KKR & Co. Inc. (KKR) reported Fee Related Earnings of $1.3 billion, or $1.42 a share, up 27% from a year earlier, extending a second consecutive quarter of record Fee Related Earnings, Total Operating Earnings and Adjusted Net Income per share on both a quarterly and trailing twelve-month basis.

The global investment firm said Total Operating Earnings were $1.7 billion, or $1.88 a share, up 25% year over year, and Adjusted Net Income was $1.6 billion, or $1.78 a share, up 29%. Trailing twelve-month FRE was $4.5 billion, or $4.96 a share, up 26%; TOE was $5.9 billion, or $6.46 a share, up 23%; and ANI was $5.4 billion, or $5.92 a share, up 18%.

GAAP net income attributable to common stockholders was $1.1 billion, or $1.19 a share diluted, versus $860 million, or $0.90 a share, a year earlier. Total revenues were $4.56 billion.

Management fees rose to $1.20 billion from $1.06 billion a year earlier. Fee Related Performance Revenues were $326 million, versus $73 million, after KKR began reporting realized performance fees from K-Series private equity vehicles in that line in the second quarter. Transaction and monitoring fees, net, were $328 million. Fee Related Compensation was $325 million and other operating expenses were $215 million.

Strategic Holdings Operating Earnings were $192 million, versus $58 million a year earlier. Total Investing Earnings were $349 million, including Net Realized Investment Income of $199 million, versus $74 million. Total Segment Earnings were $2.09 billion.

Assets under management were $804 billion, up 11% year over year, and fee-paying AUM was $648 billion, also up 11%. New capital raised was $25 billion in the quarter and $116 billion in the trailing twelve months; capital invested was $20 billion in the quarter and $98 billion in the LTM. K-Series AUM totaled $45 billion versus $29 billion a year prior. Perpetual capital was $344 billion, 43% of AUM and 50% of fee-paying AUM. Uncalled commitments were $146 billion. Performance-fee-eligible AUM was $493 billion, up 15%. Gross unrealized carried interest was $9.7 billion at September 30.

Private equity AUM was $256 billion, up 15% year over year, with $4 billion of organic new capital. Private equity management fees were $466 million and fee related performance revenues were $220 million, versus zero a year earlier. Realized performance income in the line was $490 million.

Real assets AUM was $212 billion, up 14% year over year, with $7 billion of organic new capital. Global Infrastructure V held its final close in August at $19.2 billion of commitments, which KKR called its largest infrastructure fund raised to date. Real assets management fees were $395 million and fee related performance revenues were $100 million.

Credit and liquid strategies AUM was $337 billion, up 7% year over year, with $14 billion of organic new capital. The mix included $148 billion of leveraged credit, $91 billion of asset-based finance, $49 billion of corporate private credit, $13 billion of strategic investments and $37 billion of liquid strategies. Credit management fees were $340 million. Capital markets transaction fees were $290 million, with about 70% originated in North America and about 80% debt-product focused. Realized investment income in capital markets was $150 million, versus $4 million a year earlier. Embedded gains were $2.4 billion.

Insurance Operating Earnings were $230 million and included a $26 million charge related to Global Atlantic’s annual actuarial assumption review and other related items; excluding that impact, the company said earnings would have been $257 million. A year earlier, Insurance Operating Earnings of $305 million included a $41 million benefit from the same annual review. Net investment income was $1.9 billion. Net cost of insurance was $1.6 billion. Global Atlantic AUM was $223 billion, of which $170 billion was credit AUM; Ivy and other sponsored reinsurance vehicles totaled $63 billion. Global Atlantic book value was $12.0 billion.

From June 30 through November 4, KKR used $567 million to repurchase and retire 6.2 million shares at an average $92 a share. On November 6 it approved a $500 million increase to its share repurchase program. A regular dividend of $0.195 a share was declared. On August 31 the firm announced the sale of USI Insurance Services, expected to close in the fourth quarter of 2026. Subject to closing, KKR expects to generate approximately $2.0 billion of ANI, or over $2.00 ANI a share, in fourth-quarter 2026 results. For the full year 2026, the company said it expects to return more than $40 billion to clients, exceeding its previous annual record by more than 50%.