Summary

• 1 Main Capital Partners reinitiated a core position in KKR after the stock declined more than 30%, caught up in a private credit scare exacerbated by a research report.
• KKR is expected to generate over $5 billion of annual management fees in 2026 at 70% operating margins, split across private equity, real assets, and credit segments.
• Management anticipates KKR exceeding $1 trillion in assets under management by 2030, a target that 1 Main Capital Partners believes will prove conservative compared to peers like Blackstone.
• Direct lending, where private credit bubble fears are most concentrated, represents less than 20% of the KKR credit book and just 5% of total assets under management.
• KKR remains a high-quality business poised to grow earnings at a double-digit rate, supported by insiders who recently spent $50 million on open market purchases of the stock.

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