KKR 6.25% Series D Preferred shares offer 7.6% yield with downside protection and conversion in 2028.

KKR & Co. Inc.'s 6.25% Series D Mandatory Convertible Preferred shares remain a Buy due to their attractive 7.6% dividend yield, which is much higher than the 0.8% yield of KKR common stock. These preferred shares provide downside protection and convert mandatorily in March 2028, favoring patient investors as conversion benefits increase if KKR's stock price exceeds $120. The current pricing and dividend advantage make these preferred shares a superior alternative to long-dated call options on KKR common stock.