Joseph Bae Files Form 4 Showing 4.21M-Share Disposition and Trust Acquisitions

Rhea-AI Filing Summary

Joseph Y. Bae, Co-Chief Executive Officer and Director of KKR & Co. Inc., reported transfers and a disposition of KKR common stock. The filing shows a reported disposition of 4,211,701 shares and multiple indirect holdings reported following the transactions, including 2,154,829, 1,554,567, 10,018,550, and 384,257 shares held indirectly through trusts or partnerships; a direct holding of 7,166 shares is also shown. The filing explains an acquisition by a trust for the benefit of certain family members of limited liability company membership interests corresponding to transferred KKR shares, with the trust paying $227,250.04. The filing further notes that certain securities are held by a limited partnership whose general partner is an LLC over which the reporting person has investment discretion, and the reporting person disclaims beneficial ownership of indirectly held securities except to the extent of any pecuniary interest.

Positive

• Reporting person retains investment discretion over a limited partnership holding 10,018,550 shares, maintaining continued exposure to KKR stock
• Transfers include creation of a trust to benefit family members, with the trust acquiring LLC membership interests and $227,250.04 paid to transferors, indicating an organized estate/ownership structure

Negative

• The filing reports a disposition of 4,211,701 shares, a sizeable insider reduction of holdings reported on this Form 4
• No sale price or percentage of outstanding shares is provided for the disposition, limiting investors’ ability to assess material market impact

Insights

Financial Analyst

TL;DR: Insider reports a large disposition and multiple indirect holdings; market impact is unclear without price or ownership percentage context.

The filing documents a 4,211,701-share disposition alongside several substantial indirect positions, most notably 10,018,550 shares held via a limited partnership. The disclosure also records a trust acquisition of LLC membership interests related to KKR shares for $227,250.04. Because the filing provides no sale price or percentage of outstanding shares, it is not possible from this document alone to determine the transaction's effect on dilution, lock-up status, or insider liquidity. Investors should note the mix of direct and indirect ownership and the reporting person’s stated investment discretion over the partnership holdings.

Corporate Governance Expert

TL;DR: Transactions appear to be structured transfers to trusts and entities; disclosures include standard disclaimers about indirect ownership.

The report describes intra-family transfers of LLC membership interests that correspond to KKR shares and records the trust’s payment amount. The filing cites Rule 16a-1(a)(4) disclaimers, indicating the reporting person does not admit beneficial ownership of indirectly held securities beyond pecuniary interest. The presence of an attorney-in-fact signature indicates the filing was executed by a designee. From a governance perspective, the disclosure is procedurally complete, but the absence of price, percentage of class, and explicit transaction codes for each line reduces clarity about economic intent and potential insider liquidity events.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BAE JOSEPH Y

(Last) (First) (Middle)

C/O KKR & CO. INC.

30 HUDSON YARDS

(Street)

NEW YORK NY 10001

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KKR & Co. Inc. [ KKR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Co-Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/08/2025		J(1)		1,592	A	(1)	7,166	I	By Limited Liability Company
Common Stock								4,211,701	D
Common Stock								2,154,829	I	By Trusts
Common Stock								1,554,567	I	By Trust
Common Stock								10,018,550	I	See Footnote(2)
Common Stock								384,257	I	By Trusts

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reflects the acquisition by a trust for the benefit of certain of the Reporting Person's family members from certain of the Reporting Person's other family members of their limited liability company membership interests in a limited liability company holding shares of common stock of KKR & Co. Inc. The number reported reflects the number of shares held by the limited liability company that corresponds with the limited liability company membership interests transferred to the trust described above. In connection with the transfer to the trust described above, the trust paid the transferors an aggregate of $227,250.04.

2. These securities are held by a limited partnership, whose general partner is a limited liability company over which the Reporting Person has investment discretion.

Remarks:

Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended, the Reporting Person states that this filing shall not be an admission that the Reporting Person is the beneficial owner of any of the securities reported herein as indirectly owned, and the Reporting Person disclaims beneficial ownership of such securities except to the extent of the Reporting Person's pecuniary interest therein.

	/s/ Christopher Lee, Attorney-in-fact	08/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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FAQ

Who filed the Form 4 for KKR (KKR)?

The Form 4 was filed on behalf of Joseph Y. Bae, who is identified as Co-Chief Executive Officer and a Director of KKR & Co. Inc.

What transactions are reported on this Form 4 for KKR (KKR)?

The filing reports a reported disposition of 4,211,701 shares and transfers of LLC membership interests to a trust for family beneficiaries that correspond to KKR shares.

How much did the trust pay in connection with the transfers?

The trust paid an aggregate of $227,250.04 to the transferors in connection with the acquisition of the LLC membership interests.

What indirect holdings are disclosed in the filing?

Indirect holdings reported following the transactions include 2,154,829, 1,554,567, 10,018,550, and 384,257 shares held via trusts or a limited partnership.

Does the reporting person retain control or discretion over any holdings?

Yes; the filing states certain securities are held by a limited partnership whose general partner is an LLC over which the reporting person has investment discretion.

Does the filing clarify beneficial ownership of indirectly held securities?

The reporting person includes a disclaimer under Rule 16a-1(a)(4) that he does not admit beneficial ownership of indirectly held securities except to the extent of any pecuniary interest.