KKR & Co. 2025 10-K Annual Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the Transition period from to .

Commission File Number 001-34820

KKR & CO. INC.

(Exact name of Registrant as specified in its charter)

30 Hudson Yards

New York**,** New York 10001

Telephone: (212) 750-8300

(Address, zip code, and telephone number, including

area code, of registrant's principal executive office.)

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for

such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12

months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the

definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under

Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error

to previously issued financial statements. □

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive

officers during the relevant recovery period pursuant to § 240.10D-1(b). □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of common stock of the registrant held by non-affiliates as of June 30, 2025, was approximately $91.1 billion. As of February 24, 2026, the registrant had

891,550,894 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None

KKR & CO. INC.

FORM 10-K

For the Year Ended December 31, 2025

INDEX

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as

amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),

which reflect our current views with respect to, among other things, our operations and financial performance. 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," “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. 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 and earnings from companies and businesses in the Strategic

Holdings segment in the future, the future growth of such companies and businesses, and the potential for compounding

earnings over a longer period of time from such segment; 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 Arctos Partners 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 distribute financial products to individual investors; 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 certain

incentive fees; and our insurance business's strategic initiatives to invest more into non-yielding or lower-yield assets classes

like private equity and real assets, expand outside the United States, and raise more third-party co-investment insurance

capital. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important

factors that could cause actual outcomes or results to differ materially from those indicated in these statements or cause the

anticipated benefits and synergies from transactions to not be realized. We believe these factors include those described in

the section entitled "Risk Factors" in this Annual Report on Form 10-K for the year ended December 31, 2025 (our "report").

These factors should be read in conjunction with the other cautionary statements that are included in this report and in our

other filings with the U.S. Securities and Exchange Commission ("SEC"). We do not undertake any obligation to publicly update

or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except

as required by law.

CERTAIN TERMS USED IN THIS REPORT

In this report, references to "KKR," "we," "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 the “Series I preferred stockholder” or “KKR Management” are to KKR Management LLP, the holder of the

sole outstanding share of our Series I preferred stock. KKR Management is owned by our senior employees, including Mr.

Henry Kravis and Mr. George Roberts (our "Co-Founders"). References to “carry pool participants” are to our current and

former employees who hold interests in our “carry pool,” which refers to the carried interest generated by KKR’s business that

is allocated to KKR Associates Holdings L.P. (“Associates Holdings”), in which carry pool participants are limited partners.

Associates Holdings is currently not a subsidiary of KKR & Co. Inc.

KKR Group Partnership L.P. ("KKR Group Partnership") is the intermediate holding company that owns the entirety of

KKR’s business. Unless otherwise indicated, references to equity interests in KKR’s business, or to percentage interests in

KKR’s business, reflect the aggregate equity interests in KKR Group Partnership, and are net of amounts that have been

allocated to carry pool participants and any other holders of minority interests in KKR Group Partnership. References to a

“KKR Group Partnership Unit” refer to one Class A partner interest in KKR Group Partnership for periods on and after January

1, 2020. “Exchangeable securities” refers to securities that have the right to acquire KKR Group Partnership Units and to

exchange them for our shares of common stock. As of the date of this report, our only outstanding exchangeable securities

are (i) restricted holdings units issued through KKR Holdings II L.P. ("KKR Holdings II"), which are issued under the Amended

and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (the "2019 Equity Incentive Plan"), and (ii) restricted holdings units

issued through KKR Holdings III L.P. ("KKR Holdings III"), which are not issued under the 2019 Equity Incentive Plan. In the

future, we may issue securities other than restricted holdings units that may constitute exchangeable securities.

On October 8, 2021, KKR entered into a Reorganization Agreement (the "Reorganization Agreement") with KKR Holdings

L.P. (“KKR Holdings”), KKR Management, Associates Holdings, and the other parties thereto. Pursuant to the Reorganization

Agreement, the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural

and governance changes, including (a) the acquisition by KKR of KKR Holdings and all of the KKR Group Partnership Units held

by it (which as noted below was completed), (b) the future elimination of voting control by KKR Management and the Series I

preferred stock held by it, (c) the future establishment of voting rights for all common stock on a one vote per share basis,

including with respect to the election of directors, and (d) the future control of the carry pool by KKR. On May 31, 2022, KKR

completed the acquisition of KKR Holdings and the 258.3 million KKR Group Partnership Units held by it, and in exchange KKR

issued and delivered 266.8 million shares of common stock to the limited partners of KKR Holdings. On the "Sunset

Date" (which will occur no later than December 31, 2026), KKR will cancel the Series I preferred stock, establish voting rights

for all common stock on a one vote per share basis, and acquire control of the carry pool. For more information about the

Reorganization Agreement, see Note 1 "Organization" in our financial statements included in this report.

KKR’s asset management business is conducted by Kohlberg Kravis Roberts & Co. L.P. and various other subsidiaries of

KKR & Co. Inc. other than Global Atlantic. KKR’s insurance business is operated by Global Atlantic, in which KKR acquired a

majority controlling interest on February 1, 2021 and of which KKR acquired all the remaining equity interests in Global

Atlantic on January 2, 2024 (the “2024 GA Acquisition”). KJR Management ("KJRM") is a Japanese real estate asset manager,

which KKR acquired on April 28, 2022.

References to our "funds," "vehicles," or "investment vehicles" refer to a wide array of investment funds, vehicles, and

accounts that are advised, managed, or sponsored by one or more subsidiaries of KKR, including collateralized loan obligations

("CLOs"), certain operating companies, and business development companies (each, a "BDC"), unless the context requires

otherwise. These references do not include the investment funds, 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 the context requires otherwise, references to “fund investors” or "investors in our investment vehicles" refers

to the third-party investors in these funds and investment vehicles. References to “strategic investor partnerships” refers to

separately managed accounts with certain investors, which typically have investment periods longer than our traditional

funds and typically provide for investments across different investment strategies. References to “hedge fund partnerships”

refers to strategic partnerships with third-party hedge fund managers in which KKR owns a minority stake.

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 issuable pursuant to equity awards

actually granted pursuant to the 2019 Equity Incentive Plan, and (iii) shares of common stock issuable from exchangeable

securities, including vested partnership interests in KKR Holdings III. 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 Plan for

which equity awards have not yet been granted or any shares of common stock into which all outstanding shares of Series D

Mandatory Convertible Preferred Stock are convertible.

In this report, the term "GAAP" refers to accounting principles generally accepted in the United States of America. We

disclose certain financial measures in this report that are calculated and presented using methodologies other than in

accordance with GAAP, including Adjusted Net Income, Total Asset Management Segment Revenues, Total Segment Earnings,

Total Investing Earnings, Total Operating Earnings, FRE, and Strategic Holdings Operating Earnings. We believe that providing

these performance measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall

performance of KKR's businesses. These non-GAAP financial measures should not be considered as a substitute for similar

financial measures calculated in accordance with GAAP. We caution readers that these non-GAAP financial measures may

differ from the calculations of other investment managers, and as a result, may not be comparable to similar measures

presented by other investment managers. 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 Operations—Segment Balance Sheet Measures

—Reconciliations to GAAP Measures." This report also uses the terms AUM, FPAUM, and capital invested. You should note

that our calculations of these and other operating metrics may differ from the calculations of other investment managers and,

as a result, may not be comparable to similar metrics presented by other investment managers. These non-GAAP and

operating metrics are defined in the section "Management's Discussion and Analysis of Financial Condition and Results of

Operations—Key Segment and Non-GAAP Performance Measures—Other Terms and Capital Metrics."

The use of any defined term in this report to mean more than one entity, person, security, or other item collectively is

solely for convenience of reference and in no way implies that such entities, persons, securities, or other items are one

indistinguishable group. For example, notwithstanding the use of the defined terms "KKR," "we" and "our" in this report to

refer to KKR & Co. Inc. and its subsidiaries, each subsidiary of KKR & Co. Inc. is a standalone legal entity that is separate and

distinct from KKR & Co. Inc. and any of its other subsidiaries. Any KKR entity (including any Global Atlantic entity) referenced

herein is responsible for its own financial, contractual, and legal obligations. Additionally, references to "including" are for the

purpose of illustration and shall be read to mean "including without limitation" unless the context explicitly requires

otherwise.

SUMMARY RISK FACTORS

The following is a summary of the risk factors associated with investing in our securities. You should read this summary

together with a more detailed description of these risks in the “Risk Factors” section of this report and in other filings that we

make from time to time with the SEC.

We are subject to risks related to our business, including risks involving:

• difficult market and economic conditions;

• geopolitical events, natural disasters and other similar events not within our control;

• the loss of, or misconduct by, our key personnel;

• our reliance on third parties in the operation of our business;

• disruptions in our technology infrastructure or the occurrence of other operational errors;

• effective management of our balance sheet;

• management of and access to adequate sources of liquidity;

• our capital markets activities;

• financial and enterprise risks;

• legal claims, litigations, investigations and negative publicity;

• expansion into new businesses, strategic opportunities, and investment strategies;

• operating in a highly competitive industry;

• variability in earnings and cash flow;

• contingent obligations to return carried interest;

• raising third-party capital for our investment vehicles, insurance business and transactions;

• raising capital from institutional investors;

• the sale of financial products to individual investors;

• possible reductions or other changes to perpetual capital;

• actions of our portfolio companies;

• changes in tax laws;

• impact of artificial intelligence;

• cybersecurity failures and data security breaches; and

• sustainability matters.

We are subject to risks related to regulatory matters, including risks involving:

• compliance with complex, extensive and evolving laws;

• adverse regulatory actions;

• our regulatory registrations or licenses;

• changes in the regulatory frameworks applicable to our business;

• availability of regulatory exemptions or exclusions;

• distributing financial products to individual investors;

• regulations impacting the insurance industry and insurance companies owned by alternative asset managers;

• laws and regulations applicable to our extensive global investment activities;

• compliance with investment-related and competition laws;

• compliance with financial crime laws;

• compliance with ERISA exemptions;

• sustainability-related laws and disclosure requirements; and

• privacy, data protection, cybersecurity, and artificial intelligence laws.

We are subject to risks related to our investment activities, including risks involving:

• historical returns not being indicative of future results;

• conditions and events not in our control that may significantly impact valuations of our investments;

• investments in illiquid assets and uncertainty in valuations of illiquid investments;

• investments that involve unique business, regulatory, legal, tax or other complexities;

• use of leverage in investment activities;

• limitations in the due diligence process;

• investments in real assets, including real estate, infrastructure and energy assets;

• investments in companies and assets outside of the United States;

• conflicts of interest arising from our investment activities; and

• our third-party investors failing to fund their capital calls.

We are subject to risks related to our insurance activities, including risks involving:

• operating in highly competitive markets;

• identifying and managing significant growth opportunities for our insurance business;

• our ability to source successful reinsurance transactions;

• volatility in market and economic conditions;

• disruptions to our third-party distribution network for our insurance products;

• differences in assumptions and estimates used for our insurance business from our actual results;

• possible downgrades to financial strength or credit ratings of our insurance subsidiaries;

• ceding business to reinsurers as well as business ceded to us;

• changes in tax laws applicable to our insurance subsidiaries;

• comprehensive regulations (and potential changes and additions) applicable to our insurance business;

• capital regulations applicable to our insurance subsidiaries;

• regulatory and reputational considerations under the Bermuda insurance and reinsurance regulatory framework; and

• a failure to comply with statutory accounting rules.

We are subject to risks related to our organizational structure, including risks involving:

• the Series I preferred stockholder’s significant voting power, and potential conflicts of interest with the Series I

preferred stockholder, until the Sunset Date;

• exemptions as a “controlled company” from NYSE corporate governance requirements;

• provisions in our charter limiting the duties and liability of the Series I preferred stockholder;

• the exclusive forum provision included in our charter;

• limitations on our ability to pay periodic dividends;

• potential application of restrictions under the Investment Company Act of 1940;

• actions taken to implement the reorganization transactions that must occur by the Sunset Date; and

• anti-takeover provisions in our organizational documents.

PART I

Overview

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

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

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

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

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

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

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

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

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

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

Global Atlantic.

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

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

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

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

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

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

investment results for our clients.

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

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

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

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

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

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

Our three reporting segments align with the KKR business model:

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

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

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

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

Business Segments

Asset Management

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

Capital Markets, and (v) Principal Activities.

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

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

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

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

AUM.

Assets Under Management ($ in billions):

Liquid Strategies

Alternative Credit

Credit and Liquid

Strategies

$322

+18%

CAGR

Leveraged Credit

Real Estate

Real Assets

$192

Infrastructure &

Energy

Growth Equity

Core Private Equity

Private Equity

$229

Traditional Private

Equity

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

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

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

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

$4.1 billion

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

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

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

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

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

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

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

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

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

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

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

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

2025, approximately 92% of our AUM consists of cap

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You should carefully consider the risks described below and the other information contained in this report and other

filings that we make from time to time with the SEC, including our consolidated financial statements and accompanying notes.

Any of the following risks could materially and adversely affect our business, financial condition, results of operations, cash

flows, and prospects. Many risks discussed in this report also impact our investment vehicles, portfolio companies and other

investments, including balance sheet investments, which may, in turn, materially and adversely impact KKR. When discussing

our risks in this report, unless the context requires otherwise, references to (i) our investments include our portfolio

companies, which are typically companies in which we have a controlling equity interest or other investment with significant

influence, (ii) investors refers to the investors in our funds and other investment vehicles, and (iii) investments that we make

or own on our balance sheet include the portfolio companies reported in our Strategic Holdings segment and investments

held by our insurance subsidiaries. We could also be materially and adversely affected by other risks that are not known to us

or that we currently believe to be immaterial. The following risk factors have been organized by category within risks related

to our business, regulatory framework, 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. See also “Business—Regulation” and “Management’s Discussion and Analysis of Financial

Condition and Results of Operations” for a discussion of certain business, competitive, regulatory, market, economic and

other conditions that may materially and adversely affect us.

Risks Related to Our Business

Difficult market and economic conditions can, and periodically do, materially and adversely affect KKR.

Our business is materially affected by market and economic conditions and events throughout the world, including

conditions relating to interest rates, fiscal and monetary stimulus (and stimulus withdrawal), availability of credit, inflation

rates, economic growth, changes in laws, trade barriers, commodity prices, foreign exchange rates and controls, and liquidity

conditions in equity and debt capital markets. These market and economic conditions are not in our control and are often

difficult, if not impossible, to predict, manage, mitigate, hedge or foresee. Examples of how market and economic conditions

may materially and adversely affect our business and financial results include negative impacts to us from any or all of the

following:

• the performance and value of the investments held by us and our investment vehicles,

• opportunities for us and our investment vehicles to make, exit and realize value from our and their investments,

• our ability to find suitable investments or secure financing for investments on attractive terms, or at all,

• the attractiveness of our investment vehicles and insurance products to investors and policyholders, respectively,

including our ability to raise capital for new or successor funds and other investment vehicles on attractive terms,

• the frequency and size of fees generated from our capital markets business in connection with the issuance and

placement of equity and debt securities, loans and credit facilities,

• the availability and cost of capital for our insurance subsidiaries and our investment vehicles’ portfolio companies,

• policyholder behavior, including policyholders electing to defer paying insurance premiums, stop paying insurance

premiums altogether, or surrender their policies, and

• the cost of providing guaranteed insurance benefits, insurance capital requirements and collateral requirements.

See also “—Risks Related to our Investment Activities—Various conditions and events outside of our control that are

difficult to quantify or predict may have a significant impact on the valuation of our investments” below.

Global, regional and local events outside of our control, including geopolitical events and natural

disasters, could materially and adversely impact KKR.

We are a global financial institution with operations, investors and investments located around the world. Geopolitical

developments, including the imposition of protectionist measures by countries such as sanctions, restrictions on foreign direct

investment, trade barriers, tariffs, export controls and other governmental actions related to international trade agreements

and policies that materially constrain cross-border flows of capital, goods, or data, may impact our investment activities and

investments. In addition, other geopolitical developments such as political instability, civil unrest, and national and

international security events (including the outbreak of war, military action, terrorist acts or other hostilities), can, and

occasionally do, materially and adversely impact our ability to conduct our investment management and insurance

businesses, in addition to our investments. These risks have increased in both scale and complexity due to intensifying

geopolitical competition and conflicts, including the ongoing Russian invasion of Ukraine, instability in the Middle East,

heightened geopolitical competition between China and other major world economies, heightened levels of political populism

leading to regulatory volatility, growing use of industrial policy globally (including the imposition of tariffs and other trade and

capital barriers), and increased attention to global threats. We are subject to these risks as we own and seek to own

businesses throughout the world, have offices and employees in multiple countries and seek investors throughout the world

for our investment products and certain of our insurance products.

We are also affected by natural disasters or catastrophes, such as public health crises, pandemics, epidemics, security

events, and weather events, any of which could have an adverse impact on our ability to conduct our investment

management and insurance businesses. Potential changes in climatic conditions, together with the response or failure to

respond to these changes, could precipitate the frequency, severity, and impact of natural disasters or catastrophes.

Such events outside of our control could limit or even materially prohibit our ability to conduct any operations or

investment activities in certain locations. In addition, claims arising from the occurrence of such events could have an adverse

effect on our insurance activities, in particular with respect to increases in the number of claims, lapses and surrenders of

existing policies, as well as sales of new policies. These events outside of our control, and actions taken in response to them,

may contribute to significant volatility in the financial markets, resulting in increased volatility in equity prices (including our

common stock), valuation, material interest rate changes, supply chain disruptions, such as simultaneous supply and demand

shock to global, regional and national economies, and an increase in inflationary pressures. These events and the disruptions

that they cause, alone or in combination, also have the potential to strain or deplete our infrastructure and response

capabilities generally, and to increase costs, including costs of insurance, each of which could materially and adversely affect

us. See also “—Risks Related to Our Investment Activities—Investments in real assets may expose us and our investment

vehicles to greater risks, liabilities and operational complexities than investments in operating companies.”

We may have direct investments in a region or a country that is experiencing one of the aforementioned events, and

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None.

Cybersecurity Governance

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 includes, among other things, annual employee training about cybersecurity risks and new employee

onboarding about KKR’s security policies.

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. KKR’s CISO also has prior experience in various information security roles, including

security architecture, application security, engineering and operations. He holds a Bachelor of Science in computer science

from the New York University Polytechnic School of Engineering, is a Certified Information Systems Security Professional

(CISSP) and holds a Series 99 – Operations Professional Exam certification.

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 firm. 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 in the cybersecurity risk management environment for KKR, 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. 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 Legal Officer and General Counsel, and Chief Compliance Officer. At least 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 program, the current cybersecurity threat landscape, and risk management.

Cybersecurity Risk Management and Strategy

KKR 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. This plan is a key component of the

cybersecurity program, which is generally incorporated within our enterprise risk management framework. The KKR CISO and

KKR’s Chief Compliance Officer co-chair a cybersecurity incident response team (“KKR CIRT”), which aims to manage and

mitigate the risk and impact of cybersecurity breach events at KKR, including those arising from third-party service providers,

including those providers that have access to KKR’s customer and employee data. Cybersecurity considerations affect the

selection and oversight of our third-party service providers. We perform cybersecurity-related diligence on third parties that

have access to our systems, data or facilities.

In addition to the KKR CISO and our Chief Compliance Officer, the KKR CIRT includes members of the firm’s legal,

technology, compliance, risk, public affairs, human capital and finance groups. KKR has established a notification decision

framework to determine when the KKR CIRT will provide notifications regarding certain cybersecurity incidents, with different

severity thresholds triggering notifications to different recipient groups, including the Risk and Operations Committee, senior

members of management, and our Board of Directors or its committees.

The KKR information security team undertakes a variety of measures to monitor and manage the cybersecurity risks of

KKR. Our technology platforms and applications are designed to enable us to monitor user and network behavior at KKR,

identify threats using certain analytics, and mitigate attacks across various layers of the enterprise. The KKR information

security team conducts regular internal and external audits with third-party cybersecurity experts to identify and evaluate

potential weaknesses in our cybersecurity systems. In addition, the KKR information security team conducts periodic phishing

simulations, as well as periodic employee training on KKR’s security policies and controls and provides other security training

as part of new employee onboarding.

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 period covered by this report. However, institutions like us, as

well as our employees, service providers and other third parties, have experienced information security and cybersecurity

attacks in the past and will likely continue to be the target of increasingly sophisticated cyber actors. For a discussion of how

risks from cybersecurity threats may affect us, see "Part 1 Item 1A. Risk Factors—"Risks Related to Our Business—

Cybersecurity failures and data security breaches could have a material adverse impact on our businesses.”

Our principal executive office is located at 30 Hudson Yards, New York, New York. We also lease space for our other

offices in North America, Europe, the Middle East, and Asia-Pacific. We consider these facilities to be suitable and adequate

for the management and operations of our business.

For a discussion of KKR's legal proceedings, see the section entitled "Legal Proceedings" appearing in Note 24

"Commitments and Contingencies" in our financial statements included elsewhere in this report, which is incorporated herein

by reference.

Not applicable.

PART II

MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.

Shares of our common stock are listed on the NYSE under the symbol "KKR."

The number of holders of record of our common stock as of February 24, 2026 was 39. This does not include the number

of stockholders that hold shares in "street-name" through banks or broker-dealers.

Dividend Policy

Under our current dividend policy for common stock that we announced on February 5, 2026, we expect to pay our

common stockholders an annualized dividend of $0.78 per share of common stock, equal to a quarterly dividend of $0.195

per share of common stock, beginning with the dividend expected to be declared with respect to the first quarter of 2026. On

February 5, 2026, we declared a regular dividend of $0.185 per share of common stock under our prior dividend policy for the

three months ended December 31, 2025, payable on March 3, 2026 to common stockholders of record as of the close of

business on February 17, 2026.

Because we make our investment in our business through a holding company structure and the applicable holding

companies do not own any material cash-generating assets other than their direct and indirect holdings in KKR Group

Partnership Units, dividends are expected to be funded in the following manner:

• KKR Group Partnership will make distributions to holders of KKR Group Partnership Units, which consists of our

wholly-owned corporate subsidiaries (one of which, KKR Group Holdings Corp., acts as the general partner of KKR

Group Partnership), KKR Holdings II and KKR Holdings III, in proportion to their percentage interests in KKR Group

Partnership;

• Second, our wholly-owned corporate subsidiaries will distribute to us the amount of any distributions that they

receive from KKR Group Partnership, after deducting any applicable taxes; and

• Third, we will distribute to holders of our common stock and Series D Mandatory Convertible Preferred Stock the

amount of dividends declared by our Board of Directors from the distributions that we receive from our wholly-

owned corporate subsidiaries.

The limited partnership agreement of KKR Group Partnership provides for cash distributions, which are referred to as

"tax distributions," to the partners of the partnership if we determine that the taxable income of the partnership will give rise

to taxable income for its partners, including holders of restricted holdings units who are limited partners of KKR Holdings II

and KKR Holdings III. KKR Group Partnership may make tax distributions in the future, from time to time, to provide

distributions to pay for any U.S. or non-U.S. tax liabilities of the partners of KKR Holdings II and KKR Holdings III.

The declaration and payment of any dividends to holders of our common stock, holders of our Series D Convertible

Preferred Stockholders, or holders of any preferred stock which may be issued in the future are subject to the discretion of

our Board of Directors, which may change our dividend policy at any time or from time to time, and the terms of our

certificate of incorporation. There can be no assurance that dividends will be made as intended or at all or that any particular

dividend policy will be maintained. 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 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.

See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity—Sources of

Liquidity." In addition, under Section 170 of the Delaware General Corporation Law (“DGCL”), our Board of Directors may only

declare and pay dividends either out of our surplus (as defined in DGCL) or in case there is no such surplus, out of our net

profits.

Share Repurchases in the Fourth Quarter of 2025

Under our current 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, 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, price, and economic and market conditions. KKR expects that the program, which has no expiration date, will

continue to be in effect until the maximum approved dollar amount has been used. The program does not require KKR to

repurchase any specific number of shares of common stock, and the program may be suspended, extended, 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 Plan representing the right to receive shares of common stock.

As of January 30, 2026, there is approximately $439 million remaining under KKR's share repurchase program.

The table below sets forth the information with respect to repurchases made by or on behalf of KKR & Co. Inc. or any

"affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Exchange Act) of our common stock for the periods

presented. During the fourth quarter of 2025, no shares of common stock were repurchased, and 141,119 equity awards

were retired.

(1)As previously announced 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 “Share Repurchase Program Increase Threshold”), the total available amount under the share

repurchase program would automatically add an additional $500 million to the then remaining available amount of $50 million or less. The Share

Repurchase Program Increase Threshold was reached during the second quarter of 2025, and the share repurchase program total available amount

increased by $500 million. Any additional increases to this remaining available amount would require a separate approval by the Board of Directors of KKR

& Co. Inc.

RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the consolidated financial statements of KKR &

Co. Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this report. In addition, this

discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including those

described under "Cautionary Note Regarding Forward-looking Statements" and "Risk Factors." Actual results may differ

materially from those contained in any forward-looking statements.

Business Environment

Our asset management, insurance, and 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 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.

In 2025, the United States continued to experience economic growth while also continuing to experience inflation in

excess of the U.S. Federal Reserve Board’s 2.0% target rate. The U.S. Federal Reserve Board lowered the target range for the

federal funds rate three times in 2025, including two reductions in the fourth quarter, that brought the target range to

3.50-3.75%. The U.S. Federal Reserve Board in connection with its fourth quarter rate reductions noted that the reduction was

in response to the slowdown in the labor market; however, they maintained a cautious stance as inflation remained

somewhat elevated and above its long-run target.

Real gross domestic product (“GDP”) growth in the Eurozone in 2025 was moderately positive. The European Central

Bank lowered the deposit rate four times in the first half of 2025 to 2.00% as part of a broader easing cycle in response to

downward revisions to inflation expectations. The European Central Bank subsequently held the deposit rate unchanged for

the remainder of 2025 as Eurozone core inflation slowed compared to 2024 and remained close to the European Central

Bank’s 2% medium-term target.

In Asia, Japan’s economy reaccelerated in 2025, supported by resilient exports and consumer spending. The Bank of

Japan continued its gradual monetary policy normalization during 2025, including an increase in its policy rate from 0.25% to

0.75%. In China, the economy grew in 2025 but continued to face significant headwinds, including weak domestic demand,

ongoing contraction in the property sector, and uncertainty relating to ongoing trade tensions with the United States as

discussed further below.

Several key economic indicators in the United States and in other countries and regions in which we operate include:

• GDP.** In the United States, real GDP expanded by 2.2% for the year ended December 31, 2025, compared to an

expansion of 2.8% for the year ended December 31, 2024. Eurozone real GDP is estimated to have expanded by 1.4%

for the year ended December 31, 2025, up from 0.9% expansion for the year ended December 31, 2024. In Japan,

real GDP expanded by 1.1% for the year ended December 31, 2025, up from a 0.2% contraction for the year ended

December 31, 2024. Real GDP in China expanded 5.0% for the year ended December 31, 2025, unchanged from 5.0%

growth reported for the year ended December 31, 2024

• Interest Rates.** The target federal funds rate set by the U.S. Federal Reserve Board was 3.625% as of December 31,

2025, down from 4.375% as of December 31, 2024. The benchmark short-term interest rate set by the European

Central Bank was 2.0% as of December 31, 2025, down from 3.00% as of December 31, 2024. The benchmark short-

term interest rate set by the Bank of Japan was 0.75% as of December 31, 2025, up from 0.25% as of December 31,

2024. The benchmark interest rate set by The People’s Bank of China was 3.0% as of December 31, 2025, down from

3.10% as of December 31, 2024.

• Inflation.** The U.S. core consumer price index rose 2.6% on a year-over-year basis as of December 31, 2025, down

from 3.2% on a year-over-year basis as of December 31, 2024. Eurozone core inflation was 2.3% as of December 31,

2025, down from 2.7% as of December 31, 2024. In Japan, core inflation rose 1.5% on a year-over-year basis as of

December 31, 2025, down from 1.6% on a year-over-year basis as of December 31, 2024. Core inflation in China was

1.2% on a year-over-year basis as of December 31, 2025, up from 0.4% as of December 31, 2024.

• Unemployment.** The U.S. unemployment rate was 4.4% as of December 31, 2025, up from 4.1% as of December 31,

2024. Eurozone unemployment was 6.3% as of December 31, 2025, unchanged from 6.3% as of December 31, 2024.

The unemployment rate in Japan was 2.6% as of December 31, 2025, up from 2.5% as of December 31, 2024. The

unemployment rate in China was 5.2% as of December 31, 2025, substantially unchanged from 5.1% as of December

31, 2024.

In 2025, the United States equity markets appreciated 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 at the prior year-end of 2024. Short term interest rates fell as the Federal Reserve lowered benchmark interest rates.

European, Japanese and Chinese equity markets all appreciated on a year-over-year basis.

Several key financial market indicators in the United States and in other countries and regions in which we operate

include:

• Equity Markets.** For the year ended December 31, 2025, the S&P 500 was up 17.9%, the MSCI Europe Index was up

36.3%, the MSCI Asia Pacific Index was up 28.7% and the MSCI World Index was up 21.6% in U.S. dollar terms, 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 15.0 as of December 31, 2025, decreasing from 17.4 as

of December 31, 2024.

• Credit Markets.** During the year ended December 31, 2025, U.S. investment grade corporate bond spreads (BofA

Merrill Lynch US Corporate Index) tightened by 3 basis points. The non-investment grade credit indices were up

during the year ended December 31, 2025, with the S&P/LSTA Leveraged Loan Index up 5.9% and the BofAML HY

Master II Index up 8.5%. During the year ended December 31, 2025, the 10-year government bond yields fell 40 basis

points in the United States, rose 49 basis points in Germany, rose 97 basis points in Japan, fell 9 basis points in the

UK, and rose 18 basis points in China.

• Commodity Markets.** During the year ended December 31, 2025, the 3-year forward price of WTI crude oil decreased

approximately 7.6%, and the 3-year forward price of natural gas decreased from approximately $4.62 per MMBtu as

of December 31, 2024 to $4.51 per MMBtu as of December 31, 2025. The Japan spot LNG import price decreased to

approximately $11.03 per MMBtu as of December 31, 2025, from approximately $13.82 per MMBtu as of December

31, 2024.

• Foreign Exchange Rates.** For the year ended December 31, 2025, the euro rose 13.4%, the British pound rose 7.7%,

the Japanese yen rose 0.3%, and the Chinese renminbi rose 4.5%, respectively, relative to the U.S. dollar.

Beginning in March 2025 and continuing through the date of the filing of this report, the United States and countries

around the world have experienced elevated levels of market volatility and uncerta

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Our exposure to market risks for KKR's asset management and strategic holdings businesses, on a GAAP basis, primarily

relates to movements in 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. Our exposure to market risks in our insurance

segment, on a GAAP basis, primarily relates to the impact of movements in such market risks on our insurance segment’s

assets, liabilities, and hedge program.

The fair value of investments may fluctuate in response to changes in the values of investments, foreign currency

exchange rates, and interest rates. Additionally, interest rate movements can adversely impact the amount of interest income

we receive on credit instruments bearing variable rates and could also impact the amount of interest that we pay on debt

obligations bearing variable rates. KKR 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

portfolio, and its hedge program. The quantitative information provided in this section was prepared using estimates and

assumptions that management believes are appropriate for purposes of evaluating the significant market risk exposures for

KKR's businesses and the impact they could have on our consolidated GAAP financial results. The actual impact of a

hypothetical adverse movement in these risks could be materially different from the amounts shown below.

The Board of Directors is responsible for oversight and the overall governance of KKR. Our Board of Directors has five

standing committees: an Audit Committee, a Risk Committee, a Conflicts Committee, a Nominating and Corporate

Governance Committee, and an Executive Committee, and they are aided by various management-level committees designed

to manage enterprise risks. For further information about KKR & Co. Inc.'s Board of Directors or its committees, see “Part III—

Item 10. Directors, Executive Officers, and Corporate Governance—Board Committees.”

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.

Management of Market Risk

KKR has a Balance Sheet Committee consisting of senior employees, including our Co-Executive Chairmen, our Co-Chief

Executive Officers, and the Chief Financial Officer, which meets periodically to review the financial activities of KKR. Members

of the Balance Sheet Committee oversee and manage KKR's balance sheet assets and liabilities, including capital structure,

capital allocation, and liquidity. In addition, certain members of the Balance Sheet Committee through a firmwide risk

committee oversee and manage KKR’s market risks and liabilities, including investment-related liabilities, hedging activities,

and insurance risks.

Certain securities transactions by our capital markets business are subject to risk tolerance limits, regulatory capital

requirements, and the review and approval of one or more committees in compliance with rules applicable to broker-dealers

pursuant to the Exchange Act. When our capital is committed to capital markets transactions after diligence is conducted,

such transactions are subject to the review and approval of a capital markets underwriting committee. These transactions are

also subject to risk tolerance limits. The risk tolerance limits establish the level of investment we may make in a single

company or type of transaction, for example, and are designed to avoid undue concentration and risk exposure. Regulatory

capital requirements also place limits on the size of securities underwritings the capital markets business can conduct based

on quantitative measure of assets, liabilities, and certain off-balance-sheet items. Aggregate balance sheet risk and capital

deployed for transactions are monitored on an ongoing basis by or on behalf of members of the Balance Sheet Committee.

With respect to the funds and other investment vehicles through which we make investments for our fund investors, KKR

manages investment risks by subjecting transactions to the review and approval of an applicable investment committee or

portfolio manager; a portfolio management committee (or other designated senior employees) then regularly monitors these

investments. Before making an investment, investment professionals endeavor to identify risks in due diligence, evaluating,

among other things, business, financial, legal and regulatory issues, financial data, and other information relevant to a

particular investment. An investment team presents the investment and its identified risks to an investment committee or a

portfolio manager, which must approve each investment before it may be made. If an investment is made, a portfolio

management committee (or other designated senior employees) is responsible for working with our investment professionals

to monitor the investment on an ongoing basis.

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.

Management of General Business Risk

KKR has a Risk and Operations Committee comprised of senior employees from across our asset management and

insurance businesses and operating functions, and it includes our Chief Financial Officer, Chief Legal Officer and General

Counsel, Chief Compliance Officer, and other senior employees. The Risk and Operations Committee provides oversight and

management of KKR’s significant operating and business risks. This committee is aided by various other committees focused

on the oversight of risks to our business, including a Global Conflicts and Compliance Committee.

KKR’s Global Conflicts and 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. The Global Conflicts and Compliance Committee focuses on new or potential conflicts of

interest that may arise in KKR's business, including, but not limited to, conflicts relating to specific transactions as well as

potential conflicts involving the overall activities of KKR and its various businesses. This committee also reviews and monitors

certain compliance matters.

In addition, KKR has other committees comprised of senior employees from across our business and operations that

consider potential risks to our business.

Management of Insurance Business

The oversight and governance of our insurance business is aided by a board of directors at TGAFG, which is the holding

company for our insurance business. The TGAFG board includes among its members one of our Co-Chief Executive Officers

and our Chief Financial Officer. To assist with its oversight of Global Atlantic, the TGAFG board of directors has established

various committees, including audit, risk, and special transaction review. The TGAFG Risk Committee has adopted risk

appetite principles as part of its enterprise risk management program, including endeavoring to protect policyholders by

seeking to maintain adequate capital and liquidity resources to honor our obligations to policyholders under situations

reflecting stress scenarios calibrated to the worst modern economic cycles. 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 Insurance Operating Committees, each of which consists of senior employees

from across our insurance and asset management businesses.

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

Asset Management and Strategic Holdings Segment Market Risks

The following is a discussion of the significant market risk exposures for KKR's asset management and strategic holdings

businesses and the impact they could have on our consolidated GAAP financial results.

Hedge Program

To manage market risk, KKR maintains hedging programs that seek to mitigate economic impacts primarily from

movements in foreign exchange rates, interest rates, and other market variables. These hedging activities are conducted at

both the fund level and the KKR balance sheet level and vary based on the nature of the underlying exposure and investment

strategy.

With respect to foreign exchange risk, KKR is exposed to currency fluctuations primarily through non-U.S. dollar

investments held by our funds and balance sheet, as well as through foreign currency share classes offered by certain funds.

KKR generally seeks to hedge a portion of these foreign exchange exposures through currency forwards and options. Such

hedges are typically designed to reduce the volatility associated with changes in foreign exchange rates rather than to

eliminate all currency risk and may be implemented on a static or rolling basis depending on the underlying exposure.

With respect to interest rate risk, KKR is exposed primarily through portfolio company financing arrangements. At the

portfolio company level, interest rate hedging is generally intended to reduce variability in cash flows associated with floating-

rate indebtedness.

KKR is also exposed to credit and equity market risk, primarily in connection with capital markets warehousing and

syndication activities. In these contexts, KKR may enter into hedges designed to limit short-term market risks to the economic

value of such exposures, including the use of credit and equity derivatives.

From time to time, KKR also enters into hedges designed to limit the volatility associated with changes in the value of its

balance sheet investments or earnings as a result of broader market movements, including changes in interest rates, credit

spreads, or equity markets, while taking into consideration holistic economic impacts.

KKR’s hedge programs are not designed to, and may not be effective in, offsetting all impacts to net income, assets under

management, or economic values. Movements in market variables that are not explicitly hedged, as well as basis risk,

counterparty risk, liquidity constraints, and imperfect correlation between hedges and underlying exposures, may result in

volatility in KKR’s results. See “Risk Factors—Risks Related to Our Business—The failure to manage our financial and

enterprise risks could materially and adversely affect our financial condition and results of operation.”

Sensitivities

Changes in Fair Value

The majority of our investments as of December 31, 2025, are reported at fair value. Net changes in the fair value of

investments impact the net gains (losses) from investment activities in our consolidated statements of operations. Based on

investments held as of December 31, 2025, 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. The impact that the

consequential decrease in investment income would have on net income attributable to KKR & Co. Inc. would generally be

significantly less than the amount described above, given that a significant portion of the change in fair value would be

attributable to noncontrolling interests and therefore we are only impacted to the extent of our carried interest and our

balance sheet investments and to a lesser extent our management fees. Because of this, the quantitative information that

follows represents the impact that a reduction to each of the income streams shown below would have on net income

attributable to KKR & Co. Inc. before income taxes. The actual impact to individual line items within the consolidated

statements of operations would differ from the amounts shown below as a result of (i) the elimination of management fees

and carried interest as a result of the consolidation of certain investment funds and CFEs and (ii) the gross-up of net gains

(losses) from investment activities, in each case as a result of the consolidation of certain investment funds and CFEs.

Based on the fair value of investments as of December 31, 2025 and December 31, 2024, 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 2025 and 2024 from reductions in the following items, if not offset by other factors:

(1)An immediate, hypothetical 10% decline in the fair value of investments would also impact our ability to earn incentive fees. Since the majority of our

incentive fees are not subject to clawback, a 10% decline in fair value would generally result in the recognition of no incentive fees on a prospective basis

and result in lower net income relative to prior years where such incentive fees may have been earned.

(2)Represents an annualized reduction in management fees.

(3)Decrease would impact our statement of operations in a single quarter. With respect to carried interest, for purposes of this analysis the impact of

preferred returns are ignored.

(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.

Management Fees

Our management fees in our Private Equity and Real Assets business lines are generally calculated based on the amount

of capital committed or invested by a fund, as described under "—Business—Our Business—Private Equity" and "—Business

—Our Business—Real Assets." Accordingly, movements in the fair value of investments do not significantly affect the amount

of fees we may charge in Private Equity and Real Assets funds.

In the case of our Credit and Liquid Strategies business line, management fees are often calculated based on the average

NAV of the fund for that particular period, although certain funds in our Credit and Liquid Strategies business line have

management fees based on the amount of capital invested. In the case of our CLO vehicles, management fees are calculated

based on the collateral of the vehicle. The collateral is based on the par value of the investments and cash on hand.

To the extent that management fees are calculated based on the NAV of the fund's investments, the amount of fees that

we may charge will increase or decrease in direct proportion to the effect of changes in the fair value of the fund's

investments. The proportion of our management fees that are based on NAV depends on the number and type of funds in

existence. For the years ended December 31, 2025 and 2024, the fund management fees that were recognized based on the

NAV of the applicable funds was approximately 20% and 18%, respectively.

Publicly Traded Securities

We and our investment vehicles hold certain investments in companies whose securities are publicly traded. The market

prices of securities may be volatile and are likely to fluctuate due to a number of factors beyond our control. 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 markets, and other material events,

such as significant management changes, re-financings, acquisitions, and dispositions. In addition, although a substantial

portion of our investments are comprised of investments in portfolio companies whose securities are not publicly traded, the

value of these privately held investments may also fluctuate as our Level III investments are valued in part using a market

comparables analysis. Consequently, due to similar factors beyond our control as described above for portfolio companies

whose securities are publicly traded, the value of these Level III investments may fluctuate with market prices. See the "Risk

Factors" section of this report and "Management's Discussion and Analysis of Financial Condition and Results of Operations—

Business Environment."

Exchange Rate Risk

Our investment vehicles and KKR's balance sheet hold investments denominated in currencies other than the U.S. dollar.

Those investments expose us and our fund investors to the risk that the value of the investments will be affected by changes

in exchange rates between the currency in which the investments are denominated and the currency in which the

investments are made. Additionally, a portion of our management fees are denominated in non-U.S. dollar currencies. Our

policy is to generally reduce these risks by employing hedging techniques, including using foreign currency options and foreign

exchange forward contracts to reduce exposure to future changes in exchange rates when a meaningful amount of capital has

been invested in currencies other than the currencies in which the investments are denominated.

Our primary exposure to exchange rate risk relates to movements in the value of exchange rates between the U.S. dollar

and other currencies in which our investments are denominated (including euros, British pounds, Japanese yen, among

others), net of the impact of foreign exchange hedging strategies. The quantitative information that follows represents the

impact that a reduction to each of the income streams shown below would have on net income attributable to KKR & Co. Inc.

before income taxes. The actual impact to individual line items within the statements of operations would differ from the

amounts shown below as a result of (i) the elimination of carried interest as a result of the consolidation of certain investment

funds and (ii) the gross-up of net gains (losses) from investment activities, in each case as a result of the consolidation of

certain investment funds and CLO vehicles.

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, 2025 and December 31, 2024 (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 2025 and 2024 from reductions in the following items, net of the impact of foreign

exchange hedging strategies, if not offset by other factors:

(1)An immediate, hypothetical 10% decline in exchange rates between the U.S. dollar and all of the major foreign currencies in which our investments were

denominated would not be expected to materially impact our management fees or incentive fees. The majority of our funds in which we are entitled to

earn incentive fees are denominated in U.S. dollars. Additionally, our management fees that are denominated in non-U.S. dollar currencies are generally

hedged.

(2)Decrease would impact our statement of operations in a single quarter. With respect to carried interest, for purposes of this analysis the impact of

preferred returns are ignored.

(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.

Interest Rate Risk

Valuation of Investments

Changes in credit markets and in particular, interest rates, can impact investment valuations, particularly our Level III

investments, and may have offsetting results depending on the valuation methodology used. For example, we typically use a

discounted cash flow analysis as one of the methodologies to ascertain the fair value of our investments that do not have

readily observable market prices. If applicable interest rates rise, then the assumed cost of capital for those portfolio

companies would be expected to increase under the discounted cash flow analysis, and this effect would negatively impact

their valuations if not offset by other factors. Conversely, a fall in interest rates can positively impact valuations of certain

portfolio companies if not offset by other factors. These impacts could be substantial depending upon the magnitude of the

change in interest rates. In certain cases, the valuations obtained from the discounted cash flow analysis and the other

primary methodology we use, the market multiples approach, may yield different and offsetting results. For example, the

positive impact of falling interest rates on discounted cash flow valuations may offset the negative impact of the market

multiples valuation approach and may result in less of a decline in value than for those investments that had a readily

observable market price. Finally, low interest rates related to monetary stimulus and economic stagnation may also negatively

impact expected returns on all investments, as the demand for relatively higher return assets increases and supply decreases.

Interest Income

We and certain consolidated investment vehicles, including CLOs, hold credit investments that generate interest income

based on variable interest rates. We are exposed to interest rate risk relating to investments that generate yield since a

meaningful portion of credit investments held by us and our consolidated investment vehicles, including CLOs, earn income

based on variable interest rates. The impact on net income attributable to KKR & Co. Inc. resulting from a decrease of a

hypothetical 100 basis points in variable interest rates used in the recognition of interest income would not be expected to be

material since a substantial portion of this decrease would be attributable to noncontrolling interests and CLO third party

noteholders.

Interest Expense

We and certain consolidated investment vehicles, including CLOs, have debt obligations that include revolving credit

agreements, certain investment financing arrangements, and debt securities issued by CLO vehicles that accrue interest at

variable rates. Changes in these rates would affect the amount of interest payments that our consolidated investment

vehicles, including CLOs, would have to make. 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 third-party CLO noteholders. Our policy is to reduce these risks by

employing hedging techniques, including using interest rate swaps. 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, net of the impact of interest rate hedging strategies, would not be expected to be material. Additionally, debt issued

or guaranteed by KKR & Co. Inc. generally accrues interest at fixed rates.

Credit Risk

We are party to agreements providing for various financial services and transactions that contain an element of risk in the

event that the counterparties are unable to meet the terms of such agreements. In these agreements, we depend on these

counterparties to make payment or otherwise perform. We generally endeavor to reduce our risk of exposure by limiting the

counterparties with which we enter into financial transactions to reputable financial institutions. In addition, availability of

financing from financial institutions may be uncertain due to market events, and we may not be able to access these financing

markets.

Insurance Segment Market Risks

The following is a discussion of the significant market risk exposures, on a GAAP basis, for our insurance business

conducted through Global Atlantic.

Hedge Program

To manage market risk, Global Atlantic established a hedge program that seeks to mitigate economic impacts primarily

from interest rate, equity price, and foreign exchange rate movements, while taking into consideration accounting and capital

impacts. For Global Atlantic's fixed-indexed annuity and interest-sensitive life policies, Global Atlantic generally seeks to use

static hedges to offset the exposure primarily created by changes in indexed account values. For Global Atlantic's variable

annuity policies, Global Atlantic generally seeks to dynamically hedge its exposure to changes in the value of the guarantee

Global Atlantic provides to policyholders. In the context of specific reinsurance or other transactions in Global Atlantic's

institutional channel or strategic acquisitions, Global Atlantic may also enter into hedges which are designed to limit short-

term market risks to the economic value of the target assets. From time to time, Global Atlantic also enters into hedges

designed to limit the volatility associated with changes in the value of its general account assets or changes to net investment

income as a result of interest rate or credit spread movements, while also taking into consideration economic impacts. Global

Atlantic also enters into currency swaps and forwards to manage foreign exchange rate risks with respect to certain assets

and liabilities denominated in foreign currencies. Global Atlantic also enters into inflation swaps to manage inflation risk

associated with inflation-indexed preneed policies. Where Global Atlantic has derivative instruments that are designated and

qualify as accounting hedges, these derivative instruments receive hedge accounting.

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 capital, or economic values. Movements in market variables other than interest rates

and equity market prices that are not explicitly hedged can also cause net income volatility. See "Risk Factors—Risks Related

to Our Insurance Activities—Volatile market and economic conditions, including sustained increases or decreases in interest

rates and other interest rate fluctuations, may adversely affect our insurance business" and "Risk Factors—Risks Related to

Our Business—The failure to manage our financial and enterprise risks could materially and adversely affect our financial

condition and results of operation."

Sensitivities

Global Atlantic evaluates the sensitivity of net income to specific changes in interest rates, credit spreads, and equity

prices projected using internal models. All of the estimated sensitivities assume that all other factors remain constant and

reflect the impact of related hedges assuming no hedge rebalancing in Global Atlantic's dynamic program, as explained

further below.

Global Atlantic's internal models project impacts as of a specific date, and are measured relative to a starting level

reflecting its assets and liabilities at that date and the actuarial factors, investment activity, and assumed investment returns

associated with insurance liabilities. The models measure the impact of changing one factor at a time and assume that all

other factors remain unchanged. 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 rates, and other market factors, and limitations

inherent in the use of models. For these reasons, the sensitivities should only be viewed as directional estimates of the

impacts on Global Atlantic's net income and shareholders’ equity, excluding accumulated other comprehensive income

("AOCI"), and actual changes in response to such scenarios may differ materially from estimates provided.

For the dynamic portion of the hedge program, Global Atlantic primarily uses interest rate and equity futures to hedge

liabilities which have option-like embedded derivatives. As such, Global Atlantic's program requires frequent rebalancing as

markets move to ensure that the hedges are being re-sized to the new liability exposure. In addition, certain of the underlying

variable annuity separate account funds are managed volatility funds, so Global Atlantic's market exposures may change

substantially after sharp market moves. The point-in-time estimates provided in this section assume no hedge rebalancing

and, as such, the impact on Global Atlantic's consolidated net income may be different from what is shown below.

Interest Rate Risk

Global Atlantic is exposed to interest rate risk as a result of changes in the level and volatility of interest rates. Changes in

the level and volatility of interest rates primarily impacts the fair value reported in our consolidated financial statements of

the following:

• embedded derivatives associated with modified coinsurance and coinsurance with funds withheld payables or

receivables;

• embedded derivatives associated with variable annuities, fixed-indexed annuities, and interest sensitive life products;

• policy liabilities accounted under the fair value option,

• market risk benefits, and

• financial instruments held in Global Atlantic's investment portfolio and used in its hedge program.

Changes in fair value of the foregoing are generally recorded as gains or losses in the consolidated statement of

operations. For specific derivatives designated as cash flow hedges of forecasted bond purchases and receiving hedge

accounting treatment, gains or losses are recorded in accumulated other comprehensive income and reclassified to net

investment income following the qualifying purchases of available-for-sale securities, as an adjustment to the yield earned

over the life of the purchased securities, using the effective interest method.

Due to the dynamic lapse sensitivities within Global Atlantic's models, market volatility in interest rates also impacts the

policy liabilities of certain fixed annuity products, changes in which are recorded in the consolidated statement of operations.

In periods following interest rate moves, Global Atlantic will also recognize a change in the income earned on certain of

its floating-rate assets and the cost of funding on certain of Global Atlantic's liabilities recorded in the consolidated statement

of operations.

Effect of Interest Rate Sensitivity

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, 2025 and 2024 to its net income and shareholders’ equity,

excluding AOCI. These sensitivities include the impact of related hedges and adjustments to policy liabilities attributable to

interest rate changes.

(1)The point in time and over 12 months total estimated impacts reflect the impact of hedges within Global Atlantic's liability hedging program, as well as

hedges designed to limit surplus volatility resulting from interest rate movements.

(2)Excludes point in time impact. Estimated sensitivity to a hypothetical change over 12 months does not take into account any management actions that

may be taken to mitigate actual impacts.

The estimated point in time impact is driven by a net decrease/(increase) in the value of (i) the embedded derivatives

associated with Global Atlantic's modified coinsurance and coinsurance with funds withheld payables and receivables, (ii) the

embedded derivatives associated with its fixed-indexed annuity, interest sensitive life products, and variable annuities

accounted for under the fair value option, and (iii) market risk benefits. These are largely offset by a loss/(gain) in financial

instruments used in Global Atlantic's hedging program, investments classified as trading, and loans designated under the fair

value option, based on balances in place as of year end. These estimated changes include the related income tax impacts.

The impact over 12 months is driven by an increase/(decrease) in the income earned on Global Atlantic's floating rate

assets, and partially offset by an increase/(decrease) in the cost of its floating-rate liabilities.

In the table below Global Atlantic estimates the impact of a 50 basis point increase/(decrease) in interest rates, for a

parallel shift in the yield curve, from levels as of December 31, 2025 and 2024, to Global Atlantic's AOCI.

The estimated point in time impact is primarily driven by a (i) net (decrease)/increase in the value of Global Atlantic's

available-for-sale fixed maturity securities which are carried at fair value with unrealized gains and losses, (ii) the effect of

changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts, and (iii) the

effect on additional insurance liabilities when unrealized gains and losses are included in the investment margin while

calculating the present value of expected assessments for the benefit ratio; all of which are reported in AOCI. The estimated

changes include the related income tax impacts.

Credit Spread Risk

Global Atlantic is exposed to credit spread risk as a result of changes in the spread between the yields on its funds

withheld payables and receivables at interest and yields on comparable U.S. Treasury securities. Global Atlantic's reinsurance

agreements include modified coinsurance and funds withheld coinsurance arrangements. Such arrangements are deemed to

contain embedded derivatives, which are measured at fair value, and are therefore impacted by the mark-to-market value of

the related assets. Changes in the credit spreads associated with the assets impact the mark-to-market value of the assets.

There is additional instrument-specific credit spread risk exposure inherent in Global Atlantic's credit spread used in valuing

embedded derivative liabilities, which serves to mitigate net credit exposure. Global Atlantic may choose to enter into hedge

positions to manage credit spread risk. As of December 31, 2025 and 2024, Global Atlantic had a $5.0 million and $194

thousand credit derivative position, respectively.

Effect of Credit Spread Sensitivity

In the table below, Global Atlantic estimates the impact of a 50 basis points increase/(decrease) in credit spreads from

levels as of December 31, 2025 and 2024, to its net income and shareholders’ equity, excluding AOCI. These estimated

changes include the related income tax impacts and include impacts on instrument-specific credit risk used in valuing

embedded derivative liabilities.

In the table below Global Atlantic estimates the impact of a 50 basis point increase/(decrease) in instrument-specific

credit risk on market risk benefits, for a parallel shift in the yield curve, from levels as of December 31, 2025 and 2024, to its

AOCI.

The estimated point in time impact is driven primarily by the effect of changes in the fair value of a market risk benefit

attributable to a change in the instrument-specific credit risk. The estimated changes include the related income tax impacts.

Equity Price Risk

Global Atlantic is exposed to equity price risk as a result of changes in the level and volatility of equity prices.

Changes in the level and volatility of equity prices primarily impacts the fair value reported in the consolidated financial

statements of the following:

• embedded derivatives and market risk benefits associated with Global Atlantic's variable annuities, fixed-indexed

annuities and interest sensitive products;

• financial instruments held in Global Atlantic's investment portfolio and used in its hedge program; and

• certain of Global Atlantic's alternative assets.

Changes in fair value of the foregoing are recorded as gains or losses in our consolidated statements of operations.

In addition, certain of the fees Global Atlantic earns in its variable annuity and variable universal life blocks are calculated

on the account values, which are exposed to equity price risk. These changes impact our net income over the periods

following equity price moves.

Effect of Equity Price Sensitivity

In the table below, Global Atlantic estimates the impact of a 10% increase/(decrease) in equity prices from levels as of

December 31, 2025 and 2024, to its net income and shareholders’ equity, excluding AOCI. These sensitivities include the

impact of related hedges but exclude the potential impact of alternative assets, because the fair value of these investments

do not necessarily move directly in line with movements in public equity markets.

(1)From time to time, Global Atlantic may choose to enter into additional hedges to mitigate economic exposure to equity markets.

(2)Excludes point in time impact. Estimated sensitivity to a hypothetical change over 12 months does not take into account any management actions that

may be taken to mitigate actual impacts.

The estimated point-in-time impact is driven by an increase/(decrease) in the value of (i) the embedded derivatives

associated with Global Atlantic's fixed-indexed annuity and interest sensitive life products, (ii) its variable annuity embedded

derivatives, (iii) market risk benefits, and (iv) a gains (losses) in financial instruments used in its hedging program based on

balances in place at year-end. These estimated changes include the impact of related amortization of deferred revenue and

expenses and related income tax impacts.

For a discussion of current market conditions, see "Risk Factors" and "Management's Discussion and Analysis of Financial

Condition and Results of Operations—Business Environment" in this report.

Exchange Rate Risk

Global Atlantic manages its exchange rate risk to maintain minimal exposure to exchange rate fluctuations. Global

Atlantic seeks to completely hedge exchange rate risk arising from the assets and liabilities on its balance sheet through either

matching exchange rate exposures on either side of the balance sheet, or by engaging in hedging activities to eliminate or

mitigate exchange rate mismatch risk.

Global Atlantic estimates that an immediate, hypothetical 10% decrease in exchange rates between the U.S. dollar and all

of the major foreign currencies in which its assets and liabilities were denominated as of December 31, 2025 (i.e., a decrease

in the value of the U.S. dollar against these foreign currencies) would result in a decrease in net income attributable to KKR &

Co. Inc. before income taxes, net of the impact of foreign exchange hedging strategies, if not offset by other factors, of

approximately $56 million.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of KKR & Co. Inc.:

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated statement of financial condition of KKR & Co. Inc. and its subsidiaries

(the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive

income (loss), changes in equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the

related notes and the schedules 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, 2025, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the three

years in the period ended December 31, 2025, 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, 2025, based on criteria established in Internal Control — Integrated Framework (2013)

issued by COSO.

Basis for Opinions

The Company’s management is responsible for these financial statements, for maintaining effective internal control over

financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the

accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion

on these financial statements and an opinion on the Company’s internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and

are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the

applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and

perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement,

whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material

respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the

financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining

an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing

and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included

performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a

reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the

reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally

accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures

that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to

permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and

expenditures of the company are being made only in accordance with authorizations of management and directors of the

company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become

inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may

deteriorate.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial

statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts

or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex

judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements,

taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the

critical audit matters or on the accounts or disclosures to which they relate.

Fair Value—Level III Investments—Refer to Notes 2, 7, and 9 to the financial statements

Critical Audit Matter Description

The Company sponsors or manages 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 Investments in the

fair value hierarchy. These Level III investments have limited observable market activity and the inputs used in the

determination of fair value require significant management judgment or estimation.

In addition, the Company recognizes carried interest from 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

fro

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AND FINANCIAL DISCLOSURE

None.

Evaluation of Disclosure Controls and Procedures

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, 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. Any controls

and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired

control objectives.

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, 2025. Based upon that evaluation, our Co-Chief Executive Officers and Chief

Financial Officer have concluded that, as of December 31, 2025, our disclosure controls and procedures were effective to

accomplish their objectives at the reasonable assurance level.

Management's Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting.

Internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) is a process

designed by, or under the supervision of, a company's principal executive and principal financial officers and effected by the

Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting

principles and includes those policies and procedures that:

• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and

dispositions of the assets of the company;

• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial

statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the

company are being made only in accordance with authorizations of management and directors of the company; and

• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company's assets that could have a material effect on the financial statements.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In

making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the

Treadway Commission (COSO) in Internal Control—Integrated Framework that was issued in 2013. Based on its assessment,

our management has concluded that, as of December 31, 2025, our internal control over financial reporting is effective.

Changes in Internal Control Over Financial Reporting

No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act)

occurred during the fourth quarter of 2025 that materially affected, or are reasonably likely to materially affect, our internal

control over financial reporting.

Attestation Report of the Independent Registered Public Accounting Firm

Deloitte & Touche LLP, our independent registered public accounting firm that audited our consolidated financial

statements included in this report, has issued its attestation report on our internal control over financial reporting, which is

included in Financial Statements and Supplementary Data.

None.

INSPECTIONS

None.

PART III

Directors and Executive Officers

The following table presents certain information concerning our Board of Directors and executive officers.

Henry R. Kravis co-founded KKR in 1976 and serves as our Co-Executive Chairman. Mr. Kravis was our Co-Chief Executive

Officer until 2021 and is actively involved in managing the firm. Mr. Kravis currently serves on the boards of Axel Springer and

Catalio Capital Management, LP. He also serves as a director, chairman emeritus, trustee or executive committee member of

several cultural, professional, and educational institutions, including The Business Council (former chairman), Claremont

McKenna College, Columbia Business School (former co-chairman), Mount Sinai Hospital, the Partnership for New York City

(former chairman), the Partnership Fund for New York City (founding chairman), Rockefeller University (former vice

chairman), and Sponsors for Educational Opportunity (chairman). He earned a B.A. from Claremont McKenna College in 1967

and an M.B.A. from the Columbia Business School in 1969. Mr. Kravis has five decades of experience financing, analyzing, and

investing in public and private companies, as well as serving on the boards of a number of KKR portfolio companies. As our Co-

Founder, Co-Executive Chairman and former Co-Chief Executive Officer, Mr. Kravis has an intimate knowledge of KKR's

business, which allows him to provide insight into various aspects of our business and is of significant value to our Board of

Directors. Mr. Kravis and Mr. Roberts are first cousins.

George R. Roberts co-founded KKR in 1976 and serves as our Co-Executive Chairman. Mr. Roberts was our Co-Chief

Executive Officer until 2021 and is actively involved in managing the firm. Mr. Roberts has served as a director or trustee of

several cultural and educational institutions, including Claremont McKenna College. He is also Founder and Chairman of the

board of directors of REDF, a San Francisco nonprofit organization. He earned a B.A. from Claremont McKenna College in 1966

and a J.D. from the University of California (Hastings) Law School in 1969. Mr. Roberts has five decades of experience

financing, analyzing, and investing in public and private companies, as well as serving on the boards of a number of KKR

portfolio companies. As our Co-Founder, Co-Executive Chairman and former Co-Chief Executive Officer, Mr. Roberts has an

intimate knowledge of KKR's business, which allows him to provide insight into various aspects of our business and is of

significant value to our Board of Directors. Mr. Roberts and Mr. Kravis are first cousins.

Joseph Y. Bae joined KKR in 1996 and is our Co-Chief Executive Officer. Prior to his current position, he served as our Co-

President and Co-Chief Operating Officer from 2017 to 2021, and he has been a member of our Board of Directors since July

2017. Mr. Bae has held numerous leadership roles at KKR. He was the architect of KKR’s expansion in Asia, building one of the

largest and most successful platforms in the market. In addition to his role developing KKR’s Asia-Pacific platform, he has

presided over business building in the firm’s private markets businesses, which included leading or serving on all of the

investment committees and implementing the firm’s modern thematic investment approach. He is active in a number of non-

profit educational and cultural institutions, including co-founding and serving on the board of The Asian American Foundation,

as a member of Harvard University’s Global Advisory Council, and as a member of the Harvard Corporation. Mr. Bae’s intimate

knowledge of KKR’s business and operations and his experience in a variety of senior leadership roles within KKR provide

significant value to our Board of Directors.

Scott C. Nuttall joined KKR in 1996 and is our Co-Chief Executive Officer. Prior to his current position, he served as our Co-

President and Co-Chief Operating Officer from 2017 to 2021, and he has been a member of our Board of Directors since July

2017. Mr. Nuttall has had numerous leadership roles at KKR. He was the architect of the firm’s major strategic development

initiatives, including leading KKR’s public listing, developing the firm’s balance sheet strategy, overseeing the development of

KKR’s Public Markets businesses in the credit and hedge fund space as well as the creation of the firm’s capital markets,

capital raising, and insurance businesses. Mr. Nuttall serves on KKR’s Balance Sheet Committee. He was a member of the

board of directors of Fiserv, Inc. until 2022. He has also served on the boards of various non-profit institutions with a

particular focus on education, most recently as Co-Chairman of Teach for America – New York. Mr. Nuttall's intimate

knowledge of KKR's business and operations and his experience in a variety of senior leadership roles within KKR provide

significant value to our Board of Directors.

Craig Arnold has been a member of our Board of Directors since September 2025. Mr. Arnold is the former Chairman of

the Board and Chief Executive Officer of Eaton Corporation, a global intelligent power management company. Prior to

becoming Chairman and Chief Executive Officer in 2016 (a position he held until May 2025), Mr. Arnold served as the

President and Chief Operating Officer of Eaton Corporation. Prior to that, Mr. Arnold served as Vice Chairman and Chief

Operating Officer of Eaton Corporation’s Industrial Sector from 2009 to 2015. Mr. Arnold previously worked for General

Electric Company, where he held roles across the Appliances, Plastics and Lighting businesses. He currently is a member of the

Boards of Directors of Medtronic, where he serves as the lead independent director, Honeywell, Procter & Gamble, the

United Way of Greater Cleveland and the Salvation Army of Greater Cleveland. He graduated from California State University,

San Bernardino with a bachelor’s degree, and obtained a Master of Business Administration from Pepperdine University. Mr.

Arnold brings significant value to our Board of Directors from his extensive leadership, strategy and risk management

experience from his years of leadership at large multinational companies and possesses strong corporate governance acumen

and financial oversight skills from service on multiple public company boards of directors.

Timothy R. Barakett has been a member of our Board of Directors since March 2025. Mr. Barakett is the Founder and

Chief Executive Officer of TRB Advisors, a private investment firm and family office. TRB invests directly in public and private

markets and provides capital and strategic support to a number of investment firms. Prior to founding TRB in 2010, Mr.

Barakett was the Founder and Chief Executive Officer of Atticus Capital, a global investment management firm. Before

founding Atticus in 1995, Mr. Barakett was a Managing Director at Junction Advisors, an investment management company

specializing in risk arbitrage, and earlier in his career, he was a Senior Associate at Battery Ventures, a venture capital firm.

Mr. Barakett is the Treasurer of Harvard University, a Fellow of the Harvard Corporation, and the Chair of the Board of the

Harvard Management Company, which manages Harvard University's endowment. He also serves on the boards of directors

of Athletic Brewing Company and Rethink Food NYC and the Advisory Boards of Commodore Capital, Forward Consumer

Partners, and Charter Oak Advisors. Mr. Barakett's extensive leadership and financial experience in the investment

management industry and with a large university provides our Board of Directors with significant financial, risk management,

and unique industry insight expertise.

Adriane M. Brown has been a member of our Board of Directors since June 2021. Ms. Brown joined Flying Fish Ventures

as a Venture Partner in November 2018 and became a Managing Partner of the venture capital firm in February 2021. Prior to

that, Ms. Brown served as President and Chief Operating Officer for Intellectual Ventures, an invention and investment

company, from January 2010 through July 2017, and served as a Senior Advisor until December 2018. Before joining

Intellectual Ventures, Ms. Brown served as President and Chief Executive Officer of Honeywell Transportation Systems. Over

the course of 10 years at Honeywell, she held leadership positions serving the aerospace and automotive markets globally.

Prior to Honeywell, Ms. Brown spent 19 years at Corning, Inc., ultimately serving as Vice President and General Manager,

Environmental Products Division, having started her career there as a shift supervisor. Ms. Brown serves on the boards of

directors of American Airlines Group Inc., Axon Enterprise, Inc., eBay Inc., and the International Women's Forum. Ms. Brown

previously served on the boards of directors of Allergan Plc and Raytheon Company until 2020. Ms. Brown holds a Doctorate

of Humane Letters and a bachelor’s degree in environmental health from Old Dominion University, and is a winner of its

Distinguished Alumni Award. She also holds a master’s degree in management from the Massachusetts Institute of

Technology where she was a Sloan Fellow. Ms. Brown’s leadership in technology businesses and industrial companies as well

as her investment and financial experience bring important expertise to the oversight and development of our business.

Matthew R. Cohler has been a member of our Board of Directors since December 2021. Mr. Cohler is a former General

Partner at the venture capital firm Benchmark, where for over a decade he led early-stage investments in Internet and

software startup businesses. He currently serves as a director and nominating and governance committee member at Asana,

as a director and audit committee member at 1stDibs and as a director at several privately held companies. Previously he

served as a director, audit committee member, and nominating and governance committee member at Domo, as a director

and audit committee member at Uber and as a director at privately held companies including Duo Security, Instagram and

Tinder. Prior to Benchmark, Mr. Cohler was Vice President at Facebook, where he was the company’s seventh employee, and

Vice President at LinkedIn, where he was part of the company’s founding team. He serves on the board of trustees at

Environmental Defense Fund (Vice Chair), on the board of governors at the San Francisco Symphony (Vice President) and on

the investment committee at the Chan Zuckerberg Initiative and at the Yale Investments Office. He holds a B.A. from Yale

University, cum laude and with distinction in the study of music. Mr. Cohler’s knowledge and experience as a venture

capitalist and director of multiple leading companies in the technology industry bring to our Board of Directors important

insight and perspectives to our business and future development.

Mary N. Dillon has been a member of our Board of Directors since September 2018. From September 2022 to September

2025, Ms. Dillon was the Chief Executive Officer of Foot Locker, Inc. (and President from September 2022 to March 2025) and

a member of its board of directors. From 2013 to 2022, Ms. Dillon served as a member of the board of directors of Ulta

Beauty, Inc., a beauty products retailer, and was its Executive Chair from June 2021 through June 2022 and Chief Executive

Officer from 2013 to June 2021. From 2010 to 2013, she served as President and Chief Executive Officer and member of the

board of directors of United States Cellular Corporation, a provider of wireless telecommunication services. From 2005 to

2010, Ms. Dillon served as Global Chief Marketing Officer and Executive Vice President of McDonald’s Corporation. From 2002

to 2005, Ms. Dillon held several positions of increasing responsibility at PepsiCo Corporation, including as President of the

Quaker Foods division. Ms. Dillon joined the board of directors of Starbucks in January 2016 and served as chair of its

compensation and management development committee, and as a member of the nominating and corporate governance

committee through August 2022. Ms. Dillon is chair of the board of trustees of Save the Children US since 2025 after having

served on the board of trustees from 2016 to 2023. Ms. Dillon provides our Board of Directors with valuable knowledge and

insights she gained through her various senior management and leadership roles, including as the chief executive officer of a

publicly traded company. In addition, with over 40 years of experience in consumer-driven businesses, Ms. Dillon brings to our

Board of Directors her extensive operational and marketing expertise in the retail industry.

Arturo Gutiérrez Hernández has been a member of our Board of Directors since March 2021. Mr. Gutiérrez has served as

the Chief Executive Officer of Arca Continental, one of the largest Coca-Cola bottlers in the world, since January 2019. Mr.

Gutiérrez held several executive positions in the company from 2001 to 2018, including Deputy Chief Executive Officer, Chief

Operating Officer, Head of the Mexico Beverages Division, Executive Vice President of Human Resources, Director of

Corporate Planning and General Counsel. He serves on several boards of industry-related companies and on the board of

Canadian Pacific Kansas City Limited. He also serves on the Coca-Cola Mexico Foundation. Mr. Gutiérrez earned a law degree

from Escuela Libre de Derecho, in Mexico City, and an L.L.M. from Harvard University, as a Fulbright Scholar. Mr. Gutiérrez

provides our Board of Directors with valuable knowledge, perspectives and insights from his leadership of a large

multinational business based in Latin America and from his broad experience in various aspects of the consumer staples,

including operational, financial, business development, and legal areas.

Xavier B. Niel has been a member of our Board of Directors since March 2018. Mr. Niel is the Founder and Chairman of

the board of Iliad SA, a French telecommunications company that owns the internet provider Free and the low-cost mobile

operator Free Mobile. Mr. Niel also owns majority stakes in telecom operators in various countries. He has been involved in

the data communications, internet, and telecommunications industry since the late 1980s. In 2010, Mr. Niel founded Kima

Ventures SAS, which is an active early-stage investor. In 2013, he created 42, a school that trains computer specialists in

France, and in 2017, he opened Station-F, a startup campus located in Paris. Mr. Niel brings significant value to our Board of

Directors due to his extensive experience as an entrepreneur who founded multiple companies, in addition to his leadership

and technology experience.

Kimberly A. Ross has been a member of the Board of Directors since September 2023. Ms. Ross is a member of the board

of directors of Northrop Grumman Corporation and The Cigna Group. Ms. Ross served as Chief Financial Officer of WeWork

Inc. from March 2020 through October 2020. Ms. Ross served as Senior Vice President and Chief Financial Officer of Baker

Hughes Company, an energy technology company, from September 2014 to July 2017. Before joining Baker Hughes, Ms. Ross

served as Executive Vice President and Chief Financial Officer of Avon Products, Inc., a global manufacturer and marketer of

beauty and related products, from November 2011 until October 2014. Prior to joining Avon, Ms. Ross served as the Executive

Vice President and Chief Financial Officer of Royal Ahold N.V., a food retail company, from 2007 to 2011 and held a variety of

senior management positions during her tenure there, which began in 2001. She has previously served as a director of Nestlé

S.A. from 2018 through 2024, KKR Acquisition Holdings I Corp from 2021 through 2022, and Chubb Limited from 2014 through

2020. Ms. Ross has significant international business experience through her service as an executive of large public companies

with international operations. Ms. Ross also provides our Board of Directors with valuable knowledge and experience in

corporate finance, financial planning and analysis, strategy, mergers and acquisitions, corporate restructuring, financial

reporting, and internal audit as well as IT operations oversight.

Patricia F. Russo has been a member of our Board of Directors since April 2011. Ms. Russo served as Chief Executive

Officer of Alcatel-Lucent from 2006 to 2008. Prior to the merger of Alcatel and Lucent in 2006, she served as Chairman of

Lucent Technologies, Inc. from 2003 to 2006, and as President and Chief Executive Officer from 2002 to 2006. Before rejoining

Lucent in 2002, Ms. Russo was President and Chief Operating Officer of Eastman Kodak Company from March 2001 to

December 2001. She has served as the Chairman of Hewlett Packard Enterprise Company since 2015, as a director of Merck &

Co., Inc. since 2009 and as a director of General Motors Company since 2009, including as lead independent director from

March 2010 to January 2014 and again since June 2021. Prior to its merger with Merck in 2009, Ms. Russo served as a director

of Schering-Plough since 1995, and she served as a director of Hewlett Packard Company from 2011 to November 2015. From

November 2016 to May 2018, Ms. Russo also served on the board of Arconic Inc., which separated from Alcoa Inc., where Ms.

Russo served as a director from 2008 to November 2016. She graduated from Georgetown University with a bachelor’s degree

in political science and history, and obtained an Advanced Management Degree from Harvard Business School’s Advanced

Management Program. Ms. Russo's management and leadership experience as chief executive officer of complex global

companies as well as her experience with corporate strategy, mergers and acquisitions, and sales and marketing brings to our

Board of Directors important expertise to the oversight and development of our business. Ms. Russo also brings extensive

experience in corporate governance as a member of boards and board committees of other public companies.

Robert W. Scully has been a member of our Board of Directors since July 2010. Mr. Scully was a member of the Office of

the Chairman of Morgan Stanley from 2007 until his retirement in 2009, where he had previously been Co-President of the

firm, Chairman of global capital markets and Vice Chairman of investment banking. Prior to joining Morgan Stanley in 1996, he

served as a Managing Director at Lehman Brothers and at Salomon Brothers. Mr. Scully has served as a director of Chubb

Limited since January 2016, and prior to its acquisition of Chubb Limited, a director of ACE Limited from May 2014 to January

2016. Previously, he was a director of Zoetis Inc. from June 2013 to May 2025, a director of UBS Group AG from May 2016 to

April 2020, a director of Bank of America Corporation from August 2009 to May 2013 and a public governor of the Financial

Industry Regulatory Authority, Inc. from October 2014 to May 2016. He has also served as a director of GMAC Financial

Services and MSCI Inc. He holds an A.B. from Princeton University and an M.B.A. from Harvard Business School. Mr. Scully is a

member of the Nassau Hall Society at Princeton University. Mr. Scully previously was Chair and Co-Chair of Teach for America,

New York, and he previously served on the Board of Teach For All and the Board of Dean’s Advisors of Harvard Business

School. Mr. Scully's 35-year career in the financial services industry brings to our Board of Directors important expertise to the

oversight of our business. In addition, his leadership experience with a global financial services company brings an industry

perspective to our business development within and outside the United States as well as issues such as talent development,

senior client relationship management, strategic initiatives, risk management and audit, and financial reporting.

Evan T. Spiegel has been a member of our Board of Directors since October 2021. Mr. Spiegel is the Co-Founder of Snap

Inc., a publicly traded technology company that believes the camera represents the greatest opportunity to improve the way

that people live and communicate, and has served as its Chief Executive Officer and a member of its board of directors since

2012. In 2017, Mr. Spiegel formed the Spiegel Family Fund, a non-profit humanitarian organization which supports

organizations across the arts, education, housing and human rights. Mr. Spiegel currently serves on the boards of directors of

Snap Inc. and the Berggruen Institute. Mr. Spiegel holds a bachelor’s degree in Engineering, Product Design from Stanford

University. Mr. Spiegel’s experience as a co-founder and executive of a leading company in technology services brings to our

Board of Directors important insight and perspectives to our business and future development.

Robert H. Lewin joined KKR in 2004 and is our Chief Financial Officer. Since joining KKR, Mr. Lewin has held a number of

positions, including as an investor in private equity, co-leading the firm’s credit and capital markets businesses, serving as

Treasurer and Head of Corporate Development and Head of Human Capital & Strategic Talent. From 2006 through 2010, Mr.

Lewin resided in Hong Kong, helping to launch KKR’s Asia business. Mr. Lewin has a Bachelor of Science from the University of

Pennsylvania. He currently serves on the board of two non-profit organizations: Answer the Call and Ethical Culture Fieldston

School.

Dane E. Holmes joined KKR as Chief Administrative Officer in 2023. Prior to becoming the Chief Administrative Officer,

Mr. Holmes was a member of our Board of Directors from March 2021 to December 2023. Mr. Holmes was previously the

Chairman and Chief Executive Officer of Eskalera, Inc., from 2020 to 2023, an enterprise software company he co-founded.

Prior to Eskalera, Mr. Holmes was the Global Head of Human Capital Management at Goldman Sachs from 2017 to 2019 and

served as a member of the firm’s management committee. He held many positions at Goldman Sachs from 2001 to 2017,

including global head of investor relations, and Mr. Holmes served on a variety of committees, including its risk committee,

client and business standards committee, and global diversity committee. Mr. Holmes serves on several non-profit boards and

is currently the chair of StoryCorps and the former chair and current board member of The Ron Brown Scholar Program. Mr.

Holmes earned a B.A. from Columbia University.

Kathryn K. Sudol joined KKR in 2022 and is our Chief Legal Officer and General Counsel. Prior to her current position, she

served as KKR's General Counsel from September 2022 through March 2023 and its Secretary from September 2022 through

June 2023. Prior to joining KKR, Ms. Sudol was a partner with Simpson Thacher & Bartlett LLP for 24 years where she held

numerous leadership roles, including as Global Co-Head of Mergers & Acquisitions, a long-time member of the firm’s

Executive Committee and head of the firm’s M&A practice in Asia from 2010 through 2018. Ms. Sudol currently serves as a

member of the Board of Trustees of New York University School of Law and as a member of the Northwestern University

School of Communication Board of Advisors. She earned a B.S., with honors, from Northwestern University and a J.D. from

New York University School of Law.

Independence and Composition of the Board of Directors

Our Board of Directors consists of fifteen directors, eleven of whom, Messrs. Arnold, Barakett, Cohler, Gutiérrez, Niel,

Scully, and Spiegel and Mses. Brown, Dillon, Ross, and Russo, are independent under NYSE rules relating to corporate

governance matters and the independence standards described in our corporate governance guidelines.

Because the Series I preferred stockholder has more than 50% of the voting power for the election of our directors, we

are a "controlled company" within the meaning of the corporate governance standards of the NYSE. Under these standards, a

"controlled company" may elect not to comply with certain corporate governance standards, including the requirements (1)

that a majority of its board of directors consist of independent directors, (2) that its board of directors have a compensation

committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and

responsibilities, and (3) that its board of directors have a nominating and corporate governance committee that is comprised

entirely of independent directors with a written charter addressing the committee's purpose and responsibilities. We

currently utilize the second and third of these exemptions. See "Risk Factors—Risks Related to Our Organizational Structure—

As a "controlled company," we qualify for some exemptions from the corporate governance and other requirements of the

NYSE and are not required to comply with certain provisions of U.S. securities laws." While we are exempt from NYSE rules

relating to board independence, we intend to maintain a board of directors that consists of at least a majority of directors

who are independent under NYSE rules. In the event that we cease to be a "controlled company" and our shares of common

stock continue to be listed on the NYSE, we will be required to comply with these provisions within the applicable transition

periods. In connection with the Reorganization Agreement, at a future date not to be later than December 31, 2026 and

subject to the satisfaction of certain conditions, we expect to no longer be a "controlled company," and thereafter we expect

to comply with all of the then existing NYSE rules regarding corporate governance. For more information, see also "Certain

Relationships and Related Transactions, and Director Independence—Reorganization Agreement."

In addition, our Board of Directors has considered transactions and relationships between KKR and the companies and

organizations where our non-executive directors are a board member, executive officer or significant owner, including that

one of our non-executive directors (i) indirectly owns a minority interest with joint control in a media company in which KKR

investment vehicles own a majority stake, and (ii) indirectly owns a controlling interest in a company which has entered into

commercial transactions and agreements with a telecommunications company in which KKR investment vehicles own a

significant minority stake. It was determined that none of these transactions or relationships adversely impacted the

independence of any of our non-executive directors.

We seek to enhance the diversity of our Board of Directors to encompass a broad range of expertise, experience and

backgrounds. We believe that a diverse board of directors can strengthen the board’s effectiveness in fulfilling its oversight

role. Our Board of Directors is comprised of experienced leaders with expertise in finance, investments, corporate strategy

and management, supported by public company and CEO-level leadership perspectives and complemented by global, risk,

governance, technology, and human capital capabilities that together enable effective oversight of KKR. Among our fifteen

directors on our Board of Directors, four of our directors have self-identified as women, and four of our directors have self-

identified as non-white.

Board Committees

Our Board of Directors has five standing committees: an Audit Committee, a Risk Committee, a Conflicts Committee, a

Nominating and Corporate Governance Committee, and an Executive Committee. Because we are a "controlled company,"

our Board of Directors is not required by NYSE rules to establish a Compensation Committee or a Nominating and Corporate

Governance Committee or to meet certain other substantive NYSE corporate governance requirements until the

consummation of all the transactions contemplated by the Reorganization Agreement. For more information about the

transactions contemplated by the Reorganization Agreement, see "Certain Relationships and Related Transactions, and

Director Independence—Reorganization Agreement." While the Board of Directors has established a Nominating and

Corporate Governance Committee, we currently rely on available exemptions concerning the committee's composition and

mandate.

Audit Committee

The Audit Committee consists of Messrs. Scully (Chair), Arnold, and Cohler and Mses. Ross and Russo. The purpose of the

Audit Committee is to provide assistance to the Board of Directors in fulfilling its responsibility with respect to its oversight of:

(i) the quality and integrity of our financial statements, including investment valuations; (ii) our compliance with legal and

regulatory requirements; (iii) our independent registered public accounting firm's qualifications, independence and

performance; and (iv) the performance of our internal audit function. The members of the Audit Committee meet the

independence standards and financial literacy requirements for service on an Audit Committee of a Board of Directors

pursuant to the Exchange Act and NYSE rules applicable to audit committees. Our Board of Directors has determined that

each of Messrs. Scully, Arnold, and Cohler and Mses. Ross and Russo is an "audit committee financial expert" within the

meaning of Item 407(d)(5) of Regulation S-K. The Audit Committee has a charter, which is available on our website at

ir.kkr.com under the corporate governance page for our stockholders at the "Sustainability & Corporate Governance" section.

Risk Committee

The Risk Committee consists of Mr. Cohler (Chair) and Mses. Brown and Dillon. The purpose of the Risk Committee is to

provide assistance to the Board of Directors with respect to its oversight of KKR’s levels of risk, risk assessment and risk

management, and its oversight of KKR’s overall risk management framework, including monitoring KKR’s reporting systems for

compliance with legal and regulatory requirements.

Conflicts Committee

The Conflicts Committee consists of Messrs. Scully (Chair) and Gutierrez and Mses. Dillon and Russo. The Conflicts

Committee is responsible for reviewing specific matters that the Board of Directors believes may involve a conflict of interest

and for enforcing our rights against the Series I stockholder, former partners of KKR Holdings or current and former partners

of Associates Holdings under our certificate of incorporation, our bylaws, and certain agreements designated as "covered

agreements", which include the Reorganization Agreement and the amended and restated limited partnership agreement of

KKR Group Partnership. The Conflicts Committee is also authorized to take any action pursuant to any authority or rights

granted to such committee under any covered agreement or with respect to any amendment, supplement, modification, or

waiver to any such agreement that would purport to modify such authority or rights. In addition, the Conflicts Committee is

required to approve any amendment to any of the covered agreements that in the reasonable judgment of our Board of

Directors is, or will result in, a conflict of interest. The Conflicts Committee is authorized to determine if the resolution of any

conflict of interest submitted to it is fair and reasonable to us. The Conflicts Committee may review and approve any related

person transactions, other than those that are approved pursuant to our related person policy, as described under "Certain

Relationships and Related Transactions, and Director Independence—Statement of Policy Regarding Transactions with

Related Persons," and may establish guidelines or rules to cover specific categories of transactions. The members of the

Conflicts Committee meet the independence standards under our corporate governance guidelines as required for service on

the committee in accordance with its charter.

Nominating and Corporate Governance Committee

The Nominating and Corporate Governance Committee consists of Messrs. Kravis (Co-Chair), Roberts (Co-Chair), and

Scully. The Nominating and Corporate Governance Committee is responsible for identifying and recommending candidates for

appointment to the Board of Directors and for assisting and advising the Board of Directors with respect to matters relating to

the general operation of the Board of Directors and corporate governance matters. Mr. Scully meets the independence

standards under the rules of the NYSE as required for service on the Nominating and Corporate Governance Committee in

accordance with its charter.

Executive Committee

The Executive Committee consists of Messrs. Kravis and Roberts. The purpose of the Executive Committee is to act, when

necessary, in place of the full Board of Directors during periods in which the Board of Directors is not in session or with

respect to matters delegated to the committee, which includes oversight of our Equity Plans. The Executive Committee is

authorized and empowered to act as if it were the full Board of Directors in overseeing our business and affairs, except that it

is not authorized or empowered to take actions that have been specifically delegated to other board committees or to take

actions with respect to: (i) the declaration of dividends on our common stock; (ii) a merger or consolidation of us with or into

another entity; (iii) a sale, lease or exchange of all or substantially all of our assets; (iv) a liquidation or dissolution of us; (v)

any action that must be submitted to a vote of the Series I preferred stockholder or our stockholders; or (vi) any action that

may not be delegated to a board committee under our certificate of incorporation, our bylaws or the DGCL.

Code of Business Conduct and Ethics

We have a Code of Business Conduct and Ethics that applies to our directors, officers and employees, and is available on

our website at ir.kkr.com under the corporate governance page for our stockholders at the "Sustainability & Corporate

Governance" section. In accordance with, and to the extent required by the rules and regulations of the SEC, we intend to

disclose any amendment to or waiver of the Code of Business Conduct and Ethics on behalf of an executive officer or director

either on our website or in a Current Report on Form 8-K filing.

Insider Trading Arrangements and Policies

We have adopted a trading window policy (the "Policies and Procedures for Trading in Securities of KKR & Co. Inc. by

Directors, Section 16 Officers") that governs the purchase and sale of KKR securities by our directors, officers, employees, and

certain other individuals. This policy is designed to reasonably promote compliance by these persons with U.S. securities laws

governing insider trading, which, among other things, (1) specifies quarterly trading windows outside of which such persons

are generally prohibited from trading in covered securities, subject to exceptions including using pre-approved trading plans

that meet the requirements of Rule 10b5-1 under the Exchange Act and (2) generally prohibits the use of derivative

transactions with respect to KKR securities and from engaging in short-selling to hedge their economic risk of ownership in

KKR securities. Our trading window policy that governs the purchase and sale of KKR securities is filed as Exhibit 19.1 to this

report.

Corporate Governance Guidelines

Our Board of Directors has a governance policy, which addresses matters such as the Board of Directors' responsibilities

and duties, the Board of Directors' composition and compensation and director independence. The governance guidelines are

available on our website at ir.kkr.com under the corporate governance page for our stockholders at the "Sustainability &

Corporate Governance" section.

Communications to the Board of Directors

The non-executive members of our Board of Directors meet regularly. At each meeting of the non-executive members,

the non-executive directors choose a director to lead the meeting. All interested parties, including any employee or

stockholder, may send communications to the non-executive members of our Board of Directors by writing to: KKR & Co. Inc.,

Attn: Corporate Secretary; 30 Hudson Yards, New York, New York 10001.

Compensation Discussion and Analysis

Compensation Philosophy

Our compensation program generally has three primary objectives: (1) to attract, motivate, and retain our employees, (2)

to align the interests of our employees with the interests of our stockholders and other stakeholders, and (3) to reinforce our

culture and values.

Our employees. Our business depends on the services of our employees. We depend on their ability, among other

things, to source and execute transactions, to raise capital and develop client relationships, and to operate our various

businesses, and their contributions are key to our success. Therefore, it is important that our employees are compensated in a

manner that we believe motivates them to excel consistently and encourages them to remain with the firm.

Alignment of interests. Equity ownership in the businesses in which we invest has been a guiding principle throughout

our firm's history, and we apply that principle to ourselves: nearly all employees of the firm are awarded equity in KKR. This

equity ownership serves to align the interests of our employees with those of our stockholders. In addition, because we invest

in and alongside our investment vehicles and have a carry pool from which we allocate to our employees a portion of the

carried interest that we generate through our investments, we believe that our employees' interests are also aligned with

those of our investors in the vehicles that we manage, which in turn benefits our stockholders.

Culture and values. One of our most important values for our employees is our "one firm" approach with shared

responsibility and success, and we also subscribe to a culture of meritocracy and fairness. Therefore, our compensation

program is based on the performance of the firm as a whole as well as on an individual's contributions to the firm. We

generally do not compensate our employees based solely on an individual's accomplishments in relation to the profits and

losses of his or her business unit. In addition, we conduct an annual evaluation process based on input from a wide range of

stakeholders regarding each employee's contribution to the firm, including his or her commitment to the firm's culture and

values. We believe that using this kind of evaluation process also promotes a measure of objectivity as a balance to a single

manager's judgment.

Named Executive Officers. Our "named executive officers" for the year ended December 31, 2025 are our two Co-

Executive Chairmen (Henry Kravis and George Roberts), our two Co-Chief Executive Officers (Joseph Bae and Scott Nuttall),

our Chief Financial Officer (Robert Lewin), and our Chief Legal Officer and General Counsel (Kathryn Sudol).

We are neither required to conduct say-on-pay or say-on-frequency votes nor to provide disclosures relating to pay-

versus-performance under the Dodd-Frank Act until after the Sunset Date.

Compensation Elements

Base Salary

For 2025, our named executive officers were each paid an annual salary of $300,000. We believe that the base salary of

our named executive officers should typically not be the most significant component of total compensation. Our Co-Executive

Chairmen determined that $300,000 is a sufficient minimum base salary for our named executive officers.

Year-End Bonus Compensation

Our named executive officers did not receive any discretionary year-end cash bonus compensation in 2025, based on the

overall values received by them during the year, including their allocations of carried interest.

Incentive Equity Awards

From time to time, we may grant equity awards consisting of restricted holdings units from our 2019 Equity Incentive

Plan. Restricted holdings units are equity awards issued that provide the recipient with the right to exchange them on a one-

for-one basis for our common stock after vesting and subject to satisfying certain other conditions. The overall objectives of

these grants are principally to incentivize our most senior employees, to align their interests with those of our stockholders,

and to retain them by providing meaningful long-term economic incentives. KKR currently intends that no additional equity

incentive awards will be granted to Messrs. Bae and Nuttall during the five years following the grants they received in

December 2021. Although we did not grant any year-end equity awards to our executive officers in 2025, we may make such

equity grants in the future. See also “—Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based

Awards Table”.

Carried Interest

Our named executive officers are eligible for allocations of carried interest from our carry pool. KKR allocates up to 80%

of the carried interest that KKR earns from its investment vehicles that generate carried interest to the carry pool. Until the

Sunset Date, our Co-Founders are authorized to determine the amounts of carried interest allocable to individuals from the

carry pool, provided that any allocation of carried interest to themselves will be on a percentage basis consistent with past

practice. On the Sunset Date, KKR will acquire control of the carry pool and will be entitled to determine the allocations of

carried interest. For more information about transactions occurring on the Sunset Date, see “Certain Relationships and

Related Transactions, and Director Independence—Reorganization Agreement”.

In 2025, our Co-Founders allocated an amount of carried interest to themselves on a percentage basis consistent with

past practice. With respect to carried interest allocations for each other named executive officer in 2025, our Co-Founders

took into consideration each officer’s performance and contributions to the firm, including in terms of driving commercial

results for the firm, leading and managing people, and living the firm's values, as well as the recommendations by our Co-

Chief Executive Officers with respect to the performance and contributions to the firm of our Chief Financial Officer and Chief

Legal Officer and General Counsel, which included managing our business growth and our key risks.

Certain carried interest allocations are made and distributed in a year based on the investment proceeds generated by

our funds during the year. These distributions of carried interest may be made in cash or in-kind and are not subject to

vesting.

In addition, other carried interest allocations are made by determining a total dollar value for each named executive

officer's interest in the carry pool, based on the total amount of investments made by our investment vehicles during the

year. These carried interest allocations represent an entitlement to future realizations of carried interest, if any, which may

be distributed in cash or in-kind, and are generally subject to four-year service-based vesting. Vesting serves as an

employment retention mechanism and enhances the alignment of interests between our employees who participate in our

carry pool and the firm as well as the investors in our investment vehicles. Vesting is subject to certain exceptions, including

additional vesting upon death, disability or retirement. Due to our Co-Executive Chairmen's status as Co-Founders of our firm,

our Co-Founders are completely vested in their carried interest allocations upon grant.

Other Compensation

Our Co-Executive Chairmen are reimbursed by us for the use of a car and driver, and we pay for certain other

miscellaneous benefits for them, including the compensation of certain personnel who administer personal matters for them.

We believe that these benefits are appropriate in light of the time that they spend on our business, the limited compensation

paid by us for their services and their unique status as Co-Founders of our firm. In addition, we reimburse certain executive

officers for personal security services as well as for programs that are generally available to other senior employees, including

charitable donation matching, tax preparation, and financial planning services.

Minimum Retained Ownership and Transfer Restrictions

While employed by us, unless waived in whole or in part by the firm, each of our named executive officers has a minimum

retained ownership requirement obligating them to continue to hold at least 25% of the cumulative amount of equity awards

that have satisfied the vesting conditions during the duration of his or her employment with the firm. Upon vesting, equity

awards are also subject to additional restrictions, including transfer restrictions, which typically last for (1) one year with

respect to one-half of the units vesting on such vesting date and (2) two years with respect to the other one-half of the units

vesting on such vesting date.

Compensation and Risk

Our compensation program includes elements that we believe discourage excessive risk-taking and align the

compensation of our employees with the long-term performance of the firm. For example, certain elements of our

compensation program, like a discretionary year-end bonus, are determined at year-end and are discretionary based on the

considerations described above. In addition, a significant majority of the equity awards granted to our employees are subject

to multi-year vesting conditions, one- and two-year post-vesting transfer restriction periods and a minimum retained

ownership requirement, in addition to being subject to forfeiture in connection with the breach of certain restrictive covenant

obligations and terminations of employment with or without cause. Because our equity awards typically have multi-year

vesting provisions and, for our most senior employees, vesting conditions based on the market price of our common stock,

the actual amount of compensation realized by the recipient is tied to the long-term performance of our common stock.

Pursuant to our internal policies, without the prior authorization of our Chief Legal Officer and General Counsel, our

employees are not permitted to buy or sell derivative securities, including for hedging purposes, or to engage in short-selling

to hedge their economic risk of ownership.

We only make cash payments of carried interest to our employees when profitable investments have been realized and

after sufficient cash has been distributed to the investors in our investment vehicles. Carried interest allocable to our

employees from the carry pool is only distributed after all of the following criteria are met: (i) a realization event has occurred

(e.g., sale of an investment, receipt of a dividend, etc.); (ii) the investment vehicle has achieved positive overall investment

returns since its inception, in excess of performance hurdles where applicable, and is accruing carried interest; and (iii) with

respect to any investment with a fair value below cost, cost has been returned to investors in an amount sufficient to reduce

remaining cost to the investment's fair value. In addition, certain carried interest allocations to our employees are subject to

multi-year vesting conditions and are subject to forfeiture in connection with the breach of certain restrictive covenant

obligations and terminations of employment with or without cause. Because of multi-year vesting and clawback provisions

applicable to certain carried interest allocations and the fact that the distribution of carried interest is directly tied to the

realized performance of the underlying investments, we believe this fosters a strong alignment of interests among the

investors in those vehicles and our employees, which also benefits our stockholders.

2025 Summary Compensation Table

The following table presents summary information concerning compensation that was paid for services rendered by our

named executive officers during the fiscal years ended December 31, 2023, 2024, and 2025.

In 2023, 2024, and 2025, our named executive officers received dividends on shares of common stock and distributions

on vested restricted holdings units they hold. Because these dividends and distributions are not considered to be

compensation, they are not reflected as compensation in the table below.

Carried interest distributions to our named executive officers for the years ended December 31, 2023, 2024, and 2025 are

reflected in the All Other Compensation column in the table below. In each of 2023, 2024, and 2025, our Co-Chief Executive

Officers were allocated total dollar values of carried interest that were identical to each other; the different amounts set forth

below are due to historically different allocations of carried interest in respect of fund investments that generated investment

proceeds in each respective year.

Grants of Plan-Based Awards in 2025

We made no new grants of plan-based awards to our named executive officers in 2025.

Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table

Terms of Restricted Holdings Units

Restricted holdings units granted under our 2019 Equity Incentive Plan are equity awards, for which the number of shares

of common stock in respect of such equity awards is subject to the overall limitation on the number of shares of common

stock that may be awarded under the 2019 Equity Incentive Plan. The restricted holdings units program was approved by a

committee of independent directors of our Board of Directors in December 2019. KKR's independent directors are ineligible to

receive restricted holdings units.

In general, restricted holdings units are subject to either (i) a service-based vesting condition with vesting in annual

installments over a multi‑year period (generally three to five years) from a specified date, subject to the recipient's continued

employment with us on the applicable vesting dates, subject to exceptions, or (ii) a market price-based vesting condition

where the portion of the units that satisfies stock price target requirements will vest on a scheduled vesting date (generally

five years from the grant date), subject to the recipient's continued employment with us on the scheduled vesting date,

subject to exceptions. Certain restricted holdings units agreements may also contain additional vesting requirements.

Restricted holdings units provide the holder the ability, after vesting and the satisfaction of certain other conditions, to

exchange them for shares of our common stock on a one-for-one basis (or at the discretion of KKR, cash in an amount equal

to the fair market value of the shares of common stock that would otherwise be deliverable in such exchange). There is no tax

receivable agreement in place for such exchange of restricted holdings units granted under the 2019 Equity Incentive Plan,

and therefore, we will receive 100% of any tax benefits arising from the exchange of restricted holdings units granted under

that plan. Prior to vesting, restricted holdings units are not entitled to any distributions from us. Following vesting, restricted

holdings units become entitled to receive distributions from us. The amount of distribution per vested restricted holdings unit

is equal to the amount distributed on one KKR Group Partnership Unit. To the extent that distributions are made on a KKR

Group Partnership Unit that corresponds to a restricted holdings unit that is not vested, such distribution amount will be

allocated or otherwise applied in a manner we may determine in our discretion. Upon vesting, restricted holdings units are

generally subject to additional restrictions, including transfer restrictions, which typically last for (1) one year with respect to

one-half of the units vesting on such vesting date and (2) two years with respect to the other one-half of the units vesting on

such vesting date, and minimum retained ownership requirements, which obligate the recipients to continuously hold at least

25% of their cumulatively vested restricted holdings units, unless waived. Transfer-restricted units become fully vested and

transferable and may be exchanged into shares of common stock at the end of the transfer restriction period if the holder is

not terminated for cause and has complied with the terms of his or her confidentiality and restrictive covenant agreement

during the transfer restrictions period. See "—Terms of Confidentiality and Restrictive Covenant Agreements" below.

Terms of Confidentiality and Restrictive Covenant Agreements

The confidentiality and restrictive covenant agreements with each of our named executive officers include prohibitions

on them competing with us or soliciting our fund investors, clients or employees while employed by us and during a restricted

period following their departure from the firm. These agreements also have non-disparagement obligations and require our

named executive officers to protect and use the firm's confidential information only in accordance with confidentiality

restrictions set forth in the agreement.

The restricted periods for our Co‑Executive Chairmen expire two years from termination for both the prohibitions on

competition with us and the prohibitions on the solicitation of our fund investors, clients and employees. In cases where a Co-

Executive Chairman is terminated involuntarily and for reasons not constituting cause, such periods are reduced to one year

from termination. The restricted periods for our other named executive officers expire (1) in the case of the prohibitions on

competition with us, 12 months from termination and (2) in the case of the prohibitions on the solicitation of our fund

investors, clients and employees, 15 months from termination. These agreements also require that we, and our Co-Executive

Chairmen and other named executive officers, provide advance notice prior to termination of employment.

Our named executive officers have entered into these confidentiality and restrictive covenant agreements with us

through their restricted holdings unit and carried interest grant agreements.

Outstanding Equity Awards at 2025 Fiscal Year‑End

The following table sets forth information concerning unvested restricted holdings units for each of the named executive

officers as of December 31, 2025.

(1)These amounts are based on the closing market price of our common stock on the last trading day of the year ended December 31, 2025, which was

$127.48 per share.

(2)Represents 1,000,000 restricted holdings units granted on February 18, 2021, the vesting of which was subject to the average closing price of our

common stock during 20 consecutive trading days meeting or exceeding certain specified stock price targets ranging from $45.00 to $70.00, all of which

were achieved prior to December 31, 2021. These restricted holdings units will vest on May 1, 2026 if the named executive officer continues to serve as

an employee until that date, subject to certain exceptions. Additionally, represents 7,500,000 restricted holdings units granted on December 9, 2021, the

vesting of which was subject to the average closing price of our common stock during 20 consecutive trading days meeting or exceeding certain specified

stock price targets ranging from $95.80 to $135.80, all of which were achieved prior to December 31, 2024. These restricted holdings units will vest on

December 31, 2026 if the named executive officer continues to serve as an employee until that date, subject to certain exceptions.

(3)Represents 7,500,000 restricted holdings units granted on December 9, 2021, the vesting of which was subject to the average closing price of our

common stock during 20 consecutive trading days meeting or exceeding certain specified stock price targets ranging from $95.80 to $135.80, all of which

were achieved prior to December 31, 2024. These restricted holdings units will vest on December 31, 2026 if the named executive officer continues to

serve as an employee until that date, subject to certain exceptions.

(4)Represents 900,000 restricted holdings units granted on February 18, 2021, the vesting of which was subject to the average closing price of our common

stock during 20 consecutive trading days meeting or exceeding certain specified stock price targets ranging from $45.00 to $70.00, all of which were

achieved prior to December 31, 2021. These restricted holdings units will vest on May 1, 2026 if the named executive officer continues to serve as an

employee until that date, subject to certain exceptions. Additionally, represents 500,000 restricted holdings units granted on August 4, 2023, the vesting

of which was subject to the average closing price of our common stock during 20 consecutive trading days meeting or exceeding certain specified stock

price targets ranging from $95.80 to $135.80, all of which were achieved prior to December 31, 2024. These restricted holdings units will vest on

December 31, 2028 if the named executive officer continues to serve as an employee until that date, subject to certain exceptions.

(5)Represents 80,000 restricted holdings units granted on October 3, 2022, which will vest in two equal annual installments on each of April 1, 2026 and April

1, 2027, subject to the named executive officer’s continued service as an employee on each vesting date. Additionally, represents 200,000 restricted

holdings units granted on October 3, 2022, the vesting of which was subject to the average closing price of our common stock during 20 consecutive

trading days meeting or exceeding certain specified stock price targets ranging from $75.00 to $115.00, all of which were achieved prior to December 31,

2024; these restricted holdings units will vest on April 1, 2027 if the named executive officer continues to serve as an employee until that date, subject to

certain exceptions. Additionally, represents 100,000 restricted holdings units granted on August 4, 2023, the vesting of which was subject to the average

closing price of our common stock during 20 consecutive trading days meeting or exceeding certain specified stock price targets ranging from $95.80 to

$135.80, all of which were achieved prior to December 31, 2024; these restricted holdings units will vest on December 31, 2028 if the named executive

officer continues to serve as an employee until that date, subject to certain exceptions.

Option Exercises and Stock Vested in 2025

The following table sets forth information concerning the vesting of restricted holdings units held by each of our named

executive officers during the year ended December 31, 2025.

(1)The amounts reflected in this column represent restricted holdings units, a portion of which are subject to one- and two-year transfer restrictions upon

vesting. See "—Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table" for additional terms, including with respect

to the transfer of certain restrictions from the restricted stock units to employees' restricted holdings units.

(2)These amounts are based on the closing market price of our common stock on each respective vesting date.

Pension Benefits for 2025

We provided no pension benefits during the fiscal year ended December 31, 2025.

Nonqualified Deferred Compensation for 2025

We provided no defined contribution plan for the deferral of compensation on a basis that is not tax‑qualified during the

fiscal year ended December 31, 2025.

Potential Payments Upon Termination or Change in Control

Upon termination of employment (other than due to death or permanent disability), vesting generally ceases for

restricted holdings units that have not vested. In addition, transfer-restricted vested restricted holdings units remain subject

to transfer restrictions for one- and two-year periods, except as described below. See "Security Ownership of Certain

Beneficial Owners and Management and Related Stockholder Matters" for additional information regarding the common

stock held by our named executive officers.

In general, a named executive officer who retires after the first date on which his or her age plus years of service to KKR

equals 80 ("qualified retirement") will generally (i) vest in his or her unvested restricted holdings units (for those with service

based vesting conditions) that would otherwise vest within two years following retirement and (ii) vest in a pro rata portion of

his or her unvested and restricted holdings units (for those with market price based vesting conditions) that satisfied the stock

price target requirements at the time of qualified retirement, in each case, subject to compliance, if applicable, with the

requirement that the holder not violate the terms and conditions of his or her confidentiality and restrictive covenants during

the period in which such restricted holdings units, if applicable, remains transfer restricted over the one- and two-year

periods from the original vesting date. However, the additional vesting terms upon a qualified retirement do not apply to the

restricted holdings units awarded to the Co-Chief Executive Officers in December 2021.

Upon death or permanent disability, generally (i) a holder of restricted holdings units with service based vesting

conditions will become vested with respect to service based vesting conditions in all such restricted holdings units and (ii) a

holder of restricted holdings units with market price based conditions will be eligible to vest in a pro rata portion of such

unvested restricted holdings units that satisfied the stock price target requirements at the time of death or permanent

disability based on the number of years of service from the grant date to the time of death or permanent disability. In

addition, upon a change in control of KKR, a holder of restricted holdings units may become immediately vested in all

unvested restricted holdings units. Upon vesting, holders of restricted holdings units are permitted to exchange vested

restricted holdings units into shares of common stock after the applicable transfer restrictions following vesting have lapsed.

The values of unvested restricted holdings units held by the named executive officers as of December 31, 2025 are set forth

above in "—Outstanding Equity Awards at 2025 Fiscal Year-End."

Upon termination of employment, vesting generally ceases for carried interest allocations, a portion of which is subject to

forfeiture for breach of the confidentiality and restrictive covenant agreement, to the extent permitted under applicable law.

In addition, carried interest allocations generally become immediately vested upon death or disability, and certain carried

interest allocations permit additional vesting upon retirement.

Pay Ratio Disclosure

For the fiscal year ended December 31, 2025:

• the median of the annual total compensation of all employees of our company (other than Messrs. Bae and Nuttall,

who were our Co-Chief Executive Officers as of December 31, 2025) was $210,000;

• the annual total compensation of Messrs. Bae and Nuttall was $84,270,205 and $80,356,440, respectively; and

• the ratio of the averaged annual total compensation of our Co-Chief Executive Officers to the median of the annual

total compensation of all other employees was 392 to 1.

To identify the median employee for the purpose of providing the information above, we examined the compensation of

all our current employees (other than our Co-Chief Executive Officers) as of December 31, 2025, using, based on our payroll

records, a consistently applied compensation measure consisting of such employees' annual salary, annual cash bonus, actual

overtime, carried interest payouts, and equity granted. Employees on unpaid leave of absence and employees who were not

part of the regular year-end compensation process are each excluded from the calculation. Compensation of employees who

were employed for less than the full year of 2025 were annualized only if they were part of the regular year-end

compensation process. We reviewed all compensation in U.S. dollars, using the relevant exchange rate for any compensation

paid in other currencies. After identifying the median employee, we calculated annual total compensation for such employee

using the same methodology we use for our principal executive officers as set forth in "—2025 Summary Compensation

Table." As noted in "—Compensation Discussion and Analysis," dividends paid on shares of common stock and distributions

on vested restricted holdings units are not considered compensation and accordingly are not included in the pay ratio

calculation above. The above CEO pay ratio represents a reasonable good faith estimate, calculated in a manner consistent

with SEC rules based on our payroll and employment records and the methodology described above.

Director Compensation

We pay compensation for service on our Board of Directors only to our independent directors. During 2025, each

independent director received (1) an annual cash retainer of $130,000, (2) an additional annual cash retainer of $15,000 if

such independent director is a member of the nominating and corporate governance committee, (3) an additional annual cash

retainer of $25,000 if such independent director is a member of the audit committee and an additional annual cash retainer of

$25,000 (in addition to the annual cash retainer as a member of the audit committee) if such independent director serves as

the chair of the audit committee, (4) an additional annual cash retainer of $15,000 if such independent director is a member

of the conflicts committee and an additional annual cash retainer of $15,000 (in addition to the annual cash retainer as a

member of the conflicts committee) if such independent director serves as the chair of the conflicts committee, and (5) an

additional annual cash retainer of $20,000 if such independent director is a member of the risk committee and an additional

annual cash retainer of $20,000 (in addition to the annual cash retainer as a member of the risk committee) if such

independent director serves as the chair of the risk committee.

Cash retainers are pro-rated if, during the fiscal year, a director joins or resigns from the Board of Directors, a director

joins or resigns from a committee or the amount of a retainer is increased or decreased. In addition, on December 11, 2025,

restricted stock units were granted to each independent director pursuant to our 2019 Equity Incentive Plan.

The following table sets forth the compensation paid to our independent directors for the fiscal year ended December 31,

(1)Represents the aggregate grant date fair value of restricted stock units granted to each of the independent directors during the year ended December 31,

2025 as calculated in accordance with ASC Topic 718. See Note 19 "Equity-Based Compensation" in our consolidated financial statements included

elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected in this column. These amounts

reflect the aggregate grant date fair values calculated under ASC Topic 718 and may not correspond to the actual value that will be recognized by the

independent directors.

(2)Because Mr. Arnold joined our Board of Directors on September 23, 2025, he was granted an additional 242 restricted stock units.

(3)Because Mr. Barakett joined our Board of Directors on March 13, 2025, he was granted an additional 1,166 restricted stock units.

The following table details grants of restricted stock units to each independent director in the year ended December 31,

2025. The table includes the grant date and grant date fair value of 2025 restricted stock units and the aggregate number of

unvested restricted stock units as of December 31, 2025 owned by each independent director who served as a director during

the year ended December 31, 2025:

(1)The restricted stock units were granted on December 11, 2025 and will vest on December 1, 2026, subject to the grantee's continued service through the

vesting date. The grants were each approved by the Board of Directors on December 10, 2025.

(2)Represents the grant date fair value of restricted stock units granted to each of the independent directors during the year ended December 31, 2025 as

calculated in accordance with ASC Topic 718. See Note 19 "Equity-Based Compensation" in our consolidated financial statements included elsewhere in

this report for additional information about the valuation assumptions with respect to all grants reflected in this column. These amounts reflect the

aggregate grant date fair values calculated under ASC Topic 718 and may not correspond to the actual value that will be recognized by the independent

directors.

(3)An additional 242 restricted stock units granted to Mr. Arnold for joining the Board of Directors on September 23, 2025 vested and were settled into an

equal number of shares of KKR common stock on December 1, 2025.

(4)An additional 1,166 restricted stock units granted to Mr. Barakett for joining the Board of Directors on March 13, 2025 vested and were settled into an

equal number of shares of KKR common stock on December 1, 2025.

KKR & Co. Inc. Equity Incentive Plan

Our outstanding equity awards were granted under the Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan,

which we refer to as our 2019 Equity Incentive Plan. Our 2019 Equity Incentive Plan has a term of 10 years from the effective

date.

Administration

Our Board of Directors or a committee thereof administers our Equity Incentive Plan (the "Administrator"). The

Administrator has the authority to make all decisions, determinations and interpretations with respect to the administration

of our 2019 Equity Incentive Plan, including determining who will receive awards thereunder, the number of shares of

common stock underlying the awards and the terms and conditions of the awards, and is permitted, subject to applicable law,

to delegate all or any part of its responsibilities and powers to any employee or employees selected by it in accordance with

the terms of the 2019 Equity Incentive Plan. The Board of Directors authorized its Executive Committee (consisting of Messrs.

Kravis and Roberts) to act as the Administrator under the 2019 Equity Incentive Plan, provided that (i) the Executive

Committee is not authorized to make grants with respect to our executive officers without approval of the Board of Directors

and (ii) the Board of Directors reserved the power and authority to act as the Administrator and to modify the power and

authority of the Executive Committee under the 2019 Equity Incentive Plan.

Common Stock Subject to the Plan

As of December 31, 2025, 53,140,914 shares of common stock were available for issuance in respect of outstanding

awards and the grant of future awards, representing 15% of the Diluted Common Shares outstanding at the close of business

on December 31, 2025, minus the number of shares underlying any outstanding equity awards granted under our 2019 Equity

Incentive Plan that have not yet been delivered upon vesting. Under the 2019 Equity Incentive Plan, the aggregate number of

shares of common stock available under the plan will be increased, on the first day of each fiscal year, by a number of shares

of common stock equal to the positive difference, if any, between (x) 15% of the number of Diluted Common Shares

outstanding at the close of business on the last day of the immediately preceding fiscal year minus (y) the number of shares of

common stock available for issuance in respect of outstanding awards and the grant of future awards, in each case, under our

2019 Equity Incentive Plan as of the last day of such year, unless the Administrator in its sole discretion should decide to

increase the number of shares of common stock available under the plan by a lesser amount on any such date. As a result, on

the first day of each fiscal year, the number of shares of common stock available for issuance of future awards under our 2019

Equity Incentive Plan will be adjusted upwards to 15% of the number of Diluted Common Shares outstanding at the close of

business on the last day of the immediately preceding fiscal year, minus the number of shares underlying any outstanding

equity awards granted under our 2019 Equity Incentive Plan that have not yet been delivered upon vesting. Therefore, we

expect that the number of shares of common stock available for issuance of future awards under our 2019 Equity Incentive

Plan will increase at the beginning of each fiscal year compared to the end of the immediately preceding fiscal year if, during

the immediately preceding year, there has been (i) any increase in the aggregate number of shares of common stock and KKR

Group Partnership Units outstanding or (ii) any delivery of underlying shares upon vesting of outstanding equity awards under

our 2019 Equity Incentive Plan.

Restricted Stock Units and Other Equity-Based Awards

The Administrator may grant or sell awards of restricted stock units, restricted holdings units, common stock, restricted

common stock, deferred restricted common stock, phantom restricted common stock, or any other awards that are valued in

whole or in part by reference to, or are otherwise based on the fair market value of, our common stock. Any of these or other

equity-based awards may be in such form, and dependent on such conditions, as the Administrator determines, including the

right to receive, or vest with respect to, one or more shares of common stock (or the equivalent cash value of such shares)

upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance

objectives. The Administrator may determine whether any such equity-based awards will be payable in cash, shares of

common stock or other assets or a combination of cash, common stock and other assets.

Options and Stock Appreciation Rights

The Administrator may award non-qualified stock options and stock appreciation rights. Options and stock appreciation

rights granted under the 2019 Equity Incentive Plan will become vested and exercisable at such times and upon such terms

and conditions as may be determined by the Administrator at the time of grant, but no option or stock appreciation right will

be exercisable for a period of more than ten years after it is granted. The exercise price per share will be determined by the

Administrator, provided that options and stock appreciation rights granted to participants who are U.S. taxpayers will not be

granted with an exercise price less than 100% of the fair market value per share of common stock on the date of grant. To the

extent permitted by the Administrator, the exercise price of an option may be paid in cash or its equivalent, in shares of

common stock having a fair market value equal to the aggregate exercise price and satisfying such other requirements as may

be imposed by the Administrator, partly in cash and partly in shares of common stock or net settlement in shares of common

stock. As determined by the Administrator, stock appreciation rights may be settled in shares of common stock, cash or any

combination thereof.

Compensation Committee Interlocks and Insider Participation

Because we are a "controlled company" within the meaning of the corporate governance standards of the NYSE, our

Board of Directors is not required by NYSE rules to establish a compensation committee. Messrs. Kravis and Roberts, our Co-

Executive Chairmen, participated in discussions regarding executive compensation, and Messrs. Bae and Nuttall, our Co-Chief

Executive Officers, participated in discussions regarding the compensation of our other executive officers. For a description of

certain transactions between us and our executive officers and directors, see "Certain Relationships and Related Transactions,

and Director Independence."

Compensation Committee Report

Our Board of Directors does not have a compensation committee. The entire Board of Directors has reviewed and

discussed with management the foregoing Compensation Discussion and Analysis and, based on such review and discussion,

has determined that the Compensation Discussion and Analysis should be included in this report.

AND RELATED STOCKHOLDER MATTER****S

The following table sets forth the beneficial ownership of our common stock by:

• each person known to us to beneficially own more than 5% of our common stock based on our review of filings

with the SEC;

• each of our directors and named executive officers; and

• our directors and executive officers as a group.

The percentage of beneficial ownership is based on 891,550,894 shares of common stock issued and outstanding as of

February 24, 2026. Beneficial ownership is in each case determined in accordance with the rules of the SEC, and includes

equity securities of which that person has the right to acquire beneficial ownership within 60 days of February 24, 2026.

Under these rules, more than one person may be deemed a beneficial owner of the same securities and a person may be

deemed a beneficial owner of securities as to which he has no economic interest. The table below does not reflect ownership

of the sole outstanding share of our Series I preferred stock by KKR Management LLP, which exercises significant voting power

as set forth in our certificate of incorporation.

*Less than 1.0%.

(1)The address of each director is c/o KKR & Co. Inc., 30 Hudson Yards, New York, New York, 10001. The address of each executive officer, except Mr.

Roberts, is c/o Kohlberg Kravis Roberts & Co. L.P., 30 Hudson Yards, New York, New York 10001. The address of Mr. Roberts is c/o Kohlberg Kravis Roberts

& Co. L.P., 2800 Sand Hill Road, Suite 200, Menlo Park, California 94025.

(2)Unless otherwise indicated, each individual has sole voting power and sole investment power with respect to the shares owned.

(3)Includes 1,043,242 shares held by a limited partnership over which Mr. Roberts has sole investment power.

(4)Includes (i) 15,227 shares held by Mr. Kravis's spouse over which Mr. Kravis may be deemed to share investment and voting power, (ii) 150,000 shares

held by a charitable foundation over which Mr. Kravis has shared voting power, and (iii) 1,549,369 shares held by a limited partnership over which Mr.

Kravis has sole investment power.

(5)Includes (i) 129,301 shares held by a trust over which Mr. Nuttall has the right to acquire investment and voting power, (ii) 2,782 shares held by a limited

liability company over which Mr. Nuttall may be deemed to share investment and voting power and (iii) 920,000 shares held by a charitable foundation

over which Mr. Nuttall has shared voting power, which shares have not been sold as of the date of this filing. Not included in the table above is 211,540

shares held by a charitable foundation for which Mr. Nuttall has non-binding advisory powers, which shares have not been sold as of the date of this filing.

(6)Includes 384,257 shares held by a trust over which Mr. Bae has the right to acquire investment and voting power. Not included in the table above is

150,000 shares held by a charitable foundation for which Mr. Bae has non-binding advisory powers, which shares have not been sold as of the date of this

filing.

(7)Includes 46,429 shares held by a trust over which Mr. Cohler has shared investment and voting power.

(8)Includes 2,500 shares held by a trust over which Mr. Lewin has shared investment and voting power.

(9)Represents 160,000 restricted holdings units which are vested or scheduled to vest within 60 days of February 24, 2026.

(10)Includes 226,666 restricted holdings units which are vested or scheduled to vest within 60 days of February 24, 2026.

(11)Based on a Schedule 13G/A filed with the SEC on November 12, 2024, as of September 30, 2024, The Vanguard Group reports it is the beneficial owner of

56,245,699 shares of common stock, with sole dispositive power over 53,380,855 shares of common stock, shared voting power over 813,842 shares of

common stock and shared dispositive power over 2,864,844 shares of common stock. The address of The Vanguard Group is 100 Vanguard Blvd.,

Malvern, Pennsylvania 19355.

(12)Based on a Schedule 13G filed with the SEC on January 21, 2026, BlackRock, Inc. reports it is the beneficial owner of 44,890,451 shares of common stock,

with sole voting power over 40,809,800 shares of common stock, and sole dispositive power over 44,890,451 shares of common stock. The address of

BlackRock, Inc. is 50 Hudson Yards, New York, New York 10001.

Securities Authorized for Issuance under 2019 Equity Compensation Plan

The table set forth below provides information concerning the awards that may be issued under our 2019 Equity

Incentive Plan as of December 31, 2025.

(1)Reflects the aggregate number of restricted stock units and restricted holdings units granted under our 2019 Equity Incentive Plan and outstanding as of

December 31, 2025.

(2)The aggregate number of shares of common stock available under our 2019 Equity Incentive Plan is increased, on the first day of each fiscal year, by a

number of shares of common stock equal to the positive difference, if any, between (x) 15% of the number of diluted shares of common stock

outstanding at the close of business on the last day of the immediately preceding fiscal year minus (y) the number of shares of common stock available for

issuance in respect of outstanding awards and the grant of future awards, in each case, under our 2019 Equity Incentive Plan as of the last day of such

year, unless the Administrator in its sole discretion should decide to increase the number of shares of common stock available under the plan by a lesser

amount on any such date. We have filed registration statements on Form S-8 under the Securities Act to register shares of common stock covered by our

Equity Incentive Plan. Accordingly, upon issuance pursuant to our 2019 Equity Incentive Plan, these shares of common stock will be available for sale in

the open market.

INDEPENDENCE

The following description is a summary of the material terms of the agreements described below, and does not contain

all of the information that you may find useful. For additional information, you should read the copies of such agreements, all

of which have been previously filed with the SEC or incorporated by reference as exhibits to this report.

Reorganization Agreement

On October 8, 2021, KKR entered into a Reorganization Agreement with KKR Holdings, Associates Holdings, KKR

Management (the holder of the sole outstanding share of Series I preferred stock), and the other parties thereto. Pursuant to

the Reorganization Agreement, the parties agreed to undertake a series of integrated transactions to effect a number of

transformative structural and governance changes, including (a) the acquisition by KKR of KKR Holdings and all of the KKR

Group Partnership Units held by it (which as noted below is completed), (b) the future elimination of voting control by KKR

Management and the Series I preferred stock held by it, (c) the future establishment of voting rights for all common stock on a

one vote per share basis, including with respect to the election of directors, and (d) the future control of the carry pool by

KKR.

On May 31, 2022, the merger transactions (“Reorganization Mergers”) contemplated by the Reorganization Agreement to

simplify KKR’s corporate structure were completed. In the Reorganization Mergers, KKR acquired KKR Holdings (which

changed its name to KKR Group Holdings L.P.) and 258.3 million KKR Group Partnership Units held by it, and in exchange KKR

issued and delivered 266.8 million shares of common stock to the former limited partners of KKR Holdings. Following the

Reorganization Mergers, our principals own the same common stock as the public stockholders of KKR & Co. Inc. (which was

formerly known as KKR Aubergine Inc. and become the successor holding company of our business). For additional

information about the Reorganization Mergers, please see Note 1 “Organization” in our financial statements included in this

report.

On May 30, 2022, KKR's tax receivable agreement with KKR Holdings was terminated, other than with respect to

exchanges of KKR Holdings equity for common stock that occurred prior to Reorganization Mergers.

The Reorganization Agreement further provides for:

(i) the future elimination of control of KKR & Co. Inc. by KKR Management, by having all voting power vested in the

common stock of KKR & Co. Inc. on a one vote per share basis on the Sunset Date (as defined below), which will be no

later than December 31, 2026, and

(ii) also on the Sunset Date, the future acquisition of control by KKR of Associates Holdings when a subsidiary of KKR & Co.

Inc. will be the general partner of Associates Holdings.

The “Sunset Date” will be the earlier of (i) December 31, 2026 and (ii) the six-month anniversary of the first date on which

the death or permanent disability of both our Co-Founders has occurred (or any earlier date consented to by KKR

Management, in its sole discretion).

The incremental 8.5 million shares of common stock of KKR & Co. Inc. received in the Reorganization Mergers are not be

transferable (except in the case of death or for estate planning purposes) prior to the Sunset Date, and in addition, KKR

Management agreed not to transfer its ownership of the sole share of Series I preferred stock.

The transactions contemplated to occur under the Reorganization Agreement (including the Reorganization Mergers, the

termination of the tax receivable agreement except with respect to exchanges of KKR Holdings units made prior thereto, and

the changes to occur effective on the Sunset Date) are all required to be consummated together as integrated transactions

under the Reorganization Agreement. Because the Reorganization Mergers have been completed, the changes to occur

effective on the Sunset Date are unconditional commitments of KKR Management, Associates Holdings, KKR & Co. Inc., and

the other parties to the Reorganization Agreement.

Registration Rights Agreement

In connection with our NYSE listing, we entered into a registration rights agreement with KKR Holdings pursuant to which

we granted KKR Holdings, its affiliates and transferees of its KKR Group Partnership Units (including the shares of KKR & Co.

Inc. received in the Reorganization Mergers) the right, under certain circumstances and subject to certain restrictions, to

require us to register under the Securities Act our common stock (and other securities convertible into or exchangeable or

exercisable for shares of our common stock) held or acquired by them. Under the registration rights agreement, holders of

registration rights have the right to require us to make available shelf registration statements permitting sales of shares of

common stock into the market from time to time over an extended period. In addition, holders of registration rights will have

the ability to exercise certain piggyback registration rights in connection with registered offerings requested by other holders

of registration rights or initiated by us. On October 1, 2010, the registration statement we filed pursuant to this agreement

was declared effective, and related post-effective amendments were declared effective on April 14, 2011, September 21,

2011, July 10, 2018 and June 7, 2022.

Tax Receivable Agreement

We had a tax receivable agreement with KKR Holdings, pursuant to which we were required to pay to KKR Holdings or to

its limited partners a portion of the tax savings realized by exchanges of KKR Group Partnership Units for shares of common

stock pursuant to the exchange agreement described above. As noted above, the tax receivable agreement was terminated

on May 30, 2022, but we remain obligated to make payments under the tax receivable agreement with respect to any

exchanges completed prior to May 30, 2022.

KKR Group Partnership made an election under Section 754 of the Code that was effective for each taxable year in which

an exchange of KKR Group Partnership Units for shares of common stock occurred prior to May 30, 2022, which may have

resulted in an increase in our tax basis of the assets of KKR Group Partnership at the time of an exchange of KKR Group

Partnership Units. Certain of these exchanges have resulted in an increase in our share of the tax basis of the tangible and

intangible assets of KKR Group Partnership, primarily attributable to a portion of the goodwill inherent in our business that

would not otherwise have been available. This increase in tax basis has increased certain depreciation and amortization

deductions for tax purposes and therefore is expected to reduce the amount of income tax we otherwise would be required

to pay. This increase in tax basis is expected to also decrease gain (or increase loss) on future dispositions of certain capital

assets to the extent tax basis is allocated to those capital assets.

The surviving payment obligations under the tax receivable agreement require us to pay to former limited partners of KKR

Holdings who exchanged KKR Holdings units for shares of common stock 85% of the amount of cash savings, if any, in U.S.

federal, state and local income tax that we realized as a result of the increase in tax basis described above, as well as 85% of

the amount of any such savings we actually realize as a result of increases in tax basis that arise due to future payments under

the agreement. We benefit from the remaining 15% of cash savings, if any, in income tax that we realize.

These payment obligations are obligations of KKR Group Co. Inc. and its wholly-owned subsidiary, KKR Group Holdings

Corp., which are treated as corporations for U.S. tax purposes, but are not payment obligations of KKR & Co. Inc. or KKR Group

Partnership L.P. Payments made under the tax receivable agreement are required to be made within 90 days of the filing of

our tax returns, which may result in a timing difference between the tax savings received by KKR and the cash payments made

to the former limited partners of KKR Holdings. There is no tax receivable agreement in place for any exchange of restricted

holdings units granted under the 2019 Equity Incentive Plan, and therefore, we will receive 100% of any tax benefits arising

from such exchanges unless we exercise discretion to make tax distributions to holders of restricted holdings units.

For purposes of the tax receivable agreement, cash savings in income tax is computed by comparing our actual income

tax liability to the amount of such taxes that we would have been required to pay had there been no increase to the tax basis

of the tangible and intangible assets of KKR Group Partnership as a result of the exchanges of KKR Group Partnership Units

and had we not entered into the tax receivable agreement. The surviving payment obligations of the tax receivable agreement

continue until all such tax benefits have been utilized or expired.

Effective July 1, 2018, we amended the tax receivable agreement to reflect our conversion to a corporation. The

amendment also clarifies that the tax benefit payments with respect to exchanges completed at any time prior to the

conversion will be calculated without taking into account the step-up in tax basis in our underlying assets that we generated in

2018 as a result of the conversion.

Estimating the amount of payments that may be made under the tax receivable agreement is by its nature imprecise,

insofar as the calculation of amounts payable depends on a variety of factors. The actual increase in tax basis, as well as the

amount and timing of any payments under the tax receivable agreement, will vary based upon a number of factors, including

the amount of tax, if any, we are required to pay aside from any tax benefit from the exchanges, and the timing of any such

payment. If we did not have taxable income aside from any tax benefit from the exchanges, we are not required to make

payments under the tax receivable agreement for that taxable year because no tax savings would have been actually realized.

We expect that as a result of the amount of the increases in the tax basis of the tangible and intangible assets of KKR

Group Partnership, assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize

the full tax benefit of the increased amortization of our assets, future payments under the tax receivable agreement could be

significant. As of December 31, 2025, an undiscounted payable of $359.3 million has been recorded in due to affiliates in the

financial statements representing management's best estimate of the amounts currently expected to be owed for certain

exchanges of KKR Holdings equity that took place prior to the termination of the tax receivable agreement. The payments

under the tax receivable agreement are required to be made within 90 days of the filing of our tax returns. During the year

ended December 31, 2025, an aggregate of $25.5 million was made to the former limited partners of KKR Holdings.

Payments under the tax receivable agreement are based upon the tax reporting positions that we determined. We are

not aware of any issue that would cause the IRS to challenge a tax basis increase that we have taken. However, none of the

former limited partners of KKR Holdings will reimburse us for any payments previously made under the tax receivable

agreement if such tax basis increase, or the tax benefits we claimed arising from such increase, is successfully challenged by

the IRS. As a result, in certain circumstances, payments to former limited partners of KKR Holdings under the tax receivable

agreement could be in excess of our cash tax savings. Our ability to achieve benefits from any tax basis increase, and the

payments to be made under this agreement, will depend upon a number of factors, as discussed above, including the timing

and amount of our future income.

KKR Group Partnership Agreement

We control the general partner of KKR Group Partnership and, through KKR Group Partnership and its subsidiaries, the

KKR business. KKR Group Partnership is the owner of the entirety of KKR's business.

Pursuant to the limited partnership agreement of KKR Group Partnership, we, as the controlling general partner of KKR

Group Partnership, have the indirect right to determine when distributions will be made to the holders of KKR Group

Partnership Units and the amount of any such distributions.

The limited partnership agreement of KKR Group Partnership permits tax distributions to the holders of KKR Group

Partnership Units if the general partner of KKR Group Partnership determines that distributions from KKR Group Partnership

would otherwise be insufficient to cover the tax liabilities of a holder of a KKR Group Partnership Unit. Generally, these tax

distributions will be computed based on our estimate of the net taxable income of the relevant partnership allocable to a

holder of a KKR Group Partnership Unit multiplied by an assumed tax rate equal to the highest effective marginal combined

U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking

into account the non-deductibility of certain expenses and the character of our income).

The limited partnership agreement of KKR Group Partnership authorizes the general partner of KKR Group Partnership to

issue an unlimited number of additional securities of KKR Group Partnership with such designations, preferences, rights,

powers and duties that are different from, and may be senior to, those applicable to KKR Group Partnership Units, and which

may be exchangeable for KKR Group Partnership Units.

Firm Use of Private Aircraft

From time to time, we use private aircraft to transport employees for business purposes. In accordance with KKR & Co.

Inc.'s policy on reimbursement of the cost of use of private aircraft while traveling for business, we reimbursed certain of our

executive officers for firm use of private aircraft.

Companies associated with Messrs. Kravis, Roberts, and Nuttall own aircraft that are used for KKR's business in the

ordinary course of our operations. Messrs. Kravis, Roberts, and Nuttall funded the purchase of these aircraft with their

personal funds and fund all operating, personnel and maintenance costs associated with their operation. The hourly rates that

we pay for the use of these aircraft are based on current market rates for chartering private aircraft of the same type. For the

year ended December 31, 2025, we paid a total of $5.8 million (including applicable taxes) for the use of these aircraft, of

which substantially all was borne by us rather than our investment funds (which indirectly bear the cost of some of these

flights at commercial airline rates). Of this total, $2.6 million relates to use of an aircraft owned by an entity controlled by Mr.

Kravis, $0.9 million relates to use of an aircraft owned by an entity controlled by Mr. Roberts, and $2.3 million relates to use

of an aircraft owned by an entity controlled by Mr. Nuttall.

Side-By-Side and Other Investments

Because fund investors typically are unwilling to invest their capital in a fund unless the fund's manager also invests its

own capital in the fund's investments, our investment fund documents generally require the general partners of our

investment funds to make minimum capital commitments to the funds. The amount of these commitments, which are

negotiated by fund investors, generally range from 2% to 8% of a fund's total capital commitments at final closing, but may be

greater for certain funds pursuing new strategies. When investments are made, the general partner contributes capital to the

fund based on its fund commitment percentage and if applicable, acquires a capital interest in the investment that is not

subject to a carried interest or management fees. Historically, these capital contributions have been funded with cash from

operations that otherwise would be distributed to our employees.

We did not acquire capital interests in certain investments that were funded by our employees or others involved in our

business prior to October 1, 2009. Rather, those capital interests were allocated to our employees or others involved in our

business and are reflected in our financial statements as noncontrolling interests in consolidated entities to the extent that we

hold the general partner interest in the fund. Any capital contributions that our fund general partners are required to make to

a fund will be funded by us and we will be entitled to receive our allocable share of the returns thereon.

In addition, certain of our current and former employees and certain other qualifying personnel are permitted to invest,

and have invested, their own capital in our investment funds and vehicles, in side-by-side investments with our funds and the

firm, as well as in funds managed by our hedge fund partnerships. Side-by-side investments are investments generally made

on the same terms and conditions as those available to the applicable fund or the firm and, they, together with their

investments in our funds and vehicles or the funds managed by our hedge fund partnerships, are not generally subject to

management fees or a carried interest. The cash invested by our current and former employees and certain other qualifying

personnel and their investment vehicles aggregated to $611.9 million for the year ended December 31, 2025, of which $35.0

million, $60.4 million, $38.9 million, $27.7 million, $4.4 million, and $0.9 million was invested by Messrs. Kravis, Roberts, Bae,

Nuttall, and Lewin and Ms. Sudol and their personal or estate planning vehicles, respectively. These investments are not

included in the accompanying consolidated financial statements.

Indemnification of Directors, Officers and Others

Under our certificate of incorporation, in most circumstances we will indemnify the following persons, to the fullest

extent permitted by law, from and against all losses, claims, damages, liabilities, joint or several, expenses (including legal fees

and expenses), judgments, fines, penalties, interest, settlements or other amounts: (a) the Series I preferred stockholder; (b)

KKR Management in its capacity as the former general partner of KKR & Co. L.P. (the "Former Managing Partner"); (c) any

person who is or was an affiliate of the Series I preferred stockholder or the Former Managing Partner (excluding any affiliate

that is or was controlled by KKR & Co. Inc. or one of its subsidiaries); (d) any person who is or was a member, partner, tax

matters partner (as defined in the Code, as in effect prior to 2018), partnership representative (as defined in the Code),

officer, director, employee, agent, fiduciary or trustee of KKR & Co. Inc. or one of its subsidiaries, Series I preferred

stockholder or the Former Managing Partner; (e) any person who is or was serving at our request or the request of the Former

Managing Partner or any subsidiary of KKR & Co. Inc. or the Former Managing Partner as an officer, director, employee,

member, partner, tax matters partner, partnership representative, agent, fiduciary or trustee of another person (provided

that, for clauses (d) and (e), a person shall not be an indemnitee by reason of providing, on a fee-for-services basis or similar

arms-length compensatory basis, agency, advisory, consulting, trustee, fiduciary or custodial services); or (f) any other person

designated by us at any time as an indemnitee as permitted by applicable law.

We have agreed to provide this indemnification unless there has been a final and non-appealable judgment by a court of

competent jurisdiction determining that these persons acted in bad faith or engaged in fraud or willful misconduct. We have

also agreed to provide this indemnification for criminal proceedings. Any indemnification under these provisions will only be

out of our assets. Unless it otherwise agrees, the Series I preferred stockholder will not be liable for, or have any obligation to

contribute or loan any monies or property to us to enable us to effectuate, indemnification. The indemnification of the

persons described above shall be secondary to any indemnification such person is entitled from another person or the

relevant KKR fund to the extent applicable. We may purchase insurance against liabilities asserted against, and expenses

incurred by, persons in connection with their activities, regardless of whether we would have the power to indemnify the

person against liabilities under our certificate of incorporation. We currently maintain liability insurance for our directors and

officers. Such insurance would be available to our directors and officers in accordance with its terms.

In addition, we have entered into indemnification agreements with KKR Management and each of our directors. Each

indemnification agreement provides that the indemnitee, subject to the limitations set forth in each indemnification

agreement, will be indemnified and held harmless by us on an after-tax basis from and against any and all losses, claims,

damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest,

settlements or other amounts arising from any and all threatened, pending or completed claims, demands, actions, suits or

proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in

which the indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as an

indemnitee or by reason of any action alleged to have been taken or omitted in such capacity, whether arising from alleged

acts or omissions to act occurring on, before or after the date of such indemnification agreement. Each indemnification

agreement provides that the indemnitee shall not be indemnified and held harmless if there has been a final and non-

appealable judgment entered by an arbitral tribunal or court of competent jurisdiction determining that, in respect of the

matter for which the indemnitee is seeking indemnification pursuant to the indemnification agreement, the indemnitee acted

in bad faith or engaged in fraud or willful misconduct.

Guarantee of Contingent Obligations to Fund Partners; Indemnification

The partnership documents governing KKR's carry-paying investment funds and vehicles generally include a "clawback"

provision that, if triggered, may give rise to a contingent obligation requiring the general partner to return amounts to the

fund for distribution to the fund investors at the end of the life of the fund. Under a clawback obligation, upon the liquidation

of a fund, the general partner is required to return, typically on an after-tax basis, previously distributed carry to the extent

that, due to the diminished performance of later investments, the aggregate amount of carry distributions received by the

general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled,

including the effects of any performance thresholds. As of December 31, 2025, $150.0 million of carried interest was subject

to this clawback obligation, assuming that all applicable carry-paying funds were liquidated at their December 31, 2025 fair

values. Had the investments in such funds been liquidated at zero value, the clawback obligation would have been

approximately $5.8 billion. Carried interest is recognized in the consolidated statements of operations based on the

contractual conditions set forth in the agreements governing the fund as if the fund were terminated and liquidated at the

reporting date and the fund's investments were realized at the then estimated fair values. Amounts earned pursuant to

carried interest are earned by the general partner of those funds to the extent that cumulative investment returns are

positive and where applicable, preferred return thresholds have been met. If these investment amounts earned decrease or

turn negative in subsequent periods, recognized carried interest will be reversed and to the extent that the aggregate amount

of carry distributions received by the general partner during the term of the fund exceed the amount to which the general

partner was ultimately entitled, a clawback obligation would be recorded. For funds that are consolidated, this clawback

obligation, if any, is reflected as an increase in noncontrolling interests in the consolidated statements of financial condition.

For funds that are not consolidated, this clawback obligation, if any, is reflected as a reduction of KKR's investment balance as

this is where carried interest is initially recorded.

Menlo Park Office

Our office in Menlo Park, California, is owned by a real estate partnership that is controlled and majority-owned by

persons unaffiliated with KKR and its executive officers. However, Messrs. Kravis and Roberts and their estate planning

vehicles own and control a minority limited partner interest in the real estate partnership. In November 2022, KKR entered

into a new 15-year lease with the real estate partnership, representing an annual rent of $6.3 million, subject to certain

current and annual adjustments. Payments made from KKR to this real estate partnership aggregated $7.1 million for the year

ended December 31, 2025.

Confidentiality and Restrictive Covenant Agreements

Our employees have entered into confidentiality and restrictive covenant agreements that include prohibitions on our

employees competing with us or soliciting clients, investments or employees of our firm during a restricted period following

their departure from the firm. For further information on these agreements, see "Executive Compensation—Narrative

Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table—Terms of Confidentiality and Restrictive

Covenant Agreements."

Other Transactions with Related Persons

We have entered, and may in the future continue to enter, into ordinary course transactions with unaffiliated entities

known to us to beneficially own more than 5% of any class of our outstanding voting securities. These transactions may

include investments by them in our funds generally on the same terms and conditions offered to other unaffiliated fund

investors and participation in our capital markets transactions, including underwritings and syndications, generally on the

same terms and conditions offered to other unaffiliated capital markets participants. See "Security Ownership of Certain

Beneficial Owners and Management and Related Stockholder Matters."

Statement of Policy Regarding Transactions with Related Persons

Our Board of Directors adopted a written statement of policy for transactions with related persons (our "related person

policy"). Our related person policy requires that a "related person" (as defined as in Item 404(a) of Regulation S-K) must

promptly disclose to our General Counsel or other designated person any "related person transaction" (defined as any

transaction, arrangement or relationship, or series of similar transactions, arrangements or relationships, including, without

limitation, any loan, guarantee of indebtedness, transfer or lease of real estate, or use of company property that is reportable

by us under Item 404(a) of Regulation S-K in which we were or are to be a participant and the amount involved exceeds

$120,000 and in which any related person had or will have a direct or indirect material interest) and all material facts with

respect thereto. Those individuals will then communicate that information to the Board of Directors. No related person

transaction will be consummated without the approval or ratification of a committee of the board consisting exclusively of

disinterested directors; provided, however, the conflicts committee of our Board of Directors has pre-approved: certain

ordinary course transactions with persons known to us to beneficially own more than 5% of our outstanding common stock

on terms generally not less favorable as obtained from other third parties, including investments in our funds as limited

partners and participation in capital markets transactions like underwritings and syndications; the renewal of pre-existing

strategic relationships with persons known to us to beneficially own more than 5% of our outstanding common stock; the use

of aircraft owned by our senior employees for business purposes; certain investments by eligible employees or directors in

our funds, in side-by-side investments with our funds and the firm, as well as in funds managed by our hedge fund

partnerships; and certain pro rata cash contributions to the KKR Group Partnership for cash management purposes. In

addition, it is our policy that directors interested in a related person transaction should recuse themselves from any vote on a

related person transaction in which they have an interest, unless otherwise permitted by applicable law.

Director Independence

See "Directors, Executive Officers and Corporate Governance—Independence and Composition of the Board of Directors"

for information on director independence.

The following table summarizes the aggregate fees for professional services provided by Deloitte & Touche LLP (PCAOB ID

No. 34), the member firms of Deloitte Touche Tohmatsu Limited, or their respective affiliates (collectively, the "Deloitte

Entities") for the years ended December 31, 2025 and 2024.

(1)Audit Fees consisted of estimated fees for each audit year for (a) the audits of our consolidated financial statements in this report on Form 10-K and

services related to, or required by, statute or regulation, including other corporate entities; (b) reviews of the interim condensed consolidated financial

statements included in our quarterly reports on Form 10-Q; (c) comfort letters, consents and other services related to SEC and other regulatory filings;

and (d) audit services provided to KKR funds, the costs of which are generally borne by the KKR funds.

(2)Audit-Related Fees primarily included merger, acquisition, and investment due diligence services for strategic acquisitions or investments in target

companies, the costs of which are generally borne by the KKR funds.

(3)Tax Compliance Fees consisted of fees for services rendered for tax compliance.

(4)Tax Planning and Advisory Fees primarily included tax planning and advisory services, as well as tax fees for merger, acquisition, and investment

structuring services for strategic acquisitions or investments in target companies, the costs of which are generally borne by the KKR funds.

The Deloitte Entities provided audit, audit-related, tax, and other services to KKR portfolio companies, which are

approved directly by the portfolio company’s management and are not included in the amounts presented above.

Our Audit Committee charter, which is available on our website at www.kkr.com under "Investor Relations—

Sustainability & Corporate Governance—Corporate Governance—Audit Committee Charter," requires the Audit Committee to

approve in advance all audit and non-audit related services to be provided by our independent registered public accounting

firm in accordance with the audit and non-audit related services pre-approval policy. All services reported in the Audit, Audit-

Related, Tax, and All Other categories above were approved by the Audit Committee.

PART IV

(a) The following documents are filed as part of this report.

1. Financial Statements

See Item 8 above.

2. Financial Statement Schedules:

See Schedule II - Valuation and Qualifying Accounts - Years Ended December 31, 2025, 2024, and 2023 and

Schedule IV - Reinsurance - Years Ended December 31, 2025, 2024, and 2023 - of this report on Form 10-K. The other

schedules are omitted as they are not applicable or the amounts involved are not material.

3. Exhibits:

Showing the first 8K of 88K characters. Open the full section

None.

SIGNATURES

Pursuant to requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused

this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following

persons on behalf of the registrant and in the capacities and on the dates indicated.