DEBT OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2020

KKR's borrowings consisted of the following:



	September 30, 2020							December 31, 2019
	Financing Available		Borrowing Outstanding		Fair Value			Financing Available		Borrowing Outstanding		Fair Value
Revolving Credit Facilities:
Corporate Credit Agreement	$	1,000,000	$	—	$	—		$	1,000,000	$	—	$	—
KCM Credit Agreement	455,014		—		—			444,904		—		—
KCM 364-Day Revolving Credit Agreement	750,000		—		—			750,000		—		—
Notes Issued:
KKR Issued 0.509% Notes Due 2023 ⁽¹⁾	—		236,006		236,769		⁽¹⁴⁾	—		228,280		228,026		⁽¹⁴⁾
KKR Issued 0.764% Notes Due 2025 ⁽²⁾	—		46,840		47,635		⁽¹⁴⁾	—		45,255		45,856		⁽¹⁴⁾
KKR Issued 1.625% Notes Due 2029 ⁽³⁾	—		752,541		809,005		⁽¹⁵⁾	—		718,478		758,903		⁽¹⁵⁾
KKR Issued 3.750% Notes Due 2029 ⁽⁴⁾	—		741,967		863,460		⁽¹⁴⁾	—		493,962		533,505		⁽¹⁴⁾
KKR Issued 1.595% Notes Due 2038 ⁽⁵⁾	—		96,462		102,638		⁽¹⁴⁾	—		93,325		98,524		⁽¹⁴⁾
KKR Issued 5.500% Notes Due 2043 ⁽⁶⁾	—		492,429		636,235		⁽¹⁴⁾	—		492,175		613,415		⁽¹⁴⁾
KKR Issued 5.125% Notes Due 2044 ⁽⁷⁾	—		991,380		1,249,730		⁽¹⁴⁾	—		991,106		1,186,670		⁽¹⁴⁾
KKR Issued 3.625% Notes Due 2050 ⁽⁸⁾	—		492,056		516,180		⁽¹⁴⁾	—		—		—
KKR Issued 3.500% Notes Due 2050 ⁽⁹⁾	—		735,036		760,508		⁽¹⁴⁾	—		—		—
KFN Issued 5.500% Notes Due 2032 ⁽¹⁰⁾	—		494,419		496,028			—		494,054		504,807
KFN Issued 5.200% Notes Due 2033 ⁽¹¹⁾	—		118,502		115,802			—		118,411		117,834
KFN Issued 5.400% Notes Due 2033 ⁽¹²⁾	—		68,843		68,774			—		68,774		70,059
KFN Issued Junior Subordinated Notes ⁽¹³⁾	—		234,472		156,740			—		233,473		185,485
	2,205,014		5,500,953		6,059,504			2,194,904		3,977,293		4,343,084

Other Debt Obligations	5,715,560		25,950,688		25,943,788			3,865,495		23,035,991		23,035,991

	$	7,920,574	$	31,451,641	$	32,003,292		$	6,060,399	$	27,013,284	$	27,379,075


(1)	¥25 billion (or $237.5 million) aggregate principal amount of 0.509% senior notes of KKR due 2023. Borrowing outstanding is presented net of unamortized debt issuance costs of $0.7 million and $1.0 million as of September 30, 2020 and December 31, 2019, respectively. These senior notes are denominated in Japanese Yen ("JPY").


(2)	¥5.0 billion (or $47.5 million) aggregate principal amount of 0.764% senior notes of KKR due 2025. Borrowing outstanding is presented net of unamortized debt issuance costs of $0.5 million and $0.6 million as of September 30, 2020 and December 31, 2019, respectively. These senior notes are denominated in JPY.


(3)	€650 million (or $760.5 million) aggregate principal amount of 1.625% senior notes of KKR due 2029. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $5.3 million and $6.3 million as of September 30, 2020 and December 31, 2019, respectively. These senior notes are denominated in euro.


(4)	$750 million aggregate principal amount of 3.750% senior notes of KKR due 2029. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $5.9 million and $4.7 million as of September 30, 2020 and December 31, 2019, respectively.


(5)	¥10.3 billion (or $97.9 million) aggregate principal amount of 1.595% senior notes of KKR due 2038. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.1 million and $1.1 million as of September 30, 2020 and December 31, 2019, respectively. These senior notes are denominated in JPY.


(6)	$500 million aggregate principal amount of 5.500% senior notes of KKR due 2043. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $3.3 million and $3.4 million as of September 30, 2020 and December 31, 2019, respectively.


(7)	$1.0 billion aggregate principal amount of 5.125% senior notes of KKR due 2044. Borrowing outstanding is presented net of (i) unamortized note discount (net of premium) and (ii) unamortized debt issuance costs of $7.4 million and $7.7 million as of September 30, 2020 and December 31, 2019, respectively.


(8)	$500 million aggregate principal amount of 3.625% senior notes of KKR due 2050. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $5.4 million as of September 30, 2020.


(9)	$750 million aggregate principal amount of 3.500% senior notes of KKR due 2050. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $8.2 million as of September 30, 2020.

(10)

KKR consolidates KFN and thus reports KFN's outstanding $500.0 million aggregate principal amount of 5.500% senior notes due 2032. Borrowing outstanding is presented net of (i) unamortized note discount and (ii) unamortized debt issuance costs of $3.8 million and $4.0 million as of September 30, 2020 and December 31, 2019, respectively. These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.

(11)

KKR consolidates KFN and thus reports KFN's outstanding $120.0 million aggregate principal amount of 5.200% senior notes due 2033. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.5 million and $1.6 million as of September 30, 2020 and December 31, 2019, respectively. These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.

(12)

KKR consolidates KFN and thus reports KFN's outstanding $70.0 million aggregate principal amount of 5.400% senior notes due 2033. Borrowing outstanding is presented net of unamortized debt issuance costs of $1.2 million and $1.2 million as of September 30, 2020 and December 31, 2019, respectively. These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.

(13)

KKR consolidates KFN and thus reports KFN's outstanding $258.5 million aggregate principal amount of junior subordinated notes. The weighted average interest rate is 2.7% and 4.4% and the weighted average years to maturity is 16.0 years and 16.8 years as of September 30, 2020 and December 31, 2019, respectively. These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.


(14)	The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes.


(15)	The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed.

Schedule of other debt obligations

As of September 30, 2020, other debt obligations consisted of the following:



	Financing Available		Borrowing Outstanding		Fair Value		Weighted Average Interest Rate	Weighted Average Remaining Maturity in Years
Financing Facilities of Consolidated Funds and Other	$	5,715,560	$	9,670,941	$	9,664,041	2.8%	3.8
Debt Obligations of Consolidated CLOs	—		16,279,747		16,279,747		⁽¹⁾	10.4
	$	5,715,560	$	25,950,688	$	25,943,788

(1)

The senior notes of the consolidated CLOs had a weighted average interest rate of 1.9%. The subordinated notes of the consolidated CLOs do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any.