22,222 | |||||||||||||||||||||||||||||
Attributed fees collected | 103,961 | 83,712 | 187,673 | 98,703 | 84,978 | 183,681 | |||||||||||||||||||||||||||||
Benefit payments | (4,366) | (1,729) | (6,095) | (2,587) | (3,941) | (6,528) | |||||||||||||||||||||||||||||
Effect of changes in interest rates | (27,401) | 4,464 | (22,937) | (614,650) | (355,242) | (969,892) | |||||||||||||||||||||||||||||
Effect of changes in equity markets | (23,026) | (86,643) | (109,669) | 65,050 | 159,836 | 224,886 | |||||||||||||||||||||||||||||
Effect of actual experience different from assumptions | 142,453 | 11,021 | 153,474 | 16,892 | (47,595) | (30,703) | |||||||||||||||||||||||||||||
Effect of changes in other future expected assumptions | (93,225) | 55,657 | (37,568) | (112,843) | 10,752 | (102,091) | |||||||||||||||||||||||||||||
Balance as of end of period before impact of changes in instrument-specific credit risk | 790,615 | 225,594 | 1,016,209 | 651,641 | 150,558 | 802,199 | |||||||||||||||||||||||||||||
Effect of changes in instrument-specific credit risk | 77,653 | 27,089 | 104,742 | (103,105) | (30,236) | (133,341) | |||||||||||||||||||||||||||||
Balance as of end of period | 868,268 | 252,683 | 1,120,951 | 548,536 | 120,322 | 668,858 | |||||||||||||||||||||||||||||
Less: reinsurance recoverable as of the end of the period | — | (14,214) | (14,214) | — | (23,113) | (23,113) | |||||||||||||||||||||||||||||
Balance as of end of period, net of reinsurance recoverable | $ | 868,268 | $ | 238,469 | $ | 1,106,737 | $ | 548,536 | $ | 97,209 | $ | 645,745 | |||||||||||||||||||||||
Net amount at risk | $ | 4,282,995 | $ | 1,423,763 | $ | 5,706,758 | $ | 3,846,090 | $ | 1,267,418 | $ | 5,113,508 | |||||||||||||||||||||||
Weighted-average attained age of contract holders (years) | 70 | 69 | 70 | 70 | 71 | 70 |
As of December 31, 2023 | As of December 31, 2022 | ||||||||||||||||||||||||||||||||||
Asset | Liability | Net | Asset | Liability | Net | ||||||||||||||||||||||||||||||
Fixed-indexed annuities | $ | — | $ | 868,268 | $ | (868,268) | $ | 13,150 | $ | 561,686 | $ | (548,536) | |||||||||||||||||||||||
Variable- and other annuities | 17 | 252,700 | (252,683) | 30 | 120,352 | (120,322) | |||||||||||||||||||||||||||||
Total | $ | 17 | $ | 1,120,968 | $ | (1,120,951) | $ | 13,180 | $ | 682,038 | $ | (668,858) |
December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Variable annuities | Interest-sensitive life | Total | Variable annuities | Interest-sensitive life | Total | ||||||||||||||||||||||||||||||
Balance as of beginning of period | $ | 3,627,770 | $ | 503,024 | $ | 4,130,794 | $ | 4,922,704 | $ | 663,724 | $ | 5,586,428 | |||||||||||||||||||||||
Premiums and deposits | 30,669 | 13,723 | 44,392 | 33,697 | 15,360 | 49,057 | |||||||||||||||||||||||||||||
Surrenders, withdrawals and benefit payments | (470,858) | (22,207) | (493,065) | (437,395) | (13,673) | (451,068) | |||||||||||||||||||||||||||||
Investment performance | 497,887 | 95,314 | 593,201 | (763,710) | (115,136) | (878,846) | |||||||||||||||||||||||||||||
Other | (120,439) | (47,883) | (168,322) | (127,526) | (47,251) | (174,777) | |||||||||||||||||||||||||||||
Balance as of end of period | $ | 3,565,029 | $ | 541,971 | $ | 4,107,000 | $ | 3,627,770 | $ | 503,024 | $ | 4,130,794 | |||||||||||||||||||||||
Cash surrender value as of end of period(1) | $ | 3,565,029 | $ | 541,971 | $ | 4,107,000 | $ | 3,627,770 | $ | 503,024 | $ | 4,130,794 |
December 31, 2023 | December 31, 2022 | ||||||||||
Asset type: | |||||||||||
Managed volatility equity/fixed income blended fund | $ | 2,131,149 | $ | 2,246,803 | |||||||
Equity | 1,596,467 | 1,634,357 | |||||||||
Fixed income | 152,398 | 156,594 | |||||||||
Money market | 226,387 | 92,284 | |||||||||
Alternative | 599 | 756 | |||||||||
Total assets supporting separate account liabilities | $ | 4,107,000 | $ | 4,130,794 |
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Total investments | $ | 1,272 | $ | 1,365 | |||||||
Cash and cash equivalents | 6,332 | 4,007 | |||||||||
Accrued investment income | 46 | 44 | |||||||||
Reinsurance recoverable | 926,035 | 981,775 | |||||||||
Deferred income taxes | 42,926 | 43,766 | |||||||||
Total assets | 976,611 | 1,030,957 | |||||||||
Liabilities | |||||||||||
Policy liabilities | 877,856 | 923,039 | |||||||||
Policyholder dividend obligation at fair value | 77,762 | 79,575 | |||||||||
Policyholder dividends payable at fair value | 10,240 | 10,013 | |||||||||
Total policy liabilities | 965,858 | 1,012,627 | |||||||||
Accrued expenses and other liabilities | 12,793 | 12,803 | |||||||||
Total liabilities | 978,651 | 1,025,430 | |||||||||
Excess of closed block liabilities over assets designated to the closed blocks and maximum future earnings to be recognized from closed block assets and liabilities | $ | 2,040 | $ | (5,527) |
Years Ended | |||||||||||||||||
December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||||||
Revenues | |||||||||||||||||
Premiums and other income | $ | (911) | $ | (436) | $ | 660 | |||||||||||
Net investment expense | 319 | 164 | (28) | ||||||||||||||
Total revenues | (592) | (272) | 632 | ||||||||||||||
Benefits and expenses | |||||||||||||||||
Policy benefits and claims | (2,219) | (12,141) | (5,652) | ||||||||||||||
Other expenses | (13) | 251 | 8 | ||||||||||||||
Total benefits and expenses | (2,232) | (11,890) | (5,644) | ||||||||||||||
Net contribution from the closed blocks | 1,640 | 11,618 | 6,276 | ||||||||||||||
Income tax (benefit) expense | 861 | 16,185 | (3,026) | ||||||||||||||
Net (loss) income | $ | 779 | $ | (4,567) | $ | 9,302 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Income before Income Taxes: | |||||||||||||||||
United States | $ | 5,614,242 | $ | (713,238) | $ | 13,357,237 | |||||||||||
Foreign | 940,367 | 421,017 | 489,362 | ||||||||||||||
Total Income before Income Taxes | $ | 6,554,609 | $ | (292,221) | $ | 13,846,599 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Current | |||||||||||||||||
Federal | $ | 462,940 | $ | 737,737 | $ | 344,052 | |||||||||||
State and Local | 52,480 | 97,074 | 40,336 | ||||||||||||||
Foreign | 108,836 | 94,473 | 81,370 | ||||||||||||||
Subtotal | 624,256 | 929,284 | 465,758 | ||||||||||||||
Deferred | |||||||||||||||||
Federal | 447,488 | (703,169) | 835,151 | ||||||||||||||
State and Local | 121,198 | (83,113) | 97,063 | ||||||||||||||
Foreign | 4,581 | (17,609) | (3,090) | ||||||||||||||
Subtotal | 573,267 | (803,891) | 929,124 | ||||||||||||||
Total Income Taxes | $ | 1,197,523 | $ | 125,393 | $ | 1,394,882 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Statutory U.S. Federal Income Tax Rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Income not attributable to KKR & Co. Inc. (1) | (8.8) | % | (94.1) | % | (13.8) | % | |||||||||||
Foreign Income Taxes | (0.3) | % | 0.8 | % | 0.3 | % | |||||||||||
State and Local Income Taxes | 2.2 | % | (4.6) | % | 0.8 | % | |||||||||||
Compensation Charges not attributable to KKR & Co. Inc. | 4.9 | % | 31.4 | % | 2.8 | % | |||||||||||
Other | (0.7) | % | 2.6 | % | (1.0) | % | |||||||||||
Effective Income Tax Rate | 18.3 | % | (42.9) | % | 10.1 | % |
Asset Management | December 31, 2023 | December 31, 2022 | |||||||||
Deferred Tax Assets | |||||||||||
Fund Management Fee Credits | $ | 117,958 | $ | 185,154 | |||||||
Equity Based Compensation | 87,649 | 70,246 | |||||||||
KKR Holdings Unit Exchanges (1) | 421,065 | 445,587 | |||||||||
Depreciation and Amortization (2) | 172,995 | 185,865 | |||||||||
Operating Lease Liability | 83,594 | 80,323 | |||||||||
Other | 28,127 | 29,273 | |||||||||
Total Deferred Tax Assets before Valuation Allowance | 911,388 | 996,448 | |||||||||
Valuation Allowance | — | — | |||||||||
Total Deferred Tax Assets | 911,388 | 996,448 | |||||||||
Deferred Tax Liabilities | |||||||||||
Investment Basis Differences / Net Unrealized Gains & Losses (2)(3) | 2,629,572 | 1,971,093 | |||||||||
Indefinite Lived Intangible Asset(4) | 494,907 | 532,274 | |||||||||
Operating Lease Right-of-Use Asset | 83,594 | 80,323 | |||||||||
Other | 24,853 | 25,729 | |||||||||
Total Deferred Tax Liabilities | 3,232,926 | 2,609,419 | |||||||||
Total Deferred Taxes, Net | $ | (2,321,538) | $ | (1,612,971) |
Insurance | December 31, 2023 | December 31, 2022 | |||||||||
Deferred Tax Assets | |||||||||||
Insurance Reserves | $ | 552,373 | $ | 537,234 | |||||||
Insurance Intangibles | 358,154 | 209,922 | |||||||||
Net Operating Loss and Capital Loss Carryforwards | 828,727 | 69,566 | |||||||||
Insurance Investment Basis Differences, Including Derivatives | 587,339 | 1,620,238 | |||||||||
Other | 92,343 | 31,546 | |||||||||
Total Deferred Tax Assets before Valuation Allowance | 2,418,936 | 2,468,506 | |||||||||
Valuation Allowance | (89,250) | (89,250) | |||||||||
Total Deferred Tax Assets | 2,329,686 | 2,379,256 | |||||||||
Deferred Tax Liabilities | |||||||||||
Insurance Loss Reserve Adjustment | 55,929 | 83,894 | |||||||||
Other | — | 23,209 | |||||||||
Total Deferred Tax Liabilities | 55,929 | 107,103 | |||||||||
Total Deferred Taxes, Net | $ | 2,273,757 | $ | 2,272,153 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Unrecognized Tax Benefits, beginning of period | $ | 41,008 | $ | 59,633 | $ | 60,712 | |||||||||||
Gross increases in tax positions in prior periods | — | 5,169 | — | ||||||||||||||
Gross decreases in tax positions in prior periods | (13,878) | (8,414) | (2,009) | ||||||||||||||
Gross increases in tax positions in current period | 935 | 6,261 | 2,671 | ||||||||||||||
Lapse of statute of limitations | (219) | (551) | (1,741) | ||||||||||||||
Settlements with taxing authorities | (11,370) | (21,090) | — | ||||||||||||||
Unrecognized Tax Benefits, end of period | $ | 16,476 | $ | 41,008 | $ | 59,633 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
KKR Equity Incentive Plan Awards(1) | $ | 518,251 | $ | 458,659 | $ | 272,994 | |||||||||||
KKR Holdings Awards (2) | — | 119,834 | 160,722 | ||||||||||||||
Total | $ | 518,251 | $ | 578,493 | $ | 433,716 |
Shares (1) | Weighted Average Grant Date Fair Value | ||||||||||
Balance, January 1, 2023 | 16,170,064 | $ | 45.82 | ||||||||
Granted | 12,932,974 | 59.12 | |||||||||
Vested | (4,955,354) | 46.53 | |||||||||
Forfeitures | (919,013) | 42.11 | |||||||||
Balance, December 31, 2023 | 23,228,671 | $ | 53.22 |
Weighted Average | Range | ||||||||||
Grant Date Fair Value | $29.11 | $19.87 - $66.80 | |||||||||
Closing KKR share price as of valuation date | $49.96 | $37.93 - $82.85 | |||||||||
Risk Free Rate | 2.11% | 0.41% - 4.41% | |||||||||
Volatility | 30.05% | 28.00% - 38.00% | |||||||||
Dividend Yield | 1.29% | 0.76% - 1.53% | |||||||||
Expected Cost of Equity | 10.75% | 9.13% - 11.80% |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Balance, January 1, 2023 | 26,198,531 | $ | 25.30 | ||||||||
Granted | 11,965,272 | 37.78 | |||||||||
Vested | (560,000) | 20.21 | |||||||||
Forfeitures | (1,106,214) | 21.28 | |||||||||
Balance, December 31, 2023 | 36,497,589 | $ | 29.59 |
Grant Date Fair Value | $48.91 | ||||
Closing KKR share price as of valuation date | $75.76 | ||||
Risk Free Rate | 1.42 | % | |||
Volatility | 28.0 | % | |||
Dividend Yield | 0.77 | % | |||
Expected Cost of Equity | 9.36 | % |
Year Ended | |||||
December 31, 2023 | |||||
Outstanding amount as of beginning of period | $ | 138,595 | |||
Granted | 35,766 | ||||
Forfeited | (3,486) | ||||
Impact of change in book value on outstanding awards | 4,971 | ||||
Vested and cash-settled | (64,253) | ||||
Outstanding amount as of end of period | $ | 111,593 |
December 31, 2023 | December 31, 2022 | ||||||||||
Amounts due from unconsolidated investment funds | $ | 1,229,308 | $ | 1,401,766 | |||||||
Amounts due from portfolio companies | 217,544 | 261,537 | |||||||||
Due from Affiliates | $ | 1,446,852 | $ | 1,663,303 |
December 31, 2023 | December 31, 2022 | ||||||||||
Amounts due to current and former employees under the tax receivable agreement (1) | $ | 406,730 | $ | 420,599 | |||||||
Amounts due to unconsolidated investment funds | 131,369 | 45,458 | |||||||||
Due to Affiliates | $ | 538,099 | $ | 466,057 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Total GAAP Revenues | $ | 14,499,312 | $ | 5,704,180 | $ | 16,226,040 | |||||||||||
Impact of Consolidation and Other | 861,928 | 841,711 | 808,174 | ||||||||||||||
Asset Management Adjustments: | |||||||||||||||||
Capital Allocation-Based Income (Loss) (GAAP) | (2,843,437) | 2,500,509 | (6,842,414) | ||||||||||||||
Realized Carried Interest | 1,005,759 | 1,993,860 | 1,752,130 | ||||||||||||||
Realized Investment Income | 690,727 | 1,134,419 | 1,613,244 | ||||||||||||||
Capstone Fees | (100,314) | (86,665) | (91,407) | ||||||||||||||
Expense Reimbursements | (75,687) | (102,927) | (178,572) | ||||||||||||||
Insurance Adjustments: | |||||||||||||||||
Net Premiums | (1,975,675) | (1,182,461) | (2,226,078) | ||||||||||||||
Policy Fees | (1,260,249) | (1,261,721) | (1,137,805) | ||||||||||||||
Other Income | (176,442) | (139,124) | (120,213) | ||||||||||||||
(Gains) Losses from Investments(1) | 700,380 | 472,053 | 544,357 | ||||||||||||||
Non-operating Changes in Policy Liabilities and Derivatives | (346,963) | 1,072,572 | (141,513) | ||||||||||||||
Total Segment Revenues (2) | $ | 10,979,339 | $ | 10,946,406 | $ | 10,205,943 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Income (Loss) Before Tax (GAAP) | $ | 6,554,609 | $ | (292,221) | $ | 13,846,599 | |||||||||||
Impact of Consolidation and Other | (1,543,641) | (371,227) | (5,041,282) | ||||||||||||||
Interest Expense | 357,084 | 315,189 | 250,183 | ||||||||||||||
Equity-based compensation - KKR Holdings(1) | — | 119,834 | 161,283 | ||||||||||||||
Asset Management Adjustments: | |||||||||||||||||
Unrealized (Gains) Losses | (1,534,934) | 2,002,082 | (2,590,280) | ||||||||||||||
Unrealized Carried Interest | (1,656,974) | 4,231,359 | (4,043,135) | ||||||||||||||
Unrealized Carried Interest Compensation (Carry Pool) | 792,758 | (1,753,396) | 1,751,912 | ||||||||||||||
Strategic Corporate Related Charges(2) | 31,805 | 94,629 | 25,153 | ||||||||||||||
Equity-based compensation | 230,858 | 210,756 | 183,100 | ||||||||||||||
Equity-based compensation - Performance based | 271,958 | 238,929 | 78,230 | ||||||||||||||
Insurance Adjustments:(3) | |||||||||||||||||
(Gains) Losses from Investments(3)(4) | 363,956 | 379,647 | 352,819 | ||||||||||||||
Non-operating Changes in Policy Liabilities and Derivatives(3) | 228,929 | (584,495) | (39,858) | ||||||||||||||
Strategic Corporate Related Charges(3) | 7,347 | 15,215 | 15,808 | ||||||||||||||
Equity-based and Other Compensation(3) | 71,579 | 93,508 | 58,622 | ||||||||||||||
Amortization of Acquired Intangibles(3) | 11,175 | 10,852 | 9,946 | ||||||||||||||
Total Segment Operating Earnings | $ | 4,186,509 | $ | 4,710,661 | $ | 5,019,100 | |||||||||||
As of | |||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||
Total GAAP Assets | $ | 317,294,194 | $ | 275,346,636 | |||||||
Impact of Consolidation and Reclassifications | (73,748,156) | (71,388,436) | |||||||||
Carry Pool Reclassifications | (2,664,694) | (1,872,568) | |||||||||
Total Segment Assets | $ | 240,881,344 | $ | 202,085,632 |
For the Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Shares of common stock repurchased | 5,395,162 | 5,191,174 | 4,462,533 | |||||||||||||||||
Equity awards for common stock retired | 764,999 | 1,308,501 | 3,350,874 | |||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Beginning of Period (as previously reported for the prior period) | $ | 35,778,000 | $ | 40,474,565 | $ | 27,083,098 | |||||||||||
Adoption of New Accounting Standard (See Note 2) | 632,858 | 104,961 | — | ||||||||||||||
Balance at the beginning of the period (as revised for the prior period) | 36,410,858 | 40,579,526 | 27,083,098 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 1,630,230 | 101,258 | 7,715,251 | ||||||||||||||
Other Comprehensive Income (Loss), net of tax | 588,415 | (3,919,807) | (228,276) | ||||||||||||||
Change in KKR & Co. Inc.'s Ownership Interest | (156,867) | (170,436) | — | ||||||||||||||
Equity Based Compensation (Non Cash Contribution) | 323,577 | 364,225 | 266,121 | ||||||||||||||
Capital Contributions | 12,871,585 | 13,706,821 | 14,692,817 | ||||||||||||||
Capital Distributions | (8,301,516) | (7,039,914) | (7,484,620) | ||||||||||||||
Exchange of KKR Holdings units to Common Stock | — | (12,865) | (522,474) | ||||||||||||||
Holdings Merger (1) | — | (7,197,950) | — | ||||||||||||||
Impact of Acquisition (2) | — | — | 190,405 | ||||||||||||||
Changes in Consolidation (3) | (8,461,491) | — | (1,132,796) | ||||||||||||||
Balance at the end of the period | $ | 34,904,791 | $ | 36,410,858 | $ | 40,579,526 |
For the Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Balance at the beginning of the period | $ | 152,065 | $ | 82,491 | $ | — | |||||||||||
Impact of Acquisition | — | — | 91,845 | ||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | (5,405) | 2,792 | 4,060 | ||||||||||||||
Capital Contributions | 499,433 | 69,322 | — | ||||||||||||||
Capital Distributions | (2,845) | (2,540) | (13,414) | ||||||||||||||
Changes in Consolidation | (27,821) | — | — | ||||||||||||||
Balance at the end of the period | $ | 615,427 | $ | 152,065 | $ | 82,491 |
2024 | $ | 36,181 | ||||||
2025 | 31,937 | |||||||
2026 | 22,721 | |||||||
2027 | 13,355 | |||||||
2028 | 12,072 | |||||||
Thereafter | 67,444 | |||||||
Total | $ | 183,710 |
2024 | $ | 55,985 | ||||||
2025 | 54,573 | |||||||
2026 | 45,193 | |||||||
2027 | 32,252 | |||||||
2028 | 28,295 | |||||||
Thereafter | 203,335 | |||||||
Total lease payments required (1) | 419,633 | |||||||
Less: Imputed Interest | 58,781 | |||||||
$ | 360,852 |
2024 | $ | 19,233 | ||||||
2025 | 17,651 | |||||||
2026 | 15,987 | |||||||
2027 | 16,088 | |||||||
2028 | 13,146 | |||||||
Thereafter | 296,028 | |||||||
Total lease payments required | 378,133 | |||||||
Less: Imputed Interest | 184,567 | |||||||
$ | 193,566 |
Ordinary dividend and distribution capacity | ||||||||
($ in thousands) | ||||||||
U.S. domiciled | ||||||||
Commonwealth Annuity and Life Insurance Company | None | |||||||
Bermuda domiciled | ||||||||
Global Atlantic Re Limited(1) | $ | 1,896,922 | ||||||
Global Atlantic Assurance Limited | 266,904 |
Name | Age | Position(s) | |||||||||
Henry R. Kravis | 80 | Co-Executive Chairman and Director | |||||||||
George R. Roberts | 80 | Co-Executive Chairman and Director | |||||||||
Joseph Y. Bae | 52 | Co-Chief Executive Officer and Director | |||||||||
Scott C. Nuttall | 51 | Co-Chief Executive Officer and Director | |||||||||
Adriane M. Brown | 65 | Director | |||||||||
Matthew R. Cohler | 46 | Director | |||||||||
Mary N. Dillon | 62 | Director | |||||||||
Arturo Gutiérrez Hernández | 57 | Director | |||||||||
Xavier B. Niel | 56 | Director | |||||||||
Kimberly A. Ross | 58 | Director | |||||||||
Patricia F. Russo | 71 | Director | |||||||||
Robert W. Scully | 74 | Director | |||||||||
Evan T. Spiegel | 33 | Director | |||||||||
Robert H. Lewin | 44 | Chief Financial Officer | |||||||||
Dane E. Holmes | 53 | Chief Administrative Officer | |||||||||
Ryan D. Stork | 52 | Chief Operating Officer | |||||||||
Kathryn K. Sudol | 49 | Chief Legal Officer and General Counsel |
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) (1) | All Other Compensation ($) (2) | Total ($) | |||||||||||||||||||||||||||||||||||
Henry R. Kravis | 2023 | 300,000 | — | — | 34,976,652 | (3) | 35,276,652 | ||||||||||||||||||||||||||||||||||
Co-Executive Chairman | 2022 | 300,000 | — | 29,991,767 | 78,055,688 | 108,347,455 | |||||||||||||||||||||||||||||||||||
2021 | 300,000 | — | — | 67,154,677 | 67,454,677 | ||||||||||||||||||||||||||||||||||||
George R. Roberts | 2023 | 300,000 | — | — | 34,918,579 | (4) | 35,218,579 | ||||||||||||||||||||||||||||||||||
Co-Executive Chairman | 2022 | 300,000 | — | 29,991,711 | 78,017,254 | 108,308,965 | |||||||||||||||||||||||||||||||||||
2021 | 300,000 | — | — | 67,209,901 | 67,509,901 | ||||||||||||||||||||||||||||||||||||
Joseph Y. Bae | 2023 | 300,000 | 13,000,000 | — | 36,659,449 | (5) | 49,959,449 | ||||||||||||||||||||||||||||||||||
Co-Chief Executive Officer | 2022 | 300,000 | 19,350,000 | — | 60,349,836 | 79,999,836 | |||||||||||||||||||||||||||||||||||
2021 | 300,000 | 24,700,000 | 476,261,500 | 58,374,648 | 559,636,148 | ||||||||||||||||||||||||||||||||||||
Scott C. Nuttall | 2023 | 300,000 | 13,000,000 | — | 33,807,444 | (6) | 47,107,444 | ||||||||||||||||||||||||||||||||||
Co-Chief Executive Officer | 2022 | 300,000 | 19,350,000 | — | 58,618,684 | 78,268,684 | |||||||||||||||||||||||||||||||||||
2021 | 300,000 | 24,700,000 | 442,161,500 | 55,980,932 | 523,142,432 | ||||||||||||||||||||||||||||||||||||
Robert H. Lewin | 2023 | 300,000 | 5,200,000 | 15,975,000 | 4,469,737 | (7) | 25,944,737 | ||||||||||||||||||||||||||||||||||
Chief Financial Officer | 2022 | 300,000 | 5,950,000 | — | 8,178,845 | 14,428,845 | |||||||||||||||||||||||||||||||||||
2021 | 300,000 | 6,450,000 | 30,690,000 | 8,585,091 | 46,025,091 | ||||||||||||||||||||||||||||||||||||
Dane E. Holmes (8) | 2023 | 1,250 | — | 26,190,667 | 322,950 | (9) | 26,514,867 | ||||||||||||||||||||||||||||||||||
Chief Administrative Officer | |||||||||||||||||||||||||||||||||||||||||
(1) | Stock awards reflected in the table above for each year presented represent the value of the restricted holdings units and granted in such reporting period and the grant of units in KKR Holdings ("KKR Holdings Units"), prior to the acquisition of KKR Holdings by KKR in May 2022. Fair value of the restricted holdings units and KKR Holdings Units granted to our named executive officers are calculated in accordance with Accounting Standards Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"). See Note 19 "Equity Based Compensation" in our consolidated financial statements included elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected in this column. These amounts reflect the aggregate grant date fair values calculated under ASC Topic 718, and may not correspond to the actual value that will be recognized by our named executive officers. | ||||||||||||||||||||||||||||||||||||||||
(2) | Carried interest is presented on the basis of cash received by our named executive officers in the respective fiscal year. We believe that presenting actual cash received by our named executive officers is a more representative disclosure of their compensation than presenting accrued carried interest, because carried interest is paid only if and when there are profitable realization events relating to the underlying investments. Carried interest also includes amounts retained and allocated for distribution to the respective named executive officer, but not yet distributed to the named executive officer, which could be used to fund potential future clawback obligations if any were to arise. | ||||||||||||||||||||||||||||||||||||||||
(3) | Consists of $34,123,192 in cash payments of carried interest from the carry pool during 2023. For 2023, also consists of the following payments made by KKR (unless otherwise noted): $174,307 related to the cost of Mr. Kravis' and his spouse's use of a car and driver during 2023; $619,153 related to certain personnel who administer personal matters for Mr. Kravis during 2023 (the entire cost of which is reported, because we do not separately track whether their time is spent for business or personal reasons); $25,000 related to financial planning services fees; $25,000 related to tax preparation fees; and up to $10,000 of other miscellaneous benefits. SEC rules require that transportation and other expenses not directly and integrally related to our business be disclosed as compensation to Mr. Kravis. KKR also paid certain amounts for the use for KKR business of aircraft owned by an entity controlled by Mr. Kravis as described in “Certain Relationships and Related Party Transactions, Director Independence – Firm Use of Private Aircraft.” From time to time, family members and other personal guests of Mr. Kravis may accompany him on flights or otherwise on business travel, for which KKR incurs no incremental out of pocket cost. | ||||||||||||||||||||||||||||||||||||||||
(4) | Consists of $34,055,679 in cash payments of carried interest from the carry pool during 2023. For 2023, also consists of the following payments made by KKR (unless otherwise noted): $195,035 related to the cost of Mr. Roberts' use of a car and driver during 2023; $557,865 related to certain personnel who administer personal matters for Mr. Roberts during 2023 (the entire cost of which is reported, because we do not separately track whether their time is spent for business or personal reasons); $25,000 related to financial planning services fees; $25,000 related to tax preparation fees; $50,000 of matching charitable donations; and up to $10,000 of other miscellaneous benefits. SEC rules require that transportation and other expenses not directly and integrally related to our business be disclosed as compensation to Mr. Roberts. KKR also paid certain amounts for the use for KKR business of aircraft owned by an entity controlled by Mr. Roberts as described in “Certain Relationships and Related Party Transactions, Director Independence – Firm Use of Private Aircraft.” From time to time, family members and other personal guests of Mr. Roberts may accompany him on flights or otherwise on business travel, for which KKR incurs no incremental out of pocket cost. | ||||||||||||||||||||||||||||||||||||||||
(5) | Consists of $36,609,449 in cash payments of carried interest from the carry pool during 2023. For 2023, also consists of the following payments made by KKR (unless otherwise noted): $25,000 related to financial planning services fees and $25,000 related to tax preparation fees. From time to time, family members and other personal guests of Mr. Bae may accompany him on flights or otherwise on business travel, for which KKR incurs no incremental cost. | ||||||||||||||||||||||||||||||||||||||||
(6) | Consists of $33,707,444 in cash payments of carried interest from the carry pool during 2023. For 2023, also consists of the following payments made by KKR (unless otherwise noted): $25,000 related to financial planning services fees; $25,000 related to tax preparation fees; and $50,000 of matching charitable donations. | ||||||||||||||||||||||||||||||||||||||||
(7) | Consists of $4,369,737 in cash payments of carried interest from the carry pool during 2023. For 2023, also consists of the following payments made by KKR (unless otherwise noted): $25,000 related to financial planning services fees; $25,000 related to tax preparation fees and $50,000 of matching charitable donations. | ||||||||||||||||||||||||||||||||||||||||
(8) | Mr. Holmes became one of our named executive officers in 2023, and therefore, only his compensation information for the fiscal year ended December 31, 2023 is provided in the table. Mr. Holmes's salary was pro-rated based on his partial year of service, beginning in December 2023. | ||||||||||||||||||||||||||||||||||||||||
(9) | Consists of the following amounts paid in connection with Mr. Holmes prior service in 2023 as a director of KKR & Co. Inc.: $140,301 of fees earned or paid in cash and 3,029 restricted stock units (with a value of $182,649 which represents the aggregate grant date fair value of restricted stock units calculated in the same manner as described for other directors of KKR & Co. Inc. in the “Director Compensation” stock grant table below) granted on October 2, 2023, which were forfeited in connection with Mr. Holmes’ resignation as a director before the vesting date of October 1, 2024. The table excludes 4,134 restricted stock units granted on October 20, 2022 and vested on October 1, 2023, which were previously reported in our 2022 Annual Report, in connection with Mr. Holmes’ prior service as a director. |
Estimated Future Payouts Under Equity Incentive Plan Awards | |||||||||||||||||||||||
Name | Grant Date | Threshold (#) | Target (#) | Maximum (#) | All Other Stock Awards: Number of Shares of Stock or Units (#) | Grant Date Fair Value of Stock and Options Awards ($) (1) | |||||||||||||||||
Henry R. Kravis | — | — | — | — | — | $ | — | ||||||||||||||||
George R. Roberts | — | — | — | — | — | $ | — | ||||||||||||||||
Joseph Y. Bae | — | — | — | — | — | $ | — | ||||||||||||||||
Scott C. Nuttall | — | — | — | — | — | $ | — | ||||||||||||||||
Robert H. Lewin (2) | 8/4/2023 | 100,000 (3) | — | 500,000 | — | $ | 15,975,000 | ||||||||||||||||
Dane E. Holmes (2) | 12/29/2023 | 40,000 (3) | — | 200,000 | — | $ | 11,374,000 | ||||||||||||||||
12/29/2023 | — | — | — | 200,000 | (2) | $ | 14,816,667 | ||||||||||||||||
Stock Awards | |||||||||||||||||
Name | Number of Shares or Units of Stock that Have Not Vested (#) | Market Value of Shares or Units of Stock that Have Not Vested ($) (1) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) (1) | |||||||||||||
Henry R. Kravis | — | $ | — | — | $ | — | |||||||||||
George R. Roberts | — | $ | — | — | $ | — | |||||||||||
Joseph Y. Bae | 1,000,000 (2) | $ | 82,850,000 | 7,500,000 (3) | $ | 621,375,000 | |||||||||||
Scott C. Nuttall | — | $ | — | 7,500,000 (4) | $ | 621,375,000 | |||||||||||
Robert H. Lewin | 900,000 (5) | $ | 74,565,000 | 500,000 (6) | $ | 41,425,000 | |||||||||||
Dane E. Holmes | 200,000 (7) | $ | 16,570,000 | 200,000 (8) | $ | 16,570,000 | |||||||||||
Stock Awards | |||||||||||||||||||||||||||||||||||
Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | |||||||||||||||||||||||||||||||||
Henry R. Kravis | — | $ | — | ||||||||||||||||||||||||||||||||
George R. Roberts | — | $ | — | ||||||||||||||||||||||||||||||||
Joseph Y. Bae | — | $ | — | ||||||||||||||||||||||||||||||||
Scott C. Nuttall | — | $ | — | ||||||||||||||||||||||||||||||||
Robert H. Lewin | — | $ | — | ||||||||||||||||||||||||||||||||
Dane E. Holmes (1) | — | $ | — | ||||||||||||||||||||||||||||||||
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) (1) | Total ($) | ||||||||
Adriane M. Brown | 126,658 | 182,649 | 309,307 | ||||||||
Matthew R. Cohler | 144,726 | 182,649 | 327,375 | ||||||||
Mary N. Dillon | 138,068 | 182,649 | 320,717 | ||||||||
Joseph A. Grundfest (2) | 80,000 | — | 80,000 | ||||||||
Arturo Gutiérrez Hernández | 127,055 | 182,649 | 309,704 | ||||||||
John B. Hess (3) | 55,000 | — | 55,000 | ||||||||
Dane E. Holmes (4) | 140,301 | 182,649 | 322,950 | ||||||||
Raymond J. McGuire (5) | 63,014 | — | 63,014 | ||||||||
Xavier B. Niel | 115,644 | 182,649 | 298,293 | ||||||||
Kimberly A. Ross (6) | 36,685 | 182,649 | 219,334 | ||||||||
Patricia F. Russo | 140,822 | 182,649 | 323,471 | ||||||||
Robert W. Scully | 182,808 | 182,649 | 365,457 | ||||||||
Evan T. Spiegel | 115,644 | 182,649 | 298,293 | ||||||||
Name | Grant Date (1) | Stock Awards (#) | Grant Date Fair Value ($) (2) | Total Number of Unvested Stock Awards on December 31, 2023 (#) | ||||||||||
Adriane M. Brown | 10/2/2023 | 3,029 | 182,649 | 3,029 | ||||||||||
Matthew R. Cohler | 10/2/2023 | 3,029 | 182,649 | 3,029 | ||||||||||
Mary N. Dillon | 10/2/2023 | 3,029 | 182,649 | 3,029 | ||||||||||
Joseph A. Grundfest (3) | — | — | — | — | ||||||||||
Arturo Gutiérrez Hernández | 10/2/2023 | 3,029 | 182,649 | 3,029 | ||||||||||
John B. Hess (4) | — | — | — | — | ||||||||||
Dane E. Holmes (5) | 10/2/2023 | 3,029 | 182,649 | — | ||||||||||
Raymond J. McGuire (6) | — | — | — | — | ||||||||||
Xavier B. Niel | 10/2/2023 | 3,029 | 182,649 | 3,029 | ||||||||||
Kimberly A. Ross (7) | 10/2/2023 | 3,029 | 182,649 | 3,029 | ||||||||||
Patricia F. Russo | 10/2/2023 | 3,029 | 182,649 | 3,029 | ||||||||||
Robert W. Scully | 10/2/2023 | 3,029 | 182,649 | 3,029 | ||||||||||
Evan T. Spiegel | 10/2/2023 | 3,029 | 182,649 | 3,029 | ||||||||||
Henry R. Kravis | |||||
George R. Roberts | |||||
Joseph Y. Bae | |||||
Scott C. Nuttall | |||||
Adriane M. Brown | |||||
Matthew R. Cohler | |||||
Mary N. Dillon | |||||
Arturo Gutiérrez Hernández | |||||
Xavier B. Niel | |||||
Kimberly A. Ross | |||||
Patricia F. Russo | |||||
Robert W. Scully | |||||
Evan T. Spiegel | |||||
Name (1) | Common Stock Beneficially Owned (2) | Percentage of Common Stock Beneficially Owned | |||||||||||||||||||||||||||
George R. Roberts (3) | 88,192,855 | 9.97% | |||||||||||||||||||||||||||
Henry R. Kravis (4) | 83,370,688 | 9.42 | |||||||||||||||||||||||||||
Scott C. Nuttall (5) | 21,064,424 | 2.38 | |||||||||||||||||||||||||||
Joseph Y. Bae (6) | 18,331,070 | 2.07 | |||||||||||||||||||||||||||
Adriane M. Brown | 7,398 | * | |||||||||||||||||||||||||||
Matthew R. Cohler (7) | 93,301 | * | |||||||||||||||||||||||||||
Mary N. Dillon | 23,118 | * | |||||||||||||||||||||||||||
Arturo Gutiérrez Hernández | 8,513 | * | |||||||||||||||||||||||||||
Xavier B. Niel | 26,006 | * | |||||||||||||||||||||||||||
Kimberly A. Ross | 0 | * | |||||||||||||||||||||||||||
Patricia F. Russo | 82,592 | * | |||||||||||||||||||||||||||
Robert W. Scully | 170,592 | * | |||||||||||||||||||||||||||
Evan T. Spiegel | 6,613 | * | |||||||||||||||||||||||||||
Robert H. Lewin | 1,209,226 | * | |||||||||||||||||||||||||||
Dane E. Holmes | 8,513 | * | |||||||||||||||||||||||||||
Directors and executive officers as a group (20 persons) (3)(4)(5)(6)(8) | 212,774,908 | 24.04% |
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (1) | Weighted‑Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in the first column) (2) | |||||||||
Equity Compensation Plan Approved by Security Holders | 80,339,872 | — | 46,426,437 | ||||||||
Equity Compensation Plan Not Approved by Security Holders | — | — | — | ||||||||
Total | 80,339,872 | — | 46,426,437 |
For the Year Ended December 31, 2023 | ||||||||||||||
KKR | Completed Transactions | |||||||||||||
($ in thousands) | ||||||||||||||
Audit Fees | $ | 63,607 | (1) | $ | — | |||||||||
Audit-Related Fees | $ | 9,999 | (2) | $ | 31,917 | (5) | ||||||||
Tax Compliance Fees | $ | 54,439 | (3) | $ | — | |||||||||
Tax Planning and Advisory Fees | $ | 14,332 | (4) | $ | 11,253 | (5) | ||||||||
All Other Fees | $ | 265 | $ | — |
For the Year Ended December 31, 2022 | ||||||||||||||
KKR | Completed Transactions | |||||||||||||
($ in thousands) | ||||||||||||||
Audit Fees | $ | 58,959 | (1) | $ | — | |||||||||
Audit-Related Fees | $ | 12,562 | (2) | $ | 22,101 | (5) | ||||||||
Tax Compliance Fees | $ | 44,389 | (3) | $ | — | |||||||||
Tax Planning and Advisory Fees | $ | 12,555 | (4) | $ | 10,654 | (5) | ||||||||
All Other Fees | $ | 443 | $ | — |
2.1 | ||||||||
2.2 | ||||||||
2.3 | ||||||||
2.4 | ||||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
4.9 | ||||||||
4.10 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
4.13 | ||||||||
4.14 | ||||||||
4.15 | ||||||||
4.16 |
4.17 | ||||||||
4.18 | ||||||||
4.19 | ||||||||
4.20 | ||||||||
4.21 | ||||||||
4.22 | ||||||||
4.23 | ||||||||
4.24 | ||||||||
4.25 | ||||||||
4.26 | ||||||||
4.27 | ||||||||
4.28 | ||||||||
4.29 | ||||||||
4.30 | ||||||||
4.31 | ||||||||
4.32 | ||||||||
4.33 | ||||||||
4.34 | ||||||||
4.35 | ||||||||
4.36 | ||||||||
4.37 | ||||||||
4.38 | ||||||||
4.39 | ||||||||
4.40 | ||||||||
4.41 | ||||||||
4.42 | ||||||||
4.43 | ||||||||
4.44 | ||||||||
4.45 | ||||||||
4.46 | ||||||||
4.47 | ||||||||
4.48 | ||||||||
4.49 | ||||||||
4.50 | ||||||||
4.51 | ||||||||
4.52 | ||||||||
4.53 | ||||||||
4.54 | ||||||||
4.55 | ||||||||
4.56 | ||||||||
4.57 | ||||||||
4.58 | ||||||||
4.59 | ||||||||
4.60 | ||||||||
4.61 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | * | |||||||
10.6 | * | |||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 |
10.22 | * | |||||||
10.23 | * | |||||||
10.24 | * | |||||||
10.25 | * | |||||||
10.26 | * | |||||||
10.27 | * | |||||||
10.28 | * | |||||||
10.29 | * | |||||||
10.30 | * | |||||||
10.31 | * | |||||||
10.32 | * | |||||||
21.1 | ||||||||
22.1 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
32.3 | ||||||||
97.1 | ||||||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL: (i) the Consolidated Statements of Financial Condition as of December 31, 2023 and December 31, 2022, (ii) the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, (iii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2023, 2022 and 2021, (iv) the Consolidated Statements of Changes in Equity for the years ended December 31, 2023, 2022 and 2021 (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021, and (vi) the Notes to the Consolidated Financial Statements. | |||||||
104 | Cover page interactive data file, formatted in Inline XBRL and contained in Exhibit 101. |
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||
Valuation Allowance for Deferred Tax Assets | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Balance at Beginning of Period | Tax Valuation Allowance Charged to Income Tax Provision | Tax Valuation Allowance Credited to Balance Sheet | Balance at End of Period | ||||||||||||||||||||
Year Ended: | |||||||||||||||||||||||
December 31, 2021 | $ | 23,082 | $ | — | $ | — | $ | 23,082 | |||||||||||||||
December 31, 2022 | $ | 23,082 | $ | — | $ | 23,082 | (1) | $ | — | ||||||||||||||
December 31, 2023 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
(1) A valuation allowance was recorded for deferred tax assets related to foreign loss carryforwards that were not considered to be more likely than not realized prior to their expiration. These deferred taxes and associated valuation allowances were reversed in 2022 as a result of a deconsolidation transaction. |
Insurance | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Charged to costs and expenses | Assumed | Recoveries | Deductions | Charge-off | Balance at End of Period | |||||||||||||||||||||||||||||||||||
Reserves deducted from assets to which they apply: | |||||||||||||||||||||||||||||||||||||||||
Credit loss allowance on available-for-sale securities | $ | 128,332 | $ | 168,899 | $ | 1,191 | $ | — | $ | (16,063) | $ | (13,647) | $ | 268,712 | |||||||||||||||||||||||||||
Credit loss allowance on loans | 560,228 | 210,704 | — | 21,768 | — | (190,257) | $ | 602,443 | |||||||||||||||||||||||||||||||||
Credit loss allowance on unfunded commitments | 55,786 | (6,354) | — | — | — | — | $ | 49,432 | |||||||||||||||||||||||||||||||||
Credit loss allowance on reinsurance recoverables | 41,163 | (20,114) | — | — | — | — | $ | 21,049 | |||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Charged to costs and expenses | Assumed | Recoveries | Deductions | Charge-off | Balance at End of Period | |||||||||||||||||||||||||||||||||||
Reserves deducted from assets to which they apply: | |||||||||||||||||||||||||||||||||||||||||
Credit loss allowance on available-for-sale securities | $ | 88,133 | $ | 57,411 | $ | 2,554 | $ | — | $ | (11,925) | $ | (7,841) | $ | 128,332 | |||||||||||||||||||||||||||
Credit loss allowance on loans | 374,077 | 369,296 | — | — | — | (183,145) | 560,228 | ||||||||||||||||||||||||||||||||||
Credit loss allowance on unfunded commitments | 21,675 | 34,111 | — | — | — | — | 55,786 | ||||||||||||||||||||||||||||||||||
Credit loss allowance on reinsurance recoverables | 8,386 | 32,777 | — | — | — | — | 41,163 | ||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Additions | |||||||||||||||||||||||||||||||||||||||||
Balance at Beginning of Period | Charged to costs and expenses | Assumed | Recoveries | Deductions | Charge-off | Balance at End of Period | |||||||||||||||||||||||||||||||||||
Reserves deducted from assets to which they apply: | |||||||||||||||||||||||||||||||||||||||||
Credit loss allowance on available-for-sale securities | $ | 120,895 | $ | (25,316) | $ | 10,854 | $ | — | $ | (18,300) | $ | — | $ | 88,133 | |||||||||||||||||||||||||||
Credit loss allowance on loans | 120,259 | 252,979 | 1,636 | — | (797) | — | 374,077 | ||||||||||||||||||||||||||||||||||
Credit loss allowance on unfunded commitments | — | 21,675 | — | — | — | — | 21,675 | ||||||||||||||||||||||||||||||||||
Credit loss allowance on reinsurance recoverables | — | 8,386 | — | — | — | — | 8,386 |
SCHEDULE IV—REINSURANCE | |||||||||||||||||||||||||||||
As of December 31, 2023 | |||||||||||||||||||||||||||||
Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Life insurance in-force | $ | 81,531,659 | $ | (69,253,317) | $ | 45,073,052 | $ | 57,351,394 | 79 | % | |||||||||||||||||||
Premiums and other considerations: | |||||||||||||||||||||||||||||
Premiums | $ | 118,535 | $ | (2,281,618) | $ | 4,138,758 | $ | 1,975,675 | 209 | % | |||||||||||||||||||
Policy fees | 912,931 | (94,767) | 442,085 | 1,260,249 | 35 | % | |||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Life insurance in-force | $ | 87,800,041 | $ | (50,258,155) | $ | 20,664,894 | $ | 58,206,780 | 36 | % | |||||||||||||||||||
Premiums and other considerations: | |||||||||||||||||||||||||||||
Premiums | $ | 111,602 | $ | (1,342,375) | $ | 2,413,234 | $ | 1,182,461 | 204 | % | |||||||||||||||||||
Policy fees | $ | 950,702 | $ | (17,509) | $ | 328,528 | $ | 1,261,721 | 26 | % | |||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||
Gross Amount | Ceded to Other Companies | Assumed from Other Companies | Net Amount | Percentage of Amount Assumed to Net | |||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Life insurance in-force | $ | 98,911,475 | $ | (53,299,613) | $ | 16,762,152 | $ | 62,374,014 | 27 | % | |||||||||||||||||||
Premiums and other considerations: | |||||||||||||||||||||||||||||
Premiums | $ | 107,733 | $ | (2,455,580) | $ | 4,573,925 | $ | 2,226,078 | 205 | % | |||||||||||||||||||
Policy fees | $ | 850,062 | $ | (1,127) | $ | 288,870 | $ | 1,137,805 | 25 | % |
Date: | February 29, 2024 | ||||||||||
KKR & CO. INC. | |||||||||||
/s/ ROBERT H. LEWIN | |||||||||||
Name: | Robert H. Lewin | ||||||||||
Title: | Chief Financial Officer |
Signature | Title | Date | ||||||||||||
/s/ HENRY R. KRAVIS | Co-Executive Chairman, Director | February 29, 2024 | ||||||||||||
Henry R. Kravis | ||||||||||||||
/s/ GEORGE R. ROBERTS | Co-Executive Chairman, Director | February 29, 2024 | ||||||||||||
George R. Roberts | ||||||||||||||
/s/ JOSEPH Y. BAE | Director, Co-Chief Executive Officer | February 29, 2024 | ||||||||||||
Joseph Y. Bae | (principal executive officer) | |||||||||||||
/s/ SCOTT C. NUTTALL | Director, Co-Chief Executive Officer | February 29, 2024 | ||||||||||||
Scott C. Nuttall | (principal executive officer) | |||||||||||||
/s/ ADRIANE M. BROWN | Director | February 29, 2024 | ||||||||||||
Adriane M. Brown | ||||||||||||||
/s/ MATTHEW R. COHLER | Director | February 29, 2024 | ||||||||||||
Matthew R. Cohler | ||||||||||||||
/s/ MARY N. DILLON | Director | February 29, 2024 | ||||||||||||
Mary N. Dillon | ||||||||||||||
/s/ ARTURO GUTIÉRREZ HERNÁNDEZ | Director | February 29, 2024 | ||||||||||||
Arturo Gutiérrez Hernández | ||||||||||||||
/s/ XAVIER B. NIEL | Director | February 29, 2024 | ||||||||||||
Xavier B. Niel | ||||||||||||||
/s/ KIMBERLY A. ROSS | Director | February 29, 2024 | ||||||||||||
Kimberly A. Ross | ||||||||||||||
/s/ PATRICIA F. RUSSO | Director | February 29, 2024 | ||||||||||||
Patricia F. Russo | ||||||||||||||
/s/ ROBERT W. SCULLY | Director | February 29, 2024 | ||||||||||||
Robert W. Scully | ||||||||||||||
/s/ EVAN T. SPIEGEL | Director | February 29, 2024 | ||||||||||||
Evan T. Spiegel |
Signature | Title | Date | ||||||||||||
/s/ ROBERT H. LEWIN | Chief Financial Officer (principal financial and accounting officer) | February 29, 2024 | ||||||||||||
Robert H. Lewin |
● |
Common stock of KKR & Co. Inc.; and
|
● |
4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC (the “2061 Subordinated Notes”).
|
● |
3,500,000,000 are designated as common stock;
|
● |
1,500,000,000 are designated as preferred stock, of which 1 share is designated as “Series I Preferred Stock” (“Series I Preferred Stock”).
|
● |
any increase in the number of authorized shares of Series I Preferred Stock;
|
● |
a sale of all or substantially all of our and our subsidiaries’ assets, taken as a whole, in a single transaction or series of related transactions (except (i) for the sole purpose of changing our legal
form into another limited liability entity and where the governing instruments of the new entity provide our stockholders with substantially the same rights and obligations and (ii) mortgages, pledges, hypothecations or grants of a
security interest by the Series I Preferred Stockholder in all or substantially all of our assets (including for the benefit of affiliates of the Series I Preferred Stockholder));
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● |
merger, consolidation or other business combination (except for the sole purpose of changing our legal form into another limited liability entity and where the governing instruments of the new entity
provide our stockholders with substantially the same rights and obligations); and
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● |
any amendment to our certificate of incorporation that would have a material adverse effect on the rights or preferences of our common stock relative to the other classes of our stock.
|
● |
change the par value of our common stock; or
|
● |
alter or change the powers, preferences, or special rights of the common stock in a way that would adversely affect the holders of our common stock.
|
(i) |
less than 10% of the then issued and outstanding shares of any class (other than preferred stock) are held by persons other than the Series I Preferred Stockholder and its affiliates; or
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(ii) |
we are subjected to registration under the provisions of the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”),
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(1) |
amendments to provisions relating to approvals of the transfer of the Class B units in KKR Group Partnership, Series I Preferred Stockholder approvals for certain actions and the appointment or removal of
the Chief Executive Officer or Co-Chief Executive Officers;
|
(2) |
a change in our name, our registered agent or our registered office;
|
(3) |
an amendment that our board of directors determines to be necessary or appropriate to address certain changes in U.S. federal, state and local income tax regulations, legislation or interpretation;
|
(4) |
an amendment that is necessary, in the opinion of our counsel, to prevent us or our indemnitees from having a material risk of being in any manner subjected to the provisions of the Investment Company Act,
the U.S. Investment Advisers Act of 1940, as amended, or “plan asset” regulations adopted under the U.S. Employee Retirement Income Security Act of 1974, as amended, whether or not substantially similar to plan asset regulations currently
applied or proposed by the U.S. Department of Labor;
|
(5) |
a change in our fiscal year or taxable year;
|
(6) |
an amendment that our board of directors has determined to be necessary or appropriate for the creation, authorization or issuance of any class or series of our capital stock or options, rights, warrants or
appreciation rights relating to our capital stock;
|
(7) |
any amendment expressly permitted in our certificate of incorporation to be made by the Series I Preferred Stockholder acting alone;
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(8) |
an amendment effected, necessitated or contemplated by an agreement of merger, consolidation or other business combination agreement that has been approved under the terms of our certificate of
incorporation;
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(9) |
an amendment effected, necessitated or contemplated by an amendment to the partnership agreement of KKR Group Partnership that requires unitholders of KKR Group Partnership to provide a statement,
certification or other proof of evidence regarding whether such unitholder is subject to U.S. federal income taxation on the income generated by KKR Group Partnership;
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(10) |
any amendment that our board of directors has determined is necessary or appropriate to reflect and account for our formation of, or our investment in, any corporation, partnership, joint venture, limited
liability company or other entity, as otherwise permitted by our certificate of incorporation;
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(11) |
a merger into, or conveyance of all of our assets to, another limited liability entity that is newly formed and has no assets, liabilities or operations at the time of the merger or conveyance other than
those it receives by way of the merger or conveyance consummated solely to effect a mere change in our legal form, the governing instruments of which provide the stockholders with substantially the same rights and obligations as provided
by our certificate of incorporation;
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(12) |
any amendment that our board of directors determines to be necessary or appropriate to cure any ambiguity, omission, mistake, defect or inconsistency; or
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(13) |
any other amendments substantially similar to any of the matters described in (1) through (12) above.
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(1) |
do not adversely affect the stockholders considered as a whole (or adversely affect any particular class or series of stock as compared to another class or series) in any material respect;
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(2) |
are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal, state, local or non-U.S. agency or
judicial authority or contained in any federal, state, local or non-U.S. statute (including the DGCL);
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(3) |
are necessary or appropriate to facilitate the trading of our stock or to comply with any rule, regulation, guideline or requirement of any securities exchange on which our stock are or will be listed for
trading;
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(4) |
are necessary or appropriate for any action taken by us relating to splits or combinations of shares of our capital stock under the provisions of our certificate of incorporation; or
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(5) |
are required to effect the intent of or are otherwise contemplated by our certificate of incorporation.
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(1) |
entry into a debt financing arrangement in an amount in excess of 10% of our then existing long-term indebtedness (other than with respect to intercompany debt financing arrangements);
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(2) |
issuances of securities that would (i) represent at least 5% of any class of equity securities or (ii) have designations, preferences, rights priorities or powers that are more favorable than the common
stock;
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(3) |
adoption of a shareholder rights plan;
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(4) |
amendment of our certificate of incorporation, certain provisions of our bylaws relating to our board of directors and officers, quorum, adjournment and the conduct of stockholder meetings, and provisions
related to stock certificates, registrations of transfers and maintenance of books and records of the Company and the operating agreement of KKR Group Partnership;
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(5) |
the appointment or removal of our Chief Executive Officer or a Co-Chief Executive Officer;
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(6) |
merger, sale or other dispositions of all or substantially all of the assets, taken as a whole, of us and our subsidiaries, and the liquidation or dissolution of us or KKR Group Partnership; and
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(7) |
the withdrawal, removal or substitution of any person as the general partner of KKR Group Partnership or the transfer of beneficial ownership of all or any part of a general partner interest in KKR Group
Partnership to any person other than a wholly-owned subsidiary.
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● |
in whole at any time or in part from time to time on or after April 1, 2026, at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption;
provided that if the 2061 Subordinated Notes are not redeemed in whole, at least $25 million aggregate principal amount of the 2061 Subordinated Notes must remain outstanding after giving effect to such redemption;
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● |
in whole, but not in part, within 120 days of the occurrence of a “Tax Redemption Event,” (as defined in the 2061 Indenture) at a redemption price equal to their principal amount plus accrued and unpaid
interest to, but excluding, the date of redemption; or
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● |
in whole, but not in part, at any time prior to April 1, 2026, within 90 days after the occurrence of a “Rating Agency Event” (as defined in the 2061 Indenture) at a redemption price equal to 102% of their
principal amount plus any accrued and unpaid interest to, but excluding, the date of redemption.
|
● |
ranks junior in right of payment to all existing and future Senior Indebtedness (as defined in the 2061 Indenture) of Group Finance IX or the relevant Guarantor;
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● |
ranks equal in right of payment with all existing and future Indebtedness Ranking on a Parity with the 2061 Subordinated Notes (as defined in the 2061 Indenture) of Group Finance IX or the relevant
Guarantor;
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● |
is effectively subordinated to all existing and future secured Indebtedness (as defined in the 2061 Indenture) of Group Finance IX or the relevant Guarantor, to the extent of the value of the assets
securing such Indebtedness; and
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● |
is structurally subordinated in right of payment to all existing and future Indebtedness, liabilities and other obligations (including policyholder liabilities and other payables) of each subsidiary of
Group Finance IX or the relevant Guarantor that is not itself Group Finance IX or a Guarantor.
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● |
Group Finance IX’s failure to pay any interest, including compounded interest, on the 2061 Subordinated Notes when due and payable after taking into account any optional deferral period as set forth in the
2061 Indenture, continued for 30 days;
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● |
Group Finance IX’s failure to pay principal (or premium, if any) on any 2061 Subordinated Notes when due, regardless of whether such payment became due because of maturity, redemption, acceleration or
otherwise;
|
● |
Group Finance IX’s failure to pay the redemption price when due in connection with a “Tax Redemption Event” or a “Rating Agency Event;”
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● |
any failure by Group Finance IX or the Guarantors to observe or perform any other covenants or agreements with respect to the 2061 Subordinated Notes for 90 days after Group Finance IX receives notice of
such failure from the trustee or 90 days after Group Finance IX and the trustee receive notice of such failure from the holders of at least 25% in aggregate principal amount of the outstanding 2061 Subordinated Notes;
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● |
certain events of bankruptcy, insolvency or reorganization of Group Finance IX or of any Guarantor (other than an “Insignificant Guarantor” (as defined in the 2061 Indenture)); and
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● |
a Guarantee of any Guarantor (other than an Insignificant Guarantor) ceases to be in full force and effect or is declared to be null and void and unenforceable or such Guarantee is found to be invalid or a
Guarantor (other than an Insignificant Guarantor) denies its liability under its Guarantee (other than by reason of release of such Guarantor in accordance with the terms of the 2061 Indenture).
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● |
add to the covenants for the benefit of the holders of any 2061 Subordinated Notes or surrender any right or power the 2061 Indenture confers upon us;
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● |
evidence the assumption of Group Finance IX’s obligations or the obligations of any Guarantor under the 2061 Indenture by a successor;
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● |
add any additional events of default for the benefit of the holders of any 2061 Subordinated Notes;
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● |
add new Guarantors;
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● |
provide for the release of any Guarantor in accordance with the 2061 Indenture;
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● |
secure the 2061 Subordinated Notes;
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● |
provide for a successor trustee;
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● |
provide for the issuance of additional notes of any series;
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● |
establish the form or terms of notes of any series;
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● |
comply with the rules of any applicable depositary;
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● |
add to or change any of the provisions of the 2061 Indenture to permit or facilitate the issuance of 2061 Subordinated Notes in uncertificated form;
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● |
add to, change or eliminate any provisions of the 2061 Indenture so long as any such addition, change or elimination (i) does not apply to or modify the rights of the holders of 2061 Subordinated Notes of
any series created prior to such addition, change or elimination or (ii) becomes effective only when there are no 2061 Subordinated Notes created prior to the execution of the supplemental indenture then outstanding which are entitled to
the benefit of such provision;
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● |
cure any ambiguity, to correct or supplement any provision of the 2061 Indenture which may be defective or inconsistent with any other provision therein;
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● |
make any change that does not adversely affect the rights of any holder of 2061 Subordinated Notes in any material respect; or
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● |
to conform to the “Description of the Notes” in the Prospectus Supplement related to the offering of the 2061 Subordinated Notes to the extent that such provision in the “Description of the Notes” was
intended to be a verbatim recitation of such provision in the 2061 Indenture or 2061 Subordinated Notes.
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● |
change the fixed maturity of the 2061 Subordinated Notes, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the
redemption thereof;
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● |
reduce the amount of principal payable upon acceleration of the maturity thereof;
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● |
change the currency in which the 2061 Subordinated Notes or any premium or interest is payable;
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● |
impair the right to enforce any payment on or with respect to the 2061 Subordinated Notes;
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● |
reduce the percentage in principal amount of outstanding 2061 Subordinated Notes the consent of whose holders is required for modification or amendment of the 2061 Indenture or for waiver of compliance with
certain provisions of the 2061 Indenture or for waiver of certain defaults;
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● |
modify the subordination provisions of the 2061 Subordinated Notes in any manner adverse to the holders;
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● |
modify the Guarantees in any manner adverse to the holders; or
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● |
modify any of the above bullet points.
|
|
KKR GROUP HOLDINGS CORP., as | |
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General Partner | |
|
|
|
|
By: | /s/ Christopher Lee |
|
|
Name: | Christopher Lee |
Title: | Secretary |
INDEMNITEE:
|
||
Name:
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KKR & CO. INC. | |||
By:
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|||
Name:
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|||
Title:
|
• |
Audit Committee
|
• |
Member-$25,000
|
• |
Audit Committee Chair-$50,000 (inclusive of the Audit Committee Member fee),
|
• |
Nominating and Corporate Governance Committee
|
• |
Member-$15,000,
|
• |
Conflicts Committee
|
• |
Member-$15,000,
|
• |
Conflicts Committee Chair-$30,000 (inclusive of the Conflicts Committee Member fee).
|
• |
Risk Committee
|
• |
Member-$20,000,
|
• |
Risk Committee Chair-$40,000 (inclusive of the Risk Committee Member fee)
|
Grantee:
|
Participant Name
|
||
Grant Date:
|
Grant Date
|
||
Number of RSUs:
|
Number of Awards Granted
|
||
Vesting Schedule:
|
The following sets forth each applicable Service Vesting Date upon which the applicable percentage of RSUs granted hereunder shall become vested, subject to the Grantee’s continued Service through each such
date and other terms and conditions contained in the attached Restricted Stock Unit Grant Agreement.
|
||
Percentage of RSUs Vesting:
|
Applicable Service Vesting Date:
|
||
KKR & CO. INC.
|
GRANTEE
|
|
Electronic Signature
|
||
By:
|
Name: Participant Name
|
|
Title:
|
Grant Acceptance Date: Grant Acceptance Date
|
(a)
|
Subject to the terms and conditions contained herein and in the Plan, the RSUs shall vest as provided in the RSU Grant Certificate and this Section 2.1.
|
(i)
|
Subject to the Grantee’s continued service as a director of the Corporation (“Service”) through the Service Vesting Date(s) as specified in the RSU Grant Certificate, the RSUs shall become
vested on such date(s) as to the percentage(s) of RSUs set forth in the RSU Grant Certificate.
|
(ii)
|
If, prior to the date the RSUs are vested as provided in Section 2.1(a)(i) above or otherwise terminate pursuant to Section 2.1(b) below: (A) the Grantee dies or experiences a Disability or (B) there occurs a Change in Control, then
all unvested RSUs shall be vested as a result thereof.
|
(iii)
|
All RSUs that become vested under this Section 2.1(a) shall be Settled pursuant to Section 2.2 of this Agreement.
|
(b)
|
If the Grantee’s Service terminates prior to an applicable Service Vesting Date for any reason other than due to the Grantee’s death or Disability, all then unvested RSUs shall immediately terminate and be forfeited without
consideration, and no shares of Common Stock shall be delivered hereunder.
|
(a)
|
To the extent that an RSU becomes vested and the applicable Service Vesting Date has occurred, the applicable percentage of RSUs shall be Settled as soon as administratively practicable on or following the applicable Service Vesting
Date. The Settlement of RSUs that become vested upon (i) a termination of Service due to Grantee’s death or Disability, as applicable, in accordance with Section 2.1(a)(ii), shall not be accelerated such that any such RSUs shall be
Settled as soon as administratively practicable on or following the applicable Service Vesting Date as set forth on the RSU Grant Certificate that such RSUs would otherwise have become vested and (ii) a Change in Control shall be as
soon as administratively practicable on or following the date of the consummation of the Change in Control. The date on which any RSU is to be Settled hereunder is referred to as a “Delivery Date.”
|
(b)
|
On any Delivery Date, each vested RSU being Settled shall be cancelled in exchange for the Corporation delivering to the Grantee the number of shares of Common Stock equal to the number of RSUs that are
to be Settled on such Delivery Date pursuant to Section 2.2(a). The foregoing deliveries shall in all instances be subject to Sections 4.4 and 4.6.
|
(c)
|
Subject to the provisions of this Article II relating to the number of RSUs that are to be Settled on any applicable Delivery Date and solely to the extent permitted under Section 409A, if applicable, the
Corporation may impose such other conditions and procedures in relation to the Settlement of RSUs as it may reasonably determine, including with respect to the Transfer of shares of Common Stock received upon a Settlement.
|
(a)
|
The Grantee may not Transfer all or any portion of the Grantee’s RSUs to any Person (including to any Permitted Transferee) without the prior written consent of the Administrator, which consent may be
given or withheld, or made subject to such conditions (including the receipt of such legal or tax opinions and other documents that the Corporation may require) as determined by the Administrator.
|
(b)
|
Prior to a Transfer of any RSUs to any Person that the Administrator consents to, such Person must consent in writing to be bound by this Agreement and deliver such consent to the Administrator.
|
(c)
|
Any purported Transfer of RSUs that is not in accordance with this Section 3.1 is null and void.
|
(a)
|
The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in
addition to any other rights the parties may have by Law or under the terms of any other applicable agreement.
|
(b)
|
To the extent required or advisable, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules promulgated thereunder and any other similar Laws including, as applicable, but
not limited to the European Directives 2011/61/EU, 2013/36/EU and 2014/91/EU, the Administrator may specify in any other document or a policy to be incorporated into this Agreement by reference, that the Grantee’s rights, payments, and
benefits with respect to RSUs awarded hereunder and/or Common Stock delivered to the Grantee in respect of RSUs awarded hereunder shall be subject to reduction, cancellation, forfeiture or recoupment.
|
(c)
|
The Grantee further acknowledges and agrees that KKR Group shall have the right to clawback, forfeit, cancel, recoup, reduce or set-off any distribution or payment that is due or payable (or that the
Administrator reasonably determines may become due or payable) to the Grantee pursuant to any agreement with the KKR Group (including but not limited to partnership agreements of KKR Holdings II L.P. and KKR Associates Holdings L.P.) or
otherwise for the purpose of fulfilling any present or future obligation or liability of whatever nature (whether matured or unmatured, absolute or contingent) that the Grantee has to make (or that the Administrator reasonably
determines may become such an obligation or liability to make) any payment or contribution to the KKR Group, regardless of whether the payment or contribution is currently due or payable, or may be due or payable in the future, whether
in advance of or without adjudication (provided that the Administrator must act in good faith when determining any contribution or payment that may become due or payable as a result of damage to
the KKR Group arising from a breach by Grantee of any of
|
(a)
|
This Agreement (including the RSU Grant Certificate and Appendices A and B attached hereto, as applicable) may be amended, supplemented, waived or modified only in accordance with Section 4(b) of the Plan or Section 13 of the Plan,
as applicable, or as may be required for purposes of compliance or enforceability with applicable local Law; provided, however, that the RSU Grant
Certificate shall be deemed amended from time to time to reflect any adjustments provided for under the Plan.
|
(b)
|
No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
|
(a)
|
If to the Corporation, to:
|
(b)
|
If to the Grantee, to the most recent address for the Grantee in the books and records of the Corporation.
|
(a)
|
This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings, whether oral or written, pertaining
thereto. The Grantee acknowledges that the grant of RSUs provided for under this Agreement is in full satisfaction of any and all grants of equity or equity-based awards that
|
(b)
|
This Agreement shall terminate when the Grantee and all Permitted Transferees cease to hold any of the RSUs that have been granted hereunder. Notwithstanding anything to the contrary herein, this Article
IV shall survive any termination of this Agreement.
|
(a)
|
This Section 4.13(a) applies to Grantees who are U.S. tax residents (such as, a U.S. citizen, green card holder or a U.S. tax resident under the substantial presence test) to the extent applicable. All
references to any “separation from service” or termination of Services to be provided by the Grantee shall be deemed to refer to a “separation from service” within the meaning of Section 409A, if applicable. Notwithstanding anything
herein to the contrary, (i) if at the time of the Grantee’s termination of Service the Grantee is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or delivery of Common
Stock otherwise payable or provided hereunder as a result of such termination of Service is necessary in order to prevent any accelerated or additional tax under Section 409A, then, to the extent that Section 409A applies to the RSUs,
the Corporation will defer the commencement of the payment of any such payments or delivery hereunder (without any reduction in such payments or delivery of Common Stock ultimately paid or provided to the Grantee) until the date that is
six months following the Grantee’s termination of Service (or the earliest date as is permitted under Section 409A) and (ii) if any other payments or other deliveries due to the Grantee hereunder could cause the application of an
accelerated or additional tax under Section 409A, such payments or other deliveries shall be deferred if deferral will make such payment or other delivery compliant under Section 409A, or otherwise such payment or other delivery shall
be restructured, to the extent possible, in a manner, determined by the Administrator, that does not cause such an accelerated or additional tax. The Corporation shall use commercially reasonable efforts to implement the provisions of
this Section 4.13(a) in good faith; provided that none of the Corporation, the Administrator nor any of the Corporation’s or its affiliates’ employees,
directors or representatives shall have any liability to the Grantee with respect to this Section 4.13(a).
|
(b)
|
Nothing in this Agreement shall be deemed to obligate the Corporation to employ the Grantee in any capacity whatsoever or to prohibit or restrict the Corporation from terminating the Grantee’s Service at
any time or for any reason whatsoever.
|
KKR & CO. INC
|
||
By:
|
||
Name:
|
||
Title:
|
KKR GROUP PARTNERSHIP L.P.,
by KKR Group Holdings Corp, its general partner
|
GRANTEE
|
|
Electronic Signature
|
||
By:
|
Name: Participant Name
|
|
Title:
|
Grant Acceptance Date: Grant Acceptance Date
|
KKR HOLDINGS II L.P.,
by KKR Group Holdings Corp, its general partner
|
||
By:
|
||
Title:
|
KKR & CO. INC.
|
||
By:
|
||
Title:
|
(a) |
Subject to the terms and conditions contained herein and in the Operating Agreements, the Restricted Units shall vest as provided in the RHU Grant Certificate and this Section 2.1.
|
(i) |
Restricted Units will be eligible to vest on the date that both the Service Condition and the Price Condition (each as defined in the RHU Grant Certificate) with respect to such Restricted Units have been achieved, with the number of
Restricted Units that vest on any such Vesting Date being equal to the cumulative percentage of Restricted Units that have met the Price Condition on such applicable Vesting Date (less any percentage of Restricted Units that previously
vested), and any Restricted Unit that fails to satisfy the Price Condition by the close of business on the Expiration Date (as defined in the RHU Grant Certificate) shall be canceled and forfeited without any consideration.
|
(ii) |
If, prior to the date the Restricted Units are vested or such Restricted Units otherwise terminate and are forfeited:
|
(A) |
the Grantee’s Employment terminates prior to the Service Condition being met due to the Grantee’s Retirement, then the Service Condition shall be waived for Restricted Units granted hereunder in an amount equal to (a) the applicable
cumulative percentage of Restricted Units that satisfied the Price Condition at the time of the Grantee’s notice of Retirement or actual Retirement (as determined by the Administrator in its sole discretion) multiplied by (b) the total number of Restricted Units granted hereunder prorated to reflect the number of full years of service such Grantee provided from the Measurement Date through the date of such notice of
Retirement or actual Retirement, as applicable, and such Restricted Units shall become vested as of such date;
|
(B) |
the Grantee dies or experiences a Disability prior to the Service Condition being met, then the Service Condition shall be waived for Restricted Units granted hereunder in an amount equal to (a) the applicable cumulative percentage of
Restricted Units that satisfied the Price Condition at the time of the Grantee’s death or Disability (as determined by the Administrator in its sole discretion) multiplied by (b) the total number
of Restricted Units granted hereunder prorated to reflect the number of full years of service such Grantee provided from the Measurement Date through the date of death or Disability, as applicable; provided
that, all such Restricted Units for which the Service Condition is waived shall become vested on the date of the Grantee’s death or Disability; provided further that the Administrator in its sole
discretion, may waive the Service Condition for all Restricted Units granted hereunder for the Grantee who dies or experiences a Disability prior to the Service Vesting Date (as defined in the RHU Grant Certificate) and/or Expiration
Date, in which case all remaining unvested Restricted Units granted hereunder shall remain outstanding and eligible to vest until the Service Vesting Date and/or Expiration Date, to the extent the applicable Price Conditions are
thereafter satisfied with respect thereto, as if such Grantee’s Employment had continued until the Service Vesting Date and/or Expiration Date, as applicable, and any remaining Restricted Units that vest in accordance with this Section
2.1(a)(ii)(B) shall become vested on the date the applicable Price Condition is achieved. Any determination of the Grantee’s death or Disability shall be determined by the Administrator in its sole discretion; and
|
(C) |
a Change in Control occurs prior to any termination of the Grantee’s Employment, then all or any portion of any unvested Restricted Units may be vested, subject to the discretion of the Administrator and, if so determined a vesting
event, the date of the consummation of the Change in Control shall be deemed the “Vesting Date” for all purposes under this Agreement.
|
(b) |
If the Grantee’s Employment terminates prior to the applicable Vesting Date for any reason other than due to the Grantee’s death, Disability or Retirement, all then unvested Restricted Units and all corresponding SERs shall immediately
terminate and be forfeited without consideration, and no exchange of such unvested Restricted Units for shares of Common Stock pursuant to Section 2.2 shall occur; provided that for Exempt
Grantees whose Employment terminates prior to the Service Vesting Date, the Service Condition shall be waived for Restricted Units granted hereunder in an amount equal to (a) the applicable cumulative percentage of Restricted Units that
satisfied the Price Condition at the time of the Grantee’s notice of termination or actual termination of Employment (as determined by the Administrator in its sole discretion) multiplied by (b)
the total number of Restricted Units granted hereunder prorated to reflect the number of full years of service such Grantee provided from the Measurement Date through the date of such notice of termination or actual termination, as
applicable; provided further that, all such Restricted Units for which the Service Condition is waived shall become vested on the date of such notice of
termination or actual termination, as applicable.
|
(c) |
Unless otherwise agreed in writing between the Grantee and the Corporation or as otherwise determined by the Administrator in its sole discretion at the time of grant or otherwise, the right to vest in the Restricted Units, if any,
will terminate effective as of the date that the Grantee is no longer actively providing services (even if still considered employed or engaged under local Law) and will not be extended by any notice period mandated under local Law (e.g.,
active Employment would not include a period of “garden leave” or similar period pursuant to local Law) (a “Service Termination”), and all unvested Restricted Units and corresponding SERs shall
immediately be forfeited upon such date. The Administrator has the sole discretion and authority to determine whether the Grantee is actively providing services (including in respect of any period following the Grantee’s delivery of
notice of resignation or receipt of notice of termination).
|
(d) |
Once a Class P Unit is vested and becomes an Equitized Class P Series Unit (as defined in the Limited Partnership Agreement of KKR Group Partnership), it shall be automatically converted into a Class A Unit pursuant to the terms of the
Limited Partnership Agreement of KKR Group Partnership.
|
(e) |
Notwithstanding anything herein to the contrary, any Restricted Units that vest prior to the applicable Vesting Date pursuant to Sections 2.1(a)(ii)(A) or (B) or Section 2.1(b) hereof shall be deemed to be unvested Restricted Units,
and shall not be “vested” or “vest,” until the applicable Vesting Date set forth in the RHU Grant Certificate for all other purposes under this Agreement and applicable organizational documents (including the Operating Agreements).
|
(a) |
To the extent that a Holdings II Unit becomes vested and the related Class P Unit has become a vested and Equitized Class P Unit (as defined in the Limited Partnership Agreement of KKR Group Partnership) and automatically converted to
a Class A Unit pursuant to the terms of the Limited Partnership Agreement of KKR Group Partnership (subject to Section 2.1(e)), the Grantee may elect to exercise the corresponding SER to (i) receive from Holdings II a Class A Unit
underlying the Holdings II Unit in connection with the redemption thereof, and (ii) exchange such Class A Unit for a share of Common Stock, in each case, on a one-for-one basis, subject to customary conversion rate adjustments for splits,
unit distributions and reclassifications (the “Exchange”). Restricted Units may be Exchanged on a quarterly basis, pursuant to policies and procedures established by the Administrator in its sole
discretion from time to time. The Administrator shall have the sole discretion to impose policies and procedures for any sale of shares of Common Stock received by
|
(b) |
On any Exchange Date, each vested Holdings II Unit subject to the Exchange shall be cancelled and each related Class A Unit shall be transferred to the Corporation or its designated subsidiary in exchange for the Corporation
delivering, or causing to be delivered to the Grantee either (i) the number of shares of Common Stock equal to the number of Restricted Units that are subject to the Exchange on such Exchange Date pursuant to Section 2.2(a), subject to
customary conversion rate adjustments for splits, unit distributions and reclassifications or (ii) an amount of cash, denominated in U.S. dollars, equal to the Fair Market Value of the foregoing number of shares of Common Stock (a “Cash Payment”). The Administrator may elect in its sole discretion whether to Exchange the Restricted Units for shares of Common Stock or for a Cash Payment. The delivery of shares of Common Stock or
Cash Payment to the Grantee shall be made as soon as administratively practicable on or following the applicable Exchange Date (or next permissible trading window of Common Stock). Any of the foregoing payments or deliveries shall in all
instances be subject to Sections 4.4 and 4.6.
|
(c) |
Subject to the provisions of this Article II relating to the number of shares of Common Stock that are to be delivered or Cash Payment that is to be paid on any applicable delivery date and solely to the extent permitted under Section
409A, if applicable, the Corporation may impose such other conditions and procedures in relation to such delivery or payment as it may reasonably determine, including with respect to the Exchange.
|
(d) |
To the extent (i) the Grantee’s Employment terminates or the Grantee undergoes a Service Termination, in either case, for any reason, and (ii) any Holdings II Unit becomes, or has become, vested and the related Class P Unit becomes, or
has become, a vested and Equitized Class P Series Unit (as defined in the Limited Partnership Agreement of KKR Group Partnership) and automatically converted to a Class A Unit pursuant to the terms of the Limited Partnership Agreement of
KKR Group Partnership (subject to Section 2.1(e)), the Administrator may, in its sole discretion, elect to exercise the corresponding SER and force an Exchange without any action on the part of the Grantee or the Grantee’s consent (a “Forced Exchange”). In the event of a Forced Exchange, each vested Holdings II Unit subject to the Exchange shall be cancelled and each related Class A Unit shall be transferred to the Corporation or
its designated subsidiary in exchange for the Corporation delivering, or causing to be delivered by the Designated Service Recipient, to the Grantee either (A) the number of shares of Common Stock equal to the number of Restricted Units
that are subject to the Exchange on such Exchange Date pursuant to this Section 2.2(d), subject to customary conversion rate adjustments for splits, unit distributions and reclassifications or (B) a Cash Payment, as determined by the
Administrator, in its sole discretion. The delivery of shares of Common Stock or Cash Payment to the Grantee shall be made as soon as administratively practicable on or following the applicable Exchange Date (or next permissible trading
window of Common Stock). Any of the foregoing payments or deliveries shall in all instances be subject to Sections 4.4 and 4.6.
|
(a) |
The Grantee may not Transfer all or any portion of the Grantee’s Holdings II Units or SERs to any Person (including to any Permitted Transferee) without the prior written consent of the
|
(b) |
Prior to a Transfer of any Holdings II Units or SERs to any Person that the Administrator consents to, such Person must consent in writing to be bound by this Agreement and deliver such consent to the Administrator.
|
(c) |
Any purported Transfer of Holdings II Units or SERs that is not in accordance with this Section 3.1 or which would cause Holdings II or the KKR Group Partnership to be treated as a “publicly traded partnership”, as defined in Section
7704 of the U.S. Internal Revenue Code of 1986, as amended, is null and void.
|
(d) |
Transfers of Holdings II Units shall be subject to further conditions and/or restrictions, if any, set forth in the Limited Partnership Agreement of Holdings II.
|
(a) |
The Grantee may not Transfer or Exchange all or any portion of the Grantee’s Transfer-Restricted Units (as defined below) (including to any Permitted Transferee) without the prior written consent of the Administrator, which consent may
be given or withheld, or made subject to such conditions (including the receipt of such legal or tax opinions and other documents that the Corporation may require) as determined by the Administrator. Any permitted Transfer pursuant to
this Section 3.3(a) shall be made in accordance with Section 3.1. No Class A Unit or Class P Unit corresponding to a Transfer-Restricted Unit may be exchanged for a share of Common Stock pursuant to the Exchange.
|
(b) |
A “Transfer-Restricted Unit” refers to all Holdings II Units and corresponding SERs held by the Grantee until (i) the first anniversary of the applicable Vesting Date, in the case of 50% of such
Holdings II Units and corresponding SERs and (ii) the second anniversary of such Vesting Date, in the case of the remaining 50% of such Holdings II Units and corresponding SERs; provided that if
the Grantee has given or been given notice of termination of Grantee’s Employment, then the Administrator, in its sole discretion, may direct that any Holdings II Units and corresponding SERs that is then Transfer Restricted Units shall
continue to be Transfer Restricted Units until the expiration of the later to occur of the Non-Compete Period (as defined in Appendix D) or the Non-Solicit Period (as defined in Appendix D) applicable to the Grantee, unless an earlier
date is selected by the Administrator, in its sole discretion.
|
(c) |
If the Grantee breaches in any significant or intentional manner, as determined by the Administrator in its sole discretion, any of the Grantee’s covenants in Appendix D, the Administrator, in its sole discretion, may direct that the
Grantee forfeit all or a portion of the Transfer-Restricted Units held by the Grantee, in which case all related Class P Units (or Class A Units upon automatic conversion) held by Holdings II shall also be forfeited. If (x) the Grantee
gives notice of termination of the Grantee’s Employment for any reason during the period of time beginning on the Grant Date and
|
(d) |
Any purported Transfer or Exchange of Transfer-Restricted Units that is not in accordance with this Section 3.3 is null and void. In the event of a property settlement or separation agreement between the Grantee and his or her spouse,
the Grantee agrees that he or she shall use reasonable efforts to retain all of his or her Holdings II Units and SERs and shall reimburse his or her spouse for any interest he or she may have under this Agreement out of funds, assets or
proceeds separate and distinct from his or her interest under this Agreement.
|
(a) |
For so long as the Grantee retains his or her Employment, the Grantee (collectively with all Permitted Transferees, if applicable) must continuously hold an aggregate number of Common Stock Equivalents (defined below) that is at least
equal to the Minimum Retained Ownership Percentage of the cumulative amount of (x) all Holdings II Units granted to the Grantee under this Agreement and (y) all other Holdings II Units subject to a minimum retained ownership requirement
that have been or are hereafter granted to the Grantee under the Operating Agreements and the Plan, in each case, that have become vested pursuant to Section 2 (or similar provision in any other applicable grant agreement), prior to any
Exchange permitted by Section 2.2 (or similar provision in any other applicable grant agreement).
|
(b) |
“Common Stock Equivalents” means any combination of: (i) Holdings II Units that are or become vested pursuant to Section 2 of this Agreement (even if they are Transfer-Restricted Units) but not
exchanged and shares of Common Stock delivered upon Exchange of such Holdings II Units and not designated for sale and (ii) Holdings II Units subject to a minimum retained ownership requirement granted to the Grantee under the Operating
Agreements and the Plan that are or become vested pursuant to a provision similar to Section 2 to this Agreement (even if a provision similar to the transfer restrictions on the Transfer-Restricted Units has not yet been satisfied) but
not exchanged and shares of Common Stock delivered upon Exchange of such Holdings II Units and not designated for sale.
|
(c) |
Any purported Transfer or Exchange of any Holdings II Units or Common Stock that would result in a violation of this Section 3.4 is null and void. Notwithstanding anything to the contrary contained in this Agreement (including, without
limitation, Section 4.8) this Section 3.4 shall survive any termination of this Agreement.
|
(a) |
The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in
addition to any other rights the parties may have by Law or under the terms of any other applicable agreement.
|
(b) |
To the extent required or advisable, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules promulgated thereunder and any other similar Laws including, as applicable, but not limited to the European
Directives 2011/61/EU, 2013/36/EU and 2014/91/EU, the Administrator may specify in any other document or a policy to be incorporated into this Agreement by reference, that the Grantee’s rights, payments, and benefits with respect to RHUs
awarded hereunder and/or Common Stock delivered to the Grantee in respect of RHUs awarded hereunder shall be subject to reduction, cancellation, forfeiture or recoupment.
|
(c) |
The Grantee further acknowledges and agrees that KKR Group shall have the right to clawback, forfeit, cancel, recoup, reduce or set-off any distribution or payment that is due or payable (or that the Administrator reasonably determines
may become due or payable) to the Grantee pursuant to any agreement with the KKR Group (including but not limited to partnership agreements of KKR Holdings II L.P. and KKR Associates Holdings L.P.) or otherwise for the purpose of
fulfilling any present or future obligation or liability of whatever nature (whether matured or unmatured, absolute or contingent) that the Grantee has to make (or that the Administrator reasonably determines may become such an obligation
or liability to make) any payment or contribution to the KKR Group, regardless of whether the payment or contribution is currently due or payable, or may become due or payable in the future, whether in advance of or without adjudication (provided that the Administrator must act in good faith when determining any contribution or payment that may become due or payable as a result of damage to the KKR Group arising from a breach by
Grantee of any of Grantee’s written agreements with the KKR Group or other wrongdoing), and notwithstanding any other agreements between the Grantee and the KKR Group entered into prior to the date hereof.
|
(a) |
This Agreement (including the RHU Grant Certificate and Appendices A through E attached hereto, as applicable) may be amended, supplemented, waived or modified only in accordance with Section 4(b) of the Plan or Section 13 of the Plan,
as applicable, or as may be required for purposes of compliance or enforceability with applicable local Law; provided, however, that the RHU Grant
Certificate shall be deemed amended from time to time to reflect any adjustments provided for in the Operating Agreements or the Plan.
|
(b) |
No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
|
(i) |
withholding from the Cash Payment, the Grantee’s wages or other cash compensation paid to the Grantee by the Corporation and/or the Designated Service Recipient; or
|
(ii) |
withholding from proceeds of the sale of Common Stock delivered upon the Exchange either through a voluntary sale or through a mandatory sale arranged by the Corporation (on the Grantee’s behalf pursuant to this authorization); or
|
(iii) |
withholding in Common Stock to be delivered upon the Exchange.
|
(a) |
If to the Corporation, to:
|
(b) |
If to the KKR Group Partnership, to:
|
(c) |
If to Holdings II, to:
|
(d) |
If to the Grantee, to the most recent address for the Grantee in the books and records of the Corporation or the Designated Service Recipient, as applicable.
|
(a) |
This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings, whether oral or written, pertaining thereto. The Grantee
acknowledges that the grant of RHUs provided for under this Agreement is in full satisfaction of any and all grants of equity or equity-based awards that representatives of the Corporation or its Affiliates, on or prior to the date
hereof, may have informed the Grantee that such Grantee is entitled to receive.
|
(b) |
This Agreement shall terminate when the Grantee and all Permitted Transferees cease to hold any of the RHUs that have been granted hereunder. Notwithstanding anything to the contrary herein, this Article IV shall survive any
termination of this Agreement.
|
(a) |
This Section 4.13(a) applies to Grantees who are U.S. tax residents (such as, a U.S. citizen, green card holder or a U.S. tax resident under the substantial presence test) to the extent applicable. All references to any “separation
from service” or termination of the Employment of or the services to be provided by the Grantee, shall be deemed to refer to a “separation from service” within the meaning of Section 409A, if applicable. Notwithstanding anything herein
to the contrary, (i) if at the time of the Grantee’s termination of Employment the Grantee is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or delivery of Common Stock
otherwise payable or provided hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then, to the extent that Section 409A applies to the RHUs, the
Corporation will defer the commencement of the payment of any such payments or delivery hereunder (without any reduction in such payments or delivery of Common Stock ultimately paid or provided to the Grantee) until the date that is six
months following the Grantee’s termination of Employment (or the earliest date as is permitted under Section 409A) and (ii) if any other payments or other deliveries due to the Grantee hereunder could cause the application of an
accelerated or additional tax under Section 409A, such payments or other deliveries shall be deferred if deferral will make such payment or other delivery compliant under Section 409A, or otherwise such payment or other delivery shall be
restructured, to the extent possible, in a manner, determined by the Administrator, that does not cause such an accelerated or additional tax. The Corporation shall use commercially reasonable efforts to implement the provisions of this
Section 4.13(a) in good faith; provided that none of the Corporation, the Administrator nor any of the Corporation’s or KKR Group’s, as applicable,
|
(b) |
Nothing in this Agreement shall be deemed to obligate the Corporation, Designated Service Recipient or any other member of the KKR Group, as applicable, to employ the Grantee in any capacity whatsoever or to prohibit or restrict the
Corporation, Designated Service Recipient or any other member of the KKR Group, as applicable, from terminating the Grantee’s Employment at any time or for any reason whatsoever, with or without Cause.
|
KKR & Co. Inc.
|
||
By:
|
||
Name:
|
||
Title:
|
||
KKR Group Partnership L.P.
|
||
By: KKR Group Holdings Corp.,
|
||
its general partner
|
||
By:
|
||
Name:
|
||
Title:
|
||
KKR Holdings II L.P.
|
||
By: KKR Group Holdings Corp.,
|
||
its general partner
|
||
By:
|
||
Name:
|
||
Title:
|
KKR GROUP PARTNERSHIP L.P.,
by KKR Group Holdings Corp., its general partner
|
GRANTEE
|
|
Electronic Signature
|
||
By:
|
Name: Participant Name
|
|
Title:
|
Grant Acceptance Date: Grant Acceptance Date
|
KKR HOLDINGS II L.P.,
by KKR Group Holdings Corp., its general partner
|
||
By:
|
||
Title:
|
KKR & CO. INC.
|
||
By:
|
||
Title:
|
(a) |
Subject to the terms and conditions contained herein and in the Operating Agreements, the Restricted Units shall vest as provided in the RHU Grant Certificate and this Section 2.1.
|
(i) |
Subject to the Grantee’s continued Employment through the Service Vesting Date(s) as specified in the RHU Grant Certificate, the Restricted Units shall become vested on such date(s) as to the percentage(s) set forth in the RHU Grant
Certificate.
|
(ii) |
If, prior to the date the Restricted Units are vested or such Restricted Units otherwise terminate and are forfeited: (A) the Grantee’s Employment terminates due to the Grantee’s Retirement, then all Retirement Restricted Units shall
be vested; (B) the Grantee dies or experiences a Disability, then all unvested Restricted Units shall be vested; and (C) a Change in Control occurs prior to any termination of the Grantee’s Employment, then all
|
(b) |
If the Grantee’s Employment terminates prior to an applicable Service Vesting Date for any reason other than due to the Grantee’s death, Disability or Retirement, all then unvested Restricted Units and all corresponding SERs shall
immediately terminate and be forfeited without consideration, and no exchange of such unvested Restricted Units for shares of Common Stock pursuant to Section 2.2 shall occur.
|
(c) |
Unless otherwise agreed in writing between the Grantee and the Corporation or as otherwise determined by the Administrator in its sole discretion at the time of grant or otherwise, the right to vest in the Restricted Units, if any,
will terminate effective as of the date that the Grantee is no longer actively providing services (even if still considered employed or engaged under local Law) and will not be extended by any notice period mandated under local Law (e.g.,
active Employment would not include a period of “garden leave” or similar period pursuant to local Law) (a “Service Termination”), and all unvested Restricted Units and corresponding SERs shall
immediately be forfeited upon such date. The Administrator has the sole discretion and authority to determine whether the Grantee is actively providing services (including in respect of any period following the Grantee’s delivery of
notice of resignation or receipt of notice of termination).
|
(d) |
Once a Class P Unit is vested and becomes an Equitized Class P Series Unit (as defined in the Limited Partnership Agreement of KKR Group Partnership), it shall be automatically converted into a Class A Unit pursuant to the terms of the
Limited Partnership Agreement of KKR Group Partnership.
|
(e) |
Notwithstanding anything herein to the contrary, any Restricted Units that vest prior to the applicable Service Vesting Date pursuant to Sections 2.1(a)(ii)(A) or (B) hereof shall be deemed to be unvested Restricted Units, and shall
not be “vested” or “vest,” until the applicable Service Vesting Date for all other purposes under this Agreement and applicable organizational documents (including the Operating Agreements).
|
(a) |
To the extent that a Holdings II Unit becomes vested and the related Class P Unit has become a vested and Equitized Class P Unit (as defined in the Limited Partnership Agreement of KKR Group Partnership) and automatically converted to
a Class A Unit pursuant to the terms of the Limited Partnership Agreement of KKR Group Partnership (subject to Section 2.1(e)), the Grantee may elect to exercise the corresponding SER to (i) receive from Holdings II a Class A Unit
underlying the Holdings II Unit in connection with the redemption thereof, and (ii) exchange such Class A Unit for a share of Common Stock, in each case, on a one-for-one basis, subject to customary conversion rate adjustments for splits,
unit distributions and reclassifications (the “Exchange”). Restricted Units may be Exchanged on a quarterly basis, pursuant to policies and procedures established by the Administrator in its sole
discretion from time to time. The Administrator shall have the sole discretion to impose policies and procedures for any sale of shares of Common Stock received by the Grantee in the Exchange. The date on which any Restricted Unit is to
be Exchanged hereunder is referred to as an “Exchange Date.”
|
(b) |
On any Exchange Date, each vested Holdings II Unit subject to the Exchange shall be cancelled and each related Class A Unit shall be transferred to the Corporation or its designated subsidiary in exchange for the Corporation
delivering, or causing to be delivered, to the Grantee either (i) the number of shares of Common Stock equal to the number of Restricted Units that are subject to the Exchange on such Exchange Date pursuant to Section 2.2(a), subject to
customary conversion rate adjustments for splits, unit distributions and reclassifications or (ii) an amount of cash, denominated in U.S. dollars, equal to the Fair Market Value of the foregoing number of shares of Common Stock (a “Cash Payment”). The Administrator may elect in its sole discretion whether to Exchange the Restricted Units for shares of Common Stock or for a Cash Payment. The delivery of shares of Common Stock or
Cash Payment to the Grantee shall be made as soon as administratively practicable on or following the applicable Exchange Date (or next permissible trading window of Common Stock). Any of the foregoing payments or deliveries shall in all
instances be subject to Sections 4.4 and 4.6.
|
(c) |
Subject to the provisions of this Article II relating to the number of shares of Common Stock that are to be delivered or Cash Payment that is to be paid on any applicable delivery date and solely to the extent permitted under Section
409A, if applicable, the Corporation may impose such other conditions and procedures in relation to such delivery or payment as it may reasonably determine, including with respect to the Exchange.
|
(d) |
To the extent (i) the Grantee’s Employment terminates or the Grantee undergoes a Service Termination, in either case, for any reason, and (ii) any Holdings II Unit becomes, or has become, vested and the related Class P Unit becomes, or
has become, a vested and Equitized Class P Series Unit (as defined in the Limited Partnership Agreement of KKR Group Partnership) and automatically converted to a Class A Unit pursuant to the terms of the Limited Partnership Agreement of
KKR Group Partnership (subject to Section 2.1(e)), the Administrator may, in its sole discretion, elect to exercise the corresponding SER and force an Exchange without any action on the part of the Grantee or the Grantee’s consent (a “Forced Exchange”). In the event of a Forced Exchange, each vested Holdings II Unit subject to the Exchange shall be cancelled and each related Class A Unit shall be transferred to the Corporation or
its designated subsidiary in exchange for the Corporation delivering, or causing to be delivered by the Designated Service Recipient, to the Grantee either (A) the number of shares of Common Stock equal to the number of Restricted Units
that are subject to the Exchange on such Exchange Date pursuant to this Section 2.2(d), subject to customary conversion rate adjustments for splits, unit distributions and reclassifications or (B) a Cash Payment, as determined by the
Administrator, in its sole discretion. The delivery of shares of Common Stock or Cash Payment to the Grantee shall be made as soon as administratively practicable on or following the applicable Exchange Date (or next permissible trading
window of Common Stock). Any of the foregoing payments or deliveries shall in all instances be subject to Sections 4.4 and 4.6.
|
(a) |
The Grantee may not Transfer all or any portion of the Grantee’s Holdings II Units or SERs to any Person (including to any Permitted Transferee) without the prior written consent of the Administrator, which consent may be given or
withheld, or made subject to such conditions (including the receipt of such legal or tax opinions and other documents that the Corporation may require) as determined by the Administrator.
|
(b) |
Prior to a Transfer of any Holdings II Units or SERs to any Person that the Administrator consents to, such Person must consent in writing to be bound by this Agreement and deliver such consent to the Administrator.
|
(c) |
Any purported Transfer of Holdings II Units or SERs that is not in accordance with this Section 3.1 or which would cause Holdings II or the KKR Group Partnership to be treated as a “publicly traded partnership”, as defined in Section
7704 of the U.S. Internal Revenue Code of 1986, as amended, is null and void.
|
(d) |
Transfers of Holdings II Units shall be subject to further conditions and/or restrictions, if any, set forth in the Limited Partnership Agreement of Holdings II.
|
(a) |
The Grantee may not Transfer or Exchange all or any portion of the Grantee’s Transfer-Restricted Units (as defined below) (including to any Permitted Transferee) without the prior written consent of the Administrator, which consent may
be given or withheld, or made subject to such conditions (including the receipt of such legal or tax opinions and other documents that the Corporation may require) as determined by the Administrator. Any permitted Transfer pursuant to
this Section 3.3(a) shall be made in accordance with Section 3.1. No Class A Unit or Class P Unit corresponding to a Transfer-Restricted Unit may be exchanged for a share of Common Stock pursuant to the Exchange.
|
(b) |
A “Transfer-Restricted Unit” refers to all Holdings II Units and corresponding SERs held by the Grantee until (i) the first anniversary of the applicable Service Vesting Date (or date of the
Change in Control in the event of vesting in accordance with Section 2.1(a)(ii)(C)), in the case of 50% of such Holdings II Units and corresponding SERs and (ii) the second anniversary of such Service Vesting Date (or date of the Change
in Control in the event of vesting in accordance with Section 2.1(a)(ii)(C)), in the case of the remaining 50% of such Holdings II Units and corresponding SERs; provided that if the Grantee has
given or been given notice of termination of Grantee’s Employment, then the Administrator, in its sole discretion, may direct that any Holdings II Units and corresponding SERs that is then Transfer-Restricted Units shall continue to be
Transfer Restricted Units until the expiration of the later to occur of the Non-Compete Period (as defined in Appendix D) or the Non-Solicit Period (as defined in Appendix D) applicable to the Grantee, unless an earlier date is selected
by the Administrator, in its sole discretion.
|
(c) |
If the Grantee breaches in any significant or intentional manner, as determined by the Administrator in its sole discretion, any of the Grantee’s covenants in Appendix D, the Administrator, in its sole discretion, may direct that the
Grantee forfeit all or a portion of the Transfer-Restricted Units held by the Grantee, in which case all related Class P Units (or Class A Units upon automatic conversion) held by Holdings II shall also be forfeited. If (x) the Grantee
gives notice of termination of the Grantee’s Employment for any reason during the period of time beginning on the Grant Date and ending on the one year anniversary of the Grant Date and (y) the Co-Chief Executive Officers and the
Co-Executive Chairmen, as applicable, of the Corporation determine, acting in their sole
|
(d) |
Any purported Transfer or Exchange of Transfer-Restricted Units that is not in accordance with this Section 3.3 is null and void. In the event of a property settlement or separation agreement between the Grantee and his or her spouse,
the Grantee agrees that he or she shall use reasonable efforts to retain all of his or her Holdings II Units and SERs and shall reimburse his or her spouse for any interest he or she may have under this Agreement out of funds, assets or
proceeds separate and distinct from his or her interest under this Agreement.
|
(a) |
For so long as the Grantee retains his or her Employment, the Grantee (collectively with all Permitted Transferees, if applicable) must continuously hold an aggregate number of Common Stock Equivalents (defined below) that is at least
equal to the Minimum Retained Ownership Percentage of the cumulative amount of (x) all Holdings II Units granted to the Grantee under this Agreement and (y) all other Holdings II Units subject to a minimum retained ownership requirement
that have been or are hereafter granted to the Grantee under the Operating Agreements and the Plan, in each case, that have become vested pursuant to Section 2 (or similar provision in any other applicable grant agreement), prior to any
Exchange permitted by Section 2.2 (or similar provision in any other applicable grant agreement).
|
(b) |
“Common Stock Equivalents” means any combination of: (i) Holdings II Units that are or become vested pursuant to Section 2 of this Agreement (even if they are Transfer-Restricted Units) but not
exchanged and shares of Common Stock delivered upon Exchange of such Holdings II Units and not designated for sale and (ii) Holdings II Units subject to a minimum retained ownership requirement granted to the Grantee under the Operating
Agreements and the Plan that are or become vested pursuant to a provision similar to Section 2 to this Agreement (even if a provision similar to the transfer restrictions on the Transfer-Restricted Units has not yet been satisfied) but
not exchanged and shares of Common Stock delivered upon Exchange of such Holdings II Units and not designated for sale.
|
(c) |
Any purported Transfer or Exchange of any Holdings II Units or Common Stock that would result in a violation of this Section 3.4 is null and void. Notwithstanding anything to the contrary contained in this Agreement (including, without
limitation, Section 4.8) this Section 3.4 shall survive any termination of this Agreement.
|
(a) |
The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in
addition to any other rights the parties may have by Law or under the terms of any other applicable agreement.
|
(b) |
To the extent required or advisable, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules promulgated thereunder and any other similar Laws including, as
|
(c) |
The Grantee further acknowledges and agrees that KKR Group shall have the right to clawback, forfeit, cancel, recoup, reduce or set-off any distribution or payment that is due or payable (or that the Administrator reasonably determines
may become due or payable) to the Grantee pursuant to any agreement with the KKR Group (including but not limited to partnership agreements of KKR Holdings II L.P. and KKR Associates Holdings L.P.) or otherwise for the purpose of
fulfilling any present or future obligation or liability of whatever nature (whether matured or unmatured, absolute or contingent) that the Grantee has to make (or that the Administrator reasonably determines may become such an obligation
or liability to make) any payment or contribution to the KKR Group, regardless of whether the payment or contribution is currently due or payable, or may become due or payable in the future, whether in advance of or without adjudication (provided that the Administrator must act in good faith when determining any contribution or payment that may become due or payable as a result of damage to the KKR Group arising from a breach by
Grantee of any of Grantee’s written agreements with the KKR Group or other wrongdoing), and notwithstanding any other agreements between the Grantee and the KKR Group entered into prior to the date hereof.
|
(a) |
This Agreement (including the RHU Grant Certificate and Appendices A through E attached hereto, as applicable) may be amended, supplemented, waived or modified only in accordance with Section 4(b) of the Plan or Section 13 of the Plan,
as applicable, or as may be required for purposes of compliance or enforceability with applicable local Law; provided, however, that the RHU Grant
Certificate shall be deemed amended from time to time to reflect any adjustments provided for in the Operating Agreements or the Plan.
|
(b) |
No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
|
(i) |
withholding from the Cash Payment, the Grantee’s wages or other cash compensation paid to the Grantee by the Corporation and/or the Designated Service Recipient; or
|
(ii) |
withholding from proceeds of the sale of Common Stock delivered upon the Exchange either through a voluntary sale or through a mandatory sale arranged by the Corporation (on the Grantee’s behalf pursuant to this authorization); or
|
(iii) |
withholding in Common Stock to be delivered upon the Exchange.
|
(a) |
If to the Corporation, to:
|
(b) |
If to the KKR Group Partnership, to:
|
(c) |
If to Holdings II, to:
|
(d) |
If to the Grantee, to the most recent address for the Grantee in the books and records of the Corporation or the Designated Service Recipient, as applicable.
|
(a) |
This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings, whether oral or written, pertaining thereto. The Grantee
acknowledges that the grant of RHUs provided for under this Agreement is in full satisfaction of any and all grants of equity or equity-based awards that representatives of the Corporation or its Affiliates, on or prior to the date
hereof, may have informed the Grantee that such Grantee is entitled to receive.
|
(b) |
This Agreement shall terminate when the Grantee and all Permitted Transferees cease to hold any of the RHUs that have been granted hereunder. Notwithstanding anything to the contrary herein, this Article IV shall survive any
termination of this Agreement.
|
(a) |
This Section 4.13(a) applies to Grantees who are U.S. tax residents (such as, a U.S. citizen, green card holder or a U.S. tax resident under the substantial presence test) to the extent applicable. All references to any “separation
from service” or termination of the Employment of or the services to be provided by the Grantee, shall be deemed to refer to a “separation from service” within the meaning of Section 409A, if applicable. Notwithstanding anything herein
to the contrary, (i) if at the time of the Grantee’s termination of Employment the Grantee is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or delivery of Common Stock
otherwise payable or provided hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A, then, to the extent that Section 409A applies to the RHUs, the
Corporation will defer the commencement of the payment of any such payments or delivery hereunder (without any reduction in such payments or delivery of Common Stock ultimately paid or provided to the Grantee) until the date that is six
months following the Grantee’s termination of Employment (or the earliest date as is permitted under Section 409A) and (ii) if any other payments or other deliveries due to the Grantee hereunder could cause the application of an
accelerated or additional tax under Section 409A, such payments or other deliveries shall be deferred if deferral will make such payment or other delivery compliant under Section 409A, or otherwise such payment or other delivery shall be
restructured, to the extent possible, in a manner, determined by the Administrator, that does not cause such an accelerated or additional tax. The Corporation shall use commercially reasonable efforts to implement the provisions of this
Section 4.13(a) in good faith; provided that none of the Corporation, the Administrator nor any of the Corporation’s or KKR Group’s, as applicable,
|
(b) |
Nothing in this Agreement shall be deemed to obligate the Corporation, Designated Service Recipient or any other member of the KKR Group, as applicable, to employ the Grantee in any capacity whatsoever or to prohibit or restrict the
Corporation, Designated Service Recipient or any other member of the KKR Group, as applicable, from terminating the Grantee’s Employment at any time or for any reason whatsoever, with or without Cause.
|
KKR & Co. Inc.
|
||
By:
|
||
Name:
|
||
Title:
|
||
KKR Group Partnership L.P.
|
||
By: KKR Group Holdings Corp.,
|
||
its general partner
|
||
By:
|
||
Name:
|
||
Title:
|
||
KKR Holdings II L.P.
|
||
By: KKR Group Holdings Corp.,
|
||
its general partner
|
||
By:
|
||
Name:
|
||
Title:
|
Name | Jurisdiction | |||||||
2023 Bear Holdings LLC | Delaware | |||||||
76KK | Japan | |||||||
8 Sigma Capital Holdings Pte. Ltd. | Singapore | |||||||
9W Halo Parent LLC | Delaware | |||||||
Accordia Life and Annuity Company | Iowa | |||||||
Aerosmith Holdings LLC | Delaware | |||||||
Alamo GP LLC | Delaware | |||||||
Allstar Co-Invest GP LLC | Delaware | |||||||
ASF Walter Co-Invest GP Limited | Cayman Islands | |||||||
Aster Asia Holdings I Pte. Ltd. | Singapore | |||||||
Aster Asia Holdings II Pte. Ltd. | Singapore | |||||||
Avoca Capital Jersey Unlimited | Jersey | |||||||
Avoca Capital Property Unlimited Company | Ireland | |||||||
Avoca Capital Unlimited Company | Ireland | |||||||
Avoca Securities Investments Unlimited Company | Ireland | |||||||
Banff Debt Aggregator A GP LLC | Delaware | |||||||
Bobcat Funded 2021-A Holdings LLC | Delaware | |||||||
Bobcat Funded 2021-A Investors L.P. | Ontario | |||||||
Brunswick Asset Holdings (Overseas) LLC | Delaware | |||||||
Brunswick Asset Holdings LLC | Delaware | |||||||
Bulldog Investment Holdings GP LLC | Delaware | |||||||
Bulldog Investment Holdings L.P. | Delaware | |||||||
Cape Verity I, Inc. | Iowa | |||||||
Cape Verity III, Inc. | Iowa | |||||||
Capstone Europe Limited | England & Wales | |||||||
Capstone Limited | Jersey | |||||||
Capstone Purchasing LLC | Delaware | |||||||
Cavalry Feeder GP LLC | Delaware | |||||||
Clover Debt Aggregator A GP LLC | Delaware | |||||||
Colt Admiral A Holding GP LLC | Delaware | |||||||
Colt Admiral A Holding L.P. | Delaware | |||||||
Commonwealth Annuity & Life Insurance Company | Massachusetts | |||||||
CPS (US) LLC | Delaware | |||||||
CPS Associates (US) L.P. | Delaware | |||||||
CPS Associates L.P. | Cayman Islands | |||||||
CPS GP Limited | Cayman Islands | |||||||
CPS (Lux) S.à r.l. | Luxembourg | |||||||
CPS Associates (Lux) SCSp | Luxembourg | |||||||
DBE Solar Holdco LLC | Delaware | |||||||
Dorms Asia Real Estate (GP) Pte. Ltd. | Singapore |
Name | Jurisdiction | |||||||
Dorms Asia Real Estate LP | Singapore | |||||||
Dorms Pte. Ltd. | Singapore | |||||||
Echo Holdings GP Limited | Cayman Islands | |||||||
Electron IM Pte. Ltd. | Singapore | |||||||
Electron Pte. Ltd. | Singapore | |||||||
Elephant Investment Holdings GP LLC | Delaware | |||||||
Emporium Holdco Inc. | Delaware | |||||||
Emporium TPO, LLC | Delaware | |||||||
Energy Real Assets GP LLC | Delaware | |||||||
Energy Real Assets L.P. | Delaware | |||||||
eRESI Capital Holdco LLC | Delaware | |||||||
eRESI Capital LLC | Delaware | |||||||
eRESI Holdings Inc. | Delaware | |||||||
eRESI Mortgage LLC | Delaware | |||||||
Esoteric I Pte. Ltd. | Singapore | |||||||
Europe VI Opportunistic Investors GP LLC | Delaware | |||||||
EXL Solar HoldCo, LLC | Delaware | |||||||
Fan Co-Invest GP Limited | Cayman Islands | |||||||
Fan Investors GP Limited | Cayman Islands | |||||||
Fan Investors L.P. | Cayman Islands | |||||||
Fan Investors Limited | Cayman Islands | |||||||
First Allmerica Financial Life Insurance Company | Massachusetts | |||||||
ForeLife Agency, Inc. | Indiana | |||||||
Forethought Life Insurance Company | Indiana | |||||||
GA - Industrial Holdco LLC | Delaware | |||||||
GA - Sunbelt Office Holdco LLC | Delaware | |||||||
GA Re Bermuda HoldCo Limited | Bermuda | |||||||
GA Re US HoldCo, LP | Delaware | |||||||
GA Risk Advisors, Inc. | Delaware | |||||||
Gebirge Private Limited | India | |||||||
Global Atlantic (Fin) Company | Delaware | |||||||
Global Atlantic Assurance Limited | Bermuda | |||||||
Global Atlantic Distributors, LLC | Delaware | |||||||
Global Atlantic Equipment Management, LLC | Delaware | |||||||
Global Atlantic Financial Company | Delaware | |||||||
Global Atlantic Financial Company Bermuda Limited | Bermuda | |||||||
Global Atlantic Financial Group Limited | Bermuda | |||||||
Global Atlantic Insurance Network LLC | Delaware | |||||||
Global Atlantic Investment Advisors, LLC | Indiana | |||||||
Global Atlantic Limited (Delaware) | Delaware | |||||||
Global Atlantic Re Limited | Bermuda | |||||||
Global Atlantic Risk Advisors, L.P. | Delaware | |||||||
Global Vessel Solutions GP LLC | Delaware | |||||||
Gotham Issuer, LLC | Delaware | |||||||
Gotham Re, Inc. | Vermont | |||||||
Helios Co-Invest GP Limited | Cayman Islands |
Name | Jurisdiction | |||||||
Hoosier Asset Financing LLC | Delaware | |||||||
Hoosier Asset Holdings LLC | Delaware | |||||||
HTSK Investment GP LLC | Delaware | |||||||
Husky Funded 2021-A Holdings LLC | Delaware | |||||||
Husky Funded 2021-A Investors L.P. | Ontario | |||||||
Independence Energy Aggregator GP LLC | Delaware | |||||||
Independence Energy Co-Invest GP LLC | Delaware | |||||||
Independence Minerals GP LLC | Delaware | |||||||
Independence Minerals L.P. | Delaware | |||||||
Independence Upstream Holdings GP LLC | Delaware | |||||||
Independence Upstream Holdings L.P. | Delaware | |||||||
Indigrid Investment Managers Limited | India | |||||||
Infinity Transportation Equipment Leasing, LLC | Delaware | |||||||
Infrastructure IV Opportunistic Investors GP LLC | Delaware | |||||||
JA Investment GP LLC | Delaware | |||||||
K-INFRA GP LLC | Delaware | |||||||
K-INFRA Holdings I LLC | Delaware | |||||||
K-INFRA Holdings II LLC | Delaware | |||||||
K-INFRA Kyoto Aggregator GP Limited | Cayman Islands | |||||||
K-INFRA Pegasus Aggregator GP Limited | Cayman Islands | |||||||
K-PRIME GP LLC | Delaware | |||||||
K-Star Asset Corp. | Delaware | |||||||
K-Star Asset Management LLC | Delaware | |||||||
K-Star Holdings LLC | Delaware | |||||||
KAM Advisors LLC | Delaware | |||||||
KAM Credit Advisors LLC | Delaware | |||||||
KAM Fund Advisors LLC | Delaware | |||||||
Kappa Holdings Ltd. | Cayman Islands | |||||||
KBP Investment GP LLC | Delaware | |||||||
KBP Investment GP 2 LLC | Delaware | |||||||
KBP Investment GP 3 LLC | Delaware | |||||||
Keats Infrastructure Partners GP LLC | Delaware | |||||||
KFH III Holdings Ltd. | Cayman Islands | |||||||
KFN Bellemeade Feeder LLC | Delaware | |||||||
KFN Birch 2 Feeder LLC | Delaware | |||||||
KFN Broadway Feeder LLC | Delaware | |||||||
KFN BTS Feeder LLC | Delaware | |||||||
KFN Colonie Feeder LLC | Delaware | |||||||
KFN HG Hotel Feeder LLC | Delaware | |||||||
KFN Midland Feeder LLC | Delaware | |||||||
KFN Osprey Feeder LLC | Delaware | |||||||
KFN Pelican 1 Feeder LLC | Delaware | |||||||
KFN Rad Philly Feeder LLC | Delaware | |||||||
KFN Sullivan Feeder LLC | Delaware | |||||||
KFN WTC Oahu Feeder LLC | Delaware |
Name | Jurisdiction | |||||||
KFN YTC Feeder LLC | Delaware | |||||||
Kicking Horse Investment Holdings GP LLC | Delaware | |||||||
KIMM GP LLC | Delaware | |||||||
KIOPL Management Solutions India Private Limited | India | |||||||
KJR Management | Japan | |||||||
KKR & Co. GP LLC | Delaware | |||||||
KKR & Co. L.L.C. | Delaware | |||||||
KKR (Cayman) Limited | Cayman Islands | |||||||
KKR 2006 AIV GP LLC | Delaware | |||||||
KKR 2006 AIV Limited | Cayman Islands | |||||||
KKR 2006 GP (Energy II) LLC | Delaware | |||||||
KKR 2006 GP LLC | Delaware | |||||||
KKR 2006 Limited | Cayman Islands | |||||||
KKR 8 NA Limited | Cayman Islands | |||||||
KKR Abadi Co-Investment Holdings Ltd. | Cayman Islands | |||||||
KKR Abadi Co-Investments Limited | Cayman Islands | |||||||
KKR ABFP Holding Limited | Cayman Islands | |||||||
KKR ABFP II (EEA) S.à r.l. | Luxembourg | |||||||
KKR ABFP II LLC | Delaware | |||||||
KKR ABFP S.à r.l. | Luxembourg | |||||||
KKR Account Adviser (Mauritius), Ltd. | Mauritius | |||||||
KKR ACOF II S.à r.l. | Luxembourg | |||||||
KKR Acquisition Holdings (International) I Corp. | Cayman Islands | |||||||
KKR Acquisition Holdings II Corp. | Delaware | |||||||
KKR Acquisition Holdings III Corp. | Delaware | |||||||
KKR Acquisition Sponsor (International) I LLC | Cayman Islands | |||||||
KKR Acquisition Sponsor II LLC | Delaware | |||||||
KKR Acquisition Sponsor III LLC | Delaware | |||||||
KKR AHI GP LLC | Delaware | |||||||
KKR AHI Investors L.P. | Delaware | |||||||
KKR Alda Co-Invest GP LLC | Delaware | |||||||
KKR Alps Corporate Holdings LLC | Delaware | |||||||
KKR Alps Fund Holdings SCSp | Luxembourg | |||||||
KKR Alps Holdings S.à r.l. | Luxembourg | |||||||
KKR Alps Investors L.P. | Delaware | |||||||
KKR Alternative Assets L.P. | Delaware | |||||||
KKR Alternative Assets Limited | Cayman Islands | |||||||
KKR Alternative Assets LLC | Delaware | |||||||
KKR Alternative Investment Management Unlimited Company | Ireland | |||||||
KKR Americas Fund XII (Credit) A GP LLC | Delaware | |||||||
KKR Americas Fund XII (Credit) B GP LLC | Delaware | |||||||
KKR Americas Fund XII (Credit) C GP LLC | Delaware | |||||||
KKR Americas XII AIV GP LLC | Delaware | |||||||
KKR Americas XII EEA Limited | Cayman Islands | |||||||
KKR Americas XII EEA LLC | Delaware |
Name | Jurisdiction | |||||||
KKR Americas XII Limited | Cayman Islands | |||||||
KKR AMG Co-Invest GP LLC | Delaware | |||||||
KKR Anchor Co-Invest GP LLC | Delaware | |||||||
KKR Anne Co-Invest GP LLC | Delaware | |||||||
KKR AP Infrastructure AIV GP LLC | Delaware | |||||||
KKR AP Infrastructure Holdings Limited | Cayman Islands | |||||||
KKR AP Infrastructure II (Japan) AIV (HK) Limited | Hong Kong | |||||||
KKR AP Infrastructure II (Japan) AIV GP LLC | Delaware | |||||||
KKR AP Infrastructure II AIV GP LLC | Delaware | |||||||
KKR AP Infrastructure II ESC SBS GP LLC | Delaware | |||||||
KKR AP Infrastructure II Holdings LLC | Delaware | |||||||
KKR AP Infrastructure II S.à r.l. | Luxembourg | |||||||
KKR AP Infrastructure S.à r.l. | Luxembourg | |||||||
KKR APP S.à r.l. | Luxembourg | |||||||
KKR Apple Co-Invest GP LLC | Delaware | |||||||
KKR Aqueduct Co-Invest GP LLC | Delaware | |||||||
KKR Ardor Co-Invest GP LLC | Delaware | |||||||
KKR AREP II LLC | Delaware | |||||||
KKR AREP II S.à r.l. | Luxembourg | |||||||
KKR Ark Holdings Pte. Ltd. | Singapore | |||||||
KKR Ascend Co-Invest GP Limited | Cayman Islands | |||||||
KKR Ascendant AIV GP LLC | Delaware | |||||||
KKR Ascendant AIV Holdings LLC | Delaware | |||||||
KKR Ascendant Holdings LLC | Delaware | |||||||
KKR Ascendant S.à r.l. | Luxembourg | |||||||
KKR Ascent Co-Invest GP LLC | Delaware | |||||||
KKR ASF Walter PE Limited | Cayman Islands | |||||||
KKR ASH (International) I LLC | Cayman Islands | |||||||
KKR ASH I LLC | Delaware | |||||||
KKR ASH II LLC | Delaware | |||||||
KKR ASH III LLC | Delaware | |||||||
KKR Asia Climate LLC | Delaware | |||||||
KKR Asia Credit Opportunities Holdings Limited | Cayman Islands | |||||||
KKR Asia Credit Opportunities S.à r.l. | Luxembourg | |||||||
KKR Asia II Japan AIV Limited | Cayman Islands | |||||||
KKR Asia II Limited | Cayman Islands | |||||||
KKR Asia III Delaware AIV LLC | Delaware | |||||||
KKR Asia III Holdings Limited | Cayman Islands | |||||||
KKR Asia III Japan AIV Limited | Hong Kong | |||||||
KKR Asia III S.à r.l. | Luxembourg | |||||||
KKR Asia IV Holdings Limited | Cayman Islands | |||||||
KKR Asia IV Japan AIV (Delaware) LLC | Delaware | |||||||
KKR Asia IV Japan AIV (HK) Limited | Hong Kong | |||||||
KKR Asia IV Japan AIV Limited | Hong Kong | |||||||
KKR Asia IV Korea AIV LLC | Delaware |
Name | Jurisdiction | |||||||
KKR Asia IV S.à r.l. | Luxembourg | |||||||
KKR Asia Limited | Hong Kong | |||||||
KKR Asia Limited | Cayman Islands | |||||||
KKR Asia LLC | Delaware | |||||||
KKR Asia Next Gen Tech Fund LLC | Delaware | |||||||
KKR Asia NGT ESC SBS GP LLC | Delaware | |||||||
KKR Asia NGT Korea AIV (Delaware) LLC | Delaware | |||||||
KKR Asia NGT S.à r.l. | Luxembourg | |||||||
KKR Asia Property Partners Holdings LLC | Delaware | |||||||
KKR Asia Tactical Credit Holdings LLC | Delaware | |||||||
KKR Asia Tactical Credit S.à r.l. | Luxembourg | |||||||
KKR Asian Fund (Ireland) GP Limited | Ireland | |||||||
KKR Asset Management (International) Partners LLP | Delaware | |||||||
KKR Asset Management Ltd | England & Wales | |||||||
KKR Associates 2006 (Overseas) AIV L.P. | Cayman Islands | |||||||
KKR Associates 2006 (Overseas), Limited Partnership | Cayman Islands | |||||||
KKR Associates 2006 AIV L.P. | Delaware | |||||||
KKR Associates 2006 L.P. | Delaware | |||||||
KKR Associates 8 NA L.P. | Cayman Islands | |||||||
KKR Associates Abadi Co-Investments L.P. | Cayman Islands | |||||||
KKR Associates ABFP SCSp | Luxembourg | |||||||
KKR Associates ABFP II (EEA) SCSp | Luxembourg | |||||||
KKR Associates ABFP II L.P. | Delaware | |||||||
KKR Associates ACOF II SCSp | Luxembourg | |||||||
KKR Associates Americas XII AIV L.P. | Delaware | |||||||
KKR Associates Americas XII L.P. | Cayman Islands | |||||||
KKR Associates AP Infrastructure AIV L.P. | Delaware | |||||||
KKR Associates AP Infrastructure II (Japan) AIV L.P. | Ontario | |||||||
KKR Associates AP Infrastructure II AIV L.P. | Delaware | |||||||
KKR Associates AP Infrastructure II SCSp | Luxembourg | |||||||
KKR Associates AP Infrastructure SCSp | Luxembourg | |||||||
KKR Associates AREP AIV (AUS) S.à r.l. | Luxembourg | |||||||
KKR Associates AREP II AIV (AUS) S.à r.l. | Luxembourg | |||||||
KKR Associates AREP II SCSp | Luxembourg | |||||||
KKR Associates Ascendant AIV L.P. | Delaware | |||||||
KKR Associates Ascendant SCSp | Luxembourg | |||||||
KKR Associates ASF Walter PE L.P. | Cayman Islands | |||||||
KKR Associates Asia (Japan) L.P. | Cayman Islands | |||||||
KKR Associates Asia Climate L.P. | Delaware | |||||||
KKR Associates Asia Climate Feeder Limited | Hong Kong | |||||||
KKR Associates Asia II Japan AIV L.P. | Cayman Islands | |||||||
KKR Associates Asia II L.P. | Cayman Islands | |||||||
KKR Associates Asia III Delaware AIV L.P. | Delaware | |||||||
KKR Associates Asia III Japan AIV L.P. | Cayman Islands | |||||||
KKR Associates Asia III SCSp | Luxembourg |
Name | Jurisdiction | |||||||
KKR Associates Asia IV Japan AIV L.P. | Ontario | |||||||
KKR Associates Asia IV Japan AIV 2 L.P. | Ontario | |||||||
KKR Associates Asia IV Korea AIV L.P. | Ontario | |||||||
KKR Associates Asia IV SCSp | Luxembourg | |||||||
KKR Associates Asia Credit Opportunities SCSp | Luxembourg | |||||||
KKR Associates Asia L.P. | Cayman Islands | |||||||
KKR Associates Asia NGT Korea AIV L.P. | Delaware | |||||||
KKR Associates Asia NGT SCSp | Luxembourg | |||||||
KKR Associates Asia Property Partners SCSp | Luxembourg | |||||||
KKR Associates Asia Tactical Credit GP SCSp | Luxembourg | |||||||
KKR Associates Cardinal Credit Opportunities GP L.P. | Delaware | |||||||
KKR Associates Cardinal Credit Opportunities LLC | Delaware | |||||||
KKR Associates CDP PE L.P. | Cayman Islands | |||||||
KKR Associates China Growth L.P. | Cayman Islands | |||||||
KKR Associates CIF II SCSp | Luxembourg | |||||||
KKR Associates CIP AIV L.P. | Delaware | |||||||
KKR Associates CIP SCSp | Luxembourg | |||||||
KKR Associates CIS Global L.P. | Cayman Islands | |||||||
KKR Associates Concentrated Credit (Q) LLC | Delaware | |||||||
KKR Associates Core International (A) SCSp | Luxembourg | |||||||
KKR Associates CP SCSp | Luxembourg | |||||||
KKR Associates Credit Accelerator SCSp | Luxembourg | |||||||
KKR Associates Credit SCSp | Luxembourg | |||||||
KKR Associates Credit Select L.P. | Cayman Islands | |||||||
KKR Associates CS I L.P. | Cayman Islands | |||||||
KKR Associates CS II L.P. | Cayman Islands | |||||||
KKR Associates CS III L.P. | Cayman Islands | |||||||
KKR Associates CS V L.P. | Delaware | |||||||
KKR Associates CS VIII L.P. | Cayman Islands | |||||||
KKR Associates CS IX L.P. | Cayman Islands | |||||||
KKR Associates CS X L.P. | Cayman Islands | |||||||
KKR Associates Custom Equity Opportunities (AIV) L.P. | Cayman Islands | |||||||
KKR Associates Custom Equity Opportunities L.P. | Cayman Islands | |||||||
KKR Associates Dislocation Opportunities SCSp | Luxembourg | |||||||
KKR Associates Diversified Core Infrastructure SCSp | Luxembourg | |||||||
KKR Associates E2 L.P. | Cayman Islands | |||||||
KKR Associates EIGF II LLC | Delaware | |||||||
KKR Associates EIGF L.P. | Delaware | |||||||
KKR Associates EIGF TE L.P. | Delaware | |||||||
KKR Associates Enhanced US Direct Lending SCSp | Luxembourg | |||||||
KKR Associates Europe II, Limited Partnership | Alberta | |||||||
KKR Associates Europe III, Limited Partnership | Cayman Islands | |||||||
KKR Associates Europe IV L.P. | Cayman Islands | |||||||
KKR Associates Europe V SCSp | Luxembourg | |||||||
KKR Associates Europe VI SCSp | Luxembourg |
Name | Jurisdiction | |||||||
KKR Associates European Direct Lending SCSp | Luxembourg | |||||||
KKR Associates GCOF GP Ltd. | Cayman Islands | |||||||
KKR Associates GFIP L.P. | Cayman Islands | |||||||
KKR Associates Global Climate SCSp | Luxembourg | |||||||
KKR Associates Global Credit Opportunities GP L.P. | Cayman Islands | |||||||
KKR Associates Global Impact II SCSp | Luxembourg | |||||||
KKR Associates Global Impact SCSp | Luxembourg | |||||||
KKR Associates Group GP LLC | Delaware | |||||||
KKR Associates Group L.P. | Cayman Islands | |||||||
KKR Associates HCSG AIV L.P. | Delaware | |||||||
KKR Associates HCSG II AIV L.P. | Delaware | |||||||
KKR Associates HCSG II SCSp | Luxembourg | |||||||
KKR Associates HCSG L.P. | Delaware | |||||||
KKR Associates Indigo Equity Partners L.P. | Delaware | |||||||
KKR Associates Indigo Holdings L.P. | Delaware | |||||||
KKR Associates Infrastructure (AIV) L.P. | Delaware | |||||||
KKR Associates Infrastructure II AIV L.P. | Delaware | |||||||
KKR Associates Infrastructure II L.P. | Cayman Islands | |||||||
KKR Associates Infrastructure III AIV SCSp | Luxembourg | |||||||
KKR Associates Infrastructure III SCSp | Luxembourg | |||||||
KKR Associates Infrastructure IV AIV L.P. | Delaware | |||||||
KKR Associates Infrastructure IV SCSp | Luxembourg | |||||||
KKR Associates Infrastructure V SCSp | Luxembourg | |||||||
KKR Associates Infrastructure L.P. | Cayman Islands | |||||||
KKR Associates IUH L.P. | Delaware | |||||||
KKR Associates K-Trust A LLC | Delaware | |||||||
KKR Associates K-Trust B LLC | Delaware | |||||||
KKR Associates K-Trust C LLC | Delaware | |||||||
KKR Associates Lending Europe II SCSp | Luxembourg | |||||||
KKR Associates Lending Europe III SCSp | Luxembourg | |||||||
KKR Associates Lending Europe L.P. | Cayman Islands | |||||||
KKR Associates Lending II L.P. | Delaware | |||||||
KKR Associates Lending III L.P. | Delaware | |||||||
KKR Associates Lending IV L.P. | Delaware | |||||||
KKR Associates Lending IV SCSp | Luxembourg | |||||||
KKR Associates Lending L.P. | Delaware | |||||||
KKR Associates LR Energy L.P. | Cayman Islands | |||||||
KKR Associates Mexico Co-Investments LLC | Delaware | |||||||
KKR Associates Mezzanine I L.P. | Delaware | |||||||
KKR Associates Millennium (Overseas), Limited Partnership | Alberta | |||||||
KKR Associates Millennium L.P. | Delaware | |||||||
KKR Associates Milton Opportunistic Credit, LLC | Delaware | |||||||
KKR Associates Milton Real Estate L.P. | Cayman Islands | |||||||
KKR Associates Milton Strategic L.P. | Cayman Islands | |||||||
KKR Associates NGT AIV L.P. | Delaware |
Name | Jurisdiction | |||||||
KKR Associates NGT II AIV L.P. | Delaware | |||||||
KKR Associates NGT II SCSp | Luxembourg | |||||||
KKR Associates NGT III SCSp | Luxembourg | |||||||
KKR Associates NGT L.P. | Cayman Islands | |||||||
KKR Associates North America XI AIV L.P. | Delaware | |||||||
KKR Associates North America XI L.P. | Cayman Islands | |||||||
KKR Associates North America XIII AIV L.P. | Delaware | |||||||
KKR Associates North America XIII SCSp | Luxembourg | |||||||
KKR Associates NR I L.P. | Delaware | |||||||
KKR Associates NR II L.P. | Delaware | |||||||
KKR Associates NZSF L.P. | Cayman Islands | |||||||
KKR Associates Opportunities II SCSp | Luxembourg | |||||||
KKR Associates Opportunities Private Investors II-A LLC | Delaware | |||||||
KKR Associates PCOP II (Offshore) L.P. | Cayman Islands | |||||||
KKR Associates PCOP II L.P. | Delaware | |||||||
KKR Associates PIP L.P. | Delaware | |||||||
KKR Associates Principal Opportunities (Domestic) L.P. | Cayman Islands | |||||||
KKR Associates Principal Opportunities (Offshore) L.P. | Cayman Islands | |||||||
KKR Associates Principal Opportunities AIV (Domestic) L.P. | Cayman Islands | |||||||
KKR Associates Principal Opportunities AIV (Offshore) L.P. | Cayman Islands | |||||||
KKR Associates Principal Opportunities II (Domestic) L.P. | Cayman Islands | |||||||
KKR Associates Principal Opportunities II (Offshore) L.P. | Cayman Islands | |||||||
KKR Associates Property Partners Americas SCSp | Luxembourg | |||||||
KKR Associates Property Partners Europe SCSp | Luxembourg | |||||||
KKR Associates RCP Europe SCSp | Luxembourg | |||||||
KKR Associates RCP Europe II SCSp | Luxembourg | |||||||
KKR Associates RE Asia SCSp | Luxembourg | |||||||
KKR Associates Real Estate Opportunistic Credit Strategy LLC | Delaware | |||||||
KKR Associates RECOI L.P. | Cayman Islands | |||||||
KKR Associates RECOP (AIV) Ltd. | Cayman Islands | |||||||
KKR Associates RECOP II L.P. | Cayman Islands | |||||||
KKR Associates RECOP III L.P. | Delaware | |||||||
KKR Associates RECOP Ltd. | Cayman Islands | |||||||
KKR Associates REPA AIV-3 L.P. | Delaware | |||||||
KKR Associates REPA AIV-5 L.P. | Cayman Islands | |||||||
KKR Associates REPA II L.P. | Delaware | |||||||
KKR Associates REPA III SCSp | Luxembourg | |||||||
KKR Associates REPA IV SCSp | Luxembourg | |||||||
KKR Associates REPA L.P. | Delaware | |||||||
KKR Associates REPE II SCSp | Luxembourg | |||||||
KKR Associates REPE III SCSp | Luxembourg | |||||||
KKR Associates REPE L.P. | Cayman Islands | |||||||
KKR Associates RESDOC L.P. | Delaware | |||||||
KKR Associates RESTAC L.P. | Delaware | |||||||
KKR Associates Revolving Credit Partners L.P. | Cayman Islands |
Name | Jurisdiction | |||||||
KKR Associates ROX II SCSp | Luxembourg | |||||||
KKR Associates RR-RW Credit LLC | Delaware | |||||||
KKR Associates SA Co-Invest L.P. | Cayman Islands | |||||||
KKR Associates SA Master L.P. | Cayman Islands | |||||||
KKR Associates Special Situations (Domestic) II L.P. | Cayman Islands | |||||||
KKR Associates Special Situations (Domestic) L.P. | Cayman Islands | |||||||
KKR Associates Special Situations (EEA) II Limited | Cayman Islands | |||||||
KKR Associates Special Situations (Offshore) II L.P. | Cayman Islands | |||||||
KKR Associates Special Situations (Offshore) L.P. | Cayman Islands | |||||||
KKR Associates SPN L.P. | Cayman Islands | |||||||
KKR Associates TFO L.P. | Cayman Islands | |||||||
KKR Associates TV SPN L.P. | Cayman Islands | |||||||
KKR Associates US Direct Lending SCSp | Luxembourg | |||||||
KKR AT Seeder LLC | Delaware | |||||||
KKR Athena Co-Invest GP LLC | Delaware | |||||||
KKR Athena Holdings GP LLC | Delaware | |||||||
KKR Atlantic Co-Invest GP LLC | Delaware | |||||||
KKR Aurora SP GP LLC | Delaware | |||||||
KKR Australia Investment Management Pty Limited | Australia | |||||||
KKR Australia Pty Limited | Australia | |||||||
KKR Azur Co-Invest GP LLC | Delaware | |||||||
KKR Banff Co-Invest AIV GP LLC | Delaware | |||||||
KKR Banff Co-Invest GP LLC | Delaware | |||||||
KKR Bespoke Co-Investments GP LLC | Delaware | |||||||
KKR Biosimilar GP LLC | Delaware | |||||||
KKR Bklyner Co-Invest GP LLC | Delaware | |||||||
KKR Border to Coast Infrastructure (CFV) GP LLC | Delaware | |||||||
KKR Brazil Aggregator GP LLC | Delaware | |||||||
KKR Brazil LLC | Delaware | |||||||
KKR Brickman Co-Invest GP LLC | Delaware | |||||||
KKR Bulldog Aggregator L.P. | Delaware | |||||||
KKR Bulldog Co-Invest GP LLC | Delaware | |||||||
KKR Byzantium Infrastructure Co-Invest GP Limited | Cayman Islands | |||||||
KKR Canada LLC | Delaware | |||||||
KKR Canada ULC | Nova Scotia | |||||||
KKR Cape Co-Invest GP LLC | Delaware | |||||||
KKR Capital Management LLC | Delaware | |||||||
KKR Capital Markets (Ireland) Limited | Ireland | |||||||
KKR Capital Markets Asia II Limited | Hong Kong | |||||||
KKR Capital Markets Asia Limited | Hong Kong | |||||||
KKR Capital Markets Holdco Limited | Jersey | |||||||
KKR Capital Markets Holdings GP LLC | Delaware | |||||||
KKR Capital Markets Holdings L.P. | Delaware | |||||||
KKR Capital Markets II LLC | Delaware | |||||||
KKR Capital Markets Japan Holdings LLC | Delaware |
Name | Jurisdiction | |||||||
KKR Capital Markets Japan Ltd. | Japan | |||||||
KKR Capital Markets Limited | England & Wales | |||||||
KKR Capital Markets LLC | Delaware | |||||||
KKR Capital Markets Partners LLP | England & Wales | |||||||
KKR Capital Solutions LLC | Delaware | |||||||
KKR Capstone Americas LLC | Delaware | |||||||
KKR Capstone Asia Limited | Hong Kong | |||||||
KKR Capstone Australia Pty Limited | Australia | |||||||
KKR Capstone EMEA (International) LLP | Delaware | |||||||
KKR Capstone EMEA LLP | England & Wales | |||||||
KKR Capstone Holdings LLC | Delaware | |||||||
KKR Capstone India Operations Advisory Private Limited | India | |||||||
KKR Capstone Japan Limited | Japan | |||||||
KKR Capstone Korea Limited | Korea, Republic of | |||||||
KKR Capstone Operations Advisory (Beijing) Company Limited | China | |||||||
KKR Capstone Operations Advisory (Shanghai) Company Limited | China | |||||||
KKR Capstone Singapore Pte. Ltd. | Singapore | |||||||
KKR Caribou Co-Invest GP Limited | Cayman Islands | |||||||
KKR Catalina GP LLC | Delaware | |||||||
KKR Catalina Holdings L.P. | Delaware | |||||||
KKR Cavalry Co-Invest GP LLC | Delaware | |||||||
KKR CC Co-Invest GP LLC | Delaware | |||||||
KKR CDP PE Limited | Cayman Islands | |||||||
KKR Cementos GP S.à r.l. | Luxembourg | |||||||
KKR Central Park Leasing Aggregator GP LLC | Delaware | |||||||
KKR Charlie Co-Invest GP LLC | Delaware | |||||||
KKR China Growth Limited | Cayman Islands | |||||||
KKR Chord IP Aggregator GP LLC | Delaware | |||||||
KKR CIF II ESC SBS GP LLC | Delaware | |||||||
KKR CIF II Holdings LLC | Delaware | |||||||
KKR CIF II S.à r.l. | Luxembourg | |||||||
KKR CIP AIV LLC | Delaware | |||||||
KKR CIP Holdings AIV Limited | Cayman Islands | |||||||
KKR CIP Holdings Limited | Cayman Islands | |||||||
KKR CIP S.à r.l. | Luxembourg | |||||||
KKR CIS Global Limited | Cayman Islands | |||||||
KKR CK Co-Invest GP Limited | Cayman Islands | |||||||
KKR CLO Equity Associates III SCSp | Luxembourg | |||||||
KKR CLO Equity III S.à r.l. | Luxembourg | |||||||
KKR Co-Invest GP Holdings L.P. | Delaware | |||||||
KKR Co-Invest GP LLC | Delaware | |||||||
KKR Colorado Co-Invest GP Limited | Cayman Islands | |||||||
KKR Connect Co-Invest GP LLC | Delaware | |||||||
KKR Core Associates (L) SCSp | Luxembourg |
Name | Jurisdiction | |||||||
KKR Core (L) Holdings Limited | Cayman Islands | |||||||
KKR Core (L) S.à r.l. | Luxembourg | |||||||
KKR Core International (A) Holdings LLC | Delaware | |||||||
KKR Core International (A) S.à r.l. | Luxembourg | |||||||
KKR Core Investors II GP Limited | Cayman Islands | |||||||
KKR Core Investors GP Limited | Cayman Islands | |||||||
KKR Core Investors II L.P. | Delaware | |||||||
KKR Core Investors L.P. | Delaware | |||||||
KKR Corporate Interests Inc. | Delaware | |||||||
KKR Corporate Lending (CA) LLC | Delaware | |||||||
KKR Corporate Lending (Cayman) Limited | Cayman Islands | |||||||
KKR Corporate Lending (DE) LLC | Delaware | |||||||
KKR Corporate Lending (TN) LLC | Delaware | |||||||
KKR Corporate Lending (UK) LLC | Delaware | |||||||
KKR Corporate Lending II LLC | Delaware | |||||||
KKR Corporate Lending LLC | Delaware | |||||||
KKR Corsa Co-Invest GP LLC | Delaware | |||||||
KKR Count Co-Invest GP Limited | Cayman Islands | |||||||
KKR CP Holdings LLC | Delaware | |||||||
KKR CP Partners GP Limited | Cayman Islands | |||||||
KKR CP S.à r.l. | Luxembourg | |||||||
KKR Creation Co-Invest GP LLC | Delaware | |||||||
KKR Credit Accelerator LLC | Delaware | |||||||
KKR Credit Accelerator S.à r.l. | Luxembourg | |||||||
KKR Credit Advisors (EMEA) LLP | England & Wales | |||||||
KKR Credit Advisors (Hong Kong) Limited | Hong Kong | |||||||
KKR Credit Advisors (Ireland) Unlimited Company | Ireland | |||||||
KKR Credit Advisors (Singapore) Pte. Ltd. | Singapore | |||||||
KKR Credit Advisors (UK) LLP | England & Wales | |||||||
KKR Credit Advisors (US) LLC | Delaware | |||||||
KKR Credit Associates Accelerator SCSp | Luxembourg | |||||||
KKR Credit Fund Advisors LLC | Delaware | |||||||
KKR Credit Partners GP LLC | Delaware | |||||||
KKR Credit Select Limited | Cayman Islands | |||||||
KKR Cretaceous Co-Invest GP LLC | Delaware | |||||||
KKR CS Advisors I LLC | Delaware | |||||||
KKR CS I Limited | Cayman Islands | |||||||
KKR CS II Limited | Cayman Islands | |||||||
KKR CS III Limited | Cayman Islands | |||||||
KKR CS V LLC | Delaware | |||||||
KKR CS VIII Investor LLC | Delaware | |||||||
KKR CS VIII Limited | Cayman Islands | |||||||
KKR CS IX Limited | Cayman Islands | |||||||
KKR CS X Limited | Cayman Islands | |||||||
KKR Custom Equity Opportunities (AIV) Limited | Cayman Islands |
Name | Jurisdiction | |||||||
KKR Custom Equity Opportunities Limited | Cayman Islands | |||||||
KKR Cyprus Holdings LLC | Delaware | |||||||
KKR DAV Manager LLC | Delaware | |||||||
KKR DBFH LLC | Delaware | |||||||
KKR DBMH LLC | Delaware | |||||||
KKR de Mexico, S.C. | Mexico | |||||||
KKR Denali Co-Invest GP LLC | Delaware | |||||||
KKR Digital Scale SPV LLC | Delaware | |||||||
KKR Dislocation Opportunities Limited | Cayman Islands | |||||||
KKR Dislocation Opportunities S.à r.l. | Luxembourg | |||||||
KKR Diversified Core Infrastructure Limited | Cayman Islands | |||||||
KKR Diversified Core Infrastructure S.à r.l. | Luxembourg | |||||||
KKR Diversified Private Markets GP Holdings Limited | Cayman Islands | |||||||
KKR Dragon Co-Invest GP LLC | Delaware | |||||||
KKR E2 Limited | Cayman Islands | |||||||
KKR Eagle Aggregator GP Limited | Cayman Islands | |||||||
KKR Eagle Co-Invest GP Limited | Cayman Islands | |||||||
KKR Easel Co-Invest GP LLC | Delaware | |||||||
KKR EIGF Feeder GP Limited | Cayman Islands | |||||||
KKR EIGF II LLC | Delaware | |||||||
KKR EIGF LLC | Delaware | |||||||
KKR Energy Assets Manager LLC | Delaware | |||||||
KKR Energy HF Stake II Limited | Cayman Islands | |||||||
KKR Energy HF Stake III Limited | Cayman Islands | |||||||
KKR Energy HF Stake Limited | Cayman Islands | |||||||
KKR Energy Investors Blocker GP Limited | Cayman Islands | |||||||
KKR Enhanced US Direct Lending S.à r.l. | Luxembourg | |||||||
KKR Enterprise Co-Invest AIV A GP LLC | Delaware | |||||||
KKR Enterprise Co-Invest AIV B GP LLC | Delaware | |||||||
KKR Enterprise Co-Invest GP LLC | Delaware | |||||||
KKR Enterprise Debt Aggregator A GP LLC | Delaware | |||||||
KKR Enterprise Debt Aggregator B GP LLC | Delaware | |||||||
KKR Europe LLC | Delaware | |||||||
KKR Europe II Limited | Cayman Islands | |||||||
KKR Europe III Limited | Cayman Islands | |||||||
KKR Europe IV EEA Limited | Cayman Islands | |||||||
KKR Europe IV EEA LLC | Delaware | |||||||
KKR Europe IV Investments GP Limited | Cayman Islands | |||||||
KKR Europe IV Limited | Cayman Islands | |||||||
KKR Europe V Holdings Limited | Cayman Islands | |||||||
KKR Europe V Holdings LLC | Delaware | |||||||
KKR Europe V S.à r.l. | Luxembourg | |||||||
KKR Europe VI ESC SBS GP LLC | Delaware | |||||||
KKR Europe VI LLC | Delaware | |||||||
KKR Europe VI S.à r.l. | Luxembourg |
Name | Jurisdiction | |||||||
KKR European Direct Lending LLC | Delaware | |||||||
KKR European Direct Lending S.à r.l. | Luxembourg | |||||||
KKR European Fund IV Investments L.P. | Cayman Islands | |||||||
KKR European Infrastructure Limited | Cayman Islands | |||||||
KKR European Infrastructure LLC | Delaware | |||||||
KKR Evergreen Co-Invest II GP LLC | Delaware | |||||||
KKR EVI French Associates LLC | Delaware | |||||||
KKR FH Investment Limited | Cayman Islands | |||||||
KKR FI Advisors Cayman Ltd. | Cayman Islands | |||||||
KKR FI Advisors LLC | Delaware | |||||||
KKR Finance LLC | Delaware | |||||||
KKR Financial Advisors II, LLC | Delaware | |||||||
KKR Financial Advisors IV LLC | Delaware | |||||||
KKR Financial Advisors LLC | Delaware | |||||||
KKR Financial Capital Trust I | Delaware | |||||||
KKR Financial Capital Trust II | Delaware | |||||||
KKR Financial Capital Trust III | Delaware | |||||||
KKR Financial Capital Trust IV | Delaware | |||||||
KKR Financial Capital Trust V | Delaware | |||||||
KKR Financial Capital Trust VI | Delaware | |||||||
KKR Financial CLO Holdings II LLC | Delaware | |||||||
KKR Financial CLO Holdings, LLC | Delaware | |||||||
KKR Financial Holdings HedgeCo LLC | Cayman Islands | |||||||
KKR Financial Holdings II, Ltd. | Cayman Islands | |||||||
KKR Financial Holdings III, LLC | Delaware | |||||||
KKR Financial Holdings III, Ltd. | Cayman Islands | |||||||
KKR Financial Holdings LLC | Delaware | |||||||
KKR Financial Holdings, Inc. | Delaware | |||||||
KKR Financial Holdings, Ltd. | Cayman Islands | |||||||
KKR Financial Management LLC | Delaware | |||||||
KKR Fitness Co-Invest GP LLC | Delaware | |||||||
KKR FSK Aggregator (Unlev) GP LLC | Delaware | |||||||
KKR FSK Aggregator GP LLC | Delaware | |||||||
KKR FSK Co-Invest (Unlev) GP LLC | Delaware | |||||||
KKR FSK Co-Invest GP LLC | Delaware | |||||||
KKR Fund Administration LLC | Delaware | |||||||
KKR Gamma Co-Invest GP LLC | Delaware | |||||||
KKR Gamma Series B GP LLC | Delaware | |||||||
KKR Gaudi Investors LLC | Delaware | |||||||
KKR GCOF Access Fund Funding GP Limited | Cayman Islands | |||||||
KKR GCOF Access Fund Holding GP Limited | Cayman Islands | |||||||
KKR Gem Co-Invest GP LLC | Delaware | |||||||
KKR Genetic Disorder GP LLC | Delaware | |||||||
KKR GFIP Limited | Cayman Islands | |||||||
KKR Global Climate S.à r.l. | Luxembourg |
Name | Jurisdiction | |||||||
KKR Global Credit Dislocation GP LLC | Delaware | |||||||
KKR Global Credit Opportunities Access Fund GP Limited | Cayman Islands | |||||||
KKR Global Credit Opportunities Access Fund GP Pte. Ltd. | Singapore | |||||||
KKR Global Impact Fund Holdings Limited | Cayman Islands | |||||||
KKR Global Impact Fund II LLC | Delaware | |||||||
KKR Global Impact II ESC SBS GP LLC | Delaware | |||||||
KKR Global Impact II Private Investors GP LLC | Delaware | |||||||
KKR Global Impact II S.à r.l. | Luxembourg | |||||||
KKR Global Infrastructure IV Private Investors GP LLC | Delaware | |||||||
KKR Global Impact S.à r.l. | Luxembourg | |||||||
KKR Glory (KPE) Limited | Cayman Islands | |||||||
KKR GMO GP Limited | Cayman Islands | |||||||
KKR GMO II Holdings L.P. | Cayman Islands | |||||||
KKR GMO II Holdings Limited | Cayman Islands | |||||||
KKR GMO II US Holdings LLC | Delaware | |||||||
KKR Goldfinch GP LLC | Delaware | |||||||
KKR GP Credit 2023 S.à r.l. | Luxembourg | |||||||
KKR GP Hedge Limited | Cayman Islands | |||||||
KKR GP HoldCo (Shanghai) Enterprise Management Co., Ltd. | China | |||||||
KKR Group Assets GP LLC | Delaware | |||||||
KKR Group Assets II GP LLC | Delaware | |||||||
KKR Group Assets III GP LLC | Delaware | |||||||
KKR Group Assets Holdings L.P. | Delaware | |||||||
KKR Group Assets Holdings II L.P. | Delaware | |||||||
KKR Group Assets Holdings III L.P. | Delaware | |||||||
KKR Group Co. Inc. | Delaware | |||||||
KKR Group Finance Co. II LLC | Delaware | |||||||
KKR Group Finance Co. III LLC | Delaware | |||||||
KKR Group Finance Co. IV LLC | Delaware | |||||||
KKR Group Finance Co. V LLC | Delaware | |||||||
KKR Group Finance Co. VI LLC | Delaware | |||||||
KKR Group Finance Co. VII LLC | Delaware | |||||||
KKR Group Finance Co. VIII LLC | Delaware | |||||||
KKR Group Finance Co. IX LLC | Delaware | |||||||
KKR Group Finance Co. X LLC | Delaware | |||||||
KKR Group Finance Co. XI LLC | Delaware | |||||||
KKR Group Finance Co. XII LLC | Delaware | |||||||
KKR Group Finance Co. Holdings Limited | Cayman Islands | |||||||
KKR Group Finance Co. LLC | Delaware | |||||||
KKR Group Holdings Corp. | Delaware | |||||||
KKR Group Holdings L.P. | Delaware | |||||||
KKR Group Partnership L.P. | Cayman Islands | |||||||
KKR HALO I Limited | Cayman Islands | |||||||
KKR HCSG GP AIV LLC | Delaware | |||||||
KKR HCSG GP LLC | Delaware |
Name | Jurisdiction | |||||||
KKR HCSG II AIV GP LLC | Delaware | |||||||
KKR HCSG II AIV Holdings LLC | Delaware | |||||||
KKR HCSG II S.à r.l. | Luxembourg | |||||||
KKR Heford AIV GP LLC | Delaware | |||||||
KKR HF LP Limited | Cayman Islands | |||||||
KKR Holdco LLC | Delaware | |||||||
KKR Holdings II L.P. | Cayman Islands | |||||||
KKR Holdings Mauritius, Ltd. | Mauritius | |||||||
KKR Horizon Co-Invest GP LLC | Delaware | |||||||
KKR Husky Co-Invest GP LLC | Delaware | |||||||
KKR HY Holdings LLC | Delaware | |||||||
KKR HY LLC | Delaware | |||||||
KKR HY Owner LLC | Delaware | |||||||
KKR IFI GP L.P. | Cayman Islands | |||||||
KKR IFI Limited | Cayman Islands | |||||||
KKR IKPMF Alternative Holdings LLC | Delaware | |||||||
KKR ILP LLC | Delaware | |||||||
KKR Inception Co-Invest GP LLC | Delaware | |||||||
KKR India Advisors Private Limited | India | |||||||
KKR India Finance Holdings LLC | Delaware | |||||||
KKR India Financial Investments Pte. Ltd. | Singapore | |||||||
KKR India LLC | Delaware | |||||||
KKR India Reconstruction Pte. Ltd. | Singapore | |||||||
KKR India Roads Co-Invest GP LLC | Delaware | |||||||
KKR Indigo Co-Invest GP LLC | Delaware | |||||||
KKR Indigo Equity Partners GP LLC | Delaware | |||||||
KKR Infrastructure (AIV) GP LLC | Delaware | |||||||
KKR Infrastructure Conglomerate LLC | Delaware | |||||||
KKR Infrastructure II AIV GP LLC | Delaware | |||||||
KKR Infrastructure II EEA Limited | Cayman Islands | |||||||
KKR Infrastructure II EEA LLC | Delaware | |||||||
KKR Infrastructure II Limited | Cayman Islands | |||||||
KKR Infrastructure III AIV S.à r.l. | Luxembourg | |||||||
KKR Infrastructure III Holdings AIV Limited | Cayman Islands | |||||||
KKR Infrastructure III Holdings Limited | Cayman Islands | |||||||
KKR Infrastructure III S.à r.l. | Luxembourg | |||||||
KKR Infrastructure IV AIV LLC | Delaware | |||||||
KKR Infrastructure IV Holdings AIV Limited | Cayman Islands | |||||||
KKR Infrastructure IV Holdings Limited | Cayman Islands | |||||||
KKR Infrastructure IV S.à r.l. | Luxembourg | |||||||
KKR Infrastructure V S.à r.l. | Luxembourg | |||||||
KKR Infrastructure Limited | Cayman Islands | |||||||
KKR Ingrid Co-Invest GP Limited | Cayman Islands | |||||||
KKR Investment Advisory (Shanghai) LLC | China | |||||||
KKR Investment Advisory (Zhuhai Hengqin) Company Limited | China |
Name | Jurisdiction | |||||||
KKR Investment Consultancy (Beijing) Company Limited | China | |||||||
KKR Investment Holdings I (Mauritius), Ltd. | Mauritius | |||||||
KKR Investment Management (Hainan) Co., Ltd. | China | |||||||
KKR Investment Management (Shanghai) Co., Ltd. | China | |||||||
KKR Investment Management LLC | Delaware | |||||||
KKR Investments LLC | Delaware | |||||||
KKR Irish Holdings SPC Limited | Cayman Islands | |||||||
KKR Irish Parent S.à r.l. | Luxembourg | |||||||
KKR IUH LLC | Delaware | |||||||
KKR Japan Limited | Japan | |||||||
KKR Knox (Panther Holdings) LLC | Delaware | |||||||
KKR Korea Limited Liability Corporation | Korea, Republic of | |||||||
KKR KP SP GP LLC | Delaware | |||||||
KKR KPE LLC | Delaware | |||||||
KKR KREF Feeder GP LLC | Delaware | |||||||
KKR Landmark Partners GP AIV LLC | Delaware | |||||||
KKR Landmark Partners GP Limited | Cayman Islands | |||||||
KKR Latin America LLC | Delaware | |||||||
KKR Lending Europe GP Limited | Cayman Islands | |||||||
KKR Lending Europe GP LLP | Guernsey | |||||||
KKR Lending Europe II Holdings Limited | Cayman Islands | |||||||
KKR Lending Europe II S.à r.l. | Luxembourg | |||||||
KKR Lending Europe III Holdings LLC | Delaware | |||||||
KKR Lending Europe III S.à r.l. | Luxembourg | |||||||
KKR Lending Europe Limited | Cayman Islands | |||||||
KKR Lending GP LLC | Delaware | |||||||
KKR Lending II GP LLC | Delaware | |||||||
KKR Lending III GP LLC | Delaware | |||||||
KKR Lending IV GP LLC | Delaware | |||||||
KKR Lending IV S.à r.l. | Luxembourg | |||||||
KKR Leo Co-Invest GP LLC | Delaware | |||||||
KKR Lion Financing L.P. | Delaware | |||||||
KKR Lion Holdings LLC | Delaware | |||||||
KKR Loan Administration Services LLC | Delaware | |||||||
KKR Lorca Co-Invest GP LLC | Delaware | |||||||
KKR LR Energy Limited | Cayman Islands | |||||||
KKR Luna Co-Invest GP LLC | Delaware | |||||||
KKR Luna II Debt Co-Invest GP LLC | Delaware | |||||||
KKR Luxembourg S.à r.l. | Luxembourg | |||||||
KKR Mackellar Partners GP Limited | Cayman Islands | |||||||
KKR Magnitude GP LLC | Delaware | |||||||
KKR Magnolia Holdings LLC | Cayman Islands | |||||||
KKR Malaga Co-Invest GP LLC | Delaware | |||||||
KKR Management Hedge Limited | Cayman Islands | |||||||
KKR Matterhorn Co-Invest GP Limited | Cayman Islands |
Name | Jurisdiction | |||||||
KKR Mauritius PE Investments I, Ltd. | Mauritius | |||||||
KKR Maven GP Limited | Cayman Islands | |||||||
KKR Maven I SLP Limited | Cayman Islands | |||||||
KKR Maven II SLP Limited | Cayman Islands | |||||||
KKR Maybach Co-Invest GP Limited | Cayman Islands | |||||||
KKR Melange Co-invest GP LLC | Delaware | |||||||
KKR Melwood Co-Invest GP LLC | Delaware | |||||||
KKR MENA Holdings LLC | Delaware | |||||||
KKR MENA Limited | Dubai International Financial Centre | |||||||
KKR Meridian Co-Invest GP Limited | Cayman Islands | |||||||
KKR Mexico LLC | Delaware | |||||||
KKR Mezzanine GP LLC | Delaware | |||||||
KKR Mezzanine I Advisors LLC | Delaware | |||||||
KKR Mezzanine Offshore Feeder I GP Limited | Cayman Islands | |||||||
KKR MIC Asia GP Limited | Cayman Islands | |||||||
KKR MIC Asia Holdings LLC | Delaware | |||||||
KKR MIC JDP GP Limited | Cayman Islands | |||||||
KKR Millennium GP LLC | Delaware | |||||||
KKR Millennium Limited | Cayman Islands | |||||||
KKR Milton Real Estate Limited | Cayman Islands | |||||||
KKR Milton Strategic Limited | Cayman Islands | |||||||
KKR MMI Holdings GP Limited | Cayman Islands | |||||||
KKR MN GP LLC | Delaware | |||||||
KKR Mule Co-Invest GP LLC | Delaware | |||||||
KKR Multi-Asset Class Fund, a sub-fund of KKR Multi-Asset Class ICAV | Ireland | |||||||
KKR Muse Co-Invest GP LLC | Delaware | |||||||
KKR Nautilus Aggregator Limited | Cayman Islands | |||||||
KKR Neon Aggregator GP LLC | Delaware | |||||||
KKR Neon Co-Invest GP LLC | Delaware | |||||||
KKR Nest Co-Invest GP LLC | Delaware | |||||||
KKR Nevada Ventures LLC | Cayman Islands | |||||||
KKR Next Gen Tech Fund II Holdings Limited | Cayman Islands | |||||||
KKR Next Gen Tech Fund III LLC | Delaware | |||||||
KKR Next Gen Tech Growth AIV LLC | Delaware | |||||||
KKR Next Gen Tech Growth Limited | Cayman Islands | |||||||
KKR NGT EEA Limited | Cayman Islands | |||||||
KKR NGT EEA LLC | Delaware | |||||||
KKR NGT II GP AIV LLC | Delaware | |||||||
KKR NGT II S.à r.l. | Luxembourg | |||||||
KKR NGT III ESC SBS GP LLC | Delaware | |||||||
KKR NGT III S.à r.l. | Luxembourg | |||||||
KKR Nimbus Co-Invest GP LLC | Delaware | |||||||
KKR Ninja Co-Invest GP LLC | Delaware | |||||||
KKR Nitro Holdings Limited | Cayman Islands | |||||||
KKR Noah GP Associates Limited | Cayman Islands |
Name | Jurisdiction | |||||||
KKR Nordics AB | Sweden | |||||||
KKR North America Fund XI Brazil GP LLC | Delaware | |||||||
KKR North America XI AIV GP LLC | Delaware | |||||||
KKR North America XI Limited | Cayman Islands | |||||||
KKR North America XIII AIV GP LLC | Delaware | |||||||
KKR North America XIII AIV Holdings LLC | Delaware | |||||||
KKR North America XIII Holdings Limited | Cayman Islands | |||||||
KKR North America XIII Private Investors GP LLC | Delaware | |||||||
KKR North America XIII S.à r.l. | Luxembourg | |||||||
KKR NR I LLC | Delaware | |||||||
KKR NR II LLC | Delaware | |||||||
KKR NR Investors I-A GP LLC | Delaware | |||||||
KKR NZSF Limited | Cayman Islands | |||||||
KKR Oak Co-Invest GP LLC | Delaware | |||||||
KKR Oculus Co-Invest GP LLC | Delaware | |||||||
KKR Olive Co-Invest GP LLC | Delaware | |||||||
KKR Olympus Co-Invest GP LLC | Delaware | |||||||
KKR Omega Co-Invest GP LLC | Delaware | |||||||
KKR Opportunities (Domestic) Fund II SCSp | Luxembourg | |||||||
KKR Opportunities II LLC | Delaware | |||||||
KKR Opportunities II S.à r.l. | Luxembourg | |||||||
KKR Oracle Holdings LLC | Delaware | |||||||
KKR Pacer Holdings GP Limited | Cayman Islands | |||||||
KKR Pacer Holdings L.P. | Cayman Islands | |||||||
KKR Palette Co-Invest GP LLC | Delaware | |||||||
KKR Panther Co-Invest GP LLC | Delaware | |||||||
KKR Parrot Co-Invest GP Limited | Cayman Islands | |||||||
KKR Partners IV GP LLC | Delaware | |||||||
KKR Patagonia Co-Invest GP LLC | Delaware | |||||||
KKR PCOP II (EEA) Limited | Cayman Islands | |||||||
KKR PCOP II (EEA) LLC | Delaware | |||||||
KKR PCOP II (Offshore) Limited | Cayman Islands | |||||||
KKR PCOP II GP LLC | Delaware | |||||||
KKR Pebble Co-Invest GP LLC | Delaware | |||||||
KKR Pegasus Co-Invest GP LLC | Delaware | |||||||
KKR PEI Associates L.P. | Cayman Islands | |||||||
KKR PEI GP Limited | Cayman Islands | |||||||
KKR PEI Investments, L.P. | Cayman Islands | |||||||
KKR PEI Opportunities GP, Ltd. | Cayman Islands | |||||||
KKR PEI Opportunities, L.P. | Cayman Islands | |||||||
KKR PEI Securities Holdings, Ltd. | Cayman Islands | |||||||
KKR Percival Co-Invest GP LLC | Delaware | |||||||
KKR Phoenix 1 Co-Invest GP LLC | Delaware | |||||||
KKR Phorm Investors GP LLC | Delaware | |||||||
KKR Pikak Co-Invest AUD GP LLC | Delaware |
Name | Jurisdiction | |||||||
KKR Pikak Co-Invest USD GP LLC | Delaware | |||||||
KKR Pinnacle Co-Invest GP LLC | Delaware | |||||||
KKR PIP GP LLC | Delaware | |||||||
KKR Planets Co-Invest GP LLC | Delaware | |||||||
KKR Platinum Co-Invest Blocker Parent GP LLC | Delaware | |||||||
KKR Platinum Co-Invest GP LLC | Delaware | |||||||
KKR Portfolio Services GP S.à r.l. | Luxembourg | |||||||
KKR Portfolio Services Holdings LLC | Delaware | |||||||
KKR Precise Co-Invest GP LLC | Delaware | |||||||
KKR Principal Opportunities (Domestic) Limited | Cayman Islands | |||||||
KKR Principal Opportunities (Offshore) Limited | Cayman Islands | |||||||
KKR Principal Opportunities AIV (Domestic) Limited | Cayman Islands | |||||||
KKR Principal Opportunities AIV (Offshore) Limited | Cayman Islands | |||||||
KKR Principal Opportunities II (Domestic) Limited | Cayman Islands | |||||||
KKR Principal Opportunities II (Offshore) Limited | Cayman Islands | |||||||
KKR Private Equity Conglomerate LLC | Delaware | |||||||
KKR Private Markets Equity Fund SICAV SA | Luxembourg | |||||||
KKR Proof Co-Invest GP LLC | Delaware | |||||||
KKR Property Partners Americas Limited | Cayman Islands | |||||||
KKR Property Partners Americas S.à r.l. | Luxembourg | |||||||
KKR Property Partners Europe (EUR) SCSp | Luxembourg | |||||||
KKR Property Partners Europe Holdings LLC | Delaware | |||||||
KKR Property Partners Europe S.à r.l. | Luxembourg | |||||||
KKR Prosvasi 2022 GP LLC | Delaware | |||||||
KKR Quartz Co-Invest GP LLC | Delaware | |||||||
KKR Radar LLC | Cayman Islands | |||||||
KKR Rainbow Co-Invest (Asset) GP LLC | Delaware | |||||||
KKR Rainbow Co-Invest (India) GP LLC | Delaware | |||||||
KKR Ramky Co-Invest GP Limited | Cayman Islands | |||||||
KKR Ranger Co-Invest GP Limited | Cayman Islands | |||||||
KKR RCP Europe II LLC | Delaware | |||||||
KKR RCP Europe II S.à r.l. | Luxembourg | |||||||
KKR RCP Europe Limited | Cayman Islands | |||||||
KKR RCP Europe S.à r.l. | Luxembourg | |||||||
KKR RE Asia Limited | Cayman Islands | |||||||
KKR RE Asia S.à r.l. | Luxembourg | |||||||
KKR Real Assets Korea Limited Liability Corporation | Korea, Republic of | |||||||
KKR Real Estate Credit Manager LLC | Delaware | |||||||
KKR Real Estate Finance Manager LLC | Delaware | |||||||
KKR RECOI (Cayman) Limited | Cayman Islands | |||||||
KKR RECOI (Singapore) Pte. Ltd. | Singapore | |||||||
KKR RECOP Aggregator (AIV) GP LLC | Delaware | |||||||
KKR RECOP Aggregator GP LLC | Delaware | |||||||
KKR RECOP II GP Limited | Cayman Islands | |||||||
KKR RECOP III GP LLC | Delaware |
Name | Jurisdiction | |||||||
KKR Redwood Co-Invest GP LLC | Delaware | |||||||
KKR REFT Asset Holdings LLC | Delaware | |||||||
KKR REFT Holdings GP LLC | Delaware | |||||||
KKR REFT Holdings L.P. | Delaware | |||||||
KKR Registered Advisor LLC | Delaware | |||||||
KKR REIGN Sponsor GP Limited | Cayman Islands | |||||||
KKR Renovate Co-Invest GP LLC | Delaware | |||||||
KKR REPA AIV-3 GP LLC | Delaware | |||||||
KKR REPA AIV-5 GP Ltd. | Cayman Islands | |||||||
KKR REPA GP LLC | Delaware | |||||||
KKR REPA II GP LLC | Delaware | |||||||
KKR REPA II GP2 LLC | Delaware | |||||||
KKR REPA III (AIV I) LLC | Delaware | |||||||
KKR REPA III (UP (A)) LLC | Delaware | |||||||
KKR REPA III Feeder GP (K) LLC | Delaware | |||||||
KKR REPA III Holdings Limited | Cayman Islands | |||||||
KKR REPA III S.à r.l. | Luxembourg | |||||||
KKR REPA IV LLC | Delaware | |||||||
KKR REPA IV S.à r.l. | Luxembourg | |||||||
KKR REPE EEA Limited | Cayman Islands | |||||||
KKR REPE EEA LLC | Delaware | |||||||
KKR REPE GP Limited | Cayman Islands | |||||||
KKR REPE II Feeder GP (K) LLC | Delaware | |||||||
KKR REPE II Limited | Cayman Islands | |||||||
KKR REPE II S.à r.l. | Luxembourg | |||||||
KKR REPE III LLC | Delaware | |||||||
KKR REPE III S.à r.l. | Luxembourg | |||||||
KKR RESDOC GP LLC | Delaware | |||||||
KKR Respond Co-Invest GP LLC | Delaware | |||||||
KKR RESTAC GP LLC | Delaware | |||||||
KKR Revolving Credit Associates II L.P. | Cayman Islands | |||||||
KKR Revolving Credit Partners II Limited | Cayman Islands | |||||||
KKR RMB Fund LLC | Delaware | |||||||
KKR ROX II Feeder GP (K) LLC | Delaware | |||||||
KKR ROX II Holdings LLC | Delaware | |||||||
KKR KR ROX II S.à r.l. | Luxembourg | |||||||
KKR RTV Manager LLC | Delaware | |||||||
KKR RTV Manager 2 LLC | Delaware | |||||||
KKR RTV Manager 3 LLC | Delaware | |||||||
KKR SA Co-Invest GP Limited | Cayman Islands | |||||||
KKR SA Master GP Limited | Cayman Islands | |||||||
KKR Sandy Co-Invest GP LLC | Delaware | |||||||
KKR Sansibar Co-Invest GP LLC | Delaware | |||||||
KKR Saudi Limited | Saudi Arabia | |||||||
KKR Senior Floating Rate Income GP Limited | Cayman Islands | |||||||
KKR Shadow Co-Invest GP LLC | Delaware |
Name | Jurisdiction | |||||||
KKR Sigma Co-Invest GP Limited | Cayman Islands | |||||||
KKR Singapore Pte. Ltd. | Singapore | |||||||
KKR Skyline Co-Invest GP LLC | Delaware | |||||||
KKR Sonar LLC | Delaware | |||||||
KKR Spark Power Holdings I (Mauritius), Ltd. | Mauritius | |||||||
KKR Special Acquisition Holdings GP LLC | Delaware | |||||||
KKR Special Acquisition Holdings L.P. | Delaware | |||||||
KKR Special Situations (Domestic) II Limited | Cayman Islands | |||||||
KKR Special Situations (Domestic) Limited | Cayman Islands | |||||||
KKR Special Situations (Offshore) II Limited | Cayman Islands | |||||||
KKR Special Situations (Offshore) Limited | Cayman Islands | |||||||
KKR SPN GP Limited | Cayman Islands | |||||||
KKR Sprint Co-Invest GP LLC | Delaware | |||||||
KKR Spur Co-Invest GP LLC | Delaware | |||||||
KKR Square GP Limited | Cayman Islands | |||||||
KKR Star Co-Invest GP LLC | Delaware | |||||||
KKR Starlight Co-Invest GP Limited | Cayman Islands | |||||||
KKR Stellar Co-Invest GP LLC | Delaware | |||||||
KKR STG Co-Invest GP LLC | Delaware | |||||||
KKR Strada Co-Invest GP LLC | Delaware | |||||||
KKR Strategic Capital Institutional Fund, Ltd. | Cayman Islands | |||||||
KKR Strategic Capital Management, L.L.C. | Delaware | |||||||
KKR Streaming Aggregator GP Limited | Cayman Islands | |||||||
KKR Subordinated Credit Holdings LLC | Delaware | |||||||
KKR Sunrise Co-Invest GP LLC | Delaware | |||||||
KKR Supernova Co-Invest GP LLC | Delaware | |||||||
KKR Switzerland GmbH | Switzerland | |||||||
KKR Tactical Private Credit LLC | Delaware | |||||||
KKR Tactical Private Credit US I LLC | Delaware | |||||||
KKR Tactical Private Credit US II LLC | Delaware | |||||||
KKR Talk Co-Invest GP Limited | Cayman Islands | |||||||
KKR Taurus Co-Invest GP Limited | Cayman Islands | |||||||
KKR TE Seeder LLC | Delaware | |||||||
KKR Teemo Co-Invest GP LLC | Delaware | |||||||
KKR TFO GP Limited | Cayman Islands | |||||||
KKR Thor Co-Invest GP LLC | Delaware | |||||||
KKR Tinder Co-Invest GP LLC | Delaware | |||||||
KKR Topaz LLC | Delaware | |||||||
KKR Traviata Co-Invest GP LLC | Delaware | |||||||
KKR TRS Holdings, Ltd. | Cayman Islands | |||||||
KKR TV SPN GP Limited | Cayman Islands | |||||||
KKR UCI Manco S.à r.l. | Luxembourg | |||||||
KKR Uno LLC | Delaware | |||||||
KKR Upstream Associates LLC | Delaware | |||||||
KKR Upstream LLC | Delaware |
Name | Jurisdiction | |||||||
KKR US CLO Equity Associates Ltd. | Cayman Islands | |||||||
KKR US CLO Equity Associates II Ltd. | Cayman Islands | |||||||
KKR US CLO Equity Associates III Ltd. | Cayman Islands | |||||||
KKR US CLO Equity Associates IV Ltd. | Cayman Islands | |||||||
KKR US Direct Lending LLC | Delaware | |||||||
KKR US Direct Lending S.à r.l. | Luxembourg | |||||||
KKR Viking Co-Invest GP Limited | Delaware | |||||||
KKR Vision Investors GP LLC | Delaware | |||||||
KKR Warrior Co-Invest GP LLC | Delaware | |||||||
KKR Willow Co-Invest GP LLC | Delaware | |||||||
KKR Wolverine I Sponsor LLC | Delaware | |||||||
KKR X-Ray Co-Invest GP LLC | Delaware | |||||||
KKR YC AIV-1 Associates L.P. | Delaware | |||||||
KKR YC Associates GP L.P. | Cayman Islands | |||||||
KKR YC Associates GP Limited | Cayman Islands | |||||||
KKR YC Associates L.P. | Cayman Islands | |||||||
KKR-Barmenia EDL Associates SCSp | Luxembourg | |||||||
KKR-Barmenia EDL Holdings Limited | Cayman Islands | |||||||
KKR-Barmenia EDL S.à r.l. | Luxembourg | |||||||
KKR-DUS EDL Associates SCSp | Luxembourg | |||||||
KKR-DUS EDL Holdings Limited | Cayman Islands | |||||||
KKR-DUS EDL S.à r.l. | Luxembourg | |||||||
KKR-Engineers GP LLC | Delaware | |||||||
KKR-Engineers LP | Delaware | |||||||
KKR-Generali Associates SCSp | Luxembourg | |||||||
KKR-Generali Holdings Limited | Cayman Islands | |||||||
KKR-Generali S.à r.l. | Luxembourg | |||||||
KKR-Income Holdings LLC | Delaware | |||||||
KKR-Income Trust Associates SCSp | Luxembourg | |||||||
KKR-Income Trust GP S.à r.l. | Luxembourg | |||||||
K-India Operations Pte. Ltd. | Singapore | |||||||
KKR-Jesselton HIF Credit Partners GP Limited | Cayman Islands | |||||||
KKR-Keats Asia Infrastructure Strategic Equity Co-Investment Fund GP Limited | Cayman Islands | |||||||
KKR-KEATS Associates Pipeline II L.P. | Cayman Islands | |||||||
KKR-Keats Associates Pipeline L.P. | Delaware | |||||||
KKR-KEATS Pipeline II Limited | Cayman Islands | |||||||
KKR-Keats Pipeline LLC | Delaware | |||||||
KKR-Keats Strategic Equity Co-Investment Fund GP Limited | Cayman Islands | |||||||
KKR-Kultala Co-Investments GP Limited | Cayman Islands | |||||||
KKR-LON Credit Strategies Associates SCSp | Luxembourg | |||||||
KKR-LON Credit Strategies Holdings Limited | Cayman Islands | |||||||
KKR-LON CS S.à r.l. | Luxembourg | |||||||
KKR-MM Vector GP LLC | Delaware | |||||||
KKR-NWM GP Limited | Cayman Islands |
Name | Jurisdiction | |||||||
KKR-NYC Credit A GP LLC | Delaware | |||||||
KKR-NYC Credit B GP LLC | Delaware | |||||||
KKR-NYC Credit C GP LLC | Delaware | |||||||
KKR-NYC SP GP MH LLC | Delaware | |||||||
KKR-UWF Direct Lending GP LLC | Delaware | |||||||
KKR-YUC GP Limited | Cayman Islands | |||||||
Kohlberg Kravis Roberts & Co. (International) Partners LLP | Delaware | |||||||
Kohlberg Kravis Roberts & Co. L.P. | Delaware | |||||||
Kohlberg Kravis Roberts & Co. Ltd | England & Wales | |||||||
Kohlberg Kravis Roberts & Co. Partners LLP | England & Wales | |||||||
Kohlberg Kravis Roberts & Co. SAS | France | |||||||
Kohlberg Kravis Roberts (España) Asesores SL | Spain | |||||||
Kohlberg Kravis Roberts GmbH | Germany | |||||||
KRE Exchange Co-Invest GP LLC | Delaware | |||||||
KRE C plus Finnish (Alfred) Co-Invest GP LLC | Delaware | |||||||
KRE Summer Co-Invest GP LLC | Delaware | |||||||
KRE Summit Co-Invest GP LLC | Delaware | |||||||
KSERIES USRPHC Holdings LLC | Delaware | |||||||
Lightning 2021-1 KKR Investors L.P. | Ontario | |||||||
Lightning 2021-1 Holdings LLC | Delaware | |||||||
Machine Investors GP Limited | Cayman Islands | |||||||
Magic Investors GP LLC | Delaware | |||||||
Magic Investors L.P. | Delaware | |||||||
Mastiff Investment Holdings GP LLC | Delaware | |||||||
Mastiff Investment Holdings L.P. | Delaware | |||||||
NAV Solar Holdco LLC | Delaware | |||||||
New Omaha Co-Invest GP, LLC | Delaware | |||||||
Olive Debt Aggregator A GP LLC | Delaware | |||||||
Pacova Limited | Jersey | |||||||
Panther Investment Holdings GP LLC | Delaware | |||||||
Rainier Co-Investments GP Limited | Cayman Islands | |||||||
Ranger (NZ) Pte. Ltd. | Singapore | |||||||
Raptor Investment Aggregator LLC | Cayman Islands | |||||||
Raptor Investment Holdings GP LLC | Cayman Islands | |||||||
Renee Holding GP LLC | Delaware | |||||||
Silverview Investments Pte. Ltd. | Singapore | |||||||
Silverview SG Holdings Pte. Ltd. | Singapore | |||||||
Spiral Holding GP S.à r.l. | Luxembourg | |||||||
SRPSC India Pvt. Ltd. | India | |||||||
Stellar Renewable Power LLC | Delaware | |||||||
Stellar US Asset Co LLC | Delaware | |||||||
Stellar US Employment Co LLC | Delaware | |||||||
Stellar US Service Co LLC | Delaware | |||||||
SY Investment GP LLC | Delaware | |||||||
SY Investment GP 2 LLC | Delaware |
Name | Jurisdiction | |||||||
Tailored Opportunistic Credit GP Limited | Cayman Islands | |||||||
Tapioca View, LLC | Delaware | |||||||
TEA GP Limited | Cayman Islands | |||||||
Thunderbird 2021-1 Holdings LLC | Delaware | |||||||
Thunderbird 2021-1 KKR Investors L.P. | Ontario | |||||||
TL 2021-1 Holdings LLC | Delaware | |||||||
The Global Atlantic Financial Group LLC | Bermuda | |||||||
Uno Co-Invest GP LLC | Delaware | |||||||
Vector Asset Holdings LLC | Delaware |
Date: | February 29, 2024 | |||||||
/s/ Joseph Y. Bae | ||||||||
Joseph Y. Bae | ||||||||
Co-Chief Executive Officer |
Date: | February 29, 2024 | |||||||
/s/ Scott C. Nuttall | ||||||||
Scott C. Nuttall | ||||||||
Co-Chief Executive Officer |
Date: | February 29, 2024 | |||||||
/s/ Robert H. Lewin | ||||||||
Robert H. Lewin | ||||||||
Chief Financial Officer |
Date: | February 29, 2024 | |||||||
/s/ Joseph Y. Bae | ||||||||
Joseph Y. Bae | ||||||||
Co-Chief Executive Officer |
Date: | February 29, 2024 | |||||||
/s/ Scott C. Nuttall | ||||||||
Scott C. Nuttall | ||||||||
Co-Chief Executive Officer |
Date: | February 29, 2024 | |||||||
/s/ Robert H. Lewin | ||||||||
Robert H. Lewin | ||||||||
Chief Financial Officer |
7. |
Exceptions to the Recovery Requirement.
|
(A) |
Notwithstanding anything in this Policy to the contrary, Erroneously Awarded Compensation need not be recovered pursuant to this Policy if a majority of the Independent Directors of the Board determines
that recovery would be impracticable to the extent permitted by the Listing Rules or applicable law, including as a result of any of the following:
|
i. |
the direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered (provided that, before concluding that it would be impracticable to recover any amount of
Erroneously Awarded Compensation based on expense of enforcement, the Company must make a reasonable attempt to recover such Erroneously Awarded Compensation, document such reasonable attempt to recover, and provide that documentation to
the Exchange); or
|
ii. |
recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26
U.S.C. 411(a) and regulations thereunder.
|
(B) |
Notwithstanding anything in this Policy to the contrary and unless otherwise prohibited by the Listing Rules, to the extent this Policy provides for recovery of Erroneously Awarded Compensation already
recovered by the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002, the amount of Erroneously Awarded Compensation already recovered by the Company from the recipient of such Erroneously Awarded Compensation may be
credited to the amount of Erroneously Awarded Compensation required to be recovered pursuant to this Policy from such person.
|
12. |
Defined Terms.
|
(A) |
The calculation of Erroneously Awarded Compensation shall be based on a reasonable estimate of the effect of the Restatement on the stock price or total shareholder return upon which the Incentive
Compensation was Received; and
|
(B) |
The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange.
|