KKR Fell 27% in Q1 Despite March Recovery, RiverPark Says

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Summary · why it matters

KKR & Co. shares declined 27% during the first quarter of 2026, making it the fifth-largest detractor for the RiverPark Large Growth Fund, though the stock staged a strong recovery in March. The early-quarter weakness followed a fourth-quarter 2025 earnings report on February 5, where adjusted earnings per share of $1.12 missed consensus expectations and fell from $1.32 a year earlier, while fee-related earnings and total operating earnings also fell short of Wall Street estimates. Broader concerns about private credit exposure and AI-driven disruption risks to software-heavy loan portfolios weighed on the entire alternative asset management sector throughout February. KKR rebounded in March after Apollo and Intercontinental Exchange announced a data-standardization partnership that introduced institutional-grade, deal-level transparency to the private lending market, materially easing investor concerns about private credit liquidity risks. RiverPark continues to view KKR as a differentiated long-term compounder with a diversified platform spanning private equity, credit, infrastructure and insurance, citing record 2025 fundraising of $129 billion, management guidance for over $7 per share of adjusted net income in 2026, and the strategic acquisition of Arctos Partners.

Impact on assets 3

Aging Population▲ · 2 stocks
KKR & Co. Inc.
KKR
± MixedCapitalrelevance

KKR missed Q4 earnings estimates and faced sector headwinds, but rebounded on sector news and has positive long-term outlook.

Carbon Removal (DAC)▲ · 1 stocks
Intercontinental Exchange Inc
ICE
▲ PositiveTechnologyrelevance

ICE announced a data-standardization partnership with Apollo, introducing institutional-grade transparency to private lending.

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