# KKR CAPITAL MARKETS LLC X-17A-5 (2026-03-02) — Broker-dealer annual report

- Company: KKR CAPITAL MARKETS LLC
- Form: X-17A-5
- Filed: 2026-03-02
- Period: 2025-12-31
- Accession: 0001393338-26-000003
- CIK: 1393338
- File #: 8-67578
- Type: Broker-dealer
- Material weakness: No
- Auditor: DELOITTE & TOUCHE LLP
- Auditor location: New York, NY
- Contact: JOHN KNOX
- Phone: 212-659-2022
- Email: john.knox@kkr.com
- Website: kkr.com
- Signed by: JOHN KNOX (CFO)

Original filing: https://www.sec.gov/Archives/edgar/data/1393338/000139333826000003/kcm_public122025.pdf

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

0MB APPROVAL 0 MB Number: 3235--0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

# **ANNUAL REPORTS FORM X-17A-5 PART Ill**

| SEC FIL£ NUMBER |  |
|-----------------|--|
| 8-67578         |  |

| FACING PAGE<br>Information Required Pursuant to Rules 17a-5, 17a-12, and lSa-7 under the Securities Exchange Act of 1934                                                                                                |                                                                        |    |                 |                   |  |  |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------|----|-----------------|-------------------|--|--|
| ----------<br>-----------<br>01/01/25<br>12/31/25                                                                                                                                                                       |                                                                        |    |                 |                   |  |  |
| FILING FOR THE PERIOD BEGINNING<br>AND ENDING<br>MM/DD/YY                                                                                                                                                               |                                                                        |    | MM/DD/YY        |                   |  |  |
|                                                                                                                                                                                                                         | A. REGISTRANT IDENTIFICATION                                           |    |                 |                   |  |  |
| NAME OF FIRM:                                                                                                                                                                                                           | ____________________________<br>KKR Capital Markets LLC<br>_           |    |                 |                   |  |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>□ Major security-based sw<br>□ Security-based swap dealer<br>ap participant<br>□ Broker-dealer<br>■<br>□ Check here if respondent is also an OTC derivatives dealer |                                                                        |    |                 |                   |  |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                                                                                                                     |                                                                        |    |                 |                   |  |  |
| 30 Hudson Yards                                                                                                                                                                                                         |                                                                        |    |                 |                   |  |  |
|                                                                                                                                                                                                                         | (No. and Street)                                                       |    |                 |                   |  |  |
| New York                                                                                                                                                                                                                | NY                                                                     |    |                 | 10001             |  |  |
| (City)                                                                                                                                                                                                                  | (State)                                                                |    |                 | (Zip Code)        |  |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                                                                                                            |                                                                        |    |                 |                   |  |  |
| John Knox                                                                                                                                                                                                               | 212-659-2022                                                           |    |                 | John.Knox@KKR.com |  |  |
| (Name)                                                                                                                                                                                                                  | (Area Code - Telephone Number)                                         |    | (Email Address) |                   |  |  |
|                                                                                                                                                                                                                         | B. ACCOUNTANT IDENTIFICATION                                           |    |                 |                   |  |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>Deloitte & Touche LLP                                                                                                                      |                                                                        |    |                 |                   |  |  |
| 30 Rockefeller Plaza                                                                                                                                                                                                    | (Name - if individual, state last, first, and middle name)<br>New York |    | NY              | 10112             |  |  |
| (Address)                                                                                                                                                                                                               | (City)                                                                 |    | (State)         | (Zip Code)        |  |  |
| 10/20/03                                                                                                                                                                                                                |                                                                        | 34 |                 |                   |  |  |
|                                                                                                                                                                                                                         | FOR OFFICIAL USE ONLY                                                  |    |                 |                   |  |  |

\* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-S(e)(l)(ii), if applicable.

**Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.** 

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KKR CAPITAL MARKETS LLC (A wholly owned subsidiary of KKR Capital Markets Holdings L.P.) (SEC I.D. No. 8-67578)

# STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2025 AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Filed pursuant to Rule 17a-5(e)(3) under the Securities Exchange Act of 1934 as a Public Document.

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# Deloitte.

#### Deloitte& Touche LLP

30 Rockefeller Plaza New York, NY ϭϬϭϭϮ USA

Tel: н1 212 492 4000 Fax: н1 212 489 1687 www.deloitte.com

# **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Member of KKR Capital Markets LLC

## **Opinion on the Financial Statement**

We have audited the accompanying statement of financial condition of KKR Capital Markets LLC (the "Company") as of December 31, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

## **Basis for Opinion**

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on this financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit of the financial statement provides a reasonable basis for our opinion.

0DUFK, 2026

We have served as the Company's auditor since 2007.

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| 1C81>431C85AE9F1<5>DC                                             | <br><br><br> |
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| +I>4931D9?>655CB5359F12<5                                         | <br><br><br> |
| E56B?=1669<91D5C                                                  | <br><br><br> |
| )B5@1945H@5>C5C1>4?D85B1CC5DC                                     | <br><br><br> |
| E56B?=3<51B9>72B?;5B                                              | <br><br>     |
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| ">3?=5D1H5C@1I12<5                                                | <br><br>     |
| 33?E>DC@1I12<51>4133BE545H@5>C5C                                  | <br><br><br> |
| E5D?1669<91D5C                                                    | <br><br><br> |
| ,?D1<<9129<9D95C                                                  | <br><br><br> |
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| ?==9D=5>DC1>43?>D9>75>395C+55'?D5                                 |              |
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| &5=25BC5AE9DI                                                     | <br><br><br> |
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# KKR CAPITAL MARKETS LLC

# NOTES TO THE STATEMENT OF FINANCIAL CONDITION AS OF DECEMBER 31, 2025

# 1. Organization and Business

KKR Capital Markets LLC (the "Company"), a wholly owned subsidiary of KKR Capital Markets Holdings L.P. (the "Parent" or "KCMH"), is a limited liability company that was formed under the laws of Delaware. The Company is an indirect subsidiary of Kohlberg Kravis Roberts & Co. L.P. and KKR & Co. Inc. ("KKR").

The Company is a registered broker with the Securities and Exchange Commission (the "SEC") and a member of the Financial Industry Regulatory Authority ("FINRA"). The Company's primary operations are to provide capital markets, advisory and underwriting services to companies in which KKR's affiliated private equity funds take a controlling or other equity interest, where they are seeking to raise capital through the public or private capital markets primarily in North America, Europe and Asia. The Company also provides similar services to third party entities.

# 2. Summary of Significant Accounting Policies

# Basis of presentation

The Statement of Financial Condition is prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Statement of Financial Condition. Actual results could differ materially from these estimates.

The Company has identified its Chief Executive Officer as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business and to manage the Company's operations constitute a single operating segment and therefore, a single reportable segment, because the CODM manages the business activities using information of the Company as a whole. The financial information provided to and reviewed by the CODM, including the measure of segment assets, is presented within the Company's financial statement.

## Cash and cash equivalents

Generally, the Company considers liquid short-term investments, including money market funds with original maturities of three months or less when purchased, to be cash equivalents. Cash and cash equivalents are held by seven financial institutions and are subject to the credit risk of each respective financial institution. The Company has not experienced any losses and does not believe there to be any significant credit risk with respect to these balances.

The Company's cash equivalents are measured at fair value on a recurring basis based on the quoted Net Asset Value ("NAV") of the respective open-end registered money market funds. Such money market funds total \$152,435,845, and are included in Cash equivalents in the accompanying Statement of Financial Condition.

## Syndication fees receivable

Syndication fees receivable, presented in the accompanying Statement of Financial Condition, presents investment banking revenue net of related estimated syndicate deal expenses and net of an allowance for credit losses, if applicable. The allowance for credit lossed on the Company's expectation of the collectability of fees receivable utilizing the current expected credit loss framework. The Company considers factors such as historical experience, credit quality, age of balances and current and future economic conditions that may affect the Company's expectation of the collectability in determining the allowance for credit losses. Based on the

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