KKR & Co. Inc. 6.875% Subordinated Notes due 2065 (KKRT)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a creditor first, not an equity owner. KKRT is a KKR & Co. subordinated note with a 6.875% coupon due in 2065, so my claim sits behind senior obligations and the cash flows stretch far into the future. The filed parent figures show positive earnings in every listed period: in fiscal Q2 2026 (the quarter ended 2026-06-30), revenue was $5.7B and net income $700.5M; in fiscal Q1 2026 (quarter ended 2026-03-31), revenue $4.3B and net income $405.2M; in fiscal Q3 2025 (quarter ended 2025-09-30), revenue $5.5B and net income $900.4M; in fiscal Q2 2025 (quarter ended 2025-06-30), revenue $5.1B and net income $510.1M. In fiscal 2025, revenue was $19.5B and net income $2.4B, down from fiscal 2024 revenue $21.9B and net income $3.1B. In fiscal 2023, revenue was $14.5B and net income $3.7B. That tells me the business can earn money, but earnings are cyclical and uneven. I cannot verify a durable moat or balance-sheet strength because D/E, ROE, ROCE, EPS, and credit metrics are N/A. At the 2026-10-16 close of $22.64, the note is near the bottom of its 52-week range of $22.24-$26.15, but without yield-to-maturity, coupon coverage, covenants, call features, or a credit rating, I cannot calculate a margin of safety. FairStock labels it TURNAROUND because it returned to profit after a loss within the last three years, though the filed figures I see are all positive. My conclusion: the coupon is visible, but the credit work is incomplete; price alone is not enough.

In plain English: KKR & Co. is a financial services company that manages money and makes investments. The filed numbers show it earned money in the periods shown, but full-year 2025 was weaker than 2024. The notes are quoted at $22.64, near the low end of their recent range, but the data given lacks enough bond details to say whether that price is cheap or expensive.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer