Overview
KKR (KKR) enjoyed an outstanding 2017 as summarised in its earnings release (KKR Q4 Earnings Release) and earnings presentation (KKR Q4 Supplemental Financial Data).
After tax distributable earnings (DE), which excludes unrealised marks, increased by 2.1% to $1.56bn ($1.91/adjusted unit), economic net income (ENI), which includes unrealised marks, by 252% to $2.026bn ($2.38/unit). Fee related earnings (FRE) by 61% to $867m (1.02/unit) driven by an increase in management fees and a substantial increase in fees earned from KKR's capital markets business. AUM grew 30% year-on-year to $168bn and fee paying AUM by 16% to $117bn. Book value/adjusted unit rose 17% to $14.20.
