KKR & Co (KKR) official guidance

We continue to have a lot of confidence in the $350+ million of strategic holdings operating earnings for 2026.

Looking at strategic holdings, our existing portfolio and activity gives us confidence that we could scale strategic holdings operating earnings from $187 million over the LTM period to $1.1+ billion by 2030.

That said, as our Alts book continues to mature and we move into back half of 2027 into 2028, we believe we can see outcomes that are materially north of that level.

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

Based on the underlying momentum that we are seeing across the business, we continue to feel very confident in our ability to exceed our targets for fundraising, strategic holdings operating earnings, and FRE on a per-share basis.

Based on the underlying momentum that we are seeing across the business, we continue to feel very confident in our ability to exceed our targets for fundraising, strategic holdings operating earnings, and FRE on a per-share basis.

Our performance, deployment, and capital raising continue to be in line or ahead of our expectations. Given all the market noise, we were candidly surprised by the strength of flows in Q1. We also do expect a slowdown in Q2 consistent with what we saw after the tariff announcements last year.

Expect Strategic Holdings Operating Earnings to be $350+ million in 2026, $700+ million by 2028 and $1.1+ billion by 2030 as a result of ongoing strong operating and financial performance across the portfolio

As you think about 2026, as we're modeling that business, we think that accrued income number can be $300 to $350 million.

To answer your question, we expect to deploy more this year.

Putting all of our capital raising together, we've already raised over $240 billion or over 80% of the $300 billion-plus fundraising target that we outlined for the 2024 through 2026 period at our Investor Day in April 2024.

Much more importantly, we've talked about generating north of $1.1 billion of operating earnings by February. That continues to be where our team's focus is, and we feel more confident today than we did a year ago in our ability to be able to exceed that number.

When you think about where we're going in insurance, we talked about a billion dollars of operating earnings plus or minus for 2026, and, of course, that number can move around based on how the year goes.

We continue to think that the right level to model the business is in that $250 million-plus range per quarter over the next four quarters, but keep in mind, and we talked a lot about this last quarter, is in our transition to move our book to more of an industry average on alternatives exposure, we are taking on assets that have no yield or limited yield.

Expect Strategic Holdings Operating Earnings to be $350+ million by 2026, $700+ million by 2028 and $1.1+ billion by 2030 as a result of ongoing strong operating and financial performance across the portfolio

As we head into 2026, we're tracking nicely towards our expected $350 million-plus of net dividends.