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KKR swings to loss amid market tumult

KKR & Co. said it swung to a third-quarter loss as many of its investments lost value in the period's tumultuous markets and it announced plans to change how it pays out profits to shareholders and buy back its own shares for the first time.

The New York firm on Tuesday reported a third-quarter loss of $190.6 million, or 42 cents a share, versus a profit of $89.9 million, or 21 cents, in the same period last year.

KKR's third-quarter economic net income was a loss of $286 million, or 37 cents a share, down from a gain of $419 million, or 50 cents a share, a year ago. The loss was steeper than Wall Street expected for the profitability measure, which includes unrealized gains as well as cash earnings. Analysts polled by Thomson Reuters anticipated a loss of 30 cents a share of economic net income.

The firm also said it had authorized...


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