KKR and GCM Grosvenor Post Record Quarters as Berkshire Buys Back $9.6 Billion
KKR reported record earnings for a second straight quarter and expects to return more than $40 billion to clients in 2026. Virtus went the other way, with $6.1 billion in net outflows.
- KKR reported record fee related earnings, total operating earnings and adjusted net income per share for the third quarter of 2026, the second consecutive quarter of records on both a quarterly and trailing twelve-month basis, with GAAP net income of $1.1 billion for the quarter and $2.1 billion year to date. Self-reported m:…9223
- KKR expects to return more than $40 billion to clients in 2026. Self-reported m:…9223
- GCM Grosvenor reported GAAP net income up 17 percent, fee-related earnings up 15 percent and adjusted net income up 20 percent year over year, manages about $98 billion in assets, approved a $0.12 per share dividend payable December 15, 2026, and has $54.1 million left under its share repurchase authorization. Self-reported m:…1235
- Berkshire Hathaway reported third-quarter operating earnings of $12,705 million and net earnings attributable to shareholders of $22,112 million, acquired about $9.6 billion in treasury shares in the quarter and $14.4 billion in the first nine months, and held insurance float of about $178.5 billion at September 30, 2026. Self-reported m:…2021
- Virtus Investment Partners had net outflows of $6.1 billion in the quarter, concentrated in quality-oriented equity strategies, while ETFs and tender offer funds generated positive net flows; assets under management were $141.4 billion at September 30, 2026, with GAAP diluted earnings per share of $3.26 and adjusted diluted earnings per share of $5.86. Self-reported m:…1325
A record quarter, twice over
KKR & Co. reported record fee related earnings, total operating earnings and adjusted net income per share for the third quarter of 2026, the filing says, the second consecutive quarter of records on both a quarterly and trailing twelve-month basis. GAAP net income attributable to common stockholders was $1.1 billion for the quarter and $2.1 billion for the first nine months of the year. The firm expects to return more than $40 billion to clients in 2026, the filing says. KKR held a conference call to discuss the results on November 9, 2026, at 10:00 a.m. ET. m:…9223
GCM Grosvenor reported double-digit growth on every profitability measure the filing highlights: GAAP net income up 17 percent, fee-related earnings up 15 percent and adjusted net income up 20 percent, all year over year. The firm manages about $98 billion in assets. Its board approved a dividend of $0.12 per share, payable December 15, 2026, to shareholders of record on December 1, and $54.1 million remained available under its $255.0 million share repurchase authorization as of September 30, 2026. m:…1235
Berkshire keeps buying itself
Berkshire Hathaway reported third-quarter operating earnings of $12,705 million and net earnings attributable to shareholders of $22,112 million, the filing says. The company acquired about $9.6 billion of treasury shares in the quarter, bringing the nine-month total to about $14.4 billion, and its insurance float stood at about $178.5 billion at September 30, 2026. BNSF reported operating earnings of $1,729 million for the quarter and Berkshire Hathaway Energy $1,612 million. Management cautions in the filing that investment gains or losses in any given quarter are usually meaningless for assessing business performance, and that the resulting net earnings per share figures can be extremely misleading to investors. m:…2021
For the first nine months of 2026, Berkshire reported operating earnings of $37,034 million and net earnings attributable to shareholders of $57,885 million, the filing says. The nine-month buyback total of about $14.4 billion means the third quarter's $9.6 billion accounted for roughly two-thirds of the year's repurchases so far. m:…2021
Virtus goes the other way
Virtus Investment Partners reported the opposite picture. The company had net outflows of $6.1 billion in the quarter, the filing says, concentrated in quality-oriented equity strategies, though ETFs and tender offer funds generated positive net flows. Total assets under management were $141.4 billion at September 30, 2026, after net outflows of $6.1 billion in the quarter. GAAP diluted earnings per share were $3.26 and adjusted diluted earnings per share $5.86. Total sales were $4.3 billion, GAAP operating income was $34.3 million. m:…1325
The split is the story. Two alternative managers reported records and are returning capital, Berkshire bought back stock at a $9.6 billion quarterly pace, and Virtus lost assets in its quality-oriented equity strategies. What the filings do not answer is whether Virtus's outflows slow, or whether KKR's pace of client returns holds into next year. GCM Grosvenor manages approximately $98 billion in assets across various alternative investment strategies, and Berkshire's insurance float stood at about $178.5 billion at September 30, 2026. KKR expects to return more than $40 billion to clients in 2026. m:…9223 m:…1325 m:…2021 m:…1235
What is still unresolved
- Whether Virtus's net outflows slow in the fourth quarter
- Whether KKR's pace of client capital returns holds into 2027
- How Berkshire's buyback pace changes after a $14.4 billion nine-month total
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