Item 1. FINANCIAL STATEMENTS

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

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

			September 30, 2025						December 31, 2024
Assets
Asset Management and Strategic Holdings
Cash and Cash Equivalents			$	13,561,041					$	8,535,048
Restricted Cash and Cash Equivalents			54,489						138,948
Investments			118,617,813						106,453,051
Due from Affiliates			2,079,123						1,856,045
Other Assets			6,129,090						5,534,286
			140,441,556						122,517,378
Insurance
Cash and Cash Equivalents			$	9,120,816					$	6,343,445
Restricted Cash and Cash Equivalents			150,143						350,512
Investments			186,499,370						170,144,744
Reinsurance Recoverable			46,541,460						45,270,625
Insurance Intangible Assets			5,590,682						5,198,943
Other Assets			6,230,487						6,292,704
Separate Account Assets			3,906,414						3,981,060
			258,039,372						237,582,033
Total Assets			$	398,480,928					$	360,099,411
Liabilities and Equity
Asset Management and Strategic Holdings
Debt Obligations			$	49,232,778					$	45,933,920
Due to Affiliates			424,369						524,516
Accrued Expenses and Other Liabilities			14,798,038						11,448,503
			64,455,185						57,906,939
Insurance
Policy Liabilities (market risk benefit liabilities: $1,299,001 and $1,002,236, as of September 30, 2025 and December 31, 2024, respectively.)			$	200,507,307					$	185,205,366
Debt Obligations			3,885,967						3,713,336
Funds Withheld Payable at Interest			45,371,908						43,961,910
Accrued Expenses and Other Liabilities			3,496,226						2,186,962
Reinsurance Liabilities			1,455,966						1,159,146
Separate Account Liabilities			3,906,414						3,981,060
			258,623,788						240,207,780
Total Liabilities			323,078,973						298,114,719

			September 30, 2025						December 31, 2024
Commitments and Contingencies (See Note 24)
Redeemable Noncontrolling Interests (See Note 23)			$	2,360,396					$	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 September 30, 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 September 30, 2025 and December 31, 2024.			—						—
Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 890,970,061 and 888,232,174 shares, issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.			8,910						8,882
Additional Paid-In Capital			18,877,610						18,406,718
Retained Earnings			12,943,836						12,282,513
Accumulated Other Comprehensive Income (Loss) ("AOCI")			(4,624,558)						(7,046,545)
Total KKR & Co. Inc. Stockholders' Equity			29,749,202						23,651,568
Noncontrolling Interests (See Note 22)			43,292,357						36,747,947
Total Equity			73,041,559						60,399,515
Total Liabilities and Equity			$	398,480,928					$	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 September 30, 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.

			September 30, 2025
			Consolidated CFEs						Consolidated Funds and Other Investment Vehicles						Other VIEs						Total
Assets
Asset Management and Strategic Holdings
Cash and Cash Equivalents			$	3,140,721					$	2,411,081					$	—					$	5,551,802
Restricted Cash and Cash Equivalents			—						22,222						—						22,222
Investments			30,344,034						69,972,350						—						100,316,384
Other Assets			593,028						316,780						—						909,808
			34,077,783						72,722,433						—						106,800,216
Insurance
Cash and Cash Equivalents			—						—						1,626,211						1,626,211
Investments			—						—						29,634,574						29,634,574
Other Assets			—						—						977,464						977,464
			—						—						32,238,249						32,238,249
Total Assets			$	34,077,783					$	72,722,433					$	32,238,249					$	139,038,465
Liabilities
Asset Management and Strategic Holdings
Debt Obligations			$	30,028,712					$	6,621,826					$	—					$	36,650,538
Accrued Expenses and Other Liabilities			2,445,659						1,046,679						—						3,492,338
			32,474,371						7,668,505						—						40,142,876
Insurance
Debt Obligations			—						—						134,800						134,800
Accrued Expenses and Other Liabilities			—						—						786,577						786,577
			—						—						921,377						921,377
Total Liabilities			$	32,474,371					$	7,668,505					$	921,377					$	41,064,253

			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
			—						—						566,214						566,214
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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Revenues
Asset Management and Strategic Holdings
Fees and Other			$	1,105,238					$	1,105,666					$	2,916,482					$	2,621,516
Capital Allocation-Based Income (Loss)			638,764						1,163,424						2,708,601						3,164,491
			1,744,002						2,269,090						5,625,083						5,786,007
Insurance
Net Premiums			1,059,610						621,218						2,113,216						7,593,534
Policy Fees			339,735						375,371						1,013,182						1,038,218
Net Investment Income			1,969,779						1,701,826						5,616,405						4,802,226
Net Investment-Related Gains (Losses)			351,800						(235,971)						(845,386)						(780,077)
Other Income			61,049						60,162						202,501						180,436
			3,781,973						2,522,606						8,099,918						12,834,337
Total Revenues			5,525,975						4,791,696						13,725,001						18,620,344
Expenses
Asset Management and Strategic Holdings
Compensation and Benefits			954,983						1,374,840						3,365,683						3,586,453
Occupancy and Related Charges			30,597						35,837						99,702						82,683
General, Administrative and Other			414,891						367,666						1,039,220						950,136
			1,400,471						1,778,343						4,504,605						4,619,272
Insurance
Net Policy Benefits and Claims (including market risk benefit (gain) loss of $34,370 and $244,897, and $54,469 and $(35,501), for the three and nine months ended September 30, 2025 and 2024, respectively; remeasurement (gain) loss on policy liabilities: $(106,152) and $(63,900), and $(74,645) and $(74,645), for the three and nine months ended September 30, 2025 and 2024, respectively.)			3,075,361						2,421,695						7,575,360						11,881,924
Amortization of Policy Acquisition Costs			86,962						49,360						265,733						78,416
Interest Expense			72,064						78,508						212,465						198,825
Insurance Expenses			185,787						211,148						449,900						655,338
General, Administrative and Other			203,626						206,951						593,607						571,503
			3,623,800						2,967,662						9,097,065						13,386,006
Total Expenses			5,024,271						4,746,005						13,601,670						18,005,278
Investment Income (Loss) - Asset Management and Strategic Holdings
Net Gains (Losses) from Investment Activities			1,197,827						1,314,626						3,032,152						2,345,455
Dividend Income			416,233						151,260						1,026,266						867,666
Interest Income			806,711						854,927						2,402,451						2,648,890
Interest Expense			(722,914)						(721,940)						(2,084,804)						(2,259,257)
Total Investment Income (Loss)			1,697,857						1,598,873						4,376,065						3,602,754
Income (Loss) Before Taxes			2,199,561						1,644,564						4,499,396						4,217,820
Income Tax Expense (Benefit)			359,739						209,896						620,612						696,066

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net Income (Loss)			1,839,822						1,434,668						3,878,784						3,521,754
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests			34,058						(4,798)						110,727						57,546
Net Income (Loss) Attributable to Noncontrolling Interests			905,407						838,916						2,543,501						1,513,518
Net Income (Loss) Attributable to KKR & Co. Inc.			900,357						600,550						1,224,556						1,950,690
Series D Mandatory Convertible Preferred Stock Dividends			40,430						—						78,166						—
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders			$	859,927					$	600,550					$	1,146,390					$	1,950,690
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock
Basic			$	0.97					$	0.68					$	1.27					$	2.20
Diluted			$	0.90					$	0.64					$	1.19					$	2.09
Weighted Average Shares of Common Stock Outstanding
Basic			890,961,714						887,444,991						889,984,777						886,618,138
Diluted			955,751,429						941,967,479						955,793,116						933,079,377

See notes to financial statements.

KKR & CO. INC.

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

(Amounts in Thousands)

						Three Months Ended September 30,												Nine Months Ended September 30, 2025
						2025						2024						2025						2024
Net Income (Loss)						$	1,839,822					$	1,434,668					$	3,878,784					$	3,521,754
Other Comprehensive Income (Loss), Net of Tax:
Unrealized Gains (Losses) on Available-For-Sale Securities and Other						897,811						2,327,041						2,689,115						1,699,218
Net effect of changes in discount rates and instrument-specific credit risk on policy liabilities						(265,784)						(687,406)						(543,668)						(414,922)
Foreign Currency Translation Adjustments						(52,479)						181,643						250,508						(19,338)
Comprehensive Income (Loss)						2,419,370						3,255,946						6,274,739						4,786,712
Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests						34,058						(4,798)						110,727						57,546
Comprehensive Income (Loss) Attributable to Noncontrolling Interests						887,435						828,439						2,530,482						1,498,203
Comprehensive Income (Loss) Attributable to KKR & Co. Inc.						$	1,497,877					$	2,432,305					$	3,633,530					$	3,230,963

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 September 30, 2025												Nine Months Ended September 30, 2025
			Amounts						Shares						Amounts						Shares
Series D Mandatory Convertible Preferred Stock
Beginning of Period			$	2,543,404					51,750,000						$	—					—
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						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			8,909						890,938,778						8,882						888,232,174
Net Delivery of Common Stock (Equity Incentive Plans)			—						13,105						24						2,453,538
Repurchases of Common Stock			—						—						—						(36,411)
Clawback of Transfer Restricted Shares			—						(623)						—						(2,505)
Exchange of KKR Restricted Holdings Units			1						18,801						4						315,207
Private Placement Share Issuance			—						—						—						8,058
End of Period			8,910						890,970,061						8,910						890,970,061
Additional Paid-In Capital
Beginning of Period			18,640,161												18,406,718
Net Delivery of Common Stock (Equity Incentive Plans)			(1,208)												(108,005)
Repurchases of Common Stock			—												(3,362)
Equity-Based Compensation (Non-Cash Contribution)			77,884												236,868
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)			159,600												339,476
Tax Effects of Changes in Ownership and Other			1,173												5,915
End of Period			18,877,610												18,877,610
Retained Earnings
Beginning of Period			12,248,728												12,282,513
Net Income (Loss) Attributable to KKR & Co. Inc.			900,357												1,224,556
Series D Mandatory Convertible Preferred Stock Dividends ($0.78125 and $1.510450 per share)			(40,430)												(78,166)
Common Stock Dividends ($0.185 and $0.545 per share)			(164,819)												(485,067)
End of Period			12,943,836												12,943,836
Accumulated Other Comprehensive Income (Loss) (net of tax)
Beginning of Period			(5,221,973)												(7,046,545)
Other Comprehensive Income (Loss)			597,520												2,408,974
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)			(105)												13,013
End of Period			(4,624,558)												(4,624,558)
Total KKR & Co. Inc. Stockholders' Equity			29,749,202												29,749,202
Noncontrolling Interests (See Note 22)			43,292,357												43,292,357
Total Equity			$	73,041,559											$	73,041,559
Redeemable Noncontrolling Interests (See Note 23)			$	2,360,396											$	2,360,396

KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued) (Amounts in Thousands, Except Share and Per Share Data)
			Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
			Amounts						Shares						Amounts						Shares
Series I Preferred Stock
Beginning of Period			$	—					1						$	—					1
End of Period			—						1						—						1
Common Stock
Beginning of Period			8,874						887,439,098						8,850						885,005,588
Net Delivery of Common Stock (Equity Incentive Plans)			—						1,562						24						2,378,037
Private Placement Share Issuance			—						—						—						5,379
Exchange of KKR Restricted Holdings Units			—						8,333						—						69,714
Clawback of Transfer Restricted Shares			—						—						—						(9,725)
End of Period			8,874						887,448,993						8,874						887,448,993
Additional Paid-In Capital
Beginning of Period			18,133,336												17,549,157
Net Delivery of Common Stock (Equity Incentive Plans)			(84)												(93,054)
Compensation Modification			—												226,011
Compensation Modification - Issuance of Holdings III Units			—												(53,623)
2024 GA Acquisition - Issuance of Holdings III Units (See Note 1)			—												(40,789)
Equity-Based Compensation (Non-Cash Contribution)			77,590												233,849
Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition			—												128,194
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)			56,131												317,228
Tax Effects of Changes in Ownership and Other			15												15
End of Period			18,266,988												18,266,988
Retained Earnings
Beginning of Period			10,867,154												9,818,336
Net Income (Loss) Attributable to KKR & Co. Inc.			600,550												1,950,690
Common Stock Dividends ($0.175 and $0.52 per share)			(155,306)												(456,628)
End of Period			11,312,398												11,312,398
Accumulated Other Comprehensive Income (Loss) (net of tax)
Beginning of Period			(7,336,261)												(4,517,649)
Other Comprehensive Income (Loss)			1,831,755												1,280,273
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)			(69)												30,295
End of Period			(5,504,575)												(5,504,575)
Total KKR & Co. Inc. Stockholders' Equity			24,083,685												24,083,685
Noncontrolling Interests (See Note 22)			36,392,617												36,392,617
Total Equity			$	60,476,302											$	60,476,302
Redeemable Noncontrolling Interests (See Note 23)			$	1,322,308											$	1,322,308

See notes to financial statements.

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in Thousands)

															Nine Months Ended September 30,
																					2025						2024
Operating Activities
Net Income (Loss)																					$	3,878,784					$	3,521,754
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity-Based Compensation																					539,430						552,987
Net Realized (Gains) Losses - Asset Management and Strategic Holdings																					(601,284)						(285,679)
Change in Unrealized (Gains) Losses - Asset Management and Strategic Holdings																					(2,430,868)						(2,059,776)
Capital Allocation-Based (Income) Loss - Asset Management and Strategic Holdings																					(2,708,601)						(3,164,491)
Net Investment and Policy Liability-Related (Gains) Losses - Insurance																					2,680,580						2,545,702
Net Accretion and Amortization																					(118,789)						(88,832)
Interest Credited to Policyholder Account Balances (net of Policy Fees) - Insurance																					3,623,516						3,003,466
Other Non-Cash Amounts																					418,631						230,758
Cash Flows Due to Changes in Operating Assets and Liabilities:
Reinsurance Transactions and Acquisitions, Net of Cash Provided - Insurance																					326,018						1,012,179
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable - Insurance																					568,128						308,395
Change in Deferred Policy Acquisition Costs - Insurance																					(785,208)						(608,967)
Change in Policy Liabilities and Accruals, Net - Insurance																					847,023						(288,359)
Change in Consolidation																					(145)						77,255
Change in Due from / to Affiliates																					(293,707)						(565,869)
Change in Other Assets																					(639,394)						(1,126,868)
Change in Accrued Expenses and Other Liabilities																					2,077,410						3,172,423
Investments Purchased - Asset Management and Strategic Holdings																					(28,347,134)						(33,483,469)
Proceeds from Investments - Asset Management and Strategic Holdings																					26,343,701						34,008,924
Net Cash Provided (Used) by Operating Activities																					5,378,091						6,761,533
Investing Activities
Acquisitions, Net																					(146,273)						—
Purchases of Fixed Assets																					(126,929)						(88,369)
Investments Purchased - Insurance																					(69,675,125)						(60,261,313)
Proceeds from Investments - Insurance																					57,887,810						43,527,269
Other Investing Activities, Net																					17,178						27,721
Net Cash Provided (Used) by Investing Activities																					(12,043,339)						(16,794,692)

															Nine Months Ended September 30,
																					2025						2024
Financing Activities
Series D Mandatory Convertible Preferred Stock Dividends																					(78,166)						—
Common Stock Dividends																					(485,067)						(456,628)
Distributions to Redeemable Noncontrolling Interests																					(25,607)						(20,432)
Contributions from Redeemable Noncontrolling Interests																					707,908						671,530
Distributions to Noncontrolling Interests																					(3,138,509)						(6,767,940)
Contributions from Noncontrolling Interests																					4,782,434						5,942,333
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)																					(107,981)						(93,030)
Repurchases of Common Stock																					(3,362)						—
Proceeds from Debt Obligations																					19,981,021						21,191,234
Repayment of Debt Obligations																					(17,828,186)						(18,770,321)
Financing Costs Paid																					(28,912)						(18,282)
Additions to Contractholder Deposit Funds - Insurance																					23,952,574						23,011,953
Withdrawals from Contractholder Deposit Funds - Insurance																					(16,370,422)						(16,764,510)
Reinsurance Transactions, Net of Cash Provided - Insurance																					—						47,821
Other Financing Activity, Net - Insurance																					120,345						(1,168,914)
Net Cash Provided (Used) by Financing Activities																					14,021,474						4,182,584
Effect of exchange rate changes on cash, cash equivalents and restricted cash																					162,310						4,894
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash																					$	7,518,536					$	(5,845,681)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period																					15,367,953						20,808,120
Cash, Cash Equivalents and Restricted Cash, End of Period																					$	22,886,489					$	14,962,439
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																					$	13,561,041					$	8,602,477
Restricted Cash and Cash Equivalents																					54,489						114,285
Total Asset Management and Strategic Holdings																					13,615,530						8,716,762
Insurance
Cash and Cash Equivalents																					$	9,120,816					$	5,857,308
Restricted Cash and Cash Equivalents																					150,143						388,369
Total Insurance																					9,270,959						6,245,677
Cash, Cash Equivalents and Restricted Cash, End of Period																					$	22,886,489					$	14,962,439

KKR & CO. INC.

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

(Amounts in Thousands)

												Nine Months Ended September 30,
												2025						2024
Supplemental Disclosures of Cash Flow Information
Payments for Interest												$	1,941,763					$	2,145,165
Payments for Income Taxes												$	894,707					$	482,665
Payments for Operating Lease Liabilities												$	48,457					$	48,366
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Non-Cash Contribution from Noncontrolling Interests												$	28,538					$	34,317
Non-Cash Distribution to Redeemable Noncontrolling Interests												$	(17,809)					$	—
Non-Cash Repayment of Debt Obligations												$	(100,000)					$	—
Debt Obligations - Net Gains (Losses), Translation and Other												$	(1,568,133)					$	(432,918)
Investments Acquired through Reinsurance Agreements												$	—					$	11,393,248
Contractholder Deposit Funds Acquired through Reinsurance Agreements												$	—					$	2,047,850
Change in Consolidation
Investments - Asset Management and Strategic Holdings												$	2,391,477					$	(81,971)
Other Assets												$	(2,147)					$	12,084
Debt Obligations												$	—					$	(1,063,374)
Accrued Expenses and Other Liabilities												$	(19)					$	5,952
Noncontrolling Interests												$	2,391,392					$	1,163,105

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 September 30, 2025, KKR & Co. Inc. held indirectly approximately 98.9% 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" of our financial statements), 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 nine months ended September 30, 2025, there were no significant updates to KKR’s significant accounting policies.

Goodwill and Intangible Assets

Goodwill represents the excess of acquisition cost over the fair value of net tangible and intangible assets acquired in connection with an acquisition. Goodwill is assessed for impairment annually in the third quarter of each fiscal year or more frequently if circumstances indicate impairment may have occurred. Goodwill and Intangible Assets are recorded in Other Assets in the accompanying consolidated statements of financial condition.

In accordance with GAAP, KKR has the option to either (i) perform a quantitative impairment test or (ii) first perform a qualitative assessment (commonly known as "step zero") to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, in which case the quantitative test would then be performed. When performing a quantitative impairment test, KKR compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, the goodwill impairment loss is equal to the excess of the carrying value over the fair value, limited to the carrying amount of goodwill allocated to that reporting unit. The estimated fair values of the reporting units are derived based on valuation techniques KKR believes market participants would use for each respective reporting unit. The estimated fair values are generally determined by utilizing a discounted cash flow methodology and methodologies that incorporate market multiples of certain comparable companies.

KKR tests goodwill for impairment at the reporting unit level, which is generally at the level of or one level below its reportable segments, on an annual basis, or, when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

Goodwill recorded as a result of the acquisition of Global Atlantic has been allocated to the insurance segment, and goodwill recorded as a result of the acquisitions of KJR Management ("KJRM") and HealthCare Royalty Management, LLC has been allocated to the asset management segment.

During the three months ended September 30, 2025, KKR performed its annual impairment analysis for the goodwill recorded at the asset management, strategic holdings and insurance reporting units.

KKR elected to perform step zero for the purposes of its impairment analysis for the goodwill recorded at its reporting units. Based upon these assessments, no goodwill impairment charges were recorded. Factors considered in the qualitative assessment included macroeconomic conditions, industry and market considerations, cost factors, current and projected financial performance, changes in management or strategy and market capitalization.

Additionally, during the three months ended September 30, 2025, KKR performed its annual impairment analysis on investment management contracts recorded at KKR’s asset management business, which were determined to have indefinite useful lives and are not subject to amortization. KKR elected to perform a qualitative assessment for the purposes of its impairment analysis. Based upon this assessment, no impairment charges were recorded. Factors considered in the qualitative assessment included macroeconomic conditions, industry and market considerations, cost factors, and current and projected financial performance.

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, "Income Taxes (Topic 740): 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 (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024–03”). ASU 2024–03 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 expense 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.

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

In May 2025, the FASB issued ASU 2025–03, “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“ASU 2025–03”). ASU 2025–03 requires an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business to consider factors to determine which entity is the accounting acquirer. The update will be effective for annual periods and interim periods in annual reporting periods beginning after December 15, 2026. KKR does not expect the adoption to have a material impact on its consolidated financial statements or disclosures.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025–05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025–05”). ASU 2025–05 simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under ASC 606. The update will be effective for annual periods and interim periods in annual reporting periods beginning after December 15, 2025. Early adoption is permitted. KKR is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025–06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025–06”). ASU 2025–06 eliminates accounting consideration of software project development stages; requires to begin capitalizing software costs when (1) management has authorized and committed to funding the project and (2) it is ‘probable’ the project will be completed and the software used to perform its intended function (the ‘probable-to-complete’ threshold). ASU 2025–06 also enhances the guidance around the ‘probable-to-complete’ threshold. The update will be effective for annual periods and interim periods in annual reporting 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 and nine months ended September 30, 2025 and 2024, respectively, Asset Management and Strategic Holdings revenues consisted of the following:

									Three Months Ended September 30,												Nine Months Ended September 30,
															2025						2024						2025						2024
Management Fees															$	668,524					$	521,573					$	1,793,039					$	1,478,403
Fee Credits															(211,382)						(257,974)						(482,364)						(435,476)
Transaction Fees															516,783						732,129						1,250,321						1,267,204
Monitoring Fees															55,601						43,622						157,362						135,902
Incentive Fees															1,597						4,386						16,715						38,215
Expense Reimbursements															46,788						32,789						108,490						68,050
Consulting Fees															27,327						29,141						72,919						69,218
Fees and Other															1,105,238						1,105,666						2,916,482						2,621,516
Carried Interest															621,925						1,071,164						2,490,708						2,856,414
General Partner Capital Interest															16,839						92,260						217,893						308,077
Total Capital Allocation-Based Income (Loss)															638,764						1,163,424						2,708,601						3,164,491
Total Revenues															$	1,744,002					$	2,269,090					$	5,625,083					$	5,786,007

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 September 30, 2025																		Three Months Ended September 30, 2024
			Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Total						Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Total
Private Equity (1)			$	233,324					$	269,503					$	502,827					$	(100,037)					$	1,606,607					$	1,506,570
Credit (1)			12,608						4,162						16,770						(6,697)						16,244						9,547
Investments of Consolidated CFEs (1)			(27,899)						(53,156)						(81,055)						(71,668)						46,225						(25,443)
Real Assets (1)			3,504						(22,287)						(18,783)						342,196						(239,711)						102,485
Equity Method - Other (1)			153,812						67,657						221,469						84,461						261,934						346,395
Other Investments (1)			(44,070)						215,571						171,501						20,529						100,905						121,434
Foreign Exchange Forward Contracts and Options (2)			(9,894)						260,138						250,244						1,576						(440,759)						(439,183)
Securities Sold Short (2)			(3,838)						(9,715)						(13,553)						(7,171)						(5,406)						(12,577)
Other Derivatives (2)			(7,509)						(3,093)						(10,602)						(17,283)						(2,074)						(19,357)
Debt Obligations and Other (3)			397						158,612						159,009						6,623						(281,868)						(275,245)
Net Gains (Losses) From Investment Activities			$	310,435					$	887,392					$	1,197,827					$	252,529					$	1,062,097					$	1,314,626
			Nine Months Ended September 30, 2025																		Nine Months Ended September 30, 2024
			Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Total						Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Total
Private Equity (1)			$	803,496					$	2,471,176					$	3,274,672					$	(75,157)					$	2,053,432					$	1,978,275
Credit (1)			(73,774)						204,621						130,847						61,597						(142,345)						(80,748)
Investments of Consolidated CFEs (1)			(220,067)						(292,795)						(512,862)						(68,378)						54,177						(14,201)
Real Assets (1)			(37,432)						227,173						189,741						291,310						(234,798)						56,512
Equity Method - Other (1)			287,230						518,109						805,339						288,450						405,124						693,574
Other Investments (1)			(176,368)						549,973						373,605						(250,458)						361,342						110,884
Foreign Exchange Forward Contracts and Options (2)			11,719						(1,371,847)						(1,360,128)						59,414						(225,344)						(165,930)
Securities Sold Short (2)			(5,119)						(16,766)						(21,885)						(23,920)						5,285						(18,635)
Other Derivatives (2)			(13,831)						(5,785)						(19,616)						(24,780)						6,694						(18,086)
Debt Obligations and Other (3)			25,430						147,009						172,439						27,601						(223,791)						(196,190)
Net Gains (Losses) From Investment Activities			$	601,284					$	2,430,868					$	3,032,152					$	285,679					$	2,059,776					$	2,345,455

(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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Fixed Maturity Securities			$	1,616,087					$	1,428,699					$	4,563,551					$	4,173,336
Mortgage and Other Loan Receivables			772,962						725,463						2,328,834						1,914,700
Real Assets			258,087						236,440						766,197						547,781
Short-Term and Other Investment Income			164,244						131,573						431,236						398,629
Income Assumed from Funds Withheld Receivable at Interest			24,149						20,717						56,403						61,433
Policy Loans			20,524						20,180						60,480						64,260
Income Ceded to Funds Withheld Payable at Interest			(640,938)						(640,254)						(1,896,783)						(1,746,618)
Total Investment Income (Losses)			2,215,115						1,922,818						6,309,918						5,413,521
Less Investment Expenses:
Investment Management and Administration			154,713						146,693						436,961						379,015
Real Asset Depreciation and Maintenance			63,667						51,797						186,904						151,716
Interest Expense on Derivative Collateral and Repurchase Agreements			26,956						22,502						69,648						80,564
Net Investment Income			$	1,969,779					$	1,701,826					$	5,616,405					$	4,802,226

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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Realized Gains (Losses) on Available-For-Sale Fixed Maturity Securities			$	(50,492)					$	(285,352)					$	(1,577,554)					$	(387,975)
Credit Loss Allowances on Available-For-Sale Securities			(10,641)						(59,195)						(93,933)						(50,455)
Credit Loss Allowances on Mortgage and Other Loan Receivables			(60,074)						(92,293)						(80,273)						(263,749)
Credit Loss Allowances on Unfunded Commitments			(3,647)						(1,663)						(1,318)						25,598
Unrealized Gains (Losses) on Fixed Maturity Securities Classified as Trading			381,315						1,056,483						601,424						471,647
Unrealized Gains (Losses) on Other Investments Recognized Under the Fair-Value Option and Equity Investments			62,059						14,127						63,774						(10,100)
Unrealized Gains (Losses) on Real Assets			31,867						(20,041)						45,126						(179,759)
Realized Gains (Losses) on Real Assets			362						(286)						17,757						6,787
Net Gains (Losses) on Derivative Instruments			78,082						(877,533)						(55,706)						(451,747)
Realized Gains (Losses) on Funds Withheld at Interest Payable Portfolio			(35,391)						(20,158)						80,417						50,147
Realized Gains (Losses) on Funds Withheld at Interest Receivable Portfolio			(4,004)						(24,194)						(67,488)						(47,242)
Foreign Exchange Gains (Losses) on Non-USD Denominated Investments			(42,550)						77,046						223,227						56,929
Other Realized Gains (Losses)			4,914						(2,912)						(839)						(158)
Net Investment-Related Gains (Losses)			$	351,800					$	(235,971)					$	(845,386)					$	(780,077)

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 September 30, 2025																		Three Months Ended September 30, 2024
			Corporate						Structured						Total						Corporate						Structured						Total
Balance, as of Beginning of Period			$	83,041					$	186,615					$	269,656					$	64,610					$	150,604					$	215,214
Initial Credit Loss Allowance Recognized on Securities with No Previously Recognized Allowance			6,335						892						7,227						19,132						292						19,424
Accretion of Initial Credit Loss Allowance on PCD Securities			—						188						188						—						125						125
Reductions Due to Sales (or Maturities, Pay Downs or Prepayments) During the Period of Securities with a Previously Recognized Credit Loss Allowance			(65)						(5,873)						(5,938)						(38)						(3,145)						(3,183)
Net Additions / Reductions for Securities with a Previously Recognized Credit Loss Allowance			5,247						(1,833)						3,414						105						39,666						39,771
Balances Charged Off			(19,931)						—						(19,931)						(22,840)						—						(22,840)
Balance, as of End of Period			$	74,627					$	179,989					$	254,616					$	60,969					$	187,542					$	248,511

			Nine Months Ended September 30, 2025																		Nine Months Ended September 30, 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			43,965						20,716						64,681						41,475						1,552						43,027
Accretion of Initial Credit Loss Allowance on PCD Securities			—						610						610						—						440						440
Reductions Due to Sales (or Maturities, Pay Downs or Prepayments) During the Period of Securities with a Previously Recognized Credit Loss Allowance			(939)						(31,368)						(32,307)						(278)						(11,972)						(12,250)
Net Additions / Reductions for Securities with a Previously Recognized Credit Loss Allowance			14,927						14,325						29,252						17,233						(9,805)						7,428
Balances Charged Off			(82,942)						—						(82,942)						(46,469)						(12,377)						(58,846)
Balance, as of End of Period			$	74,627					$	179,989					$	254,616					$	60,969					$	187,542					$	248,511

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 September 30, 2025																								Three Months Ended September 30, 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			$	335,792					$	84,594					$	154,103					$	574,489					$	308,367					$	90,234					$	202,655					$	601,256
Net Provision (Release)			31,494						12,859						15,721						60,074						64,482						8,263						19,548						92,293
Charge-Offs			(47)						(1,984)						(33,657)						(35,688)						(44,487)						(2,334)						(34,932)						(81,753)
Recoveries of Amounts Previously Charged-Off			—						—						5,519						5,519						3,564						—						5,884						9,448
Balance, as of End of Period			$	367,239					$	95,469					$	141,686					$	604,394					$	331,926					$	96,163					$	193,155					$	621,244

			Nine Months Ended September 30, 2025																								Nine Months Ended September 30, 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)			41,544						(7,809)						46,538						80,273						151,822						(5,925)						117,852						263,749
Charge-Offs			(362)						(3,967)						(103,815)						(108,144)						(143,091)						(5,116)						(117,496)						(265,703)
Recoveries of Amounts Previously Charged-Off			—						—						17,857						17,857						3,564						—						17,191						20,755
Balance, as of End of Period			$	367,239					$	95,469					$	141,686					$	604,394					$	331,926					$	96,163					$	193,155					$	621,244

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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
AFS Fixed Maturity Securities:
Proceeds from Voluntary Sales			$	6,717,608					$	6,975,389					$	26,701,685					$	15,934,858
Gross Gains			$	64,750					$	51,468					$	103,832					$	95,192
Gross Losses			$	(108,584)					$	(334,092)					$	(1,626,845)					$	(453,105)

7. INVESTMENTS

Investments consist of the following:

			September 30, 2025						December 31, 2024
Asset Management and Strategic Holdings
Private Equity			$	41,131,383					$	34,462,952
Credit			7,276,203						8,054,581
Investments of Consolidated CFEs			30,344,034						27,488,538
Real Assets			13,855,922						13,222,738
Equity Method - Other			9,812,856						8,333,527
Equity Method - Capital Allocation-Based Income			10,679,020						9,798,370
Other Investments			5,518,395						5,092,344
Investments – Asset Management and Strategic Holdings			$	118,617,813					$	106,453,051
Insurance
Fixed Maturity Securities, Available-For-Sale, at Fair Value(1)			$	88,422,435					$	76,259,956
Mortgage and Other Loan Receivables			52,407,457						52,751,077
Fixed Maturity Securities, Trading, at Fair Value(2)			22,983,199						21,419,241
Real Assets(3)(4)			14,654,231						14,078,498
Other Investments(4)(5)			3,996,126						1,475,156
Funds Withheld Receivable at Interest			2,384,103						2,537,858
Policy Loans			1,651,819						1,622,958
Investments – Insurance(6)			$	186,499,370					$	170,144,744
Total Investments			$	305,117,183					$	276,597,795

(1)Amortized cost of $94.5 billion and $85.6 billion, net of credit loss allowances of $254.6 million and $275.3 million as of September 30, 2025 and December 31, 2024, respectively.

(2)Amortized cost of $24.8 billion and $23.8 billion as of September 30, 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 $738.0 million and $623.1 million as of September 30, 2025 and December 31, 2024, respectively.

(4)Real assets of $1.0 billion as of both September 30, 2025 and December 31, 2024, and other investments of $856.2 million and $682.9 million as of September 30, 2025 and December 31, 2024, respectively, are accounted for using the equity method of accounting. 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 real assets and other investments for which the fair value option has been elected was $728.9 million and $437.9 million, respectively, as of September 30, 2025, and the carrying amount of these investments was $471.5 million and $4.8 million, respectively, as of December 31, 2024. Global Atlantic's maximum exposure to loss related to equity method investments, including those which fair value has been elected, is limited to the carrying value of these investments plus unfunded commitments of $31.9 million and $23.0 million as of September 30, 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 September 30, 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 September 30, 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 September 30, 2025									Gains						Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies			$	523,163					$	—					$	959					$	(107,425)					$	416,697
U.S. State, Municipal and Political Subdivisions			3,400,773						—						5,315						(762,711)						2,643,377
Corporate			58,168,561						(74,627)						634,177						(5,391,823)						53,336,288
Residential Mortgage-Backed Securities, or “RMBS”			12,514,312						(111,992)						135,474						(269,362)						12,268,432
Commercial Mortgage-Backed Securities, or “CMBS”			8,416,931						(56,566)						69,405						(185,800)						8,243,970
Collateralized Bond Obligations, or “CBOs”			179,076						—						—						(7,486)						171,590
CLOs			5,512,822						(4,394)						35,055						(22,436)						5,521,047
Asset-Backed Securities, or “ABSs”			5,795,901						(7,037)						70,848						(38,678)						5,821,034
Total AFS Fixed Maturity Securities			$	94,511,539					$	(254,616)					$	951,233					$	(6,785,721)					$	88,422,435

(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 September 30, 2025						Cost or Amortized Cost (Net of Allowance)						Fair Value
Due in One Year or Less						$	1,028,490					$	1,015,454
Due After One Year Through Five Years						12,096,346						11,997,548
Due After Five Years Through Ten Years						15,326,381						15,510,901
Due After Ten Years						33,566,653						27,872,459
Subtotal						62,017,870						56,396,362
RMBS						12,402,320						12,268,432
CMBS						8,360,365						8,243,970
CBOs						179,076						171,590
CLOs						5,508,428						5,521,047
ABSs						5,788,864						5,821,034
Total AFS Fixed Maturity Securities						$	94,256,923					$	88,422,435

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 September 30, 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						$	34,398					$	(4,241)					$	287,104					$	(103,184)					$	321,502					$	(107,425)
U.S. State, Municipal and Political Subdivisions						95,144						(6,547)						2,368,762						(756,164)						2,463,906						(762,711)
Corporate						7,721,353						(280,776)						15,565,357						(5,111,047)						23,286,710						(5,391,823)
RMBS						985,352						(17,966)						2,755,767						(251,396)						3,741,119						(269,362)
CMBS						564,455						(8,588)						1,699,765						(177,212)						2,264,220						(185,800)
CBOs						20,800						(1,101)						150,790						(6,385)						171,590						(7,486)
CLOs						331,390						(5,062)						213,363						(17,374)						544,753						(22,436)
ABSs						844,679						(6,315)						620,151						(32,363)						1,464,830						(38,678)
Total AFS Fixed Maturity Securities in a Continuous Loss Position						$	10,597,571					$	(330,596)					$	23,661,059					$	(6,455,125)					$	34,258,630					$	(6,785,721)

						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 $303.3 million and $557.4 million as of September 30, 2025 and December 31, 2024, respectively. The single largest unrealized loss on AFS fixed maturity securities was $44.2 million and $54.4 million as of September 30, 2025 and December 31, 2024, respectively. Global Atlantic had 4,122 and 5,966 securities in an unrealized loss position as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of 2,931 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 $1.6 billion and $146.9 million, respectively, as of September 30, 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:

			September 30, 2025						December 31, 2024
Commercial Mortgage Loans(1)			$	25,277,579					$	25,263,148
Residential Mortgage Loans(1)			22,086,294						21,581,616
Consumer Loans(1)			4,168,358						4,848,208
Other Loan Receivables(1)(2)			1,479,620						1,672,513
Total Mortgage and Other Loan Receivables			$	53,011,851					$	53,365,485
Allowance for Credit Losses(3)			(604,394)						(614,408)
Total Mortgage and Other Loan Receivables, Net of Allowance for Credit Losses			$	52,407,457					$	52,751,077

(1)Includes $6.9 billion and $1.6 billion of loans carried at fair value using the fair value option as of September 30, 2025 and December 31, 2024, respectively. These loans had unpaid principal balances of $7.0 billion and $1.8 billion as of September 30, 2025 and December 31, 2024, respectively.

(2)As of September 30, 2025, other loan receivables consisted primarily of warehouse facility loans backed by agricultural mortgages, business loans, loans collateralized by aircraft, loans collateralized by residential mortgages, and renewable energy development loans of $423.6 million, $385.7 million, $257.9 million, $200.0 million, and $190.3 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 $(58.2) million and $(72.2) million as of September 30, 2025 and December 31, 2024, respectively.

The maturity distribution for residential and commercial mortgage loans was as follows as of September 30, 2025:

Years			Residential						Commercial						Total Mortgage Loans
Remainder of 2025			$	15					$	749,705					$	749,720
2026			382,532						8,169,896						8,552,428
2027			502,646						8,192,727						8,695,373
2028			118,527						2,530,021						2,648,548
2029			9,688						1,495,465						1,505,153
2030			209,185						554,834						764,019
Thereafter			20,863,701						3,584,931						24,448,632
Total			$	22,086,294					$	25,277,579					$	47,363,873

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			September 30, 2025												December 31, 2024
South Atlantic			$	12,959,586					27.4		%				$	13,215,065					28.2		%
Pacific			11,423,008						24.1		%				11,739,093						25.1		%
Middle Atlantic			6,239,966						13.2		%				5,841,960						12.5		%
West South Central			5,294,291						11.2		%				5,395,952						11.5		%
Mountain			4,106,916						8.7		%				4,001,411						8.5		%
New England			1,769,566						3.7		%				1,679,335						3.6		%
East North Central			1,533,775						3.2		%				1,505,688						3.2		%
East South Central			1,016,250						2.1		%				986,070						2.1		%
West North Central			434,336						0.9		%				455,503						1.0		%
Foreign and Other Regions			2,586,179						5.5		%				2,024,687						4.3		%
Total by Geographic Region			$	47,363,873					100.0		%				$	46,844,764					100.0		%

Mortgage Loans – Carrying Value by Property Type			September 30, 2025												December 31, 2024
Residential			$	22,086,294					46.6		%				$	21,581,616					46.1		%
Multi-Family			13,031,360						27.5		%				12,793,478						27.3		%
Industrial			5,802,839						12.3		%				6,357,311						13.6		%
Office Building			4,313,520						9.1		%				4,468,303						9.5		%
Other Property Types			1,519,670						3.2		%				804,743						1.7		%
Retail			473,921						1.0		%				504,812						1.1		%
Warehouse			136,269						0.3		%				334,501						0.7		%
Total by Property Type			$	47,363,873					100.0		%				$	46,844,764					100.0		%

As of September 30, 2025 and December 31, 2024, Global Atlantic had $367.9 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 September 30, 2025 and December 31, 2024:

			By Year of Origination
Performance Status as of September 30, 2025			2025						2024						2023						2022						2021						Prior						Total
Commercial Mortgage Loans
Gross Charge-Offs for the Nine Months Ended September 30, 2025			$	—					$	—					$	—					$	—					$	—					$	(362)					$	(362)
Current			$	1,336,928					$	4,996,900					$	3,358,892					$	5,350,801					$	6,041,229					$	4,024,410					$	25,109,160
30 to 59 Days Past Due			—						—						—						—						—						—						—
60 to 89 Days Past Due			—						—						—						—						—						—						—
90 Days or More Past Due or in Process of Foreclosure			—						—						—						—						106,257						62,162						168,419
Total Commercial Mortgage Loans			$	1,336,928					$	4,996,900					$	3,358,892					$	5,350,801					$	6,147,486					$	4,086,572					$	25,277,579
Residential Mortgage Loans
Gross Charge-Offs for the Nine Months Ended September 30, 2025			$	—					$	(1,110)					$	(713)					$	(1,263)					$	(198)					$	(683)					$	(3,967)
Current			$	3,459,601					$	6,936,041					$	3,258,001					$	1,738,806					$	3,727,643					$	2,312,598					$	21,432,690
30 to 59 Days Past Due			34,380						111,046						72,956						23,377						31,998						80,291						354,048
60 to 89 Days Past Due			2,396						39,355						25,575						7,655						10,291						14,759						100,031
90 Days or More Past Due or in Process of Foreclosure			—						84,062						28,032						20,879						41,736						24,816						199,525
Total Residential Mortgage Loans			$	3,496,377					$	7,170,504					$	3,384,564					$	1,790,717					$	3,811,668					$	2,432,464					$	22,086,294
Consumer Loans
Gross Charge-Offs for the Nine Months Ended September 30, 2025			$	(60)					$	(5,366)					$	(11,000)					$	(14,361)					$	(41,827)					$	(30,901)					$	(103,515)
Current			$	32,930					$	411,521					$	411,387					$	642,017					$	1,188,435					$	1,378,029					$	4,064,319
30 to 59 Days Past Due			226						2,517						4,805						6,132						17,018						19,921						50,619
60 to 89 Days Past Due			88						1,064						1,909						3,192						8,105						9,718						24,076
90 Days or More Past Due or in Process of Foreclosure			458						2,136						4,306						5,052						7,869						9,523						29,344
Total Consumer Loans			$	33,702					$	417,238					$	422,407					$	656,393					$	1,221,427					$	1,417,191					$	4,168,358
Total Mortgage and Consumer Loan Receivables			$	4,867,007					$	12,584,642					$	7,165,863					$	7,797,911					$	11,180,581					$	7,936,227					$	51,532,231

						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 September 30, 2025 and December 31, 2024:

Loan-to-Value as of September 30, 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						$	1,150,049					$	186,879					$	—					$	1,336,928
2024						4,846,449						150,451						—						4,996,900
2023						3,358,892						—						—						3,358,892
2022						5,018,961						297,724						34,116						5,350,801
2021						4,698,253						1,287,066						162,167						6,147,486
2020						525,067						—						34,999						560,066
Prior						3,177,455						106,920						242,131						3,526,506
Total Commercial Mortgage Loans						$	22,775,126					$	2,029,040					$	473,413					$	25,277,579

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 September 30, 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 of 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 nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30, 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			$	—					$	190,374					$	38,019					$	68,859					$	297,252					1.18		%
Residential Mortgage Loans			443						—						—						2,385						2,828						0.01		%
Consumer Loans			6,705						431						17,460						19,675						44,271						1.06		%
Total			$	7,148					$	190,805					$	55,479					$	90,919					$	344,351

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

Nine Months Ended September 30, 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			$	—					$	—					$	—					$	184,085					$	184,085					0.74		%
Residential Mortgage Loans			4,061						—						—						10,909						14,970						0.07		%
Consumer Loans			2,161						778						27,268						45,525						75,732						1.58		%
Total			$	6,222					$	778					$	27,268					$	240,519					$	274,787

(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 4.2% and 4.7% for the nine months ended September 30, 2025 and 2024, respectively. The maturity extensions for commercial mortgage loans added a weighted-average of 1.9 years and 3.7 years to the life of the loans, for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, Global Atlantic has commitments to lend additional funds of $16.9 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 September 30, 2025:

Performance Status as of September 30, 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			$	505,198					$	—					$	—					$	—					$	505,198
Residential Mortgage Loans			3,254						467						1,317						131						5,169
Consumer Loans			37,806						9,168						4,372						3,209						54,555
Total**(1)**			$	546,258					$	9,635					$	5,689					$	3,340					$	564,922

(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 September 30, 2025 and December 31, 2024, Global Atlantic participated in repurchase agreements with a notional value of $384.7 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 September 30, 2025 and December 31, 2024 is presented in the following tables:

As of September 30, 2025						Overnight						<30 Days						30 - 90 Days						> 90 Days						Total
Residential Mortgage Loans						$	—					$	3,324					$	114,981					$	289,477					$	407,782
Total Assets Pledged						$	—					$	3,324					$	114,981					$	289,477					$	407,782

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 $125.2 million and $117.8 million (accounted for at cost basis) of stock in FHLBs as of September 30, 2025 and December 31, 2024, respectively. 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 $7.0 billion and $4.6 billion as of September 30, 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 $852.6 million and $834.4 million as of September 30, 2025 and December 31, 2024, respectively.

Insurance – Statutory Deposits

As of September 30, 2025 and December 31, 2024, the carrying value of the assets on deposit with various state and U.S. governmental authorities were $145.6 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 and policy liabilities 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 $45.2 million and $135.7 million as of September 30, 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 September 30, 2025						Notional Value						Derivative Assets						Derivative Liabilities
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options						$	23,588,731					$	150,652					$	1,132,403
Other Derivatives						290,000						8,439						—
Total Asset Management and Strategic Holdings						$	23,878,731					$	159,091					$	1,132,403
Insurance
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate Contracts						$	12,502,865					$	79,319					$	341,583
Foreign Currency Contracts						5,783,612						15,004						113,003
Total Derivatives Designated as Hedge Accounting Instruments						$	18,286,477					$	94,323					$	454,586
Derivatives Not Designated as Hedge Accounting Instruments:
Equity Market Contracts						$	41,230,774					$	2,602,742					$	127,332
Interest Rate Contracts						16,475,776						275,881						350,921
Foreign Currency Contracts						3,674,451						76,590						313,702
Other Contracts						2,955						781						11,268
Total Derivatives Not Designated as Hedge Accounting Instruments						$	61,383,956					$	2,955,994					$	803,223
Counterparty Netting(2)						—						(689,949)						(689,949)
Cash Collateral						—						(2,073,041)						(86,770)
Total Insurance(1)						$	79,670,433					$	287,327					$	481,090
Fair Value Included Within Total Assets and Liabilities						$	103,549,164					$	446,418					$	1,613,493

(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $87.3 million and the fair value of these embedded derivatives related to liabilities was $5.4 billion as of September 30, 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 $3.5 billion and $2.1 billion as of September 30, 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 September 30, 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			$	2,982,382					$	(121,829)					$	2,279,261					$	(233,202)
Policy Liabilities			3,635,242						(111,155)						4,453,766						(204,435)

(1)Includes $163.6 million and $193.3 million of hedging adjustments on discontinued hedging relationships as of September 30, 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 September 30, 2025 and December 31, 2024, there was a cumulative gain (loss) of $(190.0) 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 September 30, 2025 and December 31, 2024, there was a cumulative gain (loss) of $(23.2) 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.

Global Atlantic has designated foreign exchange swaps to hedge the foreign exchange risk associated with certain policy liabilities in cash flow hedges. The critical terms of the swaps match those of the hedged liabilities, such that the respective hedging relationship is expected to be perfectly effective (pursuant to ASC 815-20-25-84).

As of September 30, 2025, there was a cumulative gain (loss) of $(9.5) million on the currently designated foreign exchange swaps recorded in accumulated other comprehensive loss. Amounts deferred in accumulated other comprehensive loss are reclassified to net policy benefits and claims in the same period during which the hedged policy liabilities affect earnings due to changes in spot foreign exchange rates. The amount reclassified from accumulated other comprehensive loss for the swap designated in the hedge comprises changes in its fair value due to changes in spot exchange rates and an allocated portion of its initial spot-forward difference.

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 September 30, 2025 and December 31, 2024, the cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income related to net investment hedges was $(20.0) 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 September 30, 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												$	—					$	—					$	(4,146)					$	(4,407)					$	—
Foreign Currency Contracts												18,422						1,479						—						—						4,995
Total Gains (Losses) on Derivatives Designated as Hedge Instruments												$	18,422					$	1,479					$	(4,146)					$	(4,407)					$	4,995
Gains (Losses) on Hedged Items:
Interest Rate Contracts												$	—					$	—					$	4,146					$	4,407					$	—
Foreign Currency Contracts												(13,557)						—						—						—						—
Total Gains (Losses) on Hedged Items												$	(13,557)					$	—					$	4,146					$	4,407					$	—
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts												$	4,269					$	—					$	—					$	—					$	—
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness												$	4,269					$	—					$	—					$	—					$	—
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items												$	9,134					$	1,479					$	—					$	—					$	4,995
Cash Flow Hedges
Foreign Currency Contracts												$	—					$	—					$	(22,180)					$	—					$	984
Interest Rate Contracts												—						(2,304)						—						—						40,440
Total Gains (Losses) on Cash Flow Hedges												$	—					$	(2,304)					$	(22,180)					$	—					$	41,424
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments												$	—					$	781					$	—					$	—					$	14,659
Total Gains (Losses) on Net Investment Hedges												$	—					$	781					$	—					$	—					$	14,659
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable												$	(30,797)					$	—					$	—					$	—					$	—
Embedded Derivatives - Funds Withheld Payable												(453,627)						—						—						—						—
Equity Index Options												466,343						—						—						—						—
Equity Futures Contracts												(39,386)						—						—						—						—
Interest Rate Contracts												30,581						—						—						—						—
Foreign Exchange and Other Derivative Contracts												95,834						—						—						—						—
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities												$	68,948					$	—					$	—					$	—					$	—
Total												$	78,082					$	(44)					$	(22,180)					$	—					$	61,078

						Three Months Ended September 30, 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									$	—					$	—					$	55,641					$	96,672					$	—
Foreign Currency Contracts									(91,222)						683						—						—						15,275
Total Gains (Losses) on Derivatives Designated as Hedge Instruments									$	(91,222)					$	683					$	55,641					$	96,672					$	15,275
Gains (Losses) on Hedged Items:
Interest Rate Contracts									$	—					$	—					$	(55,641)					$	(96,672)					$	—
Foreign Currency Contracts									88,474						—						—						—						—
Total Gains (Losses) on Hedged Items									$	88,474					$	—					$	(55,641)					$	(96,672)					$	—
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts									$	1,321					$	—					$	—					$	—					$	—
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness									$	1,321					$	—					$	—					$	—					$	—
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items									$	(1,427)					$	683					$	—					$	—					$	15,275
Cash Flow Hedges
Interest Rate Contracts									$	887					$	(3,215)					$	—					$	—					$	79,725
Total Gains (Losses) on Cash Flow Hedges									$	887					$	(3,215)					$	—					$	—					$	79,725
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments									$	(106)					$	405					$	—					$	—					$	(4,149)
Total Gains (Losses) on Net Investment Hedges									$	(106)					$	405					$	—					$	—					$	(4,149)
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable									$	(19,012)					$	—					$	—					$	—					$	—
Embedded Derivatives - Funds Withheld Payable									(1,305,338)						—						—						—						—
Equity Index Options									231,926						—						—						—						—
Equity Futures Contracts									(25,426)						—						—						—						—
Interest Rate Contracts									324,733						—						—						—						—
Foreign Exchange and Other Derivative Contracts									(83,770)						—						—						—						—
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities									$	(876,887)					$	—					$	—					$	—					$	—
Total									$	(877,533)					$	(2,127)					$	—					$	—					$	90,851

												Nine Months Ended September 30, 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												$	—					$	—					$	27,364					$	77,167					$	—
Foreign Currency Contracts												(267,159)						3,038						—						—						17,331
Total Gains (Losses) on Derivatives Designated as Hedge Instruments												$	(267,159)					$	3,038					$	27,364					$	77,167					$	17,331
Gains (Losses) on Hedged Items:
Interest Rate Contracts												$	—					$	—					$	(27,364)					$	(77,167)					$	—
Foreign Currency Contracts												261,744						—						—						—						—
Total Gains (Losses) on Hedged Items												$	261,744					$	—					$	(27,364)					$	(77,167)					$	—
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts												$	16,600					$	—					$	—					$	—					$	—
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness												$	16,600					$	—					$	—					$	—					$	—
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items												$	11,185					$	3,038					$	—					$	—					$	17,331
Cash Flow Hedges
Foreign Currency Contracts												$	—					$	—					$	(11,981)					$	—					$	(9,547)
Interest Rate Contracts												—						(4,248)						—						—						97,322
Total Gains (Losses) on Cash Flow Hedges												$	—					$	(4,248)					$	(11,981)					$	—					$	87,775
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments												$	—					$	1,622					$	—					$	—					$	5,382
Total Gains (Losses) on Net Investment Hedges												$	—					$	1,622					$	—					$	—					$	5,382
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable												$	(38,612)					$	—					$	—					$	—					$	—
Embedded Derivatives - Funds Withheld Payable												(652,789)						—						—						—						—
Equity Index Options												760,717						—						—						—						—
Equity Futures Contracts												(45,502)						—						—						—						—
Interest Rate Contracts												136,767						—						—						—						—
Foreign Exchange and Other Derivative Contracts												(227,472)						—						—						—						—
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities												$	(66,891)					$	—					$	—					$	—					$	—
Total												$	(55,706)					$	412					$	(11,981)					$	—					$	110,488

						Nine Months Ended September 30, 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									$	—					$	—					$	(28,122)					$	14,469					$	—
Foreign Currency Contracts									(34,237)						2,678						—						—						8,857
Total Gains (Losses) on Derivatives Designated as Hedge Instruments									$	(34,237)					$	2,678					$	(28,122)					$	14,469					$	8,857
Gains (Losses) on Hedged Items:
Interest Rate Contracts									$	—					$	—					$	28,122					$	(14,469)					$	—
Foreign Currency Contracts									33,784						—						—						—						—
Total Gains (Losses) on Hedged Items									$	33,784					$	—					$	28,122					$	(14,469)					$	—
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts									$	14,035					$	—					$	—					$	—					$	—
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness									$	14,035					$	—					$	—					$	—					$	—
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items									$	13,582					$	2,678					$	—					$	—					$	8,857
Cash Flow Hedges
Interest Rate Contracts									$	—					$	(4,935)					$	—					$	—					$	29,971
Total Gains (Losses) on Cash Flow Hedges									$	—					$	(4,935)					$	—					$	—					$	29,971
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments									$	—					$	405					$	—					$	—					$	(13,402)
Total Gains (Losses) on Net Investment Hedges									$	—					$	405					$	—					$	—					$	(13,402)
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable									$	6,592					$	—					$	—					$	—					$	—
Embedded Derivatives - Funds Withheld Payable									(852,165)						—						—						—						—
Equity Index Options									580,358						—						—						—						—
Equity Futures Contracts									(96,312)						—						—						—						—
Interest Rate Contracts									(42,280)						—						—						—						—
Foreign Exchange and Other Derivative Contracts									(61,522)						—						—						—						—
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities									$	(465,329)					$	—					$	—					$	—					$	—
Total									$	(451,747)					$	(1,852)					$	—					$	—					$	25,426

Collateral

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

As of September 30, 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)			$	3,050,317					$	(2,762,990)					$	287,327					$	(382,708)					$	(95,381)
Derivative Liabilities (Excluding Embedded Derivatives)			$	1,257,809					$	(776,719)					$	481,090					$	753,046					$	(271,956)

(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:

			September 30, 2025
			Level I						Level II						Level III						Total
Asset Management and Strategic Holdings
Private Equity			$	793,375					$	291,311					$	40,046,697					$	41,131,383
Credit			—						3,207,807						4,068,396						7,276,203
Investments of Consolidated CFEs			—						30,344,034						—						30,344,034
Real Assets			240,007						71,020						13,544,895						13,855,922
Equity Method - Other			109,645						46,313						1,490,486						1,646,444
Other Investments			155,262						155,150						5,207,983						5,518,395
Total Investments			$	1,298,289					$	34,115,635					$	64,358,457					$	99,772,381
Foreign Exchange Contracts and Options			—						150,652						—						150,652
Other Derivatives			3						8,436						—						8,439
Total Assets at Fair Value - Asset Management and Strategic Holdings			$	1,298,292					$	34,274,723					$	64,358,457					$	99,931,472
Insurance
AFS Fixed Maturity Securities:
U.S. Government and Agencies			$	—					$	416,697					$	—					$	416,697
U.S. State, Municipal and Political Subdivisions			—						2,643,377						—						2,643,377
Corporate			—						40,698,428						12,637,860						53,336,288
Structured Securities			—						28,351,033						3,675,040						32,026,073
Total AFS Fixed Maturity Securities			$	—					$	72,109,535					$	16,312,900					$	88,422,435
Trading Fixed Maturity Securities:
U.S. Government and Agencies			$	—					$	572,557					$	—					$	572,557
U.S. State, Municipal and Political Subdivisions			—						279,711						—						279,711
Corporate			—						12,156,625						2,200,810						14,357,435
Structured Securities			—						6,913,996						859,500						7,773,496
Total Trading Fixed Maturity Securities			$	—					$	19,922,889					$	3,060,310					$	22,983,199
Mortgage and Other Loan Receivables			—						—						6,913,681						6,913,681
Real Assets			—						—						8,650,395			(1)			8,650,395
Other Investments			1,665,620						499,604						514,579			(1)			2,679,803
Funds Withheld Receivable at Interest			—						—						87,275						87,275
Reinsurance Recoverable			—						—						937,784						937,784
Derivative Assets:
Equity Market Contracts			957						2,601,785						—						2,602,742
Interest Rate Contracts			—						355,200						—						355,200
Other Contracts			—						781						—						781
Foreign Currency Contracts			—						91,594						—						91,594
Counterparty Netting and Cash Collateral			3,275						(2,766,265)						—			(2)			(2,762,990)
Total Derivative Assets			$	4,232					$	283,095					$	—					$	287,327
Separate Account Assets			3,906,414						—						—						3,906,414
Total Assets at Fair Value - Insurance			$	5,576,266					$	92,815,123					$	36,476,924					$	134,868,313
Total Assets at Fair Value			$	6,874,558					$	127,089,846					$	100,835,381					$	234,799,785

			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 September 30, 2025 and December 31, 2024, the fair value of these real assets were $25.2 million and $34.5 million, respectively, and other investments were $335.0 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 September 30, 2025 and December 31, 2024, there were $1.3 million of unfunded commitments associated with real assets, and as of September 30, 2025 and December 31, 2024, $1.3 million and $1.5 million associated with these other investments, respectively.

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

Liabilities, at fair value:

			September 30, 2025
			Level I						Level II						Level III						Total
Asset Management and Strategic Holdings
Securities Sold Short			$	139,289					$	—					$	—					$	139,289
Foreign Exchange Contracts and Options			—						1,132,403						—						1,132,403
Unfunded Revolver Commitments			—						—						105,970			(1)			105,970
Debt Obligations of Consolidated CFEs			—						30,028,712						—						30,028,712
Total Liabilities at Fair Value - Asset Management and Strategic Holdings			$	139,289					$	31,161,115					$	105,970					$	31,406,374
Insurance
Policy Liabilities (Including Market Risk Benefits)			$	—					$	—					$	1,567,383		(3)			$	1,567,383
Closed Block Policy Liabilities			—						—						988,782						988,782
Funds Withheld Payable at Interest			—						—						(2,144,755)						(2,144,755)
Derivative Instruments Payable:
Equity Market Contracts			1,833						125,499						—						127,332
Interest Rate Contracts			1,231						691,273						—						692,504
Foreign Currency Contracts			—						426,705						—						426,705
Other Contracts			—						11,268						—						11,268
Counterparty Netting and Cash Collateral			3,275						(779,994)						—			(2)			(776,719)
Total Derivative Instruments Payable			$	6,339					$	474,751					$	—					$	481,090
Embedded Derivative – Interest-Sensitive Life Products			—						—						481,506						481,506
Embedded Derivative – Annuity Products			—						—						7,093,583						7,093,583
Total Liabilities at Fair Value - Insurance			$	6,339					$	474,751					$	7,986,499					$	8,467,589
Total Liabilities at Fair Value			$	145,628					$	31,635,866					$	8,092,469					$	39,873,963

			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
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 $1.3 billion and $1.0 billion as of September 30, 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 and nine months ended September 30, 2025 and 2024, respectively.

			Three Months Ended September 30, 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			$	39,138,019		$	—		$	—		$	—		$	391,235		$	517,443		$	—		$	40,046,697		$	548,535		$	—
Credit			4,345,315			—			48,211			—			(305,453)			(19,677)			—			4,068,396			(20,682)			—
Real Assets			12,994,699			—			—			—			574,187			(23,991)			—			13,544,895			(22,922)			—
Equity Method - Other			1,433,136			—			—			(14,136)			59,839			11,647			—			1,490,486			5,741			—
Other Investments			5,086,240			—			—			—			35,945			85,798			—			5,207,983			61,132			—
Total Assets - Asset Management and Strategic Holdings			$	62,997,409		$	—		$	48,211		$	(14,136)		$	755,753		$	571,220		$	—		$	64,358,457		$	571,804		$	—
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities			$	11,517,266		$	—		$	32,142		$	(3,450)		$	1,044,952		$	(23,755)		$	70,705		$	12,637,860		$	—		$	71,990
Structured Securities			2,888,312			—			8,594			(76,262)			804,908			10,743			38,745			3,675,040			—			36,336
Total AFS Fixed Maturity Securities			14,405,578			—			40,736			(79,712)			1,849,860			(13,012)			109,450			16,312,900			—			108,326
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities			1,877,883			—			—			(1,201)			308,690			15,438			—			2,200,810			16,783			—
Structured Securities			831,590			—			—			(24,982)			41,029			11,863			—			859,500			7,736			—
Total Trading Fixed Maturity Securities			2,709,473			—			—			(26,183)			349,719			27,301			—			3,060,310			24,519			—
Mortgage and Other Loan Receivables			4,946,666			—			—			—			1,893,920			73,095			—			6,913,681			60,916			—
Real Assets			8,516,372			—			—			—			92,211			41,812			—			8,650,395			4,213			—
Other Investments			105,969			—			—			—			351,004			57,606			—			514,579			62,594			—
Funds Withheld Receivable at Interest			118,072			—			—			—			—			(30,797)			—			87,275			—			—
Reinsurance Recoverable			935,444			—			—			—			510			1,830			—			937,784			—			—
Total Assets - Insurance			$	31,737,574		$	—		$	40,736		$	(105,895)		$	4,537,224		$	157,835		$	109,450		$	36,476,924		$	152,242		$	108,326
Total			$	94,734,983		$	—		$	88,947		$	(120,031)		$	5,292,977		$	729,055		$	109,450		$	100,835,381		$	724,046		$	108,326

			Nine Months Ended September 30, 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		$	2,267,409		$	—		$	—		$	1,618,561		$	3,037,278		$	—		$	40,046,697		$	2,988,395		$	—
Credit			4,805,408			—			48,211			—			(791,154)			5,931			—			4,068,396			37,318			—
Real Assets			12,524,290			—			—			—			665,999			354,606			—			13,544,895			386,122			—
Equity Method - Other			1,405,300			—			—			(14,136)			72,705			26,617			—			1,490,486			883			—
Other Investments			4,848,851			—			29,648			(24,594)			79,925			274,153			—			5,207,983			257,743			—
Total Assets - Asset Management and Strategic Holdings			$	56,707,298		$	2,267,409		$	77,859		$	(38,730)		$	1,646,036		$	3,698,585		$	—		$	64,358,457		$	3,670,461		$	—
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities			$	9,354,150		$	—		$	366,857		$	(8,653)		$	2,712,086		$	148,303		$	65,117		$	12,637,860		$	—		$	28,683
Structured Securities			2,308,644			—			8,594			(79,817)			1,371,649			19,658			46,312			3,675,040			—			39,730
Total AFS Fixed Maturity Securities			$	11,662,794		$	—		$	375,451		$	(88,470)		$	4,083,735		$	167,961		$	111,429		$	16,312,900		$	—		$	68,413
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities			1,322,304			—			102,821			(1,835)			847,535			(70,015)			—			2,200,810			(59,554)			—
Structured Securities			759,203			—			—			(24,982)			118,823			6,456			—			859,500			234			—
Total Trading Fixed Maturity Securities			$	2,081,507		$	—		$	102,821		$	(26,817)		$	966,358		$	(63,559)		$	—		$	3,060,310		$	(59,320)		$	—
Mortgage and Other Loan Receivables			1,611,109			—			—			—			5,165,400			137,172			—			6,913,681			92,026			—
Real Assets			8,121,139			—			—			—			450,290			78,966			—			8,650,395			68,337			—
Other Investments			103,823			—			—			—			365,259			45,497			—			514,579			26,046			—
Funds Withheld Receivable at Interest			125,887			—			—			—			—			(38,612)			—			87,275			—			—
Reinsurance Recoverable			940,731			—			—			—			(4,576)			1,629			—			937,784			—			—
Total Assets - Insurance			$	24,646,990		$	—		$	478,272		$	(115,287)		$	11,026,466		$	329,054		$	111,429		$	36,476,924		$	127,089		$	68,413
Total			$	81,354,288		$	2,267,409		$	556,131		$	(154,017)		$	12,672,502		$	4,027,639		$	111,429		$	100,835,381		$	3,797,550		$	68,413

			Three Months Ended September 30, 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			$	32,816,612		$	(1,064,234)		$	—		$	(412,552)		$	334,095		$	1,304,744		$	—		$	32,978,665		$	1,237,010		$	—
Credit			4,817,048			—			26,833			—			(124,520)			(61,168)			—			4,658,193			55,711			—
Real Assets			12,782,172			—			—			—			(168,204)			126,474			—			12,740,442			101,569			—
Equity Method - Other			1,506,572			—			—			(60,900)			(33,923)			13,487			—			1,425,236			13,376			—
Other Investments			4,519,889			—			—			—			176,142			109,305			—			4,805,336			100,744			—
Total Assets - Asset Management and Strategic Holdings			$	56,442,293		$	(1,064,234)		$	26,833		$	(473,452)		$	183,590		$	1,492,842		$	—		$	56,607,872		$	1,508,410		$	—
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities			$	8,685,083		$	—		$	—		$	—		$	266,708		$	53,500		$	36,783		$	9,042,074		$	—		$	36,914
Structured Securities			2,101,668			—			—			—			91,634			10,103			37,926			2,241,331			—			37,932
Total AFS Fixed Maturity Securities			$	10,786,751		$	—		$	—		$	—		$	358,342		$	63,603		$	74,709		$	11,283,405		$	—		$	74,846
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities			910,400			—			—			—			36,047			15,547			—			961,994			15,504			—
Structured Securities			600,422			—			—			—			(27,151)			15,455			—			588,726			16,253			—
Total Trading Fixed Maturity Securities			$	1,510,822		$	—		$	—		$	—		$	8,896		$	31,002		$	—		$	1,550,720		$	31,757		$	—
Mortgage and Other Loan Receivables			603,200			—			—			—			(18,795)			11,970			—			596,375			11,872			—
Real Assets			7,460,079			—			—			—			561,737			(2,915)			—			8,018,901			(8,113)			—
Other Investments			104,743			—			—			—			518			(2,565)			—			102,696			(2,564)			—
Funds Withheld Receivable at Interest			114,265			—			—			—			—			(19,012)			—			95,253			—			—
Reinsurance Recoverable			926,695			—			—			—			(1,640)			30,286			—			955,341			—			—
Total Assets - Insurance			$	21,506,555		$	—		$	—		$	—		$	909,058		$	112,369		$	74,709		$	22,602,691		$	32,952		$	74,846
Total			$	77,948,848		$	(1,064,234)		$	26,833		$	(473,452)		$	1,092,648		$	1,605,211		$	74,709		$	79,210,563		$	1,541,362		$	74,846

			Nine Months Ended September 30, 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		$	(1,064,234)		$	9,042		$	(412,552)		$	1,319,902		$	2,204,933		$	—		$	32,978,665		$	2,138,873		$	—
Credit			5,452,916			151,713			174,905			(105,080)			(844,989)			(171,272)			—			4,658,193			(36,417)			—
Real Assets			11,295,633			934,530			—			—			322,565			187,714			—			12,740,442			87,385			—
Equity Method - Other			1,537,962			—			—			(62,977)			(33,980)			(15,769)			—			1,425,236			(17,486)			—
Other Investments			4,265,768			—			—			(8,106)			422,279			125,218			177			4,805,336			122,196			177
Total Assets - Asset Management and Strategic Holdings			$	53,473,853		$	22,009		$	183,947		$	(588,715)		$	1,185,777		$	2,330,824		$	177		$	56,607,872		$	2,294,551		$	177
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities			$	8,571,003		$	—		$	—		$	(301)		$	333,979		$	(7,408)		$	144,801		$	9,042,074		$	—		$	86,625
Structured Securities			1,830,000			—			95,965			—			227,532			25,338			62,496			2,241,331			—			64,049
Total AFS Fixed Maturity Securities			$	10,401,003		$	—		$	95,965		$	(301)		$	561,511		$	17,930		$	207,297		$	11,283,405		$	—		$	150,674
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities			656,923			—			1,416			—			244,628			59,027			—			961,994			21,991			—
Structured Securities			593,238			—			106,805			—			(151,768)			40,451			—			588,726			25,446			—
Total Trading Fixed Maturity Securities			$	1,250,161		$	—		$	108,221		$	—		$	92,860		$	99,478		$	—		$	1,550,720		$	47,437		$	—
Mortgage and Other Loan Receivables			697,402			—			—			—			(117,920)			16,893			—			596,375			19,760			—
Real Assets			4,815,265			—			—			—			3,328,425			(124,789)			—			8,018,901			(117,389)			—
Other Investments			126,008			—			—			—			13,511			(36,823)			—			102,696			(47,376)			—
Funds Withheld Receivable at Interest			88,661			—			—			—			—			6,592			—			95,253			—			—
Reinsurance Recoverable			926,035			—			—			—			(7,989)			37,295			—			955,341			—			—
Total Assets - Insurance			$	18,304,535		$	—		$	204,186		$	(301)		$	3,870,398		$	16,576		$	207,297		$	22,602,691		$	(97,568)		$	150,674
Total			$	71,778,388		$	22,009		$	388,133		$	(589,016)		$	5,056,175		$	2,347,400		$	207,474		$	79,210,563		$	2,196,983		$	150,851

			Three Months Ended September 30, 2025																		Three Months Ended September 30, 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			$	1,146,209		$	—		$	(754,974)		$	—		$	391,235					$	537,627		$	—		$	(203,532)		$	—		$	334,095
Credit			217,147			—			(472,103)			(50,497)			(305,453)						229,527			—			(354,047)			—			(124,520)
Real Assets			762,792			—			(188,605)			—			574,187						844,660			—			(1,012,864)			—			(168,204)
Equity Method - Other			109,834			—			(49,995)			—			59,839						1,002			—			(34,925)			—			(33,923)
Other Investments			215,437			—			(164,061)			(15,431)			35,945						1,032,365			—			(856,223)			—			176,142
Total Assets - Asset Management and Strategic Holdings			$	2,451,419		$	—		$	(1,629,738)		$	(65,928)		$	755,753					$	2,645,181		$	—		$	(2,461,591)		$	—		$	183,590
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities			$	1,977,362		$	—		$	(686,920)		$	(245,490)		$	1,044,952					$	1,347,498		$	—		$	(522,817)		$	(557,973)		$	266,708
Structured Securities			1,202,934			—			(2,900)			(395,126)			804,908						249,404			—			—			(157,770)			91,634
Total AFS Fixed Maturity Securities			3,180,296			—			(689,820)			(640,616)			1,849,860						$	1,596,902		$	—		$	(522,817)		$	(715,743)		$	358,342
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities			314,721			—			(44)			(5,987)			308,690						72,013			—			(1,227)			(34,739)			36,047
Structured Securities			143,531			—			—			(102,502)			41,029						17,271			—			—			(44,422)			(27,151)
Total Trading Fixed Maturity Securities			458,252			—			(44)			(108,489)			349,719						$	89,284		$	—		$	(1,227)		$	(79,161)		$	8,896
Mortgage and Other Loan Receivables			3,008,847			—			(990,173)			(124,754)			1,893,920						—			—			—			(18,795)			(18,795)
Real Assets			105,735			—			(13,524)			—			92,211						648,543			—			(4,073)			(82,733)			561,737
Other Investments			351,004			—			—			—			351,004						518			—			—			—			518
Reinsurance Recoverable			—			—			—			510			510						—			—			—			(1,640)			(1,640)
Total Assets - Insurance			$	7,104,134		$	—		$	(1,693,561)		$	(873,349)		$	4,537,224					$	2,335,247		$	—		$	(528,117)		$	(898,072)		$	909,058
Total			$	9,555,553		$	—		$	(3,323,299)		$	(939,277)		$	5,292,977					$	4,980,428		$	—		$	(2,989,708)		$	(898,072)		$	1,092,648

			Nine Months Ended September 30, 2025																		Nine Months Ended September 30, 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			$	2,694,603		$	—		$	(1,076,042)		$	—		$	1,618,561					$	1,858,430		$	—		$	(538,528)		$	—		$	1,319,902
Credit			834,742			—			(1,420,388)			(205,508)			(791,154)						742,877			—			(1,237,596)			(350,270)			(844,989)
Real Assets			1,063,436			—			(397,437)			—			665,999						1,726,310			—			(1,403,745)			—			322,565
Equity Method - Other			185,078			—			(112,373)			—			72,705						4,084			—			(38,064)			—			(33,980)
Other Investments			512,989			—			(392,598)			(40,466)			79,925						2,288,618			—			(1,801,569)			(64,770)			422,279
Total Assets - Asset Management and Strategic Holdings			$	5,290,848		$	—		$	(3,398,838)		$	(245,974)		$	1,646,036					$	6,620,319		$	—		$	(5,019,502)		$	(415,040)		$	1,185,777
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities			$	5,103,610		$	—		$	(945,198)		$	(1,446,326)		$	2,712,086					$	3,519,683		$	—		$	(1,193,197)		$	(1,992,507)		$	333,979
Structured Securities			2,181,504			—			(68,814)			(741,041)			1,371,649						591,942			—			(10,349)			(354,061)			227,532
Total AFS Fixed Maturity Securities			7,285,114			—			(1,014,012)			(2,187,367)			4,083,735						$	4,111,625		$	—		$	(1,203,546)		$	(2,346,568)		$	561,511
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities			1,255,004			—			(365,527)			(41,942)			847,535						839,978			—			(224,710)			(370,640)			244,628
Structured Securities			298,797			—			(6,345)			(173,629)			118,823						124,887			—			(204,425)			(72,230)			(151,768)
Total Trading Fixed Maturity Securities			1,553,801			—			(371,872)			(215,571)			966,358						$	964,865		$	—		$	(429,135)		$	(442,870)		$	92,860
Mortgage and Other Loan Receivables			7,485,655			—			(2,076,768)			(243,487)			5,165,400						1,795			—			—			(119,715)			(117,920)
Real Assets			482,780			—			(32,490)			—			450,290						3,422,997			—			(11,839)			(82,733)			3,328,425
Other Investments			394,805			—			(29,546)			—			365,259						13,511			—			—			—			13,511
Reinsurance Recoverable			—			—			—			(4,576)			(4,576)						—			—			—			(7,989)			(7,989)
Total Assets - Insurance			$	17,202,155		$	—		$	(3,524,688)		$	(2,651,001)		$	11,026,466					$	8,514,793		$	—		$	(1,644,520)		$	(2,999,875)		$	3,870,398
Total			$	22,493,003		$	—		$	(6,923,526)		$	(2,896,975)		$	12,672,502					$	15,135,112		$	—		$	(6,664,022)		$	(3,414,915)		$	5,056,175

			Three Months Ended September 30, 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			$	98,523		$	—		$	—		$	—		$	—		$	7,447		$	—		$	105,970		$	7,447
Total Liabilities - Asset Management and Strategic Holdings			$	98,523		$	—		$	—		$	—		$	—		$	7,447		$	—		$	105,970		$	7,447
Insurance
Policy Liabilities			$	1,497,255		$	—		$	—		$	—		$	25,585		$	5,191		$	39,352		$	1,567,383		$	—
Closed Block Policy Liabilities			983,915			—			—			—			8,026			(1,336)			(1,823)			988,782			—
Funds Withheld Payable at Interest			(2,598,382)			—			—			—			—			453,627			—			(2,144,755)			—
Embedded Derivative – Interest-Sensitive Life Products			476,654			—			—			—			(38,720)			43,572			—			481,506			—
Embedded Derivative – Annuity Products			6,420,201			—			—			—			168,647			504,735			—			7,093,583			—
Total Liabilities - Insurance			$	6,779,643		$	—		$	—		$	—		$	163,538		$	1,005,789		$	37,529		$	7,986,499		$	—
Total			$	6,878,166		$	—		$	—		$	—		$	163,538		$	1,013,236		$	37,529		$	8,092,469		$	7,447

			Nine Months Ended September 30, 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		$	—		$	—		$	—		$	—		$	9,122		$	—		$	105,970		$	9,122
Total Liabilities - Asset Management and Strategic Holdings			$	96,848		$	—		$	—		$	—		$	—		$	9,122		$	—		$	105,970		$	9,122
Insurance
Policy Liabilities			$	1,279,794		$	—		$	—		$	—		$	67,715		$	167,822		$	52,052		$	1,567,383		$	—
Closed Block Policy Liabilities			988,320			—			—			—			4,638			(2,061)			(2,115)			988,782			—
Funds Withheld Payable at Interest			(2,797,544)			—			—			—			—			652,789			—			(2,144,755)			—
Embedded Derivative – Interest-Sensitive Life Products			491,818			—			—			—			(101,260)			90,948			—			481,506			—
Embedded Derivative – Annuity Products			5,481,063			—			—			—			605,263			1,007,257			—			7,093,583			—
Total Liabilities - Insurance			$	5,443,451		$	—		$	—		$	—		$	576,356		$	1,916,755		$	49,937		$	7,986,499		$	—
Total			$	5,540,299		$	—		$	—		$	—		$	576,356		$	1,925,877		$	49,937		$	8,092,469		$	9,122

			Three Months Ended September 30, 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			$	98,327		$	—		$	—		$	—		$	—		$	5,599		$	—		$	103,926		$	5,599
Total Liabilities - Asset Management and Strategic Holdings			$	98,327		$	—		$	—		$	—		$	—		$	5,599		$	—		$	103,926		$	5,599
Insurance
Policy Liabilities			$	1,320,498		$	—		$	—		$	—		$	19,896		$	50,366		$	38,711		$	1,429,471		$	—
Closed Block Policy Liabilities			970,844			—			—			—			(3,789)			32,187			1,507			1,000,749			—
Funds Withheld Payable at Interest			(2,900,476)			—			—			—			—			1,305,338			—			(1,595,138)			—
Embedded Derivative – Interest-Sensitive Life Products			495,342			—			—			—			(25,069)			42,201			—			512,474			—
Embedded Derivative – Annuity Products			4,478,104			—			—			—			337,312			428,959			—			5,244,375			—
Total Liabilities - Insurance			$	4,364,312		$	—		$	—		$	—		$	328,350		$	1,859,051		$	40,218		$	6,591,931		$	—
Total			$	4,462,639		$	—		$	—		$	—		$	328,350		$	1,864,650		$	40,218		$	6,695,857		$	5,599

			Nine Months Ended September 30, 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		$	—		$	—		$	—		$	—		$	9,243		$	—		$	103,926		$	9,243
Total Liabilities - Asset Management and Strategic Holdings			$	94,683		$	—		$	—		$	—		$	—		$	9,243		$	—		$	103,926		$	9,243
Insurance
Policy Liabilities			$	1,474,970		$	—		$	—		$	—		$	28,174		$	(103,360)		$	29,687		$	1,429,471		$	—
Closed Block Policy Liabilities			968,554			—			—			—			1,126			32,776			(1,707)			1,000,749			—
Funds Withheld Payable at Interest			(2,447,303)			—			—			—			—			852,165			—			(1,595,138)			—
Embedded Derivative – Interest-Sensitive Life Products			458,302			—			—			—			(71,974)			126,146			—			512,474			—
Embedded Derivative – Annuity Products			3,587,371			—			—			—			931,981			725,023			—			5,244,375			—
Total Liabilities - Insurance			$	4,041,894		$	—		$	—		$	—		$	889,307		$	1,632,750		$	27,980		$	6,591,931		$	—
Total			$	4,136,577		$	—		$	—		$	—		$	889,307		$	1,641,993		$	27,980		$	6,695,857		$	9,243

			Three Months Ended September 30, 2025												Three Months Ended September 30, 2024
			Issuances			Settlements			Net Issuances/Settlements						Issuances						Settlements			Net Issuances/Settlements
Liabilities
Insurance
Policy Liabilities			$	29,851		$	(4,266)		$	25,585					$	23,505					$	(3,609)		$	19,896
Closed Block Policy Liabilities			4,638			3,388			8,026						—						(3,789)			(3,789)
Embedded Derivative – Interest-Sensitive Life Products			—			(38,720)			(38,720)						—						(25,069)			(25,069)
Embedded Derivative – Annuity Products			265,088			(96,441)			168,647						409,892						(72,580)			337,312
Total Liabilities - Insurance			$	299,577		$	(136,039)		$	163,538					$	433,397					$	(105,047)		$	328,350
Total			$	299,577		$	(136,039)		$	163,538					$	433,397					$	(105,047)		$	328,350

			Nine Months Ended September 30, 2025												Nine Months Ended September 30, 2024
			Issuances			Settlements			Net Issuances/Settlements						Issuances						Settlements			Net Issuances/Settlements
Liabilities
Insurance
Policy Liabilities			$	80,114		$	(12,399)		$	67,715					$	38,754					$	(10,580)		$	28,174
Closed Block Policy Liabilities			4,638			—			4,638						1,126						—			1,126
Embedded Derivative – Interest-Sensitive Life Products			—			(101,260)			(101,260)						—						(71,974)			(71,974)
Embedded Derivative – Annuity Products			858,663			(253,400)			605,263						1,125,910						(193,929)			931,981
Total Liabilities - Insurance			$	943,415		$	(367,059)		$	576,356					$	1,165,790					$	(276,483)		$	889,307
Total			$	943,415		$	(367,059)		$	576,356					$	1,165,790					$	(276,483)		$	889,307

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 the consolidated financial assets and liabilities that are measured and reported at fair value and categorized within Level III as of September 30, 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 September 30, 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						$	40,046,697
Private Equity						$	37,062,967					Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						5.8%						5.0% - 20.0%						Decrease
															Weight Ascribed to Market Comparables						28.7%						0.0% - 100.0%						(4)
															Weight Ascribed to Discounted Cash Flow						67.6%						0.0% - 100.0%						(5)
															Weight Ascribed to Transaction Price						3.7%						0.0% - 100.0%						(6)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						17.4x						5.7x - 27.8x						Increase
															Enterprise Value/Forward EBITDA Multiple						15.6x						6.7x - 26.1x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						9.7%						6.0% - 14.2%						Decrease
															Enterprise Value/EBITDA Exit Multiple						14.6x						7.0x - 27.6x						Increase
Growth Equity						$	2,983,730					Inputs to market comparables, discounted cash flow and milestones						Illiquidity Discount						10.0%						10.0% - 15.0%						Decrease
															Weight Ascribed to Market Comparables						35.8%						0.0% - 100.0%						(4)
															Weight Ascribed to Discounted Cash Flow						3.6%						0.0% - 60.0%						(5)
															Weight Ascribed to Transaction Price						23.8%						0.0% - 100.0%						(6)
															Weight Ascribed to Milestones						36.8%						0.0% - 100.0%						(6)

												Scenario Weighting						Base						73.3%						50.0% - 80.0%						Increase
															Downside						13.5%						0.0% - 50.0%						Decrease
															Upside						13.2%						0.0% - 30.0%						Increase
												Market Comparables						Enterprise Value/Revenues Multiple						7.2x						2.3x - 26.4x						Increase
Credit						$	4,068,396					Yield Analysis						Yield						10.4%						2.8% - 21.5%						Decrease
															Net Leverage						6.6x						2.9x -18.6x						Decrease
															EBITDA Multiple						12.8x						6.3x - 31.0x						Increase
Real Assets						$	13,544,895
Energy						$	1,312,529					Inputs to market comparables, discounted cash flow and transaction price						Weight Ascribed to Market Comparables						46.1%						0.0% - 50.0%						(4)
															Weight Ascribed to Discounted Cash Flow						53.9%						50.0% - 100.0%						(5)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						4.0x						4.0x - 4.0x						Increase
															Enterprise Value/Forward EBITDA Multiple						7.6x						4.5x- 8.5x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						12.0%						10.7% - 12.6%						Decrease
																		Average Price Per BOE (8)						$42.40						$41.05 - $45.25						Increase
Infrastructure						$	1,064,351					Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						6.7%						5.0% - 10.0%						Decrease
															Weight Ascribed to Market Comparables						11.3%						0.0% - 25.0%						(4)
															Weight Ascribed to Discounted Cash Flow						88.7%						75.0% - 100.0%						(5)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						12.2x						12.2x - 12.2x						Increase
															Enterprise Value/Forward EBITDA Multiple						18.6x						11.4x - 21.0x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						6.9%						6.2% - 7.8%						Decrease
															Enterprise Value/EBITDA Exit Multiple						16.1x						10.0x - 22.0x						Increase
Real Estate						$	11,168,015					Inputs to direct income capitalization, discounted cash flow and transaction price						Weight Ascribed to Direct Income Capitalization						7.8%						0.0% - 100.0%						(7)
															Weight Ascribed to Discounted Cash Flow						86.0%						0.0% - 100.0%						(5)
															Weight Ascribed to Transaction Price						6.2%						0.0% - 100.0%						(6)
												Direct income capitalization						Current Capitalization Rate						5.3%						2.4% - 7.1%						Decrease
												Discounted cash flow						Exit Capitalization Rate						5.7%						3.1% - 8.8%						Decrease
															Unlevered Discount Rate						7.2%						2.8% - 11.3%						Decrease
Equity Method - Other						$	1,490,486					Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						6.7%						5.0% - 10.0%						Decrease
												Weight Ascribed to Market Comparables						47.2%						0.0% - 100.0%						(4)
															Weight Ascribed to Discounted Cash Flow						47.8%						0.0% - 75.0%						(5)
															Weight Ascribed to Transaction Price						5.0%						0.0% - 100.0%						(6)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						14.7x						4.0x - 20.9x						Increase
															Enterprise Value/Forward EBITDA Multiple						14.0x						4.5x - 18.8x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						9.4%						7.2% - 15.1%						Decrease
															Enterprise Value/EBITDA Exit Multiple						11.7x						9.5x - 17.5x						Increase
Other Investments						$	5,207,983		(9)			Inputs to market comparables, discounted cash flow and transaction price						Illiquidity Discount						9.0%						5.0% - 15.0%						Decrease
												Weight Ascribed to Market Comparables						40.3%						0.0% - 100.0%						(4)
															Weight Ascribed to Discounted Cash Flow						46.2%						0.0% - 100.0%						(5)
															Weight Ascribed to Transaction Price						13.5%						0.0% - 100.0%						(6)
												Market comparables						Enterprise Value/LTM EBITDA Multiple						11.8x						3.3x - 19.0x						Increase
															Enterprise Value/Forward EBITDA Multiple						12.3x						4.0x - 16.3x						Increase
												Discounted cash flow						Weighted Average Cost of Capital						12.6%						3.4% - 40.6%						Decrease
															Enterprise Value/EBITDA Exit Multiple						11.1x						8.3x - 15.3x						Increase

INSURANCE**(10)**
Corporate Fixed Maturity Securities						$	14,838,670					Discounted cash flow						Discount Spread						2.3%						0.3% - 5.5%						Decrease
Structured Securities						$	4,534,540					Discounted cash flow						Discount Spread						2.1%						1.4% - 5.3%						Decrease
Mortgage and Other Loan Receivables						$	6,913,681					Discounted cash flow						Discount Spread						2.7%						0.6% - 4.5%						Decrease
Real Assets						$	8,650,395					Discounted cash flow						Discount Rate						7.3%						6.5% - 8.2%						Decrease
																		Terminal Capitalization Rate						5.8%						5.0% - 7.3%						Decrease
Reinsurance Recoverable						$	937,784					Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.						Expense Assumption						$17.1						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						9.5%						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 September 30, 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						$	105,970					Yield Analysis						Yield						6.7%						0.1% - 15.2%						Decrease
INSURANCE**(4)**
Policy Liabilities						$	1,567,383					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						0.5%						0.4% - 0.7%						Decrease
									Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality.						Surrender Rate						6.4%						4.1% - 7.9%						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)												0.5% / 0.6%						Decrease
												Policyholder behavior is also a significant unobservable input, including lapse, surrender, and mortality.						Mortality Rate						2.6%						0.5% - 27.8%						Decrease
																		Surrender Rate						3.8%						0.1% - 33.9%						Decrease
Closed Block Policy Liabilities						$	988,782					Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.						Expense Assumption						$17.1						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						0.5%						0.4% - 0.6%						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						9.5%						3.7% - 13.9%						Increase
									Discounted cash flow						Mortality Rate						5.7%												Increase
															Surrender Rate						2.0%												Increase

Level III Liabilities						Fair Value September 30, 2025						Valuation Methodologies						Unobservable Input(s) (1)						Weighted Average (2)						Range						Impact to Valuation from an Increase in Input (3)
Embedded Derivative – Interest-Sensitive Life Products						$	481,506					Policy persistency is a significant unobservable input.						Lapse Rate						3.3%												Decrease
															Mortality Rate						0.9%												Decrease
									Future costs for options used to hedge the contract obligations						Option Budget Assumption						3.5%												Increase
															Instrument-Specific Credit Risk						0.5%						0.4% - 0.6%						Decrease
Embedded Derivative – Annuity Products						$	7,093,583					Policyholder behavior is a significant unobservable input, including utilization and lapse.						Utilization:
															Fixed-Indexed Annuity						96.5%												Increase
															Surrender Rate:
															Retail FIA						13.4%												Increase
															Institutional FIA						19.9%												Decrease
															Mortality Rate:
															Retail FIA						2.8%												Decrease
															Institutional FIA						1.7%												Decrease
									Future costs for options used to hedge the contract obligations						Option Budget Assumption:
															Retail FIA						3.1%												Increase
															Institutional FIA						3.9%												Increase
															Instrument-Specific Credit Risk						0.5%						0.4% - 0.6%						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 September 30, 2025 and December 31, 2024:

									Fair Value Hierarchy
As of September 30, 2025			Carrying Value						Level I						Level II						Level III						Fair Value
($ in thousands)
Financial Assets:
Insurance
Mortgage and Other Loan Receivables			$	45,493,776					$	—					$	—					$	44,637,574					$	44,637,574
Policy Loans			1,651,819						—						—						1,628,129						1,628,129
FHLB Common Stock and Other Investments			166,174						—						—						166,174						166,174
Funds Withheld Receivables at Interest			2,296,828						—						2,296,828						—						2,296,828
Cash and Cash Equivalents			9,120,816						9,120,816						—						—						9,120,816
Restricted Cash and Cash Equivalents			150,143						150,143						—						—						150,143
Total Financial Assets			$	58,879,556					$	9,270,959					$	2,296,828					$	46,431,877					$	57,999,664
Financial Liabilities:
Insurance
Policy Liabilities – Policyholder Account Balances			$	66,657,464					$	—					$	52,050,401					$	12,524,050					$	64,574,451
Funds Withheld Payables at Interest			47,516,663						—						47,516,663						—						47,516,663
Debt Obligations			3,885,967						—						—						3,989,292						3,989,292
Securities Sold Under Agreements to Repurchase			385,238						—						385,238						—						385,238
Total Financial Liabilities			$	118,445,332					$	—					$	99,952,302					$	16,513,342					$	116,465,644

									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:

			September 30, 2025						December 31, 2024
Assets
Asset Management and Strategic Holdings
Credit			$	728,664					$	1,310,984
Investments of Consolidated CFEs			30,344,034						27,488,538
Real Assets			58,506						55,087
Equity Method - Other			1,646,444						1,832,534
Other Investments			235,107						110,979
Total Asset Management and Strategic Holdings			$	33,012,755					$	30,798,122
Insurance
Fixed Maturity Securities			$	307,268					$	100,162
Mortgage and Other Loan Receivables			6,913,681						1,611,109
Real Assets			728,888						471,498
Other Investments			717,610						47,944
Reinsurance Recoverable			937,784						940,731
Total Insurance			$	9,605,231					$	3,171,444
Total Assets			$	42,617,986					$	33,969,566
Liabilities
Asset Management and Strategic Holdings
Debt Obligations of Consolidated CFEs			$	30,028,712					$	27,150,809
Total Asset Management and Strategic Holdings			$	30,028,712					$	27,150,809
Insurance
Policy Liabilities			$	1,257,164					$	1,265,878
Total Insurance			$	1,257,164					$	1,265,878
Total Liabilities			$	31,285,876					$	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 September 30, 2025																		Three Months Ended September 30, 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																								$	3,249					$	1,794					$	5,043					$	(18,806)					$	34,420					$	15,614
Investments of Consolidated CFEs																								(27,899)						(53,156)						(81,055)						(71,668)						46,225						(25,443)
Real Assets																								—						129						129						—						2,159						2,159
Equity Method - Other																								18,102						(25,603)						(7,501)						13,625						64,920						78,545
Other Investments																								—						195						195						187						(1,956)						(1,769)
Total Asset Management and Strategic Holdings																								$	(6,548)					$	(76,641)					$	(83,189)					$	(76,662)					$	145,768					$	69,106
Insurance
Fixed Maturity Securities																								$	4					$	(7,486)					$	(7,482)					$	—					$	—					$	—
Mortgage and Other Loan Receivables																								—						61,701						61,701						—						12,273						12,273
Real Assets																								—						4,080						4,080						—						3,251						3,251
Other Investments																								—						(8,143)						(8,143)						—						(532)						(532)
Total Insurance																								$	4					$	50,152					$	50,156					$	—					$	14,992					$	14,992
Total Assets																								$	(6,544)					$	(26,489)					$	(33,033)					$	(76,662)					$	160,760					$	84,098
Liabilities
Asset Management and Strategic Holdings
Debt Obligations of Consolidated CFEs																								$	(4,301)					$	74,456					$	70,155					$	(1,625)					$	(38,405)					$	(40,030)
Total Asset Management and Strategic Holdings																								$	(4,301)					$	74,456					$	70,155					$	(1,625)					$	(38,405)					$	(40,030)
Insurance
Policy Liabilities																								$	—					$	6,809					$	6,809					$	—					$	(14,163)					$	(14,163)
Total Insurance																								$	—					$	6,809					$	6,809					$	—					$	(14,163)					$	(14,163)
Total Liabilities																								$	(4,301)					$	81,265					$	76,964					$	(1,625)					$	(52,568)					$	(54,193)

																								Nine Months Ended September 30, 2025																		Nine Months Ended September 30, 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																								$	3,976					$	8,622					$	12,598					$	(19,346)					$	32,454					$	13,108
Investments of Consolidated CFEs																								(220,067)						(292,795)						(512,862)						(68,378)						54,177						(14,201)
Real Assets																								—						3,419						3,419						—						307						307
Equity Method - Other																								52,826						(27,953)						24,873						36,132						(109,483)						(73,351)
Other Investments																								6,945						(3,024)						3,921						69						(1,093)						(1,024)
Total Asset Management and Strategic Holdings																								$	(156,320)					$	(311,731)					$	(468,051)					$	(51,523)					$	(23,638)					$	(75,161)
Insurance
Fixed Maturity Securities																								$	4					$	(82,242)					$	(82,238)					$	—					$	—					$	—
Mortgage and Other Loan Receivables																								—						100,501						100,501						—						20,722						20,722
Real Assets																								—						2,938						2,938						10,072						(46,479)						(36,407)
Other Investments																								—						(42,923)						(42,923)						—						(13,875)						(13,875)
Total Insurance																								$	4					$	(21,726)					$	(21,722)					$	10,072					$	(39,632)					$	(29,560)
Total Assets																								$	(156,316)					$	(333,457)					$	(489,773)					$	(41,451)					$	(63,270)					$	(104,721)
Liabilities
Asset Management and Strategic Holdings
Debt Obligations of Consolidated CFEs																								$	(8,246)					$	347,077					$	338,831					$	(5,149)					$	(28,114)					$	(33,263)
Total Asset Management and Strategic Holdings																								$	(8,246)					$	347,077					$	338,831					$	(5,149)					$	(28,114)					$	(33,263)
Insurance
Policy Liabilities																								$	—					$	9,910					$	9,910					$	—					$	43,535					$	43,535
Total Insurance																								$	—					$	9,910					$	9,910					$	—					$	43,535					$	43,535
Total Liabilities																								$	(8,246)					$	356,987					$	348,741					$	(5,149)					$	15,421					$	10,272

11. INSURANCE INTANGIBLE ASSETS AND LIABILITIES

The following reflects the reconciliation of the components of insurance intangible assets to the total balance reported in the consolidated statements of financial condition as of September 30, 2025 and December 31, 2024:

			September 30,						December 31,
			2025						2024
Deferred Acquisition Costs, or "DAC"			$	2,224,790					$	1,731,076
Value of Business Acquired			1,101,239						1,165,193
Cost-of-Reinsurance Intangibles			2,264,653						2,302,674
Total Insurance Intangible Assets			$	5,590,682					$	5,198,943

Deferred Acquisition Costs

The following tables reflect the deferred acquisition costs roll-forward by product category for the nine months ended September 30, 2025 and 2024:

			Nine Months Ended September 30, 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			133,575						300,860						6,368						292,155						732,958
Amortization Expense			(92,966)						(107,745)						(6,365)						(32,168)						(239,244)
Balance, as of the End of the Period			$	504,002					$	980,700					$	131,146					$	608,942					$	2,224,790

			Nine Months Ended September 30, 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			178,589						292,109						6,266						112,252						589,216
Amortization Expense			(78,606)						(67,183)						(6,486)						(13,849)						(166,124)
Balance, as of the End of the Period			$	473,846					$	706,896					$	131,859					$	265,188					$	1,577,789

Value of Business Acquired

The following tables reflect the value of business acquired, or “VOBA” asset roll-forward by product category for the nine months ended September 30, 2025 and 2024:

			Nine Months Ended September 30, 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			(2,630)						(32,138)						(9,683)						(14,810)						(4,693)						(63,954)
Balance, as of the End of the Period			$	38,605					$	546,024					$	239,729					$	209,537					$	67,344					$	1,101,239

			Nine Months Ended September 30, 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			(2,784)						(32,223)						(10,212)						(15,491)						(5,040)						(65,750)
Balance, as of the End of the Period			$	42,138					$	589,149					$	252,730					$	229,551					$	73,666					$	1,187,234

The following tables reflect the negative value of business acquired, or “negative VOBA” liability roll-forward by product category for the nine months ended September 30, 2025 and 2024:

			Nine Months Ended September 30, 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			(10,093)						(17,457)						(22,414)						(4,914)						(9,458)						(64,336)
Balance, as of the End of the Period			$	34,339					$	57,798					$	369,402					$	80,268					$	160,165					$	701,972

			Nine Months Ended September 30, 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			(17,221)						(24,518)						(22,349)						(4,622)						(10,053)						(78,763)
Balance, as of the End of the Period			$	48,745					$	82,020					$	398,864					$	86,673					$	172,867					$	789,169

Unearned Revenue Reserves and Unearned Front-End Loads

The following tables reflect unearned revenue reserves and unearned front-end loads liability roll-forward by product category for the nine months ended September 30, 2025 and 2024:

			Nine Months Ended September 30,
			2025						2024
			Preneed
Balance, as of the Beginning of the Period			$	230,790					$	178,053
Deferral			52,114						52,210
Amortized to Income during the Period			(15,221)						(12,010)
Balance, as of the End of the Period			$	267,683					$	218,253

Significant inputs, judgments, assumptions for DAC and related amortization amounts

Global Atlantic considers surrender rates, mortality rates, and other relevant policy decrements in determining the expected life of the contract. As a part of Global Atlantic's actual experience update for the nine months ended September 30, 2025 and 2024, Global Atlantic concluded that there was no material change in relevant inputs, judgments, or assumptions requiring an update of the amortization rate for DAC and related amortization amounts.

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:

			September 30, 2025						December 31, 2024
Policy Liabilities:
Direct			$	96,095,774					$	84,062,566
Assumed			104,411,533						101,142,800
Total Policy Liabilities			200,507,307						185,205,366
Ceded(1)			(46,274,804)						(45,006,124)
Net Policy Liabilities			$	154,232,503					$	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 September 30, 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++			$	21,598					$	—					$	21,598					$	26,854					$	—					$	26,854
A+			1,697,530						—						1,697,530						1,731,697						—						1,731,697
A			2,087,021						—						2,087,021						2,143,893						—						2,143,893
A-			3,722,965						3,266,974						455,991						3,926,161						3,477,840						448,321
B++			1,188						—						1,188						600						—						600
B+			—						—						—						—						—						—
B			—						—						—						—						—						—
B-			—						—						—						—						—						—
C++/C+			—						—						—						(231)						—						—
Not Rated or Private Rating(4)			41,395,261						42,104,934						—						39,979,509						40,484,070						—
Total			$	48,925,563					$	45,371,908					$	4,263,328					$	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 $23.8 million and $16.4 million as of September 30, 2025 and December 31, 2024, respectively, held against reinsurance recoverable and funds withheld receivable at interest.

(4)Includes $41.4 billion and $40.0 billion as of September 30, 2025 and December 31, 2024, respectively, associated with cessions to co-investment vehicles ("Ivy and other co-investment vehicles") that participate in qualifying reinsurance transactions sourced by Global Atlantic.

As of September 30, 2025 and December 31, 2024, Global Atlantic had $2.4 billion and $2.5 billion of funds withheld receivable at interest with six counterparties related to modified coinsurance and funds withheld contracts, respectively. 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net Premiums:
Direct			$	563,605					$	128,276					$	1,147,721					$	293,649
Assumed			993,657						893,449						2,039,150						11,625,814
Ceded			(497,652)						(400,507)						(1,073,655)						(4,325,929)
Net Premiums			$	1,059,610					$	621,218					$	2,113,216					$	7,593,534

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Policy Fees:
Direct			$	225,119					$	235,567					$	678,108					$	691,415
Assumed			286,748						377,621						827,568						816,592
Ceded			(172,132)						(237,817)						(492,494)						(469,789)
Net Policy Fees			$	339,735					$	375,371					$	1,013,182					$	1,038,218

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net Policy Benefits and Claims:
Direct			$	1,986,409					$	1,340,829					$	4,764,035					$	3,137,429
Assumed			2,237,390						2,162,227						5,676,301						14,544,107
Ceded			(1,148,438)						(1,081,361)						(2,864,976)						(5,799,612)
Net Policy Benefits and Claims			$	3,075,361					$	2,421,695					$	7,575,360					$	11,881,924

Global Atlantic holds collateral for, and provides collateral to, its reinsurance clients. Global Atlantic held $47.4 billion and $46.6 billion, respectively, of collateral in the form of funds withheld payable at interest on behalf of its reinsurers as of September 30, 2025 and December 31, 2024. As of both September 30, 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 September 30, 2025 and December 31, 2024, these trusts held in excess of the $103.2 billion and $100.2 billion of assets they are required to hold in order to support reserves of $100.3 billion and $96.9 billion, respectively. Of the cash held in trust, Global Atlantic classified $82.3 million and $185.8 million as restricted as of September 30, 2025 and December 31, 2024, respectively.

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

For the three and nine months ended September 30, 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 September 30,																		Nine Months Ended September 30,
			2025						2024																		2025						2024
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders			$	859,927					$	600,550																	$	1,146,390					$	1,950,690
(-) Accumulated Series D Mandatory Convertible Preferred Dividend (1)			—						—																		13,477						—
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic			$	859,927					$	600,550																	$	1,132,913					$	1,950,690
(+) Series D Mandatory Convertible Preferred Dividend (if dilutive)(2)			—						—																		—						—
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted			$	859,927					$	600,550																	$	1,132,913					$	1,950,690

Basic Net Income (Loss) Per Share of Common Stock
Weighted Average Shares of Common Stock Outstanding - Basic			890,961,714						887,444,991						889,984,777						886,618,138
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Basic			$	0.97					$	0.68					$	1.27					$	2.20

Diluted Net Income (Loss) Per Share of Common Stock
Weighted Average Shares of Common Stock Outstanding - Basic			890,961,714						887,444,991						889,984,777						886,618,138
Incremental Common Shares:
Assumed vesting of dilutive equity awards (3)			64,789,715						54,522,488						65,808,339						46,461,239
Assumed conversion of Series D Mandatory Convertible Preferred Stock (2)			—						—						—						—
Weighted Average Shares of Common Stock Outstanding - Diluted			955,751,429						941,967,479						955,793,116						933,079,377
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted			$	0.90					$	0.64					$	1.19					$	2.09

(1)For the nine months ended September 30, 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.

(2)For the three and nine months ended September 30, 2025, the impact of Series D Mandatory Convertible Preferred Stock calculated under the if-converted method was not dilutive.

(3)For the three and nine months ended September 30, 2025 and 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.

Exchangeable Securities

For the three and nine months ended September 30, 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 September 30,												Nine Months Ended September 30,
															2025						2024						2025						2024
Weighted Average Vested Restricted Holdings Units															9,563,161						7,000,723						9,042,584						6,584,764

Market Condition Awards

For the three and nine months ended September 30, 2024, 16.6 million and 25.3 million, respectively, 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:

			September 30, 2025						December 31, 2024
Asset Management and Strategic Holdings
Unsettled Investment Sales (1)			$	554,999					$	293,379
Receivables			267,992						259,644
Due from Broker (2)			128,492						97,524
Deferred Tax Assets, net			56,872						50,627
Interest Receivable			267,366						264,680
Fixed Assets, net (3)			967,458						902,896
Foreign Exchange Contracts and Options (4)			150,652						511,513
Goodwill (5)(6)			544,871						509,561
Intangible Assets (6)(7)			1,701,537						1,457,871
Derivative Assets			8,439						8,444
Prepaid Taxes			274,062						167,751
Prepaid Expenses			87,273						57,629
Operating Lease Right of Use Assets (8)			719,311						701,274
Deferred Financing Costs			17,967						19,594
Other			381,799						231,899
Total Asset Management and Strategic Holdings			$	6,129,090					$	5,534,286
Insurance
Deferred Tax Assets, net			$	2,605,301					$	2,788,672
Accrued Investment Income			1,646,933						1,475,704
Goodwill			509,972						509,972
Intangible Assets and Deferred Sales Inducements(9)			379,995						343,657
Premiums and Other Account Receivables			323,649						254,992
Other			310,542						276,104
Derivative Assets			287,327						61,351
Operating Lease Right of Use Assets(8)			158,691						165,204
Prepaid Taxes			4,070						273,197
Market Risk Benefit Assets			2,426						2,319
Unsettled Investment Sales(1) and Derivative Collateral Receivables			1,581						141,532
Total Insurance			$	6,230,487					$	6,292,704
Total Other Assets			$	12,359,577					$	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 $369.8 million and $326.0 million as of September 30, 2025 and December 31, 2024, respectively. Depreciation and amortization expense of $22.1 million and $18.4 million for the three months ended September 30, 2025, and 2024, respectively, and $60.3 million and $54.3 million, for the nine months ended September 30, 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 September 30, 2025, the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. As of September 30, 2025, there are approximately $(56.2) million of cumulative foreign currency translation adjustments included in AOCI related to the goodwill recorded as result of the acquisition of KJRM.

(6)KKR acquired HealthCare Royalty Management, LLC on July 30, 2025, and recognized goodwill of $8.6 million allocated to the Asset Management segment, intangibles assets of $141.6 million, and noncontrolling interests of $28.3 million.

(7)As of September 30, 2025, there are approximately $(191.7) million of cumulative foreign currency translation adjustments included in AOCI related to the intangible assets recorded as result of the acquisition of KJRM.

(8)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 $21.5 million and $25.8 million for the three months ended September 30, 2025, and 2024, respectively, and $75.1 million and $59.0 million for the nine months ended September 30, 2025 and 2024, respectively. For Insurance, non-cancelable operating leases consist of leases for office space and land in North America. For the three months ended September 30, 2025 and 2024, the operating lease cost was $4.6 million and $5.0 million, respectively, and for the nine months ended September 30, 2025 and 2024, the operating lease cost was $14.7 million and $14.9 million, respectively.

(9)The definite life intangible assets are amortized using the straight-line method over the useful life of the assets which is an average of 11.0 years. The indefinite life intangible assets are not subject to amortization. The amortization expense of definite life intangible assets was $4.7 million and $4.7 million for the three months ended September 30, 2025 and 2024, respectively, and $14.1 million and $13.5 million for the nine months ended September 30, 2025 and 2024, respectively.

Accrued Expenses and Other Liabilities consist of the following:

			September 30, 2025						December 31, 2024
Asset Management and Strategic Holdings
Amounts Payable to Carry Pool (1)			$	5,771,773					$	4,170,773
Unsettled Investment Purchases (2)			2,222,829						2,081,970
Securities Sold Short (3)			139,289						109,168
Accrued Compensation and Benefits			370,808						130,717
Interest Payable			451,888						467,324
Foreign Exchange Contracts and Options (4)			1,132,403						131,339
Accounts Payable and Accrued Expenses			615,642						425,731
Taxes Payable			77,200						91,398
Uncertain Tax Positions			45,065						42,054
Unfunded Revolver Commitments			105,970						96,848
Operating Lease Liabilities (5)			767,269						722,241
Deferred Tax Liabilities, net			2,953,778						2,840,342
Other Liabilities			144,124						138,598
Total Asset Management and Strategic Holdings			$	14,798,038					$	11,448,503
Insurance
Unsettled Investment Purchases(2) and Derivative Collateral Liabilities			$	1,311,675					$	347,121
Accrued Expenses			586,027						562,226
Derivative Liabilities			481,090						389,187
Securities Sold Under Agreements to Repurchase			385,238						261,396
Insurance Operations Balances in Course of Settlement			250,990						190,775
Operating Lease Liabilities(5)			177,729						185,547
Accrued Employee Related Expenses			146,079						107,049
Interest Payable			71,945						40,315
Tax Payable to Former Parent Company			45,813						49,477
Other Tax Related Liabilities			21,658						22,455
Accounts and Commissions Payable			17,982						31,414
Total Insurance			$	3,496,226					$	2,186,962
Total Accrued Expenses and Other Liabilities			$	18,294,264					$	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 12.3 years and 13.1 years as of September 30, 2025 and December 31, 2024, respectively. The weighted average discount rates were 3.8% and 3.7% as of September 30, 2025 and December 31, 2024, respectively. For Insurance, operating leases for office space have remaining lease terms that range from approximately 2 years to 10 years, some of which include options to extend the leases for up to 10 years. The weighted average remaining lease terms were 7.0 years and 7.4 years as of September 30, 2025 and December 31, 2024, respectively. The weighted average discount rates were 4.8% and 4.7% as of September 30, 2025 and December 31, 2024, respectively. The weighted average remaining lease terms for land were 41.9 years and 42.8 years as of September 30, 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 $68.8 million and $155.2 million for the three and nine months ended September 30, 2025, respectively. 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 and nine ended September 30, 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 September 30, 2025, KKR's commitments to these unconsolidated investment funds were $2.7 billion. KKR generally has not provided any financial support other than its obligated amount as of September 30, 2025. Additionally, Global Atlantic has unfunded commitments of $31.9 million as of September 30, 2025.

As of September 30, 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			September 30, 2025						December 31, 2024
Investments			$	10,679,020					$	9,798,370
Due from (to) Affiliates, net			1,700,237						1,437,525
Maximum Exposure to Loss			$	12,379,257					$	11,235,895
Insurance
Real Assets			$	95,231					$	124,910
Other Investments			705,804						664,951
Maximum Exposure to Loss			$	801,035					$	789,861
Total Maximum Exposure to Loss			$	13,180,292					$	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:

						September 30, 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						3,490,836			—			—			—						3,468,753			—			—			—
After 5 Years						—			—			—			—						—			—			—			—
Subtotal						4,240,836			—			—			—						4,218,753			—			—			—
KKR USD Senior Notes: (2)(3)(6)(8)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			750,000			746,666			736,673						—			750,000			746,000			709,328
After 5 Years						—			5,150,000			5,059,905			4,473,674						—			4,250,000			4,167,548			3,436,331
Subtotal						—			5,900,000			5,806,571			5,210,347						—			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						—			895,018			892,251			879,379						—			830,314			826,986			823,390
After 5 Years						—			617,186			610,879			561,709						—			591,902			584,999			570,285
Subtotal						—			1,512,204			1,503,130			1,441,088						—			1,454,004			1,443,747			1,425,441
KKR Euro Senior Notes: (2)(3)(6)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			762,821			759,321			728,365						—			673,366			669,325			634,836
After 5 Years						—			—			—			—						—			—			—			—
Subtotal						—			762,821			759,321			728,365						—			673,366			669,325			634,836
KKR Subordinated Notes: (2)(3)(7)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			—			—			—						—			—			—			—
After 5 Years						—			1,090,000			1,059,163			975,968						—			500,000			487,110			366,200
Subtotal						—			1,090,000			1,059,163			975,968						—			500,000			487,110			366,200
KFN USD Senior Notes: (2)(3)(4)(9)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			—			—			—						—			—			—			—
After 5 Years						—			190,000			188,406			188,454						—			690,000			684,730			608,237
Subtotal						—			190,000			188,406			188,454						—			690,000			684,730			608,237
KFN Junior Subordinated Notes:****(2)(4)(5)(9)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			—			—			—						—			—			—			—
After 5 Years						—			197,500			197,500			191,741						—			258,517			240,136			211,909
Subtotal						—			197,500			197,500			191,741						—			258,517			240,136			211,909
Total KKR & KFN Notes						4,240,836			9,652,525			9,514,091			8,735,963						4,218,753			8,575,887			8,438,596			7,392,282
Other Debt Obligations: (1)(2)(8)						6,176,054			40,375,412			39,718,687			39,681,855						5,628,669			37,697,802			37,495,324			37,409,158
Total						$	10,416,890		$	50,027,937		$	49,232,778		$	48,417,818					$	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:

			September 30, 2025			December 31, 2024
KKR USD Senior Notes			4.37%			4.23%
KKR Yen Senior Notes			1.69%			1.67%
KKR Euro Senior Notes			1.63%			1.63%
KKR Subordinated Notes			5.84%			4.63%
KFN USD Senior Notes			5.27%			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 11.0 years and 11.8 years as of September 30, 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 September 30, 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"). On October 30, 2025, subsequent to the end of the quarter, KFN fully redeemed all of its outstanding $197.5 million aggregate principal amount of Junior Subordinated Notes at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon (“Junior Subordinated Notes Redemptions”). The trusts previously established by KFN that held all such Junior Subordinated Notes then fully redeemed all of their interests in these securities.

(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.

Redemption of KFN 5.500% Senior Notes Due 2032

On August 19, 2025, KFN fully redeemed all of its $500,000,000 aggregate principal amount outstanding 5.500% Senior Notes due 2032 at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon, which amounted to approximately $510.6 million.

KKR Issued 5.100% Senior Notes Due 2035

On August 7, 2025, KKR & Co. Inc. completed the offering of $900,000,000 aggregate principal amount of its 5.100% Senior Notes due 2035 (the “2035 Notes”). The 2035 Notes are guaranteed by KKR Group Partnership L.P., a subsidiary of KKR & Co. Inc. (the “2035 Notes Guarantor”). The 2035 Notes were issued pursuant to an indenture (the “2035 Notes Base Indenture”) dated May 28, 2025 between KKR & Co. Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (the “2035 Notes Trustee”), as supplemented by a second supplemental indenture, dated August 7, 2025 (the “2035 Notes Second Supplemental Indenture” and, together with the 2035 Notes Base Indenture, the “2035 Notes Indenture”), among KKR & Co. Inc., the 2035 Notes Guarantor and the 2035 Notes Trustee.

The 2035 Notes bear interest at a rate of 5.100% per annum and will mature on August 7, 2035 unless earlier redeemed. Interest on the 2035 Notes accrues from August 7, 2025 and is payable semi-annually in arrears on February 7 and August 7 of each year, commencing on February 7, 2026 and ending on the maturity date. The 2035 Notes are unsecured and unsubordinated obligations of KKR & Co. Inc. The 2035 Notes are fully and unconditionally guaranteed (the “2035 Notes Guarantee”), on an unsubordinated unsecured basis, by the 2035 Notes Guarantor.

The 2035 Notes Indenture includes covenants, including limitations on KKR & Co. Inc.’s and the 2035 Notes Guarantor’s ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2035 Notes Indenture also provides for events of default and further provides that the 2035 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the outstanding 2035 Notes may declare the 2035 Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the 2035 Notes and any accrued and unpaid interest on the 2035 Notes automatically become due and payable. Prior to May 7, 2035, the 2035 Notes may be redeemed at KKR & Co. Inc.’s option in whole or in part, at any time and from time to time, at the make-whole redemption price set forth in the 2035 Notes. On or after May 7, 2035, the 2035 Notes may be redeemed at KKR & Co. Inc.’s option in whole or in part, at any time and from time to time, at par plus any accrued and unpaid interest on the 2035 Notes redeemed to, but not including, the date of redemption. If a change of control repurchase event (as defined in the 2035 Notes Indenture) occurs, KKR & Co. Inc. must offer to repurchase the 2035 Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the 2035 Notes repurchased plus any accrued and unpaid interest on the 2035 Notes repurchased to, but not including, the date of repurchase.

KKR Issued 6.875% Subordinated Notes Due 2065

On May 28, 2025, KKR & Co. Inc. completed the offering of $590,000,000 aggregate principal amount of its 6.875% Subordinated Notes due 2065 (the “2065 Notes”), including $40,000,000 principal amount of 2065 Notes issued pursuant to the partial exercise by the underwriters of the 2065 Notes of their 30-day option to purchase up to an additional $82,500,000 principal amount of 2065 Notes to cover over-allotments. The 2065 Notes are guaranteed by KKR Group Partnership L.P., a subsidiary of KKR & Co. Inc. (the “2065 Notes Guarantor”). The 2065 Notes were issued pursuant to an indenture (the “2065 Base Indenture”) dated May 28, 2025, between KKR & Co. Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (the “2065 Notes Trustee”), as supplemented by a first supplemental indenture, dated May 28, 2025, (the “2065 First Supplemental Indenture” and, together with the 2065 Base Indenture, the “2065 Notes Indenture”), among KKR & Co. Inc., the 2065 Notes Guarantor and the 2065 Notes Trustee.

The 2065 Notes bear interest at a rate of 6.875% per annum and will mature on June 1, 2065 unless earlier redeemed. Interest on the 2065 Notes accrues from May 28, 2025, and is payable quarterly in arrears on March 1, June 1, September 1, and December 1 of each year, commencing on September 1, 2025, and ending on the maturity date. The 2065 Notes are unsecured and subordinated obligations of KKR & Co. Inc. The 2065 Notes are fully and unconditionally guaranteed (the “2065 Notes Guarantee”), on a subordinated unsecured basis, by the 2065 Notes Guarantor.

The 2065 Notes Indenture includes covenants, including limitations on KKR & Co. Inc.’s and the 2065 Notes Guarantor’s ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2065 Notes Indenture also provides for events of default and further provides that the 2065 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the outstanding 2065 Notes may declare the 2065 Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the 2065 Notes and any accrued and unpaid interest on the 2065 Notes automatically become due and payable. On or after June 1, 2030, the 2065 Notes may be redeemed at KKR & Co. Inc.’s option in whole or in part, at any time and from time to time, at par plus any accrued and unpaid interest to, but excluding, the date of redemption; provided that if the 2065 Notes are not redeemed in whole, at least $25 million aggregate principal amount of the 2065 Notes must remain outstanding after giving effect to such redemption. If a “tax redemption event” (as set forth in the 2065 Notes Indenture) occurs, the 2065 Notes may be redeemed, in whole, but not in part, within 120 days of the occurrence of such tax redemption event at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the 2065 Notes may be redeemed, in whole, but not in part, at any time prior to June 1, 2030, within 90 days of the occurrence of a rating agency event (as set forth in the 2065 Notes Indenture), at a redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of redemption.

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 September 30, 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			$	6,176,054					$	9,706,544					$	9,689,975					$	9,653,143					5.4%						5.1
Debt Obligations of Consolidated CFEs			—						30,668,868						30,028,712						30,028,712						(2)						10.5
			$	6,176,054					$	40,375,412					$	39,718,687					$	39,681,855

(1)Includes borrowings collateralized by fund investments, fund co-investments, and other assets held by levered investment vehicles of $3.7 billion.

(2)The senior notes of the consolidated CFEs had a weighted average interest rate of 5.4%. 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 September 30, 2025, the fair value of the consolidated CLO assets was $34.1 billion. This collateral consisted of Cash and Cash Equivalents, Investments, and Other Assets.

Global Atlantic's debt obligations consisted of the following:

						September 30, 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			477,362			492,750						—			500,000			459,138			474,250
After 5 Years						—			2,050,000			1,944,764			2,135,780						—			2,050,000			1,854,183			2,040,505
Subtotal						—			2,550,000			2,422,126			2,628,530						—			2,550,000			2,313,321			2,514,755
Subordinated Notes: (4)
Under 1 Year						—			—			—			—						—			—			—			—
1-5 Years						—			—			—			—						—			—			—			—
After 5 Years						—			1,350,000			1,329,041			1,374,796						—			1,350,000			1,329,615			1,353,975
Subtotal						—			1,350,000			1,329,041			1,374,796						—			1,350,000			1,329,615			1,353,975
Debt Obligations of Consolidated Special Purpose Vehicles(3)						205,200			134,800			134,800			134,800						269,600			70,400			70,400			70,394
Total						$	1,205,200		$	4,034,800		$	3,885,967		$	4,138,126					$	1,269,600		$	3,970,400		$	3,713,336		$	3,939,124

(1)Carrying value of debt as of September 30, 2025 and December 31, 2024, includes purchase accounting adjustments of $28.7 million and $34.1 million, respectively, net debt issuance costs of $(55.7) million and $(57.9) million, respectively, and cumulative fair value loss on hedged debt obligations of $(121.8) million and $(233.2) million, respectively. The amortization of the purchase accounting adjustments was $1.8 million for both the three months ended September 30, 2025 and 2024, and $5.3 million and $4.3 million for the nine months ended September 30, 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 co-investment 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:

			September 30, 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 September 30, 2025. KKR (including Global Atlantic) was in compliance with such debt covenants in all material respects as of September 30, 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 September 30, 2025 and December 31, 2024:

			September 30, 2025						December 31, 2024
Policyholders’ Account Balances			$	148,275,087					$	137,881,796
Liability for Future Policy Benefits			29,194,290						26,795,091
Additional Liability for Annuitization, Death, or Other Insurance Benefits			7,814,817						7,491,915
Market Risk Benefit Liability			1,299,001						1,002,236
Other Policy-Related Liabilities(1)			13,924,112						12,034,328
Total Policy Liabilities			$	200,507,307					$	185,205,366

(1)Other policy-related liabilities as of September 30, 2025 and December 31, 2024 primarily consist of embedded derivatives associated with contractholder deposit funds ($7.6 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 ($702.0 million and $766.3 million, respectively) and outstanding claims ($350.2 million and $303.8 million, respectively).

Policyholders’ Account Balances

The following reflects the policyholders’ account balances roll-forward for the nine months ended September 30, 2025 and 2024, and the policyholders’ account balances weighted average interest rates, net amount at risk, and cash surrender value as of those dates:

			Nine Months Ended September 30, 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			10,019,518						5,539,111						855,580						7,206,376						329,376						23,949,961
Benefit Payments, Surrenders, and Withdrawals			(8,511,761)						(3,566,093)						(1,289,058)						(2,250,465)						(1,026,056)						(16,643,433)
Interest(2)			2,070,799						741,542						543,915						276,733						255,812						3,888,801
Other Activity(3)			(264,020)						820						(685,697)						83,167						63,692						(802,038)
Balance as of End of Period			$	68,401,153					$	36,433,715					$	21,600,637					$	12,473,914					$	9,365,668					$	148,275,087
Less: Reinsurance Recoverable			(12,439,042)						(3,084,797)						(7,352,641)						—						(3,307,345)						(26,183,825)
Balance as of End of Period, Net of Reinsurance Recoverable			$	55,962,111					$	33,348,918					$	14,247,996					$	12,473,914					$	6,058,323					$	122,091,262
Average Interest Rate			4.40		%				2.93		%				3.27		%				4.25		%				3.30		%				3.79		%
Net Amount at Risk, Gross of Reinsurance(4)			$	—					$	—					$	106,742,136					$	—					$	1,136,298					$	107,878,434
Cash Surrender Value(5)			$	52,947,191					$	37,813,895					$	13,677,449					$	—					$	4,364,099					$	108,802,634

(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.

			Nine Months Ended September 30, 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			13,924,032						6,120,454						1,712,807						1,773,969						1,523,900						25,055,162
Benefit Payments, Surrenders, and Withdrawals			(8,265,350)						(4,080,626)						(1,089,002)						(2,373,374)						(1,182,147)						(16,990,499)
Interest(2)			1,667,342						549,373						539,900						211,621						254,998						3,223,234
Other Activity(3)			(313,286)						80,432						(832,586)						95,765						74,207						(895,468)
Balance as of End of Period			$	63,775,474					$	32,838,078					$	22,300,172					$	6,723,979					$	9,942,080					$	135,579,783
Less: Reinsurance Recoverable			(11,675,265)						(3,103,296)						(7,555,530)						—						(3,644,612)						(25,978,703)
Balance as of End of Period, Net of Reinsurance Recoverable			$	52,100,209					$	29,734,782					$	14,744,642					$	6,723,979					$	6,297,468					$	109,601,080
Average Interest Rate			3.98		%				2.66		%				3.29		%				4.11		%				3.31		%				3.50		%
Net Amount at Risk, Gross of Reinsurance(4)			$	—					$	—					$	113,736,372					$	—					$	1,148,025					$	114,884,397
Cash Surrender Value(5)			$	48,733,309					$	32,359,977					$	14,005,363					$	—					$	4,506,174					$	99,604,823

(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 September 30, 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%			$	2,726,608					$	120,583					$	378,690					$	482,983					$	32,349,725					$	36,058,589
1.00% - 1.99%			1,168,348						572,347						697,639						1,818,314						13,069,409						17,326,057
2.00% - 2.99%			825,922						32,849						55,462						97,152						5,298,683						6,310,068
3.00% - 4.00%			10,764,704						767,835						481,571						1,302,021						2,990,510						16,306,641
Greater Than 4.00%			12,411,842						1,286,178						62,035						6,373						—						13,766,428
Total			$	27,897,424					$	2,779,792					$	1,675,397					$	3,706,843					$	53,708,327					$	89,767,783
Percentage of Total			31		%				3		%				2		%				4		%				60		%				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 nine months ended September 30, 2025 and 2024:

			Nine Months Ended
			September 30, 2025																		September 30, 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			—						(67,898)						(67,898)						—						(100,965)						(100,965)
Adjusted Beginning of Period Balance			—						(1,512,561)						(1,512,561)						—						(342,023)						(342,023)
Issuances			—						(218,906)						(218,906)						—						(1,178,303)						(1,178,303)
Interest			—						(52,665)						(52,665)						—						(32,446)						(32,446)
Net Premiums Collected			—						238,490						238,490						—						118,970						118,970
Ending Balance at Original Discount Rate			—						(1,545,642)						(1,545,642)						—						(1,433,802)						(1,433,802)
Effect of Changes in Discount Rate Assumptions			—						5,939						5,939						—						1,729						1,729
Balance as of End of Period			$	—					$	(1,539,703)					$	(1,539,703)					$	—					$	(1,432,073)					$	(1,432,073)
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 Changes in Cash Flow Assumptions			(33,743)						—						(33,743)						(28,430)						—						(28,430)
Effect of Actual Variances from Expected Experience			12,680						(8,112)						4,568						8,066						(36,177)						(28,111)
Adjusted Beginning of Period Balance			22,095,051						9,328,799						31,423,850						20,019,636						665,478						20,685,114
Issuances			2,454,644						337,989						2,792,633						2,885,218						8,910,288						11,795,506
Interest			564,777						338,130						902,907						467,604						231,123						698,727
Benefit Payments			(1,478,486)						(673,229)						(2,151,715)						(1,395,141)						(455,771)						(1,850,912)
Ending Balance at Original Discount Rate			23,635,986						9,331,689						32,967,675						21,977,317						9,351,118						31,328,435
Effect of Changes in Discount Rate Assumptions			(2,281,076)						47,394						(2,233,682)						(2,073,656)						284,179						(1,789,477)
Balance as of End of Period			21,354,910						9,379,083						30,733,993						19,903,661						9,635,297						29,538,958
Net Liability for Future Policy Benefits			21,354,910						7,839,380						29,194,290						19,903,661						8,203,224						28,106,885
Less: Reinsurance Recoverable(3)			(9,978,306)						(6,081,515)						(16,059,821)						(10,072,105)						(6,373,295)						(16,445,400)
Net Liability for Future Policy Benefits, Net of Reinsurance Recoverables			$	11,376,604					$	1,757,865					$	13,134,469					$	9,831,556					$	1,829,929					$	11,661,485

(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 $444.0 million and $395.5 million for the nine months ended September 30, 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 nine months ended September 30, 2025 and 2024:

			Gross Premiums
			Nine Months Ended September 30,
			2025						2024
Payout Annuities			$	2,533,179					$	3,113,638
Other			623,429						8,771,185
Total Products			$	3,156,608					$	11,884,823

The following table reflects the weighted-average duration and weighted-average interest rates of the future policy benefit liability as of September 30, 2025 and December 31, 2024:

			As of September 30, 2025												As of December 31, 2024
			Payout Annuities						Other						Payout Annuities						Other
Weighted-Average Interest Rates, Original Discount Rate			4.11		%				5.24		%				3.81		%				4.89		%
Weighted-Average Interest Rates, Current Discount Rate			5.11		%				5.07		%				5.44		%				5.51		%
Weighted-Average Liability Duration (Years, Current Rates)			8.30						8.64						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 September 30, 2025 and December 31, 2024:

			As of September 30, 2025												As of December 31, 2024
			Payout Annuities						Other						Payout Annuities						Other
Expected Future Benefit Payments, Undiscounted			$	36,450,389					$	16,375,237					$	33,415,451					$	16,509,005
Expected Future Benefit Payments, Discounted (Original Discount Rate)			23,635,986						9,331,689						22,116,114						9,336,911
Expected Future Benefit Payments, Discounted (Current Discount Rate)			21,354,910						9,379,083						19,067,478						9,126,824
Expected Future Gross Premiums, Undiscounted			—						2,306,412						—						2,072,528
Expected Future Gross Premiums, Discounted (Original Discount Rate)			—						1,824,825						—						1,614,118
Expected Future Gross Premiums, Discounted (Current Discount Rate)			—						1,801,706						—						1,567,542

Significant Inputs, Judgments, and Assumptions used in Measuring Future Policyholder Benefits

Significant policyholder behavior and other assumption inputs to the calculation of the liability for future policy benefits include discount rates, mortality and, for life insurance, lapse rates. Global Atlantic reviews its assumptions at least annually, and more frequently if necessary. Accordingly, as part of the annual assumption review conducted during the nine months ended September 30, 2025 and 2024, assumptions were revised for an increase in expected mortality on certain payout annuities and pension risk transfer products, which resulted in a $33.7 million and $28.4 million increase, respectively, to net income before taxes.

For the nine months ended September 30, 2025 and 2024, Global Atlantic recognized $(494.7) million and $(463.9) million in other comprehensive income (loss) (gross of the impact of reinsurance), respectively, due to changes in the future policy benefits estimate from updating discount rates. During the nine months ended September 30, 2025 and 2024, there were no changes to the methods used to determine the discount rates.

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 nine months ended September 30, 2025 and 2024:

			Nine Months Ended September 30,
			2025						2024
Balance as of Beginning of Period			$	7,630,210					$	7,251,266
Effect of Changes in Cash Flow Assumptions			4,508						(7,760)
Effect of Changes in Experience			(90,836)						(30,523)
Adjusted Balance as of Beginning of Period			7,543,882						7,212,983
Issuances			17,346						17,695
Assessments			523,912						517,859
Benefits Paid			(400,780)						(383,297)
Interest			189,973						179,790
Balance as of End of Period			7,874,333						7,545,030
Less: Impact of Unrealized Investment Gains and Losses			59,516						125,689
Less: Reinsurance Recoverable, End of Period			1,714,561						1,540,118
Balance, End of Period, Net of Reinsurance Recoverable and Impact of Unrealized Investment Gains and Losses			$	6,100,256					$	5,879,223

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 nine months ended September 30, 2025 and 2024:

			Gross Assessments
			Nine Months Ended September 30,
			2025						2024
Total Amount Recognized Within Revenue in the Consolidated Statements of Operations			$	506,730					$	530,138

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 September 30, 2025 and December 31, 2024:

			As of
			September 30, 2025						December 31, 2024
Weighted-Average Interest, Current Discount Rate			3.30		%				3.29		%
Weighted-Average Liability Duration (Years)			25.26						26.51

Significant Inputs, Judgments, and Assumptions used in Measuring the Additional Liabilities for Annuitization, Death, or Other Insurance Benefits

Significant policyholder behavior assumption inputs to the calculation of the additional liability for annuitization, death, or other insurance benefits include mortality, lapse rates, investment yields and interest margin. Global Atlantic reviews its assumptions at least annually, and more frequently if necessary. Accordingly, as part of the annual assumption review conducted during the nine months ended September 30, 2025, assumptions for higher mortality, lapse rates, and investment yields were updated, which resulted in a $4.5 million increase to net income before taxes. During the nine months ended September 30, 2024, assumptions for lapse rates, investment yields, and interest margin were updated, which resulted in a $7.8 million decrease to net income before taxes.

Market Risk Benefits

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

			Nine Months Ended
			September 30, 2025																		September 30, 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			81,142						(1,028)						80,114						38,762						(8)						38,754
Interest			30,220						6,341						36,561						32,306						7,800						40,106
Attributed Fees Collected			87,436						65,539						152,975						78,896						67,198						146,094
Benefit Payments			(6,330)						(6,069)						(12,399)						(5,279)						(5,301)						(10,580)
Effect of Changes in Interest Rates			31,261						28,250						59,511						(25,023)						(2,924)						(27,947)
Effect of Changes in Equity Markets			(36,982)						(41,795)						(78,777)						(28,621)						(75,864)						(104,485)
Effect of Actual Experience Different from Assumptions			4,113						(2,471)						1,642						23,108						(11,710)						11,398
Effect of Changes in Other Future Expected Assumptions			47,662						(42,817)						4,845						(126,523)						(2,145)						(128,668)
Balance as of End of Period Before Impact of Changes in Instrument-Specific Credit Risk			955,066						156,057						1,111,123						778,242						202,639						980,881
Effect of Changes in Instrument-Specific Credit Risk			144,555						40,897						185,452						98,839						35,777						134,616
Balance as of End of Period			1,099,621						196,954						1,296,575						877,081						238,416						1,115,497
Less: Reinsurance Recoverable as of the End of the Period			—						(10,945)						(10,945)						—						(13,312)						(13,312)
Balance as of End of Period, Net of Reinsurance Recoverable			$	1,099,621					$	186,009					$	1,285,630					$	877,081					$	225,104					$	1,102,185
Net Amount at Risk			$	5,192,937					$	1,240,207					$	6,433,144					$	4,535,978					$	1,226,221					$	5,762,199
Weighted-average Attained Age of Contract holders (Years)			71						71						71						71						70						71

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 September 30, 2025 and December 31, 2024:

			As of September 30, 2025																		As of December 31, 2024
			Asset						Liability						Net						Asset						Liability						Net
Fixed-Indexed Annuities			$	576					$	1,100,197					$	(1,099,621)					$	2,319					$	818,300					$	(815,981)
Variable- and Other Annuities			1,850						198,804						(196,954)						—						183,936						(183,936)
Total			$	2,426					$	1,299,001					$	(1,296,575)					$	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 annual assumption review conducted during the nine months ended September 30, 2025, assumptions were updated for higher expected morbidity for certain long-term care related benefit riders, offset in part by an increase in expected fixed-indexed annuity activations, which resulted in a $4.8 million decrease to net income before taxes. During the nine months ended September 30, 2024, assumptions for fixed-indexed annuities mortality, surrenders, and utilization, and variable annuity activations were updated, which resulted in a $128.7 million increase 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:

			Nine Months Ended
			September 30, 2025																		September 30, 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			16,685						8,757						25,442						18,817						9,544						28,361
Surrenders, Withdrawals and Benefit Payments			(364,698)						(14,244)						(378,942)						(414,727)						(18,600)						(433,327)
Investment Performance			312,178						75,396						387,574						463,798						88,738						552,536
Other			(77,671)						(31,049)						(108,720)						(86,983)						(33,414)						(120,397)
Balance as of End of Period			$	3,287,111					$	619,303					$	3,906,414					$	3,545,934					$	588,239					$	4,134,173
Cash Surrender Value as of End of Period(1)			$	3,287,111					$	619,303					$	3,906,414					$	3,545,934					$	588,239					$	4,134,173

(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:

			September 30, 2025						December 31, 2024
Asset Type:
Managed Volatility Equity/Fixed Income Blended Fund			$	1,803,021					$	1,930,973
Equity			1,758,881						1,685,944
Fixed Income			140,288						146,475
Money Market			203,686						217,086
Alternative			538						582
Total Assets Supporting Separate Account Liabilities			$	3,906,414					$	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 corporate 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 September 30, 2025 and 2024, the effective tax rates for KKR & Co. Inc. were 16.4% and 12.8%, respectively, and for the nine months ended September 30, 2025 and 2024, the effective tax rates were 13.8% and 16.5%, respectively. The effective tax rate differs from the 21% U.S. federal income tax 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.

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 July 4, 2025, the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA amended and extended certain provisions of the provisions of the 2017 Tax Cuts and Jobs Act. At this time, KKR does not believe the OBBBA will have a material impact on KKR’s income taxes but continues to monitor the issuance of additional guidance from the U.S. Treasury and the U.S. Internal Revenue Service.

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 and nine months ended September 30, 2025 and 2024, respectively.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Asset Management(1)			$	153,743					$	149,575					$	466,880					$	453,505
Insurance			28,487						35,093						72,550						99,482
Total			$	182,230					$	184,668					$	539,430					$	552,987

(1)For both the three and nine months ended September 30, 2025, KKR recorded acquisition-related stock consideration of $2.0 million.

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 September 30, 2025, 54,585,234 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 KKR 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 September 30, 2025, there was approximately $687 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 2.5 years.

A summary of the status of unvested Service-Vesting Awards from January 1, 2025, through September 30, 2025, is presented below:

			Shares						Weighted Average Grant Date Fair Value
Balance, January 1, 2025			21,105,890						$	64.65
Granted			562,276						132.38
Vested			(5,720,334)						58.41
Forfeitures			(837,459)						73.82
Balance, September 30, 2025			15,110,373						$	69.02

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 September 30, 2025, there was approximately $409 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 1.8 years.

A summary of the status of unvested Market Condition Awards from January 1, 2025 through September 30, 2025 is presented below:

			Shares						Weighted Average Grant Date Fair Value
Balance, January 1, 2025			38,019,023						$	31.33
Granted			—						—
Vested			(20,156)						34.09
Forfeitures			(504,275)						44.80
Balance, September 30, 2025			37,494,592						$	31.15

As of September 30, 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 September 30, 2025, there was approximately $181 million of total estimated unrecognized expense related to these unvested Co-CEO Awards, which is expected to be recognized ratably from October 1, 2025, to December 31, 2026. As of September 30, 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:

			September 30, 2025						December 31, 2024
Amounts Due From Unconsolidated Investment Funds			$	1,769,102					$	1,583,090
Amounts Due From Portfolio Companies			310,021						272,955
Due From Affiliates			$	2,079,123					$	1,856,045

Due to Affiliates consists of:

			September 30, 2025						December 31, 2024
Amounts Due to Current and Former Employees Under the Tax Receivable Agreement			$	355,504					$	378,951
Amounts Due to Unconsolidated Investment Funds			68,865						145,565
Due to Affiliates			$	424,369					$	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, which consist of: (i) impairments, (ii) transaction costs from acquisitions, including any acquisition-related stock consideration, (iii) depreciation on real estate that KKR owns and occupies, (iv) contingent liabilities, net of any recoveries, (v) certain integration, restructuring, and other non-operating expenses, and (vi) 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 have and may continue to 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Asset Management
Management Fees (1)(2)			$	1,063,553					$	892,629					$	2,976,650					$	2,555,263
Transaction and Monitoring Fees, Net			328,124						467,145						823,882						842,087
Fee Related Performance Revenues			73,177						56,655						148,191						112,901
Fee Related Compensation			(256,350)						(247,875)						(691,027)						(614,294)
Other Operating Expenses			(175,568)						(167,881)						(515,403)						(471,146)
Fee Related Earnings			1,032,936						1,000,673						2,742,293						2,424,811
Realized Performance Income			930,659						391,920						1,697,429						1,145,774
Realized Performance Income Compensation			(697,994)						(289,994)						(1,267,461)						(843,011)
Realized Investment Income (3)			4,436						151,546						376,391						424,845
Realized Investment Income Compensation			(665)						(22,732)						(56,459)						(63,725)
Asset Management Segment Earnings			$	1,269,372					$	1,231,413					$	3,492,193					$	3,088,694
Insurance
Net Investment Income (1) (4)			$	1,835,025					$	1,636,300					$	5,352,893					$	4,660,765
Net Cost of Insurance			(1,305,073)						(1,166,891)						(3,823,676)						(3,240,834)
General, Administrative and Other			(225,299)						(230,889)						(687,860)						(655,358)
Insurance Operating Earnings			$	304,653					$	238,520					$	841,357					$	764,573
Strategic Holdings
Dividends, Net (2)			$	57,663					$	6,828					$	118,270					$	68,400
Strategic Holdings Operating Earnings			57,663						6,828						118,270						68,400
Net Realized Investment Income(3)			69,861						87,693						69,861						87,693
Strategic Holdings Segment Earnings			$	127,524					$	94,521					$	188,131					$	156,093
Total Segment Earnings			$	1,701,549					$	1,564,454					$	4,521,681					$	4,009,360
(1) Includes intersegment management fees of $170.2 million and $144.9 million earned by the Asset Management segment from the Insurance segment for the three months ended September 30, 2025 and 2024, respectively, and $495.4 million and $384.4 million for the nine months ended September 30, 2025 and 2024, respectively.
(2) Includes intersegment management fees of $9.9 million and $8.2 million earned by the Asset Management segment from the Strategic Holdings segment for the three months ended September 30, 2025 and 2024, respectively, and $27.1 million and $23.9 million for the nine months ended September 30, 2025 and 2024, respectively.
(3) Includes intersegment performances fees of $12.3 million earned by the Asset Management segment from the Strategic Holdings segment for the three and nine months ended September 30, 2025 and $15.5 million for the three and nine months ended September 30, 2024.
(4) Includes intersegment interest expense of $6.6 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively, and $14.3 million and $7.4 million for the nine months ended September 30, 2025 and 2024, respectively.
			As of September 30,
			2025						2024
Segment Assets:
Asset Management			$	28,439,790					$	27,264,016
Insurance			265,634,247						244,991,087
Strategic Holdings			10,210,569						7,290,413
Total Segment Assets			$	304,284,606					$	279,545,516
			Three Months Ended September 30,												Nine Months Ended September 30,
Non-Cash Expenses Excluded from Segment Earnings			2025						2024						2025						2024
Equity Based Compensation
Asset Management			$	153,743					$	149,575					$	466,880					$	453,505
Insurance			28,487						35,093						72,550						99,482
Total Non-Cash Expenses			$	182,230					$	184,668					$	539,430					$	552,987

Reconciliations of Total Segment Amounts

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Total GAAP Revenues			$	5,525,975					$	4,791,696					$	13,725,001					$	18,620,344
Impact of Consolidation and Other			332,965						335,048						850,991						865,898
Asset Management Adjustments:
Capital Allocation-Based Income (Loss) (GAAP)			(638,764)						(1,163,424)						(2,708,601)						(3,164,491)
Realized Carried Interest			883,458						336,016						1,616,480						1,044,843
Realized Investment Income			4,436						151,546						376,391						424,845
Capstone Fees			(27,327)						(29,141)						(72,919)						(69,218)
Expense Reimbursements			(46,788)						(32,789)						(108,490)						(68,050)
Strategic Holdings Adjustments:
Realized Investment Income and Dividends			149,712						118,162						210,319						195,400
Insurance Adjustments:
Net Premiums			(1,059,610)						(621,218)						(2,113,216)						(7,593,534)
Policy Fees			(339,735)						(375,371)						(1,013,182)						(1,038,218)
Other Income			(61,049)						(60,162)						(202,501)						(180,436)
(Gains) Losses from Investments(1)			201,731						687,170						1,638,988						1,254,170
Non-Operating Changes in Policy Liabilities and Derivatives			(562,506)						(446,817)						(635,694)						(393,825)
Total Segment Revenues (2)			$	4,362,498					$	3,690,716					$	11,563,567					$	9,897,728

(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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Total GAAP Expenses			$	5,024,271					$	4,746,005					$	13,601,670					$	18,005,278
Impact of Consolidation and Other			(229,803)						(100,968)						(564,266)						(290,929)
Asset Management Adjustments:
Equity-based Compensation			(151,724)						(149,575)						(464,861)						(453,505)
Unrealized Carried Interest Compensation			188,642						(644,881)						(801,297)						(1,555,336)
Amortization of Intangibles			(715)						—						(715)						—
Transaction-related and Non-operating Items			(47,409)						(90,716)						(68,725)						(153,699)
Reimbursable Expenses			(46,788)						(32,789)						(108,490)						(68,050)
Capstone Expenses			(23,285)						(20,226)						(68,307)						(57,821)
Insurance Adjustments:
Net Premiums			(1,059,610)						(621,218)						(2,113,216)						(7,593,534)
Policy Fees			(339,735)						(375,371)						(1,013,182)						(1,038,218)
Other Income			(61,049)						(60,162)						(202,501)						(180,436)
Non-Operating Changes in Policy Liabilities			(537,540)						(464,653)						(1,044,263)						(592,985)
Equity-Based Compensation			(28,487)						(35,093)						(72,550)						(99,482)
Amortization of Intangibles			(4,699)						(4,412)						(14,097)						(13,236)
Transaction-Related and Non-Operating Items			(21,120)						(19,679)						(23,314)						(19,679)
Total Segment Expenses (1)			$	2,660,949					$	2,126,262					$	7,041,886					$	5,888,368

(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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Income (Loss) Before Tax (GAAP)			$	2,199,561					$	1,644,564					$	4,499,396					$	4,217,820
Impact of Consolidation and Other			(922,634)						(823,034)						(2,799,787)						(1,161,554)
Interest Expense, Net			56,692						80,709						184,221						230,617
Asset Management Adjustments:
Unrealized (Gains) Losses			(76,839)						89,805						560,252						(385,448)
Unrealized Carried Interest			235,801						(850,638)						(1,001,818)						(1,987,597)
Unrealized Carried Interest Compensation			(188,642)						644,881						801,297						1,555,336
Transaction-related and Non-operating Items(1)			47,409						90,716						68,725						153,699
Equity-based Compensation			63,287						66,549						205,314						206,861
Equity-based Compensation - Performance based			88,437						83,026						259,548						246,644
Amortization of Acquired Intangibles			715						—						715						—
Strategic Holdings Adjustments:
Unrealized (Gains) Losses			(57,019)						(226,319)						(442,731)						(644,285)
Insurance Adjustments:
(Gains) Losses from Investments(2)			166,098						692,422						1,815,122						1,251,953
Non-Operating Changes in Policy Liabilities and Derivatives			34,377						12,589						261,466						192,917
Transaction-Related and Non-Operating Items(1)			21,120						19,679						23,314						19,679
Equity-Based Compensation			28,487						35,093						72,550						99,482
Amortization of Acquired Intangibles			4,699						4,412						14,097						13,236
Total Segment Earnings			$	1,701,549					$	1,564,454					$	4,521,681					$	4,009,360

(1)For the three months ended September 30, 2025, Transaction-related and Other Non-operating items includes (i) $44 million related to transaction-related costs and other corporate actions, and (ii) $24 million of costs associated with certain integration, restructuring, and other non-operating expenses across our Asset Management and Insurance businesses.

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

			As of
			September 30, 2025						September 30, 2024
Total GAAP Assets			$	398,480,928					$	360,655,876
Impact of Consolidation and Reclassifications			(88,424,549)						(76,399,555)
Carry Pool Reclassifications			(5,771,773)						(4,710,805)
Total Segment Assets			$	304,284,606					$	279,545,516

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”). The Share Repurchase Program Increase Threshold was reached during the three months period ending June 30, 2025, which automatically added an additional $500 million to the then remaining available amount. As of October 31, 2025, there was approximately $440 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 September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Shares of common stock repurchased			—						—						36,411						—
Equity awards for common stock retired			8,333						696						930,468						924,559

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:

															Three Months Ended September 30,
															2025						2024
Balance at the beginning of the period															$	40,755,618					$	35,565,377
Net Income (Loss) Attributable to Noncontrolling Interests															905,407						838,916
Other Comprehensive Income (Loss), net of tax															(17,972)						(10,477)
Equity-Based Compensation (Non Cash Contribution)															104,346						107,078
Change in KKR & Co. Inc.'s Ownership Interest															(159,495)						(54,299)
Capital Contributions															2,885,584						2,580,370
Capital Distributions															(1,209,444)						(2,729,479)
Changes in Consolidation															—						95,131
Impact of Acquisition - HealthCare Royalty Management, LLC (1)															28,313						—
Balance at the end of the period															$	43,292,357					$	36,392,617

															Nine Months Ended September 30,
															2025						2024
Balance at the beginning of the period															$	36,747,947					$	34,904,791
Net Income (Loss) Attributable to Noncontrolling Interests															2,543,501						1,513,518
Other Comprehensive Income (Loss), net of tax															(13,019)						(15,315)
Compensation Modification - Issuance of Holdings III Units															—						53,623
Equity-Based Compensation (Non-Cash Contribution)															302,562						319,137
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															(352,489)						(342,811)
Capital Contributions															4,782,659						5,976,650
Capital Distributions															(3,138,509)						(6,767,940)
Changes in Consolidation															2,391,392						1,163,105
Impact of Acquisition - HealthCare Royalty Management, LLC (1)															28,313						—
Balance at the end of the period															$	43,292,357					$	36,392,617

(1)Represents noncontrolling interests in HealthCare Royalty Management, LLC as of the acquisition date.

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:

			Three Months Ended September 30,
			2025						2024
Balance at the beginning of the period			$	1,993,598					$	1,291,487
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests			34,058						(4,798)
Capital Contributions			343,279						47,409
Capital Distributions			(10,539)						(10,027)
Change in KKR & Co. Inc.'s Ownership Interest			—						(1,763)
Balance at the end of the period			$	2,360,396					$	1,322,308

			Nine Months Ended September 30,
			2025						2024
Balance at the beginning of the period			$	1,585,177					$	615,427
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests			110,727						57,546
Capital Contributions			707,908						671,530
Capital Distributions			(43,416)						(20,432)
Change in KKR & Co. Inc.'s Ownership Interest			—						(1,763)
Balance at the end of the period			$	2,360,396					$	1,322,308

24. COMMITMENTS AND CONTINGENCIES

Funding Commitments and Others

As of September 30, 2025, KKR had unfunded commitments consisting of $10.4 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 September 30, 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 September 30, 2025, have been reduced to reflect the amount expected to be funded by such third parties. As of September 30, 2025, KKR's capital markets business line has entered into such arrangements representing a total notional amount of $5.0 billion.

Global Atlantic has commitments to purchase or fund investments of $5.5 billion as of September 30, 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 $19.3 million for current expected credit losses as of September 30, 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 $322.2 million as of September 30, 2025, with expiration dates occurring between March 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 September 30, 2025, approximately $514 million of carried interest was subject to this clawback obligation, assuming that all applicable carry-paying investment funds were liquidated at their September 30, 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 $210 million of that amount from Associates Holdings, which is not a KKR subsidiary. As of September 30, 2025, Associates Holdings had access to cash reserves sufficient to reimburse the full $210 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 $5.8 billion as of September 30, 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.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,

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

v.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 a Global Atlantic entity, to Goldman Sachs over an approximately 25-year period. As of September 30, 2025, the present value of the remaining amount to be paid is $45.8 million. Although these payments are subordinated and deferrable, deferral of these payments would result in restrictions on distributions by GA FinCo.

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. On May 12, 2025, the Kentucky trial court entered an order declining to enter the parties’ jointly proposed order approving the settlement. Because the receipt of the court’s approval was a contractual condition to the settlement becoming final, the settlement agreement terminated. KKR, Messrs. Kravis and Roberts, Prisma Capital Partners L.P., and the other defendants that were party to the settlement agreement continue to deny any liability, wrongdoing, or damage, maintain that the settlement was not an admission of any fault, liability, wrongdoing or damage, and maintain that they entered into the settlement solely to avoid further legal expense, inconvenience, and the distraction of burdensome and protracted litigation. 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 and further amended on August 19, 2025. The operative 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. and other defendants filed a motion to dismiss the first amended complaint on December 19, 2024 and filed a motion to dismiss the second amended complaint on October 6, 2025.

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 civil, criminal, administrative, or other 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.

Since 2022, as previously disclosed, 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. 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 filed a motion to dismiss the DOJ Complaint on April 17, 2025. The DOJ filed its motion to dismiss the KKR Complaint on April 23, 2025, and KKR and the DOJ agreed to dismiss one count of the KKR Complaint and to stay the rest of the DOJ’s motion to dismiss pending resolution of KKR’s motion to dismiss the DOJ Complaint. While the DOJ Complaint is currently stayed as a result of the U.S. government shutdown, the DOJ has continued its investigations into certain of KKR’s past HSR filings, and KKR continues to cooperate in connection with these investigations. 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 law. There can be no certainty as to the possible outcome of the DOJ Complaint, the KKR Complaint, the DOJ’s investigations, 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, and may from time to time become, subject to other investigations by the Antitrust Division of the DOJ and other U.S. or non-U.S. governmental authorities related to antitrust matters, including the European Commission’s investigation relating to the acquisition of certain infrastructure assets of Telecom Italia S.p.A. and FiberCop S.p.A. KKR is currently cooperating in connection with these other investigations.

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 $4.3 million and $3.2 million for the three months ended September 30, 2025 and 2024, respectively, and $13.4 million and $13.3 million for the nine months ended September 30, 2025 and 2024, respectively, and are included in insurance expenses in the consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the total capacity of the financing arrangements with third parties was $2.5 billion and $2.4 billion, respectively.

Other than the matters disclosed above, there were no outstanding or unpaid balances from the financing arrangements with unaffiliated third parties as of both September 30, 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 November 7, 2025. This dividend will be paid on December 2, 2025 to common stockholders of record as of the close of business on November 17, 2025.

A dividend of $0.78125 per share of Series D Mandatory Convertible Preferred Stock has been declared and was announced on November 7, 2025 and set aside for payment. This dividend will be paid on December 1, 2025 to holders of record of Series D Mandatory Convertible Preferred Stock as of the close of business on November 15, 2025.