This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

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

Stocks in this article: KKR

Capital Markets and Principal Activities

FRE was $22.7 million for the quarter ended September 30, 2012, a decrease of $21.9 million, or 49.1%, compared to FRE of $44.6 million for the quarter ended September 30, 2011. FRE was $64.2 million for the nine months ended September 30, 2012, a decrease of $19.0 million, or 22.8%, compared to FRE of $83.2 million for the nine months ended September 30, 2011. The decrease in both comparative periods was primarily driven by a lower level of overall capital markets transaction activity.

ENI was $261.1 million for the quarter ended September 30, 2012, an increase of $710.1 million compared to ENI of ($449.0) million for the quarter ended September 30, 2011. The increase was principally attributable to the appreciation in the carrying value of our principal investments for the quarter ended September 30, 2012 as compared to a decline in the carrying value of our principal investments for the quarter ended September 30, 2011.

ENI was $1,063.7 million for the nine months ended September 30, 2012, an increase of $897.3 million compared to ENI of $166.4 million for the nine months ended September 30, 2011. The increase was primarily driven by a higher level of appreciation in the carrying value of our principal investments.

CAPITAL AND LIQUIDITY

As of September 30, 2012, KKR had $1,438.3 million of cash and short-term investments on a segment basis and $500.0 million of outstanding debt obligations under its senior notes. KKR’s availability for further borrowings was approximately $750.0 million (which does not include a $500.0 million revolving credit facility for use in its capital markets business that was undrawn as of September 30, 2012).

As of September 30, 2012, KKR’s portion of total uncalled commitments to its investment funds was $802.7 million, consisting of the following (amounts in thousands):

  Uncalled
Commitments

Private Markets

European Fund III $ 243,400
North America Fund XI 241,600
2006 Fund 102,000
Asian Fund 45,400
Infrastructure 36,300
E2 Investors (Annex Fund) 28,000
Natural Resources 13,400
China Growth Fund 6,400
Other Private Markets Commitments   3,600
Total Private Markets Commitments   720,100
 

Public Markets

Direct Lending Fund 45,900
Mezzanine Fund 29,800
Special Situations Vehicles   6,900
Total Public Markets Commitments   82,600
 
Total Uncalled Commitments $ 802,700
 

DISTRIBUTION

A distribution of $0.24 per common unit will be paid on November 20, 2012 to unitholders of record as of the close of business on November 5, 2012.

6 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,827.75 +12.81 0.07%
S&P 500 2,072.83 +5.80 0.28%
NASDAQ 4,787.3170 +29.0650 0.61%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs