KKR & Co. (KKR) 10-K risk factor changes: FY2024 vs FY2023

The following risk factors have been organized by [removed: category;] [added: category within risks related to our business, investment activities, insurance activities, and our organizational structure;] however, many of the risks are interrelated, and as a result, should be read together to fully understand the risks involved with investing in our securities, regardless of whether a cross-reference is included in any particular risk factor to another risk factor.

- the performance and value of the investments held by us [removed: (including our insurance subsidiaries)] and our investment vehicles,

- opportunities for us [removed: (including our insurance subsidiaries)] and our investment vehicles to make, exit and realize value from our and their investments,

Geopolitical developments and other local and global events outside of our control [removed: can, and periodically do,] [added: can] materially and adversely impact KKR.

Geopolitical developments and other local and global events outside of our control [removed: can, and periodically do,] [added: can] materially and adversely impact various aspects of KKR and its businesses.

We have a number of offices located in multiple countries [added: and regions] around the world, including China, South Korea, Japan, [added: India,] Australia, the United Kingdom, [removed: France, Germany,] [added: the European Union,] United Arab Emirates, Saudi Arabia, and elsewhere, and we seek investors from various countries throughout the world for our investment products and, to a lesser extent, our insurance [removed: business’s] [added: business’] products.

We [removed: (including our insurance subsidiaries)] may have direct investments in a region or a country that is experiencing one of the aforementioned events, and we may also be materially and adversely affected by the occurrence of such events as a result of indirect exposure that our portfolio companies or other investments may have through other interconnectivities such as supply chains, commodity prices and general macroeconomic exposure.

The value of our investments can be materially impacted by [removed: trade wars] [added: tariffs, export controls, sanctions,] or other governmental actions related to [removed: tariffs or] international trade agreements and policies that materially constrain cross-border flows of investment, [added: goods, or data,] which have the potential to increase costs, decrease margins, reduce the competitiveness of products and services offered by portfolio companies and adversely affect the revenues and profitability of portfolio [removed: companies whose businesses rely on goods imported from] [added: companies, including as a result of the potential imposition of tariffs] or [removed: exported to any country impacted by such policies.][added: tariff increases or other trade restrictions between the United States and its major trading partners, including Canada, Mexico, the European Union, and China.]

[removed: Even with limited direct exposure to Russia prior to its invasion of Ukraine, the] [added: The] conflict and related sanctions [added: and trade restrictions] imposed on Russia have [added: significantly] exacerbated [added: regional] and [removed: may further exacerbate these trends,] [added: global economic and political instability,] including with respect to oil and gas prices.

Beginning in February 2022, the United [removed: States] [added: States, the United Kingdom, the European Union,] and other countries [added: significantly expanded or] began imposing, and have continued to impose, meaningful sanctions targeting Russia as a result of actions taken by Russia in Ukraine.

We and our portfolio companies will be required to comply with these and potentially additional sanctions [added: and trade restrictions] imposed by the United States and by other countries, for which the full costs, burdens, and limitations on our and our portfolio companies' businesses and prospects are currently unknown and may become significant.

Natural disasters and [removed: catastrophes, including public health crises, and potential changes in climate conditions] [added: catastrophes] could materially and adversely affect KKR.

Natural disasters or catastrophes, such as public health [removed: crises,] [added: crises and] extreme weather [removed: events, climate change, earthquakes, tsunamis and floods] could have an adverse impact on our ability to conduct our investment management and insurance businesses.

[removed: More specifically, public] [added: Public] health crises, pandemics and epidemics, such as those caused by new strains of [removed: viruses such as the SARS-CoV-2 virus (COVID-19),] [added: viruses,] may occur from time to time, which could directly and indirectly impact us in material respects that we are unable to predict or [removed: control, including by threatening our employees’ well-being and morale and interrupting business activities, including disrupting travel, investment activities, policy claim payouts, fundraising and new policy sales.][added: control.]

In addition, we may be materially and adversely affected as a result of many related factors outside our control, including the effectiveness of governmental responses to a public health crisis, pandemic or [removed: epidemic, the extension, amendment or withdrawal of any programs or initiatives established by governments and the timing and speed of economic recovery.][added: epidemic.]

Any disruption in the operation of, or inability to access, our New York City office could have a significant impact on our business, and such risk of disruption or inaccessibility could be heightened during a [removed: terrorist attack, a] [added: security event, weather event,] public health [removed: crisis] [added: crisis, pandemic,] or [removed: pandemic located] [added: other event outside of our control occurring] in or around New York City.

These events and the disruptions that they cause, alone or in combination, also have the potential to strain or deplete infrastructure and response capabilities [removed: generally.][added: generally, and to increase costs, including costs of insurance.]

New climate-related regulations or interpretations of existing laws may result in enhanced disclosure [added: or other compliance] obligations, which could negatively affect our and our investment vehicles’ investments and materially increase the regulatory burden and cost of compliance.

Public health crises, pandemics, [removed: wars, terrorist attacks, epidemics and] [added: security events,] weather events [added: and other events outside of our control,] could also directly and indirectly impact us and our portfolio companies and other investments in material respects that we are unable to predict or control, which could materially and adversely impact valuations, especially valuations of investments directly in or collateralized by real assets, loans or other assets as well as portfolio companies that rely on physical factories, plants or stores located in the affected areas.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity Needs” for further information regarding our liquidity needs along with our capital commitments as of December 31, [removed: 2023] [added: 2024] and Note 16 “Debt Obligations” in our financial statements for further information regarding our senior notes, credit facilities and other outstanding debt obligations.

See "—Risks Related to Our Business—Certain types of investment vehicles, especially those offered to individual investors, may subject us to a variety of risks, including new and greater levels of public [removed: and regulatory scrutiny, regulation, risk of litigation and reputational risk, which could materially and adversely affect us."]

To the extent we commit to buy and sell an [removed: issue] [added: issuance] of securities in firm commitment underwritings or otherwise, we expect to borrow under these revolving credit facilities or may require other sources of liquidity to fund such obligations, which, depending on the size and timing of the obligations, may limit our ability to enter into other underwriting arrangements or similar activities, service existing debt obligations or otherwise grow our business.

Any default under these agreements (including through defaults on other debt that may result in cross-defaults on these agreements), and any resulting acceleration of the borrower’s outstanding indebtedness, could have a material adverse effect on us and could also cause a cross-default under our corporate revolving credit facility, which, if not cured or waived, could have a material adverse [removed: effect.][added: effect on us.]

[removed: With respect to Global Atlantic,] [added: A number of] our [removed: insurance] subsidiaries [added: in different jurisdictions around the world, including our insurance subsidiaries,] are also subject to regulatory restrictions that [removed: are expected to restrict] [added: place restrictions on] their ability to make distributions to KKR.

Many of the products in Global Atlantic’s in-force book allow policyholders to withdraw their funds, also referred to as a surrender, under [removed: defined] [added: contractually-defined] circumstances.

We may be forced to sell investments as a result of a recapture of [removed: its] [added: Global Atlantic’s] reinsurance business or as a result of the need to hold additional collateral that meets the associated investment guidelines, which could have a material adverse effect on KKR.

In addition to fluctuations based on the valuations of the underlying investments of the AUM, this capital is [removed: subject, however,] [added: subject] to withdrawals, redemptions and periodic payments such as dividends.

[removed: See “—Risks Related to Our Investment Activities—Investors in certain of our investment vehicles are entitled to redeem their] investments in these vehicles on a periodic basis, and certain of our investment advisory agreements may be terminated with minimal notice.” In addition, we expect that the capital arising from KKR’s investment management agreements with our insurance subsidiaries would, in general, be reduced if outflows to pay policyholder obligations under Global Atlantic’s insurance policies and reinsurance agreements exceed inflow from writing new insurance policies or entering into new reinsurance transactions.

Moreover, perpetual capital may be removed from our AUM under certain [removed: circumstances,] [added: circumstances] because the underlying investment management agreement may be terminated by a client for specific reasons like poor investment performance, and perpetual capital may also be terminated by a client’s failure to renew our investment management agreement.

We recognize earnings on investments in our investment vehicles based on our allocable share of realized and unrealized gains (or losses) reported by such investment vehicles and for certain of our recent investment vehicles when a performance hurdle is achieved, which in each case [removed: are] [added: is] subject to significant uncertainty and risk, including as a result of other risks discussed in this report.

With respect to our insurance business, block reinsurance transactions [added: have created, and] are expected to [removed: create] [added: create,] variability in our financial results in or for the period in which this type of transaction is executed, for example by significantly increasing policy benefits in that period, depending on the types of liabilities reinsured.

In addition, aspects of how our insurance business is required to report certain investments and liabilities [added: has added, and] is expected to [removed: add] [added: add,] volatility to our financial results from quarter to quarter.

As of December 31, [removed: 2023,] [added: 2024,] approximately $546 million of carried interest was subject to this clawback obligation, assuming that all applicable carry-paying funds were liquidated at their December 31, [removed: 2023] [added: 2024] fair values.

Had the investments in such carry-paying funds been liquidated at zero value, the clawback obligation would have been approximately [removed: $3.5] [added: $4.7] billion.

Our inability to successfully raise additional or successor funds (or raise successor funds of a comparable size as our predecessor funds, or raise funds with as favorable terms) [added: or to raise capital with insurance sponsored vehicles] could materially and adversely affect our revenues or profitability.

Institutional investors that have suffered from decreasing returns, liquidity pressure, increased volatility or difficulty maintaining target asset allocations may materially decrease or temporarily suspend making new investments [added: with alternate asset managers generally or] in our investment funds.

Our asset management business is highly fragmented, with our competitors consisting primarily of sponsors of public and private investment funds, real estate development companies, [removed: business development companies,] [added: BDCs,] investment banks, commercial finance companies and operating companies acting as strategic buyers of businesses.

We believe that competition for investors in our investment vehicles is based primarily [removed: on:] [added: on various factors, including:] (i) investment performance; (ii) investor liquidity and willingness to invest; (iii) investor perception of investment [removed: managers’'] [added: managers’] drive, focus and alignment of interest; (iv) business reputation; (v) the duration of relationships with investors; (vi) the quality of services provided to investors; (vii) pricing (including investment terms, fees and expense reimbursement); (viii) the relative attractiveness of the types of investments that have been or will be made; and (ix) consideration for [removed: environmental, social and governance] [added: sustainability] issues.

We believe that competition for investors in our insurance products is based primarily on: (i) price; (ii) terms and conditions; (iii) relationships; (iv) quality of service and execution certainty; (v) capital and perceived financial strength (including third-party ratings); (vi) technology, innovation and ease of use; (vii) breadth of product offerings; and (viii) reputation, [removed: experience and] [added: experience,] brand [removed: recognition.][added: recognition, client service, and user experience.]

Some investors in our investment vehicles, stockholders, regulators and other stakeholders are increasingly focused on sustainability matters, such as climate change and environmental stewardship, [removed: diversity, equity and inclusion (“DEI”),] human rights, support for local communities, corporate governance and transparency, or other environmental- or social-related areas.

Ongoing international conflicts continue to present risks to our business.

Additionally, the conflict in the Middle East since October 2023 continues to threaten to destabilize the wider region.

It is not possible to predict the broader or longer-term consequences of geopolitical risks.

These conflicts and events could produce adverse effects on macroeconomic conditions, security conditions, currency exchange rates, exchange controls and financial markets, with the potential to impact the revenues and profitability of us, our investment vehicles, and our investments.

KKR has significant unfunded commitments to its investment vehicles and in capital markets transactions.

and regulatory scrutiny, regulation, risk of litigation and reputational risk, which could materially and adversely affect us" and Note 24 "Commitments and Contingencies" in our financial statements.

In addition, Global Atlantic has a credit facility which can only be used in connection with the general corporate purposes of our insurance business.

If we are unable to draw on this facility for any reason, it may limit our ability to enter into certain insurance-related transactions or operate our insurance business.

See “—Risks Related to Our Investment Activities—Investors in certain of our investment vehicles are entitled to redeem their

- Global Atlantic has always operated in highly competitive markets, but there has been a substantial increase in Global Atlantic's competition in the insurance business as non-traditional firms, including those owned by or with strategic partnerships with alternative asset managers, have entered the insurance sector at a rapid pace.

Traditional insurers and reinsurers have also been significantly expanding their areas of expertise and product lines, which could have a significant effect on competition in the insurance industry.

These new and traditional competitors may be able to price new business aggressively, with a higher investment risk tolerance, as part of a strategy to gain market share or increase assets under management;

- we may be unable to achieve as quickly as expected, or at all, our recent strategic business initiatives to increase the number and types of investment products and vehicles we offer directly or indirectly to individual investors, including high net worth individuals, family offices, accredited investors, and, more recently, mass affluent individuals as there is extensive competition for such investors and in private wealth management by our competitors;

Conversely, low interest rates related to monetary stimulus, economic stagnation or deflation may negatively impact expected returns on various types of investments as the demand for relatively higher return assets increases and the supply decreases.

For additional information regarding the level of competition we face, see “Business—Our Business—Competition.”

Further, a growing number of states having enacted or proposed policies, legislation, issued related legal opinions and engaged in related litigation regarding sustainability matters.

There has

- In the United States, the SEC adopted rules aimed at enhancing and standardizing climate-related disclosures for registrants that would require climate-related disclosures beyond current requirements or practice; however, these rules are stayed pending the outcome of consolidated legal challenges in the Eighth Circuit Court of Appeals.

In addition, California enacted climate legislation that will require certain companies that do business in California, or that operate in California and make certain climate-related claims, to provide certain climate-related disclosures, including disclosure of financed emissions, an extensive and complex category of emissions that is difficult to calculate accurately and for which there is currently no agreed measurement standard or methodology.

The European Commission has published a consultation on possible future changes to the SFDR and the European Supervisory Authorities have proposed potential changes to the SFDR RTS.

The European Commission has also proposed an “Omnibus simplification package” (the “Omnibus Proposal”) aimed at simplifying sustainability regulatory requirements, which may introduce changes to regulations such as CSRD, CSDDD, and the EU Taxonomy Regulation (among possible other EU sustainability-related regulations).

It is currently unclear to what extent any such changes will be implemented, and the extent to which these changes could impact us.

At the same time, regulators have also introduced requirements which oblige asset managers to ensure any such statements and disclosures are fair, clear and not misleading.

Both the current U.S. administration and certain members of the U.S. Congress have stated that one of their top legislative priorities is significant reform of the Internal Revenue Code and other federal tax laws.

Among other things, the current U.S. administration and the U.S. Congress may pursue tax policies seeking to alter the income tax rates and brackets applicable to individuals and corporations, exempt certain types of income from taxation, reduce or eliminate energy incentives enacted by the Inflation Reduction Act of 2022, provide tax incentives for domestic production and impose significant new tariffs on foreign goods.

Both the timing and the details of any such tax reform are unclear.

However, the current U.S. administration is not expected to adopt Pillar Two, creating additional uncertainty as to the application of these rules to multinational enterprises with a U.S. parent entity.

Several cases alleging discrimination based on similar arguments have been filed since the decision, with scrutiny of certain corporate diversity and inclusion practices since this decision increasing.

In January 2025, the current U.S. administration signed a number of Executive Orders focused on diversity, equity and inclusion initiatives, which include a broad mandate to eliminate federal diversity, equity and inclusion initiatives programs and a caution to the private sector to end what may be viewed as illegal diversity, equity and inclusion initiatives discrimination and preferences.

The Executive Orders also indicate upcoming compliance investigations of private entities, including publicly traded companies, and changes to federal contracting regulations.

We strive to create a workplace environment where employees thrive both professionally and personally, and our key focuses include driving exceptional performance, enhancing our firm’s culture of collaboration, and aligning interests with fund investors.

More specifically, the NYSDFS Cybersecurity Amendments also require subject entities to (i)

changes.

We may use artificial intelligence and other quantitative analysis tools and models, developed by us or third-party service providers, to inform certain of our decisions.

Such technology, analysis and models are highly complex and subject to limitations and risks that have the potential to adversely impact us to the extent that we rely on artificial intelligence.

If we or third-party developers whose artificial intelligence we utilize do not have sufficient rights to use the data or other material relied upon by such developers, we also may incur liability through the alleged violation of applicable laws and regulations, third-party intellectual property, data privacy, or other rights, or contractual obligations.

Such enforcement has included “sweeps” by the FTC focused on unfair or deceptive practices by companies purporting to use artificial intelligence in their operations or selling artificial intelligence products that may be used to mislead or deceive consumers.

In January 2025, the U.S. Department of Commerce’s Bureau of Industry and Security issued a rule requiring licenses to export certain closed-weight AI models and advanced computing integrated circuits beginning on May 15, 2025.

including obligations to protect and safeguard consumers’ nonpublic personal information and records, and limits the ability to share and reuse such information.

In May 2024, the SEC adopted cybersecurity regulations as an amendment to Regulation S-P designed to establish a federal “minimum standard” for covered institutions (as defined below) to adopt an incident response program to govern their response to any unauthorized access of customer information.

We operate an investment management business where we manage investment vehicles that invest in alternative asset classes and also conduct a related capital markets business.

We also operate, through our insurance subsidiaries, an insurance business that provides retirement, life and reinsurance products.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

In addition, tariff increases may adversely affect suppliers and certain other customers of our portfolio companies, which could amplify any negative impact.

Policies, such as restrictions on exports of food, have also increased globally as a result of Russia's invasion of Ukraine.

For example, in October 2023, a UK court expanded the definition of “ownership or control” under UK sanctions that broadens the impact of UK sanctions on Russian entities.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

It is not possible to predict the broader or longer-term consequences of the Russian invasion of Ukraine or continued tensions between the U.S. (and other countries) and China.

These conflicts could result in further sanctions, embargoes, regional instability, geopolitical shifts and adverse effects on macroeconomic conditions, security conditions, currency exchange rates, exchange controls and financial markets.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

Our insurance subsidiaries manage their liabilities and configure their investment portfolios to provide and maintain sufficient liquidity to support anticipated withdrawal demands, surrenders, contract benefits and maturities.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

Our ability to attract new capital and investors in our investment vehicles is driven, in part, by the extent to which they continue to see the alternative asset management industry generally, and our investment products specifically, as attractive means for capital appreciation or income.

Failure or inability to raise capital with insurance sponsored vehicles may adversely impact growth in our insurance business.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

Certain of these investors consider our record of, and approach to, responsible investing, in determining whether to invest in our investment vehicles.

KKR may determine at any time that it is not feasible or practical to implement or complete certain of

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

Several jurisdictions impose or have proposed restrictions around the offering of sustainability investment vehicles through labelling, disclosure or marketing requirements at both the investment vehicle and asset management level.

- In the United States, various proposals by the SEC regarding, among others, enhanced disclosure requirements around ESG practices for investment managers, registered investment companies and advisers and rules aimed at enhancing and standardizing climate-related disclosures for registrants, which, if adopted, would require climate-related disclosures beyond current requirements or practice.

In addition, unless challenges to the rules are successful, California’s recently enacted climate legislation will require certain companies that do business in California to provide certain climate-related disclosures.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

The U.S. Federal government signed into law the Inflation Reduction Act of 2022, which, among other things, imposes a corporate minimum "book" tax on certain large corporations, creates a non-deductible 1% excise tax on net stock repurchases made by certain publicly traded corporations after December 31, 2022, and modifies certain clean energy investment tax credits.

See Note 18 "Income Taxes" in our financial statements for further information regarding various tax matters.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

We strive to maintain a work environment that reinforces our culture of collaboration, inclusiveness, motivation and alignment of interests with fund investors.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

These same cybersecurity

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

In March 2023, the SEC proposed amendments to Regulation S-P, its rules implementing The Gramm-Leach-Bliley Act, which, if adopted, would require broker-dealers, registered investment companies and investment advisers to adopt written policies and procedures creating an incident response program to deal with unauthorized access to customer information, including procedures for notifying persons affected by the incident within 30 days.

Furthermore, failure to comply with U.S. and foreign privacy, data protection, and data security

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

Our asset [removed: management] [added: management, insurance,] and [removed: insurance businesses] [added: strategic holdings segments] are affected by the various market and economic conditions of the various countries and regions in which we operate.

Market and economic conditions are expected to continue to have a substantial impact on our financial condition, results of [removed: operations] [added: operations,] and our business in various ways that we are unable to control, including our ability to make new investments, the valuations of the investments we manage, the amount of investment proceeds we realize when we exit our investments, the timing for such realization activity, our ability to fundraise or to sell our various investment and insurance products and services, and the level of our capital markets activities, as discussed in the "Risk Factors" section of this Report.

- GDP. In the United States, real gross domestic product (“GDP”) [added: is] expanded by [removed: 2.5%] [added: 2.8%] for the year ended December 31, [removed: 2023,] [added: 2024,] compared to an expansion of [removed: 1.9%] [added: 2.9%] for the year ended December 31, [removed: 2022.][added: 2023.]

[removed: Euro Area] [added: In Japan,] real GDP is estimated to have [removed: increased] [added: decreased] by [removed: 0.5%] [added: 0.2%] for the year ended December 31, [removed: 2023,] [added: 2024,] down from [removed: 3.4%] [added: 1.5% expansion] for the year ended December 31, [removed: 2022.][added: 2023.]

[removed: In Japan,] [added: Eurozone] real GDP [removed: is estimated to have] increased by [removed: 2.0%] [added: 0.7%] for the year ended December 31, [removed: 2023,] [added: 2024,] up from [removed: 1.0%] [added: 0.4%] growth for the year ended December 31, [removed: 2022.][added: 2023.]

Real GDP in China increased by [removed: 5.2%] [added: 5.0%] for the year ended December 31, [removed: 2023,] [added: 2024,] compared to growth of [removed: 3.0%] [added: 5.4%] reported for the year ended December 31, [removed: 2022.][added: 2023.]

[removed: -] [added: | +50 bps] Interest [removed: Rates.][added: Rates | | | | | | (18,341) | | | | | | | | | | | | | | |]

[added: - Interest Rates.] The effective federal funds rate set by the U.S. Federal Reserve Board was [removed: 5.33%] [added: 4.33%] as of December 31, [removed: 2023, up] [added: 2024, down] from [removed: 4.33%] [added: 5.33%] as of December 31, [removed: 2022.][added: 2023.]

The short-term benchmark interest rate set by the European Central Bank was [removed: 4.5%] [added: 3.15%] as of December 31, [removed: 2023, up] [added: 2024, down] from [removed: 2.5%] [added: 4.5%] as of December 31, [removed: 2022.][added: 2023.]

The short-term benchmark interest rate set by the Bank of Japan was [removed: -0.1%] [added: 0.25%] as of December 31, [removed: 2023, unchanged] [added: 2024, up] from [added: -0.1% as of] December 31, [removed: 2022.][added: 2023.]

The short-term benchmark interest rate set by The People's Bank of China was [removed: 3.45%] [added: 3.10%] as of December 31, [removed: 2023, unchanged] [added: 2024, down] from 3.45% as of December 31, [removed: 2022.][added: 2023.]

- Inflation. The U.S. core consumer price index rose [removed: 3.9%] [added: 3.2%] on a year-over-year basis as of December 31, [removed: 2023,] [added: 2024,] down from [removed: 5.7%] [added: 3.9%] on a year-over-year basis as of December 31, [removed: 2022.][added: 2023.]

[removed: Euro Area] [added: Eurozone] core inflation was [removed: 3.4%] [added: 2.7%] as of December 31, [removed: 2023,] [added: 2024,] down from [removed: 5.2%] [added: 3.4%] as of December 31, [removed: 2022.][added: 2023.]

In Japan, core inflation rose to [removed: 2.8%] [added: 1.6%] on a year-over-year basis as of December 31, [removed: 2023, up] [added: 2024, down] from [removed: 1.6%] [added: 2.8%] on a year-over-year basis as of December 31, [removed: 2022.][added: 2023.]

Core inflation in China was [removed: 0.6%] [added: 0.4%] on a year-over-year basis as of December 31, [removed: 2023,] [added: 2024,] down from [removed: 0.7%] [added: 0.6%] as of December 31, [removed: 2022.][added: 2023.]

- Unemployment. The U.S. unemployment rate was [removed: 3.7%] [added: 4.1%] as of December 31, [removed: 2023,] [added: 2024,] up from [removed: 3.5%] [added: 3.8%] as of December 31, [removed: 2022.][added: 2023.]

The unemployment rate in Japan was [removed: 2.4%] [added: 2.5%] as of December 31, [removed: 2023, down] [added: 2024, unchanged] from 2.5% as of December 31, [removed: 2022.][added: 2023.]

The unemployment rate in China was 5.0% as of December 31, [removed: 2023, down] [added: 2024, unchanged] from [removed: 6.1%] [added: 5.0%] as of December 31, [removed: 2022.][added: 2023.]

In [removed: 2023,] [added: 2024,] the United States equity markets, [removed: generally] appreciated [added: significantly] on a year-over-year basis, with varying volatility throughout the year, and the U.S. 10-year benchmark treasury yield also fluctuated throughout the year to end at a rate lower at year-end than [removed: its peak during] [added: at] the [removed: year.][added: prior year-end of 2023.]

[removed: European and] [added: European,] Japanese [removed: equity markets generally appreciated, although Japan less significantly than the United States, on a year-over-year basis,] and [removed: the] Chinese equity markets [removed: declined] [added: all appreciated] on a year-over-year basis.

- Equity Markets. For the year ended December 31, [removed: 2023,] [added: 2024,] the S&P 500 was up [removed: 26.3%,] [added: 25.5%,] the MSCI Europe Index was up [removed: 26.1%,] [added: 2.6%,] the MSCI Asia Index was up [removed: 11.8%] [added: 10.4%] and the MSCI World Index was up [removed: 24.4%] [added: 19.5%] on a total return basis including dividends.

Equity market volatility as evidenced by the Chicago Board Options Exchange Market Volatility Index (VIX), a measure of volatility, ended at [removed: 12.5] [added: 17.4] as of December 31, [removed: 2023, decreasing] [added: 2024, increasing] from [removed: 21.7] [added: 12.5] as of December 31, [removed: 2022,] [added: 2023,] and peaking at [removed: 26.5] [added: 38.6] as of [removed: March 13, 2023.][added: August 5, 2024.]

- Credit Markets. During the year ended December 31, [removed: 2023,] [added: 2024,] U.S. investment grade corporate bond spreads (BofA Merrill Lynch US Corporate Index) tightened by [removed: 34] [added: 22] basis points.

The non-investment grade credit indices were up during the year ended December 31, [removed: 2023] [added: 2024] with the S&P/LSTA Leveraged Loan Index up [removed: 13.4%] [added: 9.0%] and the BofAML HY Master II Index up [removed: 13.4%.][added: 8.2%.]

During the year ended December 31, [removed: 2023,] [added: 2024,] the 10-year government bond yields rose [removed: 0.4] [added: 69] basis points in the United States, [removed: fell 55] [added: rose 34] basis points in Germany, rose [removed: 19] [added: 49] basis points in Japan, [removed: fell 14] [added: rose 103] basis points in the UK and fell [removed: 28] [added: 89] basis points in China.

- Commodity Markets. During the year ended December 31, [removed: 2023,] [added: 2024,] the 3-year forward price of WTI crude oil decreased approximately [removed: 6.3%,] [added: 0.5%,] and the 3-year forward price of natural gas decreased from approximately [removed: $4.99 per MMBtu to] $4.44 per MMBtu as of December 31, [removed: 2022 and] [added: 2023 to $4.36 per MMBtu as of] December 31, [removed: 2023.][added: 2024.]

The Japan spot LNG import price decreased to approximately [removed: $15.09] [added: $13.82] per MMBtu as of December 31, [removed: 2023] [added: 2024] from approximately [removed: $28.46] [added: $16.92] per MMBtu as of December 31, [removed: 2022.][added: 2023.]

- Foreign Exchange Rates. For the year ended December 31, [removed: 2023,] [added: 2024,] the euro [removed: rose 3.1%,] [added: fell 6.2%,] the British pound [removed: rose 5.4%,] [added: fell 1.7%,] the Japanese yen fell [removed: 7.0%,] [added: 10.3%,] and the Chinese renminbi fell [removed: 2.8%,] [added: 2.7%,] respectively, relative to the U.S. dollar.

Please refer to the "Risk Factors" section of this [removed: report] [added: Report] for important additional detail regarding risks, [removed: uncertainties] [added: uncertainties,] and other conditions that could have a material favorable or unfavorable impact on our businesses, including the impact of market and economic conditions on valuations of [removed: investments.][added: investments and the impact of competition we face.]

These risks, [removed: uncertainties] [added: uncertainties,] and other conditions should be read in conjunction with this Business Environment section and the entire Risk Factor section.

In particular, see [removed: "Risks] [added: "Risk Factors—Risks] Related to Our Investment Activities—Our valuation methodologies for certain assets can be subjective, and the fair value of assets established pursuant to such subjective methodologies is uncertain and may never be [removed: realized” and “Risks] [added: realized”, “Risk Factors—Risks] Related to Our Investment Activities—Various market and economic conditions and events outside of our control that are difficult to quantify or predict may have a significant impact on the valuation of our [removed: investments; which may make them volatile] [added: investments and, therefore, on our financial results”,] and [removed: we may not be able] [added: "Risk Factors—Risks Related] to [removed: realize them at such values.”][added: Our Business—The investment management and insurance businesses are intensely competitive."]

See Note 2 “ Summary of Significant Accounting Policies” in our financial statements and [removed: “Critical] [added: “—Critical] Accounting Policies and Estimates” contained in this section below.

For a [removed: more detailed] [added: full] discussion of [removed: the adoption of the LDTI,] [added: recently issued accounting pronouncements,] see Note 2 "Summary of Significant Accounting Policies" in our financial statements included in this report.

Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, where applicable are included under [removed: "—Analysis of Non-GAAP] [added: "—Segment] Balance Sheet Measures—Reconciliations to GAAP Measures."

In connection with the [removed: adoption] [added: scaling] of [removed: LDTI (see Note 2] [added: the core private equity strategy on KKR’s balance sheet and the acquisition of all of the remaining equity interests] in [removed: our financial statements),] [added: Global Atlantic on January 2, 2024,] KKR reevaluated the manner in which it makes operational and resource deployment decisions and assesses the overall performance of KKR's business.

Effective with the [removed: three months ended March 31, 2023,] [added: first quarter of 2024,] the items detailed below have changed with respect to the preparation of the reports used by KKR's chief operating decision makers.

The most significant changes between KKR's current segment presentation and [removed: our] [added: its] previous segment presentation [added: reported prior to the first quarter of 2024,] are as follows:

[removed: KKR] [added: Insurance Operating Earnings] excludes [added: the impact of:] (i) [added: investment gains (losses) which include realized gains (losses) related to asset/liability matching investment strategies and unrealized investment gains (losses) and (ii) non-operating] changes in [added: policy liabilities and derivatives which includes (a) changes in] the fair value of market risk benefits and other policy liabilities [added: measured at fair value] and [removed: the associated derivatives, (ii)] [added: related benefit payments, (b)] fees attributed to guaranteed benefits, [added: (c) derivatives used to manage the risks associated with policy liabilities,] and [removed: (iii)] [added: (d)] losses at contract [removed: issue] [added: issuance] on payout [removed: annuities from the Insurance Segment Operating Earnings.][added: annuities.]

[removed: After-tax distributable earnings] [added: Adjusted Net Income ("ANI")] is a [removed: non-GAAP] performance measure of KKR’s earnings, which is derived from KKR’s reported segment results.

[removed: After-tax distributable earnings] [added: ANI] is used to assess the performance of KKR’s business operations and measures the earnings potentially available for distribution to its equity holders or reinvestment into its business.

In 2024, the United States continued to experience economic growth while also continuing to experience persistent inflation in excess of the U.S. Federal Reserve Board’s target rate.

The U.S. Federal Reserve Board lowered the target range for the federal funds rate three times in 2024, including a rate reduction in December lowering the target range to 4.25-4.50%.

However, in early 2025, the U.S. Federal Reserve Board decided to maintain the target range for the federal funds rate, noting its dual mandate to achieve maximum employment and inflation at the rate of 2 percent over the longer run.

GDP growth in the Eurozone in 2024 was moderately positive.

In Europe, the European Central Bank lowered rates four times in 2024, lowering the deposit rate to 3% as Eurozone inflation slowed as compared to the prior year albeit remaining above the European Central Bank’s 2% inflation target.

In Asia, the two largest economies continued to experience divergent economic conditions during 2024.

Japan’s economy is expected to have experienced positive growth in the fourth quarter of 2024.

The Bank of Japan raised interest rates twice in 2024, ultimately up to 0.25%.

In China, the economy grew in 2024, but Chinese growth remains subject to various headwinds including in the property sector.

Eurozone unemployment was 6.3% as of December 31, 2024, down from 6.5% as of December 31, 2023.

Short term interest rates fell as the Federal Reserve lowered benchmark interest rates; however, there was an increase in longer term U.S. interest rates.

- Creating a new business segment, Strategic Holdings - The new segment is currently comprised of KKR’s participation in its core private equity strategy.

Our participation in our core private equity has scaled into a business KKR now evaluates separately from its Asset Management segment.

Additionally, KKR may also acquire other long-term assets that are not part of the core private equity strategy for this segment.

As of the first quarter of 2024, KKR’s participation in its core private equity strategy no longer is reported as part of the Asset Management segment.

The Asset Management segment continues to represent KKR's business separate from its insurance operations and continues to reflect how the chief operating decision makers allocate resources and assess performance in the asset management business, which includes operating collaboratively across its business lines, with predominantly a single expense pool.

Effective as of the first quarter of 2024, the results of our Strategic Holdings segment includes a management fee and performance fee that is paid to our Asset Management segment for providing advisory services rather than allocating the costs borne by our Asset Management segment to support our Strategic Holdings segment.

The historical amounts presented herein do not include any management or performance fees since the governing agreement was not in place prior to the first quarter of 2024.

- Segment Earnings - Segment Earnings is the performance measure for KKR's segment profitability and is used by management in making operational decisions and to assess performance.

Adjusted Net Income

Interest Expense, Net and Other includes interest expense on debt obligations not attributable to any particular segment net of interest income earned on cash and short-term investments.

Total Segment Earnings

All these inter-segment transactions are recorded by each segment based on the applicable governing agreements.

This measure is presented before income taxes and is comprised of: (i) Fee Related Earnings, (ii) Realized Performance Income, (iii) Realized Performance Income Compensation, (iv) Realized Investment Income, and (v) Realized Investment Income Compensation.

Strategic Holdings Segment Earnings

Strategic Holdings Segment Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Strategic Holdings segment.

This measure is presented before income taxes and is comprised of: Dividends, Net and Net Realized Investment Income.

Strategic Holdings Segment Earnings excludes the impact of unrealized gains (losses) on investments.

Strategic Holdings Segment Earnings includes management fees and performance fee expenses that are earned by the Asset Management segment.

Strategic Holdings Operating Earnings is a performance measure used to assess the firm’s earnings from companies and businesses reported through its Strategic Holdings segment.

Strategic Holdings Operating Earnings currently consists of earnings derived from dividends that the firm receives from businesses acquired through the firm’s participation in our core private equity strategy.

Strategic Holdings Operating Earnings currently equals dividends less management fees that are earned by our Asset Management segment.

This measure is used by management to assess the Strategic Holdings segment’s generation of earnings from revenues that are measured and received on a more recurring basis than, and are not dependent on, realizations from investment activities.

Total Operating Earnings is a performance measure that represents the sum of (i) FRE, (ii) Insurance Operating Earnings, and (iii) Strategic Holdings Operating Earnings.

KKR believes this measure is useful to stockholders as it provides additional insight into the profitability of the most recurring forms of earnings from each of KKR’s segments as compared to investing earnings.

Total Investing Earnings

Total Investing Earnings is a performance measure that represents the sum of (i) Net Realized Performance Income and (ii) Net Realized Investment Income.

KKR believes this measure is useful to stockholders as it provides additional insight into the earnings of KKR’s segments from the realization of investments.

Asset Management Segment Revenues excludes Realized Investment Income earned based on the performance of businesses presented in the Strategic Holdings segment.

| Fees and Other | | | $ | 3,653,962 | | | | | $ | 2,963,869 | | | | | $ | 690,093 | |

In 2023, the United States continued to experience economic growth despite monetary policy tightening by the Federal Reserve Board in response to high inflation.

In Europe, the European Union experienced growth in 2023, albeit at a weaker rate as compared to 2022, and the European Central Bank also raised interest rates in response to high inflation.

In Asia, its two largest economies experienced different economic conditions.

In Japan, its economy grew in 2023 at a higher rate than in prior periods, and Japan’s economy experienced an uptick in inflation.

In China, its economy grew in 2023 but at a lower-than-expected rate due to various headwinds, including concerns about the levels of certain government debt and its property sector.

The U.S. Federal Reserve Board has signaled that they would likely no longer raise interest rates and would likely ease monetary policy in 2024, assuming inflation were to return close to its 2% target.

The European Central Bank stated its intention to keep its key rates at current levels until its inflation would also return to its 2% target.

The Bank of Japan stated its intention to continue to maintain low interest rates until its inflation rate increases more meaningfully.

The People's Bank of China pledged its support of the Chinese economy with moderate interest rate cuts and increased bank lending.

In addition, slowing growth in certain real estate sectors with excess near-term supply has negatively impacted and may continue to negatively impact the valuations of assets in such sectors in the near-term.

Euro Area unemployment was 6.4% as of December 31, 2023, down from 6.7% as of December 31, 2022.

Adoption of New Accounting Standard

Effective January 1, 2023, we adopted new accounting guidance for insurance and reinsurance companies that issue long-duration contracts (“LDTI”) with retrospective application to February 1, 2021, the date of the 2021 GA Acquisition.

(1)implementation of the accounting changes as a result of LDTI within KKR’s Insurance Segment.

These items are excluded from Insurance Segment Operating Earnings and we believe these items do not reflect the underlying performance of this business;

(2)Global Atlantic book value includes the impact of LDTI except for the impacts recorded in other comprehensive income, which are excluded from book value; and

(3)reporting on a pre-tax basis Insurance Segment Operating Earnings (which was previously reported on an after-tax basis).

We believe these adjustments and changes reflect how management evaluates the Insurance business.

We believe this approach enhances the transparency and visibility of the drivers of Global Atlantic’s underlying operating performance.

Fee Related Earnings, Asset Management Segment Operating Earnings, and Total Asset Management Segment Revenues are not impacted by LDTI or the adjustments and changes noted above.

Therefore, these Non-GAAP measures have not been recast for the historical periods.

As discussed in Note 2 "Summary of Significant Accounting Policies" in our financial statements, our historical consolidated GAAP financial results have been recast to reflect the adoption of LDTI on a full retrospective basis.

Certain of our historical Non-GAAP measures have been recast to reflect the adoption of LDTI along with the adjustments and changes noted above.

After-tax Distributable Earnings

KKR's book value includes the net impact of KKR's tax assets and liabilities as calculated under GAAP.

Series C Mandatory Convertible Preferred Stock had been included in book value, because the definition of adjusted shares used to calculate book value per adjusted share assumes that all shares of Series C Mandatory Convertible Preferred Stock had, prior to its redemption, been converted to shares of common stock of KKR & Co. Inc. To calculate Global Atlantic book value and to make it more comparable with the corresponding metric presented by other publicly traded companies in Global Atlantic’s industry, Global Atlantic book value excludes (i) accumulated other comprehensive income and (ii) accumulated change in fair value of reinsurance balances and related assets, net of income tax.

Inter-segment transactions are recorded by each segment based on the definitive documents that contain arms' length terms and comply with applicable regulatory requirements.

The non-operating adjustments made to derive Insurance Segment Operating Earnings excludes the impact of: (i) investment gains (losses) which include realized gains (losses) related to asset/liability matching investments strategies and unrealized investment gains (losses) and (ii) non-operating changes in policy liabilities and derivatives which includes (a) changes in the fair value of market risk benefits and other policy liabilities measured at fair value and related benefit payments, (b) fees attributed to guaranteed benefits, (c) derivatives used to manage the risks associated with policy liabilities, and (d) losses at contract issuance on payout annuities.

*Adjusted Shares*

Adjusted shares represents shares of common stock of KKR & Co. Inc. outstanding under GAAP adjusted to include (i) for any reporting period prior to the redemption of the Series C Mandatory Convertible Preferred Stock in September 2023, the number of shares of common stock of KKR & Co. Inc. assumed to be issuable upon conversion of the Series C Mandatory Convertible Preferred Stock and (ii) certain securities exchangeable into shares of common stock of KKR & Co. Inc. Weighted average adjusted shares is used in the calculation of After-tax Distributable Earnings per Adjusted Share, and Adjusted Shares is used in the calculation of Book Value per Adjusted Share.

Effective January 1, 2023, we adopted new accounting guidance for insurance and reinsurance companies that issue long-duration contracts (“LDTI”) with retrospective application to February 1, 2021, the date of the 2021 GA Acquisition.

For a more detailed discussion of the adoption of LDTI, see Note 2 "Summary of Significant Accounting Policies" in our financial statements.

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Our exposure to market risks [added: in our asset management and strategic holdings segments] primarily relates to movements in [added: one or more of] the fair value of investments, including the effect that those movements have on our management fees, carried interest, and net gains from investment activities.

[added: Our exposure to market risks in our insurance segment primarily relates to the impact of movements in such market risks on our insurance segment’s assets, liabilities, and hedge program, as discussed below under “Insurance Segment Market Risks."] The fair value of investments may fluctuate in response to changes in the values of investments, foreign currency exchange rates, and interest rates.

[added: KKR, and] Global Atlantic [added: in particular,] has material exposure to market volatility in interest rates, credit spreads, and equity prices through its insurance liabilities, many of which are structured to have exposure to market level changes, its investment [removed: portfolio] [added: portfolio,] and its hedge program.

Our Board of Directors has five standing committees: an Audit Committee, a Risk Committee, a Conflicts Committee, a Nominating and Corporate Governance [removed: Committee] [added: Committee,] and an Executive [removed: Committee.][added: Committee, and they are aided by various management-level committees designed to manage enterprise risks.]

Directors, Executive [removed: Officers] [added: Officers,] and Corporate Governance—Board Committees.”

When we [removed: commit] [added: allocate] capital [removed: from our Principal Activities business line] to [removed: investments] [added: our businesses] or [removed: transactions,] [added: investments,] a [removed: balance sheet committee] [added: Balance Sheet Committee] of senior employees, including our Co-Executive Chairmen, one of our Co-Chief Executive Officers, and the Chief Financial Officer, must approve the investment or transaction before it may be made.

The [added: oversight and governance of our insurance business is aided by a] board of directors [removed: of] [added: at] TGAFG, which is the holding company for Global [removed: Atlantic, has established a risk committee that has primary oversight of market risk at Global] Atlantic.

The [added: TGAFG Risk Committee has adopted] risk appetite principles [removed: include: (1)] [added: as part of its enterprise risk management program, including endeavoring to] protect policyholders by seeking to maintain adequate capital and liquidity resources to honor [removed: its] [added: our] obligations to policyholders under situations reflecting stress scenarios calibrated to the worst modern economic [removed: cycles; (2) deliver value by remaining in a position of strength during periods of adverse market conditions, and (3) protect the franchise by identifying and cost-effectively managing risks that could adversely and materially impact franchise value.][added: cycles.]

For a discussion of Global Atlantic's hedge program, see "—Insurance Segment Market Risks—Hedge [removed: Program."][added: Program" below.]

KKR has a [removed: risk] [added: Risk] and [removed: operations committee] [added: Operations Committee] comprised of senior employees from across our asset management [removed: business] and [added: insurance businesses and] operating functions, and it includes our Chief Financial Officer, Chief Operating Officer, Chief Legal Officer and General Counsel, Chief Compliance Officer, and other senior [removed: employees from KKR's asset management business and Global Atlantic.][added: employees.]

[removed: KKR has a global conflicts] [added: KKR’s Global Conflicts] and [removed: compliance committee] [added: Compliance Committee is] comprised of senior employees from across our asset management business and operations, and it includes, among others, our Chief Financial Officer, Chief Legal Officer and General Counsel, and Chief Compliance Officer.

In addition, KKR has other committees comprised of senior employees [added: from] across our [removed: asset management] business and operations that consider potential risks to our business.

The TGAFG board includes among its members one of our Co-Chief Executive [removed: Officers.][added: Officers and our Chief Financial Officer.]

To assist with its oversight of Global Atlantic, the TGAFG board of directors has established [removed: an] [added: various committees, including] audit, risk, [removed: investment, operations & technology, nominating & governance, compensation] and special transaction [removed: review committee.][added: review.]

Asset Management [added: and Strategic Holdings] Segment Market Risks

The following is a discussion of the significant market risk exposures for KKR's asset management [removed: business.][added: businesses.]

The majority of our investments as of December 31, [removed: 2023,] [added: 2024,] are reported at fair value.

Based on investments held as of December 31, [removed: 2023,] [added: 2024,] we estimate that an immediate 10% decrease in the fair value of investments generally would result in a commensurate change in the amount of net gains (losses) from investment activities (except that carried interest would likely be more significantly impacted), regardless of whether the investment was valued using observable market prices or management estimates with significant unobservable pricing inputs.

Based on the fair value of investments as of December 31, [added: 2024 and December 31,] 2023, we estimate that an immediate, hypothetical 10% decline in the fair value of investments would result in declines in net income attributable to KKR & Co. Inc. before income taxes in [added: 2024 and] 2023 from reductions in the following items, if not offset by other factors:

| | | | [removed: December 31, 2023] | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | |] [added: December 31, 2024] | | | | | | [added: December 31, 2023] | | | | | |

| [removed: | | | Management Fees | | | | | | Carried Interest,] Net [removed: of Carry Pool Allocation | | | | | | Net] Gains/(Losses) From Investment Activities Including General Partner Capital [removed: Interest | | | | | | | | |] [added: Interest] | | | | | | [added: $] | [added: 1,890,459] | | [added: (3)] | | | [added: $] | [added: 1,831,293] | | [added: (3)] | | |

| [removed: | | | ($] [added: *($] in [removed: thousands) | | | | | | | | | | | | | | | | | | | | |] [added: thousands)*] | | | | | | | | | | | | | | | | | |

| [removed: Hypothetical 10% Decline in Fair Value of Investments (1)] | | | [removed: $] | [removed: 50,011] | | [removed: (2) | | | $ | 902,575 | | (3) | | | $ | 1,831,293 | | (3) | | | | | | | | | | | |] [added: Hypothetical 10% Decline in Fair Value of Investments (1)] | | | | | | [added: Hypothetical 10% Decline in Fair Value of Investments (1)] | | | | | |

For the [removed: year] [added: years] ended December 31, [added: 2024 and] 2023, the fund management fees that were recognized based on the NAV of the applicable funds was approximately [removed: 17%.][added: 18% and 17%, respectively.]

These factors include actual or anticipated fluctuations in the quarterly and annual results of such companies or of other companies in the industries in which they operate, market perceptions concerning the availability of additional securities for sale, general economic, social or political developments, industry conditions, changes in government regulation, shortfalls in operating results from levels forecasted by securities analysts, the general state of the securities [removed: markets] [added: markets,] and other material events, such as significant management changes, re-financings, acquisitions, and dispositions.

We estimate that an immediate, hypothetical 10% decline in the exchange rates between the U.S. dollar and all of the major foreign currencies in which our investments were denominated as of December 31, [added: 2024 and December 31,] 2023 (i.e., an increase in the value of the U.S. dollar against these foreign currencies) would result in declines in net income attributable to KKR & Co. Inc. before income taxes in [added: 2024 and] 2023 from reductions in the following items, net of the impact of foreign exchange hedging strategies, if not offset by other factors:

| | | | | | | [added: December 31, 2024] | | | | | | December 31, 2023 | | | | | | [removed: | | | | | | | | | | | | | | | | | | | | | | | | | | |]

| [removed: | | | | | | | | | Carried Interest,] Net [removed: of Carry Pool Allocation | | | | | | Net] Gains/(Losses) From Investment Activities Including General Partner Capital [removed: Interest | | | | | | | | | | | |] [added: Interest] | | | | | | [added: $] | [added: 241,074] | | [added: (2)] | | | [added: $] | [added: 379,599] | | [added: (2)] | | |

| [removed: | | | | | | | | | | | | ($] [added: *($] in [removed: thousands) | | | | | | | | | | | | | | |] [added: thousands)*] | | | | | | | | | | | | | | | | | |

| [removed: Hypothetical] [added: | | | | | | Hypothetical] 10% Decline in Foreign Currencies Against the U.S. [removed: Dollar (1) | | | | | | | | | | | | $ | 188,785 | | (2) | | | $ | 379,599 | | (2) | | | | | | | | | | | |] [added: Dollar (1)] | | | | | | [added: Hypothetical 10% Decline in Foreign Currencies Against the U.S. Dollar (1)] | | | | | |

We and certain consolidated investment vehicles, including CLOs, have debt obligations that include revolving credit agreements, certain investment financing [removed: arrangements] [added: arrangements,] and debt securities issued by CLO vehicles that accrue interest at variable rates.

With respect to consolidated investment vehicles and CLOs, the impact on net income attributable to KKR & Co. Inc. resulting from an increase of a hypothetical 100 basis points in variable interest rates used in the recognition of interest expense would not be expected to be material since a substantial portion of this increase would be attributable to noncontrolling interests and [removed: third party] [added: third-party] CLO noteholders.

With respect to debt obligations held by KKR and not in the consolidated investment vehicles or CLOs, as of [added: both] December 31, [added: 2024 and] 2023, KKR had debt obligations outstanding with an aggregate principal amount of approximately $258.5 million that accrues interest at a variable rate.

Global Atlantic's hedge program is not designed to, and may not be effective in, offsetting all impacts to net income, assets under management, statutory [removed: capital] [added: capital,] or economic values.

Global Atlantic evaluates the sensitivity of net income to specific changes in interest rates, credit [removed: spreads] [added: spreads,] and equity prices projected using internal models.

Actual results can differ significantly from these estimates for a variety of reasons, including the interaction among these factors when more than one changes, discretionary actions by management in response to such changes, differences between the return of the underlying fund and the return on the index being hedged, actual experience differing from the assumptions, changes in business mix, effective tax [removed: rates] [added: rates,] and other market factors, and limitations inherent in the use of models.

- embedded derivatives associated with variable annuities, fixed-indexed [removed: annuities] [added: annuities,] and interest sensitive life products;

In the table below, Global Atlantic estimates the impact of a 50 basis point increase/(decrease) in interest rates, from a parallel shift in the yield curve, from levels as of December 31, [added: 2024 and] 2023 to its net income and shareholders’ equity, excluding AOCI.

| | | | | | | December 31, [added: 2024 | | | | | | | | | | | | December 31,] 2023 | | | | | | | | |

| | | | | | | Hypothetical [removed: change(1)] [added: Change(1)] | | | | | | | | | [added: | | | Hypothetical Change(1) | | | | | | | | |]

Management of Enterprise Risk

Through enterprise risk management, we manage market risk and general business risks.

Risk categories we monitor include financial, insurance, tax, investment, hedge management, operational, cybersecurity, geopolitical, reputational, legal, compliance, and regulatory risks, each within established risk limits and tolerances for our balance sheet, investment vehicles, and investments.

KKR has a firmwide Market Risk Management Committee that seeks to oversee market risk management across KKR.

Its membership includes both Co-Chief Executive Officers, the Chief Financial Officer, and other members of senior management.

The committee reviews and assesses market risk exposures, including those related to liquidity and capital and across our segments and business lines.

KKR also has a Derivatives & Liability Management Committee that is responsible for monitoring and managing KKR’s liabilities and market exposures.

Its membership includes one of our Co-Chief Executive Officers, the Chief Financial Officer, and other members of senior management.

We also manage market risks that relate to our insurance business through a board of directors and management team specifically focused on Global Atlantic.

For more information, see "Management of Insurance Business" below.

The Risk and Operations Committee provides oversight and management of KKR’s significant operating and business risks.

*Management of Insurance Business*

Global Atlantic's management-level committees also evaluate and oversee certain risks affecting our insurance business, including Global Atlantic’s Financial Risk Committee, Firmwide Executive Review Committee and Management Committee, each of which consists of senior employees from across our insurance and asset management businesses.

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| Management Fees | | | | | | $ | 60,782 | | (2) | | | $ | 50,011 | | (2) | | |

| Carried Interest, Net of Carry Pool Allocation | | | | | | $ | 442,171 | | (3)(4) | | | $ | 902,575 | | (3) | | |

(4)Effective January 2, 2024, KKR is authorized to apply a carry pool percentage in excess of the fixed percentages of up to 80% for all funds.

Please see "—Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Asset Management and Strategic Holdings" for further discussion related to the changes in our carry pool.

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| Carried Interest, Net of Carry Pool Allocation | | | | | | $ | 96,897 | | (2)(3) | | | $ | 188,785 | | (2) | | |

(3)Effective January 2, 2024, KKR is authorized to apply a carry pool percentage in excess of the fixed percentages of up to 80% for all funds.

Please see "—Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Asset Management and Strategic Holdings" for further discussion related to the changes in our carry pool.

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*Asset Management*

*Insurance*

This risk committee has adopted Global Atlantic’s risk appetite principles that form the foundation of Global Atlantic’s enterprise risk management program.

The Global Atlantic enterprise risk management program formalizes the review of financial and non-financial risks and establishes risk management controls.

Global Atlantic monitors risks on an aggregate, legal entity and product basis, monitoring different factors, including financial and insurance, investment, hedge management, operational, and legal, compliance and regulatory risks to confirm that its risks remain within established risk limits and tolerances.

*Asset Management*

The risk and operations committee focuses on KKR's operations and enterprise risk management.

This committee focuses on the most significant operating and business risks, which includes, among others, regulatory, cyber, operational, geopolitical, and reputational risks.

KKR's technology and information security committee is responsible for reviewing and monitoring global technology risks including information security, business disruption and fraud related risks.

For further information about this committee’s role with respect to oversight of cybersecurity risks, see "Item 1C-Cybersecurity."

*Insurance*

The TGAFG board of directors is responsible for oversight and the overall governance of Global Atlantic's business and operations.

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Management fees in our infrastructure funds are calculated based on the NAV of the fund and, in some cases, we additionally earn management fees on the fund's remaining commitment.

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We sponsor [removed: investment] funds that invest in private equity, [removed: credit] [added: credit,] and real assets and have strategic partners that manage hedge funds.

Our insurance subsidiaries offer retirement, [removed: life] [added: life,] and reinsurance products under the management of Global Atlantic.

Throughout our history, we have consistently been a leader in the private equity industry, having completed more than [removed: 730] [added: 770] private equity investments in portfolio companies with a total transaction value in excess of [removed: $710] [added: $790] billion as of December 31, [removed: 2023.][added: 2024.]

Since the inception of our firm in 1976, we have expanded our investment strategies and product offerings from traditional private equity to areas such as leveraged credit, alternative credit, infrastructure, energy, real estate, growth [removed: equity, core private equity,] [added: equity (including technology, health care,] and impact [removed: investments.][added: strategies), and core private equity.]

We also provide capital markets services for our firm, our portfolio [removed: companies] [added: companies,] and third parties.

Our balance sheet provides a significant source of capital [removed: in] [added: for] the growth and expansion of our business, [removed: and it] [added: which] has allowed us to further align our interests with those of our investment vehicle investors.

[removed: Our insurance business is operated by Global Atlantic, in which we] [added: KKR] acquired a majority controlling interest [added: in Global Atlantic] on February 1, [removed: 2021] [added: 2021,] and the [removed: remaining equity interests in] [added: remainder of] Global Atlantic [removed: that KKR did not already own] on January 2, 2024.

Global Atlantic is a leading retirement and life insurance company that provides a broad suite of protection, [removed: legacy] [added: legacy,] and savings products [added: to customers] and reinsurance solutions to clients across individual and institutional markets.

Global Atlantic primarily offers individuals fixed-rate annuities, fixed-indexed [removed: annuities] [added: annuities,] and targeted life products through a network of banks, [removed: broker-dealers] [added: broker-dealers,] and independent marketing organizations.

Global Atlantic provides its institutional clients customized reinsurance solutions, including block, [removed: flow] [added: flow,] and pension risk transfer reinsurance, as well as funding agreements.

As of December 31, [removed: 2023,] [added: 2024,] Global Atlantic served over three [added: and a half] million policyholders.

Through our offices around the world, we have a pre-eminent global integrated platform for sourcing transactions, raising [removed: capital] [added: capital,] and carrying out capital markets activities.

We have multilingual and multicultural investment teams with local market knowledge and significant business, [removed: investment] [added: investment,] and operational experience in the countries in which we invest.

We believe that our global capabilities and one-firm philosophy have [removed: helped] [added: been critical to our success, including enabling] us to raise [added: substantial] capital, capture a greater number of investment opportunities, and assist our portfolio companies in their increasing reliance on global markets and sourcing, [removed: while enabling us to diversify] [added: and have also facilitated the diversification of] our operations.

Our investment teams operate with a single culture that rewards investment discipline, creativity, [removed: determination] [added: determination,] and [removed: patience] [added: patience,] and emphasizes the sharing of information, resources, expertise and best practices across offices and asset classes.

We believe that the ability to draw on the local cultural fluency of our investment professionals while maintaining a centralized and integrated global infrastructure [added: and strategic focus] distinguishes us from other investment firms and has been a substantial contributing factor to our ability to raise funds, invest [removed: internationally] [added: internationally,] and expand our businesses.

[removed: Through December 31, 2023, we operated] [added: We operate] in [removed: two] [added: three] segments: our asset management [removed: business and] [added: business,] our insurance [added: business, and our strategic holdings] business.

As an asset management firm, we earn fees, including management fees and incentive fees, and carried interest for providing investment management and other services to our investment [removed: vehicles (including our funds),] [added: vehicles,] CLOs, managed accounts, portfolio [removed: companies] [added: companies,] and certain operating companies, and we generate transaction fees from capital markets transactions.

Our investment teams have deep industry knowledge and are [removed: supported by] [added: able to utilize] a substantial and diversified capital base; an integrated global investment platform; the expertise of operating professionals, senior [removed: advisors] [added: advisors,] and other advisors; and a worldwide network of business relationships that provide a significant source of investment opportunities, specialized knowledge during due diligence and substantial resources for creating and realizing value for stakeholders.

As of December 31, [removed: 2023,] [added: 2024,] approximately [removed: 92%] [added: 93%] of our AUM consists of capital that is either not subject to redemption for at least 8 years from inception or what we refer to as perpetual capital.

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 [removed: companies] [added: companies,] and other stakeholders.

As of December 31, [removed: 2023,] [added: 2024,] we and our employees and other personnel have approximately [removed: $25.0] [added: $28.6] billion invested in or committed to our own funds and portfolio companies, including [removed: $12.1] [added: $12.2] billion of capital funded from our balance sheet, [removed: $7.7] [added: $11.0] billion of additional capital committed by our balance sheet to our investment [added: funds and other investment] vehicles, [removed: $3.6] [added: $4.2] billion funded from personal investments, and [removed: $1.7] [added: $1.2] billion of additional capital commitments from personal investments.

Through our Private Equity business line, we manage and sponsor a group of private equity [removed: funds] [added: investment vehicles] that invest capital for long-term appreciation, either through controlling ownership of a company or strategic non-controlling minority positions.

In addition to our traditional private equity funds that invest in large and mid-sized companies, we sponsor funds that invest in core private [removed: equity,] [added: equity and] growth equity, [added: which includes technology, health care,] and impact [removed: investments.][added: strategies.]

As of December 31, [removed: 2023,] [added: 2024,] our Private Equity business line had [removed: $176.4] [added: $195.4] billion of AUM, consisting of [removed: $123.7] [added: $139.9] billion in traditional private equity, [removed: including $34.9] [added: $37.4] billion in core private [removed: equity] [added: equity,] and [removed: $17.8] [added: $18.1] billion in growth [removed: equity, which includes $4.4 billion of impact investments.][added: equity.]

We are a world leader in private equity, having raised over 30 private equity [removed: funds (including core private equity, growth equity and impact investments).][added: funds.]

Our investment approach leverages our capital base, sourcing advantage, global [removed: network] [added: network,] and industry knowledge.

We believe that the combination of our industry knowledge, investment [removed: experience] [added: experience,] and operational expertise provides KKR with the ability to identify and create value in investment opportunities.

Our core private equity investments are made in companies that, among other things, we believe are more [removed: stable,] [added: stable] and [added: less cyclical, and] typically have lower average leverage over our holding period, than those in our traditional private equity funds.

Growth Equity. Since 2016, we have offered growth equity funds that pursue growth equity investment opportunities in the technology, [removed: media] [added: media,] and telecommunications (TMT) [removed: sector.][added: sector in leading growth technology companies across North America, Europe, Asia-Pacific, and Israel.]

Through this strategy, we focus on emerging, high-growth companies and invest across a variety of sub-sectors including software, security, semiconductors, consumer electronics, internet of things (IoT), information services, business services, internet, digital media, [removed: content] [added: content,] and communications.

[removed: Also since] [added: Since] 2016, we have offered growth equity funds to pursue growth equity investment opportunities in the health care sector, primarily in the United States and Europe.

Our health care growth strategy targets opportunities across various health care sub-sectors, including biopharmaceuticals, medical devices, diagnostics, life science tools, health care providers, healthcare information [removed: technology] [added: technology,] and other services.

[removed: Global Impact.] Since 2019, we have offered global impact funds, which are focused on identifying and investing behind opportunities across the Americas, [removed: Europe] [added: Europe,] and Asia where financial performance and societal impact are intrinsically aligned.

The following chart presents the growth in the AUM of our Private Equity business line from December 31, [removed: 2019] [added: 2020] through December 31, [removed: 2023.][added: 2024.]

Assets Under [removed: Management][added: Management(1)]

[removed: ][added: ]

The table below presents information as of December 31, [removed: 2023,] [added: 2024,] relating to our current private equity and other [added: investment] vehicles reported in our Private Equity business line for which we have the ability to earn carried interest.

This data does not reflect acquisitions or disposals of investments, changes in investment values, or distributions occurring after December 31, [removed: 2023.][added: 2024.]

| | | | Start Date(1) | | | End Date (2) | | | | | | Commitment (3) | | | Uncalled Commitments | | | [removed: Percentage Committed by General Partner] | | | Invested | | | Realized | | | Remaining Cost (4) | | | Remaining Fair Value | | | Gross Accrued Carried Interest | | |

Our Strategic Holdings business is currently comprised of the firm’s ownership in the businesses we acquired through our participation in our core private equity strategy.

In our core private equity strategy, our objective is to acquire and manage controlling interests in operating companies, which we intend to hold over a longer period of time and that we believe have a lower anticipated risk profile than our investments in businesses acquired through our traditional private equity strategy.

As of December 31, 2024, our Strategic Holdings segment consisted of our ownership stakes in 18 companies that we acquired through our core private equity strategy.

Since 2022, we have offered a middle market private equity strategy through our Ascendant fund.

(1)AUM of acquired businesses are included in the years in and after the completion of the respective acquisitions or transactions, as applicable.

| Americas Fund XII | | | 5/2017 | | | 5/2021 | | | | | | 13,500 | | | 1,509 | | | | | | 12,612 | | | 14,129 | | | 9,110 | | | 18,278 | | | 1,578 | | |

| North America Fund XI | | | 11/2012 | | | 1/2017 | | | | | | 8,718 | | | 48 | | | | | | 10,165 | | | 23,097 | | | 2,167 | | | 3,343 | | | 206 | | |

| European Fund VI | | | 6/2022 | | | 6/2028 | | | | | | 7,360 | | | 4,445 | | | | | | 2,915 | | | — | | | 2,915 | | | 2,221 | | | — | | |

| European Fund V | | | 7/2019 | | | 2/2022 | | | | | | 6,354 | | | 669 | | | | | | 5,802 | | | 2,369 | | | 4,520 | | | 6,257 | | | 398 | | |

| Asian Fund IV | | | 7/2020 | | | 7/2026 | | | | | | 14,735 | | | 7,665 | | | | | | 7,704 | | | 1,212 | | | 7,352 | | | 11,027 | | | 661 | | |

| Asian Fund III | | | 8/2017 | | | 7/2020 | | | | | | 9,000 | | | 1,267 | | | | | | 8,263 | | | 8,294 | | | 6,377 | | | 11,099 | | | 905 | | |

| Health Care Strategic Growth Fund | | | 12/2016 | | | 4/2021 | | | | | | 1,331 | | | 102 | | | | | | 1,359 | | | 461 | | | 1,060 | | | 1,762 | | | 111 | | |

| Global Impact Fund II | | | 6/2022 | | | 6/2028 | | | | | | 2,693 | | | 1,836 | | | | | | 857 | | | — | | | 857 | | | 746 | | | — | | |

| Global Impact Fund | | | 2/2019 | | | 3/2022 | | | | | | 1,242 | | | 210 | | | | | | 1,208 | | | 483 | | | 1,028 | | | 1,731 | | | 135 | | |

| Co-Investment Vehicles and Other | | | Various | | | Various | | | | | | 32,680 | | | 9,556 | | | | | | 23,747 | | | 11,182 | | | 17,575 | | | 21,624 | | | 1,489 | | |

| Core Investors II | | | 8/2022 | | | 8/2027 | | | | | | 11,814 | | | 8,963 | | | | | | 2,851 | | | — | | | 2,851 | | | 3,572 | | | 41 | | |

| Core Investors I | | | 2/2018 | | | 8/2022 | | | | | | 8,500 | | | 23 | | | | | | 9,516 | | | 1,658 | | | 8,285 | | | 16,580 | | | 89 | | |

| Other Core Investment Vehicles | | | Various | | | Various | | | | | | 5,567 | | | 1,158 | | | | | | 4,485 | | | 1,555 | | | 4,000 | | | 7,064 | | | 100 | | |

| Total Private Equity | | | | | | | | | | | | $ | 207,651 | | $ | 54,799 | | | | | $ | 160,284 | | $ | 158,852 | | $ | 90,483 | | $ | 132,641 | | $ | 6,310 | |

For funds that initially charge management fees on the basis of committed capital, the end date is generally the date on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated using a lower rate.

KKR has supported and expanded the implementation of broad-based employee ownership programs to its portfolio companies with the goal of improving financial performance through broad-based employee engagement and financial inclusion.

In 2023, we established a climate-focused investment strategy, which invests in infrastructure solutions to support the global energy transition.

This strategy seeks opportunities that have a combination of risk mitigation through infrastructure-like characteristics, such as hard assets and contracted cash flows.

KKR Climate is a global platform that seeks to invest in companies and sectors across the entire physical economy, with a focus on OECD countries in the Americas, Europe, and Asia-Pacific.

| Global Infrastructure Investors V | | | 7/2024 | | | 7/2030 | | | | | | $ | 10,788 | | $ | 10,788 | | | | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | |

| Global Infrastructure Investors IV | | | 8/2021 | | | 6/2024 | | | | | | 16,567 | | | 3,445 | | | | | | 13,494 | | | 443 | | | 13,176 | | | 16,516 | | | 589 | | |

| Global Infrastructure Investors III | | | 7/2018 | | | 6/2021 | | | | | | 7,161 | | | 923 | | | | | | 6,592 | | | 3,955 | | | 4,265 | | | 6,521 | | | 335 | | |

| Global Infrastructure Investors II | | | 12/2014 | | | 6/2018 | | | | | | 3,039 | | | 128 | | | | | | 3,167 | | | 5,481 | | | 684 | | | 1,130 | | | 48 | | |

| Asia Pacific Infrastructure Investors | | | 1/2020 | | | 9/2022 | | | | | | 3,792 | | | 602 | | | | | | 3,475 | | | 1,768 | | | 2,436 | | | 2,994 | | | 215 | | |

| Diversified Core Infrastructure Fund | | | 12/2020 | | | (5) | | | | | | 10,999 | | | 1,177 | | | | | | 9,964 | | | 991 | | | 9,885 | | | 10,652 | | | — | | |

| Global Climate Fund(6) | | | 7/2024 | | | 7/2030 | | | | | | 2,589 | | | 2,589 | | | | | | — | | | — | | | — | | | — | | | — | | |

| Real Estate Partners Americas IV | | | 11/2024 | | | 11/2028 | | | | | | 1,928 | | | 1,928 | | | | | | — | | | — | | | — | | | — | | | — | | |

| Real Estate Partners Americas III | | | 1/2021 | | | 9/2024 | | | | | | 4,253 | | | 847 | | | | | | 3,619 | | | 319 | | | 3,384 | | | 3,589 | | | — | | |

| Real Estate Partners Europe II | | | 3/2020 | | | 12/2023 | | | | | | 2,056 | | | 341 | | | | | | 1,919 | | | 431 | | | 1,606 | | | 1,572 | | | — | | |

| Real Estate Partners Europe | | | 8/2015 | | | 12/2019 | | | | | | 706 | | | 94 | | | | | | 690 | | | 777 | | | 201 | | | 179 | | | (17) | | |

| Energy Related Investment Vehicles | | | Various | | | Various | | | | | | 4,385 | | | 62 | | | | | | 4,195 | | | 2,052 | | | 1,126 | | | 1,620 | | | 46 | | |

| Co-Investment Vehicles and Other | | | Various | | | Various | | | | | | 11,441 | | | 2,899 | | | | | | 8,582 | | | 1,865 | | | 8,168 | | | 8,598 | | | 32 | | |

| Unallocated Commitments(7) | | | N/A | | | N/A | | | | | | 1,382 | | | 1,382 | | | | | | — | | | — | | | — | | | — | | | — | | |

| Total Real Assets | | | | | | | | | | | | $ | 97,957 | | $ | 32,537 | | | | | $ | 67,675 | | $ | 26,013 | | $ | 52,994 | | $ | 61,650 | | $ | 1,343 | |

For funds that initially charge management fees on the basis of committed capital, the end date is generally the date on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated using a lower rate.

From time to time, we refer to our growth equity strategy to include the investments from our impact strategy.

| Americas Fund XII | | | 5/2017 | | | 5/2021 | | | | | | 13,500 | | | 1,665 | | | 2% | | | 12,432 | | | 8,722 | | | 9,326 | | | 18,767 | | | 1,624 | | |

| North America Fund XI | | | 11/2012 | | | 1/2017 | | | | | | 8,718 | | | 152 | | | 3% | | | 10,044 | | | 22,833 | | | 2,759 | | | 3,269 | | | 173 | | |

| European Fund VI | | | 6/2022 | | | 6/2028 | | | | | | 7,426 | | | 5,852 | | | 2% | | | 1,574 | | | — | | | 1,574 | | | 1,263 | | | — | | |

| European Fund V | | | 7/2019 | | | 2/2022 | | | | | | 6,338 | | | 738 | | | 2% | | | 5,670 | | | 917 | | | 5,495 | | | 6,947 | | | 327 | | |

| Asian Fund IV | | | 7/2020 | | | 7/2026 | | | | | | 14,735 | | | 8,529 | | | 1% | | | 6,554 | | | 348 | | | 6,416 | | | 8,324 | | | 268 | | |

| Asian Fund III | | | 8/2017 | | | 7/2020 | | | | | | 9,000 | | | 1,329 | | | 6% | | | 8,189 | | | 6,295 | | | 6,797 | | | 12,018 | | | 981 | | |

| Health Care Strategic Growth Fund | | | 12/2016 | | | 4/2021 | | | | | | 1,331 | | | 144 | | | 11% | | | 1,317 | | | 283 | | | 1,128 | | | 1,863 | | | 105 | | |

| Global Impact Fund II | | | 6/2022 | | | 6/2028 | | | | | | 2,704 | | | 1,889 | | | 1% | | | 815 | | | — | | | 815 | | | 753 | | | — | | |

| Global Impact Fund | | | 2/2019 | | | 3/2022 | | | | | | 1,242 | | | 224 | | | 8% | | | 1,194 | | | 471 | | | 1,018 | | | 1,562 | | | 106 | | |

| Co-Investment Vehicles and Other | | | Various | | | Various | | | | | | 18,340 | | | 3,219 | | | Various | | | 15,680 | | | 8,980 | | | 11,151 | | | 13,863 | | | 1,328 | | |

| Core Investment Vehicles | | | Various | | | Various | | | | | | 25,444 | | | 10,582 | | | 30% | | | 15,768 | | | 2,366 | | | 14,407 | | | 24,323 | | | 119 | | |

| Total Private Equity | | | | | | | | | | | | $ | 192,585 | | $ | 57,297 | | | | | $ | 141,623 | | $ | 145,643 | | $ | 77,596 | | $ | 111,919 | | $ | 5,106 | |

(5)The "Invested" and "Realized" columns do not include the amounts of any realized investments that restored the unused capital commitments of the fund investors, if any.

We also manage investment vehicles that have energy investments in key proven basins across the lower 48 U.S. states, with a focus on operated oil and gas assets and complemented by non‐operated assets, mineral and royalty interests and midstream infrastructure.

| Energy Income and Growth Fund II | | | 8/2018 | | | 8/2022 | | | | | | $ | 994 | | $ | — | | 20% | | | $ | 1,191 | | $ | 305 | | $ | 954 | | $ | 1,503 | | $ | 36 | |

| Natural Resources Fund (5) | | | Various | | | Various | | | | | | 887 | | | — | | | Various | | | 887 | | | 168 | | | — | | | — | | | — | | |

| Global Energy Opportunities | | | Various | | | Various | | | | | | 915 | | | 62 | | | Various | | | 520 | | | 204 | | | 297 | | | 167 | | | — | | |

| Global Infrastructure Investors IV | | | 8/2021 | | | 8/2027 | | | | | | 16,589 | | | 7,244 | | | —% | | | 9,672 | | | 328 | | | 9,477 | | | 10,598 | | | 86 | | |

| Global Infrastructure Investors III | | | 7/2018 | | | 6/2021 | | | | | | 7,165 | | | 1,097 | | | 4% | | | 6,335 | | | 1,910 | | | 5,483 | | | 7,612 | | | 436 | | |

| Global Infrastructure Investors II | | | 12/2014 | | | 6/2018 | | | | | | 3,040 | | | 130 | | | 4% | | | 3,166 | | | 5,330 | | | 807 | | | 1,135 | | | 34 | | |

| Asia Pacific Infrastructure Investors | | | 1/2020 | | | 9/2022 | | | | | | 3,792 | | | 702 | | | 7% | | | 3,375 | | | 738 | | | 2,943 | | | 3,347 | | | 109 | | |

| Diversified Core Infrastructure Fund | | | 12/2020 | | | (6) | | | | | | 9,587 | | | 1,199 | | | 5% | | | 8,452 | | | 508 | | | 8,452 | | | 8,916 | | | — | | |

| Real Estate Partners Americas III | | | 1/2021 | | | 1/2025 | | | | | | 4,253 | | | 1,592 | | | 5% | | | 2,771 | | | 228 | | | 2,611 | | | 2,584 | | | — | | |

| Real Estate Partners Europe II | | | 3/2020 | | | 12/2023 | | | | | | 2,061 | | | 610 | | | 10% | | | 1,656 | | | 431 | | | 1,356 | | | 1,313 | | | — | | |

| Real Estate Partners Europe | | | 8/2015 | | | 12/2019 | | | | | | 707 | | | 99 | | | 10% | | | 687 | | | 763 | | | 209 | | | 208 | | | (6) | | |

| Co-Investment Vehicles and Other | | | Various | | | Various | | | | | | 9,293 | | | 3,903 | | | Various | | | 5,429 | | | 1,582 | | | 5,017 | | | 4,923 | | | 23 | | |

| Total Real Assets | | | | | | | | | | | | $ | 77,761 | | $ | 24,014 | | | | | $ | 55,500 | | $ | 20,963 | | $ | 43,851 | | $ | 48,460 | | $ | 740 | |

| China Growth Fund (2010) | | | 1,010 | | | 1,010 | | | | | | 1,150 | | | 22 | | | | | | 1,172 | | | | | | 3.8 | | % | 0.1 | | % | 1.2 | | |

| North America Fund XI (2012) | | | 8,718 | | | 10,044 | | | | | | 22,833 | | | 3,269 | | | | | | 26,102 | | | | | | 23.8 | | % | 19.2 | | % | 2.6 | | |

| Asian Fund II (2013) | | | 5,825 | | | 7,357 | | | | | | 6,509 | | | 2,124 | | | | | | 8,633 | | | | | | 4.6 | | % | 3.0 | | % | 1.2 | | |

| Energy Income and Growth Fund (2013) | | | 1,589 | | | 1,589 | | | | | | 1,221 | | | — | | | | | | 1,221 | | | | | | (6.1) | | % | (8.8) | | % | 0.8 | | |

| Global Infrastructure Investors II (2014) | | | 3,040 | | | 3,166 | | | | | | 5,330 | | | 1,135 | | | | | | 6,465 | | | | | | 19.7 | | % | 17.0 | | % | 2.0 | | |

| European Fund IV (2015) | | | 3,512 | | | 3,642 | | | | | | 5,726 | | | 2,625 | | | | | | 8,351 | | | | | | 23.7 | | % | 18.4 | | % | 2.3 | | |

| Real Estate Partners Europe (2015) | | | 707 | | | 687 | | | | | | 763 | | | 208 | | | | | | 971 | | | | | | 12.2 | | % | 9.0 | | % | 1.4 | | |

| Next Generation Technology Growth Fund (2016) | | | 659 | | | 668 | | | | | | 1,148 | | | 934 | | | | | | 2,082 | | | | | | 31.0 | | % | 26.4 | | % | 3.1 | | |

| Americas Fund XII (2017) | | | 13,500 | | | 12,432 | | | | | | 8,722 | | | 18,767 | | | | | | 27,489 | | | | | | 24.9 | | % | 20.4 | | % | 2.2 | | |

| Core Investment Vehicles (2017) | | | 25,444 | | | 15,768 | | | | | | 2,366 | | | 24,323 | | | | | | 26,689 | | | | | | 18.0 | | % | 16.9 | | % | 1.7 | | |

| Asian Fund III (2017) | | | 9,000 | | | 8,189 | | | | | | 6,295 | | | 12,018 | | | | | | 18,313 | | | | | | 29.1 | | % | 22.8 | | % | 2.2 | | |

| Real Estate Partners Americas II (2017) | | | 1,921 | | | 1,951 | | | | | | 2,688 | | | 428 | | | | | | 3,116 | | | | | | 25.6 | | % | 21.0 | | % | 1.6 | | |

For a discussion of KKR's legal proceedings, see the section entitled [removed: "Litigation"] [added: "Legal Proceedings"] appearing in Note 24 "Commitments and Contingencies" in our financial statements included elsewhere in this report, which is incorporated herein by reference.

For the fiscal year ended December 31, [removed: 2023][added: 2024]

[removed: ][added: ]

The aggregate market value of common stock of the registrant held by non-affiliates as of June 30, [removed: 2023,] [added: 2024,] was approximately [removed: $36.3] [added: $71.4] billion.

As of February [removed: 27, 2024,] [added: 26, 2025,] the registrant had [removed: 885,005,588] [added: 888,250,533] shares of common stock outstanding.

For the Year Ended December 31, [removed: 2023][added: 2024]

| Item 1A. | | | [Risk [removed: Factors](#ib416561b275e45989bef4f4e1694a53c_382)] [added: Factors](#ib9409cc39cd64858917a0f68a46de4df_397)] | | | [removed: [46](#ib416561b275e45989bef4f4e1694a53c_382)] [added: [46](#ib9409cc39cd64858917a0f68a46de4df_397)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#ib416561b275e45989bef4f4e1694a53c_409)] [added: Comments](#ib9409cc39cd64858917a0f68a46de4df_412)] | | | [removed: [127](#ib416561b275e45989bef4f4e1694a53c_409)] [added: [128](#ib9409cc39cd64858917a0f68a46de4df_412)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#ib416561b275e45989bef4f4e1694a53c_307)] [added: Disclosures](#ib9409cc39cd64858917a0f68a46de4df_310)] | | | [removed: [128](#ib416561b275e45989bef4f4e1694a53c_307)] [added: [129](#ib9409cc39cd64858917a0f68a46de4df_310)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder [removed: Matters and] [added: Matters](#ib9409cc39cd64858917a0f68a46de4df_469)[,](#ib9409cc39cd64858917a0f68a46de4df_469) [and] Issuer Purchases of Equity [removed: Securities](#ib416561b275e45989bef4f4e1694a53c_442)] [added: Securities](#ib9409cc39cd64858917a0f68a46de4df_469)] | | | [removed: [129](#ib416561b275e45989bef4f4e1694a53c_442)] [added: [130](#ib9409cc39cd64858917a0f68a46de4df_469)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ib416561b275e45989bef4f4e1694a53c_127)] [added: Operations](#ib9409cc39cd64858917a0f68a46de4df_124)] | | | [removed: [131](#ib416561b275e45989bef4f4e1694a53c_127)] [added: [132](#ib9409cc39cd64858917a0f68a46de4df_124)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ib416561b275e45989bef4f4e1694a53c_415)] [added: Risk](#ib9409cc39cd64858917a0f68a46de4df_475)] | | | [removed: [214](#ib416561b275e45989bef4f4e1694a53c_415)] [added: [211](#ib9409cc39cd64858917a0f68a46de4df_475)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#ib416561b275e45989bef4f4e1694a53c_19)] [added: Data](#ib9409cc39cd64858917a0f68a46de4df_19)] | | | [removed: [224](#ib416561b275e45989bef4f4e1694a53c_19)] [added: [221](#ib9409cc39cd64858917a0f68a46de4df_19)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ib416561b275e45989bef4f4e1694a53c_430)] [added: Disclosure](#ib9409cc39cd64858917a0f68a46de4df_490)] | | | [removed: [372](#ib416561b275e45989bef4f4e1694a53c_430)] [added: [363](#ib9409cc39cd64858917a0f68a46de4df_490)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#ib416561b275e45989bef4f4e1694a53c_433)] [added: Procedures](#ib9409cc39cd64858917a0f68a46de4df_493)] | | | [removed: [372](#ib416561b275e45989bef4f4e1694a53c_433)] [added: [363](#ib9409cc39cd64858917a0f68a46de4df_493)] | | |

| Item 9B. | | | [Other [removed: Information](#ib416561b275e45989bef4f4e1694a53c_436)] [added: Information](#ib9409cc39cd64858917a0f68a46de4df_496)] | | | [removed: [373](#ib416561b275e45989bef4f4e1694a53c_436)] [added: [364](#ib9409cc39cd64858917a0f68a46de4df_496)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ib416561b275e45989bef4f4e1694a53c_448)] [added: Inspections](#ib9409cc39cd64858917a0f68a46de4df_499)] | | | [removed: [373](#ib416561b275e45989bef4f4e1694a53c_448)] [added: [364](#ib9409cc39cd64858917a0f68a46de4df_499)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#ib416561b275e45989bef4f4e1694a53c_508)] [added: Governance](#ib9409cc39cd64858917a0f68a46de4df_505)] | | | [removed: [374](#ib416561b275e45989bef4f4e1694a53c_508)] [added: [365](#ib9409cc39cd64858917a0f68a46de4df_505)] | | |

| Item 11. | | | [Executive [removed: Compensation](#ib416561b275e45989bef4f4e1694a53c_511)] [added: Compensation](#ib9409cc39cd64858917a0f68a46de4df_508)] | | | [removed: [381](#ib416561b275e45989bef4f4e1694a53c_511)] [added: [372](#ib9409cc39cd64858917a0f68a46de4df_508)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ib416561b275e45989bef4f4e1694a53c_514)] [added: Matters](#ib9409cc39cd64858917a0f68a46de4df_511)] | | | [removed: [396](#ib416561b275e45989bef4f4e1694a53c_514)] [added: [384](#ib9409cc39cd64858917a0f68a46de4df_511)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ib416561b275e45989bef4f4e1694a53c_517)] [added: Independence](#ib9409cc39cd64858917a0f68a46de4df_514)] | | | [removed: [398](#ib416561b275e45989bef4f4e1694a53c_517)] [added: [386](#ib9409cc39cd64858917a0f68a46de4df_514)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#ib416561b275e45989bef4f4e1694a53c_520)] [added: Services](#ib9409cc39cd64858917a0f68a46de4df_517)] | | | [removed: [405](#ib416561b275e45989bef4f4e1694a53c_520)] [added: [393](#ib9409cc39cd64858917a0f68a46de4df_517)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#ib416561b275e45989bef4f4e1694a53c_526)] [added: Schedules](#ib9409cc39cd64858917a0f68a46de4df_523)] | | | [removed: [406](#ib416561b275e45989bef4f4e1694a53c_526)] [added: [394](#ib9409cc39cd64858917a0f68a46de4df_523)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#ib416561b275e45989bef4f4e1694a53c_535)] [added: Summary](#ib9409cc39cd64858917a0f68a46de4df_532)] | | | [removed: [418](#ib416561b275e45989bef4f4e1694a53c_535)] [added: [406](#ib9409cc39cd64858917a0f68a46de4df_532)] | | |

You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," [added: “visibility”, “positioned”, “path to”, “conviction”,] the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters.

We believe these factors include those described in the section entitled "Risk Factors" in this Annual Report on Form 10-K [added: for the year ended December 31, 2024] (our "Annual [removed: Report" or "report").][added: Report").]

In this report, references to "KKR," "we," [removed: "us"] [added: "us,"] and "our" refer to KKR & Co. Inc. and its subsidiaries, including The Global Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic"), unless the context requires otherwise.

References to "principals" are to our current and former employees who formerly held interests [added: ("KKR Holdings Units")] in KKR Holdings L.P. ("KKR Holdings"), which we acquired on May 31, 2022, pursuant to the Reorganization Agreement, as discussed below.

For more information about the Reorganization Agreement, see [removed: "Certain Relationships and Related Transactions, and Director Independence—Reorganization Agreement"] [added: Note 1 "Organization"] in [added: our financial statements included in] this report.

References to our "funds," [removed: "vehicles"] [added: "vehicles,"] or "investment vehicles" refer to a wide array of investment funds, [removed: vehicles] [added: vehicles,] and accounts that are advised, [removed: managed] [added: managed,] or sponsored by one or more subsidiaries of KKR, including collateralized loan obligations ("CLOs") and business development companies (each, a "BDC"), unless the context requires otherwise.

These references do not include the investment funds, [removed: vehicles] [added: vehicles,] or accounts of any hedge fund partnership or any other third-party asset manager with which we have formed a strategic partnership or have acquired a minority ownership interest.

Unless otherwise indicated, references in this report to our outstanding common stock on a fully exchanged and diluted basis reflect (i) actual shares of common stock outstanding, (ii) shares of common stock into which all outstanding shares of Series C Mandatory Convertible Preferred Stock were convertible (for periods prior to the date of its mandatory redemption, which occurred in September 2023), [removed: and] (iii) shares of common stock issuable pursuant to equity awards actually granted pursuant to the [removed: Amended and Restated KKR & Co. Inc. 2010 Equity Incentive Plan (the "2010] [added: 2019] Equity Incentive [removed: Plan" and, together with] [added: Plan, and (iv) shares of common stock issuable from exchangeable securities, including vested partnership interests in KKR Holdings III L.P. Our outstanding common stock on a fully exchanged and diluted basis does not include shares of common stock available for issuance pursuant to] the 2019 Equity Incentive [removed: Plan, our "Equity Incentive Plans").][added: Plan for which equity awards have not yet been granted.]

We disclose certain financial measures in this report that are calculated and presented using methodologies other than in accordance with GAAP, including [removed: after-tax distributable earnings, distributable operating earnings, fee related earnings ("FRE"), asset management segment revenues, book value] [added: Adjusted Net Income, Total Asset Management Segment Revenues, Total Segment Earnings, Total Investing Earnings, Total Operating Earnings, FRE,] and [removed: book value per adjusted share.][added: Strategic Holdings Operating Earnings.]

Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, where applicable, are included under "Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations—Non-GAAP] [added: Operations—Segment] Balance Sheet Measures—Reconciliations to GAAP Measures." This report also uses the terms [removed: assets under management ("AUM"), fee paying assets under management ("FPAUM")] [added: AUM, FPAUM,] and capital invested.

The use of any defined term in this report to mean more than one entity, person, [removed: security] [added: security,] or other item collectively is solely for convenience of reference and in no way implies that such entities, persons, [removed: securities] [added: securities,] or other items are one indistinguishable group.

Any KKR entity (including any Global Atlantic entity) referenced herein is responsible for its own financial, [removed: contractual] [added: contractual,] and legal obligations.

- disruptions caused by natural [removed: disasters, catastrophes, or potential changes in climate conditions;][added: disasters and catastrophes;]

- increasing focus by stakeholders on [removed: ESG] [added: sustainability] matters;

- changes in relevant tax laws, [removed: regulations] [added: regulations,] and treaties or adverse interpretations by tax authorities;

- recruiting, [removed: retaining] [added: retaining,] and motivating our employees and other key personnel;

- the unpredictable impact of artificial intelligence on competitive, operational, [removed: legal] [added: legal,] and regulatory risks;

| | | | [PART I](#ib9409cc39cd64858917a0f68a46de4df_349) | | | | | |

| Item 1. | | | [Business](#ib9409cc39cd64858917a0f68a46de4df_352) | | | [8](#ib9409cc39cd64858917a0f68a46de4df_352) | | |

| Item 1C. | | | [Cybersecurity](#ib9409cc39cd64858917a0f68a46de4df_415) | | | [128](#ib9409cc39cd64858917a0f68a46de4df_415) | | |

| Item 2. | | | [Properties](#ib9409cc39cd64858917a0f68a46de4df_418) | | | [129](#ib9409cc39cd64858917a0f68a46de4df_418) | | |

| Item 3. | | | [Legal Proceedings](#ib9409cc39cd64858917a0f68a46de4df_298) | | | [129](#ib9409cc39cd64858917a0f68a46de4df_298) | | |

| | | | [PART II](#ib9409cc39cd64858917a0f68a46de4df_466) | | | | | |

| Item 6. | | | [\[Reserved\]](#ib9409cc39cd64858917a0f68a46de4df_472) | | | [131](#ib9409cc39cd64858917a0f68a46de4df_472) | | |

| | | | [PART III](#ib9409cc39cd64858917a0f68a46de4df_502) | | | | | |

| | | | [PART IV](#ib9409cc39cd64858917a0f68a46de4df_520) | | | | | |

| [SIGNATURES](#ib9409cc39cd64858917a0f68a46de4df_535) | | | | | | [407](#ib9409cc39cd64858917a0f68a46de4df_535) | | |

Without limiting the foregoing, forward-looking statements may include statements regarding KKR’s business, financial condition, liquidity and results of operations, including capital invested, uncalled commitments, cash and short-term investments, and levels of indebtedness; the potential for future business growth; outstanding shares of common stock of KKR & Co. Inc. and its capital structure; non-GAAP and segment measures and performance metrics, including assets under management (“AUM”), fee paying assets under management (“FPAUM”), Adjusted Net Income, Total Operating Earnings, Total Segment Earnings, Fee Related Earnings ("FRE"), Insurance Operating Earnings, Strategic Holdings Operating Earnings, Total Investing Earnings, and Total Segment Earnings; the declaration and payment of dividends on capital stock of KKR & Co. Inc.; the timing, manner and volume of repurchase of shares of common stock of KKR & Co. Inc.; our statements regarding the potential of, and future financial results from, KKR’s Strategic Holdings segment (including expectations about dividend payments from companies and businesses in the Strategic Holdings segment in the future, the future growth of such companies and businesses, the potential for compounding earnings over a longer period of time from such segment, and the belief that such segment is an unconstrained business line); KKR’s ability to grow its AUM, to deploy capital, to realize unrealized investment appreciation, and the time period over which such events may occur; KKR’s ability to manage the investments in and operations of acquired companies and businesses; the effects of any transactional activity on KKR’s operating results, including pending sales of investments; expansion and growth opportunities and other synergies resulting from acquisitions of companies (including the acquisition of Global Atlantic and businesses in our Strategic Holdings segment), internal reorganizations or strategic partnerships with third parties; the timing and expected impact to our business of any new investment fund, vehicle or product launches; the timing and completion of certain transactions contemplated by the Reorganization Agreement entered into on October 8, 2021 by KKR & Co. Inc; the implementation or execution of, or results from, any strategic initiatives, including efforts to access individual investors; and the modification of our compensation framework announced on November 29, 2023, which decreased the targeted percentage of compensation from fee related revenues and increased the targeted percentage from realized carried interest and incentive fees.

On January 2, 2024, KKR acquired the remaining minority interests of Global Atlantic held by third party co-investors and Global Atlantic employees in exchange for cash and securities exchangeable for shares of KKR & Co. Inc. common stock (the “2024 GA Acquisition”).

- reliance on third parties to distribute its insurance products;

| | | | [PART I](#ib416561b275e45989bef4f4e1694a53c_16) | | | | | |

| Item 1. | | | [Business](#ib416561b275e45989bef4f4e1694a53c_373) | | | [8](#ib416561b275e45989bef4f4e1694a53c_373) | | |

| Item 1C. | | | [Cybersecurity](#ib416561b275e45989bef4f4e1694a53c_3608) | | | [127](#ib416561b275e45989bef4f4e1694a53c_3608) | | |

| Item 2. | | | [Properties](#ib416561b275e45989bef4f4e1694a53c_412) | | | [128](#ib416561b275e45989bef4f4e1694a53c_412) | | |

| Item 3. | | | [Legal Proceedings](#ib416561b275e45989bef4f4e1694a53c_295) | | | [128](#ib416561b275e45989bef4f4e1694a53c_295) | | |

| | | | [PART II](#ib416561b275e45989bef4f4e1694a53c_439) | | | | | |

| Item 6. | | | [\[Reserved\]](#ib416561b275e45989bef4f4e1694a53c_445) | | | [130](#ib416561b275e45989bef4f4e1694a53c_445) | | |

| | | | [PART III](#ib416561b275e45989bef4f4e1694a53c_505) | | | | | |

| | | | [PART IV](#ib416561b275e45989bef4f4e1694a53c_523) | | | | | |

| [SIGNATURES](#ib416561b275e45989bef4f4e1694a53c_358) | | | | | | [419](#ib416561b275e45989bef4f4e1694a53c_358) | | |

Without limiting the foregoing, statements regarding the declaration and payment of dividends on common or preferred stock of KKR & Co. Inc.; the timing, manner and volume of repurchase of common stock pursuant to its repurchase program; expansion and growth opportunities and other synergies resulting from acquisitions, reorganizations or strategic partnerships; the return of balance sheet capital if a fund has a successful fundraise; investment opportunities offered to individual investors to continue to grow and to represent a larger percentage of our assets under management; the estimate of the amounts expected to be owed under the tax receivable agreement; the ability of core private equity investments to generate earnings that compound over a long period of time; the timing and completion of certain transactions contemplated by the Reorganization Agreement (as defined below); and the implementation, growth and synergies relating to the strategic initiatives previously announced on November 29, 2023 may constitute forward-looking statements.

On January 2, 2024 KKR acquired all the remaining equity interests in Global Atlantic that KKR did not already own.

Our outstanding common stock on a fully exchanged and diluted basis does not include shares of common stock available for issuance pursuant to the Equity Incentive Plans for which equity awards have not yet been granted.

[removed: KKR has a Chief Information Security Officer (the “KKR CISO”), who] [added: The Global Atlantic CISO] leads an information security team [removed: (the “KKR information security team”)] that is [removed: responsible for information security at KKR’s asset management business, including its] [added: focused on overseeing the] cybersecurity strategy and [removed: program,] [added: program for Global Atlantic,] which includes, among other things, annual employee training about cybersecurity risks and new employee onboarding about [removed: KKR’s] [added: Global Atlantic’s] security policies.

[removed: For example, prior] [added: Prior] to joining KKR, KKR’s CISO was the CISO at another large financial institution where he was responsible for their global information security program.

The [removed: technology and information security risk committee is responsible for overseeing the] cybersecurity risk environment for KKR’s asset management business, which includes identifying and monitoring KKR’s technology risks, including those related to information security, business disruption, fraud and privacy related risks, and also promoting cybersecurity awareness at the firm.

[removed: Periodically, including at] [added: At] least [removed: annually and more often as circumstances may require,] [added: annually,] management will present to the Audit Committee and the Risk Committee of our Board of Directors on various topics relating to KKR's technology risks, including KKR’s cybersecurity [removed: program (including] [added: program,] the [removed: results of an annual cybersecurity table top exercise),] [added: current] cybersecurity [removed: issues (including those relating to data protection, insider threats, regulatory changes, and geopolitical cyber] threat [removed: management),] [added: landscape,] and risk [removed: management (including the results of periodic technology audits).][added: management.]

KKR also has a Chief Information Security Officer dedicated to our insurance business (the [removed: “GA] [added: “Global Atlantic] CISO”), who has more than 20 years of experience in various information security and technology roles.

The [removed: GA] [added: Global Atlantic] CISO reports [removed: periodically, including] at least annually [removed: and more often as circumstances may require,] to the [removed: risk] [added: operations & technology] committee of Global Atlantic’s board of directors (whose members include non-executive directors unaffiliated with KKR) and members of KKR’s [removed: risk] [added: Risk] and [removed: operations committee.][added: Operations Committee.]

The [removed: GA] [added: Global Atlantic] CISO also provides ad hoc reporting to Global Atlantic’s management-level committees and Global Atlantic’s board of directors and its risk committee.

Material information [added: regarding information security] affecting our insurance business is also reported [removed: by the GA CISO or his or her designee] to KKR’s [removed: risk] [added: Risk] and [removed: operations committee, certain members of which would, as appropriate, report such material information] [added: Operations Committee and] to [removed: our Board of Directors or its] [added: the] Audit Committee or Risk [removed: Committee.][added: Committee of KKR’s Board of Directors.]

[removed: KKR’s asset management business has a cybersecurity incident response] [added: This] plan [removed: as] [added: is] a key component of [removed: its] [added: the] cybersecurity program, which is generally incorporated [removed: as part of] [added: within] our enterprise risk management [removed: program.][added: framework.]

We perform [added: cybersecurity-related] diligence on third parties that have access to our systems, data or facilities.

[removed: Members of] [added: In addition to] the KKR [added: CISO and our Chief Compliance Officer, the KKR] CIRT [removed: include] [added: includes] members of the firm’s legal, technology, compliance, risk, public affairs, [removed: fundraising] [added: human capital] and finance groups.

In addition, the KKR information security team conducts periodic phishing simulations, [removed: and they also conduct] [added: as well as] periodic employee training on KKR’s security policies and controls and [removed: provide] [added: provides] other security trainings as part of new employee onboarding.

The plan sets forth the roles and responsibilities of the Global Atlantic incident response team, which is comprised of Global Atlantic employees representing key business functions at our insurance [removed: business.][added: business and is overseen by the Global Atlantic CISO.]

Global Atlantic also has a cybersecurity notification framework in place to determine when appropriate notifications and escalations are required to be provided to [removed: the] senior members of Global Atlantic’s management, members of Global Atlantic’s board of directors and members of KKR’s [removed: risk] [added: Risk] and [removed: operations committee,] [added: Operations Committee,] certain [removed: member] [added: members] of which would, as appropriate, report such information to our Board of Directors or its Audit Committee or Risk Committee.

As of the date of this filing, we do not believe that our business strategy, results of operations or financial conditions have been materially affected by any cybersecurity incidents for the [removed: reporting] period covered by this report.

For a discussion of how risks from cybersecurity threats may affect us, see [removed: “Part 1.][added: "Part 1 Item 1A.]

Risk [removed: Factors—Risks] [added: Factors—"Risks] Related to Our [removed: Business—Cyber-security] [added: Business—Cybersecurity] failures and data security breaches may disrupt or have a material adverse impact on our businesses, operations and [removed: investments” in this Annual Report on Form 10-K.][added: investments.”]

KKR’s Chief Information Security Officer (the “KKR CISO”) leads an information security team (the “KKR information security team”) whose responsibilities include securing data from unauthorized use or access.

The cybersecurity strategy and program at KKR’s asset management business includes, among other things, annual employee training about cybersecurity risks and new employee onboarding about KKR’s security policies.

The KKR CISO is a member of the firm’s Operational Risk Committee.

The Operational Risk Committee is comprised of senior employees from across our asset management business and operating functions.

The committee focuses on significant operating and business risks, which includes among others, regulatory, cybersecurity, operational, geopolitical, and reputational risks, and is responsible for ensuring risks are identified, assessed, managed and mitigated effectively.

The Operational Risk Committee reports to KKR’s Risk and Operations Committee, which is comprised of senior employees from across our asset management and insurance businesses and operating functions.

KKR's Risk and Operations Committee includes our Chief Financial Officer, Chief Operating Officer, Chief Legal Officer and General Counsel, Chief Compliance Officer.

KKR’s asset management business has a cybersecurity incident response plan, which was developed taking into account industry standard guidance provided by institutes such as the National Institute of Standards and Technology.

The KKR information security team’s mandates can be broadly grouped into three categories: (i) operations and engineering, (ii) threat detection and response and (iii) governance.

The KKR information security team members have a variety of relevant skill sets and expertise.

In addition, KKR information security team members have various backgrounds in information security, including in financial services and critical infrastructure, and the team maintains various levels of certifications – including CISSP, GIAC security operations certification, certified information security manager, and other certifications focused on specific technologies.

The KKR CISO chairs the technology and information security risk committee for KKR’s asset management business, which consists of employees from the firm’s technology group and other groups, including risk, legal and compliance.

The technology and information security risk committee reports to KKR’s risk and operations committee, which consists of senior level employees of KKR who focus on KKR’s overall operations and enterprise risk management, including the Chief Operating Officer, Chief Compliance Officer, Chief Legal Officer and Chief Financial Officer.

The GA CISO leads an information security team that is focused on overseeing the cybersecurity strategy and program for Global Atlantic.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

For example, the KKR information security team monitors our technology infrastructure with tools designed to detect suspicious behavior.

Some of these third-party monitoring functions continue throughout the year while other third-party security experts are periodically retained to audit specific areas of the cybersecurity program.

Item 1A.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

The number of holders of record of our common stock as of February [removed: 27, 2024] [added: 26, 2025] was 43.

Under our current dividend policy for common stock that we announced on February [removed: 6, 2024,] [added: 4, 2025,] we expect to pay our common stockholders an annualized dividend of [removed: $0.70] [added: $0.74] per share of common stock, equal to a quarterly dividend of [removed: $0.175] [added: $0.185] per share of common stock, beginning with the dividend to be declared with respect to the first quarter of [removed: 2024.][added: 2025.]

On February [removed: 6, 2024,] [added: 4, 2025,] we declared a regular dividend of [removed: $0.165] [added: $0.175] per share of common stock under our prior dividend policy for the quarter ended December 31, [removed: 2023,] [added: 2024,] payable on [removed: March 1, 2024] [added: February 28, 2025] to common stockholders of record as of the close of business on February [removed: 16, 2024.][added: 14, 2025.]

Furthermore, the declaration and payment of distributions and dividends is subject to legal, contractual and regulatory restrictions on the payment of dividends and distributions by us or our subsidiaries, including restrictions contained in our debt agreements, the terms of our preferred [removed: stock,] [added: stock] and such other factors as the Board of Directors considers relevant including, among others: our available cash and current and anticipated cash needs, including funding of investment commitments and debt service and future debt repayment obligations; general economic and business conditions; our strategic plans and prospects; our results of operations and financial condition; and our capital requirements.

Share Repurchases in the Fourth Quarter of [removed: 2023][added: 2024]

As of [removed: February 6, 2024,] [added: January 31, 2025,] there [removed: was] [added: is] approximately [removed: $194] [added: $69] million remaining [removed: for further repurchases] under KKR's [removed: current] share repurchase program.

Under our current [added: share] repurchase program, KKR is authorized to repurchase its common stock from time to time in open market transactions, in privately negotiated transactions or otherwise.

The timing, manner, [removed: price] [added: price,] and amount of any common stock repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal requirements, [removed: price] [added: price,] and economic and market conditions.

The program does not require KKR to repurchase any specific number of shares of common stock, and the program may be suspended, extended, [removed: modified] [added: modified,] or discontinued at any time.

In addition to the repurchases of common stock described above, the repurchase program is used for the retirement (by cash settlement or the payment of tax withholding amounts upon net settlement) of equity awards issued pursuant to our Equity Incentive [removed: Plans] [added: Plan] representing the right to receive shares of common stock.

During the fourth quarter of [removed: 2023,] [added: 2024,] no shares of common stock were [removed: repurchased] [added: repurchased,] and [removed: 160,718] [added: 246,298] equity awards were retired.

| [removed: (amounts] [added: (amounts] in thousands, except share and per share [removed: amounts)] [added: amounts)] | | | | | | | | | | | | | | | | | | | | | | | |

| Total through December 31, [removed: 2023] [added: 2024] | | | [removed: —] [added: —] | | | | | | | | | | | | [added: —] | | | | | | [added: $] | [added: 68,820] | |

| Month #1 (October 1, 2024 to October 31, 2024) | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 68,939 | |

| Month #2 (November 1, 2024 to November 30, 2024) | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 68,856 | |

| Month #3 (December 1, 2024 to December 31, 2024) | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 68,820 | |

| | | | | | | | | | | | | | | | | | | | | | | | |

(1)In April 2024, the share repurchase program was amended such that when the remaining available amount under the share repurchase program becomes $50 million or less, the total available amount under the share repurchase program will automatically add an additional $500 million to the then remaining available amount of $50 million or less.

[Tabl](#ib416561b275e45989bef4f4e1694a53c_454)[e of Contents](#ib416561b275e45989bef4f4e1694a53c_454)

| Month #1 (October 1, 2023 to October 31, 2023) | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 193,999 | |

| Month #2 (November 1, 2023 to November 30, 2023) | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 193,999 | |

| Month #3 (December 1, 2023 to December 31, 2023) | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 193,999 | |

(1) On February 7, 2023, KKR announced the increase to the total available amount under the repurchase program to $500 million.

The repurchase program does not have an expiration date.

| Report of Independent Registered Public Accounting Firm | | | [removed: [225](#ib416561b275e45989bef4f4e1694a53c_460)] [added: [222](#ib9409cc39cd64858917a0f68a46de4df_424)] | | |

| Consolidated Statements of Financial Condition as of December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] | | | [removed: [229](#ib416561b275e45989bef4f4e1694a53c_22)] [added: [225](#ib9409cc39cd64858917a0f68a46de4df_22)] | | |

| Consolidated Statements of Operations for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022] and [removed: 2021] [added: 2022] | | | [removed: [233](#ib416561b275e45989bef4f4e1694a53c_25)] [added: [229](#ib9409cc39cd64858917a0f68a46de4df_25)] | | |

| Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022] and [removed: 2021] [added: 2022] | | | [removed: [235](#ib416561b275e45989bef4f4e1694a53c_28)] [added: [231](#ib9409cc39cd64858917a0f68a46de4df_28)] | | |

| Consolidated Statements of Changes in Equity for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022] and [removed: 2021] [added: 2022] | | | [removed: [236](#ib416561b275e45989bef4f4e1694a53c_31)] [added: [232](#ib9409cc39cd64858917a0f68a46de4df_31)] | | |

| Consolidated Statements of Cash Flows for the Years Ended December 31, [added: 2024,] 2023, [removed: 2022] and [removed: 2021] [added: 2022] | | | [removed: [239](#ib416561b275e45989bef4f4e1694a53c_34)] [added: [235](#ib9409cc39cd64858917a0f68a46de4df_34)] | | |

| Notes to Consolidated Financial Statements | | | [removed: [242](#ib416561b275e45989bef4f4e1694a53c_37)] [added: [238](#ib9409cc39cd64858917a0f68a46de4df_37)] | | |

We have audited the accompanying consolidated statement of financial condition of KKR & Co. Inc. and its subsidiaries (the "Company") as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of operations, comprehensive income (loss), changes in equity, and cash [removed: flows] [added: flows,] for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").

We also have audited the Company’s internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023,] [added: 2024,] in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

[removed: KKR & Co. Inc. and the funds it] [added: The Company] sponsors [removed: and] [added: or] manages [added: investment funds, investment vehicles and accounts (“investment funds”) that] have certain investments measured at fair value using unobservable pricing inputs and are classified as Level III [removed: Investments.][added: Investments in the fair value hierarchy.]

In addition, the Company recognizes carried interest from [removed: vehicles and accounts that are advised, sponsored or managed by one or more of its subsidiaries (“investment funds”)] [added: investment funds] based on cumulative fund performance to date.

At the end of each reporting period, the Company calculates the carried interest that would be due to the Company [removed: for] [added: from] each investment fund, pursuant to the investment fund [removed: agreements.][added: agreement.]

As the fair value of underlying investments varies between reporting periods, [removed: it is necessary to adjust] the [added: Company adjusts the] amounts recorded as carried interest.

We identified certain Level III Investments as a critical audit matter because of the unobservable pricing inputs [removed: management] [added: Management] used to estimate fair [removed: value, and changes in the fair value of these investments directly impacts the amount of unrealized carried interest the Company accrues for the period as well as unrealized investment income recorded during the period.][added: value.]

Performing audit procedures to evaluate the appropriateness of these inputs [added: used by Management] required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists who possess significant investment valuation expertise.

- We evaluated the Company’s historical ability to accurately estimate fair value of Level III Investments by comparing previous estimates of fair value to [added: subsequent] market transactions with third parties.

Effective January 1, 2023, [removed: KKR] [added: Global Atlantic] adopted new accounting guidance for [removed: the] insurance and reinsurance companies that issue long-duration contracts (“LDTI”), with retrospective application [removed: to February 1,] [added: from the] 2021 [removed: (“GA] [added: GA] Acquisition [removed: Date”),] [added: Date,] coinciding with the [removed: acquisition of Global Atlantic by KKR (see Accounting Pronouncement Recently Adopted explanatory paragraph above).][added: 2021 GA Acquisition.]

| | | | December 31, [removed: 2023] [added: 2024] | | | | | | December 31, [removed: 2022] [added: 2023] | | | | | | | | |

| Asset [removed: Management] [added: Management and Strategic Holdings] | | | | | | | | | | | | | | | | | |

| Cash and Cash Equivalents | | | [added: | | | | | | | | | | | | | | | | | |] $ | [removed: 8,393,892] [added: 8,535,048] | | | | | $ | [removed: 6,705,325] [added: 8,393,892] | | | | | [added: $] | [added: 6,705,325] | |

| Restricted Cash and Cash Equivalents | | | [removed: 116,599] | | | | | | [removed: 253,431] | | | | | | | | | [added: | | | 138,948 | | | | | | 116,599 | | | | | | 253,431 | | |]

| Due from Affiliates | | | [removed: 1,446,852] [added: 1,856,045] | | | | | | [removed: 1,663,303] [added: 1,446,852] | | | | | | | | |

| Other Assets | | | [removed: 4,975,223] [added: 5,534,286] | | | | | | [removed: 5,197,626] [added: 4,975,223] | | | | | | | | |

| Cash and Cash Equivalents | | | [added: | | | | | | | | | | | | | | | | | |] $ | [removed: 11,954,675] [added: 6,343,445] | | | | | $ | [removed: 6,118,231] [added: 11,954,675] | | | | | [added: $] | [added: 6,118,231] | |

| Restricted Cash and Cash Equivalents | | | [removed: 342,954] | | | | | | [removed: 308,383] | | | | | | | | | [added: | | | 350,512 | | | | | | 342,954 | | | | | | 308,383 | | |]

| Investments | | | [removed: 141,370,323] [added: 170,144,744] | | | | | | [removed: 124,199,176] [added: 141,370,323] | | | | | | | | |

| Reinsurance Recoverable | | | [removed: 36,617,344] [added: 45,270,625] | | | | | | [removed: 26,022,081] [added: 36,617,344] | | | | | | | | |

| Insurance Intangible Assets | | | [removed: 4,450,824] [added: 5,198,943] | | | | | | [removed: 2,331,494] [added: 4,450,824] | | | | | | | | |

| Other Assets | | | [removed: 4,883,707] [added: 6,292,704] | | | | | | [removed: 6,041,329] [added: 4,883,707] | | | | | | | | |

| Separate Account Assets | | | [removed: 4,107,000] [added: 3,981,060] | | | | | | [removed: 4,130,794] [added: 4,107,000] | | | | | | | | |

| Total Assets | | | $ | [removed: 317,294,194] [added: 360,099,411] | | | | | $ | [removed: 275,346,636] [added: 317,294,194] | | | | | | | |

| Asset [removed: Management] [added: Management and Strategic Holdings] | | | | | | | | | | | | | | | | | |

| Debt Obligations | | | $ | [removed: 44,886,870] [added: 45,933,920] | | | | | $ | [removed: 40,598,613] [added: 44,886,870] | | | | | | | |

| Due to Affiliates | | | [removed: 538,099] [added: 524,516] | | | | | | [removed: 466,057] [added: 538,099] | | | | | | | | |

| Accrued Expenses and Other Liabilities | | | [removed: 7,718,415] [added: 11,448,503] | | | | | | [removed: 6,471,775] [added: 7,718,415] | | | | | | | | |

| Policy Liabilities (market risk benefit liabilities: [removed: $1,120,968] [added: $1,002,236] and [removed: $682,038,] [added: $1,120,968,] respectively.) | | | $ | [removed: 160,058,271] [added: 185,205,366] | | | | | $ | [removed: 137,780,929] [added: 160,058,271] | | | | | | | |

| Debt Obligations | | | [removed: 2,587,857] [added: 3,713,336] | | | | | | [removed: 2,128,166] [added: 2,587,857] | | | | | | | | |

| Funds Withheld Payable at Interest | | | [removed: 34,339,522] [added: 43,961,910] | | | | | | [removed: 22,739,417] [added: 34,339,522] | | | | | | | | |

February 28, 2025

| Cash and Cash Equivalents | | | $ | 8,535,048 | | | | | $ | 8,393,892 | | | | | | | |

| Investments | | | 106,453,051 | | | | | | 98,634,801 | | | | | | | | |

| | | | 122,517,378 | | | | | | 113,567,367 | | | | | | | | |

| Cash and Cash Equivalents | | | $ | 6,343,445 | | | | | $ | 11,954,675 | | | | | | | |

| Restricted Cash and Cash Equivalents | | | 350,512 | | | | | | 342,954 | | | | | | | | |

| | | | 237,582,033 | | | | | | 203,726,827 | | | | | | | | |

| | | | 57,906,939 | | | | | | 53,143,384 | | | | | | | | |

| | | | 240,207,780 | | | | | | 205,771,898 | | | | | | | | |

| Cash and Cash Equivalents | | | $ | 2,945,010 | | | | | $ | 1,319,779 | | | | | $ | — | | | | | $ | 4,264,789 | |

| Investments | | | 27,488,538 | | | | | | 60,366,652 | | | | | | — | | | | | | 87,855,190 | | |

| Other Assets | | | 333,653 | | | | | | 601,547 | | | | | | — | | | | | | 935,200 | | |

| | | | 30,767,201 | | | | | | 62,403,445 | | | | | | — | | | | | | 93,170,646 | | |

| Investments | | | — | | | | | | — | | | | | | 27,649,919 | | | | | | 27,649,919 | | |

| Other Assets | | | — | | | | | | — | | | | | | 763,982 | | | | | | 763,982 | | |

| | | | — | | | | | | — | | | | | | 29,267,141 | | | | | | 29,267,141 | | |

| Total Assets | | | $ | 30,767,201 | | | | | $ | 62,403,445 | | | | | $ | 29,267,141 | | | | | $ | 122,437,787 | |

| Debt Obligations | | | $ | 27,150,809 | | | | | $ | 7,555,057 | | | | | $ | — | | | | | $ | 34,705,866 | |

| Accrued Expenses and Other Liabilities | | | 2,244,253 | | | | | | 231,411 | | | | | | — | | | | | | 2,475,664 | | |

| | | | 29,395,062 | | | | | | 7,786,468 | | | | | | — | | | | | | 37,181,530 | | |

| | | | — | | | | | | — | | | | | | 566,214 | | | | | | 566,214 | | |

| Total Liabilities | | | $ | 29,395,062 | | | | | $ | 7,786,468 | | | | | $ | 566,214 | | | | | $ | 37,747,744 | |

| Beginning of Period | | | | | | | | | | | | | | | 8,850 | | | | | | 885,005,588 | | |

| End of Period | | | | | | | | | | | | | | | 8,882 | | | | | | 888,232,174 | | |

| Compensation Modification (See Note 19) | | | | | | | | | | | | | | | 226,011 | | | | | | | | |

| Compensation Modification - Issuance of Holdings III Units (See Note 19) | | | | | | | | | | | | | | | (53,623) | | | | | | | | |

| Equity-Based Compensation (Non Cash Contribution) | | | | | | | | | | | | | | | 314,144 | | | | | | | | |

| 2024 GA Acquisition - Issuance of Holdings III Units (See Note 1) | | | | | | | | | | | | | | | (40,789) | | | | | | | | |

| Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition | | | | | | | | | | | | | | | 128,194 | | | | | | | | |

| Change in KKR & Co. Inc.'s Ownership Interest (See Note 22 and 23) | | | | | | | | | | | | | | | 402,381 | | | | | | | | |

| Beginning of Period | | | | | | | | | | | | | | | 9,818,336 | | | | | | | | |

| End of Period | | | | | | | | | | | | | | | 12,282,513 | | | | | | | | |

| Beginning of Period | | | | | | | | | | | | | | | (4,517,649) | | | | | | | | |

| Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition | | | | | | | | | | | | | | | (2,297,494) | | | | | | | | |

| Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | | | | | | | | | | | | | | | 33,725 | | | | | | | | |

| End of Period | | | | | | | | | | | | | | | (7,046,545) | | | | | | | | |

| Total Equity | | | | | | | | | | | | | | | $ | 60,399,515 | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

Accounting Pronouncement Recently Adopted

As discussed in Note 2 to the financial statements, effective January 1, 2023, the Company adopted Accounting Standards Update (ASU) 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, with retrospective application to February 1, 2021.

The adoption of ASU 2018-12 is also communicated as a critical audit matter below.

*Critical Audit Matter Description*

Certain of the investment funds’ investments are valued using unobservable inputs and thus are classified as Level III in the fair value hierarchy.

*How the Critical Audit Matter Was Addressed in the Audit*

ASU 2018-12 Implementation – Refer to Note 2 to the financial statements

The adoption of LDTI significantly modified the Company’s accounting for and disclosure of long duration insurance contracts, including the modification of certain complex valuation models and the introduction of a new model for a new category of benefits referred to as MRBs.

Audit procedures to evaluate the full retrospective adoption of LDTI required significant audit effort, including the involvement of our actuarial specialists.

Our audit procedures related to the adoption of LDTI included the following, among others:

- We involved senior, more experienced audit team members, including actuarial specialists, to plan and perform audit procedures.

- We tested the effectiveness of controls, including those related to the changes made to measurement models.

- We evaluated the appropriateness of the Company’s accounting policies and methodologies involved in the adoption of the LDTI.

- We involved our actuarial specialists to assist us in evaluating the reasonableness and conceptual soundness of the measurement models.

February 29, 2024

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Investments | | | 98,634,801 | | | | | | 92,375,463 | | | | | | | | |

| | | | 113,567,367 | | | | | | 106,195,148 | | | | | | | | |

| | | | 203,726,827 | | | | | | 169,151,488 | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| | | | 53,143,384 | | | | | | 47,536,445 | | | | | | | | |

| | | | 205,771,898 | | | | | | 172,439,501 | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | |

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| Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of December 31, 2023 and December 31, 2022. | | | — | | | | | | — | | | | | | | | |

See notes to financial statements.

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| Cash and Cash Equivalents | | | $ | 920,821 | | | | | $ | 2,936,937 | | | | | $ | — | | | | | $ | 3,857,758 | |

| Investments | | | 22,492,366 | | | | | | 54,507,084 | | | | | | — | | | | | | 76,999,450 | | |

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that the information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, [removed: summarized] [added: summarized,] and reported within the time periods specified in the SEC's rules and forms and such information is accumulated and communicated to management, including the Co-Chief Executive Officers and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

We carried out an evaluation, under the supervision and with the participation of our management, including the Co-Chief Executive Officers and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, [removed: 2023.][added: 2024.]

Based upon that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that, as of December 31, [removed: 2023,] [added: 2024,] our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2023.][added: 2024.]

Based on its assessment, our management has concluded that, as of December 31, [removed: 2023,] [added: 2024,] our internal control over financial reporting is effective.