Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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

relates to movements in one or more of the fair value of investments, including the effect that those movements have on our

management fees, carried interest, and net gains from investment activities. Our exposure to market risks in our insurance

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

assets, liabilities, and hedge program.

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

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

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

obligations bearing variable rates. KKR has material exposure to market volatility in interest rates, credit spreads, and equity

prices through its insurance liabilities, many of which are structured to have exposure to market level changes, its investment

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

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

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

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

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

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

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

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

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

Management of Enterprise Risk

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

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

compliance, and regulatory risks, each within established risk limits and tolerances for our balance sheet, investment vehicles,

and investments.

Management of Market Risk

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

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

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

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

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

and insurance risks.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

to monitor the investment on an ongoing basis.

We also manage market risks that relate to our insurance business through a board of directors and management team

specifically focused on Global Atlantic. For more information, see "Management of Insurance Business" below.

Management of General Business Risk

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

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

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

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

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

KKR’s Global Conflicts and Compliance Committee is comprised of senior employees from across our asset management

business and operations, and it includes, among others, our Chief Financial Officer, Chief Legal Officer and General Counsel,

and Chief Compliance Officer. The Global Conflicts and Compliance Committee focuses on new or potential conflicts of

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

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

certain compliance matters.

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

consider potential risks to our business.

Management of Insurance Business

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

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

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

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

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

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

reflecting stress scenarios calibrated to the worst modern economic cycles. Global Atlantic's management-level committees

also evaluate and oversee certain risks affecting our insurance business, including Global Atlantic’s Financial Risk Committee,

Firmwide Executive Review Committee and Insurance Operating Committees, each of which consists of senior employees

from across our insurance and asset management businesses.

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

Asset Management and Strategic Holdings Segment Market Risks

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

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

Hedge Program

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

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

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

strategy.

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

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

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

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

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

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

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

rate indebtedness.

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

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

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

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

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

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

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

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

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

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

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

Sensitivities

Changes in Fair Value

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

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

investments held as of December 31, 2025, we estimate that an immediate 10% decrease in the fair value of investments

generally would result in a commensurate change in the amount of net gains (losses) from investment activities (except that

carried interest would likely be more significantly impacted), regardless of whether the investment was valued using

observable market prices or management estimates with significant unobservable pricing inputs. The impact that the

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

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

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

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

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

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

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

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

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

Based on the fair value of investments as of December 31, 2025 and December 31, 2024, we estimate that an immediate,

hypothetical 10% decline in the fair value of investments would result in declines in net income attributable to KKR & Co. Inc.

before income taxes in 2025 and 2024 from reductions in the following items, if not offset by other factors:

		December 31, 2025		December 31, 2024
($ in thousands)		Hypothetical 10% Decline in Fair Value of Investments (1)		Hypothetical 10% Decline in Fair Value of Investments (1)
Management Fees		$82,516	(2)	$60,782	(2)
Carried Interest, Net of Carry Pool Allocation		$549,627	(3)(4)	$442,171	(3)(4)
Net Gains/(Losses) From Investment Activities Including General Partner Capital Interest		$2,003,440	(3)	$1,890,459	(3)

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

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

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

(2)Represents an annualized reduction in management fees.

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

preferred returns are ignored.

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Asset

Management and Strategic Holdings" for further discussion related to the changes in our carry pool.

Management Fees

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

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

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

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

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

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

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

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

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

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

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

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

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

Publicly Traded Securities

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

prices of securities may be volatile and are likely to fluctuate due to a number of factors beyond our control. These factors

include actual or anticipated fluctuations in the quarterly and annual results of such companies or of other companies in the

industries in which they operate, market perceptions concerning the availability of additional securities for sale, general

economic, social or political developments, industry conditions, changes in government regulation, shortfalls in operating

results from levels forecasted by securities analysts, the general state of the securities markets, and other material events,

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

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

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

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

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

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

Business Environment."

Exchange Rate Risk

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

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

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

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

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

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

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

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

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

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

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

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

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

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

certain investment funds and CLO vehicles.

We estimate that an immediate, hypothetical 10% decline in the exchange rates between the U.S. dollar and all of the

major foreign currencies in which our investments were denominated as of December 31, 2025 and December 31, 2024 (i.e.,

an increase in the value of the U.S. dollar against these foreign currencies) would result in declines in net income attributable

to KKR & Co. Inc. before income taxes in 2025 and 2024 from reductions in the following items, net of the impact of foreign

exchange hedging strategies, if not offset by other factors:

		December 31, 2025		December 31, 2024
($ in thousands)		Hypothetical 10% Decline in Foreign Currencies Against the U.S. Dollar (1)		Hypothetical 10% Decline in Foreign Currencies Against the U.S. Dollar (1)
Carried Interest, Net of Carry Pool Allocation		$91,218	(2)(3)	$96,897	(2)(3)
Net Gains/(Losses) From Investment Activities Including General Partner Capital Interest		$186,175	(2)	$241,074	(2)

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

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

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

hedged.

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

preferred returns are ignored.

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates—Asset

Management and Strategic Holdings" for further discussion related to the changes in our carry pool.

Interest Rate Risk

Valuation of Investments

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

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

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

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

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

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

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

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

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

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

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

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

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

Interest Income

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

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

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

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

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

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

noteholders.

Interest Expense

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

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

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

vehicles, including CLOs, would have to make. With respect to consolidated investment vehicles and CLOs, the impact on net

income attributable to KKR & Co. Inc. resulting from an increase of a hypothetical 100 basis points in variable interest rates

used in the recognition of interest expense would not be expected to be material since a substantial portion of this increase

would be attributable to noncontrolling interests and third-party CLO noteholders. Our policy is to reduce these risks by

employing hedging techniques, including using interest rate swaps. The impact on net income attributable to KKR & Co. Inc.

resulting from an increase of a hypothetical 100 basis points in variable interest rates used in the recognition of interest

expense, net of the impact of interest rate hedging strategies, would not be expected to be material. Additionally, debt issued

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

Credit Risk

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

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

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

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

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

markets.

Insurance Segment Market Risks

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

conducted through Global Atlantic.

Hedge Program

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Global Atlantic's hedge program is not designed to, and may not be effective in, offsetting all impacts to net income,

assets under management, statutory capital, or economic values. Movements in market variables other than interest rates

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

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

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

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

condition and results of operation."

Sensitivities

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

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

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

further below.

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

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

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

other factors remain unchanged. Actual results can differ significantly from these estimates for a variety of reasons, including

the interaction among these factors when more than one changes, discretionary actions by management in response to such

changes, differences between the return of the underlying fund and the return on the index being hedged, actual experience

differing from the assumptions, changes in business mix, effective tax rates, and other market factors, and limitations

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

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

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

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

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

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

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

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

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

Interest Rate Risk

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

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

the following:

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

receivables;

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

• policy liabilities accounted under the fair value option,

• market risk benefits, and

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

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

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

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

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

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

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

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

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

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

of operations.

Effect of Interest Rate Sensitivity

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

parallel shift in the yield curve, from levels as of December 31, 2025 and 2024 to its net income and shareholders’ equity,

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

interest rate changes.

		December 31, 2025				December 31, 2024
		Hypothetical Change**(1)**				Hypothetical Change**(1)**
($ in thousands)		+50 Basis Points		-50 Basis Points		+50 Basis Points		-50 Basis Points
Total Estimated Net income and Shareholders’ Equity Excluding AOCI Sensitivity (Point in Time)		$306,814		$(320,746)		$217,630		$(227,213)
Total Estimated Net Income and Shareholders’ Equity Excluding AOCI Sensitivity (Over 12 Months)(2)		70,283		(70,283)		28,843		(28,843)

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

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

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

may be taken to mitigate actual impacts.

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

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

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

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

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

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

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

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

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

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

		December 31, 2025				December 31, 2024
		Hypothetical Change				Hypothetical Change
($ in thousands)		+50 Basis Points		-50 Basis Points		+50 Basis Points		-50 Basis Points
Total Estimated AOCI Sensitivity (Point in Time)		$(1,337,622)		$1,406,895		$(1,142,278)		$1,225,303

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

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

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

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

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

changes include the related income tax impacts.

Credit Spread Risk

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

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

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

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

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

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

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

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

thousand credit derivative position, respectively.

Effect of Credit Spread Sensitivity

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

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

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

embedded derivative liabilities.

		December 31, 2025				December 31, 2024
		Hypothetical Change				Hypothetical Change
($ in thousands)		+50 Basis Points		-50 Basis Points		+50 Basis Points		-50 Basis Points
Total Estimated Net income and Shareholders’ Equity Excluding AOCI Sensitivity (Point in Time)		$356,243		$(362,891)		$330,302		$(331,283)

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

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

AOCI.

		December 31, 2025				December 31, 2024
		Hypothetical Change				Hypothetical Change
($ in thousands)		+50 Basis Points		-50 Basis Points		+50 Basis Points		-50 Basis Points
Total Estimated AOCI Sensitivity (Point in Time)		$137,466		$(151,942)		$113,363		$(125,813)

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

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

Equity Price Risk

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

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

statements of the following:

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

annuities and interest sensitive products;

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

• certain of Global Atlantic's alternative assets.

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

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

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

following equity price moves.

Effect of Equity Price Sensitivity

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

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

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

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

		December 31, 2025				December 31, 2024
		Hypothetical Change**(1)**				Hypothetical Change**(1)**
($ in thousands)		+10% Equity Prices		-10% Equity Prices		+10% Equity Prices		-10% Equity Prices
Total Estimated Net income and Shareholders’ Equity Excluding AOCI Sensitivity (Point in Time)		$(1,055)		$(19,674)		$(3,646)		$(672)
Total Estimated Net Income and Shareholders’ Equity Excluding AOCI Sensitivity (Over 12 Months)(2)		$4,045		$(4,515)		$4,232		$(4,716)

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

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

may be taken to mitigate actual impacts.

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

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

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

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

expenses and related income tax impacts.

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

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

Exchange Rate Risk

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

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

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

mitigate exchange rate mismatch risk.

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

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

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

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

approximately $56 million.