Item 1. FINANCIAL STATEMENTS

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Item 1. FINANCIAL STATEMENTS

INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


	Page No.
Condensed Consolidated Statements of Financial Condition (Unaudited) as of March 31, 2026 and December 31, 2025	7
Condensed Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2026 and 2025	11
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three Months Ended March 31, 2026 and 2025	13
Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three Months Ended March 31, 2026 and 2025	14
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2026 and 2025	16
Notes to Consolidated Financial Statements	19


KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
	March 31, 2026	December 31, 2025
Assets
Asset Management and Strategic Holdings
Cash and Cash Equivalents	$9,273,480	$9,380,874
Restricted Cash and Cash Equivalents	41,631	48,033
Investments	128,050,466	127,948,305
Due from Affiliates	2,703,403	2,307,701
Other Assets	6,484,165	6,294,381
	146,553,145	145,979,294
Insurance
Cash and Cash Equivalents	$9,926,589	$7,511,273
Restricted Cash and Cash Equivalents	243,756	211,610
Investments	188,274,505	192,009,748
Reinsurance Recoverable	50,453,448	48,022,605
Insurance Intangible Assets	5,929,072	5,905,228
Other Assets	7,118,726	6,662,911
Separate Account Assets	3,585,272	3,841,403
	265,531,368	264,164,778
Total Assets	$412,084,513	$410,144,072

Liabilities and Equity
Asset Management and Strategic Holdings
Debt Obligations	$49,175,395	$49,117,744
Due to Affiliates	415,260	442,362
Accrued Expenses and Other Liabilities	14,806,709	14,348,335
	64,397,364	63,908,441
Insurance
Policy Liabilities (market risk benefit liabilities: $1,403,740 and $1,349,774, as of March 31, 2026 and December 31, 2025, respectively.)	$204,727,117	$205,558,727
Debt Obligations	3,813,234	3,820,407
Funds Withheld Payable at Interest	49,360,332	46,822,744
Accrued Expenses and Other Liabilities	4,369,533	3,341,695
Reinsurance Liabilities	1,025,414	1,218,744
Separate Account Liabilities	3,585,272	3,841,403
	266,880,902	264,603,720
Total Liabilities	331,278,266	328,512,161

Commitments and Contingencies (See Note 24)

Redeemable noncontrolling interests (See Note 23)	2,795,494	2,710,242


KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (CONTINUED)
(Amounts in Thousands, Except Share and Per Share Data)
	March 31, 2026	December 31, 2025
Stockholders' Equity
Series D Mandatory Convertible Preferred Stock, $0.01 par value. 51,750,000 shares, issued and outstanding as of March 31, 2026 and December 31, 2025.	2,543,404	2,543,404
Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of March 31, 2026 and December 31, 2025.	—	—
Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 889,413,785 and 891,451,844 shares, issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.	8,894	8,914
Additional Paid-In Capital	18,976,939	19,041,497
Retained Earnings	14,084,430	13,884,438
Accumulated Other Comprehensive Income (Loss)	(5,117,514)	(4,575,692)
Total KKR & Co. Inc. Stockholders' Equity	30,496,153	30,902,561
Noncontrolling Interests (See Note 22)	47,514,600	48,019,108
Total Equity	78,010,753	78,921,669
Total Liabilities and Equity	$412,084,513	$410,144,072

See notes to financial statements.

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(CONTINUED)

(Amounts in Thousands)

The following presents the portion of the consolidated balances provided in the consolidated statements of financial

condition attributable to consolidated variable interest entities ("VIEs"). As of March 31, 2026 and December 31, 2025, KKR's

consolidated VIEs consist primarily of (i) certain collateralized financing entities ("CFEs") including those CFEs holding

collateralized loan obligations ("CLOs"), (ii) certain investment funds, and (iii) certain VIEs formed by Global Atlantic. The

noteholders, creditors, and equity holders of these VIEs have no recourse to the assets of any other KKR entity.

With respect to consolidated CFEs and certain investment funds, the following assets may only be used to settle

obligations of these consolidated VIEs and the following liabilities are only the obligations of these consolidated VIEs and not

generally to KKR. Additionally, KKR has no right to the benefits from, nor does KKR bear the risks associated with, the assets

held by these VIEs beyond KKR's beneficial interest therein and any income generated from the VIEs. There are neither explicit

arrangements nor does KKR hold implicit variable interests that would require KKR to provide any material ongoing financial

support to the consolidated VIEs, beyond amounts previously committed to them, if any.

With respect to certain other VIEs consolidated by Global Atlantic, Global Atlantic has formed certain VIEs to either (i)

hold investments, including fixed maturity securities, consumer and other loans, renewable energy, transportation, and real

estate, or (ii) to conduct certain reinsurance activities with third party commitments. These VIEs issue beneficial interests

primarily to Global Atlantic’s insurance companies.


	March 31, 2026
	Consolidated CFEs	Consolidated Funds and Other Investment Vehicles	Other VIEs	Total
Assets
Asset Management and Strategic Holdings
Cash and Cash Equivalents	$2,795,409	$1,243,372	$—	$4,038,781
Restricted Cash and Cash Equivalents	—	41,631	—	41,631
Investments	30,356,670	77,465,073	—	107,821,743
Other Assets	890,256	478,745	—	1,369,001
	34,042,335	79,228,821	—	113,271,156
Insurance
Cash and Cash Equivalents	—	—	1,695,789	1,695,789
Investments	—	—	30,460,274	30,460,274
Other Assets	—	—	973,676	973,676
	—	—	33,129,739	33,129,739
Total Assets	$34,042,335	$79,228,821	$33,129,739	$146,400,895

Liabilities
Asset Management and Strategic Holdings
Debt Obligations	$30,012,515	$6,990,566	$—	$37,003,081
Accrued Expenses and Other Liabilities	2,437,163	791,552	—	3,228,715
	32,449,678	7,782,118	—	40,231,796
Insurance
Debt Obligations	—	—	207,400	207,400
Accrued Expenses and Other Liabilities	—	—	619,457	619,457
	—	—	826,857	826,857
Total Liabilities	$32,449,678	$7,782,118	$826,857	$41,058,653

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)

(CONTINUED)

(Amounts in Thousands)


	December 31, 2025
	Consolidated CFEs	Consolidated Funds and Other Investment Vehicles	Other VIEs	Total
Assets
Asset Management and Strategic Holdings
Cash and Cash Equivalents	$2,726,050	$1,435,888	$—	$4,161,938
Restricted Cash and Cash Equivalents	—	48,033	—	48,033
Investments	30,673,565	77,327,933	—	108,001,498
Other Assets	858,433	345,779	—	1,204,212
	34,258,048	79,157,633	—	113,415,681
Insurance
Cash and Cash Equivalents	—	—	1,381,836	1,381,836
Investments	—	—	31,201,795	31,201,795
Other Assets	—	—	788,325	788,325
	—	—	33,371,956	33,371,956
Total Assets	$34,258,048	$79,157,633	$33,371,956	$146,787,637

Liabilities
Asset Management and Strategic Holdings
Debt Obligations	$30,227,885	$6,664,740	$—	$36,892,625
Accrued Expenses and Other Liabilities	2,068,666	1,007,545	—	3,076,211
	32,296,551	7,672,285	—	39,968,836
Insurance
Debt Obligations	—	—	197,400	197,400
Accrued Expenses and Other Liabilities	—	—	566,466	566,466
	—	—	763,866	763,866
Total Liabilities	$32,296,551	$7,672,285	$763,866	$40,732,702

See notes to financial statements.


KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
	Three Months Ended March 31,
	2026	2025
Revenues
Asset Management and Strategic Holdings
Fees and Other	$1,186,842	$886,810
Capital Allocation-Based Income (Loss)	841,853	1,159,105
	2,028,695	2,045,915
Insurance
Net Premiums	561,970	323,364
Policy Fees	325,694	338,473
Net Investment Income	1,989,064	1,783,280
Net Investment-Related Gains (Losses)	(652,697)	(1,436,337)
Other Income	65,257	55,488
	2,289,288	1,064,268
Total Revenues	4,317,983	3,110,183

Expenses
Asset Management and Strategic Holdings
Compensation and Benefits	1,051,681	1,333,103
Occupancy and Related Charges	37,837	34,465
General, Administrative and Other	381,729	300,332
	1,471,247	1,667,900
Insurance
Net Policy Benefits and Claims (including market risk benefit (gain) loss of $86,338 and $221,394 for the three months ended March 31, 2026 and 2025, respectively; remeasurement (gain) loss on policy liabilities: $— and $42,252 for the three months ended March 31, 2026 and 2025, respectively.)	1,880,028	1,708,294
Amortization of Policy Acquisition Costs	142,921	97,971
Interest Expense	73,881	69,571
Policy and Other Operating Expense	302,058	287,219
	2,398,888	2,163,055
Total Expenses	3,870,135	3,830,955

Investment Income (Loss) - Asset Management and Strategic Holdings
Net Gains (Losses) from Investment Activities	(316,379)	1,086,591
Dividend Income	268,017	273,890
Interest Income	741,591	785,857
Interest Expense	(678,187)	(654,499)
Total Investment Income (Loss)	15,042	1,491,839

Income (Loss) Before Taxes	462,890	771,067


KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
	Three Months Ended March 31,
	2026	2025

Income Tax Expense (Benefit)	185,385	86,569

Net Income (Loss)	277,505	684,498
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	(983)	8,494
Net Income (Loss) Attributable to Noncontrolling Interests	(126,741)	861,928
Net Income (Loss) Attributable to KKR & Co. Inc.	405,229	(185,924)

Series D Mandatory Convertible Preferred Stock Dividends	40,430	—

Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders	$364,799	$(185,924)


Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock
Basic	$0.41	$(0.22)
Diluted	$0.38	$(0.22)
Weighted Average Shares of Common Stock Outstanding
Basic	891,145,378	888,246,698
Diluted	954,219,620	888,246,698

See notes to financial statements.


KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(Amounts in Thousands)
	Three Months Ended March 31,
	2026	2025
Net Income (Loss)	$277,505	$684,498

Other Comprehensive Income (Loss), Net of Tax:

Unrealized Gains (Losses) on Available-For-Sale Securities and Other	(715,547)	1,456,349

Net effect of changes in discount rates and instrument-specific credit risk on policy liabilities	226,215	(185,584)

Foreign Currency Translation Adjustments	(28,879)	140,705

Comprehensive Income (Loss)	(240,706)	2,095,968

Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests	(983)	8,494
Comprehensive Income (Loss) Attributable to Noncontrolling Interests	(97,157)	867,927

Comprehensive Income (Loss) Attributable to KKR & Co. Inc.	$(142,566)	$1,219,547

See notes to financial statements.


KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
	Three Months Ended March 31, 2026
	Amounts	Shares
Series D Mandatory Convertible Preferred Stock
Beginning of Period	$2,543,404	51,750,000
End of Period	2,543,404	51,750,000
Series I Preferred Stock
Beginning of Period	—	1
End of Period	—	1
Common Stock
Beginning of Period	8,914	891,451,844
Net Delivery of Common Stock (Equity Incentive Plan)	—	1,265
Repurchases of Common Stock	(21)	(2,173,970)
Exchange of KKR Restricted Holdings Units	1	119,541
Private Placement Share Issuance	—	15,105
End of Period	8,894	889,413,785
Additional Paid-In Capital
Beginning of Period	19,041,497
Net Delivery of Common Stock (Equity Incentive Plan)	(64)
Repurchases of Common Stock	(191,223)
Equity-Based Compensation (Non-Cash Contribution)	84,045
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)	55,731
Tax Effects of Changes in Ownership and Other	(13,047)
End of Period	18,976,939
Retained Earnings
Beginning of Period	13,884,438
Net Income (Loss) Attributable to KKR & Co. Inc.	405,229
Series D Mandatory Convertible Preferred Stock Dividends ($0.78125 per share)	(40,430)
Common Stock Dividends ($0.185 per share)	(164,807)
End of Period	14,084,430
Accumulated Other Comprehensive Income (Loss) (net of tax)
Beginning of Period	(4,575,692)
Other Comprehensive Income (Loss)	(547,795)
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)	5,973
End of Period	(5,117,514)
Total KKR & Co. Inc. Stockholders' Equity	30,496,153
Noncontrolling Interests (See Note 22)	47,514,600
Total Equity	$78,010,753

Redeemable Noncontrolling Interests (See Note 23)	$2,795,494


KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
(Amounts in Thousands, Except Share and Per Share Data)
	Three Months Ended March 31, 2025
	Amounts	Shares
Series D Mandatory Convertible Preferred Stock
Beginning of Period	$—	—
Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs)	2,543,404	51,750,000
End of Period	2,543,404	51,750,000
Series I Preferred Stock
Beginning of Period	—	1
End of Period	—	1
Common Stock
Beginning of Period	8,882	888,232,174
Net Delivery of Common Stock (Equity Incentive Plan)	—	11,982
Clawback of Transfer Restricted Shares	—	(1,882)
Private Placement Share Issuance	—	8,058
End of Period	8,882	888,250,332
Additional Paid-In Capital
Beginning of Period	18,406,718
Net Delivery of Common Stock (Equity Incentive Plan)	(694)
Equity-Based Compensation (Non-Cash Contribution)	81,987
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)	122,878
Tax Effects of Changes in Ownership and Other	2,006
End of Period	18,612,895
Retained Earnings
Beginning of Period	12,282,513
Net Income (Loss) Attributable to KKR & Co. Inc.	(185,924)
Common Stock Dividends ($0.175 per share)	(155,441)
End of Period	11,941,148
Accumulated Other Comprehensive Income (Loss) (net of tax)
Beginning of Period	(7,046,545)
Other Comprehensive Income (Loss)	1,405,471
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)	4,732
End of Period	(5,636,342)
Total KKR & Co. Inc. Stockholders' Equity	27,469,987
Noncontrolling Interests (See Note 22)	39,565,465
Total Equity	$67,035,452

Redeemable Noncontrolling Interests (See Note 23)	$1,921,480

See notes to financial statements.


KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in Thousands)
	Three Months Ended March 31,
	2026	2025
Operating Activities
Net Income (Loss)	$277,505	$684,498
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity-Based Compensation	180,113	183,568
Net Realized (Gains) Losses – Asset Management and Strategic Holdings	(106,487)	(70,229)
Change in Unrealized (Gains) Losses – Asset Management and Strategic Holdings	422,866	(1,016,362)
Capital Allocation-Based (Income) Loss – Asset Management and Strategic Holdings	(841,853)	(1,159,105)
Net Investment and Policy Liability-Related (Gains) Losses – Insurance	403,711	1,660,241
Net Accretion and Amortization	(77,391)	(53,645)
Interest Credited to Policyholder Account Balances (net of Policy Fees) – Insurance	1,425,949	1,156,919
Other Non-Cash Amounts	61,533	232,447
Cash Flows Due to Changes in Operating Assets and Liabilities:
Reinsurance Transactions and Acquisitions, Net of Cash Provided – Insurance	—	87,399
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable – Insurance	77,122	365,957
Change in Deferred Policy Acquisition Costs – Insurance	(190,720)	(239,121)
Change in Policy Liabilities and Accruals, Net – Insurance	252,958	(260,265)
Change in Consolidation	—	(145)
Change in Due from / to Affiliates	(431,071)	14,746
Change in Other Assets	467,258	151,251
Change in Accrued Expenses and Other Liabilities	8,032	1,165,970
Investments Purchased – Asset Management and Strategic Holdings	(7,907,411)	(10,883,447)
Proceeds from Investments – Asset Management and Strategic Holdings	7,724,556	10,529,049
Net Cash Provided (Used) by Operating Activities	1,746,670	2,549,726

Investing Activities
Acquisitions, Net	(37,924)	—
Purchases of Fixed Assets	(27,424)	(20,846)
Investments Purchased – Insurance	(18,179,371)	(24,919,638)
Proceeds from Investments – Insurance	20,582,146	21,793,291
Other Investing Activities, Net	10,478	(119)
Net Cash Provided (Used) by Investing Activities	2,347,905	(3,147,312)


KKR & CO. INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(Amounts in Thousands)
	Three Months Ended March 31,
	2026	2025

Financing Activities
Series D Mandatory Convertible Preferred Stock Dividends	(40,430)	—
Common Stock Dividends	(164,807)	(155,441)
Distributions to Redeemable Noncontrolling Interests	(48,628)	(7,704)
Contributions from Redeemable Noncontrolling Interests	87,195	335,513
Distributions to Noncontrolling Interests	(1,603,926)	(988,003)
Contributions from Noncontrolling Interests	1,177,896	833,569
Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs)	—	2,543,404
Net Delivery of Common Stock (Equity Incentive Plan)	(64)	(694)
Repurchases of Common Stock	(191,244)	—
Proceeds from Debt Obligations	3,911,320	4,660,096
Repayment of Debt Obligations	(3,255,884)	(5,165,945)
Financing Costs Paid	(4,961)	(109)
Additions to Contractholder Deposit Funds – Insurance	5,558,450	6,259,326
Withdrawals from Contractholder Deposit Funds – Insurance	(7,168,904)	(4,752,660)
Reinsurance Transactions, Net of Cash Provided – Insurance	401	—
Other Financing Activity, Net	50,996	41,752
Net Cash Provided (Used) by Financing Activities	(1,692,590)	3,603,104

Effect of exchange rate changes on cash, cash equivalents and restricted cash	(68,319)	19,994

Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash	$2,333,666	$3,025,512
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	17,151,790	15,367,953
Cash, Cash Equivalents and Restricted Cash, End of Period	$19,485,456	$18,393,465

Cash, Cash Equivalents and Restricted Cash are comprised of the following:

Beginning of the Period
Asset Management and Strategic Holdings
Cash and Cash Equivalents	$9,380,874	$8,535,048
Restricted Cash and Cash Equivalents	48,033	138,948
Total Asset Management and Strategic Holdings	9,428,907	8,673,996
Insurance
Cash and Cash Equivalents	$7,511,273	$6,343,445
Restricted Cash and Cash Equivalents	211,610	350,512
Total Insurance	7,722,883	6,693,957

Cash, Cash Equivalents and Restricted Cash, Beginning of Period	$17,151,790	$15,367,953

End of the Period
Asset Management and Strategic Holdings
Cash and Cash Equivalents	$9,273,480	$11,503,912
Restricted Cash and Cash Equivalents	41,631	179,449
Total Asset Management and Strategic Holdings	9,315,111	11,683,361
Insurance
Cash and Cash Equivalents	$9,926,589	$6,482,989
Restricted Cash and Cash Equivalents	243,756	227,115
Total Insurance	10,170,345	6,710,104

Cash, Cash Equivalents and Restricted Cash, End of Period	$19,485,456	$18,393,465

KKR & CO. INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(CONTINUED)

(Amounts in Thousands)


	Three Months Ended March 31,
	2026	2025
Supplemental Disclosures of Cash Flow Information
Payments for Interest	$807,711	$602,631
Payments for Income Taxes, Net of Refunds	$64,603	$73,596
Payments for Operating Lease Liabilities	$24,703	$16,698

Supplemental Disclosures of Non-Cash Investing and Financing Activities
Non-Cash Contribution from Noncontrolling Interests	$75	$75
Non-Cash Distribution to Noncontrolling Interests	$(15,760)	$—
Non-Cash Distribution to Redeemable Noncontrolling Interests	$(12,384)	$—
Non-Cash Repayment of Debt Obligations	$—	$(100,000)
Debt Obligations – Net Gains (Losses), Translation and Other	$604,095	$44,987
Contractholder Deposit Funds Acquired through Reinsurance Agreements	$127	$—

Change in Consolidation
Investments – Asset Management and Strategic Holdings	$—	$2,130,064
Other Assets	$—	$(2,147)
Accrued Expenses and Other Liabilities	$—	$(19)
Noncontrolling Interests	$—	$2,129,979

See notes to financial statements.

KKR & CO. INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

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

1**.** ORGANIZATION

KKR & Co. Inc. (NYSE: KKR), through its subsidiaries (collectively, "KKR"), is a leading global investment firm that offers

alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment

returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in

its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit, and real assets

and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance

products under the management of The Global Atlantic Financial Group LLC ("TGAFG" and, together with its insurance

companies and other subsidiaries, "Global Atlantic").

KKR & Co. Inc. is the parent company of KKR Group Co. Inc., which in turn owns KKR Group Holdings Corp., which is the

general partner of KKR Group Partnership L.P. ("KKR Group Partnership"). KKR & Co. Inc. both indirectly controls KKR Group

Partnership and indirectly holds Class A partner interests in KKR Group Partnership ("KKR Group Partnership Units")

representing economic interests in KKR's business. As of March 31, 2026, KKR & Co. Inc. held indirectly approximately 98.8%

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”).

In this report, references to "KKR," refer to KKR & Co. Inc. and its subsidiaries, including 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 to our "funds," "vehicles" or "investment vehicles" refer to a wide array of investment funds,

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

loan obligations ("CLOs"), certain operating companies and business development companies ("BDCs"), 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, 2025

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, 2025 filed with the U.S. Securities and Exchange Commission ("SEC") on February 27, 2026 (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.

Certain prior period amounts in the accompanying notes have been reclassified to conform to the current period’s

presentation, including the realignment of prior period investment categories to the current year investment category

presentation within Notes 4, 7, 9, and 10.

For a detailed discussion about KKR’s significant accounting policies and for further information on accounting updates

adopted in the prior year, see Note 2 to the financial statements in the Annual Report. Other than the items listed below,

during the three months ended March 31, 2026, there were no significant updates to KKR’s significant accounting policies.

Effective beginning in the first quarter of 2026, the Company changed the presentation of certain operating expenses in

its Consolidated Statements of Operations. Amounts previously presented separately as “Insurance Expenses” and “General,

Administrative and Other” are now presented in a single line item, “Policy and Other Operating Expense”. Prior-period

amounts have been reclassified to conform to the current-period presentation. This change in presentation had no impact on

previously reported consolidated total expenses, income before taxes, and net income attributable to KKR.

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, and (vii) the determination of

the allowance for loan losses.

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, escalating trade tensions, and impacts from the recent conflicts in the Middle East), 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

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. KKR adopted this

accounting standard effective for the year ended December 31, 2026, and its adoption did not have a material impact on

KKR’s consolidated financial statements.

Future Application of Accounting Standards

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 certain 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.

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 capitalizing software costs when (i) management

has authorized and committed to funding the project and (ii) 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.

Financial Instruments—Credit Losses (Topic 326): Purchased Loans

In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326) - Purchased Loans.

ASU 2025-08 expands the population of purchased financial assets subject to the gross-up approach in Topic 326. As a result

of this update, loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” as defined in the

ASU will follow the gross-up approach at acquisition and the initial allowance for credit losses is added to the purchase price

to determine the amortized cost basis of the loans. The update is effective for fiscal years beginning after December 15, 2026,

including interim periods within those fiscal years, and is to be applied prospectively to loans acquired on or after adoption;

early adoption is permitted. KKR is currently evaluating the impact of adopting this guidance on its consolidated financial

statements and disclosures.

3**.** REVENUES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS

For the three months ended March 31, 2026 and 2025 respectively, Asset Management and Strategic Holdings revenues

consisted of the following:


	Three Months Ended March 31,
	2026	2025
Management Fees	$759,829	$531,699
Fee Credits	(140,699)	(136,262)
Transaction Fees	378,083	388,329
Monitoring Fees	59,822	48,671
Incentive Fees	47,398	1,328
Expense Reimbursements	55,568	32,208
Consulting Fees	26,841	20,837
Total Fees and Other	1,186,842	886,810

Carried Interest	816,031	1,068,262
General Partner Capital Interest	25,822	90,843
Total Capital Allocation-Based Income (Loss)	841,853	1,159,105

Total Revenues	$2,028,695	$2,045,915

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

STRATEGIC HOLDINGS

Net Gains (Losses) from Investment Activities in the consolidated statements of operations consist primarily of the

realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign

denominated investments and related activities) and other financial instruments, including those for which the fair value

option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other

financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized

unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

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


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
	Net Realized Gains (Losses)	Net Unrealized Gains (Losses)	Total	Net Realized Gains (Losses)	Net Unrealized Gains (Losses)	Total
Private Equity (1)	$124,945	$(664,338)	$(539,393)	$368,436	$1,070,466	$1,438,902
Credit (1)	(20,869)	(163,006)	(183,875)	(82,979)	73,500	(9,479)
Investments of Consolidated CFEs (1)	(119,650)	(543,279)	(662,929)	(138,086)	(285,891)	(423,977)
Real Assets (1)	99,986	14,985	114,971	(40,813)	106,260	65,447
Other Investments (1)	49,234	3,763	52,997	(142,767)	330,234	187,467
Foreign Exchange Forward Contracts and Options (2)	(8,510)	473,146	464,636	83,826	(467,022)	(383,196)
Securities Sold Short (2)	(21,293)	15,694	(5,599)	6	349	355
Other Derivatives (2)	(4,015)	(1,296)	(5,311)	16	(723)	(707)
Debt Obligations and Other (3)	6,659	441,465	448,124	22,590	189,189	211,779
Net Gains (Losses) From Investment Activities (4)	$106,487	$(422,866)	$(316,379)	$70,229	$1,016,362	$1,086,591

(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.”

(4)As of March 31, 2026 and 2025, net gains (losses) from Equity Method investments were $218.6 million and $292.2 million, respectively.

5**.** NET INVESTMENT INCOME – INSURANCE

Net investment income for our Insurance segment is comprised primarily of (i) interest income, including amortization of

premiums and accretion of discounts, (ii) dividend income from common and preferred stock, (iii) earnings from investments

accounted for under equity method accounting, and (iv) lease income on real assets.

The components of net investment income were as follows:


	Three Months Ended March 31,
	2026	2025
Fixed Maturity Securities	$1,678,640	$1,426,184
Mortgage and Other Loan Receivables	780,459	772,018
Real Assets	262,135	258,975
Short-Term and Other Investment Income	153,334	134,833
Income Assumed from Funds Withheld Receivable at Interest	16,986	19,480
Policy Loans	20,904	22,056
Income Ceded to Funds Withheld Payable at Interest	(688,627)	(620,197)
Total Investment Income (Losses)	2,223,831	2,013,349
Less Investment Expenses:
Investment Management and Administration	163,228	142,628
Real Asset Depreciation and Maintenance	40,173	63,732
Interest Expense on Derivative Collateral and Repurchase Agreements	31,366	23,709
Net Investment Income	$1,989,064	$1,783,280

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

Net investment-related gains (losses) from insurance operations primarily consist of (i) realized gains (losses) from the

disposal of investments, (ii) unrealized gains (losses) from investments held for trading, equity securities, real estate

investments accounted for under investment company accounting, and investments with fair value remeasurements

recognized in earnings as a result of the election of a fair-value option, (iii) unrealized gains (losses) on funds withheld

receivable and payable at interest, (iv) unrealized gains (losses) from derivatives (excluding certain derivatives designated as

hedge accounting instruments), and (v) allowances for credit losses, and other impairments of investments.

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


	Three Months Ended March 31,
	2026	2025
Realized Gains (Losses) on Available-For-Sale Fixed Maturity Securities	$(97,816)	$(1,117,445)
Credit Loss Allowances on Available-For-Sale Securities	(55,159)	(48,240)
Credit Loss Allowances on Mortgage and Other Loan Receivables	(177,528)	(36,800)
Credit Loss Allowances on Unfunded Commitments	4,271	370
Unrealized Gains (Losses) on Fixed Maturity Securities Classified as Trading	(284,283)	259,207
Unrealized Gains (Losses) on Other Investments Recognized Under the Fair-Value Option and Equity Investments	(42,275)	42,075
Unrealized Gains (Losses) on Real Assets	(12,269)	19,329
Realized Gains on Real Assets	16,775	10,501
Net Gains (Losses) on Derivative Instruments	(34,448)	(659,580)
Realized Gains (Losses) on Funds Withheld at Interest Payable Portfolio	29,007	75,986
Realized Gains (Losses) on Funds Withheld at Interest Receivable Portfolio	(1,775)	(50,267)
Foreign Exchange Gains (Losses) on Non-USD Denominated Investments	(50,308)	76,093
Other Realized Gains (Losses)	53,111	(7,566)
Net Investment-Related Gains (Losses)	$(652,697)	$(1,436,337)

Allowance for Credit Losses

Available-For-Sale Fixed Maturity Securities

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

Global Atlantic:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
	Corporate	Structured	Total	Corporate	Structured	Total
Balance, as of Beginning of Period	$108,859	$179,805	$288,664	$99,616	$175,706	$275,322
Initial Credit Loss Allowance Recognized on Securities with No Previously Recognized Allowance	45,709	14	45,723	18,526	18,307	36,833
Accretion of Initial Credit Loss Allowance on PCD Securities	—	204	204	—	264	264
Reductions Due to Sales (or Maturities, Pay Downs or Prepayments) During the Period of Securities with a Previously Recognized Credit Loss Allowance	(2,073)	(2,342)	(4,415)	(455)	(15,471)	(15,926)
Net Additions / Reductions for Securities with a Previously Recognized Credit Loss Allowance	13,745	(4,309)	9,436	643	10,764	11,407
Balances Charged Off	(22,057)	—	(22,057)	(42,568)	—	(42,568)
Balance, as of End of Period	$144,183	$173,372	$317,555	$75,762	$189,570	$265,332

Mortgage and Other Loan Receivables

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

summarized below:


	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
	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	$407,450	$71,502	$129,542	$608,494	$326,057	$107,245	$181,106	$614,408
Net Provision (Release)	68,591	19,539	89,398	177,528	24,974	1,880	9,946	36,800
Charge-Offs	(41,691)	(1,552)	(32,423)	(75,666)	—	(539)	(37,183)	(37,722)
Recoveries of Amounts Previously Charged-Off	—	—	7,591	7,591	—	—	5,361	5,361
Balance, as of End of Period	$434,350	$89,489	$194,108	$717,947	$351,031	$108,586	$159,230	$618,847

Proceeds and Gross Gains and Losses from Voluntary Sales

The proceeds from voluntary sales and the gross gains and losses on those sales of available-for-sale ("AFS") fixed

maturity securities were as follows:


	Three Months Ended March 31,
	2026	2025
AFS Fixed Maturity Securities:
Proceeds from Voluntary Sales	$8,452,847	$12,130,414
Gross Gains	$80,000	$17,990
Gross Losses	$(171,134)	$(1,126,744)

7**.** INVESTMENTS

Investments consist of the following:


	March 31, 2026	December 31, 2025
Asset Management and Strategic Holdings
Private Equity	$53,758,510	$55,128,824
Credit	9,691,717	7,530,644
Investments of Consolidated CFEs	30,356,670	30,673,565
Real Assets	15,282,564	15,291,313
Equity Method - Capital Allocation-Based Income	11,908,810	11,842,627
Other Investments	7,052,195	7,481,332
Investments – Asset Management and Strategic Holdings (7)	$128,050,466	$127,948,305

Insurance
Fixed Maturity Securities, Available-For-Sale, at Fair Value(1)	$87,112,923	$90,587,056
Mortgage and Other Loan Receivables	52,779,605	53,638,617
Fixed Maturity Securities, Trading, at Fair Value(2)	25,342,601	25,233,959
Real Assets(3)(4)	15,061,543	15,030,980
Other Investments(4)(5)	4,069,434	3,542,920
Funds Withheld Receivable at Interest	2,267,167	2,324,346
Policy Loans	1,641,232	1,651,870
Investments – Insurance(6)	$188,274,505	$192,009,748

Total Investments	$316,324,971	$319,958,053

(1)Amortized cost of $94.1 billion and $96.7 billion, net of credit loss allowances of $317.6 million and $288.7 million as of March 31, 2026 and

December 31, 2025, respectively.

(2)Amortized cost of $27.6 billion and $27.2 billion as of March 31, 2026 and December 31, 2025, 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 $800.5 million and $782.2 million as of March 31, 2026 and December 31, 2025, respectively.

(4)Real assets of $1.1 billion as of both March 31, 2026 and December 31, 2025, respectively, and other investments of $798.3 million and $855.0 million as

of March 31, 2026 and December 31, 2025, 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 $748.0 million and $408.7 million, respectively, as of March 31, 2026,

and the carrying amount of these investments was $730.7 million and $436.3 million, respectively, as of December 31, 2025. Global Atlantic's maximum

exposure to loss related to equity method investments, including those for which fair value has been elected, is limited to the carrying value of these

investments plus unfunded commitments of $401.9 million and $447.2 million as of March 31, 2026 and December 31, 2025, respectively. Real assets

includes $2.3 billion of certain investments held for sale as of March 31, 2026; the estimated fair value of these assets, less costs to sell, exceeds their

carrying value.

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

(6)From time to time, Global Atlantic makes investments with counterparties that are managed by or are affiliates of KKR. As of March 31, 2026 and

December 31, 2025, 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.

(7)As of March 31, 2026 and December 31, 2025, investments of $11.4 billion and $11.5 billion were accounted for using the equity method of accounting

within the asset classes Private Equity, Credit, Real Assets and Other.

As of March 31, 2026 and December 31, 2025, there were no investments which represented greater than 5% of total

investments.

Fixed Maturity Securities

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


	Cost or Amortized Cost	Allowance for Credit Losses (1)(2)	Gross Unrealized		Fair Value
As of March 31, 2026		Gains	Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies	$503,573	$—	$1,391	$(118,279)	$386,685
U.S. State, Municipal and Political Subdivisions	2,944,341	—	3,379	(708,121)	2,239,599
Corporate	57,167,646	(144,183)	310,468	(5,915,549)	51,418,382
Residential Mortgage-Backed Securities, or “RMBS”	12,714,888	(107,550)	108,749	(252,358)	12,463,729
Commercial Mortgage-Backed Securities, or “CMBS”	8,054,390	(56,495)	44,951	(166,058)	7,876,788
CLOs	5,350,209	(2,626)	15,972	(27,872)	5,335,683
Asset-Backed Securities, or “ABSs”	7,369,925	(6,701)	73,895	(45,062)	7,392,057
Total AFS Fixed Maturity Securities	$94,104,972	$(317,555)	$558,805	$(7,233,299)	$87,112,923

(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 $(6.4) million.


	Cost or Amortized Cost	Allowance for Credit Losses (1)(2)	Gross Unrealized		Fair Value
As of December 31, 2025		Gains	Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies	$525,418	$—	$973	$(115,321)	$411,070
U.S. State, Municipal and Political Subdivisions	3,171,012	—	4,681	(727,699)	2,447,994
Corporate	58,473,834	(108,859)	582,435	(5,443,107)	53,504,303
RMBS	13,744,631	(115,766)	153,583	(233,783)	13,548,665
CMBS	8,277,196	(55,720)	71,001	(173,662)	8,118,815
CLOs	5,595,032	(2,660)	32,678	(18,993)	5,606,057
ABSs	6,909,426	(5,659)	84,419	(38,034)	6,950,152
Total AFS Fixed Maturity Securities	$96,696,549	$(288,664)	$929,770	$(6,750,599)	$90,587,056

(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 $(5.8) million.

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay

obligations with or without call or prepayment penalties, or Global Atlantic may have the right to put or sell the obligations

back to the issuers. Structured securities are shown separately as they have periodic payments and are not due at a single

maturity.

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


As of March 31, 2026	Cost or Amortized Cost (Net of Allowance)	Fair Value
Due in One Year or Less	$603,443	$596,347
Due After One Year Through Five Years	11,699,886	11,525,562
Due After Five Years Through Ten Years	13,772,935	13,687,090
Due After Ten Years	34,395,113	28,235,667
Subtotal	60,471,377	54,044,666
RMBS	12,607,338	12,463,729
CMBS	7,997,895	7,876,788
CLOs	5,347,583	5,335,683
ABSs and other structured securities	7,363,224	7,392,057
Total AFS Fixed Maturity Securities	$93,787,417	$87,112,923

Securities in a Continuous Unrealized Loss Position

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

loss position:


	Less Than 12 Months		12 Months or More		Total
As of March 31, 2026	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies	$25,990	$(283)	$299,035	$(117,996)	$325,025	$(118,279)
U.S. State, Municipal and Political Subdivisions	20,264	(433)	2,067,047	(707,688)	2,087,311	(708,121)
Corporate	17,294,914	(668,850)	14,072,127	(5,246,699)	31,367,041	(5,915,549)
RMBS	3,337,169	(33,760)	2,246,867	(218,598)	5,584,036	(252,358)
CMBS	1,564,001	(15,272)	1,210,564	(150,786)	2,774,565	(166,058)
CLOs	1,632,038	(14,221)	172,747	(13,651)	1,804,785	(27,872)
ABSs	2,291,634	(15,538)	521,583	(29,524)	2,813,217	(45,062)
Total AFS Fixed Maturity Securities in a Continuous Loss Position	$26,166,010	$(748,357)	$20,589,970	$(6,484,942)	$46,755,980	$(7,233,299)


	Less Than 12 Months		12 Months or More		Total
As of December 31, 2025	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies	$6,471	$(91)	$309,323	$(115,230)	$315,794	$(115,321)
U.S. State, Municipal and Political Subdivisions	63,324	(2,881)	2,218,719	(724,818)	2,282,043	(727,699)
Corporate	10,823,134	(318,232)	15,212,470	(5,124,875)	26,035,604	(5,443,107)
RMBS	924,438	(11,289)	2,394,460	(222,494)	3,318,898	(233,783)
CMBS	648,393	(8,421)	1,358,253	(165,241)	2,006,646	(173,662)
CLOs	445,694	(7,687)	175,420	(11,306)	621,114	(18,993)
ABSs	918,685	(8,027)	634,040	(30,007)	1,552,725	(38,034)
Total AFS Fixed Maturity Securities in a Continuous Loss Position	$13,830,139	$(356,628)	$22,302,685	$(6,393,971)	$36,132,824	$(6,750,599)

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 $324.2 million

and $279.7 million as of March 31, 2026 and December 31, 2025, respectively. The single largest unrealized loss on AFS fixed

maturity securities was $45.5 million and $43.8 million as of March 31, 2026 and December 31, 2025, respectively. Global

Atlantic had 5,386 and 4,294 securities in an unrealized loss position as of March 31, 2026 and December 31, 2025,

respectively.

As of March 31, 2026, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of

2,700 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 $1.3 billion and $123.4 million, respectively, as of

March 31, 2026. These fixed maturity securities primarily relate to Corporate, RMBS, and U.S. state, municipal and political

subdivisions fixed maturity securities, which have depressed values due primarily to an increase in interest rates since the

purchase of these securities. Unrealized losses were not recognized in net income on these fixed maturity securities since

Global Atlantic neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to

sell these securities before recovery of their cost or amortized cost basis. For securities with significant declines in value,

individual security level analysis was performed utilizing underlying collateral default expectations, market data, and industry

analyst reports.

Mortgage and Other Loan Receivables

Mortgage and other loan receivables consist of the following:


	March 31, 2026	December 31, 2025
Commercial Mortgage Loans(1)	$26,141,967	$27,023,582
Residential Mortgage Loans(1)	21,961,322	21,697,199
Consumer Loans(1)	3,677,128	3,927,619
Other Loan Receivables(1)(2)	1,717,135	1,598,711
Total Mortgage and Other Loan Receivables	$53,497,552	$54,247,111
Allowance for Credit Losses(3)	(717,947)	(608,494)
Total Mortgage and Other Loan Receivables, Net of Allowance for Credit Losses	$52,779,605	$53,638,617

(1)Includes $12.7 billion and $11.2 billion of loans carried at fair value using the fair value option as of March 31, 2026 and December 31, 2025, respectively.

These loans had unpaid principal balances of $12.9 billion and $11.3 billion as of March 31, 2026 and December 31, 2025, respectively.

(2)As of March 31, 2026, other loan receivables consisted primarily of business loans, renewable energy development loans, warehouse facility loans backed

by agricultural mortgages, loans collateralized by aircraft, and loans collateralized by residential mortgages, of $615.3 million, $363.7 million, $295.5

million, $221.5 million and $200.0 million, respectively. As of December 31, 2025, other loan receivables consisted primarily of business loans, warehouse

facility loans backed by agricultural mortgages, renewable energy development loans, loans collateralized by aircraft, and loans collateralized by

residential mortgages, of $415.6 million, $368.5 million, $347.2 million, $245.7 million, and $200.2 million, respectively.

(3)Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of $(40.0) million and $(41.6) million as of March 31,

2026 and December 31, 2025, respectively.

The maturity distribution for residential and commercial mortgage loans was as follows as of March 31, 2026:


Years	Residential	Commercial	Total Mortgage Loans
Remainder of 2026	$246,725	$6,908,451	$7,155,176
2027	502,033	8,905,975	9,408,008
2028	298,083	3,014,248	3,312,331
2029	7,310	2,151,037	2,158,347
2030	8,444	682,660	691,104
2031	298,843	1,486,163	1,785,006
Thereafter	20,599,884	2,993,433	23,593,317
Total	$21,961,322	$26,141,967	$48,103,289

Actual maturities could differ from contractual maturities because borrowers may have the right to prepay (with or

without prepayment penalties) and loans may be refinanced.

Global Atlantic diversifies its mortgage loan portfolio by both geographic region and property type to reduce

concentration risk. The following tables present the mortgage loans by geographic region and property type:


Mortgage Loans – Carrying Value by Geographic Region	March 31, 2026		December 31, 2025
South Atlantic	$12,809,196	26.6%	$12,800,157	26.3%
Pacific	11,370,508	23.6%	11,597,170	23.8%
Middle Atlantic	6,181,378	12.9%	6,366,894	13.1%
West South Central	5,641,598	11.7%	5,653,175	11.6%
Mountain	3,974,571	8.3%	4,070,774	8.4%
New England	1,681,331	3.5%	1,745,938	3.6%
East North Central	1,517,748	3.2%	1,500,393	3.1%
East South Central	1,028,693	2.1%	999,681	2.1%
West North Central	443,366	0.9%	429,716	0.9%
International	2,525,306	5.2%	2,647,870	5.4%
Other Regions	929,594	2.0%	909,013	1.7%
Total by Geographic Region	$48,103,289	100.0%	$48,720,781	100.0%


Mortgage Loans – Carrying Value by Property Type	March 31, 2026		December 31, 2025
Residential	$21,961,322	45.6%	$21,697,199	44.5%
Multi-Family	12,796,685	26.6%	13,168,408	27.0%
Industrial	6,419,122	13.3%	6,565,358	13.5%
Office Building	4,326,538	9.0%	4,677,864	9.6%
Other Property Types	1,618,378	3.4%	1,609,220	3.3%
Retail	849,219	1.8%	869,227	1.8%
Warehouse	132,025	0.3%	133,505	0.3%
Total by Property Type	$48,103,289	100.0%	$48,720,781	100.0%

As of March 31, 2026 and December 31, 2025, Global Atlantic had $303.6 million and $318.4 million of mortgage loans

that were 90 days or more past due or are in the process of foreclosure, respectively, and have been classified as non-income

producing (i.e., in a non-accrual status). Global Atlantic ceases accrual of interest on loans that are more than 90 days past

due or are in the process of foreclosure and recognizes income as cash is received.

Credit Quality Indicators

Mortgage and Consumer Loan Receivable Performance Status

The following table represents the portfolio of mortgage and consumer loan receivables by origination year and

performance status as of March 31, 2026 and December 31, 2025:


	By Year of Origination
Performance Status as of March 31, 2026	2026	2025	2024	2023	2022	Prior	Total
Commercial Mortgage Loans
Gross Charge-Offs for the Three Months Ended March 31, 2026	$—	$—	$—	$—	$—	$(41,691)	$(41,691)

Current	$—	$3,931,217	$5,020,006	$2,697,392	$5,009,891	$9,404,355	$26,062,861
30 to 59 Days Past Due	—	—	—	—	—	34,106	34,106
60 to 89 Days Past Due	—	—	—	—	—	—	—
90 Days or More Past Due or in Process of Foreclosure	—	—	—	—	—	45,000	45,000
Total Commercial Mortgage Loans	$—	$3,931,217	$5,020,006	$2,697,392	$5,009,891	$9,483,461	$26,141,967
Residential Mortgage Loans
Gross Charge-Offs for the Three Months Ended March 31, 2026	$—	$(106)	$(151)	$(284)	$(323)	$(688)	$(1,552)

Current	$1,076,250	$4,748,997	$5,779,006	$2,710,576	$1,979,444	$4,970,608	$21,264,881
30 to 59 Days Past Due	—	55,362	111,743	73,790	23,551	65,990	330,436
60 to 89 Days Past Due	—	19,716	32,462	26,817	6,402	22,050	107,447
90 Days or More Past Due or in Process of Foreclosure	—	29,346	89,074	51,248	25,368	63,522	258,558
Total Residential Mortgage Loans	$1,076,250	$4,853,421	$6,012,285	$2,862,431	$2,034,765	$5,122,170	$21,961,322
Consumer Loans
Gross Charge-Offs for the Three Months Ended March 31, 2026	$—	$(81)	$(3,025)	$(3,478)	$(4,330)	$(20,610)	$(31,524)

Current	$—	$28,108	$306,023	$353,833	$577,862	$2,308,286	$3,574,112
30 to 59 Days Past Due	—	196	3,005	3,918	4,921	31,901	43,941
60 to 89 Days Past Due	—	105	2,314	2,773	3,188	17,013	25,393
90 Days or More Past Due or in Process of Foreclosure	—	297	3,424	5,369	6,220	18,372	33,682
Total Consumer Loans	$—	$28,706	$314,766	$365,893	$592,191	$2,375,572	$3,677,128
Total Mortgage and Consumer Loan Receivables	$1,076,250	$8,813,344	$11,347,057	$5,925,716	$7,636,847	$16,981,203	$51,780,417


	By Year of Origination
Performance Status as of December 31, 2025	2025	2024	2023	2022	2021	Prior	Total
Commercial Mortgage Loans
Gross Charge-Offs for the Twelve Months Ended December 31, 2025	$—	$—	$—	$—	$(1,824)	$(9,796)	$(11,620)

Current	$3,850,935	$5,015,588	$3,215,016	$5,163,206	$5,910,951	$3,822,886	$26,978,582
30 to 59 Days Past Due	—	—	—	—	—	—	—
60 to 89 Days Past Due	—	—	—	—	—	—	—
90 Days or More Past Due or in Process of Foreclosure	—	—	—	—	—	45,000	45,000
Total Commercial Mortgage Loans	$3,850,935	$5,015,588	$3,215,016	$5,163,206	$5,910,951	$3,867,886	$27,023,582
Residential Mortgage Loans
Gross Charge-Offs for the Twelve Months Ended December 31, 2025	$—	$(1,110)	$(726)	$(1,327)	$(149)	$(4,538)	$(7,850)

Current	$4,976,510	$6,334,704	$2,981,373	$1,689,316	$3,628,245	$1,357,231	$20,967,379
30 to 59 Days Past Due	52,368	117,945	78,904	24,199	33,931	39,770	347,117
60 to 89 Days Past Due	16,725	41,610	17,482	5,624	11,971	15,877	109,289
90 Days or More Past Due or in Process of Foreclosure	7,953	112,116	47,811	30,481	42,242	32,811	273,414
Total Residential Mortgage Loans	$5,053,556	$6,606,375	$3,125,570	$1,749,620	$3,716,389	$1,445,689	$21,697,199
Consumer Loans
Gross Charge-Offs for the Twelve Months Ended December 31, 2025	$(120)	$(7,198)	$(14,431)	$(18,485)	$(55,133)	$(41,338)	$(136,705)

Current	$31,390	$355,050	$385,236	$617,583	$1,123,889	$1,311,315	$3,824,463
30 to 59 Days Past Due	150	3,493	3,993	4,870	15,929	16,500	44,935
60 to 89 Days Past Due	117	2,318	3,035	3,583	8,398	9,477	26,928
90 Days or More Past Due or in Process of Foreclosure	160	3,107	3,965	6,419	8,050	9,592	31,293
Total Consumer Loans	$31,817	$363,968	$396,229	$632,455	$1,156,266	$1,346,884	$3,927,619
Total Mortgage and Consumer Loan Receivables	$8,936,308	$11,985,931	$6,736,815	$7,545,281	$10,783,606	$6,660,459	$52,648,400

Loan-to-Value Ratio on Mortgage Loans

The loan-to-value ratio is expressed as a percentage of the current amount of the loan relative to the value of the

underlying collateral. The following table summarizes Global Atlantic's loan-to-value ratios for its commercial mortgage loans

as of March 31, 2026 and December 31, 2025:


Loan-to-Value as of March 31, 2026, 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
2026	$—	$—	$—	$—
2025	3,783,538	147,679	—	3,931,217
2024	4,872,658	147,348	—	5,020,006
2023	2,697,392	—	—	2,697,392
2022	4,675,434	334,457	—	5,009,891
2021	4,268,944	1,348,643	112,942	5,730,529
Prior	3,292,836	67,723	392,373	3,752,932
Total Commercial Mortgage Loans	$23,590,802	$2,045,850	$505,315	$26,141,967


Loan-to-Value as of December 31, 2025, by Year of Origination	Carrying Value Loan-to-Value 70% and Less	Carrying Value Loan-to-Value 71% - 90%	Carrying Value Loan-to-Value Over 90%	Total Carrying Value
2025	$3,662,392	$188,543	$—	$3,850,935
2024	4,865,317	150,271	—	5,015,588
2023	3,215,016	—	—	3,215,016
2022	4,719,340	408,918	34,948	5,163,206
2021	4,427,697	1,285,014	198,240	5,910,951
2020	376,593	89,762	34,974	501,329
Prior	3,057,650	83,147	225,760	3,366,557
Total Commercial Mortgage Loans	$24,324,005	$2,205,655	$493,922	$27,023,582

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 64% as of both March 31,

2026 and December 31, 2025.

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 three months ended March 31, 2026 and 2025:


Three Months Ended March 31, 2026 by Loan Type	Deferral of Amounts Due	Interest Rate Relief	Maturity Extension	Combination(1)	Total	Percentage of Total Carrying Value Outstanding
Commercial Mortgage Loans	$—	$—	$—	$79,121	$79,121	0.30%
Residential Mortgage Loans	991	—	—	555	1,546	0.01%
Consumer Loans	1,547	64	4,592	7,554	13,757	0.37%
Total(2)	$2,538	$64	$4,592	$87,230	$94,424

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

(2)Excludes loans that were modified during the year, but were repaid in full by year end.


Three Months Ended March 31, 2025 by Loan Type	Deferral of Amounts Due	Interest Rate Relief	Maturity Extension	Combination(1)	Total	Percentage of Total Carrying Value Outstanding
Commercial Mortgage Loans	$—	$37,998	$—	$67,504	$105,502	0.41%
Residential Mortgage Loans	1,681	—	—	—	1,681	0.01%
Consumer Loans	3,124	271	8,139	7,212	18,746	0.39%
Total(2)	$4,805	$38,269	$8,139	$74,716	$125,929

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

(2)Excludes loans that were modified during the year, but were repaid in full by year end.

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 may involve a change from a floating rate to

fixed, a decrease in fixed rate, or a decrease in spread. Interest rate relief provided during the three months ended March 31,

2026 and 2025, was at a weighted average rate of 7.7% and 3.0%, respectively. The maturity extensions for commercial

mortgage loans added a weighted-average of 2.9 years and 2.0 years to the life of the loans, for the three months ended

March 31, 2026 and 2025, respectively. As of March 31, 2026, Global Atlantic has commitments to lend additional funds of

$42.9 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 March 31, 2026:


Performance Status as of March 31, 2026 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	$266,295	$—		$—		$—	$266,295
Residential Mortgage Loans	3,950	73		459		1,058	5,540
Consumer Loans	33,281	7,912		3,548		2,555	47,296
Total(1)	$303,526	$7,985	$—	$4,007	0	$3,613	$319,131

(1)Loans may have been modified more than once during the twelve months period; in this circumstance, the loan is only included once in this table.

Modified loans that were subsequently repaid are excluded.

Repurchase Agreement Transactions

As of March 31, 2026 and December 31, 2025, Global Atlantic participated in repurchase agreements with a notional

value of $715.1 million and $663.8 million, respectively. As collateral for these transactions, Global Atlantic typically posts AFS

fixed maturity securities and/or mortgage and other loan receivables, which are included in Insurance – Investments in the

consolidated statements of financial condition. The gross obligation for repurchase agreements is reported in Other Liabilities

in the consolidated statements of financial condition.

The carrying value of assets pledged for repurchase agreements by type of collateral and remaining contractual maturity

of the repurchase agreements as of March 31, 2026 and December 31, 2025 is presented in the following tables:


As of March 31, 2026	Overnight	<30 Days	30 - 90 Days	> 90 Days	Total
Residential Mortgage Loans	$—	$4,707	$210,667	$550,327	$765,701
Total Assets Pledged	$—	$4,707	$210,667	$550,327	$765,701


As of December 31, 2025	Overnight	<30 Days	30 - 90 Days	> 90 Days	Total
Residential Mortgage Loans	$—	$8,631	$312,404	$390,974	$712,009
Total Assets Pledged	$—	$8,631	$312,404	$390,974	$712,009

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 $154.1 million and

$122.0 million (accounted for at cost basis) of stock in FHLBs as of March 31, 2026 and December 31, 2025, 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 $8.1 billion and $7.1 billion as of March 31, 2026 and

December 31, 2025, 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 $850.1 million and $873.6 million as of March 31, 2026 and December 31, 2025, respectively.

Insurance – Statutory Deposits

As of March 31, 2026 and December 31, 2025, the carrying value of the assets on deposit with various state and U.S.

governmental authorities were $142.7 million and $145.1 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 $42.9

million and $49.9 million as of March 31, 2026 and December 31, 2025, respectively.

Global Atlantic also has embedded derivatives related to reinsurance contracts that are accounted for on a modified

coinsurance and funds withheld basis. An embedded derivative exists because the arrangement exposes the reinsurer to

third-party credit risk. These embedded derivatives are included in funds withheld receivable and payable at interest in the

consolidated statements of financial condition.

Credit Risk

Global Atlantic may be exposed to credit-related losses in the event of nonperformance by its counterparties to

derivatives. Generally, the current credit exposure of Global Atlantic’s derivatives is limited to the positive fair value of

derivatives less any collateral received from the counterparty.

Global Atlantic manages the credit risk on its derivatives by entering into derivative transactions with highly rated

financial institutions and other creditworthy counterparties and, where feasible, by trading through central clearing

counterparties. Global Atlantic further manages its credit risk on derivatives via the use of master netting agreements, which

require the daily posting of collateral by the party in a liability position. Counterparty credit exposure and collateral values are

monitored regularly and measured against counterparty exposure limits. The provisions of derivative transactions may allow

for the termination and settlement of a transaction if there is a downgrade to Global Atlantic’s financial strength ratings

below a specified level.

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


As of March 31, 2026	A s o f	Notional Value	Derivative Assets	Derivative Liabilities
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options		$25,096,793	$331,146	$713,776
Other Derivatives		7,818,153	55,037	37,742
Total Asset Management and Strategic Holdings		$32,914,946	$386,183	$751,518

Insurance
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate Contracts		$14,240,590	$93,121	$335,890
Foreign Currency Contracts		9,010,520	94,276	130,811
Total Derivatives Designated as Hedge Accounting Instruments		$23,251,110	$187,397	$466,701
Derivatives Not Designated as Hedge Accounting Instruments:
Equity Market Contracts		$41,905,961	$2,208,096	$137,241
Interest Rate Contracts		15,571,219	85,881	277,369
Foreign Currency Contracts		5,729,924	63,386	171,557
Other Contracts		2,645	2,092	—
Total Derivatives Not Designated as Hedge Accounting Instruments		63,209,749	2,359,455	586,167
Counterparty Netting(2)		—	(595,824)	(595,824)
Cash Collateral		—	(1,580,339)	(63,414)
Total Insurance(1)		$86,460,859	$370,689	$393,630

Fair Value Included Within Total Assets and Liabilities		$119,375,805	$756,872	$1,145,148

(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $60.0 million and the fair value of these embedded

derivatives related to liabilities was $4.9 billion as of March 31, 2026.

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


As of December 31, 2025	Notional Value	Derivative Assets	Derivative Liabilities
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options	$24,638,928	$179,920	$1,034,543
Other Derivatives	395,000	9,905	—
Total Asset Management and Strategic Holdings	$25,033,928	$189,825	$1,034,543

Insurance
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate Contracts	$13,455,830	$74,363	$317,096
Foreign Currency Contracts	6,074,755	27,045	112,226
Total Derivatives Designated as Hedge Accounting Instruments	$19,530,585	$101,408	$429,322
Derivatives Not Designated as Hedge Accounting Instruments:
Equity Market Contracts	$41,859,071	$2,676,076	$118,582
Interest Rate Contracts	17,525,214	310,503	322,404
Foreign Currency Contracts	4,325,825	31,860	223,470
Other Contracts	3,957	9,462	4,995
Total Derivatives Not Designated as Hedge Accounting Instruments	63,714,067	3,027,901	669,451
Counterparty Netting(2)	—	(615,081)	(615,081)
Cash Collateral	—	(2,208,206)	(47,447)
Total Insurance(1)	$83,244,652	$306,022	$436,245

Fair Value Included Within Total Assets and Liabilities	$108,278,580	$495,847	$1,470,788

(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $78.9 million and the fair value of these embedded

derivatives related to liabilities was $5.6 billion as of December 31, 2025.

(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 $4.9 billion and $3.7 billion as of March 31, 2026 and December 31, 2025, respectively.

Global Atlantic has designated foreign exchange swaps to hedge the foreign currency risk associated with certain policy

liabilities in fair value hedges. Changes in the fair value of the hedged policy liabilities due to changes in spot exchange rates

are recognized in earnings and are offset by the earnings impact of the spot changes of the foreign exchange swaps, both of

which are recognized within net policy benefits and claims. The effectiveness of these hedges is assessed using the spot

method. Changes in the fair value of the foreign exchange swaps 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 swaps. The carrying value of the policy liabilities in qualifying foreign

exchange fair value hedges was $102.4 million and nil as of March 31, 2026 and December 31, 2025, respectively.

Global Atlantic has designated interest rate swaps to hedge the interest rate risk associated with certain debt and policy

liabilities. These fair value hedges generally qualify for the shortcut method of assessing hedge effectiveness. The following

table presents the financial statement classification, carrying amount, and cumulative fair value hedging adjustments for

qualifying hedged debt and policy liabilities:


	As of March 31, 2026		As of December 31, 2025
	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	$3,556,923	$(139,129)	$3,572,318	$(123,471)
Policy Liabilities	4,568,793	(102,025)	3,647,117	(99,239)

(1)Includes $145.8 million and $154.6 million of hedging adjustments on discontinued hedging relationships as of March 31, 2026 and December 31, 2025,

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 2036 and are

expected to affect earnings until 2057. Regression analysis is used to assess the effectiveness of these hedges.

As of March 31, 2026 and December 31, 2025, there was a cumulative gain (loss) of $(201.2) million and $(213.9) million,

respectively, on the currently designated bond forwards recorded in accumulated other comprehensive income (loss).

Amounts deferred in accumulated other comprehensive income (loss) are reclassified to net investment income following the

qualifying purchases of AFS securities, as an adjustment to the yield earned over the life of the purchased securities, using the

effective interest method.

Global Atlantic has designated interest rate swaps to hedge the interest rate risk associated with floating rate

investments, including AFS fixed maturity securities and commercial mortgage loans. Regression analysis is used to assess the

effectiveness of these hedges.

As of March 31, 2026 and December 31, 2025, there was a cumulative gain (loss) of $(36.9) million and $(22.3) 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 March 31, 2026, there was a cumulative gain (loss) of $(32.3) 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 March 31, 2026 and December 31, 2025, the cumulative

foreign currency translation gain (loss) recorded in accumulated other comprehensive income related to net investment

hedges was $(3.8) million and $(14.1) million, respectively.

Derivative Results

The following table presents the financial statement classification and amount of gains (losses) recognized on derivative

instruments and related hedged items, where applicable. None of the Asset Management and Strategic Holdings derivatives

are designated as hedge accounting instruments. The table below includes only derivatives held by Global Atlantic.


	Three Months Ended March 31, 2026
	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	$—	$—	$(12,849)	$(24,503)	$—
Foreign Currency Contracts	102,446	2,848	(3,683)	—	(4,738)
Total Gains (Losses) on Derivatives Designated as Hedge Instruments	$102,446	$2,848	$(16,532)	$(24,503)	$(4,738)
Gains (Losses) on Hedged Items:
Interest Rate Contracts	$—	$—	$12,849	$24,503	$—
Foreign Currency Contracts	(94,528)	—	3,683	—	—
Total Gains (Losses) on Hedged Items	$(94,528)	$—	$16,532	$24,503	$—
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts	$6,186	$—	$—	$—	$—
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness	$6,186	$—	$—	$—	$—
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items	$14,104	$2,848	$—	$—	$(4,738)
Cash Flow Hedges
Foreign Currency Contracts	$—	$—	$(41,893)	$—	$(32,274)
Interest Rate Contracts	—	(3,758)	—	—	(1,839)
Total Gains (Losses) on Cash Flow Hedges	$—	$(3,758)	$(41,893)	$—	$(34,113)
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments	$—	$713	$—	$—	$10,307
Total Gains (Losses) on Net Investment Hedges	$—	$713	$—	$—	$10,307
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable	$(18,830)	$—	$—	$—	$—
Embedded Derivatives - Funds Withheld Payable	279,317	—	—	—	—
Equity Index Options	(332,019)	—	—	—	—
Equity Futures Contracts	21,109	—	—	—	—
Interest Rate Contracts	(64,847)	—	—	—	—
Credit risk contracts
Foreign Exchange and Other Derivative Contracts	66,718	—	—	—	—
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities	$(48,552)	$—	$—	$—	$—
Total	$(34,448)	$(197)	$(41,893)	$—	$(28,544)


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

Collateral

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

were as follows:


As of March 31, 2026	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)	$2,546,852	$(2,176,163)	$370,689	$(339,001)	$31,688
Derivative Liabilities (Excluding Embedded Derivatives)	$1,052,868	$(659,238)	$393,630	$617,908	$(224,278)

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


As of December 31, 2025	Gross Amount Recognized	Gross Amounts Offset in the Statements of Financial Condition(1)	Net Amounts Presented in the Statements of Financial Condition	Collateral (Received) / Pledged	Net Amount After Collateral
Derivative Assets (Excluding Embedded Derivatives)	$3,129,309	$(2,823,287)	$306,022	$(511,452)	$(205,430)
Derivative Liabilities (Excluding Embedded Derivatives)	$1,098,773	$(662,528)	$436,245	$723,701	$(287,456)

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

9**.** FAIR VALUE MEASUREMENTS

The following tables summarize the valuation of assets and liabilities measured and reported at fair value by the fair value

hierarchy. Investments classified as Equity Method – Other, for which the fair value option has not been elected, and Equity

Method – Capital Allocation-Based Income have been excluded from the tables below.

Assets, at fair value:


	March 31, 2026
	Level I	Level II	Level III		Total
Asset Management and Strategic Holdings
Private Equity	$1,109,129	$408,608	$46,392,775		$47,910,512
Credit	—	3,414,468	6,156,440		9,570,908
Investments of Consolidated CFEs	—	30,356,670	—		30,356,670
Real Assets	69,407	21,775	13,537,230		13,628,412
Other Investments	53,909	—	4,842,112		4,896,021
Total Investments (2)(3)	$1,232,445	$34,201,521	$70,928,557		$106,362,523

Foreign Exchange Contracts and Options	—	331,146	—		331,146
Other Derivatives	115	54,922	—		55,037
Total Assets at Fair Value – Asset Management and Strategic Holdings	$1,232,560	$34,587,589	$70,928,557		$106,748,706
Insurance
AFS Fixed Maturity Securities:
U.S. Government and Agencies	$—	$386,685	$—		$386,685
U.S. State, Municipal and Political Subdivisions	—	2,239,599	—		2,239,599
Corporate	—	35,045,453	16,372,929		51,418,382
Structured Securities	—	28,529,762	4,538,496		33,068,258
Total AFS Fixed Maturity Securities	$—	$66,201,499	$20,911,425		$87,112,923
Trading Fixed Maturity Securities	$—	$21,054,827	$4,287,774		$25,342,601
Mortgage and Other Loan Receivables	—	—	12,699,906		12,699,906
Real Assets	—	—	8,757,586	(1)	8,757,586
Other Investments	1,416,827	530,469	520,623	(1)	2,467,919
Funds Withheld Receivable at Interest	—	—	60,028		60,028
Reinsurance Recoverable	—	—	931,565		931,565
Derivative Assets (4)	4,290	366,399	—		370,689
Separate Account Assets	3,585,272	—	—		3,585,272
Total Assets at Fair Value – Insurance	$5,006,389	$88,153,193	$48,168,907		$141,328,489

Total Assets at Fair Value	$6,238,949	$122,740,782	$119,097,464		$248,077,195


	December 31, 2025
	Level I	Level II	Level III		Total
Asset Management and Strategic Holdings
Private Equity	$1,129,094	$331,151	$48,038,163		$49,498,408
Credit	—	3,237,077	4,192,312		7,429,389
Investments of Consolidated CFEs	—	30,673,565	—		30,673,565
Real Assets	102,510	24,262	13,577,003		13,703,775
Other Investments	93,243	2,246	5,180,933		5,276,422
Total Investments (3)	$1,324,847	$34,268,301	$70,988,411		$106,581,559

Foreign Exchange Contracts and Options	—	179,920	—		179,920
Other Derivatives	36	9,869	—		9,905
Total Assets at Fair Value – Asset Management and Strategic Holdings	$1,324,883	$34,458,090	$70,988,411		$106,771,384
Insurance
AFS Fixed Maturity Securities:
U.S. Government and Agencies	$—	$411,070	$—		$411,070
U.S. State, Municipal and Political Subdivisions	—	2,447,994	—		2,447,994
Corporate	—	38,840,214	14,664,089		53,504,303
Structured Securities	—	30,005,461	4,218,228		34,223,689
Total AFS Fixed Maturity Securities	$—	$71,704,739	$18,882,317		$90,587,056
Trading Fixed Maturity Securities	$—	$21,798,167	$3,435,792		$25,233,959
Mortgage and Other Loan Receivables	—	—	11,154,547		11,154,547
Real Assets	—	—	8,696,775	'(1)	8,696,775
Other Investments	1,035,470	524,740	472,456	'(1)	2,032,666
Funds Withheld Receivable at Interest	—	—	78,858		78,858
Reinsurance Recoverable	—	—	934,105		934,105
Derivative Assets (4)	$586	$305,437	$—		$306,023
Separate Account Assets	3,841,403	—	—		3,841,403
Total Assets at Fair Value – Insurance	$4,877,459	$94,333,083	$43,654,850		$142,865,392

Total Assets at Fair Value	$6,202,342	$128,791,173	$114,643,261		$249,636,776

(1)Real assets and other investments excluded from the fair value hierarchy table include certain funds for which fair value is measured at net asset value per

share as a practical expedient. As of March 31, 2026 and December 31, 2025, the fair value of these real assets were $17.7 million and $25.3 million,

respectively, and other investments were $2,194.5 million and $334.7 million, respectively. These fund investments have strategies primarily focused on

real assets (primarily real estate) or other investments and are subject to certain restrictions on redemption. As of both March 31, 2026 and

December 31, 2025, there were $1.3 million of unfunded commitments associated with both real asset and other investments, respectively.

(2)Certain investments that are measured at fair value using NAV as a practical expedient under ASC 820 have not been categorized in the fair value

hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the

Consolidated Statements of Financial Condition. As of March 31, 2026 and December 31, 2025, the fair value of these assets is $441.1 million and $355.1

million, respectively.

(3)As of March 31, 2026 and December 31, 2025, the fair value of Equity Method investments is $1.7 billion and $2.3 billion, respectively.

(4)Represented net of derivative exposures covered by qualifying master netting agreements.

Liabilities, at fair value:


	March 31, 2026
	Level I	Level II	Level III		Total
Asset Management and Strategic Holdings
Securities Sold Short	$93,098	$—	$—		$93,098
Foreign Exchange Contracts and Options	—	713,776	—		713,776
Unfunded Revolver Commitments	—	—	117,728	(1)	117,728
Other Derivatives	—	37,742	—		37,742
Debt Obligations of Consolidated CFEs	—	30,012,515	—		30,012,515
Total Liabilities at Fair Value – Asset Management and Strategic Holdings	$93,098	$30,764,033	$117,728		$30,974,859

Insurance
Policy Liabilities (Including Market Risk Benefits)	$—	$—	$1,657,847	(3)	$1,657,847
Closed Block Policy Liabilities	—	—	980,117		980,117
Funds Withheld Payable at Interest	—	—	(2,555,171)		(2,555,171)
Derivative Instruments Payable (2)	—	393,630	—		393,630
Embedded Derivative – Interest-Sensitive Life Products	—	—	434,567		434,567
Embedded Derivative – Annuity Products	—	—	7,037,204		7,037,204
Total Liabilities at Fair Value – Insurance	$—	$393,630	$7,554,564		$7,948,194

Total Liabilities at Fair Value	$93,098	$31,157,663	$7,672,292		$38,923,053


	December 31, 2025
	Level I	Level II	Level III		Total
Asset Management and Strategic Holdings
Securities Sold Short	$134,669	$—	$—		$134,669
Foreign Exchange Contracts and Options	—	1,034,543	—		1,034,543
Unfunded Revolver Commitments	—	—	93,289	(1)	93,289
Debt Obligations of Consolidated CFEs	—	30,227,885	—		30,227,885
Total Liabilities at Fair Value – Asset Management and Strategic Holdings	$134,669	$31,262,428	$93,289		$31,490,386

Insurance
Policy Liabilities (Including Market Risk Benefits)	$—	$—	$1,608,580	(3)	$1,608,580
Closed Block Policy Liabilities	—	—	983,855		983,855
Funds Withheld Payable at Interest	—	—	(2,275,854)		(2,275,854)
Derivative Instruments Payable (2)	918	435,327	—		436,245
Embedded Derivative – Interest-Sensitive Life Products	—	—	485,025		485,025
Embedded Derivative – Annuity Products	—	—	7,355,480		7,355,480
Total Liabilities at Fair Value – Insurance	$918	$435,327	$8,157,086		$8,593,331

Total Liabilities at Fair Value	$135,587	$31,697,755	$8,250,375		$40,083,717

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

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

(3)Includes market risk benefit of $1.4 billion and $1.3 billion as of March 31, 2026 and December 31, 2025, respectively.

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level III

inputs have been used to determine fair value for the three months ended March 31, 2026 and 2025, respectively.


	Three Months Ended March 31, 2026
	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 (1)
Asset Management and Strategic Holdings
Private Equity	$48,038,163	$—	$—	$(912,606)	$34,983	$(767,765)	$—	$46,392,775	$(774,306)	$—
Credit	4,192,312	—	912,606	—	1,175,007	(123,485)	—	6,156,440	(111,385)	—
Real Assets	13,577,003	—	—	—	(150,812)	111,039	—	13,537,230	111,136	—
Other Investments	5,180,933	—	—	—	(281,448)	(57,373)	—	4,842,112	(53,250)	—
Total Assets – Asset Management and Strategic Holdings	$70,988,411	$—	$912,606	$(912,606)	$777,730	$(837,584)	$—	$70,928,557	$(827,805)	$—

Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities	$14,664,089	$—	$—	$—	$1,821,051	$(80,178)	$(32,033)	$16,372,929	$—	$(39,265)
Structured Securities	4,218,228	—	—	—	315,202	14,494	(9,428)	4,538,496	—	(9,876)
Total AFS Fixed Maturity Securities	$18,882,317	$—	$—	$—	$2,136,253	$(65,684)	$(41,461)	$20,911,425	$—	$(49,141)
Trading Fixed Maturity Securities	3,435,792	—	—	—	848,480	3,502	—	4,287,774	(1,579)	—
Mortgage and Other Loan Receivables	11,154,547	—	—	—	1,535,332	10,027	—	12,699,906	580	—
Real Assets	8,696,775	—	—	—	61,162	(351)	—	8,757,586	(10,415)	—
Other Investments	472,456	—	—	—	82,159	(33,992)	—	520,623	(34,032)	—
Funds Withheld Receivable at Interest	78,858	—	—	—	—	(18,830)	—	60,028	—	—
Reinsurance Recoverable	934,105	—	—	—	(5,621)	3,081	—	931,565	—	—
Total Assets – Insurance	$43,654,850	$—	$—	$—	$4,657,765	$(102,247)	$(41,461)	$48,168,907	$(45,446)	$(49,141)

Total	$114,643,261	$—	$912,606	$(912,606)	$5,435,495	$(939,831)	$(41,461)	$119,097,464	$(873,251)	$(49,141)


	Three Months Ended March 31, 2025
	Balance, Beg. of Period	Transfers In / (Out) – Changes in Consolidation	Transfers In	Transfers Out	Net Purchases/ Issuances/ Sales/ Settlements	Net Unrealized and Realized Gains (Losses)	Change in OCI	Balance, End of Period	Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date	Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management and Strategic Holdings
Private Equity	$34,452,418	$2,005,996	$—	$—	$734,643	$1,187,987	$—	$38,381,044	$1,146,726	$—
Credit	4,805,417	—	—	—	(429,281)	(13,558)	—	4,362,578	18,785	—
Real Assets	12,589,245	—	—	—	(20,577)	126,552	—	12,695,220	161,245	—
Other Investments	4,860,219	—	—	(24,594)	41,806	96,843	—	4,974,274	118,706	—
Total Assets – Asset Management and Strategic Holdings	$56,707,299	$2,005,996	$—	$(24,594)	$326,591	$1,397,824	$—	$60,413,116	$1,445,462	$—

Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities	$9,354,150	$—	$—	$(5,203)	$662,665	$34,681	$68,569	$10,114,862	$—	$24,303
Structured Securities	2,308,644	—	—	(3,555)	190,146	2,822	14,563	2,512,620	—	11,509
Total AFS Fixed Maturity Securities	$11,662,794	$—	$—	$(8,758)	$852,811	$37,503	$83,132	$12,627,482	$—	$35,812
Trading Fixed Maturity Securities	2,081,507	—	—	(634)	401,482	(25,179)	—	2,457,176	(21,196)	—
Mortgage and Other Loan Receivables	1,611,109	—	—	—	1,495,173	21,463	—	3,127,745	7,398	—
Real Assets	8,121,139	—	—	—	311,735	34,325	—	8,467,199	27,353	—
Other Investments	103,823	—	—	—	32,076	3,368	—	139,267	3,416	—
Funds Withheld Receivable at Interest	125,887	—	—	—	—	(24,066)	—	101,821	—	—
Reinsurance Recoverable	940,731	—	—	—	(5,020)	17,434	—	953,145	—	—
Total Assets – Insurance	$24,646,990	$—	$—	$(9,392)	$3,088,257	$64,848	$83,132	$27,873,835	$16,971	$35,812

Total	$81,354,288	$2,005,996	$—	$(33,986)	$3,414,848	$1,462,673	$83,132	$88,286,951	$1,462,433	$35,812

(1)As of March 31, 2026 and December 31, 2025, the fair value of Equity Method investments is $1.5 billion and $2.1 billion, respectively.


	Three Months Ended March 31, 2026
	Purchases	Issuances	Sales	Settlements	Net Purchases/ Issuances/Sales/ Settlements
Assets
Asset Management and Strategic Holdings
Private Equity	$94,782	$—	$(59,799)	$—	$34,983
Credit	1,371,426	—	(210,664)	14,245	1,175,007
Real Assets	155,977	—	(306,789)	—	(150,812)
Other Investments	39,075	—	(320,503)	(20)	(281,448)
Total Assets – Asset Management and Strategic Holdings	$1,661,260	$—	$(897,755)	$14,225	$777,730

Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities	$2,312,102	$—	$(87,870)	$(403,181)	$1,821,051
Structured Securities	667,819	—	(3,813)	(348,804)	315,202
Total AFS Fixed Maturity Securities	$2,979,921	$—	$(91,683)	$(751,985)	$2,136,253
Trading Fixed Maturity Securities	1,081,511	—	(41,175)	(191,856)	848,480
Mortgage and Other Loan Receivables	3,368,455	—	(1,411,944)	(421,179)	1,535,332
Real Assets	83,442	—	(16,075)	(6,205)	61,162
Other Investments	82,165	—	—	(6)	82,159
Reinsurance Recoverable	—	—	—	(5,621)	(5,621)
Total Assets – Insurance	$7,595,494	$—	$(1,560,877)	$(1,376,852)	$4,657,765

Total	$9,256,754	$—	$(2,458,632)	$(1,362,627)	$5,435,495


	Three Months Ended March 31, 2025
	Purchases	Issuances	Sales	Settlements	Net Purchases/ Issuances/Sales/ Settlements
Assets
Asset Management and Strategic Holdings
Private Equity	$991,879	$—	$(257,236)	$—	$734,643
Credit	445,056	—	(739,094)	(135,243)	(429,281)
Real Assets	126,465	—	(147,042)	—	(20,577)
Other Investments	141,883	—	(75,042)	(25,035)	41,806
Total Assets – Asset Management and Strategic Holdings	$1,705,283	$—	$(1,218,414)	$(160,278)	$326,591

Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities	$1,282,821	$—	$(51,072)	$(569,084)	$662,665
Structured Securities	439,634	—	(64,860)	(184,628)	190,146
Total AFS Fixed Maturity Securities	$1,722,455	$—	$(115,932)	$(753,712)	$852,811
Trading Fixed Maturity Securities	617,732	—	(179,163)	(37,087)	401,482
Mortgage and Other Loan Receivables	1,549,623	—	(97)	(54,353)	1,495,173
Real Assets	318,934	—	(7,199)	—	311,735
Other Investments	32,076	—	—	—	32,076
Reinsurance Recoverable	—	—	—	(5,020)	(5,020)
Total Assets – Insurance	$4,240,820	$—	$(302,391)	$(850,172)	$3,088,257

Total	$5,946,103	$—	$(1,520,805)	$(1,010,450)	$3,414,848


	Three Months Ended March 31, 2026
	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	$93,289	$—	$—	$—	$—	$24,439	$—	$117,728	$24,439
Total Liabilities – Asset Management and Strategic Holdings	$93,289	$—	$—	$—	$—	$24,439	$—	$117,728	$24,439

Insurance
Policy Liabilities	$1,608,580	$—	$—	$—	$21,393	$70,091	$(42,217)	$1,657,847	$—
Closed Block Policy Liabilities	983,855	—	—	—	(4,033)	(302)	597	980,117	—
Funds Withheld Payable at Interest	(2,275,854)	—	—	—	—	(279,317)	—	(2,555,171)	—
Embedded Derivative – Interest- Sensitive Life Products	485,025	—	—	—	(21,615)	(28,843)	—	434,567	—
Embedded Derivative – Annuity Products	7,355,480	—	—	—	488	(318,764)	—	7,037,204	—
Total Liabilities – Insurance	$8,157,086	$—	$—	$—	$(3,767)	$(557,135)	$(41,620)	$7,554,564	$—

Total	$8,250,375	$—	$—	$—	$(3,767)	$(532,696)	$(41,620)	$7,672,292	$24,439


	Three Months Ended March 31, 2025
	Balance, Beg. Of Period	Transfers In / (Out) - Changes In Consolidation	Transfers In	Transfers Out	Net Purchases/ sales/ settlements/ issuances	Net Unrealized And Realized Gains (Losses)	Change in OCI	Balance, End Of Period	Changes In Net Unrealized Gains (Losses) Included In Earnings Related To Level Iii Assets And Liabilities Still Held As Of The Reporting Date
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments	$96,848	$—	$—	$—	$—	$4,368	$—	$101,216	$4,368
Total Liabilities – Asset Management and Strategic Holdings	$96,848	$—	$—	$—	$—	$4,368	$—	$101,216	$4,368

Insurance
Policy Liabilities	$1,279,794	$—	$—	$—	$15,343	$219,024	$(15,559)	$1,498,602	$—
Closed Block Policy Liabilities	988,320	—	—	—	(3,327)	15,985	281	1,001,259	—
Funds Withheld Payable at Interest	(2,797,544)	—	—	—	—	423,563	—	(2,373,981)	—
Embedded Derivative – Interest- Sensitive Life Products	491,818	—	—	—	(41,673)	(35,786)	—	414,359	—
Embedded Derivative – Annuity Products	5,481,063	—	—	—	191,880	(152,358)	—	5,520,585	—
Total Liabilities – Insurance	$5,443,451	$—	$—	$—	$162,223	$470,428	$(15,278)	$6,060,824	$—

Total	$5,540,299	$—	$—	$—	$162,223	$474,796	$(15,278)	$6,162,040	$4,368


	Three Months Ended March 31, 2026
	Issuances	Settlements	Net Issuances/Settlements
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments	$—	$—	$—
Total Liabilities – Asset Management and Strategic Holdings	$—	$—	$—

Insurance
Policy Liabilities	$25,840	$(4,447)	$21,393
Closed Block Policy Liabilities	—	(4,033)	(4,033)
Embedded Derivative – Interest-Sensitive Life Products	—	(21,615)	(21,615)
Embedded Derivative – Annuity Products	133,714	(133,226)	488
Total Liabilities – Insurance	$159,554	$(163,321)	$(3,767)

Total	$159,554	$(163,321)	$(3,767)


	Three Months Ended March 31, 2025
	Issuances	Settlements	Net Issuances/Settlements
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments	$—	$—	$—
Total Liabilities – Asset Management and Strategic Holdings	$—	$—	$—

Insurance
Policy Liabilities	$19,226	$(3,883)	$15,343
Closed Block Policy Liabilities	—	(3,327)	(3,327)
Embedded Derivative – Interest-Sensitive Life Products	—	(41,673)	(41,673)
Embedded Derivative – Annuity Products	261,631	(69,751)	191,880
Total Liabilities – Insurance	$280,857	$(118,634)	$162,223

Total	$280,857	$(118,634)	$162,223

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 March 31, 2026. Because input information includes only those items for which information is reasonably

available, balances shown below may not equal total amounts reported for such Level III assets and liabilities:


Level III Assets	Fair Value March 31, 2026	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	$46,392,775	Inputs to market comparables, discounted cash flow and transaction price		Weight Ascribed to Market Comparables		33.2%		0.0% - 100.0%		(4)
			Weight Ascribed to Discounted Cash Flow		63.3%		0.0% - 75.0%		(5)
			Weight Ascribed to Transaction Price/Other		3.5%		0.0% - 100.0%		(6)

		Market comparables		Enterprise Value/LTM EBITDA Multiple		17.2x		4.8x - 26.2x		Increase
			Enterprise Value/Forward EBITDA Multiple		15.6x		6.9x - 23.2x		Increase
		Discounted cash flow		Discount Rate		11.7%		6.8% - 20.8%		Decrease
			Enterprise Value/EBITDA Exit Multiple		15.3x		7.0x - 27.0x		Increase


Credit	$6,156,440	Yield Analysis		Yield		11.5%		6.9% - 27.5%		Decrease
			Net Leverage		6.2x		1.80x -15.47x		Decrease
			EBITDA Multiple		8.4x		5.25x - 15.75x		Increase

Real Assets	$13,537,230
		Inputs to market comparables, discounted cash flow, direct income capitalization and transaction price		Weight Ascribed to Direct Income Capitalization		7.8%		0.0% - 100.0%		(7)
			Weight Ascribed to Discounted Cash Flow		78.8%		0.0% - 100.0%		(5)
			Weight Ascribed to Market Comparables/ Other		13.4%		0.0% - 100.0%		(4) (6)
		Market comparables		Enterprise Value/LTM EBITDA Multiple		7.0x		5.3x - 12.8x		Increase
			Enterprise Value/Forward EBITDA Multiple		6.7x		4.6x - 17.0x		Increase
		Direct income capitalization		Current Capitalization Rate		5.1%		2.4% - 7.2%		Decrease
		Discounted cash flow		Exit Capitalization Rate		5.7%		3.1% - 8.3%		Decrease
				Unlevered Discount Rate		7.3%		2.8% - 16.0%		Decrease
				Discount rate		11.1%		6.2% - 12.7%		Decrease
				Enterprise Value/EBITDA Exit Multiple		9.5x		9.5x - 9.5x		Increase



Other Investments	$4,842,112	(8)	Inputs to market comparables, discounted cash flow and transaction price		Weight Ascribed to Market Comparables		29.1%		0.0% - 100.0%		(4)
			Weight Ascribed to Discounted Cash Flow		53.1%		0.0% - 100.0%		(5)
				Weight Ascribed to Transaction Price		17.7%		0.0% - 100.0%		(6)
			Market comparables		Enterprise Value/LTM EBITDA Multiple		11.5x		3.0x - 19.3x		Increase
				Enterprise Value/Forward EBITDA Multiple		10.6x		3.0x - 14.5x		Increase
			Discounted cash flow		Discount Rate		14.2%		6.0% - 45.2%		Decrease
				Enterprise Value/EBITDA Exit Multiple		10.4x		8.3x - 12.5x		Increase

INSURANCE(9)

Corporate Fixed Maturity Securities	$19,613,100		Discounted cash flow		Discount Spread		2.7%		0.3% - 5.1%		Decrease

Structured Securities	$5,586,099		Discounted cash flow		Discount Spread		2.5%		1.3% - 5.2%		Decrease

Mortgage and Other Loan Receivables	$12,699,906		Discounted cash flow		Discount Spread		2.8%		0.5% - 4.4%		Decrease

Real Assets	$8,757,586		Discounted cash flow		Discount Rate		7.2%		6.5% - 8.2%		Decrease
					Terminal Capitalization Rate		5.8%		5.0% - 7.3%		Decrease

Reinsurance Recoverable	$931,565		Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.		Expense Assumption		$17.5		The average expense assumption is between $8.2 and $78.00 per policy, increased by inflation. The annual inflation rate was increased by 2.5%.		Increase
			Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.		Expense Risk Margin		9.4%				Decrease
					Cost of Capital		9.8%		3.7% - 13.8%		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)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.

(9)The funds withheld receivable at interest has been excluded from the above table. As discussed in Note 12 – Reinsurance, the funds withheld receivable

at interest is created through funds withheld contracts. The assets supporting these receivables were held in trusts for the benefit of Global Atlantic.

Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the funds

withheld reinsurance agreements.


Level III Liabilities	Fair Value March 31, 2026		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	$117,728		Yield Analysis		Discount Rate		11.8%		6.0% - 16.6%		Decrease

INSURANCE(4)

Policy Liabilities	$1,657,847		Policy liabilities under fair value option:
		Present value of best estimate liability cash flows. Unobservable inputs include a market participant view of the risk margin included in the discount rate which reflects the variability of the cash flows.		Risk Margin Rate		0.7%		0.6% - 0.8%		Decrease
		Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality.		Surrender Rate		6.3%		4.1% - 7.6%		Decrease
				Mortality Rate		4.9%		3.6% - 9.1%		Increase
			Market risk benefit:
			Fair value using a non-option and option valuation approach		Instrument-specific Credit Risk (10 and 30 Year)				0.7% / 0.7%		Decrease
			Policyholder behavior is also a significant unobservable input, including lapse, surrender, and mortality.		Mortality Rate		2.7%		0.4% - 29.0%		Decrease
					Surrender Rate		3.7%		0.1% - 37.0%		Decrease

Closed Block Policy Liabilities	$980,117		Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.		Expense Assumption		$17.5		The average expense assumption is between $8.2 and $78.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%.		Increase
				Instrument-Specific Credit Risk		0.7%		0.6% - 0.7%		Decrease
		Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.		Expense Risk Margin		9.4%				Decrease
				Cost of Capital		9.8%		3.7% - 13.8%		Increase
		Discounted cash flow		Mortality Rate		5.7%				Increase
				Surrender Rate		2.0%				Increase


Level III Liabilities	Fair Value March 31, 2026		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	$434,567		Policy persistency is a significant unobservable input.		Lapse Rate		3.2%				Decrease
				Mortality Rate		1.0%				Decrease
		Future costs for options used to hedge the contract obligations		Option Budget Assumption		3.6%				Increase
				Instrument-Specific Credit Risk		0.7%		0.6% - 0.7%		Decrease

Embedded Derivative – Annuity Products	$7,037,204		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		21.0%				Decrease
				Mortality Rate:
				Retail FIA		2.9%				Decrease
				Institutional FIA		1.8%				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		0.7%		0.6% - 0.7%		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 the Insurance segment’s financial instruments which are

not carried at fair value as of March 31, 2026 and December 31, 2025:


			Fair Value Hierarchy
As of March 31, 2026	Carrying Value		Level I		Level II		Level III		Fair Value
($ in thousands)
Financial Assets:
Insurance
Mortgage and Other Loan Receivables	$40,079,699	$—	$—	$—	$—	$—	$39,695,627	$—	$39,695,627
Policy Loans	1,641,232	—	—	—	—	—	1,627,283	—	1,627,283
FHLB Common Stock and Other Investments	197,321	—	—	—	—	—	197,321	—	197,321
Funds Withheld Receivables at Interest	2,207,139	0	—	0	2,207,139	0	—	—	2,207,139
Cash and Cash Equivalents	9,926,589	—	9,926,589	—	—	—	—	—	9,926,589
Restricted Cash and Cash Equivalents	243,756	—	243,756	—	—	—	—	—	243,756
Total Financial Assets	$54,295,736	$—	$10,170,345	$—	$2,207,139	$—	$41,520,231	$—	$53,897,715
Financial Liabilities:
Insurance
Policy Liabilities – Policyholder Account Balances	$66,833,061	$—	$—	$—	$53,945,643	$—	$12,125,835	$—	$66,071,478
Funds Withheld Payables at Interest	51,915,503	—	—	—	51,915,503	—	—	—	51,915,503
Debt Obligations	3,813,234	—	—	—	—	—	3,657,539	—	3,657,539
Securities Sold Under Agreements to Repurchase	715,242	—	—	—	715,242	—	—	—	715,242
Total Financial Liabilities	$123,277,040	$—	$—	$—	$106,576,388	$—	$15,783,374	$—	$122,359,762


		Fair Value Hierarchy
As of December 31, 2025	Carrying Value	Level I	Level II	Level III	Fair Value
($ in thousands)
Financial Assets:
Insurance
Mortgage and Other Loan Receivables	$42,484,070	$—	$—	$41,892,590	$41,892,590
Policy Loans	1,651,870	—	—	1,622,702	1,622,702
FHLB Common Stock and Other Investments	165,117	—	—	165,117	165,117
Funds Withheld Receivables at Interest	2,245,488	—	2,245,488	—	2,245,488
Cash and Cash Equivalents	7,511,273	7,511,273	—	—	7,511,273
Restricted Cash and Cash Equivalents	211,610	211,610	—	—	211,610
Total Financial Assets	$54,269,428	$7,722,883	$2,245,488	$43,680,409	$53,648,780
Financial Liabilities:
Insurance
Policy Liabilities – Policyholder Account Balances	$66,755,852	$—	$53,979,665	$12,388,101	$66,367,766
Funds Withheld Payables at Interest	49,098,598	—	49,098,598	—	49,098,598
Debt Obligations	3,820,407	—	—	3,886,916	3,886,916
Securities Sold Under Agreements to Repurchase	664,249	—	664,249	—	664,249
Total Financial Liabilities	$120,339,106	$—	$103,742,512	$16,275,017	$120,017,529

10**.** FAIR VALUE OPTION

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


	March 31, 2026	December 31, 2025
Assets
Asset Management and Strategic Holdings
Credit	$847,674	$456,999
Investments of Consolidated CFEs	30,356,670	30,673,565
Real Assets	163,998	163,839
Private Equity	1,537,310	1,145,721
Other Investments	125,973	100,075
Total Asset Management and Strategic Holdings (1)	$33,031,625	$32,540,199
Insurance
Fixed Maturity Securities	$575,657	$458,463
Mortgage and Other Loan Receivables	12,699,906	11,154,547
Real Assets	748,013	730,721
Other Investments	732,902	717,107
Reinsurance Recoverable	931,565	934,105
Total Insurance	$15,688,043	$13,994,943

Total Assets	$48,719,668	$46,535,142

Liabilities
Asset Management and Strategic Holdings
Debt Obligations of Consolidated CFEs	$30,012,515	$30,227,885
Total Asset Management and Strategic Holdings	$30,012,515	$30,227,885
Insurance
Policy Liabilities	$1,234,224	$1,242,659
Total Insurance	$1,234,224	$1,242,659

Total Liabilities	$31,246,739	$31,470,544

(1)As of March 31, 2026 and December 31, 2025, the fair value of Equity Method investments was $1.7 billion and $1.3 billion, respectively.

The following table presents the net realized and unrealized gains (losses) on financial instruments for which the fair

value option was elected:


	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)	Total	Net Realized Gains (Losses)	Net Unrealized Gains (Losses)	Total
Assets (1)
Asset Management and Strategic Holdings
Credit	$(2,949)	0	$3,795	$847	$8,692	$(10,738)	$(2,046)
Investments of Consolidated CFEs	(119,650)		(543,279)	(662,929)	(138,086)	(285,891)	(423,977)
Real Assets	(924)		(10,677)	(11,601)	—	15,147	15,147
Private Equity	4,782		(23,400)	(18,619)	16,705	(37,476)	(20,771)
Other Investments	2		17,705	17,707	1,966	(16,607)	(14,641)
Total Asset Management and Strategic Holdings	$(118,739)		$(555,856)	$(674,595)	$(110,723)	$(335,565)	$(446,288)
Insurance
Fixed Maturity Securities	$(45,600)		$35,351	$(10,249)	$1,178	$(18,421)	$(17,243)
Mortgage and Other Loan Receivables	9,812		12,901	22,713	—	13,847	13,847
Real Assets	—		14,392	14,392	—	19,619	19,619
Other Investments	—		(38,763)	(38,763)	—	(10,699)	(10,699)
Total Insurance	$(35,788)		$23,881	$(11,907)	$1,178	$4,346	$5,524

Total Assets	$(154,527)		$(531,975)	$(686,502)	$(109,545)	$(331,219)	$(440,764)

Liabilities
Asset Management and Strategic Holdings
Debt Obligations of Consolidated CFEs	$(1,158)		$470,763	$469,605	$(3,330)	$337,236	$333,906
Total Asset Management and Strategic Holdings	$(1,158)		$470,763	$469,605	$(3,330)	$337,236	$333,906
Insurance
Policy Liabilities	$—		$2,275	$2,275	$—	$(17,849)	$(17,849)
Total Insurance	$—		$2,275	$2,275	$—	$(17,849)	$(17,849)

Total Liabilities	$(1,158)		$473,038	$471,880	$(3,330)	$319,387	$316,057

(1)As of March 31, 2026 and December 31, 2025, the net gains (losses) of Equity Method investments was $(20.9) million and $41.7 million, respectively.

11**.** INSURANCE INTANGIBLES 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 March 31, 2026 and December 31, 2025:


	March 31,	December 31,
	2026	2025
Deferred Acquisition Costs, or "DAC"	$2,457,241	$2,366,589
Value of Business Acquired	1,060,196	1,080,641
Cost-of-Reinsurance Intangibles	2,260,047	2,308,106
Deferred Sales Inducements	151,588	149,892
Total Insurance Intangible Assets	$5,929,072	$5,905,228

Deferred Acquisition Costs

The following tables reflect the deferred acquisition costs roll-forward by product category for the three months ended

March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
	Fixed Rate Annuities	Fixed Indexed Annuities	Interest Sensitive Life	Other	Total
Balance, as of the Beginning of the Period	$489,962	$1,053,389	$130,429	$692,809	$2,366,589
Capitalizations	12,540	74,009	1,553	96,484	184,586
Amortization Expense	(31,780)	(44,414)	(2,174)	(15,566)	(93,934)
Balance, as of the End of the Period	$470,722	$1,082,984	$129,808	$773,727	$2,457,241


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

Value of Business Acquired

The following tables reflect the value of business acquired, or “VOBA” asset roll-forward by product category for the

three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
	Fixed Rate Annuities	Fixed Indexed Annuities	Interest Sensitive Life	Variable Annuities	Other	Total
Balance, as of the Beginning of the Period	$37,763	$535,524	$236,568	$204,955	$65,831	$1,080,641
Amortization Expense	(834)	(10,308)	(3,128)	(4,694)	(1,481)	(20,445)
Balance, as of the End of the Period	$36,929	$525,216	$233,440	$200,261	$64,350	$1,060,196


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

The following tables reflect the negative value of business acquired, or “negative VOBA” liability roll-forward by product

category for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026
	Fixed Rate Annuities	Fixed Indexed Annuities	Interest Sensitive Life	Variable Annuities	Other	Total
Balance, as of the Beginning of the Period	$31,939	$52,940	$358,128	$78,313	$157,112	$678,432
Amortization Expense	(2,132)	(4,373)	(6,971)	(1,918)	(3,014)	(18,408)
Balance, as of the End of the Period	$29,807	$48,567	$351,157	$76,395	$154,098	$660,024


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

Deferred Sales Inducements

The following tables reflect the deferred sales inducements roll-forward by product category for the three months ended

March 31, 2026:


	Three Months Ended March 31, 2026
	Fixed Indexed Annuities
Balance, as of the Beginning of the Period	$149,892
Capitalizations	8,090
Amortization Expense	(6,394)
Balance, as of the End of the Period	$151,588

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 three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025
	Preneed
Balance, as of the Beginning of the Period	$279,210	$230,790
Deferral	17,237	16,874
Amortized to Income during the Period	(5,859)	(4,813)
Balance, as of the End of the Period	$290,588	$242,851

12**.** REINSURANCE

Global Atlantic maintains a number of reinsurance treaties with third parties whereby Global Atlantic assumes annuity

and life policies on a coinsurance, modified coinsurance or funds withheld basis. Global Atlantic also maintains other

reinsurance treaties including the cession of certain annuity, life and health policies.

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


	March 31, 2026	December 31, 2025
Policy Liabilities:
Direct	$97,092,779	$97,358,820
Assumed	107,634,338	108,199,907
Total Policy Liabilities	204,727,117	205,558,727
Ceded(1)	(50,155,482)	(47,727,495)
Net Policy Liabilities	$154,571,635	$157,831,232

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

A key credit quality indicator is a counterparty’s A.M. Best financial strength rating. A.M. Best ratings are an independent

opinion of a reinsurer’s ability to meet ongoing obligations to policyholders. Global Atlantic mitigates counterparty credit risk

by requiring collateral and credit enhancements in various forms including engaging in funds withheld at interest and

modified coinsurance transactions. The following shows the amortized cost basis of Global Atlantic’s reinsurance recoverable

and funds withheld receivable at interest by credit quality indicator and any associated credit enhancements Global Atlantic

has obtained to mitigate counterparty credit risk:


	As of March 31, 2026			As of December 31, 2025
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++	$95,678	$—	$95,678	$77,376	$—	$77,376
A+	2,033,764	—	2,033,764	2,106,064	—	2,106,064
A	1,554,755	—	1,554,755	1,551,142	—	1,551,142
A-	3,541,944	3,091,236	450,708	3,633,569	3,182,815	450,754
B++	1,634	—	1,634	1,552	—	1,552
B+	—	—	—	—	—	—
B	—	—	—	—	—	—
B-	—	—	—	—	—	—
C++/C+	—	—	—	—	—	—
Not Rated or Private Rating(4)	45,492,840	46,269,096	—	42,977,248	43,639,929	—
Total	$52,720,615	$49,360,332	$4,136,539	$50,346,951	$46,822,744	$4,186,888

(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 $29.6 million and $25.6 million as of March 31, 2026 and December 31, 2025, respectively, held against reinsurance

recoverable and funds withheld receivable at interest.

(4)Includes $45.5 billion and $43.0 billion as of March 31, 2026 and December 31, 2025, respectively, associated with cessions to certain sponsored

investment vehicles that participate in qualifying institutional and individual market activities sourced by Global Atlantic.

As of both March 31, 2026 and December 31, 2025, Global Atlantic had $2.3 billion of funds withheld receivable at

interest with six counterparties related to modified coinsurance and funds withheld contracts. The assets supporting the

funds withheld receivable at interest balance are held in trusts for the benefit of Global Atlantic.

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


	Three Months Ended March 31,
	2026	2025
Net Premiums:
Direct	$431,116	$212,485
Assumed	431,449	387,413
Ceded	(300,595)	(276,534)
Net Premiums	$561,970	$323,364


	Three Months Ended March 31,
	2026	2025
Policy Fees:
Direct	$215,963	$226,875
Assumed	270,274	272,996
Ceded	(160,543)	(161,398)
Net Policy Fees	$325,694	$338,473


	Three Months Ended March 31,
	2026	2025
Net Policy Benefits and Claims:
Direct	$1,167,566	$1,027,077
Assumed	1,631,227	1,538,597
Ceded	(918,765)	(857,380)
Net Policy Benefits and Claims	$1,880,028	$1,708,294

Global Atlantic holds collateral for, and provides collateral to, its reinsurance clients. Global Atlantic held $51.8 billion and

$49.0 billion, respectively, of collateral in the form of funds withheld payable at interest on behalf of its reinsurers as of

March 31, 2026 and December 31, 2025. As of both March 31, 2026 and December 31, 2025, reinsurers held collateral of $1.1

billion on behalf of Global Atlantic. A significant portion of the collateral that Global Atlantic provides to its reinsurance clients

is provided in the form of assets held in a trust for the benefit of the counterparty. As of March 31, 2026 and December 31,

2025, these trusts held in excess of the $107.4 billion and $107.3 billion of assets they are required to hold in order to support

reserves of $103.6 billion and $104.1 billion, respectively. Of the cash held in trust, Global Atlantic classified $178.1 million

and $139.1 million as restricted as of March 31, 2026 and December 31, 2025, respectively.

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

STOCK

For the three months ended March 31, 2026, and 2025, basic and diluted Net Income (Loss) attributable to KKR & Co. Inc.

per share of common stock were calculated as follows:


	Three Months Ended March 31,
	2026	2025
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders	$364,799	$(185,924)
(-) Accumulated Series D Mandatory Convertible Preferred Dividend (1)	—	13,477
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic	$364,799	$(199,401)
(+) Series D Mandatory Convertible Preferred Dividend (if dilutive) (2)	—	—
Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted	$364,799	$(199,401)

Basic Net Income (Loss) Per Share of Common Stock
Weighted Average Shares of Common Stock Outstanding - Basic	891,145,378	888,246,698
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Basic	$0.41	$(0.22)
Diluted Net Income (Loss) Per Share of Common Stock
Weighted Average Shares of Common Stock Outstanding - Basic	891,145,378	888,246,698
Incremental Common Shares:
Assumed vesting of dilutive equity awards (3)	63,074,242	—
Assumed conversion of Series D Mandatory Convertible Preferred Stock (2)	—	—
Weighted Average Shares of Common Stock Outstanding - Diluted	954,219,620	888,246,698
Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted	$0.38	$(0.22)

(1)For the three months ended March 31, 2025, Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic reflects the accumulated

undeclared dividends on Series D Mandatory Convertible Preferred Stock of $13.5 million.

(2)For the three months ended March 31, 2026 and 2025, the impact of Series D Mandatory Convertible Preferred Stock calculated under the if-converted

method was not dilutive.

(3)For the three months ended March 31, 2026, 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. For

the three months ended March 31, 2025, all unvested equity awards are excluded from the calculation of Diluted Net Income (Loss) Attributable to KKR &

Co. Inc. Per Share of Common Stock because including these unvested equity awards as incremental shares would decrease the loss per share of common

stock as a result of the inclusion of such awards being anti-dilutive. Upon vesting, these awards dilute the ownership interests of KKR Group Partnership

equity holders, including KKR & Co. Inc. and holders of exchangeable securities, in accordance with their respective ownership percentages.

Exchangeable Securities

For the three months ended March 31, 2026, and 2025, vested restricted holdings units (as defined in Note 19 "Equity-

based Compensation") have been excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share

of Common Stock - Diluted since the exchange of these units would not dilute KKR & Co. Inc.’s ownership interests in KKR

Group Partnership. See Note 1 "Organization" in our financial statements.


	Three Months Ended March 31,
	2026	2025
Weighted Average Vested Restricted Holdings Units	10,316,567	7,977,355

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"). As of March 31,

2026, all unvested Market Condition awards have met their market price based vesting condition. These Market Condition

awards remain unvested until their service conditions are satisfied. See Note 19 "Equity-based Compensation" in our financial

statements.

14**.** OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES

Other Assets consist of the following:


	March 31, 2026	December 31, 2025
Asset Management and Strategic Holdings
Unsettled Investment Sales (1)	$807,789	$738,343
Receivables	264,795	253,412
Due from Broker (2)	90,008	127,220
Deferred Tax Assets, net	87,195	82,870
Interest Receivable	300,837	311,293
Fixed Assets, net (3)	978,132	975,498
Foreign Exchange Contracts and Options (4)	331,146	179,920
Goodwill (5)(6)	681,072	519,582
Intangible Assets (6)(7)	1,638,285	1,614,179
Derivative Assets	55,037	9,905
Prepaid Taxes	92,620	256,945
Prepaid Expenses	80,377	92,144
Operating Lease Right of Use Assets (8)	699,999	706,884
Deferred Financing Costs	19,444	17,737
Other	357,429	408,449
Total Asset Management and Strategic Holdings	$6,484,165	$6,294,381

Insurance
Deferred Tax Assets, net	$2,959,413	$2,799,455
Accrued Investment Income	1,702,293	1,665,064
Goodwill	509,972	509,972
Intangible Assets(9)	218,823	233,012
Premiums and Other Account Receivables	204,729	234,114
Other	301,674	321,899
Derivative Assets	370,689	306,022
Operating Lease Right of Use Assets(8)	154,957	157,113
Market Risk Benefit Assets	988	997
Unsettled Investment Sales(1) and Derivative Collateral Receivables	695,188	435,263
Total Insurance	$7,118,726	$6,662,911
Total Other Assets	$13,602,891	$12,957,292

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

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

(3)Net of accumulated depreciation and amortization of $402.6 million and $383.1 million as of March 31, 2026 and December 31, 2025, respectively.

Depreciation and amortization expense of $22.0 million and $18.6 million for the three months ended March 31, 2026 and 2025, respectively, are

included in General, Administrative and Other in the accompanying consolidated statements of operations. Additionally, KKR’s fixed assets are

predominantly located in the United States.

(4)Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such

instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying

consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our

financial statements for the net changes in fair value associated with these instruments.

(5)As of March 31, 2026, the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. As of March 31, 2026, there are

approximately $(87.0) million of cumulative foreign currency translation adjustments included in AOCI related to the goodwill recorded as result of the

acquisition of KJRM.

(6)On January 2, 2026, KKR acquired the control of an aviation finance business, Altavair, and recognized goodwill of $167 million allocated to the Asset

Management segment, intangible assets of $46 million, and redeemable noncontrolling interests of $60 million. In July 2025, KKR acquired HealthCare

Royalty Management, LLC and recognized goodwill of $8.6 million allocated to the Asset Management segment, intangible assets of $141.6 million, and

noncontrolling interests of $28.3 million.

(7)As of March 31, 2026, there are approximately $(296.6) 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 $27.9 million and $27.1 million for the three months ended March 31, 2026 and

2025 respectively. For Insurance, non-cancelable operating leases consist of leases for office space and land in North America. For the three months

ended March 31, 2026 and 2025, the operating lease cost was $3.9 million and $5.1 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 8.0 years. The

indefinite life intangible assets are not subject to amortization. The amortization expense of definite life intangible assets was $14.2 million and $4.7

million for the three months ended March 31, 2026 and 2025, respectively.

Accrued Expenses and Other Liabilities consist of the following:


	March 31, 2026	December 31, 2025
Asset Management and Strategic Holdings
Amounts Payable to Carry Pool (1)	$6,181,835	$5,875,527
Unsettled Investment Purchases (2)	2,246,956	1,805,026
Securities Sold Short (3)	93,098	134,669
Derivative Liabilities	37,742	—
Accrued Compensation and Benefits	205,503	122,574
Interest Payable	443,763	520,781
Foreign Exchange Contracts and Options (4)	713,776	1,034,543
Accounts Payable and Accrued Expenses	553,911	632,920
Taxes Payable	92,748	83,830
Uncertain Tax Positions	46,467	45,515
Unfunded Revolver Commitments	117,728	93,289
Operating Lease Liabilities (5)	757,863	759,796
Deferred Tax Liabilities, net	3,059,143	3,060,541
Other Liabilities	256,176	179,324
Total Asset Management and Strategic Holdings	$14,806,709	$14,348,335

Insurance
Unsettled Investment Purchases(2) and Derivative Collateral Liabilities	$1,876,421	$926,008
Accrued Expenses	711,666	662,891
Derivative Liabilities	393,630	436,245
Securities Sold Under Agreements to Repurchase	715,242	664,249
Insurance Operations Balances in Course of Settlement	174,172	135,575
Operating Lease Liabilities(5)	173,181	175,679
Accrued Employee Related Expenses	89,171	114,965
Interest Payable	59,814	37,448
Tax Payable to Former Parent Company	44,489	46,318
Other Tax Related Liabilities	18,490	23,748
Accounts and Commissions Payable	38,841	46,945
Current Income Tax Payable	74,416	71,624
Total Insurance	$4,369,533	$3,341,695
Total Accrued Expenses and Other Liabilities	$19,176,242	$17,690,030

(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 yet 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 12.5 years and 12.7 years as of

March 31, 2026 and December 31, 2025, respectively. The weighted average discount rates were 3.8% as of both March 31, 2026 and December 31,

For Insurance, operating leases for office space have remaining lease terms that range from approximately 2 years to 9 years, some of which

include options to extend the leases for up to 10 years. The weighted average remaining lease terms were 6.6 years and 6.8 years as of March 31, 2026

and December 31, 2025, respectively. The weighted average discount rates were 4.9% as of both March 31, 2026 and December 31, 2025. The weighted

average remaining lease terms for land were 41.9 years and 42.0 years as of March 31, 2026 and December 31, 2025, respectively. For Asset

Management and Strategic Holdings and Insurance, non-cash right of use assets obtained in exchange for new operating lease liabilities were $12.4

million and $5.9 million for the three months ended March 31, 2026 and 2025, respectively.

15**.** VARIABLE INTEREST ENTITIES

Consolidated VIEs

KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary. The consolidated VIEs are

predominately CLOs and certain investment funds sponsored by KKR. The primary purpose of these VIEs is to provide strategy

specific investment opportunities to earn investment gains, current income or both in exchange for management fees and

performance income. KKR's investment strategies differ for these VIEs; however, the fundamental risks have similar

characteristics, including loss of invested capital and loss of management fees and performance income. KKR does not provide

performance guarantees and has no other financial obligation to provide funding to these consolidated VIEs, beyond amounts

previously committed, if any. Furthermore, KKR consolidates certain VIEs that are formed by Global Atlantic to either (i) hold

investments, including fixed maturity securities, consumer and other loans, renewable energy, transportation and real estate,

or (ii) to conduct certain reinsurance activities with third party commitments.

Unconsolidated VIEs

KKR holds variable interests in certain VIEs which are not consolidated as it has been determined that KKR is not the

primary beneficiary. VIEs that are not consolidated predominantly include certain investment funds sponsored by KKR as well

as certain investment partnerships where Global Atlantic retains an economic interest. KKR's investment strategies differ by

investment fund; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of

management fees and performance income. KKR's maximum exposure to loss as a result of its investments in the

unconsolidated investment funds is the carrying value of such investments, including KKR's capital interest and any unrealized

carried interest. Accordingly, disaggregation of KKR's involvement by type of unconsolidated investment fund would not

provide more useful information. For these unconsolidated investment funds in which KKR is the sponsor, KKR may have an

obligation as general partner to provide commitments to such investment funds. As of March 31, 2026, KKR's commitments to

these unconsolidated investment funds were $1.7 billion. KKR generally has not provided any financial support other than its

obligated amount as of March 31, 2026. Additionally, Global Atlantic has unfunded commitments of $401.9 million as of

March 31, 2026.

As of March 31, 2026 and December 31, 2025, 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:


	March 31, 2026	December 31, 2025
Investments	$11,908,810	$11,842,627
Due from (to) Affiliates, net	2,223,279	1,871,408
Maximum Exposure to Loss	$14,132,089	$13,714,035
Insurance
Real Assets	$75,762	$79,367
Other Investments	678,492	720,933
Maximum Exposure to Loss	$754,254	$800,300
Total Maximum Exposure to Loss	$14,886,343	$14,514,335

16**.** DEBT OBLIGATIONS

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

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


	March 31, 2026				December 31, 2025
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	3,491,614	—	—	—	3,491,580	—	—	—
After 5 Years	—	—	—	—	—	—	—	—
Subtotal	4,241,614	—	—	—	4,241,580	—	—	—
KKR USD Senior Notes: (2)(3)(5)(7)
Under 1 Year	—	—	—	—	—	—	—	—
1-5 Years	—	750,000	747,111	725,790	—	750,000	746,889	734,340
After 5 Years	—	5,150,000	5,064,088	4,225,054	—	5,150,000	5,061,292	4,423,212
Subtotal	—	5,900,000	5,811,199	4,950,844	—	5,900,000	5,808,181	5,157,552
KKR Yen Senior Notes: (2)(3)(5)
Under 1 Year	—	—	—	—	—	—	—	—
1-5 Years	—	834,068	831,801	820,265	—	844,873	842,356	830,188
After 5 Years	—	575,154	569,119	487,276	—	582,605	576,434	511,264
Subtotal	—	1,409,222	1,400,920	1,307,541	—	1,427,478	1,418,790	1,341,452
KKR Euro Senior Notes: (2)(3)(5)
Under 1 Year	—	—	—	—	—	—	—	—
1-5 Years	—	751,185	748,255	698,955	—	763,538	760,278	725,033
After 5 Years	—	—	—	—	—	—	—	—
Subtotal	—	751,185	748,255	698,955	—	763,538	760,278	725,033
KKR Subordinated Notes: (2)(3)(6)
Under 1 Year	—	—	—	—	—	—	—	—
1-5 Years	—	—	—	—	—	—	—	—
After 5 Years	—	1,090,000	1,059,570	866,540	—	1,090,000	1,059,366	951,180
Subtotal	—	1,090,000	1,059,570	866,540	—	1,090,000	1,059,366	951,180
KFN USD Senior Notes: (2)(3)(4)
Under 1 Year	—	—	—	—	—	—	—	—
1-5 Years	—	—	—	—	—	—	—	—
After 5 Years	—	190,000	188,513	187,227	—	190,000	188,459	194,534
Subtotal	—	190,000	188,513	187,227	—	190,000	188,459	194,534
Total KKR & KFN Notes	4,241,614	9,340,407	9,208,457	8,011,107	4,241,580	9,371,016	9,235,074	8,369,751

Other Debt Obligations: (1)(2)(7)	6,205,167	41,000,288	39,966,938	39,939,172	6,356,060	40,612,665	39,882,670	39,860,877

Total	$10,446,781	$50,340,695	$49,175,395	$47,950,279	$10,597,640	$49,983,681	$49,117,744	$48,230,628

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

(2)Carrying value includes: (i) unamortized note discount (net of premium), as applicable and (ii) unamortized debt issuance costs, as applicable. Financing

costs related to the issuance of the notes have been deducted from the note liability and are being amortized over the life of the notes.

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


	March 31, 2026	December 31, 2025
KKR USD Senior Notes	4.37%	4.37%
KKR Yen Senior Notes	1.69%	1.69%
KKR Euro Senior Notes	1.63%	1.63%
KKR Subordinated Notes	5.84%	5.84%
KFN USD Senior Notes	5.27%	5.27%

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

(6)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.

(7)As of March 31, 2026 and December 31, 2025, the principal value, carrying value and fair value reflects the elimination for the portion of applicable debt

obligations that are held by Global Atlantic.

KCM 364*-Day* Revolving Credit Facility

On March 27, 2026, 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 2,

2025, 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 March 27, 2026. The KCM 364-Day Revolving Credit Facility provides for revolving

borrowings up to $750 million, expires on March 26, 2027, and ranks pari passu with the existing $750 million 5-year revolving

credit facility provided by them for KKR's capital markets business (the "KCM Five-Year Revolving Credit Facility"). If a

borrowing is made under the KCM 364-Day Revolving Credit Agreement, the interest rate will vary depending on the type of

drawdown requested. As with the KCM Five-Year Revolving Credit Facility, borrowings under the KCM 364-Day Revolving

Credit Facility may only be used for KKR’s capital markets business. This facility’s only obligors are entities involved in KKR’s

capital markets business, and its liabilities are non-recourse to other parts of KKR’s business. The KCM 364-Day Revolving

Credit Facility contains customary representations and warranties, events of default, and affirmative and negative covenants,

including a financial covenant providing for a maximum debt to equity ratio for the KCM Borrowers, which are substantially

similar to those found in the KCM Five-Year Revolving Credit Facility. The KCM Borrowers' obligations under the KCM 364-Day

Revolving Credit Facility are secured by certain assets of the KCM Borrowers, including a pledge of equity interests of certain

subsidiaries of the KCM Borrowers.

Other Asset Management and Strategic Holdings Debt Obligations

Certain of KKR's consolidated investment funds have entered into financing arrangements with financial institutions,

generally to provide liquidity to such investment funds. These financing arrangements are generally not direct obligations of

the general partners of KKR's investment funds (beyond KKR's capital interest) or its management companies. Such

borrowings have varying maturities and bear interest at floating rates. Borrowings are generally secured by the investment

purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. When an

investment vehicle borrows, the proceeds are available only for use by that investment vehicle and are not available for the

benefit of other investment vehicles or KKR. Collateral within each investment vehicle is also available only against borrowings

by that investment vehicle and not against the borrowings of other investment vehicles or KKR.

In certain other cases, investments and other assets held directly by majority-owned consolidated levered investment

vehicles and other entities have been funded with borrowings that are collateralized by the investments and assets they own.

These borrowings are non-recourse to KKR beyond the investments or assets serving as collateral or the capital that KKR has

committed to fund such investment vehicles. Such borrowings have varying maturities and generally bear interest at fixed

rates.

In addition, consolidated CFEs issue debt securities to third-party investors which are collateralized by assets held by the

CFE. Debt securities issued by CFEs are supported solely by the assets held at the CFEs and are not collateralized by assets of

any other KKR entity. CFEs also may have warehouse facilities with banks to provide liquidity to the CFE. The CFE's debt

obligations are non-recourse to KKR beyond the assets of the CFE.

As of March 31, 2026, 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	$6,205,167	$9,978,726	$9,954,423	$9,926,657	5.2%	4.8
Debt Obligations of Consolidated CFEs	—	31,021,562	30,012,515	30,012,515	(2)	10.6
	$6,205,167	$41,000,288	$39,966,938	$39,939,172

(1)Includes borrowings collateralized by fund investments, fund co-investments, and other assets held by levered investment vehicles of $3.4 billion.

(2)The senior notes of the consolidated CFEs had a weighted average interest rate of 4.9%. The subordinated notes of the consolidated CLOs do not have

contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle.

Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any.

Debt obligations of consolidated CLOs are collateralized by assets held by each respective CLO vehicle and assets of one

CLO vehicle may not be used to satisfy the liabilities of another. As of March 31, 2026, the fair value of the consolidated CLO

assets was $34.0 billion. This collateral consisted of Cash and Cash Equivalents, Investments, and Other Assets.

Global Atlantic's debt obligations consisted of the following:


	March 31, 2026				December 31, 2025
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	$3,000,000	$—	$—	$—	$—	$—	$—	$—
1-5 Years	1,000,000	—	—	—	1,000,000	—	—	—
After 5 Years	—	—	—	—	—	—	—	—
Subtotal	4,000,000	—	—	—	1,000,000	—	—	—
Senior Notes: (4)
Under 1 Year	—	—	—	—	—	—	—	—
1-5 Years	—	500,000	476,543	483,900	—	500,000	478,361	492,650
After 5 Years	—	2,050,000	1,936,741	1,967,200	—	2,050,000	1,944,982	2,098,205
Subtotal	—	2,550,000	2,413,284	2,451,100	—	2,550,000	2,423,343	2,590,855
Subordinated Notes: (4)
Under 1 Year	—	—	—	—	—	—	—	—
1-5 Years	—	—	—	—	—	—	—	—
After 5 Years	—	1,223,741	1,192,550	1,167,403	—	1,223,741	1,199,664	1,249,395
Subtotal	—	1,223,741	1,192,550	1,167,403	—	1,223,741	1,199,664	1,249,395

Debt Obligations of Consolidated Special Purpose Vehicles(3)	132,600	207,400	207,400	206,944	142,600	197,400	197,400	197,400
Total	$4,132,600	$3,981,141	$3,813,234	$3,825,447	$1,142,600	$3,971,141	$3,820,407	$4,037,650

(1)Carrying value of debt as of March 31, 2026 and December 31, 2025, includes purchase accounting adjustments of $25.2 million and $26.9 million,

respectively, net debt issuance costs of $(53.9) million and $(54.2) million, respectively, and cumulative fair value loss on hedged debt obligations of

$(139.1) million and $(123.5) million, respectively. The amortization of the purchase accounting adjustments was $1.8 million for both the three months

ended March 31, 2026 and 2025, 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:


	March 31, 2026	December 31, 2025
Senior Notes	5.67%	5.67%
Subordinated Notes	7.54%	7.54%

Global Atlantic Insurance Operating Company Revolving Credit Facility

On January 16, 2026, Global Atlantic Limited (Delaware) and GA FinCo (together, the “GA Guarantors”) and certain direct

and indirect insurance company subsidiaries of the Guarantors (such insurance company subsidiaries, the “GA OpCo

Borrowers”, and together with the Guarantors, the “GA OpCo Credit Parties”) entered into a credit agreement (the “GA OpCo

Credit Agreement”) with Wells Fargo Bank, N.A., as administrative agent (the “GA Administrative Agent”) and other lenders

from time to time party thereto.

The GA OpCo Credit Agreement provides the GA OpCo Borrowers with an unsecured revolving credit facility (the “GA

OpCo Credit Facility”) in an aggregate principal amount of $3.0 billion as of January 16, 2026, with the option to request an

increase in the facility amount of up to an additional $500 million, for an aggregate principal amount of $3.5 billion, subject to

certain conditions, including obtaining new or increased commitments from new or existing lenders. The GA OpCo Credit

Facility is a 364-day facility, scheduled to mature on January 15, 2027, which may from time to time be extended for

additional 364-day periods at the GA OpCo Borrowers’ option, subject to the consent of the applicable lenders, and the GA

OpCo Borrowers may prepay, terminate or reduce the commitments under the GA OpCo Credit Facility at any time without

penalty. Borrowings under the GA OpCo Credit Facility are available for general corporate purposes including working capital.

Interest on borrowings under the GA OpCo Credit Facility will be based on either (i) the term Secured Overnight Financing

Rate (SOFR), plus a margin based on a corporate ratings-based grid ranging from 1.10% to 1.375%, or (ii) an alternate base

rate, plus a margin based on a corporate ratings-based grid ranging from 0.10% to 0.375%.

Certain other terms of the GA OpCo Credit Agreement include: (i) financial covenants that require GALD and certain of its

consolidated subsidiaries not to exceed a specified debt-to-total-capitalization ratio and to satisfy a net worth threshold; (ii)

customary representations, affirmative covenants and certain negative covenants; and (iii) customary events of default, upon

the occurrence of which the lenders will have the ability to accelerate all outstanding loans under the GA OpCo Credit Facility

and terminate the commitments.

Debt Covenants

Borrowings of KKR (including Global Atlantic) contain various debt covenants. These covenants do not, in management's

opinion, materially restrict KKR's operating business or investment strategies as of March 31, 2026. KKR (including Global

Atlantic) was in compliance with such debt covenants in all material respects as of March 31, 2026.

17**.** POLICY LIABILITIES

The following reflects the reconciliation of the components of policy liabilities to the total balance reported in the

consolidated statements of financial condition as of March 31, 2026 and December 31, 2025:


	March 31, 2026	December 31, 2025
Policyholders’ Account Balances	$150,983,022	$151,484,861
Liability for Future Policy Benefits	30,459,122	30,646,223
Additional Liability for Annuitization, Death, or Other Insurance Benefits	8,018,347	7,923,814
Market Risk Benefit Liability	1,403,740	1,349,774
Other Policy-Related Liabilities(1)	13,862,886	14,154,055
Total Policy Liabilities	$204,727,117	$205,558,727

(1)Other policy-related liabilities as of March 31, 2026 and December 31, 2025 primarily consist of embedded derivatives associated with contractholder

deposit funds ($7.5 billion and $7.8 billion, respectively), cost-of-reinsurance liabilities ($3.1 billion and $3.1 billion, respectively), policy liabilities

accounted under a fair value option ($1.1 billion and $1.1 billion, respectively), negative VOBA ($660.0 million and $678.4 million, respectively) and

outstanding claims ($386.7 million and $355.8 million, respectively).

Policyholders’ Account Balances

The following reflects the policyholders’ account balances roll-forward for the three months ended March 31, 2026 and

2025, and the policyholders’ account balances weighted average interest rates, net amount at risk, and cash surrender value

as of those dates:


	Three Months Ended March 31, 2026
	Fixed Rate Annuities	Fixed Indexed Annuities	Interest Sensitive Life	Funding Agreements	Other(1)	Total
Balance as of Beginning of Period	$68,826,670	$37,019,262	$21,470,282	$12,245,120	$11,923,527	$151,484,861
Issuances and Premiums Received	1,279,724	1,134,727	265,281	2,728,912	149,934	5,558,578
Benefit Payments, Surrenders, and Withdrawals	(2,363,332)	(1,337,770)	(381,203)	(2,763,795)	(326,550)	(7,172,650)
Interest(2)	747,303	277,265	176,307	118,495	106,891	1,426,261
Other Activity(3)	(70,880)	3,593	(221,687)	(44,160)	19,106	(314,028)
Balance as of End of Period	$68,419,485	$37,097,077	$21,308,980	$12,284,572	$11,872,908	$150,983,022
Less: Reinsurance Recoverable	(13,233,459)	(3,126,963)	(7,252,477)	(1,501,414)	(4,936,706)	(30,051,019)
Balance as of End of Period, Net of Reinsurance Recoverable	$55,186,026	$33,970,114	$14,056,503	$10,783,158	$6,936,202	$120,932,003

Average Interest Rate	4.48%	2.99%	3.30%	4.35%	4.19%	3.90%
Net Amount at Risk, Gross of Reinsurance(4)	$—	$—	$103,339	$—	$1,148	$104,487
Cash Surrender Value(5)	$52,279	$38,926	$13,577	$—	$4,264	$109,046

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

(2)Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance,

including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements, and other

associated reserves.

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

adjustments.

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

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


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

Average Interest Rate	4.18%	2.79%	3.30%	4.31%	3.31%	3.65%
Net Amount at Risk, Gross of Reinsurance(4)	$—	$—	$110,148,899	$—	$1,132,260	$111,281,159
Cash Surrender Value(5)	$51,630,135	$34,871,713	$13,866,706	$—	$4,425,170	$104,793,724

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

(2)Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance,

including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements, and other

associated reserves.

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

adjustments.

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

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

The following table presents the account values by range of guaranteed minimum crediting rates and the related range of

differences, in basis points, between rates being credited to policyholders and the respective guaranteed minimums. Account

values, as disclosed below, differ from policyholder account balances as they exclude balances associated with index credits,

contractholder deposit fund host balances, funding agreements, and other associated reserves. In addition, policyholder

account balances include discounts and premiums on assumed business which are not reflected in account values.


	As of March 31, 2026
	Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:
Range of Guaranteed Minimum Crediting Rates:	At Guaranteed Minimum	1 - 49 Above Guaranteed Minimum	50 - 99 Above Guaranteed Minimum	100 - 150 Above Guaranteed Minimum	Greater Than 150 bps Above Guaranteed Minimum	Total
Less Than 1.00%	$2,579,177	$286,293	$359,264	$171,528	$31,018,480	$34,414,742
1.00% - 1.99%	1,244,968	477,299	598,682	1,647,501	13,726,657	17,695,107
2.00% - 2.99%	1,008,567	27,957	24,934	101,744	6,416,716	7,579,918
3.00% - 4.00%	9,936,898	1,060,108	457,625	1,241,916	3,034,034	15,730,581
Greater Than 4.00%	12,816,637	1,059,445	59,160	6,164	—	13,941,406
Total	$27,586,247	$2,911,102	$1,499,665	$3,168,853	$54,195,887	$89,361,754
Percentage of Total	31%	3%	2%	4%	61%	100%


	As of December 31, 2025
	Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:
Range of Guaranteed Minimum Crediting Rates:	At Guaranteed Minimum	1 - 49 Above Guaranteed Minimum	50 - 99 Above Guaranteed Minimum	100 - 150 Above Guaranteed Minimum	Greater Than 150 bps Above Guaranteed Minimum	Total
Less Than 1.00%	$2,618,469	$350,774	$374,482	$268,868	$31,782,842	$35,395,435
1.00% - 1.99%	1,204,519	501,431	644,453	1,741,122	13,613,777	17,705,302
2.00% - 2.99%	912,743	28,775	22,015	98,832	5,944,539	7,006,904
3.00% - 4.00%	10,145,728	1,075,097	477,338	1,284,925	3,016,279	15,999,367
Greater Than 4.00%	12,506,347	1,304,767	60,701	6,237	—	13,878,052
Total	$27,387,806	$3,260,844	$1,578,989	$3,399,984	$54,357,437	$89,985,060
Percentage of Total	30%	4%	2%	4%	60%	100%

Liability for Future Policy Benefits

The following tables summarize the balances of, and changes in, the liability for future policy benefits for traditional and

limited-payment contracts for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31, 2026			March 31, 2025
	Payout Annuities(1)	Other(2)	Total	Payout Annuities(1)	Other(2)	Total
Present Value of Expected Net Premiums
Balance as of Beginning of Period	$—	$(1,578,571)	$(1,578,571)	$—	$(1,399,211)	$(1,399,211)
	—	—	—	—	—	—
Balance at Original Discount Rate	$—	$(1,584,545)	$(1,584,545)	$—	$(1,444,663)	$(1,444,663)
Effect of Actual Variances from Expected Experience	—	20,771	20,771	—	(109,616)	(109,616)
Adjusted Beginning of Period Balance	—	(1,563,774)	(1,563,774)	—	(1,554,279)	(1,554,279)
Issuances	—	(64,593)	(64,593)	—	(102,447)	(102,447)
Interest	—	(17,342)	(17,342)	—	(18,016)	(18,016)
Net Premiums Collected	—	77,413	77,413	—	110,259	110,259
Ending Balance at Original Discount Rate	—	(1,568,296)	(1,568,296)	—	(1,564,483)	(1,564,483)
Effect of Changes in Discount Rate Assumptions	—	23,649	23,649	—	29,331	29,331
Balance as of End of Period	$—	$(1,544,647)	$(1,544,647)	$—	$(1,535,152)	$(1,535,152)

Present Value of Expected Future Policy Benefits
Balance as of Beginning of Period	$22,763,350	$9,461,444	$32,224,794	$19,067,478	$9,126,824	$28,194,302

Balance at Original Discount Rate	$25,126,080	$9,466,765	$34,592,845	$22,116,114	$9,336,911	$31,453,025
Effect of Actual Variances from Expected Experience	(3,269)	(5,652)	(8,921)	(2,134)	(31,840)	(33,974)
Adjusted Beginning of Period Balance	25,122,811	9,461,113	34,583,924	22,113,980	9,305,071	31,419,051
Issuances	585,710	122,074	707,784	358,867	102,441	461,308
Interest	226,886	115,445	342,331	181,347	113,670	295,017
Benefit Payments	(551,199)	(244,436)	(795,635)	(487,937)	(221,448)	(709,385)
Ending Balance at Original Discount Rate	25,384,208	9,454,196	34,838,404	22,166,257	9,299,734	31,465,991
Effect of Changes in Discount Rate Assumptions	(2,694,793)	(139,842)	(2,834,635)	(2,788,409)	(114,577)	(2,902,986)
Balance as of End of Period	22,689,415	9,314,354	32,003,769	19,377,848	9,185,157	28,563,005
Net Liability for Future Policy Benefits	22,689,415	7,769,707	30,459,122	19,377,848	7,650,005	27,027,853
Less: Reinsurance Recoverable(3)	(10,165,572)	(6,086,043)	(16,251,615)	(9,626,116)	(6,124,651)	(15,750,767)
Net Liability for Future Policy Benefits, Net of Reinsurance Recoverables	$12,523,843	$1,683,664	$14,207,507	$9,751,732	$1,525,354	$11,277,086

(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

$(190.3) million and $155.8 million for the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes the amount of gross premiums related to traditional and limited-payment contracts

recognized in the consolidated statements of operations for the three months ended March 31, 2026 and 2025:


	Gross Premiums
	Three Months Ended March 31,
	2026	2025
Payout Annuities	$613,091	$395,010
Other	237,073	191,588
Total Products	$850,164	$586,598

The following table reflects the weighted-average duration and weighted-average interest rates of the future policy

benefit liability as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
	Payout Annuities	Other
Weighted-Average Interest Rates, Original Discount Rate	4.27%	5.25%
Weighted-Average Interest Rates, Current Discount Rate	5.40%	5.33%
Weighted-Average Liability Duration (Years, Current Rates)	8.30	8.90


	As of December 31, 2025
	Payout Annuities	Other
Weighted-Average Interest Rates, Original Discount Rate	4.22%	5.25%
Weighted-Average Interest Rates, Current Discount Rate	5.19%	5.11%
Weighted-Average Liability Duration (Years, Current Rates)	8.30	9.10

The following reflects the undiscounted ending balance of expected future gross premiums and expected future benefits

and payments for traditional and limited-payment contracts, as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
	Payout Annuities	Other
Expected Future Benefit Payments, Undiscounted	$39,535,575	$16,271,108
Expected Future Benefit Payments, Discounted (Original Discount Rate)	25,384,208	9,454,196
Expected Future Benefit Payments, Discounted (Current Discount Rate)	22,689,415	9,314,354
Expected Future Gross Premiums, Undiscounted	—	2,240,768
Expected Future Gross Premiums, Discounted (Original Discount Rate)	—	1,770,677
Expected Future Gross Premiums, Discounted (Current Discount Rate)	—	1,759,638


	As of December 31, 2025
	Payout Annuities	Other
Expected Future Benefit Payments, Undiscounted	$38,989,687	$16,462,284
Expected Future Benefit Payments, Discounted (Original Discount Rate)	25,126,080	9,466,765
Expected Future Benefit Payments, Discounted (Current Discount Rate)	22,763,350	9,461,444

Expected Future Gross Premiums, Undiscounted	—	2,387,698
Expected Future Gross Premiums, Discounted (Original Discount Rate)	—	1,891,414
Expected Future Gross Premiums, Discounted (Current Discount Rate)	—	1,880,446

For the three months ended March 31, 2026 and 2025, Global Atlantic recognized $259.2 million and $(184.1) 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 three months ended March 31, 2026 and 2025, 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

three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026	2025
Balance as of Beginning of Period	$8,005,182	$7,630,210
Effect of Changes in Experience	(20,125)	(64,780)
Adjusted Balance as of Beginning of Period	7,985,057	7,565,430
Issuances	5,925	5,281
Assessments	177,094	174,472
Benefits Paid	(152,285)	(140,622)
Interest	65,705	62,565
Balance as of End of Period	8,081,496	7,667,126
Less: Impact of Unrealized Investment Gains and Losses	63,149	74,168
Less: Reinsurance Recoverable, End of Period	1,793,303	1,628,652
Balance, End of Period, Net of Reinsurance Recoverable and Impact of Unrealized Investment Gains and Losses	$6,225,044	$5,964,306

The additional liability for annuitization, death, or other insurance benefits relates primarily to secondary guarantees on

certain interest-sensitive life products, and preneed insurance.

The following reflects the amount of gross assessments recognized for the additional liability for annuitization, death, or

other insurance benefits in the consolidated statements of operations for the three months ended March 31, 2026 and 2025:


	Gross Assessments
	Three Months Ended March 31,
	2026	2025
Total Amount Recognized Within Revenue in the Consolidated Statements of Operations	$174,241	$138,673

The following reflects the weighted average duration and weighted average interest rate for the additional liability for

annuitization, death, or other insurance benefits as of March 31, 2026 and December 31, 2025:


	As of
	March 31, 2026	December 31, 2025
Weighted-Average Interest, Current Discount Rate	3.30%	3.30%
Weighted-Average Liability Duration (Years)	24.00	24.79

Market Risk Benefits

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


	Three Months Ended
	March 31, 2026			March 31, 2025
	Fixed- Indexed Annuity	Variable- and Other Annuities	Total	Fixed- Indexed Annuity	Variable- and Other Annuities	Total
Balance as of Beginning of Period	$1,140,823	$207,954	$1,348,777	$815,981	$183,936	$999,917

Balance as of Beginning of Period, Before Impact of Changes in Instrument-Specific Credit Risk	$1,009,066	$169,131	$1,178,197	$716,544	$150,107	$866,651
Issuances	25,825	14	25,839	19,202	24	19,226
Interest	11,635	2,055	13,690	9,422	1,913	11,335
Attributed Fees Collected	29,578	21,414	50,992	25,156	22,031	47,187
Benefit Payments	(2,330)	(2,117)	(4,447)	(2,013)	(1,870)	(3,883)
Effect of Changes in Interest Rates	(17,622)	(2,404)	(20,026)	53,738	27,374	81,112
Effect of Changes in Equity Markets	10,362	13,404	23,766	3,588	12,991	16,579
Effect of Actual Experience Different from Assumptions	6,403	(151)	6,252	9,075	(2,513)	6,562
Effect of Changes in Other Future Expected Assumptions	—	—	—	43,854	—	43,854
Balance as of End of Period Before Impact of Changes in Instrument-Specific Credit Risk	1,072,917	201,346	1,274,263	878,566	210,057	1,088,623
Effect of Changes in Instrument-Specific Credit Risk	96,409	32,080	128,489	86,708	30,893	117,601
Balance as of End of Period	1,169,326	233,426	1,402,752	965,274	240,950	1,206,224
Less: Reinsurance Recoverable as of the End of the Period	(9,577)	(10,623)	(20,200)	—	(11,948)	(11,948)
Balance as of End of Period, Net of Reinsurance Recoverable	$1,159,749	$222,803	$1,382,552	$965,274	$229,002	$1,194,276

Net Amount at Risk	$5,558,310	$1,343,228	$6,901,538	$4,817,122	$1,369,449	$6,186,571
Weighted-average Attained Age of Contract holders (Years)	72	71	72	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 March 31,

2026 and December 31, 2025:


	As of March 31, 2026			As of December 31, 2025
	Asset	Liability	Net	Asset	Liability	Net
Fixed-Indexed Annuities	$464	$1,169,790	$(1,169,326)	$756	$1,141,579	$(1,140,823)
Variable- and Other Annuities	524	233,950	(233,426)	241	208,195	(207,954)
Total	$988	$1,403,740	$(1,402,752)	$997	$1,349,774	$(1,348,777)

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

Significant policyholder behavior and other assumption inputs to the calculation of the market risk benefits include

interest rates, instrument-specific credit risk, mortality rates, surrender rates, and utilization rates. Global Atlantic reviews its

assumptions at least annually, and more frequently if necessary. Accordingly, as part of the review conducted during the three

months ended March 31, 2025, assumptions for fixed-indexed annuities activations were updated, which resulted in a $43.9

million 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:


	Three Months Ended
	March 31, 2026			March 31, 2025
	Variable Annuities	Interest- Sensitive Life	Total	Variable Annuities	Interest- Sensitive Life	Total
Balance as of Beginning of Period	$3,214,498	$626,905	$3,841,403	$3,400,617	$580,443	$3,981,060
Premiums and Deposits	5,553	2,884	8,437	7,286	2,940	10,226
Surrenders, Withdrawals and Benefit Payments	(125,460)	(16,165)	(141,625)	(135,422)	(4,292)	(139,714)
Investment Performance	(72,180)	(14,985)	(87,165)	(62,381)	(14,019)	(76,400)
Other	(23,059)	(12,719)	(35,778)	(26,218)	(10,290)	(36,508)
Balance as of End of Period	$2,999,352	$585,920	$3,585,272	$3,183,882	$554,782	$3,738,664

Cash Surrender Value as of End of Period(1)	$2,999,352	$585,920	$3,585,272	$3,183,882	$554,782	$3,738,664

(1)Cash surrender value attributed to the separate accounts does not reflect the impact of surrender charges; surrender charges are attributed to

policyholder account balances recorded in the general account.

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

accounts:


	March 31, 2026	December 31, 2025
Asset Type:
Managed Volatility Equity/Fixed Income Blended Fund	$1,638,250	$1,757,775
Equity	1,610,792	1,742,429
Fixed Income	134,622	140,134
Money Market	201,567	201,027
Alternative	41	38
Total Assets Supporting Separate Account Liabilities	$3,585,272	$3,841,403

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 March 31, 2026 and 2025, the effective tax rates for KKR & Co. Inc. were 40.0% and 11.2%,

respectively. The effective tax rate differs from the 21% U.S. federal income tax rate for the three months ended March 31,

2026 and 2025 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 which are not subject to

taxes that are payable by KKR & Co. Inc. and its subsidiaries 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 available positive and negative evidence to estimate whether sufficient future

taxable income will be generated to realize existing deferred tax assets. Global Atlantic’s deferred tax assets are believed to

be 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 realize 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.

19**.** EQUITY-BASED COMPENSATION

The following table summarizes the expense associated with equity-based compensation in connection with KKR equity

incentive awards for the three months ended March 31, 2026 and 2025, respectively.


	Three Months Ended March 31,
	2026	2025
Asset Management(1)	$153,753	$162,876
Insurance	26,360	20,692
Total	$180,113	$183,568

(1)For the three months ended March 31, 2026, KKR recorded acquisition-related stock consideration of $3.0 million.

KKR Equity Incentive Awards

Under KKR's equity incentive plan, 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, and the 2019 Equity

Incentive Plan became KKR's only plan for providing new equity awards by KKR & Co. Inc. The total number of equity awards

representing shares of common stock that may be issued under the 2019 Equity Incentive Plan is equivalent to 15% of the

aggregate number of the shares of common stock and KKR Group Partnership Units (excluding KKR Group Partnership Units

held by KKR & Co. Inc. or its wholly-owned subsidiaries), subject to annual adjustment. As of March 31, 2026, 57,196,800

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.

In April 2026, the Company granted equity incentive awards under the 2019 Equity Incentive Plan representing

approximately 29 million shares of common stock, which awards are subject to market price and cliff service vesting

conditions based on average prices of common stock ranging from $150 to $250 and the recipient’s continued service through

May 1, 2031, subject to certain exceptions (including if the market price conditions are satisfied between May 1, 2031 and

May 1, 2033 with continued service through such date). In April 2026, the Company also granted equity incentive awards

under the 2019 Equity Incentive Plan representing approximately 2 million shares of common stock, which are subject to

time-based vesting conditions based on the recipient’s continued service for five years, subject to certain exceptions. Both

sets of equity awards have transfer restrictions ranging from 1 to 5 years following vesting.

Service-Vesting Awards

KKR grants restricted stock units and restricted holdings units that are subject to service-based vesting, typically over a

three to five-year period from the date of grant (referred to hereafter as "Service-Vesting Awards"). In certain cases, these

Service-Vesting Awards may have a percentage of the award that vests immediately upon grant, and certain Service-Vesting

Awards may have vesting periods longer than five years. Additionally, some but not all Service-Vesting Awards are subject to

transfer restrictions and/or minimum retained ownership requirements. Generally, the transfer restriction period, if

applicable, lasts for (i) one year with respect to one-half of the awards vesting on any vesting date and (ii) two years with

respect to the other one-half of the awards vesting on such vesting date. While providing services to KKR, some but not all of

these awards are also subject to minimum retained ownership rules requiring the award recipient to continuously hold shares

of common stock equivalents equal to at least 15% of their cumulatively vested awards that have or had the minimum

retained ownership requirement. Holders of the Service-Vesting Awards do not participate in dividends until such awards

have met their vesting requirements.

Expense associated with the vesting of these Service-Vesting Awards is based on the closing price of KKR & Co. Inc.

common stock on the date of grant, discounted for the lack of participation rights in the expected dividends on unvested

equity awards. Expense is recognized on a straight line basis over the life of the award and assumes a forfeiture rate of up to

7% annually based upon expected turnover by class of recipient.

As of March 31, 2026, there was approximately $697 million of total estimated unrecognized expense related to unvested

Service-Vesting Awards, which is expected to be recognized over the weighted average remaining requisite service period of

2.2 years.

A summary of the status of unvested Service-Vesting Awards from January 1, 2026, through March 31, 2026, is presented

below:


	Shares	Weighted Average Grant Date Fair Value
Balance, January 1, 2026	16,143,785	$73.25
Granted	83,103	123.65
Vested	(508,015)	60.05
Forfeitures	(176,560)	81.11
Balance, March 31, 2026	15,542,313	$73.86

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. The following is a discussion of the Market Condition Awards, excluding

the Co-CEO Awards (as defined and discussed below).

The number of Market Condition Awards (other than the Co-CEO awards) that will vest depend upon (i) the market price

of KKR common stock reaching certain price targets that range from $45.00 to $140.00 and (ii) the employee being employed

by KKR on a certain date, which typically ranges from five to six years from the date of grant (with exceptions for involuntary

termination without cause, death and permanent disability). The market price vesting condition is met when the average

closing price of KKR common stock during 20 consecutive trading days meets or exceeds the stock price targets. Holders of the

Market Condition Awards do not participate in dividends until such awards have met both their service-based and market

price based vesting requirements. Additionally, these awards are subject to additional transfer restrictions and minimum

retained ownership requirements after vesting.

Due to the existence of the service requirement, the vesting period for these Market Condition Awards (other than the

Co-CEO awards) is explicit, and as such, compensation expense will be recognized on (i) a straight-line basis over the period

from the date of grant through the date the award recipient is required to be employed by KKR and (ii) assumes a forfeiture

rate of up to 7% annually based upon expected turnover. The fair value of the awards granted are based on a Monte Carlo

simulation valuation model. In addition, the grant date fair value assumes that holders of the Market Condition Awards will

not participate in dividends until such awards have met all of their vesting requirements.

Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant

assumptions used to estimate the grant date fair value of these Market Condition Awards:


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

As of March 31, 2026, there was approximately $307 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 1.4 years.

A summary of the status of unvested Market Condition Awards from January 1, 2026, through March 31, 2026, is

presented below:


	Shares	Weighted Average Grant Date Fair Value
Balance, January 1, 2026	37,325,261	$31.05
Granted	—	—
Vested	(945,793)	58.64
Forfeitures	(228,373)	58.07
Balance, March 31, 2026	36,151,095	$30.16

As of March 31, 2026, all of the Market Condition awards have met their market price based vesting condition. These

Market Condition awards remain unvested until their service conditions (as described above) are satisfied.

Co-CEO Awards

On December 9, 2021, the Board of Directors approved grants of 7.5 million restricted holdings units to each of KKR’s Co-

Chief Executive Officers that are subject to both a service-based vesting condition and a market price based vesting condition

(referred to hereafter as "Co-CEOs Awards"). For both Co-Chief Executive Officers, 20% of the Co-CEOs Awards are eligible to

vest at each of the following KKR common stock prices targets: $95.80, $105.80, $115.80, $125.80 and $135.80. The market

price based vesting condition is met when the average closing price of KKR common stock during 20 consecutive trading days

meets or exceeds the stock price targets. In addition to the market price based vesting conditions, in order for the award to

vest, the Co-Chief Executive Officer is required to be employed by KKR on December 31, 2026 (with exceptions for involuntary

termination without cause, death and permanent disability).

These awards will be automatically canceled and forfeited upon the earlier of a Co-Chief Executive Officer’s termination

of service (except for involuntary termination without cause, death or permanent disability) or the failure to meet the market

price based vesting condition by December 31, 2028 (for which continued service is required if the market price vesting

condition is met after December 31, 2026). Co-CEO Awards do not participate in dividends until such awards have met both

their service-based and market price based vesting requirements. Additionally, these awards are subject to additional transfer

restrictions and minimum retained ownership requirements after vesting.

Due to the existence of the service requirement, the vesting period for these Co-CEO Awards is explicit, and as such,

compensation expense will be recognized on a straight-line basis over the period from the date of grant through December

31, 2026 given the derived service period is less than the explicit service period. The fair value of the awards granted are

based on a Monte Carlo simulation valuation model. In addition, the grant date fair value assumes that these Co-CEO Awards

will not participate in dividends until such awards have met all of their vesting requirements.

Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant

assumptions used to estimate the grant date fair value of these Co-CEO Awards:


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

As of March 31, 2026, there was approximately $109 million of total estimated unrecognized expense related to these

unvested Co-CEO Awards, which is expected to be recognized ratably from April 1, 2026 to December 31, 2026. As of

March 31, 2026, all Co-CEO Awards have met their market price based vesting condition. The Co-CEO Awards remain

unvested until their service conditions (as described above) are satisfied.

20**.** RELATED PARTY TRANSACTIONS

Due from Affiliates consists of:


	March 31, 2026	December 31, 2025
Amounts Due From Unconsolidated Investment Funds	$2,303,417	$1,954,509
Amounts Due From Portfolio Companies	399,986	353,192
Due From Affiliates	$2,703,403	$2,307,701

Due to Affiliates consists of:


	March 31, 2026	December 31, 2025
Amounts Due to Current and Former Employees Under the Tax Receivable Agreement	$335,122	$359,261
Amounts Due to Unconsolidated Investment Funds	80,138	83,101
Due to Affiliates	$415,260	$442,362

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 the Insurance and Strategic Holdings segments) 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 acquires and manages interests in operating companies that are

owned by KKR. 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’s 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, inter-segment 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.

Effective beginning in the first quarter of 2026, the information regularly provided to KKR’s chief operating decision

makers for the Insurance Segment was changed to reclassify certain operating expenses from “General, Administrative and

Other” to “Net Cost of Insurance.” Prior period segment information has been recast to conform to the current period

presentation. This reclassification had no impact on Insurance Operating Earnings.

Segment Presentation

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


	Three Months Ended March 31,
	2026	2025
Asset Management
Management Fees (1)(2)	$1,192,504	$917,334
Transaction and Monitoring Fees, Net	252,709	261,509
Fee Related Performance Revenues	23,762	21,277
Fee Related Compensation	(257,195)	(210,021)
Other Operating Expenses	(195,405)	(167,496)
Fee Related Earnings	1,016,375	822,603
Realized Performance Income	755,964	347,920
Realized Performance Income Compensation	(558,773)	(259,931)
Realized Investment Income (3)	121,901	217,957
Realized Investment Income Compensation	(18,285)	(32,694)
Asset Management Segment Earnings	$1,317,182	$1,095,855

Insurance
Net Investment Income (1) (4)	$1,900,612	$1,729,343
Net Cost of Insurance	(1,453,334)	(1,287,983)
General, Administrative and Other	(186,948)	(182,588)
Insurance Operating Earnings	$260,330	$258,772

Strategic Holdings
Dividends, Net (2)	$48,296	$31,486
Strategic Holdings Operating Earnings	48,296	31,486
Net Realized Investment Income(3)	—	—
Strategic Holdings Segment Earnings	$48,296	$31,486

Total Segment Earnings	$1,625,808	$1,386,113

(1)Includes intersegment management fees of $175.8 million and $159.7 million earned by the Asset Management segment from the Insurance segment for

the three months ended March 31, 2026 and 2025, respectively.

(2)Includes intersegment management fees of $10.9 million and $7.9 million earned by the Asset Management segment from the Strategic Holdings

segment for the three months ended March 31, 2026 and 2025, respectively.

(3)Includes intersegment performance fees earned by the Asset Management segment from the Strategic Holdings segment. There were no performance

fees earned for both the three months ended March 31, 2026 and 2025.

(4)Includes intersegment interest expense of $3.6 million and $4.9 million for the three months ended March 31, 2026 and 2025, respectively.


	As of March 31,
	2026	2025
Segment Assets:
Asset Management	$26,287,514	$27,725,447
Insurance	274,982,140	249,636,771
Strategic Holdings	11,554,452	9,134,771
Total Segment Assets	$312,824,106	$286,496,989


	Three Months Ended March 31,
Non-Cash Expenses Excluded from Segment Earnings	2026	2025
Equity Based Compensation
Asset Management	$153,753	$162,876
Insurance	26,360	20,692
Total Non-Cash Expenses	$180,113	$183,568

Reconciliations of Total Segment Amounts

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


	Three Months Ended March 31,
	2026	2025

Total GAAP Revenues	$4,317,983	$3,110,183
Impact of Consolidation and Other	175,262	258,214
Asset Management Adjustments:
Capital Allocation-Based Income (Loss) (GAAP)	(841,853)	(1,159,105)
Realized Carried Interest	719,904	327,495
Realized Investment Income	121,901	217,957
Capstone Fees	(26,841)	(20,837)
Expense Reimbursements	(55,568)	(32,208)
Strategic Holdings Adjustments:
Realized Investment Income and Dividends	48,296	31,486
Insurance Adjustments:
Net Premiums	(561,970)	(323,364)
Policy Fees	(325,694)	(338,473)
Other Income	(65,257)	(55,488)
(Gains) Losses from Investments(1)	494,651	1,299,015
Non-Operating Changes in Policy Liabilities and Derivatives	294,934	211,951
Total Segment Revenues (2)	$4,295,748	$3,526,826

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

(2)Total Segment Revenues is comprised of (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv)

Realized Performance Income, (v) Realized Investment Income, (vi) Net Investment Income, and (vii) Dividends, Net.


	Three Months Ended March 31,
	2026	2025

Total GAAP Expenses	$3,870,135	$3,830,955
Impact of Consolidation and Other	(223,043)	(138,632)
Asset Management Adjustments:
Equity-based Compensation	(150,715)	(162,876)
Unrealized Carried Interest Compensation	(7,733)	(646,170)
Amortization of Intangibles	(3,168)	—
Transaction-related and Non-operating Items	(34,009)	(10,551)
Reimbursable Expenses	(55,568)	(32,208)
Capstone Expenses	(26,401)	(22,332)
Insurance Adjustments:
Net Premiums	(561,970)	(323,364)
Policy Fees	(325,694)	(338,473)
Other Income	(65,257)	(55,488)
Non-Operating Changes in Policy Liabilities	307,871	65,395
Equity-Based Compensation	(26,360)	(20,692)
Amortization of Intangibles	(14,187)	(4,699)
Transaction-Related and Non-Operating Items	(13,961)	(152)
Total Segment Expenses (1)	$2,669,940	$2,140,713

(1)Total Segment Expenses is comprised of (i) Fee Related Compensation, (ii) Realized Performance Income Compensation, (iii) Realized Investment Income

Compensation, (iv) Net Cost of Insurance, (v) General, Administrative and Other, and (vi) Other Operating Expenses.


	Three Months Ended March 31,
	2026	2025

Income (Loss) Before Tax (GAAP)	$462,890	$771,067
Impact of Consolidation and Other	58,809	(1,000,390)
Interest Expense, Net	83,011	74,509
Asset Management Adjustments:
Unrealized (Gains) Losses	177,131	379,337
Unrealized Carried Interest	(9,664)	(807,713)
Unrealized Carried Interest Compensation	7,733	646,170
Transaction-related and Non-operating Items(1)	34,009	10,551
Equity-based Compensation	68,396	78,277
Equity-based Compensation - Performance based	82,319	84,599
Amortization of Acquired Intangibles	3,168	—
Strategic Holdings Adjustments:
Unrealized (Gains) Losses	120,613	(321,408)
Insurance Adjustments:
(Gains) Losses from Investments(2)	508,943	1,358,940
Non-Operating Changes in Policy Liabilities and Derivatives	(26,058)	86,631
Transaction-Related and Non-Operating Items(1)	13,961	152
Equity-Based Compensation	26,360	20,692
Amortization of Acquired Intangibles	14,187	4,699
Total Segment Earnings	$1,625,808	$1,386,113

(1)For the three months ended March 31, 2026, Transaction-related and Other Non-operating items includes (i) $30 million related to transaction-related

costs and other corporate actions and (ii) $18 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
	March 31, 2026	March 31, 2025
Total GAAP Assets	$412,084,513	$372,372,919
Impact of Consolidation and Reclassifications	(93,078,572)	(80,882,754)
Carry Pool Reclassifications	(6,181,835)	(4,993,176)
Total Segment Assets	$312,824,106	$286,496,989

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 (which will be influenced by receipt of

distributions from KKR Group Partnership in respect of our Series D mirrored preferred units that we hold in KKR Group

Partnership) 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 March 2026, 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 increase by an additional $500 million to the then

remaining available amount (the “Share Repurchase Program Increase Threshold”). As of May 1, 2026, there was

approximately $122 million remaining under the program. Any additional increases to the total available amount after the

Share Repurchase Program Increase Threshold is reached would require a separate approval by the Board of Directors of KKR

& Co. Inc. The repurchase program does not have an expiration date.

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

retired under the repurchase program:


	Three Months Ended March 31,
	2026	2025
Shares of common stock repurchased	2,173,970	—
Equity awards for common stock retired	578	4,232

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

Vesting of restricted holdings units results in a change in ownership in KKR Group Partnership, while KKR retains a

controlling interest, and is accounted for as an equity transaction between the controlling and noncontrolling interests.

Noncontrolling Interests

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

primarily by:

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

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

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

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

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


	Three Months Ended March 31,
	2026	2025
Balance at the beginning of the period	$48,019,108	$36,747,947
Net Income (Loss) Attributable to Noncontrolling Interests	(126,741)	861,928
Other Comprehensive Income (Loss), net of tax	29,584	5,999
Equity-Based Compensation (Non-Cash Contribution)	96,068	101,581
Change in KKR & Co. Inc.'s Ownership Interest	(61,704)	(127,610)
Capital Contributions	1,177,971	833,644
Capital Distributions	(1,619,686)	(988,003)
Changes in Consolidation	—	2,129,979
Balance at the end of the period	$47,514,600	$39,565,465

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 March 31,
	2026	2025
Balance at the beginning of the period	$2,710,242	$1,585,177
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests	(983)	8,494
Capital Contributions	87,195	335,513
Capital Distributions	(61,013)	(7,704)
Impact of Acquisition – Altavair (See Note 14)	60,053	—
Balance at the end of the period	$2,795,494	$1,921,480

24**.** COMMITMENTS AND CONTINGENCIES

Funding Commitments and Others

As of March 31, 2026, KKR had unfunded commitments consisting of $9.1 billion to its investment funds and vehicles.

These unfunded commitments also include funding requirements to levered investment vehicles and structured transactions

to fund or otherwise be liable for a portion of the vehicle's investment losses and/or to provide the vehicle with liquidity upon

certain termination events.

In addition to these uncalled commitments and funding obligations to KKR's investment funds and vehicles, KKR has

entered into contractual commitments primarily with respect to underwriting transactions, debt financing, revolving credit

facilities, and syndications in KKR's Capital Markets business line. As of March 31, 2026, these capital markets commitments

amounted to $0.6 billion. Whether these amounts are actually funded, in whole or in part, depends on the contractual terms

of such capital markets commitments, including the satisfaction or waiver of any conditions to closing or funding. KKR's capital

markets business has arrangements with third parties, which are expected to reduce KKR's risk under certain circumstances

when underwriting certain debt transactions. As a result, our unfunded capital markets commitments as of March 31, 2026,

have been reduced to reflect the amount expected to be funded by such third parties. As of March 31, 2026, 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 $6.2 billion as of March 31, 2026. 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 $28.1 million for current

expected credit losses as of March 31, 2026.

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 March 31, 2026, with expiration dates occurring between March 2027 and September 2027.

For accounting purposes, these contingent funding obligations are considered guarantees of the obligations of the

development-stage renewable energy projects.

Non-cancelable Operating Leases

KKR's non-cancelable operating leases consist of leases of office space around the world. There are no material rent

holidays, contingent rent, rent concessions, or leasehold improvement incentives associated with any of these property

leases. In addition to base rentals, certain lease agreements are subject to escalation provisions and rent expense is

recognized on a straight‑line basis over the term of the lease agreement. Global Atlantic also enters into land leases for its

consolidated investments in renewable energy.

Contingent Repayment Guarantees

The partnership documents governing KKR's carry-paying investment funds and vehicles generally include a "clawback"

provision that, if triggered, may give rise to a contingent obligation requiring the general partner to return amounts to the

fund for distribution to the fund investors at the end of the life of the fund. Under a clawback obligation, upon the liquidation

of a fund, the general partner is required to return, typically on an after-tax basis, previously distributed carry to the extent

that, due to the diminished performance of later investments, the aggregate amount of carry distributions received by the

general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled,

including the effects of any performance thresholds. KKR has guaranteed its general partners' clawback obligations.

As of March 31, 2026, approximately $195 million of carried interest was subject to this clawback obligation, assuming

that all applicable carry-paying investment funds were liquidated at their March 31, 2026 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 $90 million of that amount from Associates Holdings, which is not a KKR

subsidiary. As of March 31, 2026, Associates Holdings had access to cash reserves sufficient to reimburse the full $90 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 $5.4 billion as of March 31, 2026.

KKR will acquire control of Associates Holdings when KKR acquires 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,

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

iv.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

Global Atlantic Financial Group Limited, to Goldman Sachs over an approximately 25-year period. As of March 31, 2026, the

present value of the remaining amount to be paid is $44.5 million. Although these payments are subordinated and deferrable,

deferral of these payments would result in restrictions on distributions by GA FinCo and Global Atlantic Financial Group

Limited.

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 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

and, on September 22, 2025, opening briefs were filed by KKR & Co. Inc. and other defendants. The Commonwealth of

Kentucky filed its response briefs on November 21, 2025, and KKR & Co. Inc. and other defendants filed their reply briefs on

December 15, 2025.

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.

On November 19, 2025, the Kentucky Public Pensions Authority (“KPPA”) filed a motion to intervene in the consolidated

2020 AG Action and 2024 AG Action to assert claims against KKR & Co. Inc., Prisma Capital Partners LP, and Prisma Capital

Partners LLC. On December 8, 2025, the court entered an agreed order tendered by the parties granting KPPA’s motion to

intervene and ordering that all briefing and deadlines relating to KPPA’s intervening complaint are stayed pending decision by

the Kentucky Supreme Court in the appeals arising out of the Kentucky AG’s declaratory judgment action.

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 (first amended complaint) and further amended on August 19, 2025 (second amended

complaint). The operative second amended complaint claims, among other matters, that the Co-Founders and various current

and former executive officers and directors of KKR & Co. Inc. breached fiduciary duties and wasted corporate assets in

connection with transactions contemplated by the Reorganization Agreement pursuant to which, among other things, the Co-

Founders, certain current and former executive officers, and other senior executives of KKR received common stock from KKR.

The suit seeks to recover on behalf of KKR & Co. Inc. a cancellation of shares issued in the reorganization, monetary damages,

injunctive relief, restitution, and other remedies. KKR & Co. Inc. and other defendants filed a motion to dismiss the operative

second amended complaint on October 6, 2025. On December 18, 2025, plaintiffs filed their opposition to the motion to

dismiss the second amended complaint. Defendants filed their response on February 13, 2026.

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. 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 $4.7 million and $4.5 million for the three

months ended March 31, 2026 and 2025, respectively, and are included in insurance expenses in the consolidated statements

of operations. As of March 31, 2026 and December 31, 2025, the total capacity of the financing arrangements with third

parties was $2.6 billion and $2.6 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 March 31, 2026 and December 31, 2025.

25**.** SUBSEQUENT EVENTS

Dividends

A dividend of $0.195 per share of common stock of KKR & Co. Inc. has been declared and was announced on May 5, 2026.

This dividend will be paid on May 29, 2026 to common stockholders of record as of the close of business on May 15, 2026.

A dividend of $0.78125 per share of Series D Mandatory Convertible Preferred Stock has been declared and was

announced on May 5, 2026 and set aside for payment. This dividend will be paid on June 1, 2026 to holders of record of Series

D Mandatory Convertible Preferred Stock as of the close of business on May 15, 2026.

Strategic acquisition of Arctos

On May 4, 2026, KKR closed the acquisition of Arctos Partners, LP (“Arctos”), an investment firm that provides strategic

growth capital and liquidity solutions to sports franchises and to private investment fund sponsors, on terms consistent with

those previously disclosed.

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