KKR

A month has gone by since the last earnings report for Carlyle Group (CG). Shares have lost about 2.3% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Carlyle due for a breakout? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Carlyle Group Inc. before we dive into how investors and analysts have reacted as of late. Carlyle reported second-quarter 2026 post-tax distributable earnings per share of $1.07, surpassing the Zacks Consensus Estimate of 88 cents. The metric also rose from 91 cents in the year-ago quarter. Results benefited from higher realized performance revenues and fee-related performance revenues. A rise in the assets under management balance was another positive. However, higher expenses acted as a spoilsport. Net income attributable to Carlyle was $137.1 million, down from $319.7 million in the year-ago quarter. Second-quarter segmental revenues were $1.11 billion, which surpassed the Zacks Consensus Estimate of $908.8 million. The top line also rose 13% from the year-ago quarter. Total segment fee revenues were $759.3 million, up 12.3% year over year. Fund management fees declined 5% year over year to $560.1 million, while transaction and portfolio advisory fees, net and other, jumped 130.7% to $110.5 million. Fee-related performance revenues surged 129.2% to $88.7 million. Realized performance revenues rose 21.2% from the year-ago quarter to $314.8 million. Total segmental expenses increased 15.7% year over year to $639.9 million. As of June 30, 2026, total AUM was $485.5 billion, up 4% from the prior-year quarter. The fee-earning AUM was $334.4 billion, which rose 3% year over year. Pending fee-earning AUM was $28 billion, up 57%. Global Private Equity’s total AUM was $162.7 billion as of June 30, 2026, down 1.4% year over year. The segment’s fee-related earnings were $133.6 million, down 7%. Distributable earnings were $218.5 million, down 5.8%. Global Credit’s total AUM was $211.1 billion, up 4% year over year. Fee-related earnings were $137.6 million, up 23.5%. Distributable earnings were $158 million, up 30.7%. Carlyle AlpInvest’s total AUM was $111.7 billion, up 15.7% year over year. Fee-related earnings were $86.5 million, up 26.6%. Distributable earnings were $95.8 million, up 22.5%. In the reported quarter, CG repurchased or withheld 6.7 million shares of common stock, including shares withheld in the net share settlement of equity awards, totaling $304 million. As of June 30, 2026, $1.6 billion worth of shares were available under the authorization. The company aims to generate more than $200 billion in inflows from 2026 through 2028, suggesting a rise from the $158 billion registered over 2023-2025. The FRE margin is targeted to exceed 50%, up from 47% in 2025. FRE is expected to reach $1.9 billion or more, and management fees are projected to exceed $2.8 billion. Distributable earnings per share are targeted at $6 or more by 2028, seeing a 14.2% three-year CAGR from the 2025 reported level. It turns out, estimates review have trended downward during the past month. At this time, Carlyle has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. Following the exact same course, the stock has a grade of D on the value side, putting it in the bottom 40% for this investment strategy. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Carlyle has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Carlyle belongs to the Zacks Financial - Investment Management industry. Another stock from the same industry, KKR & Co. Inc. (KKR), has gained 6.2% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. KKR & Co. reported revenues of $1.73 billion in the last reported quarter, representing a year-over-year change of +34.4%. EPS of $1.63 for the same period compares with $1.18 a year ago. For the current quarter, KKR & Co. is expected to post earnings of $1.59 per share, indicating a change of +12.8% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.2% over the last 30 days. KKR & Co. has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Carlyle Group Inc. (CG) : Free Stock Analysis Report KKR & Co. Inc. (KKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Apollo Global Management, Inc. APO continues to expand its alternative investment platform, supported by strong organic asset under management (AUM) growth. The company’s AUM witnessed a compound annual growth rate (CAGR) of 19.6% from 2022 to 2025, with the growth trend continuing in the first half of 2026. Total AUM reached $1.05 trillion as of June 30, 2026, up 25% year over year, reflecting robust capital formation and continued growth in Asset Management and Retirement Services. AUM Growth Trend Image Source: Apollo Global Management, Inc. Apollo’s ability to consistently attract capital remains a key driver of its AUM expansion. The company generated $298 billion of gross inflows over the last 12 months, including $220 billion from Asset Management and $78 billion from Retirement Services. Strong fundraising across institutional and global wealth channels, along with robust Retirement Services inflows, should continue to support growth across the platform. As of June 30, 2026, fee-generating AUM increased 34% year over year to $858 billion, supporting Apollo's ability to generate recurring fee income. The increase was driven by strong capital formation across institutional and global wealth channels, continued fundraising across credit and equity strategies, and growth in Retirement Services. Strategic acquisitions further strengthened Apollo’s long-term AUM growth prospects. In February 2026, Apollo entered into a strategic partnership with Schroders to develop next-generation wealth and retirement investment solutions for institutional and wealth clients across the U.K. and the U.S., creating opportunities to expand client reach and attract incremental assets. In September 2025, Apollo acquired Bridge Investment Group Holdings Inc. to broaden its real estate investment capabilities and enhance its ability to attract and retain institutional and wealth-management capital, supporting sustained AUM growth over the long haul. Though recent private-market concerns, including valuation opacity, liquidity constraints, and slower exit activity, could weigh on investor sentiment and near-term AUM growth, Apollo’s strong capital formation and expanding capabilities should support long-term AUM expansion. Continued growth in fee-generating and perpetual capital AUM should strengthen recurring fee income and enhance earnings stability. Further, management’s plans to scale its private equity business could help total AUM approach $1.5 trillion by 2029, making sustained AUM growth a key driver of Apollo’s earnings trajectory. For 2026 and 2027, APO’s earnings are projected to rise 5.13% and 22.22%, respectively. Earnings Estimate Image Source: Zacks Investment Research Ameriprise Financial AMP has been witnessing solid growth in its AUM/assets under administration (AUA) balance. Over the five years (2020-2025), total AUM/AUA recorded a CAGR of 9%, supported by strong advisor recruitment, record advisor productivity, rising adoption of fee-based solutions and favorable asset flows. The momentum continued in the first half of 2026, with AUM/AUA reaching a record $1.81 trillion as of June 30, 2026. Ameriprise’s robust AUM/AUA base supports long-term earnings growth by expanding its pool of fee-generating client assets across its diversified wealth management and asset management businesses. Similarly, KKR & Co. KKR has been witnessing strong growth in its AUM balance, driven primarily by robust fundraising and the continued expansion of its investment platform. Over the five years (2020-2025), total AUM recorded a CAGR of 24.2%, with the growth momentum continuing in the first half of 2026. As of June 30, 2026, total AUM was $796.5 billion, while fee-paying AUM reached $638.4 billion. KKR’s expanding AUM and fee-paying AUM base supports long-term earnings growth by increasing the pool of capital that generates recurring management fees across its private equity, credit, real assets and other investment strategies. The company’s shares have gained 22.9% in the past six months compared with the industry’s 13.2% rise. Price Performance Image Source: Zacks Investment Research Currently, APO carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apollo Global Management Inc. (APO) : Free Stock Analysis Report Ameriprise Financial, Inc. (AMP) : Free Stock Analysis Report KKR & Co. Inc. (KKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Nvidia NVDA) stock has surged more than 7% on Thursday after the AI chip giant delivered another blockbuster quarterly report yesterday evening and, more importantly, gave Wall Street considerably more confidence that its extraordinary growth can extend well into next year. Ahead of the report, several key questions surrounded Nvidia's Q2 results: whether its Vera Rubin platform was ramping on schedule, if gross margins could remain near 75%, and how much of the massive AI infrastructure buildout Nvidia would ultimately have to finance itself. The answers were mostly encouraging, although investors still have a few risks to weigh before chasing today's rally. Image Source: Zacks Investment Research Nvidia posted Q2 revenue for its current fiscal 2027 of $96.22 billion, soaring 106% from $46.74 billion in the prior year quarter and comfortably topping estimates of $91.79 billion. Adjusted net income came in at $53.95 billion, or earnings of $2.22 per share, up 120% year over year and beating Q2 EPS expectations of $2.09 by 6%. Data Center sales were the standout once again, jumping 117% to a record $89 billion. Image Source: Zacks Investment Research Even more impressive was Nvidia’s outlook. The chip giant expects Q3 revenue of $108 billion, plus or minus 2%, with no Data Center compute sales from China included in that forecast. Management also offered a preliminary expectation for roughly 70% revenue growth in fiscal 2028, despite anticipating that supply will remain constrained through the end of that reporting year. That longer-term outlook arguably provided the biggest catalyst for today's rally, as Wall Street had been bracing for a much steeper slowdown in Nvidia's growth rate. To that point, its Q3 revenue forecast came in above analyst consensus estimates of $102 billion (Current Qtr below), while the FY28 preliminary revenue forecast is well ahead of Zacks current projections of $553.24 billion or 42% growth. Image Source: Zacks Investment Research The Vera Rubin ramp also provided the confirmation investors were looking for. Production shipments began earlier this month, and Nvidia says it has already received purchase orders from every major hyperscaler, AI cloud provider, and system original equipment manufacturer (OEM). Management expects Vera Rubin to account for roughly 20% of Data Center revenue in Q3 and believes it could become the fastest product ramp in Nvidia's history. This suggests Nvidia is transitioning from its Blackwell platform to its next-generation AI architecture without the growth pause investors might normally expect during a major product cycle. Profitability remains exceptional, but this was one area where the report was less reassuring. Nvidia maintained a 75% gross margin in Q2, but management expects it to slip to roughly 74% in Q3 and bottom between 71% and 72% in Q4 as surging memory prices increase system costs. Nvidia expects margins to settle around 72%-73% in FY28, with planned price increases beginning to provide some relief early next year. Considering Nvidia's staggering revenue growth, these margins remain enviable. Still, investors should no longer assume that mid-70% gross margins are guaranteed as increasingly complex AI systems push component costs higher. Over the trailing twelve months (TTM), Nvidia’s 74% gross margin has impressively outpaced the S&P 500’s 53% average and has topped its Zacks Semiconductor-General Industry average of 72% Image Source: Zacks Investment Research Nvidia's balance sheet remains formidable. The company finished Q2 with roughly $99 billion in cash and marketable debt and equity securities, while generating $24.1 billion in operating cash flow during the quarter. However, Nvidia is deploying significant amounts of capital across its ecosystem. Non-marketable securities rose to more than $51 billion from $22 billion at the beginning of the fiscal year, while the company purchased $15.8 billion of equity securities during Q2 alone. Its supply and capacity commitments also surged from $119 billion last quarter to roughly $279 billion as Nvidia locks down memory and manufacturing capacity for future demand. That said, Nvidia appears to be finding ways to bring much deeper pockets into the AI buildout. Its partnerships with major investment firms Apollo Global Management APO), BlackRock BLK), Blackstone BX), Brookfield Asset Management BAM), Goldman Sachs GS) and KKR KKR) are intended to mobilize more than $500 billion of third-party capital for AI infrastructure, creating independent pools of financing for Nvidia customers. That could gradually shift more of the burden away from Nvidia's own balance sheet, although investors should continue monitoring its guarantees, strategic investments, and other commitments as the AI spending boom grows larger. Despite today's rally, Nvidia stock is still trading at just under 24X forward earnings following its impressive Q2 EPS beat. Furthermore, upward earnings estimate revisions after such a strong report and outlook could quickly make Nvidia’s valuation even more appealing. Notably, NVDA is trading near its decade-low forward P/E of 20X and at a nearly 50% discount to its 10-year median of 45X. Image Source: Zacks Investment Research And if you're wondering, NVDA’s return over the last decade is near a staggering 14,500% Image Source: Zacks Investment Research There is considerably more to like about Nvidia following Q2 earnings. The company crushed expectations, issued strong Q3 guidance, provided surprisingly bullish FY28 commentary, and offered concrete evidence that Vera Rubin is already becoming its next major revenue engine. Margin pressure and Nvidia's enormous financial commitments prevent the story from being completely risk-free, and investors don't necessarily have to chase a 7% one-day spike. Still, the rally appears fundamentally supported rather than simply driven by post-earnings enthusiasm. Most importantly, NVDA now sports a Zacks Rank #2 (Buy), reflecting a favorable earnings-estimate revision outlook. For long-term investors, Nvidia's valuation still looks surprisingly reasonable relative to its growth trajectory, making pullbacks particularly attractive and today's post-earnings rally difficult to bet against. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NVIDIA Corporation (NVDA) : Free Stock Analysis Report The Goldman Sachs Group, Inc. (GS) : Free Stock Analysis Report Blackstone Inc. (BX) : Free Stock Analysis Report BlackRock (BLK) : Free Stock Analysis Report KKR & Co. Inc. (KKR) : Free Stock Analysis Report Brookfield Asset Management Ltd. (BAM) : Free Stock Analysis Report Apollo Global Management Inc. (APO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Shares of HA Sustainable Infrastructure Capital, Inc. HASI gained 2% in the after-market trading following the release of the company’s second-quarter 2026 results. Adjusted earnings of 75 cents per share surpassed the Zacks Consensus Estimate of 73 cents. The bottom line increased 25% year over year.Results primarily benefited from an increase in revenues. The portfolio activity remained solid during the quarter. However, an increase in expenses hurt the results to some extent.GAAP net income attributable to controlling stockholders was $128.6 million or 92 cents per share, up from $98.4 million or 74 cents per share in the prior-year quarter. Quarterly total revenues increased 41% year over year to $120.8 million.Interest and rental income increased 25.3% year over year to $84.5 million, driven by higher yields on investments and investment fundings, while gain on sale of assets increased significantly to $15.8 million.Management fees and retained interest income was $12.9 million, up 43% from the prior-year quarter. Origination fees and other income increased significantly to $7.6 million.Total expenses increased 5.2% year over year to $110.9 million. The rise was due to an increase in interest expenses, compensation and benefits costs, and general and administrative costs. However, in the reported quarter, the company recorded a provision benefit on receivables and retained interests in securitization trusts against a loss in the prior-year quarter. As of June 30, 2026, managed assets totaled $17.6 billion, up 20% from June 30, 2025.The total portfolio value was $8.2 billion as of June 30, 2026. In the reported quarter, the portfolio yield was 9.2%, up from 8.2% in the prior-year quarter due to the funding of higher-yielding portfolio assets. In second-quarter 2026, the company closed new transactions totaling $1.1 billion, including $975 million in transactions to be held on its balance sheet or at its co-investment structures.As of June 30, 2026, HA Sustainable’s pipeline was more than $6.5 billion. As of June 30, 2026, cash and cash equivalents were $250 million, and total liquidity was $2.2 billion, including $1.9 billion of unused capacity under the company’s revolving credit facility and commercial paper program. Total debt outstanding was $5.9 billion as of June 30, 2026. As of the same date, total assets were $8.9 billion, up from $8.2 billion as of Dec. 31, 2025. The company raised its adjusted EPS guidance for 2028 to $3.55-$3.65 from $3.50-$3.60.Management expects adjusted ROE in 2028 to be equal to or more than 17%. HA Sustainable is expected to continue to benefit from sustained high-yield investments, growing recurring income streams and ample liquidity, positioning it for durable earnings growth and portfolio expansion. However, rising expenses and funding costs, along with renewable energy policy uncertainty, could slow capital deployment, pressure margins and increase earnings volatility. HA Sustainable Infrastructure Capital, Inc. price-consensus-eps-surprise-chart | HA Sustainable Infrastructure Capital, Inc. Quote Currently, HASI carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. KKR & Co. Inc. KKR reported second-quarter 2026 adjusted net income per share of $1.63, surpassing the Zacks Consensus Estimate of $1.42. The bottom line rose from $1.18 in the prior-year quarter.KKR’s results primarily reflected impressive growth in assets under management and transaction fees for the capital markets business. However, an increase in expenses acted as a headwind.Blackstone’s BX second-quarter 2026 distributable earnings of $1.52 per share outpaced the Zacks Consensus Estimate of $1.33. The figure jumped 26% from the prior-year quarter.BX’s results benefited from a rise in AUM and higher revenues. An increase in GAAP expenses was the undermining factor. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HA Sustainable Infrastructure Capital, Inc. (HASI) : Free Stock Analysis Report Blackstone Inc. (BX) : Free Stock Analysis Report KKR & Co. Inc. (KKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

PHILADELPHIA and NEW YORK, Aug. 6, 2026 /PRNewswire/ -- FS KKR Capital Corp. (NYSE: FSK), or the Company, today announced its financial and operating results for the quarter ended June 30, 2026, and that its board of directors has declared a third quarter 2026 distribution of $0.44 per share for common stockholders. Financial and Operating Highlights for the Quarter Ended June 30, 2026(1) Net investment income of $0.44 per share, compared to $0.42 per share for the quarter ended March 31, 2026 Net asset value of $18.30 per share as of June 30, 2026, compared to $18.83 per share as of March 31, 2026 Total net realized and unrealized loss of $0.56 per share, compared to a total net realized and unrealized loss of $2.00 per share for the quarter ended March 31, 2026 Earnings (Loss) per share of ($0.13), compared to Earnings (Loss) per share of ($1.57) for the quarter ended March 31, 2026 Total purchases of $590 million versus $1,334 million of sales and repayments, including $9 million of net sales to the Company's joint venture, Credit Opportunities Partners JV, LLC Debt to equity ratio as of June 30, 2026 was 127%, compared to 138% as of March 31, 2026 Paid distributions to common stockholders totaling $0.42 per share(4) "During the second quarter, FSK generated Net Investment Income of $0.44 per share, reduced net leverage to within our target range, and made progress reducing our non-accrual assets," said Michael C. Forman, Chief Executive Officer and Chairman. "We remain focused on improving portfolio performance and delivering long-term value for shareholders." "The strategic actions we announced in May are progressing as planned and reflect the FS/KKR Advisor's continued conviction in the long-term value of FSK," said Daniel R. Pietrzak, President and Chief Investment Officer of FSK and Partner and Global Head of Private Credit at KKR. "During the second quarter, the $150 million tender offer for shares of FSK's common stock conducted by a subsidiary of KKR was successfully completed, the $150 million issuance of convertible preferred stock by FSK to a subsidiary of KKR closed, FSK's $300 million share repurchase program commenced, and the 50% subordinated income incentive fee waiver helped to support our Net Investment Income and third quarter distribution. We believe these actions, together with our ongoing portfolio rotation efforts and focus on enhancing portfolio quality, strengthen FSK's financial profile." Subsequent Events During the period from July 1, 2026 through August 5, 2026, the Company repurchased 3,348,353 shares of common stock pursuant to the board-authorized share repurchase program at an average price per share (inclusive of commissions paid) of $10.75 (totaling $36 million). All such repurchases were made on the Company's behalf by a third-party agent on the open market at prices below net asset value per share in transactions intended to qualify for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act of 1934, as amended. The shares repurchased during the period from July 1, 2026 through August 5, 2026 are in addition to 377,800 shares of common stock (totaling $4 million at an average price per share, inclusive of commissions paid, of $10.57) repurchased from the commencement of the repurchase plan on June 29, 2026, through the end of the second quarter. The weighted average purchase price of all shares repurchased from June 29, 2026 to August 5, 2026 (inclusive of commissions paid) was $10.73. Declaration of Common Stock Distribution for Third Quarter 2026 On August 5, 2026, FSK's board of directors declared a distribution for the third quarter of $0.44 per share of common stock, which will be paid on or about October 2, 2026 to common stockholders of record as of the close of business on September 16, 2026. Declaration of Convertible Preferred Stock Dividend for Third Quarter 2026 On July 30, 2026, FSK's board of directors declared a cash dividend for the period from June 29, 2026 to September 30, 2026 of $0.315972 per share of convertible preferred stock, which will be paid on or about September 30, 2026 to convertible preferred stockholders of record as of the close of business on September 15, 2026. Portfolio Highlights as of June 30, 2026 Total fair value of investments was $11.4 billion of which 63.0% was invested in senior secured securities. Weighted average annual yield on accruing debt investments(5) was 9.8%, compared to 9.9% as of March 31, 2026. Weighted average annual yield on all debt investments(5) was 8.8%, compared to 8.7% as of March 31, 2026. Exposure to the top ten largest portfolio companies by fair value was 21%, compared to 20% as of March 31, 2026. As of June 30, 2026, investments on non-accrual status represented 3.8% and 7.1% of the total investment portfolio at fair value and amortized cost, respectively, compared to 4.2% and 8.1% as of March 31, 2026. Leverage and Liquidity as of June 30, 2026 Debt to equity ratio of 127%, based on $6.5 billion in total debt outstanding and common stockholders' equity of $5.1 billion. Net debt to equity ratio(3) of 122%, based on $6.6 billion in total debt outstanding, including convertible preferred stock, net of $109 million of cash, cash equivalents, restricted cash(8) and foreign currency and $309 million of net receivable for investments sold and repaid and common stockholders' equity of $5.1 billion. FSK's weighted average effective interest rate (including the effect of non-usage fees) was 5.49%. Cash, cash equivalents, restricted cash and foreign currency of $109 million and availability under the Company's financing arrangements of $3.1 billion, subject to borrowing base and other limitations. As of June 30, 2026, 72% of the Company's $6.5 billion of total debt outstanding was in unsecured debt and 28% was in secured debt. Conference Call Information FSK will host its second quarter 2026 results conference call via live webcast on Thursday, August 6, 2026 at 9:00 a.m. (Eastern Time). All interested parties are welcome to participate and can access the live webcast from the For Investors section of FSK's website at www.fskkrcapitalcorp.com under Events & Presentations or through the following URL: https://edge.media-server.com/mmc/p/p9kmcy8i. Research analysts who wish to participate in the conference call are requested to register a day in advance or at a minimum 15 minutes before the start of the call using the following URL: https://register-conf.media-server.com/register/BI2b07b127c5834f0ba23088267e658e7e. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN number that can be used to access the call. An investor presentation of financial information will be available by visiting the For Investors section of FSK's website at www.fskkrcapitalcorp.com, under Events & Presentations, before the market open on Thursday, August 6, 2026. A replay of the call will be available beginning shortly after the end of the call by visiting the For Investors section of FSK's website, under Events & Presentations. About FS KKR Capital Corp. FSK is a leading publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market U.S. companies. FSK seeks to invest primarily in the senior secured debt and, to a lesser extent, subordinated loans and certain asset-based financing loans of private U.S. companies. FSK is advised by FS/KKR Advisor, LLC. For more information, please visit www.fskkrcapitalcorp.com. About FS/KKR Advisor, LLC FS/KKR Advisor, LLC (FS/KKR) is a partnership between Future Standard and KKR Credit that serves as the investment adviser to FSK and other business development companies. Future Standard is a global alternative asset manager serving institutional and private wealth clients, investing across private equity, credit and real estate. With a 30+ year track record of value creation and over $94 billion in assets under management, we back the business owners and financial sponsors that drive growth and innovation across the middle market, transforming untapped potential into durable value(9). KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at www.globalatlantic.com. Forward-Looking Statements and Important Disclosure Notice This communication and our quarterly earnings call contain certain forward-looking statements that are not historical facts, including, without limitation, statements with regard to future events or our future performance or financial condition, and statements regarding share repurchase activity, distribution levels and frequency, expectations for net investment income levels in future quarters, and the financial position, business strategy and plans and objectives of management for FSK's future operations. Words such as "anticipate," "believe," "expect," "intend," "project," and "future" or similar expressions indicate a forward-looking statement, although not all forward-looking statements include these words. These forward-looking statements are not guarantees of performance or events and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause our actual results or future events to differ materially from those expressed or forecasted in the forward-looking statements for any reason, including those factors set forth in "Item 1A. Risk Factors" in our Annual Report on Form 10-K and subsequent filings. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results or events to differ materially from those projected in these forward-looking statements. Factors that could cause actual results or events to differ materially include, without limitation, changes in the economy, geo-political risks, risks associated with possible disruption in FSK's operations or the economy generally due to terrorism, natural disasters or pandemics, future changes in laws or regulations and conditions in FSK's operating area and the price at which shares of FSK's common stock trade on the New York Stock Exchange. Some of these factors are enumerated in the filings FSK makes with the SEC. In addition, the FSK board-authorized share repurchase program does not require FSK to repurchase any specific number of shares of FSK's common stock. There is no assurance that FSK or any of its affiliates will purchase shares of its common stock at any specific discount levels or in any specific amounts or that the market price of FSK's common stock, either absolutely or relative to net asset value, will increase as a result of any share repurchases, or that any repurchase plan will enhance stockholder value over the long term. The forward-looking statements included in this communication and on our quarterly earnings call are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Except as required by the federal securities laws, FSK undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on these forward-looking statements. The press release above contains summaries of certain financial and statistical information about FSK. The information contained in this press release is summary information that is intended to be considered in the context of FSK's SEC filings and other public announcements that FSK may make, by press release or otherwise, from time to time. FSK undertakes no duty or obligation to update or revise the information contained in this press release. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. Investors should not view the past performance of FSK, or information about the market, as indicative of FSK's future results. Other Information The information in this press release is summary information only and should be read in conjunction with FSK's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which FSK filed with the SEC on August 6, 2026, as well as FSK's other reports filed with the SEC. Copies of FSK's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and FSK's other reports filed with the SEC can be found on FSK's website at www.fskkrcapitalcorp.com and the SEC's website at www.sec.gov. Certain Information About Distributions The determination of the tax attributes of FSK's distributions is made annually as of the end of its fiscal year based upon its taxable income and distributions paid, in each case, for the full year. Therefore, a determination as to the tax attributes of the distributions made on a quarterly basis may not be representative of the actual tax attributes for a full year. FSK intends to update stockholders quarterly with an estimated percentage of its distributions that resulted from taxable ordinary income. The actual tax characteristics of distributions to stockholders will be reported to stockholders annually on Form 1099-DIV. The timing and amount of any future distributions on FSK's shares of common stock are subject to applicable legal restrictions and the sole discretion of its board of directors. There can be no assurance as to the amount or timing of any such future distributions. FSK may fund its distributions to stockholders from any sources of funds legally available to it, including net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies, proceeds from the sale of shares of FSK's common stock and borrowings. FSK has not established limits on the amount of funds it may use from available sources to make distributions. In addition, portions of our distributions may be funded indirectly through the waiver of certain investment advisory fees by our investment adviser. Any distributions funded through waivers of investment advisory fees will not be based on our investment performance and can only be sustained if we achieve positive investment performance in future periods and/or our investment adviser and its affiliates continue to make such reimbursements or waivers of such fees. There can be no assurance that FSK will be able to pay distributions at a specific rate or at all. Non-GAAP Financial Measures This press release contains certain financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures are not in accordance with, or an alternative to, measures prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures should only be used to evaluate FSK's results of operations in conjunction with their corresponding GAAP measures. Pursuant to the requirements of Item 10(e) of Regulation S-K, as promulgated under the Securities Exchange Act of 1934, as amended, FSK has provided a reconciliation of these non-GAAP financial measures in the table below. Reconciliation of Non-GAAP Financial Measures(1) Contact Information: Investor Relations Contact Anna [email protected] Future Standard Media Team Marc [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/fs-kkr-capital-corp-announces-second-quarter-2026-results-declares-third-quarter-2026-distribution-of-0-44-per-share-302844444.html

In the past week, KKR & Co. Inc. reported second-quarter 2026 results, with net income rising to US$700.48 million and diluted EPS from continuing operations at US$0.70, alongside record fee-related earnings, strong fundraising and a record monetization quarter that also beat analyst earnings and revenue estimates. Separately, Kuwait Oil Company announced it is forming a new US$16.00 billion lease-and-lease-back joint venture with a consortium including KKR, Blackstone and Brookfield, in what is described as the largest foreign direct investment in Kuwait’s history and a key step in deepening global investor participation in its energy infrastructure. Next, we’ll examine how KKR’s record fee-related earnings and fundraising momentum may influence the existing investment narrative for the firm. Explore 26 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research. To be a KKR shareholder, you generally need to believe in its ability to grow fee-based earnings across private markets, credit and infrastructure, while managing the inherent volatility of performance income. The latest quarter’s record fee-related earnings and fundraising momentum support this core thesis, but they do not remove the key short term risk that competition and fee pressure could slow that momentum just as KKR is leaning harder into alternatives and private credit. The Kuwait Oil Company joint venture announcement is especially relevant here. It highlights how KKR is using its infrastructure expertise to secure long duration, tariff-based exposure in a very large US$16,000 million transaction. For investors focused on catalysts, this type of deal reinforces the idea that KKR’s growing infrastructure and real assets footprint can support recurring fees, partly offsetting the risk that monetizations and carried interest ebb from quarter to quarter. Yet against this strong quarter, investors should also be aware of how quickly competition in private credit and infrastructure could compress margins and... Read the full narrative on KKR (it's free!) KKR’s narrative projects $13.7 billion revenue and $5.4 billion earnings by 2028. This requires a 13.9% yearly revenue decline and an earnings increase of about $3.4 billion from $2.0 billion today. Uncover how KKR's forecasts yield a $140.24 fair value, a 39% upside to its current price. Some of the lowest analysts were expecting KKR’s revenue to fall about 21% a year and earnings to reach roughly US$6.0 billion by 2029, which is a far more pessimistic backdrop than the consensus. When you set that against KKR’s strong fee growth and expanding infrastructure pipeline highlighted by the new Kuwait JV, it shows how widely opinions can differ and why it is worth exploring several viewpoints that may well shift as this latest news is digested. Explore 8 other fair value estimates on KKR - why the stock might be worth as much as 44% more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your KKR research is our analysis highlighting 3 key rewards that could impact your investment decision. Our free KKR research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate KKR's overall financial health at a glance. These stocks are moving-our analysis flagged them today. Act fast before the price catches up: The future of work is here. Discover the 34 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Find 56 companies with promising cash flow potential yet trading below their fair value. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 29 best rare earth metal stocks of the very few that mine this essential strategic resource. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include KKR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Shares of Blue Owl Capital OWL gained 6.4% following the release of the company’s second-quarter 2026 results. Distributable earnings per share of 22 cents matched the Zacks Consensus Estimate. The figure reflects a rise of 5% from the prior-year quarter.Results mainly benefited from an increase in revenues. The company recorded solid fundraising across its Credit, Real Assets and GP Strategic Capital platforms, which drove assets under management (AUM). However, higher expenses hurt the results to an extent.Net income available to the company (GAAP basis) was $11.4 million, down 35% from $17.4 million in the prior-year quarter. FRE (Fee-Related Earnings) revenues increased 7% from the prior-year quarter to $693.6 million. It beat the Zacks Consensus Estimate of $685.9 million.Total GAAP revenues rose 7% year over year to $753.1 million. The rise was driven by an increase in management fees and administrative, transaction and other fees.Total GAAP expenses increased 5% year over year to $636.6 million. The rise was due to increases in compensation and benefits costs and general, administrative and other expenses. As of June 30, 2026, total AUM was $319 billion, up 12% year over year, primarily driven by capital raised, changes in debt and appreciation across the business, partially offset by distributions.Fee-paying AUM of $190.6 billion as of June 30, 2026, increased 7%. The increase was driven by capital raised across the business and deployment in Credit, partially offset by distributions. Permanent Capital of $225 billion increased 10%.In the reported quarter, Blue Owl raised $7.8 billion in new capital commitments. The company also had $31.1 billion of AUM not yet paying fees, which is expected to generate approximately $380 million in annual FRE management fees once deployed.Total equity fundraise of $7.6 billion in the quarter was driven by $4.4 billion in Real Assets, $1.8 billion in Credit and $1.3 billion in GP Strategic Capital. As of June 30, 2026, Blue Owl had $169 million in cash and cash equivalents and available capacity under its revolving credit facility of $1.09 billion.At the end of the second quarter, debt obligations were $3.86 billion. Blue Owl’s performance is expected to continue benefiting from strong fundraising across its investment platforms and higher AUM. This will support the company’s FRE revenue growth going forward. However, near-term pressure from private-credit liquidity strains, borrower quality worries and rising expenses is expected to remain a headwind for the company. Blue Owl Capital Inc. price-consensus-eps-surprise-chart | Blue Owl Capital Inc. Quote Currently, Blue Owl carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. KKR & Co. Inc. KKR reported second-quarter 2026 adjusted net income per share of $1.63, surpassing the Zacks Consensus Estimate of $1.42. The bottom line rose from $1.18 in the prior-year quarter.Results have primarily reflected impressive growth in AUM and transaction fees for the capital markets business. However, an increase in expenses acted as a headwind for KKR.Blackstone’s BX second-quarter 2026 distributable earnings of $1.52 per share outpaced the Zacks Consensus Estimate of $1.33. The figure soared 26% from the prior-year quarter.BX’s results benefited from a rise in AUM and higher revenues. An increase in GAAP expenses was the undermining factor. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Blue Owl Capital Inc. (OWL) : Free Stock Analysis Report Blackstone Inc. (BX) : Free Stock Analysis Report KKR & Co. Inc. (KKR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

KKR & Co. Inc. KKR reported second-quarter 2026 adjusted net income per share of $1.63, surpassing the Zacks Consensus Estimate of $1.42. The bottom line rose from $1.18 in the prior-year quarter. KKR shares have risen nearly 1% in early trading on better-than-expected results. A full day's trading session will provide a clearer picture. Results have primarily reflected impressive growth in assets under management (AUM) and transaction fees for the capital markets business. However, an increase in expenses acted as a headwind. The results include certain non-recurring items. After considering those, net income attributable to the company’s common stockholders (GAAP basis) was $660.1 million, up from $472.4 million in the year-ago quarter. Total segment revenues amounted to $1.73 billion, increasing 34.4% on a year-over-year basis. The top line surpassed the Zacks Consensus Estimate of $1.52 billion. Total segment expenses increased 28.9% year over year to $511.8 million. As of June 30, 2026, total AUM grew 16.1% year over year to $796.5 billion. Fee-paying AUM summed $638.4 billion, which increased 14.8% from the year-ago quarter. Total operating earnings grew 28.9% year over year to $1.54 billion. The company posted fee-related earnings of $1.21 billion, up 36.9% year over year. The company will likely continue utilizing lucrative investment opportunities on the back of its efficient fundraising capabilities in the quarters ahead. Significant growth in AUM, fee-related earnings and total operating earnings are aiding its financials. In May 2026, the company completed its acquisition of Arctos Partners, which had $20 billion in AUM as of June 30, 2026. The acquisition is expected to strengthen KKR’s Private Equity business and expand its capabilities in professional sports franchise investing and asset management solutions for sponsors. However, rising fee-related compensation and other operating expenses are likely to keep the expense base elevated. The current tough operating environment is another concern. KKR & Co. Inc. price-consensus-eps-surprise-chart | KKR & Co. Inc. Quote Currently, KKR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. BlackRock’s BLK second-quarter 2026 adjusted earnings of $13.91 per share handily surpassed the Zacks Consensus Estimate of $12.72. The figure reflects a 15% rise from the year-ago quarter. BLK’s results benefited from a rise in revenues. The assets under management balance witnessed robust year-over-year growth, driven by net inflows. However, higher expenses created a headwind. Blackstone’s BX second-quarter 2026 distributable earnings of $1.52 per share outpaced the Zacks Consensus Estimate of $1.33. The figure soared 26% from the prior-year quarter. BX’s results benefited from a rise in AUM and higher revenues. An increase in GAAP expenses was the undermining factor. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report KKR & Co. Inc. (KKR) : Free Stock Analysis Report Blackstone Inc. (BX) : Free Stock Analysis Report BlackRock (BLK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

(Bloomberg) -- KKR & Co. posted a record profit in the second quarter, fueled by $1.29 billion of asset sales, the most in the firm’s 50-year history. Most Read from Bloomberg Stocks Fall as 30-Year Bond Yields Surge After Fed: Markets Wrap US Strikes Iran Again as Conflict Widens Across Middle East Warner Bros. Deal Collapse Would Cost the Ellisons $9.8 Billion Trump Says US Will Strike Iran Hard as War Escalates Again Meta’s Zuckerberg Defends AI Bets to Skeptical Investors Adjusted net income surged 40% from a year earlier to $1.5 billion, or $1.63 a share, the New York-based alternative asset manager said Thursday in a statement. That beat the $1.42 average estimate of analysts in a Bloomberg survey. The results “reflect the strength and breadth of KKR’s global franchise,” KKR Co-Chief Executive Officers Joe Bae and Scott Nuttall said in the statement. “Our continued return of capital to clients led to our strongest monetization quarter ever.” Pension funds, endowments and other institutional investors have bemoaned the tepid pace of distributions from asset sales as the industry has grappled with a yearslong slump. Dealmaking has remained slow for many firms ever since the Federal Reserve started raising interest rates from historic lows. KKR took in $34 billion of fresh capital during the quarter and a record $133 billion over the 12 months through June. The firm closed on eight transactions in the quarter, with four additional exits still to be completed. The sale of Kokusai Electric Corp., which builds semiconductor manufacturing equipment, netted a 20-times multiple on invested capital. HD Hyundai Marine Solution, an engineering-services company, generated a 7.5-times return. KKR also posted record fee-related earnings and total operating earnings, which climbed 37% and 29%, respectively. Total operating earnings are the sum of KKR’s fee-related earnings as well as earnings from its insurance business and Strategic Holdings unit, which holds long-term private equity bets. In May, the firm completed its acquisition of institutional sports investor Arctos Partners, which added $20 billion of assets. KKR ended the second quarter with $796 billion of assets under management, a 16% increase from a year earlier. Shares of KKR have tumbled 22% this year through Wednesday. Most Read from Bloomberg Businessweek Canada’s MAGA-Friendly Premier Advances Her Pro-Oil Agenda The Menopause Gold Rush Is Failing Women How a Few Hundred Dollars Could Manipulate Election Prediction Markets The Bitcoin Slump Is Crushing Companies That Stockpiled Tokens The AI Industry Is Trying to Fix Its Image Problem ©2026 Bloomberg L.P.

This article first appeared on GuruFocus. Fee-Related Earnings (FRE) per Share: $1.32, up 34% year-over-year. Total Operating Earnings per Share: $1.68, up 27% year-over-year. Adjusted Net Income per Share: $1.63, up 38% year-over-year. Management Fees: $1.2 billion, up 26% year-over-year (up 18% excluding catch-up fees). Capital Raised (Q2): $34 billion of new capital. Capital Raised (LTM): $133 billion. Capital Invested (Q2): $24 billion. Capital Invested (LTM): $104 billion. Fee-Related Performance Revenues: $255 million. FRE Margin: 70%. Insurance Segment Operating Earnings (Q2): $288 million. Total Insurance Economics (LTM): $2 billion net of compensation. Strategic Holdings Operating Earnings (Q2): $37 million. Realized Performance Income (Q2): $848 million. Realized Investment Income (Q2): $220 million. Total Remaining Unrealized Gains: $18.2 billion as of June 30. Traditional PE Portfolio Appreciation (Q2): 4%. Infrastructure Portfolio Appreciation (Q2): 1%. Warning! GuruFocus has detected 6 Warning Signs with KKR. Is KKR fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record quarterly earnings across all three headline financial metrics: fee-related earnings, total operating earnings, and adjusted net income per share. Strong fundraising momentum, raising $305 billion since the start of 2024, surpassing the three-year $300 billion target in just 2.5 years. Record monetization quarter with $848 million in realized performance income, driven by diversified exit activity across strategies and regions. High fee-related earnings (FRE) margin of 70%, with 10 consecutive quarters above 65%, reflecting operating leverage and a scalable business model. Significant growth in wealth management, with K-Series AUM up nearly 70% year-over-year to $42 billion and net inflows up over 20% year-to-date. Insurance segment faces heightened competition, leading to a decision to allocate less capital to insurance in the near term. Insurance operating earnings are reported on a cash basis, which understates the true economics; including mark-to-market would show higher earnings but adds volatility. Management fees in the credit and liquid strategies business declined sequentially due to a one-time benefit in the prior quarter, though year-over-year growth remains positive. Strategic Holdings operating earnings are back-end weighted for 2026, with quarter-to-quarter variability and a hockey-stick trajectory that may raise investor concerns. External pessimism around private credit, private wealth redemptions, and AI disruption risks persists, creating a disconnect between operating fundamentals and market perception. Q: Scott, you mentioned the external perception is disconnected from the operating fundamentals. Can you elaborate on the key sources of pessimism and how KKR is performing against them?A: Scott Nuttall, Co-CEO: There are five main buckets of external anxiety: private credit, private wealth, private equity monetizations, AI disruption of software, and overall fundraising slowdown. However, internally, we see a record third-party credit fundraising year, private wealth AUM up 70% year-over-year and 20% net year-to-date, a record monetization quarter, software (6% of AUM) performing well, and record LTM fundraising with momentum accelerating. Net income was up 40% in the quarter and 30% in the first half. Our industry is K-shaped, and we are on the happy part of the K. Q: How has Global Atlantic's organic growth outlook evolved, and can you provide an update on the ROE trajectory given higher competition?A: Robert Lewin, CFO: We have seen heightened competition and are allocating slightly less capital to insurance. In Q2, 99% of liabilities originated were at least five years in duration, and 80% were seven years, allowing us to lean into alternatives. We are optimizing and repricing our book weekly. In a more volatile environment, we expect less competition on the asset side, leading to structurally higher ROEs. Our competitive advantage includes longer-duration liabilities, a real linkage between liability and asset origination, and $6 billion of dry powder translating to $60 billion of buying power on the liability side. Q: Can you discuss the potential for the Arctos business and the path to getting solutions over $100 billion of AUM?A: Robert Lewin, CFO: The opportunity feels even more significant post-closing. Arctos is the clear leader in sports, with substantial opportunity for Sports 3 and broader sports-related investments. The Keystone Fund, a first-time fundraise of over $6 billion, speaks to the team's credibility. We see a real opportunity to build a world-class GP-led secondary business. Additionally, the Arctos ecosystem can create flow for Global Atlantic, a key part of our investment thesis. We feel great about the $100+ billion AUM target for our solutions business. Q: Given the elevated redemptions in retail, has the recent turmoil reshaped your approach to expanding retail distribution abroad?A: Scott Nuttall, Co-CEO: It has not changed our perspective. We are up over 20% net year-to-date. About 85% of K-Series is in private equity and infrastructure, which is different from others. We are continuing to build out Asia and Europe. I view this as a healthy educational period for advisors and clients. If anything, we would be more comfortable investing even more and having it be a larger percentage of the firm down the road. Q: You reiterated the earnings target for Strategic Holdings, but it looks very back-end loaded. What drives your confidence, and how do you address AI risk in that portfolio?A: Robert Lewin, CFO: We introduced the segment early, and we said there would be quarter-to-quarter variability. We have a lot of confidence that what we need to get done to generate the operating earnings will get done in the back half of the year. The portfolio of roughly 20 businesses continues to perform at a high level. While some businesses may be impacted by AI over time, we think across the portfolio we are in very good shape, and investors should also consider the winners in the portfolio. Q: What do you see as the greatest impact on adoption rates and penetration within private wealth over the next couple of years?A: Scott Nuttall, Co-CEO: The first thing is education, spending time with advisors so they understand what private markets are. The second is access and distribution, building relationships with platforms and RIAs. The third is the type of investor. K-Series is for accredited investors (single-digit % of US households). Our partnership with Capital Group, which has relationships with 220,000 of the 300,000 advisors in the US, will meaningfully expand our reach over time. Q: You recently added Roy Gori as a Senior Advisor. What is the strategic rationale, and how could he help achieve the goal of doubling GA AUM?A: Scott Nuttall, Co-CEO: Roy did a remarkable job as CEO of Manulife, building their Asia business. We got to know him as a client and realized he could make us better. Global Atlantic is mostly a US business, while half of KKR's investment professionals are outside the US. We are thinking actively about what to do outside the US in insurance, particularly in Asia, where we are starting to spend quite a bit of time together. We think he will be quite helpful. Q: You spoke to strong demand for Private IG. Could you dig in more on your positioning and origination platforms?A: Craig Arnold, Independent Director: The opportunity is massive, with a $45 trillion addressable market in credit. We look at Private IG as asset-based finance, bespoke solutions for corporates, and long-duration real estate investments. We are well-positioned with capital from Global Atlantic, funds, and SMAs, plus our capital markets business. We benefit from collaboration across teams, relationships from our private equity teams, and 36 captive platforms. Since the GA acquisition, our credit business has grown from $80 billion to $300 billion, and management fees are up more than 3x to $1.2 billion. Q: Can you give us any forward-looking commentary on line of sight to transaction revenues and realizations? Is the $7 target possible?A: Robert Lewin, CFO: We have about $700 million of monetization-related visibility for the quarter, about 80% realized performance revenue and 20% realized investment income. That's a healthy number coming off a record Q2. We removed the formal $7 guidance last quarter as it became a distraction. We prefer to focus on the facts: record earnings, NI per share up 40%, and the strongest go-forward fundamentals in our history. Whether that translates to $7 or something slightly different, our focus is on generating strong outcomes for shareholders. Q: On Insurance operating earnings, you mentioned the $250 million guide. Can you discuss how that might trend in the back half and into 2027?A: Robert Lewin, CFO: The $250 million For the complete transcript of the earnings call, please refer to the full earnings call transcript.