☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
Delaware | 26-0426107 | |||||||
(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 | ||||||
6.00% Series C Mandatory Convertible Preferred Stock | KKR PR C | 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 | ☐ |
Page | ||||||||
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Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Asset Management | |||||||||||
Cash and Cash Equivalents | $ | 7,256,382 | $ | 6,507,874 | |||||||
Restricted Cash and Cash Equivalents | 140,618 | 485,583 | |||||||||
Investments | 89,908,570 | 69,274,715 | |||||||||
Due from Affiliates | 1,102,874 | 872,994 | |||||||||
Other Assets | 2,954,330 | 2,665,336 | |||||||||
101,362,774 | 79,806,502 | ||||||||||
Insurance | |||||||||||
Cash and Cash Equivalents | $ | 4,717,240 | $ | — | |||||||
Restricted Cash and Cash Equivalents | 398,572 | — | |||||||||
Investments | 121,214,570 | — | |||||||||
Reinsurance Recoverable | 25,233,883 | — | |||||||||
Insurance Intangible Assets | 1,279,070 | — | |||||||||
Other Assets | 6,148,371 | — | |||||||||
Separate Account Assets | 5,445,170 | — | |||||||||
164,436,876 | — | ||||||||||
Total Assets | $ | 265,799,650 | $ | 79,806,502 | |||||||
Liabilities and Equity | |||||||||||
Asset Management | |||||||||||
Debt Obligations | $ | 38,988,544 | $ | 33,423,596 | |||||||
Due to Affiliates | 299,703 | 325,177 | |||||||||
Accrued Expenses and Other Liabilities | 8,914,739 | 5,257,813 | |||||||||
48,202,986 | 39,006,586 | ||||||||||
Insurance | |||||||||||
Policy Liabilities | $ | 124,611,909 | $ | — | |||||||
Debt Obligations | 2,162,591 | — | |||||||||
Funds Withheld Payable at Interest | 23,614,810 | — | |||||||||
Accrued Expenses and Other Liabilities | 4,442,962 | — | |||||||||
Reinsurance Liabilities | 261,669 | — | |||||||||
Separate Account Liabilities | 5,445,170 | — | |||||||||
160,539,111 | — | ||||||||||
Total Liabilities | 208,742,097 | 39,006,586 | |||||||||
September 30, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Cash and Cash Equivalents | $ | 4,363,105 | $ | 2,346,713 | |||
Cash and Cash Equivalents Held at Consolidated Entities | 1,380,976 | 816,441 | |||||
Restricted Cash and Cash Equivalents | 143,846 | 74,262 | |||||
Investments | 60,990,162 | 54,936,268 | |||||
Due from Affiliates | 768,887 | 717,399 | |||||
Other Assets | 3,008,357 | 2,008,236 | |||||
Total Assets | $ | 70,655,333 | $ | 60,899,319 | |||
Liabilities and Equity | |||||||
Debt Obligations | $ | 31,451,641 | $ | 27,013,284 | |||
Due to Affiliates | 298,944 | 286,098 | |||||
Accounts Payable, Accrued Expenses and Other Liabilities | 4,861,118 | 3,097,563 | |||||
Total Liabilities | 36,611,703 | 30,396,945 | |||||
Commitments and Contingencies | |||||||
Stockholders' Equity (1) | |||||||
Series A and B Preferred Stock, $0.01 par value. 13,800,000 and 6,200,000 shares, respectively, issued and outstanding as of September 30, 2020 and December 31, 2019. | 482,554 | 482,554 | |||||
Series C Mandatory Convertible Preferred Stock, $0.01 par value. 23,000,000 shares issued and outstanding as of September 30, 2020. | 1,115,792 | — | |||||
Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of September 30, 2020 and December 31, 2019. | 0 | 0 | |||||
Series II Preferred Stock, $0.01 par value. 499,999,999 shares authorized, 278,781,478 and 290,381,345 shares, issued and outstanding as of September 30, 2020 and December 31, 2019, respectively. | 2,788 | 2,904 | |||||
Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 566,334,746 and 560,007,579 shares, issued and outstanding as of September 30, 2020 and December 31, 2019, respectively. | 5,663 | 5,600 | |||||
Additional Paid-In Capital | 8,594,005 | 8,565,919 | |||||
Retained Earnings | 2,037,935 | 1,792,152 | |||||
Accumulated Other Comprehensive Income (Loss) | (41,081 | ) | (41,639 | ) | |||
Total KKR & Co. Inc. Stockholders' Equity | 12,197,656 | 10,807,490 | |||||
Noncontrolling Interests | 21,845,974 | 19,694,884 | |||||
Total Equity | 34,043,630 | 30,502,374 | |||||
Total Liabilities and Equity | $ | 70,655,333 | $ | 60,899,319 | |||
(1) See Note 1 "Organization" |
September 30, 2021 | December 31, 2020 | ||||||||||
Commitments and Contingencies (See Note 23) | 0 | 0 | |||||||||
Redeemable Noncontrolling Interests | $ | 93,339 | $ | — | |||||||
Stockholders' Equity | |||||||||||
Series A Preferred Stock, $0.01 par value. 0 and 13,800,000 shares, issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. Series B Preferred Stock, $0.01 par value. 0 and 6,200,000 shares, issued and outstanding as of September 30, 2021 and December 31, 2020. | $ | — | $ | 482,554 | |||||||
Series C Mandatory Convertible Preferred Stock, $0.01 par value. 23,000,000 shares issued and outstanding as of September 30, 2021 and December 31, 2020. | 1,115,792 | 1,115,792 | |||||||||
Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of September 30, 2021 and December 31, 2020. | — | — | |||||||||
Series II Preferred Stock, $0.01 par value. 499,999,999 shares authorized, 271,027,751 and 275,626,493 shares, issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. | 2,710 | 2,756 | |||||||||
Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 583,026,679 and 572,893,738 shares, issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. | 5,830 | 5,729 | |||||||||
Additional Paid-In Capital | 8,735,677 | 8,687,817 | |||||||||
Retained Earnings | 7,247,400 | 3,440,782 | |||||||||
Accumulated Other Comprehensive Income (Loss) | (174,439) | (18,612) | |||||||||
Total KKR & Co. Inc. Stockholders' Equity | 16,932,970 | 13,716,818 | |||||||||
Noncontrolling Interests | 40,031,244 | 27,083,098 | |||||||||
Total Equity | 56,964,214 | 40,799,916 | |||||||||
Total Liabilities and Equity | $ | 265,799,650 | $ | 79,806,502 | |||||||
September 30, 2021 | |||||||||||||||||||||||
Consolidated CLOs | Consolidated Funds | Other VIEs | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | 941,660 | $ | 1,617,067 | $ | — | $ | 2,558,727 | |||||||||||||||
Restricted Cash and Cash Equivalents | — | 94,455 | — | 94,455 | |||||||||||||||||||
Investments | 20,696,676 | 44,975,624 | — | 65,672,300 | |||||||||||||||||||
Other Assets | 421,987 | 510,357 | — | 932,344 | |||||||||||||||||||
22,060,323 | 47,197,503 | — | 69,257,826 | ||||||||||||||||||||
Insurance | |||||||||||||||||||||||
Cash and Cash Equivalents | — | — | 961,174 | 961,174 | |||||||||||||||||||
Investments | — | — | 17,194,546 | 17,194,546 | |||||||||||||||||||
Accrued investment income | — | — | 56,261 | 56,261 | |||||||||||||||||||
Other Assets | — | — | 772,669 | 772,669 | |||||||||||||||||||
— | — | 18,984,650 | 18,984,650 | ||||||||||||||||||||
Total Assets | $ | 22,060,323 | $ | 47,197,503 | $ | 18,984,650 | $ | 88,242,476 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Debt Obligations | $ | 19,969,156 | $ | 5,978,374 | $ | — | $ | 25,947,530 | |||||||||||||||
Accrued Expenses and Other Liabilities | 1,326,891 | 956,245 | — | 2,283,136 | |||||||||||||||||||
21,296,047 | 6,934,619 | — | 28,230,666 | ||||||||||||||||||||
Insurance | |||||||||||||||||||||||
Accrued Expenses and Other Liabilities | — | — | 982,705 | 982,705 | |||||||||||||||||||
Total Liabilities | $ | 21,296,047 | $ | 6,934,619 | $ | 982,705 | $ | 29,213,371 | |||||||||||||||
September 30, 2020 | |||||||||||
Consolidated CFEs | Consolidated KKR Funds and Other Entities | Total | |||||||||
Assets | |||||||||||
Cash and Cash Equivalents Held at Consolidated Entities | $ | 828,048 | $ | 243,217 | $ | 1,071,265 | |||||
Restricted Cash and Cash Equivalents | 0 | 69,608 | 69,608 | ||||||||
Investments | 16,647,431 | 25,175,699 | 41,823,130 | ||||||||
Other Assets | 416,778 | 443,431 | 860,209 | ||||||||
Total Assets | $ | 17,892,257 | $ | 25,931,955 | $ | 43,824,212 | |||||
Liabilities | |||||||||||
Debt Obligations | $ | 16,279,747 | $ | 3,366,405 | $ | 19,646,152 | |||||
Accounts Payable, Accrued Expenses and Other Liabilities | 1,196,054 | 371,165 | 1,567,219 | ||||||||
Total Liabilities | $ | 17,475,801 | $ | 3,737,570 | $ | 21,213,371 |
December 31, 2020 | |||||||||||||||||
Consolidated CLOs | Consolidated Funds | Total | |||||||||||||||
Assets | |||||||||||||||||
Asset Management | |||||||||||||||||
Cash and Cash Equivalents | $ | 749,395 | $ | 263,024 | $ | 1,012,419 | |||||||||||
Restricted Cash and Cash Equivalents | — | 59,490 | 59,490 | ||||||||||||||
Investments | 17,706,976 | 32,699,562 | 50,406,538 | ||||||||||||||
Other Assets | 161,621 | 150,696 | 312,317 | ||||||||||||||
Total Assets | $ | 18,617,992 | $ | 33,172,772 | $ | 51,790,764 | |||||||||||
Liabilities | |||||||||||||||||
Asset Management | |||||||||||||||||
Debt Obligations | $ | 17,372,740 | $ | 4,253,645 | $ | 21,626,385 | |||||||||||
Accrued Expenses and Other Liabilities | 782,056 | 412,410 | 1,194,466 | ||||||||||||||
Total Liabilities | $ | 18,154,796 | $ | 4,666,055 | $ | 22,820,851 |
December 31, 2019 | |||||||||||
Consolidated CFEs | Consolidated KKR Funds and Other Entities | Total | |||||||||
Assets | |||||||||||
Cash and Cash Equivalents Held at Consolidated Entities | $ | 634,029 | $ | 112,122 | $ | 746,151 | |||||
Restricted Cash and Cash Equivalents | 0 | 34,849 | 34,849 | ||||||||
Investments | 14,948,237 | 20,851,587 | 35,799,824 | ||||||||
Due from Affiliates | 0 | 9,678 | 9,678 | ||||||||
Other Assets | 100,221 | 178,892 | 279,113 | ||||||||
Total Assets | $ | 15,682,487 | $ | 21,187,128 | $ | 36,869,615 | |||||
Liabilities | |||||||||||
Debt Obligations | $ | 14,658,137 | $ | 2,481,937 | $ | 17,140,074 | |||||
Accounts Payable, Accrued Expenses and Other Liabilities | 513,057 | 109,575 | 622,632 | ||||||||
Total Liabilities | $ | 15,171,194 | $ | 2,591,512 | $ | 17,762,706 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||
Fees and Other | $ | 718,968 | $ | 563,340 | $ | 1,887,805 | $ | 1,337,385 | |||||||||||||||||||||
Capital Allocation-Based Income (Loss) | 1,526,667 | 1,331,898 | 5,736,707 | 888,342 | |||||||||||||||||||||||||
2,245,635 | 1,895,238 | 7,624,512 | 2,225,727 | ||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||
Net Premiums | 974,903 | — | 1,698,912 | — | |||||||||||||||||||||||||
Policy Fees | 310,381 | — | 824,326 | — | |||||||||||||||||||||||||
Net Investment Income | 758,381 | — | 1,919,659 | — | |||||||||||||||||||||||||
Net Investment Gains (Losses) | 162,127 | — | 32,983 | — | |||||||||||||||||||||||||
Other Income | 31,938 | — | 82,160 | — | |||||||||||||||||||||||||
2,237,730 | — | 4,558,040 | — | ||||||||||||||||||||||||||
Total Revenues | 4,483,365 | 1,895,238 | 12,182,552 | 2,225,727 | |||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||
Compensation and Benefits | 1,012,837 | 882,339 | 3,419,057 | 1,211,526 | |||||||||||||||||||||||||
Occupancy and Related Charges | 17,438 | 17,321 | 51,289 | 51,222 | |||||||||||||||||||||||||
General, Administrative and Other | 203,977 | 194,039 | 608,270 | 491,327 | |||||||||||||||||||||||||
1,234,252 | 1,093,699 | 4,078,616 | 1,754,075 | ||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||
Policy Benefits and Claims | 1,697,046 | — | 3,593,563 | — | |||||||||||||||||||||||||
Amortization of Policy Acquisition Costs | (16,900) | — | (57,409) | — | |||||||||||||||||||||||||
Interest Expense | 22,437 | — | 44,482 | — | |||||||||||||||||||||||||
Insurance Expenses | 89,534 | — | 242,591 | — | |||||||||||||||||||||||||
General, Administrative and Other | 158,873 | — | 371,656 | — | |||||||||||||||||||||||||
1,950,990 | — | — | 4,194,883 | — | — | ||||||||||||||||||||||||
Total Expenses | 3,185,242 | 1,093,699 | — | 8,273,499 | — | 1,754,075 | |||||||||||||||||||||||
Investment Income (Loss) - Asset Management | |||||||||||||||||||||||||||||
Net Gains (Losses) from Investment Activities | 2,116,647 | 2,284,602 | 8,032,900 | (179,033) | |||||||||||||||||||||||||
Dividend Income | 121,484 | 116,379 | 323,051 | 295,047 | |||||||||||||||||||||||||
Interest Income | 402,839 | 354,865 | 1,151,548 | 1,040,052 | |||||||||||||||||||||||||
Interest Expense | (278,166) | (223,709) | (794,978) | (725,245) | |||||||||||||||||||||||||
Total Investment Income (Loss) | 2,362,804 | 2,532,137 | 8,712,521 | 430,821 | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenues | |||||||||||||||
Fees and Other | $ | 563,340 | $ | 416,217 | $ | 1,337,385 | $ | 1,308,206 | |||||||
Capital Allocation-Based Income (Loss) | 1,331,898 | 374,268 | 888,342 | 1,849,623 | |||||||||||
Total Revenues | 1,895,238 | 790,485 | 2,225,727 | 3,157,829 | |||||||||||
Expenses | |||||||||||||||
Compensation and Benefits | 882,339 | 427,527 | 1,211,526 | 1,581,056 | |||||||||||
Occupancy and Related Charges | 17,321 | 14,894 | 51,222 | 46,777 | |||||||||||
General, Administrative and Other | 194,039 | 177,112 | 491,327 | 529,278 | |||||||||||
Total Expenses | 1,093,699 | 619,533 | 1,754,075 | 2,157,111 | |||||||||||
Investment Income (Loss) | |||||||||||||||
Net Gains (Losses) from Investment Activities | 2,284,602 | (4,590 | ) | (179,033 | ) | 2,237,273 | |||||||||
Dividend Income | 116,379 | 147,989 | 295,047 | 187,744 | |||||||||||
Interest Income | 354,865 | 344,140 | 1,040,052 | 1,068,378 | |||||||||||
Interest Expense | (223,709 | ) | (268,747 | ) | (725,245 | ) | (782,601 | ) | |||||||
Total Investment Income (Loss) | 2,532,137 | 218,792 | 430,821 | 2,710,794 | |||||||||||
Income (Loss) Before Taxes | 3,333,676 | 389,744 | 902,473 | 3,711,512 | |||||||||||
Income Tax Expense (Benefit) | 359,375 | 53,132 | 204,960 | 386,124 | |||||||||||
Net Income (Loss) | 2,974,301 | 336,612 | 697,513 | 3,325,388 | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 1,909,458 | 87,058 | 206,225 | 1,843,781 | |||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 1,064,843 | 249,554 | 491,288 | 1,481,607 | |||||||||||
Series A Preferred Stock Dividends | 5,822 | 5,822 | 17,466 | 17,466 | |||||||||||
Series B Preferred Stock Dividends | 2,519 | 2,519 | 7,557 | 7,557 | |||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 1,056,502 | $ | 241,213 | $ | 466,265 | $ | 1,456,584 | |||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock | |||||||||||||||
Basic | $ | 1.86 | $ | 0.44 | $ | 0.82 | $ | 2.69 | |||||||
Diluted | $ | 1.79 | $ | 0.43 | $ | 0.80 | $ | 2.63 | |||||||
Weighted Average Shares of Common Stock Outstanding | |||||||||||||||
Basic | 562,425,576 | 546,336,936 | 560,124,947 | 541,631,675 | |||||||||||
Diluted | 589,116,387 | 559,532,065 | 569,910,981 | 554,786,356 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Income (Loss) Before Taxes | 3,660,927 | 3,333,676 | 12,621,574 | 902,473 | |||||||||||||||||||||||||
Income Tax Expense (Benefit) | 379,282 | 359,375 | 1,161,688 | 204,960 | |||||||||||||||||||||||||
Net Income (Loss) | 3,281,645 | 2,974,301 | 11,459,886 | 697,513 | |||||||||||||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | 1,519 | — | 2,856 | — | |||||||||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 2,123,569 | 1,909,458 | 7,315,362 | 206,225 | |||||||||||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 1,156,557 | 1,064,843 | 4,141,668 | 491,288 | |||||||||||||||||||||||||
Series A Preferred Stock Dividends | — | 5,822 | 23,656 | 17,466 | |||||||||||||||||||||||||
Series B Preferred Stock Dividends | 7,953 | 2,519 | 12,991 | 7,557 | |||||||||||||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends | 17,250 | — | 51,750 | — | |||||||||||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 1,131,354 | $ | 1,056,502 | $ | 4,053,271 | $ | 466,265 | |||||||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock | |||||||||||||||||||||||||||||
Basic | $ | 1.94 | $ | 1.86 | $ | 6.98 | $ | 0.82 | |||||||||||||||||||||
Diluted | $ | 1.80 | $ | 1.79 | $ | 6.52 | $ | 0.80 | |||||||||||||||||||||
Weighted Average Shares of Common Stock Outstanding | |||||||||||||||||||||||||||||
Basic | 583,030,506 | 562,425,576 | 580,742,033 | 560,124,947 | |||||||||||||||||||||||||
Diluted | 637,416,100 | 589,116,387 | 629,620,055 | 569,910,981 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 2,974,301 | $ | 336,612 | $ | 697,513 | $ | 3,325,388 | Net Income (Loss) | $ | 3,281,645 | $ | 2,974,301 | $ | 11,459,886 | $ | 697,513 | ||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax: | Other Comprehensive Income (Loss), Net of Tax: | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on Available-For-Sale Securities and Other | Unrealized Gains (Losses) on Available-For-Sale Securities and Other | (141,762) | — | (338,067) | — | ||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Translation Adjustments | 21,923 | (21,047 | ) | (2,954 | ) | (20,720 | ) | Foreign Currency Translation Adjustments | (12,873) | 21,923 | (24,365) | (2,954) | |||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | 2,996,224 | 315,565 | 694,559 | 3,304,668 | Comprehensive Income (Loss) | 3,127,010 | 2,996,224 | 11,097,454 | 694,559 | ||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests | Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests | 1,519 | — | 2,856 | — | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 1,918,700 | 76,700 | 201,421 | 1,834,170 | Comprehensive Income (Loss) Attributable to Noncontrolling Interests | 2,037,025 | 1,918,700 | 7,105,634 | 201,421 | ||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Attributable to KKR & Co. Inc. | $ | 1,077,524 | $ | 238,865 | $ | 493,138 | $ | 1,470,498 | Comprehensive Income (Loss) Attributable to KKR & Co. Inc. | $ | 1,088,466 | $ | 1,077,524 | $ | 3,988,964 | $ | 493,138 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
Amounts | Shares | Amounts | Shares | ||||||||||||||||||||
Series A and B Preferred Stock | |||||||||||||||||||||||
Beginning of Period | $ | 149,566 | 6,200,000 | $ | 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) | (149,566) | (6,200,000) | |||||||||||||||||||
End of Period | — | — | — | — | |||||||||||||||||||
Series C Mandatory Convertible Preferred Stock | |||||||||||||||||||||||
Beginning of Period | 1,115,792 | 23,000,000 | 1,115,792 | 23,000,000 | |||||||||||||||||||
End of Period | 1,115,792 | 23,000,000 | 1,115,792 | 23,000,000 | |||||||||||||||||||
Series I Preferred Stock | |||||||||||||||||||||||
Beginning of Period | — | 1 | — | 1 | |||||||||||||||||||
End of Period | — | 1 | — | 1 | |||||||||||||||||||
Series II Preferred Stock | |||||||||||||||||||||||
Beginning of Period | 2,710 | 271,027,751 | 2,756 | 275,626,493 | |||||||||||||||||||
Cancellation of Series II Preferred Stock | — | — | (46) | (4,598,742) | |||||||||||||||||||
End of Period | 2,710 | 271,027,751 | 2,710 | 271,027,751 | |||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Beginning of Period | 5,830 | 583,030,973 | 5,729 | 572,893,738 | |||||||||||||||||||
Private Placement Share Issuance | — | — | 9 | 964,871 | |||||||||||||||||||
Exchange of KKR Holdings Units | — | — | 46 | 4,598,742 | |||||||||||||||||||
Net Delivery of Common Stock | — | — | 73 | 7,249,400 | |||||||||||||||||||
Clawback of Transfer Restricted Shares | — | (4,294) | — | (12,077) | |||||||||||||||||||
Repurchases of Common Stock | — | — | (27) | (2,667,995) | |||||||||||||||||||
End of Period | 5,830 | 583,026,679 | 5,830 | 583,026,679 | |||||||||||||||||||
Additional Paid-In Capital | |||||||||||||||||||||||
Beginning of Period | 8,700,224 | 8,687,817 | |||||||||||||||||||||
Private Placement Share Issuance | — | 38,454 | |||||||||||||||||||||
Exchange of KKR Holdings Units | — | 125,188 | |||||||||||||||||||||
Tax Effects - Exchange of KKR Holdings Units and Other | (6,038) | (1,623) | |||||||||||||||||||||
Net Delivery of Common Stock | — | (106,987) | |||||||||||||||||||||
Repurchases of Common Stock | — | (135,903) | |||||||||||||||||||||
Equity-Based Compensation | 41,491 | 128,731 | |||||||||||||||||||||
End of Period | 8,735,677 | 8,735,677 | |||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Beginning of Period | 6,200,585 | 3,440,782 | |||||||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 1,156,557 | 4,141,668 | |||||||||||||||||||||
Series A Preferred Stock Dividends ($0.00 and $0.843750 per share for the three and nine months ended September 30, 2021, respectively) | — | (11,644) | |||||||||||||||||||||
Redemption of Series A Preferred Stock | — | (12,012) | |||||||||||||||||||||
Series B Preferred Stock Dividends ($0.406250 and $1.218750 per share for the three and nine months ended September 30, 2021, respectively) | (2,519) | (7,557) | |||||||||||||||||||||
Redemption of Series B Preferred Stock | (5,434) | (5,434) | |||||||||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends ($0.75 and $2.25 per share for the three and nine months ended September 30, 2021, respectively) | (17,250) | (51,750) | |||||||||||||||||||||
Common Stock Dividends ($0.145 and $0.425 per share for the three and nine months ended September 30, 2021, respectively) | (84,539) | (246,653) | |||||||||||||||||||||
End of Period | 7,247,400 | 7,247,400 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) (net of tax) | |||||||||||||||||||||||
Beginning of Period | (106,348) | (18,612) | |||||||||||||||||||||
Other Comprehensive Income (Loss) | (68,091) | (152,704) | |||||||||||||||||||||
Exchange of KKR Holdings Units | — | (3,123) | |||||||||||||||||||||
End of Period | (174,439) | (174,439) | |||||||||||||||||||||
Total KKR & Co. Inc. Stockholders' Equity | 16,932,970 | 16,932,970 | |||||||||||||||||||||
Noncontrolling Interests (See Note 21) | 40,031,244 | 40,031,244 |
Total Equity | $ | 56,964,214 | $ | 56,964,214 | |||||||||||||||||||
Redeemable Noncontrolling Interests (See Note 22) | $ | 93,339 | $ | 93,339 | |||||||||||||||||||
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||
Amounts | Shares | Amounts | Shares | ||||||||||||||||||||
Series A and B Preferred Stock | |||||||||||||||||||||||
Beginning of Period | $ | 482,554 | 20,000,000 | $ | 482,554 | 20,000,000 | |||||||||||||||||
End of Period | 482,554 | 20,000,000 | 482,554 | 20,000,000 | |||||||||||||||||||
Series C Mandatory Convertible Preferred Stock | |||||||||||||||||||||||
Beginning of Period | — | — | — | — | |||||||||||||||||||
Issuance of Series C Mandatory Convertible Preferred Stock (net of issuance costs) | 1,115,792 | 23,000,000 | 1,115,792 | 23,000,000 | |||||||||||||||||||
End of Period | 1,115,792 | 23,000,000 | 1,115,792 | 23,000,000 | |||||||||||||||||||
Series I Preferred Stock | |||||||||||||||||||||||
Beginning of Period | — | 1 | — | 1 | |||||||||||||||||||
End of Period | — | 1 | — | 1 | |||||||||||||||||||
Series II Preferred Stock | |||||||||||||||||||||||
Beginning of Period | 2,860 | 285,978,495 | 2,904 | 290,381,345 | |||||||||||||||||||
Cancellation of Series II Preferred Stock | (72) | (7,197,017) | (116) | (11,599,867) | |||||||||||||||||||
End of Period | 2,788 | 278,781,478 | 2,788 | 278,781,478 | |||||||||||||||||||
Common Stock | |||||||||||||||||||||||
Beginning of Period | 5,591 | 559,140,869 | 5,600 | 560,007,579 | |||||||||||||||||||
Exchange of KKR Holdings Units | 72 | 7,197,017 | 116 | 11,599,867 | |||||||||||||||||||
Net Delivery of Common Stock | — | — | 49 | 4,940,113 | |||||||||||||||||||
Clawback of Transfer Restricted Shares | — | (3,140) | — | (3,140) | |||||||||||||||||||
Repurchases of Common Stock | — | — | (102) | (10,209,673) | |||||||||||||||||||
End of Period | 5,663 | 566,334,746 | 5,663 | 566,334,746 | |||||||||||||||||||
Additional Paid-In Capital | |||||||||||||||||||||||
Beginning of Period | 8,459,914 | 8,565,919 | |||||||||||||||||||||
Exchange of KKR Holdings Units | 141,587 | 222,840 | |||||||||||||||||||||
Tax Effects - Exchange of KKR Holdings Units and Other | (4,315) | (10,197) | |||||||||||||||||||||
Net Delivery of Common Stock | — | (40,639) | |||||||||||||||||||||
Repurchases of Common Stock | — | (246,058) | |||||||||||||||||||||
Equity-Based Compensation | 42,488 | 133,424 | |||||||||||||||||||||
Transfer of Interests Under Common Control | — | 14,385 | |||||||||||||||||||||
Transfer of Oil and Gas Interests (See Note 2) | (45,669) | (45,669) | |||||||||||||||||||||
End of Period | 8,594,005 | 8,594,005 | |||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||
Beginning of Period | 1,056,918 | 1,792,152 | |||||||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 1,064,843 | 491,288 | |||||||||||||||||||||
Series A Preferred Stock Dividends ($0.421875 and $1.265625 per share for the three and nine months ended September 30, 2020, respectively) | (5,822) | (17,466) | |||||||||||||||||||||
Series B Preferred Stock Dividends ($0.406250 and $1.218750 per share for the three and nine months ended September 30, 2020, respectively) | (2,519) | (7,557) | |||||||||||||||||||||
Common Stock Dividends ($0.135 and $0.395 per share for the three and nine months ended September 30, 2020, respectively) | (75,485) | (220,482) | |||||||||||||||||||||
End of Period | 2,037,935 | 2,037,935 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) (net of tax) | |||||||||||||||||||||||
Beginning of Period | (52,969) | (41,639) | |||||||||||||||||||||
Other Comprehensive Income (Loss) | 12,681 | 1,850 | |||||||||||||||||||||
Exchange of KKR Holdings Units | (793) | (1,292) | |||||||||||||||||||||
End of Period | (41,081) | (41,081) | |||||||||||||||||||||
Total KKR & Co. Inc. Stockholders' Equity | 12,197,656 | 12,197,656 | |||||||||||||||||||||
Noncontrolling Interests (See Note 21) | 21,845,974 | 21,845,974 | |||||||||||||||||||||
Total Equity | $ | 34,043,630 | $ | 34,043,630 | |||||||||||||||||||
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | ||||||||||||
Amounts | Shares | Amounts | Shares | ||||||||||
Series A and B Preferred Stock | |||||||||||||
Beginning of Period | $ | 482,554 | 20,000,000 | $ | 482,554 | 20,000,000 | |||||||
End of Period | 482,554 | 20,000,000 | 482,554 | 20,000,000 | |||||||||
Series I Preferred Stock | |||||||||||||
Beginning of Period | 0 | 1 | 0 | 1 | |||||||||
End of Period | 0 | 1 | 0 | 1 | |||||||||
Series II Preferred Stock | |||||||||||||
Beginning of Period | 2,970 | 296,961,596 | 2,991 | 299,081,239 | |||||||||
Cancellation of Series II Preferred Stock | (12 | ) | (1,215,449 | ) | (33 | ) | (3,335,092 | ) | |||||
End of Period | 2,958 | 295,746,147 | 2,958 | 295,746,147 | |||||||||
Common Stock | |||||||||||||
Beginning of Period | 5,456 | 545,623,520 | 5,349 | 534,857,237 | |||||||||
Exchange of KKR Holdings Units | 12 | 1,215,449 | 33 | 3,335,092 | |||||||||
Net Delivery of Common Stock | 0 | 0 | 65 | 6,516,929 | |||||||||
Repurchases of Common Stock | 0 | 0 | (14 | ) | (1,370,289 | ) | |||||||
Common Stock Issued in Connection with the Purchase of an Investment | 0 | 0 | 35 | 3,500,000 | |||||||||
End of Period | 5,468 | 546,838,969 | 5,468 | 546,838,969 | |||||||||
Additional Paid-In Capital | |||||||||||||
Beginning of Period | 8,252,018 | 8,106,408 | |||||||||||
Exchange of KKR Holdings Units | 22,367 | 59,353 | |||||||||||
Tax Effects - Exchange of KKR Holdings Units and Other | 3,259 | 7,776 | |||||||||||
Net Delivery of Common Stock | 0 | (53,479 | ) | ||||||||||
Repurchases of Common Stock | 0 | (28,552 | ) | ||||||||||
Equity-Based Compensation | 54,395 | 157,891 | |||||||||||
Common Stock Issued in Connection with the Purchase of an Investment | 0 | 82,642 | |||||||||||
End of Period | 8,332,039 | 8,332,039 | |||||||||||
Retained Earnings | |||||||||||||
Beginning of Period | 1,172,754 | 91,953 | |||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 249,554 | 1,481,607 | |||||||||||
Series A Preferred Stock Dividends ($0.421875 and $1.265625 per share for the three and nine months ended September 30, 2019, respectively) | (5,822 | ) | (17,466 | ) | |||||||||
Series B Preferred Stock Dividends ($0.406250 and $1.218750 per share for the three and nine months ended September 30, 2019, respectively) | (2,519 | ) | (7,557 | ) | |||||||||
Common Stock Dividends ($0.125 and $0.375 per share for the three and nine months ended September 30, 2019, respectively) | (68,139 | ) | (202,709 | ) | |||||||||
End of Period | 1,345,828 | 1,345,828 | |||||||||||
Accumulated Other Comprehensive Income (Loss) (net of tax) | |||||||||||||
Beginning of Period | (40,274 | ) | (39,645 | ) | |||||||||
Foreign Currency Translation | (10,689 | ) | (11,109 | ) | |||||||||
Exchange of KKR Holdings Units | (130 | ) | (339 | ) | |||||||||
End of Period | (51,093 | ) | (51,093 | ) | |||||||||
Total KKR & Co. Inc. Stockholders' Equity | 10,117,754 | 10,117,754 | |||||||||||
Noncontrolling Interests (See Note 15) | 18,467,443 | 18,467,443 | |||||||||||
Total Equity | $ | 28,585,197 | $ | 28,585,197 |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||
Amounts | Shares | Amounts | Shares | ||||||||||
Series A and B Preferred Stock | |||||||||||||
Beginning of Period | $ | 482,554 | 20,000,000 | $ | 482,554 | 20,000,000 | |||||||
End of Period | 482,554 | 20,000,000 | 482,554 | 20,000,000 | |||||||||
Series C Mandatory Convertible Preferred Stock | |||||||||||||
Beginning of Period | 0 | 0 | 0 | 0 | |||||||||
Issuance of Series C Mandatory Convertible Preferred Stock (net of issuance costs) | 1,115,792 | 23,000,000 | 1,115,792 | 23,000,000 | |||||||||
End of Period | 1,115,792 | 23,000,000 | 1,115,792 | 23,000,000 | |||||||||
Series I Preferred Stock | |||||||||||||
Beginning of Period | 0 | 1 | 0 | 1 | |||||||||
End of Period | 0 | 1 | 0 | 1 | |||||||||
Series II Preferred Stock | |||||||||||||
Beginning of Period | 2,860 | 285,978,495 | 2,904 | 290,381,345 | |||||||||
Cancellation of Series II Preferred Stock | (72 | ) | (7,197,017 | ) | (116 | ) | (11,599,867 | ) | |||||
End of Period | 2,788 | 278,781,478 | 2,788 | 278,781,478 | |||||||||
Common Stock | |||||||||||||
Beginning of Period | 5,591 | 559,140,869 | 5,600 | 560,007,579 | |||||||||
Exchange of KKR Holdings Units | 72 | 7,197,017 | 116 | 11,599,867 | |||||||||
Net Delivery of Common Stock | 0 | 0 | 49 | 4,940,113 | |||||||||
Repurchases of Common Stock | 0 | 0 | (102 | ) | (10,209,673 | ) | |||||||
Clawback of Transfer Restricted Shares | 0 | (3,140 | ) | 0 | (3,140 | ) | |||||||
End of Period | 5,663 | 566,334,746 | 5,663 | 566,334,746 | |||||||||
Additional Paid-In Capital | |||||||||||||
Beginning of Period | 8,459,914 | 8,565,919 | |||||||||||
Exchange of KKR Holdings Units | 141,587 | 222,840 | |||||||||||
Tax Effects - Exchange of KKR Holdings Units and Other | (4,315 | ) | (10,197 | ) | |||||||||
Net Delivery of Common Stock | 0 | (40,639 | ) | ||||||||||
Repurchases of Common Stock | 0 | (246,058 | ) | ||||||||||
Equity-Based Compensation | 42,488 | 133,424 | |||||||||||
Transfer of Interests Under Common Control (See Note 1) | 0 | 14,385 | |||||||||||
Transfer of Oil and Gas Interests (See Note 2) | (45,669 | ) | (45,669 | ) | |||||||||
End of Period | 8,594,005 | 8,594,005 | |||||||||||
Retained Earnings | |||||||||||||
Beginning of Period | 1,056,918 | 1,792,152 | |||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 1,064,843 | 491,288 | |||||||||||
Series A Preferred Stock Dividends ($0.421875 and $1.265625 per share for the three and nine months ended September 30, 2020, respectively) | (5,822 | ) | (17,466 | ) | |||||||||
Series B Preferred Stock Dividends ($0.406250 and $1.218750 per share for the three and nine months ended September 30, 2020, respectively) | (2,519 | ) | (7,557 | ) | |||||||||
Common Stock Dividends ($0.135 and $0.395 per share for the three and nine months ended September 30, 2020, respectively) | (75,485 | ) | (220,482 | ) | |||||||||
End of Period | 2,037,935 | 2,037,935 | |||||||||||
Accumulated Other Comprehensive Income (Loss) (net of tax) | |||||||||||||
Beginning of Period | (52,969 | ) | (41,639 | ) | |||||||||
Foreign Currency Translation | 12,681 | 1,850 | |||||||||||
Exchange of KKR Holdings Units | (793 | ) | (1,292 | ) | |||||||||
End of Period | (41,081 | ) | (41,081 | ) | |||||||||
Total KKR & Co. Inc. Stockholders' Equity | 12,197,656 | 12,197,656 | |||||||||||
Noncontrolling Interests (See Note 15) | 21,845,974 | 21,845,974 | |||||||||||
Total Equity | $ | 34,043,630 | $ | 34,043,630 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | 11,459,886 | $ | 697,513 | |||||||||||||||||||||||||||||||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: | |||||||||||||||||||||||||||||||||||
Equity-Based and Other Non-Cash Compensation | 296,323 | 196,644 | |||||||||||||||||||||||||||||||||
Net Realized (Gains) Losses - Asset Management | (1,532,956) | (281,378) | |||||||||||||||||||||||||||||||||
Change in Unrealized (Gains) Losses - Asset Management | (6,499,944) | 460,411 | |||||||||||||||||||||||||||||||||
Capital Allocation-Based (Income) Loss - Asset Management | (5,736,707) | (888,342) | |||||||||||||||||||||||||||||||||
Net Realized (Gains) Losses - Insurance | 642,557 | — | |||||||||||||||||||||||||||||||||
Net Accretion and Amortization | 324,692 | (41,308) | |||||||||||||||||||||||||||||||||
Interest Credited to Policyholder Account Balances (net of Policy Fees) - Insurance | 938,415 | — | |||||||||||||||||||||||||||||||||
Other Non-Cash Amounts | 101,904 | 28,652 | |||||||||||||||||||||||||||||||||
Cash Flows Due to Changes in Operating Assets and Liabilities: | |||||||||||||||||||||||||||||||||||
Reinsurance Transactions and Acquisitions, Net of Cash Provided - Insurance | 1,041,130 | — | |||||||||||||||||||||||||||||||||
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable - Insurance | 435,715 | — | |||||||||||||||||||||||||||||||||
Change in Deferred Policy Acquisition Costs - Insurance | (307,031) | — | |||||||||||||||||||||||||||||||||
Change in Policy Liabilities and Accruals, Net - Insurance | (583,875) | — | |||||||||||||||||||||||||||||||||
Change in Consolidation | (24,183) | 8,624 | |||||||||||||||||||||||||||||||||
Change in Due from / to Affiliates | (243,120) | (115,895) | |||||||||||||||||||||||||||||||||
Change in Other Assets | 669,361 | (300,660) | |||||||||||||||||||||||||||||||||
Change in Accrued Expenses and Other Liabilities | 2,608,487 | 521,877 | |||||||||||||||||||||||||||||||||
Investments Purchased - Asset Management | (55,435,501) | (27,838,469) | |||||||||||||||||||||||||||||||||
Proceeds from Investments - Asset Management | 48,286,348 | 23,404,986 | |||||||||||||||||||||||||||||||||
Net Cash Provided (Used) by Operating Activities | (3,558,499) | (4,147,345) | |||||||||||||||||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||||||||||||
Acquisition of Global Atlantic, Net of Cash Acquired (See Note 3) | (473,779) | — | |||||||||||||||||||||||||||||||||
Purchases of Fixed Assets | (82,515) | (100,341) | |||||||||||||||||||||||||||||||||
Investments Purchased - Insurance | (38,215,238) | — | |||||||||||||||||||||||||||||||||
Proceeds from Investments - Insurance | 32,463,286 | — | |||||||||||||||||||||||||||||||||
Other Investing Activities, Net - Insurance | (708,992) | — | |||||||||||||||||||||||||||||||||
Development of Oil and Natural Gas Properties | — | (11,128) | |||||||||||||||||||||||||||||||||
Net Cash Provided (Used) by Investing Activities | (7,017,238) | (111,469) | |||||||||||||||||||||||||||||||||
Financing Activities | |||||||||||||||||||||||||||||||||||
Series A and B Preferred Stock Dividends | (19,201) | (25,023) | |||||||||||||||||||||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends | (51,750) | — | |||||||||||||||||||||||||||||||||
Common Stock Dividends | (246,653) | (220,482) | |||||||||||||||||||||||||||||||||
Distributions to Redeemable Noncontrolling Interests | (1,362) | — | |||||||||||||||||||||||||||||||||
Distributions to Noncontrolling Interests | (3,975,764) | (3,412,058) | |||||||||||||||||||||||||||||||||
Contributions from Noncontrolling Interests | 8,875,106 | 5,586,977 | |||||||||||||||||||||||||||||||||
Issuance of Series C Mandatory Convertible Preferred Stock (net of issuance costs) | — | 1,115,792 | |||||||||||||||||||||||||||||||||
Redemption of Series A and B Preferred Stock | (500,000) | — | |||||||||||||||||||||||||||||||||
Net Delivery of Common Stock (Equity Incentive Plans) | (106,914) | (40,590) | |||||||||||||||||||||||||||||||||
Repurchases of Common Stock | (135,930) | (246,160) | |||||||||||||||||||||||||||||||||
Private Placement Share Issuance | 38,463 | — | |||||||||||||||||||||||||||||||||
Proceeds from Debt Obligations | 20,615,117 | 11,708,358 | |||||||||||||||||||||||||||||||||
Repayment of Debt Obligations | (13,881,246) | (7,547,703) | |||||||||||||||||||||||||||||||||
Financing Costs Paid | (93,914) | (31,754) | |||||||||||||||||||||||||||||||||
Additions to Contractholder Deposit Funds | 11,331,510 | — | |||||||||||||||||||||||||||||||||
Withdrawals from Contractholder Deposit Funds | (6,264,316) | — |
Nine Months Ended September 30, | |||||||
2020 | 2019 | ||||||
Operating Activities | |||||||
Net Income (Loss) | $ | 697,513 | $ | 3,325,388 | |||
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities: | |||||||
Equity-Based and Other Non-Cash Compensation | 196,644 | 225,320 | |||||
Net Realized (Gains) Losses on Investments | (281,378 | ) | (407,120 | ) | |||
Change in Unrealized (Gains) Losses on Investments | 460,411 | (1,830,153 | ) | ||||
Capital Allocation-Based (Income) Loss | (888,342 | ) | (1,849,623 | ) | |||
Other Non-Cash Amounts | (12,656 | ) | (16,662 | ) | |||
Cash Flows Due to Changes in Operating Assets and Liabilities: | |||||||
Change in Consolidation and Other | 8,624 | (137,498 | ) | ||||
Change in Due from / to Affiliates | (115,895 | ) | (34,582 | ) | |||
Change in Other Assets | (300,660 | ) | 555,933 | ||||
Change in Accounts Payable, Accrued Expenses and Other Liabilities | 521,877 | 657,922 | |||||
Investments Purchased | (27,838,469 | ) | (25,617,969 | ) | |||
Proceeds from Investments | 23,404,986 | 21,616,258 | |||||
Net Cash Provided (Used) by Operating Activities | (4,147,345 | ) | (3,512,786 | ) | |||
Investing Activities | |||||||
Purchases of Fixed Assets | (100,341 | ) | (160,579 | ) | |||
Development of Oil and Natural Gas Properties | (11,128 | ) | (3,246 | ) | |||
Net Cash Provided (Used) by Investing Activities | (111,469 | ) | (163,825 | ) | |||
Financing Activities | |||||||
Series A and B Preferred Stock Dividends | (25,023 | ) | (25,023 | ) | |||
Common Stock Dividends | (220,482 | ) | (202,709 | ) | |||
Distributions to Noncontrolling Interests | (3,412,058 | ) | (2,350,628 | ) | |||
Contributions from Noncontrolling Interests | 5,586,977 | 3,364,097 | |||||
Issuance of Series C Mandatory Convertible Preferred Stock (net of issuance costs) | 1,115,792 | 0 | |||||
Net Delivery of Common Stock (Equity Incentive Plans) | (40,590 | ) | (53,414 | ) | |||
Repurchases of Common Stock | (246,160 | ) | (28,566 | ) | |||
Proceeds from Debt Obligations | 11,708,358 | 10,993,685 | |||||
Repayment of Debt Obligations | (7,547,703 | ) | (6,976,084 | ) | |||
Financing Costs Paid | (31,754 | ) | (41,308 | ) | |||
Net Cash Provided (Used) by Financing Activities | 6,887,357 | 4,680,050 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 21,968 | (19,381 | ) | ||||
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | 2,650,511 | 984,058 | |||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 3,237,416 | 2,641,512 | |||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 5,887,927 | $ | 3,625,570 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Reinsurance Transactions, Net of Cash Provided | 524,724 | — | |||||||||||||||||||||||||||||||||
Other Financing Activity, Net | 18,244 | — | |||||||||||||||||||||||||||||||||
Net Cash Provided (Used) by Financing Activities | 16,126,114 | 6,887,357 | |||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (31,022) | 21,968 | |||||||||||||||||||||||||||||||||
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash | $ | 5,519,355 | $ | 2,650,511 | |||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 6,993,457 | 3,237,416 | |||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 12,512,812 | $ | 5,887,927 | |||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash are comprised of the following: | |||||||||||||||||||||||||||||||||||
Beginning of the Period | |||||||||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 6,507,874 | $ | 3,163,154 | |||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | 485,583 | 74,262 | |||||||||||||||||||||||||||||||||
Total Asset Management | 6,993,457 | 3,237,416 | |||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | — | $ | — | |||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | — | — | |||||||||||||||||||||||||||||||||
Total Insurance | — | — | |||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period | $ | 6,993,457 | $ | 3,237,416 | |||||||||||||||||||||||||||||||
End of the Period | |||||||||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 7,256,382 | $ | 5,744,081 | |||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | 140,618 | 143,846 | |||||||||||||||||||||||||||||||||
Total Asset Management | 7,397,000 | 5,887,927 | |||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 4,717,240 | $ | — | |||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | 398,572 | — | |||||||||||||||||||||||||||||||||
Total Insurance | 5,115,812 | — | |||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 12,512,812 | $ | 5,887,927 |
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Supplemental Disclosures of Cash Flow Information | Supplemental Disclosures of Cash Flow Information | ||||||||||||||||||||||||||||||||
Payments for Interest | $ | 775,848 | $ | 764,975 | Payments for Interest | $ | 876,412 | $ | 775,848 | ||||||||||||||||||||||||
Payments for Income Taxes | $ | 145,097 | $ | 114,577 | Payments for Income Taxes | $ | 463,983 | $ | 145,097 | ||||||||||||||||||||||||
Payments for Operating Lease Liabilities | $ | 40,467 | $ | 37,274 | Payments for Operating Lease Liabilities | $ | 35,124 | $ | 40,467 | ||||||||||||||||||||||||
Supplemental Disclosures of Non-Cash Investing and Financing Activities | Supplemental Disclosures of Non-Cash Investing and Financing Activities | ||||||||||||||||||||||||||||||||
Equity-Based and Other Non-Cash Contributions | $ | 197,020 | $ | 225,320 | Equity-Based and Other Non-Cash Contributions | $ | 235,381 | $ | 197,020 | ||||||||||||||||||||||||
Common Stock Issued in Connection with the Purchase of an Investment | $ | 0 | $ | 82,677 | |||||||||||||||||||||||||||||
Non-Cash Contribution from Noncontrolling Interests | $ | 209,703 | $ | 0 | Non-Cash Contribution from Noncontrolling Interests | $ | 845,943 | $ | 209,703 | ||||||||||||||||||||||||
Debt Obligations - Net Gains (Losses), Translation and Other | $ | (39,894 | ) | $ | (8,572 | ) | Debt Obligations - Net Gains (Losses), Translation and Other | $ | 272,410 | $ | (39,894) | ||||||||||||||||||||||
Transfer of Oil and Gas Interests (See Note 2) | $ | (69,027 | ) | $ | 0 | Transfer of Oil and Gas Interests (See Note 2) | $ | — | $ | (69,027) | |||||||||||||||||||||||
Tax Effects - Exchange of KKR Holdings L.P. Units and Other | $ | (10,197 | ) | $ | 7,776 | Tax Effects - Exchange of KKR Holdings L.P. Units and Other | $ | (1,623) | $ | (10,197) | |||||||||||||||||||||||
Right-of-Use Assets obtained in Exchange for new Operating Lease Liabilities | $ | 68,700 | $ | 9,672 | Right-of-Use Assets obtained in Exchange for new Operating Lease Liabilities | $ | 44,754 | $ | 68,700 | ||||||||||||||||||||||||
Investments Acquired through Reinsurance Agreements | Investments Acquired through Reinsurance Agreements | $ | 16,133,534 | $ | — | ||||||||||||||||||||||||||||
Policyholder Liabilities and Accruals Acquired through Reinsurance Agreements | Policyholder Liabilities and Accruals Acquired through Reinsurance Agreements | $ | 3,455,904 | $ | — | ||||||||||||||||||||||||||||
Contractholder Deposit Funds Acquired through Reinsurance Agreements | Contractholder Deposit Funds Acquired through Reinsurance Agreements | $ | 14,809,751 | $ | — | ||||||||||||||||||||||||||||
Change in Consolidation and Other | |||||||||||||||||||||||||||||||||
Change in Consolidation | Change in Consolidation | ||||||||||||||||||||||||||||||||
Investments | $ | 3,480 | $ | (2,061,328 | ) | Investments | $ | (64,957) | $ | 3,480 | |||||||||||||||||||||||
Due From Affiliates | $ | 0 | $ | 1,642 | Due From Affiliates | $ | (3,735) | $ | — | ||||||||||||||||||||||||
Other Assets | $ | 46,892 | $ | (19,703 | ) | Other Assets | $ | (46,352) | $ | 46,892 | |||||||||||||||||||||||
Debt Obligations | $ | 259,822 | $ | (1,046,515 | ) | Debt Obligations | $ | (26,165) | $ | 259,822 | |||||||||||||||||||||||
Accounts Payable, Accrued Expenses and Other Liabilities | $ | 32,494 | $ | (47,731 | ) | ||||||||||||||||||||||||||||
Due to Affiliates | Due to Affiliates | $ | (238) | $ | — | ||||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities | $ | (11,626) | $ | 32,494 | ||||||||||||||||||||||||||||
Noncontrolling Interests | $ | (239,258 | ) | $ | 0 | Noncontrolling Interests | $ | (78,840) | $ | (239,258) | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | $ | 0 | $ | (1,122,641 | ) | ||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||
Reconciliation to the Condensed Consolidated Statements of Financial Condition | |||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | $ | 4,363,105 | $ | 2,346,713 | |||||||||||||||||||||||||||||
Cash and Cash Equivalents Held at Consolidated Entities | 1,380,976 | 816,441 | |||||||||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | 143,846 | 74,262 | |||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 5,887,927 | $ | 3,237,416 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Management Fees | $ | 254,467 | $ | 216,733 | $ | 696,892 | $ | 611,238 | |||||||
Fee Credits | (89,487 | ) | (57,470 | ) | (185,746 | ) | (252,809 | ) | |||||||
Transaction Fees | 300,805 | 165,212 | 561,259 | 658,304 | |||||||||||
Monitoring Fees | 28,824 | 27,546 | 86,875 | 79,621 | |||||||||||
Incentive Fees | 63 | 0 | 731 | 0 | |||||||||||
Expense Reimbursements | 44,553 | 34,356 | 100,779 | 121,157 | |||||||||||
Oil and Gas Revenue | 6,687 | 11,264 | 21,054 | 36,714 | |||||||||||
Consulting Fees | 17,428 | 18,576 | 55,541 | 53,981 | |||||||||||
Total Fees and Other | 563,340 | 416,217 | 1,337,385 | 1,308,206 | |||||||||||
Carried Interest | 1,077,932 | 335,219 | 626,338 | 1,581,045 | |||||||||||
General Partner Capital Interest | 253,966 | 39,049 | 262,004 | 268,578 | |||||||||||
Total Capital Allocation-Based Income (Loss) | 1,331,898 | 374,268 | 888,342 | 1,849,623 | |||||||||||
Total Revenues | $ | 1,895,238 | $ | 790,485 | $ | 2,225,727 | $ | 3,157,829 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Management Fees | $ | 349,249 | $ | 254,467 | $ | 931,624 | $ | 696,892 | |||||||||||||||||||||||||||
Fee Credits | (164,720) | (89,487) | (322,402) | (185,746) | |||||||||||||||||||||||||||||||
Transaction Fees | 437,619 | 300,805 | 978,399 | 561,259 | |||||||||||||||||||||||||||||||
Monitoring Fees | 29,823 | 28,824 | 98,164 | 86,875 | |||||||||||||||||||||||||||||||
Incentive Fees | 6,962 | 63 | 13,092 | 731 | |||||||||||||||||||||||||||||||
Expense Reimbursements | 34,857 | 44,553 | 122,642 | 100,779 | |||||||||||||||||||||||||||||||
Oil and Gas Revenue | — | 6,687 | — | 21,054 | |||||||||||||||||||||||||||||||
Consulting Fees | 25,178 | 17,428 | 66,286 | 55,541 | |||||||||||||||||||||||||||||||
Total Fees and Other | 718,968 | 563,340 | 1,887,805 | 1,337,385 | |||||||||||||||||||||||||||||||
Carried Interest | 1,216,433 | 1,077,932 | 4,553,527 | 626,338 | |||||||||||||||||||||||||||||||
General Partner Capital Interest | 310,234 | 253,966 | 1,183,180 | 262,004 | |||||||||||||||||||||||||||||||
Total Capital Allocation-Based Income (Loss) | 1,526,667 | 1,331,898 | 5,736,707 | 888,342 | |||||||||||||||||||||||||||||||
Total Revenues - Asset Management | $ | 2,245,635 | $ | 1,895,238 | $ | 7,624,512 | $ | 2,225,727 |
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 | 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 | ||||||||||||||||
Oil and Gas Revenues | Oil and gas wholesalers | Delivery of oil liquids and gas | Point in time when delivery has occurred and title has transferred | Fixed consideration | Typically shortly after delivery | No | Other Assets | ||||||||||||||||
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 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Management Fees | $ | 349,249 | $ | 254,467 | $ | 931,624 | $ | 696,892 | |||||||||||||||||||||||||||
Fee Credits | (164,720) | (89,487) | (322,402) | (185,746) | |||||||||||||||||||||||||||||||
Transaction Fees | 437,619 | 300,805 | 978,399 | 561,259 | |||||||||||||||||||||||||||||||
Monitoring Fees | 29,823 | 28,824 | 98,164 | 86,875 | |||||||||||||||||||||||||||||||
Incentive Fees | 6,962 | 63 | 13,092 | 731 | |||||||||||||||||||||||||||||||
Expense Reimbursements | 34,857 | 44,553 | 122,642 | 100,779 | |||||||||||||||||||||||||||||||
Oil and Gas Revenue | — | 6,687 | — | 21,054 | |||||||||||||||||||||||||||||||
Consulting Fees | 25,178 | 17,428 | 66,286 | 55,541 | |||||||||||||||||||||||||||||||
Total Fees and Other | 718,968 | 563,340 | 1,887,805 | 1,337,385 | |||||||||||||||||||||||||||||||
Carried Interest | 1,216,433 | 1,077,932 | 4,553,527 | 626,338 | |||||||||||||||||||||||||||||||
General Partner Capital Interest | 310,234 | 253,966 | 1,183,180 | 262,004 | |||||||||||||||||||||||||||||||
Total Capital Allocation-Based Income (Loss) | 1,526,667 | 1,331,898 | 5,736,707 | 888,342 | |||||||||||||||||||||||||||||||
Total Revenues - Asset Management | $ | 2,245,635 | $ | 1,895,238 | $ | 7,624,512 | $ | 2,225,727 |
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 | ||||||||||||||||
Oil and Gas Revenues | Oil and gas wholesalers | Delivery of oil liquids and gas | Point in time when delivery has occurred and title has transferred | Fixed consideration | Typically shortly after delivery | No | Other Assets | ||||||||||||||||
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 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Management Fees | $ | 349,249 | $ | 254,467 | $ | 931,624 | $ | 696,892 | |||||||||||||||||||||||||||
Fee Credits | (164,720) | (89,487) | (322,402) | (185,746) | |||||||||||||||||||||||||||||||
Transaction Fees | 437,619 | 300,805 | 978,399 | 561,259 | |||||||||||||||||||||||||||||||
Monitoring Fees | 29,823 | 28,824 | 98,164 | 86,875 | |||||||||||||||||||||||||||||||
Incentive Fees | 6,962 | 63 | 13,092 | 731 | |||||||||||||||||||||||||||||||
Expense Reimbursements | 34,857 | 44,553 | 122,642 | 100,779 | |||||||||||||||||||||||||||||||
Oil and Gas Revenue | — | 6,687 | — | 21,054 | |||||||||||||||||||||||||||||||
Consulting Fees | 25,178 | 17,428 | 66,286 | 55,541 | |||||||||||||||||||||||||||||||
Total Fees and Other | 718,968 | 563,340 | 1,887,805 | 1,337,385 | |||||||||||||||||||||||||||||||
Carried Interest | 1,216,433 | 1,077,932 | 4,553,527 | 626,338 | |||||||||||||||||||||||||||||||
General Partner Capital Interest | 310,234 | 253,966 | 1,183,180 | 262,004 | |||||||||||||||||||||||||||||||
Total Capital Allocation-Based Income (Loss) | 1,526,667 | 1,331,898 | 5,736,707 | 888,342 | |||||||||||||||||||||||||||||||
Total Revenues - Asset Management | $ | 2,245,635 | $ | 1,895,238 | $ | 7,624,512 | $ | 2,225,727 |
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 | ||||||||||||||||
Oil and Gas Revenues | Oil and gas wholesalers | Delivery of oil liquids and gas | Point in time when delivery has occurred and title has transferred | Fixed consideration | Typically shortly after delivery | No | Other Assets | ||||||||||||||||
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 |
Cash consideration paid by KKR | $ | 2,914,455 | |||
GA Co-Investors and GA Rollover Investors | 1,824,239 | ||||
Total Purchase Price | $ | 4,738,694 |
February 1, 2021 | |||||||||||
($ in thousands) | |||||||||||
Consideration Transferred | |||||||||||
Cash Consideration paid by KKR | $ | 2,914,455 | |||||||||
GA Co-Investors | 978,296 | ||||||||||
GA Rollover Investors | 845,943 | ||||||||||
Settlement of pre-existing relationships(1) | (60,200) | ||||||||||
Total Consideration Transferred(2) | $ | 4,678,494 | |||||||||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed: | |||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | 3,358,772 | |||||||||
Investments | 99,544,755 | ||||||||||
Reinsurance Recoverable | 15,753,030 | ||||||||||
Insurance Intangible Assets | 1,024,520 | ||||||||||
Other Assets(3) | 3,325,652 | ||||||||||
Separate Account Assets | 5,371,060 | ||||||||||
Policy Liabilities | (100,374,765) | ||||||||||
Debt Obligations | (1,450,920) | ||||||||||
Funds Withheld Payable at Interest | (13,800,969) | ||||||||||
Accrued Expenses and Other Liabilities | (2,735,811) | ||||||||||
Reinsurance Liabilities | (180,573) | ||||||||||
Separate Account Liabilities | (5,371,060) | ||||||||||
Total Identifiable Net Assets | 4,463,691 | ||||||||||
Redeemable non-controlling interests(4) | (91,845) | ||||||||||
Other Noncontrolling interests(4) | (190,405) | ||||||||||
Goodwill | $ | 497,053 |
Fair Value | Average Useful Life | |||||||||||||
($ in thousands) | (in years) | |||||||||||||
VOBA (included within Insurance Intangible Assets) | $ | 1,024,520 | 28.6 | |||||||||||
Negative VOBA (included within Policy Liabilities) | (1,273,414) | 22.2 | ||||||||||||
Total VOBA | $ | (248,894) | ||||||||||||
Value of Distribution Agreements Acquired | $ | 250,000 | 16 to 21 | |||||||||||
Trade Names | 50,000 | 15 to 18 | ||||||||||||
State Insurance Licenses | 10,000 | Indefinite | ||||||||||||
Total Identifiable Other Intangible Assets (included within Other Assets) | $ | 310,000 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Total Revenues | $ | 4,483,365 | $ | 3,275,305 | $ | 12,696,730 | $ | 5,606,280 | ||||||||||||||||||
Net Income Attributable to KKR & Co. Inc. Common Stockholders | $ | 1,131,354 | $ | 1,102,762 | $ | 4,147,132 | $ | 601,752 | ||||||||||||||||||
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | ||||||||||||||||||||||||||||||
Private Equity (1) | $ | 296,410 | $ | 647,448 | $ | 943,858 | $ | 660,216 | $ | 930,918 | $ | 1,591,134 | |||||||||||||||||||||||
Credit (1) | 74,945 | (117,354) | (42,409) | (70,391) | 385,850 | 315,459 | |||||||||||||||||||||||||||||
Investments of Consolidated CFEs (1) | 23,198 | (15,013) | 8,185 | (33,373) | 425,660 | 392,287 | |||||||||||||||||||||||||||||
Real Assets (1) | 61,807 | 575,891 | 637,698 | (22,040) | 273,639 | 251,599 | |||||||||||||||||||||||||||||
Equity Method - Other (1) | 311,420 | (137,281) | 174,139 | (20,899) | 456,563 | 435,664 | |||||||||||||||||||||||||||||
Other Investments (1) | (118,844) | 199,961 | 81,117 | (13,630) | 71,438 | 57,808 | |||||||||||||||||||||||||||||
Foreign Exchange Forward Contracts and Options (2) | (2,777) | 323,916 | 321,139 | 15,281 | (295,687) | (280,406) | |||||||||||||||||||||||||||||
Securities Sold Short (2) | (21,031) | 2,579 | (18,452) | 34,461 | (119,780) | (85,319) | |||||||||||||||||||||||||||||
Other Derivatives (2) | (17,687) | 6,577 | (11,110) | (10,291) | (46,522) | (56,813) | |||||||||||||||||||||||||||||
Debt Obligations and Other (3) | 2,190 | 20,292 | 22,482 | 9,233 | (346,044) | (336,811) | |||||||||||||||||||||||||||||
Net Gains (Losses) From Investment Activities | $ | 609,631 | $ | 1,507,016 | $ | 2,116,647 | $ | 548,567 | $ | 1,736,035 | $ | 2,284,602 | |||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | ||||||||||||||||||||||||||||||
Private Equity (1) | $ | 1,322,179 | $ | 3,479,827 | $ | 4,802,006 | $ | 721,009 | $ | 735,245 | $ | 1,456,254 | |||||||||||||||||||||||
Credit (1) | 130,191 | (11,864) | 118,327 | (118,851) | (422,537) | (541,388) | |||||||||||||||||||||||||||||
Investments of Consolidated CFEs (1) | 44,954 | 173,775 | 218,729 | (127,175) | (424,918) | (552,093) | |||||||||||||||||||||||||||||
Real Assets (1) | 148,581 | 1,243,725 | 1,392,306 | 36,027 | (257,589) | (221,562) | |||||||||||||||||||||||||||||
Equity Method - Other (1) | 410,491 | 305,085 | 715,576 | (166,178) | 410,371 | 244,193 | |||||||||||||||||||||||||||||
Other Investments (1) | (354,349) | 908,906 | 554,557 | (267,166) | (330,621) | (597,787) | |||||||||||||||||||||||||||||
Foreign Exchange Forward Contracts and Options (2) | (29,727) | 282,030 | 252,303 | 134,427 | (196,095) | (61,668) | |||||||||||||||||||||||||||||
Securities Sold Short (2) | 36,517 | 21,313 | 57,830 | 60,502 | (168,220) | (107,718) | |||||||||||||||||||||||||||||
Other Derivatives (2) | (125,376) | 83,805 | (41,571) | (9,481) | (91,044) | (100,525) | |||||||||||||||||||||||||||||
Debt Obligations and Other (3) | (50,505) | 13,342 | (37,163) | 18,264 | 284,997 | 303,261 | |||||||||||||||||||||||||||||
Net Gains (Losses) From Investment Activities | $ | 1,532,956 | $ | 6,499,944 | $ | 8,032,900 | $ | 281,378 | $ | (460,411) | $ | (179,033) | |||||||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | ||||||||||||||||||
Private Equity (1) | $ | 660,216 | $ | 930,918 | $ | 1,591,134 | $ | 84,903 | $ | (30,416 | ) | $ | 54,487 | ||||||||||
Credit (1) | (70,391 | ) | 385,850 | 315,459 | 27,297 | (203,735 | ) | (176,438 | ) | ||||||||||||||
Investments of Consolidated CFEs (1) | (33,373 | ) | 425,660 | 392,287 | (6,874 | ) | (94,137 | ) | (101,011 | ) | |||||||||||||
Real Assets (1) | (22,040 | ) | 273,639 | 251,599 | 25,760 | (123,618 | ) | (97,858 | ) | ||||||||||||||
Equity Method - Other (1) | (20,899 | ) | 456,563 | 435,664 | (2,905 | ) | 126,165 | 123,260 | |||||||||||||||
Other Investments (1) | (13,630 | ) | 71,438 | 57,808 | 84,086 | (158,591 | ) | (74,505 | ) | ||||||||||||||
Foreign Exchange Forward Contracts and Options (2) | 15,281 | (295,687 | ) | (280,406 | ) | 29,935 | 166,813 | 196,748 | |||||||||||||||
Securities Sold Short (2) | 34,461 | (119,780 | ) | (85,319 | ) | (10,465 | ) | 28,751 | 18,286 | ||||||||||||||
Other Derivatives (2) | (10,291 | ) | (46,522 | ) | (56,813 | ) | 0 | (12,572 | ) | (12,572 | ) | ||||||||||||
Debt Obligations and Other (3) | 9,233 | (346,044 | ) | (336,811 | ) | (28,575 | ) | 93,588 | 65,013 | ||||||||||||||
Net Gains (Losses) From Investment Activities | $ | 548,567 | $ | 1,736,035 | $ | 2,284,602 | $ | 203,162 | $ | (207,752 | ) | $ | (4,590 | ) | |||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | ||||||||||||||||||
Private Equity (1) | $ | 721,009 | $ | 735,245 | $ | 1,456,254 | $ | 177,969 | $ | 1,827,599 | $ | 2,005,568 | |||||||||||
Credit (1) | (118,851 | ) | (422,537 | ) | (541,388 | ) | (44,653 | ) | (165,143 | ) | (209,796 | ) | |||||||||||
Investments of Consolidated CFEs (1) | (127,175 | ) | (424,918 | ) | (552,093 | ) | (20,545 | ) | 203,141 | 182,596 | |||||||||||||
Real Assets (1) | 36,027 | (257,589 | ) | (221,562 | ) | 72,404 | (53,622 | ) | 18,782 | ||||||||||||||
Equity Method - Other (1) | (166,178 | ) | 410,371 | 244,193 | 64,445 | 368,510 | 432,955 | ||||||||||||||||
Other Investments (1) | (267,166 | ) | (330,621 | ) | (597,787 | ) | 75,567 | (221,603 | ) | (146,036 | ) | ||||||||||||
Foreign Exchange Forward Contracts and Options (2) | 134,427 | (196,095 | ) | (61,668 | ) | 74,996 | 219,825 | 294,821 | |||||||||||||||
Securities Sold Short (2) | 60,502 | (168,220 | ) | (107,718 | ) | 34,087 | (36,065 | ) | (1,978 | ) | |||||||||||||
Other Derivatives (2) | (9,481 | ) | (91,044 | ) | (100,525 | ) | 1,465 | (35,179 | ) | (33,714 | ) | ||||||||||||
Debt Obligations and Other (3) | 18,264 | 284,997 | 303,261 | (28,615 | ) | (277,310 | ) | (305,925 | ) | ||||||||||||||
Net Gains (Losses) From Investment Activities | $ | 281,378 | $ | (460,411 | ) | $ | (179,033 | ) | $ | 407,120 | $ | 1,830,153 | $ | 2,237,273 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||
Fixed maturity securities – interest and other income | $ | 632,314 | $ | 1,512,377 | ||||||||||
Mortgage and other loan receivables | 247,917 | 617,334 | ||||||||||||
Investments in transportation and other leased assets | 56,317 | 146,004 | ||||||||||||
Short-term and other investment income | 23,285 | 41,349 | ||||||||||||
Policy loans | 3,203 | 22,138 | ||||||||||||
Investments in real estate | 4,501 | 10,028 | ||||||||||||
Investments in renewable energy | 62,468 | 96,400 | ||||||||||||
Equity securities – dividends and other income | 764 | 23 | ||||||||||||
Income from (to) funds withheld at interest | (135,632) | (216,057) | ||||||||||||
Gross investment income | 895,137 | 2,229,596 | ||||||||||||
Less investment expenses: | ||||||||||||||
Investment management and administration | 88,789 | 190,458 | ||||||||||||
Transportation and renewable energy asset depreciation and maintenance | 47,331 | 117,749 | ||||||||||||
Interest expense on derivative collateral and repurchase agreements | 636 | 1,730 | ||||||||||||
Net investment income | $ | 758,381 | $ | 1,919,659 |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||
Equity securities and other investments | $ | 359,101 | $ | 431,728 | ||||||||||
Derivatives | 40,792 | 70,098 | ||||||||||||
Trading fixed maturity securities | (141,683) | (197,047) | ||||||||||||
Allowance for credit losses on mortgage and other loan receivables | (69,386) | (250,690) | ||||||||||||
AFS fixed maturity securities | (15,231) | (88,233) | ||||||||||||
Allowance for losses on AFS fixed maturity securities | (3,809) | 21,287 | ||||||||||||
Allowance for loan commitment losses provision | (3,677) | (15,372) | ||||||||||||
Mortgage and other loans receivables | (2,905) | 15,527 | ||||||||||||
Funds withheld receivable at interest | (1,075) | 45,685 | ||||||||||||
Net investment gains (losses) | $ | 162,127 | $ | 32,983 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||
Corporate | Structured | Total | Corporate | Structured | Total | |||||||||||||||||||||||||||||||||
Balance, as of beginning of period(1) | $ | — | $ | 91,646 | $ | 91,646 | $ | — | $ | 120,895 | $ | 120,895 | ||||||||||||||||||||||||||
Initial impairments for credit losses recognized on securities not previously impaired | — | 19,921 | 19,921 | — | 47,530 | 47,530 | ||||||||||||||||||||||||||||||||
Initial credit loss allowance recognized on PCD securities | — | 1,576 | 1,576 | — | 7,204 | 7,204 | ||||||||||||||||||||||||||||||||
Accretion of initial credit loss allowance on PCD securities | — | 1,879 | 1,879 | — | 2,200 | 2,200 | ||||||||||||||||||||||||||||||||
Reductions due to sales (or maturities, pay downs or prepayments) during the period of securities previously identified as credit impaired | — | (2,510) | (2,510) | — | (12,612) | (12,612) | ||||||||||||||||||||||||||||||||
Net additions / reductions for securities previously impaired | — | (16,112) | (16,112) | — | (68,817) | (68,817) | ||||||||||||||||||||||||||||||||
Balance, as of end of period | $ | — | $ | 96,400 | $ | 96,400 | $ | — | $ | 96,400 | $ | 96,400 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 (1) | $ | 58,255 | $ | 76,536 | $ | 163,135 | $ | 297,926 | $ | 58,203 | $ | 62,056 | $ | — | $ | 120,259 | ||||||||||||||||||||||||||||||||||
Net provision (release) | 17,750 | (2,793) | 54,429 | 69,386 | 17,802 | 10,888 | 222,000 | 250,690 | ||||||||||||||||||||||||||||||||||||||||||
Loans purchased with credit deterioration | — | — | — | — | — | 799 | 838 | 1,637 | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (3,162) | 5,274 | 2,112 | — | (3,162) | — | (3,162) | ||||||||||||||||||||||||||||||||||||||||||
Balance, as of end of period | $ | 76,005 | $ | 70,581 | $ | 222,838 | $ | 369,424 | $ | 76,005 | $ | 70,581 | $ | 222,838 | $ | 369,424 |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||
AFS fixed maturity securities: | ||||||||||||||
Proceeds from voluntary sales | $ | 7,440,645 | $ | 12,766,887 | ||||||||||
Gross gains | 16,816 | 38,061 | ||||||||||||
Gross losses | (30,086) | (103,190) |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||
Asset Management | Asset Management | |||||||||||||||||||||||||||||
Private Equity | $ | 15,749,633 | $ | 12,923,600 | Private Equity | $ | 25,568,516 | $ | 20,470,123 | |||||||||||||||||||||
Credit | 11,158,058 | 10,538,139 | Credit | 12,448,414 | 11,203,905 | |||||||||||||||||||||||||
Investments of Consolidated CFEs | 16,647,431 | 14,948,237 | Investments of Consolidated CFEs | 20,696,676 | 17,706,976 | |||||||||||||||||||||||||
Real Assets | 4,601,774 | 3,567,944 | Real Assets | 11,684,296 | 6,096,618 | |||||||||||||||||||||||||
Equity Method - Other | 5,281,515 | 4,846,949 | Equity Method - Other | 4,573,679 | 4,471,441 | |||||||||||||||||||||||||
Equity Method - Capital Allocation-Based Income | 5,142,463 | 5,329,368 | Equity Method - Capital Allocation-Based Income | 11,091,844 | 6,460,430 | |||||||||||||||||||||||||
Other Investments | 2,409,288 | 2,782,031 | Other Investments | 3,845,145 | 2,865,222 | |||||||||||||||||||||||||
Investments - Asset Management | Investments - Asset Management | $ | 89,908,570 | $ | 69,274,715 | |||||||||||||||||||||||||
Insurance | Insurance | |||||||||||||||||||||||||||||
Fixed maturity securities, available-for-sale, at fair value(1) | Fixed maturity securities, available-for-sale, at fair value(1) | $ | 67,689,846 | $ | — | |||||||||||||||||||||||||
Mortgage and other loan receivables | Mortgage and other loan receivables | 25,367,116 | — | |||||||||||||||||||||||||||
Fixed maturity securities, trading, at fair value(2) | Fixed maturity securities, trading, at fair value(2) | 16,660,328 | — | |||||||||||||||||||||||||||
Other investments | Other investments | 7,627,490 | — | |||||||||||||||||||||||||||
Funds withheld receivable at interest | Funds withheld receivable at interest | 3,066,481 | — | |||||||||||||||||||||||||||
Policy loans | Policy loans | 765,931 | — | |||||||||||||||||||||||||||
Equity securities at fair value | Equity securities at fair value | 37,378 | — | |||||||||||||||||||||||||||
Investments - Insurance | Investments - Insurance | $ | 121,214,570 | $ | — | |||||||||||||||||||||||||
Total Investments | $ | 60,990,162 | $ | 54,936,268 | Total Investments | $ | 211,123,140 | $ | 69,274,715 |
Cost or amortized cost | Allowance for Credit Losses (2) | Gross unrealized | Fair value | |||||||||||||||||||||||||||||
As of September 30, 2021 | gains | losses | ||||||||||||||||||||||||||||||
AFS fixed maturity securities portfolio by type: | ||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 1,030,859 | $ | — | $ | 14 | $ | (11,860) | $ | 1,019,013 | ||||||||||||||||||||||
U.S. state, municipal and political subdivisions | 5,136,682 | — | 29,493 | (61,090) | 5,105,085 | |||||||||||||||||||||||||||
Corporate | 41,280,338 | — | 205,390 | (689,688) | 40,796,040 | |||||||||||||||||||||||||||
RMBS | 8,074,429 | (71,565) | 146,277 | (70,457) | 8,078,684 | |||||||||||||||||||||||||||
CMBS | 3,981,119 | — | 28,830 | (16,578) | 3,993,371 | |||||||||||||||||||||||||||
CBOs | 3,171,138 | (17,187) | 9,711 | (17,132) | 3,146,530 | |||||||||||||||||||||||||||
CLOs | 3,024,860 | (665) | 8,845 | (2,468) | 3,030,572 | |||||||||||||||||||||||||||
All other structured securities(1) | 2,523,746 | (6,983) | 21,473 | (17,685) | 2,520,551 | |||||||||||||||||||||||||||
Total AFS fixed maturity securities | $ | 68,223,171 | $ | (96,400) | $ | 450,033 | $ | (886,958) | $ | 67,689,846 |
As of September 30, 2021 | Cost or amortized cost (net of allowance) | Fair value | ||||||||||||
Due in one year or less | $ | 829,405 | $ | 824,765 | ||||||||||
Due after one year through five years | 9,801,829 | 9,766,497 | ||||||||||||
Due after five years through ten years | 11,800,470 | 11,704,970 | ||||||||||||
Due after ten years | 25,016,175 | 24,623,906 | ||||||||||||
Subtotal | 47,447,879 | 46,920,138 | ||||||||||||
RMBS | 8,002,864 | 8,078,684 | ||||||||||||
CMBS | 3,981,119 | 3,993,371 | ||||||||||||
CBOs | 3,153,951 | 3,146,530 | ||||||||||||
CLOs | 3,024,195 | 3,030,572 | ||||||||||||
All other structured securities | 2,516,763 | 2,520,551 | ||||||||||||
Total AFS fixed maturity securities | $ | 68,126,771 | $ | 67,689,846 |
September 30, 2021 | ||||||||
Purchase price of PCD securities acquired during the current period | $ | 1,726,900 | ||||||
Allowance for credit losses at acquisition | 128,099 | |||||||
Discount (premium) attributable to other factors | 308,053 | |||||||
Par value | $ | 2,163,052 |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||||
As of September 30, 2021 | Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | ||||||||||||||||||||||||||||||||
AFS fixed maturity securities portfolio by type: | ||||||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 982,449 | $ | (11,860) | $ | — | $ | — | $ | 982,449 | $ | (11,860) | ||||||||||||||||||||||||||
U.S. state, municipal and political subdivisions | 3,212,070 | (61,090) | — | — | 3,212,070 | (61,090) | ||||||||||||||||||||||||||||||||
Corporate | 31,334,306 | (689,688) | — | — | 31,334,306 | (689,688) | ||||||||||||||||||||||||||||||||
RMBS | 2,612,695 | (70,457) | — | — | 2,612,695 | (70,457) | ||||||||||||||||||||||||||||||||
CBOs | 1,421,081 | (17,132) | — | — | 1,421,081 | (17,132) | ||||||||||||||||||||||||||||||||
CMBS | 1,912,047 | (16,578) | — | — | 1,912,047 | (16,578) | ||||||||||||||||||||||||||||||||
CLOs | 680,755 | (2,468) | — | — | 680,755 | (2,468) | ||||||||||||||||||||||||||||||||
All other structured securities | 1,281,447 | (17,685) | — | — | 1,281,447 | (17,685) | ||||||||||||||||||||||||||||||||
Total AFS fixed maturity securities in a continuous loss position | $ | 43,436,850 | $ | (886,958) | $ | — | $ | — | $ | 43,436,850 | $ | (886,958) |
As of | ||||||||
September 30, 2021 | ||||||||
Commercial mortgage loans(1) | $ | 11,901,653 | ||||||
Residential mortgage loans(1) | 7,360,869 | |||||||
Consumer loans | 5,284,524 | |||||||
Other loan receivables(1)(2)(3) | 1,189,494 | |||||||
Total mortgage and other loan receivables | 25,736,540 | |||||||
Allowance for credit losses | (369,424) | |||||||
Total mortgage and other loan receivables, net of allowance for loan losses | $ | 25,367,116 |
Years | Residential | Commercial | Total mortgage loans | |||||||||||||||||
Remainder of 2021 | $ | 94,988 | $ | 368,629 | $ | 463,617 | ||||||||||||||
2022 | 528,800 | 1,052,447 | 1,581,247 | |||||||||||||||||
2023 | 233,336 | 1,192,664 | 1,426,000 | |||||||||||||||||
2024 | 500,069 | 1,601,678 | 2,101,747 | |||||||||||||||||
2025 | 17,776 | 968,337 | 986,113 | |||||||||||||||||
2026 | 373,710 | 2,249,266 | 2,622,976 | |||||||||||||||||
2027 and thereafter | 5,612,190 | 4,468,632 | 10,080,822 | |||||||||||||||||
Total | $ | 7,360,869 | $ | 11,901,653 | $ | 19,262,522 |
Mortgage loans - carrying value by geographic region | September 30, 2021 | |||||||
Pacific | $ | 5,624,981 | ||||||
West South Central | 2,506,058 | |||||||
South Atlantic | 4,302,812 | |||||||
Middle Atlantic | 2,630,050 | |||||||
East North Central | 526,895 | |||||||
Mountain | 1,585,458 | |||||||
New England | 795,352 | |||||||
East South Central | 920,981 | |||||||
West North Central | 336,134 | |||||||
Other regions | 33,801 | |||||||
Total by geographic region | $ | 19,262,522 |
Mortgage loans - carrying value by property type | September 30, 2021 | |||||||
Residential | $ | 7,360,869 | ||||||
Office building | 3,778,950 | |||||||
Apartment | 4,922,659 | |||||||
Industrial | 1,825,749 | |||||||
Retail | 837,294 | |||||||
Other property types | 336,116 | |||||||
Warehouse | 200,885 | |||||||
Total by property type | $ | 19,262,522 |
September 30, 2021 | ||||||||
Purchase price of PCD loans acquired during the current period | $ | 4,231,426 | ||||||
Allowance for credit losses at acquisition | 121,895 | |||||||
Discount (premium) attributable to other factors | (136,174) | |||||||
Par value | $ | 4,217,147 |
September 30, | ||||||||||||||||||||||||||||||||||||||||||||
Performance status | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | |||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 4,386,351 | $ | 1,124,617 | $ | 1,938,622 | $ | 1,535,710 | $ | 914,729 | $ | 2,001,624 | $ | 11,901,653 | ||||||||||||||||||||||||||||||
30 to 59 days past due | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
60 to 89 days past due | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Over 90 days past due | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Total commercial mortgage loans | $ | 4,386,351 | $ | 1,124,617 | $ | 1,938,622 | $ | 1,535,710 | $ | 914,729 | $ | 2,001,624 | $ | 11,901,653 | ||||||||||||||||||||||||||||||
Residential mortgage loans | ||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 2,835,053 | $ | 1,485,965 | $ | 552,473 | $ | 275,733 | $ | 68,705 | $ | 1,809,831 | $ | 7,027,760 | ||||||||||||||||||||||||||||||
30 to 59 days past due | 17,589 | 3,722 | 8,439 | 118 | 632 | 76,456 | 106,956 | |||||||||||||||||||||||||||||||||||||
60 to 89 days past due | — | 96 | 1,025 | — | — | 27,322 | 28,443 | |||||||||||||||||||||||||||||||||||||
Over 90 days past due | — | 8,689 | 10,666 | 1,462 | — | 176,893 | 197,710 | |||||||||||||||||||||||||||||||||||||
Total residential mortgage loans | $ | 2,852,642 | $ | 1,498,472 | $ | 572,603 | $ | 277,313 | $ | 69,337 | $ | 2,090,502 | $ | 7,360,869 | ||||||||||||||||||||||||||||||
Total mortgage loans | $ | 7,238,993 | $ | 2,623,089 | $ | 2,511,225 | $ | 1,813,023 | $ | 984,066 | $ | 4,092,126 | $ | 19,262,522 |
Performance status | September 30, 2021 | |||||||
Consumer loans | ||||||||
Current | $ | 5,237,492 | ||||||
30 to 59 days past due | 25,894 | |||||||
60 to 89 days past due | 12,683 | |||||||
Over 90 days past due | 8,455 | |||||||
Total consumer loans | $ | 5,284,524 |
Loan-to-value as of September 30, 2021, 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 | ||||||||||||||||||||||
2021 | $ | 3,138,534 | $ | 1,247,817 | $ | — | $ | 4,386,351 | ||||||||||||||||||
2020 | 959,254 | 130,440 | 34,923 | 1,124,617 | ||||||||||||||||||||||
2019 | 1,801,925 | 136,697 | — | 1,938,622 | ||||||||||||||||||||||
2018 | 1,468,119 | 67,591 | — | 1,535,710 | ||||||||||||||||||||||
2017 | 850,772 | 63,957 | — | 914,729 | ||||||||||||||||||||||
2016 | 430,192 | 2,552 | — | 432,744 | ||||||||||||||||||||||
Prior | 1,553,614 | 15,266 | — | 1,568,880 | ||||||||||||||||||||||
Total commercial mortgage loans | $ | 10,202,410 | $ | 1,664,320 | $ | 34,923 | $ | 11,901,653 |
September 30, 2021 | ||||||||
Investments in renewable energy (1)(2) | $ | 3,976,960 | ||||||
Investments in transportation and other leased assets (3) | 2,205,946 | |||||||
Other investment partnerships | 189,720 | |||||||
Investments in real estate | 1,089,912 | |||||||
FHLB common stock and other investments | 164,952 | |||||||
Total other investments | $ | 7,627,490 |
As of September 30, 2021 | Investment in common stock | Funding agreements issued to FHLB member banks | Collateral | |||||||||||||||||
FHLB Indianapolis | $ | 74,790 | $ | 1,623,147 | $ | 2,520,502 | ||||||||||||||
FHLB Des Moines | 34,600 | 620,293 | 1,025,735 | |||||||||||||||||
FHLB Boston | 22,520 | 327,858 | 556,674 | |||||||||||||||||
Total | $ | 131,910 | $ | 2,571,298 | $ | 4,102,911 |
As of September 30, 2021 | Overnight | <30 Days | 30 - 90 Days | > 90 Days | Total | |||||||||||||||||||||||||||
Corporate Securities | $ | — | $ | — | $ | — | $ | 329,963 | $ | 329,963 | ||||||||||||||||||||||
Total borrowing | $ | — | $ | — | $ | — | $ | 329,963 | $ | 329,963 |
As of September 30, 2021 | Notional value | Derivative assets | Derivative liabilities | |||||||||||||||||
Asset Management | ||||||||||||||||||||
Foreign Exchange Contracts and Options | $ | 9,615,615 | $ | 427,929 | $ | 444,713 | ||||||||||||||
Other Derivatives | 628,150 | 1,747 | 37,798 | |||||||||||||||||
Total Asset Management | 429,676 | 482,511 | ||||||||||||||||||
Insurance | ||||||||||||||||||||
Equity market contracts | $ | 30,956,133 | $ | 1,053,680 | $ | 158,446 | ||||||||||||||
Interest rate contracts | 16,859,214 | 162,727 | 134,677 | |||||||||||||||||
Foreign currency contracts | 929,803 | 22,644 | 1,161 | |||||||||||||||||
Credit risk contracts | 60,000 | — | 1,600 | |||||||||||||||||
Impact of netting (1) | (121,098) | (121,098) | ||||||||||||||||||
Fair value included within derivative assets and derivative liabilities | 1,117,953 | 174,786 | ||||||||||||||||||
Embedded derivative – indexed universal life products | — | 490,013 | ||||||||||||||||||
Embedded derivative – annuity products | — | 1,652,714 | ||||||||||||||||||
Fair value included within policy liabilities | — | 2,142,727 | ||||||||||||||||||
Embedded derivative – funds withheld at interest | 80,493 | (36,755) | ||||||||||||||||||
Total Insurance | 1,198,446 | 2,280,758 | ||||||||||||||||||
Fair value included within total assets and liabilities | $ | 1,628,122 | $ | 2,763,269 |
As of December 31, 2020 | Notional value | Derivative assets | Derivative liabilities | |||||||||||||||||
Asset Management | ||||||||||||||||||||
Foreign Exchange Contracts and Options | $ | 9,837,178 | $ | 250,398 | $ | 551,728 | ||||||||||||||
Other Derivatives | 802,988 | 7,839 | 126,950 | |||||||||||||||||
Total Asset Management | 258,237 | 678,678 | ||||||||||||||||||
Fair value included within total assets and liabilities | $ | 258,237 | $ | 678,678 |
Derivative contracts not designated as hedges | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||||||
Net Gains (Losses) from Investment Activities: | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts and Options | $ | 321,139 | $ | (280,406) | $ | 252,303 | $ | (61,668) | |||||||||||||||||||||||||||
Other Derivatives | (11,110) | (56,813) | (41,571) | (100,525) | |||||||||||||||||||||||||||||||
Total included in Net Gains (Losses) from Investment Activities | $ | 310,029 | $ | (337,219) | $ | 210,732 | $ | (162,193) | |||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||
Net investment gains (losses): | |||||||||||||||||||||||||||||||||||
Embedded derivatives | $ | 93,970 | $ | — | $ | 117,248 | $ | — | |||||||||||||||||||||||||||
Equity index options | (25,854) | — | 275,035 | — | |||||||||||||||||||||||||||||||
Equity future contracts | 1,783 | — | (171,982) | — | |||||||||||||||||||||||||||||||
Interest rate contracts | (24,135) | — | (149,274) | — | |||||||||||||||||||||||||||||||
Credit risk contracts | (196) | — | (254) | — | |||||||||||||||||||||||||||||||
Total included in net investment gains (losses) | $ | 45,568 | $ | — | $ | 70,773 | $ | — |
Derivative contracts designated as hedges | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Foreign currency forwards | $ | (4,776) | $ | — | $ | (675) | $ | — | |||||||||||||||||||||||||||
Total included in net investment gains (losses) | $ | (4,776) | $ | — | $ | (675) | $ | — | |||||||||||||||||||||||||||
Policy benefits and claims: | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | 74 | $ | — | $ | (6,552) | $ | — | |||||||||||||||||||||||||||
Total included in policy benefits and claims | $ | 74 | $ | — | $ | (6,552) | 0 | ||||||||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | (7,923) | $ | — | $ | (14,307) | $ | — | |||||||||||||||||||||||||||
Total included in interest expense | $ | (7,923) | $ | — | $ | (14,307) | $ | — |
As of September 30, 2021 | Gross amount recognized | Gross amounts offset in the statement of financial position(1) | Net amounts presented in the statement of financial condition | Collateral (received) / pledged | Net amount after collateral | |||||||||||||||||||||||||||
Derivative assets (excluding embedded derivatives) | $ | 1,239,051 | $ | (121,098) | $ | 1,117,953 | $ | (967,632) | $ | 150,321 | ||||||||||||||||||||||
Derivative liabilities (excluding embedded derivatives) | $ | 295,884 | $ | (121,098) | $ | 174,786 | $ | — | $ | 174,786 |
September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
September 30, 2020 | Level I | Level II | Level III | Total | ||||||||||||||||||||||||||||||||||
Level I | Level II | Level III | Total | |||||||||||||||||||||||||||||||||||
Asset Management | Asset Management | |||||||||||||||||||||||||||||||||||||
Private Equity | $ | 1,397,686 | $ | 1,724,968 | $ | 12,626,979 | $ | 15,749,633 | Private Equity | $ | 2,520,158 | $ | 1,303,409 | $ | 21,744,949 | $ | 25,568,516 | |||||||||||||||||||||
Credit | 0 | 2,434,080 | 8,723,978 | 11,158,058 | Credit | — | 2,247,803 | 10,200,611 | 12,448,414 | |||||||||||||||||||||||||||||
Investments of Consolidated CFEs | 0 | 16,647,431 | 0 | 16,647,431 | Investments of Consolidated CFEs | — | 20,696,676 | — | 20,696,676 | |||||||||||||||||||||||||||||
Real Assets | 0 | 161,669 | 4,440,105 | 4,601,774 | Real Assets | — | 51,112 | 11,633,184 | 11,684,296 | |||||||||||||||||||||||||||||
Equity Method - Other | 368,563 | 45,295 | 1,932,859 | 2,346,717 | Equity Method - Other | 10,027 | 296,087 | 1,008,868 | 1,314,982 | |||||||||||||||||||||||||||||
Other Investments | 463,552 | 51,407 | 1,894,329 | 2,409,288 | Other Investments | 506,928 | 169,300 | 3,168,917 | 3,845,145 | |||||||||||||||||||||||||||||
Total Investments | 2,229,801 | 21,064,850 | 29,618,250 | 52,912,901 | Total Investments | 3,037,113 | 24,764,387 | 47,756,529 | 75,558,029 | |||||||||||||||||||||||||||||
Foreign Exchange Contracts and Options | 0 | 234,358 | 0 | 234,358 | Foreign Exchange Contracts and Options | — | 427,929 | — | 427,929 | |||||||||||||||||||||||||||||
Other Derivatives | 27,747 | 1,363 | 12,608 | (1) | 41,718 | Other Derivatives | — | 1,704 | 43 | (1) | 1,747 | |||||||||||||||||||||||||||
Total Assets | $ | 2,257,548 | $ | 21,300,571 | $ | 29,630,858 | $ | 53,188,977 | ||||||||||||||||||||||||||||||
Total Assets at Fair Value - Asset Management | Total Assets at Fair Value - Asset Management | $ | 3,037,113 | $ | 25,194,020 | $ | 47,756,572 | $ | 75,987,705 | |||||||||||||||||||||||||||||
Insurance | Insurance | |||||||||||||||||||||||||||||||||||||
AFS fixed maturity securities: | AFS fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government and agencies | U.S. government and agencies | $ | 740,317 | $ | 278,696 | $ | — | $ | 1,019,013 | |||||||||||||||||||||||||||||
U.S. state, municipal and political subdivisions | U.S. state, municipal and political subdivisions | — | 5,105,085 | — | 5,105,085 | |||||||||||||||||||||||||||||||||
Corporate | Corporate | — | 35,953,737 | 4,842,303 | 40,796,040 | |||||||||||||||||||||||||||||||||
Structured securities | Structured securities | — | 20,572,721 | 196,987 | 20,769,708 | |||||||||||||||||||||||||||||||||
Total AFS fixed maturity securities | Total AFS fixed maturity securities | 740,317 | 61,910,239 | 5,039,290 | 67,689,846 | |||||||||||||||||||||||||||||||||
Trading fixed maturity securities: | Trading fixed maturity securities: | |||||||||||||||||||||||||||||||||||||
U.S. government and agencies | U.S. government and agencies | 28,133 | 247,428 | — | 275,561 | |||||||||||||||||||||||||||||||||
U..S. state, municipal and political subdivisions | U..S. state, municipal and political subdivisions | — | 1,029,943 | — | 1,029,943 | |||||||||||||||||||||||||||||||||
Corporate | Corporate | — | 11,232,964 | 1,384,965 | 12,617,929 | |||||||||||||||||||||||||||||||||
Structured securities | Structured securities | — | 2,655,895 | 81,000 | 2,736,895 | |||||||||||||||||||||||||||||||||
Total trading fixed maturity securities | Total trading fixed maturity securities | 28,133 | 15,166,230 | 1,465,965 | 16,660,328 | |||||||||||||||||||||||||||||||||
Equity securities | Equity securities | 8,515 | — | 28,863 | 37,378 | |||||||||||||||||||||||||||||||||
Mortgage and other loan receivables(2) | Mortgage and other loan receivables(2) | — | — | 1,288,478 | 1,288,478 | |||||||||||||||||||||||||||||||||
Other investments(3) | Other investments(3) | — | — | 795,228 | 795,228 |
December 31, 2019 | |||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||
Private Equity | $ | 1,393,654 | $ | 1,658,264 | $ | 9,871,682 | $ | 12,923,600 | |||||||
Credit | 0 | 1,320,380 | 9,217,759 | 10,538,139 | |||||||||||
Investments of Consolidated CFEs | 0 | 14,948,237 | 0 | 14,948,237 | |||||||||||
Real Assets | 0 | 0 | 3,567,944 | 3,567,944 | |||||||||||
Equity Method - Other | 228,999 | 49,511 | 1,656,045 | 1,934,555 | |||||||||||
Other Investments | 431,084 | 196,192 | 2,154,755 | 2,782,031 | |||||||||||
Total Investments | 2,053,737 | 18,172,584 | 26,468,185 | 46,694,506 | |||||||||||
Foreign Exchange Contracts and Options | 0 | 188,572 | 0 | 188,572 | |||||||||||
Other Derivatives | 0 | 1,333 | 21,806 | (1) | 23,139 | ||||||||||
Total Assets | $ | 2,053,737 | $ | 18,362,489 | $ | 26,489,991 | $ | 46,906,217 |
Funds withheld receivable at interest | — | — | 80,493 | 80,493 | |||||||||||||||||||
Reinsurance recoverable | — | — | 1,325,487 | 1,325,487 | |||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||
Equity market contracts | 85,333 | 968,347 | — | 1,053,680 | |||||||||||||||||||
Interest rate contracts | 14,690 | 148,037 | — | 162,727 | |||||||||||||||||||
Foreign currency contracts | — | 22,644 | — | 22,644 | |||||||||||||||||||
Impact of netting(4) | (31,559) | (89,539) | — | (121,098) | |||||||||||||||||||
Total derivative assets | 68,464 | 1,049,489 | — | 1,117,953 | |||||||||||||||||||
Separate account assets | 5,445,170 | — | — | 5,445,170 | |||||||||||||||||||
Total Assets at Fair Value - Insurance | $ | 6,290,599 | $ | 78,125,958 | $ | 10,023,804 | $ | 94,440,361 | |||||||||||||||
Total Assets at Fair Value | $ | 9,327,712 | $ | 103,319,978 | $ | 57,780,376 | $ | 170,428,066 |
December 31, 2020 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Private Equity | $ | 2,758,396 | $ | 2,476,823 | $ | 15,234,904 | $ | 20,470,123 | |||||||||||||||
Credit | — | 2,031,057 | 9,172,848 | 11,203,905 | |||||||||||||||||||
Investments of Consolidated CFEs | — | 17,706,976 | — | 17,706,976 | |||||||||||||||||||
Real Assets | — | 172,043 | 5,924,575 | 6,096,618 | |||||||||||||||||||
Equity Method - Other | 485,988 | 7,254 | 1,014,378 | 1,507,620 | |||||||||||||||||||
Other Investments | 434,481 | 88,760 | 2,341,981 | 2,865,222 | |||||||||||||||||||
Total Investments | 3,678,865 | 22,482,913 | 33,688,686 | 59,850,464 | |||||||||||||||||||
Foreign Exchange Contracts and Options | — | 250,398 | — | 250,398 | |||||||||||||||||||
Other Derivatives | 442 | 729 | 6,668 | (1) | 7,839 | ||||||||||||||||||
Total Assets at Fair Value - Asset Management | $ | 3,679,307 | $ | 22,734,040 | $ | 33,695,354 | $ | 60,108,701 | |||||||||||||||
Total Assets at Fair Value | $ | 3,679,307 | $ | 22,734,040 | $ | 33,695,354 | $ | 60,108,701 |
September 30, 2020 | |||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||
Securities Sold Short | $ | 434,598 | $ | 0 | $ | 0 | $ | 434,598 | |||||||
Foreign Exchange Contracts and Options | 0 | 263,927 | 0 | 263,927 | |||||||||||
Unfunded Revolver Commitments | 0 | 0 | 56,085 | (1) | 56,085 | ||||||||||
Other Derivatives | 58,770 | 56,451 | 0 | 115,221 | |||||||||||
Debt Obligations of Consolidated CFEs | 0 | 16,279,747 | 0 | 16,279,747 | |||||||||||
Total Liabilities | $ | 493,368 | $ | 16,600,125 | $ | 56,085 | $ | 17,149,578 |
December 31, 2019 | |||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||
Securities Sold Short | $ | 251,223 | $ | 0 | $ | 0 | $ | 251,223 | |||||||
Foreign Exchange Contracts and Options | 0 | 39,364 | 0 | 39,364 | |||||||||||
Unfunded Revolver Commitments | 0 | 0 | 75,842 | (1) | 75,842 | ||||||||||
Other Derivatives | 0 | 34,174 | 0 | 34,174 | |||||||||||
Debt Obligations of Consolidated CFEs | 0 | 14,658,137 | 0 | 14,658,137 | |||||||||||
Total Liabilities | $ | 251,223 | $ | 14,731,675 | $ | 75,842 | $ | 15,058,740 |
September 30, 2021 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Securities Sold Short | $ | 262,151 | $ | — | $ | — | $ | 262,151 | |||||||||||||||
Foreign Exchange Contracts and Options | — | 444,713 | — | 444,713 | |||||||||||||||||||
Unfunded Revolver Commitments | — | — | 50,910 | (1) | 50,910 | ||||||||||||||||||
Other Derivatives | — | 37,798 | — | 37,798 | |||||||||||||||||||
Debt Obligations of Consolidated CFEs | — | 19,969,156 | — | 19,969,156 | |||||||||||||||||||
Total Liabilities at Fair Value - Asset Management | $ | 262,151 | $ | 20,451,667 | $ | 50,910 | $ | 20,764,728 | |||||||||||||||
Insurance | |||||||||||||||||||||||
Policy liabilities | $ | — | $ | — | $ | 544,829 | $ | 544,829 | |||||||||||||||
Closed block policy liabilities | — | — | 1,374,913 | 1,374,913 | |||||||||||||||||||
Funds withheld payable at interest | — | — | (36,755) | (36,755) | |||||||||||||||||||
Derivative instruments payable: | |||||||||||||||||||||||
Equity market contracts | 17,897 | 140,549 | — | 158,446 | |||||||||||||||||||
Interest rate contracts | 58,866 | 75,811 | — | 134,677 | |||||||||||||||||||
Foreign currency contracts | — | 1,161 | — | 1,161 | |||||||||||||||||||
Credit contracts | — | 1,600 | — | 1,600 | |||||||||||||||||||
Impact of netting(2) | (31,559) | (89,539) | — | (121,098) | |||||||||||||||||||
Total derivative instruments payable | 45,204 | 129,582 | — | 174,786 | |||||||||||||||||||
Reinsurance liabilities | — | — | — | — | |||||||||||||||||||
Embedded derivative – indexed universal life products | — | — | 490,013 | 490,013 | |||||||||||||||||||
Embedded derivative – annuity products | — | — | 1,652,714 | 1,652,714 | |||||||||||||||||||
Total Liabilities at Fair Value - Insurance | $ | 45,204 | $ | 129,582 | $ | 4,025,714 | $ | 4,200,500 | |||||||||||||||
Total Liabilities at Fair Value | $ | 307,355 | $ | 20,581,249 | $ | 4,076,624 | $ | 24,965,228 |
December 31, 2020 | |||||||||||||||||||||||
Level I | Level II | Level III | Total | ||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Securities Sold Short | $ | 281,826 | $ | — | $ | — | $ | 281,826 | |||||||||||||||
Foreign Exchange Contracts and Options | — | 551,728 | — | 551,728 | |||||||||||||||||||
Unfunded Revolver Commitments | — | — | 46,340 | (1) | 46,340 | ||||||||||||||||||
Other Derivatives | 76,930 | 50,020 | — | 126,950 | |||||||||||||||||||
Debt Obligations of Consolidated CFEs | — | 17,372,740 | — | 17,372,740 | |||||||||||||||||||
Total Liabilities at Fair Value - Asset Management | $ | 358,756 | $ | 17,974,488 | $ | 46,340 | $ | 18,379,584 | |||||||||||||||
Total Liabilities at Fair Value | $ | 358,756 | $ | 17,974,488 | $ | 46,340 | $ | 18,379,584 |
Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 19,023,638 | $ | — | $ | — | $ | (75,554) | $ | 1,636,915 | $ | 1,159,950 | $ | — | $ | 21,744,949 | $ | 1,094,045 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Credit | 9,931,511 | — | — | — | 317,956 | (56,665) | 7,809 | 10,200,611 | (15,427) | 7,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | 8,717,571 | (174,658) | — | — | 2,454,477 | 635,794 | — | 11,633,184 | 609,092 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method - Other | 1,067,844 | — | — | — | (75,143) | 16,167 | — | 1,008,868 | (22,455) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | 2,971,242 | — | — | — | 105,878 | 91,797 | — | 3,168,917 | 76,256 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Derivatives | 1,875 | — | — | — | 13,152 | (14,984) | — | 43 | (14,984) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets - Asset Management | 41,713,681 | (174,658) | — | (75,554) | 4,453,235 | 1,832,059 | 7,809 | 47,756,572 | 1,726,527 | 7,809 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | 4,018,174 | — | 48,093 | (29,400) | 785,992 | — | 19,444 | 4,842,303 | — | 1,236 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured securities | 175,936 | — | 16,309 | — | 2,460 | — | 2,282 | 196,987 | — | 1,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total AFS fixed maturity securities | 4,194,110 | — | 64,402 | (29,400) | 788,452 | — | 21,726 | 5,039,290 | — | 2,918 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | 1,009,357 | — | — | — | 368,624 | 6,984 | — | 1,384,965 | 4,926 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured securities | 20,939 | — | 15,744 | — | 44,233 | 84 | — | 81,000 | 1,131 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trading fixed maturity securities | 1,030,296 | — | 15,744 | — | 412,857 | 7,068 | — | 1,465,965 | 6,057 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 97,029 | — | — | — | (90,855) | 22,689 | — | 28,863 | (10,074) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and other loan receivables | 1,224,789 | — | — | — | 58,303 | 5,386 | — | 1,288,478 | 2,047 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | 491,635 | — | — | — | (33,619) | 337,212 | — | 795,228 | (22,496) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Funds withheld receivable at interest | 78,450 | — | — | — | (437) | 2,480 | — | 80,493 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverable | 1,288,097 | — | — | — | — | 37,390 | — | 1,325,487 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets - Insurance | 8,404,406 | — | 80,146 | (29,400) | 1,134,701 | 412,225 | 21,726 | 10,023,804 | (24,466) | 2,918 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 50,118,087 | $ | (174,658) | $ | 80,146 | $ | (104,954) | $ | 5,587,936 | $ | 2,244,284 | $ | 29,535 | $ | 57,780,376 | $ | 1,702,061 | $ | 10,727 | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||
Level III Investments | |||||||||||||||||||||||||
Private Equity | Credit | Real Assets | Equity Method - Other | Other Investments | Total | ||||||||||||||||||||
Balance, Beg. of Period | $ | 10,810,113 | $ | 8,721,478 | $ | 3,223,540 | $ | 1,622,885 | $ | 1,694,797 | $ | 26,072,813 | |||||||||||||
Transfers In / (Out) Due to Changes in Consolidation | 0 | 231,872 | (230,163 | ) | (20,523 | ) | 0 | (18,814 | ) | ||||||||||||||||
Transfers In | 0 | 0 | 197,972 | (1) | 136,374 | 0 | 334,346 | ||||||||||||||||||
Transfers Out | (18,315 | ) | 0 | 0 | (58,475 | ) | (2,473 | ) | (79,263 | ) | |||||||||||||||
Asset Purchases | 1,266,063 | 272,854 | 994,130 | 79,079 | 127,365 | 2,739,491 | |||||||||||||||||||
Sales / Paydowns | (846,038 | ) | (642,056 | ) | (2,847 | ) | (2,642 | ) | (17,264 | ) | (1,510,847 | ) | |||||||||||||
Settlements | 0 | 9,355 | 0 | 0 | 0 | 9,355 | |||||||||||||||||||
Net Realized Gains (Losses) | 622,773 | (158,211 | ) | (23,109 | ) | (26,069 | ) | 1,128 | 416,512 | ||||||||||||||||
Net Unrealized Gains (Losses) | 792,383 | 267,100 | 280,582 | 202,230 | 90,776 | 1,633,071 | |||||||||||||||||||
Change in Other Comprehensive Income | 0 | 21,586 | 0 | 0 | 0 | 21,586 | |||||||||||||||||||
Balance, End of Period | $ | 12,626,979 | $ | 8,723,978 | $ | 4,440,105 | $ | 1,932,859 | $ | 1,894,329 | $ | 29,618,250 | |||||||||||||
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date | $ | 1,180,782 | $ | 127,060 | $ | 280,582 | $ | 175,898 | $ | 90,711 | $ | 1,855,033 | |||||||||||||
Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 15,234,904 | $ | — | $ | 5,034 | $ | (504,112) | $ | 1,853,614 | $ | 5,155,509 | $ | — | $ | 21,744,949 | $ | 5,011,447 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Credit | 9,172,848 | (1,021) | 86,135 | — | 875,871 | 59,611 | 7,167 | 10,200,611 | 134,588 | 7,167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | 5,924,575 | (174,658) | 17,567 | — | 4,503,849 | 1,361,851 | — | 11,633,184 | 1,293,618 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method - Other | 1,014,378 | — | — | (22,601) | (237,737) | 254,828 | — | 1,008,868 | 215,103 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | 2,341,981 | (2,879) | — | (115,274) | 380,337 | 564,752 | — | 3,168,917 | 616,584 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Derivatives | 6,668 | — | — | — | 23,762 | (30,387) | — | 43 | (30,387) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets - Asset Management | 33,695,354 | (178,558) | 108,736 | (641,987) | 7,399,696 | 7,366,164 | 7,167 | 47,756,572 | 7,240,953 | 7,167 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | 3,504,578 | — | 76,277 | (38,610) | 1,298,035 | — | 2,023 | 4,842,303 | — | (9,447) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured securities | 197,970 | — | 16,309 | — | (17,047) | — | (245) | 196,987 | — | 1,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total AFS fixed maturity securities | 3,702,548 | — | 92,586 | (38,610) | 1,280,988 | — | 1,778 | 5,039,290 | — | (7,795) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | 676,650 | — | — | — | 705,027 | 3,288 | — | 1,384,965 | 604 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Structured securities | 14,661 | — | 15,744 | — | 50,208 | 387 | — | 81,000 | 1,337 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trading fixed maturity securities | 691,311 | — | 15,744 | — | 755,235 | 3,675 | — | 1,465,965 | 1,941 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 66,660 | — | — | — | (90,855) | 53,058 | — | 28,863 | 20,295 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and other loan receivables | 928,673 | — | — | — | 348,098 | 11,707 | — | 1,288,478 | 9,814 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | 437,275 | — | 5,003 | — | (20,693) | 373,643 | — | 795,228 | 13,510 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Funds withheld receivable at interest | — | — | — | — | 152 | 80,341 | — | 80,493 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverable | — | — | — | — | — | 1,325,487 | — | 1,325,487 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets - Insurance | 5,826,467 | — | 113,333 | (38,610) | 2,272,925 | 1,847,911 | 1,778 | 10,023,804 | 45,560 | (7,795) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 39,521,821 | $ | (178,558) | $ | 222,069 | $ | (680,597) | $ | 9,672,621 | $ | 9,214,075 | $ | 8,945 | $ | 57,780,376 | $ | 7,286,513 | $ | (628) |
Three Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||
Level III Investments | Level III Debt Obligations | ||||||||||||||||||||||||||||||
Private Equity | Credit | Investments of Consolidated CFEs | Real Assets | Equity Method - Other | Other Investments | Total | Debt Obligations of Consolidated CFEs | ||||||||||||||||||||||||
Balance, Beg. of Period | $ | 7,397,892 | $ | 7,844,862 | $ | 2,088,657 | $ | 3,246,055 | $ | 1,669,322 | $ | 2,295,334 | $ | 24,542,122 | $ | 1,922,303 | |||||||||||||||
Transfers In / (Out) Due to Changes in Consolidation | 0 | 958,000 | (2,015,130 | ) | 0 | 0 | 0 | (1,057,130 | ) | (1,046,515 | ) | ||||||||||||||||||||
Transfers In | 8,602 | 149,804 | 0 | 18,429 | 0 | 0 | 176,835 | 0 | |||||||||||||||||||||||
Transfers Out | 0 | 0 | 0 | 0 | (134,133 | ) | (36,018 | ) | (170,151 | ) | 0 | ||||||||||||||||||||
Asset Purchases / Debt Issuances | 75,979 | 811,891 | 0 | 408,852 | 5,409 | 148,376 | 1,450,507 | 0 | |||||||||||||||||||||||
Sales / Paydowns | (60,080 | ) | (329,310 | ) | 0 | (139,879 | ) | (82,268 | ) | (178,916 | ) | (790,453 | ) | 0 | |||||||||||||||||
Settlements | 0 | (2,047 | ) | 0 | 0 | 0 | 0 | (2,047 | ) | 0 | |||||||||||||||||||||
Net Realized Gains (Losses) | 33 | (1,539 | ) | (2,759 | ) | 25,760 | 1,777 | 57,056 | 80,328 | 0 | |||||||||||||||||||||
Net Unrealized Gains (Losses) | 198,243 | (142,160 | ) | (70,768 | ) | (123,618 | ) | (10,137 | ) | (113,952 | ) | (262,392 | ) | (73,097 | ) | ||||||||||||||||
Change in Other Comprehensive Income | 0 | (8,836 | ) | 0 | 0 | 0 | 0 | (8,836 | ) | 0 | |||||||||||||||||||||
Balance, End of Period | $ | 7,620,669 | $ | 9,280,665 | $ | 0 | $ | 3,435,599 | $ | 1,449,970 | $ | 2,171,880 | $ | 23,958,783 | $ | 802,691 | |||||||||||||||
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date | $ | 198,243 | $ | (141,880 | ) | $ | 0 | $ | (95,843 | ) | $ | (12,905 | ) | $ | (83,556 | ) | $ | (135,941 | ) | $ | 831 | ||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||
Level III Investments | |||||||||||||||||||||||||
Private Equity | Credit | Real Assets | Equity Method - Other | Other Investments | Total | ||||||||||||||||||||
Balance, Beg. of Period | $ | 9,871,682 | $ | 9,217,759 | $ | 3,567,944 | $ | 1,656,045 | $ | 2,154,755 | $ | 26,468,185 | |||||||||||||
Transfers In / (Out) Due to Changes in Consolidation | 0 | 231,872 | (230,163 | ) | (20,523 | ) | 0 | (18,814 | ) | ||||||||||||||||
Transfers In | 0 | 0 | 197,972 | (1) | 136,374 | 0 | 334,346 | ||||||||||||||||||
Transfers Out | (18,315 | ) | 0 | (113,770 | ) | (58,475 | ) | (2,473 | ) | (193,033 | ) | ||||||||||||||
Asset Purchases | 1,950,875 | 1,792,397 | 1,502,382 | 161,147 | 309,358 | 5,716,159 | |||||||||||||||||||
Sales / Paydowns | (879,646 | ) | (1,732,825 | ) | (262,274 | ) | (2,710 | ) | (68,677 | ) | (2,946,132 | ) | |||||||||||||
Settlements | 0 | (22,805 | ) | 0 | 0 | 0 | (22,805 | ) | |||||||||||||||||
Net Realized Gains (Losses) | 616,451 | (193,003 | ) | 34,339 | (82,648 | ) | (255,721 | ) | 119,418 | ||||||||||||||||
Net Unrealized Gains (Losses) | 1,085,932 | (571,430 | ) | (256,325 | ) | 143,649 | (242,913 | ) | 158,913 | ||||||||||||||||
Change in Other Comprehensive Income | 0 | 2,013 | 0 | 0 | 0 | 2,013 | |||||||||||||||||||
Balance, End of Period | $ | 12,626,979 | $ | 8,723,978 | $ | 4,440,105 | $ | 1,932,859 | $ | 1,894,329 | $ | 29,618,250 | |||||||||||||
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date | $ | 1,466,074 | $ | (733,768 | ) | $ | (247,961 | ) | $ | 60,926 | $ | (484,905 | ) | $ | 60,366 | ||||||||||
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 10,810,113 | $ | — | $ | — | $ | (18,315) | $ | 420,025 | $ | 1,415,156 | $ | — | $ | 12,626,979 | $ | 1,180,782 | $ | — | |||||||||||||||||||||||||||||||||||||||
Credit | 8,721,478 | 231,872 | — | — | (359,847) | 108,889 | 21,586 | 8,723,978 | 127,060 | 21,586 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | 3,223,540 | (230,163) | 197,972 | — | 991,283 | 257,473 | — | 4,440,105 | 280,582 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method - Other | 1,622,885 | (20,523) | 136,374 | (58,475) | 76,437 | 176,161 | — | 1,932,859 | 175,898 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | 1,694,797 | — | — | (2,473) | 110,101 | 91,904 | — | 1,894,329 | 90,711 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Derivatives | 26,078 | — | — | — | 4,026 | (17,496) | — | 12,608 | (17,496) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets - Asset Management | $ | 26,098,891 | $ | (18,814) | $ | 334,346 | $ | (79,263) | $ | 1,242,025 | $ | 2,032,087 | $ | 21,586 | $ | 29,630,858 | $ | 1,837,537 | $ | 21,586 | |||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 9,871,682 | $ | — | $ | — | $ | (18,315) | $ | 1,071,229 | $ | 1,702,383 | $ | — | $ | 12,626,979 | $ | 1,466,074 | $ | — | |||||||||||||||||||||||||||||||||||||||
Credit | 9,217,759 | 231,872 | — | — | 36,767 | (764,433) | 2,013 | 8,723,978 | (733,768) | 2,013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | 3,567,944 | (230,163) | 197,972 | (113,770) | 1,240,108 | (221,986) | — | 4,440,105 | (247,961) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method - Other | 1,656,045 | (20,523) | 136,374 | (58,475) | 158,437 | 61,001 | — | 1,932,859 | 60,926 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | 2,154,755 | — | — | (2,473) | 240,681 | (498,634) | — | 1,894,329 | (484,905) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other Derivatives | 21,806 | — | — | — | 3,628 | (12,826) | — | 12,608 | (12,310) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets - Asset Management | $ | 26,489,991 | $ | (18,814) | $ | 334,346 | $ | (193,033) | $ | 2,750,850 | $ | 265,505 | $ | 2,013 | $ | 29,630,858 | $ | 48,056 | $ | 2,013 |
Nine Months Ended September 30, 2019 | |||||||||||||||||||||||||||||||
Level III Investments | Level III Debt Obligations | ||||||||||||||||||||||||||||||
Private Equity | Credit | Investments of Consolidated CFEs | Real Assets | Equity Method - Other | Other Investments | Total | Debt Obligations of Consolidated CFEs | ||||||||||||||||||||||||
Balance, Beg. of Period | $ | 6,128,583 | $ | 6,764,730 | $ | 2,082,545 | $ | 3,157,954 | $ | 1,503,022 | $ | 2,116,586 | $ | 21,753,420 | $ | 1,876,783 | |||||||||||||||
Transfers In / (Out) Due to Changes in Consolidation | 0 | 956,402 | (2,015,130 | ) | 0 | 0 | (42,864 | ) | (1,101,592 | ) | (1,046,515 | ) | |||||||||||||||||||
Transfers In | 16,558 | 149,804 | 0 | 18,429 | 26,520 | 0 | 211,311 | 0 | |||||||||||||||||||||||
Transfers Out | (491,723 | ) | 0 | 0 | 0 | (134,133 | ) | (36,018 | ) | (661,874 | ) | 0 | |||||||||||||||||||
Asset Purchases / Debt Issuances | 1,404,508 | 3,467,617 | 0 | 583,138 | 189,925 | 638,416 | 6,283,604 | 0 | |||||||||||||||||||||||
Sales / Paydowns | (309,199 | ) | (1,893,162 | ) | (62,334 | ) | (342,704 | ) | (227,773 | ) | (339,566 | ) | (3,174,738 | ) | 0 | ||||||||||||||||
Settlements | 0 | 35,294 | 0 | 0 | 0 | 0 | 35,294 | (26,770 | ) | ||||||||||||||||||||||
Net Realized Gains (Losses) | 83,264 | (35,312 | ) | (2,759 | ) | 72,404 | 12,455 | 58,360 | 188,412 | 0 | |||||||||||||||||||||
Net Unrealized Gains (Losses) | 788,678 | (151,869 | ) | (2,322 | ) | (53,622 | ) | 79,954 | (223,034 | ) | 437,785 | (807 | ) | ||||||||||||||||||
Change in Other Comprehensive Income | 0 | (12,839 | ) | 0 | 0 | 0 | 0 | (12,839 | ) | 0 | |||||||||||||||||||||
Balance, End of Period | $ | 7,620,669 | $ | 9,280,665 | $ | 0 | $ | 3,435,599 | $ | 1,449,970 | $ | 2,171,880 | $ | 23,958,783 | $ | 802,691 | |||||||||||||||
Changes in Net Unrealized Gains (Losses) Included in Net Gains (Losses) from Investment Activities related to Level III Assets and Liabilities still held as of the Reporting Date | $ | 850,839 | $ | (159,040 | ) | $ | 0 | $ | (25,133 | ) | $ | 87,578 | $ | (204,408 | ) | $ | 549,836 | $ | 2,345 | ||||||||||||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | Issuances | Sales | Settlements | Net Purchases/ Issuances/ Sales/ Settlements | Purchases | Issuances | Sales | Settlements | Net Purchases/ Issuances/ Sales/ Settlements | ||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity | $ | 1,768,420 | $ | — | $ | (131,505) | $ | — | $ | 1,636,915 | $ | 2,147,332 | $ | — | $ | (293,718) | $ | — | $ | 1,853,614 | |||||||||||||||||||||||||||||||||
Credit | 1,895,171 | — | (1,579,340) | 2,125 | 317,956 | 4,476,350 | — | (3,440,035) | (160,444) | 875,871 | |||||||||||||||||||||||||||||||||||||||||||
Real Assets | 2,983,593 | — | (529,116) | — | 2,454,477 | 5,541,325 | — | (1,037,476) | — | 4,503,849 | |||||||||||||||||||||||||||||||||||||||||||
Equity Method - Other | 7,201 | — | (82,344) | — | (75,143) | 21,800 | — | (259,537) | — | (237,737) | |||||||||||||||||||||||||||||||||||||||||||
Other Investments | 257,463 | — | (151,585) | — | 105,878 | 588,865 | — | (208,528) | — | 380,337 | |||||||||||||||||||||||||||||||||||||||||||
Other Derivatives | 13,152 | — | — | — | 13,152 | 23,762 | — | — | — | 23,762 | |||||||||||||||||||||||||||||||||||||||||||
Total Assets - Asset Management | 6,925,000 | — | (2,473,890) | 2,125 | 4,453,235 | 12,799,434 | — | (5,239,294) | (160,444) | 7,399,696 | |||||||||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
AFS fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | 2,155,228 | — | (13,846) | (1,355,390) | 785,992 | 4,072,144 | — | (48,073) | (2,726,036) | 1,298,035 | |||||||||||||||||||||||||||||||||||||||||||
Structured securities | 4,218 | — | — | (1,758) | 2,460 | 4,289 | — | — | (21,336) | (17,047) | |||||||||||||||||||||||||||||||||||||||||||
Total AFS fixed maturity securities | 2,159,446 | — | (13,846) | (1,357,148) | 788,452 | 4,076,433 | — | (48,073) | (2,747,372) | 1,280,988 | |||||||||||||||||||||||||||||||||||||||||||
Trading fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | 370,488 | — | (623) | (1,241) | 368,624 | 710,446 | — | (623) | (4,796) | 705,027 | |||||||||||||||||||||||||||||||||||||||||||
Structured securities | 44,594 | — | — | (361) | 44,233 | 52,735 | — | — | (2,527) | 50,208 | |||||||||||||||||||||||||||||||||||||||||||
Total trading fixed maturity securities | 415,082 | — | (623) | (1,602) | 412,857 | 763,181 | — | (623) | (7,323) | 755,235 | |||||||||||||||||||||||||||||||||||||||||||
Equity securities | — | — | (83,864) | (6,991) | (90,855) | $ | — | $ | — | $ | (83,864) | $ | (6,991) | (90,855) | |||||||||||||||||||||||||||||||||||||||
Mortgage and other loan receivables | 65,517 | — | (6,541) | (673) | 58,303 | 380,555 | — | (22,200) | (10,257) | 348,098 | |||||||||||||||||||||||||||||||||||||||||||
Other investments | 25,000 | — | (58,619) | — | (33,619) | 37,926 | — | (58,619) | — | (20,693) | |||||||||||||||||||||||||||||||||||||||||||
Funds withheld receivable at interest | — | (437) | — | — | (437) | — | 152 | — | — | 152 | |||||||||||||||||||||||||||||||||||||||||||
Total Assets - Insurance | 2,665,045 | (437) | (163,493) | (1,366,414) | 1,134,701 | 5,258,095 | 152 | (213,379) | (2,771,943) | 2,272,925 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 9,590,045 | $ | (437) | $ | (2,637,383) | $ | (1,364,289) | $ | 5,587,936 | $ | 18,057,529 | $ | 152 | $ | (5,452,673) | $ | (2,932,387) | $ | 9,672,621 |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Purchases | Sales | Settlements | Net Purchases/Issuances/Sales/Settlements | Purchases | Sales | Settlements | Net Purchases/Issuances/Sales/Settlements | |||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||||||||||||||
Private Equity | $ | 1,266,063 | $ | (846,038) | $ | — | $ | 420,025 | $ | 1,950,875 | $ | (879,646) | $ | — | $ | 1,071,229 | ||||||||||||||||||||||||||||
Credit | 272,854 | (642,056) | 9,355 | (359,847) | 1,792,397 | (1,732,825) | (22,805) | 36,767 | ||||||||||||||||||||||||||||||||||||
Real Assets | 994,130 | (2,847) | — | 991,283 | 1,502,382 | (262,274) | — | 1,240,108 | ||||||||||||||||||||||||||||||||||||
Equity Method - Other | 79,079 | (2,642) | — | 76,437 | 161,147 | (2,710) | — | 158,437 | ||||||||||||||||||||||||||||||||||||
Other Investments | 127,365 | (17,264) | — | 110,101 | 309,358 | (68,677) | — | 240,681 | ||||||||||||||||||||||||||||||||||||
Other Derivatives | 4,026 | — | — | 4,026 | 4,988 | (1,360) | — | 3,628 | ||||||||||||||||||||||||||||||||||||
Total Assets - Asset Management | $ | 2,743,517 | $ | (1,510,847) | $ | 9,355 | $ | 1,242,025 | $ | 5,721,147 | $ | (2,947,492) | $ | (22,805) | $ | 2,750,850 | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
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) | 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 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||
Unfunded Revolver Commitments | $ | 40,050 | $ | — | $ | — | $ | — | $ | — | $ | 10,860 | $ | — | $ | 50,910 | $ | 10,860 | |||||||||||
Total Liabilities - Asset Management | 40,050 | — | — | — | — | 10,860 | — | 50,910 | 10,860 | ||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||
Policy liabilities | 548,377 | — | — | — | — | (3,548) | — | 544,829 | — | ||||||||||||||||||||
Closed block policy liabilities | 1,341,262 | — | — | — | — | 32,941 | 710 | 1,374,913 | — | ||||||||||||||||||||
Funds withheld payable at interest | 55,172 | — | — | — | — | (91,927) | — | (36,755) | — | ||||||||||||||||||||
Embedded derivative – indexed universal life products | 495,353 | — | — | — | 108 | (5,448) | — | 490,013 | — | ||||||||||||||||||||
Embedded derivative – annuity products | 1,521,447 | — | — | — | 81,926 | 49,341 | — | 1,652,714 | — | ||||||||||||||||||||
Total Liabilities - Insurance | 3,961,611 | — | — | — | 82,034 | (18,641) | 710 | 4,025,714 | — | ||||||||||||||||||||
Total | $ | 4,001,661 | $ | — | $ | — | $ | — | $ | 82,034 | $ | (7,781) | $ | 710 | $ | 4,076,624 | $ | 10,860 |
Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||
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) | 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 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||
Unfunded Revolver Commitments | $ | 46,340 | $ | — | $ | — | $ | — | $ | 628 | $ | 3,942 | $ | — | $ | 50,910 | $ | 3,942 | |||||||||||
Total Liabilities - Asset Management | 46,340 | — | — | — | 628 | 3,942 | — | 50,910 | 3,942 | ||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||
Policy liabilities | 637,800 | — | — | — | — | (92,971) | — | 544,829 | — | ||||||||||||||||||||
Closed block policy liabilities | 1,395,746 | — | — | — | — | (22,205) | 1,372 | 1,374,913 | — | ||||||||||||||||||||
Funds withheld payable at interest | 59,230 | — | — | — | — | (95,985) | — | (36,755) | — | ||||||||||||||||||||
Embedded derivative – indexed universal life products | 386,746 | — | — | — | (393) | 103,660 | — | 490,013 | — | ||||||||||||||||||||
Embedded derivative – annuity products | 1,024,601 | — | — | — | 208,027 | 420,086 | — | 1,652,714 | — | ||||||||||||||||||||
Total Liabilities - Insurance | 3,504,123 | — | — | — | 207,634 | 312,585 | 1,372 | 4,025,714 | — | ||||||||||||||||||||
Total | $ | 3,550,463 | $ | — | $ | — | $ | — | $ | 208,262 | $ | 316,527 | $ | 1,372 | $ | 4,076,624 | $ | 3,942 |
Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
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) | 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 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||
Unfunded Revolver Commitments | $ | 70,148 | $ | — | $ | — | $ | — | $ | — | $ | (14,063) | $ | — | $ | 56,085 | $ | (14,063) | |||||||||||
Total Liabilities - Asset Management | $ | 70,148 | $ | — | $ | — | $ | — | $ | — | $ | (14,063) | $ | — | $ | 56,085 | $ | (14,063) | |||||||||||
Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||
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) | 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 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||
Unfunded Revolver Commitments | $ | 75,842 | $ | — | $ | — | $ | — | $ | (2,464) | $ | (17,293) | $ | — | $ | 56,085 | $ | (17,293) | |||||||||||
Total Liabilities - Asset Management | $ | 75,842 | $ | — | $ | — | $ | — | $ | (2,464) | $ | (17,293) | $ | — | $ | 56,085 | $ | (17,293) | |||||||||||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||
Issuances | Settlements | Net settlements/Issuances | Issuances | Settlements | Net settlements/Issuances | ||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Unfunded Revolver Commitments | $ | 11,319 | $ | (11,319) | $ | — | $ | 12,486 | $ | (11,858) | $ | 628 | |||||||||||
Total Liabilities - Asset Management | 11,319 | (11,319) | — | 12,486 | (11,858) | 628 | |||||||||||||||||
Insurance | |||||||||||||||||||||||
Embedded derivative – indexed universal life products | 4,775 | (4,667) | 108 | 14,853 | (15,246) | (393) | |||||||||||||||||
Embedded derivative – annuity products | 81,926 | — | 81,926 | 208,027 | — | 208,027 | |||||||||||||||||
Total Liabilities - Insurance | 86,701 | (4,667) | 82,034 | 222,880 | (15,246) | 207,634 | |||||||||||||||||
Total | $ | 98,020 | $ | (15,986) | $ | 82,034 | $ | 235,366 | $ | (27,104) | $ | 208,262 |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||
Issuances | Settlements | Net settlements/Issuances | Issuances | Settlements | Net settlements/Issuances | ||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||
Unfunded Revolver Commitments | $ | — | $ | — | $ | — | $ | — | $ | (2,464) | $ | (2,464) | |||||||||||
Total Liabilities - Asset Management | $ | — | $ | — | $ | — | $ | — | $ | (2,464) | $ | (2,464) | |||||||||||
Level III Assets | Fair Value September 30, 2021 | Valuation Methodologies | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||||||||||||||||||||||||||
ASSET MANAGEMENT | ||||||||||||||||||||||||||||||||||||||
Private Equity | $ | 21,744,949 | ||||||||||||||||||||||||||||||||||||
Private Equity | $ | 18,865,051 | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 6.8% | 5.0% - 15.0% | Decrease | |||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 25.7% | 0.0% - 75.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 54.8% | 0.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 19.5% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 17.6x | 9.5x - 26.8x | Increase | ||||||||||||||||||||||||||||||||||
Enterprise Value/Forward EBITDA Multiple | 14.9x | 8.0x - 20.0x | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 9.4% | 3.5% - 15.2% | Decrease | ||||||||||||||||||||||||||||||||||
Enterprise Value/LTM EBITDA Exit Multiple | 13.4x | 6.0x - 18.0x | Increase | |||||||||||||||||||||||||||||||||||
Growth Equity | $ | 2,879,898 | Inputs to market comparables, discounted cash flow and milestones | Illiquidity Discount | 9.7% | 5.0% - 25.0% | Decrease | |||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 31.2% | 0.0% - 100.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 2.0% | 0.0% - 50.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Milestones | 66.8% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Scenario Weighting | Base | 73.9% | 50.0% - 75.0% | Increase | ||||||||||||||||||||||||||||||||||
Downside | 7.5% | 1.0% - 25.0% | Decrease | |||||||||||||||||||||||||||||||||||
Upside | 18.6% | 0.0% - 35.0% | Increase | |||||||||||||||||||||||||||||||||||
Credit | $ | 10,200,611 | Yield Analysis | Yield | 5.3% | 4.3% - 25.7% | Decrease | |||||||||||||||||||||||||||||||
Net Leverage | 5.1x | 0.3x - 15.2x | Decrease | |||||||||||||||||||||||||||||||||||
EBITDA Multiple | 11.5x | 1.1x - 37.8x | Increase | |||||||||||||||||||||||||||||||||||
Real Assets | $ | 11,633,184 | ||||||||||||||||||||||||||||||||||||
Energy | $ | 2,623,066 | Inputs to market comparables and discounted cash flow | Weight Ascribed to Market Comparables | 46.1% | 0.0% - 50.0% | (4) | |||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 53.9% | 50.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 6.1x | 5.9x - 6.2x | Increase | ||||||||||||||||||||||||||||||||||
Enterprise Value/Forward EBITDA Multiple | 4.5x | 4.1x - 8.0x | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 11.4% | 10.3% - 14.7% | Decrease | ||||||||||||||||||||||||||||||||||
Average Price Per BOE (8) | $41.71 | $39.43 - $44.74 | Increase | |||||||||||||||||||||||||||||||||||
Infrastructure | $ | 3,083,444 | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 5.0% | 5.0% - 5.0% | Decrease | |||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 1.8% | 0.0% - 25.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 48.7% | 0.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 49.5% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/Forward EBITDA Multiple | 11.0x | 11.0x - 11.0x | Increase | ||||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 6.3% | 4.8% - 8.3% | Decrease | ||||||||||||||||||||||||||||||||||
Enterprise Value/LTM EBITDA Exit Multiple | 12.2x | 10.0x - 13.0x | Increase | |||||||||||||||||||||||||||||||||||
Real Estate | $ | 5,926,674 | Inputs to direct income capitalization, discounted cash flow and transaction price | Weight Ascribed to Direct Income Capitalization | 22.8% | 0.0% - 100.0% | (7) | |||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 70.2% | 0.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 7.0% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Direct income capitalization | Current Capitalization Rate | 5.1% | 3.5% - 8.1% | Decrease | ||||||||||||||||||||||||||||||||||
Discounted cash flow | Unlevered Discount Rate | 6.6% | 5.3% - 18.0% | Decrease | ||||||||||||||||||||||||||||||||||
Fair Value September 30, 2020 | Valuation Methodologies | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||
Private Equity | $ | 12,626,979 | |||||||||||
Private Equity | $ | 10,510,089 | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 7.1% | 5.0% - 15.0% | Decrease | ||||||
Weight Ascribed to Market Comparables | 27.1% | 0.0% - 100.0% | (4) | ||||||||||
Weight Ascribed to Discounted Cash Flow | 59.9% | 0.0% - 100.0% | (5) | ||||||||||
Weight Ascribed to Transaction Price | 13.0% | 0.0% - 100.0% | (6) | ||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 16.0x | 8.2x - 24.6x | Increase | |||||||||
Enterprise Value/Forward EBITDA Multiple | 15.4x | 6.5x - 20.6x | Increase | ||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 9.6% | 6.4% - 18.2% | Decrease | |||||||||
Enterprise Value/LTM EBITDA Exit Multiple | 13.1x | 6.0x - 17.5x | Increase | ||||||||||
Growth Equity | $ | 2,116,890 | Inputs to market comparables, discounted cash flow and milestones | Illiquidity Discount | 11.3% | 10.0% - 20.0% | Decrease | ||||||
Weight Ascribed to Market Comparables | 41.3% | 0.0% - 100.0% | (4) | ||||||||||
Weight Ascribed to Discounted Cash Flow | 10.7% | 0.0% - 50.0% | (5) | ||||||||||
Weight Ascribed to Milestones | 48.0% | 0.0% - 100.0% | (6) | ||||||||||
Scenario Weighting | Base | 59.8% | 25.0% - 70.0% | Increase | |||||||||
Downside | 12.9% | 5.0% - 75.0% | Decrease | ||||||||||
Upside | 27.3% | 0.0% - 45.0% | Increase | ||||||||||
Credit | $ | 8,723,978 | Yield Analysis | Yield | 8.3% | 5.2% - 37.5% | Decrease | ||||||
Net Leverage | 5.1x | 0.3x - 19.3x | Decrease | ||||||||||
EBITDA Multiple | 9.6x | 1.0x - 28.6x | Increase | ||||||||||
Real Assets | $ | 4,440,105 | |||||||||||
Energy | $ | 1,728,637 | Discounted cash flow | Weighted Average Cost of Capital | 10.6% | 9.1% - 14.5% | Decrease | ||||||
Average Price Per BOE (8) | $32.09 | $25.21 - $34.88 | Increase | ||||||||||
Infrastructure | $ | 743,212 | (10) | Inputs to market comparables, discounted cash flow and transaction price | Weight Ascribed to Market Comparables | 6.5% | 0.0% - 25.0% | (4) | |||||
Weight Ascribed to Discounted Cash Flow | 19.6% | 0.0% - 75.0% | (5) | ||||||||||
Weight Ascribed to Transaction Price | 73.9% | 0.0% - 100.0% | (6) | ||||||||||
Real Estate | $ | 1,968,256 | Inputs to direct income capitalization and discounted cash flow | Weight Ascribed to Direct Income Capitalization | 23.3% | 0.0% - 100.0% | (7) | ||||||
Weight Ascribed to Discounted Cash Flow | 76.7% | 0.0% - 100.0% | (5) | ||||||||||
Direct income capitalization | Current Capitalization Rate | 5.8% | 4.3% - 7.8% | Decrease | |||||||||
Discounted cash flow | Unlevered Discount Rate | 7.1% | 4.9% - 18.0% | Decrease | |||||||||
Equity Method - Other | $ | 1,932,859 | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 9.3% | 5.0% - 15.0% | Decrease | ||||||
Weight Ascribed to Market Comparables | 42.6% | 0.0% - 100.0% | (4) | ||||||||||
Weight Ascribed to Discounted Cash Flow | 46.5% | 0.0% - 100.0% | (5) | ||||||||||
Weight Ascribed to Transaction Price | 10.9% | 0.0% - 100.0% | (6) | ||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 13.7x | 9.4x - 28.1x | Increase | |||||||||
Enterprise Value/Forward EBITDA Multiple | 14.4x | 7.2x - 22.4x | Increase | ||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 8.4% | 5.5% - 17.5% | Decrease | |||||||||
Enterprise Value/LTM EBITDA Exit Multiple | 11.0x | 6.0x - 18.0x | Increase | ||||||||||
Level III Assets | Fair Value September 30, 2021 | Valuation Methodologies | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||||||||||||||||||||||||||
Equity Method - Other | $ | 1,008,868 | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 8.1% | 5.0% - 10.0% | Decrease | |||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 34.1% | 0.0% - 75.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 26.5% | 0.0% - 50.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 39.4% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 11.5x | 11.0x - 26.9x | Increase | ||||||||||||||||||||||||||||||||||
Enterprise Value/Forward EBITDA Multiple | 11.8x | 4.1x - 19.5x | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 10.5% | 5.8% - 16.0% | Decrease | ||||||||||||||||||||||||||||||||||
Enterprise Value/LTM EBITDA Exit Multiple | 11.0x | 6.0x - 15.0x | Increase | |||||||||||||||||||||||||||||||||||
Other Investments | $ | 3,168,917 | (9) | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 9.7% | 6.3% - 20.0% | Decrease | ||||||||||||||||||||||||||||||
Weight Ascribed to Market Comparables | 22.5% | 0.0% - 100.0% | (4) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Discounted Cash Flow | 39.5% | 0.0% - 100.0% | (5) | |||||||||||||||||||||||||||||||||||
Weight Ascribed to Transaction Price | 38.0% | 0.0% - 100.0% | (6) | |||||||||||||||||||||||||||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 13.7x | 1.1x - 30.5x | Increase | ||||||||||||||||||||||||||||||||||
Enterprise Value/Forward EBITDA Multiple | 13.2x | 0.9x - 17.1x | Increase | |||||||||||||||||||||||||||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 11.8% | 7.6% - 25.0% | Decrease | ||||||||||||||||||||||||||||||||||
Enterprise Value/LTM EBITDA Exit Multiple | 10.0x | 5.1x - 11.0x | Increase | |||||||||||||||||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||||||||||||||||||
Corporate fixed maturity securities | $ | 1,627,371 | Discounted cash flow | Discount Spread | 2.11% | —% - 4.83% | Decrease | |||||||||||||||||||||||||||||||
Structured securities | $ | 159,372 | Discounted cash flow | Discount Spread | 2.85% | 2.20% - 6.15% | Decrease | |||||||||||||||||||||||||||||||
Constant Prepayment Rate | 7.32% | 5.00% - 15.00% | Increase/Decrease | |||||||||||||||||||||||||||||||||||
Constant Default Rate | 1.16% | 1.00% - 2.50% | Decrease | |||||||||||||||||||||||||||||||||||
Loss Severity | 100% | Decrease | ||||||||||||||||||||||||||||||||||||
Other investments | $ | 455,387 | Direct capitalization | Current Capitalization Rate | 5.52% | 4.95% - 6.09% | Decrease | |||||||||||||||||||||||||||||||
Vacancy rate | 5.00% | Decrease | ||||||||||||||||||||||||||||||||||||
Discounted cash flow | Yield | 8.00% | Decrease | |||||||||||||||||||||||||||||||||||
Funds withheld receivable at interest | $ | 80,493 | Discounted cash flow | Duration/Weighted Average Life | 10.43 years | 0.0 years - 23.2 years | Increase | |||||||||||||||||||||||||||||||
Contractholder Persistency | 6.13% | 3.50% - 16.20% | Increase | |||||||||||||||||||||||||||||||||||
Nonperformance Risk | 0.26% - 1.11% | Decrease | ||||||||||||||||||||||||||||||||||||
Reinsurance recoverable | $ | 1,325,487 | Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities. | Expense assumption | The average expense assumption is between $10.40 and $78.00 per policy, increased by inflation. | 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 | 9.42% | Decrease | |||||||||||||||||||||||||||||||||||
Cost of capital | 3.69% - 13.85% | Increase | ||||||||||||||||||||||||||||||||||||
Discounted cash flow | Mortality Rate | 2.55% | Increase | |||||||||||||||||||||||||||||||||||
Surrender Rate | 5.33% | Increase |
Fair Value September 30, 2020 | Valuation Methodologies | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||
Other Investments | $ | 1,894,329 | (9) | Inputs to market comparables, discounted cash flow and transaction price | Illiquidity Discount | 8.5% | 5.0% - 20.0% | Decrease | |||||
Weight Ascribed to Market Comparables | 35.0% | 0.0% - 100.0% | (4) | ||||||||||
Weight Ascribed to Discounted Cash Flow | 40.6% | 0.0% - 100.0% | (5) | ||||||||||
Weight Ascribed to Transaction Price | 24.4% | 0.0% - 100.0% | (6) | ||||||||||
Market comparables | Enterprise Value/LTM EBITDA Multiple | 14.2x | 1.4x - 28.5x | Increase | |||||||||
Enterprise Value/Forward EBITDA Multiple | 14.0x | 1.3x - 26.5x | Increase | ||||||||||
Discounted cash flow | Weighted Average Cost of Capital | 14.7% | 8.3% - 25.0% | Decrease | |||||||||
Enterprise Value/LTM EBITDA Exit Multiple | 9.2x | 6.9x - 11.0x | Increase | ||||||||||
Level III Liabilities | Fair Value September 30, 2021 | Valuation Methodologies | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||||||||||||||||||||||||||
ASSET MANAGEMENT | ||||||||||||||||||||||||||||||||||||||
Unfunded Revolver Commitments | $ | 50,910 | Yield Analysis | Yield | 5.2% | 3.9% - 6.9% | Decrease | |||||||||||||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||||||||||||||||||
Policy liabilities | $ | 544,829�� | Present value of best estimate liability cash flows. Unobservable inputs include a market participant view of the risk margin included in the discount rate which reflects the variability of the cash flows. | Risk Margin Rate | 0.26% - 1.45% | Decrease | ||||||||||||||||||||||||||||||||
Policyholder behavior is also a significant unobservable input, including surrender and mortality. | Surrender Rate | 3.15% - 6.92% | Increase | |||||||||||||||||||||||||||||||||||
Mortality Rate | 3.75% - 8.29% | Increase | ||||||||||||||||||||||||||||||||||||
Closed block policy liabilities | $ | 1,374,913 | Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities. | Expense assumption | The average expense assumption is between $10.40 and $78.00 per policy, increased by inflation. | Increase | ||||||||||||||||||||||||||||||||
Nonperformance Risk | 0.26% - 1.11% | 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 | 9.42% | Decrease | |||||||||||||||||||||||||||||||||||
Cost of Capital | 3.69% - 13.85% | Increase | ||||||||||||||||||||||||||||||||||||
Discounted cash flow | Mortality Rate | 2.55% | Increase | |||||||||||||||||||||||||||||||||||
Surrender Rate | 5.33% | Increase | ||||||||||||||||||||||||||||||||||||
Level III Liabilities | Fair Value September 30, 2021 | Valuation Methodologies | Unobservable Input(s) (1) | Weighted Average (2) | Range | Impact to Valuation from an Increase in Input (3) | ||||||||||||||||||||||||||||||||
Funds withheld payable at interest | $ | (36,755) | Discounted cash flow | Duration/Weighted Average Life | 10.60 years | 0.0 years - 20.1 years | Decrease | |||||||||||||||||||||||||||||||
Contractholder Persistency | 6.13% | 3.50% - 16.20% | Decrease | |||||||||||||||||||||||||||||||||||
Nonperformance Risk | 0.26% - 1.11% | Decrease | ||||||||||||||||||||||||||||||||||||
Embedded derivative – indexed universal life products | $ | 490,013 | Policy persistency is a significant unobservable input. | Lapse Rate | 3.71% | Decrease | ||||||||||||||||||||||||||||||||
Mortality Rate | 0.68% | Decrease | ||||||||||||||||||||||||||||||||||||
Future costs for options used to hedge the contract obligations | Option Budge Assumption | 3.60% | Increase | |||||||||||||||||||||||||||||||||||
Nonperformance Risk | 0.26% - 1.11% | Decrease | ||||||||||||||||||||||||||||||||||||
Embedded derivative – annuity products | $ | 1,652,714 | Policyholder behavior is a significant unobservable input, including utilization and lapse. | Utilization: | ||||||||||||||||||||||||||||||||||
Fixed-indexed annuity | 3.70% | Decrease | ||||||||||||||||||||||||||||||||||||
Variable annuity | 4.19% | 2.27% - 32.56% | Decrease | |||||||||||||||||||||||||||||||||||
Surrender Rate: | ||||||||||||||||||||||||||||||||||||||
Fixed-indexed annuity | 9.85% | Decrease | ||||||||||||||||||||||||||||||||||||
Variable annuity | 3.63% - 41.90% | Decrease | ||||||||||||||||||||||||||||||||||||
Mortality Rate | ||||||||||||||||||||||||||||||||||||||
Fixed-indexed annuity | 1.95% | Decrease | ||||||||||||||||||||||||||||||||||||
Variable annuity | 1.33% - 7.57% | Decrease | ||||||||||||||||||||||||||||||||||||
Future costs for options used to hedge the contract obligations | Option Budge Assumption: | |||||||||||||||||||||||||||||||||||||
Retail RIA | 1.60% | Increase | ||||||||||||||||||||||||||||||||||||
Fixed-indexed annuity | 2.10% | Increase | ||||||||||||||||||||||||||||||||||||
Variable annuity | n/a | Increase | ||||||||||||||||||||||||||||||||||||
Nonperformance Risk | 0.26% - 1.11% | Decrease |
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||
As of September 30, 2021 | Carrying Value | Level I | Level II | Level III | Fair Value | |||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
Mortgage and other loan receivables | $ | 24,078,587 | $ | — | $ | — | $ | 24,826,227 | $ | 24,826,227 | ||||||||||||||||||||||
Policy loans | 765,931 | — | — | 751,674 | 751,674 | |||||||||||||||||||||||||||
FHLB common stock and other investments | 833,519 | — | — | 833,519 | 833,519 | |||||||||||||||||||||||||||
Funds withheld receivables at interest | 2,985,988 | — | 2,985,988 | — | 2,985,988 | |||||||||||||||||||||||||||
Cash and cash equivalents | 4,717,240 | 4,717,240 | — | — | 4,717,240 | |||||||||||||||||||||||||||
Restricted cash and cash equivalents | 398,572 | 398,572 | — | — | 398,572 | |||||||||||||||||||||||||||
Total financial assets | $ | 33,779,837 | $ | 5,115,812 | $ | 2,985,988 | $ | 26,411,420 | $ | 34,513,220 | ||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||
Other contractholder deposit funds | $ | 29,989,672 | $ | — | $ | 28,063,998 | $ | — | $ | 28,063,998 | ||||||||||||||||||||||
Supplementary contracts without life contingencies | 30,513 | — | — | 30,704 | 30,704 | |||||||||||||||||||||||||||
Funding agreements | 2,571,298 | — | — | 2,563,810 | 2,563,810 | |||||||||||||||||||||||||||
Funds withheld payables at interest | 23,651,565 | — | 23,651,565 | — | 23,651,565 | |||||||||||||||||||||||||||
Debt obligations | 2,162,591 | — | — | 2,244,861 | 2,244,861 | |||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 317,938 | — | 317,938 | — | 317,938 | |||||||||||||||||||||||||||
Total financial liabilities | $ | 58,723,577 | $ | — | $ | 52,033,501 | $ | 4,839,375 | $ | 56,872,876 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||||||||||||||||||
Credit | $ | 6,986,251 | $ | 5,958,958 | |||||||||||||||||||||||||||||||||||||||||||
Investments of Consolidated CFEs | 20,696,676 | 17,706,976 | |||||||||||||||||||||||||||||||||||||||||||||
Real Assets | 185,117 | 177,240 | |||||||||||||||||||||||||||||||||||||||||||||
Equity Method - Other | 1,314,982 | 1,507,620 | |||||||||||||||||||||||||||||||||||||||||||||
Other Investments | 197,797 | 201,563 | |||||||||||||||||||||||||||||||||||||||||||||
Total Asset Management | $ | 29,380,823 | $ | 25,552,357 | |||||||||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and other loan receivables | $ | 1,288,478 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Other investments | 476,768 | — | |||||||||||||||||||||||||||||||||||||||||||||
Reinsurance recoverable | 1,325,487 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total Insurance | $ | 3,090,733 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 32,471,556 | $ | 25,552,357 | |||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Asset Management | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations of Consolidated CFEs | $ | 19,969,156 | $ | 17,372,740 | |||||||||||||||||||||||||||||||||||||||||||
Total Asset Management | $ | 19,969,156 | $ | 17,372,740 | |||||||||||||||||||||||||||||||||||||||||||
Insurance | |||||||||||||||||||||||||||||||||||||||||||||||
Policy liabilities | $ | 1,919,742 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Total Insurance | $ | 1,919,742 | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 21,888,898 | $ | 17,372,740 | |||||||||||||||||||||||||||||||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Private Equity | $ | 0 | $ | 0 | |||
Credit | 6,535,237 | 6,451,765 | |||||
Investments of Consolidated CFEs | 16,647,431 | 14,948,237 | |||||
Real Assets | 204,664 | 222,488 | |||||
Equity Method - Other | 2,346,717 | 1,934,555 | |||||
Other Investments | 172,852 | 395,637 | |||||
Total | $ | 25,906,901 | $ | 23,952,682 | |||
Liabilities | |||||||
Debt Obligations of Consolidated CFEs | $ | 16,279,747 | $ | 14,658,137 | |||
Total | $ | 16,279,747 | $ | 14,658,137 |
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | $ | 19,414 | $ | 7,639 | $ | 27,053 | $ | 6,105 | $ | 93,955 | $ | 100,060 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments of Consolidated CFEs | 23,198 | (15,013) | 8,185 | (33,373) | 425,660 | $ | 392,287 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | 391 | 7,591 | 7,982 | — | 6,423 | $ | 6,423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method - Other | 293,819 | (263,841) | 29,978 | (26,079) | 344,316 | $ | 318,237 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | 11,175 | 1,062 | 12,237 | 49 | 7,924 | $ | 7,973 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Asset Management | $ | 347,997 | $ | (262,562) | $ | 85,435 | $ | (53,298) | $ | 878,278 | $ | 824,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and other loan receivables | $ | — | $ | 3,613 | $ | 3,613 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | — | 317,542 | 317,542 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Insurance | $ | — | $ | 321,155 | $ | 321,155 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 347,997 | $ | 58,593 | $ | 406,590 | $ | (53,298) | $ | 878,278 | $ | 824,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations of Consolidated CFEs | $ | 10,278 | $ | (10,437) | $ | (159) | $ | — | $ | (317,299) | $ | (317,299) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Asset Management | $ | 10,278 | $ | (10,437) | $ | (159) | $ | — | $ | (317,299) | $ | (317,299) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy liabilities | $ | — | $ | (3,463) | $ | (3,463) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Insurance | $ | — | $ | (3,463) | $ | (3,463) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 10,278 | $ | (13,900) | $ | (3,622) | $ | — | $ | (317,299) | $ | (317,299) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit | $ | 1,573 | $ | 15,543 | $ | 17,116 | $ | (42,878) | $ | 5,458 | $ | (37,420) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments of Consolidated CFEs | 44,954 | 173,775 | 218,729 | (127,175) | (424,918) | (552,093) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Assets | 566 | 18,448 | 19,014 | 153 | (17,882) | (17,729) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method - Other | 368,931 | (71,179) | 297,752 | (82,671) | 271,243 | 188,572 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments | 16,581 | 17,627 | 34,208 | (60,241) | 52,755 | (7,486) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Asset Management | $ | 432,605 | $ | 154,214 | $ | 586,819 | $ | (312,812) | $ | (113,344) | $ | (426,156) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and other loan receivables | $ | — | $ | 9,443 | $ | 9,443 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | — | 353,112 | 353,112 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Insurance | $ | — | $ | 362,555 | $ | 362,555 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 432,605 | $ | 516,769 | $ | 949,374 | $ | (312,812) | $ | (113,344) | $ | (426,156) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Management | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Obligations of Consolidated CFEs | $ | 9,740 | $ | (82,107) | $ | (72,367) | $ | — | $ | 337,634 | $ | 337,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Asset Management | $ | 9,740 | $ | (82,107) | $ | (72,367) | $ | — | $ | 337,634 | $ | 337,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy liabilities | $ | — | $ | (89,184) | $ | (89,184) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Insurance | $ | — | $ | (89,184) | $ | (89,184) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 9,740 | $ | (171,291) | $ | (161,551) | $ | — | $ | 337,634 | $ | 337,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | ||||||||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Private Equity | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Credit | 6,105 | 93,955 | 100,060 | 14,704 | (141,285 | ) | (126,581 | ) | |||||||||||||||
Investments of Consolidated CFEs | (33,373 | ) | 425,660 | 392,287 | (6,874 | ) | (94,137 | ) | (101,011 | ) | |||||||||||||
Real Assets | 0 | 6,423 | 6,423 | (93 | ) | (11,772 | ) | (11,865 | ) | ||||||||||||||
Equity Method - Other | (26,079 | ) | 344,316 | 318,237 | 1,654 | 26,279 | 27,933 | ||||||||||||||||
Other Investments | 49 | 7,924 | 7,973 | 7,242 | (8,545 | ) | (1,303 | ) | |||||||||||||||
Total | $ | (53,298 | ) | $ | 878,278 | $ | 824,980 | $ | 16,633 | $ | (229,460 | ) | $ | (212,827 | ) | ||||||||
Liabilities | |||||||||||||||||||||||
Debt Obligations of Consolidated CFEs | $ | 0 | $ | (317,299 | ) | $ | (317,299 | ) | $ | 0 | $ | 68,604 | $ | 68,604 | |||||||||
Total | $ | 0 | $ | (317,299 | ) | $ | (317,299 | ) | $ | 0 | $ | 68,604 | $ | 68,604 | |||||||||
Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | ||||||||||||||||||||||
Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | Net Realized Gains (Losses) | Net Unrealized Gains (Losses) | Total | ||||||||||||||||||
Assets | |||||||||||||||||||||||
Private Equity | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 194 | $ | 194 | |||||||||||
Credit | (42,878 | ) | 5,458 | (37,420 | ) | (51,836 | ) | (136,786 | ) | (188,622 | ) | ||||||||||||
Investments of Consolidated CFEs | (127,175 | ) | (424,918 | ) | (552,093 | ) | (20,545 | ) | 203,141 | 182,596 | |||||||||||||
Real Assets | 153 | (17,882 | ) | (17,729 | ) | 1,689 | 5,598 | 7,287 | |||||||||||||||
Equity Method - Other | (82,671 | ) | 271,243 | 188,572 | 12,332 | 64,236 | 76,568 | ||||||||||||||||
Other Investments | (60,241 | ) | 52,755 | (7,486 | ) | 8,216 | 2,674 | 10,890 | |||||||||||||||
Total | $ | (312,812 | ) | $ | (113,344 | ) | $ | (426,156 | ) | $ | (50,144 | ) | $ | 139,057 | $ | 88,913 | |||||||
Liabilities | |||||||||||||||||||||||
Debt Obligations of Consolidated CFEs | $ | 0 | $ | 337,634 | $ | 337,634 | $ | 0 | $ | (257,355 | ) | $ | (257,355 | ) | |||||||||
Total | $ | 0 | $ | 337,634 | $ | 337,634 | $ | 0 | $ | (257,355 | ) | $ | (257,355 | ) |
Nine Months Ended | ||||||||
September 30, 2021 | ||||||||
Balance, as of GA Acquisition Date | $ | — | ||||||
Acquisition/reinsurance | 51,322 | |||||||
Deferrals | 259,203 | |||||||
Amortized to expense during the period(1) | (13,016) | |||||||
Adjustment for unrealized investment losses (gains) during the period | 4,907 | |||||||
Balance, as of end of period | $ | 302,416 |
Nine Months Ended | ||||||||
September 30, 2021 | ||||||||
Balance, as of GA Acquisition Date | $ | 1,024,520 | ||||||
Amortized to expense during the period(1) | (47,866) | |||||||
Balance, as of end of period | $ | 976,654 |
Nine Months Ended | ||||||||
September 30, 2021 | ||||||||
Balance, as of Acquisition Date | $ | 1,273,414 | ||||||
Amortized to expense during the period(1) | (118,291) | |||||||
Balance, as of end of period | $ | 1,155,123 |
Nine Months Ended | ||||||||
September 30, 2021 | ||||||||
Balance, as of GA Acquisition Date | $ | — | ||||||
Deferrals | 41,000 | |||||||
Amortized to expense during the period(1) | (1,302) | |||||||
Adjustment for unrealized investment losses during the period | (4,100) | |||||||
Balance, as of end of period | $ | 35,598 |
September 30, 2021 | ||||||||||||||
Policy liabilities: | ||||||||||||||
Direct | $ | 65,847,071 | ||||||||||||
Assumed | 58,764,838 | |||||||||||||
Total policy liabilities | 124,611,909 | |||||||||||||
Ceded(1) | (25,248,798) | |||||||||||||
Net policy liabilities | $ | 99,363,111 |
As of September 30, 2021 | ||||||||||||||||||||
A.M. Best Rating(1) | Reinsurance recoverable and funds withheld receivable at interest(2) | Credit enhancements(3) | Net reinsurance credit exposure | |||||||||||||||||
A++ | $ | 7,267 | $ | — | $ | 7,267 | ||||||||||||||
A+ | 1,937,673 | — | 1,937,673 | |||||||||||||||||
A | 2,777,536 | — | 2,777,536 | |||||||||||||||||
A- | 5,740,269 | 5,304,491 | 435,778 | |||||||||||||||||
B++ | 33,421 | — | 33,421 | |||||||||||||||||
B+ | 2,307 | — | 2,307 | |||||||||||||||||
B | 10,425 | — | 10,425 | |||||||||||||||||
B- | 4,213 | — | 4,213 | |||||||||||||||||
Not rated(4) | 17,717,883 | 18,320,143 | — | |||||||||||||||||
Total | $ | 28,230,994 | $ | 23,624,634 | $ | 5,208,620 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||
Premiums: | ||||||||||||||||||||||||||
Direct | $ | 28,509 | $ | 74,959 | ||||||||||||||||||||||
Assumed(1) | 1,908,614 | 3,778,810 | ||||||||||||||||||||||||
Ceded | (962,220) | (2,154,857) | ||||||||||||||||||||||||
Net premiums | $ | 974,903 | $ | 1,698,912 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||
Policy fees: | ||||||||||||||||||||||||||
Direct | $ | 233,029 | $ | 614,910 | ||||||||||||||||||||||
Assumed(1) | 77,694 | 210,411 | ||||||||||||||||||||||||
Ceded | (342) | (995) | ||||||||||||||||||||||||
Net policy fees | $ | 310,381 | $ | 824,326 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||||||||
Policy benefits and claims: | ||||||||||||||||||||||||||
Direct | $ | 554,134 | $ | 1,996,642 | ||||||||||||||||||||||
Assumed(1) | 2,254,670 | 3,987,189 | ||||||||||||||||||||||||
Ceded | (1,111,758) | (2,390,268) | ||||||||||||||||||||||||
Net policy benefits and claims | $ | 1,697,046 | $ | 3,593,563 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic | $ | 1,131,354 | $ | 1,047,685 | $ | 4,053,271 | $ | 457,448 | |||||||||||||||||||||||||||||||||
(+) Series C Mandatory Convertible Preferred Dividend (if dilutive) | 17,250 | 8,817 | 51,750 | — | |||||||||||||||||||||||||||||||||||||
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted | $ | 1,148,604 | $ | 1,056,502 | $ | 4,105,021 | $ | 457,448 | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 1,056,502 | $ | 241,213 | $ | 466,265 | $ | 1,456,584 | |||||||
(-) Accumulated Series C Mandatory Convertible Preferred Dividend | 8,817 | 0 | 8,817 | 0 | |||||||||||
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic | $ | 1,047,685 | $ | 241,213 | $ | 457,448 | $ | 1,456,584 | |||||||
(+) Accumulated Series C Mandatory Convertible Preferred Dividend (if dilutive) | 8,817 | 0 | 0 | 0 | |||||||||||
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted | $ | 1,056,502 | $ | 241,213 | $ | 457,448 | $ | 1,456,584 |
Basic Net Income (Loss) Per Share of Common Stock | |||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares of Common Stock Outstanding - Basic | 583,030,506 | 562,425,576 | 580,742,033 | 560,124,947 | |||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Basic | $ | 1.94 | $ | 1.86 | $ | 6.98 | $ | 0.82 | |||||||||||||||||||||||||||||||||
Basic Net Income (Loss) Per Share of Common Stock | |||||||||||||||
Weighted Average Shares of Common Stock Outstanding - Basic | 562,425,576 | 546,336,936 | 560,124,947 | 541,631,675 | |||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Basic | $ | 1.86 | $ | 0.44 | $ | 0.82 | $ | 2.69 |
Diluted Net Income (Loss) Per Share of Common Stock | Diluted Net Income (Loss) Per Share of Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares of Common Stock Outstanding - Basic | 562,425,576 | 546,336,936 | 560,124,947 | 541,631,675 | Weighted Average Shares of Common Stock Outstanding - Basic | 583,030,506 | 562,425,576 | 580,742,033 | 560,124,947 | |||||||||||||||||||||||||||||||||||||||||||||||
Incremental Common Shares: | Incremental Common Shares: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumed vesting of dilutive equity awards | 9,954,502 | 13,195,129 | 9,786,034 | 13,154,681 | Assumed vesting of dilutive equity awards | 27,562,994 | 9,954,502 | 22,055,422 | 9,786,034 | |||||||||||||||||||||||||||||||||||||||||||||||
Assumed conversion of Series C Mandatory Convertible Preferred Stock | 16,736,309 | 0 | 0 | 0 | Assumed conversion of Series C Mandatory Convertible Preferred Stock | 26,822,600 | 16,736,309 | 26,822,600 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted Average Shares of Common Stock Outstanding - Diluted | 589,116,387 | 559,532,065 | 569,910,981 | 554,786,356 | Weighted Average Shares of Common Stock Outstanding - Diluted | 637,416,100 | 589,116,387 | 629,620,055 | 569,910,981 | |||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted | $ | 1.79 | $ | 0.43 | $ | 0.80 | $ | 2.63 | Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted | $ | 1.80 | $ | 1.79 | $ | 6.52 | $ | 0.80 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Weighted Average KKR Holdings Units | 271,027,751 | 282,692,900 | 272,674,225 | 285,757,397 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Weighted Average KKR Holdings Units | 282,692,900 | 296,248,180 | 285,757,397 | 297,624,035 |
September 30, 2021 | December 31, 2020 | ||||||||||
Asset Management | |||||||||||
Unsettled Investment Sales (1) | $ | 500,507 | $ | 197,635 | |||||||
Receivables | 39,789 | 75,697 | |||||||||
Due from Broker (2) | 291,775 | 644,028 | |||||||||
Deferred Tax Assets, net (See Note 17) | 91,959 | 83,822 | |||||||||
Interest Receivable | 191,085 | 145,532 | |||||||||
Fixed Assets, net (3) | 813,488 | 760,606 | |||||||||
Foreign Exchange Contracts and Options (4) | 427,929 | 250,398 | |||||||||
Goodwill (5) | 83,500 | 83,500 | |||||||||
Derivative Assets | 1,747 | 7,839 | |||||||||
Prepaid Taxes | 91,295 | 77,041 | |||||||||
Prepaid Expenses | 33,720 | 26,366 | |||||||||
Operating Lease Right of Use Assets (6) | 224,855 | 190,758 | |||||||||
Deferred Financing Costs | 18,243 | 22,810 | |||||||||
Other | 144,438 | 99,304 | |||||||||
Total Asset Management | $ | 2,954,330 | $ | 2,665,336 | |||||||
Insurance | |||||||||||
Unsettled Investment Sales(1) | $ | 2,272,772 | $ | — | |||||||
Deferred Tax Assets, net | 779,889 | — | |||||||||
Derivative Assets | 1,117,953 | — | |||||||||
Accrued Investment Income | 825,124 | — | |||||||||
Goodwill | 497,053 | — | |||||||||
Intangible Assets and Deferred Sales Inducements(7) | 298,235 | — | |||||||||
Operating Lease Right of Use Assets(6) | 162,435 | — | |||||||||
Other | 123,431 | — | |||||||||
Premiums and Other Account Receivables | 66,328 | — | |||||||||
Current Income Tax Recoverable | 5,151 | — | |||||||||
Total Insurance | $ | 6,148,371 | $ | — | |||||||
Total Other Assets | $ | 9,102,701 | $ | 2,665,336 |
September 30, 2020 | December 31, 2019 | ||||||
Unsettled Investment Sales (1) | $ | 684,163 | $ | 86,033 | |||
Receivables | 58,785 | 26,893 | |||||
Due from Broker (2) | 255,871 | 65,154 | |||||
Oil & Gas Assets, net (3) | 0 | 215,243 | |||||
Deferred Tax Assets, net | 176,950 | 158,574 | |||||
Interest Receivable | 188,476 | 156,026 | |||||
Fixed Assets, net (4) | 722,735 | 633,025 | |||||
Foreign Exchange Contracts and Options (5) | 234,358 | 188,572 | |||||
Goodwill (6) | 83,500 | 83,500 | |||||
Derivative Assets | 41,718 | 23,139 | |||||
Prepaid Taxes | 78,527 | 84,462 | |||||
Prepaid Expenses | 29,303 | 14,596 | |||||
Operating Lease Right of Use Assets (7) | 160,139 | 121,101 | |||||
Deferred Financing Costs | 18,520 | 12,374 | |||||
Other | 275,312 | 139,544 | |||||
Total | $ | 3,008,357 | $ | 2,008,236 |
September 30, 2021 | December 31, 2020 | ||||||||||
Asset Management | |||||||||||
Amounts Payable to Carry Pool (1) | $ | 3,562,686 | $ | 1,916,669 | |||||||
Unsettled Investment Purchases (2) | 1,382,929 | 850,714 | |||||||||
Securities Sold Short (3) | 262,151 | 281,826 | |||||||||
Derivative Liabilities | 37,798 | 126,950 | |||||||||
Accrued Compensation and Benefits | 847,283 | 150,883 | |||||||||
Interest Payable | 159,129 | 182,044 | |||||||||
Foreign Exchange Contracts and Options (4) | 444,713 | 551,728 | |||||||||
Accounts Payable and Accrued Expenses | 161,952 | 130,661 | |||||||||
Taxes Payable | 28,979 | 88,040 | |||||||||
Uncertain Tax Positions | 76,643 | 76,643 | |||||||||
Unfunded Revolver Commitments | 50,910 | 46,340 | |||||||||
Operating Lease Liabilities (5) | 227,624 | 191,564 | |||||||||
Deferred Tax Liabilities, net (See Note 17) | 1,091,098 | 199,425 | |||||||||
Other Liabilities | 580,844 | 464,326 | |||||||||
Total Asset Management | $ | 8,914,739 | $ | 5,257,813 | |||||||
Insurance | |||||||||||
Unsettled Investment Purchases(2) | $ | 1,930,044 | $ | — | |||||||
Collateral on Derivative Instruments | 967,632 | 0 | |||||||||
Accrued Expenses | 542,510 | — | |||||||||
Securities Sold Under Agreements to Repurchase | 317,938 | — | |||||||||
Derivative Liabilities | 174,786 | — | |||||||||
Operating Lease Liabilities(5) | 181,302 | — | |||||||||
Accrued Employee Related Expenses | 189,471 | — | |||||||||
Tax Payable to Former Parent Company | 73,608 | — | |||||||||
Interest Payable | 36,086 | — | |||||||||
Accounts and Commissions Payable | 19,798 | — | |||||||||
Other Tax Related Liabilities | 9,787 | — | |||||||||
Total Insurance | $ | 4,442,962 | $ | — | |||||||
Total Accrued Expenses and Other Liabilities | $ | 13,357,701 | $ | 5,257,813 | |||||||
September 30, 2020 | December 31, 2019 | ||||||
Amounts Payable to Carry Pool (1) | $ | 1,393,381 | $ | 1,448,879 | |||
Unsettled Investment Purchases (2) | 1,352,482 | 481,337 | |||||
Securities Sold Short (3) | 434,598 | 251,223 | |||||
Derivative Liabilities | 115,221 | 34,174 | |||||
Accrued Compensation and Benefits | 558,179 | 131,719 | |||||
Interest Payable | 177,434 | 234,165 | |||||
Foreign Exchange Contracts and Options (4) | 263,927 | 39,364 | |||||
Accounts Payable and Accrued Expenses | 156,963 | 118,454 | |||||
Taxes Payable | 36,484 | 32,682 | |||||
Uncertain Tax Positions | 68,665 | 65,716 | |||||
Unfunded Revolver Commitments | 56,085 | 75,842 | |||||
Operating Lease Liabilities (5) | 161,165 | 125,086 | |||||
Other Liabilities | 86,534 | 58,922 | |||||
Total | $ | 4,861,118 | $ | 3,097,563 |
September 30, 2021 | December 31, 2020 | ||||||||||
Investments - Asset Management | $ | 11,091,844 | $ | 6,460,430 | |||||||
Due from (to) Affiliates, net | 830,982 | 586,595 | |||||||||
Maximum Exposure to Loss - Asset Management | $ | 11,922,826 | $ | 7,047,025 | |||||||
Other Investment in Partnership - Insurance | $ | 184,492 | $ | — | |||||||
Investment in Renewable Partnerships - Insurance | 365,443 | — | |||||||||
Maximum Exposure to Loss- Insurance | $ | 549,935 | $ | — | |||||||
Total Maximum Exposure to Loss | $ | 12,472,761 | $ | 7,047,025 | |||||||
September 30, 2020 | December 31, 2019 | ||||||
Investments | $ | 5,142,463 | $ | 5,329,368 | |||
Due from (to) Affiliates, net | 513,939 | 439,374 | |||||
Maximum Exposure to Loss | $ | 5,656,402 | $ | 5,768,742 |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Financing Available | Borrowing Outstanding | Fair Value | Financing Available | Borrowing Outstanding | Fair Value | |||||||||||||||||||||||||||||||||
Revolving Credit Facilities: | ||||||||||||||||||||||||||||||||||||||
Corporate Credit Agreement | $ | 1,000,000 | $ | — | $ | — | $ | 1,000,000 | $ | — | $ | — | ||||||||||||||||||||||||||
KCM Credit Agreement | 728,593 | — | — | 705,014 | — | — | ||||||||||||||||||||||||||||||||
KCM 364-Day Revolving Credit Agreement | 750,000 | — | — | 750,000 | — | — | ||||||||||||||||||||||||||||||||
Notes Issued: (1) | ||||||||||||||||||||||||||||||||||||||
KKR ¥25 billion (or $224.0 million) 0.509% Notes Due 2023 | (4) | — | 223,556 | 223,384 | — | 241,331 | 241,580 | |||||||||||||||||||||||||||||||
KKR ¥5 billion (or $44.8 million) 0.764% Notes Due 2025 | (4) | — | 44,404 | 44,789 | — | 47,919 | 48,554 | |||||||||||||||||||||||||||||||
KKR €650 million (or $756.7 million) 1.625% Notes Due 2029 | (5) | — | 749,389 | 809,635 | — | 790,157 | 870,647 | |||||||||||||||||||||||||||||||
KKR $750 million 3.750% Notes Due 2029 | (4) | — | 743,111 | 832,290 | — | 742,196 | 874,658 | |||||||||||||||||||||||||||||||
KKR ¥10.3 billion (or $92.3 million) 1.595% Notes Due 2038 | (4) | — | 91,270 | 95,229 | — | 98,640 | 104,004 | |||||||||||||||||||||||||||||||
KKR $500 million 5.500% Notes Due 2043 (6) | (4) | — | 491,065 | 659,885 | — | 492,513 | 666,885 | |||||||||||||||||||||||||||||||
KKR $1 billion 5.125% Notes Due 2044 (6) | (4) | — | 951,301 | 1,249,501 | — | 991,471 | 1,307,220 | |||||||||||||||||||||||||||||||
KKR $500 million 3.625% Notes Due 2050 | (4) | — | 492,419 | 536,120 | — | 492,123 | 556,095 | |||||||||||||||||||||||||||||||
KKR $750 million 3.500% Notes Due 2050 (6) | (4) | — | 735,783 | 787,515 | — | 735,161 | 830,280 | |||||||||||||||||||||||||||||||
KKR $500 million 4.625% Notes Due 2061 | (5) | — | 485,955 | 518,000 | — | — | — | |||||||||||||||||||||||||||||||
KFN $500 million 5.500% Notes Due 2032 | (2) | — | 494,903 | 490,670 | — | 494,540 | 502,992 | |||||||||||||||||||||||||||||||
KFN $120 million 5.200% Notes Due 2033 | (2) | — | 118,623 | 115,341 | — | 118,533 | 118,300 | |||||||||||||||||||||||||||||||
KFN $70 million 5.400% Notes Due 2033 | (2) | — | 68,934 | 68,455 | — | 68,866 | 70,267 | |||||||||||||||||||||||||||||||
KFN Issued Junior Subordinated Notes (3) | (2) | — | 235,802 | 180,732 | — | 234,808 | 165,627 | |||||||||||||||||||||||||||||||
2,478,593 | 5,926,515 | 6,611,546 | 2,455,014 | 5,548,258 | 6,357,109 | |||||||||||||||||||||||||||||||||
Other Debt Obligations(6) | 8,787,351 | 33,062,029 | 33,097,029 | 5,621,883 | 27,875,338 | 27,889,438 | ||||||||||||||||||||||||||||||||
$ | 11,265,944 | $ | 38,988,544 | $ | 39,708,575 | $ | 8,076,897 | $ | 33,423,596 | $ | 34,246,547 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Financing Available | Borrowing Outstanding | Fair Value | Financing Available | Borrowing Outstanding | Fair Value | |||||||||||||||||||
Revolving Credit Facilities: | ||||||||||||||||||||||||
Corporate Credit Agreement | $ | 1,000,000 | $ | 0 | $ | 0 | $ | 1,000,000 | $ | 0 | $ | 0 | ||||||||||||
KCM Credit Agreement | 455,014 | 0 | 0 | 444,904 | 0 | 0 | ||||||||||||||||||
KCM 364-Day Revolving Credit Agreement | 750,000 | 0 | 0 | 750,000 | 0 | 0 | ||||||||||||||||||
Notes Issued: | ||||||||||||||||||||||||
KKR Issued 0.509% Notes Due 2023 (1) | — | 236,006 | 236,769 | (14) | — | 228,280 | 228,026 | (14) | ||||||||||||||||
KKR Issued 0.764% Notes Due 2025 (2) | — | 46,840 | 47,635 | (14) | — | 45,255 | 45,856 | (14) | ||||||||||||||||
KKR Issued 1.625% Notes Due 2029 (3) | — | 752,541 | 809,005 | (15) | — | 718,478 | 758,903 | (15) | ||||||||||||||||
KKR Issued 3.750% Notes Due 2029 (4) | — | 741,967 | 863,460 | (14) | — | 493,962 | 533,505 | (14) | ||||||||||||||||
KKR Issued 1.595% Notes Due 2038 (5) | — | 96,462 | 102,638 | (14) | — | 93,325 | 98,524 | (14) | ||||||||||||||||
KKR Issued 5.500% Notes Due 2043 (6) | — | 492,429 | 636,235 | (14) | — | 492,175 | 613,415 | (14) | ||||||||||||||||
KKR Issued 5.125% Notes Due 2044 (7) | — | 991,380 | 1,249,730 | (14) | — | 991,106 | 1,186,670 | (14) | ||||||||||||||||
KKR Issued 3.625% Notes Due 2050 (8) | — | 492,056 | 516,180 | (14) | — | 0 | 0 | |||||||||||||||||
KKR Issued 3.500% Notes Due 2050 (9) | — | 735,036 | 760,508 | (14) | — | 0 | 0 | |||||||||||||||||
KFN Issued 5.500% Notes Due 2032 (10) | — | 494,419 | 496,028 | — | 494,054 | 504,807 | ||||||||||||||||||
KFN Issued 5.200% Notes Due 2033 (11) | — | 118,502 | 115,802 | — | 118,411 | 117,834 | ||||||||||||||||||
KFN Issued 5.400% Notes Due 2033 (12) | — | 68,843 | 68,774 | — | 68,774 | 70,059 | ||||||||||||||||||
KFN Issued Junior Subordinated Notes (13) | — | 234,472 | 156,740 | — | 233,473 | 185,485 | ||||||||||||||||||
2,205,014 | 5,500,953 | 6,059,504 | 2,194,904 | 3,977,293 | 4,343,084 | |||||||||||||||||||
Other Debt Obligations | 5,715,560 | 25,950,688 | 25,943,788 | 3,865,495 | 23,035,991 | 23,035,991 | ||||||||||||||||||
$ | 7,920,574 | $ | 31,451,641 | $ | 32,003,292 | $ | 6,060,399 | $ | 27,013,284 | $ | 27,379,075 |
Financing Available | Borrowing Outstanding | Fair Value | Weighted Average Interest Rate | Weighted Average Remaining Maturity in Years | |||||||||||||||||||||||||
Financing Facilities of Consolidated Funds and Other (1) | $ | 8,787,351 | $ | 13,092,873 | $ | 13,127,873 | 2.8% | 4.0 | |||||||||||||||||||||
Debt Obligations of Consolidated CLOs | — | 19,969,156 | 19,969,156 | (2) | 10.5 | ||||||||||||||||||||||||
$ | 8,787,351 | $ | 33,062,029 | $ | 33,097,029 |
Financing Available | Borrowing Outstanding | Fair Value | Weighted Average Interest Rate | Weighted Average Remaining Maturity in Years | |||||||||||
Financing Facilities of Consolidated Funds and Other | $ | 5,715,560 | $ | 9,670,941 | $ | 9,664,041 | 2.8% | 3.8 | |||||||
Debt Obligations of Consolidated CLOs | 0 | 16,279,747 | 16,279,747 | (1) | 10.4 | ||||||||||
$ | 5,715,560 | $ | 25,950,688 | $ | 25,943,788 |
September 30, 2021 | |||||||||||||||||||||||
Financing Available | Borrowing Outstanding | Fair Value(3) | |||||||||||||||||||||
Revolving Credit Facilities: | |||||||||||||||||||||||
Global Atlantic revolving credit facility, due May 2023 | $ | 1,000,000 | $ | — | $ | — | |||||||||||||||||
Notes Issued and Others: | |||||||||||||||||||||||
Global Atlantic senior notes, due October 2029 | 500,000 | 548,600 | |||||||||||||||||||||
Global Atlantic senior notes, due June 2031 | 650,000 | 658,320 | |||||||||||||||||||||
Global Atlantic subordinated debentures, due October 2046(1) | 250,000 | 250,000 | |||||||||||||||||||||
Global Atlantic subordinated debentures, due July 2051 | 750,000 | 775,350 | |||||||||||||||||||||
2,150,000 | $ | 2,232,270 | |||||||||||||||||||||
Purchase accounting adjustments(2) | 51,875 | ||||||||||||||||||||||
Debt issuance costs, net of accumulated amortization | (18,934) | ||||||||||||||||||||||
Fair value loss (gain) of hedged debt obligations, recognized in earnings | (20,350) | ||||||||||||||||||||||
$ | 2,162,591 |
September 30, 2021 | December 31, 2020 | ||||||||||
Asset Management | |||||||||||
Unsettled Investment Sales (1) | $ | 500,507 | $ | 197,635 | |||||||
Receivables | 39,789 | 75,697 | |||||||||
Due from Broker (2) | 291,775 | 644,028 | |||||||||
Deferred Tax Assets, net (See Note 17) | 91,959 | 83,822 | |||||||||
Interest Receivable | 191,085 | 145,532 | |||||||||
Fixed Assets, net (3) | 813,488 | 760,606 | |||||||||
Foreign Exchange Contracts and Options (4) | 427,929 | 250,398 | |||||||||
Goodwill (5) | 83,500 | 83,500 | |||||||||
Derivative Assets | 1,747 | 7,839 | |||||||||
Prepaid Taxes | 91,295 | 77,041 | |||||||||
Prepaid Expenses | 33,720 | 26,366 | |||||||||
Operating Lease Right of Use Assets (6) | 224,855 | 190,758 | |||||||||
Deferred Financing Costs | 18,243 | 22,810 | |||||||||
Other | 144,438 | 99,304 | |||||||||
Total Asset Management | $ | 2,954,330 | $ | 2,665,336 | |||||||
Insurance | |||||||||||
Unsettled Investment Sales(1) | $ | 2,272,772 | $ | — | |||||||
Deferred Tax Assets, net | 779,889 | — | |||||||||
Derivative Assets | 1,117,953 | — | |||||||||
Accrued Investment Income | 825,124 | — | |||||||||
Goodwill | 497,053 | — | |||||||||
Intangible Assets and Deferred Sales Inducements(7) | 298,235 | — | |||||||||
Operating Lease Right of Use Assets(6) | 162,435 | — | |||||||||
Other | 123,431 | — | |||||||||
Premiums and Other Account Receivables | 66,328 | — | |||||||||
Current Income Tax Recoverable | 5,151 | — | |||||||||
Total Insurance | $ | 6,148,371 | $ | — | |||||||
Total Other Assets | $ | 9,102,701 | $ | 2,665,336 |
September 30, 2021 | December 31, 2020 | ||||||||||
Asset Management | |||||||||||
Amounts Payable to Carry Pool (1) | $ | 3,562,686 | $ | 1,916,669 | |||||||
Unsettled Investment Purchases (2) | 1,382,929 | 850,714 | |||||||||
Securities Sold Short (3) | 262,151 | 281,826 | |||||||||
Derivative Liabilities | 37,798 | 126,950 | |||||||||
Accrued Compensation and Benefits | 847,283 | 150,883 | |||||||||
Interest Payable | 159,129 | 182,044 | |||||||||
Foreign Exchange Contracts and Options (4) | 444,713 | 551,728 | |||||||||
Accounts Payable and Accrued Expenses | 161,952 | 130,661 | |||||||||
Taxes Payable | 28,979 | 88,040 | |||||||||
Uncertain Tax Positions | 76,643 | 76,643 | |||||||||
Unfunded Revolver Commitments | 50,910 | 46,340 | |||||||||
Operating Lease Liabilities (5) | 227,624 | 191,564 | |||||||||
Deferred Tax Liabilities, net (See Note 17) | 1,091,098 | 199,425 | |||||||||
Other Liabilities | 580,844 | 464,326 | |||||||||
Total Asset Management | $ | 8,914,739 | $ | 5,257,813 | |||||||
Insurance | |||||||||||
Unsettled Investment Purchases(2) | $ | 1,930,044 | $ | — | |||||||
Collateral on Derivative Instruments | 967,632 | 0 | |||||||||
Accrued Expenses | 542,510 | — | |||||||||
Securities Sold Under Agreements to Repurchase | 317,938 | — | |||||||||
Derivative Liabilities | 174,786 | — | |||||||||
Operating Lease Liabilities(5) | 181,302 | — | |||||||||
Accrued Employee Related Expenses | 189,471 | — | |||||||||
Tax Payable to Former Parent Company | 73,608 | — | |||||||||
Interest Payable | 36,086 | — | |||||||||
Accounts and Commissions Payable | 19,798 | — | |||||||||
Other Tax Related Liabilities | 9,787 | — | |||||||||
Total Insurance | $ | 4,442,962 | $ | — | |||||||
Total Accrued Expenses and Other Liabilities | $ | 13,357,701 | $ | 5,257,813 | |||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Investments - Asset Management | $ | 11,091,844 | $ | 6,460,430 | |||||||
Due from (to) Affiliates, net | 830,982 | 586,595 | |||||||||
Maximum Exposure to Loss - Asset Management | $ | 11,922,826 | $ | 7,047,025 | |||||||
Other Investment in Partnership - Insurance | $ | 184,492 | $ | — | |||||||
Investment in Renewable Partnerships - Insurance | 365,443 | — | |||||||||
Maximum Exposure to Loss- Insurance | $ | 549,935 | $ | — | |||||||
Total Maximum Exposure to Loss | $ | 12,472,761 | $ | 7,047,025 | |||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Financing Available | Borrowing Outstanding | Fair Value | Financing Available | Borrowing Outstanding | Fair Value | |||||||||||||||||||||||||||||||||
Revolving Credit Facilities: | ||||||||||||||||||||||||||||||||||||||
Corporate Credit Agreement | $ | 1,000,000 | $ | — | $ | — | $ | 1,000,000 | $ | — | $ | — | ||||||||||||||||||||||||||
KCM Credit Agreement | 728,593 | — | — | 705,014 | — | — | ||||||||||||||||||||||||||||||||
KCM 364-Day Revolving Credit Agreement | 750,000 | — | — | 750,000 | — | — | ||||||||||||||||||||||||||||||||
Notes Issued: (1) | ||||||||||||||||||||||||||||||||||||||
KKR ¥25 billion (or $224.0 million) 0.509% Notes Due 2023 | (4) | — | 223,556 | 223,384 | — | 241,331 | 241,580 | |||||||||||||||||||||||||||||||
KKR ¥5 billion (or $44.8 million) 0.764% Notes Due 2025 | (4) | — | 44,404 | 44,789 | — | 47,919 | 48,554 | |||||||||||||||||||||||||||||||
KKR €650 million (or $756.7 million) 1.625% Notes Due 2029 | (5) | — | 749,389 | 809,635 | — | 790,157 | 870,647 | |||||||||||||||||||||||||||||||
KKR $750 million 3.750% Notes Due 2029 | (4) | — | 743,111 | 832,290 | — | 742,196 | 874,658 | |||||||||||||||||||||||||||||||
KKR ¥10.3 billion (or $92.3 million) 1.595% Notes Due 2038 | (4) | — | 91,270 | 95,229 | — | 98,640 | 104,004 | |||||||||||||||||||||||||||||||
KKR $500 million 5.500% Notes Due 2043 (6) | (4) | — | 491,065 | 659,885 | — | 492,513 | 666,885 | |||||||||||||||||||||||||||||||
KKR $1 billion 5.125% Notes Due 2044 (6) | (4) | — | 951,301 | 1,249,501 | — | 991,471 | 1,307,220 | |||||||||||||||||||||||||||||||
KKR $500 million 3.625% Notes Due 2050 | (4) | — | 492,419 | 536,120 | — | 492,123 | 556,095 | |||||||||||||||||||||||||||||||
KKR $750 million 3.500% Notes Due 2050 (6) | (4) | — | 735,783 | 787,515 | — | 735,161 | 830,280 | |||||||||||||||||||||||||||||||
KKR $500 million 4.625% Notes Due 2061 | (5) | — | 485,955 | 518,000 | — | — | — | |||||||||||||||||||||||||||||||
KFN $500 million 5.500% Notes Due 2032 | (2) | — | 494,903 | 490,670 | — | 494,540 | 502,992 | |||||||||||||||||||||||||||||||
KFN $120 million 5.200% Notes Due 2033 | (2) | — | 118,623 | 115,341 | — | 118,533 | 118,300 | |||||||||||||||||||||||||||||||
KFN $70 million 5.400% Notes Due 2033 | (2) | — | 68,934 | 68,455 | — | 68,866 | 70,267 | |||||||||||||||||||||||||||||||
KFN Issued Junior Subordinated Notes (3) | (2) | — | 235,802 | 180,732 | — | 234,808 | 165,627 | |||||||||||||||||||||||||||||||
2,478,593 | 5,926,515 | 6,611,546 | 2,455,014 | 5,548,258 | 6,357,109 | |||||||||||||||||||||||||||||||||
Other Debt Obligations(6) | 8,787,351 | 33,062,029 | 33,097,029 | 5,621,883 | 27,875,338 | 27,889,438 | ||||||||||||||||||||||||||||||||
$ | 11,265,944 | $ | 38,988,544 | $ | 39,708,575 | $ | 8,076,897 | $ | 33,423,596 | $ | 34,246,547 |
Financing Available | Borrowing Outstanding | Fair Value | Weighted Average Interest Rate | Weighted Average Remaining Maturity in Years | |||||||||||||||||||||||||
Financing Facilities of Consolidated Funds and Other (1) | $ | 8,787,351 | $ | 13,092,873 | $ | 13,127,873 | 2.8% | 4.0 | |||||||||||||||||||||
Debt Obligations of Consolidated CLOs | — | 19,969,156 | 19,969,156 | (2) | 10.5 | ||||||||||||||||||||||||
$ | 8,787,351 | $ | 33,062,029 | $ | 33,097,029 |
September 30, 2021 | |||||||||||||||||||||||
Financing Available | Borrowing Outstanding | Fair Value(3) | |||||||||||||||||||||
Revolving Credit Facilities: | |||||||||||||||||||||||
Global Atlantic revolving credit facility, due May 2023 | $ | 1,000,000 | $ | — | $ | — | |||||||||||||||||
Notes Issued and Others: | |||||||||||||||||||||||
Global Atlantic senior notes, due October 2029 | 500,000 | 548,600 | |||||||||||||||||||||
Global Atlantic senior notes, due June 2031 | 650,000 | 658,320 | |||||||||||||||||||||
Global Atlantic subordinated debentures, due October 2046(1) | 250,000 | 250,000 | |||||||||||||||||||||
Global Atlantic subordinated debentures, due July 2051 | 750,000 | 775,350 | |||||||||||||||||||||
2,150,000 | $ | 2,232,270 | |||||||||||||||||||||
Purchase accounting adjustments(2) | 51,875 | ||||||||||||||||||||||
Debt issuance costs, net of accumulated amortization | (18,934) | ||||||||||||||||||||||
Fair value loss (gain) of hedged debt obligations, recognized in earnings | (20,350) | ||||||||||||||||||||||
$ | 2,162,591 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Equity Incentive Plans | $ | 42,488 | $ | 54,395 | $ | 133,424 | $ | 157,891 | |||||||
KKR Holdings Principal Awards | 21,759 | 22,539 | 63,358 | 69,008 | |||||||||||
Total (1) | $ | 64,247 | $ | 76,934 | $ | 196,782 | $ | 226,899 |
Date of Grant | Discount per share (1) | |||
January 1, 2016 to December 31, 2016 | $ | 0.64 | ||
January 1, 2017 to December 31, 2017 | $ | 0.68 | ||
January 1, 2018 to June 30, 2018 | $ | 0.68 | ||
July 1, 2018 to December 31, 2019 | $ | 0.50 | ||
January 1, 2020 to Present | $ | 0.54 |
September 30, 2021 | December 31, 2020 | ||||||||||
Asset Management | |||||||||||
Unsettled Investment Sales (1) | $ | 500,507 | $ | 197,635 | |||||||
Receivables | 39,789 | 75,697 | |||||||||
Due from Broker (2) | 291,775 | 644,028 | |||||||||
Deferred Tax Assets, net (See Note 17) | 91,959 | 83,822 | |||||||||
Interest Receivable | 191,085 | 145,532 | |||||||||
Fixed Assets, net (3) | 813,488 | 760,606 | |||||||||
Foreign Exchange Contracts and Options (4) | 427,929 | 250,398 | |||||||||
Goodwill (5) | 83,500 | 83,500 | |||||||||
Derivative Assets | 1,747 | 7,839 | |||||||||
Prepaid Taxes | 91,295 | 77,041 | |||||||||
Prepaid Expenses | 33,720 | 26,366 | |||||||||
Operating Lease Right of Use Assets (6) | 224,855 | 190,758 | |||||||||
Deferred Financing Costs | 18,243 | 22,810 | |||||||||
Other | 144,438 | 99,304 | |||||||||
Total Asset Management | $ | 2,954,330 | $ | 2,665,336 | |||||||
Insurance | |||||||||||
Unsettled Investment Sales(1) | $ | 2,272,772 | $ | — | |||||||
Deferred Tax Assets, net | 779,889 | — | |||||||||
Derivative Assets | 1,117,953 | — | |||||||||
Accrued Investment Income | 825,124 | — | |||||||||
Goodwill | 497,053 | — | |||||||||
Intangible Assets and Deferred Sales Inducements(7) | 298,235 | — | |||||||||
Operating Lease Right of Use Assets(6) | 162,435 | — | |||||||||
Other | 123,431 | — | |||||||||
Premiums and Other Account Receivables | 66,328 | — | |||||||||
Current Income Tax Recoverable | 5,151 | — | |||||||||
Total Insurance | $ | 6,148,371 | $ | — | |||||||
Total Other Assets | $ | 9,102,701 | $ | 2,665,336 |
September 30, 2021 | December 31, 2020 | ||||||||||
Asset Management | |||||||||||
Amounts Payable to Carry Pool (1) | $ | 3,562,686 | $ | 1,916,669 | |||||||
Unsettled Investment Purchases (2) | 1,382,929 | 850,714 | |||||||||
Securities Sold Short (3) | 262,151 | 281,826 | |||||||||
Derivative Liabilities | 37,798 | 126,950 | |||||||||
Accrued Compensation and Benefits | 847,283 | 150,883 | |||||||||
Interest Payable | 159,129 | 182,044 | |||||||||
Foreign Exchange Contracts and Options (4) | 444,713 | 551,728 | |||||||||
Accounts Payable and Accrued Expenses | 161,952 | 130,661 | |||||||||
Taxes Payable | 28,979 | 88,040 | |||||||||
Uncertain Tax Positions | 76,643 | 76,643 | |||||||||
Unfunded Revolver Commitments | 50,910 | 46,340 | |||||||||
Operating Lease Liabilities (5) | 227,624 | 191,564 | |||||||||
Deferred Tax Liabilities, net (See Note 17) | 1,091,098 | 199,425 | |||||||||
Other Liabilities | 580,844 | 464,326 | |||||||||
Total Asset Management | $ | 8,914,739 | $ | 5,257,813 | |||||||
Insurance | |||||||||||
Unsettled Investment Purchases(2) | $ | 1,930,044 | $ | — | |||||||
Collateral on Derivative Instruments | 967,632 | 0 | |||||||||
Accrued Expenses | 542,510 | — | |||||||||
Securities Sold Under Agreements to Repurchase | 317,938 | — | |||||||||
Derivative Liabilities | 174,786 | — | |||||||||
Operating Lease Liabilities(5) | 181,302 | — | |||||||||
Accrued Employee Related Expenses | 189,471 | — | |||||||||
Tax Payable to Former Parent Company | 73,608 | — | |||||||||
Interest Payable | 36,086 | — | |||||||||
Accounts and Commissions Payable | 19,798 | — | |||||||||
Other Tax Related Liabilities | 9,787 | — | |||||||||
Total Insurance | $ | 4,442,962 | $ | — | |||||||
Total Accrued Expenses and Other Liabilities | $ | 13,357,701 | $ | 5,257,813 | |||||||
September 30, 2021 | December 31, 2020 | ||||||||||
Investments - Asset Management | $ | 11,091,844 | $ | 6,460,430 | |||||||
Due from (to) Affiliates, net | 830,982 | 586,595 | |||||||||
Maximum Exposure to Loss - Asset Management | $ | 11,922,826 | $ | 7,047,025 | |||||||
Other Investment in Partnership - Insurance | $ | 184,492 | $ | — | |||||||
Investment in Renewable Partnerships - Insurance | 365,443 | — | |||||||||
Maximum Exposure to Loss- Insurance | $ | 549,935 | $ | — | |||||||
Total Maximum Exposure to Loss | $ | 12,472,761 | $ | 7,047,025 | |||||||
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
Financing Available | Borrowing Outstanding | Fair Value | Financing Available | Borrowing Outstanding | Fair Value | |||||||||||||||||||||||||||||||||
Revolving Credit Facilities: | ||||||||||||||||||||||||||||||||||||||
Corporate Credit Agreement | $ | 1,000,000 | $ | — | $ | — | $ | 1,000,000 | $ | — | $ | — | ||||||||||||||||||||||||||
KCM Credit Agreement | 728,593 | — | — | 705,014 | — | — | ||||||||||||||||||||||||||||||||
KCM 364-Day Revolving Credit Agreement | 750,000 | — | — | 750,000 | — | — | ||||||||||||||||||||||||||||||||
Notes Issued: (1) | ||||||||||||||||||||||||||||||||||||||
KKR ¥25 billion (or $224.0 million) 0.509% Notes Due 2023 | (4) | — | 223,556 | 223,384 | — | 241,331 | 241,580 | |||||||||||||||||||||||||||||||
KKR ¥5 billion (or $44.8 million) 0.764% Notes Due 2025 | (4) | — | 44,404 | 44,789 | — | 47,919 | 48,554 | |||||||||||||||||||||||||||||||
KKR €650 million (or $756.7 million) 1.625% Notes Due 2029 | (5) | — | 749,389 | 809,635 | — | 790,157 | 870,647 | |||||||||||||||||||||||||||||||
KKR $750 million 3.750% Notes Due 2029 | (4) | — | 743,111 | 832,290 | — | 742,196 | 874,658 | |||||||||||||||||||||||||||||||
KKR ¥10.3 billion (or $92.3 million) 1.595% Notes Due 2038 | (4) | — | 91,270 | 95,229 | — | 98,640 | 104,004 | |||||||||||||||||||||||||||||||
KKR $500 million 5.500% Notes Due 2043 (6) | (4) | — | 491,065 | 659,885 | — | 492,513 | 666,885 | |||||||||||||||||||||||||||||||
KKR $1 billion 5.125% Notes Due 2044 (6) | (4) | — | 951,301 | 1,249,501 | — | 991,471 | 1,307,220 | |||||||||||||||||||||||||||||||
KKR $500 million 3.625% Notes Due 2050 | (4) | — | 492,419 | 536,120 | — | 492,123 | 556,095 | |||||||||||||||||||||||||||||||
KKR $750 million 3.500% Notes Due 2050 (6) | (4) | — | 735,783 | 787,515 | — | 735,161 | 830,280 | |||||||||||||||||||||||||||||||
KKR $500 million 4.625% Notes Due 2061 | (5) | — | 485,955 | 518,000 | — | — | — | |||||||||||||||||||||||||||||||
KFN $500 million 5.500% Notes Due 2032 | (2) | — | 494,903 | 490,670 | — | 494,540 | 502,992 | |||||||||||||||||||||||||||||||
KFN $120 million 5.200% Notes Due 2033 | (2) | — | 118,623 | 115,341 | — | 118,533 | 118,300 | |||||||||||||||||||||||||||||||
KFN $70 million 5.400% Notes Due 2033 | (2) | — | 68,934 | 68,455 | — | 68,866 | 70,267 | |||||||||||||||||||||||||||||||
KFN Issued Junior Subordinated Notes (3) | (2) | — | 235,802 | 180,732 | — | 234,808 | 165,627 | |||||||||||||||||||||||||||||||
2,478,593 | 5,926,515 | 6,611,546 | 2,455,014 | 5,548,258 | 6,357,109 | |||||||||||||||||||||||||||||||||
Other Debt Obligations(6) | 8,787,351 | 33,062,029 | 33,097,029 | 5,621,883 | 27,875,338 | 27,889,438 | ||||||||||||||||||||||||||||||||
$ | 11,265,944 | $ | 38,988,544 | $ | 39,708,575 | $ | 8,076,897 | $ | 33,423,596 | $ | 34,246,547 |
Financing Available | Borrowing Outstanding | Fair Value | Weighted Average Interest Rate | Weighted Average Remaining Maturity in Years | |||||||||||||||||||||||||
Financing Facilities of Consolidated Funds and Other (1) | $ | 8,787,351 | $ | 13,092,873 | $ | 13,127,873 | 2.8% | 4.0 | |||||||||||||||||||||
Debt Obligations of Consolidated CLOs | — | 19,969,156 | 19,969,156 | (2) | 10.5 | ||||||||||||||||||||||||
$ | 8,787,351 | $ | 33,062,029 | $ | 33,097,029 |
September 30, 2021 | |||||||||||||||||||||||
Financing Available | Borrowing Outstanding | Fair Value(3) | |||||||||||||||||||||
Revolving Credit Facilities: | |||||||||||||||||||||||
Global Atlantic revolving credit facility, due May 2023 | $ | 1,000,000 | $ | — | $ | — | |||||||||||||||||
Notes Issued and Others: | |||||||||||||||||||||||
Global Atlantic senior notes, due October 2029 | 500,000 | 548,600 | |||||||||||||||||||||
Global Atlantic senior notes, due June 2031 | 650,000 | 658,320 | |||||||||||||||||||||
Global Atlantic subordinated debentures, due October 2046(1) | 250,000 | 250,000 | |||||||||||||||||||||
Global Atlantic subordinated debentures, due July 2051 | 750,000 | 775,350 | |||||||||||||||||||||
2,150,000 | $ | 2,232,270 | |||||||||||||||||||||
Purchase accounting adjustments(2) | 51,875 | ||||||||||||||||||||||
Debt issuance costs, net of accumulated amortization | (18,934) | ||||||||||||||||||||||
Fair value loss (gain) of hedged debt obligations, recognized in earnings | (20,350) | ||||||||||||||||||||||
$ | 2,162,591 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
KKR Equity Incentive Plan Awards (1) | $ | 73,363 | $ | 42,488 | $ | 199,646 | $ | 133,424 | |||||||||||||||||||||||||||||||||
KKR Holdings Awards | 8,713 | 21,759 | 35,238 | 63,358 | |||||||||||||||||||||||||||||||||||||
Total | $ | 82,076 | $ | 64,247 | $ | 234,884 | $ | 196,782 |
Year | Unrecognized Expense (in millions) | |||||||
Remainder of 2021 | $ | 31.6 | ||||||
2022 | 118.5 | |||||||
2023 | 91.6 | |||||||
2024 | 68.3 | |||||||
2025 | 58.1 | |||||||
2026 | 13.8 | |||||||
Total | $ | 381.9 |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Balance, January 1, 2021 | 23,866,696 | $ | 28.28 | ||||||||
Granted | 862,206 | 46.14 | |||||||||
Vested | (5,826,257) | 23.05 | |||||||||
Forfeitures | (393,731) | 29.12 | |||||||||
Balance, September 30, 2021 | 18,508,914 | $ | 30.75 |
Vesting Date | Shares | |||||||
October 1, 2021 | 3,084,758 | |||||||
April 1, 2022 | 3,755,974 | |||||||
October 1, 2022 | 1,731,067 | |||||||
April 1, 2023 | 3,051,901 | |||||||
October 1, 2023 | 472,249 | |||||||
April 1, 2024 | 2,448,822 | |||||||
October 1, 2024 | 204,313 | |||||||
April 1, 2025 | 1,879,243 | |||||||
October 1, 2025 | 158,430 | |||||||
April 1, 2026 | 1,722,157 | |||||||
18,508,914 |
Vesting Condition Type 1 | Vesting Condition Type 2 | |||||||||||||
Stock Price | Vesting % | Stock Price | Vesting % | |||||||||||
$ | 45.00 | 25.0 | % | $ | 45.00 | 16.7 | % | |||||||
$ | 50.00 | 50.0 | % | $ | 50.00 | 33.4 | % | |||||||
$ | 55.00 | 75.0 | % | $ | 55.00 | 50.0 | % | |||||||
$ | 60.00 | 100.0 | % | $ | 60.00 | 66.8 | % | |||||||
$ | 65.00 | 83.5 | % | |||||||||||
$ | 70.00 | 100.0 | % |
Vesting Condition | Weighted Average | Range | |||||||||
Type 1 | 22.56 | $22.56 - $22.56 | |||||||||
Type 2 | 23.16 | $19.87 - $40.09 | |||||||||
Significant Assumptions | Weighted Average | Range | |||||||||||||||
Closing KKR share price as of valuation date | $39.22 | $37.93 - $50.35 | |||||||||||||||
Risk Free Rate | 0.44% | 0.41% - 0.92% | |||||||||||||||
Volatility | 28.04% | 28.00% - 30.00% | |||||||||||||||
Dividend Yield | 1.49% | 1.15% - 1.53% | |||||||||||||||
Expected Cost of Equity | 10.67% | 9.13% - 10.76% |
Year | Unrecognized Expense (in millions) | |||
Remainder of 2020 | $ | 31.6 | ||
2021 | 86.4 | |||
2022 | 39.7 | |||
2023 | 9.1 | |||
2024 | 1.7 | |||
2025 | 0.3 | |||
Total | $ | 168.8 |
Year | Unrecognized Expense (in millions) | |||||||
Remainder of 2021 | $ | 15.1 | ||||||
2022 | 62.5 | |||||||
2023 | 67.2 | |||||||
2024 | 72.4 | |||||||
2025 | 77.4 | |||||||
2026 | 26.9 | |||||||
Total | $ | 321.5 |
Shares | Weighted Average Grant Date Fair Value | |||||
Balance, January 1, 2020 | 22,697,645 | $ | 18.46 | |||
Granted | 437,942 | 25.91 | ||||
Vested | (6,687,215 | ) | 15.57 | |||
Forfeitures | (798,170 | ) | 19.21 | |||
Balance, September 30, 2020 | 15,650,202 | $ | 19.87 |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Balance, January 1, 2021 | 16,875,000 | $ | 21.07 | ||||||||
Granted | 2,600,000 | 35.02 | |||||||||
Vested | — | — | |||||||||
Forfeitures | — | — | |||||||||
Balance, September 30, 2021 | 19,475,000 | $ | 22.93 |
Year | Unrecognized Expense (in millions) | |||
Remainder of 2020 | $ | 16.5 | ||
2021 | 44.8 | |||
2022 | 25.8 | |||
Total | $ | 87.1 |
Year | Unrecognized Expense (in millions) | |||||||
Remainder of 2021 | $ | 8.7 | ||||||
2022 | 25.9 | |||||||
Total | $ | 34.6 |
Units | Weighted Average Grant Date Fair Value | |||||
Balance, January 1, 2020 | 16,569,479 | $ | 14.43 | |||
Granted | 0 | 0 | ||||
Vested | (3,029,479 | ) | 11.86 | |||
Forfeitures | (360,000 | ) | 11.19 | |||
Balance, September 30, 2020 | 13,180,000 | $ | 15.12 |
Units | Weighted Average Grant Date Fair Value | ||||||||||
Balance, January 1, 2021 | 10,240,000 | $ | 14.33 | ||||||||
Granted | — | — | |||||||||
Vested | (2,905,000) | 11.16 | |||||||||
Forfeitures | — | — | |||||||||
Balance, September 30, 2021 | 7,335,000 | $ | 15.58 |
Vesting Date | Units | ||||||||
October 1, 2021 | 3,425,000 | ||||||||
October 1, 2022 | 3,910,000 | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Global Atlantic Book Value and Other Awards | $ | 16,999 | $ | — | $ | 35,672 | $ | — | |||||||||||||||||||||||||||||||||
KKR Equity Incentive Plan Awards | 10,854 | — | 11,378 | — | |||||||||||||||||||||||||||||||||||||
Total | $ | 27,853 | $ | — | $ | 47,050 | $ | — |
September 30, 2021 | ||||||||||||||
Expense | Weighted average period (years) | |||||||||||||
GA Book Value Awards | $ | 80,130 | 2.55 | |||||||||||
Unrecognized compensation expense, as of end of period | $ | 80,130 |
Book value awards ($ in thousands) | ||||||||
Outstanding amount as of beginning of period | $ | — | ||||||
Pre-acquisition awards converted to book-value awards on February 1, 2021 | 89,000 | |||||||
Granted | 57,213 | |||||||
Forfeited | (5,508) | |||||||
Impact of change in book value on outstanding awards | 6,597 | |||||||
Vested and issued | (31,086) | |||||||
Outstanding amount as of end of period | $ | 116,216 |
September 30, 2020 | December 31, 2019 | September 30, 2021 | December 31, 2020 | |||||||||||||||
Amounts due from portfolio companies | $ | 139,561 | $ | 120,391 | Amounts due from portfolio companies | $ | 208,320 | $ | 164,113 | |||||||||
Amounts due from unconsolidated investment funds | 626,356 | 594,184 | Amounts due from unconsolidated investment funds | 892,860 | 707,758 | |||||||||||||
Amounts due from related entities | 2,970 | 2,824 | Amounts due from related entities | 1,694 | 1,123 | |||||||||||||
Due from Affiliates | $ | 768,887 | $ | 717,399 | Due from Affiliates | $ | 1,102,874 | $ | 872,994 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||
Amounts due to KKR Holdings - tax receivable agreement | $ | 237,825 | $ | 204,014 | |||||||||||||
Amounts due to unconsolidated investment funds | 61,878 | 121,163 | |||||||||||||||
Due to Affiliates | $ | 299,703 | $ | 325,177 |
September 30, 2020 | December 31, 2019 | ||||||
Amounts due to KKR Holdings - tax receivable agreement | $ | 186,527 | $ | 131,288 | |||
Amounts due to unconsolidated investment funds | 112,417 | 154,810 | |||||
Due to Affiliates | $ | 298,944 | $ | 286,098 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Management Fees (1) | $ | 559,016 | $ | 369,442 | $ | 1,478,878 | $ | 1,042,634 | |||||||||||||||
Transaction and Monitoring Fees, Net | 249,670 | 201,086 | 645,108 | 380,415 | |||||||||||||||||||
Fee Related Performance Revenues | 9,897 | 10,181 | 34,760 | 27,869 | |||||||||||||||||||
Fee Related Compensation | (184,224) | (170,220) | (485,760) | (342,417) | |||||||||||||||||||
Other Operating Expenses | (104,772) | (86,472) | (309,483) | (247,046) | |||||||||||||||||||
Fee Related Earnings | 529,587 | 324,017 | 1,363,503 | 861,455 | |||||||||||||||||||
Realized Performance Income | 432,784 | 224,020 | 1,222,403 | 934,018 | |||||||||||||||||||
Realized Performance Income Compensation | (274,955) | (157,885) | (797,965) | (599,753) | |||||||||||||||||||
Realized Investment Income (2) | 447,565 | 260,415 | 1,277,701 | 495,904 | |||||||||||||||||||
Realized Investment Income Compensation | (67,142) | (56,803) | (191,663) | (85,646) | |||||||||||||||||||
Asset Management Segment Operating Earnings | 1,067,839 | 593,764 | 2,873,979 | 1,605,978 | |||||||||||||||||||
Net Investment Income (1) (2) | 771,982 | — | 1,977,383 | — | |||||||||||||||||||
Net Cost of Insurance | (436,415) | — | (1,076,566) | — | |||||||||||||||||||
General, Administrative and Other | (139,489) | — | (338,325) | — | |||||||||||||||||||
Pre-tax Insurance Operating Earnings | 196,078 | — | 562,492 | — | |||||||||||||||||||
Income Taxes | (9,046) | — | (63,148) | — | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interest | (72,043) | — | (193,570) | — | |||||||||||||||||||
Insurance Segment Operating Earnings | 114,989 | — | 305,774 | — | |||||||||||||||||||
Total Segment Operating Earnings | $ | 1,182,828 | $ | 593,764 | $ | 3,179,753 | $ | 1,605,978 | |||||||||||||||
(1) Includes intersegment management fees of $46.7 million and $108.5 million for the three and nine months ended September 30, 2021. | |||||||||||||||||||||||
(2) Includes intersegment interest expense and income of $10.8 million and $11.9 million for the three and nine months ended September 30, 2021. | |||||||||||||||||||||||
As of | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Segment Assets: | |||||||||||||||||||||||
- Asset Management | $ | 31,853,573 | $ | 25,249,013 | |||||||||||||||||||
- Insurance | 164,436,876 | — | |||||||||||||||||||||
Total Segment Assets | $ | 196,290,449 | $ | 25,249,013 | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
Noncash expenses excluded from Segment Operating Earnings | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||
Equity Based Compensation and Other | |||||||||||||||||||||||
- Asset Management | $ | 62,510 | $ | 42,488 | $ | 188,269 | $ | 133,424 | |||||||||||||||
- Insurance | 40,086 | — | 64,061 | — | |||||||||||||||||||
Total Non-cash expenses | $ | 102,596 | $ | 42,488 | $ | 252,330 | $ | 133,424 | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Total GAAP Revenues | $ | 4,483,365 | $ | 1,895,238 | $ | 12,182,552 | $ | 2,225,727 | |||||||||||||||
Impact of Consolidation and Other | 134,524 | 85,393 | 392,883 | 278,898 | |||||||||||||||||||
Asset Management Adjustments: | |||||||||||||||||||||||
Capital Allocation-Based Income (GAAP) | (1,526,667) | (1,331,898) | (5,736,707) | (888,342) | |||||||||||||||||||
Realized Carried Interest | 413,114 | 217,978 | 1,183,826 | 924,974 | |||||||||||||||||||
Realized Investment Income | 447,565 | 260,415 | 1,277,701 | 495,904 | |||||||||||||||||||
Capstone Fees | (25,178) | (17,429) | (66,286) | (55,542) | |||||||||||||||||||
Expense Reimbursements | (34,857) | (44,553) | (122,642) | (100,779) | |||||||||||||||||||
Insurance Adjustments: | |||||||||||||||||||||||
Premiums | (974,903) | — | (1,698,912) | — | |||||||||||||||||||
Policy Fees | (310,381) | — | (824,326) | — | |||||||||||||||||||
Other Income | (31,938) | — | (82,160) | — | |||||||||||||||||||
Investment Gains and Losses | (156,909) | — | 83,153 | — | |||||||||||||||||||
Derivative Gains and Losses | 53,179 | — | 47,151 | — | |||||||||||||||||||
Total Segment Revenues (1) | $ | 2,470,914 | $ | 1,065,144 | $ | 6,636,233 | $ | 2,880,840 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Income (Loss) Before Tax (GAAP) | $ | 3,660,927 | $ | 3,333,676 | $ | 12,621,574 | $ | 902,473 | |||||||||||||||
Impact of Consolidation and Other | (1,472,312) | (1,203,808) | (4,985,859) | 196,297 | |||||||||||||||||||
Interest Expense | 63,446 | 54,458 | 185,100 | 152,676 | |||||||||||||||||||
Equity-based compensation - KKR Holdings | 8,764 | 21,802 | 35,734 | 63,596 | |||||||||||||||||||
Asset Management Adjustments: | |||||||||||||||||||||||
Unrealized Carried Interest | (911,156) | (995,376) | (3,872,150) | 186,537 | |||||||||||||||||||
Net Unrealized Gains (Losses) | (598,304) | (1,088,901) | (2,890,326) | 18,049 | |||||||||||||||||||
Unrealized Carried Interest Compensation | 397,449 | 418,728 | 1,667,447 | (57,771) | |||||||||||||||||||
Strategic Corporate Transaction-Related Charges | 7,362 | 10,697 | 17,497 | 10,697 | |||||||||||||||||||
Equity-based compensation | 44,488 | 40,801 | 138,196 | 128,399 | |||||||||||||||||||
Equity-based compensation - Performance based | 18,022 | 1,687 | 50,073 | 5,025 | |||||||||||||||||||
Insurance Adjustments: | |||||||||||||||||||||||
Net (Gains) Losses from Investments and Derivatives | (75,241) | — | 183,842 | — | |||||||||||||||||||
Strategic Corporate Transaction-Related Charges | 3,931 | — | 15,947 | — | |||||||||||||||||||
Equity-based and Other Compensation | 40,086 | — | 64,061 | — | |||||||||||||||||||
Amortization of Acquired Intangibles | 4,412 | — | 11,765 | — | |||||||||||||||||||
Income Taxes | (9,046) | — | (63,148) | — | |||||||||||||||||||
Total Segment Operating Earnings | $ | 1,182,828 | $ | 593,764 | $ | 3,179,753 | $ | 1,605,978 | |||||||||||||||
As of | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
Total GAAP Assets | $ | 265,799,650 | $ | 70,655,333 | |||||||
Impact of Consolidation and Other | (65,502,921) | (43,250,461) | |||||||||
Carry Pool Reclassifications | (3,562,686) | (1,393,381) | |||||||||
Other Reclassifications | (443,594) | (762,478) | |||||||||
Total Segment Assets | $ | 196,290,449 | $ | 25,249,013 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Shares of common stock repurchased | — | — | 2,667,995 | 10,209,673 | |||||||||||||||||||||||||
Equity awards for common stock retired | — | — | 2,366,447 | 1,728,914 | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||
Shares of common stock repurchased | 0 | 0 | 10,209,673 | 1,370,289 | |||||||
Equity Awards for common stock retired | 0 | 0 | 1,728,914 | 2,273,112 |
Three Months Ended September 30, 2021 | |||||||||||||||||
Noncontrolling Interests in Consolidated Entities and Other | Noncontrolling Interests Held by KKR Holdings | Total Noncontrolling Interests | |||||||||||||||
Balance at the beginning of the period | $ | 28,402,888 | $ | 7,935,515 | $ | 36,338,403 | |||||||||||
Net income (loss) attributable to noncontrolling interests (1) | 1,452,730 | 670,839 | 2,123,569 | ||||||||||||||
Other comprehensive income (loss), net of tax (2) | (54,640) | (31,904) | (86,544) | ||||||||||||||
Exchange of KKR Holdings Units to Common Stock (3) | — | — | — | ||||||||||||||
Equity-based and other non-cash compensation | 32,255 | 8,764 | 41,019 | ||||||||||||||
Capital contributions | 3,658,497 | — | 3,658,497 | ||||||||||||||
Capital distributions | (1,981,504) | (49,844) | (2,031,348) | ||||||||||||||
Changes in consolidation | (12,352) | — | (12,352) | ||||||||||||||
Balance at the end of the period | $ | 31,497,874 | $ | 8,533,370 | $ | 40,031,244 |
Three Months Ended September 30, 2020 | |||||||||||
Noncontrolling Interests in Consolidated Entities | Noncontrolling Interests Held by KKR Holdings | Total Noncontrolling Interests | |||||||||
Balance at the beginning of the period | $ | 14,217,950 | $ | 5,221,844 | $ | 19,439,794 | |||||
Net income (loss) attributable to noncontrolling interests (1) | 1,217,728 | 691,730 | 1,909,458 | ||||||||
Other comprehensive income (loss), net of tax (2) | 2,121 | 7,121 | 9,242 | ||||||||
Exchange of KKR Holdings Units to Common Stock (3) | 0 | (140,794 | ) | (140,794 | ) | ||||||
Equity-based and other non-cash compensation | 0 | 21,802 | 21,802 | ||||||||
Capital contributions | 3,486,352 | 25 | 3,486,377 | ||||||||
Capital distributions | (2,531,637 | ) | (85,652 | ) | (2,617,289 | ) | |||||
Transfer of Oil and Gas Interests (See Note 2) | 0 | (23,358 | ) | (23,358 | ) | ||||||
Changes in consolidation | (239,258 | ) | 0 | (239,258 | ) | ||||||
Balance at the end of the period | $ | 16,153,256 | $ | 5,692,718 | $ | 21,845,974 |
Nine Months Ended September 30, 2021 | |||||||||||||||||
Noncontrolling Interests in Consolidated Entities and Other | Noncontrolling Interests Held by KKR Holdings | Total Noncontrolling Interests | |||||||||||||||
Balance at the beginning of the period | $ | 20,570,716 | $ | 6,512,382 | $ | 27,083,098 | |||||||||||
Net income (loss) attributable to noncontrolling interests (1) | 4,889,401 | 2,425,961 | 7,315,362 | ||||||||||||||
Other comprehensive income (loss), net of tax (2) | (132,351) | (77,377) | (209,728) | ||||||||||||||
Exchange of KKR Holdings Units to Common Stock (3) | — | (122,065) | (122,065) | ||||||||||||||
Equity-based and other non-cash compensation | 71,993 | 35,734 | 107,727 | ||||||||||||||
Capital contributions | 9,721,024 | 25 | 9,721,049 | ||||||||||||||
Capital distributions | (3,734,474) | (241,290) | (3,975,764) | ||||||||||||||
Impact of Acquisition(4) | 190,405 | — | 190,405 | ||||||||||||||
Changes in consolidation | (78,840) | — | (78,840) | ||||||||||||||
Balance at the end of the period | $ | 31,497,874 | $ | 8,533,370 | $ | 40,031,244 |
Three Months Ended September 30, 2020 | |||||||||||||||||
Noncontrolling Interests in Consolidated Entities and Other | Noncontrolling Interests Held by KKR Holdings | Total Noncontrolling Interests | |||||||||||||||
Balance at the beginning of the period | $ | 14,217,950 | $ | 5,221,844 | $ | 19,439,794 | |||||||||||
Net income (loss) attributable to noncontrolling interests (1) | 1,217,728 | 691,730 | 1,909,458 | ||||||||||||||
Other comprehensive income (loss), net of tax (2) | 2,121 | 7,121 | 9,242 | ||||||||||||||
Exchange of KKR Holdings Units to Common Stock (3) | — | (140,794) | (140,794) | ||||||||||||||
Equity-based and other non-cash compensation | — | 21,802 | 21,802 | ||||||||||||||
Capital contributions | 3,486,352 | 25 | 3,486,377 | ||||||||||||||
Capital distributions | (2,531,637) | (85,652) | (2,617,289) | ||||||||||||||
Transfer of Oil and Gas Interests (See Note 2) | — | (23,358) | (23,358) | ||||||||||||||
Changes in consolidation | (239,258) | — | (239,258) | ||||||||||||||
Balance at the end of the period | $ | 16,153,256 | $ | 5,692,718 | $ | 21,845,974 |
Nine Months Ended September 30, 2020 | |||||||||||
Noncontrolling Interests in Consolidated Entities | Noncontrolling Interests Held by KKR Holdings | Total Noncontrolling Interests | |||||||||
Balance at the beginning of the period | $ | 13,966,250 | $ | 5,728,634 | $ | 19,694,884 | |||||
Net income (loss) attributable to noncontrolling interests (1) | (95,721 | ) | 301,946 | 206,225 | |||||||
Other comprehensive income (loss), net of tax (2) | (5,053 | ) | 249 | (4,804 | ) | ||||||
Exchange of KKR Holdings Units to Common Stock(3) | 0 | (221,548 | ) | (221,548 | ) | ||||||
Equity-based and other non-cash compensation | 0 | 63,596 | 63,596 | ||||||||
Capital contributions | 5,796,607 | 73 | 5,796,680 | ||||||||
Capital distributions | (3,247,739 | ) | (164,319 | ) | (3,412,058 | ) | |||||
Transfer of interests under common control (4) | (21,830 | ) | 7,445 | (14,385 | ) | ||||||
Transfer of Oil and Gas Interests (See Note 2) | 0 | (23,358 | ) | (23,358 | ) | ||||||
Changes in consolidation | (239,258 | ) | 0 | (239,258 | ) | ||||||
Balance at the end of the period | $ | 16,153,256 | $ | 5,692,718 | $ | 21,845,974 |
Three Months Ended September 30, 2019 | ||||||||||||
Noncontrolling Interests in Consolidated Entities | Noncontrolling Interests Held by KKR Holdings | Total Noncontrolling Interests | ||||||||||
Balance at the beginning of the period | $ | 13,050,893 | $ | 5,355,692 | $ | 18,406,585 | ||||||
Net income (loss) attributable to noncontrolling interests (1) | (88,173 | ) | 175,231 | 87,058 | ||||||||
Other comprehensive income (loss), net of tax (2) | (3,877 | ) | (6,481 | ) | (10,358 | ) | ||||||
Exchange of KKR Holdings Units to Common Stock (3) | 0 | (22,237 | ) | (22,237 | ) | |||||||
Equity-based and other non-cash compensation | 0 | 22,539 | 22,539 | |||||||||
Capital contributions | 713,166 | 23 | 713,189 | |||||||||
Capital distributions | (692,224 | ) | (37,109 | ) | (729,333 | ) | ||||||
Balance at the end of the period | $ | 12,979,785 | $ | 5,487,658 | $ | 18,467,443 |
Nine Months Ended September 30, 2020 | ||||||||||||||||||||
Noncontrolling Interests in Consolidated Entities and Other | Noncontrolling Interests Held by KKR Holdings | Total Noncontrolling Interests | ||||||||||||||||||
Balance at the beginning of the period | $ | 13,966,250 | $ | 5,728,634 | $ | 19,694,884 | ||||||||||||||
Net income (loss) attributable to noncontrolling interests (1) | (95,721) | 301,946 | 206,225 | |||||||||||||||||
Other comprehensive income (loss), net of tax (2) | (5,053) | 249 | (4,804) | |||||||||||||||||
Exchange of KKR Holdings Units to Common Stock (3) | — | (221,548) | (221,548) | |||||||||||||||||
Equity-based and other non-cash compensation | — | 63,596 | 63,596 | |||||||||||||||||
Capital contributions | 5,796,607 | 73 | 5,796,680 | |||||||||||||||||
Capital distributions | (3,247,739) | (164,319) | (3,412,058) | |||||||||||||||||
Transfer of interests under common control (5) | (21,830) | 7,445 | (14,385) | |||||||||||||||||
Transfer of Oil and Gas Interests (See Note 2) | — | (23,358) | (23,358) | |||||||||||||||||
Changes in consolidation | (239,258) | — | (239,258) | |||||||||||||||||
Balance at the end of the period | $ | 16,153,256 | $ | 5,692,718 | $ | 21,845,974 |
Nine Months Ended September 30, 2019 | ||||||||||||
Noncontrolling Interests in Consolidated Entities | Noncontrolling Interests Held by KKR Holdings | Total Noncontrolling Interests | ||||||||||
Balance at the beginning of the period | $ | 10,984,910 | $ | 4,625,448 | $ | 15,610,358 | ||||||
Net income (loss) attributable to noncontrolling interests (1) | 825,954 | 1,017,827 | 1,843,781 | |||||||||
Other comprehensive income (loss), net of tax (2) | (2,966 | ) | (6,645 | ) | (9,611 | ) | ||||||
Exchange of KKR Holdings Units to Common Stock (3) | 0 | (59,014 | ) | (59,014 | ) | |||||||
Equity-based and other non-cash compensation | 0 | 68,460 | 68,460 | |||||||||
Capital contributions | 3,362,478 | 1,619 | 3,364,097 | |||||||||
Capital distributions | (2,190,591 | ) | (160,037 | ) | (2,350,628 | ) | ||||||
Balance at the end of the period | $ | 12,979,785 | $ | 5,487,658 | $ | 18,467,443 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income (loss) | $ | 2,974,301 | $ | 336,612 | $ | 697,513 | $ | 3,325,388 | |||||||
(-) Net income (loss) attributable to Noncontrolling Interests in consolidated entities | 1,217,728 | (88,173 | ) | (95,721 | ) | 825,954 | |||||||||
(-) Series A and B Preferred Stock Dividends | 8,341 | 8,341 | 25,023 | 25,023 | |||||||||||
(+) Income tax expense (benefit) attributable to KKR & Co. Inc. | 319,717 | 81,970 | 159,855 | 387,255 | |||||||||||
Net income (loss) attributable to KKR & Co. Inc. Common Stockholders and KKR Holdings | $ | 2,067,949 | $ | 498,414 | $ | 928,066 | $ | 2,861,666 | |||||||
Net income (loss) attributable to Noncontrolling Interests held by KKR Holdings | $ | 691,730 | $ | 175,231 | $ | 301,946 | $ | 1,017,827 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 3,281,645 | $ | 2,974,301 | $ | 11,459,886 | $ | 697,513 | ||||||||||||||||||||||||||||||
(-) Net income (loss) attributable to Redeemable Noncontrolling Interests | 1,519 | — | 2,856 | — | ||||||||||||||||||||||||||||||||||
(-) Net income (loss) attributable to Noncontrolling Interests in consolidated entities and other | 1,452,730 | 1,217,728 | 4,889,401 | (95,721) | ||||||||||||||||||||||||||||||||||
(-) Series A and B Preferred Stock Dividends | 7,953 | 8,341 | 36,647 | 25,023 | ||||||||||||||||||||||||||||||||||
(-) Series C Mandatory Convertible Preferred Stock Dividends | 17,250 | — | 51,750 | — | ||||||||||||||||||||||||||||||||||
(+) Income tax expense (benefit) attributable to KKR & Co. Inc. | 311,745 | 319,717 | 1,104,628 | 159,855 | ||||||||||||||||||||||||||||||||||
Net income (loss) attributable to KKR & Co. Inc. Common Stockholders and KKR Holdings | $ | 2,113,938 | $ | 2,067,949 | $ | 7,583,860 | $ | 928,066 | ||||||||||||||||||||||||||||||
Net income (loss) attributable to Noncontrolling Interests held by KKR Holdings | $ | 670,839 | $ | 691,730 | $ | 2,425,961 | $ | 301,946 |
Investment Period (1) | Amount ($ in millions) | |||||||||||||||||||||||||||||||||||||
Start Date | End Date | Commitment (2) | Uncalled Commitments | Percentage Committed by General Partner | Invested | Realized | Remaining Cost (3) | Remaining Fair Value | Gross Accrued Carried Interest | |||||||||||||||||||||||||||||
Private Equity and Growth Equity Funds | ||||||||||||||||||||||||||||||||||||||
North America Fund XIII | 6/2021 | 6/2027 | $ | 16,788 | $ | 16,788 | 7% | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Americas Fund XII | 1/2017 | 6/2021 | 13,500 | 3,959 | 6% | 10,016 | 3,432 | 8,910 | 21,859 | 2,240 | ||||||||||||||||||||||||||||
North America Fund XI | 9/2012 | 1/2017 | 8,718 | 432 | 3% | 9,733 | 15,529 | 3,747 | 8,373 | 842 | ||||||||||||||||||||||||||||
2006 Fund (4) | 9/2006 | 9/2012 | 17,642 | 247 | 2% | 17,309 | 34,287 | 1,825 | 3,280 | 290 | ||||||||||||||||||||||||||||
Millennium Fund (4) | 12/2002 | 12/2008 | 6,000 | — | 3% | 6,000 | 14,123 | — | 6 | 1 | ||||||||||||||||||||||||||||
European Fund V | 3/2019 | 7/2025 | 6,398 | 2,695 | 2% | 3,772 | 350 | 3,585 | 5,054 | 230 | ||||||||||||||||||||||||||||
European Fund IV | 12/2014 | 3/2019 | 3,517 | 67 | 6% | 3,577 | 3,407 | 2,279 | 4,257 | 362 | ||||||||||||||||||||||||||||
European Fund III (4) | 3/2008 | 3/2014 | 5,513 | 153 | 5% | 5,360 | 10,602 | 253 | 235 | (12) | ||||||||||||||||||||||||||||
European Fund II (4) | 11/2005 | 10/2008 | 5,751 | — | 2% | 5,751 | 8,507 | — | 34 | — | ||||||||||||||||||||||||||||
Asian Fund IV | 7/2020 | 7/2026 | 14,735 | 12,630 | 7% | 2,105 | — | 2,105 | 2,382 | 11 | ||||||||||||||||||||||||||||
Asian Fund III | 4/2017 | 7/2020 | 9,000 | 2,332 | 6% | 7,059 | 1,778 | 6,586 | 14,565 | 1,415 | ||||||||||||||||||||||||||||
Asian Fund II | 4/2013 | 4/2017 | 5,825 | 34 | 1% | 6,839 | 5,680 | 3,184 | 5,017 | 352 | ||||||||||||||||||||||||||||
Asian Fund (4) | 7/2007 | 4/2013 | 3,983 | — | 3% | 3,974 | 8,723 | 17 | 30 | 5 | ||||||||||||||||||||||||||||
China Growth Fund (4) | 11/2010 | 11/2016 | 1,010 | — | 1% | 1,010 | 1,056 | 330 | 242 | (4) | ||||||||||||||||||||||||||||
Next Generation Technology Growth Fund II | 12/2019 | 12/2025 | 2,088 | 898 | 7% | 1,272 | 82 | 1,242 | 2,262 | 172 | ||||||||||||||||||||||||||||
Next Generation Technology Growth Fund | 3/2016 | 12/2019 | 659 | 4 | 22% | 663 | 652 | 375 | 1,854 | 161 | ||||||||||||||||||||||||||||
Health Care Strategic Growth Fund II | 5/2021 | 5/2027 | 3,744 | 3,744 | 7% | — | — | — | — | — | ||||||||||||||||||||||||||||
Health Care Strategic Growth Fund | 12/2016 | 5/2021 | 1,331 | 565 | 11% | 896 | 196 | 791 | 1,352 | 83 | ||||||||||||||||||||||||||||
Global Impact Fund | 2/2019 | 2/2025 | 1,242 | 416 | 8% | 904 | 77 | 851 | 1,263 | 72 | ||||||||||||||||||||||||||||
Private Equity and Growth Equity Funds | 127,444 | 44,964 | 86,240 | 108,481 | 36,080 | 72,065 | 6,220 | |||||||||||||||||||||||||||||||
Co-Investment Vehicles and Other | Various | Various | 12,470 | 3,874 | Various | 8,979 | 6,791 | 5,865 | 8,951 | 1,504 | ||||||||||||||||||||||||||||
Core Investment Vehicles | Various | Various | 23,384 | 12,865 | 32% | 10,519 | 31 | 10,519 | 16,944 | 274 | ||||||||||||||||||||||||||||
Total Private Equity, Growth Equity and Core Funds | 163,298 | 61,703 | 105,738 | 115,303 | 52,464 | 97,960 | 7,998 | |||||||||||||||||||||||||||||||
Real Assets | ||||||||||||||||||||||||||||||||||||||
Energy Income and Growth Fund II | 6/2018 | 8/2022 | 994 | 577 | 20% | 598 | 181 | 444 | 621 | 12 | ||||||||||||||||||||||||||||
Energy Income and Growth Fund | 9/2013 | 6/2018 | 1,974 | — | 13% | 1,971 | 876 | 1,203 | 1,137 | — | ||||||||||||||||||||||||||||
Natural Resources Fund (4) | Various | Various | 887 | — | Various | 887 | 123 | 193 | 84 | — | ||||||||||||||||||||||||||||
Global Energy Opportunities | Various | Various | 915 | 64 | Various | 519 | 163 | 327 | 204 | — | ||||||||||||||||||||||||||||
Global Infrastructure Investors IV | 6/2021 | 6/2027 | 14,998 | 14,998 | 3% | — | — | — | — | — | ||||||||||||||||||||||||||||
Global Infrastructure Investors III | 6/2018 | 6/2021 | 7,186 | 3,348 | 4% | 4,073 | 336 | 3,964 | 4,314 | — | ||||||||||||||||||||||||||||
Global Infrastructure Investors II | 10/2014 | 6/2018 | 3,040 | 123 | 4% | 3,163 | 3,394 | 1,748 | 2,619 | 85 | ||||||||||||||||||||||||||||
Global Infrastructure Investors | 9/2011 | 10/2014 | 1,040 | — | 5% | 1,050 | 2,228 | — | — | — | ||||||||||||||||||||||||||||
Asia Pacific Infrastructure Investors | 1/2020 | 1/2026 | 3,792 | 2,954 | 7% | 880 | 43 | 853 | 1,121 | 41 | ||||||||||||||||||||||||||||
Diversified Core Infrastructure Fund | 12/2020 | (5) | 6,783 | 6,073 | 7% | 711 | 13 | 711 | 794 | — | ||||||||||||||||||||||||||||
Real Estate Partners Americas III | 12/2020 | 1/2025 | 4,339 | 4,339 | 7% | — | — | — | — | — | ||||||||||||||||||||||||||||
Real Estate Partners Americas II | 5/2017 | 12/2020 | 1,921 | 271 | 8% | 1,886 | 807 | 1,449 | 2,116 | 123 | ||||||||||||||||||||||||||||
Real Estate Partners Americas | 5/2013 | 5/2017 | 1,229 | 143 | 16% | 1,016 | 1,397 | 183 | 80 | 3 | ||||||||||||||||||||||||||||
Real Estate Partners Europe II | 12/2019 | 4/2024 | 2,106 | 1,498 | 9% | 608 | — | 608 | 746 | 11 | ||||||||||||||||||||||||||||
Real Estate Partners Europe | 9/2015 | 12/2019 | 713 | 160 | 10% | 632 | 519 | 302 | 405 | 21 | ||||||||||||||||||||||||||||
Asia Real Estate Partners | 6/2019 | 6/2023 | 1,682 | 1,423 | 15% | 259 | — | 259 | 319 | 1 | ||||||||||||||||||||||||||||
Real Estate Credit Opportunity Partners II | 4/2019 | 6/2022 | 950 | 507 | 5% | 443 | 56 | 443 | 464 | 6 | ||||||||||||||||||||||||||||
Real Estate Credit Opportunity Partners | 2/2017 | 4/2019 | 1,130 | 122 | 4% | 1,008 | 301 | 1,008 | 974 | — | ||||||||||||||||||||||||||||
Property Partners Americas | 12/2019 | (5) | 2,413 | 795 | 21% | 1,618 | 44 | 1,618 | 1,930 | 13 | ||||||||||||||||||||||||||||
Co-Investment Vehicles and Other | Various | Various | 4,619 | 494 | Various | 3,840 | 1,524 | 3,401 | 3,709 | 12 | ||||||||||||||||||||||||||||
Total Real Assets | 62,711 | 37,889 | 25,162 | 12,005 | 18,714 | 21,637 | 328 | |||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||||||||
Unallocated Commitments (6) | 1,460 | 1,460 | Various | — | — | — | — | — | ||||||||||||||||||||||||||||||
Private Markets Total | $ | 227,469 | $ | 101,052 | $ | 130,900 | $ | 127,308 | $ | 71,178 | $ | 119,597 | $ | 8,326 |
Investment Period (1) | Amount ($ in millions) | |||||||||||||||||||||||
Start Date | End Date | Commitment (2) | Uncalled Commitments | Percentage Committed by General Partner | Invested | Realized | Remaining Cost (3) | Remaining Fair Value | Gross Accrued Carried Interest | |||||||||||||||
Private Equity and Growth Equity Funds | 0 | |||||||||||||||||||||||
Americas Fund XII | 1/2017 | 1/2023 | $ | 13,500.0 | $ | 6,433.0 | 5.8% | $ | 7,174.4 | $ | 192.3 | $ | 7,072.3 | $ | 11,226.3 | $ | 625.2 | |||||||
North America Fund XI | 9/2012 | 1/2017 | 8,718.4 | 546.1 | 2.9% | 9,609.9 | 11,986.8 | 4,866.9 | 8,848.3 | 741.1 | ||||||||||||||
2006 Fund (4) | 9/2006 | 9/2012 | 17,642.2 | 247.4 | 2.1% | 17,309.3 | 31,683.5 | 2,926.1 | 4,730.6 | 358.7 | ||||||||||||||
Millennium Fund (4) | 12/2002 | 12/2008 | 6,000.0 | — | 2.5% | 6,000.0 | 14,123.1 | — | 6.1 | 1.3 | ||||||||||||||
European Fund V | 3/2019 | 7/2025 | 6,401.0 | 4,362.6 | 1.8% | 2,038.4 | — | 2,038.4 | 2,401.8 | 34.1 | ||||||||||||||
European Fund IV | 12/2014 | 3/2019 | 3,516.6 | 266.2 | 5.7% | 3,372.9 | 3,024.0 | 2,172.1 | 3,404.4 | 218.7 | ||||||||||||||
European Fund III (4) | 3/2008 | 3/2014 | 5,513.1 | 153.3 | 5.2% | 5,359.8 | 10,524.4 | 336.7 | 284.5 | (17.2 | ) | |||||||||||||
European Fund II (4) | 11/2005 | 10/2008 | 5,750.8 | — | 2.1% | 5,750.8 | 8,507.4 | — | 34.3 | (0.2 | ) | |||||||||||||
Asian Fund IV | 7/2020 | 7/2026 | 13,096.3 | 13,096.3 | 7.6% | — | — | — | — | — | ||||||||||||||
Asian Fund III | 4/2017 | 7/2020 | 9,000.0 | 3,719.3 | 5.6% | 5,640.1 | 1,238.1 | 5,266.8 | 6,977.3 | 324.4 | ||||||||||||||
Asian Fund II | 4/2013 | 4/2017 | 5,825.0 | 36.5 | 1.3% | 6,802.5 | 4,779.1 | 4,107.5 | 5,159.6 | 214.0 | ||||||||||||||
Asian Fund (4) | 7/2007 | 4/2013 | 3,983.3 | — | 2.5% | 3,974.3 | 8,723.3 | 17.1 | 29.8 | 4.4 | ||||||||||||||
China Growth Fund (4) | 11/2010 | 11/2016 | 1,010.0 | — | 1.0% | 1,010.0 | 831.9 | 531.1 | 428.2 | (16.5 | ) | |||||||||||||
Next Generation Technology Growth Fund II | 12/2019 | 12/2025 | 2,088.3 | 1,463.6 | 7.2% | 624.7 | — | 624.7 | 697.9 | 7.9 | ||||||||||||||
Next Generation Technology Growth Fund | 3/2016 | 12/2019 | 658.9 | 6.8 | 22.5% | 658.3 | 290.7 | 545.8 | 986.4 | 47.3 | ||||||||||||||
Health Care Strategic Growth Fund | 12/2016 | 12/2021 | 1,331.0 | 917.9 | 11.3% | 503.9 | 95.9 | 410.7 | 771.0 | 40.8 | ||||||||||||||
Global Impact Fund | 2/2019 | 2/2025 | 1,242.2 | 804.7 | 8.1% | 437.5 | — | 437.5 | 482.1 | 1.6 | ||||||||||||||
Private Equity and Growth Equity Funds | 105,277.1 | 32,053.7 | 76,266.8 | 96,000.5 | 31,353.7 | 46,468.6 | 2,585.6 | |||||||||||||||||
Co-Investment Vehicles and Other | Various | Various | 10,494.0 | 3,232.7 | Various | 7,535.3 | 5,299.5 | 4,957.7 | 6,463.0 | 582.0 | ||||||||||||||
Total Private Equity and Growth Equity Funds | 115,771.1 | 35,286.4 | 83,802.1 | 101,300.0 | 36,311.4 | 52,931.6 | 3,167.6 | |||||||||||||||||
Core Investment Vehicles | Various | Various | 9,900.3 | 3,512.2 | 35.6% | 6,388.1 | — | 6,388.1 | 8,852.3 | 91.4 | ||||||||||||||
Real Assets | ||||||||||||||||||||||||
Energy Income and Growth Fund II | 6/2018 | 6/2021 | 994.2 | 587.6 | 20.1% | 416.3 | 9.6 | 407.1 | 396.5 | — | ||||||||||||||
Energy Income and Growth Fund | 9/2013 | 6/2018 | 1,974.2 | 54.8 | 12.9% | 1,967.9 | 785.9 | 1,288.3 | 995.0 | — | ||||||||||||||
Natural Resources Fund (4) | Various | Various | 887.4 | 0.9 | Various | 886.5 | 123.2 | 194.2 | 71.2 | — | ||||||||||||||
Global Energy Opportunities | Various | Various | 914.1 | 170.3 | Various | 518.4 | 138.1 | 347.6 | 216.6 | — | ||||||||||||||
Global Infrastructure Investors III | 6/2018 | 6/2024 | 7,191.2 | 4,503.9 | 3.8% | 2,856.8 | 169.5 | 2,799.2 | 2,891.7 | — | ||||||||||||||
Global Infrastructure Investors II | 10/2014 | 6/2018 | 3,040.6 | 161.1 | 4.1% | 3,119.4 | 2,667.7 | 2,067.1 | 2,425.0 | 36.8 | ||||||||||||||
Global Infrastructure Investors | 9/2011 | 10/2014 | 1,040.2 | 25.1 | 4.8% | 1,046.7 | 2,096.7 | 129.3 | 110.4 | 1.4 | ||||||||||||||
Asia Pacific Infrastructure Investors | 1/2020 | 1/2026 | 2,805.6 | 2,805.6 | 8.9% | — | — | — | — | — | ||||||||||||||
Real Estate Partners Americas II | 5/2017 | 12/2020 | 1,921.2 | 787.7 | 7.8% | 1,311.4 | 421.7 | 1,106.8 | 1,265.2 | 40.0 | ||||||||||||||
Real Estate Partners Americas | 5/2013 | 5/2017 | 1,229.1 | 148.2 | 16.3% | 1,010.7 | 1,354.5 | 199.9 | 98.1 | 0.2 | ||||||||||||||
Real Estate Partners Europe | 9/2015 | 12/2019 | 713.1 | 198.5 | 9.6% | 586.3 | 154.0 | 506.4 | 621.5 | 12.7 | ||||||||||||||
Real Estate Credit Opportunity Partners II | 4/2019 | 6/2022 | 950.0 | 626.0 | 5.3% | 324.0 | 5.9 | 324.0 | 318.4 | — | ||||||||||||||
Real Estate Credit Opportunity Partners | 2/2017 | 4/2019 | 1,130.0 | 122.2 | 4.4% | 1,007.8 | 210.9 | 1,007.8 | 937.1 | — | ||||||||||||||
Property Partners Americas | 12/2019 | (5) | 2,012.5 | 1,686.7 | 24.8% | 325.8 | — | 325.8 | 356.4 | 1.4 | ||||||||||||||
Co-Investment Vehicles and Other | Various | Various | 6,791.9 | 4,029.4 | Various | 2,762.5 | 900.2 | 2,758.8 | 3,233.4 | 19.3 | ||||||||||||||
Real Assets | 33,595.3 | 15,908.0 | 18,140.5 | 9,037.9 | 13,462.3 | 13,936.5 | 111.8 | |||||||||||||||||
Other | ||||||||||||||||||||||||
Unallocated Commitments (6) | 1,068.7 | 1,068.7 | Various | — | — | — | — | — | ||||||||||||||||
Private Markets Total | $ | 160,335.4 | $ | 55,775.3 | $ | 108,330.7 | $ | 110,337.9 | $ | 56,161.8 | $ | 75,720.4 | $ | 3,370.8 |
Amount | Fair Value of Investments | |||||||||||||||||||||||
Private Markets Investment Funds | Commitment | Invested | Realized (4) | Unrealized | Total Value | Gross IRR (5) | Net IRR (5) | Gross Multiple of Invested Capital (5) | ||||||||||||||||
($ in millions) | ||||||||||||||||||||||||
Legacy Funds (1) | ||||||||||||||||||||||||
1976 Fund | $ | 31.4 | $ | 31.4 | $ | 537.2 | $ | — | $ | 537.2 | 39.5 | % | 35.5 | % | 17.1 | |||||||||
1980 Fund | 356.8 | 356.8 | 1,827.8 | — | 1,827.8 | 29.0 | % | 25.8 | % | 5.1 | ||||||||||||||
1982 Fund | 327.6 | 327.6 | 1,290.7 | — | 1,290.7 | 48.1 | % | 39.2 | % | 3.9 | ||||||||||||||
1984 Fund | 1,000.0 | 1,000.0 | 5,963.5 | — | 5,963.5 | 34.5 | % | 28.9 | % | 6.0 | ||||||||||||||
1986 Fund | 671.8 | 671.8 | 9,080.7 | — | 9,080.7 | 34.4 | % | 28.9 | % | 13.5 | ||||||||||||||
1987 Fund | 6,129.6 | 6,129.6 | 14,949.2 | — | 14,949.2 | 12.1 | % | 8.9 | % | 2.4 | ||||||||||||||
1993 Fund | 1,945.7 | 1,945.7 | 4,143.3 | — | 4,143.3 | 23.6 | % | 16.8 | % | 2.1 | ||||||||||||||
1996 Fund | 6,011.6 | 6,011.6 | 12,476.9 | — | 12,476.9 | 18.0 | % | 13.3 | % | 2.1 | ||||||||||||||
Subtotal - Legacy Funds | 16,474.5 | 16,474.5 | 50,269.3 | — | 50,269.3 | 26.1 | % | 19.9 | % | 3.1 | ||||||||||||||
Included Funds | ||||||||||||||||||||||||
European Fund (1999) (2) | 3,085.4 | 3,085.4 | 8,757.7 | — | 8,757.7 | 26.9 | % | 20.2 | % | 2.8 | ||||||||||||||
Millennium Fund (2002) | 6,000.0 | 6,000.0 | 14,123.1 | 6.1 | 14,129.2 | 22.0 | % | 16.1 | % | 2.4 | ||||||||||||||
European Fund II (2005) (2) | 5,750.8 | 5,750.8 | 8,507.4 | 34.3 | 8,541.7 | 6.1 | % | 4.5 | % | 1.5 | ||||||||||||||
2006 Fund (2006) | 17,642.2 | 17,309.3 | 31,683.5 | 4,730.6 | 36,414.1 | 11.8 | % | 9.2 | % | 2.1 | ||||||||||||||
Asian Fund (2007) | 3,983.3 | 3,974.3 | 8,723.3 | 29.8 | 8,753.1 | 18.9 | % | 13.7 | % | 2.2 | ||||||||||||||
European Fund III (2008) (2) | 5,513.1 | 5,359.8 | 10,524.4 | 284.5 | 10,808.9 | 16.6 | % | 11.5 | % | 2.0 | ||||||||||||||
E2 Investors (Annex Fund) (2009) (2) | 195.8 | 195.8 | 199.6 | — | 199.6 | 0.6 | % | 0.5 | % | 1.0 | ||||||||||||||
China Growth Fund (2010) | 1,010.0 | 1,010.0 | 831.9 | 428.2 | 1,260.1 | 6.0 | % | 1.9 | % | 1.2 | ||||||||||||||
Natural Resources Fund (2010) | 887.4 | 886.5 | 123.2 | 71.2 | 194.4 | (27.0 | )% | (28.9 | )% | 0.2 | ||||||||||||||
Global Infrastructure Investors (2011) (2) | 1,040.2 | 1,046.7 | 2,096.7 | 110.4 | 2,207.1 | 17.5 | % | 15.5 | % | 2.1 | ||||||||||||||
North America Fund XI (2012) | 8,718.4 | 9,609.9 | 11,986.8 | 8,848.3 | 20,835.1 | 23.0 | % | 18.3 | % | 2.2 | ||||||||||||||
Asian Fund II (2013) | 5,825.0 | 6,802.5 | 4,779.1 | 5,159.6 | 9,938.7 | 12.6 | % | 9.0 | % | 1.5 | ||||||||||||||
Real Estate Partners Americas (2013) | 1,229.1 | 1,010.7 | 1,354.5 | 98.1 | 1,452.6 | 16.7 | % | 11.9 | % | 1.4 | ||||||||||||||
Energy Income and Growth Fund (2013) | 1,974.2 | 1,967.9 | 785.9 | 995.0 | 1,780.9 | (3.0 | )% | (5.6 | )% | 0.9 | ||||||||||||||
Global Infrastructure Investors II (2014) (2) | 3,040.6 | 3,119.4 | 2,667.7 | 2,425.0 | 5,092.7 | 18.3 | % | 15.7 | % | 1.6 | ||||||||||||||
European Fund IV (2015) (2) | 3,516.6 | 3,372.9 | 3,024.0 | 3,404.4 | 6,428.4 | 26.0 | % | 20.3 | % | 1.9 | ||||||||||||||
Real Estate Partners Europe (2015) (2) | 713.1 | 586.3 | 154.0 | 621.5 | 775.5 | 14.3 | % | 9.9 | % | 1.3 | ||||||||||||||
Next Generation Technology Growth Fund (2016) | 658.9 | 658.3 | 290.7 | 986.4 | 1,277.1 | 31.8 | % | 25.9 | % | 1.9 | ||||||||||||||
Health Care Strategic Growth Fund (2016) | 1,331.0 | 503.9 | 95.9 | 771.0 | 866.9 | 52.6 | % | 30.2 | % | 1.7 | ||||||||||||||
Americas Fund XII (2017) | 13,500.0 | 7,174.4 | 192.3 | 11,226.3 | 11,418.6 | 28.9 | % | 21.6 | % | 1.6 | ||||||||||||||
Real Estate Credit Opportunity Partners (2017) | 1,130.0 | 1,007.8 | 210.9 | 937.1 | 1,148.0 | 5.2 | % | 5.0 | % | 1.1 | ||||||||||||||
Core Investment Vehicles (2017) | 9,900.3 | 6,388.1 | — | 8,852.3 | 8,852.3 | 20.2 | % | 18.6 | % | 1.4 | ||||||||||||||
Asian Fund III (2017) | 9,000.0 | 5,640.1 | 1,238.1 | 6,977.3 | 8,215.4 | 33.7 | % | 24.0 | % | 1.5 | ||||||||||||||
Real Estate Partners Americas II (2017) | 1,921.2 | 1,311.4 | 421.7 | 1,265.2 | 1,686.9 | 22.3 | % | 16.8 | % | 1.3 | ||||||||||||||
Global Infrastructure Investors III (2018) (2) | 7,191.2 | 2,856.8 | 169.5 | 2,891.7 | 3,061.2 | 7.0 | % | 2.3 | % | 1.1 | ||||||||||||||
European Fund V (2019) (2)(3) | 6,401.0 | 2,038.4 | — | 2,401.8 | 2,401.8 | — | — | — | ||||||||||||||||
Energy Income and Growth Fund II (2019) (3) | 994.2 | 416.3 | — | 396.5 | 396.5 | — | — | — | ||||||||||||||||
Next Generation Technology Growth Fund II (2019) (3) | 2,088.3 | 624.7 | — | 697.9 | 697.9 | — | — | — | ||||||||||||||||
Global Impact Fund (2019) (3) | 1,242.2 | 437.5 | — | 482.1 | 482.1 | — | — | — | ||||||||||||||||
Asia Pacific Infrastructure Investors (2019) (3) | 2,805.6 | — | — | — | — | — | — | — | ||||||||||||||||
Property Partners Americas (2019) (3) | 2,012.5 | 325.8 | — | 356.4 | 356.4 | — | — | — | ||||||||||||||||
Real Estate Credit Opportunity Partners II (2019) (3) | 950.0 | 324.0 | — | 318.4 | 318.4 | — | — | — | ||||||||||||||||
Asian Fund IV (2020) (3) | 13,096.3 | — | — | — | — | — | — | — | ||||||||||||||||
Subtotal - Included Funds | 144,347.9 | 100,795.7 | 112,941.9 | 65,807.4 | 178,749.3 | 15.9 | % | 11.9 | % | 1.8 | ||||||||||||||
All Funds | $ | 160,822.4 | $ | 117,270.2 | $ | 163,211.2 | $ | 65,807.4 | $ | 229,018.6 | 25.6 | % | 18.8 | % | 2.0 | |||||||||
Amount | Fair Value of Investments | ||||||||||||||||||||||||||||||||||||||||
Private Markets Investment Funds | Commitment | Invested | Realized (4) | Unrealized | Total Value | Gross IRR (5) | Net IRR (5) | Gross Multiple of Invested Capital (5) | |||||||||||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||||||||||||||
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) (2) | 3,085 | 3,085 | 8,758 | — | 8,758 | 26.9 | % | 20.2 | % | 2.8 | |||||||||||||||||||||||||||||||
Millennium Fund (2002) | 6,000 | 6,000 | 14,123 | 6 | 14,129 | 22.0 | % | 16.1 | % | 2.4 | |||||||||||||||||||||||||||||||
European Fund II (2005) (2) | 5,751 | 5,751 | 8,507 | 34 | 8,541 | 6.1 | % | 4.5 | % | 1.5 | |||||||||||||||||||||||||||||||
2006 Fund (2006) | 17,642 | 17,309 | 34,287 | 3,280 | 37,567 | 12.0 | % | 9.4 | % | 2.2 | |||||||||||||||||||||||||||||||
Asian Fund (2007) | 3,983 | 3,974 | 8,723 | 30 | 8,753 | 18.9 | % | 13.7 | % | 2.2 | |||||||||||||||||||||||||||||||
European Fund III (2008) (2) | 5,513 | 5,360 | 10,602 | 235 | 10,837 | 16.6 | % | 11.5 | % | 2.0 | |||||||||||||||||||||||||||||||
E2 Investors (Annex Fund) (2009) (2) | 196 | 196 | 200 | — | 200 | 0.6 | % | 0.5 | % | 1.0 | |||||||||||||||||||||||||||||||
China Growth Fund (2010) | 1,010 | 1,010 | 1,056 | 242 | 1,298 | 6.3 | % | 2.1 | % | 1.3 | |||||||||||||||||||||||||||||||
Natural Resources Fund (2010) | 887 | 887 | 123 | 84 | 207 | (22.8) | % | (24.4) | % | 0.2 | |||||||||||||||||||||||||||||||
Global Infrastructure Investors (2011) (2) | 1,040 | 1,050 | 2,228 | — | 2,228 | 17.6 | % | 15.6 | % | 2.1 | |||||||||||||||||||||||||||||||
North America Fund XI (2012) | 8,718 | 9,733 | 15,529 | 8,373 | 23,902 | 24.0 | % | 19.4 | % | 2.5 | |||||||||||||||||||||||||||||||
Asian Fund II (2013) | 5,825 | 6,839 | 5,680 | 5,017 | 10,697 | 12.8 | % | 9.4 | % | 1.6 | |||||||||||||||||||||||||||||||
Real Estate Partners Americas (2013) | 1,229 | 1,016 | 1,397 | 80 | 1,477 | 16.8 | % | 12.0 | % | 1.5 | |||||||||||||||||||||||||||||||
Energy Income and Growth Fund (2013) | 1,974 | 1,971 | 876 | 1,137 | 2,013 | 0.5 | % | (1.8) | % | 1.0 | |||||||||||||||||||||||||||||||
Global Infrastructure Investors II (2014) (2) | 3,040 | 3,163 | 3,394 | 2,619 | 6,013 | 20.8 | % | 18.1 | % | 1.9 | |||||||||||||||||||||||||||||||
European Fund IV (2015) (2) | 3,517 | 3,577 | 3,407 | 4,257 | 7,664 | 26.5 | % | 20.9 | % | 2.1 | |||||||||||||||||||||||||||||||
Real Estate Partners Europe (2015) (2) | 713 | 632 | 519 | 405 | 924 | 15.7 | % | 10.9 | % | 1.5 | |||||||||||||||||||||||||||||||
Next Generation Technology Growth Fund (2016) | 659 | 663 | 652 | 1,854 | 2,506 | 49.8 | % | 43.3 | % | 3.8 | |||||||||||||||||||||||||||||||
Health Care Strategic Growth Fund (2016) | 1,331 | 896 | 196 | 1,352 | 1,548 | 43.8 | % | 28.7 | % | 1.7 | |||||||||||||||||||||||||||||||
Americas Fund XII (2017) | 13,500 | 10,016 | 3,432 | 21,859 | 25,291 | 48.1 | % | 39.8 | % | 2.5 | |||||||||||||||||||||||||||||||
Real Estate Credit Opportunity Partners (2017) | 1,130 | 1,008 | 301 | 974 | 1,275 | 8.2 | % | 7.2 | % | 1.3 | |||||||||||||||||||||||||||||||
Core Investment Vehicles (2017) | 23,384 | 10,519 | 31 | 16,944 | 16,975 | 27.9 | % | 26.9 | % | 1.6 | |||||||||||||||||||||||||||||||
Asian Fund III (2017) | 9,000 | 7,059 | 1,778 | 14,565 | 16,343 | 53.0 | % | 42.5 | % | 2.3 | |||||||||||||||||||||||||||||||
Real Estate Partners Americas II (2017) | 1,921 | 1,886 | 807 | 2,116 | 2,923 | 30.6 | % | 25.1 | % | 1.5 | |||||||||||||||||||||||||||||||
Global Infrastructure Investors III (2018) (2) | 7,186 | 4,073 | 336 | 4,314 | 4,650 | 9.2 | % | 6.0 | % | 1.1 | |||||||||||||||||||||||||||||||
Global Impact Fund (2019) | 1,242 | 904 | 77 | 1,263 | 1,340 | 59.8 | % | 42.5 | % | 1.5 | |||||||||||||||||||||||||||||||
European Fund V (2019) (2) | 6,398 | 3,772 | 350 | 5,054 | 5,404 | 41.9 | % | 32.7 | % | 1.4 | |||||||||||||||||||||||||||||||
Energy Income and Growth Fund II (2019) | 994 | 598 | 181 | 621 | 802 | 20.3 | % | 17.7 | % | 1.3 | |||||||||||||||||||||||||||||||
Asia Real Estate Partners (2019) | 1,682 | 259 | — | 319 | 319 | 25.9 | % | 7.2 | % | 1.2 | |||||||||||||||||||||||||||||||
Next Generation Technology Growth Fund II (2019) (3) | 2,088 | 1,272 | 82 | 2,262 | 2,344 | — | — | — | |||||||||||||||||||||||||||||||||
Asia Pacific Infrastructure Investors (2019) (3) | 3,792 | 880 | 43 | 1,121 | 1,164 | — | — | — | |||||||||||||||||||||||||||||||||
Real Estate Credit Opportunity Partners II (2019) (3) | 950 | 443 | 56 | 464 | 520 | — | — | — | |||||||||||||||||||||||||||||||||
Asian Fund IV (2020) (3) | 14,735 | 2,105 | — | 2,382 | 2,382 | — | — | — | |||||||||||||||||||||||||||||||||
Real Estate Partners Americas III (2021) (3) | 4,339 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Real Estate Partners Europe II (2021) (2)(3) | 2,106 | 608 | — | 746 | 746 | — | — | — | |||||||||||||||||||||||||||||||||
Health Care Strategic Growth Fund II (2021) (3) | 3,744 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Global Infrastructure Investors IV (2021) (3) | 14,998 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
North America Fund XIII (2021) (3) | 16,788 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Subtotal - Included Funds | 202,090 | 118,514 | 127,730 | 104,009 | 231,739 | 17.2 | % | 13.3 | % | 2.0 | |||||||||||||||||||||||||||||||
All Funds | $ | 218,565 | $ | 134,989 | $ | 178,000 | $ | 104,009 | $ | 282,009 | 25.6 | % | 18.9 | % | 2.1 |
Private Markets Investment Funds | Commitment (€ in millions) | ||||||||
European Fund | € | ||||||||
European Fund II | € | ||||||||
European Fund III | € | ||||||||
E2 Investors (Annex Fund) | € | ||||||||
Global Infrastructure Investors | € | ||||||||
Global Infrastructure Investors II | € | ||||||||
European Fund IV | € | ||||||||
Real Estate Partners Europe | € | ||||||||
Global Infrastructure Investors III | € | ||||||||
987 | |||
€ | 2,144 | ||||
€ | 768 | |
Leveraged Credit Strategy | Inception Date | Gross Returns | Net Returns | Benchmark (1) | Benchmark Gross Returns | Leveraged Credit Strategy | Inception Date | Gross Returns | Net Returns | Benchmark (1) | Benchmark Gross Returns | ||||||||||||||||||||||||||||||||||||||||
Bank Loans Plus High Yield | Jul 2008 | 7.31 | % | 6.70 | % | 65% S&P/LSTA Loan Index, 35% BoAML HY Master II Index (2) | 5.70 | % | Bank Loans Plus High Yield | Jul 2008 | 7.45 | % | 6.85 | % | 65% S&P/LSTA Loan Index, 35% BoAML HY Master II Index (2) | 5.98 | % | ||||||||||||||||||||||||||||||||||
Opportunistic Credit (3) | May 2008 | 11.21 | % | 9.39 | % | 50% S&P/LSTA Loan Index, 50% BoAML HY Master II Index (3) | 5.98 | % | Opportunistic Credit (3) | May 2008 | 11.47 | % | 9.71 | % | 50% S&P/LSTA Loan Index, 50% BoAML HY Master II Index (3) | 6.27 | % | ||||||||||||||||||||||||||||||||||
Bank Loans | Apr 2011 | 4.84 | % | 4.26 | % | S&P/LSTA Loan Index (4) | 3.88 | % | Bank Loans | Apr 2011 | 5.34 | % | 4.76 | % | S&P/LSTA Loan Index (4) | 4.30 | % | ||||||||||||||||||||||||||||||||||
High-Yield | Apr 2011 | 6.78 | % | 6.20 | % | BoAML HY Master II Index (5) | 5.85 | % | High-Yield | Apr 2011 | 7.07 | % | 6.49 | % | BoAML HY Master II Index (5) | 6.37 | % | ||||||||||||||||||||||||||||||||||
Bank Loans Conservative | Apr 2011 | 4.28 | % | 3.70 | % | S&P/LSTA BB-B Loan Index (6) | 3.94 | % | Bank Loans Conservative | Apr 2011 | 4.52 | % | 3.94 | % | S&P/LSTA BB-B Loan Index (6) | 4.27 | % | ||||||||||||||||||||||||||||||||||
European Leveraged Loans (7) | Sep 2009 | 4.53 | % | 4.01 | % | CS Inst West European Leveraged Loan Index (8) | 3.41 | % | European Leveraged Loans (7) | Sep 2009 | 4.69 | % | 4.17 | % | CS Inst West European Leveraged Loan Index (8) | 3.66 | % | ||||||||||||||||||||||||||||||||||
High-Yield Conservative | Apr 2011 | 6.23 | % | 5.66 | % | BoAML HY BB-B Constrained (9) | 5.96 | % | High-Yield Conservative | Apr 2011 | 6.32 | % | 5.74 | % | BoAML HY BB-B Constrained (9) | 6.32 | % | ||||||||||||||||||||||||||||||||||
European Credit Opportunities (7) | Sept 2007 | 5.12 | % | 4.18 | % | S&P European Leveraged Loans (All Loans) (10) | 3.88 | % | European Credit Opportunities (7) | Sept 2007 | 6.01 | % | 5.12 | % | S&P European Leveraged Loans (All Loans) (10) | 4.18 | % | ||||||||||||||||||||||||||||||||||
Revolving Credit (11) | May 2015 | N/A | N/A | N/A | N/A | Revolving Credit (11) | May 2015 | N/A | N/A | N/A | N/A |
(1)The benchmarks referred to herein include the S&P/LSTA Leveraged Loan Index (the "S&P/LSTA Loan Index"), S&P/LSTA U.S. B/BB Ratings Loan Index (the "S&P/LSTA BB-B Loan Index"), the Bank of America Merrill Lynch High Yield Master II Index (the "BoAML HY Master II Index"), the BofA Merrill Lynch BB-B US High Yield Index (the "BoAML HY BB-B Constrained"), the Credit Suisse Institutional Western European Leveraged Loan Index (the "CS Inst West European Leveraged Loan Index"), and S&P European Leveraged Loans (All Loans). The S&P/LSTA Loan Index is a daily tradable index for the U.S. loan market that seeks to mirror the market-weighted performance of the largest institutional loans that meet certain criteria. The S&P/ LSTA BB-B Loan Index is comprised of loans in the S&P/LSTA Loan Index, whose rating is BB+, BB, BB-, B+, B or B-. The BoAML HY Master II Index is an index for high-yield corporate bonds. It is designed to measure the broad high-yield market, including lower-rated securities. The BoAML HY BB-B Constrained is a subset of the BoAML HY Master II Index including all securities rated BB1 through B3, inclusive. The CS Inst West European Leveraged Loan Index contains only institutional loan facilities priced above 90, excluding TL and TLa facilities and loans rated CC, C or are in default. The S&P European Leveraged Loan Index reflects the market-weighted performance of institutional leveraged loan portfolios investing in European credits. While the returns of our leveraged credit strategies reflect the reinvestment of income and dividends, none of the indices presented in the chart above reflect such reinvestment, which has the effect of increasing the reported relative performance of these strategies as compared to the indices. Furthermore, these indices are not subject to management fees, incentive allocations, or expenses. (2)Performance is based on a blended composite of Bank Loans Plus High Yield strategy accounts. The benchmark used for purposes of comparison for the Bank Loans Plus High Yield strategy is based on 65% S&P/LSTA Loan Index and 35% BoAML HY Master II Index. (3)The Opportunistic Credit strategy invests in high-yield securities and corporate loans with no preset allocation. The benchmark used for purposes of comparison for the Opportunistic Credit strategy presented herein is based on 50% S&P/LSTA Loan Index and 50% BoAML HY Master II Index. Funds within this strategy may utilize third-party financing facilities to enhance investment returns. In cases where financing facilities are used, the amounts |
(4)Performance is based on a composite of portfolios that primarily invest in leveraged loans. The benchmark used for purposes of comparison for the Bank Loans strategy is based on the S&P/LSTA Loan Index. (5)Performance is based on a composite of portfolios that primarily invest in high-yield securities. The benchmark used for purposes of comparison for the High Yield strategy is based on the BoAML HY Master II Index. (6)Performance is based on a composite of portfolios that primarily invest in leveraged loans rated B-/Baa3 or higher. The benchmark used for purposes of comparison for the Bank Loans Conservative strategy is based on the S&P/LSTA BB-B Loan Index. (7)The returns presented are calculated based on local currency. (8)Performance is based on a composite of portfolios that primarily invest in higher quality leveraged loans. The benchmark used for purposes of comparison for the European Leveraged Loans strategy is based on the CS Inst West European Leveraged Loan Index. (9)Performance is based on a composite of portfolios that primarily invest in high-yield securities rated B or higher. The benchmark used for purposes of comparison for the High-Yield Conservative strategy is based on the BoAML HY BB-B Constrained Index. (10)Performance is based on a composite of portfolios that primarily invest in European institutional leveraged loans. The benchmark used for purposes of comparison for the European Credit Opportunities strategy is based on the S&P European Leveraged Loans (All Loans) Index. (11)This strategy has not called any capital as of September 30, 2021. As a result, the gross and net return performance measures are not meaningful and are not included above. |
Amount | Fair Value of Investments | Amount | Fair Value of Investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Public Markets Investment Funds | Inception Date | Commitment | Invested (1) | Realized (1) | Unrealized | Total Value | Gross IRR (2) | Net IRR (2) | Multiple of Invested Capital (3) | Gross Accrued Carried Interest | Public Markets Investment Funds | Inception Date | Commitment | Invested (1) | Realized (1) | Unrealized | Total Value | Gross IRR (2) | Net IRR (2) | Multiple of Invested Capital (3) | Gross Accrued Carried Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in Millions) | ($ in Millions) | ($ in Millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dislocation Opportunities Fund | May 2020 | $ | 2,797.3 | $ | 356.0 | $ | 7.2 | $ | 431.1 | $ | 438.3 | N/A | N/A | N/A | $ | 9.9 | Dislocation Opportunities Fund | May 2020 | $ | 2,910 | $ | 1,515 | $ | 119 | $ | 1,704 | $ | 1,823 | N/A | N/A | N/A | $ | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Situations Fund II | Dec 2014 | 3,524.7 | 2,996.3 | 769.8 | 2,127.0 | 2,896.8 | (1.2 | )% | (3.4 | )% | 1.0 | — | Special Situations Fund II | Dec 2014 | 3,525 | 3,241 | 1,333 | 2,690 | 4,023 | 6.9 | % | 4.9 | % | 1.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Situations Fund | Dec 2012 | 2,274.3 | 2,273.0 | 1,552.4 | 509.1 | 2,061.5 | (2.5 | )% | (4.7 | )% | 0.9 | — | Special Situations Fund | Dec 2012 | 2,274 | 2,273 | 1,598 | 606 | 2,204 | (0.7) | % | (2.6) | % | 1.0 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mezzanine Partners | Mar 2010 | 1,022.8 | 920.1 | 1,092.1 | 153.3 | 1,245.4 | 9.9 | % | 6.7 | % | 1.4 | (20.0 | ) | Mezzanine Partners | Mar 2010 | 1,023 | 990 | 1,097 | 245 | 1,342 | 10.0 | % | 6.9 | % | 1.4 | (20) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Credit Opportunities Partners II | Dec 2015 | 2,245.1 | 1,576.4 | 138.3 | 1,574.6 | 1,712.9 | 5.0 | % | 3.4 | % | 1.1 | — | Private Credit Opportunities Partners II | Dec 2015 | 2,245 | 1,483 | 546 | 1,295 | 1,841 | 8.2 | % | 6.6 | % | 1.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lending Partners III | Apr 2017 | 1,497.8 | 661.4 | 167.8 | 669.6 | 837.4 | 15.9 | % | 12.8 | % | 1.3 | 13.6 | Lending Partners III | Apr 2017 | 1,498 | 741 | 264 | 810 | 1,074 | 16.3 | % | 13.5 | % | 1.4 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lending Partners II | Jun 2014 | 1,335.9 | 1,179.1 | 1,100.7 | 219.3 | 1,320.0 | 4.5 | % | 3.3 | % | 1.1 | — | Lending Partners II | Jun 2014 | 1,336 | 1,179 | 1,143 | 179 | 1,322 | 4.3 | % | 3.0 | % | 1.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lending Partners | Dec 2011 | 460.2 | 407.2 | 450.7 | 17.3 | 468.0 | 4.2 | % | 2.5 | % | 1.1 | — | Lending Partners | Dec 2011 | 460 | 419 | 451 | 21 | 472 | 3.6 | % | 2.0 | % | 1.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lending Partners Europe II | Jun 2019 | 836.6 | — | — | — | — | N/A | N/A | N/A | — | Lending Partners Europe II | Jun 2019 | 837 | 346 | 34 | 383 | 417 | 29.6 | % | 22.9 | % | 1.2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lending Partners Europe | Mar 2015 | 847.6 | 635.3 | 229.8 | 372.6 | 602.4 | (2.4 | )% | (5.3 | )% | 0.9 | — | Lending Partners Europe | Mar 2015 | 848 | 664 | 354 | 302 | 656 | (0.4) | % | (3.0) | % | 1.0 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Alternative Credit Vehicles | Various | 10,769.4 | 6,003.7 | 3,616.3 | 3,887.9 | 7,504.2 | N/A | N/A | N/A | 28.6 | Other Alternative Credit Vehicles | Various | 11,744 | 6,147 | 4,292 | 4,097 | 8,389 | N/A | N/A | N/A | 120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated Commitments(4) | Various | 124.3 | — | — | — | — | N/A | N/A | N/A | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All Funds | $ | 27,736.0 | $ | 17,008.5 | $ | 9,125.1 | $ | 9,961.8 | $ | 19,086.9 | $ | 32.1 | All Funds | $ | 28,700 | $ | 18,998 | $ | 11,231 | $ | 12,332 | $ | 23,563 | $ | 165 |
($ in millions) | AUM | FPAUM | Typical Management Fee Rate | Incentive Fee / Carried Interest | Preferred Return | Duration of Capital | ($ in millions) | AUM | FPAUM | Typical Management Fee Rate | Incentive Fee / Carried Interest | Preferred Return | Duration of Capital | |||||||||||||||||||||||||||||||||||||||||
Leveraged Credit: | Leveraged Credit: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leveraged Credit SMAs/Funds | $ | 24,274 | $ | 22,840 | 0.10% - 1.10% | Various (1) | Various (1) | Subject to redemptions | Leveraged Credit SMAs/Funds | $ | 87,607 | $ | 86,017 | 0.15% - 1.10% | Various (1) | Various (1) | Subject to redemptions | |||||||||||||||||||||||||||||||||||||
CLOs | 17,186 | 17,186 | 0.40% - 0.50% | Various (1) | Various (1) | 10-14 Years (2) | CLOs | 21,020 | 21,020 | 0.40% - 0.50% | Various (1) | Various (1) | 10-14 Years (2) | |||||||||||||||||||||||||||||||||||||||||
Total Leveraged Credit | 41,460 | 40,026 | Total Leveraged Credit | 108,627 | 107,037 | |||||||||||||||||||||||||||||||||||||||||||||||||
Alternative Credit: (3) | Alternative Credit: (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Situations | 7,358 | 4,096 | 0.50% - 1.75% (4) | 10.00 - 20.00% | 7.00 - 12.00% | 7-15 Years (2) | Special Situations | 8,101 | 4,529 | 0.50% - 1.75% (4) | 10.00 - 20.00% | 7.00 - 12.00% | 7-15 Years (2) | |||||||||||||||||||||||||||||||||||||||||
Private Credit | 11,013 | 6,593 | 0.50% - 1.50% | 10.00 - 20.00% | 5.00 - 8.00% | 8-15 Years (2) | Private Credit | 51,666 | 46,348 | 0.25% - 1.50% | 10.00 - 20.00% | 5.00 - 8.00% | 8-15 Years (2) | |||||||||||||||||||||||||||||||||||||||||
Total Alternative Credit | 18,371 | 10,689 | Total Alternative Credit | 59,767 | 50,877 | |||||||||||||||||||||||||||||||||||||||||||||||||
Hedge Funds (5) | 23,470 | 21,475 | 0.50% - 2.00% | Various (1) | Various (1) | Subject to redemptions | Hedge Funds (5) | 26,544 | 26,544 | 0.50% - 2.00% | Various (1) | Various (1) | Subject to redemptions | |||||||||||||||||||||||||||||||||||||||||
BDCs (6) | 14,749 | 14,749 | 0.60% | 8.00% | 7.00% | Indefinite | BDCs (6) | 16,561 | 16,561 | 0.60% | 8.00% | 7.00% | Indefinite | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 98,050 | $ | 86,939 | Total | $ | 211,499 | $ | 201,019 |
Three Months Ended | |||||||||||
September 30, 2020 | September 30, 2019 | Change | |||||||||
($ in thousands) | |||||||||||
Revenues | |||||||||||
Fees and Other | $ | 563,340 | $ | 416,217 | $ | 147,123 | |||||
Capital Allocation-Based Income (Loss) | 1,331,898 | 374,268 | 957,630 | ||||||||
Total Revenues | 1,895,238 | 790,485 | 1,104,753 | ||||||||
Expenses | |||||||||||
Compensation and Benefits | 882,339 | 427,527 | 454,812 | ||||||||
Occupancy and Related Charges | 17,321 | 14,894 | 2,427 | ||||||||
General, Administrative and Other | 194,039 | 177,112 | 16,927 | ||||||||
Total Expenses | 1,093,699 | 619,533 | 474,166 | ||||||||
Investment Income (Loss) | |||||||||||
Net Gains (Losses) from Investment Activities | 2,284,602 | (4,590 | ) | 2,289,192 | |||||||
Dividend Income | 116,379 | 147,989 | (31,610 | ) | |||||||
Interest Income | 354,865 | 344,140 | 10,725 | ||||||||
Interest Expense | (223,709 | ) | (268,747 | ) | 45,038 | ||||||
Total Investment Income (Loss) | 2,532,137 | 218,792 | 2,313,345 | ||||||||
Income (Loss) Before Taxes | 3,333,676 | 389,744 | 2,943,932 | ||||||||
Income Tax Expense (Benefit) | 359,375 | 53,132 | 306,243 | ||||||||
Net Income (Loss) | 2,974,301 | 336,612 | 2,637,689 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 1,909,458 | 87,058 | 1,822,400 | ||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 1,064,843 | 249,554 | 815,289 | ||||||||
Series A Preferred Stock Dividends | 5,822 | 5,822 | — | ||||||||
Series B Preferred Stock Dividends | 2,519 | 2,519 | — | ||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 1,056,502 | $ | 241,213 | $ | 815,289 |
Three Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Management Fees | $ | 254,467 | $ | 216,733 | $ | 37,734 | ||||||
Fee Credits | (89,487 | ) | (57,470 | ) | (32,017 | ) | ||||||
Transaction Fees | 300,805 | 165,212 | 135,593 | |||||||||
Monitoring Fees | 28,824 | 27,546 | 1,278 | |||||||||
Incentive Fees | 63 | — | 63 | |||||||||
Expense Reimbursements | 44,553 | 34,356 | 10,197 | |||||||||
Oil and Gas Revenue | 6,687 | 11,264 | (4,577 | ) | ||||||||
Consulting Fees | 17,428 | 18,576 | (1,148 | ) | ||||||||
Total Fees and Other | 563,340 | 416,217 | 147,123 | |||||||||
Carried Interest | 1,077,932 | 335,219 | 742,713 | |||||||||
General Partner Capital Interest | 253,966 | 39,049 | 214,917 | |||||||||
Total Capital Allocation-Based Income (Loss) | 1,331,898 | 374,268 | 957,630 | |||||||||
Total Revenues | $ | 1,895,238 | $ | 790,485 | $ | 1,104,753 |
Three Months Ended | |||||||
September 30, 2020 | September 30, 2019 | ||||||
($ in thousands) | |||||||
Private Equity | $ | 1,591,134 | $ | 54,487 | |||
Credit | 315,459 | (176,438 | ) | ||||
Investments of Consolidated CFEs | 392,287 | (101,011 | ) | ||||
Real Assets | 251,599 | (97,858 | ) | ||||
Equity Method - Other | 435,664 | 123,260 | |||||
Other Investments | 57,808 | (74,505 | ) | ||||
Debt Obligations and Other | (336,811 | ) | 65,013 | ||||
Other Net Gains (Losses) from Investment Activities | (422,538 | ) | 202,462 | ||||
Net Gains (Losses) from Investment Activities | $ | 2,284,602 | $ | (4,590 | ) |
Nine Months Ended | |||||||||||
September 30, 2020 | September 30, 2019 | Change | |||||||||
($ in thousands) | |||||||||||
Revenues | |||||||||||
Fees and Other | $ | 1,337,385 | $ | 1,308,206 | $ | 29,179 | |||||
Capital Allocation-Based Income (Loss) | 888,342 | 1,849,623 | (961,281 | ) | |||||||
Total Revenues | 2,225,727 | 3,157,829 | (932,102 | ) | |||||||
Expenses | |||||||||||
Compensation and Benefits | 1,211,526 | 1,581,056 | (369,530 | ) | |||||||
Occupancy and Related Charges | 51,222 | 46,777 | 4,445 | ||||||||
General, Administrative and Other | 491,327 | 529,278 | (37,951 | ) | |||||||
Total Expenses | 1,754,075 | 2,157,111 | (403,036 | ) | |||||||
Investment Income (Loss) | |||||||||||
Net Gains (Losses) from Investment Activities | (179,033 | ) | 2,237,273 | (2,416,306 | ) | ||||||
Dividend Income | 295,047 | 187,744 | 107,303 | ||||||||
Interest Income | 1,040,052 | 1,068,378 | (28,326 | ) | |||||||
Interest Expense | (725,245 | ) | (782,601 | ) | 57,356 | ||||||
Total Investment Income (Loss) | 430,821 | 2,710,794 | (2,279,973 | ) | |||||||
Income (Loss) Before Taxes | 902,473 | 3,711,512 | (2,809,039 | ) | |||||||
Income Tax Expense (Benefit) | 204,960 | 386,124 | (181,164 | ) | |||||||
Net Income (Loss) | 697,513 | 3,325,388 | (2,627,875 | ) | |||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 206,225 | 1,843,781 | (1,637,556 | ) | |||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 491,288 | 1,481,607 | (990,319 | ) | |||||||
Series A Preferred Stock Dividends | 17,466 | 17,466 | — | ||||||||
Series B Preferred Stock Dividends | 7,557 | 7,557 | — | ||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 466,265 | $ | 1,456,584 | $ | (990,319 | ) |
Nine Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Management Fees | $ | 696,892 | $ | 611,238 | $ | 85,654 | ||||||
Fee Credits | (185,746 | ) | (252,809 | ) | 67,063 | |||||||
Transaction Fees | 561,259 | 658,304 | (97,045 | ) | ||||||||
Monitoring Fees | 86,875 | 79,621 | 7,254 | |||||||||
Incentive Fees | 731 | — | 731 | |||||||||
Expense Reimbursements | 100,779 | 121,157 | (20,378 | ) | ||||||||
Oil and Gas Revenue | 21,054 | 36,714 | (15,660 | ) | ||||||||
Consulting Fees | 55,541 | 53,981 | 1,560 | |||||||||
Total Fees and Other | 1,337,385 | 1,308,206 | 29,179 | |||||||||
Carried Interest | 626,338 | 1,581,045 | (954,707 | ) | ||||||||
General Partner Capital Interest | 262,004 | 268,578 | (6,574 | ) | ||||||||
Total Capital Allocation-Based Income (Loss) | 888,342 | 1,849,623 | (961,281 | ) | ||||||||
Total Revenues | $ | 2,225,727 | $ | 3,157,829 | $ | (932,102 | ) |
Nine Months Ended | |||||||
September 30, 2020 | September 30, 2019 | ||||||
($ in thousands) | |||||||
Private Equity | $ | 1,456,254 | $ | 2,005,568 | |||
Credit | (541,388 | ) | (209,796 | ) | |||
Investments of Consolidated CFEs | (552,093 | ) | 182,596 | ||||
Real Assets | (221,562 | ) | 18,782 | ||||
Equity Method - Other | 244,193 | 432,955 | |||||
Other Investments | (597,787 | ) | (146,036 | ) | |||
Debt Obligations and Other | 303,261 | (305,925 | ) | ||||
Other Net Gains (Losses) from Investment Activities | (269,911 | ) | 259,129 | ||||
Net Gains (Losses) from Investment Activities | $ | (179,033 | ) | $ | 2,237,273 |
(Amounts in thousands, except per share amounts) | ||||||||
As of | As of | |||||||
September 30, 2020 | December 31, 2019 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 4,363,105 | $ | 2,346,713 | ||||
Investments | 60,990,162 | 54,936,268 | ||||||
Other Assets | 5,302,066 | 3,616,338 | ||||||
Total Assets | $ | 70,655,333 | $ | 60,899,319 | ||||
Liabilities and Equity | ||||||||
Debt Obligations | $ | 31,451,641 | $ | 27,013,284 | ||||
Other Liabilities | 5,160,062 | 3,383,661 | ||||||
Total Liabilities | 36,611,703 | 30,396,945 | ||||||
Stockholders' Equity | ||||||||
KKR & Co. Inc. Stockholders' Equity - Series A and B Preferred Stock | 482,554 | 482,554 | ||||||
KKR & Co. Inc. Stockholders' Equity - Series C Mandatory Convertible Preferred Stock | 1,115,792 | — | ||||||
KKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock | 10,599,310 | 10,324,936 | ||||||
Noncontrolling Interests | 21,845,974 | 19,694,884 | ||||||
Total Equity | 34,043,630 | 30,502,374 | ||||||
Total Liabilities and Equity | $ | 70,655,333 | $ | 60,899,319 | ||||
KKR & Co. Inc. Stockholders' Equity - Common Stock Per Outstanding Share of Common Stock | $ | 18.72 | $ | 18.44 | ||||
DISTRIBUTABLE REVENUES | ||||||||||||
Three Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Distributable Revenues | ||||||||||||
Fees and Other, Net | ||||||||||||
Management Fees | $ | 359,831 | $ | 314,793 | $ | 45,038 | ||||||
Transaction Fees | 300,645 | 164,892 | 135,753 | |||||||||
Monitoring Fees | 28,824 | 27,546 | 1,278 | |||||||||
Fee Credits | (115,442 | ) | (61,308 | ) | (54,134 | ) | ||||||
Total Fees and Other, Net | 573,858 | 445,923 | 127,935 | |||||||||
Realized Performance Income (Loss) | ||||||||||||
Carried Interest | 217,978 | 296,344 | (78,366 | ) | ||||||||
Incentive Fees | 16,223 | 11,184 | 5,039 | |||||||||
Total Realized Performance Income (Loss) | 234,201 | 307,528 | (73,327 | ) | ||||||||
Realized Investment Income (Loss) | ||||||||||||
Net Realized Gains (Losses) | 172,224 | 26,529 | 145,695 | |||||||||
Interest Income and Dividends | 88,191 | 183,705 | (95,514 | ) | ||||||||
Total Realized Investment Income (Loss) | 260,415 | 210,234 | 50,181 | |||||||||
Total Distributable Revenues | $ | 1,068,474 | $ | 963,685 | $ | 104,789 | ||||||
DISTRIBUTABLE EXPENSES | ||||||||||||
Three Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Distributable Expenses | ||||||||||||
Compensation and Benefits (1) | $ | 427,396 | $ | 385,237 | $ | 42,159 | ||||||
Occupancy and Related Charges | 13,639 | 14,141 | (502 | ) | ||||||||
Other Operating Expenses | 76,163 | 77,532 | (1,369 | ) | ||||||||
Total Distributable Expenses | $ | 517,198 | $ | 476,910 | $ | 40,288 | ||||||
AFTER-TAX DISTRIBUTABLE EARNINGS | ||||||||||||
Three Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
After-tax Distributable Earnings | ||||||||||||
(+) Total Distributable Revenues | $ | 1,068,474 | $ | 963,685 | $ | 104,789 | ||||||
(-) Total Distributable Expenses | 517,198 | 476,910 | 40,288 | |||||||||
(=) Total Distributable Operating Earnings | 551,276 | 486,775 | 64,501 | |||||||||
(-) Interest Expense | 54,458 | 48,326 | 6,132 | |||||||||
(-) Series A and B Preferred Dividends | 8,341 | 8,341 | — | |||||||||
(-) Income (Loss) Attributable to Noncontrolling Interests | 2,709 | 881 | 1,828 | |||||||||
(-) Income Taxes Paid | 75,413 | 40,429 | 34,984 | |||||||||
After-tax Distributable Earnings | $ | 410,355 | $ | 388,798 | $ | 21,557 |
Three Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Fees and Other, Net | ||||||||||||
Management Fees | $ | 241,788 | $ | 202,632 | $ | 39,156 | ||||||
Transaction Fees | 133,943 | 63,580 | 70,363 | |||||||||
Monitoring Fees | 28,824 | 27,546 | 1,278 | |||||||||
Fee Credits | (107,275 | ) | (44,625 | ) | (62,650 | ) | ||||||
Total Fees and Other, Net | $ | 297,280 | $ | 249,133 | $ | 48,147 | ||||||
Realized Performance Income (Loss) | ||||||||||||
Carried Interest | $ | 217,978 | $ | 281,494 | $ | (63,516 | ) | |||||
Incentive Fees | 701 | — | 701 | |||||||||
Total Realized Performance Income (Loss) | $ | 218,679 | $ | 281,494 | $ | (62,815 | ) |
Three Months Ended September 30, | |||||||
2020 | 2019 | ||||||
($ in thousands) | |||||||
Co-Investment Vehicles and Other | $ | 76,950 | $ | 12,876 | |||
2006 Fund | 55,846 | 78,475 | |||||
North America Fund XI | 42,807 | 96,910 | |||||
European Fund IV | 27,980 | 32,138 | |||||
Next Generation Technology Growth Fund | 13,964 | — | |||||
Asian Fund | 431 | — | |||||
Asian Fund II | — | 56,633 | |||||
Real Estate Partners Americas | — | 3,703 | |||||
China Growth fund | — | 759 | |||||
Total Realized Carried Interest (1) | $ | 217,978 | $ | 281,494 |
Three Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Fees and Other, Net | ||||||||||||
Management Fees | $ | 118,043 | $ | 112,161 | $ | 5,882 | ||||||
Transaction Fees | 8,436 | 17,313 | (8,877 | ) | ||||||||
Fee Credits | (8,167 | ) | (16,683 | ) | 8,516 | |||||||
Total Fees and Other, Net | $ | 118,312 | $ | 112,791 | $ | 5,521 | ||||||
Realized Performance Income (Loss) | ||||||||||||
Carried Interest | $ | — | $ | 14,850 | $ | (14,850 | ) | |||||
Incentive Fees | 15,522 | 11,184 | 4,338 | |||||||||
Total Realized Performance Income (Loss) | $ | 15,522 | $ | 26,034 | $ | (10,512 | ) |
Three Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Transaction Fees | $ | 158,266 | $ | 83,999 | $ | 74,267 | ||||||
Three Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Realized Investment Income (Loss) | ||||||||||||
Net Realized Gains (Losses) | $ | 172,224 | $ | 26,529 | $ | 145,695 | ||||||
Interest Income and Dividends | 88,191 | 183,705 | (95,514 | ) | ||||||||
Total Realized Investment Income (Loss) | $ | 260,415 | $ | 210,234 | $ | 50,181 |
As of | ||||||||||||
September 30, 2020 | June 30, 2020 | Change | ||||||||||
($ in thousands) | ||||||||||||
Assets Under Management | $ | 233,808,800 | $ | 221,756,700 | $ | 12,052,100 | ||||||
Fee Paying Assets Under Management | $ | 177,290,200 | $ | 160,329,800 | $ | 16,960,400 | ||||||
Uncalled Commitments | $ | 67,077,600 | $ | 66,818,800 | $ | 258,800 |
Three Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Capital Invested and Syndicated Capital | $ | 10,019,100 | $ | 5,043,800 | $ | 4,975,300 |
($ in thousands) | |||
June 30, 2020 | $ | 124,828,200 | |
New Capital Raised | 5,754,000 | ||
Distributions and Other | (2,447,100 | ) | |
Change in Value | 7,623,400 | ||
September 30, 2020 | $ | 135,758,500 |
($ in thousands) | |||
June 30, 2020 | $ | 96,928,500 | |
New Capital Raised | 2,916,700 | ||
Distributions and Other | (1,385,400 | ) | |
Redemptions | (4,270,300 | ) | |
Change in Value | 3,860,800 | ||
September 30, 2020 | $ | 98,050,300 |
($ in thousands) | |||
June 30, 2020 | $ | 77,356,100 | |
New Capital Raised | 15,370,800 | ||
Distributions and Other | (771,900 | ) | |
Net Changes in Fee Base of Certain Funds | (2,177,800 | ) | |
Change in Value | 573,800 | ||
September 30, 2020 | $ | 90,351,000 |
($ in thousands) | |||
June 30, 2020 | $ | 82,973,700 | |
New Capital Raised | 3,194,200 | ||
Distributions and Other | (660,900 | ) | |
Redemptions | (1,828,800 | ) | |
Change in Value | 3,261,000 | ||
September 30, 2020 | $ | 86,939,200 |
DISTRIBUTABLE REVENUES | ||||||||||||
Nine Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Distributable Revenues | ||||||||||||
Fees and Other, Net | ||||||||||||
Management Fees | $ | 1,024,450 | $ | 910,105 | $ | 114,345 | ||||||
Transaction Fees | 560,404 | 655,421 | (95,017 | ) | ||||||||
Monitoring Fees | 86,875 | 79,621 | 7,254 | |||||||||
Fee Credits | (226,167 | ) | (274,278 | ) | 48,111 | |||||||
Total Fees and Other, Net | 1,445,562 | 1,370,869 | 74,693 | |||||||||
Realized Performance Income (Loss) | ||||||||||||
Carried Interest | 924,974 | 838,608 | 86,366 | |||||||||
Incentive Fees | 36,913 | 52,485 | (15,572 | ) | ||||||||
Total Realized Performance Income (Loss) | 961,887 | 891,093 | 70,794 | |||||||||
Realized Investment Income (Loss) | ||||||||||||
Net Realized Gains (Losses) | 215,430 | 146,334 | 69,096 | |||||||||
Interest Income and Dividends | 280,474 | 312,969 | (32,495 | ) | ||||||||
Total Realized Investment Income (Loss) | 495,904 | 459,303 | 36,601 | |||||||||
Total Distributable Revenues | $ | 2,903,353 | $ | 2,721,265 | $ | 182,088 | ||||||
DISTRIBUTABLE EXPENSES | ||||||||||||
Nine Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Distributable Expenses | ||||||||||||
Compensation and Benefits (1) | $ | 1,161,240 | $ | 1,088,552 | $ | 72,688 | ||||||
Occupancy and Related Charges | 41,717 | 44,586 | (2,869 | ) | ||||||||
Other Operating Expenses | 227,842 | 235,285 | (7,443 | ) | ||||||||
Total Distributable Expenses | $ | 1,430,799 | $ | 1,368,423 | $ | 62,376 | ||||||
AFTER-TAX DISTRIBUTABLE EARNINGS | ||||||||||||
Nine Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
After-tax Distributable Earnings | ||||||||||||
(+) Total Distributable Revenues | $ | 2,903,353 | $ | 2,721,265 | $ | 182,088 | ||||||
(-) Total Distributable Expenses | 1,430,799 | 1,368,423 | 62,376 | |||||||||
(=) Total Distributable Operating Earnings | 1,472,554 | 1,352,842 | 119,712 | |||||||||
(-) Interest Expense | 152,676 | 139,315 | 13,361 | |||||||||
(-) Series A and B Preferred Dividends | 25,023 | 25,023 | — | |||||||||
(-) Income (Loss) Attributable to Noncontrolling Interests | 4,800 | 3,104 | 1,696 | |||||||||
(-) Income Taxes Paid | 198,763 | 155,237 | 43,526 | |||||||||
After-tax Distributable Earnings | $ | 1,091,292 | $ | 1,030,163 | $ | 61,129 |
Nine Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Fees and Other, Net | ||||||||||||
Management Fees | $ | 682,269 | $ | 578,494 | $ | 103,775 | ||||||
Transaction Fees | 236,289 | 298,893 | (62,604 | ) | ||||||||
Monitoring Fees | 86,875 | 79,621 | 7,254 | |||||||||
Fee Credits | (192,027 | ) | (224,546 | ) | 32,519 | |||||||
Total Fees and Other, Net | $ | 813,406 | $ | 732,462 | $ | 80,944 | ||||||
Realized Performance Income (Loss) | ||||||||||||
Carried Interest | $ | 889,334 | $ | 813,858 | $ | 75,476 | ||||||
Incentive Fees | 2,723 | 1,485 | 1,238 | |||||||||
Total Realized Performance Income (Loss) | $ | 892,057 | $ | 815,343 | $ | 76,714 |
Nine Months Ended | |||||||
September 30, 2020 | September 30, 2019 | ||||||
($ in thousands) | |||||||
North America Fund XI | $ | 165,202 | $ | 341,602 | |||
Global Infrastructure Investors II | 148,882 | — | |||||
European Fund IV | 134,853 | 92,731 | |||||
2006 Fund | 113,555 | 107,186 | |||||
Co-Investment Vehicles and Other | 88,263 | 61,529 | |||||
Asian Fund II | 60,647 | 117,418 | |||||
Core Investment Vehicles | 57,484 | 14,449 | |||||
Global Infrastructure Investors | 54,729 | — | |||||
Asian Fund III | 46,347 | — | |||||
Next Generation Technology Growth Fund | 13,964 | — | |||||
Real Estate Partners Americas | 4,977 | 6,488 | |||||
Asian Fund | 431 | 10,912 | |||||
European Fund III | — | 58,505 | |||||
China Growth Fund | — | 3,038 | |||||
Total Realized Carried Interest (1) | $ | 889,334 | $ | 813,858 |
Nine Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Fees and Other, Net | ||||||||||||
Management Fees | $ | 342,181 | $ | 331,611 | $ | 10,570 | ||||||
Transaction Fees | 36,228 | 53,241 | (17,013 | ) | ||||||||
Fee Credits | (34,140 | ) | (49,732 | ) | 15,592 | |||||||
Total Fees and Other, Net | $ | 344,269 | $ | 335,120 | $ | 9,149 | ||||||
Realized Performance Income (Loss) | ||||||||||||
Carried Interest | $ | 35,640 | $ | 24,750 | $ | 10,890 | ||||||
Incentive Fees | 34,190 | 51,000 | (16,810 | ) | ||||||||
Total Realized Performance Income (Loss) | $ | 69,830 | $ | 75,750 | $ | (5,920 | ) |
Nine Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Transaction Fees | $ | 287,887 | $ | 303,287 | $ | (15,400 | ) |
Nine Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Realized Investment Income (Loss) | ||||||||||||
Net Realized Gains (Losses) | $ | 215,430 | $ | 146,334 | $ | 69,096 | ||||||
Interest Income and Dividends | 280,474 | 312,969 | (32,495 | ) | ||||||||
Total Realized Investment Income (Loss) | $ | 495,904 | $ | 459,303 | $ | 36,601 |
As of | ||||||||||||
September 30, 2020 | December 31, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Assets Under Management | $ | 233,808,800 | $ | 218,355,100 | $ | 15,453,700 | ||||||
Fee Paying Assets Under Management | $ | 177,290,200 | $ | 161,209,800 | $ | 16,080,400 | ||||||
Uncalled Commitments | $ | 67,077,600 | $ | 56,920,600 | $ | 10,157,000 |
Nine Months Ended | ||||||||||||
September 30, 2020 | September 30, 2019 | Change | ||||||||||
($ in thousands) | ||||||||||||
Capital Invested and Syndicated Capital | $ | 22,059,000 | $ | 18,222,900 | $ | 3,836,100 |
($ in thousands) | |||
December 31, 2019 | $ | 119,274,700 | |
New Capital Raised | 20,193,000 | ||
Distributions and Other | (10,253,900 | ) | |
Change in Value | 6,544,700 | ||
September 30, 2020 | $ | 135,758,500 |
($ in thousands) | |||
December 31, 2019 | $ | 99,080,400 | |
New Capital Raised | 11,999,400 | ||
Distributions and Other | (3,005,900 | ) | |
Redemptions | (8,816,900 | ) | |
Change in Value | (1,206,700 | ) | |
September 30, 2020 | $ | 98,050,300 |
($ in thousands) | |||
December 31, 2019 | $ | 76,918,100 | |
New Capital Raised | 18,773,900 | ||
Distributions and Other | (4,747,500 | ) | |
Net Changes in Fee Base of Certain Funds | (2,177,800 | ) | |
Change in Value | 1,584,300 | ||
September 30, 2020 | $ | 90,351,000 |
($ in thousands) | |||
December 31, 2019 | $ | 84,291,700 | |
New Capital Raised | 11,384,900 | ||
Distributions and Other | (3,455,600 | ) | |
Redemptions | (5,616,300 | ) | |
Change in Value | 334,500 | ||
September 30, 2020 | $ | 86,939,200 |
Three Months Ended | |||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | |||||||||||||||
($ in thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
Asset Management | |||||||||||||||||
Fees and Other | $ | 718,968 | $ | 563,340 | $ | 155,628 | |||||||||||
Capital Allocation-Based Income (Loss) | 1,526,667 | 1,331,898 | 194,769 | ||||||||||||||
2,245,635 | 1,895,238 | 350,397 | |||||||||||||||
Insurance | |||||||||||||||||
Net Premiums | 974,903 | — | 974,903 | ||||||||||||||
Policy Fees | 310,381 | — | 310,381 | ||||||||||||||
Net Investment Income | 758,381 | — | 758,381 | ||||||||||||||
Net Investment Gains (Losses) | 162,127 | — | 162,127 | ||||||||||||||
Other Income | 31,938 | — | 31,938 | ||||||||||||||
2,237,730 | — | 2,237,730 | |||||||||||||||
Total Revenues | 4,483,365 | 1,895,238 | 2,588,127 | ||||||||||||||
Expenses | |||||||||||||||||
Asset Management | |||||||||||||||||
Compensation and Benefits | 1,012,837 | 882,339 | 130,498 | ||||||||||||||
Occupancy and Related Charges | 17,438 | 17,321 | 117 | ||||||||||||||
General, Administrative and Other | 203,977 | 194,039 | 9,938 | ||||||||||||||
1,234,252 | 1,093,699 | 140,553 | |||||||||||||||
Insurance | |||||||||||||||||
Policy Benefits and Claims | 1,697,046 | — | 1,697,046 | ||||||||||||||
Amortization of Policy Acquisition Costs | (16,900) | — | (16,900) | ||||||||||||||
Interest Expense | 22,437 | — | 22,437 | ||||||||||||||
Insurance Expenses | 89,534 | — | 89,534 | ||||||||||||||
General, Administrative and Other | 158,873 | — | 158,873 | ||||||||||||||
1,950,990 | — | 1,950,990 | |||||||||||||||
Total Expenses | 3,185,242 | 1,093,699 | 2,091,543 | ||||||||||||||
Investment Income (Loss) - Asset Management | |||||||||||||||||
Net Gains (Losses) from Investment Activities | 2,116,647 | 2,284,602 | (167,955) | ||||||||||||||
Dividend Income | 121,484 | 116,379 | 5,105 | ||||||||||||||
Interest Income | 402,839 | 354,865 | 47,974 |
Interest Expense | (278,166) | (223,709) | (54,457) | ||||||||||||||
Total Investment Income (Loss) | 2,362,804 | 2,532,137 | (169,333) | ||||||||||||||
Income (Loss) Before Taxes | 3,660,927 | 3,333,676 | 327,251 | ||||||||||||||
Income Tax Expense (Benefit) | 379,282 | 359,375 | 19,907 | ||||||||||||||
Net Income (Loss) | 3,281,645 | 2,974,301 | 307,344 | ||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | 1,519 | — | 1,519 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 2,123,569 | 1,909,458 | 214,111 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 1,156,557 | 1,064,843 | 91,714 | ||||||||||||||
Series A Preferred Stock Dividends | — | 5,822 | (5,822) | ||||||||||||||
Series B Preferred Stock Dividends | 7,953 | 2,519 | 5,434 | ||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends | 17,250 | — | 17,250 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 1,131,354 | $ | 1,056,502 | $ | 74,852 |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | $ | 349,249 | $ | 254,467 | $ | 94,782 | ||||||||||||||
Fee Credits | (164,720) | (89,487) | (75,233) | |||||||||||||||||
Transaction Fees | 437,619 | 300,805 | 136,814 | |||||||||||||||||
Monitoring Fees | 29,823 | 28,824 | 999 | |||||||||||||||||
Incentive Fees | 6,962 | 63 | 6,899 | |||||||||||||||||
Expense Reimbursements | 34,857 | 44,553 | (9,696) | |||||||||||||||||
Oil and Gas Revenue | — | 6,687 | (6,687) | |||||||||||||||||
Consulting Fees | 25,178 | 17,428 | 7,750 | |||||||||||||||||
Total Fees and Other | 718,968 | 563,340 | 155,628 | |||||||||||||||||
Carried Interest | 1,216,433 | 1,077,932 | 138,501 | |||||||||||||||||
General Partner Capital Interest | 310,234 | 253,966 | 56,268 | |||||||||||||||||
Total Capital Allocation-Based Income (Loss) | 1,526,667 | 1,331,898 | 194,769 | |||||||||||||||||
Total Revenues - Asset Management | $ | 2,245,635 | $ | 1,895,238 | $ | 350,397 |
Three Months Ended | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
($ in thousands) | |||||||||||
Private Equity | $ | 943,858 | $ | 1,591,134 | |||||||
Credit | (42,409) | 315,459 | |||||||||
Investments of Consolidated CFEs | 8,185 | 392,287 | |||||||||
Real Assets | 637,698 | 251,599 | |||||||||
Equity Method - Other | 174,139 | 435,664 | |||||||||
Other Investments | 81,117 | 57,808 | |||||||||
Debt Obligations and Other | 22,482 | (336,811) | |||||||||
Other Net Gains (Losses) from Investment Activities | 291,577 | (422,538) | |||||||||
Net Gains (Losses) from Investment Activities | $ | 2,116,647 | $ | 2,284,602 | |||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2021 | 2021 | |||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Impacts of assumption review, by statement of income line item: | ||||||||||||||||||||
Policy fees | $ | 182 | $ | 182 | ||||||||||||||||
Policy benefits and claims | 20,904 | 20,904 | ||||||||||||||||||
Amortization of policy acquisition costs | (2,119) | (2,119) | ||||||||||||||||||
Income tax impact | (3,983) | (3,983) | ||||||||||||||||||
Total assumption review impact on net income | $ | 14,984 | $ | 14,984 | ||||||||||||||||
Assumption review impact on adjustments to derive insurance segment adjusted operating earnings | (97) | (97) | ||||||||||||||||||
Total assumption review impact on insurance segment adjusted operating earnings | $ | 14,887 | $ | 14,887 |
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||
Net Premiums | $ | 974,903 | ||||||||||||||||||||||||
Policy Fees | 310,381 | |||||||||||||||||||||||||
Net Investment Income | 758,381 | |||||||||||||||||||||||||
Net Investment Gains (Losses) | 162,127 | |||||||||||||||||||||||||
Other Income | 31,938 | |||||||||||||||||||||||||
Total Insurance Revenues | $ | 2,237,730 |
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||
Embedded derivatives on funds withheld at interest | $ | 93,970 | ||||||||||||||||||||||||
Equity future contracts | 1,783 | |||||||||||||||||||||||||
Equity index options | (25,854) | |||||||||||||||||||||||||
Interest rate contracts | (24,135) | |||||||||||||||||||||||||
Foreign currency forwards | (4,776) | |||||||||||||||||||||||||
Credit risk contracts | (196) | |||||||||||||||||||||||||
Net losses on derivative instruments | 40,792 | |||||||||||||||||||||||||
Net other investment gains | 121,335 | |||||||||||||||||||||||||
Net investment gains | $ | 162,127 |
Nine Months Ended | |||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | |||||||||||||||
($ in thousands) | |||||||||||||||||
Revenues | |||||||||||||||||
Asset Management | |||||||||||||||||
Fees and Other | $ | 1,887,805 | $ | 1,337,385 | $ | 550,420 | |||||||||||
Capital Allocation-Based Income (Loss) | 5,736,707 | 888,342 | 4,848,365 | ||||||||||||||
7,624,512 | 2,225,727 | 5,398,785 | |||||||||||||||
Insurance | |||||||||||||||||
Net Premiums | 1,698,912 | — | 1,698,912 | ||||||||||||||
Policy Fees | 824,326 | — | 824,326 | ||||||||||||||
Net Investment Income | 1,919,659 | — | 1,919,659 | ||||||||||||||
Net Investment Gains (Losses) | 32,983 | — | 32,983 | ||||||||||||||
Other Income | 82,160 | — | 82,160 | ||||||||||||||
4,558,040 | — | 4,558,040 | |||||||||||||||
Total Revenues | 12,182,552 | 2,225,727 | 9,956,825 | ||||||||||||||
Expenses | |||||||||||||||||
Asset Management | |||||||||||||||||
Compensation and Benefits | 3,419,057 | 1,211,526 | 2,207,531 | ||||||||||||||
Occupancy and Related Charges | 51,289 | 51,222 | 67 | ||||||||||||||
General, Administrative and Other | 608,270 | 491,327 | 116,943 | ||||||||||||||
4,078,616 | 1,754,075 | 2,324,541 | |||||||||||||||
Insurance | |||||||||||||||||
Policy Benefits and Claims | 3,593,563 | — | 3,593,563 | ||||||||||||||
Amortization of Policy Acquisition Costs | (57,409) | — | (57,409) | ||||||||||||||
Interest Expense | 44,482 | — | 44,482 | ||||||||||||||
Insurance Expenses | 242,591 | — | 242,591 | ||||||||||||||
General, Administrative and Other | 371,656 | — | 371,656 | ||||||||||||||
4,194,883 | — | 4,194,883 | |||||||||||||||
Total Expenses | 8,273,499 | 1,754,075 | 6,519,424 | ||||||||||||||
Investment Income (Loss) - Asset Management | |||||||||||||||||
Net Gains (Losses) from Investment Activities | 8,032,900 | (179,033) | 8,211,933 | ||||||||||||||
Dividend Income | 323,051 | 295,047 | 28,004 | ||||||||||||||
Interest Income | 1,151,548 | 1,040,052 | 111,496 | ||||||||||||||
Interest Expense | (794,978) | (725,245) | (69,733) | ||||||||||||||
Total Investment Income (Loss) | 8,712,521 | 430,821 | 8,281,700 | ||||||||||||||
Income (Loss) Before Taxes | 12,621,574 | 902,473 | 11,719,101 | ||||||||||||||
Income Tax Expense (Benefit) | 1,161,688 | 204,960 | 956,728 | ||||||||||||||
Net Income (Loss) | 11,459,886 | 697,513 | 10,762,373 | ||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | 2,856 | — | 2,856 | ||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 7,315,362 | 206,225 | 7,109,137 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. | 4,141,668 | 491,288 | 3,650,380 | ||||||||||||||
Series A Preferred Stock Dividends | 23,656 | 17,466 | 6,190 | ||||||||||||||
Series B Preferred Stock Dividends | 12,991 | 7,557 | 5,434 | ||||||||||||||
Series C Mandatory Convertible Preferred Stock Dividends | 51,750 | — | 51,750 | ||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 4,053,271 | $ | 466,265 | $ | 3,587,006 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | $ | 931,624 | $ | 696,892 | $ | 234,732 | ||||||||||||||
Fee Credits | (322,402) | (185,746) | (136,656) | |||||||||||||||||
Transaction Fees | 978,399 | 561,259 | 417,140 | |||||||||||||||||
Monitoring Fees | 98,164 | 86,875 | 11,289 | |||||||||||||||||
Incentive Fees | 13,092 | 731 | 12,361 | |||||||||||||||||
Expense Reimbursements | 122,642 | 100,779 | 21,863 | |||||||||||||||||
Oil and Gas Revenue | — | 21,054 | (21,054) | |||||||||||||||||
Consulting Fees | 66,286 | 55,541 | 10,745 | |||||||||||||||||
Total Fees and Other | 1,887,805 | 1,337,385 | 550,420 | |||||||||||||||||
Carried Interest | 4,553,527 | 626,338 | 3,927,189 | |||||||||||||||||
General Partner Capital Interest | 1,183,180 | 262,004 | 921,176 | |||||||||||||||||
Total Capital Allocation-Based Income (Loss) | 5,736,707 | 888,342 | 4,848,365 | |||||||||||||||||
Total Revenues - Asset Management | $ | 7,624,512 | $ | 2,225,727 | $ | 5,398,785 |
Nine Months Ended | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
($ in thousands) | |||||||||||
Private Equity | $ | 4,802,006 | $ | 1,456,254 | |||||||
Credit | 118,327 | (541,388) | |||||||||
Investments of Consolidated CFEs | 218,729 | (552,093) | |||||||||
Real Assets | 1,392,306 | (221,562) | |||||||||
Equity Method - Other | 715,576 | 244,193 | |||||||||
Other Investments | 554,557 | (597,787) | |||||||||
Debt Obligations and Other | (37,163) | 303,261 | |||||||||
Other Net Gains (Losses) from Investment Activities | 268,562 | (269,911) | |||||||||
Net Gains (Losses) from Investment Activities | $ | 8,032,900 | $ | (179,033) | |||||||
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Net Premiums | $ | 1,698,912 | ||||||||||||||||||
Policy Fees | 824,326 | |||||||||||||||||||
Net Investment Income | 1,919,659 | |||||||||||||||||||
Net Investment Gains (Losses) | 32,983 | |||||||||||||||||||
Other Income | 82,160 | |||||||||||||||||||
Total Insurance Revenues | $ | 4,558,040 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Equity index options | $ | 275,035 | ||||||||||||||||||
Embedded derivatives on funds withheld at interest | 117,248 | |||||||||||||||||||
Equity future contracts | (171,982) | |||||||||||||||||||
Interest rate contracts | (149,274) | |||||||||||||||||||
Foreign currency forwards | (675) | |||||||||||||||||||
Credit risk contracts | (254) | |||||||||||||||||||
Net gains on derivative instruments | 70,098 | |||||||||||||||||||
Net other investment losses | (37,115) | |||||||||||||||||||
Net investment gains | $ | 32,983 |
(Amounts in thousands, except per share amounts) | ||||||||||||||
As of | As of | |||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
Assets | ||||||||||||||
Asset Management | ||||||||||||||
Cash and Cash Equivalents | $ | 7,256,382 | $ | 6,507,874 | ||||||||||
Investments | 89,908,570 | 69,274,715 | ||||||||||||
Other Assets | 4,197,822 | 4,023,913 | ||||||||||||
101,362,774 | 79,806,502 | |||||||||||||
Insurance | ||||||||||||||
Cash and Cash Equivalents | 4,717,240 | — | ||||||||||||
Investments | 121,214,570 | — | ||||||||||||
Other Assets | 38,505,066 | — | ||||||||||||
164,436,876 | — | |||||||||||||
Total Assets | $ | 265,799,650 | $ | 79,806,502 | ||||||||||
Liabilities and Equity | ||||||||||||||
Asset Management | ||||||||||||||
Debt Obligations | $ | 38,988,544 | $ | 33,423,596 | ||||||||||
Other Liabilities | 9,214,442 | 5,582,990 | ||||||||||||
48,202,986 | 39,006,586 | |||||||||||||
Insurance | ||||||||||||||
Debt Obligations | 2,162,591 | — | ||||||||||||
Other Liabilities | 158,376,520 | — | ||||||||||||
160,539,111 | — | |||||||||||||
Total Liabilities | $ | 208,742,097 | $ | 39,006,586 | ||||||||||
Redeemable Noncontrolling Interests | 93,339 | — | ||||||||||||
Stockholders' Equity | ||||||||||||||
KKR & Co. Inc. Stockholders' Equity - Series A and B Preferred Stock | — | 482,554 | ||||||||||||
KKR & Co. Inc. Stockholders' Equity - Series C Mandatory Convertible Preferred Stock | 1,115,792 | 1,115,792 | ||||||||||||
KKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock | 15,817,178 | 12,118,472 | ||||||||||||
Noncontrolling Interests | 40,031,244 | 27,083,098 | ||||||||||||
Total Equity | 56,964,214 | 40,799,916 | ||||||||||||
Total Liabilities and Equity | $ | 265,799,650 | $ | 79,806,502 | ||||||||||
KKR & Co. Inc. Stockholders' Equity - Common Stock Per Outstanding Share of Common Stock | $ | 27.13 | $ | 21.15 | ||||||||||
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Management Fees | $ | 559,016 | $ | 369,442 | $ | 189,574 | |||||||||||||||||
Transaction and Monitoring Fees, Net | 249,670 | 201,086 | 48,584 | ||||||||||||||||||||
Fee Related Performance Revenues | 9,897 | 10,181 | (284) | ||||||||||||||||||||
Fee Related Compensation | (184,224) | (170,220) | (14,004) | ||||||||||||||||||||
Other Operating Expenses | (104,772) | (86,472) | (18,300) | ||||||||||||||||||||
Fee Related Earnings | 529,587 | 324,017 | 205,570 | ||||||||||||||||||||
Realized Performance Income | 432,784 | 224,020 | 208,764 | ||||||||||||||||||||
Realized Performance Income Compensation | (274,955) | (157,885) | (117,070) | ||||||||||||||||||||
Realized Investment Income | 447,565 | 260,415 | 187,150 | ||||||||||||||||||||
Realized Investment Income Compensation | (67,142) | (56,803) | (10,339) | ||||||||||||||||||||
Asset Management Segment Operating Earnings | $ | 1,067,839 | $ | 593,764 | $ | 474,075 | |||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | ||||||||||||||||||||
Private Markets | $ | 385,692 | $ | 250,124 | $ | 135,568 | ||||||||||||||
Public Markets | 173,324 | 119,318 | 54,006 | |||||||||||||||||
Total Management Fees | $ | 559,016 | $ | 369,442 | $ | 189,574 |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Transaction and Monitoring Fees, Net | ||||||||||||||||||||
Private Markets | $ | 49,211 | $ | 42,566 | $ | 6,645 | ||||||||||||||
Public Markets | 4,397 | 254 | 4,143 | |||||||||||||||||
Capital Markets | 196,062 | 158,266 | 37,796 | |||||||||||||||||
Total Transaction and Monitoring Fees, Net | $ | 249,670 | $ | 201,086 | $ | 48,584 |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Fee Related Performance Revenues | ||||||||||||||||||||
Private Markets | $ | 1,568 | $ | 701 | $ | 867 | ||||||||||||||
Public Markets | 8,329 | 9,480 | (1,151) | |||||||||||||||||
Total Fee Related Performance Revenues | $ | 9,897 | $ | 10,181 | $ | (284) |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized Performance Income | ||||||||||||||||||||
Private Markets | $ | 413,114 | $ | 217,978 | $ | 195,136 | ||||||||||||||
Public Markets | 19,670 | 6,042 | 13,628 | |||||||||||||||||
Total Realized Performance Income | $ | 432,784 | $ | 224,020 | $ | 208,764 |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Private Markets | ||||||||||||||||||||
Americas Fund XII | $ | 207,559 | $ | — | $ | 207,559 | ||||||||||||||
2006 Fund | 81,356 | 55,846 | 25,510 | |||||||||||||||||
North America Fund XI | 72,313 | 42,807 | 29,506 | |||||||||||||||||
Co-Investment Vehicles and Other | 22,514 | 76,950 | (54,436) | |||||||||||||||||
Next Generation Technology Growth Fund | 18,160 | 13,964 | 4,196 | |||||||||||||||||
Real Estate Partners Europe | 11,212 | — | 11,212 | |||||||||||||||||
European Fund IV | — | 27,980 | (27,980) | |||||||||||||||||
Asian Fund | — | 431 | (431) | |||||||||||||||||
Total Realized Carried Interest (1) | 413,114 | 217,978 | 195,136 | |||||||||||||||||
Incentive Fees | — | — | — | |||||||||||||||||
Total Realized Performance Income | $ | 413,114 | $ | 217,978 | $ | 195,136 |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Public Markets | ||||||||||||||||||||
Total Realized Carried Interest (1) | — | — | — | |||||||||||||||||
Incentive Fees | 19,670 | 6,042 | 13,628 | |||||||||||||||||
Total Realized Performance Income | $ | 19,670 | $ | 6,042 | $ | 13,628 |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized Investment Income | ||||||||||||||||||||
Net Realized Gains (Losses) | $ | 389,837 | $ | 172,224 | $ | 217,613 | ||||||||||||||
Interest Income and Dividends | 57,728 | 88,191 | (30,463) | |||||||||||||||||
Total Realized Investment Income | $ | 447,565 | $ | 260,415 | $ | 187,150 |
As of | ||||||||||||||||||||
September 30, 2021 | June 30, 2021 | Change | ||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Assets Under Management | $ | 459,081 | $ | 428,948 | $ | 30,134 | ||||||||||||||
Fee Paying Assets Under Management | $ | 349,079 | $ | 319,344 | $ | 29,735 | ||||||||||||||
Uncalled Commitments | $ | 110,992 | $ | 112,130 | $ | (1,138) |
Three Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Capital Invested | $ | 24,415 | $ | 7,940 | $ | 16,475 |
($ in millions) | |||||
June 30, 2021 | $ | 233,575 | |||
New Capital Raised | 10,616 | ||||
Distributions and Other | (5,411) | ||||
Change in Value | 8,802 | ||||
September 30, 2021 | $ | 247,582 |
($ in millions) | |||||
June 30, 2021 | $ | 195,372 | |||
New Capital Raised | 17,655 | ||||
Distributions and Other | (2,171) | ||||
Redemptions | (1,646) | ||||
Change in Value | 2,289 | ||||
September 30, 2021 | $ | 211,499 | |||
($ in millions) | |||||
June 30, 2021 | $ | 134,936 | |||
New Capital Raised | 15,008 | ||||
Distributions and Other | (1,924) | ||||
Change in Value | 39 | ||||
September 30, 2021 | $ | 148,060 |
($ in millions) | |||||
June 30, 2021 | $ | 184,408 | |||
New Capital Raised | 19,096 | ||||
Distributions and Other | (2,827) | ||||
Redemptions | (1,646) | ||||
Change in Value | 1,988 | ||||
September 30, 2021 | $ | 201,019 | |||
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Investment Income | $ | 771,982 | |||||||||||||||||||||
Net Cost of Insurance | (436,415) | ||||||||||||||||||||||
General, Administrative and Other | (139,489) | ||||||||||||||||||||||
Pre-tax Insurance Operating Earnings | 196,078 | ||||||||||||||||||||||
Income Taxes | (9,046) | ||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (72,043) | ||||||||||||||||||||||
Insurance Segment Operating Earnings | $ | 114,989 | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Asset Management Segment Operating Earnings | $ | 1,067,839 | $ | 593,764 | $ | 474,075 | |||||||||||||||||
Insurance Segment Operating Earnings | 114,989 | — | 114,989 | ||||||||||||||||||||
Distributable Operating Earnings | 1,182,828 | 593,764 | 589,064 | ||||||||||||||||||||
Interest Expense | (63,446) | (54,458) | (8,988) | ||||||||||||||||||||
Preferred Dividends | (2,519) | (8,341) | 5,822 | ||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (6,072) | (2,709) | (3,363) | ||||||||||||||||||||
Income Taxes Paid | (185,645) | (75,413) | (110,232) | ||||||||||||||||||||
After-tax Distributable Earnings | $ | 925,146 | $ | 452,843 | $ | 472,303 | |||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Management Fees | $ | 1,478,878 | $ | 1,042,634 | $ | 436,244 | |||||||||||||||||
Transaction and Monitoring Fees, Net | 645,108 | 380,415 | 264,693 | ||||||||||||||||||||
Fee Related Performance Revenues | 34,760 | 27,869 | 6,891 | ||||||||||||||||||||
Fee Related Compensation | (485,760) | (342,417) | (143,343) | ||||||||||||||||||||
Other Operating Expenses | (309,483) | (247,046) | (62,437) | ||||||||||||||||||||
Fee Related Earnings | 1,363,503 | 861,455 | 502,048 | ||||||||||||||||||||
Realized Performance Income | 1,222,403 | 934,018 | 288,385 | ||||||||||||||||||||
Realized Performance Income Compensation | (797,965) | (599,753) | (198,212) | ||||||||||||||||||||
Realized Investment Income | 1,277,701 | 495,904 | 781,797 | ||||||||||||||||||||
Realized Investment Income Compensation | (191,663) | (85,646) | (106,017) | ||||||||||||||||||||
Asset Management Segment Operating Earnings | $ | 2,873,979 | $ | 1,605,978 | $ | 1,268,001 | |||||||||||||||||
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Management Fees | ||||||||||||||||||||
Private Markets | $ | 990,956 | $ | 696,076 | $ | 294,880 | ||||||||||||||
Public Markets | 487,922 | 346,558 | 141,364 | |||||||||||||||||
Total Management Fees | $ | 1,478,878 | $ | 1,042,634 | $ | 436,244 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Transaction and Monitoring Fees, Net | ||||||||||||||||||||
Private Markets | $ | 109,339 | $ | 90,473 | $ | 18,866 | ||||||||||||||
Public Markets | 8,569 | 2,055 | 6,514 | |||||||||||||||||
Capital Markets | 527,200 | 287,887 | 239,313 | |||||||||||||||||
Total Transaction and Monitoring Fees, Net | $ | 645,108 | $ | 380,415 | $ | 264,693 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Fee Related Performance Revenues | ||||||||||||||||||||
Private Markets | $ | 4,821 | $ | 2,723 | $ | 2,098 | ||||||||||||||
Public Markets | 29,939 | 25,146 | 4,793 | |||||||||||||||||
Total Fee Related Performance Revenues | $ | 34,760 | $ | 27,869 | $ | 6,891 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized Performance Income | ||||||||||||||||||||
Private Markets | $ | 1,169,766 | $ | 889,334 | $ | 280,432 | ||||||||||||||
Public Markets | 52,637 | 44,684 | 7,953 | |||||||||||||||||
Total Realized Performance Income | $ | 1,222,403 | $ | 934,018 | $ | 288,385 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Private Markets | ||||||||||||||||||||
North America Fund XI | $ | 365,772 | $ | 165,202 | $ | 200,570 | ||||||||||||||
2006 Fund | 215,741 | 113,555 | 102,186 | |||||||||||||||||
Americas Fund XII | 207,559 | — | 207,559 | |||||||||||||||||
Asian Fund III | 110,515 | 46,347 | 64,168 | |||||||||||||||||
Core Investment Vehicles | 80,937 | 57,484 | 23,453 | |||||||||||||||||
Co-Investment Vehicles and Other | 71,535 | 88,263 | (16,728) | |||||||||||||||||
European Fund IV | 43,976 | 134,853 | (90,877) | |||||||||||||||||
Global Infrastructure Investors II | 36,215 | 148,882 | (112,667) | |||||||||||||||||
Next Generation Technology Growth Fund | 18,160 | 13,964 | 4,196 | |||||||||||||||||
Real Estate Partners Europe | 14,690 | — | 14,690 | |||||||||||||||||
Global Infrastructure Investors | 3,037 | 54,729 | (51,692) | |||||||||||||||||
European Fund III | 353 | — | 353 | |||||||||||||||||
Asian Fund II | — | 60,647 | (60,647) | |||||||||||||||||
Real Estate Partners Americas | — | 4,977 | (4,977) | |||||||||||||||||
Asian Fund | — | 431 | (431) | |||||||||||||||||
Total Realized Carried Interest (1) | 1,168,490 | 889,334 | 279,156 | |||||||||||||||||
Incentive Fees | 1,276 | — | 1,276 | |||||||||||||||||
Total Realized Performance Income | $ | 1,169,766 | $ | 889,334 | $ | 280,432 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Public Markets | ||||||||||||||||||||
Other Alternative Credit Vehicles | $ | 15,336 | $ | 25,740 | $ | (10,404) | ||||||||||||||
Mezzanine Partners | — | 9,900 | (9,900) | |||||||||||||||||
Total Realized Carried Interest (1) | 15,336 | 35,640 | (20,304) | |||||||||||||||||
Incentive Fees | 37,301 | 9,044 | 28,257 | |||||||||||||||||
Total Realized Performance Income | $ | 52,637 | $ | 44,684 | $ | 7,953 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Realized Investment Income | ||||||||||||||||||||
Net Realized Gains (Losses) | $ | 1,026,310 | $ | 215,430 | $ | 810,880 | ||||||||||||||
Interest Income and Dividends | 251,391 | 280,474 | (29,083) | |||||||||||||||||
Total Realized Investment Income | $ | 1,277,701 | $ | 495,904 | $ | 781,797 |
As of | ||||||||||||||||||||
September 30, 2021 | December 31, 2020 | Change | ||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Assets Under Management | $ | 459,081 | $ | 251,679 | $ | 207,402 | ||||||||||||||
Fee Paying Assets Under Management | $ | 349,079 | $ | 186,217 | $ | 162,862 | ||||||||||||||
Uncalled Commitments | $ | 110,992 | $ | 66,960 | $ | 44,032 |
Nine Months Ended | ||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | ||||||||||||||||||
($ in millions) | ||||||||||||||||||||
Capital Invested | $ | 49,833 | $ | 19,681 | $ | 30,151 |
($ in millions) | |||||
December 31, 2020 | $ | 148,689 | |||
New Capital Raised | 69,932 | ||||
Acquisition of Global Atlantic (1) | 12,012 | ||||
Distributions and Other | (14,218) | ||||
Change in Value | 31,167 | ||||
September 30, 2021 | $ | 247,582 |
($ in millions) | |||||
December 31, 2020 | $ | 102,990 | |||
New Capital Raised | 31,767 | ||||
Acquisition of Global Atlantic (1) | 85,491 | ||||
Distributions and Other | (7,802) | ||||
Redemptions | (7,114) | ||||
Change in Value | 6,168 | ||||
September 30, 2021 | $ | 211,499 | |||
($ in millions) | |||||
December 31, 2020 | $ | 94,196 | |||
New Capital Raised | 52,442 | ||||
Acquisition of Global Atlantic (1) | 12,012 | ||||
Distributions and Other | (5,659) | ||||
Net Changes in Fee Base of Certain Funds | (5,398) | ||||
Change in Value | 467 | ||||
September 30, 2021 | $ | 148,060 |
($ in millions) | |||||
December 31, 2020 | $ | 92,021 | |||
New Capital Raised | 33,572 | ||||
Acquisition of Global Atlantic (1) | 85,491 | ||||
Distributions and Other | (9,104) | ||||
Redemptions | (5,515) | ||||
Change in Value | 4,554 | ||||
September 30, 2021 | $ | 201,019 | |||
Nine Months Ended | |||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Investment Income | $ | 1,977,383 | |||||||||||||||||||||
Net Cost of Insurance | (1,076,566) | ||||||||||||||||||||||
General, Administrative and Other | (338,325) | ||||||||||||||||||||||
Pre-tax Insurance Operating Earnings | 562,492 | ||||||||||||||||||||||
Income Taxes | (63,148) | ||||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (193,570) | ||||||||||||||||||||||
Insurance Segment Operating Earnings | $ | 305,774 | |||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | Change | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Asset Management Segment Operating Earnings | $ | 2,873,979 | $ | 1,605,978 | $ | 1,268,001 | |||||||||||||||||
Insurance Segment Operating Earnings | 305,774 | — | 305,774 | ||||||||||||||||||||
Distributable Operating Earnings | 3,179,753 | 1,605,978 | 1,573,775 | ||||||||||||||||||||
Interest Expense | (185,100) | (152,676) | (32,424) | ||||||||||||||||||||
Preferred Dividends | (19,201) | (25,023) | 5,822 | ||||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | (14,678) | (4,800) | (9,878) | ||||||||||||||||||||
Income Taxes Paid | (449,814) | (198,763) | (251,051) | ||||||||||||||||||||
After-tax Distributable Earnings | $ | 2,510,960 | $ | 1,224,716 | $ | 1,286,244 | |||||||||||||||||
BOOK ASSETS | ||||||||
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
($ in thousands) | ||||||||
Book Assets | ||||||||
Cash and Short-term Investments | $ | 4,994,772 | $ | 2,783,905 | ||||
Investments | 14,042,391 | 13,026,387 | ||||||
Net Unrealized Carried Interest (1) | 1,884,642 | 1,982,251 | ||||||
Tax Assets | 139,605 | 111,719 | ||||||
Other Assets (2) | 4,187,603 | 3,716,189 | ||||||
Total Book Assets | $ | 25,249,013 | $ | 21,620,451 | ||||
BOOK LIABILITIES | ||||||||
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
($ in thousands) | ||||||||
Book Liabilities | ||||||||
Debt Obligations - KKR (ex-KFN) | $ | 4,642,479 | $ | 3,097,460 | ||||
Debt Obligations - KFN | 948,517 | 948,517 | ||||||
Tax Liabilities | 254,211 | 169,997 | ||||||
Other Liabilities | 1,083,694 | 514,236 | ||||||
Total Book Liabilities | $ | 6,928,901 | $ | 4,730,210 | ||||
BOOK VALUE | ||||||||
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
($ in thousands) | ||||||||
Book Value | ||||||||
(+) Total Book Assets | $ | 25,249,013 | $ | 21,620,451 | ||||
(-) Total Book Liabilities | 6,928,901 | 4,730,210 | ||||||
(-) Noncontrolling Interests | 31,089 | 26,291 | ||||||
(-) Series A and B Preferred Stock | 500,000 | 500,000 | ||||||
Book Value | $ | 17,789,023 | $ | 16,363,950 | ||||
Book Value Per Adjusted Share | $ | 20.26 | $ | 19.24 | ||||
Adjusted Shares (3) | 877,876,658 | 850,388,924 |
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
Private Markets Business Line | $ | 1,865,042 | $ | 1,832,581 | ||||
Public Markets Business Line | 19,600 | 149,670 | ||||||
Total | $ | 1,884,642 | $ | 1,982,251 |
As of | |||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
(+) | Cash and Short-term Investments | $ | 4,863,093 | $ | 5,961,083 | ||||||||||||
(+) | Investments | 17,550,055 | 14,991,914 | ||||||||||||||
(+) | Net Unrealized Carried Interest (1) | 4,865,719 | 2,625,935 | ||||||||||||||
(+) | Other Assets (2) | 4,574,706 | 4,198,641 | ||||||||||||||
(+) | Global Atlantic Book Value | 3,260,464 | — | ||||||||||||||
(-) | Debt Obligations - KKR (excluding KFN and Global Atlantic) | 5,117,799 | 4,688,460 | ||||||||||||||
(-) | Debt Obligations - KFN | 948,517 | 948,517 | ||||||||||||||
(-) | Tax Liabilities, Net | 2,831,305 | 485,966 | ||||||||||||||
(-) | Other Liabilities | 1,433,365 | 857,764 | ||||||||||||||
(-) | Noncontrolling Interests | 28,568 | 29,510 | ||||||||||||||
(-) | Preferred Stock | — | 500,000 | ||||||||||||||
Book Value | $ | 24,754,483 | $ | 20,267,356 | |||||||||||||
Book Value Per Adjusted Share | $ | 28.06 | $ | 23.09 | |||||||||||||
Adjusted Shares | 882,099,519 | 877,613,164 | |||||||||||||||
As of | ||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
($ in thousands) | ||||||||||||||
Private Markets Business Line | $ | 4,769,184 | $ | 2,560,101 | ||||||||||
Public Markets Business Line | 96,535 | 65,834 | ||||||||||||
Total | $ | 4,865,719 | $ | 2,625,935 |
As of September 30, 2021 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Investments (1) | Cost | Fair Value | Fair Value as a Percentage of Total Investments | |||||||||||||||||
Private Equity | $ | 1,860,504 | $ | 4,591,380 | 26.2 | % | ||||||||||||||
Core Private Equity | 2,356,636 | 4,847,983 | 27.6 | % | ||||||||||||||||
Growth | 228,460 | 1,416,671 | 8.1 | % | ||||||||||||||||
Private Equity, Core & Growth Total | 4,445,600 | 10,856,034 | 61.9 | % | ||||||||||||||||
Energy | 787,750 | 897,941 | 5.1 | % | ||||||||||||||||
Real Estate | 1,414,660 | 1,767,321 | 10.1 | % | ||||||||||||||||
Infrastructure | 587,560 | 742,372 | 4.2 | % | ||||||||||||||||
Real Assets Total | 2,789,970 | 3,407,634 | 19.4 | % | ||||||||||||||||
Leveraged Credit | 980,528 | 997,977 | 5.7 | % | ||||||||||||||||
Alternative Credit | 738,854 | 847,157 | 4.8 | % | ||||||||||||||||
Credit Total | 1,719,382 | 1,845,134 | 10.5 | % | ||||||||||||||||
Other | 1,501,077 | 1,441,253 | 8.2 | % | ||||||||||||||||
Total Investments | $ | 10,456,029 | $ | 17,550,055 | 100.0 | % | ||||||||||||||
September 30, 2021 | ||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||
Significant Investments: (2) | Cost | Fair Value | Fair Value as a Percentage of Total Investments | |||||||||||||||||
PetVet Care Centers, LLC | $ | 243,188 | $ | 1,094,448 | 6.2 | % | ||||||||||||||
USI, Inc. | 531,425 | 1,094,058 | 6.2 | % | ||||||||||||||||
Fiserv, Inc. (NASDAQ: FISV) | 448,516 | 992,459 | 5.7 | % | ||||||||||||||||
Heartland Dental, LLC | 320,626 | 769,573 | 4.4 | % | ||||||||||||||||
BridgeBio Pharma, Inc. (NASDAQ: BBIO) | 42,580 | 561,661 | 3.2 | % | ||||||||||||||||
Total Significant Investments | 1,586,335 | 4,512,199 | 25.7 | % | ||||||||||||||||
Other Investments | 8,869,694 | 13,037,856 | 74.3 | % | ||||||||||||||||
Total Investments | $ | 10,456,029 | $ | 17,550,055 | 100.0 | % | ||||||||||||||
As of September 30, 2020 | |||||||||||
Investments (1) | Cost | Fair Value | Fair Value as a Percentage of Total Investments | ||||||||
Private Equity Funds / SMAs | $ | 4,005,067 | $ | 5,939,123 | 42.3 | % | |||||
Private Equity Co-Investments and Other Equity | 2,581,486 | 4,024,203 | 28.7 | % | |||||||
Private Equity Total | 6,586,553 | 9,963,326 | 71.0 | % | |||||||
Energy | 773,375 | 687,477 | 4.9 | % | |||||||
Real Estate | 1,120,881 | 1,149,910 | 8.2 | % | |||||||
Infrastructure | 502,725 | 566,391 | 4.0 | % | |||||||
Real Assets Total | 2,396,981 | 2,403,778 | 17.1 | % | |||||||
Alternative Credit | 786,397 | 559,823 | 4.0 | % | |||||||
CLOs | 869,604 | 695,471 | 5.0 | % | |||||||
Other Credit | 158,199 | 155,423 | 1.1 | % | |||||||
Credit Total | 1,814,200 | 1,410,717 | 10.1 | % | |||||||
Other | 759,528 | 264,570 | 1.8 | % | |||||||
Total Investments | $ | 11,557,262 | $ | 14,042,391 | 100.0 | % | |||||
September 30, 2020 | |||||||||||
Significant Investments: (2) | Cost | Fair Value | Fair Value as a Percentage of Total Investments | ||||||||
Fiserv, Inc. (NASDAQ: FISV) | $ | 758,982 | $ | 1,468,909 | 10.5 | % | |||||
USI, Inc. | 531,425 | 884,610 | 6.3 | % | |||||||
BridgeBio Pharma, Inc. (NASDAQ: BBIO) | 70,919 | 514,082 | 3.7 | % | |||||||
PetVet Care Centers, LLC | 243,188 | 486,376 | 3.5 | % | |||||||
Heartland Dental LLC | 320,626 | 473,590 | 3.4 | % | |||||||
Total Significant Investments | 1,925,140 | 3,827,567 | 27.4 | % | |||||||
Other Investments | 9,632,122 | 10,214,824 | 72.6 | % | |||||||
Total Investments | $ | 11,557,262 | $ | 14,042,391 | 100.0 | % | |||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Total GAAP Revenues | $ | 4,483,365 | $ | 1,895,238 | $ | 12,182,552 | $ | 2,225,727 | |||||||||||||||
Insurance GAAP Revenues | (2,237,730) | — | (4,558,040) | — | |||||||||||||||||||
Impact of Consolidation and Other | 132,658 | 85,393 | 389,946 | 278,898 | |||||||||||||||||||
Capital Allocation-Based Income (GAAP) | (1,526,667) | (1,331,898) | (5,736,707) | (888,342) | |||||||||||||||||||
Realized Carried Interest | 413,114 | 217,978 | 1,183,826 | 924,974 | |||||||||||||||||||
Realized Investment Income | 447,565 | 260,415 | 1,277,701 | 495,904 | |||||||||||||||||||
Insurance Segment Management Fees | 46,662 | — | 108,500 | — | |||||||||||||||||||
Capstone Fees | (25,178) | (17,429) | (66,286) | (55,542) | |||||||||||||||||||
Expense Reimbursements | (34,857) | (44,553) | (122,642) | (100,779) | |||||||||||||||||||
Total Asset Management Segment Revenues | $ | 1,698,932 | $ | 1,065,144 | $ | 4,658,850 | $ | 2,880,840 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||
($ in thousands) | |||||||||||||||
Total GAAP Revenues | $ | 1,895,238 | $ | 790,485 | $ | 2,225,727 | $ | 3,157,829 | |||||||
(+) Management Fees - Consolidated Funds and Other | 121,365 | 108,922 | 362,887 | 348,467 | |||||||||||
(-) Fee Credits - Consolidated Funds | 25,955 | 3,838 | 40,422 | 21,469 | |||||||||||
(-) Capital Allocation-Based Income (Loss) (GAAP) | 1,331,898 | 374,268 | 888,342 | 1,849,623 | |||||||||||
(+) Realized Carried Interest | 217,978 | 296,344 | 924,974 | 838,608 | |||||||||||
(+) Realized Investment Income (Loss) | 260,415 | 210,234 | 495,904 | 459,303 | |||||||||||
(-) Revenue Earned by Other Consolidated Entities | 6,687 | 29,838 | 21,054 | 90,693 | |||||||||||
(-) Capstone Fees | 17,429 | — | 55,542 | — | |||||||||||
(-) Expense Reimbursements | 44,553 | 34,356 | 100,779 | 121,157 | |||||||||||
Total Distributable Revenues | $ | 1,068,474 | $ | 963,685 | $ | 2,903,353 | $ | 2,721,265 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||
($ in thousands) | |||||||||||||||
Total GAAP Expenses | $ | 1,093,699 | $ | 619,533 | $ | 1,754,075 | $ | 2,157,111 | |||||||
(-) Equity-based and Other Compensation - KKR Holdings L.P. | 21,802 | 22,539 | 63,596 | 69,085 | |||||||||||
(-) Unrealized Performance Income Compensation | 418,728 | 9,281 | (57,771 | ) | 379,181 | ||||||||||
(-) Amortization of Intangibles | 399 | 383 | 1,158 | 1,301 | |||||||||||
(-) Strategic Corporate Transaction-Related Charges (1) | 10,697 | — | 10,697 | — | |||||||||||
(-) Reimbursable Expenses | 50,382 | 38,515 | 123,364 | 140,241 | |||||||||||
(-) Expenses relating to Other Consolidated Entities | 43,268 | 38,233 | 98,726 | 139,248 | |||||||||||
(-) Capstone Expenses | 14,433 | — | 46,278 | — | |||||||||||
(+) Other | (16,792 | ) | (33,672 | ) | (37,228 | ) | (59,632 | ) | |||||||
Total Distributable Expenses | $ | 517,198 | $ | 476,910 | $ | 1,430,799 | $ | 1,368,423 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders (GAAP) | $ | 1,131,354 | $ | 1,056,502 | $ | 4,053,271 | $ | 466,265 | |||||||||||||||
Preferred Stock Dividends | 25,203 | 8,341 | 88,397 | 25,023 | |||||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | 2,125,088 | 1,909,458 | 7,318,218 | 206,225 | |||||||||||||||||||
Income Tax Expense (Benefit) | 379,282 | 359,375 | 1,161,688 | 204,960 | |||||||||||||||||||
Income (Loss) Before Tax (GAAP) | $ | 3,660,927 | $ | 3,333,676 | $ | 12,621,574 | $ | 902,473 | |||||||||||||||
Impact of Consolidation and Other | (1,478,384) | (1,206,517) | (5,000,537) | 191,497 | |||||||||||||||||||
Equity-based Compensation - KKR Holdings | 8,764 | 21,802 | 35,734 | 63,596 | |||||||||||||||||||
Preferred Stock Dividends | (2,519) | (8,341) | (19,201) | (25,023) | |||||||||||||||||||
Income Taxes Paid | (185,645) | (75,413) | (449,814) | (198,763) | |||||||||||||||||||
Asset Management Adjustments: | |||||||||||||||||||||||
Unrealized Carried Interest | (911,156) | (995,376) | (3,872,150) | 186,537 | |||||||||||||||||||
Net Unrealized Gains (Losses) | (598,304) | (1,088,901) | (2,890,326) | 18,049 | |||||||||||||||||||
Unrealized Carried Interest Compensation | 397,449 | 418,728 | 1,667,447 | (57,771) | |||||||||||||||||||
Strategic Corporate Transaction-Related Charges | 7,362 | 10,697 | 17,497 | 10,697 | |||||||||||||||||||
Equity-based Compensation | 44,488 | 40,801 | 138,196 | 128,399 | |||||||||||||||||||
Equity-based Compensation - Performance based | 18,022 | 1,687 | 50,073 | 5,025 | |||||||||||||||||||
Insurance Adjustments: | |||||||||||||||||||||||
Net Gains (Losses) from Investments and Derivatives | (75,241) | — | 183,842 | — | |||||||||||||||||||
Strategic Corporate Transaction-Related Charges | 3,931 | — | 15,947 | — | |||||||||||||||||||
Equity-based and Other Compensation | 40,086 | — | 64,061 | — | |||||||||||||||||||
Amortization of Acquired Intangibles | 4,412 | — | 11,765 | — | |||||||||||||||||||
Income Taxes | (9,046) | — | (63,148) | — | |||||||||||||||||||
After-tax Distributable Earnings | $ | 925,146 | $ | 452,843 | $ | 2,510,960 | $ | 1,224,716 | |||||||||||||||
Interest Expense | 63,446 | 54,458 | 185,100 | 152,676 | |||||||||||||||||||
Preferred Stock Dividends | 2,519 | 8,341 | 19,201 | 25,023 | |||||||||||||||||||
Net Income Attributable to Noncontrolling Interests | 6,072 | 2,709 | 14,678 | 4,800 | |||||||||||||||||||
Income Taxes Paid | 185,645 | 75,413 | 449,814 | 198,763 | |||||||||||||||||||
Distributable Operating Earnings | $ | 1,182,828 | $ | 593,764 | $ | 3,179,753 | $ | 1,605,978 | |||||||||||||||
Insurance Segment Operating Earnings | (114,989) | — | (305,774) | — | |||||||||||||||||||
Realized Performance Income | (432,784) | (224,020) | (1,222,403) | (934,018) | |||||||||||||||||||
Realized Performance Income Compensation | 274,955 | 157,885 | 797,965 | 599,753 | |||||||||||||||||||
Realized Investment Income | (447,565) | (260,415) | (1,277,701) | (495,904) | |||||||||||||||||||
Realized Investment Income Compensation | 67,142 | 56,803 | 191,663 | 85,646 | |||||||||||||||||||
Fee Related Earnings | $ | 529,587 | $ | 324,017 | $ | 1,363,503 | $ | 861,455 | |||||||||||||||
Insurance Segment Operating Earnings | 114,989 | — | 305,774 | — | |||||||||||||||||||
Realized Performance Income | 432,784 | 224,020 | 1,222,403 | 934,018 | |||||||||||||||||||
Realized Performance Income Compensation | (274,955) | (157,885) | (797,965) | (599,753) | |||||||||||||||||||
Realized Investment Income | 447,565 | 260,415 | 1,277,701 | 495,904 | |||||||||||||||||||
Realized Investment Income Compensation | (67,142) | (56,803) | (191,663) | (85,646) | |||||||||||||||||||
Depreciation and Amortization | 6,064 | 4,568 | 18,257 | 14,189 | |||||||||||||||||||
Adjusted EBITDA | $ | 1,188,892 | $ | 598,332 | $ | 3,198,010 | $ | 1,620,167 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||||
($ in thousands) | |||||||||||||||
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders | $ | 1,056,502 | $ | 241,213 | $ | 466,265 | $ | 1,456,584 | |||||||
(+) Net Income (Loss) Attributable to Noncontrolling Interests held by KKR Holdings L.P. | 691,730 | 175,231 | 301,946 | 1,017,827 | |||||||||||
(+) Equity-based and Other Compensation - KKR Holdings L.P. | 21,802 | 22,539 | 63,596 | 68,460 | |||||||||||
(+) Amortization of Intangibles and Other, net | 11,211 | 49,659 | 7,454 | 131,192 | |||||||||||
(+) Strategic Corporate Transaction-Related Charges (1) | 10,697 | — | 10,697 | — | |||||||||||
(+) Non-recurring Items (2) | — | 22,839 | 88,322 | 22,839 | |||||||||||
(-) Net Unrealized Carried Interest | 995,376 | 13,695 | (186,537 | ) | 924,626 | ||||||||||
(-) Net Unrealized Gains (Losses) | 1,088,901 | 130,972 | (18,049 | ) | 1,352,181 | ||||||||||
(+) Unrealized Performance Income Compensation | 418,728 | 9,281 | (57,771 | ) | 379,181 | ||||||||||
(+) Income Tax Expense (Benefit) | 359,375 | 53,132 | 204,960 | 386,124 | |||||||||||
(-) Income Taxes Paid | 75,413 | 40,429 | 198,763 | 155,237 | |||||||||||
After-tax Distributable Earnings | $ | 410,355 | $ | 388,798 | $ | 1,091,292 | $ | 1,030,163 |
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
($ in thousands) | ||||||||
Total GAAP Assets | $ | 70,655,333 | $ | 60,899,319 | ||||
(-) Impact of Consolidation of Funds and Other Entities | 43,250,461 | 37,453,629 | ||||||
(-) Carry Pool Reclassification | 1,393,381 | 1,448,879 | ||||||
(-) Other Reclassifications | 762,478 | 376,360 | ||||||
Total Book Assets | $ | 25,249,013 | $ | 21,620,451 |
As of | ||||||||
September 30, 2020 | December 31, 2019 | |||||||
($ in thousands) | ||||||||
Total GAAP Liabilities | $ | 36,611,703 | $ | 30,396,945 | ||||
(-) Impact of Consolidation of Funds and Other Entities | 27,526,943 | 23,841,496 | ||||||
(-) Carry Pool Reclassification | 1,393,381 | 1,448,879 | ||||||
(-) Other Reclassifications | 762,478 | 376,360 | ||||||
Total Book Liabilities | $ | 6,928,901 | $ | 4,730,210 |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
($ in thousands) | |||||||||||
KKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock | $ | 15,817,178 | $ | 12,118,472 | |||||||
Series C Mandatory Convertible Preferred Stock | 1,115,792 | 1,115,792 | |||||||||
Impact of Consolidation and Other (1) | (1,058,182) | 520,710 | |||||||||
KKR Holdings and Other Exchangeable Securities | 8,665,693 | 6,512,382 | |||||||||
Accumulated Other Comprehensive Income (AOCI) and Other (Insurance) | 214,002 | — | |||||||||
Book Value | $ | 24,754,483 | $ | 20,267,356 |
As of | |||||||
September 30, 2020 | December 31, 2019 | ||||||
($ in thousands) | |||||||
KKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock | $ | 10,599,310 | $ | 10,324,936 | |||
(+) Impact of Consolidation of Funds and Other Entities | 398,649 | 327,826 | |||||
(-) Other Reclassifications | 17,446 | 17,446 | |||||
(+) Noncontrolling Interests Held by KKR Holdings L.P. | 5,692,718 | 5,728,634 | |||||
(+) Series C Mandatory Convertible Preferred Stock | 1,115,792 | — | |||||
Book Value | $ | 17,789,023 | $ | 16,363,950 |
As of | |||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
GAAP Shares of Common Stock Outstanding | 583,026,679 | 572,893,738 | |||||||||
Adjustments: | |||||||||||
KKR Holdings Units | 271,027,751 | 275,626,493 | |||||||||
Other Exchangeable Securities (1) | 1,222,489 | — | |||||||||
Common Stock - Series C Mandatory Convertible Preferred Stock (2) | 26,822,600 | 29,092,933 | |||||||||
Adjusted Shares (3) | 882,099,519 | 877,613,164 | |||||||||
Unvested Shares of Common Stock and Other Exchangeable Securities (4) | 36,140,502 | 23,892,201 | |||||||||
As of | |||||
September 30, 2020 | December 31, 2019 | ||||
GAAP Shares of Common Stock Outstanding | 566,334,746 | 560,007,579 | |||
Adjustments: | |||||
KKR Holdings Units (1) | 278,781,478 | 290,381,345 | |||
Common Stock - Series C Mandatory Convertible Preferred Stock (2) | 32,760,434 | — | |||
Adjusted Shares (3) | 877,876,658 | 850,388,924 | |||
Unvested Shares of Common Stock (4) | 15,683,349 | 22,712,604 |
Uncalled Commitments | |||||
Private Markets | ($ in millions) | ||||
Core Investment Vehicles | $ | 4,254 | |||
North America Fund XIII | 1,115 | ||||
Asian Fund IV | 857 | ||||
Real Estate Partners Americas III | 800 | ||||
Global Infrastructure Investors IV | 523 | ||||
Health Care Strategic Growth Fund II | 262 | ||||
Diversified Core Infrastructure Fund | 250 | ||||
Americas Fund XII | 231 | ||||
Asia Real Estate Partners | 210 | ||||
Asia Pacific Infrastructure Investors | 192 | ||||
Asian Fund III | 167 | ||||
Real Estate Partners Europe II | 141 | ||||
Global Infrastructure Investors III | 155 | ||||
Energy Income and Growth Fund II | 116 | ||||
Property Partners Americas | 88 | ||||
Next Generation Technology Growth II | 86 | ||||
European Fund V | 69 | ||||
Health Care Strategic Growth Fund | 64 | ||||
Global Impact Fund | 33 | ||||
Real Estate Credit Opportunity Partners II | 27 | ||||
Real Estate Partners Americas II | 26 | ||||
Other Private Markets Vehicles | 497 | ||||
Total Private Markets Commitments | 10,163 | ||||
Public Markets | |||||
Dislocation Opportunities Fund | 200 | ||||
Lending Partners Europe II | 33 | ||||
Special Situations Fund II | 25 | ||||
Private Credit Opportunities Partners II | 16 | ||||
Lending Partners III | 13 | ||||
Lending Partners Europe | 12 | ||||
Other Public Markets Vehicles | 487 | ||||
Total Public Markets Commitments | 786 | ||||
Total Uncalled Commitments | $ | 10,949 |
Uncalled Commitments | |||
Private Markets | ($ in thousands) | ||
Core Investment Vehicles | $ | 1,104,800 | |
Asian Fund IV | 1,000,000 | ||
Property Partners Americas | 416,900 | ||
Americas Fund XII | 375,800 | ||
Asian Fund III | 266,300 | ||
Asia Real Estate Partners | 250,000 | ||
Asia Pacific Infrastructure Investors | 250,000 | ||
Global Infrastructure Investors III | 208,500 | ||
Real Estate Partners Europe II | 200,000 | ||
Next Generation Technology Growth II | 140,200 | ||
Energy Income and Growth Fund II | 118,200 | ||
European Fund V | 111,100 | ||
Health Care Strategic Growth Fund | 103,700 | ||
Real Estate Partners Americas II | 76,000 | ||
Global Impact Fund | 64,800 | ||
Real Estate Credit Opportunity Partners II | 32,900 | ||
Other Private Markets Vehicles | 421,400 | ||
Total Private Markets Commitments | 5,140,600 | ||
Public Markets | |||
Dislocation Opportunities Fund | 350,000 | ||
Lending Partners Europe II | 56,000 | ||
Special Situations Fund II | 47,400 | ||
Lending Partners III | 14,500 | ||
Private Credit Opportunities Partners II | 13,900 | ||
Lending Partners Europe | 11,300 | ||
Other Public Markets Vehicles | 110,300 | ||
Total Public Markets Commitments | 603,400 | ||
Total Uncalled Commitments | $ | 5,744,000 |
September 30, 2021 | ||||||||
($ in thousands) | ||||||||
Balance | $ | 1,025,202 | ||||||
Hypothetical change: | ||||||||
'+10% future assessments(1) | (16,099) | |||||||
'-10% future assessments(1) | 17,710 | |||||||
+10% equity market prices | (14,650) | |||||||
-10% equity market prices | 12,102 | |||||||
1% lower annual equity growth | 5,492 |
September 30, 2021 | ||||||||||||||||||||||||||
FIA | IUL | VA | VA (FVO) | |||||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||||
Balance | $ | 1,513,888 | $ | 490,013 | $ | 138,826 | $ | 544,829 | ||||||||||||||||||
Hypothetical change: | ||||||||||||||||||||||||||
+50 bps interest rates | (34,126) | (2,428) | (70,403) | (33,443) | ||||||||||||||||||||||
-50 bps interest rates | 40,806 | 2,306 | 81,305 | 33,554 | ||||||||||||||||||||||
'+50bps non-performance risk premium | (31,200) | (6,264) | (30,412) | (23,418) | ||||||||||||||||||||||
'-50bps non-performance risk premium | 35,818 | 6,264 | 44,780 | 26,630 | ||||||||||||||||||||||
+10% equity market prices | 364,088 | 34,126 | (55,315) | (22,967) | ||||||||||||||||||||||
-10% equity market prices | (249,490) | (64,473) | 71,062 | 27,421 |
September 30, 2021 | ||||||||||||||
Embedded derivative on funds withheld receivable at interest | Embedded derivative on funds withheld payable at interest | |||||||||||||
($ in thousands) | ||||||||||||||
Balance | $ | 80,493 | $ | (36,755) | ||||||||||
Hypothetical change: | ||||||||||||||
+50 bps credit spreads | (68,200) | (860,342) | ||||||||||||
-50 bps credit spreads | 68,200 | 860,342 | ||||||||||||
+50 bps interest rates | (26,545) | (779,962) | ||||||||||||
-50 bps interest rates | 35,444 | 779,962 |
Issuer Purchases of Common Stock | |||||||||||||
(amounts in thousands, except share and per share amounts) | |||||||||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Cumulative 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 (July 1, 2020 to July 31, 2020) | — | $ | — | 52,283,838 | $ | 500,000 | |||||||
Month #2 (August 1, 2020 to August 31, 2020) | — | $ | — | 52,283,838 | $ | 500,000 | |||||||
Month #3 (September 1, 2020 to September 30, 2020) | — | $ | — | 52,283,838 | $ | 500,000 | |||||||
Total through September 30, 2020 | — | ||||||||||||
(1) Amounts have been reduced by retirements of equity awards occurring after May 3, 2018. On May 6, 2020, KKR announced the increase to the total available amount under the repurchase program to $500 million. | |||||||||||||
Issuer Purchases of Common Stock | |||||||||||||||||||||||
(amounts in thousands, except share and per share amounts) | |||||||||||||||||||||||
Total Number of Shares Purchased | Average Price Paid Per Share | Cumulative 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 (July 1, 2021 to July 31, 2021) | — | $ | — | 54,951,833 | $ | 218,499 | |||||||||||||||||
Month #2 (August 1, 2021 to August 31, 2021) | — | $ | — | 54,951,833 | $ | 218,499 | |||||||||||||||||
Month #3 (September 1, 2021 to September 30, 2021) | — | $ | — | 54,951,833 | $ | 218,499 | |||||||||||||||||
Total through September 30, 2021 | — | ||||||||||||||||||||||
(1) Amounts have been reduced by retirements of equity awards occurring after May 3, 2018. On May 6, 2020, KKR announced the increase to the total available amount under the repurchase program to $500 million. | |||||||||||||||||||||||
Exhibit No. | Description of Exhibit | |||||||
31.2 |
31.3 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
32.3 | ||||||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition as of September 30, | |||||||
104 | Cover page interactive data file, formatted in Inline XBRL and contained in Exhibit 101. |
KKR & CO. INC. | |||||||||||
By: | /s/ ROBERT H. LEWIN | ||||||||||
Robert H. Lewin | |||||||||||
Chief Financial Officer | |||||||||||
(principal financial and accounting officer) | |||||||||||
DATE: | November |