Kohlberg Kravis Roberts & Co. L.P.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Kohlberg Kravis Roberts & Co. L.P. reported 13 stock positions worth $3.9 billion. Its top holding was Brightspring Health Services (BTSG) at 43.4% of the portfolio, followed by Henry Schein (HSIC, 21.2%) and Bridgebio Pharma (BBIO, 17.2%). Compared with Q4 2024, it opened 4 new positions, sold out of 1 and reduced 1. The biggest buy was a new position in Henry Schein (HSIC) and the biggest sale Bridgebio Pharma (BBIO, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001399770
- Portfolio Value
- $3.9B (Q1 2025)
- SEC Filing
- 0001463931-25-000006 ↗ filed May 15, 2025
Holdings Value
Holdings 13 stocks · $3.9B
| BTSG Brightspring Health Services | 43.37% | 92,959,984 | $1.7B | No change |
| HSIC Henry Schein Inc. | 21.23% | 12,016,714 | $823.0M | New |
| BBIO Bridgebio Pharma Inc. | 17.17% | 19,260,971 | $665.9M | Reduce -23.8% |
| BV Brightview Holdings Inc. | 11.02% | 33,133,123 | $427.1M | No change |
| KREF KKR Real Estate Finance Trus | 2.83% | 10,000,001 | $109.7M | No change |
| MSGS Madison Square Garden Sports | 1.53% | 305,068 | $59.4M | No change |
| BHC Bausch Health Cos Inc. | 0.87% | 5,235,000 | $33.9M | No change |
| DEC Diversified Energy Co. PLC | 0.62% | 1,897,013 | $23.9M | New |
| FSK FS KKR Capital Corp. | 0.53% | 980,587 | $20.5M | No change |
| NCLH Norwegian Cruise Line Holdin | 0.41% | 831,000 | $15.8M | New |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.20% | 72,232 | $7.9M | New |
| CRGY Crescent Energy Inc. Class A | 0.17% | 572,354 | $6.4M | No change |
| CHRS Coherus Oncology Inc. | 0.06% | 3,036,076 | $2.4M | No change |
Other holdings (62): bonds, preferreds, convertibles and warrants · $549.6M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | 140,726,400 | $136.9M | Add +37.9% |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | 136,208,000 | $128.8M | Reduce -9.9% |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | 95,464,000 | $88.9M | Reduce -1.5% |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | 25,215,000 | $25.1M | New |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | 22,535,000 | $19.0M | New |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 19,130,000 | $18.2M | Add +6.7% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 12,160,000 | $13.6M | Add +35.1% |
| ADVANCED ENERGY IND (AEIS 2.5 09/15/28) | NOTE 2.500% 9/1 · principal | 12,500,000 | $12.7M | No change |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | 10,868,000 | $8.7M | Reduce -4.1% |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | 8,000,000 | $8.4M | New |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | 7,880,000 | $7.4M | New |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | 6,500,000 | $6.3M | Reduce -18.8% |
| HEALTH CATALYST INC (HCAT 2.5 04/15/25) | NOTE 2.500% 4/1 · principal | 6,155,000 | $6.1M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | 6,395,000 | $6.1M | Reduce -52.3% |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | 5,608,000 | $5.6M | Add +211.6% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 5,918,000 | $5.5M | Reduce -80.2% |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | 3,500,000 | $4.5M | Reduce -41.7% |
| NOVOCURE LTD (NVCR 0 11/01/25) | NOTE 11/0 · principal | 3,851,000 | $3.7M | No change |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | 3,800,000 | $3.2M | New |
| SABRE GLBL INC (SABHLD 4 04/15/25) | NOTE 4.000% 4/1 · principal | 2,720,000 | $2.7M | No change |
| VAIL RESORTS INC (MTN 0 01/01/26) | NOTE 1/0 · principal | 2,706,000 | $2.6M | No change |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 2,857,000 | $2.5M | New |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | 2,763,000 | $2.4M | Reduce -73.7% |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 2,000,000 | $2.0M | New |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | 1,092,000 | $1.6M | Reduce -78.5% |
| ALPHATEC HOLDINGS INC (ATEC 0.75 08/01/26) | NOTE 0.750% 8/0 · principal | 1,574,000 | $1.6M | No change |
| MIRUM PHARMACEUTICALS (MIRM 4 05/01/29) | NOTE 4.000% 5/0 · principal | 894,000 | $1.5M | No change |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 1,205,000 | $1.4M | No change |
| BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) | NOTE 1.250% 5/1 · principal | 1,479,000 | $1.4M | No change |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 1,261,000 | $1.3M | New |
| GUARDANT HEALTH INC (GH 0 11/15/27) | NOTE 11/1 · principal | 1,380,000 | $1.2M | No change |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | 1,300,000 | $1.2M | New |
| PAGERDUTY INC. (PD 1.5 10/15/28 *) | NOTE 1.500%10/1 · principal | 1,162,000 | $1.2M | No change |
| JBT MAREL CORP (JBTM 0.25 05/15/26) | NOTE 0.250% 5/1 · principal | 1,100,000 | $1.1M | No change |
| LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) | NOTE 3.125% 1/1 · principal | 758,000 | $1.1M | No change |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 972,000 | $1.0M | No change |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | 874,000 | $876K | Reduce -41.0% |
| SABRE GLBL INC (SABHLD 7.32 08/01/26) | NOTE 7.320% 8/0 · principal | 800,000 | $854K | New |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | 826,000 | $847K | Reduce -11.8% |
| VENTAS REALTY LP (VTR 3.75 06/01/26) | NOTE 3.750% 6/0 · principal | 594,000 | $766K | No change |
| LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) | NOTE 2.625%12/1 · principal | 528,000 | $746K | No change |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | 735,000 | $736K | New |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | 754,000 | $714K | New |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 625,000 | $664K | New |
| SHOPIFY INC (SHOPCN 0.125 11/01/25) | NOTE 0.125%11/0 · principal | 645,000 | $648K | No change |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | 537,000 | $551K | Reduce -61.0% |
| CONFLUENT INC (CFLT 0 01/15/27) | NOTE 1/1 · principal | 587,000 | $543K | No change |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | 501,000 | $467K | Reduce -52.1% |
| NCL CORPORATION LTD (NCLH 5.375 08/01/25) | NOTE 5.375% 8/0 · principal | 365,000 | $416K | No change |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | 445,000 | $404K | New |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | 331,000 | $395K | Reduce -76.9% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 376,000 | $369K | Reduce -60.5% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 390,000 | $363K | Reduce -53.9% |
| DEXCOM INC (DXCM 0.375 05/15/28) | NOTE 0.375% 5/1 · principal | 375,000 | $336K | No change |
| PATRICK INDUSTRIES INC (PATK 1.75 12/01/28) | NOTE 1.750%12/0 · principal | 239,000 | $335K | No change |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 245,000 | $325K | New |
| IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) | NOTE 1.750% 6/1 · principal | 325,000 | $316K | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 325,000 | $311K | No change |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | 322,000 | $303K | New |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 277,000 | $266K | Reduce -90.6% |
| SEAGATE HDD CAYMAN (STX 3.5 06/01/28) | NOTE 3.500% 6/0 · principal | 220,000 | $265K | No change |
| INSMED INC (INSM 0.75 06/01/28) | NOTE 0.750% 6/0 · principal | 105,000 | $249K | No change |
Total filed on the 13F, all lines: $4.4B.
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
Notes & Other Activity Q4 2024 → Q1 2025
| NCL CORPORATION LTD (NCLH 1.125 02/15/27) | NOTE 1.125% 2/1 · principal | Add +37.9% | 140,726,400 | $136.9M |
| JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) | CONVERTIBLE BOND · principal | Reduce -9.9% | 136,208,000 | $128.8M |
| ANYWHERE RE GRP/REALOGY (HOUS 0.25 06/15/26) | NOTE 0.250% 6/1 · principal | Reduce -1.5% | 95,464,000 | $88.9M |
| MARRIOTT VACATION WORLDW (VAC 0 01/15/26) | NOTE 1/1 · principal | Sold out | 60,887,000 | $58.2Mbefore exit |
| AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25) | NOTE 0.125% 5/0 · principal | New | 25,215,000 | $25.1M |
| TECHTARGET HOLDINGS INC (TTGT 0 12/15/26) | NOTE 12/1 · principal | Sold out | 23,500,000 | $23.5Mbefore exit |
| IMMUNOCORE HOLDINGS (IMCR 2.5 02/01/30) | NOTE 2.500% 2/0 · principal | New | 22,535,000 | $19.0M |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | Add +6.7% | 19,130,000 | $18.2M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Add +35.1% | 12,160,000 | $13.6M |
| CABLE ONE INC (CABO 1.125 03/15/28) | NOTE 1.125% 3/1 · principal | Reduce -4.1% | 10,868,000 | $8.7M |
| FLUOR CORP (FLR 1.125 08/15/29) | NOTE 1.125% 8/1 · principal | New | 8,000,000 | $8.4M |
| LIVANOVA PLC (LIVN 2.5 03/15/29) | NOTE 2.500% 3/1 · principal | New | 7,880,000 | $7.4M |
| EVERGY INC (EVRG 4.5 12/15/27) | NOTE 4.500%12/1 · principal | Sold out | 6,000,000 | $6.5Mbefore exit |
| REPLIGEN CORP (RGEN 1 12/15/28) | NOTE 1.000%12/1 · principal | Reduce -18.8% | 6,500,000 | $6.3M |
| AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) | NOTE 1.125% 2/1 · principal | Reduce -52.3% | 6,395,000 | $6.1M |
| NUVASIVE INC (GMED 0.375 03/15/25) | NOTE 0.375% 3/1 · principal | Sold out | 5,803,000 | $5.8Mbefore exit |
| AIR TRANSPORT SERVICES G (ATSG 3.875 08/15/29) | NOTE 3.875% 8/1 · principal | Add +211.6% | 5,608,000 | $5.6M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Reduce -80.2% | 5,918,000 | $5.5M |
| HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) | NOTE 1.000% 8/1 · principal | Reduce -41.7% | 3,500,000 | $4.5M |
| CLOUDFLARE INC (NET 0 08/15/26) | NOTE 8/1 · principal | Sold out | 4,122,000 | $4.0Mbefore exit |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Sold out | 4,000,000 | $3.6Mbefore exit |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | Sold out | 3,456,000 | $3.3Mbefore exit |
| SNAP INC (SNAP 0.125 03/01/28) | NOTE 0.125% 3/0 · principal | New | 3,800,000 | $3.2M |
| HAEMONETICS CORP (HAE 0 03/01/26) | NOTE 3/0 · principal | Sold out | 3,163,000 | $3.0Mbefore exit |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | New | 2,857,000 | $2.5M |
| ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) | NOTE 0.500% 3/0 · principal | Reduce -73.7% | 2,763,000 | $2.4M |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | New | 2,000,000 | $2.0M |
| INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) | NOTE 2.125% 2/1 · principal | Reduce -78.5% | 1,092,000 | $1.6M |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | New | 1,261,000 | $1.3M |
| ENVISTA HOLDINGS CORP (NVST 1.75 08/15/28) | NOTE 1.750% 8/1 · principal | New | 1,300,000 | $1.2M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Sold out | 950,000 | $1.2Mbefore exit |
| LIVONGO HEALTH (TDOC 0.875 06/01/25) | NOTE 0.875% 6/0 · principal | Sold out | 905,000 | $887Kbefore exit |
| AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25) | NOTE 6.500% 7/0 · principal | Reduce -41.0% | 874,000 | $876K |
| SABRE GLBL INC (SABHLD 7.32 08/01/26) | NOTE 7.320% 8/0 · principal | New | 800,000 | $854K |
| AMERICAN WATER CAPITAL C (AWK 3.625 06/15/26) | NOTE 3.625% 6/1 · principal | Reduce -11.8% | 826,000 | $847K |
| PARSONS CORP (PSN 2.625 03/01/29) | NOTE 2.625% 3/0 · principal | New | 735,000 | $736K |
| GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) | NOTE 1.500% 3/0 · principal | New | 754,000 | $714K |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | New | 625,000 | $664K |
| IONIS PHARMACEUTICALS IN (IONS 0 04/01/26) | NOTE 4/0 · principal | Sold out | 580,000 | $561Kbefore exit |
| ENOVIS CORP (ENOV 3.875 10/15/28) | NOTE 3.875%10/1 · principal | Reduce -61.0% | 537,000 | $551K |
| WORKIVA INC (WK 1.25 08/15/28) | NOTE 1.250% 8/1 · principal | Reduce -52.1% | 501,000 | $467K |
| BENTLEY SYSTEMS (BSY 0.375 07/01/27) | NOTE 0.375% 7/0 · principal | New | 445,000 | $404K |
| POST HOLDINGS INC (POST 2.5 08/15/27) | NOTE 2.500% 8/1 · principal | Reduce -76.9% | 331,000 | $395K |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | Sold out | 400,000 | $372Kbefore exit |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -60.5% | 376,000 | $369K |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | Reduce -53.9% | 390,000 | $363K |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | New | 245,000 | $325K |
| TANDEM DIABETES CARE INC (TNDM 1.5 03/15/29 2024) | NOTE 1.500% 3/1 · principal | New | 322,000 | $303K |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | Reduce -90.6% | 277,000 | $266K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 16 | $5.5B | BTSG, HSIC, BBIO, BV, CRGY |
| Q1 2026 | 14 | $5.1B | BTSG, HSIC, BBIO, CRGY, NIQ |
| Q4 2025 | 14 | $5.9B | BTSG, HSIC, BBIO, NIQ, BV |
| Q3 2025 | 16 | $5.6B | BTSG, HSIC, BBIO, NIQ, PSKY |
| Q2 2025 | 13 | $4.4B | BTSG, HSIC, BBIO, BV, CRGY |
| Q1 2025 | 13 | $3.9B | BTSG, HSIC, BBIO, BV, KREF |
| Q4 2024 | 10 | $3.1B | BTSG, BBIO, BV, KREF, DASH |
| Q3 2024 | 13 | $6.8B | OS, BTSG, BBIO, BV, PGRU |
| Q2 2024 | 14 | $2.7B | BTSG, BBIO, BV, PGRU, KREF |
| Q1 2024 | 15 | $3.3B | BBIO, BTSG, BV, PGRU, TGAN |