Oxidative MHAT hydrofunctionalization of alkenes provides a mild cobalt-catalyzed route to forming C-N and C-O bonds. Here, we characterize relevant salen-supported cobalt complexes and their reactions with alkenes, silanes, oxidant, and solvent. These stoichiometric investigations are complemented by kinetic studies of the catalytic reaction and catalyst speciation. We describe the solution characterization of an elusive cobalt(III) fluoride complex, which surprisingly is not the species that reacts with silane under catalytic conditions; rather, a cobalt(III) aquo complex is more active. Accordingly, the addition of water (0.15 M) speeds the catalytic reaction, and kinetic studies show that water addition enables catalytic product formation in 2 h at -50 °C in acetone. Under these conditions, cobalt(III) resting states can be observed by UV-vis spectrophotometry, including a cobalt(III)-alkyl complex. It comes from a transient cobalt(III) hydride complex that is formed in the turnover-limiting step of the catalytic cycle. This hydride readily degrades but not to H2; it releases H+ through a bimetallic pathway that explains the [Co]2 dependence of the off-cycle reaction. In contrast, the rate of the catalytic reaction follows the power law kobs[Co]1[silane]1. Because of the different [Co] dependence of the catalytic reaction and the degradation reaction, lower catalyst loading improves the yield of the catalytic reaction by reducing the relative rate of unproductive silane/oxidant consumption. These studies illuminate mechanistic details of oxidative MHAT hydrofunctionalization of alkenes and lay the groundwork for understanding other catalytic reactions mediated by cobalt hydride and cobalt alkyl complexes.