Item 1. FINANCIAL STATEMENTS

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(Amounts in Thousands, Except Share and Per Share Data)

			March 31, 2025						December 31, 2024
Assets
Asset Management and Strategic Holdings
Cash and Cash Equivalents			$	11,503,912					$	8,535,048
Restricted Cash and Cash Equivalents			179,449						138,948
Investments			110,703,961						106,453,051
Due from Affiliates			1,813,329						1,856,045
Other Assets			5,669,371						5,534,286
			129,870,022						122,517,378
Insurance
Cash and Cash Equivalents			$	6,482,989					$	6,343,445
Restricted Cash and Cash Equivalents			227,115						350,512
Investments			175,146,614						170,144,744
Reinsurance Recoverable			45,321,679						45,270,625
Insurance Intangible Assets			5,303,897						5,198,943
Other Assets			6,281,939						6,292,704
Separate Account Assets			3,738,664						3,981,060
			242,502,897						237,582,033
Total Assets			$	372,372,919					$	360,099,411
Liabilities and Equity
Asset Management and Strategic Holdings
Debt Obligations			$	45,807,864					$	45,933,920
Due to Affiliates			463,289						524,516
Accrued Expenses and Other Liabilities			12,376,223						11,448,503
			58,647,376						57,906,939
Insurance
Policy Liabilities (market risk benefit liabilities: $1,206,372 and $1,002,236, as of March 31, 2025 and December 31, 2024, respectively.)			$	188,413,845					$	185,205,366
Debt Obligations			3,772,394						3,713,336
Funds Withheld Payable at Interest			44,254,674						43,961,910
Accrued Expenses and Other Liabilities			3,189,027						2,186,962
Reinsurance Liabilities			1,400,007						1,159,146
Separate Account Liabilities			3,738,664						3,981,060
			244,768,611						240,207,780
Total Liabilities			303,415,987						298,114,719

			March 31, 2025						December 31, 2024
Commitments and Contingencies (See Note 24)
Redeemable Noncontrolling Interests (See Note 23)			$	1,921,480					$	1,585,177
Stockholders' Equity
Series D Mandatory Convertible Preferred Stock, $0.01 par value. 51,750,000 and 0 shares, issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.			2,543,404						—
Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of March 31, 2025 and December 31, 2024.			—						—
Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 888,250,332 and 888,232,174 shares, issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.			8,882						8,882
Additional Paid-In Capital			18,612,895						18,406,718
Retained Earnings			11,941,148						12,282,513
Accumulated Other Comprehensive Income (Loss) ("AOCI")			(5,636,342)						(7,046,545)
Total KKR & Co. Inc. Stockholders' Equity			27,469,987						23,651,568
Noncontrolling Interests (See Note 22)			39,565,465						36,747,947
Total Equity			67,035,452						60,399,515
Total Liabilities and Equity			$	372,372,919					$	360,099,411

See notes to financial statements.

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (CONTINUED)

(Amounts in Thousands)

The following presents the portion of the consolidated balances provided in the consolidated statements of financial condition attributable to consolidated variable interest entities ("VIEs"). As of March 31, 2025 and December 31, 2024, KKR's consolidated VIEs consist primarily of (i) certain collateralized financing entities ("CFEs") including those CFEs holding collateralized loan obligations ("CLOs"), (ii) certain investment funds, and (iii) certain VIEs formed by Global Atlantic. The noteholders, creditors, and equity holders of these VIEs have no recourse to the assets of any other KKR entity.

With respect to consolidated CFEs and certain investment funds, the following assets may only be used to settle obligations of these consolidated VIEs and the following liabilities are only the obligations of these consolidated VIEs and not generally to KKR. Additionally, KKR has no right to the benefits from, nor does KKR bear the risks associated with, the assets held by these VIEs beyond KKR's beneficial interest therein and any income generated from the VIEs. There are neither explicit arrangements nor does KKR hold implicit variable interests that would require KKR to provide any material ongoing financial support to the consolidated VIEs, beyond amounts previously committed to them, if any.

With respect to certain other VIEs consolidated by Global Atlantic, Global Atlantic has formed certain VIEs to either (i) hold investments, including fixed maturity securities, consumer and other loans, renewable energy, transportation, and real estate, or (ii) to conduct certain reinsurance activities with third party commitments. These VIEs issue beneficial interests primarily to Global Atlantic’s insurance companies.

			March 31, 2025
			Consolidated CFEs						Consolidated Funds and Other Investment Vehicles						Other VIEs						Total
Assets
Asset Management and Strategic Holdings
Cash and Cash Equivalents			$	2,228,782					$	1,859,124					$	—					$	4,087,906
Restricted Cash and Cash Equivalents			—						141,060						—						141,060
Investments			27,276,888						64,888,987						—						92,165,875
Other Assets			542,023						433,028						—						975,051
			30,047,693						67,322,199						—						97,369,892
Insurance
Cash and Cash Equivalents			—						—						1,091,334						1,091,334
Investments			—						—						28,175,395						28,175,395
Other Assets			—						—						856,156						856,156
			—						—						30,122,885						30,122,885
Total Assets			$	30,047,693					$	67,322,199					$	30,122,885					$	127,492,777
Liabilities
Asset Management and Strategic Holdings
Debt Obligations			$	26,771,901					$	7,667,100					$	—					$	34,439,001
Accrued Expenses and Other Liabilities			1,855,766						384,623						—						2,240,389
			28,627,667						8,051,723						—						36,679,390
Insurance
Debt Obligations			—						—						79,500						79,500
Accrued Expenses and Other Liabilities			—						—						405,337						405,337
			—						—						484,837						484,837
Total Liabilities			$	28,627,667					$	8,051,723					$	484,837					$	37,164,227

			December 31, 2024
			Consolidated CFEs						Consolidated Funds and Other Investment Vehicles						Other VIEs						Total
Assets
Asset Management and Strategic Holdings
Cash and Cash Equivalents			$	2,945,010					$	1,319,779					$	—					$	4,264,789
Restricted Cash and Cash Equivalents			—						115,467						—						115,467
Investments			27,488,538						60,366,652						—						87,855,190
Other Assets			333,653						601,547						—						935,200
			30,767,201						62,403,445						—						93,170,646
Insurance
Cash and Cash Equivalents			—						—						853,240						853,240
Investments			—						—						27,649,919						27,649,919
Other Assets			—						—						763,982						763,982
			—						—						29,267,141						29,267,141
Total Assets			$	30,767,201					$	62,403,445					$	29,267,141					$	122,437,787
Liabilities
Asset Management and Strategic Holdings
Debt Obligations			$	27,150,809					$	7,555,057					$	—					$	34,705,866
Accrued Expenses and Other Liabilities			2,244,253						231,411						—						2,475,664
			29,395,062						7,786,468						—						37,181,530
Insurance
Debt Obligations			—						—						70,400						70,400
Accrued Expenses and Other Liabilities			—						—						495,814						495,814
Total Liabilities			$	29,395,062					$	7,786,468					$	566,214					$	37,747,744

See notes to financial statements.

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Amounts in Thousands, Except Share and Per Share Data)

			Three Months Ended March 31,
			2025																		2024
Revenues
Asset Management and Strategic Holdings
Fees and Other			$	886,810																	$	693,526
Capital Allocation-Based Income (Loss)			1,159,105																		1,262,942
			2,045,915																		1,956,468
Insurance
Net Premiums			323,364																		6,036,522
Policy Fees			338,473																		328,947
Net Investment Income			1,783,280																		1,519,902
Net Investment-Related Gains (Losses)			(1,436,337)																		(241,486)
Other Income			55,488																		56,385
			1,064,268																		7,700,270
Total Revenues			3,110,183																		9,656,738
Expenses
Asset Management and Strategic Holdings
Compensation and Benefits			1,333,103																		1,316,448
Occupancy and Related Charges			34,465																		23,540
General, Administrative and Other			300,332																		277,981
			1,667,900																		1,617,969
Insurance
Net Policy Benefits and Claims (including market risk benefit (gain) loss of $221,394 and $(101,760), as of March 31, 2025 and March 31, 2024, respectively; remeasurement (gain) loss on policy liabilities: $42,252, as of March 31, 2025.)			1,708,294																		7,261,069
Amortization of Policy Acquisition Costs			97,971																		(3,752)
Interest Expense			69,571																		54,567
Insurance Expenses			105,654																		199,236
General, Administrative and Other			181,565																		183,855
			2,163,055																		7,694,975
Total Expenses			3,830,955																		9,312,944
Investment Income (Loss) - Asset Management and Strategic Holdings
Net Gains (Losses) from Investment Activities			1,086,591																		638,162
Dividend Income			273,890																		245,057
Interest Income			785,857																		890,102
Interest Expense			(654,499)																		(754,064)
Total Investment Income (Loss)			1,491,839																		1,019,257
Income (Loss) Before Taxes			771,067																		1,363,051
Income Tax Expense (Benefit)			86,569																		269,201

			Three Months Ended March 31,
			2025																		2024
Net Income (Loss)			684,498																		1,093,850
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests			8,494																		32,678
Net Income (Loss) Attributable to Noncontrolling Interests			861,928																		378,958
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders			$	(185,924)																	$	682,214
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock
Basic			$	(0.22)																	$	0.77
Diluted			$	(0.22)																	$	0.74
Weighted Average Shares of Common Stock Outstanding
Basic			888,246,698																		885,005,824
Diluted			888,246,698																		925,141,166

See notes to financial statements.

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

(Amounts in Thousands)

						Three Months Ended March 31,
						2025																		2024
Net Income (Loss)						$	684,498																	$	1,093,850
Other Comprehensive Income (Loss), Net of Tax:
Unrealized Gains (Losses) on Available-For-Sale Securities and Other						1,456,349																		(200,221)
Net effect of changes in discount rates and instrument-specific credit risk on policy liabilities						(185,584)																		125,180
Foreign Currency Translation Adjustments						140,705																		(107,161)
Comprehensive Income (Loss)						2,095,968																		911,648
Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests						8,494																		32,678
Comprehensive Income (Loss) Attributable to Noncontrolling Interests						867,927																		377,478
Comprehensive Income (Loss) Attributable to KKR & Co. Inc.						$	1,219,547																	$	501,492

See notes to financial statements.

KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Amounts in Thousands, Except Share and Per Share Data)
			Three Months Ended March 31, 2025												Three Months Ended March 31, 2024
			Amounts						Shares						Amounts						Shares
Series D Mandatory Convertible Preferred Stock
Beginning of Period			$	—					—						$	—					—
Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs)			2,543,404						51,750,000						—						—
End of Period			2,543,404						51,750,000						—						—
Series I Preferred Stock
Beginning of Period			—						1						—						1
End of Period			—						1						—						1
Common Stock
Beginning of Period			8,882						888,232,174						8,850						885,005,588
Clawback of Transfer Restricted Shares			—						(1,882)						—						—
Private Placement Share Issuance			—						8,058						—						5,379
Net Delivery of Common Stock (Equity Incentive Plans)			—						11,982						—						—
End of Period			8,882						888,250,332						8,850						885,010,967
Additional Paid-In Capital
Beginning of Period			18,406,718												17,549,157
Compensation Modification			—												226,011
Compensation Modification - Issuance of Holdings III Units			—												(53,623)
Net Delivery of Common Stock (Equity Incentive Plans)			(694)												—
Equity-Based Compensation (Non-Cash Contribution)			81,987												79,504
2024 GA Acquisition - Issuance of Holdings III Units (See Note 1)			—												(40,789)
Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition			—												128,194
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)			122,878												144,145
Tax Effects of Changes in Ownership and Other			2,006												—
End of Period			18,612,895												18,032,599
Retained Earnings
Beginning of Period			12,282,513												9,818,336
Net Income (Loss) Attributable to KKR & Co. Inc.			(185,924)												682,214
Common Stock Dividends ($0.175 and $0.165 per share)			(155,441)												(146,026)
End of Period			11,941,148												10,354,524
Accumulated Other Comprehensive Income (Loss) (net of tax)
Beginning of Period			(7,046,545)												(4,517,649)
Other Comprehensive Income (Loss)			1,405,471												(180,722)
Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition			—												(2,297,494)
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)			4,732												21,085
End of Period			(5,636,342)												(6,974,780)
Total KKR & Co. Inc. Stockholders' Equity			27,469,987												21,421,193
Noncontrolling Interests (See Note 22)			39,565,465												34,568,564
Total Equity			$	67,035,452											$	55,989,757
Redeemable Noncontrolling Interests (See Note 23)			$	1,921,480											$	922,093

See notes to financial statements.

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in Thousands)

															Three Months Ended March 31,
																					2025						2024
Operating Activities
Net Income (Loss)																					$	684,498					$	1,093,850
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity-Based Compensation																					183,568						183,411
Net Realized (Gains) Losses - Asset Management and Strategic Holdings																					(70,229)						190,905
Change in Unrealized (Gains) Losses - Asset Management and Strategic Holdings																					(1,016,362)						(829,067)
Capital Allocation-Based (Income) Loss - Asset Management and Strategic Holdings																					(1,159,105)						(1,262,942)
Net Investment and Policy Liability-Related (Gains) Losses - Insurance																					1,660,241						591,288
Net Accretion and Amortization																					(53,645)						(14,484)
Interest Credited to Policyholder Account Balances (net of Policy Fees) - Insurance																					1,156,919						925,399
Other Non-Cash Amounts																					232,447						59,030
Cash Flows Due to Changes in Operating Assets and Liabilities:
Reinsurance Transactions and Acquisitions, Net of Cash Provided - Insurance																					87,399						152,861
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable - Insurance																					365,957						583,293
Change in Deferred Policy Acquisition Costs - Insurance																					(239,121)						(178,684)
Change in Policy Liabilities and Accruals, Net - Insurance																					(260,265)						(89,817)
Change in Consolidation																					(145)						—
Change in Due from / to Affiliates																					14,746						(101,267)
Change in Other Assets																					151,251						(19,836)
Change in Accrued Expenses and Other Liabilities																					1,165,970						951,953
Investments Purchased - Asset Management and Strategic Holdings																					(10,883,447)						(10,454,480)
Proceeds from Investments - Asset Management and Strategic Holdings																					10,529,049						9,746,020
Net Cash Provided (Used) by Operating Activities																					2,549,726						1,527,433
Investing Activities
Purchases of Fixed Assets																					(20,846)						(17,295)
Investments Purchased - Insurance																					(24,919,638)						(13,726,204)
Proceeds from Investments - Insurance																					21,793,291						7,528,657
Other Investing Activities, Net - Insurance																					(119)						16,063
Net Cash Provided (Used) by Investing Activities																					(3,147,312)						(6,198,779)
Financing Activities
Common Stock Dividends																					(155,441)						(146,026)
Distributions to Redeemable Noncontrolling Interests																					(7,704)						(8,265)
Contributions from Redeemable Noncontrolling Interests																					335,513						282,253
Distributions to Noncontrolling Interests																					(988,003)						(1,732,066)
Contributions from Noncontrolling Interests																					833,569						1,434,323
Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs)																					2,543,404						—
2024 GA Acquisition - Cash consideration (See Note 1)																					—						(2,622,230)
Net Delivery of Common Stock (Equity Incentive Plans)																					(694)						—
Proceeds from Debt Obligations																					4,660,096						5,717,282
Repayment of Debt Obligations																					(5,165,945)						(4,928,299)
Financing Costs Paid																					(109)						—
Additions to Contractholder Deposit Funds - Insurance																					6,259,326						7,451,253
Withdrawals from Contractholder Deposit Funds - Insurance																					(4,752,660)						(4,887,018)
Reinsurance Transactions, Net of Cash Provided - Insurance																					—						12,198
Other Financing Activity, Net - Insurance																					41,752						(528,441)
Net Cash Provided (Used) by Financing Activities																					3,603,104						44,964
Effect of exchange rate changes on cash, cash equivalents and restricted cash																					19,994						(16,210)

															Three Months Ended March 31,
																					2025						2024
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash																					$	3,025,512					$	(4,642,592)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period																					15,367,953						20,808,120
Cash, Cash Equivalents and Restricted Cash, End of Period																					$	18,393,465					$	16,165,528
Cash, Cash Equivalents and Restricted Cash are comprised of the following:
Beginning of the Period
Asset Management and Strategic Holdings
Cash and Cash Equivalents																					$	8,535,048					$	8,393,892
Restricted Cash and Cash Equivalents																					138,948						116,599
Total Asset Management and Strategic Holdings																					8,673,996						8,510,491
Insurance
Cash and Cash Equivalents																					$	6,343,445					$	11,954,675
Restricted Cash and Cash Equivalents																					350,512						342,954
Total Insurance																					6,693,957						12,297,629
Cash, Cash Equivalents and Restricted Cash, Beginning of Period																					$	15,367,953					$	20,808,120
End of the Period
Asset Management and Strategic Holdings
Cash and Cash Equivalents																					$	11,503,912					$	7,083,931
Restricted Cash and Cash Equivalents																					179,449						227,486
Total Asset Management and Strategic Holdings																					11,683,361						7,311,417
Insurance
Cash and Cash Equivalents																					$	6,482,989					$	8,524,962
Restricted Cash and Cash Equivalents																					227,115						329,149
Total Insurance																					6,710,104						8,854,111
Cash, Cash Equivalents and Restricted Cash, End of Period																					$	18,393,465					$	16,165,528

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)

(Amounts in Thousands)

												Three Months Ended March 31,
												2025						2024
Supplemental Disclosures of Cash Flow Information
Payments for Interest												$	602,631					$	745,412
Payments for Income Taxes												$	73,596					$	39,375
Payments for Operating Lease Liabilities												$	16,698					$	17,339
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Non-Cash Contribution from Noncontrolling Interests												$	75					$	3,879
Non-Cash Repayment of Debt Obligations												$	(100,000)					$	—
Debt Obligations - Net Gains (Losses), Translation and Other												$	44,987					$	400,122
Investments Acquired through Reinsurance Agreements												$	—					$	9,996,537
Contractholder Deposit Funds Acquired through Reinsurance Agreements												$	—					$	1,229,728
Change in Consolidation
Investments - Asset Management and Strategic Holdings												$	2,130,064					$	—
Other Assets												$	(2,147)					$	—
Accrued Expenses and Other Liabilities												$	(19)					$	—
Noncontrolling Interests												$	2,129,979					$	—

See notes to financial statements.

KKR & CO. INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(All Amounts in Thousands, Except Share and Per Share Data, and Except Where Noted)

1. ORGANIZATION

KKR & Co. Inc. (NYSE: KKR), through its subsidiaries (collectively, "KKR"), is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of The Global Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic").

KKR & Co. Inc. is the parent company of KKR Group Co. Inc., which in turn owns KKR Group Holdings Corp., which is the general partner of KKR Group Partnership L.P. ("KKR Group Partnership"). KKR & Co. Inc. both indirectly controls KKR Group Partnership and indirectly holds Class A partner interests in KKR Group Partnership ("KKR Group Partnership Units") representing economic interests in KKR's business. As of March 31, 2025, KKR & Co. Inc. held indirectly approximately 99.1% of the KKR Group Partnership Units. The remaining balance is held indirectly by KKR current and former employees through restricted holdings units representing an ownership interest in KKR Group Partnership Units, which may be exchanged for shares of common stock of KKR & Co. Inc. ("exchangeable securities"). As limited partner interests, these KKR Group Partnership Units are non-voting and do not entitle anyone other than KKR to manage its business and affairs. KKR Group Partnership also has outstanding limited partner interests that provide for a carry pool provided by KKR Associates Holdings L.P. ("Associates Holdings") and outstanding preferred units with economic terms that mirror the KKR & Co. Inc. 6.25% Series D Mandatory Convertible Preferred Stock (the “Series D Mandatory Convertible Preferred Stock”).

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”). The purchase price paid by KKR was approximately $2.6 billion in cash and $41 million in securities exchangeable for shares of KKR & Co. Inc. common stock. Global Atlantic was consolidated prior to January 2, 2024 and consequently, this transaction was accounted for as an equity transaction. At the time of the 2024 GA Acquisition, the carrying value of the noncontrolling interests held by third party co-investors and Global Atlantic employees in Global Atlantic was lower than the purchase price paid by KKR, which was determined by excluding unrealized losses on its available-for-sale portfolio and consistent with the calculation of the purchase price paid by KKR to acquire Global Atlantic in 2021. As such, this transaction resulted in a decrease in KKR & Co. Inc. Stockholders’ Equity.

In this report, references to "KKR," refer to KKR & Co. Inc. and its subsidiaries, including The Global Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic"), unless the context requires otherwise, especially in sections where "KKR" is intended to refer to the asset management and strategic holdings businesses only. References in these financial statements to "principals" are to KKR's current and former employees who held interests in KKR's business through KKR Holdings prior to the Reorganization Mergers (as defined below). References to our "funds," "vehicles" or "investment vehicles" refer to a wide array of investment funds, vehicles, and accounts that are advised, managed or sponsored by one or more subsidiaries of KKR, including collateralized loan obligations ("CLOs") and business development companies (each, a "BDC"), unless the context requires otherwise.

Reorganization Agreement

On October 8, 2021, KKR entered into a Reorganization Agreement (the "Reorganization Agreement") with KKR Holdings L.P. ("KKR Holdings"), KKR Management LLP (which holds the sole outstanding share of Series I preferred stock), Associates Holdings, and the other parties thereto. Pursuant to the Reorganization Agreement, the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural and governance changes, some of which were completed on May 31, 2022, and other changes to be completed in the future. On May 31, 2022, KKR completed the merger transactions ("Reorganization Mergers") contemplated by the Reorganization Agreement pursuant to which KKR acquired KKR Holdings (which changed its name to KKR Group Holdings L.P.) and all of the KKR Group Partnership Units held by it.

Pursuant to the Reorganization Agreement, the following transactions will occur in the future on the Sunset Date (as defined below):

i.the control of KKR & Co. Inc. by KKR Management LLP and the Series I Preferred Stock held by it will be eliminated,

ii.the voting rights for all common stock of KKR & Co. Inc., including with respect to the election of directors, will be established on a one vote per share basis, and

iii.KKR will acquire control of Associates Holdings, the entity providing for the allocation of carry proceeds to KKR employees, also known as the carry pool.

The “Sunset Date” will be the earlier of (i) December 31, 2026 and (ii) the six-month anniversary of the first date on which the death or permanent disability of both Mr. Henry Kravis and Mr. George Roberts (collectively, "Co-Founders") has occurred (or any earlier date consented to by KKR Management LLP in its sole discretion). In addition, KKR Management LLP agreed not to transfer its ownership of the sole share of Series I Preferred Stock, and, the changes to occur effective on the Sunset Date are unconditional commitments of the parties to the Reorganization Agreement.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements of KKR & Co. Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to this Quarterly Report on Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the "financial statements"), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the financial statements are presented fairly and that estimates made in preparing the financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The consolidated balance sheet data as of December 31, 2024 were derived from audited financial statements included in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2025 (our "Annual Report"), and the financial statements should be read in conjunction with the audited financial statements included therein. Additionally, in the accompanying financial statements, the condensed consolidated statements of financial condition are referred to hereafter as the "consolidated statements of financial condition"; the condensed consolidated statements of operations are referred to hereafter as the "consolidated statements of operations"; the condensed consolidated statements of comprehensive income (loss) are referred to hereafter as the "consolidated statements of comprehensive income (loss)"; the condensed consolidated statements of changes in equity are referred to hereafter as the "consolidated statements of changes in equity"; and the condensed consolidated statements of cash flows are referred to hereafter as the "consolidated statements of cash flows."

KKR consolidates the financial results of KKR Group Partnership and its consolidated entities, which include the accounts of KKR's investment management and capital markets companies, the general partners of certain unconsolidated investment funds, general partners of consolidated investment funds and their respective consolidated investment funds, Global Atlantic’s insurance companies and certain other entities including CFEs.

The presentations in the consolidated statement of financial condition and consolidated statement of operations reflect the significant industry diversification of KKR by its acquisition of Global Atlantic. Global Atlantic operates an insurance business, and KKR operates an asset management business, which manages the operations of the Strategic Holdings segment (see Note 21 "Segment Reporting"), each of which possess distinct characteristics. As a result, KKR developed a two-tiered approach for the financial statements presentation, where Global Atlantic's insurance operations are presented separately from KKR's asset management business. KKR believes that these separate presentations provide a more informative view of the consolidated financial position and results of operations than traditional aggregated presentations and that reporting Global Atlantic’s insurance operations separately is appropriate given, among other factors, the relative significance of Global Atlantic’s policy liabilities, which are only obligations of the insurance companies that issued or assumed them. If a traditional aggregate presentation were to be used, KKR would expect to eliminate or combine several identical or similar captions, which would condense the presentations, but would also reduce the level of information presented. KKR also believes that using a traditional aggregate presentation would result in no new line items compared to the two-tier presentation included in the financial statements in this report.

In the ordinary course of business, KKR’s Asset Management business, Strategic Holdings business and Insurance business enter into transactions with each other, which may include transactions pursuant to their investment management agreements and certain financing arrangements. The borrowings from these financing arrangements are non-recourse to KKR beyond the assets designated to support such borrowings. All of the investment management and financing arrangements amongst KKR segments are eliminated in consolidation.

All intercompany transactions and balances have been eliminated. When the Insurance business makes an investment in an entity consolidated by the Asset Management business, the investment is eliminated from the investment balance in the Insurance tier in the presentation of the consolidated financial statements.

For a detailed discussion about KKR’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the Annual Report. Other than the items listed below, during the three months ended March 31, 2025, there were no significant updates to KKR’s significant accounting policies.

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the recognition and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, investment income (loss) and income taxes during the reporting periods. Such estimates include but are not limited to (i) the valuation of investments and financial instruments, (ii) the determination of the income tax provision, (iii) the impairment of goodwill and intangible assets, (iv) the impairment of available-for-sale investments, (v) the valuation of insurance policy liabilities, including market risk benefits, (vi) the valuation of embedded derivatives in policy liabilities and funds withheld, (vii) the determination of the allowance for loan losses, and (viii) amortization of deferred revenues and expenses associated with the insurance business.

Certain events particular to each industry and country or region in which the portfolio companies conduct their operations, as well as general market, economic, political, geopolitical (including uncertainties resulting from changes to U.S. and global tariff policies and escalating trade tensions), and regulatory conditions, and natural disasters and catastrophes, including public health crises, may have a significant negative impact on KKR’s investments and profitability. Such events are beyond KKR’s control, and the likelihood that they may occur and the effect on KKR's use of estimates cannot be predicted. Actual results could differ from those estimates, and such differences could be material to the financial statements.

Adoption of new accounting pronouncements

Scope Application of Profits Interest and Similar Awards

In March 2024, the FASB issued ASU 2024–01, “Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” (“ASU 2024–01”). ASU 2024–01 amends the guidance in Accounting Standard Codification 718 (“ASC 718”) by adding an illustrative example to demonstrate and clarify how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as a share-based payment arrangement under ASC 718 or another standard. KKR adopted this accounting standard effective for the reporting period ended March 31, 2025, and its adoption did not have a material impact on KKR’s consolidated financial statements.

Future application of accounting standards

Income Tax Disclosure Improvements

In December 2023, the FASB issued ASU 2023–09, "Improvements to Income Tax Disclosures" ("ASU 2023–09"). ASU 2023–09 intends to enhance the transparency and decision usefulness of income tax disclosures, requiring disaggregated information about an entity’s effective tax rate reconciliation as well as income taxes paid. The guidance is effective for KKR’s annual period ending December 31, 2025. KKR is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. The update will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. KKR is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

3. REVENUES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS

For the three months ended March 31, 2025 and 2024, respectively, Asset Management and Strategic Holdings revenues consisted of the following:

									Three Months Ended March 31,
												2025						2024
Management Fees												$	531,699					$	486,754
Fee Credits												(136,262)						(94,046)
Transaction Fees												388,329						218,618
Monitoring Fees												48,671						48,967
Incentive Fees												1,328						6,626
Expense Reimbursements												32,208						8,093
Consulting Fees												20,837						18,514
Fees and Other												886,810						693,526
Carried Interest												1,068,262						1,144,928
General Partner Capital Interest												90,843						118,014
Total Capital Allocation-Based Income (Loss)												1,159,105						1,262,942
Total Revenues												$	2,045,915					$	1,956,468

4. NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS

Net Gains (Losses) from Investment Activities in the consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

The following table summarizes total Net Gains (Losses) from Investment Activities:

			Three Months Ended March 31, 2025																		Three Months Ended March 31, 2024
			Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Total						Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Total
Private Equity (1)			$	331,154					$	935,889					$	1,267,043					$	(12,676)					$	348,441					$	335,765
Credit (1)			(83,298)						74,688						(8,610)						57,430						(81,451)						(24,021)
Investments of Consolidated CFEs (1)			(138,086)						(285,891)						(423,977)						5,005						96,973						101,978
Real Assets (1)			(45,211)						68,751						23,540						(109,398)						(105,223)						(214,621)
Equity Method - Other (1)			46,401						245,814						292,215						102,903						87,540						190,443
Other Investments (1)			(147,169)						255,318						108,149						(269,858)						345,478						75,620
Foreign Exchange Forward Contracts and Options (2)			83,826						(467,022)						(383,196)						35,139						148,203						183,342
Securities Sold Short (2)			6						349						355						(7,169)						(2,093)						(9,262)
Other Derivatives (2)			16						(723)						(707)						87						2,363						2,450
Debt Obligations and Other (3)			22,590						189,189						211,779						7,632						(11,164)						(3,532)
Net Gains (Losses) From Investment Activities			$	70,229					$	1,016,362					$	1,086,591					$	(190,905)					$	829,067					$	638,162

(1)See Note 7 "Investments."

(2)See Note 8 "Derivatives" and Note 14 "Other Assets and Accrued Expenses and Other Liabilities."

(3)See Note 16 "Debt Obligations."

5. NET INVESTMENT INCOME - INSURANCE

Net investment income for Global Atlantic is comprised primarily of (i) interest income, including amortization of premiums and accretion of discounts, (ii) dividend income from common and preferred stock, (iii) earnings from investments accounted for under equity method accounting, and (iv) lease income on real assets.

The components of net investment income were as follows:

									Three Months Ended March 31,
															2025						2024
Fixed Maturity Securities															$	1,426,184					$	1,327,010
Mortgage and Other Loan Receivables															772,018						559,682
Real Assets															258,975						143,292
Short-Term and Other Investment Income															134,833						162,069
Income Assumed from Funds Withheld Receivable at Interest															19,480						22,233
Policy Loans															22,056						24,503
Income Ceded to Funds Withheld Payable at Interest															(620,197)						(519,999)
Total Investment Income (Losses)															2,013,349						1,718,790
Less Investment Expenses:
Investment Management and Administration															142,628						117,089
Real Asset Depreciation and Maintenance															63,732						50,151
Interest Expense on Derivative Collateral and Repurchase Agreements															23,709						31,648
Net Investment Income (Losses)															$	1,783,280					$	1,519,902

6. NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE

Net investment-related gains (losses) from insurance operations primarily consist of (i) realized gains (losses) from the disposal of investments, (ii) unrealized gains (losses) from investments held for trading, equity securities, real estate investments accounted for under investment company accounting, and investments with fair value remeasurements recognized in earnings as a result of the election of a fair-value option, (iii) unrealized gains (losses) on funds withheld receivable and payable at interest, (iv) unrealized gains (losses) from derivatives (excluding certain derivatives designated as hedge accounting instruments), and (v) allowances for credit losses, and other impairments of investments.

Net investment-related gains (losses) were as follows:

									Three Months Ended March 31,
															2025						2024
Realized Gains (Losses) on Available-For-Sale Fixed Maturity Securities															$	(1,117,445)					$	(28,157)
Credit Loss Allowances on Available-For-Sale Securities															(48,240)						29,367
Credit Loss Allowances on Mortgage and Other Loan Receivables															(36,800)						(126,902)
Credit Loss Allowances on Unfunded Commitments															370						(4,578)
Unrealized Gains (Losses) on Fixed Maturity Securities Classified as Trading															259,207						(99,579)
Unrealized Gains (Losses) on Other Investments Recognized Under the Fair-Value Option and Equity Investments															42,075						(2,523)
Unrealized Gains (Losses) on Real Assets															19,329						(117,695)
Realized Gains (Losses) on Real Assets															10,501						(1,073)
Net Gains (Losses) on Derivative Instruments															(659,580)						100,968
Realized Gains (Losses) on Funds Withheld at Interest Payable Portfolio															75,986						24,287
Realized Gains (Losses) on Funds Withheld at Interest Receivable Portfolio															(50,267)						(2,286)
Other Realized Gains (Losses)															68,527						(13,315)
Net Investment-Related Gains (Losses)															$	(1,436,337)					$	(241,486)

Allowance for Credit Losses

Available-For-Sale Fixed Maturity Securities

The table below presents a roll-forward of the allowance for credit losses recognized for fixed maturity securities held by Global Atlantic:

			Three Months Ended March 31, 2025																		Three Months Ended March 31, 2024
			Corporate						Structured						Total						Corporate						Structured						Total
Balance, as of Beginning of Period			$	99,616					$	175,706					$	275,322					$	49,008					$	219,704					$	268,712
Initial Credit Loss Allowance Recognized on Securities with No Previously Recognized Allowance			18,526						18,307						36,833						8,694						877						9,571
Accretion of Initial Credit Loss Allowance on PCD Securities			—						264						264						—						163						163
Reductions Due to Sales (or Maturities, Pay Downs or Prepayments) During the Period of Securities with a Previously Recognized Credit Loss Allowance			(455)						(15,471)						(15,926)						(60)						(5,859)						(5,919)
Net Additions / Reductions for Securities with a Previously Recognized Credit Loss Allowance			643						10,764						11,407						(5,094)						(33,844)						(38,938)
Balances Charged Off			(42,568)						—						(42,568)						(23,629)						—						(23,629)
Balance, as of End of Period			$	75,762					$	189,570					$	265,332					$	28,919					$	181,041					$	209,960

Mortgage and Other Loan Receivables

Changes in the allowance for credit losses on mortgage and other loan receivables held by Global Atlantic are summarized below:

			Three Months Ended March 31, 2025																								Three Months Ended March 31, 2024
			Commercial Mortgage Loans						Residential Mortgage Loans						Consumer and Other Loan Receivables						Total						Commercial Mortgage Loans						Residential Mortgage Loans						Consumer and Other Loan Receivables						Total
Balance, as of Beginning of Period			$	326,057					$	107,245					$	181,106					$	614,408					$	319,631					$	107,204					$	175,608					$	602,443
Net Provision (Release)			24,974						1,880						9,946						36,800						57,156						(5,141)						74,887						126,902
Charge-Offs			—						(539)						(37,183)						(37,722)						(16,379)						(639)						(41,439)						(58,457)
Recoveries of Amounts Previously Charged-Off			—						—						5,361						5,361						—						—						5,108						5,108
Balance, as of End of Period			$	351,031					$	108,586					$	159,230					$	618,847					$	360,408					$	101,424					$	214,164					$	675,996

Proceeds and Gross Gains and Losses from Voluntary Sales

The proceeds from voluntary sales and the gross gains and losses on those sales of available-for-sale ("AFS") fixed maturity securities were as follows:

									Three Months Ended March 31,
															2025						2024
AFS Fixed Maturity Securities:
Proceeds from Voluntary Sales															$	12,130,414					$	1,999,289
Gross Gains															$	17,990					$	8,359
Gross Losses															$	(1,126,744)					$	(16,544)

7. INVESTMENTS

Investments consist of the following:

			March 31, 2025						December 31, 2024
Asset Management and Strategic Holdings
Private Equity			$	38,227,026					$	34,462,952
Credit			7,542,275						8,054,581
Investments of Consolidated CFEs			27,276,888						27,488,538
Real Assets			13,197,074						13,222,738
Equity Method - Other			8,701,872						8,333,527
Equity Method - Capital Allocation-Based Income			10,704,836						9,798,370
Other Investments			5,053,990						5,092,344
Investments – Asset Management and Strategic Holdings			$	110,703,961					$	106,453,051
Insurance
Fixed Maturity Securities, Available-For-Sale, at Fair Value(1)			$	78,638,024					$	76,259,956
Mortgage and Other Loan Receivables			53,027,128						52,751,077
Fixed Maturity Securities, Trading, at Fair Value(2)			21,988,120						21,419,241
Real Assets(3)(4)			14,339,505						14,078,498
Other Investments(4)(5)			3,060,130						1,475,156
Funds Withheld Receivable at Interest			2,474,756						2,537,858
Policy Loans			1,618,951						1,622,958
Investments – Insurance(6)			$	175,146,614					$	170,144,744
Total Investments			$	285,850,575					$	276,597,795

(1)Amortized cost of $86.2 billion and $85.6 billion, net of credit loss allowances of $265.3 million and $275.3 million as of March 31, 2025 and December 31, 2024, respectively.

(2)Amortized cost of $24.1 billion and $23.8 billion as of March 31, 2025 and December 31, 2024, respectively. Trading fixed maturity securities are primarily held to back funds withheld payable at interest. The investment performance on these investments is ceded to third-party reinsurers.

(3)Net of accumulated depreciation of $660.0 million and $623.1 million as of March 31, 2025 and December 31, 2024, respectively.

(4)Real assets of $1.0 billion as of both March 31, 2025 and December 31, 2024, and other investments of $679.2 million and $682.9 million as of March 31, 2025 and December 31, 2024, respectively, are accounted for using the equity method of accounting. Global Atlantic's maximum exposure to loss related to these equity method investments is limited to the carrying value of these investments plus unfunded commitments of $23.0 million as of both March 31, 2025 and December 31, 2024. In addition, Global Atlantic has investments that would otherwise require the equity method of accounting for which the fair value option has been elected. The carrying amount of these investments was $1.0 billion and $476.3 million as of March 31, 2025 and December 31, 2024, respectively.

(5)Other investments include equity securities, limited partnership interests, investments in FHLB common stock, and other interests.

(6)From time to time, Global Atlantic makes investments with counterparties that are managed by or are affiliates of KKR. As of March 31, 2025 and December 31, 2024, the carrying value reflects the elimination for the portion of applicable investments that are held in Asset Management and Strategic Holdings consolidated investment vehicles and other entities.

As of March 31, 2025 and December 31, 2024, there were no investments which represented greater than 5% of total investments.

Fixed Maturity Securities

The cost or amortized cost and fair value for AFS fixed maturity securities were as follows:

			Cost or Amortized Cost						Allowance for Credit Losses (1)(2)						Gross Unrealized												Fair Value
As of March 31, 2025									Gains						Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies			$	648,517					$	—					$	814					$	(105,920)					$	543,411
U.S. State, Municipal and Political Subdivisions			3,634,895						—						5,462						(808,074)						2,832,283
Corporate			51,743,247						(75,762)						211,032						(6,148,425)						45,730,092
Residential Mortgage-Backed Securities, or “RMBS”			12,260,487						(116,202)						84,736						(324,167)						11,904,854
Commercial Mortgage-Backed Securities, or “CMBS”			8,571,571						(61,419)						28,984						(251,192)						8,287,944
Collateralized Bond Obligations, or “CBOs”			429,917						—						95						(12,555)						417,457
CLOs			5,098,106						(5,150)						16,477						(23,288)						5,086,145
Asset-Backed Securities, or “ABSs”			3,851,479						(6,799)						38,609						(47,451)						3,835,838
Total AFS Fixed Maturity Securities			$	86,238,219					$	(265,332)					$	386,209					$	(7,721,072)					$	78,638,024

(1)Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment gains (losses)) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment.

(2)Includes credit loss allowances on purchase-credit deteriorated fixed maturity securities of $(5.7) million.

			Cost or Amortized Cost						Allowance for Credit Losses (1)(2)						Gross Unrealized												Fair Value
As of December 31, 2024									Gains						Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies			$	2,576,106					$	—					$	227					$	(184,926)					$	2,391,407
U.S. State, Municipal and Political Subdivisions			4,774,108						—						5,290						(1,009,937)						3,769,461
Corporate			48,862,650						(99,616)						119,998						(6,943,765)						41,939,267
RMBS			10,964,553						(115,810)						54,319						(624,040)						10,279,022
CMBS			8,387,194						(44,024)						28,702						(381,505)						7,990,367
CBOs			2,487,066						(1,190)						—						(79,644)						2,406,232
CLOs			4,106,046						(6,620)						24,177						(22,265)						4,101,338
ABSs			3,455,133						(8,062)						23,255						(87,464)						3,382,862
Total AFS Fixed Maturity Securities			$	85,612,856					$	(275,322)					$	255,968					$	(9,333,546)					$	76,259,956

(1)Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment gains (losses)) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment.

(2)Includes credit loss allowances on purchase-credit deteriorated fixed maturity securities of $(9.2) million.

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, or Global Atlantic may have the right to put or sell the obligations back to the issuers. Structured securities are shown separately as they have periodic payments and are not due at a single maturity.

The maturity distribution for AFS fixed maturity securities is as follows:

As of March 31, 2025						Cost or Amortized Cost (Net of Allowance)						Fair Value
Due in One Year or Less						$	1,117,983					$	1,112,647
Due After One Year Through Five Years						11,389,338						11,259,284
Due After Five Years Through Ten Years						10,786,393						10,693,754
Due After Ten Years						32,657,183						26,040,101
Subtotal						55,950,897						49,105,786
RMBS						12,144,285						11,904,854
CMBS						8,510,152						8,287,944
CBOs						429,917						417,457
CLOs						5,092,956						5,086,145
ABSs						3,844,680						3,835,838
Total AFS Fixed Maturity Securities						$	85,972,887					$	78,638,024

Securities in a Continuous Unrealized Loss Position

The following tables provide information about AFS fixed maturity securities that have been continuously in an unrealized loss position:

						Less Than 12 Months												12 Months or More												Total
As of March 31, 2025						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies						$	290,724					$	(39,079)					$	148,512					$	(66,841)					$	439,236					$	(105,920)
U.S. State, Municipal and Political Subdivisions						162,411						(7,190)						2,467,218						(800,884)						2,629,629						(808,074)
Corporate						10,848,961						(345,775)						16,299,512						(5,802,650)						27,148,473						(6,148,425)
RMBS						2,192,194						(34,366)						2,788,767						(289,801)						4,980,961						(324,167)
CMBS						1,820,146						(11,680)						2,910,933						(239,512)						4,731,079						(251,192)
CBOs						13,424						(730)						392,142						(11,825)						405,566						(12,555)
CLOs						846,019						(3,466)						259,317						(19,822)						1,105,336						(23,288)
ABSs						407,317						(2,803)						865,661						(44,648)						1,272,978						(47,451)
Total AFS Fixed Maturity Securities in a Continuous Loss Position						$	16,581,196					$	(445,089)					$	26,132,062					$	(7,275,983)					$	42,713,258					$	(7,721,072)

						Less Than 12 Months												12 Months or More												Total
As of December 31, 2024						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies						$	2,150,669					$	(110,280)					$	203,661					$	(74,646)					$	2,354,330					$	(184,926)
U.S. State, Municipal and Political Subdivisions						251,191						(4,816)						3,305,469						(1,005,121)						3,556,660						(1,009,937)
Corporate						12,959,540						(457,706)						18,491,535						(6,486,059)						31,451,075						(6,943,765)
RMBS						2,436,204						(62,488)						3,998,635						(561,552)						6,434,839						(624,040)
CMBS						1,006,250						(4,683)						3,737,990						(376,822)						4,744,240						(381,505)
CBOs						1,158						(81)						2,405,075						(79,563)						2,406,233						(79,644)
CLOs						274,025						(1,630)						293,008						(20,635)						567,033						(22,265)
ABSs						739,370						(5,581)						1,309,477						(81,883)						2,048,847						(87,464)
Total AFS Fixed Maturity Securities in a Continuous Loss Position						$	19,818,407					$	(647,265)					$	33,744,850					$	(8,686,281)					$	53,563,257					$	(9,333,546)

Unrealized gains and losses can be created by changing interest rates or several other factors, including changing credit spreads. Global Atlantic had gross unrealized losses on below investment grade AFS fixed maturity securities of $332.9 million and $557.4 million as of March 31, 2025 and December 31, 2024, respectively. The single largest unrealized loss on AFS fixed maturity securities was $49.9 million and $54.4 million as of March 31, 2025 and December 31, 2024, respectively. Global Atlantic had 5,055 and 5,966 securities in an unrealized loss position as of March 31, 2025 and December 31, 2024, respectively.

As of March 31, 2025, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of 3,127 fixed maturity securities. AFS fixed maturity securities in an unrealized loss position for 12 months or more with an allowance for credit losses had a fair value and gross unrealized losses of $1.9 billion and $182.0 million, respectively, as of March 31, 2025. These fixed maturity securities primarily relate to Corporate, RMBS, and U.S. state, municipal and political subdivisions fixed maturity securities, which have depressed values due primarily to an increase in interest rates since the purchase of these securities. Unrealized losses were not recognized in net income on these fixed maturity securities since Global Atlantic neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to sell these securities before recovery of their cost or amortized cost basis. For securities with significant declines in value, individual security level analysis was performed utilizing underlying collateral default expectations, market data, and industry analyst reports.

Mortgage and Other Loan Receivables

Mortgage and other loan receivables consist of the following:

			March 31, 2025						December 31, 2024
Commercial Mortgage Loans(1)			$	25,667,691					$	25,263,148
Residential Mortgage Loans(1)			21,824,927						21,581,616
Consumer Loans(1)			4,760,713						4,848,208
Other Loan Receivables(1)(2)			1,392,644						1,672,513
Total Mortgage and Other Loan Receivables			$	53,645,975					$	53,365,485
Allowance for Credit Losses(3)			(618,847)						(614,408)
Total Mortgage and Other Loan Receivables, Net of Allowance for Credit Losses			$	53,027,128					$	52,751,077

(1)Includes $3.1 billion and $1.6 billion of loans carried at fair value using the fair value option as of March 31, 2025 and December 31, 2024, respectively. These loans had unpaid principal balances of $3.3 billion and $1.8 billion as of March 31, 2025 and December 31, 2024, respectively.

(2)As of March 31, 2025, other loan receivables consisted primarily of renewable energy development loans, warehouse facility loans backed by agricultural mortgages, loans collateralized by aircraft, and loans collateralized by residential mortgages of $173.5 million, $514.0 million, $277.6 million, and $200.0 million, respectively. As of December 31, 2024, other loan receivables consisted primarily of renewable energy development loans, warehouse facility loans backed by agricultural mortgages, loans collateralized by aircraft, and loans collateralized by residential mortgages of $547.2 million, $503.0 million, $271.2 million, and $200.0 million, respectively.

(3)Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of $(71.8) million and $(72.2) million as of March 31, 2025 and December 31, 2024, respectively.

The maturity distribution for residential and commercial mortgage loans was as follows as of March 31, 2025:

Years			Residential						Commercial						Total Mortgage Loans
Remainder of 2025			$	1,417					$	4,569,980					$	4,571,397
2026			532,934						6,687,545						7,220,479
2027			602,661						7,552,063						8,154,724
2028			123,501						1,800,210						1,923,711
2029			10,780						1,457,875						1,468,655
2030			211,103						447,843						658,946
Thereafter			20,342,531						3,152,175						23,494,706
Total			$	21,824,927					$	25,667,691					$	47,492,618

Actual maturities could differ from contractual maturities because borrowers may have the right to prepay (with or without prepayment penalties) and loans may be refinanced.

Global Atlantic diversifies its mortgage loan portfolio by both geographic region and property type to reduce concentration risk. The following tables present the mortgage loans by geographic region and property type:

Mortgage Loans – Carrying Value by Geographic Region			March 31, 2025												December 31, 2024
South Atlantic			$	13,429,627					28.3		%				$	13,215,065					28.2		%
Pacific			11,778,134						24.8		%				11,739,093						25.1		%
Middle Atlantic			5,992,213						12.6		%				5,841,960						12.5		%
West South Central			5,412,921						11.4		%				5,395,952						11.5		%
Mountain			3,986,746						8.4		%				4,001,411						8.5		%
New England			1,755,432						3.7		%				1,679,335						3.6		%
East North Central			1,484,832						3.1		%				1,505,688						3.2		%
East South Central			982,640						2.1		%				986,070						2.1		%
West North Central			441,954						0.9		%				455,503						1.0		%
Foreign and Other Regions			2,228,119						4.7		%				2,024,687						4.3		%
Total by Geographic Region			$	47,492,618					100.0		%				$	46,844,764					100.0		%

Mortgage Loans – Carrying Value by Property Type			March 31, 2025												December 31, 2024
Residential			$	21,824,927					46.0		%				$	21,581,616					46.1		%
Multi-Family			13,036,528						27.4		%				12,793,478						27.3		%
Industrial			6,031,614						12.7		%				6,357,311						13.6		%
Office Building			4,449,823						9.4		%				4,468,303						9.5		%
Other Property Types			1,373,338						2.9		%				804,743						1.7		%
Retail			491,504						1.0		%				504,812						1.1		%
Warehouse			284,884						0.6		%				334,501						0.7		%
Total by Property Type			$	47,492,618					100.0		%				$	46,844,764					100.0		%

As of March 31, 2025 and December 31, 2024, Global Atlantic had $496.8 million and $406.9 million of mortgage loans that were 90 days or more past due or are in the process of foreclosure, respectively, and have been classified as non-income producing (i.e., in a non-accrual status). Global Atlantic ceases accrual of interest on loans that are more than 90 days past due or are in the process of foreclosure and recognizes income as cash is received.

Credit Quality Indicators

Mortgage and Consumer Loan Receivable Performance Status

The following table represents the portfolio of mortgage and consumer loan receivables by origination year and performance status as of March 31, 2025 and December 31, 2024:

			By Year of Origination
Performance Status as of March 31, 2025			2025						2024						2023						2022						2021						Prior						Total
Commercial Mortgage Loans
Gross Charge-Offs for the Three Months Ended March 31, 2025			$	—					$	—					$	—					$	—					$	—					$	—					$	—
Current			$	313,758					$	4,761,217					$	3,604,146					$	6,102,087					$	6,416,706					$	4,291,561					$	25,489,475
30 to 59 Days Past Due			—						—						—						—						—						—						—
60 to 89 Days Past Due			—						—						—						—						—						—						—
90 Days or More Past Due or in Process of Foreclosure			—						—						—						—						97,456						80,760						178,216
Total Commercial Mortgage Loans			$	313,758					$	4,761,217					$	3,604,146					$	6,102,087					$	6,514,162					$	4,372,321					$	25,667,691
Residential Mortgage Loans
Gross Charge-Offs for the Three Months Ended March 31, 2025			$	—					$	—					$	(17)					$	(72)					$	(131)					$	(319)					$	(539)
Current			$	966,367					$	7,890,213					$	3,722,779					$	1,944,979					$	3,921,859					$	2,586,297					$	21,032,494
30 to 59 Days Past Due			—						117,747						77,613						22,819						42,139						87,896						348,214
60 to 89 Days Past Due			—						29,096						32,155						17,715						14,019						32,694						125,679
90 Days or More Past Due or in Process of Foreclosure			—						39,372						54,885						38,200						67,172						118,911						318,540
Total Residential Mortgage Loans			$	966,367					$	8,076,428					$	3,887,432					$	2,023,713					$	4,045,189					$	2,825,798					$	21,824,927
Consumer Loans
Gross Charge-Offs for the Three Months Ended March 31, 2025			$	—					$	(1,749)					$	(3,098)					$	(5,370)					$	(15,222)					$	(11,556)					$	(36,995)
Current			$	5,771					$	671,247					$	436,800					$	684,305					$	1,328,982					$	1,538,295					$	4,665,400
30 to 59 Days Past Due			—						1,622						2,611						4,600						16,682						18,404						43,919
60 to 89 Days Past Due			—						531						2,060						3,325						9,399						9,034						24,349
90 Days or More Past Due or in Process of Foreclosure			—						512						2,839						4,038						8,729						10,927						27,045
Total Consumer Loans			$	5,771					$	673,912					$	444,310					$	696,268					$	1,363,792					$	1,576,660					$	4,760,713
Total Mortgage and Consumer Loan Receivables			$	1,285,896					$	13,511,557					$	7,935,888					$	8,822,068					$	11,923,143					$	8,774,779					$	52,253,331

						By Year of Origination
Performance Status as of December 31, 2024						2024						2023						2022						2021						2020						Prior						Total
Commercial Mortgage Loans
Gross Charge-Offs for the Year Ended December 31, 2024						$	—					$	—					$	(20,387)					$	(80,798)					$	(10,695)					$	(51,598)					$	(163,478)
Current						$	4,626,771					$	3,575,323					$	6,012,774					$	6,414,939					$	559,931					$	3,899,288					$	25,089,026
30 to 59 Days Past Due						—						—						—						—						—						—						—
60 to 89 Days Past Due						—						—						—						—						—						42,335						42,335
90 Days or More Past Due or in Process of Foreclosure						—						—						—						96,787						—						35,000						131,787
Total Commercial Mortgage Loans						$	4,626,771					$	3,575,323					$	6,012,774					$	6,511,726					$	559,931					$	3,976,623					$	25,263,148
Residential Mortgage Loans
Gross Charge-Offs for the Year Ended December 31, 2024						$	(15)					$	(7)					$	(1,308)					$	(2,565)					$	(524)					$	(697)					$	(5,116)
Current						$	8,277,782					$	3,958,884					$	1,948,869					$	4,010,265					$	1,192,287					$	1,470,411					$	20,858,498
30 to 59 Days Past Due						67,924						89,078						64,113						39,326						6,140						90,891						357,472
60 to 89 Days Past Due						20,388						24,336						10,303						11,554						325						23,597						90,503
90 Days or More Past Due or in Process of Foreclosure						9,550						42,672						36,404						64,990						9,235						112,292						275,143
Total Residential Mortgage Loans						$	8,375,644					$	4,114,970					$	2,059,689					$	4,126,135					$	1,207,987					$	1,697,191					$	21,581,616
Consumer Loans
Gross Charge-Offs for the Year Ended December 31, 2024						$	(1,345)					$	(6,896)					$	(22,614)					$	(73,814)					$	(19,872)					$	(29,251)					$	(153,792)
Current						$	592,705					$	454,890					$	691,198					$	1,394,197					$	566,071					$	1,050,090					$	4,749,151
30 to 59 Days Past Due						860						2,444						3,433						22,069						4,090						14,816						47,712
60 to 89 Days Past Due						517						1,194						2,178						10,399						2,299						7,874						24,461
90 Days or More Past Due or in Process of Foreclosure						278						2,317						3,351						9,656						2,650						8,632						26,884
Total Consumer Loans						$	594,360					$	460,845					$	700,160					$	1,436,321					$	575,110					$	1,081,412					$	4,848,208
Total Mortgage and Consumer Loan Receivables						$	13,596,775					$	8,151,138					$	8,772,623					$	12,074,182					$	2,343,028					$	6,755,226					$	51,692,972

Loan-to-Value Ratio on Mortgage Loans

The loan-to-value ratio is expressed as a percentage of the current amount of the loan relative to the value of the underlying collateral. The following table summarizes Global Atlantic's loan-to-value ratios for its commercial mortgage loans as of March 31, 2025 and December 31, 2024:

Loan-to-Value as of March 31, 2025, by Year of Origination						Carrying Value Loan-to-Value 70% and Less						Carrying Value Loan-to-Value 71% - 90%						Carrying Value Loan-to-Value Over 90%						Total Carrying Value
2025						$	313,758					$	—					$	—					$	313,758
2024						4,621,837						139,380						—						4,761,217
2023						3,604,146						—						—						3,604,146
2022						5,703,843						365,899						32,345						6,102,087
2021						5,005,160						1,357,952						151,050						6,514,162
2020						437,522						91,078						35,022						563,622
Prior						3,495,362						107,363						205,974						3,808,699
Total Commercial Mortgage Loans						$	23,181,628					$	2,061,672					$	424,391					$	25,667,691

Loan-to-Value as of December 31, 2024, by Year of Origination						Carrying Value Loan-to-Value 70% and Less						Carrying Value Loan-to-Value 71% - 90%						Carrying Value Loan-to-Value Over 90%						Total Carrying Value
2024						$	4,487,814					$	138,957					$	—					$	4,626,771
2023						3,575,323						—						—						3,575,323
2022						5,646,922						365,852						—						6,012,774
2021						4,931,730						1,429,694						150,302						6,511,726
2020						433,377						91,524						35,030						559,931
2019						1,145,297						54,501						39,308						1,239,106
Prior						2,538,853						53,510						145,154						2,737,517
Total Commercial Mortgage Loans						$	22,759,316					$	2,134,038					$	369,794					$	25,263,148

Changing economic conditions and updated assumptions affect Global Atlantic's assessment of the collectibility of commercial mortgage loans. Changing vacancies and rents are incorporated into the analysis that Global Atlantic performs to measure the allowance for credit losses. In addition, Global Atlantic continuously monitors its commercial mortgage loan portfolio to identify risk. Areas of emphasis are properties that have exposure to specific geographic events or have deteriorating credit.

The weighted average loan-to-value ratio for Global Atlantic's residential mortgage loans was 63% as of both March 31, 2025 and December 31, 2024.

Loan Modifications

Global Atlantic may modify the terms of a loan when the borrower is experiencing financial difficulties, as a means to optimize recovery of amounts due on the loan. Modifications may involve temporary relief, such as payment forbearance for a short period time (where interest continues to accrue) or may involve more substantive changes to a loan. Changes to the terms of a loan, pursuant to a modification agreement, are factored into the analysis of the loan’s expected credit losses, under the allowance model applicable to the loan.

For commercial mortgage loans, modifications for borrowers experiencing financial difficulty are tailored for individual loans and may include interest rate relief, maturity extensions or, less frequently, principal forgiveness. For both residential mortgage loans and consumer loans, the most common modifications for borrowers experiencing financial difficulty, aside from insignificant delays in payment, typically involve deferral of missed payments to the end of the loan term, interest rate relief, or maturity extensions.

The tables below present the carrying value of loans to borrowers experiencing financial difficulty, for which modifications have been granted during the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025 by Loan Type			Deferral of Amounts Due						Interest Rate Relief						Maturity Extension						Combination**(1)**						Total						Percentage of Total Carrying Value Outstanding
Commercial Mortgage Loans			$	—					$	37,998					$	—					$	67,504					$	105,502					0.41		%
Residential Mortgage Loans			1,681						—						—						—						1,681						0.01		%
Consumer Loans			3,124						271						8,139						7,212						18,746						0.39		%
Total			$	4,805					$	38,269					$	8,139					$	74,716					$	125,929

(1)Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension.

Three Months Ended March 31, 2024 by Loan Type			Deferral of Amounts Due						Interest Rate Relief						Maturity Extension						Combination**(1)**						Total						Percentage of Total Carrying Value Outstanding
Commercial Mortgage Loans			$	—					$	—					$	—					$	37,695					$	37,695					0.17		%
Residential Mortgage Loans			2,649						—						8,150						5,334						16,133						0.11		%
Consumer Loans			965						522						11,985						9,036						22,508						0.53		%
Total			$	3,614					$	522					$	20,135					$	52,065					$	76,336

(1)Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension.

All of the commercial mortgage loans that had a combination of modifications had both interest rate relief and maturity extensions. For commercial mortgage loans granted interest rate relief, this relief generally involved either a change from a floating rate or a decrease in fixed rate to a weighted average rate of 3.0% for both the three months ended March 31, 2025 and 2024. The maturity extensions for commercial mortgage loans added a weighted-average of 2.0 years and 3.0 years to the life of the loans, for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, Global Atlantic has commitments to lend additional funds of $15.0 million for the modified commercial mortgage loans disclosed above.

The table below presents the performance status of the loans modified during the twelve months ended March 31, 2025:

Performance Status as of March 31, 2025 by Loan Type			Current						30-59 Days Past Due						60-89 Days Past Due						90 Days or More Past Due or in Process of Foreclosure						Total
Commercial Mortgage Loans			$	454,390					$	—					$	—					$	—					$	454,390
Residential Mortgage Loans			10,111						625						64						2,242						13,042
Consumer Loans			63,151						10,742						5,004						2,867						81,764
Total**(1)**			$	527,652					$	11,367					$	5,068					$	5,109					$	549,196

(1)Loans may have been modified more than once during the twelve months period; in this circumstance, the loan is only included once in this table. Modified loans that were subsequently repaid are excluded.

Repurchase Agreement Transactions

As of March 31, 2025 and December 31, 2024, Global Atlantic participated in repurchase agreements with a notional value of $306.1 million and $261.4 million, respectively. As collateral for these transactions, Global Atlantic typically posts AFS fixed maturity securities and/or mortgage and other loan receivables, which are included in Insurance – Investments in the consolidated statements of financial condition. The gross obligation for repurchase agreements is reported in Other Liabilities in the consolidated statements of financial condition.

The carrying value of assets pledged for repurchase agreements by type of collateral and remaining contractual maturity of the repurchase agreements as of March 31, 2025 and December 31, 2024 is presented in the following tables:

As of March 31, 2025						Overnight						<30 Days						30 - 90 Days						> 90 Days						Total
Residential Mortgage Loans						$	—					$	1,046					$	126,824					$	188,284					$	316,154
Total Assets Pledged						$	—					$	1,046					$	126,824					$	188,284					$	316,154

As of December 31, 2024						Overnight						<30 Days						30 - 90 Days						> 90 Days						Total
Residential Mortgage Loans						$	—					$	4,266					$	71,170					$	195,691					$	271,127
Total Assets Pledged						$	—					$	4,266					$	71,170					$	195,691					$	271,127

Other Pledges and Restrictions

Certain Global Atlantic subsidiaries are members of regional banks in the Federal Home Loan Banks ("FHLB") system and such membership requires the members to own stock in these FHLBs. Global Atlantic owns an aggregate of $117.8 million (accounted for at cost basis) of stock in FHLBs as of both March 31, 2025 and December 31, 2024. In addition, Global Atlantic insurance company subsidiaries have entered into funding agreements with the FHLB, which require that Global Atlantic pledge eligible assets, such as fixed maturity securities and mortgage loans, as collateral. Assets pledged as collateral for these funding agreements had a carrying value of $6.8 billion and $4.6 billion as of March 31, 2025 and December 31, 2024, respectively.

The capital stock of one of Global Atlantic’s equity method investments has been pledged as collateral security for the due payment and performance of the debt obligations of the investee. Global Atlantic’s investment subject to this pledge had a carrying value of $828.7 million and $834.4 million as of March 31, 2025 and December 31, 2024, respectively.

Insurance – Statutory Deposits

As of March 31, 2025 and December 31, 2024, the carrying value of the assets on deposit with various state and U.S. governmental authorities were $143.6 million and $141.1 million, respectively.

8. DERIVATIVES

Asset Management and Strategic Holdings

KKR and certain of its consolidated funds have entered into derivative transactions as part of the overall risk management for their investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include forward, swap, and option contracts related to foreign currencies and interest rates to manage foreign exchange risk and interest rate risk arising from certain assets and liabilities. All derivatives are recognized in Other Assets or Accrued Expenses and Other Liabilities and are presented on a gross basis in the consolidated statements of financial condition and measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. KKR's derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. KKR attempts to reduce this risk by limiting its counterparties to major financial institutions with strong credit ratings.

Insurance

Global Atlantic holds derivative instruments that are primarily used in its hedge program. Global Atlantic has established a hedge program that seeks to mitigate economic impacts primarily from interest rate and equity price movements, while taking into consideration accounting and capital impacts.

Global Atlantic hedges interest rate and equity market risks associated with its insurance liabilities including fixed-indexed annuities, indexed universal life policies, variable annuity policies, and variable universal life policies, among others. For fixed-indexed annuities and indexed universal life policies, Global Atlantic generally seeks to use static hedges to offset the exposure primarily created by changes in its embedded derivative balances. Global Atlantic generally purchases options which replicate the crediting rate strategies, often in the form of call spreads. Call spreads are the purchase of a call option matched by the sale of a different call option. For variable annuities and variable universal life policies, Global Atlantic generally seeks to dynamically hedge its exposure to changes in the value of the guarantee it provides to policyholders. Doing so requires the active trading of several financial instruments to respond to changes in market conditions. In addition, Global Atlantic enters into inflation swaps to manage inflation risk associated with inflation-indexed preneed policies.

In the context of specific reinsurance transactions in the institutional channel or 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 mitigate interest rate and credit risk in investment income, interest expense, and fair value of assets and liabilities. In addition, Global Atlantic enters into currency swaps and forwards to manage any foreign exchange rate risks that may arise from investments denominated in foreign currencies.

Global Atlantic attempts to mitigate the risk of loss due to ineffectiveness under these derivative investments through a regular monitoring process which evaluates the program’s effectiveness. Global Atlantic monitors its derivative activities by reviewing portfolio activities and risk levels. Global Atlantic also oversees all derivative transactions to ensure that the types of transactions entered into and the results obtained from those transactions are consistent with both Global Atlantic's risk management strategy and its policies and procedures.

The restricted cash which was held in connection with open derivative transactions with exchange brokers was $93.7 million and $135.7 million as of March 31, 2025 and December 31, 2024, respectively.

Global Atlantic also has embedded derivatives related to reinsurance contracts that are accounted for on a modified coinsurance and funds withheld basis. An embedded derivative exists because the arrangement exposes the reinsurer to third-party credit risk. These embedded derivatives are included in funds withheld receivable and payable at interest in the consolidated statements of financial condition.

Credit Risk

Global Atlantic may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of Global Atlantic’s derivatives is limited to the positive fair value of derivatives less any collateral received from the counterparty.

Global Atlantic manages the credit risk on its derivatives by entering into derivative transactions with highly rated financial institutions and other creditworthy counterparties and, where feasible, by trading through central clearing counterparties. Global Atlantic further manages its credit risk on derivatives via the use of master netting agreements, which require the daily posting of collateral by the party in a liability position. Counterparty credit exposure and collateral values are monitored regularly and measured against counterparty exposure limits. The provisions of derivative transactions may allow for the termination and settlement of a transaction if there is a downgrade to Global Atlantic’s financial strength ratings below a specified level.

The fair value and notional value of the derivative assets and liabilities were as follows:

As of March 31, 2025						Notional Value						Derivative Assets						Derivative Liabilities
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options						$	20,959,415					$	242,200					$	331,578
Other Derivatives						355,500						7,759						95
Total Asset Management and Strategic Holdings						$	21,314,915					$	249,959					$	331,673
Insurance
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate Contracts						$	15,394,492					$	114,011					$	407,442
Foreign Currency Contracts						2,612,984						17,788						49,475
Total Derivatives Designated as Hedge Accounting Instruments						$	18,007,476					$	131,799					$	456,917
Derivatives Not Designated as Hedge Accounting Instruments:
Equity Market Contracts						$	37,619,529					$	1,526,997					$	121,399
Interest Rate Contracts						22,293,206						253,014						274,217
Foreign Currency Contracts						3,050,285						31,319						54,366
Other Contracts						61,223						—						3,379
Total Derivatives Not Designated as Hedge Accounting Instruments						$	63,024,243					$	1,811,330					$	453,361
Counterparty Netting(2)						—						(456,100)						(456,100)
Cash Collateral						—						(1,368,177)						(116,540)
Total Insurance(1)						$	81,031,719					$	118,852					$	337,638
Fair Value Included Within Total Assets and Liabilities						$	102,346,634					$	368,811					$	669,311

(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $101.8 million and the fair value of these embedded derivatives related to liabilities was $3.6 billion as of March 31, 2025.

(2)Represents netting of derivative exposures covered by qualifying master netting agreements.

As of December 31, 2024			Notional Value						Derivative Assets						Derivative Liabilities
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options			$	19,452,993					$	511,513					$	131,339
Other Derivatives			455,500						8,444						—
Total Asset Management and Strategic Holdings			$	19,908,493					$	519,957					$	131,339
Insurance
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate Contracts			$	15,490,742					$	41,578					$	511,118
Foreign Currency Contracts			2,541,093						66,774						28,878
Total Derivatives Designated as Hedge Accounting Instruments			$	18,031,835					$	108,352					$	539,996
Derivatives Not Designated as Hedge Accounting Instruments:
Equity Market Contracts			$	37,151,092					$	1,921,164					$	143,049
Interest Rate Contracts			29,211,430						206,222						561,452
Foreign Currency Contracts			2,887,035						108,929						54,679
Other Contracts			61,508						1,895						194
Total Derivatives Not Designated as Hedge Accounting Instruments			$	69,311,065					$	2,238,210					$	759,374
Counterparty Netting(2)			—						(648,549)						(648,549)
Cash Collateral			—						(1,636,662)						(261,634)
Total Insurance(1)			$	87,342,900					$	61,351					$	389,187
Fair Value Included Within Total Assets and Liabilities			$	107,251,393					$	581,308					$	520,526

(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $125.9 million and the fair value of these embedded derivatives related to liabilities was $3.2 billion as of December 31, 2024.

(2)Represents netting of derivative exposures covered by qualifying master netting agreements.

Derivatives Designated as Accounting Hedges

Where Global Atlantic has derivative instruments that are designated and qualify as accounting hedges, these derivative instruments receive hedge accounting.

Fair Value Hedges

Global Atlantic has designated foreign exchange derivative contracts, including forwards and swaps, to hedge the foreign currency risk associated with foreign currency-denominated bonds in fair value hedges. These foreign currency-denominated bonds are accounted for as AFS fixed maturity securities. Changes in the fair value of the hedged AFS fixed maturity securities due to changes in spot exchange rates are reclassified from AOCI to earnings, which offsets the earnings impact of the spot changes of the foreign exchange derivative contracts, both of which are recognized within investment-related gains (losses). The effectiveness of these hedges is assessed using the spot method. Changes in the fair value of the foreign exchange derivative contracts related to changes in the spot-forward difference are excluded from the assessment of hedge effectiveness and are deferred in AOCI and recognized in earnings using a systematic and rational method over the life of the foreign exchange derivative contracts. The amortized cost of the AFS fixed maturity securities in qualifying foreign exchange fair value hedges was $2.2 billion and $2.1 billion as of March 31, 2025 and December 31, 2024, respectively.

Global Atlantic has designated interest rate swaps to hedge the interest rate risk associated with certain debt and policy liabilities. These fair value hedges generally qualify for the shortcut method of assessing hedge effectiveness. The following table presents the financial statement classification, carrying amount, and cumulative fair value hedging adjustments for qualifying hedged debt and policy liabilities:

			As of March 31, 2025												As of December 31, 2024
			Carrying Amount of Hedged Liabilities						Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities**(1)**						Carrying Amount of Hedged Liabilities						Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities**(1)**
Debt			$	2,330,880					$	(182,188)					$	2,279,261					$	(233,202)
Policy Liabilities			4,191,804						(154,673)						4,453,766						(204,435)

(1)Includes $183.1 million and $193.3 million of hedging adjustments on discontinued hedging relationships as of March 31, 2025 and December 31, 2024, respectively.

Cash Flow Hedges

Global Atlantic has designated bond forwards to hedge the interest rate risk associated with the planned purchase of AFS fixed maturity securities in cash flow hedges. These arrangements are hedging purchases through January 2030 and are expected to affect earnings until 2057. Regression analysis is used to assess the effectiveness of these hedges.

As of March 31, 2025 and December 31, 2024, there was a cumulative gain (loss) of $(209.6) million and $(249.7) million, respectively, on the currently designated bond forwards recorded in accumulated other comprehensive income (loss). Amounts deferred in accumulated other comprehensive income (loss) are reclassified to net investment income following the qualifying purchases of AFS securities, as an adjustment to the yield earned over the life of the purchased securities, using the effective interest method.

Global Atlantic has designated interest rate swaps to hedge the interest rate risk associated with floating rate investments, including AFS fixed maturity securities and commercial mortgage loans. Regression analysis is used to assess the effectiveness of these hedges.

As of March 31, 2025 and December 31, 2024, there was a cumulative gain (loss) of $(32.1) million and $(60.8) million on the currently designated interest rate swaps recorded in accumulated other comprehensive income (loss), respectively. Amounts deferred in accumulated other comprehensive gain (loss) are reclassified to net investment income in the same period during which the hedged investments affect earnings.

For all cash flow hedges, Global Atlantic estimates that the amount of gains/losses in accumulated other comprehensive income (loss) to be reclassified into earnings in the next 12 months will not be material.

Net Investment Hedges

Global Atlantic has designated cross currency swaps to hedge the foreign currency risk associated with certain foreign currency-denominated equity method investments in net investment hedges. The effectiveness of these hedges is assessed based on changes in spot rates.

Changes in the fair value of the swaps are recognized in other comprehensive income, consistent with the translation adjustment for the hedged investment. The component comprising the difference between forward rates and spot rates is amortized to net investment income over the life of the swaps. As of March 31, 2025 and December 31, 2024, the cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income related to net investment hedges was $(20.7) million and $(25.3) million, respectively.

Derivative Results

The following table presents the financial statement classification and amount of gains (losses) recognized on derivative instruments and related hedged items, where applicable. None of the Asset Management and Strategic Holdings derivatives are designated as hedge accounting instruments. The table below includes only derivatives held by Global Atlantic.

												Three Months Ended March 31, 2025
												Net Investment-Related Gains (Losses)						Net Investment Income						Net Policy Benefits and Claims						Interest Expense						Change in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts												$	—					$	—					$	23,778					$	40,369					$	—
Foreign Currency Contracts												(92,439)						1,058						—						—						13,419
Total Gains (Losses) on Derivatives Designated as Hedge Instruments												$	(92,439)					$	1,058					$	23,778					$	40,369					$	13,419
Gains (Losses) on Hedged Items:
Interest Rate Contracts												$	—					$	—					$	(23,778)					$	(40,369)					$	—
Foreign Currency Contracts												86,661						—						—						—						—
Total Gains (Losses) on Hedged Items												$	86,661					$	—					$	(23,778)					$	(40,369)					$	—
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts												$	5,182					$	—					$	—					$	—					$	—
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness												$	5,182					$	—					$	—					$	—					$	—
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items												$	(596)					$	1,058					$	—					$	—					$	13,419
Cash Flow Hedges
Interest Rate Contracts												$	—					$	(943)					$	—					$	—					$	68,839
Total Gains (Losses) on Cash Flow Hedges												$	—					$	(943)					$	—					$	—					$	68,839
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments												$	—					$	820					$	—					$	—					$	4,640
Total Gains (Losses) on Net Investment Hedges												$	—					$	820					$	—					$	—					$	4,640
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable												$	(24,066)					$	—					$	—					$	—					$	—
Embedded Derivatives - Funds Withheld Payable												(423,563)						—						—						—						—
Equity Index Options												(339,801)						—						—						—						—
Equity Future Contracts												28,694						—						—						—						—
Interest Rate Contracts												174,989						—						—						—						—
Foreign Exchange and Other Derivative Contracts												(75,237)						—						—						—						—
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities												$	(658,984)					$	—					$	—					$	—					$	—
Total												$	(659,580)					$	935					$	—					$	—					$	86,898

						Three Months Ended March 31, 2024
									Net Investment-Related Gains (Losses)						Net Investment Income						Net Policy Benefits and Claims						Interest Expense						Change in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts									$	—					$	—					$	(63,695)					$	(52,695)					$	—
Foreign Currency Contracts									49,541						982						—						—						(4,690)
Total Gains (Losses) on Derivatives Designated as Hedge Instruments									$	49,541					$	982					$	(63,695)					$	(52,695)					$	(4,690)
Gains (Losses) on Hedged Items:
Interest Rate Contracts									$	—					$	—					$	63,695					$	52,695					$	—
Foreign Currency Contracts									(45,116)						—						—						—						—
Total Gains (Losses) on Hedged Items									$	(45,116)					$	—					$	63,695					$	52,695					$	—
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts									$	6,381					$	—					$	—					$	—					$	—
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness									$	6,381					$	—					$	—					$	—					$	—
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items									$	10,806					$	982					$	—					$	—					$	(4,690)
Cash Flow Hedges
Interest Rate Contracts									$	—					$	(845)					$	—					$	—					$	(31,288)
Total Gains (Losses) on Cash Flow Hedges									$	—					$	(845)					$	—					$	—					$	(31,288)
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable									$	25,330					$	—					$	—					$	—					$	—
Embedded Derivatives - Funds Withheld Payable									95,441						—						—						—						—
Equity Index Options									257,103						—						—						—						—
Equity Future Contracts									(63,516)						—						—						—						—
Interest Rate Contracts									(249,295)						—						—						—						—
Foreign Exchange and Other Derivative Contracts									25,099						—						—						—						—
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities									$	90,162					$	—					$	—					$	—					$	—
Total									$	100,968					$	137					$	—					$	—					$	(35,978)

Collateral

The amount of Global Atlantic's net derivative assets and liabilities after consideration of collateral received or pledged were as follows:

As of March 31, 2025			Gross Amount Recognized						Gross Amounts Offset in the Statements of Financial Condition**(1)**						Net Amounts Presented in the Statements of Financial Condition						Collateral (Received) / Pledged						Net Amount After Collateral
Derivative Assets (Excluding Embedded Derivatives)			$	1,943,129					$	(1,824,277)					$	118,852					$	(156,567)					$	(37,715)
Derivative Liabilities (Excluding Embedded Derivatives)			$	910,278					$	(572,640)					$	337,638					$	620,961					$	(283,323)

(1)Represents netting of derivative exposures covered by qualifying master netting agreements.

As of December 31, 2024			Gross Amount Recognized						Gross Amounts Offset in the Statements of Financial Condition**(1)**						Net Amounts Presented in the Statements of Financial Condition						Collateral (Received) / Pledged						Net Amount After Collateral
Derivative Assets (Excluding Embedded Derivatives)			$	2,346,562					$	(2,285,211)					$	61,351					$	(157,782)					$	(96,431)
Derivative Liabilities (Excluding Embedded Derivatives)			$	1,299,370					$	(910,183)					$	389,187					$	504,665					$	(115,478)

(1)Represents netting of derivative exposures covered by qualifying master netting agreements.

9. FAIR VALUE MEASUREMENTS

The following tables summarize the valuation of assets and liabilities measured and reported at fair value by the fair value hierarchy. Investments classified as Equity Method - Other, for which the fair value option has not been elected, and Equity Method - Capital Allocation-Based Income have been excluded from the tables below.

Assets, at fair value:

			March 31, 2025
			Level I						Level II						Level III						Total
Asset Management and Strategic Holdings
Private Equity			$	769,482					$	375,407					$	37,082,137					$	38,227,026
Credit			—						3,179,706						4,362,569						7,542,275
Investments of Consolidated CFEs			—						27,276,888						—						27,276,888
Real Assets			302,796						262,846						12,631,432						13,197,074
Equity Method - Other			88,361						73,688						1,365,699						1,527,748
Other Investments			20,542						62,169						4,971,279						5,053,990
Total Investments			$	1,181,181					$	31,230,704					$	60,413,116					$	92,825,001
Foreign Exchange Contracts and Options			—						242,200						—						242,200
Other Derivatives			—						7,759						—						7,759
Total Assets at Fair Value - Asset Management and Strategic Holdings			$	1,181,181					$	31,480,663					$	60,413,116					$	93,074,960
Insurance
AFS Fixed Maturity Securities:
U.S. Government and Agencies			$	50,144					$	493,267					$	—					$	543,411
U.S. State, Municipal and Political Subdivisions			—						2,832,283						—						2,832,283
Corporate			—						35,615,230						10,114,862						45,730,092
Structured Securities			—						27,019,618						2,512,620						29,532,238
Total AFS Fixed Maturity Securities			$	50,144					$	65,960,398					$	12,627,482					$	78,638,024
Trading Fixed Maturity Securities:
U.S. Government and Agencies			$	—					$	674,253					$	—					$	674,253
U.S. State, Municipal and Political Subdivisions			—						297,143						—						297,143
Corporate			—						11,967,283						1,650,935						13,618,218
Structured Securities			—						6,592,265						806,241						7,398,506
Total Trading Fixed Maturity Securities			$	—					$	19,530,944					$	2,457,176					$	21,988,120
Mortgage and Other Loan Receivables			—						—						3,127,745						3,127,745
Real Assets			—						—						8,467,199			(1)			8,467,199
Other Investments			1,423,008						465,042						139,267			(1)			2,027,317
Funds Withheld Receivable at Interest			—						—						101,821						101,821
Reinsurance Recoverable			—						—						953,145						953,145
Derivative Assets:
Equity Market Contracts			5						1,526,992						—						1,526,997
Interest Rate Contracts			—						367,025						—						367,025
Foreign Currency Contracts			—						49,107						—						49,107
Counterparty Netting and Cash Collateral			(766)						(1,823,511)						—			(2)			(1,824,277)
Total Derivative Assets			$	(761)					$	119,613					$	—					$	118,852
Separate Account Assets			3,738,664						—						—						3,738,664
Total Assets at Fair Value - Insurance			$	5,211,055					$	86,075,997					$	27,873,835					$	119,160,887
Total Assets at Fair Value			$	6,392,236					$	117,556,660					$	88,286,951					$	212,235,847

			December 31, 2024
			Level I						Level II						Level III						Total
Asset Management and Strategic Holdings
Private Equity			$	816,229					$	523,274					$	33,123,449					$	34,462,952
Credit			—						3,249,173						4,805,408						8,054,581
Investments of Consolidated CFEs			—						27,488,538						—						27,488,538
Real Assets			436,546						261,902						12,524,290						13,222,738
Equity Method - Other			162,950						264,284						1,405,300						1,832,534
Other Investments			179,102						64,391						4,848,851						5,092,344
Total Investments			$	1,594,827					$	31,851,562					$	56,707,298					$	90,153,687
Foreign Exchange Contracts and Options			—						511,513						—						511,513
Other Derivatives			42						8,402						—						8,444
Total Assets at Fair Value - Asset Management and Strategic Holdings			$	1,594,869					$	32,371,477					$	56,707,298					$	90,673,644
Insurance
AFS Fixed Maturity Securities:
U.S. Government and Agencies			$	—					$	2,391,407					$	—					$	2,391,407
U.S. State, Municipal and Political Subdivisions			—						3,769,461						—						3,769,461
Corporate			—						32,585,117						9,354,150						41,939,267
Structured Securities			—						25,851,177						2,308,644						28,159,821
Total AFS Fixed Maturity Securities			$	—					$	64,597,162					$	11,662,794					$	76,259,956
Trading Fixed Maturity Securities:
U.S. Government and Agencies			$	—					$	2,425,469					$	—					$	2,425,469
U.S. State, Municipal and Political Subdivisions			—						380,175						—						380,175
Corporate			—						10,132,588						1,322,304						11,454,892
Structured Securities			—						6,399,502						759,203						7,158,705
Total Trading Fixed Maturity Securities			$	—					$	19,337,734					$	2,081,507					$	21,419,241
Mortgage and Other Loan Receivables			—						—						1,611,109						1,611,109
Real Assets			—						—						8,121,139			(1)			8,121,139
Other Investments			207,281						269,250						103,823			(1)			580,354
Funds Withheld Receivable at Interest			—						—						125,887						125,887
Reinsurance Recoverable			—						—						940,731						940,731
Derivative Assets:
Equity Market Contracts			5,475						1,915,689						—						1,921,164
Interest Rate Contracts			—						247,800						—						247,800
Other Contracts			—						1,895						—						1,895
Foreign Currency Contracts			—						175,703						—						175,703
Counterparty Netting and Cash Collateral			(159)						(2,285,052)						—			(2)			(2,285,211)
Total Derivative Assets			$	5,316					$	56,035					$	—					$	61,351
Separate Account Assets			3,981,060						—						—						3,981,060
Total Assets at Fair Value - Insurance			$	4,193,657					$	84,260,181					$	24,646,990					$	113,100,828
Total Assets at Fair Value			$	5,788,526					$	116,631,658					$	81,354,288					$	203,774,472

(1)Real assets and other investments excluded from the fair value hierarchy table include certain funds for which fair value is measured at net asset value per share as a practical expedient. As of March 31, 2025 and December 31, 2024, the fair value of these real assets were $24.4 million and $34.5 million, respectively, and other investments were $151.6 million and $4.3 million, respectively. These fund investments have strategies primarily focused on real assets (primarily real estate) or other investments and are subject to certain restrictions on redemption. As of both March 31, 2025 and December 31, 2024, there were $1.3 million of unfunded commitments associated with these real assets and $1.5 million associated with these other investments.

(2)Represents netting of derivative exposures covered by qualifying master netting agreements.

Liabilities, at fair value:

			March 31, 2025
			Level I						Level II						Level III						Total
Asset Management and Strategic Holdings
Securities Sold Short			$	96,669					$	—					$	—					$	96,669
Foreign Exchange Contracts and Options			—						331,578						—						331,578
Unfunded Revolver Commitments			—						—						101,216			(1)			101,216
Other Derivatives			95						—						—						95
Debt Obligations of Consolidated CFEs			—						26,771,901						—						26,771,901
Total Liabilities at Fair Value - Asset Management and Strategic Holdings			$	96,764					$	27,103,479					$	101,216					$	27,301,459
Insurance
Policy Liabilities (Including Market Risk Benefits)			$	—					$	—					$	1,498,602		(3)			$	1,498,602
Closed Block Policy Liabilities			—						—						1,001,259						1,001,259
Funds Withheld Payable at Interest			—						—						(2,373,981)						(2,373,981)
Derivative Instruments Payable:
Equity Market Contracts			954						120,445						—						121,399
Interest Rate Contracts			237						681,422						—						681,659
Foreign Currency Contracts			—						103,841						—						103,841
Other Contracts			—						3,379						—						3,379
Counterparty Netting and Cash Collateral			(766)						(571,874)						—			(2)			(572,640)
Total Derivative Instruments Payable			$	425					$	337,213					$	—					$	337,638
Embedded Derivative – Interest-Sensitive Life Products			—						—						414,359						414,359
Embedded Derivative – Annuity Products			—						—						5,520,585						5,520,585
Total Liabilities at Fair Value - Insurance			$	425					$	337,213					$	6,060,824					$	6,398,462
Total Liabilities at Fair Value			$	97,189					$	27,440,692					$	6,162,040					$	33,699,921

			December 31, 2024
			Level I						Level II						Level III						Total
Asset Management and Strategic Holdings
Securities Sold Short			$	109,168					$	—					$	—					$	109,168
Foreign Exchange Contracts and Options			—						131,339						—						131,339
Unfunded Revolver Commitments			—						—						96,848			(1)			96,848
Other Derivatives			—						—						—						—
Debt Obligations of Consolidated CFEs			—						27,150,809						—						27,150,809
Total Liabilities at Fair Value - Asset Management and Strategic Holdings			$	109,168					$	27,282,148					$	96,848					$	27,488,164
Insurance
Policy Liabilities (Including Market Risk Benefits)			$	—					$	—					$	1,279,794		(3)			$	1,279,794
Closed Block Policy Liabilities			—						—						988,320						988,320
Funds Withheld Payable at Interest			—						—						(2,797,544)						(2,797,544)
Derivative Instruments Payable:
Equity Market Contracts			508						142,541						—						143,049
Interest Rate Contracts			89						1,072,481						—						1,072,570
Foreign Currency Contracts			—						83,557						—						83,557
Other Contracts			—						194						—						194
Counterparty Netting and Cash Collateral			(159)						(910,024)						—			(2)			(910,183)
Total Derivative Instruments Payable			$	438					$	388,749					$	—					$	389,187
Embedded Derivative – Interest-Sensitive Life Products			—						—						491,818						491,818
Embedded Derivative – Annuity Products			—						—						5,481,063						5,481,063
Total Liabilities at Fair Value - Insurance			$	438					$	388,749					$	5,443,451					$	5,832,638
Total Liabilities at Fair Value			$	109,606					$	27,670,897					$	5,540,299					$	33,320,802

(1)These unfunded revolver commitments are valued using the same valuation methodologies as KKR's Level III credit investments.

(2)Represents netting of derivative exposures covered by qualifying master netting agreements.

(3)Includes market risk benefit of $1.2 billion and $1.0 billion as of March 31, 2025 and December 31, 2024, respectively.

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level III inputs have been used to determine fair value for the three months ended March 31, 2025 and 2024, respectively.

			Three Months Ended March 31, 2025
			Balance, Beg. of Period			Transfers In / (Out) - Changes in Consolidation			Transfers In			Transfers Out			Net Purchases/Issuances/Sales/Settlements			Net Unrealized and Realized Gains (Losses)			Change in OCI			Balance, End of Period			Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date			Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management and Strategic Holdings
Private Equity			$	33,123,449		$	2,005,996		$	—		$	—		$	758,193		$	1,194,499		$	—		$	37,082,137		$	1,164,159		$	—
Credit			4,805,408			—			—			—			(429,281)			(13,558)			—			4,362,569			18,785			—
Real Assets			12,524,290			—			—			—			(19,753)			126,895			—			12,631,432			161,588			—
Equity Method - Other			1,405,300			—			—			—			(24,374)			(15,227)			—			1,365,699			(17,776)			—
Other Investments			4,848,851			—			—			(24,594)			41,806			105,216			—			4,971,279			118,706			—
Other Derivatives			—			—			—			—			—			—			—			—			—			—
Total Assets - Asset Management and Strategic Holdings			$	56,707,298		$	2,005,996		$	—		$	(24,594)		$	326,591		$	1,397,825		$	—		$	60,413,116		$	1,445,462		$	—
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities			$	9,354,150		$	—		$	—		$	(5,203)		$	662,665		$	34,681		$	68,569		$	10,114,862		$	—		$	24,303
Structured Securities			2,308,644			—			—			(3,555)			190,146			2,822			14,563			2,512,620			—			11,509
Total AFS Fixed Maturity Securities			11,662,794			—			—			(8,758)			852,811			37,503			83,132			12,627,482			—			35,812
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities			1,322,304			—			—			(634)			354,333			(25,068)			—			1,650,935			(20,435)			—
Structured Securities			759,203			—			—			—			47,149			(111)			—			806,241			(761)			—
Total Trading Fixed Maturity Securities			2,081,507			—			—			(634)			401,482			(25,179)			—			2,457,176			(21,196)			—
Mortgage and Other Loan Receivables			1,611,109			—			—			—			1,495,173			21,463			—			3,127,745			7,398			—
Real Assets			8,121,139			—			—			—			311,735			34,325			—			8,467,199			27,353			—
Other Investments			103,823			—			—			—			32,076			3,368			—			139,267			3,416			—
Funds Withheld Receivable at Interest			125,887			—			—			—			—			(24,066)			—			101,821			—			—
Reinsurance Recoverable			940,731			—			—			—			(5,020)			17,434			—			953,145			—			—
Total Assets - Insurance			$	24,646,990		$	—		$	—		$	(9,392)		$	3,088,257		$	64,848		$	83,132		$	27,873,835		$	16,971		$	35,812
Total			$	81,354,288		$	2,005,996		$	—		$	(33,986)		$	3,414,848		$	1,462,673		$	83,132		$	88,286,951		$	1,462,433		$	35,812

			Three Months Ended March 31, 2024
			Balance, Beg. of Period			Transfers In / (Out) - Changes in Consolidation			Transfers In			Transfers Out			Net Purchases/Issuances/Sales/Settlements			Net Unrealized and Realized Gains (Losses)			Change in OCI			Balance, End of Period			Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date			Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management and Strategic Holdings
Private Equity			$	30,921,574		$	—		$	—		$	—		$	741,462		$	595,107		$	—		$	32,258,143		$	593,507		$	—
Credit			5,452,916			—			148,072			(105,080)			(258,589)			(42,404)			—			5,194,915			(37,131)			—
Real Assets			11,295,633			—			—			—			350,333			(116,418)			—			11,529,548			(117,618)			—
Equity Method - Other			1,537,962			—			—			—			623			(4,512)			—			1,534,073			(6,115)			—
Other Investments			4,265,768			—			—			(8,106)			(122,560)			68,923			177			4,204,202			74,729			177
Total Assets - Asset Management and Strategic Holdings			$	53,473,853		$	—		$	148,072		$	(113,186)		$	711,269		$	500,696		$	177		$	54,720,881		$	507,372		$	177
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities			$	8,571,003		$	—		$	—		$	(301)		$	(544,590)		$	(47,622)		$	93,089		$	8,071,579		$	—		$	93,046
Structured Securities			1,830,000			—			53,014			—			23,814			7,639			11,589			1,926,056			—			12,136
Total AFS Fixed Maturity Securities			$	10,401,003		$	—		$	53,014		$	(301)		$	(520,776)		$	(39,983)		$	104,678		$	9,997,635		$	—		$	105,182
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities			656,923			—			191			—			(319,550)			40,871			—			378,435			40,396			—
Structured Securities			593,238			—			91,658			—			(24,223)			9,470			—			670,143			10,428			—
Total Trading Fixed Maturity Securities			$	1,250,161		$	—		$	91,849		$	—		$	(343,773)		$	50,341		$	—		$	1,048,578		$	50,824		$	—
Mortgage and Other Loan Receivables			697,402			—			—			—			(5,792)			(4,672)			—			686,938			(4,304)			—
Real Assets			4,815,265			—			—			—			38,536			(79,926)			—			4,773,875			(78,170)			—
Other Investments			126,008			—			—			—			12,530			427			—			138,965			427			—
Funds Withheld Receivable at Interest			88,661			—			—			—			—			25,330			—			113,991			—			—
Reinsurance Recoverable			926,035			—			—			—			(11,668)			51,510			—			965,877			—			—
Total Assets - Insurance			$	18,304,535		$	—		$	144,863		$	(301)		$	(830,943)		$	3,027		$	104,678		$	17,725,859		$	(31,223)		$	105,182
Total			$	71,778,388		$	—		$	292,935		$	(113,487)		$	(119,674)		$	503,723		$	104,855		$	72,446,740		$	476,149		$	105,359

			Three Months Ended March 31, 2025																		Three Months Ended March 31, 2024
			Purchases			Issuances			Sales			Settlements			Net Purchases/ Issuances/ Sales/ Settlements						Purchases			Issuances			Sales			Settlements			Net Purchases/ Issuances/ Sales/ Settlements
Assets
Asset Management and Strategic Holdings
Private Equity			$	991,867		$	—		$	(233,674)		$	—		$	758,193					$	986,552		$	—		$	(245,090)		$	—		$	741,462
Credit			445,056			—			(739,094)			(135,243)			(429,281)						322,033			—			(230,387)			(350,235)			(258,589)
Real Assets			126,466			—			(146,219)			—			(19,753)						383,467			—			(33,134)			—			350,333
Equity Method - Other			11			—			(24,385)			—			(24,374)						3,080			—			(2,457)			—			623
Other Investments			141,883			—			(75,042)			(25,035)			41,806						390,664			—			(448,621)			(64,603)			(122,560)
Total Assets - Asset Management and Strategic Holdings			$	1,705,283		$	—		$	(1,218,414)		$	(160,278)		$	326,591					$	2,085,796		$	—		$	(959,689)		$	(414,838)		$	711,269
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities			$	1,282,821		$	—		$	(51,072)		$	(569,084)		$	662,665					$	662,876		$	—		$	(170,021)		$	(1,037,445)		$	(544,590)
Structured Securities			439,634			—			(64,860)			(184,628)			190,146						91,045			—			(2,002)			(65,229)			23,814
Total AFS Fixed Maturity Securities			1,722,455			—			(115,932)			(753,712)			852,811						$	753,921		$	—		$	(172,023)		$	(1,102,674)		$	(520,776)
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities			532,684			—			(172,818)			(5,533)			354,333						61,018			—			(54,206)			(326,362)			(319,550)
Structured Securities			85,048			—			(6,345)			(31,554)			47,149						237			—			(6,470)			(17,990)			(24,223)
Total Trading Fixed Maturity Securities			617,732			—			(179,163)			(37,087)			401,482						$	61,255		$	—		$	(60,676)		$	(344,352)		$	(343,773)
Mortgage and Other Loan Receivables			1,549,623			—			(97)			(54,353)			1,495,173						1,795			—			—			(7,587)			(5,792)
Real Assets			318,934			—			(7,199)			—			311,735						42,420			—			(3,884)			—			38,536
Other Investments			32,076			—			—			—			32,076						12,530			—			—			—			12,530
Reinsurance Recoverable			—			—			—			(5,020)			(5,020)						—			—			—			(11,668)			(11,668)
Total Assets - Insurance			$	4,240,820		$	—		$	(302,391)		$	(850,172)		$	3,088,257					$	871,921		$	—		$	(236,583)		$	(1,466,281)		$	(830,943)
Total			$	5,946,103		$	—		$	(1,520,805)		$	(1,010,450)		$	3,414,848					$	2,957,717		$	—		$	(1,196,272)		$	(1,881,119)		$	(119,674)

			Three Months Ended March 31, 2025
			Balance, Beg. of Period			Transfers In / (Out) - Changes in Consolidation			Transfers In			Transfers Out			Net Purchases/Sales/Settlements/Issuances			Net Unrealized and Realized Gains (Losses)			Change in OCI			Balance, End of Period			Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments			$	96,848		$	—		$	—		$	—		$	—		$	4,368		$	—		$	101,216		$	4,368
Total Liabilities - Asset Management and Strategic Holdings			$	96,848		$	—		$	—		$	—		$	—		$	4,368		$	—		$	101,216		$	4,368
Insurance
Policy Liabilities			$	1,279,794		$	—		$	—		$	—		$	15,343		$	219,024		$	(15,559)		$	1,498,602		$	—
Closed Block Policy Liabilities			988,320			—			—			—			(3,327)			15,985			281			1,001,259			—
Funds Withheld Payable at Interest			(2,797,544)			—			—			—			—			423,563			—			(2,373,981)			—
Embedded Derivative – Interest-Sensitive Life Products			491,818			—			—			—			(41,673)			(35,786)			—			414,359			—
Embedded Derivative – Annuity Products			5,481,063			—			—			—			191,880			(152,358)			—			5,520,585			—
Total Liabilities - Insurance			$	5,443,451		$	—		$	—		$	—		$	162,223		$	470,428		$	(15,278)		$	6,060,824		$	—
Total			$	5,540,299		$	—		$	—		$	—		$	162,223		$	474,796		$	(15,278)		$	6,162,040		$	4,368

			Three Months Ended March 31, 2024
			Balance, Beg. of Period			Transfers In / (Out) - Changes in Consolidation			Transfers In			Transfers Out			Net Purchases/Sales/Settlements/Issuances			Net Unrealized and Realized Gains (Losses)			Change in OCI			Balance, End of Period			Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments			$	94,683		$	—		$	—		$	—		$	—		$	321		$	—		$	95,004		$	321
Total Liabilities - Asset Management and Strategic Holdings			$	94,683		$	—		$	—		$	—		$	—		$	321		$	—		$	95,004		$	321
Insurance
Policy Liabilities			$	1,474,970		$	—		$	—		$	—		$	(49)		$	(142,526)		$	5,168		$	1,337,563		$	—
Closed Block Policy Liabilities			968,554			—			—			—			(865)			38,529			(591)			1,005,627			—
Funds Withheld Payable at Interest			(2,447,303)			—			—			—			—			(95,441)			—			(2,542,744)			—
Embedded Derivative – Interest-Sensitive Life Products			458,302			—			—			—			(24,478)			52,375			—			486,199			—
Embedded Derivative – Annuity Products			3,587,371			—			—			—			259,459			204,575			—			4,051,405			—
Total Liabilities - Insurance			$	4,041,894		$	—		$	—		$	—		$	234,067		$	57,512		$	4,577		$	4,338,050		$	—
Total			$	4,136,577		$	—		$	—		$	—		$	234,067		$	57,833		$	4,577		$	4,433,054		$	321

			Three Months Ended March 31, 2025												Three Months Ended March 31, 2024
			Issuances			Settlements			Net Issuances/Settlements						Issuances						Settlements			Net Issuances/Settlements
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments			$	—		$	—		$	—					$	—					$	—		$	—
Total Liabilities - Asset Management and Strategic Holdings			$	—		$	—		$	—					$	—					$	—		$	—
Insurance
Policy Liabilities			$	19,226		$	(3,883)		$	15,343					$	3,407					$	(3,456)		$	(49)
Closed Block Policy Liabilities			—			(3,327)			(3,327)						—						(865)			(865)
Embedded Derivative – Interest-Sensitive Life Products			—			(41,673)			(41,673)						—						(24,478)			(24,478)
Embedded Derivative – Annuity Products			261,631			(69,751)			191,880						318,092						(58,633)			259,459
Total Liabilities - Insurance			$	280,857		$	(118,634)		$	162,223					$	321,499					$	(87,432)		$	234,067
Total			$	280,857		$	(118,634)		$	162,223					$	321,499					$	(87,432)		$	234,067

Total realized and unrealized gains and losses recorded for Asset Management and Strategic Holdings - Level III assets and liabilities are reported in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations while Insurance - Level III assets and liabilities are reported in Net Investment Gains and Policy Benefits and Claims in the accompanying consolidated statements of operations.

The following table presents additional information about valuation methodologies and significant unobservable inputs used for financial assets and liabilities that are measured and reported at fair value and categorized within Level III as of March 31, 2025. Because input information includes only those items for which information is reasonably available, balances shown below may not equal total amounts reported for such Level III assets and liabilities:

Level III Assets						Fair Value March 31, 2025						Valuation Methodologies & Inputs						Unobservable Input(s) (1)						Weighted Average (2)						Range						Impact to Valuation from an Increase in Input (3)
ASSET MANAGEMENT AND STRATEGIC HOLDINGS
Private Equity						$	37,082,137
Private Equity						$	34,259,557					Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						6.2%						5.0% - 20.0%						Decrease
															Weight Ascribed to Market Comparables						28.6%						0.0% - 100.0%						(4)
															Weight Ascribed to Discounted Cash Flow						64.7%						0.0% - 100.0%						(5)
															Weight Ascribed to Transaction Price						6.7%						0.0% - 100.0%						(6)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						18.2x						4.7x - 26.8x						Increase
															Enterprise Value/Forward EBITDA Multiple						16.7x						4.3x - 29.2x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						9.1%						6.1% - 15.5%						Decrease
															Enterprise Value/EBITDA Exit Multiple						14.5x						6.0x - 27.6x						Increase
Growth Equity						$	2,822,580					Inputs to market comparables, discounted cash flow and milestones						Illiquidity Discount						10.1%						10.0% - 15.0%						Decrease
															Weight Ascribed to Market Comparables						35.4%						0.0% - 100.0%						(4)
															Weight Ascribed to Discounted Cash Flow						3.6%						0.0% - 50.0%						(5)
															Weight Ascribed to Transaction Price						12.1%						0.0% - 100.0%						(6)
															Weight Ascribed to Milestones						48.9%						0.0% - 100.0%						(6)
												Scenario Weighting						Base						74.4%						60.0% - 80.0%						Increase
															Downside						12.3%						5.0% - 30.0%						Decrease
															Upside						13.3%						10.0% - 30.0%						Increase
												Market Comparables						Enterprise Value/Revenues Multiple						7.6x						2.4x - 15.8x						Increase
Credit						$	4,362,569					Yield Analysis						Yield						10.6%						0.0% - 25.0%						Decrease
															Net Leverage						6.3x						1.6x -16.1x						Decrease
															EBITDA Multiple						12.5x						1.4x - 43.7x						Increase
Real Assets						$	12,631,432
Energy						$	1,448,468					Inputs to market comparables, discounted cash flow and transaction price						Weight Ascribed to Market Comparables						45.2%						0.0% - 50.0%						(4)
															Weight Ascribed to Discounted Cash Flow						54.8%						50.0% - 100.0%						(5)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						4.2x						4.2x - 4.2x						Increase
															Enterprise Value/Forward EBITDA Multiple						6.8x						4.4x- 7.5x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						13.1%						10.5% - 14.2%						Decrease
																		Average Price Per BOE (8)						$45.42						$43.32 - $49.69						Increase
Infrastructure						$	1,011,656					Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						6.6%						5.0% - 10.0%						Decrease
															Weight Ascribed to Market Comparables						11.0%						0.0% - 25.0%						(4)
															Weight Ascribed to Discounted Cash Flow						89.0%						75.0% - 100.0%						(5)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						11.5x						11.5x - 11.5x						Increase
															Enterprise Value/Forward EBITDA Multiple						19.8x						11.2x - 22.7x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						7.0%						5.9% - 8.5%						Decrease
															Enterprise Value/EBITDA Exit Multiple						16.0x						10.0x - 22.0x						Increase

Level III Assets						Fair Value March 31, 2025						Valuation Methodologies & Inputs						Unobservable Input(s) (1)						Weighted Average (2)						Range						Impact to Valuation from an Increase in Input (3)
Real Estate						$	10,171,308					Inputs to direct income capitalization, discounted cash flow and transaction price						Weight Ascribed to Direct Income Capitalization						8.2%						0.0% - 100.0%						(7)
															Weight Ascribed to Discounted Cash Flow						88.2%						0.0% - 100.0%						(5)
															Weight Ascribed to Transaction Price						3.6%						0.0% - 100.0%						(6)
												Direct income capitalization						Current Capitalization Rate						5.2%						2.2% - 6.7%						Decrease
												Discounted cash flow						Exit Capitalization Rate						5.7%						3.1% - 9.0%						Decrease
															Unlevered Discount Rate						7.3%						0.0% - 11.0%						Decrease
Equity Method - Other						$	1,365,699					Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						6.9%						5.0% - 10.0%						Decrease
												Weight Ascribed to Market Comparables						52.9%						0.0% - 100.0%						(4)
															Weight Ascribed to Discounted Cash Flow						46.3%						0.0% - 50.0%						(5)
															Weight Ascribed to Transaction Price						0.8%						0.0% - 100.0%						(6)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						13.2x						4.2x - 22.2x						Increase
															Enterprise Value/Forward EBITDA Multiple						12.1x						4.4x - 18.5x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						10.6%						6.8% - 15.5%						Decrease
															Enterprise Value/EBITDA Exit Multiple						11.0x						9.5x - 15.0x						Increase
Other Investments						$	4,971,279		(9)			Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						8.2%						5.0% - 10.0%						Decrease
												Weight Ascribed to Market Comparables						14.8%						0.0% - 100.0%						(4)
															Weight Ascribed to Discounted Cash Flow						57.0%						0.0% - 100.0%						(5)
															Weight Ascribed to Transaction Price						28.2%						0.0% - 100.0%						(6)

Level III Assets						Fair Value March 31, 2025						Valuation Methodologies & Inputs						Unobservable Input(s) (1)						Weighted Average (2)						Range						Impact to Valuation from an Increase in Input (3)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						11.3x						3.0x - 15.0x						Increase
															Enterprise Value/Forward EBITDA Multiple						13.0x						7.3x - 19.1x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						8.4%						7.3% - 18.4%						Decrease
															Enterprise Value/EBITDA Exit Multiple						5.2x						8.5x - 15.0x						Increase
INSURANCE**(10)**
Corporate Fixed Maturity Securities						$	11,765,797					Discounted cash flow						Discount Spread						2.2%						0.3% - 5.0%						Decrease
Structured Securities						$	3,318,861					Discounted cash flow						Discount Spread						2.2%						1.4% - 4.3%						Decrease
																		Constant Prepayment Rate						13.6%						10.0% - 15.0%						Increase/Decrease
																		Constant Default Rate						3.0%												Decrease
																		Loss Severity						95.0%												Decrease
Mortgage and Other Loan Receivables						$	3,127,745					Discounted cash flow						Discount Spread						2.5%						0.6% - 4.5%						Decrease
Real Assets						$	8,467,199					Discounted cash flow						Discount Rate						7.3%						6.5% - 8.3%						Decrease
																		Terminal Capitalization Rate						5.8%						5.0% - 7.3%						Decrease
Reinsurance Recoverable						$	953,145					Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.						Expense Assumption						$17.5						The average expense assumption is between $8.2 and $78.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%.						Increase
												Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.						Expense Risk Margin						9.4%												Decrease
																		Cost of Capital						9.8%						3.7% - 13.9%						Increase
												Discounted cash flow						Mortality Rate						5.7%												Increase
															Surrender Rate						2.0%												Increase

(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has determined that market participants would take these inputs into account when valuing the investments and debt obligations. "LTM" means last twelve months, and "EBITDA" means earnings before interest, taxes, depreciation, and amortization.

(2)Inputs were weighted based on the fair value of the investments included in the range.

(3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

(4)The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price.

(5)The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach, transaction price and direct income capitalization approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach, transaction price and direct income capitalization approach.

(6)The directional change from an increase in the weight ascribed to the transaction price or milestones would increase the fair value of the Level III investments if the transaction price or milestones results in a higher valuation than the market comparables and discounted cash flow approach. The opposite would be true if the transaction price or milestones results in a lower valuation than the market comparables approach and discounted cash flow approach.

(7)The directional change from an increase in the weight ascribed to the direct income capitalization approach would increase the fair value of the Level III investments if the direct income capitalization approach results in a higher valuation than the discounted cash flow approach. The opposite would be true if the direct income capitalization approach results in a lower valuation than the discounted cash flow approach.

(8)The total energy fair value amount includes multiple investments (in multiple locations throughout North America) that are held in different investment funds and produce varying quantities of oil, condensate, natural gas liquids, and natural gas. Commodity price may be measured using a common volumetric equivalent where one barrel of oil equivalent ("BOE") is determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or natural gas liquids. The price per BOE is provided to show the aggregate of all price inputs for the various investments over a common volumetric equivalent although the valuations for specific investments may use price inputs specific to the asset for purposes of our valuations. The discounted cash flows include forecasted production of liquids (oil, condensate, and natural gas liquids) and natural gas with a forecasted revenue ratio of approximately 86% liquids and 14% natural gas.

(9)Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit, equity method - other, or investments of consolidated CFEs.

(10)The funds withheld receivable at interest has been excluded from the above table. As discussed in Note 12 – Reinsurance, the funds withheld receivable at interest is created through funds withheld contracts. The assets supporting these receivables were held in trusts for the benefit of Global Atlantic. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the funds withheld reinsurance agreements.

Level III Liabilities						Fair Value March 31, 2025						Valuation Methodologies						Unobservable Input(s) (1)						Weighted Average (2)						Range						Impact to Valuation from an Increase in Input (3)
ASSET MANAGEMENT AND STRATEGIC HOLDINGS
Unfunded Revolver Commitments						$	101,216					Yield Analysis						Yield						7.4%						5.4% - 12.2%						Decrease
INSURANCE**(4)**
Policy Liabilities						$	1,498,602					Policy liabilities under fair value option:
									Present value of best estimate liability cash flows. Unobservable inputs include a market participant view of the risk margin included in the discount rate which reflects the variability of the cash flows.						Risk Margin Rate						0.7%						0.5% - 0.9%						Decrease
									Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality.						Surrender Rate						6.2%						3.7% - 7.5%						Decrease
															Mortality Rate						4.9%						3.5% - 9.2%						Increase
												Market risk benefit:
												Fair value using a non-option and option valuation approach						Instrument-specific Credit Risk (10 and 30 Year)												0.7% / 0.8%						Decrease
												Policyholder behavior is also a significant unobservable input, including lapse, surrender, and mortality.						Mortality Rate						2.6%						0.6% - 28.5%						Decrease
																		Surrender Rate						3.9%						0.1% - 43.3%						Decrease

Level III Liabilities						Fair Value March 31, 2025						Valuation Methodologies						Unobservable Input(s) (1)						Weighted Average (2)						Range						Impact to Valuation from an Increase in Input (3)
Closed Block Policy Liabilities						$	1,001,259					Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.						Expense Assumption						$17.5						The average expense assumption is between $8.2 and $78.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%.						Increase
															Instrument-Specific Credit Risk						0.7%						0.5% - 0.8%						Decrease
									Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.						Expense Risk Margin						9.4%												Decrease
															Cost of Capital						9.8%						3.7% - 13.9%						Increase
									Discounted cash flow						Mortality Rate						5.7%												Increase
															Surrender Rate						2.0%												Increase
Embedded Derivative – Interest-Sensitive Life Products						$	414,359					Policy persistency is a significant unobservable input.						Lapse Rate						3.1%												Decrease
															Mortality Rate						0.9%												Decrease
									Future costs for options used to hedge the contract obligations						Option Budget Assumption						3.6%												Increase
															Instrument-Specific Credit Risk						0.7%						0.5% - 0.8%						Decrease
Embedded Derivative – Annuity Products						$	5,520,585					Policyholder behavior is a significant unobservable input, including utilization and lapse.						Utilization:
															Fixed-Indexed Annuity						96.5%												Increase
															Surrender Rate:
															Retail FIA						13.8%												Increase
															Institutional FIA						18.9%												Decrease
															Mortality Rate:
															Retail FIA						2.7%												Decrease
															Institutional FIA						1.9%												Decrease
									Future costs for options used to hedge the contract obligations						Option Budget Assumption:
															Retail FIA						3.1%												Increase
															Institutional FIA						3.7%												Increase
															Instrument-Specific Credit Risk						0.7%						0.5% - 0.8%						Decrease

(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has determined that market participants would likely take these inputs into account when valuing the investments and debt obligations. "LTM" means last twelve months, and "EBITDA" means earnings before interest, taxes, depreciation and amortization.

(2)Inputs were weighted based on the fair value of the investments included in the range.

(3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

(4)The fair value of the embedded derivative component of the funds withheld payable at interest has been excluded from the above table. The investments supporting the funds withheld payable at interest balance are held in a trust by Global Atlantic. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the investments supporting the reinsurance cession agreements.

In the table above, certain private equity investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. In addition, certain valuations of private equity investments may be entirely or partially derived by reference to observable valuation measures for a pending or consummated transaction.

The various unobservable inputs used to determine the Level III valuations may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements as noted in the table above.

Financial Instruments Not Carried At Fair Value

Asset management and strategic holdings financial instruments are primarily measured at fair value on a recurring basis, except as disclosed in Note 16 "Debt Obligations."

The following tables present carrying amounts and fair values of Global Atlantic’s financial instruments which are not carried at fair value as of March 31, 2025 and December 31, 2024:

									Fair Value Hierarchy
As of March 31, 2025			Carrying Value						Level I						Level II						Level III						Fair Value
($ in thousands)
Financial Assets:
Insurance
Mortgage and Other Loan Receivables			$	49,899,383					$	—					$	—					$	48,763,037					$	48,763,037
Policy Loans			1,618,951						—						—						1,628,278						1,628,278
FHLB Common Stock and Other Investments			168,168						—						—						168,168						168,168
Funds Withheld Receivables at Interest			2,372,935						—						2,372,935						—						2,372,935
Cash and Cash Equivalents			6,482,989						6,482,989						—						—						6,482,989
Restricted Cash and Cash Equivalents			227,115						227,115						—						—						227,115
Total Financial Assets			$	60,769,541					$	6,710,104					$	2,372,935					$	50,559,483					$	59,642,522
Financial Liabilities:
Insurance
Policy Liabilities – Policyholder Account Balances			$	60,666,526					$	—					$	51,585,499					$	8,019,000					$	59,604,499
Funds Withheld Payables at Interest			46,628,655						—						46,628,655						—						46,628,655
Debt Obligations			3,772,394						—						—						3,771,724						3,771,724
Securities Sold Under Agreements to Repurchase			306,096						—						306,096						—						306,096
Total Financial Liabilities			$	111,373,671					$	—					$	98,520,250					$	11,790,724					$	110,310,974

									Fair Value Hierarchy
As of December 31, 2024			Carrying Value						Level I						Level II						Level III						Fair Value
($ in thousands)
Financial Assets:
Insurance
Mortgage and Other Loan Receivables			$	51,139,968					$	—					$	—					$	49,542,913					$	49,542,913
Policy Loans			1,622,958						—						—						1,557,776						1,557,776
FHLB Common Stock and Other Investments			166,919						—						—						166,919						166,919
Funds Withheld Receivables at Interest			2,411,971						—						2,411,971						—						2,411,971
Cash and Cash Equivalents			6,343,445						6,343,445						—						—						6,343,445
Restricted Cash and Cash Equivalents			350,512						350,512						—						—						350,512
Total Financial Assets			$	62,035,773					$	6,693,957					$	2,411,971					$	51,267,608					$	60,373,536
Financial Liabilities:
Insurance
Policy Liabilities – Policyholder Account Balances			$	59,880,083					$	—					$	51,914,709					$	7,088,877					$	59,003,586
Funds Withheld Payables at Interest			46,759,454						—						46,759,454						—						46,759,454
Debt Obligations			3,713,336						—						—						3,682,060						3,682,060
Securities Sold Under Agreements to Repurchase			261,396						—						261,396						—						261,396
Total Financial Liabilities			$	110,614,269					$	—					$	98,935,559					$	10,770,937					$	109,706,496

10. FAIR VALUE OPTION

The following table summarizes the financial instruments for which the fair value option has been elected:

			March 31, 2025						December 31, 2024
Assets
Asset Management and Strategic Holdings
Credit			$	1,009,069					$	1,310,984
Investments of Consolidated CFEs			27,276,888						27,488,538
Real Assets			56,452						55,087
Equity Method - Other			1,527,747						1,832,534
Other Investments			81,112						110,979
Total Asset Management and Strategic Holdings			$	29,951,268					$	30,798,122
Insurance
Fixed Maturity Securities			$	214,374					$	100,162
Mortgage and Other Loan Receivables			3,127,745						1,611,109
Real Assets			742,445						471,498
Other Investments			296,432						47,944
Reinsurance Recoverable			953,145						940,731
Total Insurance			$	5,334,141					$	3,171,444
Total Assets			$	35,285,409					$	33,969,566
Liabilities
Asset Management and Strategic Holdings
Debt Obligations of Consolidated CFEs			$	26,771,901					$	27,150,809
Total Asset Management and Strategic Holdings			$	26,771,901					$	27,150,809
Insurance
Policy Liabilities			$	1,293,489					$	1,265,878
Total Insurance			$	1,293,489					$	1,265,878
Total Liabilities			$	28,065,390					$	28,416,687

The following table presents the net realized and unrealized gains (losses) on financial instruments for which the fair value option was elected:

																								Three Months Ended March 31, 2025																		Three Months Ended March 31, 2024
																								Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Total						Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Total
Assets
Asset Management and Strategic Holdings
Credit																								$	8,692					$	(10,738)					$	(2,046)					$	(7,473)					$	14,856					$	7,383
Investments of Consolidated CFEs																								(138,086)						(285,891)						(423,977)						5,005						96,973						101,978
Real Assets																								—						1,365						1,365						—						(1,111)						(1,111)
Equity Method - Other																								16,626						(32,067)						(15,441)						15,445						(68,243)						(52,798)
Other Investments																								2,045						(8,234)						(6,189)						—						(123)						(123)
Total Asset Management and Strategic Holdings																								$	(110,723)					$	(335,565)					$	(446,288)					$	12,977					$	42,352					$	55,329
Insurance
Fixed Maturity Securities																								$	1,178					$	(18,421)					$	(17,243)					$	—					$	—					$	—
Mortgage and Other Loan Receivables																								—						13,847						13,847						—						(4,388)						(4,388)
Real Assets																								—						19,619						19,619						—						(39,642)						(39,642)
Other Investments																								—						(10,699)						(10,699)						—						(37)						(37)
Total Insurance																								$	1,178					$	4,346					$	5,524					$	—					$	(44,067)					$	(44,067)
Total Assets																								$	(109,545)					$	(331,219)					$	(440,764)					$	12,977					$	(1,715)					$	11,262
Liabilities
Asset Management and Strategic Holdings
Debt Obligations of Consolidated CFEs																								$	(3,330)					$	337,236					$	333,906					$	(168)					$	(78,896)					$	(79,064)
Total Asset Management and Strategic Holdings																								$	(3,330)					$	337,236					$	333,906					$	(168)					$	(78,896)					$	(79,064)
Insurance
Policy Liabilities																								$	—					$	(17,849)					$	(17,849)					$	—					$	41,101					$	41,101
Total Insurance																								$	—					$	(17,849)					$	(17,849)					$	—					$	41,101					$	41,101
Total Liabilities																								$	(3,330)					$	319,387					$	316,057					$	(168)					$	(37,795)					$	(37,963)

11. INSURANCE INTANGIBLES, UNEARNED REVENUE RESERVES AND UNEARNED FRONT-END LOADS

The following reflects the reconciliation of the components of insurance intangibles to the total balance reported in the consolidated statements of financial condition as of March 31, 2025 and December 31, 2024:

			March 31,						December 31,
			2025						2024
Deferred Acquisition Costs, or "DAC"			$	1,886,957					$	1,731,076
Value of Business Acquired			1,143,581						1,165,193
Cost-of-Reinsurance Intangibles			2,273,359						2,302,674
Total Insurance Intangibles			$	5,303,897					$	5,198,943

Deferred Acquisition Costs

The following tables reflect the deferred acquisition costs roll-forward by product category for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31, 2025
			Fixed Rate Annuities						Fixed Indexed Annuities						Interest Sensitive Life						Other						Total
Balance, as of the Beginning of the Period			$	463,393					$	787,585					$	131,143					$	348,955					$	1,731,076
Capitalizations			58,017						79,460						2,411						90,701						230,589
Amortization Expense			(29,848)						(32,998)						(2,089)						(9,773)						(74,708)
Balance, as of the End of the Period			$	491,562					$	834,047					$	131,465					$	429,883					$	1,886,957

			Three Months Ended March 31, 2024
			Fixed Rate Annuities						Fixed Indexed Annuities						Interest Sensitive Life						Other						Total
Balance, as of the Beginning of the Period			$	373,863					$	481,970					$	132,079					$	166,785					$	1,154,697
Capitalizations			75,597						58,366						3,291						18,605						155,859
Amortization Expense			(23,718)						(19,709)						(2,187)						(4,218)						(49,832)
Balance, as of the End of the Period			$	425,742					$	520,627					$	133,183					$	181,172					$	1,260,724

Value of Business Acquired

The following tables reflect the value of business acquired, or “VOBA” asset roll-forward by product category for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31, 2025
			Fixed Rate Annuities						Fixed Indexed Annuities						Interest Sensitive Life						Variable Annuities						Other						Total
Balance, as of the Beginning of the Period			$	41,235					$	578,162					$	249,412					$	224,347					$	72,037					$	1,165,193
Amortization Expense			(895)						(10,813)						(3,286)						(5,027)						(1,591)						(21,612)
Balance, as of the End of the Period			$	40,340					$	567,349					$	246,126					$	219,320					$	70,446					$	1,143,581

			Three Months Ended March 31, 2024
			Fixed Rate Annuities						Fixed Indexed Annuities						Interest Sensitive Life						Variable Annuities						Other						Total
Balance, as of the Beginning of the Period			$	44,922					$	621,372					$	262,942					$	245,042					$	78,706					$	1,252,984
Amortization Expense			(939)						(10,719)						(3,453)						(5,201)						(1,708)						(22,020)
Balance, as of the End of the Period			$	43,983					$	610,653					$	259,489					$	239,841					$	76,998					$	1,230,964

The following tables reflect the negative value of business acquired, or “negative VOBA” liability roll-forward by product category for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31, 2025
			Fixed Rate Annuities						Fixed Indexed Annuities						Interest Sensitive Life						Variable Annuities						Other						Total
Balance, as of the Beginning of the Period			$	44,432					$	75,255					$	391,816					$	85,182					$	169,623					$	766,308
Amortization Expense			(3,934)						(6,314)						(8,415)						(1,467)						(3,202)						(23,332)
Balance, as of the End of the Period			$	40,498					$	68,941					$	383,401					$	83,715					$	166,421					$	742,976

			Three Months Ended March 31, 2024
			Fixed Rate Annuities						Fixed Indexed Annuities						Interest Sensitive Life						Variable Annuities						Other						Total
Balance, as of the Beginning of the Period			$	65,966					$	106,538					$	421,213					$	91,295					$	182,920					$	867,932
Amortization Expense			(6,543)						(8,849)						(9,794)						(1,567)						(3,401)						(30,154)
Balance, as of the End of the Period			$	59,423					$	97,689					$	411,419					$	89,728					$	179,519					$	837,778

Unearned Revenue Reserves and Unearned Front-End Loads

			Three Months Ended March 31,
			2025						2024
			Preneed
Balance, as of the Beginning of the Period			$	230,790					$	178,053
Deferral			16,874						17,453
Amortized to Income during the Period			(4,813)						(3,725)
Balance, as of the End of the Period			$	242,851					$	191,781

12. REINSURANCE

Global Atlantic maintains a number of reinsurance treaties with third parties whereby Global Atlantic assumes annuity and life policies on a coinsurance, modified coinsurance or funds withheld basis. Global Atlantic also maintains other reinsurance treaties including the cession of certain annuity, life and health policies.

The effects of all reinsurance agreements on the consolidated statements of financial condition were as follows:

			March 31, 2025						December 31, 2024
Policy Liabilities:
Direct			$	87,144,998					$	84,062,566
Assumed			101,268,847						101,142,800
Total Policy Liabilities			188,413,845						185,205,366
Ceded(1)			(45,011,864)						(45,006,124)
Net Policy Liabilities			$	143,401,981					$	140,199,242

(1)Reported within reinsurance recoverable within the consolidated statements of financial condition.

A key credit quality indicator is a counterparty’s A.M. Best financial strength rating. A.M. Best ratings are an independent opinion of a reinsurer’s ability to meet ongoing obligations to policyholders. Global Atlantic mitigates counterparty credit risk by requiring collateral and credit enhancements in various forms including engaging in funds withheld at interest and modified coinsurance transactions. The following shows the amortized cost basis of Global Atlantic’s reinsurance recoverable and funds withheld receivable at interest by credit quality indicator and any associated credit enhancements Global Atlantic has obtained to mitigate counterparty credit risk:

			As of March 31, 2025																		As of December 31, 2024
A.M. Best Rating**(1)**			Reinsurance Recoverable and Funds Withheld Receivable at Interest						Credit Enhancements**(2)**						Net Reinsurance Credit Exposure**(3)**						Reinsurance Recoverable and Funds Withheld Receivable at Interest						Credit Enhancements**(2)**						Net Reinsurance Credit Exposure**(3)**
A++			$	83,281					$	—					$	83,281					$	26,854					$	—					$	26,854
A+			1,718,633						—						1,718,633						1,731,697						—						1,731,697
A			2,130,121						—						2,130,121						2,143,893						—						2,143,893
A-			3,846,562						3,401,876						444,686						3,926,161						3,477,840						448,321
B++			1,492						—						1,492						600						—						600
B+			—						—						—						—						—						—
B			—						—						—						—						—						—
B-			—						—						—						—						—						—
C++/C+			—						—						—						(231)						—						—
Not Rated or Private Rating(4)			40,016,346						40,852,798						—						39,979,509						40,484,070						—
Total			$	47,796,435					$	44,254,674					$	4,378,213					$	47,808,483					$	43,961,910					$	4,351,365

(1)Ratings are periodically updated (at least annually) as A.M. Best issues new ratings.

(2)Credit enhancements primarily include funds withheld payable at interest.

(3)Includes credit loss allowance of $22.1 million and $16.4 million as of March 31, 2025 and December 31, 2024, respectively, held against reinsurance recoverable and funds withheld receivable at interest.

(4)Includes $40.0 billion as of both March 31, 2025 and December 31, 2024, respectively, associated with cessions to co-investment vehicles (the "Ivy and other co-investment vehicles") that participate in qualifying reinsurance transactions sourced by Global Atlantic.

As of both March 31, 2025 and December 31, 2024, Global Atlantic had $2.5 billion of funds withheld receivable at interest, with six counterparties related to modified coinsurance and funds withheld contracts. The assets supporting the funds withheld receivable at interest balance are held in trusts for the benefit of Global Atlantic.

The effects of reinsurance on the consolidated statements of operations were as follows:

									Three Months Ended March 31,
															2025						2024
Net Premiums:
Direct															$	212,485					$	34,863
Assumed															387,413						9,109,378
Ceded															(276,534)						(3,107,719)
Net Premiums															$	323,364					$	6,036,522

									Three Months Ended March 31,
															2025						2024
Policy Fees:
Direct															$	226,875					$	226,322
Assumed															272,996						174,418
Ceded															(161,398)						(71,793)
Net Policy Fees															$	338,473					$	328,947

									Three Months Ended March 31,
															2025						2024
Net Policy Benefits and Claims:
Direct															$	1,027,077					$	844,660
Assumed															1,538,597						9,899,999
Ceded															(857,380)						(3,483,590)
Net Policy Benefits and Claims															$	1,708,294					$	7,261,069

Global Atlantic holds collateral for, and provides collateral to, its reinsurance clients. Global Atlantic held $46.5 billion and $46.6 billion of collateral in the form of funds withheld payable at interest on behalf of its reinsurers as of March 31, 2025 and December 31, 2024, respectively. As of both March 31, 2025 and December 31, 2024, reinsurers held collateral of $1.1 billion on behalf of Global Atlantic. A significant portion of the collateral that Global Atlantic provides to its reinsurance clients is provided in the form of assets held in a trust for the benefit of the counterparty. As of March 31, 2025 and December 31, 2024, these trusts held in excess of the $100.4 billion and $100.2 billion of assets they are required to hold in order to support reserves of $97.1 billion and $96.9 billion, respectively. Of the cash held in trust, Global Atlantic classified $104.9 million and $185.8 million as restricted as of March 31, 2025 and December 31, 2024, respectively.

13. NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK

For the three months ended March 31, 2025 and 2024, basic and diluted Net Income (Loss) attributable to KKR & Co. Inc. per share of common stock were calculated as follows:

			Three Months Ended March 31,
			2025						2024
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders			$	(185,924)					$	682,214
(-) Accumulated Series D Mandatory Convertible Preferred Dividend (1)			13,477						—
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic			$	(199,401)					$	682,214
(+) Accumulated Series D Mandatory Convertible Preferred Dividend (if dilutive)			—						—
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted			$	(199,401)					$	682,214

Basic Net Income (Loss) Per Share of Common Stock
Weighted Average Shares of Common Stock Outstanding - Basic			888,246,698						885,005,824
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Basic			$	(0.22)					$	0.77

Diluted Net Income (Loss) Per Share of Common Stock
Weighted Average Shares of Common Stock Outstanding - Basic			888,246,698						885,005,824
Incremental Common Shares:
Assumed vesting of dilutive equity awards (2)			—						40,135,342
Assumed conversion of Series D Mandatory Convertible Preferred Stock (3)			—						—
Weighted Average Shares of Common Stock Outstanding - Diluted			888,246,698						925,141,166
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted			$	(0.22)					$	0.74

(1)For the three months ended March 31, 2025, Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic reflects the accumulated undeclared dividends on Series D Mandatory Convertible Preferred Stock of $13.5 million for the three months ended March 31, 2025.

(2)For the three months ended March 31, 2025, all unvested equity awards are excluded from the calculation of Diluted Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock because inclusion of such unvested equity awards would be anti-dilutive having the effect of decreasing the loss per share of common stock. For the three months ended March 31, 2024, Weighted Average Shares of Common Stock Outstanding – Diluted includes unvested equity awards, including certain equity awards that have met their market price-based vesting condition but have not satisfied their service-based vesting condition. Vesting of these equity awards dilute equity holders of KKR Group Partnership, including KKR & Co. Inc. and holders of exchangeable securities pro rata in accordance with their respective ownership interests in KKR Group Partnership.

(3)For the three months ended March 31, 2025, the impact of Series D Mandatory Convertible Preferred Stock is excluded from the calculation of Diluted Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock because inclusion would be anti-dilutive having the effect of decreasing the loss per share of common stock.

Exchangeable Securities

For the three months ended March 31, 2025 and 2024, vested restricted holdings units (as defined in Note 19 "Equity Based Compensation") have been excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted since the exchange of these units would not dilute KKR & Co. Inc.’s ownership interests in KKR Group Partnership. See Note 1 "Organization" in our financial statements.

									Three Months Ended March 31,
															2025						2024
Weighted Average Vested Restricted Holdings Units															7,977,355						5,739,616

Market Condition Awards

For the three months ended March 31, 2024, 33.0 million of unvested equity awards that are subject to market price based and service-based vesting conditions were excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted since the market price based vesting condition was not satisfied. See Note 19 "Equity Based Compensation" in our financial statements.

14. OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES

Other Assets consist of the following:

			March 31, 2025						December 31, 2024
Asset Management and Strategic Holdings
Unsettled Investment Sales (1)			$	569,080					$	293,379
Receivables			290,392						259,644
Due from Broker (2)			115,009						97,524
Deferred Tax Assets, net			42,987						50,627
Interest Receivable			247,982						264,680
Fixed Assets, net (3)			904,529						902,896
Foreign Exchange Contracts and Options (4)			242,200						511,513
Goodwill (5)			530,117						509,561
Intangible Assets (6)			1,538,436						1,457,871
Derivative Assets			7,759						8,444
Prepaid Taxes			99,222						167,751
Prepaid Expenses			55,259						57,629
Operating Lease Right of Use Assets (7)			691,317						701,274
Deferred Financing Costs			16,834						19,594
Other			318,248						231,899
Total Asset Management and Strategic Holdings			$	5,669,371					$	5,534,286
Insurance
Deferred Tax Assets, net			$	2,707,463					$	2,788,672
Accrued Investment Income			1,464,288						1,475,704
Goodwill			509,972						509,972
Intangible Assets and Deferred Sales Inducements(8)			340,803						343,657
Premiums and Other Account Receivables			185,134						254,992
Other			280,100						276,104
Operating Lease Right of Use Assets(7)			162,456						165,204
Unsettled Investment Sales(1) and Derivative Collateral Receivables			239,890						141,532
Derivative Assets			118,852						61,351
Prepaid Taxes			272,833						273,197
Market Risk Benefit Asset			148						2,319
Total Insurance			$	6,281,939					$	6,292,704
Total Other Assets			$	11,951,310					$	11,826,990

(1)Primarily includes amounts due from third parties for investments sold for which cash settlement has not occurred.

(2)Represents amounts held at clearing brokers resulting from securities transactions.

(3)Net of accumulated depreciation and amortization of $342.0 million and $326.0 million as of March 31, 2025 and December 31, 2024, respectively. Depreciation and amortization expense of $18.6 million and $17.9 million for the three months ended March 31, 2025, and 2024, respectively, are included in General, Administrative and Other in the accompanying consolidated statements of operations. Additionally, KKR’s fixed assets are predominantly located in the United States.

(4)Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments.

(5)As of March 31, 2025, the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. As of March 31, 2025, there are approximately $(62.4) million of cumulative foreign currency translation adjustments included in AOCI related to the goodwill recorded as result of the acquisition of KJRM.

(6)As of March 31, 2025, there are approximately $(212.7) million of cumulative foreign currency translation adjustments included in AOCI related to the intangible assets recorded as result of the acquisition of KJRM.

(7)For Asset Management, non-cancelable operating leases consist of leases for office space in North America, Europe, Asia, and Australia. KKR is the lessee under the terms of the operating leases. The operating lease cost was $27.1 million and $16.6 million for the three months ended March 31, 2025 and 2024, respectively. For Insurance, non-cancelable operating leases consist of leases for office space and land in the U.S. For the three months ended March 31, 2025 and 2024, the operating lease cost was $5.1 million and $5.5 million, respectively.

(8)The definite life intangible assets are amortized using the straight-line method over the useful life of the assets which is an average of 11.7 years. The indefinite life intangible assets are not subject to amortization. The amortization expense of definite life intangible assets was $4.7 million and $4.4 million for the three months ended March 31, 2025 and 2024, respectively.

Accrued Expenses and Other Liabilities consist of the following:

			March 31, 2025						December 31, 2024
Asset Management and Strategic Holdings
Amounts Payable to Carry Pool (1)			$	4,993,176					$	4,170,773
Unsettled Investment Purchases (2)			1,595,725						2,081,970
Securities Sold Short (3)			96,669						109,168
Derivative Liabilities			95						—
Accrued Compensation and Benefits			217,614						130,717
Interest Payable			462,445						467,324
Foreign Exchange Contracts and Options (4)			331,578						131,339
Accounts Payable and Accrued Expenses			546,172						425,731
Taxes Payable			153,622						91,398
Uncertain Tax Positions			37,456						42,054
Unfunded Revolver Commitments			101,216						96,848
Operating Lease Liabilities (5)			722,576						722,241
Deferred Tax Liabilities, net			2,966,803						2,840,342
Other Liabilities			151,076						138,598
Total Asset Management and Strategic Holdings			$	12,376,223					$	11,448,503
Insurance
Accrued Expenses			$	590,248					$	562,226
Unsettled Investment Purchases(2) and Derivative Collateral Liabilities			1,146,956						347,121
Insurance Operations Balances in Course of Settlement			389,396						190,775
Securities Sold Under Agreements to Repurchase			306,096						261,396
Derivative Liabilities			337,638						389,187
Operating Lease Liabilities(5)			182,342						185,547
Accrued Employee Related Expenses			80,385						107,049
Interest Payable			72,115						40,315
Tax Payable to Former Parent Company			44,803						49,477
Accounts and Commissions Payable			21,934						31,414
Other Tax Related Liabilities			17,114						22,455
Total Insurance			$	3,189,027					$	2,186,962
Total Accrued Expenses and Other Liabilities			$	15,565,250					$	13,635,465

(1)Represents the amount of carried interest payable to current and former KKR employees arising from KKR's investment funds and co-investment vehicles that provide for carried interest.

(2)Primarily includes amounts owed to third parties for investment purchases for which cash settlement has not occurred.

(3)Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments.

(4)Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments.

(5)For Asset Management, operating leases for office space have remaining lease terms that range from approximately 1 year to 16 years, some of which include options to extend the leases from 2 years to 10 years. The weighted average remaining lease terms were 12.9 years and 13.1 years as of March 31, 2025 and December 31, 2024, respectively. The weighted average discount rates were 3.7% and 3.7% as of March 31, 2025 and December 31, 2024, respectively. For Insurance, operating leases for office space have remaining lease terms that range from approximately 1 year to 10 years, some of which include options to extend the leases for up to 10 years. The weighted average remaining lease terms were 7.3 years and 7.4 years as of March 31, 2025 and December 31, 2024, respectively. The weighted average discount rates were 4.8% and 4.7% as of March 31, 2025 and December 31, 2024, respectively. The weighted average remaining lease terms for land were 41.8 years and 42.8 years as of March 31, 2025 and December 31, 2024, respectively. For Asset Management and Strategic Holdings and Insurance, non-cash right of use assets obtained in exchange for new operating lease liabilities were $5.9 million for the three months ended March 31, 2025. For Asset Management and Strategic Holdings and Insurance, there were no non-cash right of use assets obtained in exchange for new operating lease liabilities for the three months ended March 31, 2024.

15. VARIABLE INTEREST ENTITIES

Consolidated VIEs

KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary. The consolidated VIEs are predominately CLOs and certain investment funds sponsored by KKR. The primary purpose of these VIEs is to provide strategy specific investment opportunities to earn investment gains, current income or both in exchange for management fees and performance income. KKR's investment strategies differ for these VIEs; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and performance income. KKR does not provide performance guarantees and has no other financial obligation to provide funding to these consolidated VIEs, beyond amounts previously committed, if any. Furthermore, KKR consolidates certain VIEs that are formed by Global Atlantic to either (i) hold investments, including fixed maturity securities, consumer and other loans, renewable energy, transportation and real estate, or (ii) to conduct certain reinsurance activities with third party commitments.

Unconsolidated VIEs

KKR holds variable interests in certain VIEs which are not consolidated as it has been determined that KKR is not the primary beneficiary. VIEs that are not consolidated predominantly include certain investment funds sponsored by KKR as well as certain investment partnerships where Global Atlantic retains an economic interest. KKR's investment strategies differ by investment fund; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and performance income. KKR's maximum exposure to loss as a result of its investments in the unconsolidated investment funds is the carrying value of such investments, including KKR's capital interest and any unrealized carried interest. Accordingly, disaggregation of KKR's involvement by type of unconsolidated investment fund would not provide more useful information. For these unconsolidated investment funds in which KKR is the sponsor, KKR may have an obligation as general partner to provide commitments to such investment funds. As of March 31, 2025, KKR's commitments to these unconsolidated investment funds were $3.2 billion. KKR generally has not provided any financial support other than its obligated amount as of March 31, 2025. Additionally, Global Atlantic has unfunded commitments of $24.5 million as of March 31, 2025.

As of March 31, 2025 and December 31, 2024, the maximum exposure to loss, before allocations to the carry pool and noncontrolling interests, if any, for those VIEs in which KKR is determined not to be the primary beneficiary but in which it has a variable interest is as follows:

Asset Management and Strategic Holdings			March 31, 2025						December 31, 2024
Investments			$	10,704,836					$	9,798,370
Due from (to) Affiliates, net			1,449,137						1,437,525
Maximum Exposure to Loss			$	12,153,973					$	11,235,895
Insurance
Real Assets			$	113,257					$	124,910
Other Investments			664,740						664,951
Maximum Exposure to Loss			$	777,997					$	789,861
Total Maximum Exposure to Loss			$	12,931,970					$	12,025,756

16. DEBT OBLIGATIONS

KKR enters into credit agreements and issues debt for its general operating and investment purposes.

KKR's Asset Management and Strategic Holdings debt obligations consisted of the following:

						March 31, 2025															December 31, 2024
By remaining maturity at period end date						Financing Available			Principal			Carrying Value			Fair Value						Financing Available			Principal			Carrying Value			Fair Value
Revolving Credit Facilities: (1)
Under 1 Year						$	750,000		$	—		$	—		$	—					$	750,000		$	—		$	—		$	—
1-5 Years						3,490,843			—			—			—						3,468,753			—			—			—
After 5 Years						—			—			—			—						—			—			—			—
Subtotal						4,240,843			—			—			—						4,218,753			—			—			—
KKR USD Senior Notes: (2)(3)(6)(8)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			750,000			746,222			723,788						—			750,000			746,000			709,328
After 5 Years						—			4,250,000			4,170,120			3,421,916						—			4,250,000			4,167,548			3,436,331
Subtotal						—			5,000,000			4,916,342			4,145,704						—			5,000,000			4,913,548			4,145,659
KKR Yen Senior Notes: (2)(3)(6)
Under 1 Year(10)						—			—			—			—						—			31,788			31,762			31,766
1-5 Years						—			870,957			867,870			856,028						—			830,314			826,986			823,390
After 5 Years						—			620,874			614,116			571,676						—			591,902			584,999			570,285
Subtotal						—			1,491,831			1,481,986			1,427,704						—			1,454,004			1,443,747			1,425,441
KKR Euro Senior Notes: (2)(3)(6)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			703,083			699,216			659,330						—			673,366			669,325			634,836
After 5 Years						—			—			—			—						—			—			—			—
Subtotal						—			703,083			699,216			659,330						—			673,366			669,325			634,836
KKR Subordinated Notes: (2)(3)(7)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			—			—			—						—			—			—			—
After 5 Years						—			500,000			487,199			357,000						—			500,000			487,110			366,200
Subtotal						—			500,000			487,199			357,000						—			500,000			487,110			366,200
KFN USD Senior Notes: (2)(3)(4)(9)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			—			—			—						—			—			—			—
After 5 Years						—			690,000			684,903			603,870						—			690,000			684,730			608,237
Subtotal						—			690,000			684,903			603,870						—			690,000			684,730			608,237
KFN Junior Subordinated Notes:****(2)(4)(5)(9)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			—			—			—						—			—			—			—
After 5 Years						—			258,517			240,464			204,347						—			258,517			240,136			211,909
Subtotal						—			258,517			240,464			204,347						—			258,517			240,136			211,909
Total KKR & KFN Notes						4,240,843			8,643,431			8,510,110			7,397,955						4,218,753			8,575,887			8,438,596			7,392,282
Other Debt Obligations: (1)(2)(8)						5,373,392			37,834,615			37,297,754			37,033,207						5,628,669			37,697,802			37,495,324			37,409,158
Total						$	9,614,235		$	46,478,046		$	45,807,864		$	44,431,162					$	9,847,422		$	46,273,689		$	45,933,920		$	44,801,440

(1)Financing available is reduced by the dollar amounts specified in any issued letters of credit.

(2)Carrying value includes: (i) unamortized note discount (net of premium), as applicable and (ii) unamortized debt issuance costs, as applicable. Financing costs related to the issuance of the notes have been deducted from the note liability and are being amortized over the life of the notes.

(3)Interest rates of the notes are fixed and the weighted average interest rates are the following:

			March 31, 2025			December 31, 2024
KKR USD Senior Notes			4.23%			4.23%
KKR Yen Senior Notes			1.69%			1.67%
KKR Euro Senior Notes			1.63%			1.63%
KKR Subordinated Notes			4.63%			4.63%
KFN USD Senior Notes			5.44%			5.44%

(4)These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.

(5)Interest rates of the notes are floating and the weighted average interest rate is 7.0% and 7.3% and the weighted average years to maturity is 11.5 years and 11.8 years as of March 31, 2025 and December 31, 2024, respectively.

(6)The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes.

(7)The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed.

(8)As of March 31, 2025 and December 31, 2024, the principal value, carrying value and fair value reflects the elimination for the portion of applicable debt obligations that are held by Global Atlantic.

(9)KKR consolidates and reports debt obligations of KKR Financial Holdings LLC, a KKR subsidiary ("KFN"), which are non-recourse to KKR beyond the assets of KFN. From time to time, KKR may provide credit support for the funding obligations of its subsidiaries.

(10)On March 21, 2025, the ¥5.0 billion 0.764% Senior Notes due 2025 matured and the principal and accrued interest were paid in full.

KCM 364-Day Revolving Credit Facility

On April 2, 2025, KKR Capital Markets Holdings L.P. and certain other capital markets subsidiaries (the "KCM Borrowers") replaced their existing 364-day revolving credit agreement with a new 364-day revolving credit agreement (the "KCM 364-Day Revolving Credit Facility”) with Mizuho Bank, Ltd., as administrative agent, and one or more lenders party thereto. The KCM 364-Day Revolving Credit Facility replaced the prior 364-day revolving credit facility, dated as of April 4, 2024, between the KCM Borrowers and the administrative agent, and one or more lenders party to the prior facility, which was terminated according to its terms on April 2, 2025. The KCM 364-Day Revolving Credit Facility provides for revolving borrowings up to $750 million, expires on April 1, 2026, and ranks pari passu with the existing $750 million 5-year revolving credit facility provided by them for KKR's capital markets business (the "KCM Five-Year Revolving Credit Facility"). If a borrowing is made under the KCM 364-Day Revolving Credit Agreement, the interest rate will vary depending on the type of drawdown requested. As with the KCM Five-Year Revolving Credit Facility, borrowings under the KCM 364-Day Revolving Credit Facility may only be used for KKR’s capital markets business. This facility’s only obligors are entities involved in KKR’s capital markets business, and its liabilities are non-recourse to other parts of KKR’s business. The KCM 364-Day Revolving Credit Facility contains customary representations and warranties, events of default, and affirmative and negative covenants, including a financial covenant providing for a maximum debt to equity ratio for the KCM Borrowers, which are substantially similar to those found in the KCM Five-Year Revolving Credit Facility. The KCM Borrowers' obligations under the KCM 364-Day Revolving Credit Facility are secured by certain assets of the KCM Borrowers, including a pledge of equity interests of certain subsidiaries of the KCM Borrowers.

Other Asset Management and Strategic Holdings Debt Obligations

Certain of KKR's consolidated investment funds have entered into financing arrangements with financial institutions, generally to provide liquidity to such investment funds. These financing arrangements are generally not direct obligations of the general partners of KKR's investment funds (beyond KKR's capital interest) or its management companies. Such borrowings have varying maturities and bear interest at floating rates. Borrowings are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. When an investment vehicle borrows, the proceeds are available only for use by that investment vehicle and are not available for the benefit of other investment vehicles or KKR. Collateral within each investment vehicle is also available only against borrowings by that investment vehicle and not against the borrowings of other investment vehicles or KKR.

In certain other cases, investments and other assets held directly by majority-owned consolidated levered investment vehicles and other entities have been funded with borrowings that are collateralized by the investments and assets they own. These borrowings are non-recourse to KKR beyond the investments or assets serving as collateral or the capital that KKR has committed to fund such investment vehicles. Such borrowings have varying maturities and generally bear interest at fixed rates.

In addition, consolidated CFEs issue debt securities to third-party investors which are collateralized by assets held by the CFE. Debt securities issued by CFEs are supported solely by the assets held at the CFEs and are not collateralized by assets of any other KKR entity. CFEs also may have warehouse facilities with banks to provide liquidity to the CFE. The CFE's debt obligations are non-recourse to KKR beyond the assets of the CFE.

As of March 31, 2025, other debt obligations consisted of the following:

			Financing Available						Principal						Carrying Value**(1)**						Fair Value						Weighted Average Interest Rate						Weighted Average Remaining Maturity in Years
Financing Facilities of Consolidated Funds and Other			$	5,373,392					$	10,550,606					$	10,525,853					$	10,261,306					5.8%						4.5
Debt Obligations of Consolidated CFEs			—						27,284,009						26,771,901						26,771,901						(2)						10.0
			$	5,373,392					$	37,834,615					$	37,297,754					$	37,033,207

(1)Includes borrowings collateralized by fund investments, fund co-investments, and other assets held by levered investment vehicles of $3.3 billion.

(2)The senior notes of the consolidated CFEs had a weighted average interest rate of 5.6%. The subordinated notes of the consolidated CLOs do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any.

Debt obligations of consolidated CLOs are collateralized by assets held by each respective CLO vehicle and assets of one CLO vehicle may not be used to satisfy the liabilities of another. As of March 31, 2025, the fair value of the consolidated CLO assets was $30.0 billion. This collateral consisted of Cash and Cash Equivalents, Investments, and Other Assets.

Global Atlantic's debt obligations consisted of the following:

						March 31, 2025															December 31, 2024
By Remaining Maturity at Period End Date						Financing Available			Principal			Carrying Value**(1)**			Fair Value**(2)**						Financing Available			Principal			Carrying Value**(1)**			Fair Value**(2)**
Revolving Credit Facilities:
Under 1 Year						$	—		$	—		$	—		$	—					$	—		$	—		$	—		$	—
1-5 Years						1,000,000			—			—			—						1,000,000			—			—			—
After 5 Years						—			—			—			—						—			—			—			—
Subtotal						1,000,000			—			—			—						1,000,000			—			—			—
Senior Notes: (4)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			500,000			469,261			483,450						—			500,000			459,138			474,250
After 5 Years						—			2,050,000			1,893,902			2,068,835						—			2,050,000			1,854,183			2,040,505
Subtotal						—			2,550,000			2,363,163			2,552,285						—			2,550,000			2,313,321			2,514,755
Subordinated Notes: (4)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			—			—			—						—			—			—			—
After 5 Years						—			1,350,000			1,329,731			1,347,045						—			1,350,000			1,329,615			1,353,975
Subtotal						—			1,350,000			1,329,731			1,347,045						—			1,350,000			1,329,615			1,353,975
Debt Obligations of Consolidated Special Purpose Vehicles(3)						260,500			79,500			79,500			79,500						269,600			70,400			70,400			70,394
Total						$	1,260,500		$	3,979,500		$	3,772,394		$	3,978,830					$	1,269,600		$	3,970,400		$	3,713,336		$	3,939,124

(1)Carrying value of debt as of March 31, 2025 and December 31, 2024, includes purchase accounting adjustments of $32.3 million and $34.1 million, respectively, net debt issuance costs of $(57.2) million and $(57.9) million, respectively, and cumulative fair value loss on hedged debt obligations of $(182.2) million and $(233.2) million, respectively. The amortization of the purchase accounting adjustments was $1.8 million and $0.8 million for the three months ended March 31, 2025 and 2024, respectively.

(2)These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.

(3)These debt obligations primarily include debt obligations of consolidated sponsored reinsurance vehicles that are not guaranteed by KKR or Global Atlantic.

(4)Interest rates of the notes are fixed and the weighted average interest rates are the following:

			March 31, 2025			December 31, 2024
Senior Notes			5.67%			5.67%
Subordinated Notes			6.14%			6.14%

Debt Covenants

Borrowings of KKR (including Global Atlantic) contain various debt covenants. These covenants do not, in management's opinion, materially restrict KKR's operating business or investment strategies as of March 31, 2025. KKR (including Global Atlantic) was in compliance with such debt covenants in all material respects as of March 31, 2025.

17. POLICY LIABILITIES

The following reflects the reconciliation of the components of policy liabilities to the total balance reported in the consolidated statements of financial condition as of March 31, 2025 and December 31, 2024:

			March 31, 2025						December 31, 2024
Policyholders’ Account Balances			$	140,341,502					$	137,881,796
Liability for Future Policy Benefits			27,027,853						26,795,091
Additional Liability for Annuitization, Death, or Other Insurance Benefits			7,592,958						7,491,915
Market Risk Benefit Liability			1,206,372						1,002,236
Other Policy-Related Liabilities(1)			12,245,160						12,034,328
Total Policy Liabilities			$	188,413,845					$	185,205,366

(1)Other policy-related liabilities as of March 31, 2025 and December 31, 2024 primarily consist of embedded derivatives associated with contractholder deposit funds ($5.9 billion and $6.0 billion, respectively), cost-of-reinsurance liabilities ($3.2 billion and $3.1 billion, respectively), policy liabilities accounted under a fair value option (both $1.2 billion), negative VOBA ($743.0 million and $766.3 million, respectively) and outstanding claims ($352.7 million and $303.8 million, respectively).

Policyholders’ Account Balances

The following reflects the policyholders’ account balances roll-forward for the three months ended March 31, 2025 and 2024, and the policyholders’ account balances weighted average interest rates, net amount at risk, and cash surrender value as of those dates:

			Three Months Ended March 31, 2025
			Fixed Rate Annuities						Fixed Indexed Annuities						Interest Sensitive Life						Funding Agreements						Other**(1)**						Total
Balance as of Beginning of Period			$	65,086,617					$	33,718,335					$	22,175,897					$	7,158,103					$	9,742,844					$	137,881,796
Issuances and Premiums Received			3,189,435						1,520,325						296,576						1,168,075						84,189						6,258,600
Benefit Payments, Surrenders, and Withdrawals			(2,506,931)						(1,116,998)						(475,276)						(398,034)						(346,355)						(4,843,594)
Interest(2)			660,809						233,360						181,550						82,026						86,592						1,244,337
Other Activity(3)			(69,245)						1,609						(208,707)						48,750						27,956						(199,637)
Balance as of End of Period			$	66,360,685					$	34,356,631					$	21,970,040					$	8,058,920					$	9,595,226					$	140,341,502
Less: Reinsurance Recoverable			(11,630,578)						(3,012,713)						(7,485,215)						—						(3,462,652)						(25,591,158)
Balance as of End of Period, Net of Reinsurance Recoverable			$	54,730,107					$	31,343,918					$	14,484,825					$	8,058,920					$	6,132,574					$	114,750,344
Average Interest Rate			4.18		%				2.79		%				3.30		%				4.31		%				3.31		%				3.65		%
Net Amount at Risk, Gross of Reinsurance(4)			$	—					$	—					$	110,148,899					$	—					$	1,132,260					$	111,281,159
Cash Surrender Value(5)			$	51,630,135					$	34,871,713					$	13,866,706					$	—					$	4,425,170					$	104,793,724

(1)“Other” consists of activity related to payout annuities without life contingencies, preneed, variable annuities, and life products.

(2)Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance, including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements, and other associated reserves.

(3) “Other activity” includes policy charges, fees and commissions, transfers, assumption changes, fair value changes, and the impact of hedge fair value adjustments.

(4)Net amount at risk represents the difference between the face value of the insurance policy and the reserve accumulated under that same policy.

(5)Cash surrender values are reported net of any applicable surrender charges, net of reinsurance.

			Three Months Ended March 31, 2024
			Fixed Rate Annuities						Fixed Indexed Annuities						Interest Sensitive Life						Funding Agreements						Other**(1)**						Total
Balance as of Beginning of Period			$	56,762,736					$	30,168,445					$	21,969,053					$	7,015,998					$	9,271,122					$	125,187,354
Issuances and Premiums Received			4,784,285						1,549,004						312,020						695,933						1,339,437						8,680,679
Benefit Payments, Surrenders, and Withdrawals			(2,879,479)						(1,294,134)						(306,463)						(68,159)						(411,941)						(4,960,176)
Interest(2)			498,543						165,239						177,275						69,519						74,324						984,900
Other Activity(3)			(102,899)						25,879						(305,139)						(21,815)						20,354						(383,620)
Balance as of End of Period			$	59,063,186					$	30,614,433					$	21,846,746					$	7,691,476					$	10,293,296					$	129,509,137
Less: Reinsurance Recoverable			(10,557,317)						(3,189,167)						(7,159,910)						—						(3,830,017)						(24,736,411)
Balance as of End of Period, Net of Reinsurance Recoverable			$	48,505,869					$	27,425,266					$	14,686,836					$	7,691,476					$	6,463,279					$	104,772,726
Average Interest Rate			3.58		%				2.30		%				3.22		%				3.80		%				3.47		%				3.15		%
Net Amount at Risk, Gross of Reinsurance(4)			$	—					$	—					$	117,008,523					$	—					$	1,161,762					$	118,170,285
Cash Surrender Value(5)			$	45,612,785					$	29,313,985					$	13,827,297					$	—					$	4,604,037					$	93,358,104

(1)“Other” consists of activity related to payout annuities without life contingencies, preneed, variable annuities, and life products.

(2)Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance, including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements, and other associated reserves.

(3)“Other activity” includes policy charges, fees and commissions, transfers, assumption changes, fair value changes, and the impact of hedge fair value adjustments.

(4)Net amount at risk represents the difference between the face value of the insurance policy and the reserve accumulated under that same policy.

(5)Cash surrender values are reported net of any applicable surrender charges, net of reinsurance.

The following table presents the account values by range of guaranteed minimum crediting rates and the related range of differences, in basis points, between rates being credited to policyholders and the respective guaranteed minimums. Account values, as disclosed below, differ from policyholder account balances as they exclude balances associated with index credits, contractholder deposit fund host balances, funding agreements, and other associated reserves. In addition, policyholder account balances include discounts and premiums on assumed business which are not reflected in account values.

			As of March 31, 2025
			Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:
Range of Guaranteed Minimum Crediting Rates:			At Guaranteed Minimum						1 - 49 bps Above Guaranteed Minimum						50 - 99 bps Above Guaranteed Minimum						100 - 150 bps Above Guaranteed Minimum						Greater Than 150 bps Above Guaranteed Minimum						Total
Less Than 1.00%			$	2,861,094					$	41,491					$	360,133					$	546,765					$	33,350,958					$	37,160,441
1.00% - 1.99%			1,266,944						643,311						775,710						1,820,583						11,321,709						15,828,257
2.00% - 2.99%			782,800						33,735						55,356						99,070						4,615,080						5,586,041
3.00% - 4.00%			10,703,439						1,360,466						431,987						1,340,691						1,780,447						15,617,030
Greater Than 4.00%			12,022,560						1,340,575						65,011						6,735						—						13,434,881
Total			$	27,636,837					$	3,419,578					$	1,688,197					$	3,813,844					$	51,068,194					$	87,626,650
Percentage of Total			32		%				4		%				2		%				4		%				58		%				100		%

			As of December 31, 2024
			Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:
Range of Guaranteed Minimum Crediting Rates:			At Guaranteed Minimum						1 - 49 bps Above Guaranteed Minimum						50 - 99 bps Above Guaranteed Minimum						100 - 150 bps Above Guaranteed Minimum						Greater Than 150 bps Above Guaranteed Minimum						Total
Less Than 1.00%			$	3,479,329					$	36,286					$	357,440					$	740,947					$	32,674,542					$	37,288,544
1.00% - 1.99%			1,304,845						738,935						805,357						1,867,453						10,903,160						15,619,750
2.00% - 2.99%			769,182						36,663						56,798						697,085						3,671,581						5,231,309
3.00% - 4.00%			10,302,787						1,619,059						474,803						1,253,515						1,478,389						15,128,553
Greater Than 4.00%			11,785,696						1,353,687						76,806						7,020						—						13,223,209
Total			$	27,641,839					$	3,784,630					$	1,771,204					$	4,566,020					$	48,727,672					$	86,491,365
Percentage of Total			32		%				4		%				2		%				5		%				57		%				100		%

Liability for Future Policy Benefits

The following tables summarize the balances of, and changes in, the liability for future policy benefits for traditional and limited-payment contracts for the three months ended March 31, 2025 and 2024:

			Three Months Ended
			March 31, 2025																		March 31, 2024
			Payout Annuities**(1)**						Other**(2)**						Total						Payout Annuities**(1)**						Other**(2)**						Total
Present Value of Expected Net Premiums
Balance as of Beginning of Period			$	—					$	(1,399,211)					$	(1,399,211)					$	—					$	(208,370)					$	(208,370)
Balance at Original Discount Rate			$	—					$	(1,444,663)					$	(1,444,663)					$	—					$	(241,058)					$	(241,058)
Effect of Actual Variances from Expected Experience			—						(109,616)						(109,616)						—						2,481						2,481
Adjusted Beginning of Period Balance			—						(1,554,279)						(1,554,279)						—						(238,577)						(238,577)
Issuances			—						(102,447)						(102,447)						—						(1,138,831)						(1,138,831)
Interest			—						(18,016)						(18,016)						—						(949)						(949)
Net Premiums Collected			—						110,259						110,259						—						8,416						8,416
Ending Balance at Original Discount Rate			—						(1,564,483)						(1,564,483)						—						(1,369,941)						(1,369,941)
Effect of Changes in Discount Rate Assumptions			—						29,331						29,331						—						36,556						36,556
Balance as of End of Period			$	—					$	(1,535,152)					$	(1,535,152)					$	—					$	(1,333,385)					$	(1,333,385)
Present Value of Expected Future Policy Benefits
Balance as of Beginning of Period			$	19,067,478					$	9,126,824					$	28,194,302					$	17,427,353					$	604,767					$	18,032,120
Balance at Original Discount Rate			$	22,116,114					$	9,336,911					$	31,453,025					$	20,040,000					$	701,655					$	20,741,655
Effect of Actual Variances from Expected Experience			(2,134)						(31,840)						(33,974)						(5,403)						(4,126)						(9,529)
Adjusted Beginning of Period Balance			22,113,980						9,305,071						31,419,051						20,034,597						697,529						20,732,126
Issuances			358,867						102,441						461,308						521,384						8,829,048						9,350,432
Interest			181,347						113,670						295,017						145,265						2,146						147,411
Benefit Payments			(487,937)						(221,448)						(709,385)						(443,016)						(16,726)						(459,742)
Ending Balance at Original Discount Rate			22,166,257						9,299,734						31,465,991						20,258,230						9,511,997						29,770,227
Effect of Changes in Discount Rate Assumptions			(2,788,409)						(114,577)						(2,902,986)						(2,934,499)						(91,610)						(3,026,109)
Balance as of End of Period			19,377,848						9,185,157						28,563,005						17,323,731						9,420,387						26,744,118
Net Liability for Future Policy Benefits			19,377,848						7,650,005						27,027,853						17,323,731						8,087,002						25,410,733
Less: Reinsurance Recoverable(3)			(9,626,116)						(6,124,651)						(15,750,767)						(9,184,956)						(6,395,483)						(15,580,439)
Net Liability for Future Policy Benefits, Net of Reinsurance Recoverables			$	9,751,732					$	1,525,354					$	11,277,086					$	8,138,775					$	1,691,519					$	9,830,294

(1)Payout annuities generally only have a single premium received at contract inception. As a result, the liability for future policy benefits generally would not reflect a present value for future premiums for payout annuities.

(2)“Other” consists of activity related to long-term care insurance, variable annuities, traditional life insurance, preneed insurance, and fixed-rate annuity products. Mortality and morbidity risks associated with the long-term care insurance have been ceded to a third-party reinsurer.

(3)Reinsurance recoverables associated with the liability for future policy benefits is net of the effect of changes in discount rate assumptions of $155.8 million and $(141.4) million for the three months ended March 31, 2025 and 2024, respectively.

The following table summarizes the amount of gross premiums related to traditional and limited-payment contracts recognized in the consolidated statements of operations for the three months ended March 31, 2025 and 2024:

			Gross Premiums
			Three Months Ended March 31,
			2025						2024
Payout Annuities			$	395,010					$	582,588
Other			191,588						8,547,653
Total Products			$	586,598					$	9,130,241

The following table reflects the weighted-average duration and weighted-average interest rates of the future policy benefit liability as of March 31, 2025 and December 31, 2024:

			As of March 31, 2025												As of December 31, 2024
			Payout Annuities						Other						Payout Annuities						Other
Weighted-Average Interest Rates, Original Discount Rate			3.87		%				4.92		%				3.81		%				4.89		%
Weighted-Average Interest Rates, Current Discount Rate			5.31		%				5.41		%				5.44		%				5.51		%
Weighted-Average Liability Duration (Years, Current Rates)			8.38						9.22						8.45						9.46

The following reflects the undiscounted ending balance of expected future gross premiums and expected future benefits and payments for traditional and limited-payment contracts, as of March 31, 2025 and December 31, 2024:

			As of March 31, 2025												As of December 31, 2024
			Payout Annuities						Other						Payout Annuities						Other
Expected Future Benefit Payments, Undiscounted			$	33,816,927					$	16,264,801					$	33,415,451					$	16,509,005
Expected Future Benefit Payments, Discounted (Original Discount Rate)			22,166,257						9,299,734						22,116,114						9,336,911
Expected Future Benefit Payments, Discounted (Current Discount Rate)			19,377,848						9,185,157						19,067,478						9,126,824
Expected Future Gross Premiums, Undiscounted			—						2,280,528						—						2,072,528
Expected Future Gross Premiums, Discounted (Original Discount Rate)			—						1,775,814						—						1,614,118
Expected Future Gross Premiums, Discounted (Current Discount Rate)			—						1,733,007						—						1,567,542

Additional Liability for Annuitization, Death, or Other Insurance Benefits

The following tables reflect the additional liability for annuitization, death, or other insurance benefits roll-forward for the three months ended March 31, 2025 and 2024:

			Three Months Ended March 31,
			2025						2024
Balance as of Beginning of Period			$	7,630,210					$	7,251,266
Effect of Changes in Experience			(64,780)						(29,667)
Adjusted Balance as of Beginning of Period			7,565,430						7,221,599
Issuances			5,281						6,079
Assessments			174,472						175,430
Benefits Paid			(140,622)						(136,605)
Interest			62,565						59,363
Balance as of End of Period			7,667,126						7,325,866
Less: Impact of Unrealized Investment Gains and Losses			74,168						112,509
Less: Reinsurance Recoverable, End of Period			1,628,652						1,460,314
Balance, End of Period, Net of Reinsurance Recoverable and Impact of Unrealized Investment Gains and Losses			$	5,964,306					$	5,753,043

The additional liability for annuitization, death, or other insurance benefits relates primarily to secondary guarantees on certain interest-sensitive life products, and preneed insurance.

The following reflects the amount of gross assessments recognized for the additional liability for annuitization, death, or other insurance benefits in the consolidated statements of operations for the three months ended March 31, 2025 and 2024:

			Gross Assessments
			Three Months Ended March 31,
			2025						2024
Total Amount Recognized Within Revenue in the Consolidated Statements of Operations			$	138,673					$	168,504

The following reflects the weighted average duration and weighted average interest rate for the additional liability for annuitization, death, or other insurance benefits as of March 31, 2025 and December 31, 2024:

			As of
			March 31, 2025						December 31, 2024
Weighted-Average Interest, Current Discount Rate			3.29		%				3.29		%
Weighted-Average Liability Duration (Years)			26.13						26.51

Market Risk Benefits

The following table presents the balances of, and changes in, market risk benefits:

			Three Months Ended
			March 31, 2025																		March 31, 2024
			Fixed-Indexed Annuity						Variable- and Other Annuities						Total						Fixed-Indexed Annuity						Variable- and Other Annuities						Total
Balance as of Beginning of Period			$	815,981					$	183,936					$	999,917					$	868,268					$	252,683					$	1,120,951
Balance as of Beginning of Period, Before Impact of Changes in Instrument-Specific Credit Risk			$	716,544					$	150,107					$	866,651					$	790,616					$	225,593					$	1,016,209
Issuances			19,202						24						19,226						3,408						(2)						3,406
Interest			9,422						1,913						11,335						10,914						2,926						13,840
Attributed Fees Collected			25,156						22,031						47,187						24,660						21,874						46,534
Benefit Payments			(2,013)						(1,870)						(3,883)						(1,649)						(1,807)						(3,456)
Effect of Changes in Interest Rates			53,738						27,374						81,112						(68,282)						(40,975)						(109,257)
Effect of Changes in Equity Markets			3,588						12,991						16,579						(12,806)						(42,848)						(55,654)
Effect of Actual Experience Different from Assumptions			9,075						(2,513)						6,562						6,352						(5,001)						1,351
Effect of Changes in Other Future Expected Assumptions			43,854						—						43,854						—						—						—
Balance as of End of Period Before Impact of Changes in Instrument-Specific Credit Risk			878,566						210,057						1,088,623						753,213						159,760						912,973
Effect of Changes in Instrument-Specific Credit Risk			86,708						30,893						117,601						82,969						27,080						110,049
Balance as of End of Period			965,274						240,950						1,206,224						836,182						186,840						1,023,022
Less: Reinsurance Recoverable as of the End of the Period			—						(11,948)						(11,948)						—						(12,820)						(12,820)
Balance as of End of Period, Net of Reinsurance Recoverable			$	965,274					$	229,002					$	1,194,276					$	836,182					$	174,020					$	1,010,202
Net Amount at Risk			$	4,817,122					$	1,369,449					$	6,186,571					$	4,356,548					$	1,289,163					$	5,645,711
Weighted-average Attained Age of Contract holders (Years)			71						70						71						70						69						70

The following reflects the reconciliation of the market risk benefits reflected in the preceding table to the amounts reported in an asset and liability position, respectively, in the consolidated statements of financial condition as of March 31, 2025 and December 31, 2024:

			As of March 31, 2025																		As of December 31, 2024
			Asset						Liability						Net						Asset						Liability						Net
Fixed-Indexed Annuities			$	86					$	965,360					$	(965,274)					$	2,319					$	818,300					$	(815,981)
Variable- and Other Annuities			62						241,012						(240,950)						—						183,936						(183,936)
Total			$	148					$	1,206,372					$	(1,206,224)					$	2,319					$	1,002,236					$	(999,917)

Significant Inputs, Judgments, and Assumptions Used in Measuring Market Risk Benefits

Significant policyholder behavior and other assumption inputs to the calculation of the market risk benefits include interest rates, instrument-specific credit risk, mortality rates, surrender rates, and utilization rates. Global Atlantic reviews its assumptions at least annually, and more frequently if necessary. Accordingly, as part of the review conducted during the three months ended March 31, 2025, assumptions for fixed-indexed annuities activations were updated, which resulted in a $43.9 million decrease to net income before taxes.

Separate Account Liabilities

Separate account assets and liabilities consist of investment accounts established and maintained by Global Atlantic for certain variable annuity and interest-sensitive life insurance contracts. Some of these contracts include minimum guarantees such as GMDBs and GMWBs that guarantee a minimum payment to the policyholder.

The assets that support these variable annuity and interest-sensitive life insurance contracts are measured at fair value and are reported as separate account assets on the consolidated statements of financial condition. An equivalent amount is reported as separate account liabilities. Market risk benefit assets and liabilities for minimum guarantees are valued and presented separately from separate account assets and separate account liabilities. For more information on market risk benefits see “—Market risk benefits” in this footnote. Policy charges assessed against the policyholders for mortality, administration and other services are included in “Policy fees” in the consolidated statements of operations.

The following table presents the balances of and changes in separate account liabilities:

			March 31, 2025																		March 31, 2024
			Variable Annuities						Interest-Sensitive Life						Total						Variable Annuities						Interest-Sensitive Life						Total
Balance as of Beginning of Period			$	3,400,617					$	580,443					$	3,981,060					$	3,565,029					$	541,971					$	4,107,000
Premiums and Deposits			7,286						2,940						10,226						6,519						3,444						9,963
Surrenders, Withdrawals and Benefit Payments			(135,422)						(4,292)						(139,714)						(134,786)						(5,223)						(140,009)
Investment Performance			(62,381)						(14,019)						(76,400)						241,056						44,942						285,998
Other			(26,218)						(10,290)						(36,508)						(28,267)						(11,512)						(39,779)
Balance as of End of Period			$	3,183,882					$	554,782					$	3,738,664					$	3,649,551					$	573,622					$	4,223,173
Cash Surrender Value as of End of Period(1)			$	3,183,882					$	554,782					$	3,738,664					$	3,649,551					$	573,622					$	4,223,173

(1)Cash surrender value attributed to the separate accounts does not reflect the impact of surrender charges; surrender charges are attributed to policyholder account balances recorded in the general account.

The following table presents the aggregate fair value of assets, by major investment asset type, supporting separate accounts:

			March 31, 2025						December 31, 2024
Asset Type:
Managed Volatility Equity/Fixed Income Blended Fund			$	1,816,540					$	1,930,973
Equity			1,566,959						1,685,944
Fixed Income			143,117						146,475
Money Market			211,520						217,086
Alternative			528						582
Total Assets Supporting Separate Account Liabilities			$	3,738,664					$	3,981,060

18. INCOME TAXES

KKR & Co. Inc. is a domestic corporation for U.S. federal income tax purposes and is subject to U.S. federal, state and local income taxes at the entity level on its share of taxable income. In addition, KKR Group Partnership and certain of its subsidiaries operate as partnerships for U.S. federal tax purposes but as taxable entities for certain state, local or non-U.S. tax purposes. Moreover, certain corporate subsidiaries of KKR, including certain subsidiaries of Global Atlantic, are domestic corporations for U.S. federal income tax purposes and are subject to U.S. federal, state, and local income taxes.

For the three months ended March 31, 2025 and 2024, the effective tax rates for KKR & Co Inc. were 11.2% and 19.7%, respectively. The effective tax rate differs from the statutory rate primarily due to the portion of the reported net income (loss) before taxes not being attributable to KKR but rather being attributable to (i) third-party limited partner interests in consolidated investment funds and (ii) exchangeable securities representing ownership interests in KKR Group Partnership until they are exchanged for common stock of KKR & Co. Inc.

During the three months ended March 31, 2025, there were no material changes to KKR's uncertain tax positions and KKR believes there will not be a material increase or decrease to these uncertain tax positions within 12 months of March 31, 2025.

Each reporting period, KKR assesses all available positive and negative evidence to estimate whether sufficient future taxable income will be generated to realize existing deferred tax assets. Global Atlantic continues to maintain that its deferred tax assets are more likely than not to be realized and, therefore, no valuation allowance is needed. It is reasonably possible that prolonged market volatility may negatively affect Global Atlantic's operating results and its ability to execute on its tax planning strategies and may warrant the establishment of a valuation allowance on a portion of its deferred tax assets within the next 12 months.

On December 27, 2023, the Government of Bermuda enacted the Bermuda Corporate Income Tax (“Bermuda CIT”). Commencing on January 1, 2025, the Bermuda CIT generally will impose a 15% corporate income tax on in-scope entities that are resident in Bermuda or have a Bermuda permanent establishment, without regard to any assurances pursuant to the Exempted Undertakings Tax Protection Act 1966. KKR reviewed the potential impact and does not expect that the Bermuda CIT will have a material impact on income taxes for 2025.

On August 16, 2022, the Inflation Reduction Act (the “IRA”) was signed into law. The IRA enacted a new 15% corporate minimum tax ("CAMT") on the "adjusted financial statement income" of certain large corporations, which became effective on January 1, 2023. In addition, the IRA enacted a 1% excise tax on corporate stock repurchases completed after December 31, 2022. KKR does not expect to have a CAMT liability for the three months ended March 31, 2025. KKR will continue to review and monitor the issuance of additional guidance from the U.S. Treasury and the IRS.

On December 20, 2021, the OECD released Pillar Two Model Rules, which contemplate a global 15% minimum tax rate. The OECD continues to release additional guidance, including administrative guidance on interpretation and application of Pillar Two, and many countries have passed legislation and others continue to work towards passing legislation to comply with Pillar Two. The changes contemplated by Pillar Two, when enacted by various countries in which we do business, may increase our taxes in such countries. Based on the available legislation, KKR concluded there was no material impact on income taxes with respect to Pillar Two for the three months ended March 31, 2025. KKR will continue to evaluate the potential future impacts of Pillar Two and will continue to review and monitor the issuance of additional guidance.

19. EQUITY-BASED COMPENSATION

The following table summarizes the expense associated with equity-based compensation in connection with KKR equity incentive awards for the three months ended March 31, 2025 and 2024, respectively.

									For the Three Months Ended March 31,
															2025						2024
Asset Management															$	162,876					$	154,345
Insurance															20,692						29,066
Total															$	183,568					$	183,411

KKR Equity Incentive Awards

Under KKR's equity incentive plans, KKR is permitted to grant equity awards representing ownership interests in KKR & Co. Inc. common stock. On March 29, 2019, the Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (the "2019 Equity Incentive Plan") became effective. Following the effectiveness of the 2019 Equity Incentive Plan, KKR no longer makes further grants under the Amended and Restated KKR & Co. Inc. 2010 Equity Incentive Plan (the "2010 Equity Incentive Plan" and, together with the 2019 Equity Incentive Plan, our "Equity Incentive Plans"), and the 2019 Equity Incentive Plan became KKR's only plan for providing new equity awards by KKR & Co. Inc. Outstanding awards under the 2010 Equity Incentive Plan will remain outstanding, unchanged and subject to the terms of the 2010 Equity Incentive Plan and their respective equity award agreements, until the vesting, expiration or lapse of such awards in accordance with their terms. The total number of equity awards representing shares of common stock that may be issued under the 2019 Equity Incentive Plan is equivalent to 15% of the aggregate number of the shares of common stock and KKR Group Partnership Units (excluding KKR Group Partnership Units held by KKR & Co. Inc. or its wholly-owned subsidiaries), subject to annual adjustment. As of March 31, 2025, 53,310,580 shares may be issued under the 2019 Equity Incentive Plan. KKR has also issued equity grants in the form of restricted holdings units 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 current and former Global Atlantic employees. Equity awards granted generally consist of (i) restricted stock units that convert into shares of common stock of KKR & Co. Inc. (or cash equivalent) upon vesting and (ii) restricted holdings units that are exchangeable into shares of common stock of KKR & Co. Inc. upon vesting and certain other conditions, including those described below.

Service-Vesting Awards

KKR grants restricted stock units and restricted holdings units that are subject to service-based vesting, typically over a three to five-year period from the date of grant (referred to hereafter as "Service-Vesting Awards"). In certain cases, these Service-Vesting Awards may have a percentage of the award that vests immediately upon grant, and certain Service-Vesting Awards may have vesting periods longer than five years. Additionally, some but not all Service-Vesting Awards are subject to transfer restrictions and/or minimum retained ownership requirements. Generally, the transfer restriction period, if applicable, lasts for (i) one year with respect to one-half of the awards vesting on any vesting date and (ii) two years with respect to the other one-half of the awards vesting on such vesting date. While providing services to KKR, some but not all of these awards are also subject to minimum retained ownership rules requiring the award recipient to continuously hold shares of common stock equivalents equal to at least 15% of their cumulatively vested awards that have or had the minimum retained ownership requirement. Holders of the Service-Vesting Awards do not participate in dividends until such awards have met their vesting requirements.

Expense associated with the vesting of these Service-Vesting Awards is based on the closing price of KKR & Co. Inc. common stock on the date of grant, discounted for the lack of participation rights in the expected dividends on unvested equity awards. Expense is recognized on a straight line basis over the life of the award and assumes a forfeiture rate of up to 7% annually based upon expected turnover by class of recipient.

As of March 31, 2025, there was approximately $801 million of total estimated unrecognized expense related to unvested Service-Vesting Awards, which is expected to be recognized over the weighted average remaining requisite service period of 2.2 years.

A summary of the status of unvested Service-Vesting Awards from January 1, 2025 through March 31, 2025 is presented below:

			Shares (1)						Weighted Average Grant Date Fair Value
Balance, January 1, 2025			21,105,890						$	64.65
Granted			29,156						141.92
Vested			(678,641)						72.36
Forfeitures			(465,642)						71.48
Balance, March 31, 2025			19,990,763						$	64.34

(1)Unvested Service-Vesting Awards include restricted stock units and restricted holdings units granted to certain current and former Global Atlantic employees.

Market Condition Awards

KKR also grants restricted stock units and restricted holdings units that are subject to both a service-based vesting condition and a market price based vesting condition (referred to hereafter as "Market Condition Awards"). The following is a discussion of the Market Condition Awards, excluding the Co-CEO Awards (as defined and discussed below).

The number of Market Condition Awards (other than the Co-CEO awards) that will vest depend upon (i) the market price of KKR common stock reaching certain price targets that range from $45.00 to $140.00 and (ii) the employee being employed by KKR on a certain date, which typically ranges from five to six years from the date of grant (with exceptions for involuntary termination without cause, death and permanent disability). The market price vesting condition is met when the average closing price of KKR common stock during 20 consecutive trading days meets or exceeds the stock price targets. Holders of the Market Condition Awards do not participate in dividends until such awards have met both their service-based and market price based vesting requirements. Additionally, these awards are subject to additional transfer restrictions and minimum retained ownership requirements after vesting.

Due to the existence of the service requirement, the vesting period for these Market Condition Awards (other than the Co-CEO awards) is explicit, and as such, compensation expense will be recognized on (i) a straight-line basis over the period from the date of grant through the date the award recipient is required to be employed by KKR and (ii) assumes a forfeiture rate of up to 7% annually based upon expected turnover. The fair value of the awards granted are based on a Monte Carlo simulation valuation model. In addition, the grant date fair value assumes that holders of the Market Condition Awards will not participate in dividends until such awards have met all of their vesting requirements.

Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of these Market Condition Awards:

			Weighted Average						Range
Grant Date Fair Value			$30.62						$19.87 - $79.94
Closing KKR share price as of valuation date			$51.74						$37.93 - $98.62
Risk Free Rate			2.21%						0.41% - 4.41%
Volatility			30.04%						28.00% - 38.00%
Dividend Yield			1.27%						0.71% - 1.53%
Expected Cost of Equity			10.74%						9.13% - 11.80%

As of March 31, 2025, there was approximately $504 million of total estimated unrecognized expense related to these unvested Market Condition Awards, which is expected to be recognized over the weighted average remaining requisite service period of 2.3 years.

A summary of the status of unvested Market Condition Awards from January 1, 2025 through March 31, 2025 is presented below:

			Shares (1)						Weighted Average Grant Date Fair Value
Balance, January 1, 2025			38,019,023						$	31.33
Granted			—						—
Vested			(6,890)						43.29
Forfeitures			(310,001)						45.62
Balance, March 31, 2025			37,702,132						$	31.21

(1)Unvested Market Condition Awards include restricted holdings units granted to certain current and former Global Atlantic employees.

As of March 31, 2025, all of the Market Condition awards have met their market price based vesting condition. These Market Condition awards remain unvested until their service conditions (as described above) are satisfied.

Co-CEO Awards

On December 9, 2021, the Board of Directors approved grants of 7.5 million restricted holdings units to each of KKR’s Co-Chief Executive Officers that are subject to both a service-based vesting condition and a market price based vesting condition (referred to hereafter as "Co-CEOs Awards"). For both Co-Chief Executive Officers, 20% of the Co-CEOs Awards are eligible to vest at each of the following KKR common stock prices targets: $95.80, $105.80, $115.80, $125.80 and $135.80. The market price based vesting condition is met when the average closing price of KKR common stock during 20 consecutive trading days meets or exceeds the stock price targets. In addition to the market price based vesting conditions, in order for the award to vest, the Co-Chief Executive Officer is required to be employed by KKR on December 31, 2026 (with exceptions for involuntary termination without cause, death and permanent disability).

These awards will be automatically canceled and forfeited upon the earlier of a Co-Chief Executive Officer’s termination of service (except for involuntary termination without cause, death or permanent disability) or the failure to meet the market price based vesting condition by December 31, 2028 (for which continued service is required if the market price vesting condition is met after December 31, 2026). Co-CEO Awards do not participate in dividends until such awards have met both their service-based and market price based vesting requirements. Additionally, these awards are subject to additional transfer restrictions and minimum retained ownership requirements after vesting.

Due to the existence of the service requirement, the vesting period for these Co-CEO Awards is explicit, and as such, compensation expense will be recognized on a straight-line basis over the period from the date of grant through December 31, 2026 given the derived service period is less than the explicit service period. The fair value of the awards granted are based on a Monte Carlo simulation valuation model. In addition, the grant date fair value assumes that these Co-CEO Awards will not participate in dividends until such awards have met all of their vesting requirements.

Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of these Co-CEO Awards:

Grant Date Fair Value						$48.91
Closing KKR share price as of valuation date						$75.76
Risk Free Rate						1.42		%
Volatility						28.0		%
Dividend Yield						0.77		%
Expected Cost of Equity						9.36		%

As of March 31, 2025, there was approximately $254 million of total estimated unrecognized expense related to these unvested Co-CEO Awards, which is expected to be recognized ratably from April 1, 2025 to December 31, 2026. As of March 31, 2025, all Co-CEO Awards have met their market price based vesting condition. The Co-CEO Awards remain unvested until their service conditions (as described above) are satisfied.

20. RELATED PARTY TRANSACTIONS

Due from Affiliates consists of:

			March 31, 2025						December 31, 2024
Amounts Due From Unconsolidated Investment Funds			$	1,558,466					$	1,583,090
Amounts Due From Portfolio Companies			254,863						272,955
Due From Affiliates			$	1,813,329					$	1,856,045

Due to Affiliates consists of:

			March 31, 2025						December 31, 2024
Amounts Due to Current and Former Employees Under the Tax Receivable Agreement			$	353,960					$	378,951
Amounts Due to Unconsolidated Investment Funds			109,329						145,565
Due to Affiliates			$	463,289					$	524,516

21. SEGMENT REPORTING

KKR operates through three reportable segments which are presented below and reflect how its chief operating decision-makers, who are the Co-Chief Executive Officers, allocate resources and assess performance:

• Asset Management - The asset management business offers a broad range of investment management services to investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides capital markets services to portfolio companies and third parties. This reportable segment also reflects how its business lines operate collaboratively with predominantly a single expense pool.

• Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. 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 generates income by earning a spread between its investment income and the cost of policyholder benefits.

• Strategic Holdings - The strategic holdings business currently represents KKR's participation in its core private equity strategy. This segment primarily generates income from dividends from these businesses. Dividends are presented net of management fees paid to the Asset Management segment. If KKR were to sell a portion or all of a business reported in Strategic Holdings, the realized gain or loss would be presented as realized investment income, net of a performance fee paid to the Asset Management segment.

KKR’s segment profitability measures used to make operating decisions and assess performance across KKR’s reportable segments is presented prior to giving effect to the allocation of income (loss) among KKR & Co. Inc. and holders of any exchangeable securities, and the consolidation of the investment funds, vehicles and accounts that KKR advises, manages or sponsors (including CFEs). For each segment, the chief operating decision makers use the key measure of segment earnings to allocate resources to that segment in the annual budget and forecasting process. KKR's segment profitability measures excludes: (i) equity-based compensation charges, (ii) amortization of acquired intangibles, and (iii) transaction-related and non-operating items, if any. 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.

Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the respective segments. These transactions include (i) management fees earned by the Asset Management segment as the investment adviser for Global Atlantic insurance companies, (ii) management and performance fees earned by the Asset Management segment from the Strategic Holdings segment, and (iii) interest income and expense based on lending arrangements where the Asset Management segment borrows from the Insurance segment. All these inter-segment transactions are recorded by each segment based on the applicable governing agreements. Additionally, due to the integrated nature of our segment operations and as part of our strategic capital allocation decisions, intersegment asset transfers may occur. In these cases in segment reporting, the assets are transferred at their fair value, and no gain or loss is recognized at the time of transfer. Earnings are recognized upon realization events and transactions with third parties. Total Segment Earnings represents the total segment earnings of KKR’s Asset Management, Insurance, and Strategic Holdings segments:

• Asset Management Segment Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Asset Management segment. This measure is presented before income taxes and is comprised of: (i) Fee Related Earnings, (ii) Realized Performance Income, (iii) Realized Performance Income Compensation, (iv) Realized Investment Income, and (v) Realized Investment Income Compensation. Asset Management Segment Earnings excludes the impact of: (i) unrealized gains (losses) on investments, (ii) unrealized carried interest, and (iii) unrealized carried interest compensation. Management fees earned by KKR as the adviser, manager or sponsor for its investment funds, vehicles and accounts, including its Global Atlantic insurance companies and Strategic Holdings segment, are included in Asset Management Segment Earnings.

• Insurance Operating Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i) Net Investment Income, (ii) Net Cost of Insurance, and (iii) General, Administrative, and Other Expenses. 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. Insurance Operating Earnings includes (i) realized gains and losses not related to asset/liability matching investment strategies and (ii) the investment management costs that are earned by our Asset Management segment as the investment adviser of the Global Atlantic insurance companies.

• Strategic Holdings Segment Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Strategic Holdings segment. This measure is presented before income taxes and is comprised of: Dividends, Net and Net Realized Investment Income. Strategic Holdings Segment Earnings excludes the impact of unrealized gains (losses) on investments. Strategic Holdings Segment Earnings includes management fees and performance fee expenses that are earned by the Asset Management segment.

KKR disclosed all the segment expenses under the significant expense principle for each reportable segment. There are no expenses to be disclosed in the other segment category, because segment revenues minus segment expenses equals the segment measure of profit of each reportable segment.

Segment Presentation

The following tables set forth information regarding KKR's segment results:

			Three Months Ended March 31,
			2025						2024
Asset Management
Management Fees (1)(2)			$	917,334					$	815,327
Transaction and Monitoring Fees, Net			261,509						152,084
Fee Related Performance Revenues			21,277						19,101
Fee Related Compensation			(210,021)						(172,640)
Other Operating Expenses			(167,496)						(145,131)
Fee Related Earnings			822,603						668,741
Realized Performance Income			347,920						271,545
Realized Performance Income Compensation			(259,931)						(193,547)
Realized Investment Income (3)			217,957						134,753
Realized Investment Income Compensation			(32,694)						(20,211)
Asset Management Segment Earnings			$	1,095,855					$	861,281
Insurance
Net Investment Income (1) (3)			$	1,729,343					$	1,486,419
Net Cost of Insurance			(1,241,222)						(1,003,327)
General, Administrative and Other			(229,349)						(210,252)
Insurance Operating Earnings			$	258,772					$	272,840
Strategic Holdings
Dividends, Net (2)			$	31,486					$	20,720
Strategic Holdings Operating Earnings			31,486						20,720
Net Realized Investment Income			—						—
Strategic Holdings Segment Earnings			$	31,486					$	20,720
Total Segment Earnings			$	1,386,113					$	1,154,841
(1) Includes intersegment management fees of $159.7 million and $112.4 million earned by the Asset Management segment from the Insurance segment for the three months ended March 31, 2025 and 2024, respectively.
(2) Includes intersegment management fees of $7.9 million and $7.5 million earned by the Asset Management segment from the Strategic Holdings segment for the three months ended March 31, 2025 and 2024, respectively.
(3) Includes intersegment interest expense of $4.9 million and $3.2 million for the three months ended March 31, 2025 and 2024, respectively.
			As of March 31,
			2025						2024
Segment Assets:
Asset Management			$	27,725,447					$	24,726,206
Insurance			249,636,771						230,645,894
Strategic Holdings			9,134,771						6,840,505
Total Segment Assets			$	286,496,989					$	262,212,605
			Three Months Ended March 31,
Non-Cash Expenses Excluded from Segment Earnings			2025						2024
Equity Based Compensation
Asset Management			$	162,876					$	154,345
Insurance			20,692						29,066
Total Non-Cash Expenses			$	183,568					$	183,411

Reconciliations of Total Segment Amounts

The following tables reconcile Segment Revenues, Expenses, Earnings, and Assets to their equivalent GAAP measure:

			Three Months Ended March 31,
			2025						2024
Total GAAP Revenues			$	3,110,183					$	9,656,738
Impact of Consolidation and Other			258,214						270,587
Asset Management Adjustments:
Capital Allocation-Based Income (Loss) (GAAP)			(1,159,105)						(1,262,942)
Realized Carried Interest			327,495						250,268
Realized Investment Income			217,957						134,753
Capstone Fees			(20,837)						(18,514)
Expense Reimbursements			(32,208)						(8,093)
Strategic Holdings Adjustments:
Realized Investment Income and Dividends			31,486						20,720
Insurance Adjustments:
Net Premiums			(323,364)						(6,036,522)
Policy Fees			(338,473)						(328,947)
Other Income			(55,488)						(56,385)
(Gains) Losses from Investments(1)			1,299,015						258,483
Non-Operating Changes in Policy Liabilities and Derivatives			211,951						19,803
Total Segment Revenues (2)			$	3,526,826					$	2,899,949

(1)Includes gains and losses on funds withheld receivables and payables embedded derivatives.

(2)Total Segment Revenues is comprised of (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv) Realized Performance Income, (v) Realized Investment Income, (vi) Net Investment Income, and (vii) Dividends, Net.

			Three Months Ended March 31,
			2025						2024
Total GAAP Expenses			$	3,830,955					$	9,312,944
Impact of Consolidation and Other			(138,632)						(70,151)
Asset Management Adjustments:
Equity-based Compensation			(162,876)						(154,345)
Unrealized Carried Interest Compensation			(646,170)						(757,452)
Transaction-related and Non-operating Items			(10,551)						(61,675)
Reimbursable Expenses			(32,208)						(8,093)
Capstone Expenses			(22,332)						(18,294)
Insurance Adjustments:
Net Premiums			(323,364)						(6,036,522)
Policy Fees			(338,473)						(328,947)
Other Income			(55,488)						(56,385)
Non-Operating Changes in Policy Liabilities			65,395						(42,494)
Equity-Based Compensation			(20,692)						(29,066)
Amortization of Intangibles			(4,699)						(4,412)
Transaction-Related and Non-Operating Items			(152)						—
Total Segment Expenses (1)			$	2,140,713					$	1,745,108

(1)Total Segment Expenses is comprised of (i) Fee Related Compensation, (ii) Realized Performance Income Compensation, (iii) Realized Investment Income Compensation, (iv) Net Cost of Insurance, (v) General, Administrative and Other, and (vi) Other Operating Expenses.

			Three Months Ended March 31,
			2025						2024
Income (Loss) Before Tax (GAAP)			$	771,067					$	1,363,051
Impact of Consolidation and Other			(1,000,390)						(189,596)
Interest Expense, Net			74,509						72,807
Asset Management Adjustments:
Unrealized (Gains) Losses			379,337						(399,078)
Unrealized Carried Interest			(807,713)						(946,816)
Unrealized Carried Interest Compensation			646,170						757,452
Transaction-related and Non-operating Items			10,551						61,675
Equity-based Compensation			78,277						73,777
Equity-based Compensation - Performance based			84,599						80,568
Strategic Holdings Adjustments:
Unrealized (Gains) Losses			(321,408)						(73,257)
Insurance Adjustments:
(Gains) Losses from Investments(1)			1,358,940						246,917
Non-Operating Changes in Policy Liabilities and Derivatives			86,631						73,863
Transaction-Related and Non-Operating Items			152						—
Equity-Based Compensation			20,692						29,066
Amortization of Acquired Intangibles			4,699						4,412
Total Segment Earnings			$	1,386,113					$	1,154,841

(1)Includes gains and losses on funds withheld receivables and payables embedded derivatives.

			As of
			March 31, 2025						March 31, 2024
Total GAAP Assets			$	372,372,919					$	339,773,927
Impact of Consolidation and Reclassifications			(80,882,754)						(74,048,864)
Carry Pool Reclassifications			(4,993,176)						(3,512,458)
Total Segment Assets			$	286,496,989					$	262,212,605

22. EQUITY

Stockholders' Equity

Common Stock

The common stock of KKR & Co. Inc. is entitled to vote as provided by its certificate of incorporation, Delaware General Corporation Law and the rules of the New York Stock Exchange ("NYSE"). Subject to preferences that apply to any shares of preferred stock outstanding at the time on which dividends are payable, the holders of common stock are entitled to receive dividends out of funds legally available if the Board of Directors, in its discretion, determines to declare dividends and then only at the times and in the amounts that the Board of Directors may determine. The common stock is not entitled to preemptive rights and is not subject to conversion, redemption or sinking fund provisions.

Series I Preferred Stock

Except for any distribution required by Delaware law to be made upon a dissolution event, the holders of Series I preferred stock do not have any economic rights to receive dividends. Series I preferred stock is entitled to vote on various matters that may be submitted to vote of the stockholders and the other matters as set forth in the certificate of incorporation. Upon a dissolution event, each holder of Series I preferred stock will be entitled to a payment equal to $0.01 per share of Series I preferred stock. The Series I preferred stock will be eliminated on the Sunset Date (as defined in Note 1 "Organization"), which is scheduled to occur not later than December 31, 2026.

Series D Mandatory Convertible Preferred Stock

On March 7, 2025, KKR & Co. Inc. issued 51,750,000 shares, or $2.59 billion aggregate liquidation preference, of Series D Mandatory Convertible Preferred Stock.

Subject to certain exceptions, so long as any share of Series D Mandatory Convertible Preferred Stock remains outstanding, no dividend or distributions will be declared or paid on shares of KKR & Co. Inc.’s common stock, par value $0.01 per share, or any other class or series of stock ranking junior to the Series D Mandatory Convertible Preferred Stock, and no common stock or any other class or series of stock ranking junior to the Series D Mandatory Convertible Preferred Stock will be purchased, redeemed, or otherwise acquired for consideration by KKR & Co. Inc. or any of its subsidiaries unless, in each case, all accumulated and unpaid dividends for all preceding dividend periods have been declared and paid in cash, shares of common stock or a combination thereof, or a sufficient sum of cash or number of shares of common stock has been set aside for the payment of such dividends, on all outstanding shares of Series D Mandatory Convertible Preferred Stock. In addition, when dividends on shares of the Series D Mandatory Convertible Preferred Stock (i) have not been declared and paid in full on any dividend payment date (or, in the case of any parity stock having dividend payment dates different from such dividend payment dates on a dividend payment date falling within a regular dividend period related to such dividend payment date), or (ii) have been declared but a sum of cash or number of shares of Common Stock sufficient for payment thereof has not been set aside for the benefit of the holders thereof on the applicable regular record date, no dividends may be declared or paid on any parity stock unless dividends are declared on the shares of Series D Mandatory Convertible Preferred Stock such that the respective amounts of such dividends declared on the shares of Series D Mandatory Convertible Preferred Stock and such shares of parity stock shall be allocated pro rata among the holders of the shares of Series D Mandatory Convertible Preferred Stock and the holders of any shares of parity stock then outstanding.

Unless converted earlier, each share of the Series D Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be March 1, 2028, into between 0.3312 shares and 0.4140 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations setting forth the terms of the Series D Mandatory Convertible Preferred Stock. The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to March 1, 2028.

Dividends on the Series D Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by KKR & Co. Inc.’s board of directors, or an authorized committee thereof, at an annual rate of 6.25% on the liquidation preference of $50.00 per share of Series D Mandatory Convertible Preferred Stock, and may be paid in cash or, subject to certain limitations, in shares of common stock or, subject to certain limitations, any combination of cash and shares of common stock. If declared, dividends on the Series D Mandatory Convertible Preferred Stock will be payable quarterly on March 1, June 1, September 1 and December 1 of each year to, and including, March 1, 2028, commencing on June 1, 2025.

Upon KKR & Co. Inc.’s voluntary or involuntary liquidation, winding-up or dissolution, each holder of the Series D Mandatory Convertible Preferred Stock will be entitled to receive a liquidation preference in the amount of $50.00 per share of Series D Mandatory Convertible Preferred Stock, plus an amount equal to accumulated and unpaid dividends on such shares, whether or not declared, to, but excluding, the date fixed for liquidation, winding-up or dissolution, such amount to be paid out of KKR & Co. Inc.’s assets legally available for distribution to its stockholders after satisfaction of debt and other liabilities owed to KKR & Co. Inc.’s creditors and holders of shares of its stock ranking senior to the Series D Mandatory Convertible Preferred Stock and before any payment or distribution is made to holders of any stock ranking junior to the Series D Mandatory Convertible Preferred Stock, including, without limitation, Common Stock.

Share Repurchase Program

Under KKR's repurchase program, shares of common stock of KKR & Co. Inc. may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. In addition to the repurchases of common stock, the repurchase program will be used for the retirement (by cash settlement or the payment of tax withholding amounts upon net settlement) of equity awards granted pursuant to our 2019 Equity Incentive Plan representing the right to receive common stock. KKR expects that the program will be in effect until the maximum approved dollar amount has been used. The program does not require KKR to repurchase or retire any specific number of shares of common stock or equity awards, respectively, and the program may be suspended, extended, modified or discontinued at any time. In April 2024, the share repurchase program was amended such that when the remaining available amount under the share repurchase program becomes $50 million or less, the total available amount under the share repurchase program will automatically add an additional $500 million to the then remaining available amount of $50 million or less (the “Share Repurchase Program Increase Threshold”). As of March 31, 2025, there was approximately $68 million remaining under the program. The Share Repurchase Program Increase Threshold was reached after March 31, 2025, which automatically added an additional $500 million to the then remaining available amount. As of April 25, 2025, there was approximately $462 million remaining under the program. Any additional increases to this remaining available amount would require a separate approval by the Board of Directors of KKR & Co. Inc. The repurchase program does not have an expiration date.

The following table presents the shares of KKR & Co. Inc. common stock that have been repurchased or equity awards retired under the repurchase program:

			Three Months Ended March 31,
			2025						2024
Shares of common stock repurchased			—						—
Equity awards for common stock retired			4,232						—

Change in KKR & Co. Inc.'s Ownership Interest

Vesting of restricted holdings units results in a change in ownership in KKR Group Partnership, while KKR retains a controlling interest, and is accounted for as an equity transaction between the controlling and noncontrolling interests.

Noncontrolling Interests

Noncontrolling interests in consolidated entities represent the non-redeemable ownership interests in KKR that are held primarily by:

(i)third party fund investors in KKR's consolidated funds and certain other entities;

(ii)third parties in KKR's Capital Markets business line;

(iii)certain current and former employees who hold exchangeable securities; and

(iv)third-party investors in certain of Global Atlantic's consolidated entities.

The following table presents the balances of, and changes in, Noncontrolling Interests:

															For the Three Months Ended March 31,
															2025						2024
Balance at the beginning of the period															$	36,747,947					$	34,904,791
Net Income (Loss) Attributable to Noncontrolling Interests															861,928						378,958
Other Comprehensive Income (Loss), net of tax															5,999						(1,480)
Compensation Modification - Issuance of Holdings III Units															—						53,623
Equity-Based Compensation (Non-Cash Contribution)															101,581						103,907
2024 GA Acquisition - Cash consideration (See Note 1)															—						(2,622,230)
2024 GA Acquisition - Issuance of Holdings III Units (See Note 1)															—						40,789
Change in KKR & Co. Inc.'s Ownership - 2024 GA Acquisition															—						2,169,300
Change in KKR & Co. Inc.'s Ownership Interest															(127,610)						(165,230)
Capital Contributions															833,644						1,438,202
Capital Distributions															(988,003)						(1,732,066)
Changes in Consolidation															2,129,979						—
Balance at the end of the period															$	39,565,465					$	34,568,564

23. REDEEMABLE NONCONTROLLING INTERESTS

Redeemable noncontrolling interests primarily represents noncontrolling interests of certain KKR investment funds and vehicles that are subject to periodic redemption by fund investors following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Consolidated fund investor's interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses, and Other Liabilities in the accompanying consolidated statements of financial condition.

The following table presents the balances of, and changes in, Redeemable Noncontrolling Interests:

			For the Three Months Ended March 31,
			2025						2024
Balance at the beginning of the period			$	1,585,177					$	615,427
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests			8,494						32,678
Capital Contributions			335,513						282,253
Capital Distributions			(7,704)						(8,265)
Balance at the end of the period			$	1,921,480					$	922,093

24. COMMITMENTS AND CONTINGENCIES

Funding Commitments and Others

As of March 31, 2025, KKR had unfunded commitments consisting of $10.8 billion to its investment funds and vehicles. These unfunded commitments also include funding requirements to levered investment vehicles and structured transactions to fund or otherwise be liable for a portion of the vehicle's investment losses and/or to provide the vehicle with liquidity upon certain termination events.

In addition to these uncalled commitments and funding obligations to KKR's investment funds and vehicles, KKR has entered into contractual commitments primarily with respect to underwriting transactions, debt financing, revolving credit facilities, and syndications in KKR's Capital Markets business line. As of March 31, 2025, these capital markets commitments amounted to $0.5 billion. Whether these amounts are actually funded, in whole or in part, depends on the contractual terms of such capital markets commitments, including the satisfaction or waiver of any conditions to closing or funding. KKR's capital markets business has arrangements with third parties, which are expected to reduce KKR's risk under certain circumstances when underwriting certain debt transactions. As a result, our unfunded capital markets commitments as of March 31, 2025 have been reduced to reflect the amount expected to be funded by such third parties. As of March 31, 2025, KKR's capital markets business line has entered into such arrangements representing a total notional amount of $4.5 billion.

Global Atlantic has commitments to purchase or fund investments of $3.2 billion as of March 31, 2025. These commitments include those related to mortgage loans, other lending facilities, and real assets. For those commitments that represent a contractual obligation to extend credit, Global Atlantic has recorded a liability of $16.9 million for current expected credit losses as of March 31, 2025.

In addition, Global Atlantic has entered into agreements to purchase loans. Global Atlantic's obligations under these agreements are subject to change, curtailment, and cancellation based on various provisions including repricing mechanics, due diligence reviews, and performance or pool quality, among other factors.

Global Atlantic has certain contingent funding obligations related to development-stage renewable energy projects in the amount of $329.7 million as of March 31, 2025, with expiration dates occurring between January 2026 and September 2027. For accounting purposes, these contingent funding obligations are considered guarantees of the obligations of the development-stage renewable energy projects.

Non-cancelable Operating Leases

KKR's non-cancelable operating leases consist of leases of office space around the world. There are no material rent holidays, contingent rent, rent concessions, or leasehold improvement incentives associated with any of these property leases. In addition to base rentals, certain lease agreements are subject to escalation provisions and rent expense is recognized on a straight‑line basis over the term of the lease agreement. Global Atlantic also enters into land leases for its consolidated investments in renewable energy.

Contingent Repayment Guarantees

The partnership documents governing KKR's carry-paying investment funds and vehicles generally include a "clawback" provision that, if triggered, may give rise to a contingent obligation requiring the general partner to return amounts to the fund for distribution to the fund investors at the end of the life of the fund. Under a clawback obligation, upon the liquidation of a fund, the general partner is required to return, typically on an after-tax basis, previously distributed carry to the extent that, due to the diminished performance of later investments, the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, including the effects of any performance thresholds. KKR has guaranteed its general partners' clawback obligations.

As of March 31, 2025, approximately $548 million of carried interest was subject to this clawback obligation, assuming that all applicable carry-paying funds and their alternative investment vehicles were liquidated at their March 31, 2025 fair values. Although KKR would be required to remit the entire amount to fund investors that are entitled to receive the clawback payment, KKR would be entitled to seek reimbursement of approximately $223 million of that amount from Associates Holdings, which is not a KKR subsidiary. As of March 31, 2025, Associates Holdings had access to cash reserves sufficient to reimburse the full $223 million that would be due to KKR. If the investments in all carry-paying funds were to be liquidated at zero value, a possibility that management views to be remote, the clawback obligation would have been approximately $5.0 billion as of March 31, 2025. KKR will acquire control of Associates Holdings when a subsidiary of KKR becomes its general partner upon the closing of the transactions contemplated to occur on the Sunset Date (as defined in Note 1 "Organization"), which will occur not later than December 31, 2026.

Carried interest is recognized in the consolidated statements of operations based on the contractual conditions set forth in the agreements governing the fund as if the fund were terminated and liquidated at the reporting date and the fund's investments were realized at the then estimated fair values. Amounts earned pursuant to carried interest are earned by the general partner of those funds to the extent that cumulative investment returns are positive and where applicable, preferred return thresholds have been met. If these investment amounts earned decrease or turn negative in subsequent periods, recognized carried interest will be reversed and to the extent that the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, and a clawback obligation would be recorded. For funds that are consolidated, this clawback obligation, if any, is reflected as an increase in noncontrolling interests in the consolidated statements of financial condition. For funds that are not consolidated, this clawback obligation, if any, is reflected as a reduction of KKR's investment balance as this is where carried interest is initially recorded.

Indemnifications and Other Guarantees

KKR may incur contingent liabilities for claims that may be made against it in the future. KKR enters into contracts that contain a variety of representations, warranties and covenants, including indemnifications. KKR (including KFN) and certain of KKR's investment funds have provided and provide certain credit support, such as indemnities and guarantees, relating to a variety of matters, including non-recourse carve-out guarantees for fraud, willful misconduct and other wrongful acts in connection with the financing of (i) certain real estate investments that we have made, including KKR's corporate real estate, and (ii) certain investment vehicles that KKR manages or sponsors.

KKR also has provided, and provides, credit support in connection with its businesses, including:

i.to certain of its subsidiaries' obligations in connection with a limited number of investment vehicles that KKR manages,

ii.in connection with repayment and funding obligations to third-party lenders on behalf of certain employees, excluding its executive officers, in connection with their personal investments in KKR investment funds and a levered multi-asset investment vehicle,

iii.to one of its hedge fund partnerships,

iv.through a contingent guarantee of a subsidiary’s loan repayment obligations, which does not become effective unless and until its loan becomes accelerated due to certain specified events of default involving the investment vehicles managed by KJRM,

v.the obligations of our subsidiaries' funding obligations to our investment vehicles, and

vi.certain of our investment vehicles to fund or otherwise be liable for a portion of their investment losses and/or to provide them with liquidity upon certain termination events.

In addition, KKR has agreed to tender to one of its consolidated investment vehicles up to a fixed number of shares that KKR owns in it if the net asset value of such shares is less than an agreed upon value on June 1, 2027.

KKR may also become liable for certain fees payable to sellers of businesses or assets if a transaction does not close, subject to certain conditions, if any, specified in the acquisition agreements for such businesses or assets.

In addition, the Global Atlantic business was formerly owned by The Goldman Sachs Group, Inc. (together with its subsidiaries, "Goldman Sachs"). In connection with the separation of Global Atlantic from Goldman Sachs in 2013, Global Atlantic entered into a tax benefit payment agreement with Goldman Sachs. Under the tax benefit payment agreement, Global Atlantic (Fin) Company ("GA FinCo"), a Delaware corporation and wholly-owned indirect subsidiary of TGAFG, the holding company for the Global Atlantic business, is obligated to make annual payments out of available cash, guaranteed by GAFG, to Goldman Sachs over an approximately 25-year period. As of March 31, 2025, the present value of the remaining amount to be paid is $44.8 million. Although these payments are subordinated and deferrable, deferral of these payments would result in restrictions on distributions by GA FinCo and GAFG.

Unless otherwise stated above, KKR's maximum exposure under the arrangements described under this section “—Indemnifications and Other Guarantees” are currently unknown as there are no stated or notional amounts included in these arrangements and KKR's liabilities for these matters would require a claim to be made against KKR in the future.

Legal Proceedings

From time to time, KKR (including Global Atlantic) is involved in various legal proceedings, requests for information, lawsuits, arbitration, and claims incidental to the conduct of KKR's businesses. KKR's businesses are also subject to extensive regulation, which may result in regulatory or other legal proceedings against them. Moreover, in the ordinary course of business, KKR is and can be the defendant or the plaintiff in numerous lawsuits with respect to acquisitions, bankruptcy, insolvency and other events. Such lawsuits may involve claims, or may be resolved on terms, that adversely affect the value of certain investments owned by KKR's funds and Global Atlantic's insurance companies.

Kentucky Matter

In December 2017, KKR & Co. L.P. (which is now KKR Group Co. Inc.) and its then Co-Chief Executive Officers, Henry Kravis and George Roberts, were named as defendants in a lawsuit filed in Kentucky state court (the “2017 Action”) alleging, among other things, the violation of fiduciary and other duties in connection with certain separately managed accounts that Prisma Capital Partners LP, a former subsidiary of KKR, manages for the Kentucky Retirement Systems. Also named as defendants in the lawsuit are certain current and former trustees and officers of the Kentucky Retirement Systems, Prisma Capital Partners LP, and various other service providers to the Kentucky Retirement Systems and their related persons. The 2017 Action was dismissed at the direction of the Supreme Court of Kentucky for lack of Kentucky constitutional standing. This dismissal became final on February 16, 2024.

On July 21, 2020, the Office of the Attorney General, on behalf of the Commonwealth of Kentucky (the "Kentucky AG"), filed a new lawsuit in the same Kentucky state court (the “2020 AG Action”) making essentially the same allegations as those raised in the 2017 Action, including against what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Messrs. Kravis and Roberts. On May 1, 2024, the trial court denied motions to dismiss the 2020 AG Action filed by KKR & Co. Inc. and Messrs. Kravis and Roberts.

On April 8, 2024, after receiving permission from the Kentucky trial court in the 2020 AG Action, the Kentucky AG amended its complaint in the 2020 AG Action to add a claim for breach of contract. The Kentucky AG also filed an action (the "2024 AG Action") substantially identical to the 2020 AG Action, including the new claim for breach of contract. On April 23, 2024, KKR & Co. Inc., Messrs. Kravis and Roberts and other defendants moved to strike the Kentucky AG's amended complaint in the 2020 AG Action, to stay consideration of the breach of contract claim and the 2024 AG Action until after the trial court's ruling on the motions to dismiss the 2020 AG Action, and to deny a motion by the Kentucky AG to consolidate the 2020 AG Action and the 2024 AG Action. These motions were denied, and the trial court consolidated the 2020 AG Action with the 2024 AG Action. On June 17, 2024, KKR & Co. Inc., Messrs. Kravis and Roberts and other defendants filed new motions to dismiss the consolidated 2020 AG Action and 2024 AG Action.

In January 2021, some of the attorneys for the plaintiffs in the 2017 Action filed a new lawsuit on behalf of a new set of plaintiffs, who claim to be “Tier 3” members of Kentucky Retirement Systems (the “Tier 3 Plaintiffs”), alleging substantially the same allegations as in the 2017 Action. On July 9, 2021, the Tier 3 Plaintiffs served an amended complaint, which purports to assert, on behalf of a class of beneficiaries of Kentucky Retirement Systems, direct claims for breach of fiduciary duty and civil violations under the Racketeer Influenced and Corrupt Organizations Act (“RICO”). This complaint was removed to the U.S. District Court for the Eastern District of Kentucky, which has entered an order staying this case until the completion of the 2020 AG Action. On August 20, 2021, the Tier 3 Plaintiffs and other individual plaintiffs filed a second complaint in Kentucky state court (the “Second Tier 3 Action”), purportedly on behalf of Kentucky Retirement Systems’ funds, alleging the same claims against what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Messrs. Kravis and Roberts as in the July 9th amended complaint but without the RICO or class action allegations. On May 1, 2024, the trial court denied motions to dismiss the Second Tier 3 Action filed by KKR & Co. Inc. and Messrs. Kravis and Roberts. On July 3, 2024, KKR & Co. Inc., Messrs. Kravis and Roberts and other defendants filed a writ of prohibition asking the Kentucky Court of Appeals to order the trial court to dismiss the Second Tier 3 Action. On November 12, 2024, the Court of Appeals denied the request for a writ of prohibition. Defendants have appealed that denial by petitioning the Kentucky Supreme Court for a writ of prohibition. The Second Tier 3 Action is stayed pending the outcome of this petition.

On March 24, 2022, in a separate declaratory judgment action brought by the Commonwealth of Kentucky regarding the enforceability of certain indemnification provisions available to what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Prisma Capital Partners LP, the Kentucky state court concluded that it has personal jurisdiction over KKR & Co. Inc. in that action, and that the indemnification provisions violated the Kentucky Constitution and were therefore unenforceable. On December 1, 2023, the Kentucky Court of Appeals reversed the trial court’s summary judgment on the issue of personal jurisdiction over KKR & Co. Inc., but affirmed the trial court’s rulings that the indemnification provisions violated the Kentucky Constitution and were unenforceable. On February 5, 2024, the Kentucky Court of Appeals denied the petitions of KKR & Co. Inc. and others for rehearing. On April 8, 2024, KKR & Co. Inc. and other defendants in the declaratory judgment case filed motions with the Supreme Court of Kentucky for discretionary review of the Court of Appeals' December 1, 2023 decision. On August 14, 2024, the Kentucky Supreme Court granted discretionary review in the Kentucky AG’s declaratory judgment case of both personal jurisdiction over KKR & Co. Inc. and the enforceability and constitutionality of the indemnification provisions.

On January 8, 2025, KKR, Messrs. Kravis and Roberts, Prisma Capital Partners L.P., and certain other defendants entered into an agreement with the Commonwealth of Kentucky, Kentucky Public Pensions Authority, County Employees Retirement System and Kentucky Retirement Systems (the “KPPA Entities”) to settle the 2020 AG Action and the 2024 AG Action. If the settlement is approved by the court, the defendants must collectively deposit the settlement recovery of $227.5 million into an agreed escrow account, minus a dollar-for-dollar credit in the amount of the remaining funds and assets held in the Daniel Boone Fund reserve which is controlled by defendant Prisma Capital Partners L.P.; currently the Daniel Boone Fund reserve totals approximately $145 million. If the following conditions are met, the escrow account will be terminated, the Daniel Boone Fund reserve will be delivered to the KPPA Entities, and all claims in connection with the investments and related matters against KKR, Messrs. Kravis and Roberts, Prisma Capital Partners L.P., and the other defendants that are party to the settlement agreement will be dismissed: (1) the approval of the settlement becomes final and non-appealable, and (2) either (i) there is a final ruling that all claims currently pending against the defendants in the Second Tier 3 Action are dismissed with prejudice and the dismissal is final and non-appealable or (ii) there is a final ruling that the Tier 3 Plaintiffs do not have standing or otherwise lack legal authority to continue pursuing claims against the defendants or their related parties for collective, plan-wide, trust-wide, system-wide, pension fund-wide, tier-wide relief, or relief on behalf of or for the KPPA Entities. KKR, Messrs. Kravis and Roberts, Prisma Capital Partners L.P., and the other defendants that are party to the settlement deny any liability, wrongdoing, or damage, maintain that the settlement is not an admission of any fault, liability, wrongdoing or damage, and maintain that they have entered into the settlement solely to avoid further legal expense, inconvenience, and the distraction of burdensome and protracted litigation. Until such time as the settlement becomes final, KKR intends to continue to vigorously defend against all claims against KKR and Messrs. Kravis and Roberts.

Shareholder Derivative Litigation

On July 30, 2024, a shareholder derivative complaint was filed in Delaware Chancery Court and was subsequently amended on August 7, 2024. The amended complaint claims, among other matters, that the Co-Founders and various current and former executive officers and directors of KKR & Co. Inc. breached fiduciary duties and wasted corporate assets in connection with transactions contemplated by the Reorganization Agreement pursuant to which, among other things, the Co-Founders, certain current and former executive officers, and other senior executives of KKR received common stock from KKR. The suit seeks to recover on behalf of KKR & Co. Inc. a cancellation of shares issued in the reorganization, monetary damages, injunctive relief, restitution, and other remedies. KKR & Co. Inc. filed a motion to dismiss the amended complaint on December 19, 2024.

Regulatory Matters

KKR currently is, and expects to continue to become from time to time, subject to various examinations, inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings, or the imposition of fines, penalties, or other remedies, against KKR and its personnel. KKR is subject to periodic examinations of its regulated businesses by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to the Securities and Exchange Commission ("SEC"), Financial Industry Regulatory Authority ("FINRA"), the U.K. Financial Conduct Authority, Central Bank of Ireland, Monetary Authority of Singapore, U.S. state insurance regulatory authorities, and the Bermuda Monetary Authority. KKR may also become subject to inquiries or investigations (through a request for information, civil investigative demand, subpoena or otherwise) by any of the foregoing governmental and regulatory agencies as well as by any other U.S. or non-U.S. governmental or regulatory agency, including but not limited to the SEC, U.S. Department of Justice ("DOJ"), U.S. state attorney generals, and similar non-U.S. governmental or regulatory agencies.

KKR has been subject to investigations by the Antitrust Division of the DOJ (the “DOJ”) related to the accuracy and completeness of certain filings made by KKR pursuant to the premerger notification requirements under the Hart‐Scott‐Rodino Act of 1976 (“HSR”) for certain transactions in 2021 and 2022. Since 2022, KKR was cooperating with the DOJ in connection with these investigations and has engaged in discussions with the DOJ about possible resolution of these investigations. On January 14, 2025, the DOJ filed a civil antitrust complaint (the “DOJ Complaint”) in the U.S. District Court for the Southern District of New York against KKR and various KKR-sponsored investment entities (the “KKR Defendants”) alleging violations of the HSR Act. The DOJ Complaint requests various relief for the alleged violations of the HSR Act by the KKR Defendants, including civil penalties in an amount to be determined and various equitable relief, including potential disgorgement and injunctive relief against future violations of the HSR Act. On January 14, 2025, KKR filed a complaint (the “KKR Complaint”) in the U.S. District Court for the District of Columbia against Doha Mekki in her official capacity as Acting Assistant Attorney General of the United States for the Antitrust Division, the DOJ, the Federal Trade Commission (“FTC”), and the United States of America pertaining to the HSR-related investigations conducted by the DOJ. On January 16, 2025, KKR voluntarily dismissed the KKR Complaint filed in the U.S. District Court for the District of Columbia and re-filed it in the U.S. District Court for the Southern District of New York as related to the DOJ Complaint. The KKR Complaint requests various forms of relief, including declaratory judgments that: (i) KKR did not violate the HSR Act; (ii) the DOJ’s and FTC’s interpretations of the HSR Act are unconstitutionally vague; and (iii) the DOJ seeks an excessive fine in violation of the U.S. Constitution. KKR intends to vigorously defend against the DOJ Complaint and prosecute the KKR Complaint. The DOJ may initiate additional civil or criminal proceedings or take other actions against KKR, its employees or portfolio companies, which could include further antitrust investigations into past HSR filings or transactions or other purported violations of antitrust law. There can be no certainty as to the possible outcome of the DOJ Complaint, the KKR Complaint, or such other proceedings or other actions, any of which could result in a range of adverse financial and non‐financial consequences to KKR. Even in the event that the parties are able to settle the pending litigation, it is possible that any such settlement could involve significant monetary penalties and/or other possible remedial measures. In addition, KKR is currently subject to other investigations by the Antitrust Division of the DOJ related to antitrust matters, including restrictions on interlocking directorates under Section 8 of the Clayton Act. KKR is currently cooperating with the DOJ in connection with these other investigations.

On January 13, 2025, KKR entered into a settlement with the SEC to resolve the SEC’s investigation related to the preservation of text messages and similar communications on electronic messaging applications under the Investment Advisers Act of 1940 (the “Advisers Act”). Under the terms of the settlement, among other things, KKR paid a civil penalty of $11.0 million, made certain admissions about recordkeeping violations under the Advisers Act, and agreed, among other things, to conduct a self-assessment of KKR’s compliance with its policies and procedures to preserve electronic communications.

Loss Contingencies

KKR establishes an accrued liability for legal or regulatory proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. KKR includes in its financial statements the amount of any reserve for regulatory, litigation and related matters that Global Atlantic includes in its financial statements. No loss contingency is recorded for matters where such losses are either not probable or reasonably estimable (or both) at the time of determination. Such matters also have the possibility of resulting in losses in excess of any amounts accrued. To the extent KKR can in any particular period estimate an aggregate range of reasonably possible losses, these decisions involve significant judgment given that it is inherently difficult to determine whether any loss for a matter is probable or even possible or to estimate the amount of any loss in many legal, governmental and regulatory matters.

Estimating an accrued liability or a reasonably possible loss involves significant judgment due to many uncertainties, including among others: (i) the proceeding may be in early stages; (ii) damages sought may be unspecified, unsupportable, unexplained or uncertain; (iii) discovery may not have been started or is incomplete; (iv) there may be uncertainty as to the outcome of pending appeals or motions; (v) there may be significant factual issues to be resolved; (vi) there may be novel legal issues or unsettled legal theories to be presented or a large number of parties; or (vii) the proceeding relates to a regulatory examination, inquiry, or investigation. It is not possible to predict the ultimate outcome of all pending litigations, arbitrations, claims, and governmental or regulatory examinations, inquiries, investigations and proceedings, and some of the matters discussed above seek or may seek potentially large or indeterminate relief. Consequently, management is unable as of the date of filing of this report to estimate an amount or range of reasonably possible losses related to matters pending against KKR. In addition, any amounts accrued as loss contingencies or disclosed as reasonably possible losses may be, in part or in whole, subject to insurance or other payments such as contributions and indemnity, which may reduce any ultimate loss.

As of the date of filing this report, management does not believe, based on currently available information, that the outcomes of the matters pending against KKR will have a material adverse effect upon its financial statements. However, given the potentially large and/or indeterminate relief sought or that may be sought in certain of these matters and the inherent unpredictability of litigations, arbitrations, claims, and governmental or regulatory examinations, inquiries, investigations and proceedings, it is possible that an adverse outcome in certain matters could have a material adverse effect on KKR's financial results in any future period. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or possible and reasonably estimable.

Other Financing Arrangements

Global Atlantic has financing arrangements with unaffiliated third parties to support the reserves of its affiliated special purpose reinsurers. Total fees associated with these financing arrangements were $4.5 million and $5.1 million for the three months ended March 31, 2025 and 2024, respectively, and are included in insurance expenses in the consolidated statements of operations. As of both March 31, 2025 and December 31, 2024, the total capacity of the financing arrangements with third parties was $2.4 billion.

Other than the matters disclosed above, there were no outstanding or unpaid balances from the financing arrangements with unaffiliated third parties as of both March 31, 2025 and December 31, 2024.

25. SUBSEQUENT EVENTS

A dividend of $0.185 per share of common stock of KKR & Co. Inc. has been declared and was announced on May 1, 2025. This dividend will be paid on May 27, 2025 to common stockholders of record as of the close of business on May 12, 2025.

A dividend of $0.7292 per share of Series D Mandatory Convertible Preferred Stock has been declared and was announced on May 1, 2025 and set aside for payment. This dividend will be paid on June 1, 2025 to holders of record of Series D Mandatory Convertible Preferred Stock as of the close of business on May 15, 2025.

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