REVENUES – ASSET MANAGEMENT AND STRATEGIC HOLDINGS

For the years ended December 31, 2025, 2024, and 2023 respectively, Asset Management and Strategic Holdings

revenues consisted of the following:


	Years Ended December 31,
	2025	2024	2023
Management Fees	$2,496,783	$1,994,089	$1,843,144
Fee Credits	(712,433)	(696,091)	(297,936)
Transaction Fees	1,762,336	1,857,317	1,075,204
Monitoring Fees	210,886	187,538	138,339
Incentive Fees	27,742	47,430	29,117
Expense Reimbursements	165,397	152,726	75,687
Consulting Fees	113,562	110,953	100,314
Total Fees and Other	4,064,273	3,653,962	2,963,869

Carried Interest	3,492,171	3,243,495	2,304,623
General Partner Capital Interest	279,064	314,789	538,814
Total Capital Allocation-Based Income (Loss)	3,771,235	3,558,284	2,843,437

Total Revenues	$7,835,508	$7,212,246	$5,807,306

KKR earns management fees, incentive fees, and capital allocation-based income (loss) from investment funds, CLOs, and

other vehicles whose primary focus is making investments in specified geographical locations and KKR also earns transaction,

monitoring, and consulting fees from portfolio companies located in varying geographies. For the years ended December 31,

2025, 2024, and 2023, over 10% of KKR's total Asset Management and Strategic Holdings consolidated revenues were earned

in the United States.

For the year ended December 31, 2025, $2.5 billion, $0.8 billion, and $0.7 billion of total fees and other were generated in

the Americas, Europe/Middle East, and Asia-Pacific, respectively. For the year ended December 31, 2024, $2.2 billion,

$0.8 billion, and $0.7 billion of total fees and other were generated in the Americas, Europe/Middle East, and Asia-Pacific,

respectively. For the year ended December 31, 2023, $1.8 billion, $0.6 billion, and $0.6 billion of total fees and other were

generated in the Americas, Europe/Middle East, and Asia-Pacific, respectively. The determination of the geographic region

was based on the geographic focus of the associated investment vehicle or where the portfolio company is headquartered.

For the year ended December 31, 2025, $2.1 billion, $0.5 billion, and $1.1 billion of total capital allocation-based income

(loss) were generated in the Americas, Europe/Middle East, and Asia-Pacific, respectively. For the year ended December 31,

2024, $2.2 billion, $0.4 billion, and $0.9 billion of total capital allocation-based income (loss) were generated in the Americas,

Europe/Middle East, and Asia-Pacific, respectively. For the year ended December 31, 2023, $1.5 billion, $0.4 billion, and

$0.9 billion of total capital allocation-based income (loss) were generated in the Americas, Europe/Middle East, and Asia-

Pacific, respectively. The determination of the geographic region was based on the geographic focus of the associated

investment vehicle.

For the year ended December 31, 2025, none of KKR’s flagship private equity funds contributed more than 10% of KKR's

total Asset Management and Strategic Holdings consolidated revenues. For the year ended December 31, 2024, revenues

from one of KKR’s flagship private equity funds contributed more than 10% of KKR's total Asset Management and Strategic

Holdings revenues representing approximately $0.9 billion. For the year ended December 31, 2023, revenues from one of

KKR’s flagship private equity funds contributed more than 10% of KKR's total Asset Management and Strategic Holdings

revenues representing approximately $1.0 billion.

Historical Timeline

Fiscal Year	Filed
2025	Feb 27, 2026	Showing above
2024	Feb 28, 2025

2023	Feb 29, 2024

2022	Feb 27, 2023

2021	Feb 28, 2022

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

KKR & Co. Inc. Revenue Disclosure

Historical Timeline

About Revenue Disclosures

Other Available Disclosures