In addition, beginning with its Q2 2026 reporting, KKR will report realized performance fees from its K-Series Private Equity vehicles in Fee Related Performance Revenues within its segment earnings, which will be subject to a 15-20% Fee Related Compensation margin. Historically, these fees were included within Realized Performance Income and were subject to a 70-80% compensation margin. We believe including these fees in Fee Related Performance Revenues conforms to current industry practice and enhances comparability for investors. Performance fees from its K-Series Infrastructure vehicles will continue to be reported in Fee Related Performance Revenues. 

KKR also announced that it expects Capital Markets transaction fees for Q2 2026 to be approximately $175 million as certain transaction activity expected to close in late Q2 2026 is now expected to close in Q3 2026.