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KKR & Co's (KKR) Management on Q2 2021 Results - Earnings Call Transcript

Aug. 03, 2021 2:48 PM ETKKR & Co. Inc. (KKR), KKR.PB
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KKR & Co, Inc. (NYSE:KKR) Q2 2021 Earnings Conference Call August 3, 2021 10:00 AM ET

Company Participants

Craig Larson – Head-Investor Relations

Rob Lewin – Chief Financial Officer

Scott Nuttall – Co-President and Co-Chief Operating Officer

Conference Call Participants

Alex Blostein – Goldman Sachs

Glenn Schorr – Evercore ISI

William Katz – Citi

Robert Lee – KBW

Patrick Davitt – Autonomous Research

Chris Kotowski – Oppenheimer

Arnaud Giblat – Exane BNP

Michael Cyprys – Morgan Stanley

Craig Larson

Good morning, everyone and welcome to our Second Quarter 2021 Earnings Call. I’m joined this morning by Scott Nuttall, our Co-President and Co-COO; and by Rob Lewin, our CFO.

We would like to remind everyone that we’ll refer to non-GAAP measures on the call, which are reconciled to GAAP fingers in our press release, which is available on the Investor Center section at kkr.com. The call will contain forward-looking statements, which do not guarantee future events or performance. Please refer to our earnings release as well as our SEC filings for cautionary factors related to these statements.

Turning to our results. This quarter really was an exceptional quarter with record fundraising, deployment and monetization activity alongside continued strong investment performance. Fee-related earnings per share, as well as after tax distributable earnings per share were both record quarterly figures for us coming in at $0.53 and $1.05 respectively. Management fees increased over 40% year-over-year to $480 million, helping drive the 68% increase you see in fee-related earnings. And our monetization activities drove the after-tax DE figure, which is 2.5x the number we reported in the second quarter of last year.

Our assets under management are now $429 billion, up over 90% from one year ago and up 17% just since last quarter. This reflects both record fundraising in the quarter as well as strong portfolio appreciation. And our

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