Dafinchi AI

KKR

Financial Services

2w

KKR's Record High Fee-Related Earnings and Margin Improvement

KKR reported fee-related earnings of $0.98 per share and total operating earnings of $1.33 per share, the highest in its history as a public company.
Management fees increased 18% year-over-year to $996 million, driven by Americas XIV and broader fundraising initiatives.
Fee-related performance revenues grew 45% year-over-year to $54 million, mainly due to offshore Infrastructure K-Series performance allocation.
FRE margin improved by 360 basis points to 69%, reflecting operational leverage and strong fee growth.
Over the last 12 months, FRE per share increased 33%, demonstrating durability and long-term growth in fee streams.

Federal Realty Investment Trust

FRT

Financial Services

1w

Financial Performance Summary

Comparable property-level operating income grew approximately 5% excluding tax credit impact.
Comparable retail leasing reached 644,000 square feet, near an all-time quarterly record.
Completed asset sales totaling $143 million at blended yields in the mid- to upper 5% range.
Excluding tax credit income, FFO per share was $1.76, beating consensus and prior year results.
Liquidity improved to $1.55 billion with strong credit metrics; net debt-to-EBITDA at 5.4x excluding tax credit income.
Reported FFO per share of $1.91 for Q2 2025 includes $0.15 from new market tax credit income recognized earlier than guided.

Kemper Corporation

KMPR

Financial Services

1w

Financial Performance Summary

Adjusted consolidated net operating income was $84.1 million or $1.30 per diluted share.
Commercial Auto segment had an underlying combined ratio of 90% with 18% PIF growth, despite $19 million adverse prior-year development.
Kemper reported net income of $72.6 million or $1.12 per diluted share for Q2 2025.
Life segment showed stable operating results with strong return on capital and distributable cash flows.
Operating cash flow hit an all-time high of nearly $600 million trailing 12 months.
Return on adjusted equity was 14.9%, with adjusted book value per share growth of 14.3% year-over-year.
Specialty Auto segment produced an underlying combined ratio of 93.5% and 8% year-over-year policies in force (PIF) growth.
The company repurchased $80 million of common stock since April 1 and received board approval for an additional $500 million repurchase authorization.

Grosvenor Capital Management, L.P.

GCMG

Financial Services

1w

Financial Performance Summary

Fee-paying AUM grew 9% year-over-year to $69 billion; contracted not yet fee-paying AUM increased 19% to $8.7 billion.
Fee-related earnings, adjusted EBITDA, and adjusted net income increased by 6%, 9%, and 9% respectively compared to Q2 2024.
Fee-related earnings margin for the quarter was 42%, up 200 basis points year-over-year.
Incentive fees realized were $16 million in the quarter, including $1 million annual performance fees and $15 million carried interest.
Total assets under management (AUM) reached $86 billion, a 5% increase from Q1 2025.
Unrealized carried interest at NAV surpassed $900 million, with the firm's share at approximately $450 million, up 9% from last quarter.
Year-to-date fee-related earnings, adjusted EBITDA, and adjusted net income grew by 14%, 17%, and 19% respectively compared to the first half of 2024.