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13:00
Jul 30 ◎

KKR FY2026 Q2 Watch

KKR & Co. Inc. (KKR) FY2026 Q2 Earnings Call

OS KKR VST DLR AMZN ▾

Scott Nuttall

KKR realized a successful exit from OneStream, indicating strong returns on its software investment.

"We sold one stream, which is a software business for four and a half times our cost earlier this year."

OS WATCH

Scott Nuttall

Management is very confident, citing record fundraising, monetization, and earnings growth, while dismissive of external pessimism.

"We find ourselves on the happy part of the K and that's what's showing up in the numbers."

KKR WATCH

Rob Lewin

Hyperscaler data center spreads have widened meaningfully recently, suggesting potential pricing power shift in AI infrastructure. — Wider spreads could improve economics for data center operators and power providers, and may pressure hyperscaler capex plans.

"Navidya and Vistra joined us as important strategic partners and together with Kuwait Investment Authority and KKR as founding investors."

VST WATCH

Craig Larson

"Hyperscaler data center spreads have widened pretty meaningfully just over the last couple of weeks."

DLR WATCH AMZN WATCH

HIGH

14:00
May 05 ◎

KKR FY2026 Q1 Watch

KKR & Co. Inc. (KKR) FY2026 Q1 Earnings Call

KKR VRT OS FSK NVT ▾

Rob Lewin

KKR lowered its ANI guidance for 2026 to below $7 per share, citing a more challenging operating environment and reduced visibility on monetizations, despite strong underlying portfolio performance.

"if you were handicapping our ability to reach $7 per share, we do think it is more likely that we land below that level"

KKR WATCH

Rob Lewin

KKR's 15x exit from Cool IT Systems, a liquid data center cooling leader, signals continued strong demand for thermal management solutions amid AI-driven data center buildout. — The outsized realized return validates the structural growth thesis for liquid cooling hardware, benefiting public players like Vertiv and nVent.

"the sale of Cool IT Systems, a global leader in liquid data center cooling, for almost 15 times our cost"

VRT WATCH NVT WATCH

Rob Lewin

KKR realized a 4.5x multiple on its investment in OneStream, demonstrating strong exits in software even amid market volatility.

"the closing of the sale of OneStream software for four and a half times our cost"

OS WATCH

Craig Larson

KKR distinguishes FSK's direct lending portfolio from other pools, indicating potential differences in credit quality or performance.

"FSK reports its Q1 earnings next week. We're not going to get ahead of that. It's important, though, not to conflate FSK's portfolio with other pools of capital."

FSK WATCH

Scott Nuttall

Institutions are pivoting back into direct lending as wealth-channel redemptions create better risk-reward, with spreads up and terms improving. — A rotation by institutional capital could tighten spreads again and benefit asset managers like Apollo and Blackstone with large direct lending platforms.

"Institutions actually coming back a bit to direct lending and thinking about, well, spreads are up, fees are up, terms are better, and leverage is down."

APO WATCH BX WATCH

HIGH

14:00
Feb 05 ◎

KKR FY2025 Q4 Watch

KKR & Co. Inc. (KKR) FY2025 Q4 Earnings Call

KKR ▾

Rob Lewin

Management's tone is strongly positive, citing record fundraising ($129B), accelerating management fee growth (18%), record embedded gains ($19B), and a highly confident outlook on exceeding FRE and ANI targets. They expect to deploy even more capital in 2026 and see volatility as creating opportunity.

"We are highly confident in our ability to meaningfully exceed our fundraising and FRE per share targets."

KKR WATCH

HIGH

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