KKR & Co. L.P. Announces Fourth Quarter and Full Year 2014 Results
Realization Activity Drives Strong Full Year Distribution
GAAP net income (loss) attributable to KKR & Co. L.P. was ($0.6) million and $477.6 million for the quarter and year ended December 31, 2014, respectively, down from $277.9 million and $691.2 million in the comparable periods of 2013.
Total distributable earnings was $376.3 million for the quarter ended December 31, 2014, down from $510.4 million in the quarter ended December 31, 2013. Total distributable earnings was $2,028.9 million for the year ended December 31, 2014, up from $1,455.9 million for the year ended December 31, 2013.
Distribution per common unit was $0.35 for the quarter ended December 31, 2014, down from $0.48 in the quarter ended December 31, 2013. Distribution per common unit was $1.90 for the year ended December 31, 2014, up from $1.40 in the year ended December 31, 2013.
Economic net income (“ENI”) was $86.6 million and $1,727.2 million for the quarter and year ended December 31, 2014, respectively, down from $789.6 million and $2,195.6 million in the comparable periods of 2013.
ENI after taxes per adjusted unit(1) was $0.05 and $1.84 for the quarter and year ended December 31, 2014, respectively, down from $1.04 and $2.82 in the comparable periods of 2013.
Fee and yield earnings were $208.4 million and $733.3 million for the quarter and year ended December 31, 2014, respectively, up from $140.1 million and $433.9 million in the comparable periods of 2013.
Book value was $10.1 billion on a total reportable segment basis as of December 31, 2014 or $12.07 per adjusted unit.
Return on equity and cash return on equity were 16% and 21%, respectively.
Assets under management (“AUM”) and fee paying assets under management (“FPAUM”) totaled $98.6 billion and $83.0 billion, respectively, as of December 31, 2014.
