KKR & Co. L.P. Announces Third Quarter 2012 Results

FRE was $44.7 million for the quarter ended September 30, 2012, an increase of $3.5 million, or 8.5%, compared to FRE of $41.2 million for the quarter ended September 30, 2011. The increase was primarily attributable to a higher level of monitoring fees and lower operating expenses.

FRE was $118.6 million for the nine months ended September 30, 2012, a decrease of $51.0 million, or 30.1%, compared to FRE of $169.6 million for the nine months ended September 30, 2011. The decrease was primarily driven by (i) lower monitoring fees as a result of $76.6 million of termination payments on monitoring agreements with three portfolio companies during the nine months ended September 30, 2011, which impacted FRE by $39.7 million net of associated fee credits and (ii) lower transaction fees during the nine months ended September 30, 2012 as a result of closing relatively smaller transaction fee-generating investments, which in turn produced lower transaction fees.

ENI was $213.9 million for the quarter ended September 30, 2012, an increase of $365.9 million compared to ENI of ($152.0) million for the quarter ended September 30, 2011. The increase was primarily attributable to net carried interest recognized for the quarter ended September 30, 2012 driven by the appreciation in our private equity portfolio. For the quarter ended September 30, 2011, there was a reversal of previously recognized net carried interest due to a decline in the carrying value of our private equity funds.

ENI was $653.9 million for the nine months ended September 30, 2012, an increase of $401.0 million compared to ENI of $252.9 million for the nine months ended September 30, 2011. The increase was primarily driven by higher net carried interest resulting from a higher level of appreciation in our private equity portfolio, partially offset by the decrease in FRE discussed above.

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