Analyst Note
| Greggory Warren, CFA |There was little in narrow-moat KKR's first-quarter results that would alter our long-term view of the firm. We are leaving our $75 fair value estimate in place. KKR closed the March quarter with $371.2 billion in fee-earning assets under management, up 3.9% sequentially and 28.7% year over year. Adjusted net inflows of $20.7 billion during the first quarter were in line with our expectations and bring the quarterly run rate for flows to $14.2 billion over the past eight calendar quarters. With the company bringing in an additional $41 billion this quarter through the Mitsubishi-UBS Realty acquisition, as well as sitting on $155 billion in uncalled commitments at the end of March, we do not expect the downturn in the equity and credit markets so far this year to have too adverse of an impact on assets under management as we move through the rest of the year.