KKR & Co. (KKR) 10-K risk factor changes: FY2025 vs FY2024

[removed: Persons investing in our securities 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 [removed: flows, and prospects.]

We could also be materially and adversely affected by [removed: additional factors that apply to all companies generally, as well as] other risks that are not [removed: currently] known to us [removed: or that we currently view to be immaterial.]

[removed: See also "Business—Competition," "Business—Regulation" and "Management's Discussion and Analysis of Financial] Condition and Results of [removed: Operations"] [added: Operations”] for a discussion of certain business, competitive, regulatory, market, economic and [removed: other conditions that may materially and adversely affect us.]

These market and economic conditions are not in our control and are often [removed: difficult, if not impossible, to predict, manage, mitigate, hedge or foresee.]

- our ability to find suitable investments or secure financing for investments on attractive terms, [added: or at all,]

[removed: - 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 [removed: placement of equity and debt securities, loans and credit facilities,]

- policyholder behavior, including policyholders electing to defer paying insurance premiums, stop paying insurance [removed: premiums altogether or surrender their policies,]

- the cost of providing guaranteed insurance benefits, [added: insurance capital requirements] and [added: collateral requirements.]

[removed: In particular, see “—Risks Related to Our Business—Many parts] [added: Parts] of our earnings and cash flow are highly variable due to the nature of our [removed: business.” For a discussion of the risks relating to our asset management business, see the disclosures under “—Risks Related to Our Investment Activities,” and for a discussion of the risks relating to our insurance business, please see the disclosures under “—Risks Related to Our Insurance Activities.”][added: business.]

[removed: Geopolitical developments] [added: Global, regional] and [removed: other] local [removed: and global] events outside of our [removed: control can materially] [added: control, including geopolitical events] and [removed: adversely impact KKR.][added: natural]

We are a global financial institution with operations, investors and investments located [removed: in many countries] around the [removed: world, which are not immune to geopolitical developments.][added: world.]

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

[removed: Natural disasters and catastrophes] [added: disasters,] could materially and adversely [removed: affect] [added: impact] KKR.

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

Such [removed: disasters and catastrophes] [added: events outside of our control] could limit or even materially prohibit our ability to conduct any [removed: investment activities in certain locations.][added: operations or]

[removed: In addition, claims arising from the occurrence of such events could have an adverse] effect on our insurance activities, in particular with respect to [added: increases in the number of claims,] lapses and surrenders of [removed: existing policies, as well as sales of new policies.]

Potential changes in climatic conditions, together with the response or failure to [removed: respond to these changes, could precipitate natural disasters.]

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

[removed: We] [added: investments may] have significant [added: credit and] liquidity requirements, [removed: and adverse market and economic conditions may adversely affect our sources of liquidity,] which [removed: could] [added: may be] materially [removed: and adversely affect KKR.][added: and]

We also have debt securities outstanding and indebtedness outstanding under various [removed: credit facilities.]

[removed: On the scheduled maturity dates of these debt obligations, depending] [added: Depending] on [removed: the] market [added: and economic] conditions, we may not be able to refinance or renew [removed: them on attractive or commercially reasonable terms] [added: our debt obligations,] or [removed: at all.][added: find]

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

[removed: Depending on market and economic conditions, we may not be able to meet our liquidity needs, refinance or renew our debt obligations, or find] alternate sources of financing (including issuing debt or equity capital) on attractive or commercially reasonable terms or at [removed: all.]

Furthermore, the incurrence of additional debt could result in downgrades of our existing corporate credit ratings, which [removed: could limit the availability of future financing and increase our costs of borrowing.]

[removed: In the event that our liquidity requirements were to] exceed [added: our] available liquid assets, we could be forced to sell assets or seek to raise debt or equity capital on unfavorable [removed: terms.]

Moreover, the failure to comply with covenants contained in any of our debt agreements could trigger prepayment [removed: obligations that could materially and adversely affect us by causing additional liquidity constraints.]

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

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

We refer to a significant portion of our AUM [removed: from time to time] as perpetual capital, because [removed: it] [added: this AUM] has an indefinite term with no [removed: predetermined requirement to return invested capital to investors upon the realization of investments.]

[removed: Many parts] [added: Parts] of our earnings [removed: and cash flow] are highly variable [added: from quarter to quarter] due to [removed: the nature] [added: volatility] of [removed: our business.][added: investment valuations, the investment]

[removed: Many parts of our earnings are highly variable from quarter to quarter due to volatility of investment valuations, the investment] returns by our funds and other investment vehicles, and the accrual and payment of carried interest and fees earned from our [removed: investment activities.]

[removed: During times] of market volatility, the fair value of the investments we own or [removed: manage, especially any publicly traded equity securities,] [added: manage] are more variable, and volatility in the equity [removed: markets may have a significant impact on our reported results.]

[removed: A decline in realized or unrealized gains, a failure to achieve a] performance [removed: hurdle] [added: hurdle,] or an increase in realized or unrealized losses, would adversely affect [removed: KKR’s] [added: our] financial results.

The timing and receipt of carried interest from our investment vehicles are unpredictable and will contribute to the [removed: volatility of our cash flows.]

[removed: Even after all of the preceding] conditions are met, the general partner of a carry paying fund [removed: may, in its sole discretion,] [added: may] decide to defer the distribution of carried interest to it to a [removed: later date.]

Carried interest payments [removed: from investments] depend on our investment vehicles’ performance and opportunities for realizing gains, [removed: which may be limited.]

[removed: It typically takes a substantial period of time to identify attractive investment opportunities, to] raise all the funds needed to make an investment, and [added: (iii)] then to realize the cash value of an investment through a sale, [removed: public offering or other exit to generate carried interest proceeds.]

[removed: To the extent an investment is not profitable, no carried] interest will be received from our investment vehicles with respect to that investment and, to the extent such investment [removed: remains unprofitable, we will only be entitled to a management fee on that investment.]

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

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.

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

other conditions that may materially and adversely affect us.

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.

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

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

premiums altogether, or surrender their policies, and

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.

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

Investing in our securities involves risk.

While we may attempt to mitigate known risks to the extent practicable and reasonable, we can provide no assurance, and we make no representation, that our mitigation efforts, if any, will be successful.

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

Our investment management and insurance businesses, and therefore our financial results, are materially affected by market and economic conditions or events throughout the world in the countries in which we operate, invest or have investors, including conditions relating to interest rates, fiscal and monetary stimulus (and stimulus withdrawal), availability of credit, inflation rates, economic uncertainty growth (and contraction), changes in laws (including laws relating to taxation), trade barriers, commodity prices, currency exchange rates, foreign exchange controls, liquidity conditions in equity and debt capital markets, and other conditions or events.

Examples of how these market and economic conditions may materially and adversely affect our businesses include the following, each of which could materially and adversely impact our business or financial results:

- the amount and frequency of claims and policy benefit payments,

- insurance capital requirements and collateral requirements under various insurance laws and agreements with third parties.

In addition, the impact of these conditions has exacerbated, and will likely continue to exacerbate, other risks discussed in this report, including with respect to valuations, the cost of credit and debt financing terms, and our ability to identify, execute and exit investments on attractive terms.

Geopolitical developments and other local and global events outside of our control can materially and adversely impact various aspects of KKR and its businesses.

Geopolitical developments and other local and global events outside of our control, including trade conflict, sanctions (reciprocal or unilateral), restrictions on foreign direct investment, trade barriers, civil unrest, national and international security events (including the outbreak of war, terrorist acts or other hostilities), can, and occasionally do, materially and adversely impact our ability to conduct our investment management and insurance businesses, as well as our portfolio companies and other investments.

These risks have increased in both scale and complexity due to intensifying geopolitical competition and conflicts, including the ongoing Russian invasion of Ukraine and unrest in the Middle East, heightened geopolitical competition between China and other major world economies, heightened levels of political populism leading to regulatory volatility, and increased attention to global threats, including climate change.

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

In particular, our investment strategies target opportunities globally, including across the Americas, Europe, Asia-Pacific, and the Middle East.

Political instability and extremism, conflict, and civil unrest in any region where we have material business operations or investments may have a material adverse effect on us.

Any escalation in an actual or perceived trade war or barriers to investment between the U.S. and other countries or regions could chill or limit business opportunities, and otherwise negatively affect our investment management and insurance businesses.

In addition, intensifying rivalries and conflicts in in the Asia-Pacific, Middle East, Europe and globally have created new complexities in the international business environment, including through the imposition of sanctions, national security-motivated regulatory changes, and protectionist policies by certain countries.

Occurrence of war or hostilities involving a country in which we have investments, investors, insurance counterparties or employees could adversely affect our business.

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

Similarly, escalation in tensions between the U.S. (as well as other major economies) and China, the inability of the U.S. and China to reach further trade agreements, the continued use of reciprocal sanctions by each country, or broadening implementation of investment restriction regimes in or related to China, may contribute to a slowing of global economic growth and adversely affect the revenues and profitability of our portfolio companies and other investments.

Further, the occurrence of war or hostilities involving a country in which we have investments or where our portfolio companies operate or have other interconnectivity could adversely affect the performance of these portfolio companies and their investments.

Ongoing international conflicts continue to present risks to our business.

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

The conflict and related sanctions and trade restrictions imposed on Russia have significantly exacerbated regional and global economic and political instability, including with respect to oil and gas prices.

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

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

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

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

Public health crises, pandemics and epidemics, such as those caused by new strains of viruses, may occur from time to time, which could directly and indirectly impact us in material respects that we are unable to predict or control.

In addition, we may be materially and adversely affected as a result of many related factors outside our control, including the effectiveness of governmental responses to a public health crisis, pandemic or epidemic.

Actions taken in response may contribute to significant volatility in the financial markets, resulting in increased volatility in equity prices (including our common stock), 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.

In particular, our headquarters and most of our senior administrative personnel are located in our New York City office.

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

It is impossible to predict with certainty the possible future material adverse effects to us arising from natural or man-made disasters or catastrophes, or any other public health crisis, pandemic or epidemic, and these effects may include the exacerbation of many of the other risks discussed in this report, especially with respect to our investment activities.

While the precise future effects of climate change are unknown, it is possible that climate change could affect precipitation levels, droughts, wildfires, agricultural production, wind levels, annual sunshine, sea levels and the severity and frequency of storms and other severe weather events.

See also "—Risks Related to Our Investment Activities—Our investments in real assets such as real estate, infrastructure and energy may expose us to increased risks and liabilities." We and our investments also face climate transition risks that could arise, for example, from climate-related legislation and policy developments (both domestically and internationally), and business trends and changes in consumer behavior related to climate change and technology (such as the process of transitioning to a lower-carbon economy).

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

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

We expect that our primary liquidity needs will consist of cash required to support and grow our investment management and insurance businesses and to meet policyholder obligations and various other obligations.

For a discussion of our liquidity needs for our investment activities, please see “—Risks Related to Our Investment Activities—Our investment activities have significant liquidity requirements, and changes in debt or equity markets may materially and adversely affect our investment activities.” We have used, and from time to time may continue to use, our balance sheet to provide credit support for our general partners’ obligations to our investment vehicles and to facilitate certain investment transactions entered into by our investment vehicles.

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

[removed: *The following discussion and analysis should be read in conjunction with the consolidated financial statements of KKR & Co.] [added: *Co.] Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this report.

[removed: In addition, this discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including those described] [added: *described] under "Cautionary Note Regarding Forward-looking Statements" and "Risk Factors." Actual results may [removed: differ materially from those contained in any forward-looking statements.*][added: differ*]

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

In [removed: 2024,] [added: 2025,] the United States continued to experience economic growth while also continuing to experience [removed: persistent] inflation in [removed: excess of the U.S. Federal Reserve Board’s target rate.]

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

[removed: GDP] [added: Real gross domestic product (“GDP”)] growth in the Eurozone in [removed: 2024] [added: 2025] was moderately positive.

- GDP. In the United States, real [removed: gross domestic product (“GDP”) is] [added: GDP] expanded by [removed: 2.8%] [added: 2.2%] for the year ended December 31, [removed: 2024,] [added: 2025,] compared to an [removed: expansion of 2.9% for the year ended December 31, 2023.]

[removed: Eurozone real GDP increased by 0.7% for the year ended December 31, 2024, up from 0.4%] growth [added: reported] for the year ended December 31, [removed: 2023.][added: 2024]

[removed: In Japan,] real GDP [removed: is estimated to have decreased] [added: expanded] by [removed: 0.2%] [added: 1.1%] for the year ended December 31, [removed: 2024, down] [added: 2025, up] from [removed: 1.5% expansion] [added: a 0.2% contraction] for the year ended [removed: December 31, 2023.]

Real GDP in China [removed: increased by] [added: expanded] 5.0% for the year ended December 31, [removed: 2024, compared to growth of 5.4% reported for the year ended December 31, 2023.][added: 2025, unchanged from 5.0%]

- Interest Rates. The [removed: effective] [added: target] federal funds rate set by the U.S. Federal Reserve Board was [removed: 4.33% as of December 31, 2024, down from 5.33%] [added: 3.625%] as of December 31, [removed: 2023.]

The [removed: short-term] benchmark interest rate set by [removed: the European Central] [added: The People’s] Bank [added: of China] was [removed: 3.15%] [added: 3.0%] as of December 31, [removed: 2024,] [added: 2025,] down from [removed: 4.5% as of December 31, 2023.]

[removed: The short-term benchmark] [added: term] interest rate set by the Bank of Japan was [removed: 0.25%] [added: 0.75%] as of December 31, [removed: 2024,] [added: 2025,] up from [removed: -0.1%] [added: 0.25%] as of December 31, [removed: 2023.]

- Inflation. The U.S. core consumer price index rose [removed: 3.2%] [added: 2.6%] on a year-over-year basis as of December 31, [removed: 2024,] [added: 2025,] down [removed: from 3.9% on a year-over-year basis as of December 31, 2023.]

Eurozone core inflation was [removed: 2.7% as of December 31, 2024, down from 3.4%] [added: 2.3%] as of December 31, [removed: 2023.]

In Japan, core inflation rose [removed: to 1.6% on a year-over-year basis as of December 31, 2024, down from 2.8%] [added: 1.5%] on a year-over-year basis as of [removed: December 31, 2023.]

- Unemployment. The U.S. unemployment rate was [removed: 4.1%] [added: 4.4%] as of December 31, [removed: 2024,] [added: 2025,] up from [removed: 3.8%] [added: 4.1%] as of December 31, [removed: 2023.]

Eurozone unemployment was 6.3% as of December 31, [removed: 2024, down] [added: 2025, unchanged] from [removed: 6.5%] [added: 6.3%] as of December 31, [removed: 2023.][added: 2024.]

The unemployment rate in Japan was [removed: 2.5%] [added: 2.6%] as of December 31, [removed: 2024, unchanged] [added: 2025, up] from 2.5% as of December 31, [removed: 2023.][added: 2024.]

[removed: The] unemployment rate in China was [removed: 5.0%] [added: 5.2%] as of December 31, [removed: 2024,] [added: 2025, substantially] unchanged from [removed: 5.0%] [added: 5.1%] as of December [removed: 31, 2023.]

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

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

Several key financial market indicators in the United States and in other countries and regions in which we operate [removed: include:]

- Equity Markets. For the year ended December 31, [removed: 2024,] [added: 2025,] the S&P 500 was up [removed: 25.5%,] [added: 17.9%,] the MSCI Europe Index was up [removed: 2.6%, the MSCI Asia Index was up 10.4% and the MSCI World Index was up 19.5% on a total return basis including dividends.]

- Credit Markets. During the year ended December 31, [removed: 2024,] [added: 2025,] U.S. investment grade corporate bond spreads (BofA [removed: Merrill Lynch US Corporate Index) tightened by 22 basis points.]

[removed: The non-investment grade credit indices were up] during the year ended December 31, [removed: 2024] [added: 2025,] with the S&P/LSTA Leveraged Loan Index up [removed: 9.0%] [added: 5.9%] and the BofAML HY [removed: Master II Index up 8.2%.]

During the year ended December 31, [removed: 2024,] [added: 2025,] the 10-year government bond yields [removed: rose 69 basis points in the United States, rose 34 basis points in Germany, rose 49 basis points in Japan, rose 103 basis points in the UK and] fell [removed: 89] [added: 40] basis [removed: points in China.]

- Commodity Markets. During the year ended December 31, [removed: 2024,] [added: 2025,] the 3-year forward price of WTI crude oil decreased [removed: approximately 0.5%, and the 3-year forward price of natural gas decreased from approximately $4.44 per MMBtu as of December 31, 2023 to $4.36 per MMBtu as of December 31, 2024.]

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

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

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

We manage our business using certain financial measures and key operating metrics since we believe these metrics [removed: measure the productivity of our operating activities.]

[removed: We prepare our consolidated financial statements in accordance with] accounting principles generally accepted in the United States of America (“GAAP”).

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

The following key segment and non-GAAP performance measures are used by management in making operational and [removed: resource deployment decisions as well as assessing the performance of KKR's business.]

[removed: They include certain financial] measures that are calculated and presented using methodologies other than in accordance with GAAP.

[removed: These performance] measures as described below are presented prior to giving effect to the allocation of income (loss) between KKR & Co. Inc. [removed: and holders of exchangeable securities and as such represent the entire KKR business in total.]

[removed: In addition, these performance] measures are presented without giving effect to the consolidation of certain investment funds and collateralized financing [removed: entities ("CFEs") that KKR manages.]

We believe that providing these segment and non-GAAP performance measures on a supplemental basis to our GAAP [removed: results is helpful to stockholders in assessing the overall performance of KKR's business.]

[removed: These non-GAAP measures should] not be considered as a substitute for financial measures calculated in accordance with GAAP.

RESULTS OF OPERATIONS

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

In addition, this*

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

*materially from those contained in any forward-looking statements.*

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.

excess of the U.S. Federal Reserve Board’s 2.0% target rate.

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.

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.

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,

December 31, 2024.

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-

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.

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

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

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

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

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

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

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

Core inflation in China was 0.4% on a year-over-year basis as of December 31, 2024, down from 0.6% as of December 31, 2023.

Equity market volatility as evidenced by the Chicago Board Options Exchange Market Volatility Index (VIX), a measure of volatility, ended at 17.4 as of December 31, 2024, increasing from 12.5 as of December 31, 2023, and peaking at 38.6 as of August 5, 2024.

- Foreign Exchange Rates. For the year ended December 31, 2024, the euro fell 6.2%, the British pound fell 1.7%, the Japanese yen fell 10.3%, and the Chinese renminbi fell 2.7%, respectively, relative to the U.S. dollar.

In particular, see "Risk Factors—Risks Related to Our Investment Activities—Our valuation methodologies for certain assets can be subjective, and the fair value of assets established pursuant to such subjective methodologies is uncertain and may never be realized”, “Risk Factors—Risks Related to Our Investment Activities—Various market and economic conditions and events outside of our control that are difficult to quantify or predict may have a significant impact on the valuation of our investments and, therefore, on our financial results”, and "Risk Factors—Risks Related to Our Business—The investment management and insurance businesses are intensely competitive."

In connection with the scaling of the core private equity strategy on KKR’s balance sheet and the acquisition of all of the remaining equity interests in Global Atlantic on January 2, 2024, KKR reevaluated the manner in which it makes operational and resource deployment decisions and assesses the overall performance of KKR's business.

Effective with the first quarter of 2024, the items detailed below have changed with respect to the preparation of the reports used by KKR's chief operating decision makers.

As a result, KKR has modified the presentation of its segment financial information with retrospective application to all prior periods presented.

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

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

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

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

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

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

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

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

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

Income taxes on Insurance Operating Earnings represent the total current and deferred tax expense or benefit on income before taxes adjusted to eliminate the impact of the tax expense or benefit associated with the non-operating adjustments.

Equity based compensation expense is excluded from ANI, because (i) KKR believes that the cost of equity awards granted to employees does not contribute to the earnings potentially available for distributions to its equity holders or reinvestment into its business and (ii) excluding this expense makes KKR’s reporting metric more comparable to the corresponding metric presented by other publicly traded companies in KKR’s industry, which KKR believes enhances an investor’s ability to compare KKR’s performance to these other companies.

Transaction-related and non-operating items arise from corporate actions and non-operating items, which consist of: (i) impairments, (ii) transaction costs from acquisitions, (iii) depreciation on real estate that KKR owns and occupies, (iv) contingent liabilities, net of any recoveries, and (v) other gains or charges that affect period-to-period comparability and are not reflective of KKR's ongoing operational performance.

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

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

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

Total Operating Earnings

KKR calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of KKR's investment funds and certain co-investment vehicles; (ii) uncalled capital commitments from these funds, including uncalled capital commitments from which KKR is currently not earning management fees or performance income; (iii) the asset value of the Global Atlantic insurance companies; (iv) the par value of outstanding CLOs; (v) KKR's pro rata portion of the AUM of hedge fund and other managers in which KKR holds an ownership interest; (vi) all of the AUM of KKR's strategic BDC partnership; (vii) the acquisition cost of invested assets of certain non-US real estate investment trusts and (viii) the value of other assets managed or sponsored by KKR.

FPAUM is the sum of all of the individual fee bases that are used to calculate KKR's and its hedge fund and BDC partnership management fees and differs from AUM in the following respects: (i) assets and commitments from which KKR is not entitled to receive a management fee are excluded (e.g., assets and commitments with respect to which it is entitled to receive only performance income or is otherwise not currently entitled to receive a management fee) and (ii) certain assets, primarily in its private equity funds, are reflected based on capital commitments and invested capital as opposed to fair value because fees are not impacted by changes in the fair value of underlying investments.

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

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

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

| | | | 7,212,246 | | | | | | 5,807,306 | | | | | | 1,404,940 | | |

| Net Premiums | | | 7,898,834 | | | | | | 1,975,675 | | | | | | 5,923,159 | | |

| Policy Fees | | | 1,377,686 | | | | | | 1,260,249 | | | | | | 117,437 | | |

| Net Investment Income | | | 6,574,608 | | | | | | 5,514,902 | | | | | | 1,059,706 | | |

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

[removed: 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 [removed: obligations bearing variable rates.]

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

The quantitative information provided in this section was prepared using estimates and [removed: assumptions that management believes are appropriate.]

[removed: The actual impact of a] hypothetical adverse movement in these risks could be materially different from the amounts shown below.

[removed: 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 [removed: to manage enterprise risks.]

For further information about KKR & Co. Inc.'s Board of Directors or its committees, see “Part [removed: III—Item 10.][added: III—]

[removed: 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, [removed: and investments.]

[removed: Its membership] [added: The TGAFG board] includes [added: among its members] one of our Co-Chief Executive [removed: Officers, the Chief Financial Officer, and other members of senior management.][added: Officers]

[removed: 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 [removed: pursuant to the Exchange Act.]

[removed: 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.

[removed: These transactions are] also subject to risk tolerance limits.

[removed: 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.

[removed: Regulatory] capital requirements also place limits on the size of securities underwritings the capital markets business can conduct based [removed: on quantitative measure of assets, liabilities, and certain off-balance-sheet items.]

[removed: Aggregate balance sheet risk and capital] deployed for transactions are monitored on an ongoing basis by [added: or on behalf of members of] the Balance Sheet [removed: Committee referenced above.][added: Committee.]

With respect to the funds and other investment vehicles through which we make investments for our fund investors, KKR [removed: manages risk 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.]

[removed: 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 [removed: particular investment.]

[removed: 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.

[removed: If an investment is made, a portfolio] management committee (or other designated senior employees) is responsible for working with our investment professionals [removed: 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 [removed: specifically focused on Global Atlantic.]

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

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

[removed: 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 [removed: business and operations, and it includes, among others, our Chief Financial Officer, Chief Legal Officer and General Counsel, and Chief Compliance Officer.]

[removed: 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 [removed: potential conflicts involving the overall activities of KKR and its various businesses.]

This committee also reviews and monitors [removed: certain compliance matters.]

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

The oversight and governance of our insurance business is aided by a board of directors at TGAFG, which is the holding [removed: company for Global Atlantic.]

To assist with its oversight of Global Atlantic, the TGAFG board of directors has established [removed: various committees, including audit, risk, and special transaction review.]

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

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

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

The majority of our investments as of December 31, [removed: 2024,] [added: 2025,] are reported at fair value.

[removed: Net changes in the fair value of] investments impact the net gains (losses) from investment activities in our consolidated statements of operations.

[removed: 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. [removed: before income taxes.]

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

| | | [removed: | | | |] December 31, [removed: 2024 | | | |] [added: 2025] | | December 31, [removed: 2023 | | | |] [added: 2024] | |

| [removed: | | | |] [added: ($ in thousands)] | | Hypothetical [removed: 10% Decline] [added: 10% Decline] in Fair Value [removed: of Investments] [added: of Investments] (1) | | [removed: | | | |] Hypothetical [removed: 10% Decline] [added: 10% Decline] in Fair Value [removed: of Investments] [added: of Investments] (1) | | [removed: | | | |]

| Management Fees | | [removed: | | | | $ | 60,782 |] [added: $82,516] | (2) | [removed: | | $ | 50,011 |] [added: $60,782] | (2) | [removed: | |]

| Carried Interest, Net of Carry Pool Allocation | | [removed: | | | | $ | 442,171 |] [added: $549,627] | (3)(4) | [removed: | | $ | 902,575 | | (3) |] [added: $442,171] | [added: (3)(4)] |

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

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

obligations bearing variable rates.

KKR has material exposure to market volatility in interest rates, credit spreads, and equity

portfolio, and its hedge program.

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

Our Board of Directors has five

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

to manage enterprise risks.

Item 10.

Risk categories we monitor

include financial, insurance, tax, investment, hedge management, operational, cybersecurity, geopolitical, reputational, legal,

and investments.

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

pursuant to the Exchange Act.

When our capital is committed to capital markets transactions after diligence is conducted,

These transactions are

The risk tolerance limits establish the level of investment we may make in a single

Regulatory

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

Aggregate balance sheet risk and capital

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.

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

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

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

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

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

When we allocate capital to our businesses or investments, a Balance Sheet Committee of senior employees, including our Co-Executive Chairmen, one of our Co-Chief Executive Officers, and the Chief Financial Officer, must approve the investment or transaction before it may be made.

The committee has delegated authority to other senior employees to approve certain investments or transactions, subject to maximum commitment sizes or other limitations determined by the committee.

In addition, this committee supervises activities governing KKR's capital structure, liquidity, and the composition of our balance sheet.

The TGAFG board includes among its members one of our Co-Chief Executive Officers and our Chief Financial Officer.

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.

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

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.

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.

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

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

| *($ in thousands)* | | | | | | | | | | | | | | | | | |

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.

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.

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, 2024 and December 31, 2023 (i.e., an increase in the value of the U.S. dollar against these foreign currencies) would result in declines in net income attributable to KKR & Co. Inc. before income taxes in 2024 and 2023 from reductions in the following items, net of the impact of foreign exchange hedging strategies, if not offset by other factors:

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.

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

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 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.

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

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

| *($ in thousands)* | | | | | | | | | | | | | | | | | | | | | | | | | | |

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.

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 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.

[removed: We are] [added: KKR is] a leading global investment firm that offers alternative asset management as well as capital markets and insurance [removed: solutions.]

[removed: 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.

Building on these efforts and leveraging [added: both] our industry expertise and intellectual [removed: capital have allowed us to capitalize on a broader range of the opportunities we source.]

Global Atlantic primarily generates income by earning a spread between [removed: its] [added: the] investment income [removed: and the cost of policyholder benefits.][added: generated from]

As of December 31, [removed: 2024,] [added: 2025,] Global Atlantic [removed: served] [added: serves] over [removed: three and a half] [added: 3.5] million policyholders.

[removed: We seek to work] proactively and collaboratively across business lines, departments, and [removed: geographies, as appropriate,] [added: geographies] to achieve what we believe are the best [removed: investment results for our clients and the firm.]

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

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

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

[removed: Our Business][added: diversify our business and operations.]

[removed: We operate in three segments: our asset management business, our insurance business,] [added: Our business model of (i) Asset Management, (ii) Insurance,] and [added: (iii) Strategic Holdings corresponds to] our [removed: strategic holdings business.][added: three reporting]

[removed: Asset Management][added: | Asset Management | 2,705 |]

In [removed: our asset management business,] [added: Asset Management,] we have five business lines: [removed: (1)] [added: (i)] Private Equity, [removed: (2)] [added: (ii)] Real Assets, [removed: (3)] [added: (iii)] Credit and Liquid Strategies, [removed: (4) Capital Markets, and (5) Principal Activities.][added: (iv)]

[removed: We earn additional investment income by investing our own capital alongside] investors in our [added: funds and other] investment vehicles and from other assets [added: we own] on our balance sheet.

Carried interest [added: that] we receive from our [removed: funds and certain other] investment vehicles entitles us to a specified percentage of investment gains [removed: that are generated on third-party capital that is invested.]

[removed: These teams invest capital, a substantial portion of] which [removed: is of a long duration or not subject to predetermined redemption requirements, which] provides us with significant flexibility to grow investments and [removed: select] [added: be selective with] exit opportunities.

[removed: We] believe that these aspects of our business help us continue to grow our asset management business and deliver strong [removed: investment performance in a variety of economic and financial conditions.]

Since our inception, one of our fundamental investment philosophies has been to align the interests of the firm and our [removed: employees with the interests of our fund investors, portfolio companies, and other stakeholders.]

[removed: We achieve this by putting] our own capital behind our ideas.

[removed: Private Equity][added: Private Equity]

[removed: Our Private Equity] [added: Activities] business [removed: line includes separately managed accounts that invest in multiple strategies,] [added: line,] which [removed: may] include [added: co-investments alongside] our [removed: credit] [added: Private Equity, Real Assets,] and [removed: real assets strategies,] [added: Credit funds,] as well as [removed: our private equity strategies.]

Core Private [removed: Equity. Our core private equity strategy] [added: Equity typically] targets investments [added: in companies] with a longer holding period and a lower anticipated risk [removed: profile than our traditional private equity investments.]

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

[removed: Assets Under Management(1)][added: | ASSETS UNDER MANAGEMENT | | | | | ASSETS UNDER MANAGEMENT | | | | | ASSETS UNDER MANAGEMENT | | | | |]

[removed: ][added: ]

[removed: | Private] [added: Core Private] Equity [removed: Business Line | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |]

[removed: *Traditional Private Equity Portfolio*][added: traditional private equity investment.]

We have developed a global network of experienced managers and operating professionals who [added: can] assist [removed: the private equity] [added: our] portfolio [removed: companies in making operational improvements and achieving growth.]

[removed: KKR has supported and expanded the] implementation of broad-based employee ownership programs [removed: to] [added: at] its portfolio companies with the goal of improving [removed: financial performance through broad-based employee engagement and financial inclusion.][added: their]

[removed: *Private Equity Fund Structures*][added: private equity strategy.]

[removed: The private equity] [added: Many investment] funds that we sponsor and manage [removed: typically] [added: as the general partner] have finite lives and investment periods.

[removed: Each private equity fund’s general partner] [added: KKR] is generally entitled to a carried interest that allocates [added: 10] to [removed: it] 20% of the net profits realized by the limited partners [removed: from the fund’s investments.]

For a fund that has [removed: a] [added: an overall] fair value above cost, [removed: overall,] and [removed: is] [added: may] otherwise [added: be] accruing carried interest, but has one or more [removed: investments where fair value is below cost, the shortfall between cost and fair value for such investments is referred to as a "netting hole." See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity—Sources of Liquidity" for a discussion of netting holes.]

[removed: Gross management fees for our private equity funds generally range from 1% to 2% of committed capital] during the fund's investment period and are generally 0.75% to 1.50% of invested capital after the expiration of the [removed: fund's investment period with subsequent reductions over time, which causes the fees to be reduced as investments are liquidated.]

We also [removed: enter into monitoring agreements with our portfolio companies pursuant to which we receive periodic monitoring fees in exchange for providing them with management, consulting, and other services, and we] typically receive transaction fees for providing portfolio companies with financial, advisory, and other services in [removed: connection with specific transactions.]

[removed: Monitoring agreements] may provide for a termination payment following an initial public offering or change of control, if certain criteria are satisfied.

In some cases, we may be entitled to [added: break-up or] other fees that are paid [removed: by an investment target upon closing of a transaction or] when a [removed: potential investment is not consummated.]

[removed: Real Assets][added: Real Assets]

[removed: *Infrastructure*][added: Infrastructure &]

[removed: Through this platform we have made investments in sectors such as power and] utilities, [added: energy,] midstream, energy [removed: and energy] transition, transportation, asset leasing, water and wastewater, telecommunications [removed: infrastructure, and social infrastructure.]

solutions.

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

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.

| | | | | | | | | |

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

| 50 Years | | $744 billion in AUM | | ~4,200 employees | | Multi-asset experience | | 36 global offices |

| | | | | | | | | |

| of investment experience | | across Credit and Liquid Strategies ($322 bn), Private Equity ($229 bn) & Real Assets ($192 bn) | | ~2,700 Asset Management ~1,500 Insurance | | across credit, private equity and real assets | | across 4 continents serving local markets |

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.

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

investment results for our clients.

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

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:

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

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

Overview

We sponsor funds that invest in private equity, credit, and real assets and have strategic partners that manage hedge funds.

Our insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic.

Our asset management business offers a broad range of investment management services to fund investors around the world.

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

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

We also provide capital markets services for our firm, our portfolio companies, and third parties.

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

Our insurance business is operated by our wholly-owned subsidiary Global Atlantic, which is a leading retirement and life insurance company that provides a broad suite of protection, legacy and savings products, and reinsurance solutions to clients across individual and institutional markets.

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

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

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

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

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

Our Firm

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

Though our operations span multiple continents and asset classes, our investment professionals are supported by an integrated infrastructure and operate under a common set of principles and business practices that are monitored by a variety of committees.

When appropriate, we staff investment transactions across multiple offices and businesses in order to take advantage of the industry-specific expertise of our investment professionals, and we hold regular meetings in which investment professionals throughout our offices share their knowledge and experiences.

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

Information about our business lines below should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements included elsewhere in this report.

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

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

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

For more information about the limitations of perpetual capital, please see "—Risks Related to Our Business—AUM, referred to as perpetual capital, is subject to material reduction, including through withdrawal, redemption or dividends, and termination" in the "Risk Factors" section of this report.

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

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

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

These funds and accounts are managed by Kohlberg Kravis Roberts & Co. L.P., an SEC-registered investment adviser.

As of December 31, 2024, our Private Equity business line had $195.4 billion of AUM, consisting of $139.9 billion in traditional private equity, $37.4 billion in core private equity, and $18.1 billion in growth equity.

We are a world leader in private equity, having raised over 30 private equity funds.

We invest in industry-leading franchises and attract world-class management teams.

Our investment approach leverages our capital base, sourcing advantage, global network, and industry knowledge.

It also leverages a sizable team of operating professionals, as well as senior advisors and other advisors, many of whom are former chief executive officers and leaders of the business community.

Traditional Private Equity. Our traditional private equity investment strategy typically seeks to engage in management buyouts, build-ups, or other investments with a view to acquire control or have significant influence.

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

Through our portfolio company board oversight, we work closely and cooperatively with the management of our portfolio companies, which are assisted by having access to the resources of our global platform.

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

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

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

Since 2016, we have offered growth equity funds to pursue growth equity investment opportunities in the health care sector, primarily in the United States and Europe.

[removed: 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 [removed: by reference.]

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

by reference.

[removed: Form 10-K][added: Form 10-K]

For the fiscal year [removed: ended December] [added: ended December] 31, [removed: 2024][added: 2025]

Commission File [removed: Number 001-34820][added: Number 001-34820]

[removed: ][added: ]

| Delaware | | [removed: | | | |] 88-1203639 | [removed: | |]

| (State or other Jurisdiction of Incorporation or Organization) | | [removed: | | | |] (I.R.S. Employer Identification Number) | [removed: | |]

New [removed: York, New York 10001][added: York, New York 10001]

Telephone: [removed: (212) 750-8300][added: (212) 750-8300]

| Title of each class | [removed: | |] Trading symbol(s) | [removed: | |] Name of each exchange on which registered | [removed: | |]

| Common Stock | [removed: | |] KKR | [removed: | |] New York Stock Exchange | [removed: | |]

| 4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC | [removed: | |] KKRS | [removed: | |] New York Stock Exchange | [removed: | |]

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 [removed: 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.]

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 [removed: months (or for such shorter period that the registrant was required to submit such files).]

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

| Large accelerated filer | [removed: | |] ☒ | | [removed: | | | |] Accelerated filer | [removed: | |] ☐ | [removed: | |]

| Non-accelerated filer | [removed: | |] ☐ | | [removed: | | | |] Smaller reporting company | [removed: | |] ☐ | [removed: | |]

| | | | [removed: | | | | | |] Emerging growth company | [removed: | |] ☐ | [removed: | |]

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 [removed: 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 [removed: 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 [removed: 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 [removed: officers during the relevant recovery period pursuant to § 240.10D-1(b).]

The aggregate market value of common stock of the registrant held by non-affiliates as of June 30, [removed: 2024,] [added: 2025,] was approximately [removed: $71.4] [added: $91.1] billion.

For the Year [removed: Ended December] [added: Ended December] 31, [removed: 2024][added: 2025]

| | | [removed: | | | |] Page No. | [removed: | |]

| Item 1A. | [removed: | |] [Risk [removed: Factors](#ib9409cc39cd64858917a0f68a46de4df_397) | | | [46](#ib9409cc39cd64858917a0f68a46de4df_397) |] [added: Factors](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_412)] | [added: [31](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_412)] |

| Item 1B. | [removed: | |] [Unresolved Staff [removed: Comments](#ib9409cc39cd64858917a0f68a46de4df_412) | | | [128](#ib9409cc39cd64858917a0f68a46de4df_412) |] [added: Comments](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_403)] | [added: [80](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_403)] |

| Item 3. | [removed: | |] [Legal [removed: Proceedings](#ib9409cc39cd64858917a0f68a46de4df_298) | | | [129](#ib9409cc39cd64858917a0f68a46de4df_298) |] [added: Proceedings](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_298)] | [added: [81](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_298)] |

| Item 4. | [removed: | |] [Mine Safety [removed: Disclosures](#ib9409cc39cd64858917a0f68a46de4df_310) | | | [129](#ib9409cc39cd64858917a0f68a46de4df_310) |] [added: Disclosures](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_310)] | [added: [81](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_310)] |

| Item 5. | [removed: | |] [Market for Registrant's Common Equity, Related Stockholder [removed: Matters](#ib9409cc39cd64858917a0f68a46de4df_469)[,](#ib9409cc39cd64858917a0f68a46de4df_469) [and] [added: Matters, and] Issuer Purchases of [removed: Equity Securities](#ib9409cc39cd64858917a0f68a46de4df_469) | | | [130](#ib9409cc39cd64858917a0f68a46de4df_469) |] [added: Equity](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_526)] | [added: [82](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_526)] |

| Item 7. | [removed: | |] [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#ib9409cc39cd64858917a0f68a46de4df_124) | | | [132](#ib9409cc39cd64858917a0f68a46de4df_124) |] [added: Operations](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_124)] | [added: [84](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_124)] |

| Item 7A. | [removed: | |] [Quantitative and Qualitative Disclosures About Market [removed: Risk](#ib9409cc39cd64858917a0f68a46de4df_475) | | | [211](#ib9409cc39cd64858917a0f68a46de4df_475) |] [added: Risk](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_532)] | [added: [145](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_532)] |

| Item 8. | [removed: | |] [Financial Statements and Supplementary [removed: Data](#ib9409cc39cd64858917a0f68a46de4df_19) | | | [221](#ib9409cc39cd64858917a0f68a46de4df_19) |] [added: Data](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_19)] | [added: [155](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_19)] |

| Item 9. | [removed: | |] [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#ib9409cc39cd64858917a0f68a46de4df_490) | | | [363](#ib9409cc39cd64858917a0f68a46de4df_490) |] [added: Disclosure](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_541)] | [added: [295](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_541)] |

| Item 9A. | [removed: | |] [Controls and [removed: Procedures](#ib9409cc39cd64858917a0f68a46de4df_493) | | | [363](#ib9409cc39cd64858917a0f68a46de4df_493) |] [added: Procedures](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_544)] | [added: [295](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_544)] |

| Item 9B. | [removed: | |] [Other [removed: Information](#ib9409cc39cd64858917a0f68a46de4df_496) | | | [364](#ib9409cc39cd64858917a0f68a46de4df_496) |] [added: Information](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_547)] | [added: [296](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_547)] |

| Item 9C. | [removed: | |] [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ib9409cc39cd64858917a0f68a46de4df_499) | | | [364](#ib9409cc39cd64858917a0f68a46de4df_499) |] [added: Inspections](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_550)] | [added: [296](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_550)] |

| | [removed: | |] [PART [removed: III](#ib9409cc39cd64858917a0f68a46de4df_502) | | | |] [added: IV](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_502)] | |

| Item 10. | [removed: | |] [Directors, Executive Officers and Corporate [removed: Governance](#ib9409cc39cd64858917a0f68a46de4df_505) | | | [365](#ib9409cc39cd64858917a0f68a46de4df_505) |] [added: Governance](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_433)] | [added: [297](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_433)] |

| Item 11. | [removed: | |] [Executive [removed: Compensation](#ib9409cc39cd64858917a0f68a46de4df_508) | | | [372](#ib9409cc39cd64858917a0f68a46de4df_508) |] [added: Compensation](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_436)] | [added: [305](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_436)] |

| Item 12. | [removed: | |] [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ib9409cc39cd64858917a0f68a46de4df_511) | | | [384](#ib9409cc39cd64858917a0f68a46de4df_511) |] [added: Matters](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_439)] | [added: [317](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_439)] |

| | | |

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

| | | |

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

| 6.25% Series D Mandatory Convertible Preferred Stock | KKR PR D | New York Stock Exchange |

| 6.875% Subordinated Notes due 2065 | KKRT | New York Stock Exchange |

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.

months (or for such shorter period that the registrant was required to submit such files).

See the

| | | | | |

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

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

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.

to previously issued financial statements.

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

As of February 24, 2026, the registrant had

891,550,894 shares of common stock outstanding.

| | | |

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

| | [PART I](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_322) | |

| | | |

| Item 1. | [Business](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_325) | [8](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_325) |

| | | |

| | | |

| | | |

| Item 1C. | [Cybersecurity](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_406) | [80](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_406) |

| | | |

| Item 2. | [Properties](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_409) | [81](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_409) |

| | | |

| | | |

| | | |

| | [PART II](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_16) | |

| | | |

| | | |

| Item 6. | [\[Reserved\]](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_529) | [83](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_529) |

| | | |

| | | |

| | | |

| | | |

| | | |

| | | | | | | | | |

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

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

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

As of February 26, 2025, the registrant had 888,250,533 shares of common stock outstanding.

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

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

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

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

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

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

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

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

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 from companies and businesses in the Strategic Holdings segment in the future, the future growth of such companies and businesses, the potential for compounding earnings over a longer period of time from such segment, and the belief that such segment is an unconstrained business line); KKR’s ability to grow its AUM, to deploy capital, to realize unrealized investment appreciation, and the time period over which such events may occur; KKR’s ability to manage the investments in and operations of acquired companies and businesses; the effects of any transactional activity on KKR’s operating results, including pending sales of investments; expansion and growth opportunities and other synergies resulting from acquisitions of companies (including the acquisition of Global Atlantic and businesses in our Strategic Holdings segment), internal reorganizations or strategic partnerships with third parties; the timing and expected impact to our business of any new investment fund, vehicle or product launches; the timing and completion of certain transactions contemplated by the Reorganization Agreement entered into on October 8, 2021 by KKR & Co. Inc; the implementation or execution of, or results from, any strategic initiatives, including efforts to access individual investors; and the modification of our compensation framework announced on November 29, 2023, which decreased the targeted percentage of compensation from fee related revenues and increased the targeted percentage from realized carried interest and incentive fees.

References to our “senior principals” are to our senior employees who hold interests in the Series I preferred stockholder, including Mr. Henry Kravis and Mr. George Roberts (our "Co-Founders").

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

References to “KKR Group Partnership” for periods prior to January 1, 2020 refer to KKR Fund Holdings L.P., KKR Management Holdings L.P. and KKR International Holdings L.P., collectively, which were combined on that date to form KKR Group Partnership.

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 and are currently held by certain Global Atlantic employees who received 2.6 million units (a majority of which are unvested) in connection with the January 2, 2024 transaction described below.

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

As of January 2, 2024, KKR owns 100.0% of Global Atlantic.

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

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.

- geopolitical developments and other local and global events;

- disruptions caused by natural disasters and catastrophes;

- significant liquidity requirements and sources of liquidity;

- assets we refer to as “perpetual capital” being subject to material reduction;

- “clawback” provisions in our governing agreements;

- inability to raise additional or successor funds successfully;

- intense competition in the investment management and insurance industries;

- increasing focus by stakeholders on sustainability matters;

- changes in relevant tax laws, regulations, and treaties or adverse interpretations by tax authorities;

- recruiting, retaining, and motivating our employees and other key personnel;

- our reliance on third-party service providers;

- the unpredictable impact of artificial intelligence on competitive, operational, legal, and regulatory risks;

- rapidly developing and changing global privacy laws;

- failure to manage existing commitments;

- extensive regulation of our businesses;

- litigation and negative publicity;

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

[removed: The cybersecurity strategy and] program at [removed: KKR’s asset management business] [added: KKR] includes, among other things, annual employee training about cybersecurity risks and new employee [removed: 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 [removed: global information security program.]

KKR’s CISO also has prior experience in various information security roles, including [removed: security architecture, application security, engineering and operations.]

[removed: 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 [removed: (CISSP) and holds a Series 99 – Operations Professional Exam certification.]

[removed: The Operational Risk] Committee [added: reports to KKR’s Risk and Operations Committee, which] is comprised of senior employees from across our asset [removed: management business and operating functions.]

[removed: 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 [removed: are identified, assessed, managed and mitigated effectively.]

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

[removed: KKR's Risk and Operations Committee includes our Chief] Financial Officer, Chief [removed: Operating Officer, Chief] Legal Officer and General Counsel, [added: and] Chief Compliance Officer.

[removed: 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 [removed: technology risks, including KKR’s cybersecurity program, the current cybersecurity threat landscape, and risk management.]

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

[removed: This plan is a key component of the] cybersecurity program, which is generally incorporated within our enterprise risk management framework.

[removed: 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 [removed: KKR’s asset management business,] [added: KKR,] including those arising from third-party service providers, [removed: including those providers that have access to KKR’s customer and employee data.]

[removed: Cybersecurity considerations affect the] selection and oversight of our third-party service providers.

We perform cybersecurity-related diligence on third parties that [removed: 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, [removed: technology, compliance, risk, public affairs, human capital and finance groups.]

[removed: KKR has established a notification decision] framework to determine when the KKR CIRT will provide notifications regarding certain cybersecurity incidents, with different [removed: 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 [removed: KKR’s asset management business.]

Our technology platforms and applications are designed to enable us to monitor user and network behavior at [removed: KKR’s asset management business, identify threats using certain analytics, and mitigate attacks across various layers of the enterprise.][added: KKR,]

[removed: The KKR information] security team conducts regular internal and external audits with third-party cybersecurity experts to identify and evaluate [removed: potential weaknesses in our cybersecurity systems.]

[removed: 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 [removed: trainings as part of new employee onboarding.][added: training]

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

[removed: However, institutions like us, as] well as our employees, service providers and other third parties, have experienced information security and cybersecurity [removed: attacks in the past and will likely continue to be the target of increasingly sophisticated cyber actors.]

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

[removed: Risk Factors—"Risks Related to Our Business—Cybersecurity] [added: Cybersecurity] failures and data security breaches [removed: may disrupt or] [added: could] have a material adverse impact on our [removed: businesses, operations and investments.”][added: businesses.”]

KKR’s Chief Information Security Officer (the “KKR CISO”) leads an information security team (the “KKR information

The cybersecurity strategy and

onboarding about KKR’s security policies.

global information security program.

security architecture, application security, engineering and operations.

He holds a Bachelor of Science in computer science

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

The Operational Risk Committee is comprised of

senior employees from across our firm.

The committee focuses on significant operating and business risks, which includes

are identified, assessed, managed and mitigated effectively in the cybersecurity risk management environment for KKR, which

disruption, fraud and privacy related risks, and also promoting cybersecurity awareness at the firm.

The Operational Risk

management and insurance businesses and operating functions.

KKR's Risk and Operations Committee includes our Chief

At least annually, management will

technology risks, including KKR’s cybersecurity program, the current cybersecurity threat landscape, and risk management.

provided by institutes such as the National Institute of Standards and Technology.

This plan is a key component of the

The KKR CISO and

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

including those providers that have access to KKR’s customer and employee data.

Cybersecurity considerations affect the

have access to our systems, data or facilities.

technology, compliance, risk, public affairs, human capital and finance groups.

KKR has established a notification decision

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.

KKR.

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

The KKR information

potential weaknesses in our cybersecurity systems.

In addition, the KKR information security team conducts periodic phishing

as part of new employee onboarding.

been materially affected by any cybersecurity incidents for the period covered by this report.

However, institutions like us, as

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

For a discussion of how

Risk Factors—"Risks Related to Our Business—

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

The Global Atlantic CISO leads an information security team that is focused on overseeing the cybersecurity strategy and program for Global Atlantic, which includes, among other things, annual employee training about cybersecurity risks and new employee onboarding about Global Atlantic’s security policies.

The Global Atlantic CISO reports at least annually to the operations & technology committee of Global Atlantic’s board of directors (whose members include non-executive directors unaffiliated with KKR) and members of KKR’s Risk and Operations Committee.

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

Material information regarding information security affecting our insurance business is also reported to KKR’s Risk and Operations Committee and to the Audit Committee or Risk Committee of KKR’s Board of Directors.

KKR also has a cybersecurity incident response plan that is specific to our insurance business.

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

Global Atlantic utilizes several mechanisms to monitor and manage the cybersecurity risks of our insurance business, including to prevent, and prepare to respond to, an incident.

This includes maintaining relationships with external incident response organizations, performing periodic cybersecurity risk assessments, overseeing and monitoring risks from cybersecurity threats associated with third-party service providers, and ensuring that Global Atlantic employees complete security awareness training relating to cybersecurity best practices.

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

[removed: We also lease space for our other] offices in North America, Europe, [added: the] Middle East, and Asia-Pacific.

[removed: We consider these facilities to be suitable and adequate] for the management and operations of our business.

We also lease space for our other

We consider these facilities to be suitable and adequate

The number of holders of record of our common stock as of February [removed: 26, 2025] [added: 24, 2026] was [removed: 43.][added: 39.]

[removed: This does not include the number] of stockholders that hold shares in "street-name" through banks or broker-dealers.

Under our current dividend policy for common stock that we announced on February [removed: 4, 2025,] [added: 5, 2026,] we expect to pay our [removed: common stockholders an annualized dividend of $0.74 per share of common stock, equal to a quarterly dividend of $0.185 per share of common stock, beginning with the dividend to be declared with respect to the first quarter of 2025.]

[removed: On] February [removed: 4, 2025,] [added: 5, 2026,] we declared a regular dividend of [removed: $0.175] [added: $0.185] per share of common stock under our prior dividend policy for the [removed: quarter ended December 31, 2024, payable on February 28, 2025 to common stockholders of record as of the close of business on February 14, 2025.]

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

[removed: - KKR Group Partnership will make distributions to holders of KKR Group Partnership Units, which consists of our] wholly-owned corporate subsidiaries (one of [removed: which] [added: which, KKR Group Holdings Corp.,] acts as the general partner of KKR [removed: 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 [removed: receive from KKR Group Partnership, after deducting any applicable taxes; and]

[removed: - Third, we will distribute to holders of our common stock the] amount of dividends declared by our Board of Directors from the distributions that we receive from our [removed: wholly-owned corporate subsidiaries.][added: wholly-]

[removed: The limited partnership agreement of KKR Group Partnership provides for cash distributions, which are referred] to [removed: as "tax distributions," to the partners of the partnership if we determine that the] taxable income [removed: 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 [removed: and KKR Holdings III.]

[removed: KKR Group Partnership may make tax] distributions [removed: in the future, from time] to [removed: 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.

[removed: The declaration and payment of any dividends to holders of] our [removed: common stock 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 [removed: certificate of incorporation.]

There can be no assurance that dividends will be made as intended or at all or that any particular [removed: dividend policy will be maintained.]

Share Repurchases in the Fourth Quarter [removed: of 2024][added: of 2025]

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

[removed: 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 [removed: requirements, price, and economic and market conditions.]

[removed: 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.

[removed: 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 [removed: discontinued at any time.]

[removed: 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 [removed: issued pursuant to our Equity Incentive Plan representing the right to receive shares of common stock.]

As of January [removed: 31, 2025,] [added: 30, 2026,] there is approximately [removed: $69] [added: $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 [removed: "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 [removed: 2024,] [added: 2025,] no shares of common stock were repurchased, and [removed: 246,298] [added: 141,119] equity awards [removed: were retired.]

| Issuer Purchases of Common Stock | | | | | | | | [removed: | | | | | | | | | | | | | | | |]

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

| | [removed: | |] Total Number [removed: of Shares] [added: of Shares] Purchased | | [removed: | | | |] Average [removed: Price Paid] [added: Price Paid] Per Share | | [removed: | | | |] Total Number [removed: of Shares Purchased as] [added: of Shares Purchased as] Part of [removed: Publicly Announced Plans or] [added: Publicly Announced Plans or] Programs | | [removed: | | | | Approximate Dollar] [added: Approximate Dollar] Value [removed: of Shares] [added: of Shares] that [removed: May Yet] [added: May Yet] Be [removed: Purchased Under] [added: Purchased Under] the [removed: Plans or] [added: Plans or] Programs (1) | [removed: | |]

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

MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.

This does not include the number

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

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

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

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

Partnership;

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

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

and KKR Holdings III.

KKR Group Partnership may make tax distributions in the future, from time to time, to provide

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

certificate of incorporation.

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.

open market transactions, in privately negotiated transactions or otherwise.

The timing, manner, price, and amount of any

requirements, price, and economic and market conditions.

KKR expects that the program, which has no expiration date, will

The program does not require KKR to

discontinued at any time.

In addition to the repurchases of common stock described above, the repurchase program is used

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 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 for the fiscal year in which the dividend is declared and/or the preceding fiscal year.

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

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

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

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

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

| Total through December 31, 2024 | | | — | | | | | | | | | | | | — | | | | | | $ | 68,820 | |

| Report of Independent Registered Public Accounting Firm | [removed: | | [222](#ib9409cc39cd64858917a0f68a46de4df_424) | |] [added: [156](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_538)] |

[removed: | Consolidated Statements] [added: consolidated statements] of [removed: Financial Condition] [added: financial condition] as of December 31, [removed: 2024] [added: 2025] and [removed: 2023 | | | [225](#ib9409cc39cd64858917a0f68a46de4df_22) | | |][added: 2024:]

[removed: | Consolidated Statements] [added: recognized in the consolidated statements] of [removed: Operations] [added: operations] for the [removed: Years Ended] [added: years ended] December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022 | | | [229](#ib9409cc39cd64858917a0f68a46de4df_25) | | |][added: 2023:]

| Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022 | | | [231](#ib9409cc39cd64858917a0f68a46de4df_28) |] [added: 2023] | [added: [165](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_28)] |

| Consolidated Statements of Changes in Equity for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022 | | | [232](#ib9409cc39cd64858917a0f68a46de4df_31) |] [added: 2023] | [added: [166](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_31)] |

| Consolidated Statements of Cash Flows for the Years Ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022 | | | [235](#ib9409cc39cd64858917a0f68a46de4df_34) |] [added: 2023] | [added: [169](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_34)] |

| Notes to Consolidated Financial Statements | [removed: | | [238](#ib9409cc39cd64858917a0f68a46de4df_37) | |] [added: [172](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_37)] |

[removed: We also] have audited the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in [removed: *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).]

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

The Company’s management is responsible for these financial statements, for maintaining effective internal control over [removed: 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.]

[removed: 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 [removed: 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.]

[removed: Those standards require that we plan and perform the audits to obtain reasonable assurance about] whether [removed: 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 [removed: respects.]

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the [removed: financial statements, whether due to error or fraud, and performing procedures to respond to those risks.]

[removed: Such procedures] included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

[removed: Our audits] also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating [removed: the overall presentation of the financial statements.]

[removed: 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 [removed: and evaluating the design and operating effectiveness of internal control based on the assessed risk.]

[removed: Our audits also included] performing such other procedures as we considered necessary in the circumstances.

We believe that our audits provide a [removed: reasonable basis for our opinions.]

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the [removed: reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.]

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become [removed: inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.]

[removed: The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated] or [removed: 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 [removed: judgments.]

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

[removed: 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 [removed: fair value hierarchy.]

These Level III investments have limited observable market activity and the inputs used in the [removed: 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 [removed: date.]

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

[removed: The change in the fair value of the underlying Level] III Investments held by the investment funds is a significant input into the determination of carried interest for each reporting [removed: period.]

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

Accrued but unpaid carried interest as of the reporting date is reflected in investments in the [removed: consolidated statements of financial condition.]

We identified certain Level III Investments as a critical audit matter because of the unobservable pricing inputs [removed: Management used to estimate fair value.]

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

Our audit procedures related to the unobservable pricing inputs used by Management to estimate the fair values of Level [removed: III Investments included the following, among others:]

- With the assistance of our fair value specialists, we evaluated Management’s process for Level III Investments [removed: valuation, including their determination of the unobservable pricing inputs used to estimate fair value.]

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

Policy Liabilities — Valuation of Policy Liabilities Associated with the Fixed-Indexed Annuity Product — Refer to Notes [removed: 2, 8, 9, and 17 to the financial statements][added: 2,]

The Company’s products include the fixed-indexed annuity product, which contains equity indexed features that are [removed: considered embedded derivatives and are required to be measured at fair value.]

[removed: In addition, certain fixed-indexed annuity] contracts are issued with guarantees, which are considered Market Risk Benefits (“MRBs”).

Management applies significant judgment in selecting assumptions used to estimate the value of embedded derivative [removed: liabilities and MRBs associated with the fixed-indexed annuity product.]

[removed: Changes in market conditions or variations in certain] assumptions could result in significant fluctuations in these estimates.

| | |

| --- | --- |

| | |

| | Page No. |

| Consolidated Statements of Financial Condition as of December 31, 2025 and 2024 | [159](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_22) |

| Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023 | [163](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_25) |

| | |

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

*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.

financial reporting as of December 31, 2025, based on criteria established in *Internal Control — Integrated Framework (2013)*

issued by COSO.

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

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.

Those standards require that we plan and

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

respects.

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

Such procedures

Our audits

the overall presentation of the financial statements.

Our audit of internal control over financial reporting included obtaining

and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included

reasonable basis for our opinions.

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

We have audited the accompanying consolidated statement of financial condition of KKR & Co. Inc. and its subsidiaries (the "Company") as of December 31, 2024 and 2023, 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, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements").

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, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

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.

February 28, 2025

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

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

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

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

| Total Assets | | | $ | 360,099,411 | | | | | $ | 317,294,194 | | | | | | | |

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

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

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

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

| Cash and Cash Equivalents | | | $ | 1,709,523 | | | | | $ | 1,162,174 | | | | | $ | — | | | | | $ | 2,871,697 | |

| Investments | | | 24,996,298 | | | | | | 57,343,237 | | | | | | — | | | | | | 82,339,535 | | |

| Other Assets | | | 429,827 | | | | | | 345,509 | | | | | | — | | | | | | 775,336 | | |

| | | | 27,135,648 | | | | | | 58,961,228 | | | | | | — | | | | | | 86,096,876 | | |

| Investments | | | — | | | | | | — | | | | | | 22,556,040 | | | | | | 22,556,040 | | |

| Other Assets | | | — | | | | | | — | | | | | | 491,607 | | | | | | 491,607 | | |

| | | | — | | | | | | — | | | | | | 23,830,662 | | | | | | 23,830,662 | | |

| Total Assets | | | $ | 27,135,648 | | | | | $ | 58,961,228 | | | | | $ | 23,830,662 | | | | | $ | 109,927,538 | |

| Debt Obligations | | | $ | 25,276,404 | | | | | $ | 8,554,449 | | | | | $ | — | | | | | $ | 33,830,853 | |

| Accrued Expenses and Other Liabilities | | | 869,765 | | | | | | 488,717 | | | | | | — | | | | | | 1,358,482 | | |

| | | | 26,146,169 | | | | | | 9,043,166 | | | | | | — | | | | | | 35,189,335 | | |

| Total Liabilities | | | $ | 26,146,169 | | | | | $ | 9,043,166 | | | | | $ | 337,162 | | | | | $ | 35,526,497 | |

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

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

| Basic | | | | | | | | | | | | | | | $ | 3.47 | | | | | $ | 4.24 | | | | | $ | (0.79) | |

| Diluted | | | | | | | | | | | | | | | $ | 3.28 | | | | | $ | 4.09 | | | | | $ | (0.79) | |

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

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

| End of Period | | | | | | | | | | | | | | | 1,115,792 | | | | | | 22,999,974 | | |

| Beginning of Period | | | | | | | | | | | | | | | 2,587 | | | | | | 258,726,163 | | |

| Cancellation of Series II Preferred Stock - Holdings Merger (See Note 1) | | | | | | | | | | | | | | | (2,582) | | | | | | (258,259,143) | | |

| Beginning of Period | | | | | | | | | | | | | | | 5,957 | | | | | | 595,663,618 | | |

| Holdings Merger (See Note 1) | | | | | | | | | | | | | | | 2,667 | | | | | | 266,759,143 | | |

| End of Period | | | | | | | | | | | | | | | 8,611 | | | | | | 861,110,478 | | |

| Beginning of Period (as previously reported) | | | | | | | | | | | | | | | 8,997,435 | | | | | | | | |

| Adoption of New Accounting Standard (See Note 2) | | | | | | | | | | | | | | | — | | | | | | | | |

| Exchange of KKR Holdings Units | | | | | | | | | | | | | | | 14,811 | | | | | | | | |

AND FINANCIAL DISCLOSURE

[removed: Any controls] and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired [removed: control objectives.]

We carried out an evaluation, under the supervision and with the participation of our management, including the [removed: 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, 2024.][added: Co-]

[removed: Based upon that evaluation, our Co-Chief Executive Officers and Chief] Financial Officer have concluded that, as of December 31, [removed: 2024,] [added: 2025,] our disclosure controls and procedures were effective to [removed: accomplish their objectives at the reasonable assurance level.]

- Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and [removed: dispositions of the assets of the company;]

[removed: - 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 [removed: company are being made only in accordance with authorizations of management and directors of the company; and]

[removed: - 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, [removed: 2024.][added: 2025.]

[removed: In] making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the [removed: Treadway Commission (COSO) in Internal Control—Integrated Framework that was issued in 2013.]

[removed: Based on its assessment,] our management has concluded that, as of December 31, [removed: 2024,] [added: 2025,] our internal control over financial reporting is effective.

No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) [removed: occurred during the fourth quarter of 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.]

[removed: 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 [removed: included in Financial Statements and Supplementary Data.]

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

control objectives.

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

accomplish their objectives at the reasonable assurance level.

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:

dispositions of the assets of the company;

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

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

In

Treadway Commission (COSO) in Internal Control—Integrated Framework that was issued in 2013.

Based on its assessment,

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

control over financial reporting.

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

included in Financial Statements and Supplementary Data.

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.

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:

INSPECTIONS

| Name | | [removed: |] Age | | [removed: | | | |] Position(s) | [removed: | |]

| Henry R. Kravis | | [removed: | 81 | | | |] [added: 82] | | Co-Executive Chairman and Director | [removed: | |]

| George R. Roberts | | [removed: | 81 | | | |] [added: 82] | | Co-Executive Chairman and Director | [removed: | |]

| Joseph Y. Bae | | [removed: | 53 | | | |] [added: 54] | | Co-Chief Executive Officer and Director | [removed: | |]

| Scott C. Nuttall | | [removed: | 52 | | | |] [added: 53] | | Co-Chief Executive Officer and Director | [removed: | |]

| Adriane M. Brown | | [removed: | 66 | | | |] [added: 67] | | Director | [removed: | |]

| Matthew R. Cohler | | [removed: | 47 | | | |] [added: 48] | | Director | [removed: | |]

| Mary N. Dillon | | [removed: | 63 | | | |] [added: 64] | | Director | [removed: | |]

| Arturo Gutiérrez Hernández | | [removed: | 58 | | | |] [added: 59] | | Director | [removed: | |]

| Xavier B. Niel | | [removed: | 57 | | | |] [added: 58] | | Director | [removed: | |]

| Kimberly A. Ross | | [removed: | 59 | | | |] [added: 60] | | Director | [removed: | |]

| Patricia F. Russo | | [removed: | 72 | | | |] [added: 73] | | Director | [removed: | |]

| Robert W. Scully | | [removed: | 75 | | | |] [added: 76] | | Director | [removed: | |]

| Evan T. Spiegel | | [removed: | 34 | | | |] [added: 35] | | Director | [removed: | |]

| Robert H. Lewin | | [removed: | 45 | | | |] [added: 46] | | Chief Financial Officer | [removed: | |]

| Dane E. Holmes | | [removed: | 54 | | | |] [added: 55] | | Chief Administrative Officer | [removed: | |]

| Kathryn K. Sudol | | [removed: | 50 | | | |] [added: 51] | | Chief Legal Officer and General Counsel | [removed: | |]

Prior to his current position, he [removed: was] [added: served as] our [removed: Co-Chief Executive Officer until 2021.][added: Co-]

Mr. Kravis currently serves on the boards of Axel [removed: Springer, ICONIQ Capital, LLC,] [added: Springer] and [removed: Catalio Capital Management, LP.]

[removed: 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 [removed: (former chairman), the Partnership Fund for New York City (founder), Rockefeller University (former vice chairman), and Sponsors for Educational Opportunity (chairman).]

[removed: He earned a B.A. from Claremont McKenna College in 1967] and an M.B.A. from the Columbia Business School in 1969.

[removed: Mr. Kravis has more than four decades of experience] financing, analyzing, and investing in public and private companies, as well as serving on the boards of a number of KKR [removed: portfolio companies.]

[removed: 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 [removed: Directors.]

[removed: Mr. Roberts has served as a director or trustee of] several cultural and educational institutions, including Claremont McKenna College.

[removed: He is also Founder and Chairman of the] board of directors of REDF, a San Francisco nonprofit organization.

[removed: 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.

[removed: Mr. Roberts has more than four 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.

[removed: 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 [removed: significant value to our Board of Directors.]

[removed: Prior to his current position, he served as Co-President] [added: President] and Co-Chief Operating Officer from 2017 to 2021, and he has been a member of our Board of Directors since July [removed: 2017.]

He was the architect of KKR’s expansion in Asia, building one of the [removed: largest and most successful platforms in the market.]

[removed: 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 [removed: investment committees and implementing the firm’s modern thematic investment approach.]

[removed: He is active in a number of non-profit] [added: profit] educational and cultural institutions, including co-founding and serving on the board of The Asian American Foundation, [removed: as a member of Harvard University’s Global Advisory Council, and as a member of the Harvard Corporation.]

[removed: Mr. Bae’s intimate] knowledge of KKR’s business and operations and his experience in a variety of senior leadership roles within KKR provide [removed: significant value to our Board of Directors.]