KKR Q2 2026: Record AUM of $796B, Arctos Acquisition Closes, New $3B Credit Facility
KKR sits 25% above its 52-week low of $82.67.
Summary
KKR's Q2 2026 10-Q reveals record assets under management of $796 billion, a 37% jump in fee-related earnings, and the closing of the Arctos acquisition. A new $3 billion credit facility was signed, and the long-awaited Sunset Date for one-share-one-vote governance is set for no later than December 31, 2026.
Key Events · Earnings and Guidance · KKR
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Q2 Earnings Beat
Net income attributable to KKR common stockholders reached $660.1 million ($0.74 basic EPS), a 40% year-over-year increase. Fee-related earnings surged 37% to $1.2 billion, driven by higher management fees and the inclusion of Arctos.
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Record AUM and FPAUM
Assets under management climbed to $796 billion, up 7% from Q1 2026, with fee-paying AUM of $638 billion. The Arctos acquisition contributed $16 billion in AUM and $10.1 billion in FPAUM.
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New $3B Credit Facility
On July 30, 2026, KKR entered into a Fourth Amended and Restated Credit Agreement providing a $3.0 billion senior unsecured revolving credit facility maturing in 2031, replacing the prior facility.
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Sunset Date Governance Milestone
The Sunset Date, no later than December 31, 2026, will eliminate the Series I preferred stock and establish one-vote-per-share common stock, a long-awaited governance change.
Analysis · KKR · Finance
A standout quarter for KKR saw fee-related earnings climb 37% year-over-year to $1.2 billion, fueled by higher management fees and the inclusion of Arctos. Total assets under management hit a record $796 billion, a 7% sequential increase that reflects $16 billion from the Arctos acquisition and strong fundraising. The firm also secured a new $3.0 billion revolving credit facility, extending its maturity to 2031. Net income attributable to common stockholders rose 40% to $660 million, though the quarter included a $162.7 million loss on funds withheld embedded derivatives and a $53.4 million impairment on an AFS security. By year-end 2026, the pending Sunset Date will eliminate the dual-class structure and establish one-vote-per-share common stock—a governance milestone. Legal overhangs persist: the Kentucky Supreme Court heard oral arguments in June, and the DOJ antitrust complaint remains pending.
At the time of this filing, KKR was trading at $103.40 on NYSE in the Finance sector, with a market capitalization of approximately $92.8B. The 52-week trading range was $82.67 to $152.10. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.