Private Equity: KKR Reports First Quarter Earnings

May 6, 2020 | News, Private Equity
https://dailyalts.com/wp-content/uploads/2020/05/54e6d24a4e5ab10ff3d8992cc62c3e761c3dd6f852547941732d7ad0924b_640.jpg

KKR (NYSE: KKR) had a massive Q1 loss on GAAP measures as a result of mark to market requirements.

Setting aside those marks, the firm said that After-tax Distributable Earnings and After-tax Distributable Earnings Per Adjusted Share were $355.3 million and $0.42, respectively, for the quarter ended March 31, 2020. After-tax Distributable Earnings Per Adjusted Share are 11% higher compared to the first quarter of 2019.

“Since February, we have seen more uncertainty and volatility than at any time since the financial crisis. KKR navigated the quarter well, and our results bear testament to the strength of our business model. We are enormously proud of the dedication of our employees and believe we are well-positioned to help our clients and communities for what lies ahead,” said Henry R. Kravis and George R. Roberts, Co-Chairmen and Co-CEOs in their statement.

KKR First Quarter Earnings Report

KKR continued to grow its asset base in the quarter. Assets Under Management and Fee-Paying Assets Under Management were $207 billion and $159 billion, up 4% and 8%, respectively, over the last twelve months. Uncalled commitments were $58 billion, of which $19 billion will contribute to Fee Paying Assets Under Management as that capital is either invested or enters its investment period.

The private equity leader also continued to ruse its cash flows to reward shareholders. A dividend of $0.135 per share of Class A common stock has been declared for the first quarter of 2020. This is consistent with KKR’s previously announced decision to increase its annualized dividend per Class A Common stock by 8% from $0.50 to $0.54, beginning with this quarter.

From December 31, 2019, through May 6, 2020, KKR used a total of $286 million under its share repurchase plan; open market repurchases were made at an average cost of $24.14. KKR announces an increase in its total available share repurchase reauthorization to $500 million, effective immediately.

Their fund performance in the quarter was better than many expected to see. Their total private equity portfolio was down about 12%. Real Estate funds were down an aggregate 1% with their Global Infrastructure portfolio gained 18% in the quarter. Credit funds took the biggest hit as alternative credit funds declined by 16%, and leveraged credit strategies declined by 13%.

 

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/11/bitcoin-g1bf54ae90_640.png
Digital Assets: MicroStrategy’s Saylor, El Salvador’s Bukele Both Buy The Bitcoin Dip
November 30, 2021     Digital Assets, Latest News, News

Path-breaking corporate bitcoin investor MicroStrategy (NASDAQ: MSTR) said in a filing Monday that it purchased approximately 7,002 bitcoins for about $414.4 million in cash, or $59,187 per coin, between October…

https://dailyalts.com/wp-content/uploads/2021/11/Wise-both-product-family-asset.png
FinTech: London-Listed, Global Fintech Wise To Expand Its North America Business
November 30, 2021     FinTech, News

Wise (LON: WISE), the global payments processor previously known as TransferWise, announced a 2022 expansion plan for its operations in North America given its solid growth in the half year…

https://dailyalts.com/wp-content/uploads/2021/11/School_of_the_Arts_Singapore.jpg
Alternative Investments/Real Estate: UOB Launches APAC-Focused, Green REIT ETF

Singapore’s United Overseas Bank ( UOB ) Asset Management has launched the UOB APAC Green REIT ETF (GRE SP), which has been listed on Singapore Exchange and provides ESG-tilted exposure…

https://dailyalts.com/wp-content/uploads/2021/11/FFbZ-a4XoAMdYXQ.jpg
Venture Capital: European VC Fund Partech Closes $750M Second Growth Fund
November 30, 2021     News, Venture Capital

Partech, which invests its venture capital in tech and digital companies at all stages in Europe, North America, Africa and Asia, announced today the close of its second fund at…