KKR & Co. Inc.KKR
KKR & Co. Inc. Segments Disclosure
SEGMENT REPORTING
KKR operates through three reportable segments which are presented below and reflect how its chief operating decision-
makers, who are the Co-Chief Executive Officers, allocate resources and assess performance:
•Asset Management - The asset management business offers a broad range of investment management services to
investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides
capital markets services to portfolio companies and third parties. This reportable segment also reflects how its
business lines operate collaboratively with predominantly a single expense pool.
•Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life
insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions
to clients across individual and institutional markets. Global Atlantic primarily generates income by earning a spread
between its investment income and the cost of policyholder benefits.
•Strategic Holdings - The strategic holdings business acquires and manages interests in operating companies that are
owned by KKR. This segment primarily generates income from dividends from these businesses. Dividends are
presented net of management fees paid to the Asset Management segment. If KKR were to sell a portion or all of a
business reported in Strategic Holdings, the realized gain or loss would be presented as realized investment income,
net of a performance fee paid to the Asset Management segment.
KKR’s segment profitability measures used to make operating decisions and assess performance across KKR’s reportable
segments is presented prior to giving effect to the allocation of income (loss) among KKR & Co. Inc. and holders of any
exchangeable securities, and the consolidation of the investment funds, vehicles and accounts that KKR advises, manages or
sponsors (including CFEs). For each segment, the chief operating decision makers use the key measure of segment earnings to
allocate resources to that segment in the annual budget and forecasting process. KKR's segment profitability measures
excludes: (i) equity-based compensation charges, (ii) amortization of acquired intangibles, and (iii) transaction-related and
non-operating items, if any. Transaction-related and non-operating items arise from corporate actions, which consist of: (i)
impairments, (ii) transaction costs from acquisitions, including any acquisition-related stock consideration, (iii) depreciation on
real estate that KKR owns and occupies, (iv) contingent liabilities, net of any recoveries, (v) certain integration, restructuring,
and other non-operating expenses, and (vi) other gains or charges that affect period-to-period comparability and are not
reflective of KKR's ongoing operational performance.
Inter-segment transactions are not eliminated from segment results when management considers those transactions in
assessing the results of the respective segments. These transactions include (i) management fees earned by the Asset
Management segment as the investment adviser for Global Atlantic insurance companies, (ii) management and performance
fees earned by the Asset Management segment from the Strategic Holdings segment, and (iii) interest income and expense
based on lending arrangements where the Asset Management segment borrows from the Insurance segment. All these inter-
segment transactions are recorded by each segment based on the applicable governing agreements. Additionally, due to the
integrated nature of our segment operations and as part of our strategic capital allocation decisions, inter-segment asset
transfers have and may continue to occur. In these cases in segment reporting, the assets are transferred at their fair value,
and no gain or loss is recognized at the time of transfer. Earnings are recognized upon realization events and transactions with
third parties. Total Segment Earnings represents the total segment earnings of KKR’s Asset Management, Insurance, and
Strategic Holdings segments:
•Asset Management Segment Earnings is the segment profitability measure used to make operating decisions and to
assess the performance of the Asset Management segment. This measure is presented before income taxes and is
comprised of: (i) Fee Related Earnings, (ii) Realized Performance Income, (iii) Realized Performance Income
Compensation, (iv) Realized Investment Income, and (v) Realized Investment Income Compensation. Asset
Management Segment Earnings excludes the impact of: (i) unrealized gains (losses) on investments, (ii) unrealized
carried interest, and (iii) unrealized carried interest compensation. Management fees earned by KKR as the adviser,
manager or sponsor for its investment funds, vehicles and accounts, including its Global Atlantic insurance companies
and Strategic Holdings segment, are included in Asset Management Segment Earnings.
•Insurance Operating Earnings is the segment profitability measure used to make operating decisions and to assess
the performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i)
Net Investment Income, (ii) Net Cost of Insurance, and (iii) General, Administrative, and Other Expenses. Insurance
Operating Earnings excludes the impact of: (i) investment gains (losses) which include realized gains (losses) related
to asset/liability matching investment strategies and unrealized investment gains (losses) and (ii) non-operating
changes in policy liabilities and derivatives which includes (a) changes in the fair value of market risk benefits and
other policy liabilities measured at fair value and related benefit payments, (b) fees attributed to guaranteed
benefits, (c) derivatives used to manage the risks associated with policy liabilities, and (d) losses at contract issuance
on payout annuities. Insurance Operating Earnings includes (i) realized gains and losses not related to asset/liability
matching investment strategies and (ii) the investment management costs that are earned by our Asset Management
segment as the investment adviser of the Global Atlantic insurance companies.
•Strategic Holdings Segment Earnings is the segment profitability measure used to make operating decisions and to
assess the performance of the Strategic Holdings segment. This measure is presented before income taxes and is
comprised of: Dividends, Net and Net Realized Investment Income. Strategic Holdings Segment Earnings excludes the
impact of unrealized gains (losses) on investments. Strategic Holdings Segment Earnings includes management fees
and performance fee expenses that are earned by the Asset Management segment.
KKR disclosed all the segment expenses under the significant expense principle for each reportable segment. There are no
expenses to be disclosed in the other segment category, because segment revenues minus segment expenses equals the
segment measure of profit of each reportable segment.
Segment Presentation
The following tables set forth information regarding KKR's segment results:
Years Ended December 31, | ||||||
2025 | 2024 | 2023 | ||||
Asset Management | ||||||
Management Fees (1)(2) | $4,100,841 | $3,461,381 | $3,030,325 | |||
Transaction and Monitoring Fees, Net | 1,092,577 | 1,165,884 | 720,654 | |||
Fee Related Performance Revenues | 181,784 | 137,992 | 94,427 | |||
Fee Related Compensation | (940,721) | (833,918) | (865,336) | |||
Other Operating Expenses | (720,168) | (663,543) | (596,284) | |||
Fee Related Earnings | 3,714,313 | 3,267,796 | 2,383,786 | |||
Realized Performance Income | 1,879,512 | 1,822,115 | 1,065,389 | |||
Realized Performance Income Compensation | (1,387,776) | (1,213,327) | (666,440) | |||
Realized Investment Income (3) | 403,455 | 534,668 | 645,031 | |||
Realized Investment Income Compensation | (60,520) | (80,198) | (103,590) | |||
Asset Management Segment Earnings | $4,548,984 | $4,331,054 | $3,324,176 | |||
Insurance | ||||||
Net Investment Income (1) (4) | $7,224,118 | $6,328,822 | $5,377,817 | |||
Net Cost of Insurance | (5,229,343) | (4,448,886) | (3,283,009) | |||
General, Administrative and Other | (885,380) | (865,390) | (805,109) | |||
Pre-tax Operating Earnings | 1,109,395 | 1,014,546 | 1,289,699 | |||
Pre-tax Operating Earnings Attributable to Noncontrolling Interests | — | — | (473,062) | |||
Insurance Operating Earnings | $1,109,395 | $1,014,546 | $816,637 | |||
Strategic Holdings | ||||||
Dividends, Net (2) | $162,096 | $76,211 | $14,531 | |||
Strategic Holdings Operating Earnings | 162,096 | 76,211 | 14,531 | |||
Net Realized Investment Income(3) | 69,861 | 87,693 | — | |||
Strategic Holdings Segment Earnings | $231,957 | $163,904 | $14,531 | |||
Total Segment Earnings | $5,890,336 | $5,509,504 | $4,155,344 | |||
(1) Includes intersegment management fees of $673.9 million, $537.2 million, and $445.9 million earned by the Asset Management segment from the Insurance segment for the years ended December 31, 2025, 2024, and 2023, respectively. | ||||||
(2) Includes intersegment management fees of $36.6 million and $31.8 million earned by the Asset Management segment from the Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. | ||||||
(3) Includes intersegment performances fees of $12.3 million and $15.5 million earned by the Asset Management segment from the Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. | ||||||
(4) Includes intersegment interest expense of $18.6 million, $10.2 million, and $186.4 million for the years ended December 31, 2025, 2024, and 2023, respectively. | ||||||
As of December 31, | ||||||
2025 | 2024 | |||||
Segment Assets: | ||||||
Asset Management | $26,214,100 | $25,868,340 | ||||
Insurance | 272,649,491 | 243,719,868 | ||||
Strategic Holdings | 11,626,832 | 8,052,232 | ||||
Total Segment Assets | $310,490,423 | $277,640,440 | ||||
Years Ended December 31, | ||||||
Non-Cash Expenses Excluded from Segment Earnings | 2025 | 2024 | 2023 | |||
Equity Based Compensation | ||||||
Asset Management | $621,974 | $611,644 | $502,816 | |||
Insurance | 100,135 | 134,799 | 71,579 | |||
Total Non-Cash Expenses | $722,109 | $746,443 | $574,395 | |||
Reconciliations of Total Segment Amounts
The following tables reconcile Segment Revenues, Expenses, Earnings, and Assets to their equivalent GAAP measure:
Years Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Total GAAP Revenues | $19,464,307 | $21,878,698 | $14,499,312 | ||
Impact of Consolidation and Other | 1,313,552 | 1,344,972 | 861,928 | ||
Asset Management Adjustments: | |||||
Capital Allocation-Based Income (Loss) (GAAP) | (3,771,235) | (3,558,284) | (2,843,437) | ||
Realized Carried Interest | 1,570,205 | 1,481,760 | 1,005,759 | ||
Realized Investment Income | 403,455 | 534,668 | 645,031 | ||
Capstone Fees | (113,563) | (110,953) | (100,314) | ||
Expense Reimbursements | (165,397) | (152,726) | (75,687) | ||
Strategic Holdings Adjustments: | |||||
Realized Investment Income and Dividends | 280,930 | 211,157 | 14,531 | ||
Insurance Adjustments: | |||||
Net Premiums | (3,397,186) | (7,898,834) | (1,975,675) | ||
Policy Fees | (1,350,814) | (1,377,686) | (1,260,249) | ||
Other Income | (256,763) | (238,410) | (176,442) | ||
(Gains) Losses from Investments(1) | 1,907,743 | 1,532,863 | 700,380 | ||
Non-Operating Changes in Policy Liabilities and Derivatives | (770,990) | (32,459) | (346,963) | ||
Total Segment Revenues (2) | $15,114,244 | $13,614,766 | $10,948,174 | ||
(1)Includes gains and losses on funds withheld receivables and payables embedded derivatives.
(2)Total Segment Revenues is comprised of (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv)
Realized Performance Income, (v) Realized Investment Income, (vi) Net Investment Income, and (vii) Dividends, Net.
Years Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Total GAAP Expenses | $19,012,315 | $20,985,860 | $12,358,605 | ||
Impact of Consolidation and Other | (825,185) | (448,776) | (392,778) | ||
Asset Management Adjustments: | |||||
Equity-based Compensation | (616,915) | (611,644) | (502,816) | ||
Unrealized Carried Interest Compensation | (1,566,828) | (1,505,558) | (792,758) | ||
Amortization of Intangibles | (1,787) | — | — | ||
Transaction-related and Non-operating Items | (96,289) | (122,009) | (31,805) | ||
Reimbursable Expenses | (165,397) | (152,726) | (75,687) | ||
Capstone Expenses | (100,030) | (81,280) | (77,642) | ||
Insurance Adjustments: | |||||
Net Premiums | (3,397,186) | (7,898,834) | (1,975,675) | ||
Policy Fees | (1,350,814) | (1,377,686) | (1,260,249) | ||
Other Income | (256,763) | (238,410) | (176,442) | ||
Non-Operating Changes in Policy Liabilities | (1,249,932) | (270,326) | (608,081) | ||
Equity-Based Compensation | (100,135) | (134,799) | (115,653) | ||
Amortization of Intangibles | (18,796) | (17,935) | (17,647) | ||
Transaction-Related and Non-Operating Items | (42,350) | (20,615) | (11,604) | ||
Total Segment Expenses (1) | $9,223,908 | $8,105,262 | $6,319,768 | ||
(1)Total Segment Expenses is comprised of (i) Fee Related Compensation, (ii) Realized Performance Income Compensation, (iii) Realized Investment Income
Compensation, (iv) Net Cost of Insurance, (v) General, Administrative and Other, and (vi) Other Operating Expenses.
Years Ended December 31, | |||||
2025 | 2024 | 2023 | |||
Income (Loss) Before Tax (GAAP) | $7,099,160 | $5,860,433 | $6,554,609 | ||
Impact of Consolidation and Other | (3,991,700) | (1,252,727) | (1,543,641) | ||
Interest Expense, Net | 257,725 | 302,381 | 325,919 | ||
Asset Management Adjustments: | |||||
Unrealized (Gains) Losses | 560,892 | (673,790) | (843,627) | ||
Unrealized Carried Interest | (2,140,747) | (1,943,200) | (1,656,974) | ||
Unrealized Carried Interest Compensation | 1,566,828 | 1,505,558 | 792,758 | ||
Transaction-related and Non-operating Items(1) | 96,289 | 122,009 | 31,805 | ||
Equity-based Compensation | 268,067 | 279,418 | 230,858 | ||
Equity-based Compensation - Performance based | 348,848 | 332,226 | 271,958 | ||
Amortization of Acquired Intangibles | 1,787 | — | — | ||
Strategic Holdings Adjustments: | |||||
Unrealized (Gains) Losses | (746,252) | (958,418) | (691,307) | ||
Insurance Adjustments:(2) | |||||
(Gains) Losses from Investments(2,3) | 2,088,687 | 1,465,348 | 363,956 | ||
Non-Operating Changes in Policy Liabilities and Derivatives(2) | 319,471 | 296,917 | 228,929 | ||
Transaction-Related and Non-Operating Items(1)(2) | 42,350 | 20,615 | 7,347 | ||
Equity-Based Compensation(2) | 100,135 | 134,799 | 71,579 | ||
Amortization of Acquired Intangibles(2) | 18,796 | 17,935 | 11,175 | ||
Total Segment Earnings | $5,890,336 | $5,509,504 | $4,155,344 | ||
(1)For the year ended December 31, 2025, Transaction-related and Other Non-operating items includes (i) $99 million related to transaction-related costs
and other corporate actions, which includes $5 million of acquisition-related stock consideration and (ii) $39 million of costs associated with certain
integration, restructuring, and other non-operating expenses across our Asset Management and Insurance businesses.
(2)Amounts represent the portion allocable to KKR.
(3)Includes gains and losses on funds withheld receivables and payables embedded derivatives.
December 31, 2025 | December 31, 2024 | ||
Total GAAP Assets | $410,144,072 | $360,099,411 | |
Impact of Consolidation and Reclassifications | (93,778,122) | (78,288,198) | |
Carry Pool Reclassifications | (5,875,527) | (4,170,773) | |
Total Segment Assets | $310,490,423 | $277,640,440 | |
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 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.