KKR

KKR is a global investment firm. It manages funds that invest in private equity, credit, infrastructure and real estate for pension funds, insurers, wealthy individuals and other clients, and it earns management fees and a share of the profits on these funds. It had $804 billion of assets under management at September 30, 2026, of which $648 billion paid fees. KKR also owns Global Atlantic, a life insurance and retirement company that invests its assets mostly through KKR.

Its capital markets business arranges and underwrites debt and equity for KKR's companies and others. Its Strategic Holdings segment owns long-term stakes in companies. On May 4, 2026, KKR bought Arctos Partners, which invests in stakes in professional sports teams and had $20 billion of assets under management at June 30, 2026.

The market prices KKR for the risk that losses in private credit and lower returns in private equity slow its growth. Investors worry about loans to software companies and other weak borrowers, and about withdrawals from funds sold to individual investors, such as KKR's K-Series funds. KKR's reported results kept growing: in Q3 2026, fee related earnings rose 27% to a record $1.42 per adjusted share, and assets under management rose 11% to $804 billion. About 84% of its segment earnings in the last 12 months came from fees, insurance and other recurring sources.

But new capital raised slowed to $25 billion in Q3 2026, from $42.6 billion a year earlier, and to $116 billion in the last 12 months. For the gap to close, three things must be true. KKR must keep raising more than $100 billion of new capital a year, and its K-Series funds, which held $45 billion at September 30, 2026, must keep growing. Fee related earnings must keep growing at double digits.

Credit losses in its funds and at Global Atlantic must stay low, and sales of investments, such as the sale of USI to Aon, must keep returning cash to clients and earning carried interest. The Q4 2026 report in February 2027, which includes the USI sale if it closes, is the next test. If it passes and credit worries fade, the gap can close over the next four to eight quarters. The main reason it may not close is a credit downturn that causes losses in private credit funds and at Global Atlantic and slows fundraising.

1. Nov 9, 2026Failed

   Q3 2026 results: fundraising and creditFee related earnings growth of more than 15%, steady new capital raised and no large credit losses pass; falling fundraising or large markdowns in credit fail.Outcome: Fee related earnings rose 27% and the credit composites gained 4% over 12 months, but new capital raised fell to $25 billion from $34 billion in Q2 2026 and $42.6 billion a year earlier.
2. Feb 9, 2027 · est.Pending

   Q4 2026 results, the USI sale and fundraisingAbout $2.00 of adjusted net income per share with the USI sale, continued growth in fee related earnings and new capital raised of $25 billion or more pass; a delayed USI sale, flat fees or lower fundraising fail.

Every passed and failed checkpoint across all picks

• November 9, 2026KKR reported Q3 2026 results. Fee related earnings rose 27% to $1.3 billion, or $1.42 per adjusted share, and adjusted net income rose 29% to $1.6 billion, or $1.78 per adjusted share, both records. GAAP net income for common stockholders was $1.19 per diluted share. Assets under management rose 11% to $804 billion. KKR raised $25 billion of new capital in the quarter, down from $42.6 billion a year earlier, and $116 billion in the last 12 months. KKR said that it expects about $2.0 billion of adjusted net income, or over $2.00 per share, in its Q4 2026 results, if the sale of USI closes. From June 30 to November 4, 2026, it bought back 6.2 million shares for $567 million, and on November 6, 2026, it added $500 million to its buyback program. The quarterly dividend was $0.195 per share.
• August 31, 2026KKR posted a presentation on the sale of USI Insurance Services, a company that its funds own, to Aon.
• August 26, 2026KKR agreed to settle the US Department of Justice antitrust complaint from January 2025 about its premerger filings for deals in 2021 and 2022. A KKR subsidiary will pay a $250.0 million civil penalty after court approval, and the Antitrust Division closed its related investigations. KKR said that outside law firms will fully pay back the penalty and that it disagrees with the Division's view.

Last earnings

November 9, 2026 (8-K on sec.gov)

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 9, 2026 · kkr-20260930
• 8-KEarnings releaseFiled November 9, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled November 4, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Shareholder vote resultsFiled October 26, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled August 31, 2026 · Read it on sec.gov
• 8-KInvestor disclosure and Other company newsFiled August 27, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · kkr-20260630
• 8-KNew material agreement and New debt or financial obligationFiled July 31, 2026 · Read it on sec.gov
• 8-KEarnings releaseFiled July 30, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 29, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1404912)

• A credit downturn can cause losses in KKR's credit funds and in Global Atlantic's investments. Losses can lower fees, carried interest and insurance earnings, and they can slow new fundraising.
• Funds sold to individual investors, such as the K-Series, allow regular withdrawals. If many investors ask to withdraw at once, these funds can limit withdrawals, which can hurt KKR's reputation and growth with individual investors.
• Carried interest and investment income depend on selling investments at good prices. Weak markets for mergers and public offerings can delay sales and lower realized earnings.
• KKR faces regulatory and legal risk. It agreed to pay a $250.0 million antitrust penalty in August 2026, which it says outside law firms will pay back.

KKR's asset management balance sheet holds more cash and investments than debt. At September 30, 2026, excluding Global Atlantic, cash and short-term investments were $5,385 million and asset management investments were $8,902 million, for $14,287 million of cash and investments. Read more

Yield at the current rate

0.8% (current annual rate, at today’s price)

Dividend yield

0.8% (last 12 months, at today’s price of $100.05)

Paid per share

$0.76 in the last 12 months (4 payments)

Current annual rate

$0.78 ($0.195 × 4 a year)

Latest ex-dividend date

August 10, 2026, $0.195 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 6.6% a year. From 2015 to 2025, the dividend fell by about 7.4% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.