Date of Report (Date of earliest event reported): October 25, 2016 | ||||
KKR & CO. L.P. KKR FINANCIAL HOLDINGS LLC (Exact name of registrant as specified in its charter) | ||||
Delaware (State or other jurisdiction of incorporation) | 001-34820 001-33437 (Commission File Number) | 26-0426107 11-3801844 (IRS Employer Identification No.) | ||
9 West 57th Street, Suite 4200, New York, NY 555 California Street, 50th Floor, San Francisco, CA (Address of principal executive offices) | 10019 94104 (Zip Code) | |||
(212) 750-8300 (415) 315-3620 (Registrant's telephone number, including area code) | ||||
NOT APPLICABLE (Former name or former address, if changed since last report) | ||||
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description |
Exhibit 99.1 | Press release of KKR & Co. L.P., dated October 25, 2016, announcing its results for the quarter ended September 30, 2016 (This exhibit is furnished and not filed) |
KKR & CO. L.P. By: KKR Management LLC, its general partner | |
By: /s/ William J. Janetschek Name: William J. Janetschek Title: Chief Financial Officer | |
KKR FINANCIAL HOLDINGS LLC | |
Date: October 25, 2016 | By: /s/ Thomas N. Murphy Name: Thomas N. Murphy Title: Chief Financial Officer |
Exhibit No. | Description |
Exhibit 99.1 | Press release of KKR & Co. L.P., dated October 25, 2016, announcing its results for the quarter ended September 30, 2016 (This exhibit is furnished and not filed) |
• | Strong investment performance resulted in After-tax Economic Net Income of $598 million for the third quarter of 2016 |
• | Private Markets monetization activity was the primary driver of After-tax Distributable Earnings of $461 million or $0.57 per adjusted unit eligible for distribution for the third quarter 2016 |
• | Assets Under Management were $131 billion as of September 30, 2016, up 17% compared to September 30, 2015 as organic new capital raised exceeded $28 billion over the past twelve months |
• | Book value was $9.6 billion as of September 30, 2016, or $11.95 per outstanding adjusted unit |
• | Our regular distribution per common unit of $0.16 was declared |
KKR | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP BASIS - UNAUDITED) | ||||||||||||||||
(Amounts in thousands, except common unit and per common unit amounts) | ||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | |||||||||||||
Revenues | ||||||||||||||||
Fees and Other | $ | 687,056 | $ | 188,626 | $ | 1,426,618 | $ | 735,845 | ||||||||
Expenses | ||||||||||||||||
Compensation and Benefits | 358,161 | 96,959 | 780,062 | 873,649 | ||||||||||||
Occupancy and Related Charges | 16,405 | 16,484 | 49,159 | 48,388 | ||||||||||||
General, Administrative and Other | 136,551 | 163,477 | 413,437 | 424,093 | ||||||||||||
Total Expenses | 511,117 | 276,920 | 1,242,658 | 1,346,130 | ||||||||||||
Investment Income (Loss) | ||||||||||||||||
Net Gains (Losses) from Investment Activities | 735,144 | (1,555,681 | ) | 9,089 | 3,474,748 | |||||||||||
Dividend Income | 73,105 | 270,759 | 167,987 | 710,130 | ||||||||||||
Interest Income | 256,505 | 299,485 | 753,194 | 898,628 | ||||||||||||
Interest Expense | (255,105 | ) | (151,554 | ) | (607,812 | ) | (402,944 | ) | ||||||||
Total Investment Income (Loss) | 809,649 | (1,136,991 | ) | 322,458 | 4,680,562 | |||||||||||
Income (Loss) Before Taxes | 985,588 | (1,225,285 | ) | 506,418 | 4,070,277 | |||||||||||
Income Tax (Benefit) | 10,826 | (7,390 | ) | 18,761 | 39,295 | |||||||||||
Net Income (Loss) | 974,762 | (1,217,895 | ) | 487,657 | 4,030,982 | |||||||||||
Net Income (Loss) Attributable to | ||||||||||||||||
Redeemable Noncontrolling Interests | 3,121 | (12,925 | ) | 4,616 | (11,883 | ) | ||||||||||
Net Income (Loss) Attributable to | ||||||||||||||||
Noncontrolling Interests | 611,288 | (1,014,382 | ) | 353,044 | 3,586,640 | |||||||||||
Net Income (Loss) Attributable to KKR & Co. L.P. | 360,353 | (190,588 | ) | 129,997 | 456,225 | |||||||||||
Net Income (Loss) Attributable to Series A Preferred Unitholders | 5,822 | — | 11,515 | — | ||||||||||||
Net Income (Loss) Attributable to Series B Preferred Unitholders | 2,379 | — | 2,379 | — | ||||||||||||
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders | $ | 352,152 | $ | (190,588 | ) | $ | 116,103 | $ | 456,225 | |||||||
Net Income (Loss) Attributable to KKR & Co. L.P. Per Common Unit | ||||||||||||||||
Basic | $ | 0.79 | $ | (0.42 | ) | $ | 0.26 | $ | 1.03 | |||||||
Diluted (1) | $ | 0.73 | $ | (0.42 | ) | $ | 0.24 | $ | 0.95 | |||||||
Weighted Average Common Units Outstanding | ||||||||||||||||
Basic | 445,989,300 | 452,165,697 | 448,149,747 | 444,675,159 | ||||||||||||
Diluted (1) | 479,975,675 | 452,165,697 | 483,134,985 | 480,338,335 | ||||||||||||
KKR | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (GAAP BASIS - UNAUDITED) | ||||||||
(Amounts in thousands, except common unit and per common unit amounts) | ||||||||
As of September 30, 2016 | As of December 31, 2015 | |||||||
Assets | ||||||||
Cash and Cash Equivalents | $ | 2,196,800 | $ | 1,047,740 | ||||
Investments | 31,277,959 | 65,305,931 | ||||||
Other | 4,509,840 | 4,688,668 | ||||||
Total Assets | 37,984,599 | 71,042,339 | ||||||
Liabilities and Equity | ||||||||
Debt Obligations | 17,589,353 | 18,714,597 | ||||||
Other Liabilities | 3,572,981 | 2,860,157 | ||||||
Total Liabilities | 21,162,334 | 21,574,754 | ||||||
Redeemable Noncontrolling Interests | 395,210 | 188,629 | ||||||
Equity | ||||||||
Series A Preferred Units | 332,988 | — | ||||||
Series B Preferred Units | 149,566 | — | ||||||
KKR & Co. L.P. Capital - Common Unitholders | 5,334,045 | 5,547,182 | ||||||
Noncontrolling Interests | 10,610,456 | 43,731,774 | ||||||
Total Equity | 16,427,055 | 49,278,956 | ||||||
Total Liabilities and Equity | $ | 37,984,599 | $ | 71,042,339 | ||||
Equity Per Outstanding Common Unit - Basic | $ | 11.95 | $ | 12.12 |
KKR | ||||||||||||||||||||
STATEMENTS OF OPERATIONS AND OTHER SELECTED FINANCIAL INFORMATION | ||||||||||||||||||||
TOTAL REPORTABLE SEGMENTS (UNAUDITED) | ||||||||||||||||||||
(Amounts in thousands, except unit and per unit amounts) | ||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||
Segment Revenues | ||||||||||||||||||||
Management, Monitoring and Transaction Fees, Net | ||||||||||||||||||||
Management Fees | $ | 201,508 | $ | 203,617 | $ | 181,780 | $ | 599,725 | $ | 536,961 | ||||||||||
Monitoring Fees | 11,091 | 28,998 | 24,964 | 52,126 | 170,515 | |||||||||||||||
Transaction Fees | 111,354 | 68,564 | 61,437 | 276,003 | 257,674 | |||||||||||||||
Fee Credits | (47,392 | ) | (39,073 | ) | (23,293 | ) | (109,272 | ) | (160,245 | ) | ||||||||||
Total Management, Monitoring and Transaction Fees, Net | 276,561 | 262,106 | 244,888 | 818,582 | 804,905 | |||||||||||||||
Performance Income (Loss) | ||||||||||||||||||||
Realized Incentive Fees | 3,659 | 4,645 | 880 | 9,897 | 12,438 | |||||||||||||||
Realized Carried Interest | 350,469 | 305,275 | 265,291 | 753,032 | 819,943 | |||||||||||||||
Unrealized Carried Interest | 70,351 | 18,698 | (428,493 | ) | (134,756 | ) | 51,157 | |||||||||||||
Total Performance Income (Loss) | 424,479 | 328,618 | (162,322 | ) | 628,173 | 883,538 | ||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||
Net Realized Gains (Losses) | 170,078 | 224,699 | 61,439 | 370,594 | 418,366 | |||||||||||||||
Net Unrealized Gains (Losses) | 136,740 | (297,448 | ) | (384,460 | ) | (725,699 | ) | (263,197 | ) | |||||||||||
Total Realized and Unrealized | 306,818 | (72,749 | ) | (323,021 | ) | (355,105 | ) | 155,169 | ||||||||||||
Interest Income and Dividends | 71,185 | 74,451 | 101,318 | 253,756 | 325,629 | |||||||||||||||
Interest Expense | (47,506 | ) | (48,447 | ) | (52,681 | ) | (144,497 | ) | (150,911 | ) | ||||||||||
Net Interest and Dividends | 23,679 | 26,004 | 48,637 | 109,259 | 174,718 | |||||||||||||||
Total Investment Income (Loss) | 330,497 | (46,745 | ) | (274,384 | ) | (245,846 | ) | 329,887 | ||||||||||||
Total Segment Revenues | 1,031,537 | 543,979 | (191,818 | ) | 1,200,909 | 2,018,330 | ||||||||||||||
Segment Expenses | ||||||||||||||||||||
Compensation and Benefits | ||||||||||||||||||||
Cash Compensation and Benefits | 101,967 | 96,890 | 87,680 | 299,756 | 288,956 | |||||||||||||||
Realized Performance Income Compensation (1) | 159,151 | 123,968 | 106,469 | 322,671 | 332,952 | |||||||||||||||
Unrealized Performance Income Compensation | 29,393 | 8,525 | (170,621 | ) | (48,724 | ) | 21,576 | |||||||||||||
Total Compensation and Benefits | 290,511 | 229,383 | 23,528 | 573,703 | 643,484 | |||||||||||||||
Occupancy and Related Charges | 15,877 | 15,659 | 15,720 | 47,486 | 45,991 | |||||||||||||||
Other Operating Expenses | 55,123 | 49,533 | 52,081 | 166,542 | 164,640 | |||||||||||||||
Total Segment Expenses | 361,511 | 294,575 | 91,329 | 787,731 | 854,115 | |||||||||||||||
Income (Loss) attributable to noncontrolling interests | 760 | 575 | 2,902 | 2,002 | 10,907 | |||||||||||||||
Economic Net Income (Loss) | 669,266 | 248,829 | (286,049 | ) | 411,176 | 1,153,308 | ||||||||||||||
Equity-based Compensation | 50,270 | 48,026 | 48,252 | 148,257 | 148,970 | |||||||||||||||
Pre-tax Economic Net Income (Loss) | 618,996 | 200,803 | (334,301 | ) | 262,919 | 1,004,338 | ||||||||||||||
Provision for Income Tax (Benefit) | 12,611 | 3,898 | (19,505 | ) | 12,617 | 46,566 | ||||||||||||||
Preferred Distributions | 8,201 | 5,693 | — | 13,894 | — | |||||||||||||||
After-tax Economic Net Income (Loss) | $ | 598,184 | $ | 191,212 | $ | (314,796 | ) | $ | 236,408 | $ | 957,772 | |||||||||
After-tax Economic Net Income (Loss) Per Adjusted Unit | $ | 0.71 | $ | 0.23 | $ | (0.37 | ) | $ | 0.28 | $ | 1.13 | |||||||||
Weighted Average Adjusted Units (Fully Diluted Basis) | 837,504,674 | 840,537,946 | 851,704,303 | 841,988,454 | 850,644,918 | |||||||||||||||
Other Operating Measures (2): | ||||||||||||||||||||
Fee Related Earnings | $ | 142,253 | $ | 137,761 | $ | 127,523 | $ | 421,012 | $ | 429,648 | ||||||||||
After-tax Distributable Earnings | $ | 461,498 | $ | 507,592 | $ | 331,110 | $ | 1,137,822 | $ | 1,284,038 | ||||||||||
Assets Under Management | $ | 131,101,800 | $ | 130,990,500 | $ | 112,414,500 | $ | 131,101,800 | $ | 112,414,500 | ||||||||||
Fee Paying Assets Under Management | $ | 93,153,800 | $ | 94,608,100 | $ | 85,861,800 | $ | 93,153,800 | $ | 85,861,800 | ||||||||||
Capital Invested and Syndicated Capital | $ | 4,252,400 | $ | 2,150,800 | $ | 2,060,900 | $ | 9,472,800 | $ | 8,368,200 | ||||||||||
Uncalled Commitments | $ | 38,267,300 | $ | 38,366,900 | $ | 26,892,300 | $ | 38,267,300 | $ | 26,892,300 | ||||||||||
KKR | ||||||||||||||||||||
SCHEDULE OF SEGMENT REVENUES AND OTHER SELECTED FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
PRIVATE MARKETS | ||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||
Segment Revenues | ||||||||||||||||||||
Management, Monitoring and Transaction Fees, Net | ||||||||||||||||||||
Management Fees | $ | 117,795 | $ | 118,783 | $ | 118,250 | $ | 354,376 | $ | 342,872 | ||||||||||
Monitoring Fees | 11,091 | 28,998 | 24,964 | 52,126 | 170,515 | |||||||||||||||
Transaction Fees | 53,223 | 23,400 | 17,732 | 114,021 | 104,652 | |||||||||||||||
Fee Credits | (37,127 | ) | (33,319 | ) | (20,266 | ) | (93,042 | ) | (143,458 | ) | ||||||||||
Total Management, Monitoring and Transaction Fees, Net | 144,982 | 137,862 | 140,680 | 427,481 | 474,581 | |||||||||||||||
Performance Income (Loss) | ||||||||||||||||||||
Realized Incentive Fees | — | — | — | — | — | |||||||||||||||
Realized Carried Interest | 350,469 | 305,275 | 265,291 | 749,194 | 810,990 | |||||||||||||||
Unrealized Carried Interest | 53,339 | 9,974 | (394,126 | ) | (131,386 | ) | 45,190 | |||||||||||||
Total Performance Income (Loss) | 403,808 | 315,249 | (128,835 | ) | 617,808 | 856,180 | ||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||
Net Realized Gains (Losses) | — | — | — | — | — | |||||||||||||||
Net Unrealized Gains (Losses) | — | — | — | — | — | |||||||||||||||
Total Realized and Unrealized | — | — | — | — | — | |||||||||||||||
Interest Income and Dividends | — | — | — | — | — | |||||||||||||||
Interest Expense | — | — | — | — | — | |||||||||||||||
Net Interest and Dividends | — | — | — | — | — | |||||||||||||||
Total Investment Income (Loss) | — | — | — | — | — | |||||||||||||||
Total Segment Revenues | $ | 548,790 | $ | 453,111 | $ | 11,845 | $ | 1,045,289 | $ | 1,330,761 | ||||||||||
Assets Under Management | $ | 75,181,600 | $ | 75,357,000 | $ | 66,776,600 | $ | 75,181,600 | $ | 66,776,600 | ||||||||||
Fee Paying Assets Under Management | $ | 44,010,300 | $ | 46,027,600 | $ | 46,399,800 | $ | 44,010,300 | $ | 46,399,800 | ||||||||||
Capital Invested | $ | 2,231,000 | $ | 992,900 | $ | 867,000 | $ | 5,209,900 | $ | 4,172,600 | ||||||||||
Uncalled Commitments | $ | 31,839,100 | $ | 31,173,300 | $ | 21,610,400 | $ | 31,839,100 | $ | 21,610,400 |
PUBLIC MARKETS | ||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||
Segment Revenues | ||||||||||||||||||||
Management, Monitoring and Transaction Fees, Net | ||||||||||||||||||||
Management Fees | $ | 83,713 | $ | 84,834 | $ | 63,530 | $ | 245,349 | $ | 194,089 | ||||||||||
Monitoring Fees | — | — | — | — | — | |||||||||||||||
Transaction Fees | 10,748 | 5,888 | 3,386 | 17,768 | 20,689 | |||||||||||||||
Fee Credits | (10,265 | ) | (5,754 | ) | (3,027 | ) | (16,230 | ) | (16,787 | ) | ||||||||||
Total Management, Monitoring and Transaction Fees, Net | 84,196 | 84,968 | 63,889 | 246,887 | 197,991 | |||||||||||||||
Performance Income (Loss) | ||||||||||||||||||||
Realized Incentive Fees | 3,659 | 4,645 | 880 | 9,897 | 12,438 | |||||||||||||||
Realized Carried Interest | — | — | — | 3,838 | 8,953 | |||||||||||||||
Unrealized Carried Interest | 17,012 | 8,724 | (34,367 | ) | (3,370 | ) | 5,967 | |||||||||||||
Total Performance Income (Loss) | 20,671 | 13,369 | (33,487 | ) | 10,365 | 27,358 | ||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||
Net Realized Gains (Losses) | — | — | — | — | — | |||||||||||||||
Net Unrealized Gains (Losses) | — | — | — | — | — | |||||||||||||||
Total Realized and Unrealized | — | — | — | — | — | |||||||||||||||
Interest Income and Dividends | — | — | — | — | — | |||||||||||||||
Interest Expense | — | — | — | — | — | |||||||||||||||
Net Interest and Dividends | — | — | — | — | — | |||||||||||||||
Total Investment Income (Loss) | — | — | — | — | — | |||||||||||||||
Total Segment Revenues | $ | 104,867 | $ | 98,337 | $ | 30,402 | $ | 257,252 | $ | 225,349 | ||||||||||
Assets Under Management | $ | 55,920,200 | $ | 55,633,500 | $ | 45,637,900 | $ | 55,920,200 | $ | 45,637,900 | ||||||||||
Fee Paying Assets Under Management | $ | 49,143,500 | $ | 48,580,500 | $ | 39,462,000 | $ | 49,143,500 | $ | 39,462,000 | ||||||||||
Capital Invested | $ | 1,484,400 | $ | 1,146,700 | $ | 1,181,400 | $ | 3,049,400 | $ | 3,502,300 | ||||||||||
Uncalled Commitments | $ | 6,428,200 | $ | 7,193,600 | $ | 5,281,900 | $ | 6,428,200 | $ | 5,281,900 |
KKR | ||||||||||||||||||||
SCHEDULE OF SEGMENT REVENUES AND OTHER SELECTED FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
CAPITAL MARKETS | ||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||
Segment Revenues | ||||||||||||||||||||
Management, Monitoring and Transaction Fees, Net | ||||||||||||||||||||
Management Fees | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Monitoring Fees | — | — | — | — | — | |||||||||||||||
Transaction Fees | 47,383 | 39,276 | 40,319 | 144,214 | 132,333 | |||||||||||||||
Fee Credits | — | — | — | — | — | |||||||||||||||
Total Management, Monitoring and Transaction Fees, Net | 47,383 | 39,276 | 40,319 | 144,214 | 132,333 | |||||||||||||||
Performance Income (Loss) | ||||||||||||||||||||
Realized Incentive Fees | — | — | — | — | — | |||||||||||||||
Realized Carried Interest | — | — | — | — | — | |||||||||||||||
Unrealized Carried Interest | — | — | — | — | — | |||||||||||||||
Total Performance Income (Loss) | — | — | — | — | — | |||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||
Net Realized Gains (Losses) | — | — | — | — | — | |||||||||||||||
Net Unrealized Gains (Losses) | — | — | — | — | — | |||||||||||||||
Total Realized and Unrealized | — | — | — | — | — | |||||||||||||||
Interest Income and Dividends | — | — | — | — | — | |||||||||||||||
Interest Expense | — | — | — | — | — | |||||||||||||||
Net Interest and Dividends | — | — | — | — | — | |||||||||||||||
Total Investment Income (Loss) | — | — | — | — | — | |||||||||||||||
Total Segment Revenues | $ | 47,383 | $ | 39,276 | $ | 40,319 | $ | 144,214 | $ | 132,333 | ||||||||||
Syndicated Capital | $ | 537,000 | $ | 11,200 | $ | 12,500 | $ | 1,213,500 | $ | 693,300 |
PRINCIPAL ACTIVITIES | ||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||
Segment Revenues | ||||||||||||||||||||
Management, Monitoring and Transaction Fees, Net | ||||||||||||||||||||
Management Fees | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Monitoring Fees | — | — | — | — | — | |||||||||||||||
Transaction Fees | — | — | — | — | — | |||||||||||||||
Fee Credits | — | — | — | — | — | |||||||||||||||
Total Management, Monitoring and Transaction Fees, Net | — | — | — | — | — | |||||||||||||||
Performance Income (Loss) | ||||||||||||||||||||
Realized Incentive Fees | — | — | — | — | — | |||||||||||||||
Realized Carried Interest | — | — | — | — | — | |||||||||||||||
Unrealized Carried Interest | — | — | — | — | — | |||||||||||||||
Total Performance Income (Loss) | — | — | — | — | — | |||||||||||||||
Investment Income (Loss) | ||||||||||||||||||||
Net Realized Gains (Losses) | 170,078 | 224,699 | 61,439 | 370,594 | 418,366 | |||||||||||||||
Net Unrealized Gains (Losses) | 136,740 | (297,448 | ) | (384,460 | ) | (725,699 | ) | (263,197 | ) | |||||||||||
Total Realized and Unrealized | 306,818 | (72,749 | ) | (323,021 | ) | (355,105 | ) | 155,169 | ||||||||||||
Interest Income and Dividends | 71,185 | 74,451 | 101,318 | 253,756 | 325,629 | |||||||||||||||
Interest Expense | (47,506 | ) | (48,447 | ) | (52,681 | ) | (144,497 | ) | (150,911 | ) | ||||||||||
Net Interest and Dividends | 23,679 | 26,004 | 48,637 | 109,259 | 174,718 | |||||||||||||||
Total Investment Income (Loss) | 330,497 | (46,745 | ) | (274,384 | ) | (245,846 | ) | 329,887 | ||||||||||||
Total Segment Revenues | $ | 330,497 | $ | (46,745 | ) | $ | (274,384 | ) | $ | (245,846 | ) | $ | 329,887 | |||||||
KKR | ||||||||||||
BALANCE SHEET | ||||||||||||
TOTAL REPORTABLE SEGMENTS (UNAUDITED) | ||||||||||||
(Amounts in thousands, except per unit amounts) | ||||||||||||
As of | As of | |||||||||||
September 30, 2016 | December 31, 2015 | |||||||||||
Cash and Short-term Investments | $ | 2,825,499 | $ | 1,287,650 | ||||||||
Investments | 7,511,453 | (1) | 8,958,089 | |||||||||
Unrealized Carry | 1,342,357 | (2) | 1,415,478 | (2) | ||||||||
Other Assets | 1,698,115 | 1,613,139 | ||||||||||
Corporate Real Estate | 161,225 | 154,942 | ||||||||||
Total Assets | $ | 13,538,649 | $ | 13,429,298 | ||||||||
Debt Obligations - KKR (ex-KFN) | $ | 2,000,000 | $ | 2,000,000 | ||||||||
Debt Obligations - KFN | 657,310 | 657,310 | ||||||||||
Preferred Shares - KFN | 373,750 | 373,750 | ||||||||||
Other Liabilities | 390,284 | 291,537 | ||||||||||
Total Liabilities | 3,421,344 | 3,322,597 | ||||||||||
Noncontrolling Interests | 21,950 | 127,472 | ||||||||||
Preferred Units | 500,000 | — | ||||||||||
Book Value | $ | 9,595,355 | $ | 9,979,229 | ||||||||
Book Value Per Outstanding Adjusted Unit | $ | 11.95 | $ | 12.18 | ||||||||
(1) See schedule of investments that follows on the next page. | ||||||||||||
As of | As of | |||||||||||
(2) Unrealized Carry | September 30, 2016 | December 31, 2015 | ||||||||||
Private Markets | $ | 1,269,709 | $ | 1,340,556 | ||||||||
Public Markets | 72,648 | 74,922 | ||||||||||
Total | $ | 1,342,357 | $ | 1,415,478 | ||||||||
Last Twelve Months Ended | ||||||||||||
September 30, 2016 | September 30, 2015 | |||||||||||
Return on Equity (After-tax Economic Net Income (Loss) ) (3) | 3% | 10% | ||||||||||
Return on Equity (After-tax Distributable Earnings) (4) | 14% | 16% | ||||||||||
KKR |
SCHEDULE OF INVESTMENTS (1) |
TOTAL REPORTABLE SEGMENTS (UNAUDITED) |
(Amounts in thousands, except percentage amounts) |
As of September 30, 2016 | ||||
Investments | Fair Value | |||
Private Equity Co-Investments and Other Equity | $ | 2,089,469 | ||
Private Equity Funds | 1,046,738 | |||
Private Equity Total | 3,136,207 | |||
Energy | 560,114 | |||
Real Estate (3) | 829,412 | |||
Infrastructure | 229,877 | |||
Real Assets Total | 1,619,403 | |||
Special Situations | 730,810 | |||
Direct Lending | 99,920 | |||
Mezzanine | 24,607 | |||
Alternative Credit Total | 855,337 | |||
CLOs (4) | 601,086 | |||
Liquid Credit | 190,798 | |||
Specialty Finance | 182,881 | |||
Credit Total | 1,830,102 | |||
Other | 925,741 | |||
Total Investments | $ | 7,511,453 | ||
As of September 30, 2016 | |||||||
Significant Investments: (5) | Fair Value | Fair Value as a Percentage of Total Investments | |||||
First Data Corporation (NYSE: FDC) | $ | 1,047,368 | 13.9 | % | |||
Walgreens Boots Alliance (NASDAQ: WBA) | 322,742 | 4.3 | % | ||||
WMI Holdings Corp. (NASDAQ: WMIH) | 284,251 | 3.8 | % | ||||
Natural Gas Midstream Investment | 156,515 | 2.1 | % | ||||
Oil & Gas Royalties Investment | 135,044 | 1.8 | % | ||||
Total Significant Investments | 1,945,920 | 25.9 | % | ||||
Other Investments | 5,565,533 | 74.1 | % | ||||
Total Investments | $ | 7,511,453 | 100.0 | % | |||
KKR | ||||||||||||
ASSETS UNDER MANAGEMENT (UNAUDITED) | ||||||||||||
(Amounts in thousands) | ||||||||||||
Private Markets Segment | Public Markets Segment | Total Reportable Segments | ||||||||||
Quarter Ended September 30, 2016 | ||||||||||||
June 30, 2016 | $ | 75,357,000 | $ | 55,633,500 | $ | 130,990,500 | ||||||
New Capital Raised | 1,942,700 | 2,895,800 | 4,838,500 | |||||||||
Distributions | (4,597,400 | ) | (3,569,600 | ) | (1) | (8,167,000 | ) | |||||
Change in Value | 2,479,300 | 960,500 | 3,439,800 | |||||||||
September 30, 2016 | $ | 75,181,600 | $ | 55,920,200 | $ | 131,101,800 | ||||||
Nine Months Ended September 30, 2016 | ||||||||||||
December 31, 2015 | $ | 66,028,600 | $ | 53,515,700 | $ | 119,544,300 | ||||||
New Capital Raised | 14,378,500 | 9,940,500 | 24,319,000 | |||||||||
Distributions | (9,135,100 | ) | (8,250,900 | ) | (2) | (17,386,000 | ) | |||||
Change in Value | 3,909,600 | 714,900 | 4,624,500 | |||||||||
September 30, 2016 | $ | 75,181,600 | $ | 55,920,200 | $ | 131,101,800 | ||||||
Trailing Twelve Months Ended September 30, 2016 | ||||||||||||
September 30, 2015 | $ | 66,776,600 | $ | 45,637,900 | $ | 112,414,500 | ||||||
New Capital Raised | 14,705,500 | 13,722,800 | 28,428,300 | |||||||||
Acquisitions | — | 6,010,800 | 6,010,800 | |||||||||
Distributions | (11,853,300 | ) | (9,964,800 | ) | (3) | (21,818,100 | ) | |||||
Change in Value | 5,552,800 | 513,500 | 6,066,300 | |||||||||
September 30, 2016 | $ | 75,181,600 | $ | 55,920,200 | $ | 131,101,800 | ||||||
KKR | ||||||||||||
FEE PAYING ASSETS UNDER MANAGEMENT (UNAUDITED) | ||||||||||||
(Amounts in thousands) | ||||||||||||
Private Markets Segment | Public Markets Segment | Total Reportable Segments | ||||||||||
Quarter Ended September 30, 2016 | ||||||||||||
June 30, 2016 | $ | 46,027,600 | $ | 48,580,500 | $ | 94,608,100 | ||||||
New Capital Raised | 548,600 | 3,565,600 | 4,114,200 | |||||||||
Distributions | (2,356,300 | ) | (3,675,900 | ) | (2) | (6,032,200 | ) | |||||
Net Changes in Fee Base of Certain Funds (1) | (345,100 | ) | — | (345,100 | ) | |||||||
Change in Value | 135,500 | 673,300 | 808,800 | |||||||||
September 30, 2016 | $ | 44,010,300 | $ | 49,143,500 | $ | 93,153,800 | ||||||
Nine Months Ended September 30, 2016 | ||||||||||||
December 31, 2015 | $ | 45,307,400 | $ | 46,413,100 | $ | 91,720,500 | ||||||
New Capital Raised | 2,280,400 | 10,503,000 | 12,783,400 | |||||||||
Distributions | (3,568,800 | ) | (8,258,600 | ) | (3) | (11,827,400 | ) | |||||
Net Changes in Fee Base of Certain Funds (1) | (345,100 | ) | — | (345,100 | ) | |||||||
Change in Value | 336,400 | 486,000 | 822,400 | |||||||||
September 30, 2016 | $ | 44,010,300 | $ | 49,143,500 | $ | 93,153,800 | ||||||
Trailing Twelve Months Ended September 30, 2016 | ||||||||||||
September 30, 2015 | $ | 46,399,800 | $ | 39,462,000 | $ | 85,861,800 | ||||||
New Capital Raised | 2,502,800 | 13,244,500 | 15,747,300 | |||||||||
Acquisitions | — | 6,010,800 | 6,010,800 | |||||||||
Distributions | (4,781,000 | ) | (9,879,300 | ) | (4) | (14,660,300 | ) | |||||
Net Changes in Fee Base of Certain Funds (1) | (345,100 | ) | — | (345,100 | ) | |||||||
Change in Value | 233,800 | 305,500 | 539,300 | |||||||||
September 30, 2016 | $ | 44,010,300 | $ | 49,143,500 | $ | 93,153,800 | ||||||
KKR | |||||||||||||||||||||
INVESTMENT VEHICLE SUMMARY (1) (UNAUDITED) | |||||||||||||||||||||
As of September 30, 2016 | |||||||||||||||||||||
(Amounts in millions, except percentages) | |||||||||||||||||||||
Investment Period | Amount | ||||||||||||||||||||
Commencement Date | End Date | Commitment | Uncalled Commitments | Percentage Committed by General Partner | Invested | Realized | Remaining Cost | Remaining Fair Value | |||||||||||||
Private Markets | |||||||||||||||||||||
Private Equity Funds | |||||||||||||||||||||
Americas Fund XII | (3) | (4) | $ | 11,993.8 | $ | 11,993.8 | 8.3% | $ | — | $ | — | $ | — | $ | — | ||||||
European Fund IV (2) | 12/2014 | 12/2020 | 3,505.7 | 2,332.7 | 5.7% | 1,179.0 | — | 1,179.0 | 1,175.0 | ||||||||||||
Asian Fund II (2) | 4/2013 | 4/2019 | 5,825.0 | 3,083.5 | 1.3% | 3,563.2 | 895.0 | 2,707.5 | 4,904.0 | ||||||||||||
North America Fund XI (2) | 9/2012 | 9/2018 | 8,718.4 | 2,565.2 | 2.9% | 7,367.9 | 2,733.2 | 5,450.8 | 8,563.0 | ||||||||||||
China Growth Fund | 11/2010 | 11/2016 | 1,010.0 | 252.1 | 1.0% | 757.9 | 347.9 | 558.8 | 791.1 | ||||||||||||
E2 Investors (Annex Fund) | 8/2009 | 11/2013 | 195.8 | — | 4.9% | 195.8 | 195.7 | 18.1 | 7.0 | ||||||||||||
European Fund III | 3/2008 | 3/2014 | 6,136.3 | 809.0 | 4.6% | 5,327.3 | 4,822.5 | 3,034.8 | 4,628.0 | ||||||||||||
Asian Fund | 7/2007 | 4/2013 | 3,983.3 | 105.6 | 2.5% | 3,877.7 | 6,565.8 | 1,431.3 | 1,824.7 | ||||||||||||
2006 Fund | 9/2006 | 9/2012 | 17,642.2 | 466.3 | 2.1% | 17,175.9 | 21,355.6 | 6,734.1 | 10,275.1 | ||||||||||||
European Fund II | 11/2005 | 10/2008 | 5,750.8 | — | 2.1% | 5,750.8 | 7,591.6 | 288.2 | 961.9 | ||||||||||||
Millennium Fund | 12/2002 | 12/2008 | 6,000.0 | — | 2.5% | 6,000.0 | 13,112.9 | 471.3 | 793.4 | ||||||||||||
Total Private Equity Funds | 70,761.3 | 21,608.2 | 51,195.5 | 57,620.2 | 21,873.9 | 33,923.2 | |||||||||||||||
Co-Investment Vehicles and Other (2) | Various | Various | 7,999.3 | 3,744.9 | Various | 4,400.7 | 2,821.1 | 3,153.9 | 4,099.5 | ||||||||||||
Total Private Equity | 78,760.6 | 25,353.1 | 55,596.2 | 60,441.3 | 25,027.8 | 38,022.7 | |||||||||||||||
Real Assets | |||||||||||||||||||||
Energy Income and Growth Fund | 9/2013 | 9/2018 | 1,974.2 | 1,013.4 | 12.8% | 960.8 | 189.6 | 842.3 | 668.7 | ||||||||||||
Natural Resources Fund | Various | Various | 887.4 | 2.9 | Various | 884.5 | 96.6 | 809.9 | 222.1 | ||||||||||||
Global Energy Opportunities (2) | Various | Various | 979.2 | 696.9 | Various | 318.5 | 57.1 | 208.4 | 209.2 | ||||||||||||
Global Infrastructure Investors (2) | 9/2011 | 10/2014 | 1,040.0 | 76.1 | 4.8% | 991.9 | 631.9 | 659.9 | 775.3 | ||||||||||||
Global Infrastructure Investors II (2) | 10/2014 | 10/2020 | 3,035.5 | 2,312.3 | 4.1% | 734.0 | 15.8 | 725.0 | 750.8 | ||||||||||||
Real Estate Partners Americas (2) | 5/2013 | 12/2016 | 1,229.1 | 604.5 | 16.3% | 880.5 | 507.7 | 624.2 | 688.0 | ||||||||||||
Real Estate Partners Europe (2) | 9/2015 | 6/2020 | 705.1 | 609.9 | 9.5% | 95.2 | — | 95.2 | 103.7 | ||||||||||||
Co-Investment Vehicles and Other | Various | Various | 1,674.9 | 538.8 | Various | 1,136.1 | 438.5 | 1,136.1 | 1,472.9 | ||||||||||||
Real Assets | 11,525.4 | 5,854.8 | 6,001.5 | 1,937.2 | 5,101.0 | 4,890.7 | |||||||||||||||
Unallocated Commitments | 631.2 | 631.2 | Various | — | — | — | — | ||||||||||||||
Private Markets Total | 90,917.2 | 31,839.1 | 61,597.7 | 62,378.5 | 30,128.8 | 42,913.4 | |||||||||||||||
Public Markets | |||||||||||||||||||||
Special Situations Fund | 12/2012 | 1/2016 | 2,274.3 | 162.2 | 11.6% | 2,112.1 | 387.6 | 2,020.3 | 2,138.0 | ||||||||||||
Special Situations Fund II | 12/2014 | 3/2019 | 3,347.9 | 2,440.0 | 9.0% | 907.9 | — | 907.9 | 723.8 | ||||||||||||
Mezzanine Partners | 3/2010 | 3/2015 | 1,022.8 | 136.7 | 4.4% | 886.1 | 737.0 | 498.3 | 469.5 | ||||||||||||
Lending Partners | 12/2011 | 12/2014 | 460.2 | 53.1 | 15.2% | 407.1 | 225.3 | 347.5 | 286.8 | ||||||||||||
Lending Partners II | 6/2014 | 6/2017 | 1,335.9 | 254.8 | 3.7% | 1,081.1 | 100.9 | 1,081.0 | 1,116.4 | ||||||||||||
Lending Partners Europe | 3/2015 | 3/2018 | 847.6 | 678.1 | 5.0% | 169.5 | — | 169.5 | 196.7 | ||||||||||||
Other Alternative Credit Vehicles | Various | Various | 5,900.8 | 2,703.3 | Various | 3,197.5 | 1,735.1 | 2,267.8 | 2,432.5 | ||||||||||||
Public Markets Total | 15,189.5 | 6,428.2 | 8,761.3 | 3,185.9 | 7,292.3 | 7,363.7 | |||||||||||||||
Grand Total | $ | 106,106.7 | $ | 38,267.3 | $ | 70,359.0 | $ | 65,564.4 | $ | 37,421.1 | $ | 50,277.1 |
KKR | ||||||||||||||||||||
EXHIBIT A | ||||||||||||||||||||
OTHER FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | September 30, 2016 | September 30, 2015 | ||||||||||||||||
Fee Related Earnings | ||||||||||||||||||||
Total Management, Monitoring and Transaction Fees, Net | $ | 276,561 | $ | 262,106 | $ | 244,888 | $ | 818,582 | $ | 804,905 | ||||||||||
Less: Cash Compensation and Benefits | 101,967 | 96,890 | 87,680 | 299,756 | 288,956 | |||||||||||||||
Less: Occupancy and Related Charges | 15,877 | 15,659 | 15,720 | 47,486 | 45,991 | |||||||||||||||
Less: Other Operating expenses | 55,123 | 49,533 | 52,081 | 166,542 | 164,640 | |||||||||||||||
Plus: Expenses of Principal Activities Segment | 38,659 | 37,737 | 38,116 | 116,214 | 124,330 | |||||||||||||||
Fee Related Earnings (1) | 142,253 | 137,761 | 127,523 | 421,012 | 429,648 | |||||||||||||||
Plus: Net Interest and Dividends | 23,679 | 26,004 | 48,637 | 109,259 | 174,718 | |||||||||||||||
Plus: Depreciation and Amortization | 4,121 | 3,959 | 3,745 | 11,967 | 11,544 | |||||||||||||||
Plus: Core Interest Expense | 29,006 | 29,388 | 30,429 | 87,499 | 86,511 | |||||||||||||||
Less: Expenses of Principal Activities Segment | 38,659 | 37,737 | 38,116 | 116,214 | 124,330 | |||||||||||||||
Fee and Yield Segment EBITDA (2) | 160,400 | 159,375 | 172,218 | 513,523 | 578,091 | |||||||||||||||
Plus: Realized Performance Income (Loss), net | 194,977 | 185,952 | 159,702 | 440,258 | 499,429 | |||||||||||||||
Plus: Net Realized Gains (Losses) | 170,078 | 224,699 | 61,439 | 370,594 | 418,366 | |||||||||||||||
Total Segment EBITDA (2) | $ | 525,455 | $ | 570,026 | $ | 393,359 | $ | 1,324,375 | $ | 1,495,886 | ||||||||||
Distributable Earnings | ||||||||||||||||||||
Management, Monitoring and Transaction Fees, Net | $ | 276,561 | $ | 262,106 | $ | 244,888 | $ | 818,582 | $ | 804,905 | ||||||||||
Realized Performance Income (Loss) | 354,128 | 309,920 | 266,171 | 762,929 | 832,381 | |||||||||||||||
Realized Investment Income (Loss) | 193,757 | 250,703 | 110,076 | 479,853 | 593,084 | |||||||||||||||
Total Distributable Segment Revenues | $ | 824,446 | $ | 822,729 | $ | 621,135 | $ | 2,061,364 | $ | 2,230,370 | ||||||||||
Less: Total Distributable Segment Expenses and Other | 332,878 | 286,625 | 264,852 | 838,457 | 843,446 | |||||||||||||||
Less: Corporate and Local Income Taxes Paid | 21,869 | 22,819 | 25,173 | 71,191 | 102,886 | |||||||||||||||
Less: Preferred Distributions | 8,201 | 5,693 | — | 13,894 | — | |||||||||||||||
After-tax Distributable Earnings | $ | 461,498 | $ | 507,592 | $ | 331,110 | $ | 1,137,822 | $ | 1,284,038 | ||||||||||
Per Adjusted Unit Eligible for Distribution | $ | 0.57 | $ | 0.63 | $ | 0.40 | $ | 1.41 | $ | 1.57 | ||||||||||
Core Interest Expense | ||||||||||||||||||||
GAAP Interest Expense | $ | 255,105 | $ | 181,313 | $ | 151,554 | $ | 607,812 | $ | 402,944 | ||||||||||
Less: Interest expense related to debt obligations of consolidated investment funds, CLOs and other | 207,599 | 132,866 | 98,873 | 463,315 | 252,033 | |||||||||||||||
Segment Interest Expense | 47,506 | 48,447 | 52,681 | 144,497 | 150,911 | |||||||||||||||
Less: Interest Expense related to debt obligations from KFN and other | 18,500 | 19,059 | 22,252 | 56,998 | 64,400 | |||||||||||||||
Core Interest Expense (3) | $ | 29,006 | $ | 29,388 | $ | 30,429 | $ | 87,499 | $ | 86,511 | ||||||||||
KKR | |||
EXHIBIT B | |||
KKR'S PORTION OF TOTAL UNCALLED COMMITMENTS TO ITS INVESTMENT FUNDS (UNAUDITED) | |||
(Amounts in thousands) | |||
Uncalled Commitments | |||
Private Markets | |||
Americas Fund XII | $ | 1,000,000 | |
Energy Income and Growth | 130,900 | ||
European Fund IV | 128,600 | ||
Real Estate Partners Americas | 98,400 | ||
Global Infrastructure II | 95,200 | ||
North America Fund XI | 69,400 | ||
Real Estate Partners Europe | 57,700 | ||
Asian Fund II | 39,400 | ||
Co-Investment Vehicles | 20,100 | ||
Other Private Markets Funds | 454,900 | ||
Total Private Markets Commitments | 2,094,600 | ||
Public Markets | |||
Special Situations Fund | 18,600 | ||
Special Situations Fund II | 218,600 | ||
Mezzanine Partners | 5,900 | ||
Lending Partners | 8,300 | ||
Lending Partners II | 9,500 | ||
Lending Partners Europe | 34,100 | ||
Other Alternative Credit Vehicles | 117,500 | ||
Total Public Markets Commitments | 412,500 | ||
Total Uncalled Commitments | $ | 2,507,100 | |
KKR | ||||||||||||
EXHIBIT C | ||||||||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. PER COMMON UNIT - BASIC (GAAP BASIS) | ||||||||||||
TO AFTER TAX ENI PER ADJUSTED UNIT (UNAUDITED) | ||||||||||||
(Amounts in thousands, except common unit and per common unit amounts) | ||||||||||||
Quarter Ended | ||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | ||||||||||
Net income (loss) attributable to KKR & Co. L.P. per common unit - Basic | $ | 0.79 | $ | 0.21 | $ | (0.42 | ) | |||||
Weighted Average Common Units Outstanding - Basic | 445,989,300 | 448,221,538 | 452,165,697 | |||||||||
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders | 352,152 | 93,890 | (190,588 | ) | ||||||||
Plus: Preferred Distributions | 8,201 | 5,693 | — | |||||||||
Plus: Net income (loss) attributable to noncontrolling interests held by KKR Holdings L.P. | 284,834 | 73,400 | (166,078 | ) | ||||||||
Plus: Non-cash equity-based charges | 61,552 | 60,657 | 67,821 | |||||||||
Plus: Amortization of intangibles and other, net | (48,299 | ) | 9,144 | 10,186 | ||||||||
Plus: Income tax (benefit) | 10,826 | 6,045 | (7,390 | ) | ||||||||
Economic Net Income (Loss) | 669,266 | 248,829 | (286,049 | ) | ||||||||
Less: Equity-based compensation associated with the KKR & Co. L.P. 2010 equity incentive plan | 50,270 | 48,026 | 48,252 | |||||||||
Pre-tax Economic Net Income (Loss) | 618,996 | 200,803 | (334,301 | ) | ||||||||
Less: Provision for income tax (benefit) | 12,611 | 3,898 | (19,505 | ) | ||||||||
Less: Preferred Distributions | 8,201 | 5,693 | — | |||||||||
After-tax Economic Net Income (Loss) | 598,184 | 191,212 | (314,796 | ) | ||||||||
Weighted Average Adjusted Units | 837,504,674 | 840,537,946 | 851,704,303 | |||||||||
After-tax Economic Net Income (Loss) Per Adjusted Unit | $ | 0.71 | $ | 0.23 | $ | (0.37 | ) | |||||
Nine Months Ended | ||||||||||||
September 30, 2016 | September 30, 2015 | |||||||||||
Net income (loss) attributable to KKR & Co. L.P. per common unit - Basic | $ | 0.26 | $ | 1.03 | ||||||||
Weighted Average Common Units Outstanding - Basic | 448,149,747 | 444,675,159 | ||||||||||
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders | 116,103 | 456,225 | ||||||||||
Plus: Preferred Distributions | 13,894 | — | ||||||||||
Plus: Net income (loss) attributable to noncontrolling interests held by KKR Holdings L.P. | 86,659 | 398,633 | ||||||||||
Plus: Non-cash equity-based charges | 186,032 | 213,849 | ||||||||||
Plus: Amortization of intangibles and other, net | (10,273 | ) | 45,306 | |||||||||
Plus: Income tax (benefit) | 18,761 | 39,295 | ||||||||||
Economic Net Income (Loss) | 411,176 | 1,153,308 | ||||||||||
Less: Equity-based compensation associated with the KKR & Co. L.P. 2010 equity incentive plan | 148,257 | 148,970 | ||||||||||
Pre-tax Economic Net Income (Loss) | 262,919 | 1,004,338 | ||||||||||
Less: Provision for income tax (benefit) | 12,617 | 46,566 | ||||||||||
Less: Preferred Distributions | 13,894 | — | ||||||||||
After-tax Economic Net Income (Loss) | 236,408 | 957,772 | ||||||||||
Weighted Average Adjusted Units | 841,988,454 | 850,644,918 | ||||||||||
After-tax Economic Net Income (Loss) Per Adjusted Unit | $ | 0.28 | $ | 1.13 |
KKR | ||||||||||||
EXHIBIT C (CONTINUED) | ||||||||||||
RECONCILIATION OF FEES AND OTHER (GAAP BASIS) TO TOTAL SEGMENT REVENUES (UNAUDITED) | ||||||||||||
(Amounts in thousands) | ||||||||||||
Quarter Ended | ||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | ||||||||||
Fees and Other | $ | 687,056 | $ | 576,757 | $ | 188,626 | ||||||
Management fees relating to consolidated funds and other entities | 49,017 | 44,048 | 131,581 | |||||||||
Fee credits relating to consolidated funds | (417 | ) | (1,921 | ) | (21,212 | ) | ||||||
Net realized and unrealized carried interest - consolidated funds | 5,956 | 19,186 | (163,202 | ) | ||||||||
Total investment income (loss) | 330,497 | (46,745 | ) | (274,384 | ) | |||||||
Revenue earned by oil & gas producing entities | (16,191 | ) | (18,225 | ) | (29,620 | ) | ||||||
Reimbursable expenses | (12,064 | ) | (18,638 | ) | (14,390 | ) | ||||||
Other | (12,317 | ) | (10,483 | ) | (9,217 | ) | ||||||
Total Segment Revenues | $ | 1,031,537 | $ | 543,979 | $ | (191,818 | ) | |||||
Nine Months Ended | ||||||||||||
September 30, 2016 | September 30, 2015 | |||||||||||
Fees and Other | $ | 1,426,618 | $ | 735,845 | ||||||||
Management fees relating to consolidated funds and other entities | 131,335 | 387,020 | ||||||||||
Fee credits relating to consolidated funds | (2,766 | ) | (147,899 | ) | ||||||||
Net realized and unrealized carried interest - consolidated funds | 15,581 | 871,100 | ||||||||||
Total investment income (loss) | (245,846 | ) | 329,887 | |||||||||
Revenue earned by oil & gas producing entities | (47,977 | ) | (90,264 | ) | ||||||||
Reimbursable expenses | (46,583 | ) | (41,710 | ) | ||||||||
Other | (29,453 | ) | (25,649 | ) | ||||||||
Total Segment Revenues | $ | 1,200,909 | $ | 2,018,330 | ||||||||
RECONCILIATION OF TOTAL EXPENSES (GAAP BASIS) TO TOTAL SEGMENT EXPENSES (UNAUDITED) | ||||||||||||
(Amounts in thousands) | ||||||||||||
Quarter Ended | ||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | ||||||||||
Total Expenses | $ | 511,117 | $ | 423,218 | $ | 276,920 | ||||||
Equity based compensation | (61,552 | ) | (60,657 | ) | (67,821 | ) | ||||||
Reimbursable expenses | (18,255 | ) | (30,525 | ) | (18,064 | ) | ||||||
Operating expenses relating to consolidated funds, CFEs and other entities | (20,141 | ) | (21,281 | ) | (15,901 | ) | ||||||
Expenses incurred by oil & gas producing entities | (17,782 | ) | (20,392 | ) | (60,224 | ) | ||||||
Intangible amortization, acquisition and litigation | (22,112 | ) | 3,865 | (12,726 | ) | |||||||
Other | (9,764 | ) | 347 | (10,855 | ) | |||||||
Total Segment Expenses | $ | 361,511 | $ | 294,575 | $ | 91,329 | ||||||
Nine Months Ended | ||||||||||||
September 30, 2016 | September 30, 2015 | |||||||||||
Total Expenses | $ | 1,242,658 | $ | 1,346,130 | ||||||||
Equity based compensation | (186,032 | ) | (213,849 | ) | ||||||||
Reimbursable expenses | (72,887 | ) | (64,470 | ) | ||||||||
Operating expenses relating to consolidated funds, CFEs and other entities | (85,093 | ) | (37,953 | ) | ||||||||
Expenses incurred by oil & gas producing entities | (56,000 | ) | (107,355 | ) | ||||||||
Intangible amortization, acquisition and litigation | (35,640 | ) | (34,248 | ) | ||||||||
Other | (19,275 | ) | (34,140 | ) | ||||||||
Total Segment Expenses | $ | 787,731 | $ | 854,115 |
KKR | ||||||||||||
EXHIBIT C (CONTINUED) | ||||||||||||
RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. L.P. COMMON UNITHOLDERS (GAAP BASIS) | ||||||||||||
TO ECONOMIC NET INCOME (LOSS), FEE RELATED EARNINGS, FEE AND YIELD SEGMENT EBITDA, AFTER TAX DISTRIBUTABLE EARNINGS AND TOTAL SEGMENT EBITDA (UNAUDITED) | ||||||||||||
(Amounts in thousands) | ||||||||||||
Quarter Ended | ||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | ||||||||||
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders | $ | 352,152 | $ | 93,890 | $ | (190,588 | ) | |||||
Plus: Preferred Distributions | 8,201 | 5,693 | — | |||||||||
Plus: Net income (loss) attributable to noncontrolling interests held by KKR Holdings L.P. | 284,834 | 73,400 | (166,078 | ) | ||||||||
Plus: Non-cash equity-based charges | 61,552 | 60,657 | 67,821 | |||||||||
Plus: Amortization of intangibles and other, net | (48,299 | ) | 9,144 | 10,186 | ||||||||
Plus: Income tax (benefit) | 10,826 | 6,045 | (7,390 | ) | ||||||||
Economic Net Income (Loss) | 669,266 | 248,829 | (286,049 | ) | ||||||||
Plus: Income attributable to segment noncontrolling interests | 760 | 575 | 2,902 | |||||||||
Less: Total investment income (loss) | 330,497 | (46,745 | ) | (274,384 | ) | |||||||
Less: Net performance income (loss) | 235,935 | 196,125 | (98,170 | ) | ||||||||
Plus: Expenses of Principal Activities Segment | 38,659 | 37,737 | 38,116 | |||||||||
Fee Related Earnings | 142,253 | 137,761 | 127,523 | |||||||||
Plus: Net interest and dividends | 23,679 | 26,004 | 48,637 | |||||||||
Plus: Depreciation and amortization | 4,121 | 3,959 | 3,745 | |||||||||
Plus: Core interest expense | 29,006 | 29,388 | 30,429 | |||||||||
Less: Expenses of Principal Activities Segment | 38,659 | 37,737 | 38,116 | |||||||||
Fee and Yield Segment EBITDA | 160,400 | 159,375 | 172,218 | |||||||||
Less: Depreciation and amortization | 4,121 | 3,959 | 3,745 | |||||||||
Less: Core interest expense | 29,006 | 29,388 | 30,429 | |||||||||
Plus: Realized performance income (loss), net | 194,977 | 185,952 | 159,702 | |||||||||
Plus: Net realized gains (losses) | 170,078 | 224,699 | 61,439 | |||||||||
Less: Corporate and local income taxes paid | 21,869 | 22,819 | 25,173 | |||||||||
Less: Preferred Distributions | 8,201 | 5,693 | — | |||||||||
Less: Income attributable to segment noncontrolling interests | 760 | 575 | 2,902 | |||||||||
After-tax Distributable Earnings | 461,498 | 507,592 | 331,110 | |||||||||
Plus: Depreciation and amortization | 4,121 | 3,959 | 3,745 | |||||||||
Plus: Core interest expense | 29,006 | 29,388 | 30,429 | |||||||||
Plus: Corporate and local income taxes paid | 21,869 | 22,819 | 25,173 | |||||||||
Plus: Preferred Distributions | 8,201 | 5,693 | — | |||||||||
Plus: Income attributable to segment noncontrolling interests | 760 | 575 | 2,902 | |||||||||
Total Segment EBITDA | $ | 525,455 | $ | 570,026 | $ | 393,359 | ||||||
Nine Months Ended | ||||||||||||
September 30, 2016 | September 30, 2015 | |||||||||||
Net Income (Loss) Attributable to KKR & Co. L.P. Common Unitholders | $ | 116,103 | $ | 456,225 | ||||||||
Plus: Preferred Distributions | 13,894 | — | ||||||||||
Plus: Net income (loss) attributable to noncontrolling interests held by KKR Holdings L.P. | 86,659 | 398,633 | ||||||||||
Plus: Non-cash equity-based charges | 186,032 | 213,849 | ||||||||||
Plus: Amortization of intangibles and other, net | (10,273 | ) | 45,306 | |||||||||
Plus: Income tax (benefit) | 18,761 | 39,295 | ||||||||||
Economic Net Income (Loss) | 411,176 | 1,153,308 | ||||||||||
Plus: Income attributable to segment noncontrolling interests | 2,002 | 10,907 | ||||||||||
Less: Total investment income (loss) | (245,846 | ) | 329,887 | |||||||||
Less: Net performance income (loss) | 354,226 | 529,010 | ||||||||||
Plus: Expenses of Principal Activities Segment | 116,214 | 124,330 | ||||||||||
Fee Related Earnings | 421,012 | 429,648 | ||||||||||
Plus: Net interest and dividends | 109,259 | 174,718 | ||||||||||
Plus: Depreciation and amortization | 11,967 | 11,544 | ||||||||||
Plus: Core interest expense | 87,499 | 86,511 | ||||||||||
Less: Expenses of Principal Activities Segment | 116,214 | 124,330 | ||||||||||
Fee and Yield Segment EBITDA | 513,523 | 578,091 | ||||||||||
Less: Depreciation and amortization | 11,967 | 11,544 | ||||||||||
Less: Core interest expense | 87,499 | 86,511 | ||||||||||
Plus: Realized performance income (loss), net | 440,258 | 499,429 | ||||||||||
Plus: Net realized gains (losses) | 370,594 | 418,366 | ||||||||||
Less: Corporate and local income taxes paid | 71,191 | 102,886 | ||||||||||
Less: Preferred Distributions | 13,894 | — | ||||||||||
Less: Income attributable to segment noncontrolling interests | 2,002 | 10,907 | ||||||||||
After-tax Distributable Earnings | 1,137,822 | 1,284,038 | ||||||||||
Plus: Depreciation and amortization | 11,967 | 11,544 | ||||||||||
Plus: Core interest expense | 87,499 | 86,511 | ||||||||||
Plus: Corporate and local income taxes paid | 71,191 | 102,886 | ||||||||||
Plus: Preferred Distributions | 13,894 | — | ||||||||||
Plus: Income attributable to segment noncontrolling interests | 2,002 | 10,907 | ||||||||||
Total Segment EBITDA | $ | 1,324,375 | $ | 1,495,886 |
KKR | |||||||||||||||||||||||
EXHIBIT C (CONTINUED) | |||||||||||||||||||||||
RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (GAAP BASIS) | |||||||||||||||||||||||
TO TOTAL REPORTABLE SEGMENTS BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||||
SEPTEMBER 30, 2016 | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (GAAP BASIS) | 1 | 2 | 3 | 4 | 5 | TOTAL REPORTABLE SEGMENTS BALANCE SHEET | |||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | 2,196,800 | — | — | 628,699 | — | — | $ | 2,825,499 | Cash and Short-term Investments | |||||||||||||
Investments | 31,277,959 | (21,302,639 | ) | (1,121,510 | ) | (1,342,357 | ) | — | — | 7,511,453 | Investments | ||||||||||||
— | — | 1,342,357 | — | — | 1,342,357 | Unrealized Carry | |||||||||||||||||
Other Assets | 4,509,840 | (1,710,864 | ) | — | (789,924 | ) | — | (310,937 | ) | 1,698,115 | Other Assets | ||||||||||||
— | — | 161,225 | — | — | 161,225 | Corporate Real Estate | |||||||||||||||||
Total Assets | $ | 37,984,599 | (23,013,503 | ) | (1,121,510 | ) | — | — | (310,937 | ) | $ | 13,538,649 | |||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Debt Obligations | 17,589,353 | (14,932,043 | ) | — | (657,310 | ) | — | — | 2,000,000 | Debt Obligations - KKR (ex-KFN) | |||||||||||||
— | — | 657,310 | — | — | 657,310 | Debt Obligations - KFN | |||||||||||||||||
— | — | 373,750 | — | — | 373,750 | Preferred Shares - KFN | |||||||||||||||||
Other Liabilities | 3,572,981 | (1,897,121 | ) | (1,121,510 | ) | — | — | (164,066 | ) | 390,284 | Other Liabilities | ||||||||||||
Total Liabilities | 21,162,334 | (16,829,164 | ) | (1,121,510 | ) | 373,750 | — | (164,066 | ) | 3,421,344 | |||||||||||||
Redeemable Noncontrolling Interests | 395,210 | (395,210 | ) | — | — | — | — | ||||||||||||||||
Equity | |||||||||||||||||||||||
Series A Preferred Units | 332,988 | — | — | (332,988 | ) | — | — | ||||||||||||||||
Series B Preferred Units | 149,566 | — | — | (149,566 | ) | — | — | ||||||||||||||||
KKR & Co. L.P. Capital - Common Unitholders | 5,334,045 | 100,568 | — | (17,446 | ) | 4,325,059 | (146,871 | ) | 9,595,355 | Book Value | |||||||||||||
Noncontrolling Interests | 10,610,456 | (5,889,697 | ) | — | (373,750 | ) | (4,325,059 | ) | — | 21,950 | Noncontrolling Interests | ||||||||||||
— | — | 500,000 | — | — | 500,000 | Preferred Units | |||||||||||||||||
Total Liabilities and Equity | $ | 37,984,599 | (23,013,503 | ) | (1,121,510 | ) | — | — | (310,937 | ) | $ | 13,538,649 | |||||||||||
1 | IMPACT OF CONSOLIDATION OF INVESTMENT VEHICLES AND OTHER ENTITIES | ||||||||||||||||||||||
2 | CARRY POOL RECLASSIFICATION | ||||||||||||||||||||||
3 | OTHER RECLASSIFICATIONS | ||||||||||||||||||||||
4 | NONCONTROLLING INTERESTS HELD BY KKR HOLDINGS L.P. AND OTHER | ||||||||||||||||||||||
5 | EQUITY IMPACT OF KKR MANAGEMENT HOLDINGS CORP. | ||||||||||||||||||||||
KKR | |||||||||||||||||||||||
EXHIBIT C (CONTINUED) | |||||||||||||||||||||||
RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (GAAP BASIS) | |||||||||||||||||||||||
TO TOTAL REPORTABLE SEGMENTS BALANCE SHEET (UNAUDITED) | |||||||||||||||||||||||
DECEMBER 31, 2015 | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (GAAP BASIS) | 1 | 2 | 3 | 4 | 5 | TOTAL REPORTABLE SEGMENTS BALANCE SHEET | |||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and Cash Equivalents | $ | 1,047,740 | — | — | 239,910 | — | — | $ | 1,287,650 | Cash and Short-term Investments | |||||||||||||
Investments | 65,305,931 | (53,733,364 | ) | (1,199,000 | ) | (1,415,478 | ) | — | — | 8,958,089 | Investments | ||||||||||||
— | — | 1,415,478 | — | — | 1,415,478 | Unrealized Carry | |||||||||||||||||
Other Assets | 4,688,668 | (2,406,048 | ) | — | (394,852 | ) | — | (274,629 | ) | 1,613,139 | Other Assets | ||||||||||||
— | — | 154,942 | — | — | 154,942 | Corporate Real Estate | |||||||||||||||||
Total Assets | $ | 71,042,339 | (56,139,412 | ) | (1,199,000 | ) | — | — | (274,629 | ) | $ | 13,429,298 | |||||||||||
Liabilities and Equity | |||||||||||||||||||||||
Debt Obligations | 18,714,597 | (16,057,287 | ) | — | (657,310 | ) | — | — | 2,000,000 | Debt Obligations - KKR (ex-KFN) | |||||||||||||
— | — | 657,310 | — | — | 657,310 | Debt Obligations - KFN | |||||||||||||||||
— | — | 373,750 | — | — | 373,750 | Preferred Shares - KFN | |||||||||||||||||
Other Liabilities | 2,860,157 | (1,228,091 | ) | (1,199,000 | ) | — | — | (141,529 | ) | 291,537 | Other Liabilities | ||||||||||||
Total Liabilities | 21,574,754 | (17,285,378 | ) | (1,199,000 | ) | 373,750 | — | (141,529 | ) | 3,322,597 | |||||||||||||
Redeemable Noncontrolling Interests | 188,629 | (188,629 | ) | — | — | — | — | ||||||||||||||||
Equity | |||||||||||||||||||||||
Series A Preferred Units | — | — | — | — | — | — | |||||||||||||||||
Series B Preferred Units | — | — | — | — | — | — | — | Preferred Units | |||||||||||||||
KKR & Co. L.P. Capital - Common Unitholders | 5,547,182 | 133,208 | — | — | 4,431,939 | (133,100 | ) | 9,979,229 | Book Value | ||||||||||||||
Noncontrolling Interests | 43,731,774 | (38,798,613 | ) | — | (373,750 | ) | (4,431,939 | ) | — | 127,472 | Noncontrolling Interests | ||||||||||||
Total Liabilities and Equity | $ | 71,042,339 | (56,139,412 | ) | (1,199,000 | ) | — | — | (274,629 | ) | $ | 13,429,298 | |||||||||||
1 | IMPACT OF CONSOLIDATION OF INVESTMENT VEHICLES AND OTHER ENTITIES | ||||||||||||||||||||||
2 | CARRY POOL RECLASSIFICATION | ||||||||||||||||||||||
3 | OTHER RECLASSIFICATIONS | ||||||||||||||||||||||
4 | NONCONTROLLING INTERESTS HELD BY KKR HOLDINGS L.P. AND OTHER | ||||||||||||||||||||||
5 | EQUITY IMPACT OF KKR MANAGEMENT HOLDINGS CORP. | ||||||||||||||||||||||
KKR | ||||||||||
EXHIBIT D | ||||||||||
RECONCILIATION OF WEIGHTED AVERAGE GAAP COMMON UNITS OUTSTANDING (UNAUDITED) | ||||||||||
The following table provides a reconciliation of KKR's Weighted Average GAAP Common Units Outstanding to Weighted Average Adjusted Units: | ||||||||||
Quarter Ended | ||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | ||||||||
Weighted Average GAAP Common Units Outstanding - Basic | 445,989,300 | 448,221,538 | 452,165,697 | |||||||
Adjustments: | ||||||||||
Weighted Average Unvested Common Units and Other Securities (1) | 33,986,375 | 33,588,074 | — | (3) | ||||||
Weighted Average GAAP Common Units Outstanding - Diluted | 479,975,675 | 481,809,612 | 452,165,697 | |||||||
Adjustments: | ||||||||||
Weighted Average KKR Holdings Units (2) | 357,528,999 | 358,728,334 | 365,717,358 | |||||||
Weighted Average Unvested Common Units and Other Securities (1) | — | — | 33,821,248 | (3) | ||||||
Weighted Average Adjusted Units | 837,504,674 | 840,537,946 | 851,704,303 | |||||||
Nine Months Ended | ||||||||||
September 30, 2016 | September 30, 2015 | |||||||||
Weighted Average GAAP Common Units Outstanding - Basic | 448,149,747 | 444,675,159 | ||||||||
Adjustments: | ||||||||||
Weighted Average Unvested Common Units and Other Securities (1) | 34,985,238 | 35,663,176 | ||||||||
Weighted Average GAAP Common Units Outstanding - Diluted | 483,134,985 | 480,338,335 | ||||||||
Adjustments: | ||||||||||
Weighted Average KKR Holdings Units (2) | 358,853,469 | 370,306,583 | ||||||||
Weighted Average Adjusted Units | 841,988,454 | 850,644,918 | ||||||||
RECONCILIATION OF GAAP COMMON UNITS OUTSTANDING (UNAUDITED) | ||||||||||
The following table provides a reconciliation of KKR's GAAP Common Units Outstanding to Adjusted Units, Adjusted Units Eligible for Distribution and Outstanding Adjusted Units: | ||||||||||
As of | As of | |||||||||
September 30, 2016 | December 31, 2015 | |||||||||
GAAP Common Units Outstanding - Basic | 446,200,620 | 457,834,875 | ||||||||
Unvested Common Units and Other Securities (1) | 33,950,264 | 27,901,910 | ||||||||
GAAP Common Units Outstanding - Diluted | 480,150,884 | 485,736,785 | ||||||||
Adjustments: | ||||||||||
KKR Holdings Units (2) | 356,686,744 | 361,346,588 | ||||||||
Adjusted Units | 836,837,628 | 847,083,373 | ||||||||
Adjustments: | ||||||||||
Unvested Common Units and Unvested Other Securities (1) | (30,110,430 | ) | (24,060,289 | ) | ||||||
Adjusted Units Eligible for Distribution | 806,727,198 | 823,023,084 | ||||||||
Adjustments: | ||||||||||
Vested Other Securities | (3,839,834 | ) | (3,841,621 | ) | ||||||
Outstanding Adjusted Units | 802,887,364 | 819,181,463 | ||||||||
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