KKR & Co. Inc. (KKR) Business

ITEM 1.  BUSINESS

Overview

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance

solutions. We aim to generate attractive investment returns by following a patient and disciplined investment approach,

employing world-class people, and supporting growth in our portfolio companies and communities.

Founded in 1976, KKR pioneered the leveraged buyout strategy and has been a leader of the private equity industry for

five decades. Since the inception of our firm, we have expanded our investment strategies and product offerings from

traditional private equity to other alternative asset classes such as leveraged credit, alternative credit, infrastructure, real

estate, energy, growth equity, and core private equity. Over the same period, we scaled from being a U.S.-focused firm to a

global operation with 36 offices around the world as of December 31, 2025. Our business further expanded with the

acquisition of Global Atlantic in 2021, which today conducts our insurance business providing retirement and life insurance

solutions. As of December 31, 2025, we managed $744 billion of assets under management, of which $219 billion comes from

Global Atlantic.

Note: The employee and office metrics exclude approximately 800 additional employees who sit within a subsidiary organization and who are located at other

offices. See the “Human Capital” section for more information.

We have a pre-eminent global integrated platform for sourcing and originating investments, raising capital, and carrying

out capital markets activities. Our experienced and diverse team of approximately 4,200 employees across asset management

and insurance, together with an additional approximately 800 employees across our subsidiary organizations, seek to work

proactively and collaboratively across business lines, departments, and geographies to achieve what we believe are the best

investment results for our clients.

We have multi-lingual and multi-cultural investment teams with local market knowledge and significant business,

investment, and operational experience in the countries in which we invest. We believe that our global capabilities and one-

firm philosophy have been critical to our success, enabling us to raise substantial capital, realize a greater number of

investment opportunities, assist our portfolio companies in their increasing reliance on global markets and sourcing, and

diversify our business and operations. Building on these efforts and leveraging both our industry expertise and intellectual

capital has also allowed us to capitalize on a broader range of the opportunities we source.

Our three reporting segments align with the KKR business model:

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Our business model of (i) Asset Management, (ii) Insurance, and (iii) Strategic Holdings corresponds to our three reporting

segments. We have purposely created a business model that we believe enables us to grow long-term, durable, recurring

earnings with a focus on large addressable markets where we can be an industry leader. Importantly, these pieces were built

to leverage our core strengths as a firm: investing acumen, capital allocation expertise and our collaborative culture.

Business Segments

Asset Management

In Asset Management, we have five business lines: (i) Private Equity, (ii) Real Assets, (iii) Credit and Liquid Strategies, (iv)

Capital Markets, and (v) Principal Activities.

Our Assets Under Management have grown and diversified in the last 15 years across Private Equity, Real Assets, and

Credit and Liquid Strategies as illustrated on the following chart. KKR has evolved from a relatively US-centric and traditional

private equity firm to a global alternative asset manager. As of December 31, 2010, our traditional Private Equity strategy

represented over 70% of our total AUM. As of December 31, 2025, traditional Private Equity was less than 25% of our total

AUM.

Assets Under Management ($ in billions):

Liquid Strategies

Alternative Credit

Credit and Liquid

Strategies

$322

+18%

CAGR

Leveraged Credit

Real Estate

Real Assets

$192

Infrastructure &

Energy

Growth Equity

Core Private Equity

Private Equity

$229

Traditional Private

Equity

As an asset management firm, we earn recurring management fees and fee-related performance revenues for providing

investment management services and expertise to our institutional and individual investors who entrust us with their capital.

The amount of fees we charge for managing these assets depends on the underlying investment strategy, liquidity profile, and

ultimately our ability to generate attractive investment returns for our clients.

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$4.1 billion

We earn transaction fees for providing capital markets services as a broker-dealer, and we also earn transaction and

monitoring fees as part of the management of our portfolio companies.

Carried interest that we receive from our investment vehicles entitles us to a specified percentage of investment gains

that are generated on third-party capital that is invested. We earn investment income by investing our own capital alongside

investors in our funds and other investment vehicles and from other assets we own on our balance sheet.

Operating expenses, which include occupancy expenses and other typical operating expenses, are shared across a single

expense pool given the collaborative nature of our five business lines within Asset Management.

Our investment teams have deep industry knowledge and can utilize a substantial and diversified capital base; an

integrated global investment platform; the expertise of operating professionals and advisors; and a worldwide network of

business relationships that provide a significant source of investment opportunities, specialized knowledge for due diligence,

and substantial resources for creating value for stakeholders. These teams invest capital, much of which is long duration,

which provides us with significant flexibility to grow investments and be selective with exit opportunities. As of December 31,

2025, approximately 92% of our AUM consists of capital that has a duration of at least eight years at inception or longer,

including what we refer to as perpetual capital. Perpetual capital has an indefinite term with no predetermined requirement

to return invested capital to investors upon the realization of investments. This perpetual AUM, which is a sizable portion of

our total AUM, includes investment vehicles registered under the Investment Company Act of 1940 (the "Investment

Company Act"), certain unregistered investment vehicles offered to individual investors (such as our K-Series vehicles), and

listed companies like Crescent Energy Company (NYSE: CRGY) (“Crescent Energy”), as well as our Global Atlantic AUM. We

believe that these aspects of our business help us continue to grow our asset management business and deliver strong

investment performance in a variety of economic and market conditions.

Since our inception, one of our fundamental investment philosophies has been to align the interests of the firm and our

employees with the interests of our fund investors, portfolio companies, and other stakeholders. We achieve this by putting

our own capital behind our ideas. As of December 31, 2025, we and our employees and other personnel have approximately

$30 billion invested in or committed to our own funds and portfolio companies, including approximately $15 billion of capital

funded from our balance sheet, $10 billion of additional capital committed by our balance sheet to our investment funds and

other investment vehicles, $4 billion funded from personal investments, and $1 billion of additional capital commitments

from personal investments.

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Private Equity

Our Private Equity business line represents $229 billion of AUM and $151 billion of FPAUM as of December 31, 2025,

across traditional private equity, core private equity, and growth equity. These strategies invest capital for long-term capital

appreciation, either through controlling ownership of a company or strategic non-controlling minority positions. Our private

equity investment vehicles focus on a specific region – North America, EMEA, or Asia Pacific – or invest across regions.

Our Private Equity business line consists of the following strategies:

Traditional Private Equity typically targets investments where we acquire control or significant influence over companies,

and may include management buyouts, public-to-private transactions, or corporate carve-outs. This includes a dedicated

strategy that targets investments in middle market companies. Our traditional private equity funds invest by specific

geography: North America, Europe, and Asia Pacific. As of December 31, 2025, traditional private equity AUM totals

$167 billion.

Core Private Equity typically targets investments in companies with a longer holding period and a lower anticipated risk

profile than traditional private equity investments. Core private equity investments are made in companies that we believe

are more stable and less cyclical and typically have lower average leverage over the investment holding period compared to

those in our traditional private equity funds. Our core private equity vehicles invest globally. As of December 31, 2025, core

private equity AUM totals $41 billion.

Growth Equity typically targets investments in companies that are earlier in their life cycle than would be typical for a

traditional private equity investment. Our growth equity funds invest across three distinct strategies: (i) technology, investing

across a variety of sub-sectors including application software, infrastructure software, cybersecurity, financial technology, and

consumer internet; (ii) health care, targeting various sub-sectors, including biopharmaceuticals, medical devices, diagnostics,

life science tools, health care information technology, and other services; and (iii) impact, investing globally in companies that

contribute toward one or more of the United Nations Sustainable Development Goals where financial performance and

societal impact are intrinsically linked.  As of December 31, 2025, growth equity AUM totals $21 billion.

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Real Assets

Our Real Assets business line represents $192 billion of AUM and $163 billion of FPAUM as of December 31, 2025, across

infrastructure, real estate and energy. These strategies invest capital for long-term capital appreciation, current income

generation, or both. Our real assets investment vehicles focus on a specific region – North America, EMEA, or Asia Pacific – or

invest across regions.

Our Real Assets business line consists of the following strategies:

Infrastructure seeks investment opportunities in existing assets and businesses that we believe are critical to the

functioning of the economy. Through this platform we have made investments around the world in sectors such as power and

utilities, energy, midstream, energy transition, transportation, asset leasing, water and wastewater, telecommunications

infrastructure, and social infrastructure. Over the past five years, our infrastructure business has scaled considerably with

AUM having increased from $17 billion as of December 31, 2020 to $100 billion as of December 31, 2025. Infrastructure

includes three sub-strategies listed below.

•Core+ infrastructure seeks to generate attractive risk-adjusted returns with low volatility and downside protection by

investing in infrastructure assets and businesses based in two geographic areas: (i) North America and Western

Europe and (ii) Asia Pacific.

•Core infrastructure focuses on investments with predominantly contracted or regulated cash flows in securities,

properties, and other assets primarily in North America and Western Europe.

•Climate Transition invests in infrastructure solutions to support energy transition globally.

Real Estate seeks real estate and real estate-related investment opportunities, including the ownership of commercial

and residential real estate or entities where the primary value resides in real property. We aim to be a global solutions

provider across the capital structure in the real estate industry around the world by partnering with real estate owners,

lenders, operators, and developers to provide flexible capital to respond to transaction-specific needs. We provide solutions

for residential, commercial and industrial assets. As of December 31, 2025, real estate AUM totals $86 billion, with detail on

the two sub-strategies listed below.

•Real estate credit lends across the risk return spectrum of investments secured by or relating to real property,

including senior mortgage loans, mezzanine loans and mortgage-backed securities in North America and Europe. As

of December 31, 2025, real estate credit AUM totals $45 billion.

•Real estate equity seeks core, core+ and opportunistic real estate investment opportunities by geography: North

America, Europe and Asia Pacific. As of December 31, 2025, real estate equity AUM totals $41 billion. This includes

$12 billion from the management of two publicly listed Japanese REITs through our subsidiary, KJRM.

Energy focuses primarily on the acquisition, development and operation of oil and natural gas properties in the United

States through our management of Crescent Energy, a publicly listed energy company. Energy AUM totals $6 billion as of

December 31, 2025.

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Credit and Liquid Strategies

Our Credit and Liquid Strategies business line represents $322 billion of AUM and $289 billion of FPAUM as of December

31, 2025, across leveraged credit, alternative credit, and our hedge fund platform.

Credit invests capital globally across North America, Europe, and Asia Pacific in a broad range of corporate debt and

collateral-backed investments in diverse sectors. Our Credit strategies consist of the following components, which in

aggregate total $288 billion of AUM as of December 31, 2025:

Leveraged Credit strategies seek to invest globally in assets such as leveraged loans, high yield and investment grade

bonds, and certain structured products such as CLOs. Within leveraged credit, we manage both single-asset class and multi-

asset class pools of capital. As of December 31, 2025, leveraged credit AUM totals $145 billion.

Alternative Credit consists of our private credit strategies and investments overseen by our credit platform’s strategic

investments group strategy. Private Credit consists of asset-based finance (or “ABF”) and corporate credit. Across these

strategies, we provide financing and capital solutions to high-quality corporates and asset owners around the world, spanning

both investment grade and non-investment grade opportunities. The alternative credit sub-strategies are detailed below.

•Asset-based finance focuses on multi-sector investments secured by portfolios of financial assets including consumer

and mortgage finance, commercial finance, contractual cash flows, and loans backed by hard assets across the risk-

return spectrum. We source and structure ABF investments through a combination of 20 captive origination

platforms, portfolio acquisitions and structured investments, which together create a diverse sourcing engine for ABF

deployment across both our high grade and opportunistic ABF strategies. ABF AUM has grown from $7 billion as of

December 31, 2020 to $85 billion as of December 31, 2025.

•Corporate credit focuses on directly originated private financing across the capital structure. Historically referred to

as direct lending, its scope has expanded alongside market evolution into corporate private credit encompassing

senior-secured and junior debt, as well as investment grade financings. Corporate credit AUM totals $50 billion as of

December 31, 2025.

•SIG provides partnership capital solutions to high quality mid-to-large cap companies, typically in situations requiring

customized financing or strategic capital support. These investment opportunities may include senior and junior

debt, preferred equity, convertible debt and structured equity. SIG AUM totals $8 billion as of December 31, 2025.

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Liquid strategies, which is our hedge fund platform, consists of strategic partnerships with third-party hedge fund

managers in which KKR owns a minority stake. This principally consists of a 39.6% interest in Marshall Wace LLP, a global

alternative investment manager specializing in long/short equity products. We only report a pro-rata portion of the assets

under management of our hedge fund partnerships based on our percentage ownership in them. Liquid Strategies AUM totals

$34 billion as of December 31, 2025.

Capital Markets

Our Capital Markets business line is comprised of our global, but locally operated, capital markets business, which is

integrated with KKR’s asset management business, and serves our firm, including our portfolio companies, our insurance

business, and third-party customers by developing and implementing both traditional and non-traditional capital solutions for

investments and companies seeking financing. These services include arranging debt and equity financing, placing and

underwriting securities offerings, and providing other types of capital markets services that result in the firm receiving fees.

Our capital markets business underwrites credit facilities and arranges loan syndications and participations. When we are sole

or lead arrangers of a credit facility, we may advance amounts to the borrower on behalf of other lenders, subject to

repayment. When we underwrite an offering of securities on a firm commitment basis, we commit to buy and sell an issue of

securities and generate revenue by purchasing the securities at a discount or for a fee. When we act in an agency capacity or

best efforts basis, we generate revenue for arranging financing or placing securities with capital markets investors. We may

also provide issuers with capital markets advice on capital structuring, access to markets, marketing considerations, securities

pricing, and other aspects of capital markets transactions in exchange for a fee.

Our capital markets business also provides syndication services for co-investments in transactions participated in by KKR,

our investment vehicles, Global Atlantic, and third-party clients, which may entitle the firm to receive transaction fees,

management fees, and a carried interest. Third-party clients of our capital markets business include multi-national

corporations, public and private companies, financial sponsors, mutual funds, pension funds, sovereign wealth funds, and

hedge funds globally. Our capital markets business provides these clients with tailored financing solutions and differentiated

access to capital through our distribution platform.

Capital markets transaction fees are generated across multiple geographies and are diversified by source. Data presented

for the year ended December 31, 2025.

$930 million

$930 million

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Capital markets transaction fees ($ in millions) have grown substantially over time:

$757

$490

$184

Reflects the average capital markets transaction fees of the periods represented.

Principal Activities

Through our Principal Activities business line, we manage our firm’s asset management balance sheet. To create

alignment with our clients, we deploy our capital alongside their commitments to the investment vehicles we manage across

our Private Equity, Real Assets, and Credit and Liquid Strategies business lines. While it is typically a contractual requirement

that we, as the general partner of the funds we manage, make capital commitments to our funds, we believe making general

partner commitments also demonstrates our conviction in a given fund’s strategy. Our commitments to fund capital also

occur where we are the holder of the subordinated notes or the equity tranche of investment vehicles that we sponsor,

including structured transactions.

Over the last five years we have evolved our approach to the Principal Activities business line. While we continue to

deploy capital alongside our clients, the magnitude of our commitments has declined given both the successful scaling of our

investment vehicles, and therefore our business lines, and our decision to deploy capital from retained earnings into other

areas. See “Capital Allocation” section for more details.

The Investment Income generated in Principal Activities begins with our commitments to investment vehicles at their

outset. As those vehicles’ investments mature and are realized, they generate gains, losses, and interest and dividend income.

The deployment of capital alongside our clients this year is expected to create investment income multiple years from now.

We also use our own capital to bridge capital needs of our funds, to finance strategic asset management transactions,

and for underwriting purposes in our capital markets business line, although some or all of the financial results of these

actions may be reported in our other business lines. We may also make opportunistic investments through our Principal

Activities business line, which include co-investments alongside our Private Equity, Real Assets, and Credit funds, as well as

Principal Activities investments that do not involve those funds.

Investment Process

We maintain a rigorous investment process across all our investment strategies. Each investment vehicle has investment

policies and procedures that generally contain requirements, guidelines, and limitations for investments, such as limitations

relating to the amount that will be invested in any one investment and the types of assets, industries or geographic regions in

which the vehicle will invest. Our investment professionals are responsible for identifying, evaluating, underwriting,

diligencing, negotiating, executing, managing and exiting investments. Our investment committees, or similar committees,

review and evaluate investment opportunities using frameworks that are designed to include qualitative and quantitative

assessments of the key investment risks. Our investment professionals also have access to many advisors to assist them in this

process, including outside accountants, consultants, lawyers, investment banks, and industry experts.

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Our approach to investing focuses on achieving multiples of invested capital and attractive risk-adjusted internal rates of

return (“IRRs”) by selecting high-quality investments that we believe are attractive in price, applying rigorous standards of due

diligence when making investment decisions, implementing strategic and operational changes that drive growth and value

creation in acquired businesses depending on the asset class, carefully monitoring investments, and making informed

decisions when developing investment exit strategies.

We have developed a global network of experienced managers and operating professionals who can assist our portfolio

companies in making operational improvements and achieving growth. We augment these resources with operational

guidance from our operating professionals at KKR Capstone, executive advisors, senior advisors, industry experts, and other

advisors. In addition to leveraging the resources of the firm, our infrastructure, real estate, and energy investment teams

typically partner with technical experts and operators to manage our Real Assets investments.

Investment Vehicle Structures, Fee Arrangements and Carried Interest

Many investment funds that we sponsor and manage as the general partner have finite lives and investment periods.

These funds, called drawdown funds, typically receive commitments from our investors, known as limited partners, that are

drawn down over time. We also manage open-ended or evergreen investment vehicles that do not have a fixed termination

date. The following is a general description of our investment fund and vehicle lives.

•The terms of our drawdown private equity funds are typically 10 to 12 years from the date of the fund's first or last

investment, subject to a limited number of extensions with the consent of the limited partners. Our drawdown funds

for other asset classes have similar extension terms. The investment period for drawdown private equity funds

generally lasts up to six years depending on how quickly capital is deployed. The life of our core private equity funds

generally lasts for up to 25 years from the date of the first investment.

•Our infrastructure and real estate drawdown funds generally have investment periods of up to six years and

generally have a fund term of 10 to 13 years.

•The term of our drawdown credit funds generally lasts for 8 to 10 years and may last up to 12 years. The investment

period generally lasts four to five years depending on deployment pace.

•Open-ended or evergreen vehicles such as core infrastructure, core+ real estate, evergreen direct lending and the K-

Series vehicles do not have a fixed termination date.

The following is a general description of the management fees we earn. Management fees are generally based on an

annual rate but typically payable on a monthly or quarterly basis.

•Management fees for our drawdown private equity funds generally range from 1.0% to 2.0% of committed capital

during the fund's investment period and are generally 0.75% to 1.50% of invested capital after the expiration of the

fund's investment period, which causes these fees to be subsequently reduced as investments are liquidated.

•Management fees for drawdown infrastructure and real estate funds generally range from 0.75% to 1.50% and are

typically charged on committed capital during the investment period and on invested capital thereafter.

•Management fees for drawdown credit funds generally range from 0.85% to 1.50% of invested capital and vary

depending on the strategy and targeted return.

•Management fees for CLOs typically range from 0.4% to 0.5% based on asset value. Other leveraged credit

management fees typically range from 0.4% to 0.8%.

•Open-ended or evergreen vehicles such as core infrastructure, core+ real estate, evergreen direct lending and the K-

Series vehicles generally have management fees ranging from 0.50% to 1.25% of gross or net asset value, or equity

value.

We also enter into monitoring agreements with our portfolio companies pursuant to which we receive periodic

monitoring fees in exchange for providing them with management, consulting, and other services. Monitoring agreements

may provide for a termination payment following an initial public offering or change of control, if certain criteria are satisfied.

We also typically receive transaction fees for providing portfolio companies with financial, advisory, and other services in

connection with specific transactions. In some cases, we may be entitled to break-up or other fees that are paid when a

potential investment is not consummated. Since 2014, our fund agreements typically require us to share 100% of any

monitoring, transaction, and break-up fees that are allocable to a fund (after reduction for “broken deal” expenses) with fund

investors, therefore these types of fees, when generated, are uniquely driven by co-investment opportunities.

KKR receives a performance participation allocation from many of our open-ended or evergreen vehicles subject to a

preferred return and a high-water mark. These fees are known as Fee Related Performance Revenues.

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KKR is generally entitled to a carried interest that allocates 10 to 20% of the net profits realized by the limited partners

from the fund’s investments depending on the asset class. For most carry funds, the carried interest is subject to a preferred

return or hurdle generally ranging from 6 to 8%, subject to a catch-up allocation to us as the general partner. The timing of

receipt of carried interest is dictated by multiple factors including, but not limited to: (i) a realization event has occurred, (ii)

the fund has achieved positive overall investment returns since its inception, in excess of performance hurdles where

applicable, and (iii) with respect to investments with a fair value below cost, cost has been returned to fund investors in an

amount sufficient to reduce remaining cost to the investments' fair value.

For a fund that has an overall fair value above cost, and may otherwise be accruing carried interest, but has one or more

investments where fair value is below cost, the shortfall between cost and fair value for such investments is referred to as a

"netting hole." When netting holes are present, realized gains on individual investments that would otherwise allow us to

receive carried interest distributions are instead used to “fill” a netting hole by  returning invested capital to our funds' limited

partners in an amount equal to the netting hole. We monitor netting holes in determining the timing of when the general

partner of a fund distributes carried interest to mitigate the risk of a future “clawback” obligation where the general partner

must return previously paid carried interest to the funds’ limited partners.

For a further discussion of netting holes and clawback obligations, see "Management's Discussion and Analysis of

Financial Condition and Results of Operations “—Liquidity—Sources of Liquidity", “—Critical Accounting Policies and Estimates

—Critical Accounting Policies and Estimates – Asset Management—Revenues—Capital Allocation-Based Income (Loss)", and

"Risk Factors—Risks Related to Our Business—The "clawback" provisions in the agreements governing our carry-paying funds

have in the past and may in the future give rise to a contingent obligation that requires us to return or contribute significant

cash amounts to our funds and fund investors."

All of our investment management services and terms are governed by management agreements with KKR or specific KKR

subsidiaries registered as investment advisers. For further information about the regulation of our subsidiaries involved in the

asset management business, please see "—Regulation".

Investor Base and Fundraising

We have a broad investor base across institutions and individual investors spanning 65 countries. Our institutional

investor base is diversified by type, including public and corporate pension funds, insurance companies, sovereign wealth

funds, endowments, foundations, and investment managers. As our Assets Under Management grow, the types and numbers

of investors who entrust us with their capital continue to diversify and scale across client segments and geographies.

Composition of AUM by investor type as of December 31, 2025:

(1) “Other” largely includes our general partner positions in our own investment vehicles and select publicly traded vehicles.

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Over the last five years, we have focused on private wealth as a key addressable market and as a result, we have devoted

significant resources to designing and offering investment solutions to individual investors. Our private wealth capital comes

from multiple sources, including wirehouses, independent broker-dealers, registered investment advisers, global private

banks, and family offices, amongst others. These investors allocate capital to KKR across both drawdown vehicles and

evergreen vehicles, such as our K-Series vehicles. We also have a strategic partnership with Capital Group, a privately owned

U.S. investment management firm, which provides access to KKR investment capabilities through Capital Group sponsored

vehicles.

•K-Series: The K-Series suite of vehicles are offered through various distribution channels to investors in the U.S. and

other jurisdictions around the world. We have K-Series vehicles that operate or invest in private equity companies,

infrastructure assets, credit investments, and real estate. As of December 31, 2025, total K-Series AUM was $34

billion, which has grown significantly over the past three years.

K-Series AUM ($ in billions):

•Capital Group Strategic Partnership: Our two fixed income public-private solutions created in collaboration with

Capital Group launched in April 2025. Additionally, Capital Group offers a public-private equity product, which as part

of its private side strategy invests in a K-Series private equity vehicle, as well as in private equity co-investment

opportunities. We have announced the development of additional offerings alongside Capital Group that will seek to

broaden private market access for retirement savers via target date fund solutions and public-private model

portfolios.

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Insurance

Our insurance business operates under the Global Atlantic brand. Global Atlantic is a leading retirement and life

insurance company, with an over 20-year track record of providing a broad suite of protection, legacy, and savings products to

customers and reinsurance solutions to clients across individual and institutional markets.

Prior to KKR’s involvement, Global Atlantic was founded at Goldman Sachs in 2004 and was separated as an independent

company in 2013. KKR acquired a majority controlling interest in Global Atlantic on February 1, 2021 (approximately 60%), and

acquired the remainder of Global Atlantic on January 2, 2024, increasing our ownership to 100%.

2013

2021

2024

2004

Founded at Goldman Sachs

Separated as independent

company

Initial KKR Strategic

Acquisition (majority

owner)

KKR acquired remaining

stake (100% ownership)

Global Atlantic AUM since KKR’s acquisition ($ in billions):

Note: Global Atlantic FPAUM as of December 31, 2025 is $213 billion.

Global Atlantic primarily generates income by earning a spread between the investment income generated from

originated assets and the required cost of benefits payable to policyholders. Global Atlantic also earns fees paid by

policyholders on certain types of insurance contracts and fees paid by third-party investors, which are reported in our asset

management segment.  As of December 31, 2025, Global Atlantic serves over 3.5 million policyholders.

Our investment expertise, broad range of investment management services, and strong origination capabilities are key to

generating attractive risk-adjusted returns for Global Atlantic. We seek to focus on investments for Global Atlantic that have

the potential to generate stable, predictable, long-dated asset cash flows, are of high credit quality, and that focus on capital

protection. These kinds of investments have historically consisted of corporate debt, structured products, transportation

assets, infrastructure assets, and commercial and residential real estate loans and securities, amongst other asset classes.

However, Global Atlantic’s investments are not limited to solely those asset classes. We believe that matching asset and

liability cash flows at Global Atlantic is key to protecting our policyholders and achieving our target returns for our insurance

business.

Global Atlantic operates in the following two complementary markets: individual and institutional. As of December 31,

2025, 41% of Global Atlantic’s reserves were in its individual markets and 59% were in its institutional markets. We believe

this diversification across liability types provides a strong risk mitigant for our insurance business.

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Individual Markets. We seek to reach individuals in the United States who are planning for or are already in retirement. The

individual markets products we offer are listed below.

•Fixed-Rate and Fixed-Indexed Annuities. With an annuity product, the policyholder provides Global Atlantic a cash

payment, in exchange for earning interest on a tax deferred basis and the ability based on contractual terms to take a

lump sum or periodic withdrawals of their account value. Fixed-rate annuities offer policyholders tax-deferred

savings accumulation and income based on a fixed rate that may be guaranteed for a period of time. Fixed-indexed

annuities also allow the policyholder to elect strategies where interest is credited based on the performance of a

market index. This selection allows the policyholder to participate in the upside performance of the selected index,

subject to limits and protection from downside market risks. We also increasingly offer registered index-linked

annuities, which has the potential for greater returns as well as potential principal loss unlike fixed-indexed annuities.

Our annuity products are distributed primarily through a network of distribution partners, including over 250 banks

and broker-dealers and approximately 200 independent marketing organizations.

•Preneed Life. For preneed life products, the policyholder generally purchases the insurance product along with a

contract with a funeral home. This insurance product guarantees the policyholder the payment of proceeds to pay

for a funeral. Our preneed life insurance products are distributed primarily through approximately 2,400 funeral

homes.

Institutional Markets. We provide our institutional clients with a range of customized solutions to assist them in meeting their

strategic, risk management, and capital goals. Our institutional solutions include block and flow reinsurance, pension risk

transfer (“PRT”), and funding agreements. Our reinsurance solutions are offered through a client coverage effort focused on

domestic and international retirement and life companies, including block and flow transactions with counterparties based in

Asia. Since Global Atlantic’s founding, it has closed reinsurance transactions with over 30 clients. By reinsuring policies, the

institutional client typically seeks to reduce or release capital that it held for the reinsured business so that it can use such

capital for other business goals. We also participate in the funding agreement market, including through our membership with

Federal Home Loan Banks ("FHLBs") and with our funding agreement backed notes ("FABN") program. The institutional

markets solutions we offer are listed below in more detail.

•Block reinsurance is a transaction in which an insurance company divests a block of policies to Global Atlantic in

exchange for Global Atlantic’s obligation to pay a specified portion of future insurance claims arising from that block

in exchange for a transfer of assets. Global Atlantic focuses on reinsuring retirement and life liabilities.

•Flow reinsurance is an agreement in which an insurance company writes new retail policies and shares an economic

portion of such newly issued policies with Global Atlantic, as its reinsurer, on an ongoing basis. Global Atlantic

operates in flow reinsurance by partnering with insurance companies that sell retirement products, such as multi-

year guaranteed annuities or single premium immediate annuities.

•PRT is a transaction in which a pension plan sponsor, such as a corporation, transfers the risk associated with the

pension plan’s liabilities to Global Atlantic. Global Atlantic directly underwrites PRT transactions and also operates in

the PRT market indirectly through reinsurance relationships with insurance company clients that directly underwrite

and assume corporate pension liabilities.

•Funding agreements, including funding agreements issued under Global Atlantic’s FABN program, direct funding

agreements sold to institutions, and funding agreements issued to the FHLB, are a deposit-type contract issued by

Global Atlantic. In general, a funding agreement provides its holder with a guaranteed return of principal and

periodic interest payments. As of December 31, 2025, Global Atlantic had $8 billion of funding agreements

outstanding under the FABN program.

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The following table represents Global Atlantic’s new business volumes by business and product for the last five years:

(1)New business volumes in individual markets are referred to as sales. In Global Atlantic's individual market channel, sales of annuities include all money

paid into new and existing contracts. Individual market channel sales for preneed life are based on the face amount of insurance and do not include the

recurring premiums that policyholders may pay over time.

(2)Block reinsurance transactions may be episodic and volumes may fluctuate. Similarly, funding agreements issued in the FABN program are subject to

capital markets conditions and volumes may fluctuate. Flow and pension risk transfer new business volumes typically occur throughout the year. See “—

Risks Related to Our Business—Parts of our earnings and cash flow are highly variable due to the nature of our business.”

(3)New business volumes from Global Atlantic’s institutional market channel are based on the assets assumed, net of any ceding commission, and are gross

of any retrocessions to investment vehicles that participate in qualifying reinsurance transactions sourced by Global Atlantic and to other third party

reinsurers.

Insurance Capital

Capital strength allows insurance companies to meet their future policyholder obligations and to support the growth of

their businesses. We believe Global Atlantic is well capitalized, and its capital position, combined with annual capital

generation from its seasoned in-force book of business - in addition to committed third-party capital commitments - will help

fund new business volume. We manage Global Atlantic’s capital and liquidity position with the objective of maintaining excess

capital and liquidity to be able to capture investment opportunities as they arise and meet policyholder obligations, even in

times of foreseeable stress.

The financial strength of Global Atlantic’s life insurance operating subsidiaries is rated highly by several ratings agencies.

The financial strength ratings of these subsidiaries are “A” with a stable outlook from A.M. Best Company, Inc. (“A.M. Best”),

“A2” with a stable outlook from Moody’s Investors Service, Inc. (“Moody’s”), “A” with a stable outlook from S&P Global

Ratings (“S&P”), and “A” with a stable outlook from Fitch Ratings, Inc. ("Fitch").

To support growth strategies and capital deployment opportunities, we also sponsor investment vehicles raised from

third-party capital, such as the Ivy investment vehicles, to participate alongside Global Atlantic’s institutional and individual

market activities. These Global Atlantic sponsored vehicles provide third-party capital to support various combinations of

reinsurance, insurance and other potentially strategic activities.  As of December 31, 2025, $58 billion of Global Atlantic AUM

is provided by these Global Atlantic sponsored vehicles.

For further information about insurance business, which is subject to substantial regulation, please see "—Regulation".

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Strategic Holdings

Our Strategic Holdings segment, which we started reporting in the first quarter of 2024, acquires and manages interests

in operating companies that are owned by the firm. Today, those companies primarily consist of our participation in our core

private equity strategy. We have acquired, and in the future we expect to continue to acquire, other long-term assets outside

of, and in addition to, our participation in our core private equity strategy. Strategic Holdings is not limited to acquiring

companies in specific industries. We intend to hold the companies in our Strategic Holdings segment over a longer period of

time, and we believe most of these companies generally have a lower risk profile than would be typical for an investment

through our traditional private equity strategy. We currently expect our Strategic Holdings segment primarily to generate

income from the receipt of dividends from our ownership stakes in these businesses and, upon the sale of any ownership

stake, realized investment income from such sale. As of December 31, 2025, our Strategic Holdings segment consisted of our

ownership stakes in 19 companies.

The fees and carried interest paid by the third party investors in our core private equity funds continue to be reported in

our Asset Management segment and are not reported in our Strategic Holdings segment. Our Asset Management segment

charges a quarterly management fee in our Strategic Holdings segment. Additionally, our Asset Management segment charges

a performance fee from the sale of our interests in the companies included in our Strategic Holdings segment. The

management and performance fees are charged in order to represent the cost of providing advisory services by our Asset

Management segment rather than determining the allocable costs borne by our Asset Management segment to support our

Strategic Holdings segment.

Based on information made available to management as of December 31, 2025, the following represents KKR’s pro-rata

portion of LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of September 30, 2025:

Based on information made available to management as of December 31, 2025, the following represents KKR’s pro-rata

portion of LTM Adjusted Revenue(1) and LTM Adjusted EBITDA(1) of operating companies in Strategic Holdings as of September

30, 2025:

(1)Represents the measure(s) management currently uses to monitor the operating performance of the businesses that are carried on a fair value basis with

dividends recognized in Strategic Holdings Operating Earnings.

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Capital Allocation

Our current capital allocation framework focuses primarily on investing our excess earnings back into KKR with the goal of

generating recurring and durable growth-oriented earnings per share. KKR employees own approximately 30% of outstanding

shares of common stock of KKR & Co. Inc. (assuming the exchange of all vested equity for common stock) as of December 31,

2025. With this significant level of ownership, we believe that our allocation decisions are aligned with our common

stockholders and that we are focused on where we can generate long-term shareholder value. Our framework is focused on

four key areas for allocating our capital, including to: strategic M&A, Insurance, Strategic Holdings, and share repurchases.

Sustainability

In our experience, the thoughtful review and management of sustainability, regulatory, and geopolitical issues can be an

essential part of long-term business success. We believe incorporating such business-relevant issues in our investment

process can help us both protect and create value. Where appropriate we seek to invest responsibly by incorporating

sustainability, regulatory, and geopolitical considerations into our investment decision-making and investment management

practices using an approach that prioritizes business-relevant topics that KKR considers most significant for creating,

maximizing and protecting the value of our portfolio companies and assets. One example is KKR’s support of the

implementation of broad-based employee ownership programs at its portfolio companies with the goal of improving their

financial performance through employee engagement and financial inclusion. As of December 31, 2025, more than 80 current

or former KKR portfolio companies have in aggregate awarded billions of dollars in equity to over 180,000 non-senior

management employees.

Our Responsible Investment Policy, which is publicly available, articulates KKR’s responsible investment framework and

approaches that KKR believes are broadly relevant for each asset class. Our annual Sustainability Report and other

sustainability disclosures, which are also publicly available on our website, provide further details about our approach to

integrating sustainability across our investments and operations.

Human Capital

We believe our people and our culture are critical to our success and differentiate our firm. We strive to create a

workplace environment where employees thrive both professionally and personally. At KKR, our philosophy is to ensure we

rigorously and effectively invest in our people throughout their careers. Our key focuses include driving exceptional

performance and enhancing our firm's culture of collaboration. Our teams operate with a distinct culture that rewards

investment discipline, creativity, determination, and patience, and emphasizes the sharing of information, resources,

expertise and best practices across offices and asset classes.

We believe our one-firm approach helps ensure we share responsibility and success. This approach extends to our

compensation program, which is based on the performance of KKR as a whole, in addition to an individual’s contributions. Our

assessment, pay, promotion, and succession processes are designed to engage and reward employees, and we believe that

this structure promotes collaboration and resource sharing, encourages shared accountability, and aligns interests across all

of our stakeholders. Employees typically receive a base salary and may be eligible for a discretionary cash bonus and

discretionary equity compensation. Select employees are also eligible to receive an incentive allocation in our carry pool. Our

equity awards are an important element of our compensation program. These awards help attract highly skilled people in our

highly competitive industry, encourage retention, and align the financial interests of our employees with the firm. We believe

that providing an equity stake in the future success of our business motivates employees to achieve long-term business goals

and to increase stockholder value.

The primary objective of human capital management at KKR is to attract, develop, and retain exceptional talent by

providing everyone with meaningful and well-understood careers with an emphasis on employee training and professional

development. Where appropriate, we offer workshops, mentoring, and executive coaching to supplement on-the-job

experiences and ongoing feedback and coaching to maximize performance. We also prioritize physical, mental, and emotional

health and wellness, and offer a variety of tools and resources to our employees so they can make informed health care

decisions for themselves and their families.

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KKR seeks to actively invest in our communities and engage our employees and other stakeholders in impactful

citizenship efforts. KKR offers philanthropic, volunteer, and other forms of engagement to strengthen communities and

expand opportunity around the globe. KKR hosts volunteer events and provides grants for matching gifts and volunteer

rewards each year. KKR is proud to amplify the efforts of employees, supporting the communities in which they live and the

causes and organizations of greatest importance to them.

As a people driven business, we believe a breadth of perspectives, skills, and experiences working together

collaboratively is the most effective means of producing exceptional results. We pursue this aspiration through our various

internal committees, strategic external partnerships, and broader engagement in different communities. We believe this

multi-faceted approach enhances our opportunity to attract, develop, and retain the best possible talent, which we believe is

integral to our success.

As of December 31, 2025, we employed 5,043 people worldwide(1):

(1)The employment headcount categories above align with our internal human capital headcount reporting and may differ in certain aspects with respect to

our employees who are responsible for generating the financial results within each of our three reporting segments. Certain employees reported in the

separate categories above, including our business operations professionals, may also perform certain functions in support of another headcount category.

Our strategic holdings segment is supported by employees within the asset management headcount category.

(2)Includes employees from certain of our majority owned and controlled subsidiaries such as KJRM and K-Star.

Our asset management employees includes investment, capital markets, and capital raising professionals, our team of

operating professionals at KKR Capstone, and our business operations professionals (some of whom may also support our

insurance business). As of December 31, 2025, we employed approximately 980 asset management professionals, including

those in investments, capital markets, and KKR Capstone operating roles.

Competition

Our asset management and capital markets businesses operate in an intensely competitive industry. We compete

globally and on a regional, industry and product-specific basis. The firm's competitors consist primarily of traditional and

alternative asset managers that sponsor public and private investment vehicles, investment banks (including activities

conducted by their broker-dealers and investment advisers), commercial finance companies, and operating companies acting

as strategic buyers. These competitors compete with us on a global basis, and we also face competition from local and

regional firms, financial institutions, and sovereign wealth funds in the various countries in which we invest.

We believe that competition for fundraising for institutional and individual investor capital is based on a variety of

factors, including investment performance, investor liquidity and willingness to invest, investor reputation, including focus

and alignment of interest, duration of relationships, quality of services, and pricing and fund terms, including fees.

We believe that competition for investment opportunities and capital markets transactions is based primarily on pricing,

terms, and structure of a proposed transaction and certainty of execution.

Our insurance business also operates in a highly competitive industry, with a variety of competition from large and small

industry participants, including life and annuities businesses owned by or with strategic partnerships with alternative asset

managers. We believe competition in the individual market business is based on a variety of factors, including initial crediting

rates, reputation, product features, customer service, distribution capabilities and financial strength ratings. We believe

competition in the institutional market business is also based on a variety of factors, including: execution track record,

underwriting expertise, access to capital, counterparty creditworthiness, reputation, structuring capabilities, and client and

regulatory relationships.

Competition is also intense for the attraction and retention of qualified employees. Our ability to continue to compete

effectively within our industries will depend upon our ability to attract new employees and retain and motivate our existing

employees.

For additional information regarding the level of competition we face, see "Risk Factors—Risks Related to Our Business—

We operate in a highly competitive industry.”

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Organizational Structure

The following simplified diagram, which excludes multiple legal entities, illustrates our organizational structure as of

February 27, 2026.

(1)KKR Management LLP, which is owned by senior KKR employees, is the sole holder of Series I preferred stock of KKR & Co. Inc. The Series I preferred

stock will be redeemed and cancelled, and KKR & Co. Inc.'s common stock will become vested with all common voting powers on a one vote per share

basis, on the "Sunset Date" (which will be no later than December 31, 2026 as provided in the Reorganization Agreement); see "Part III—Item 13.

Certain Relationships and Related Transactions, and Director Independence" in this report.

(2)Carried interest earned from our investment funds is allocated to KKR Associates Holdings L.P., which we refer to as the carry pool, from which up to

80% of the carried interest that is earned from our investment funds is allocable to our employees and other persons.  A wholly-owned subsidiary of KKR

& Co. Inc. will control the carry pool on the "Sunset Date". KKR Associates Holdings L.P. is indirectly a limited partner of KKR Group Partnership L.P.

Other limited partners of KKR Group Partnership L.P. include KKR Holdings II, KKR Holdings III, and KKR Group Holdings L.P. (formerly KKR Holdings),

which is majority-owned by KKR Group Co. Inc.

(3)Includes Kohlberg Kravis Roberts & Co. L.P., an SEC-registered investment adviser, which in turn is the parent company of certain other investment

management and broker-dealer subsidiaries.

(4)Includes our insurance business operated by Global Atlantic.

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Regulation

We are required to comply with numerous laws and regulations applicable to our business in various countries around

the world.  Our compliance with these laws and regulations is critical to our ability to operate our business, and the potential

failure to comply subjects us to many material risks and uncertainties. The level of regulation and supervision to which we are

subject varies from jurisdiction to jurisdiction and is based on, among other things, the type of business activity involved. We,

in conjunction with our outside advisors and counsel, seek to manage our business and operations in compliance with such

regulation and supervision. The regulatory and legal requirements that apply to our activities are subject to change from time

to time and may become more restrictive, which may make compliance with applicable requirements more difficult or

expensive or otherwise restrict our ability to conduct our business activities in the manner in which they are now conducted.

Changes in applicable regulatory and legal requirements, including changes in their enforcement, could materially and

adversely affect our business and our financial condition and results of operations. As a matter of public policy, the regulatory

bodies that regulate our business activities are generally responsible for safeguarding the integrity of the securities, insurance

and financial markets and protecting fund investors and policyholders who participate in those markets rather than protecting

the interests of our stockholders. For further information regarding potential risks relating to these and other regulatory and

legal requirements that could significantly affect our business, see the "Risk Factors" section of this report, including "—Risks

Related to Regulatory Matters."

United States

Regulation as an Investment Adviser

We conduct our advisory business through our investment adviser subsidiaries, including Kohlberg Kravis Roberts & Co.

L.P., KKR Credit Advisors (US) LLC, KKR Registered Advisor LLC and KKR Credit Advisors (Singapore) Pte. Ltd., each of which is

registered as an investment adviser with the SEC under the Investment Advisers Act of 1940 (the "Investment Advisers Act").

We also jointly own with a third party FS/KKR Advisor, LLC, which is an investment adviser registered with the SEC under the

Investment Advisers Act. In addition, we own Global Atlantic's investment adviser, Global Atlantic Investment Advisors, LLC,

which is another investment adviser registered with the SEC under the Investment Advisers Act. The investment advisers are

subject to, among other Investment Advisers Act provisions, the anti-fraud provisions of the Investment Advisers Act and to

fiduciary duties derived from these provisions, which apply to our relationships with our advisory clients globally, including

funds that we manage. These provisions and duties impose restrictions and obligations on us with respect to our dealings with

our fund investors and our investments, including for example restrictions on agency cross and principal transactions. Our

registered investment advisers are subject to periodic SEC examinations and other requirements under the Investment

Advisers Act and related regulations primarily intended to benefit advisory clients. These additional requirements relate,

among other things, to maintaining an effective and comprehensive compliance program, record-keeping and reporting

requirements, and disclosure requirements. The Investment Advisers Act generally grants the SEC broad administrative

powers, including the power to limit or restrict an investment adviser from conducting advisory activities in the event it fails

to comply with federal securities laws. Additional sanctions that may be imposed for failure to comply with applicable

requirements include the prohibition of individuals from associating with an investment adviser, the revocation or suspension

of registrations, and other censures and fines.

KKR Credit Advisors (US) LLC, KKR Registered Advisor LLC and Kohlberg Kravis Roberts & Co. L.P. are also subject to

regulation as investment advisers to investment companies registered under the Investment Company Act and such

registered investment companies, "RICs"). RICs advised by our investment advisers include KKR Income Opportunities Fund

(NYSE: KIO), KKR Asset-Based Finance Fund (an interval fund) and KKR Real Estate Select Trust Inc. (a tender offer fund). RICs

sub-advised by our investment advisers include Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+. The

Investment Company Act and the rules thereunder, among other things, regulate the relationship between a registered

investment company and its investment adviser and prohibit or restrict principal transactions and joint transactions. FS/KKR

Advisor serves as investment adviser to FS KKR Capital Corp. (NYSE: FSK), a publicly listed BDC, KKR FS Income Trust, a

privately-offered BDC, and KKR FS Income Trust Select, a privately-offered BDC, which are subject to regulations applicable to

BDCs under the Investment Company Act, including portfolio construction requirements and limitations on transactions with

affiliates. Certain subsidiaries of Kohlberg Kravis Roberts & Co. L.P. also serve as investment advisers to publicly listed

companies, including KKR Real Estate Finance Trust Inc. (NYSE: KREF) and Crescent Energy (NYSE: CRGY). Our investment

advisers registered under the Investment Advisers Act may also act as sub-advisors to investment companies, including KKR

Credit Advisors (US) LLC, which serves as the investment sub-adviser to an Australian listed investment trust, KKR Credit

Income Fund (ASX: KKC).

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Regulation as a Broker-Dealer

KKR Capital Markets, LLC, one of our subsidiaries, is registered as a broker-dealer with the SEC under the Exchange Act

and in 53 U.S. states and territories, and is a member of FINRA. Global Atlantic's distribution of insurance products that are

regulated as securities is conducted by Global Atlantic Distributors, LLC, which is also registered as a broker-dealer with the

SEC under the Securities Exchange Act of 1934 and in 52 U.S. states and territories, and is also a member of the FINRA. As

registered broker-dealers, KKR Capital Markets, LLC and Global Atlantic Distributors, LLC are subject to periodic SEC, state and

FINRA examinations and reviews. A broker-dealer is subject to legal requirements covering all aspects of its securities

business, including sales and trading practices, public and private securities offerings, the suitability of investments, use and

safekeeping of customers' funds and securities, capital structure, record-keeping and retention, and the conduct and

qualifications of directors, officers, employees, and other associated persons. These requirements include the SEC's "uniform

net capital rule," which specifies the minimum level of net capital that a broker-dealer must maintain, requires a significant

part of the broker-dealer's assets to be kept in relatively liquid form, imposes certain requirements that may have the effect

of prohibiting a broker-dealer from distributing or withdrawing its capital and subjects any distributions or withdrawals of

capital by a broker-dealer to notice requirements. These and other requirements also include rules that limit a broker-dealer's

ratio of subordinated debt to equity in its regulatory capital composition, constrain a broker-dealer's ability to expand its

business under certain circumstances and impose additional requirements when the broker-dealer participates in securities

offerings of affiliated entities. Violations of these requirements may result in censures, fines, the issuance of cease-and-desist

orders, revocation of licenses or registrations, the suspension or expulsion from the securities industry of the broker-dealer or

its officers or employees or other similar consequences by regulatory bodies.

Insurance Regulation

Our U.S. insurance subsidiaries are subject to regulation and supervision under U.S. federal and state laws. Each U.S.

state, the District of Columbia and U.S. territories and possessions have insurance laws that apply to companies licensed to

carry on an insurance business in the applicable jurisdiction. The primary regulator of an insurance company, however, is

located in the insurance company's state of domicile. Both Commonwealth Annuity and Life Insurance Company and First

Allmerica Financial Life Insurance Company are organized and domiciled in the Commonwealth of Massachusetts; Accordia

Life and Annuity Company ("Accordia") is organized and domiciled in the State of Iowa; and Forethought Life Insurance

Company is organized and domiciled in the State of Indiana (together, these four companies constitute our "U.S. insurance

subsidiaries"). Additionally, our U.S. insurance subsidiaries are licensed to transact insurance business in, and are subject to

regulation and supervision by, all 50 states of the United States, the District of Columbia, Puerto Rico, and the U.S. Virgin

Islands.

State insurance authorities have broad administrative powers over each of our U.S. insurance subsidiaries with respect to

all aspects of the insurance business. Insurance subsidiaries must prepare financial statements on regulatory capital in

accordance with statutory financial accounting, must report on their risk management and corporate governance and must

receive regulatory approval for certain transactions, including transactions with affiliates. As part of their routine regulatory

oversight process, state insurance departments conduct periodic detailed examinations of the books, records, accounts and

operations of insurance companies that are domiciled in their states. Examinations are generally carried out in cooperation

with the insurance departments of other, non-domiciliary states under guidelines promulgated by the National Association of

Insurance Commissioners (the "NAIC"). State insurance departments also regularly conduct regulatory inquiries of the

insurance companies licensed in their states.

We also have special purpose financial captive insurance company subsidiaries domiciled in Vermont and Iowa that

provide reinsurance to Accordia in order to facilitate the financing of redundant reserve requirements associated with the

application of the NAIC Model Regulation entitled "Valuation of Life Insurance Policies Model Regulation" ("Regulation XXX")

and NAIC Actuarial Guideline XXXVIII ("AG38"). The application of both Regulation XXX and AG38 requires Global Atlantic to

maintain statutory reserves which may be in excess of reserves required under GAAP.

The rates, policy terms, and conditions of reinsurance agreements generally are not subject to regulation by any

regulatory authority. However, the ability of a primary insurer to take credit for the reinsurance purchased from reinsurance

companies is a significant component of reinsurance regulation. Typically, a primary insurer will only enter into a reinsurance

agreement if it can obtain credit against its reserves on its statutory basis financial statements for the reinsurance ceded to

the reinsurer.

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Our U.S. insurance subsidiaries are subject to restrictions on the payment of dividends. Any proposed dividend in excess

of the amount permitted by law is considered an "extraordinary dividend or distribution" and may not be paid until it has

been approved, or a 30-day waiting period has passed during which it has not been disapproved, by the commissioner of the

applicable domiciliary state of the U.S. insurance subsidiary. None of our special purpose financial captive insurance company

subsidiaries may declare or pay dividends or distributions in any form to us other than in accordance with its transaction

agreements and governing licensing order.

State insurance holding company laws and regulations generally provide that no person, corporation or other entity may

acquire control of an insurance company, or a controlling interest in any parent company of an insurance company, without

the prior approval of such insurance company's domiciliary state insurance regulator. Under the laws of each of our U.S.

insurance subsidiaries' domiciliary states, acquiring, directly or indirectly, 10% or more of the voting securities of an insurance

company or its parent company is presumptively considered to have acquired control of the insurer, although such

presumption may be rebutted by a showing that control does not in fact exist.

Finally, while the United States federal government in most contexts currently does not directly regulate the insurance

business, the Federal Insurance Office established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the

"Dodd-Frank Act") now has an oversight role with respect to insurance regulation.

Regulation Related to Special Servicing

Our wholly-owned subsidiary, K-Star Asset Management LLC ("K-Star"), serves as a special servicer for certain CMBS and

CLO transactions in which funds and/or accounts managed by our investment adviser subsidiaries have controlling positions.

Its business is subject to state regulations in certain states in which it operates, including regulations requiring K-Star to

maintain a special servicer rating from Fitch, S&P Global Ratings, and DB Morningstar, applicable regulations in the states in

which such serviced property is located, and other regulations applicable to K-Star's obligations under the relevant servicing

agreements.

Ireland and Other European Union Countries

We have a number of subsidiaries which are authorized and regulated by the Central Bank of Ireland (the “CBI”). The CBI

is responsible for, among other things, regulating and supervising firms that provide financial services in Ireland, including

broker-dealers and investment firms. The CBI also develops and maintains regulatory policies for Ireland's financial services

sector. The CBI has the authority to approve applications from financial services providers in Ireland, monitor compliance with

its standards, and take enforcement action for non-compliance. Violation of the CBI's requirements may result in

administrative sanctions; investigations; refusal, revocation or cancellation of authorization or registrations; criminal

prosecution; and/or reports to other agencies.

KKR Alternative Investment Management Unlimited Company, KKR Credit Advisors (Ireland) Unlimited Company and KKR

Capital Markets (Ireland) Limited are regulated by the CBI. KKR Alternative Investment Management Unlimited Company is an

authorized European Union ("EU") alternative investment fund manager permitted to conduct portfolio management, risk

management and certain administrative activities. KKR Credit Advisors (Ireland) Unlimited Company is authorized to carry out

a number of regulated activities under the Markets in Financial Instruments Directive (“MiFID”), including receiving and

transmitting orders, portfolio management and providing investment advice. KKR Credit Advisors (Ireland) Unlimited

Company is also subject to regulatory supervision in France through KKR Credit Advisors Ireland Paris Branch, where this

entity operates under the MiFID Freedom of Establishment rules. KKR Capital Markets (Ireland) Limited is authorized to

engage in a number of regulated activities regulated under MiFID, including dealing as principal or agent, and making

arrangements in relation to certain types of specified investments. KKR Credit Advisors (Ireland) Unlimited Company and KKR

Capital Markets (Ireland) Limited also benefits from a passport under the single market directives to offer services cross

border into all countries in the European Economic Area.

In Europe, we operate in accordance with the EU Alternative Investment Fund Managers Directive (the “AIFMD”), which

establishes a comprehensive regulatory and supervisory framework for alternative investment fund managers (“AIFMs”) that

manage or market alternative investment funds in the EU. The AIFMD imposes various substantive regulatory requirements

on AIFMs, including a subsidiary of ours, KKR Alternative Investment Management Unlimited Company, which is authorized as

an AIFM by the Central Bank of Ireland. KKR Alternative Investment Management Unlimited Company is also subject to

limited regulatory supervision in Germany through its KKR Alternative Investment Management - Frankfurt Branch,

established in accordance with the Freedom of Establishment provisions of the Alternative Investment Fund Managers

Directive.

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United Kingdom

We have several subsidiaries which are authorized and regulated by the FCA under the Financial Services and Markets Act

2000 ("FSMA"). FSMA and related rules govern most aspects of investment business, including investment management,

sales, research and trading practices, provision of investment advice, corporate finance, use and safekeeping of client funds

and securities, regulatory capital, record-keeping, margin practices and procedures, approval standards for individuals, anti-

money laundering, periodic reporting, and settlement procedures. The FCA is responsible for administering these

requirements and our compliance with the FSMA and related rules. Violations of these requirements may result in censures,

fines, imposition of additional requirements, injunctions, restitution orders, revocation or modification of permissions or

registrations, the suspension or expulsion from certain "controlled functions" within the financial services industry of officers

or employees performing such functions or other similar consequences.

KKR Capital Markets Partners LLP has permission to engage in a number of regulated activities regulated under FSMA,

including dealing as principal or agent and arranging deals in relation to certain types of specified investments and arranging

the safeguarding and administration of assets. Kohlberg Kravis Roberts & Co. Partners LLP has permission to engage in a

number of regulated activities including advising on and arranging deals relating to corporate finance business in relation to

certain types of specified investments. KKR Credit Advisors (EMEA) LLP has permission to engage in a number of regulated

activities including dealing as agent, managing, advising on and arranging deals in relation to certain types of specified

investments and arranging the safeguarding and administration of assets.

Bermuda

Our insurance subsidiaries organized in Bermuda, Global Atlantic Re Limited and Global Atlantic Assurance Limited, and

reinsurance co-investment vehicles sponsored by Global Atlantic are subject to regulation and supervision by the Bermuda

Monetary Authority ("BMA") and compliance with all applicable Bermuda laws and Bermuda insurance statutes and

regulations, including but not limited to the Bermuda Insurance Act. The Bermuda Insurance Act grants to the BMA powers to

supervise, investigate, and intervene in the affairs of insurance companies and to approve any change or controllers. The

Bermuda Insurance Act imposes solvency, capital and liquidity standards and auditing and reporting requirements on

Bermuda insurance companies. The Bermuda Insurance Act prohibits our Bermuda insurance subsidiaries from declaring or

paying any dividends during any financial year unless certain financial conditions are met or prior approval from the BMA is

received. A Bermuda licensed insurer is required to maintain a sufficiently staffed principal office in Bermuda.

Asia-Pacific

We conduct investment advisory and capital markets businesses in the Asia-Pacific region through subsidiaries including

KKR Capital Markets Japan Limited, a Type I and Type II Financial Instruments Business Operator under the Financial

Instruments and Exchange Act of Japan, KKR Capital Markets Asia Limited, a Hong Kong licensed asset manager and broker-

dealer licensed by the Securities and Futures Commission in Hong Kong, KKR Capital Markets Asia II Limited, broker-dealer

licensed by the Securities and Futures Commission in Hong Kong, and KKR Singapore Pte. Ltd. and KKR Credit Advisors

(Singapore) Pte. Ltd., which each hold a capital markets services license for fund management and are regulated by the

Monetary Authority of Singapore (the latter of which is also an SEC-registered investment adviser).

Other Jurisdictions

Certain other subsidiaries or funds that we advise are registered with, have been licensed by or have obtained

authorizations to operate in their respective jurisdictions other than the jurisdictions described above, including Australia,

Canada, Cayman Islands, China, India, Korea, Luxembourg, Mauritius, Saudi Arabia, and United Arab Emirates (Dubai

International Financial Centre and Abu Dhabi Global Market). These registrations, licenses or authorizations relate to

providing investment advice, broker-dealer activities, marketing of securities, and other regulated activities. Failure to comply

with the laws and regulations governing these subsidiaries and funds that have been registered, licensed or authorized could

expose us to liability and/or damage our reputation.

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Website and Availability of SEC Filings

Our website address is www.kkr.com. Information on our website is not incorporated by reference herein and is not a

part of this report. We make available free of charge on our website or provide a link on our website to this report on Form

10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and any amendments to those reports filed or

furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after

those reports are electronically filed with, or furnished to, the SEC. To access these filings, go to our Investor Relations

website, available at ir.kkr.com, and then visit the "SEC Filings & Annual Letters" section of this website. In addition, these

reports and the other documents we file with the SEC are available at a website maintained by the SEC at www.sec.gov.

From time to time, we may use our website as a channel of distribution of material information. Financial and other

material information regarding our company is routinely posted on and accessible at www.kkr.com. Financial and other

material information regarding Global Atlantic is routinely posted on and accessible at www.globalatlantic.com. In addition,

you may automatically receive e-mail alerts and other information about our company by enrolling your e-mail address by

visiting the "Contacts & Email Alerts" section of our Investor Relations website, available at ir.kkr.com.