KKR & Co.’s fourth-quarter earnings fell as the change in the value of its investments lagged behind the broader market, while cash available to shareholders more than doubled to a fresh record.
The private-equity firm reported net income of $507.6 million, or 82 cents a share, in the final quarter of 2021, versus $1.48 billion, or $2.46 a share, a year earlier.
The investments KKR holds on its sizable balance sheet, including stakes in
Fiserv Inc.
and PetVet Care Centers LLC, appreciated by less than they had in the year-earlier period, coming in flat versus the September quarter.
Such investments are held at the firm level as opposed to being housed within funds managed by KKR. The size of the firm’s balance sheet and its strategy of holding large stakes in companies on it is unique among…
