# EDGAR Filing Document

**Accession Number:** 0001404912
**File Stem:** 0001404912-26-000007
**Filing Date:** 2026-2
**Character Count:** 2095784
**Document Hash:** 150eda37876a8c5d25f5b92af7838e7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001404912-26-000007.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001404912-26-000007

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 245

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR & Co. Inc.
- **CENTRAL INDEX KEY:** 0001404912
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 881203639
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34820
- **FILM NUMBER:** 26700852

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-750-8300

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KKR & Co. L.P.
- **DATE OF NAME CHANGE:** 20070627

?xml version='1.0' encoding='ASCII'? kkr-20251231

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

**Form 10-K** 

☒**&nbsp;&nbsp;&nbsp;&nbsp; ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.**

**For the fiscal year ended December 31, 2025** 

 **or** 

☐**&nbsp;&nbsp;&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.**

**For the Transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .** 

**Commission File Number 001-34820**![kkrlogoa16.jpg](kkr-20251231_g1.jpg)

**KKR & CO. INC.** 

(Exact name of Registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **88-1203639** |
| (State or other Jurisdiction of<br>Incorporation or Organization)<br>| (I.R.S. Employer<br>Identification Number)<br>|

---

**30 Hudson Yards**

**New York, New York 10001** 

**Telephone: (212) 750-8300** 

(Address, zip code, and telephone number, including

area code, of registrant's principal executive office.)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common Stock | KKR | New York Stock Exchange |
| 6.25% Series D Mandatory Convertible Preferred Stock | KKR PR D | New York Stock Exchange |
| 4.625% Subordinated Notes due 2061 of KKR Group <br>Finance Co. IX LLC<br>| KKRS | New York Stock Exchange |
| 6.875% Subordinated Notes due 2065 | KKRT | New York Stock Exchange |

---

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes 🗷 No □

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes □ No 🗷

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 and 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for

such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes 🗷 No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12

months (or for such shorter period that the registrant was required to submit such files). Yes 🗷 No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the

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

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer  | ☐ |
| Non-accelerated filer  | ☐ | Smaller reporting company  | ☐ |
|  |  | Emerging growth company  | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under

Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error

to previously issued financial statements. □

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of common stock of the registrant held by non-affiliates as of June 30, 2025, was approximately $91.1 billion. As of February 24, 2026, the registrant had

891,550,894 shares of common stock outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

**None**

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**KKR & CO. INC.** 

**FORM 10-K**

**For the Year Ended December 31, 2025** 

**INDEX** 

---

| | | |
|:---|:---|:---|
|  |  | **Page No.** |
|  | <u>[PART I](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_322)</u> |  |
| Item 1. | <u>[Business](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_325)</u> | <u>[8](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_325)</u> |
| Item 1A. | <u>[Risk Factors](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_412)</u> | <u>[31](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_412)</u> |
| Item 1B. | <u>[Unresolved Staff Comments](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_403)</u> | <u>[80](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_403)</u> |
| Item 1C. | <u>[Cybersecurity](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_406)</u> | <u>[80](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_406)</u> |
| Item 2. | <u>[Properties](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_409)</u> | <u>[81](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_409)</u> |
| Item 3. | <u>[Legal Proceedings](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_298)</u> | <u>[81](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_298)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_310)</u> | <u>[81](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_310)</u> |
|  | <u>[PART II](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_16)</u> |  |
| Item 5. | <u>[Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_526)</u> | <u>[82](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_526)</u> |
| Item 6. | <u>[\[Reserved\]](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_529)</u> | <u>[83](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_529)</u> |
| Item 7. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_124)</u> | <u>[84](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_124)</u> |
| Item 7A. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_532)</u> | <u>[145](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_532)</u> |
| Item 8. | <u>[Financial Statements and Supplementary Data](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_19)</u> | <u>[155](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_19)</u> |
| Item 9. | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_541)</u> | <u>[295](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_541)</u> |
| Item 9A. | <u>[Controls and Procedures](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_544)</u> | <u>[295](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_544)</u> |
| Item 9B. | <u>[Other Information](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_547)</u> | <u>[296](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_547)</u> |
| Item 9C. | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_550)</u> | <u>[296](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_550)</u> |
|  | <u>[PART III](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_430)</u> |  |
| Item 10. | <u>[Directors, Executive Officers and Corporate Governance](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_433)</u> | <u>[297](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_433)</u> |
| Item 11. | <u>[Executive Compensation](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_436)</u> | <u>[305](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_436)</u> |
| Item 12. | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_439)</u> | <u>[317](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_439)</u> |
| Item 13. | <u>[Certain Relationships and Related Transactions, and Director Independence](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_442)</u> | <u>[319](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_442)</u> |
| Item 14. | <u>[Principal Accountant Fees and Services](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_445)</u> | <u>[326](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_445)</u> |
|  | <u>[PART IV](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_502)</u> |  |
| Item 15. | <u>[Exhibits and Financial Statement Schedules](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_553)</u> | <u>[327](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_553)</u> |
| Item 16. | <u>[Form 10-K Summary](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_562)</u> | <u>[339](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_562)</u> |
| <u>[SIGNATURES](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_505)</u> |  | <u>[340](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_505)</u> |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as

amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),

which reflect our current views with respect to, among other things, our operations and financial performance. You can

identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential,"

"continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," "visibility,"

"positioned," "path to," "conviction," the negative version of these words, other comparable words or other statements that

do not relate strictly to historical or factual matters. Without limiting the foregoing, forward-looking statements may include

statements regarding KKR's business, financial condition, liquidity and results of operations, including capital invested,

uncalled commitments, cash and short-term investments, and levels of indebtedness; the potential for future business

growth; outstanding shares of common stock of KKR & Co. Inc. and its capital structure; non-GAAP and segment measures and

performance metrics, including assets under management ("AUM"), fee paying assets under management ("FPAUM"),

Adjusted Net Income, Total Operating Earnings, Total Segment Earnings, Fee Related Earnings ("FRE"), Insurance Operating

Earnings, Strategic Holdings Operating Earnings, Total Investing Earnings, and Total Segment Earnings; the declaration and

payment of dividends on capital stock of KKR & Co. Inc.; the timing, manner and volume of repurchase of shares of common

stock of KKR & Co. Inc.; our statements regarding the potential of, and future financial results from, KKR's Strategic Holdings

segment, including expectations about dividend payments and earnings from companies and businesses in the Strategic

Holdings segment in the future, the future growth of such companies and businesses, and the potential for compounding

earnings over a longer period of time from such segment; KKR's ability to grow its AUM, to deploy capital, to realize

unrealized investment appreciation, and the time period over which such events may occur; KKR's ability to manage the

investments in and operations of acquired companies and businesses; the effects of any transactional activity on KKR's

operating results, including pending sales of investments; expansion and growth opportunities and other synergies resulting

from acquisitions of companies, including the acquisition of Arctos Partners and businesses in our Strategic Holdings

segment), internal reorganizations or strategic partnerships with third parties; the timing and expected impact to our business

of any new investment fund, vehicle or product launches; the timing and completion of certain transactions contemplated by

the Reorganization Agreement entered into on October 8, 2021 by KKR & Co. Inc.; the implementation or execution of, or

results from, any strategic initiatives, including efforts to distribute financial products to individual investors; the modification

of our compensation framework announced on November 29, 2023, which decreased the targeted percentage of

compensation from fee related revenues and increased the targeted percentage from realized carried interest and certain

incentive fees; and our insurance business's strategic initiatives to invest more into non-yielding or lower-yield assets classes

like private equity and real assets, expand outside the United States, and raise more third-party co-investment insurance

capital. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important

factors that could cause actual outcomes or results to differ materially from those indicated in these statements or cause the

anticipated benefits and synergies from transactions to not be realized. We believe these factors include those described in

the section entitled "Risk Factors" in this Annual Report on Form 10-K for the year ended December 31, 2025 (our "report").

These factors should be read in conjunction with the other cautionary statements that are included in this report and in our

other filings with the U.S. Securities and Exchange Commission ("SEC"). We do not undertake any obligation to publicly update

or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except

as required by law.

**CERTAIN TERMS USED IN THIS REPORT**

In this report, references to "KKR," "we," "us," and "our" refer to KKR & Co. Inc. and its subsidiaries, including The Global

Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic"),

unless the context requires otherwise.

References to the "Series I preferred stockholder" or "KKR Management" are to KKR Management LLP, the holder of the

sole outstanding share of our Series I preferred stock. KKR Management is owned by our senior employees, including Mr.

Henry Kravis and Mr. George Roberts (our "Co-Founders"). References to "carry pool participants" are to our current and

former employees who hold interests in our "carry pool," which refers to the carried interest generated by KKR's business that

is allocated to KKR Associates Holdings L.P. ("Associates Holdings"), in which carry pool participants are limited partners.

Associates Holdings is currently not a subsidiary of KKR & Co. Inc.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

KKR Group Partnership L.P. ("KKR Group Partnership") is the intermediate holding company that owns the entirety of

KKR's business. Unless otherwise indicated, references to equity interests in KKR's business, or to percentage interests in

KKR's business, reflect the aggregate equity interests in KKR Group Partnership, and are net of amounts that have been

allocated to carry pool participants and any other holders of minority interests in KKR Group Partnership. References to a

"KKR Group Partnership Unit" refer to one Class A partner interest in KKR Group Partnership for periods on and after January

1, 2020. "Exchangeable securities" refers to securities that have the right to acquire KKR Group Partnership Units and to

exchange them for our shares of common stock. As of the date of this report, our only outstanding exchangeable securities

are (i) restricted holdings units issued through KKR Holdings II L.P. ("KKR Holdings II"), which are issued under the Amended

and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (the "2019 Equity Incentive Plan"), and (ii) restricted holdings units

issued through KKR Holdings III L.P. ("KKR Holdings III"), which are not issued under the 2019 Equity Incentive Plan. In the

future, we may issue securities other than restricted holdings units that may constitute exchangeable securities.

On October 8, 2021, KKR entered into a Reorganization Agreement (the "Reorganization Agreement") with KKR Holdings

L.P. ("KKR Holdings"), KKR Management, 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, including (a) the acquisition by KKR of KKR Holdings and all of the KKR Group Partnership Units held

by it (which as noted below was completed), (b) the future elimination of voting control by KKR Management and the Series I

preferred stock held by it, (c) the future establishment of voting rights for all common stock on a one vote per share basis,

including with respect to the election of directors, and (d) the future control of the carry pool by KKR. On May 31, 2022, KKR

completed the acquisition of KKR Holdings and the 258.3 million KKR Group Partnership Units held by it, and in exchange KKR

issued and delivered 266.8 million shares of common stock to the limited partners of KKR Holdings. On the "Sunset

Date" (which will occur no later than December 31, 2026), KKR will cancel the Series I preferred stock, establish voting rights

for all common stock on a one vote per share basis, and acquire control of the carry pool. For more information about the

Reorganization Agreement, see Note 1 "Organization" in our financial statements included in this report.

KKR's asset management business is conducted by Kohlberg Kravis Roberts & Co. L.P. and various other subsidiaries of

KKR & Co. Inc. other than Global Atlantic. KKR's insurance business is operated by Global Atlantic, in which KKR acquired a

majority controlling interest on February 1, 2021 and of which KKR acquired all the remaining equity interests in Global

Atlantic on January 2, 2024 (the "2024 GA Acquisition"). KJR Management ("KJRM") is a Japanese real estate asset manager,

which KKR acquired on April 28, 2022.

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 (each, a "BDC"), unless the context requires

otherwise. These references do not include the investment funds, vehicles, or accounts of any hedge fund partnership or any

other third-party asset manager with which we have formed a strategic partnership or have acquired a minority ownership

interest. Unless the context requires otherwise, references to "fund investors" or "investors in our investment vehicles" refers

to the third-party investors in these funds and investment vehicles. References to "strategic investor partnerships" refers to

separately managed accounts with certain investors, which typically have investment periods longer than our traditional

funds and typically provide for investments across different investment strategies. References to "hedge fund partnerships"

refers to strategic partnerships with third-party hedge fund managers in which KKR owns a minority stake.

Unless otherwise indicated, references in this report to our outstanding common stock on a fully exchanged and diluted

basis reflect (i) actual shares of common stock outstanding, (ii) shares of common stock issuable pursuant to equity awards

actually granted pursuant to the 2019 Equity Incentive Plan, and (iii) shares of common stock issuable from exchangeable

securities, including vested partnership interests in KKR Holdings III. Our outstanding common stock on a fully exchanged and

diluted basis does not include shares of common stock available for issuance pursuant to the 2019 Equity Incentive Plan for

which equity awards have not yet been granted or any shares of common stock into which all outstanding shares of Series D

Mandatory Convertible Preferred Stock are convertible.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

In this report, the term "GAAP" refers to accounting principles generally accepted in the United States of America. We

disclose certain financial measures in this report that are calculated and presented using methodologies other than in

accordance with GAAP, including Adjusted Net Income, Total Asset Management Segment Revenues, Total Segment Earnings,

Total Investing Earnings, Total Operating Earnings, FRE, and Strategic Holdings Operating Earnings. We believe that providing

these performance measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall

performance of KKR's businesses. These non-GAAP financial measures should not be considered as a substitute for similar

financial measures calculated in accordance with GAAP. We caution readers that these non-GAAP financial measures may

differ from the calculations of other investment managers, and as a result, may not be comparable to similar measures

presented by other investment managers. Reconciliations of these non-GAAP financial measures to the most directly

comparable financial measures calculated and presented in accordance with GAAP, where applicable, are included under

"Management's Discussion and Analysis of Financial Condition and Results of Operations—Segment Balance Sheet Measures

—Reconciliations to GAAP Measures." This report also uses the terms AUM, FPAUM, and capital invested. You should note

that our calculations of these and other operating metrics may differ from the calculations of other investment managers and,

as a result, may not be comparable to similar metrics presented by other investment managers. These non-GAAP and

operating metrics are defined in the section "Management's Discussion and Analysis of Financial Condition and Results of

Operations—Key Segment and Non-GAAP Performance Measures—Other Terms and Capital Metrics."

The use of any defined term in this report to mean more than one entity, person, security, or other item collectively is

solely for convenience of reference and in no way implies that such entities, persons, securities, or other items are one

indistinguishable group. For example, notwithstanding the use of the defined terms "KKR," "we" and "our" in this report to

refer to KKR & Co. Inc. and its subsidiaries, each subsidiary of KKR & Co. Inc. is a standalone legal entity that is separate and

distinct from KKR & Co. Inc. and any of its other subsidiaries. Any KKR entity (including any Global Atlantic entity) referenced

herein is responsible for its own financial, contractual, and legal obligations. Additionally, references to "including" are for the

purpose of illustration and shall be read to mean "including without limitation" unless the context explicitly requires

otherwise.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**SUMMARY RISK FACTORS**

The following is a summary of the risk factors associated with investing in our securities. You should read this summary

together with a more detailed description of these risks in the "Risk Factors" section of this report and in other filings that we

make from time to time with the SEC.

We are subject to risks related to our business, including risks involving:

• difficult market and economic conditions;

• geopolitical events, natural disasters and other similar events not within our control;

• the loss of, or misconduct by, our key personnel;

• our reliance on third parties in the operation of our business;

• disruptions in our technology infrastructure or the occurrence of other operational errors;

• effective management of our balance sheet;

• management of and access to adequate sources of liquidity;

• our capital markets activities;

• financial and enterprise risks;

• legal claims, litigations, investigations and negative publicity;

• expansion into new businesses, strategic opportunities, and investment strategies;

• operating in a highly competitive industry;

• variability in earnings and cash flow;

• contingent obligations to return carried interest;

• raising third-party capital for our investment vehicles, insurance business and transactions;

• raising capital from institutional investors;

• the sale of financial products to individual investors;

• possible reductions or other changes to perpetual capital;

• actions of our portfolio companies;

• changes in tax laws;

• impact of artificial intelligence;

• cybersecurity failures and data security breaches; and

• sustainability matters.

We are subject to risks related to regulatory matters, including risks involving:

• compliance with complex, extensive and evolving laws;

• adverse regulatory actions;

• our regulatory registrations or licenses;

• changes in the regulatory frameworks applicable to our business;

• availability of regulatory exemptions or exclusions;

• distributing financial products to individual investors;

• regulations impacting the insurance industry and insurance companies owned by alternative asset managers;

• laws and regulations applicable to our extensive global investment activities;

• compliance with investment-related and competition laws;

• compliance with financial crime laws;

• compliance with ERISA exemptions;

• sustainability-related laws and disclosure requirements; and

• privacy, data protection, cybersecurity, and artificial intelligence laws.

We are subject to risks related to our investment activities, including risks involving:

• historical returns not being indicative of future results;

• conditions and events not in our control that may significantly impact valuations of our investments;

• investments in illiquid assets and uncertainty in valuations of illiquid investments;

• investments that involve unique business, regulatory, legal, tax or other complexities;

• use of leverage in investment activities;

• limitations in the due diligence process;

• investments in real assets, including real estate, infrastructure and energy assets;

• investments in companies and assets outside of the United States;

• conflicts of interest arising from our investment activities; and

• our third-party investors failing to fund their capital calls.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

We are subject to risks related to our insurance activities, including risks involving:

• operating in highly competitive markets;

• identifying and managing significant growth opportunities for our insurance business;

• our ability to source successful reinsurance transactions;

• volatility in market and economic conditions;

• disruptions to our third-party distribution network for our insurance products;

• differences in assumptions and estimates used for our insurance business from our actual results;

• possible downgrades to financial strength or credit ratings of our insurance subsidiaries;

• ceding business to reinsurers as well as business ceded to us;

• changes in tax laws applicable to our insurance subsidiaries;

• comprehensive regulations (and potential changes and additions) applicable to our insurance business;

• capital regulations applicable to our insurance subsidiaries;

• regulatory and reputational considerations under the Bermuda insurance and reinsurance regulatory framework; and

• a failure to comply with statutory accounting rules.

We are subject to risks related to our organizational structure, including risks involving:

• the Series I preferred stockholder's significant voting power, and potential conflicts of interest with the Series I

preferred stockholder, until the Sunset Date;

• exemptions as a "controlled company" from NYSE corporate governance requirements;

• provisions in our charter limiting the duties and liability of the Series I preferred stockholder;

• the exclusive forum provision included in our charter;

• limitations on our ability to pay periodic dividends;

• potential application of restrictions under the Investment Company Act of 1940;

• actions taken to implement the reorganization transactions that must occur by the Sunset Date; and

• anti-takeover provisions in our organizational documents.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**PART I**

**ITEM 1. BUSINESS**

**Overview**

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance

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

employing world-class people, and supporting growth in our portfolio companies and communities.

Founded in 1976, KKR pioneered the leveraged buyout strategy and has been a leader of the private equity industry for

five decades. Since the inception of our firm, we have expanded our investment strategies and product offerings from

traditional private equity to other alternative asset classes such as leveraged credit, alternative credit, infrastructure, real

estate, energy, growth equity, and core private equity. Over the same period, we scaled from being a U.S.-focused firm to a

global operation with 36 offices around the world as of December 31, 2025. Our business further expanded with the

acquisition of Global Atlantic in 2021, which today conducts our insurance business providing retirement and life insurance

solutions. As of December 31, 2025, we managed $744 billion of assets under management, of which $219 billion comes from

Global Atlantic.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **50 Years** | **$744 billion in** <br>**AUM**<br>| **~4,200** <br>**employees**<br>| **Multi-asset** <br>**experience**<br>| **36 global** <br>**offices**<br>|
| of investment <br>experience<br>| across Credit and Liquid <br>Strategies ($322 bn), <br>Private Equity ($229 bn) <br>& Real Assets ($192 bn)<br>| ~2,700 <br>Asset Management <br>~1,500 <br>Insurance<br>| across <br>credit, private <br>equity and real <br>assets<br>| across 4 continents <br>serving local markets<br>|

---

Note: The employee and office metrics exclude approximately 800 additional employees who sit within a subsidiary organization and who are located at other

offices. See the "Human Capital" section for more information.

We have a pre-eminent global integrated platform for sourcing and originating investments, raising capital, and carrying

out capital markets activities. Our experienced and diverse team of approximately 4,200 employees across asset management

and insurance, together with an additional approximately 800 employees across our subsidiary organizations, seek to work

proactively and collaboratively across business lines, departments, and geographies to achieve what we believe are the best

investment results for our clients.

We have multi-lingual and multi-cultural investment teams with local market knowledge and significant business,

investment, and operational experience in the countries in which we invest. We believe that our global capabilities and one-

firm philosophy have been critical to our success, enabling us to raise substantial capital, realize a greater number of

investment opportunities, assist our portfolio companies in their increasing reliance on global markets and sourcing, and

diversify our business and operations. Building on these efforts and leveraging both our industry expertise and intellectual

capital has also allowed us to capitalize on a broader range of the opportunities we source.

Our three reporting segments align with the KKR business model:

![Screenshot 2026-02-05 082521.jpg](kkr-20251231_g2.jpg)

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

Our business model of (i) Asset Management, (ii) Insurance, and (iii) Strategic Holdings corresponds to our three reporting

segments. We have purposely created a business model that we believe enables us to grow long-term, durable, recurring

earnings with a focus on large addressable markets where we can be an industry leader. Importantly, these pieces were built

to leverage our core strengths as a firm: investing acumen, capital allocation expertise and our collaborative culture.

**Business Segments**

**Asset Management**

In Asset Management, we have five business lines: (i) Private Equity, (ii) Real Assets, (iii) Credit and Liquid Strategies, (iv)

Capital Markets, and (v) Principal Activities.

Our Assets Under Management have grown and diversified in the last 15 years across Private Equity, Real Assets, and

Credit and Liquid Strategies as illustrated on the following chart. KKR has evolved from a relatively US-centric and traditional

private equity firm to a global alternative asset manager. As of December 31, 2010, our traditional Private Equity strategy

represented over 70% of our total AUM. As of December 31, 2025, traditional Private Equity was less than 25% of our total

AUM.

Assets Under Management ($ in billions):

![6597069769916](kkr-20251231_g3.gif)

![6597069769930](kkr-20251231_g4.gif)

![](kkr-20251231_g5.gif)

![brackets.jpg](kkr-20251231_g6.jpg)

Liquid Strategies

Alternative Credit

Credit and Liquid

Strategies

$322

![](kkr-20251231_g7.gif)

+18%

CAGR

Leveraged Credit

![brackets.jpg](kkr-20251231_g6.jpg)

Real Estate

Real Assets

$192

Infrastructure &

Energy

![brackets.jpg](kkr-20251231_g6.jpg)

Growth Equity

Core Private Equity

Private Equity

$229

Traditional Private

Equity

![](kkr-20251231_g8.gif)

As an asset management firm, we earn recurring management fees and fee-related performance revenues for providing

investment management services and expertise to our institutional and individual investors who entrust us with their capital.

The amount of fees we charge for managing these assets depends on the underlying investment strategy, liquidity profile, and

ultimately our ability to generate attractive investment returns for our clients.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | |
|:---|:---|
| **Growth and diversification of management fees:** | **Growth and diversification of management fees:** |
| **Management Fees Last Five Years ($ in billions)** | **2025 Management Fees** |

---

![6597069769969](kkr-20251231_g9.gif)

![6597069769980](kkr-20251231_g10.gif)

$4.1 billion

We earn transaction fees for providing capital markets services as a broker-dealer, and we also earn transaction and

monitoring fees as part of the management of our portfolio companies.

Carried interest that we receive from our investment vehicles entitles us to a specified percentage of investment gains

that are generated on third-party capital that is invested. We earn investment income by investing our own capital alongside

investors in our funds and other investment vehicles and from other assets we own on our balance sheet.

Operating expenses, which include occupancy expenses and other typical operating expenses, are shared across a single

expense pool given the collaborative nature of our five business lines within Asset Management.

Our investment teams have deep industry knowledge and can utilize a substantial and diversified capital base; an

integrated global investment platform; the expertise of operating professionals and advisors; and a worldwide network of

business relationships that provide a significant source of investment opportunities, specialized knowledge for due diligence,

and substantial resources for creating value for stakeholders. These teams invest capital, much of which is long duration,

which provides us with significant flexibility to grow investments and be selective with exit opportunities. As of December 31,

2025, approximately 92% of our AUM consists of capital that has a duration of at least eight years at inception or longer,

including what we refer to as perpetual capital. Perpetual capital has an indefinite term with no predetermined requirement

to return invested capital to investors upon the realization of investments. This perpetual AUM, which is a sizable portion of

our total AUM, includes investment vehicles registered under the Investment Company Act of 1940 (the "Investment

Company Act"), certain unregistered investment vehicles offered to individual investors (such as our K-Series vehicles), and

listed companies like Crescent Energy Company (NYSE: CRGY) ("Crescent Energy"), as well as our Global Atlantic AUM. We

believe that these aspects of our business help us continue to grow our asset management business and deliver strong

investment performance in a variety of economic and market conditions.

Since our inception, one of our fundamental investment philosophies has been to align the interests of the firm and our

employees with the interests of our fund investors, portfolio companies, and other stakeholders. We achieve this by putting

our own capital behind our ideas. As of December 31, 2025, we and our employees and other personnel have approximately

$30 billion invested in or committed to our own funds and portfolio companies, including approximately $15 billion of capital

funded from our balance sheet, $10 billion of additional capital committed by our balance sheet to our investment funds and

other investment vehicles, $4 billion funded from personal investments, and $1 billion of additional capital commitments

from personal investments.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Private Equity**

Our Private Equity business line represents $229 billion of AUM and $151 billion of FPAUM as of December 31, 2025,

across traditional private equity, core private equity, and growth equity. These strategies invest capital for long-term capital

appreciation, either through controlling ownership of a company or strategic non-controlling minority positions. Our private

equity investment vehicles focus on a specific region – North America, EMEA, or Asia Pacific – or invest across regions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Private Equity Select Key Metrics:** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| ***($ in billions, unless specified otherwise)*** | **2021** | **2022** | **2023** | **2024** | **2025** |
| AUM | $174 | $165 | $176 | $195 | $229 |
| FPAUM | 88 | 102 | 108 | 120 | 151 |
|  | **For the year ended, December 31,** | **For the year ended, December 31,** | **For the year ended, December 31,** | **For the year ended, December 31,** | **For the year ended, December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
| New Capital Raised (AUM) | $44 | $18 | $7 | $18 | $27 |
| Capital Invested | 18 | 19 | 14 | 17 | 24 |
| Management Fees ($ in millions) | 967 | 1188 | 1286 | 1376 | 1529 |

---

Our Private Equity business line consists of the following strategies:

**Traditional Private Equity** typically targets investments where we acquire control or significant influence over companies,

and may include management buyouts, public-to-private transactions, or corporate carve-outs. This includes a dedicated

strategy that targets investments in middle market companies. Our traditional private equity funds invest by specific

geography: North America, Europe, and Asia Pacific. As of December 31, 2025, traditional private equity AUM totals

$167 billion.

**Core Private Equity** typically targets investments in companies with a longer holding period and a lower anticipated risk

profile than traditional private equity investments. Core private equity investments are made in companies that we believe

are more stable and less cyclical and typically have lower average leverage over the investment holding period compared to

those in our traditional private equity funds. Our core private equity vehicles invest globally. As of December 31, 2025, core

private equity AUM totals $41 billion.

**Growth Equity** typically targets investments in companies that are earlier in their life cycle than would be typical for a

traditional private equity investment. Our growth equity funds invest across three distinct strategies: (i) technology, investing

across a variety of sub-sectors including application software, infrastructure software, cybersecurity, financial technology, and

consumer internet; (ii) health care, targeting various sub-sectors, including biopharmaceuticals, medical devices, diagnostics,

life science tools, health care information technology, and other services; and (iii) impact, investing globally in companies that

contribute toward one or more of the United Nations Sustainable Development Goals where financial performance and

societal impact are intrinsically linked. As of December 31, 2025, growth equity AUM totals $21 billion.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Real Assets**

Our Real Assets business line represents $192 billion of AUM and $163 billion of FPAUM as of December 31, 2025, across

infrastructure, real estate and energy. These strategies invest capital for long-term capital appreciation, current income

generation, or both. Our real assets investment vehicles focus on a specific region – North America, EMEA, or Asia Pacific – or

invest across regions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Real Assets Select Key Metrics:** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| ***($ in billions, unless specified otherwise)*** | **2021** | **2022** | **2023** | **2024** | **2025** |
| AUM | $83 | $119 | $131 | $166 | $192 |
| FPAUM | 67 | 104 | 112 | 140 | 163 |
|  | **For the year ended, December 31,** | **For the year ended, December 31,** | **For the year ended, December 31,** | **For the year ended, December 31,** | **For the year ended, December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
| New Capital Raised (AUM) | $39 | $29 | $16 | $40 | $34 |
| Capital Invested | 21 | 28 | 15 | 28 | 27 |
| Management Fees ($ in millions) | 437 | 680 | 826 | 993 | 1301 |

---

Our Real Assets business line consists of the following strategies:

**Infrastructure** seeks investment opportunities in existing assets and businesses that we believe are critical to the

functioning of the economy. Through this platform we have made investments around the world in sectors such as power and

utilities, energy, midstream, energy transition, transportation, asset leasing, water and wastewater, telecommunications

infrastructure, and social infrastructure. Over the past five years, our infrastructure business has scaled considerably with

AUM having increased from $17 billion as of December 31, 2020 to $100 billion as of December 31, 2025. Infrastructure

includes three sub-strategies listed below.

• Core+ infrastructure seeks to generate attractive risk-adjusted returns with low volatility and downside protection by

investing in infrastructure assets and businesses based in two geographic areas: (i) North America and Western

Europe and (ii) Asia Pacific.

• Core infrastructure focuses on investments with predominantly contracted or regulated cash flows in securities,

properties, and other assets primarily in North America and Western Europe.

• Climate Transition invests in infrastructure solutions to support energy transition globally.

**Real Estate** seeks real estate and real estate-related investment opportunities, including the ownership of commercial

and residential real estate or entities where the primary value resides in real property. We aim to be a global solutions

provider across the capital structure in the real estate industry around the world by partnering with real estate owners,

lenders, operators, and developers to provide flexible capital to respond to transaction-specific needs. We provide solutions

for residential, commercial and industrial assets. As of December 31, 2025, real estate AUM totals $86 billion, with detail on

the two sub-strategies listed below.

• Real estate credit lends across the risk return spectrum of investments secured by or relating to real property,

including senior mortgage loans, mezzanine loans and mortgage-backed securities in North America and Europe. As

of December 31, 2025, real estate credit AUM totals $45 billion.

• Real estate equity seeks core, core+ and opportunistic real estate investment opportunities by geography: North

America, Europe and Asia Pacific. As of December 31, 2025, real estate equity AUM totals $41 billion. This includes

$12 billion from the management of two publicly listed Japanese REITs through our subsidiary, KJRM.

**Energy** focuses primarily on the acquisition, development and operation of oil and natural gas properties in the United

States through our management of Crescent Energy, a publicly listed energy company. Energy AUM totals $6 billion as of

December 31, 2025.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Credit and Liquid Strategies**

Our Credit and Liquid Strategies business line represents $322 billion of AUM and $289 billion of FPAUM as of December

31, 2025, across leveraged credit, alternative credit, and our hedge fund platform.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Credit and Liquid Strategies Select Key Metrics:** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| *($ in billions, unless specified otherwise)* | **2021** | **2022** | **2023** | **2024** | **2025** |
| AUM | $214 | $220 | $245 | $276 | $322 |
| FPAUM | 203 | 206 | 226 | 253 | 289 |
|  | **For the year ended, December 31,** | **For the year ended, December 31,** | **For the year ended, December 31,** | **For the year ended, December 31,** | **For the year ended, December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** |
| New Capital Raised (AUM) | $37 | $34 | $47 | $56 | $68 |
| Capital Invested | 34 | 25 | 15 | 39 | 44 |
| Management Fees ($ in millions) | 667 | 788 | 919 | 1092 | 1271 |

---

**Credit** invests capital globally across North America, Europe, and Asia Pacific in a broad range of corporate debt and

collateral-backed investments in diverse sectors. Our Credit strategies consist of the following components, which in

aggregate total $288 billion of AUM as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Leveraged Credit** | **Leveraged Credit** | **Alternative Credit** | **Alternative Credit** | **Alternative Credit** | **Alternative Credit** |
|  |  | **Private Credit** | **Private Credit** | **Strategic Investments Group ("SIG")** | **Strategic Investments Group ("SIG")** |
| **$145bn** | •Leveraged Loans<br>•High Yield Bonds<br>•CLOs | **$135bn** | •Asset-Based Finance - <br>$85bn<br>•Corporate Credit - <br>$50bn | **$8bn** | •Capital Solutions<br>•Opportunities Funds |
| ASSETS UNDER <br>MANAGEMENT<br>| •Leveraged Loans<br>•High Yield Bonds<br>•CLOs | ASSETS UNDER <br>MANAGEMENT<br>| •Asset-Based Finance - <br>$85bn<br>•Corporate Credit - <br>$50bn | ASSETS UNDER <br>MANAGEMENT<br>| •Capital Solutions<br>•Opportunities Funds |

---

**Leveraged Credit** strategies seek to invest globally in assets such as leveraged loans, high yield and investment grade

bonds, and certain structured products such as CLOs. Within leveraged credit, we manage both single-asset class and multi-

asset class pools of capital. As of December 31, 2025, leveraged credit AUM totals $145 billion.

**Alternative Credit** consists of our private credit strategies and investments overseen by our credit platform's strategic

investments group strategy. Private Credit consists of asset-based finance (or "ABF") and corporate credit. Across these

strategies, we provide financing and capital solutions to high-quality corporates and asset owners around the world, spanning

both investment grade and non-investment grade opportunities. The alternative credit sub-strategies are detailed below.

• **Asset-based finance** focuses on multi-sector investments secured by portfolios of financial assets including consumer

and mortgage finance, commercial finance, contractual cash flows, and loans backed by hard assets across the risk-

return spectrum. We source and structure ABF investments through a combination of 20 captive origination

platforms, portfolio acquisitions and structured investments, which together create a diverse sourcing engine for ABF

deployment across both our high grade and opportunistic ABF strategies. ABF AUM has grown from $7 billion as of

December 31, 2020 to $85 billion as of December 31, 2025.

• **Corporate credit** focuses on directly originated private financing across the capital structure. Historically referred to

as direct lending, its scope has expanded alongside market evolution into corporate private credit encompassing

senior-secured and junior debt, as well as investment grade financings. Corporate credit AUM totals $50 billion as of

December 31, 2025.

• **SIG** provides partnership capital solutions to high quality mid-to-large cap companies, typically in situations requiring

customized financing or strategic capital support. These investment opportunities may include senior and junior

debt, preferred equity, convertible debt and structured equity. SIG AUM totals $8 billion as of December 31, 2025.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Liquid strategies,** which is our hedge fund platform, consists of strategic partnerships with third-party hedge fund

managers in which KKR owns a minority stake. This principally consists of a 39.6% interest in Marshall Wace LLP, a global

alternative investment manager specializing in long/short equity products. We only report a pro-rata portion of the assets

under management of our hedge fund partnerships based on our percentage ownership in them. Liquid Strategies AUM totals

$34 billion as of December 31, 2025.

**Capital Markets**

Our Capital Markets business line is comprised of our global, but locally operated, capital markets business, which is

integrated with KKR's asset management business, and serves our firm, including our portfolio companies, our insurance

business, and third-party customers by developing and implementing both traditional and non-traditional capital solutions for

investments and companies seeking financing. These services include arranging debt and equity financing, placing and

underwriting securities offerings, and providing other types of capital markets services that result in the firm receiving fees.

Our capital markets business underwrites credit facilities and arranges loan syndications and participations. When we are sole

or lead arrangers of a credit facility, we may advance amounts to the borrower on behalf of other lenders, subject to

repayment. When we underwrite an offering of securities on a firm commitment basis, we commit to buy and sell an issue of

securities and generate revenue by purchasing the securities at a discount or for a fee. When we act in an agency capacity or

best efforts basis, we generate revenue for arranging financing or placing securities with capital markets investors. We may

also provide issuers with capital markets advice on capital structuring, access to markets, marketing considerations, securities

pricing, and other aspects of capital markets transactions in exchange for a fee.

Our capital markets business also provides syndication services for co-investments in transactions participated in by KKR,

our investment vehicles, Global Atlantic, and third-party clients, which may entitle the firm to receive transaction fees,

management fees, and a carried interest. Third-party clients of our capital markets business include multi-national

corporations, public and private companies, financial sponsors, mutual funds, pension funds, sovereign wealth funds, and

hedge funds globally. Our capital markets business provides these clients with tailored financing solutions and differentiated

access to capital through our distribution platform.

Capital markets transaction fees are generated across multiple geographies and are diversified by source. Data presented

for the year ended December 31, 2025.

---

| | |
|:---|:---|
| By Geography | By Source |

---

![6597069766709](kkr-20251231_g11.gif)

![6597069766720](kkr-20251231_g12.gif)

$930 million

$930 million

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

Capital markets transaction fees ($ in millions) have grown substantially over time:

![6597069770271](kkr-20251231_g13.gif)

**$757**

![](kkr-20251231_g14.gif)

**$490**

![](kkr-20251231_g15.gif)

**$184**

![](kkr-20251231_g16.gif)

Reflects the average capital markets transaction fees of the periods represented.

![](kkr-20251231_g17.gif)

**Principal Activities**

Through our Principal Activities business line, we manage our firm's asset management balance sheet. To create

alignment with our clients, we deploy our capital alongside their commitments to the investment vehicles we manage across

our Private Equity, Real Assets, and Credit and Liquid Strategies business lines. While it is typically a contractual requirement

that we, as the general partner of the funds we manage, make capital commitments to our funds, we believe making general

partner commitments also demonstrates our conviction in a given fund's strategy. Our commitments to fund capital also

occur where we are the holder of the subordinated notes or the equity tranche of investment vehicles that we sponsor,

including structured transactions.

Over the last five years we have evolved our approach to the Principal Activities business line. While we continue to

deploy capital alongside our clients, the magnitude of our commitments has declined given both the successful scaling of our

investment vehicles, and therefore our business lines, and our decision to deploy capital from retained earnings into other

areas. See "Capital Allocation" section for more details.

The Investment Income generated in Principal Activities begins with our commitments to investment vehicles at their

outset. As those vehicles' investments mature and are realized, they generate gains, losses, and interest and dividend income.

The deployment of capital alongside our clients this year is expected to create investment income multiple years from now.

We also use our own capital to bridge capital needs of our funds, to finance strategic asset management transactions,

and for underwriting purposes in our capital markets business line, although some or all of the financial results of these

actions may be reported in our other business lines. We may also make opportunistic investments through our Principal

Activities business line, which include co-investments alongside our Private Equity, Real Assets, and Credit funds, as well as

Principal Activities investments that do not involve those funds.

**Investment Process** 

We maintain a rigorous investment process across all our investment strategies. Each investment vehicle has investment

policies and procedures that generally contain requirements, guidelines, and limitations for investments, such as limitations

relating to the amount that will be invested in any one investment and the types of assets, industries or geographic regions in

which the vehicle will invest. Our investment professionals are responsible for identifying, evaluating, underwriting,

diligencing, negotiating, executing, managing and exiting investments. Our investment committees, or similar committees,

review and evaluate investment opportunities using frameworks that are designed to include qualitative and quantitative

assessments of the key investment risks. Our investment professionals also have access to many advisors to assist them in this

process, including outside accountants, consultants, lawyers, investment banks, and industry experts.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

Our approach to investing focuses on achieving multiples of invested capital and attractive risk-adjusted internal rates of

return ("IRRs") by selecting high-quality investments that we believe are attractive in price, applying rigorous standards of due

diligence when making investment decisions, implementing strategic and operational changes that drive growth and value

creation in acquired businesses depending on the asset class, carefully monitoring investments, and making informed

decisions when developing investment exit strategies.

We have developed a global network of experienced managers and operating professionals who can assist our portfolio

companies in making operational improvements and achieving growth. We augment these resources with operational

guidance from our operating professionals at KKR Capstone, executive advisors, senior advisors, industry experts, and other

advisors. In addition to leveraging the resources of the firm, our infrastructure, real estate, and energy investment teams

typically partner with technical experts and operators to manage our Real Assets investments.

**Investment Vehicle Structures, Fee Arrangements and Carried Interest**

Many investment funds that we sponsor and manage as the general partner have finite lives and investment periods.

These funds, called drawdown funds, typically receive commitments from our investors, known as limited partners, that are

drawn down over time. We also manage open-ended or evergreen investment vehicles that do not have a fixed termination

date. The following is a general description of our investment fund and vehicle lives.

• The terms of our drawdown private equity funds are typically 10 to 12 years from the date of the fund's first or last

investment, subject to a limited number of extensions with the consent of the limited partners. Our drawdown funds

for other asset classes have similar extension terms. The investment period for drawdown private equity funds

generally lasts up to six years depending on how quickly capital is deployed. The life of our core private equity funds

generally lasts for up to 25 years from the date of the first investment.

• Our infrastructure and real estate drawdown funds generally have investment periods of up to six years and

generally have a fund term of 10 to 13 years.

• The term of our drawdown credit funds generally lasts for 8 to 10 years and may last up to 12 years. The investment

period generally lasts four to five years depending on deployment pace.

• Open-ended or evergreen vehicles such as core infrastructure, core+ real estate, evergreen direct lending and the K-

Series vehicles do not have a fixed termination date.

The following is a general description of the management fees we earn. Management fees are generally based on an

annual rate but typically payable on a monthly or quarterly basis.

• Management fees for our drawdown private equity funds generally range from 1.0% to 2.0% of committed capital

during the fund's investment period and are generally 0.75% to 1.50% of invested capital after the expiration of the

fund's investment period, which causes these fees to be subsequently reduced as investments are liquidated.

• Management fees for drawdown infrastructure and real estate funds generally range from 0.75% to 1.50% and are

typically charged on committed capital during the investment period and on invested capital thereafter.

• Management fees for drawdown credit funds generally range from 0.85% to 1.50% of invested capital and vary

depending on the strategy and targeted return.

• Management fees for CLOs typically range from 0.4% to 0.5% based on asset value. Other leveraged credit

management fees typically range from 0.4% to 0.8%.

• Open-ended or evergreen vehicles such as core infrastructure, core+ real estate, evergreen direct lending and the K-

Series vehicles generally have management fees ranging from 0.50% to 1.25% of gross or net asset value, or equity

value.

We also enter into monitoring agreements with our portfolio companies pursuant to which we receive periodic

monitoring fees in exchange for providing them with management, consulting, and other services. Monitoring agreements

may provide for a termination payment following an initial public offering or change of control, if certain criteria are satisfied.

We also typically receive transaction fees for providing portfolio companies with financial, advisory, and other services in

connection with specific transactions. In some cases, we may be entitled to break-up or other fees that are paid when a

potential investment is not consummated. Since 2014, our fund agreements typically require us to share 100% of any

monitoring, transaction, and break-up fees that are allocable to a fund (after reduction for "broken deal" expenses) with fund

investors, therefore these types of fees, when generated, are uniquely driven by co-investment opportunities.

KKR receives a performance participation allocation from many of our open-ended or evergreen vehicles subject to a

preferred return and a high-water mark. These fees are known as Fee Related Performance Revenues.

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KKR is generally entitled to a carried interest that allocates 10 to 20% of the net profits realized by the limited partners

from the fund's investments depending on the asset class. For most carry funds, the carried interest is subject to a preferred

return or hurdle generally ranging from 6 to 8%, subject to a catch-up allocation to us as the general partner. The timing of

receipt of carried interest is dictated by multiple factors including, but not limited to: (i) a realization event has occurred, (ii)

the fund has achieved positive overall investment returns since its inception, in excess of performance hurdles where

applicable, and (iii) with respect to investments with a fair value below cost, cost has been returned to fund investors in an

amount sufficient to reduce remaining cost to the investments' fair value.

For a fund that has an overall fair value above cost, and may otherwise be accruing carried interest, but has one or more

investments where fair value is below cost, the shortfall between cost and fair value for such investments is referred to as a

"netting hole." When netting holes are present, realized gains on individual investments that would otherwise allow us to

receive carried interest distributions are instead used to "fill" a netting hole by returning invested capital to our funds' limited

partners in an amount equal to the netting hole. We monitor netting holes in determining the timing of when the general

partner of a fund distributes carried interest to mitigate the risk of a future "clawback" obligation where the general partner

must return previously paid carried interest to the funds' limited partners.

For a further discussion of netting holes and clawback obligations, see "Management's Discussion and Analysis of

Financial Condition and Results of Operations "—Liquidity—Sources of Liquidity", "—Critical Accounting Policies and Estimates

—Critical Accounting Policies and Estimates – Asset Management—Revenues—Capital Allocation-Based Income (Loss)", and

"Risk Factors—Risks Related to Our Business—The "clawback" provisions in the agreements governing our carry-paying funds

have in the past and may in the future give rise to a contingent obligation that requires us to return or contribute significant

cash amounts to our funds and fund investors."

All of our investment management services and terms are governed by management agreements with KKR or specific KKR

subsidiaries registered as investment advisers. For further information about the regulation of our subsidiaries involved in the

asset management business, please see "—Regulation".

**Investor Base and Fundraising**

We have a broad investor base across institutions and individual investors spanning 65 countries. Our institutional

investor base is diversified by type, including public and corporate pension funds, insurance companies, sovereign wealth

funds, endowments, foundations, and investment managers. As our Assets Under Management grow, the types and numbers

of investors who entrust us with their capital continue to diversify and scale across client segments and geographies.

Composition of AUM by investor type as of December 31, 2025:

![4398046511105](kkr-20251231_g18.gif)

(1) "Other" largely includes our general partner positions in our own investment vehicles and select publicly traded vehicles.

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Over the last five years, we have focused on private wealth as a key addressable market and as a result, we have devoted

significant resources to designing and offering investment solutions to individual investors. Our private wealth capital comes

from multiple sources, including wirehouses, independent broker-dealers, registered investment advisers, global private

banks, and family offices, amongst others. These investors allocate capital to KKR across both drawdown vehicles and

evergreen vehicles, such as our K-Series vehicles. We also have a strategic partnership with Capital Group, a privately owned

U.S. investment management firm, which provides access to KKR investment capabilities through Capital Group sponsored

vehicles.

• **K-Series:** The K-Series suite of vehicles are offered through various distribution channels to investors in the U.S. and

other jurisdictions around the world. We have K-Series vehicles that operate or invest in private equity companies,

infrastructure assets, credit investments, and real estate. As of December 31, 2025, total K-Series AUM was $34

billion, which has grown significantly over the past three years.

K-Series AUM ($ in billions):

![6597069779701](kkr-20251231_g19.gif)

• **Capital Group Strategic Partnership:** Our two fixed income public-private solutions created in collaboration with

Capital Group launched in April 2025. Additionally, Capital Group offers a public-private equity product, which as part

of its private side strategy invests in a K-Series private equity vehicle, as well as in private equity co-investment

opportunities. We have announced the development of additional offerings alongside Capital Group that will seek to

broaden private market access for retirement savers via target date fund solutions and public-private model

portfolios.

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**Insurance**

Our insurance business operates under the Global Atlantic brand. Global Atlantic is a leading retirement and life

insurance company, with an over 20-year track record of providing a broad suite of protection, legacy, and savings products to

customers and reinsurance solutions to clients across individual and institutional markets.

Prior to KKR's involvement, Global Atlantic was founded at Goldman Sachs in 2004 and was separated as an independent

company in 2013. KKR acquired a majority controlling interest in Global Atlantic on February 1, 2021 (approximately 60%), and

acquired the remainder of Global Atlantic on January 2, 2024, increasing our ownership to 100%.

**2013**

**2021**

**2024**

**2004**

![](kkr-20251231_g20.gif)

![](kkr-20251231_g21.gif)

![](kkr-20251231_g22.gif)

![](kkr-20251231_g23.gif)

![](kkr-20251231_g24.gif)

![](kkr-20251231_g25.gif)

![](kkr-20251231_g26.gif)

![](kkr-20251231_g27.gif)

**Founded at Goldman Sachs**

**Separated as independent** 

**company**

**Initial KKR Strategic** 

**Acquisition (majority** 

**owner)**

**KKR acquired remaining** 

**stake (100% ownership)**

Global Atlantic AUM since KKR's acquisition ($ in billions):

![4398046530275](kkr-20251231_g28.gif)

Note: Global Atlantic FPAUM as of December 31, 2025 is $213 billion.

Global Atlantic primarily generates income by earning a spread between the investment income generated from

originated assets and the required cost of benefits payable to policyholders. Global Atlantic also earns fees paid by

policyholders on certain types of insurance contracts and fees paid by third-party investors, which are reported in our asset

management segment. As of December 31, 2025, Global Atlantic serves over 3.5 million policyholders.

Our investment expertise, broad range of investment management services, and strong origination capabilities are key to

generating attractive risk-adjusted returns for Global Atlantic. We seek to focus on investments for Global Atlantic that have

the potential to generate stable, predictable, long-dated asset cash flows, are of high credit quality, and that focus on capital

protection. These kinds of investments have historically consisted of corporate debt, structured products, transportation

assets, infrastructure assets, and commercial and residential real estate loans and securities, amongst other asset classes.

However, Global Atlantic's investments are not limited to solely those asset classes. We believe that matching asset and

liability cash flows at Global Atlantic is key to protecting our policyholders and achieving our target returns for our insurance

business.

Global Atlantic operates in the following two complementary markets: individual and institutional. As of December 31,

2025, 41% of Global Atlantic's reserves were in its individual markets and 59% were in its institutional markets. We believe

this diversification across liability types provides a strong risk mitigant for our insurance business.

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![Screenshot 2026-02-05 082843.jpg](kkr-20251231_g29.jpg)

**Individual Markets.** We seek to reach individuals in the United States who are planning for or are already in retirement. The

individual markets products we offer are listed below.

• **Fixed-Rate and Fixed-Indexed Annuities.** With an annuity product, the policyholder provides Global Atlantic a cash

payment, in exchange for earning interest on a tax deferred basis and the ability based on contractual terms to take a

lump sum or periodic withdrawals of their account value. Fixed-rate annuities offer policyholders tax-deferred

savings accumulation and income based on a fixed rate that may be guaranteed for a period of time. Fixed-indexed

annuities also allow the policyholder to elect strategies where interest is credited based on the performance of a

market index. This selection allows the policyholder to participate in the upside performance of the selected index,

subject to limits and protection from downside market risks. We also increasingly offer registered index-linked

annuities, which has the potential for greater returns as well as potential principal loss unlike fixed-indexed annuities.

Our annuity products are distributed primarily through a network of distribution partners, including over 250 banks

and broker-dealers and approximately 200 independent marketing organizations.

• **Preneed Life.** For preneed life products, the policyholder generally purchases the insurance product along with a

contract with a funeral home. This insurance product guarantees the policyholder the payment of proceeds to pay

for a funeral. Our preneed life insurance products are distributed primarily through approximately 2,400 funeral

homes.

**Institutional Markets.** We provide our institutional clients with a range of customized solutions to assist them in meeting their

strategic, risk management, and capital goals. Our institutional solutions include block and flow reinsurance, pension risk

transfer ("PRT"), and funding agreements. Our reinsurance solutions are offered through a client coverage effort focused on

domestic and international retirement and life companies, including block and flow transactions with counterparties based in

Asia. Since Global Atlantic's founding, it has closed reinsurance transactions with over 30 clients. By reinsuring policies, the

institutional client typically seeks to reduce or release capital that it held for the reinsured business so that it can use such

capital for other business goals. We also participate in the funding agreement market, including through our membership with

Federal Home Loan Banks ("FHLBs") and with our funding agreement backed notes ("FABN") program. The institutional

markets solutions we offer are listed below in more detail.

• **Block reinsurance** is a transaction in which an insurance company divests a block of policies to Global Atlantic in

exchange for Global Atlantic's obligation to pay a specified portion of future insurance claims arising from that block

in exchange for a transfer of assets. Global Atlantic focuses on reinsuring retirement and life liabilities.

• **Flow reinsurance** is an agreement in which an insurance company writes new retail policies and shares an economic

portion of such newly issued policies with Global Atlantic, as its reinsurer, on an ongoing basis. Global Atlantic

operates in flow reinsurance by partnering with insurance companies that sell retirement products, such as multi-

year guaranteed annuities or single premium immediate annuities.

• **PRT** is a transaction in which a pension plan sponsor, such as a corporation, transfers the risk associated with the

pension plan's liabilities to Global Atlantic. Global Atlantic directly underwrites PRT transactions and also operates in

the PRT market indirectly through reinsurance relationships with insurance company clients that directly underwrite

and assume corporate pension liabilities.

• **Funding agreements**, including funding agreements issued under Global Atlantic's FABN program, direct funding

agreements sold to institutions, and funding agreements issued to the FHLB, are a deposit-type contract issued by

Global Atlantic. In general, a funding agreement provides its holder with a guaranteed return of principal and

periodic interest payments. As of December 31, 2025, Global Atlantic had $8 billion of funding agreements

outstanding under the FABN program.

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The following table represents Global Atlantic's new business volumes by business and product for the last five years:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **($ in millions)** | **2021** | **2022** | **2023** | **2024** | **2025** |
| **Individual Channel** <sup>(1)</sup>**:** |  |  |  |  |  |
| Retirement Products | $7840 | $9464 | $11138 | $14821 | $12339 |
| Preneed Life | 245 | 277 | 299 | 605 | 1139 |
| **Institutional Channel** <sup>(2)(3)</sup> | $26165 | $18377 | $22622 | $27115 | $20953 |

---

(1)New business volumes in individual markets are referred to as sales. In Global Atlantic's individual market channel, sales of annuities include all money

paid into new and existing contracts. Individual market channel sales for preneed life are based on the face amount of insurance and do not include the

recurring premiums that policyholders may pay over time.

(2)Block reinsurance transactions may be episodic and volumes may fluctuate. Similarly, funding agreements issued in the FABN program are subject to

capital markets conditions and volumes may fluctuate. Flow and pension risk transfer new business volumes typically occur throughout the year. See "—

Risks Related to Our Business—Parts of our earnings and cash flow are highly variable due to the nature of our business."

(3)New business volumes from Global Atlantic's institutional market channel are based on the assets assumed, net of any ceding commission, and are gross

of any retrocessions to investment vehicles that participate in qualifying reinsurance transactions sourced by Global Atlantic and to other third party

reinsurers.

**Insurance Capital**

Capital strength allows insurance companies to meet their future policyholder obligations and to support the growth of

their businesses. We believe Global Atlantic is well capitalized, and its capital position, combined with annual capital

generation from its seasoned in-force book of business - in addition to committed third-party capital commitments - will help

fund new business volume. We manage Global Atlantic's capital and liquidity position with the objective of maintaining excess

capital and liquidity to be able to capture investment opportunities as they arise and meet policyholder obligations, even in

times of foreseeable stress.

The financial strength of Global Atlantic's life insurance operating subsidiaries is rated highly by several ratings agencies.

The financial strength ratings of these subsidiaries are "A" with a stable outlook from A.M. Best Company, Inc. ("A.M. Best"),

"A2" with a stable outlook from Moody's Investors Service, Inc. ("Moody's"), "A" with a stable outlook from S&P Global

Ratings ("S&P"), and "A" with a stable outlook from Fitch Ratings, Inc. ("Fitch").

To support growth strategies and capital deployment opportunities, we also sponsor investment vehicles raised from

third-party capital, such as the Ivy investment vehicles, to participate alongside Global Atlantic's institutional and individual

market activities. These Global Atlantic sponsored vehicles provide third-party capital to support various combinations of

reinsurance, insurance and other potentially strategic activities. As of December 31, 2025, $58 billion of Global Atlantic AUM

is provided by these Global Atlantic sponsored vehicles.

For further information about insurance business, which is subject to substantial regulation, please see "—Regulation".

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**Strategic Holdings**

Our Strategic Holdings segment, which we started reporting in the first quarter of 2024, acquires and manages interests

in operating companies that are owned by the firm. Today, those companies primarily consist of our participation in our core

private equity strategy. We have acquired, and in the future we expect to continue to acquire, other long-term assets outside

of, and in addition to, our participation in our core private equity strategy. Strategic Holdings is not limited to acquiring

companies in specific industries. We intend to hold the companies in our Strategic Holdings segment over a longer period of

time, and we believe most of these companies generally have a lower risk profile than would be typical for an investment

through our traditional private equity strategy. We currently expect our Strategic Holdings segment primarily to generate

income from the receipt of dividends from our ownership stakes in these businesses and, upon the sale of any ownership

stake, realized investment income from such sale. As of December 31, 2025, our Strategic Holdings segment consisted of our

ownership stakes in 19 companies.

The fees and carried interest paid by the third party investors in our core private equity funds continue to be reported in

our Asset Management segment and are not reported in our Strategic Holdings segment. Our Asset Management segment

charges a quarterly management fee in our Strategic Holdings segment. Additionally, our Asset Management segment charges

a performance fee from the sale of our interests in the companies included in our Strategic Holdings segment. The

management and performance fees are charged in order to represent the cost of providing advisory services by our Asset

Management segment rather than determining the allocable costs borne by our Asset Management segment to support our

Strategic Holdings segment.

Based on information made available to management as of December 31, 2025, the following represents KKR's pro-rata

portion of LTM Adjusted EBITDA<sup>(1)</sup> of operating companies in Strategic Holdings as of September 30, 2025:

---

| | |
|:---|:---|
| By Geography | By Industry |

---

![6597069766681](kkr-20251231_g30.gif)

![6597069766657](kkr-20251231_g31.gif)

Based on information made available to management as of December 31, 2025, the following represents KKR's pro-rata

portion of LTM Adjusted Revenue<sup>(1)</sup> and LTM Adjusted EBITDA<sup>(1)</sup> of operating companies in Strategic Holdings as of September

30, 2025:

---

| | |
|:---|:---|
| Adjusted Revenue<sup>(1)</sup> | Adjusted EBITDA<sup>(1)</sup> |
| $4.4 billion | $1.1 billion |

---

(1)Represents the measure(s) management currently uses to monitor the operating performance of the businesses that are carried on a fair value basis with

dividends recognized in Strategic Holdings Operating Earnings.

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**Capital Allocation**

Our current capital allocation framework focuses primarily on investing our excess earnings back into KKR with the goal of

generating recurring and durable growth-oriented earnings per share. KKR employees own approximately 30% of outstanding

shares of common stock of KKR & Co. Inc. (assuming the exchange of all vested equity for common stock) as of December 31,

2025. With this significant level of ownership, we believe that our allocation decisions are aligned with our common

stockholders and that we are focused on where we can generate long-term shareholder value. Our framework is focused on

four key areas for allocating our capital, including to: strategic M&A, Insurance, Strategic Holdings, and share repurchases.

**Sustainability**

In our experience, the thoughtful review and management of sustainability, regulatory, and geopolitical issues can be an

essential part of long-term business success. We believe incorporating such business-relevant issues in our investment

process can help us both protect and create value. Where appropriate we seek to invest responsibly by incorporating

sustainability, regulatory, and geopolitical considerations into our investment decision-making and investment management

practices using an approach that prioritizes business-relevant topics that KKR considers most significant for creating,

maximizing and protecting the value of our portfolio companies and assets. One example is KKR's support of the

implementation of broad-based employee ownership programs at its portfolio companies with the goal of improving their

financial performance through employee engagement and financial inclusion. As of December 31, 2025, more than 80 current

or former KKR portfolio companies have in aggregate awarded billions of dollars in equity to over 180,000 non-senior

management employees.

Our Responsible Investment Policy, which is publicly available, articulates KKR's responsible investment framework and

approaches that KKR believes are broadly relevant for each asset class. Our annual Sustainability Report and other

sustainability disclosures, which are also publicly available on our website, provide further details about our approach to

integrating sustainability across our investments and operations.

**Human Capital**

We believe our people and our culture are critical to our success and differentiate our firm. We strive to create a

workplace environment where employees thrive both professionally and personally. At KKR, our philosophy is to ensure we

rigorously and effectively invest in our people throughout their careers. Our key focuses include driving exceptional

performance and enhancing our firm's culture of collaboration. Our teams operate with a distinct culture that rewards

investment discipline, creativity, determination, and patience, and emphasizes the sharing of information, resources,

expertise and best practices across offices and asset classes.

We believe our one-firm approach helps ensure we share responsibility and success. This approach extends to our

compensation program, which is based on the performance of KKR as a whole, in addition to an individual's contributions. Our

assessment, pay, promotion, and succession processes are designed to engage and reward employees, and we believe that

this structure promotes collaboration and resource sharing, encourages shared accountability, and aligns interests across all

of our stakeholders. Employees typically receive a base salary and may be eligible for a discretionary cash bonus and

discretionary equity compensation. Select employees are also eligible to receive an incentive allocation in our carry pool. Our

equity awards are an important element of our compensation program. These awards help attract highly skilled people in our

highly competitive industry, encourage retention, and align the financial interests of our employees with the firm. We believe

that providing an equity stake in the future success of our business motivates employees to achieve long-term business goals

and to increase stockholder value.

The primary objective of human capital management at KKR is to attract, develop, and retain exceptional talent by

providing everyone with meaningful and well-understood careers with an emphasis on employee training and professional

development. Where appropriate, we offer workshops, mentoring, and executive coaching to supplement on-the-job

experiences and ongoing feedback and coaching to maximize performance. We also prioritize physical, mental, and emotional

health and wellness, and offer a variety of tools and resources to our employees so they can make informed health care

decisions for themselves and their families.

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KKR seeks to actively invest in our communities and engage our employees and other stakeholders in impactful

citizenship efforts. KKR offers philanthropic, volunteer, and other forms of engagement to strengthen communities and

expand opportunity around the globe. KKR hosts volunteer events and provides grants for matching gifts and volunteer

rewards each year. KKR is proud to amplify the efforts of employees, supporting the communities in which they live and the

causes and organizations of greatest importance to them.

As a people driven business, we believe a breadth of perspectives, skills, and experiences working together

collaboratively is the most effective means of producing exceptional results. We pursue this aspiration through our various

internal committees, strategic external partnerships, and broader engagement in different communities. We believe this

multi-faceted approach enhances our opportunity to attract, develop, and retain the best possible talent, which we believe is

integral to our success.

As of December 31, 2025, we employed 5,043 people worldwide<sup>(1)</sup>:

---

| | |
|:---|:---|
| Asset Management | 2705 |
| Insurance | 1491 |
| Subsidiary Organizations <sup>(2)</sup> | 847 |
| **Total Employees** | **5043** |

---

(1)The employment headcount categories above align with our internal human capital headcount reporting and may differ in certain aspects with respect to

our employees who are responsible for generating the financial results within each of our three reporting segments. Certain employees reported in the

separate categories above, including our business operations professionals, may also perform certain functions in support of another headcount category.

Our strategic holdings segment is supported by employees within the asset management headcount category.

(2)Includes employees from certain of our majority owned and controlled subsidiaries such as KJRM and K-Star.

Our asset management employees includes investment, capital markets, and capital raising professionals, our team of

operating professionals at KKR Capstone, and our business operations professionals (some of whom may also support our

insurance business). As of December 31, 2025, we employed approximately 980 asset management professionals, including

those in investments, capital markets, and KKR Capstone operating roles.

**Competition**

Our asset management and capital markets businesses operate in an intensely competitive industry. We compete

globally and on a regional, industry and product-specific basis. The firm's competitors consist primarily of traditional and

alternative asset managers that sponsor public and private investment vehicles, investment banks (including activities

conducted by their broker-dealers and investment advisers), commercial finance companies, and operating companies acting

as strategic buyers. These competitors compete with us on a global basis, and we also face competition from local and

regional firms, financial institutions, and sovereign wealth funds in the various countries in which we invest.

We believe that competition for fundraising for institutional and individual investor capital is based on a variety of

factors, including investment performance, investor liquidity and willingness to invest, investor reputation, including focus

and alignment of interest, duration of relationships, quality of services, and pricing and fund terms, including fees.

We believe that competition for investment opportunities and capital markets transactions is based primarily on pricing,

terms, and structure of a proposed transaction and certainty of execution.

Our insurance business also operates in a highly competitive industry, with a variety of competition from large and small

industry participants, including life and annuities businesses owned by or with strategic partnerships with alternative asset

managers. We believe competition in the individual market business is based on a variety of factors, including initial crediting

rates, reputation, product features, customer service, distribution capabilities and financial strength ratings. We believe

competition in the institutional market business is also based on a variety of factors, including: execution track record,

underwriting expertise, access to capital, counterparty creditworthiness, reputation, structuring capabilities, and client and

regulatory relationships.

Competition is also intense for the attraction and retention of qualified employees. Our ability to continue to compete

effectively within our industries will depend upon our ability to attract new employees and retain and motivate our existing

employees.

For additional information regarding the level of competition we face, see "Risk Factors—Risks Related to Our Business—

We operate in a highly competitive industry."

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**Organizational Structure** 

The following simplified diagram, which excludes multiple legal entities, illustrates our organizational structure as of

February 27, 2026.

![Current Structure 2025 10-K.jpg](kkr-20251231_g32.jpg)

(1)KKR Management LLP, which is owned by senior KKR employees, is the sole holder of Series I preferred stock of KKR & Co. Inc. The Series I preferred

stock will be redeemed and cancelled, and KKR & Co. Inc.'s common stock will become vested with all common voting powers on a one vote per share

basis, on the "Sunset Date" (which will be no later than December 31, 2026 as provided in the Reorganization Agreement); see "Part III—Item 13.

Certain Relationships and Related Transactions, and Director Independence" in this report.

(2)Carried interest earned from our investment funds is allocated to KKR Associates Holdings L.P., which we refer to as the carry pool, from which up to

80% of the carried interest that is earned from our investment funds is allocable to our employees and other persons. A wholly-owned subsidiary of KKR

& Co. Inc. will control the carry pool on the "Sunset Date". KKR Associates Holdings L.P. is indirectly a limited partner of KKR Group Partnership L.P.

Other limited partners of KKR Group Partnership L.P. include KKR Holdings II, KKR Holdings III, and KKR Group Holdings L.P. (formerly KKR Holdings),

which is majority-owned by KKR Group Co. Inc.

(3)Includes Kohlberg Kravis Roberts & Co. L.P., an SEC-registered investment adviser, which in turn is the parent company of certain other investment

management and broker-dealer subsidiaries.

(4)Includes our insurance business operated by Global Atlantic.

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**Regulation**

We are required to comply with numerous laws and regulations applicable to our business in various countries around

the world. Our compliance with these laws and regulations is critical to our ability to operate our business, and the potential

failure to comply subjects us to many material risks and uncertainties. The level of regulation and supervision to which we are

subject varies from jurisdiction to jurisdiction and is based on, among other things, the type of business activity involved. We,

in conjunction with our outside advisors and counsel, seek to manage our business and operations in compliance with such

regulation and supervision. The regulatory and legal requirements that apply to our activities are subject to change from time

to time and may become more restrictive, which may make compliance with applicable requirements more difficult or

expensive or otherwise restrict our ability to conduct our business activities in the manner in which they are now conducted.

Changes in applicable regulatory and legal requirements, including changes in their enforcement, could materially and

adversely affect our business and our financial condition and results of operations. As a matter of public policy, the regulatory

bodies that regulate our business activities are generally responsible for safeguarding the integrity of the securities, insurance

and financial markets and protecting fund investors and policyholders who participate in those markets rather than protecting

the interests of our stockholders. For further information regarding potential risks relating to these and other regulatory and

legal requirements that could significantly affect our business, see the "Risk Factors" section of this report, including "—Risks

Related to Regulatory Matters."

**United States**

*Regulation as an Investment Adviser*

We conduct our advisory business through our investment adviser subsidiaries, including Kohlberg Kravis Roberts & Co.

L.P., KKR Credit Advisors (US) LLC, KKR Registered Advisor LLC and KKR Credit Advisors (Singapore) Pte. Ltd., each of which is

registered as an investment adviser with the SEC under the Investment Advisers Act of 1940 (the "Investment Advisers Act").

We also jointly own with a third party FS/KKR Advisor, LLC, which is an investment adviser registered with the SEC under the

Investment Advisers Act. In addition, we own Global Atlantic's investment adviser, Global Atlantic Investment Advisors, LLC,

which is another investment adviser registered with the SEC under the Investment Advisers Act. The investment advisers are

subject to, among other Investment Advisers Act provisions, the anti-fraud provisions of the Investment Advisers Act and to

fiduciary duties derived from these provisions, which apply to our relationships with our advisory clients globally, including

funds that we manage. These provisions and duties impose restrictions and obligations on us with respect to our dealings with

our fund investors and our investments, including for example restrictions on agency cross and principal transactions. Our

registered investment advisers are subject to periodic SEC examinations and other requirements under the Investment

Advisers Act and related regulations primarily intended to benefit advisory clients. These additional requirements relate,

among other things, to maintaining an effective and comprehensive compliance program, record-keeping and reporting

requirements, and disclosure requirements. The Investment Advisers Act generally grants the SEC broad administrative

powers, including the power to limit or restrict an investment adviser from conducting advisory activities in the event it fails

to comply with federal securities laws. Additional sanctions that may be imposed for failure to comply with applicable

requirements include the prohibition of individuals from associating with an investment adviser, the revocation or suspension

of registrations, and other censures and fines.

KKR Credit Advisors (US) LLC, KKR Registered Advisor LLC and Kohlberg Kravis Roberts & Co. L.P. are also subject to

regulation as investment advisers to investment companies registered under the Investment Company Act and such

registered investment companies, "RICs"). RICs advised by our investment advisers include KKR Income Opportunities Fund

(NYSE: KIO), KKR Asset-Based Finance Fund (an interval fund) and KKR Real Estate Select Trust Inc. (a tender offer fund). RICs

sub-advised by our investment advisers include Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+. The

Investment Company Act and the rules thereunder, among other things, regulate the relationship between a registered

investment company and its investment adviser and prohibit or restrict principal transactions and joint transactions. FS/KKR

Advisor serves as investment adviser to FS KKR Capital Corp. (NYSE: FSK), a publicly listed BDC, KKR FS Income Trust, a

privately-offered BDC, and KKR FS Income Trust Select, a privately-offered BDC, which are subject to regulations applicable to

BDCs under the Investment Company Act, including portfolio construction requirements and limitations on transactions with

affiliates. Certain subsidiaries of Kohlberg Kravis Roberts & Co. L.P. also serve as investment advisers to publicly listed

companies, including KKR Real Estate Finance Trust Inc. (NYSE: KREF) and Crescent Energy (NYSE: CRGY). Our investment

advisers registered under the Investment Advisers Act may also act as sub-advisors to investment companies, including KKR

Credit Advisors (US) LLC, which serves as the investment sub-adviser to an Australian listed investment trust, KKR Credit

Income Fund (ASX: KKC).

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*Regulation as a Broker-Dealer*

KKR Capital Markets, LLC, one of our subsidiaries, is registered as a broker-dealer with the SEC under the Exchange Act

and in 53 U.S. states and territories, and is a member of FINRA. Global Atlantic's distribution of insurance products that are

regulated as securities is conducted by Global Atlantic Distributors, LLC, which is also registered as a broker-dealer with the

SEC under the Securities Exchange Act of 1934 and in 52 U.S. states and territories, and is also a member of the FINRA. As

registered broker-dealers, KKR Capital Markets, LLC and Global Atlantic Distributors, LLC are subject to periodic SEC, state and

FINRA examinations and reviews. A broker-dealer is subject to legal requirements covering all aspects of its securities

business, including sales and trading practices, public and private securities offerings, the suitability of investments, use and

safekeeping of customers' funds and securities, capital structure, record-keeping and retention, and the conduct and

qualifications of directors, officers, employees, and other associated persons. These requirements include the SEC's "uniform

net capital rule," which specifies the minimum level of net capital that a broker-dealer must maintain, requires a significant

part of the broker-dealer's assets to be kept in relatively liquid form, imposes certain requirements that may have the effect

of prohibiting a broker-dealer from distributing or withdrawing its capital and subjects any distributions or withdrawals of

capital by a broker-dealer to notice requirements. These and other requirements also include rules that limit a broker-dealer's

ratio of subordinated debt to equity in its regulatory capital composition, constrain a broker-dealer's ability to expand its

business under certain circumstances and impose additional requirements when the broker-dealer participates in securities

offerings of affiliated entities. Violations of these requirements may result in censures, fines, the issuance of cease-and-desist

orders, revocation of licenses or registrations, the suspension or expulsion from the securities industry of the broker-dealer or

its officers or employees or other similar consequences by regulatory bodies.

*Insurance Regulation*

Our U.S. insurance subsidiaries are subject to regulation and supervision under U.S. federal and state laws. Each U.S.

state, the District of Columbia and U.S. territories and possessions have insurance laws that apply to companies licensed to

carry on an insurance business in the applicable jurisdiction. The primary regulator of an insurance company, however, is

located in the insurance company's state of domicile. Both Commonwealth Annuity and Life Insurance Company and First

Allmerica Financial Life Insurance Company are organized and domiciled in the Commonwealth of Massachusetts; Accordia

Life and Annuity Company ("Accordia") is organized and domiciled in the State of Iowa; and Forethought Life Insurance

Company is organized and domiciled in the State of Indiana (together, these four companies constitute our "U.S. insurance

subsidiaries"). Additionally, our U.S. insurance subsidiaries are licensed to transact insurance business in, and are subject to

regulation and supervision by, all 50 states of the United States, the District of Columbia, Puerto Rico, and the U.S. Virgin

Islands.

State insurance authorities have broad administrative powers over each of our U.S. insurance subsidiaries with respect to

all aspects of the insurance business. Insurance subsidiaries must prepare financial statements on regulatory capital in

accordance with statutory financial accounting, must report on their risk management and corporate governance and must

receive regulatory approval for certain transactions, including transactions with affiliates. As part of their routine regulatory

oversight process, state insurance departments conduct periodic detailed examinations of the books, records, accounts and

operations of insurance companies that are domiciled in their states. Examinations are generally carried out in cooperation

with the insurance departments of other, non-domiciliary states under guidelines promulgated by the National Association of

Insurance Commissioners (the "NAIC"). State insurance departments also regularly conduct regulatory inquiries of the

insurance companies licensed in their states.

We also have special purpose financial captive insurance company subsidiaries domiciled in Vermont and Iowa that

provide reinsurance to Accordia in order to facilitate the financing of redundant reserve requirements associated with the

application of the NAIC Model Regulation entitled "Valuation of Life Insurance Policies Model Regulation" ("Regulation XXX")

and NAIC Actuarial Guideline XXXVIII ("AG38"). The application of both Regulation XXX and AG38 requires Global Atlantic to

maintain statutory reserves which may be in excess of reserves required under GAAP.

The rates, policy terms, and conditions of reinsurance agreements generally are not subject to regulation by any

regulatory authority. However, the ability of a primary insurer to take credit for the reinsurance purchased from reinsurance

companies is a significant component of reinsurance regulation. Typically, a primary insurer will only enter into a reinsurance

agreement if it can obtain credit against its reserves on its statutory basis financial statements for the reinsurance ceded to

the reinsurer.

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Our U.S. insurance subsidiaries are subject to restrictions on the payment of dividends. Any proposed dividend in excess

of the amount permitted by law is considered an "extraordinary dividend or distribution" and may not be paid until it has

been approved, or a 30-day waiting period has passed during which it has not been disapproved, by the commissioner of the

applicable domiciliary state of the U.S. insurance subsidiary. None of our special purpose financial captive insurance company

subsidiaries may declare or pay dividends or distributions in any form to us other than in accordance with its transaction

agreements and governing licensing order.

State insurance holding company laws and regulations generally provide that no person, corporation or other entity may

acquire control of an insurance company, or a controlling interest in any parent company of an insurance company, without

the prior approval of such insurance company's domiciliary state insurance regulator. Under the laws of each of our U.S.

insurance subsidiaries' domiciliary states, acquiring, directly or indirectly, 10% or more of the voting securities of an insurance

company or its parent company is presumptively considered to have acquired control of the insurer, although such

presumption may be rebutted by a showing that control does not in fact exist.

Finally, while the United States federal government in most contexts currently does not directly regulate the insurance

business, the Federal Insurance Office established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the

"Dodd-Frank Act") now has an oversight role with respect to insurance regulation.

*Regulation Related to Special Servicing* 

Our wholly-owned subsidiary, K-Star Asset Management LLC ("K-Star"), serves as a special servicer for certain CMBS and

CLO transactions in which funds and/or accounts managed by our investment adviser subsidiaries have controlling positions.

Its business is subject to state regulations in certain states in which it operates, including regulations requiring K-Star to

maintain a special servicer rating from Fitch, S&P Global Ratings, and DB Morningstar, applicable regulations in the states in

which such serviced property is located, and other regulations applicable to K-Star's obligations under the relevant servicing

agreements.

**Ireland and Other European Union Countries**

We have a number of subsidiaries which are authorized and regulated by the Central Bank of Ireland (the "CBI"). The CBI

is responsible for, among other things, regulating and supervising firms that provide financial services in Ireland, including

broker-dealers and investment firms. The CBI also develops and maintains regulatory policies for Ireland's financial services

sector. The CBI has the authority to approve applications from financial services providers in Ireland, monitor compliance with

its standards, and take enforcement action for non-compliance. Violation of the CBI's requirements may result in

administrative sanctions; investigations; refusal, revocation or cancellation of authorization or registrations; criminal

prosecution; and/or reports to other agencies.

KKR Alternative Investment Management Unlimited Company, KKR Credit Advisors (Ireland) Unlimited Company and KKR

Capital Markets (Ireland) Limited are regulated by the CBI. KKR Alternative Investment Management Unlimited Company is an

authorized European Union ("EU") alternative investment fund manager permitted to conduct portfolio management, risk

management and certain administrative activities. KKR Credit Advisors (Ireland) Unlimited Company is authorized to carry out

a number of regulated activities under the Markets in Financial Instruments Directive ("MiFID"), including receiving and

transmitting orders, portfolio management and providing investment advice. KKR Credit Advisors (Ireland) Unlimited

Company is also subject to regulatory supervision in France through KKR Credit Advisors Ireland Paris Branch, where this

entity operates under the MiFID Freedom of Establishment rules. KKR Capital Markets (Ireland) Limited is authorized to

engage in a number of regulated activities regulated under MiFID, including dealing as principal or agent, and making

arrangements in relation to certain types of specified investments. KKR Credit Advisors (Ireland) Unlimited Company and KKR

Capital Markets (Ireland) Limited also benefits from a passport under the single market directives to offer services cross

border into all countries in the European Economic Area.

In Europe, we operate in accordance with the EU Alternative Investment Fund Managers Directive (the "AIFMD"), which

establishes a comprehensive regulatory and supervisory framework for alternative investment fund managers ("AIFMs") that

manage or market alternative investment funds in the EU. The AIFMD imposes various substantive regulatory requirements

on AIFMs, including a subsidiary of ours, KKR Alternative Investment Management Unlimited Company, which is authorized as

an AIFM by the Central Bank of Ireland. KKR Alternative Investment Management Unlimited Company is also subject to

limited regulatory supervision in Germany through its KKR Alternative Investment Management - Frankfurt Branch,

established in accordance with the Freedom of Establishment provisions of the Alternative Investment Fund Managers

Directive.

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**United Kingdom**

We have several subsidiaries which are authorized and regulated by the FCA under the Financial Services and Markets Act

2000 ("FSMA"). FSMA and related rules govern most aspects of investment business, including investment management,

sales, research and trading practices, provision of investment advice, corporate finance, use and safekeeping of client funds

and securities, regulatory capital, record-keeping, margin practices and procedures, approval standards for individuals, anti-

money laundering, periodic reporting, and settlement procedures. The FCA is responsible for administering these

requirements and our compliance with the FSMA and related rules. Violations of these requirements may result in censures,

fines, imposition of additional requirements, injunctions, restitution orders, revocation or modification of permissions or

registrations, the suspension or expulsion from certain "controlled functions" within the financial services industry of officers

or employees performing such functions or other similar consequences.

KKR Capital Markets Partners LLP has permission to engage in a number of regulated activities regulated under FSMA,

including dealing as principal or agent and arranging deals in relation to certain types of specified investments and arranging

the safeguarding and administration of assets. Kohlberg Kravis Roberts & Co. Partners LLP has permission to engage in a

number of regulated activities including advising on and arranging deals relating to corporate finance business in relation to

certain types of specified investments. KKR Credit Advisors (EMEA) LLP has permission to engage in a number of regulated

activities including dealing as agent, managing, advising on and arranging deals in relation to certain types of specified

investments and arranging the safeguarding and administration of assets.

**Bermuda**

Our insurance subsidiaries organized in Bermuda, Global Atlantic Re Limited and Global Atlantic Assurance Limited, and

reinsurance co-investment vehicles sponsored by Global Atlantic are subject to regulation and supervision by the Bermuda

Monetary Authority ("BMA") and compliance with all applicable Bermuda laws and Bermuda insurance statutes and

regulations, including but not limited to the Bermuda Insurance Act. The Bermuda Insurance Act grants to the BMA powers to

supervise, investigate, and intervene in the affairs of insurance companies and to approve any change or controllers. The

Bermuda Insurance Act imposes solvency, capital and liquidity standards and auditing and reporting requirements on

Bermuda insurance companies. The Bermuda Insurance Act prohibits our Bermuda insurance subsidiaries from declaring or

paying any dividends during any financial year unless certain financial conditions are met or prior approval from the BMA is

received. A Bermuda licensed insurer is required to maintain a sufficiently staffed principal office in Bermuda.

**Asia-Pacific**

We conduct investment advisory and capital markets businesses in the Asia-Pacific region through subsidiaries including

KKR Capital Markets Japan Limited, a Type I and Type II Financial Instruments Business Operator under the Financial

Instruments and Exchange Act of Japan, KKR Capital Markets Asia Limited, a Hong Kong licensed asset manager and broker-

dealer licensed by the Securities and Futures Commission in Hong Kong, KKR Capital Markets Asia II Limited, broker-dealer

licensed by the Securities and Futures Commission in Hong Kong, and KKR Singapore Pte. Ltd. and KKR Credit Advisors

(Singapore) Pte. Ltd., which each hold a capital markets services license for fund management and are regulated by the

Monetary Authority of Singapore (the latter of which is also an SEC-registered investment adviser).

**Other Jurisdictions**

Certain other subsidiaries or funds that we advise are registered with, have been licensed by or have obtained

authorizations to operate in their respective jurisdictions other than the jurisdictions described above, including Australia,

Canada, Cayman Islands, China, India, Korea, Luxembourg, Mauritius, Saudi Arabia, and United Arab Emirates (Dubai

International Financial Centre and Abu Dhabi Global Market). These registrations, licenses or authorizations relate to

providing investment advice, broker-dealer activities, marketing of securities, and other regulated activities. Failure to comply

with the laws and regulations governing these subsidiaries and funds that have been registered, licensed or authorized could

expose us to liability and/or damage our reputation.

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**Website and Availability of SEC Filings**

Our website address is *www.kkr.com*. Information on our website is not incorporated by reference herein and is not a

part of this report. We make available free of charge on our website or provide a link on our website to this report on Form

10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and any amendments to those reports filed or

furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as soon as reasonably practicable after

those reports are electronically filed with, or furnished to, the SEC. To access these filings, go to our Investor Relations

website, available at *ir.kkr.com,* and then visit the "SEC Filings & Annual Letters" section of this website. In addition, these

reports and the other documents we file with the SEC are available at a website maintained by the SEC at *www.sec.gov*.

From time to time, we may use our website as a channel of distribution of material information. Financial and other

material information regarding our company is routinely posted on and accessible at *www.kkr.com*. Financial and other

material information regarding Global Atlantic is routinely posted on and accessible at *www.globalatlantic.com*. In addition,

you may automatically receive e-mail alerts and other information about our company by enrolling your e-mail address by

visiting the "Contacts & Email Alerts" section of our Investor Relations website, available at *ir.kkr.com*.

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**ITEM 1A. RISK FACTORS**

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

filings that we make from time to time with the SEC, including our consolidated financial statements and accompanying notes.

Any of the following risks could materially and adversely affect our business, financial condition, results of operations, cash

flows, and prospects. Many risks discussed in this report also impact our investment vehicles, portfolio companies and other

investments, including balance sheet investments, which may, in turn, materially and adversely impact KKR. When discussing

our risks in this report, unless the context requires otherwise, references to (i) our investments include our portfolio

companies, which are typically companies in which we have a controlling equity interest or other investment with significant

influence, (ii) investors refers to the investors in our funds and other investment vehicles, and (iii) investments that we make

or own on our balance sheet include the portfolio companies reported in our Strategic Holdings segment and investments

held by our insurance subsidiaries. We could also be materially and adversely affected by other risks that are not known to us

or that we currently believe to be immaterial. The following risk factors have been organized by category within risks related

to our business, regulatory framework, investment activities, insurance activities, and our organizational structure; however,

many of the risks are interrelated, and as a result, should be read together to fully understand the risks involved with

investing in our securities. See also "Business—Regulation" and "Management's Discussion and Analysis of Financial

Condition and Results of Operations" for a discussion of certain business, competitive, regulatory, market, economic and

other conditions that may materially and adversely affect us.

**Risks Related to Our Business**

***Difficult market and economic conditions can, and periodically do, materially and adversely affect KKR.***

Our business is materially affected by market and economic conditions and events throughout the world, including

conditions relating to interest rates, fiscal and monetary stimulus (and stimulus withdrawal), availability of credit, inflation

rates, economic growth, changes in laws, trade barriers, commodity prices, foreign exchange rates and controls, and liquidity

conditions in equity and debt capital markets. These market and economic conditions are not in our control and are often

difficult, if not impossible, to predict, manage, mitigate, hedge or foresee. Examples of how market and economic conditions

may materially and adversely affect our business and financial results include negative impacts to us from any or all of the

following:

• the performance and value of the investments held by us and our investment vehicles,

• opportunities for us and our investment vehicles to make, exit and realize value from our and their investments,

• our ability to find suitable investments or secure financing for investments on attractive terms, or at all,

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

including our ability to raise capital for new or successor funds and other investment vehicles on attractive terms,

• the frequency and size of fees generated from our capital markets business in connection with the issuance and

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

• the availability and cost of capital for our insurance subsidiaries and our investment vehicles' portfolio companies,

• policyholder behavior, including policyholders electing to defer paying insurance premiums, stop paying insurance

premiums altogether, or surrender their policies, and

• the cost of providing guaranteed insurance benefits, insurance capital requirements and collateral requirements.

See also "—Risks Related to our Investment Activities—Various conditions and events outside of our control that are

difficult to quantify or predict may have a significant impact on the valuation of our investments" below.

***Global, regional and local events outside of our control, including geopolitical events and natural*** 

***disasters, could materially and adversely impact KKR.***

We are a global financial institution with operations, investors and investments located around the world. Geopolitical

developments, including the imposition of protectionist measures by countries such as sanctions, restrictions on foreign direct

investment, trade barriers, tariffs, export controls and other governmental actions related to international trade agreements

and policies that materially constrain cross-border flows of capital, goods, or data, may impact our investment activities and

investments. In addition, other geopolitical developments such as political instability, civil unrest, and national and

international security events (including the outbreak of war, military action, terrorist acts or other hostilities), can, and

occasionally do, materially and adversely impact our ability to conduct our investment management and insurance

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businesses, in addition to our investments. These risks have increased in both scale and complexity due to intensifying

geopolitical competition and conflicts, including the ongoing Russian invasion of Ukraine, instability in the Middle East,

heightened geopolitical competition between China and other major world economies, heightened levels of political populism

leading to regulatory volatility, growing use of industrial policy globally (including the imposition of tariffs and other trade and

capital barriers), and increased attention to global threats. We are subject to these risks as we own and seek to own

businesses throughout the world, have offices and employees in multiple countries and seek investors throughout the world

for our investment products and certain of our insurance products.

We are also affected by natural disasters or catastrophes, such as public health crises, pandemics, epidemics, security

events, and weather events, any of which could have an adverse impact on our ability to conduct our investment

management and insurance businesses. Potential changes in climatic conditions, together with the response or failure to

respond to these changes, could precipitate the frequency, severity, and impact of natural disasters or catastrophes.

Such events outside of our control could limit or even materially prohibit our ability to conduct any operations or

investment activities in certain locations. In addition, claims arising from the occurrence of such events could have an adverse

effect on our insurance activities, in particular with respect to increases in the number of claims, lapses and surrenders of

existing policies, as well as sales of new policies. These events outside of our control, and actions taken in response to them,

may contribute to significant volatility in the financial markets, resulting in increased volatility in equity prices (including our

common stock), valuation, material interest rate changes, supply chain disruptions, such as simultaneous supply and demand

shock to global, regional and national economies, and an increase in inflationary pressures. These events and the disruptions

that they cause, alone or in combination, also have the potential to strain or deplete our infrastructure and response

capabilities generally, and to increase costs, including costs of insurance, each of which could materially and adversely affect

us. See also "—Risks Related to Our Investment Activities—Investments in real assets may expose us and our investment

vehicles to greater risks, liabilities and operational complexities than investments in operating companies."

We may have direct investments in a region or a country that is experiencing one of the aforementioned events, and we

may also be materially and adversely affected by the occurrence of such events as a result of indirect exposure that our

portfolio companies or other investments may have through other interconnectivities such as supply chains, commodity

prices and general macroeconomic exposure. These events, including barriers to investment between the U.S. and other

countries or regions, could chill or limit business opportunities, adversely impact the value of our investments, increase costs,

decrease margins, reduce the competitiveness of products and services offered by portfolio companies, and adversely affect

the revenues and profitability of portfolio companies.

***The loss of key personnel or their services, or any misconduct by key personnel, could have a material*** 

***adverse effect on KKR.*** 

Our Co-Founders, Co-Chief Executive Officers, employees, and other key personnel, including certain consultants and

advisors, possess substantial experience and expertise and have strong business relationships with investors in our

investment funds, other members of the business community and distributors of our investment vehicles and insurance

products. As a result, the loss of key personnel could jeopardize our relationships with these individuals and entities, result in

the reduction of AUM or investment opportunities, or render us unable to maintain operations and support growth of our

businesses. The loss of services of key personnel could also harm our ability to maintain or grow AUM in existing investment

vehicles or raise additional funds in the future. Competition is also intense for the attraction and retention of qualified

employees and consultants, including those with industry-specific expertise. Our ability to continue to compete effectively in

our businesses will depend upon our ability to attract new investment professionals, insurance professionals, other

employees, and consultants and retain them accordingly. In addition, changes in employee compensation as a result of the

modification of our compensation framework or poor investment or financial performance may impact our ability to hire,

retain, and motivate our employees whom we depend.

Furthermore, the agreements governing our committed capital funds generally provide that in the event certain "key

persons" cease to actively manage an investment vehicle or be substantially involved in KKR activities, investors in the

investment vehicle may reduce, in whole or in part, their capital commitments available for further investments on an

investor-by-investor basis, which could indirectly lead to a limitation on the fund's ability to conduct its business or cause us

to agree to unfavorable terms to continue the affected fund. Although we periodically engage in discussions with the limited

partners of our funds regarding a waiver of such provisions with respect to executives involved in geographically or product

focused funds whose departures have occurred or are anticipated, such waiver is not guaranteed, and our limited partners'

refusal to provide a waiver may have a material adverse effect on our business and financial results.

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If we cannot retain and motivate our employees and other key personnel or recruit, retain and motivate new employees

and other key personnel, our business may be materially and adversely affected. Our ability to recruit, retain and motivate

our employees and other key personnel is dependent on our ability to offer highly attractive incentive opportunities, benefits,

and compensation, which frequently includes allocating a portion of the carried interest that we earn from our investment

vehicles, which we refer to as the carry pool. There can be no assurance that the carry pool will have sufficient cash available

to continue to make cash payments in the future, and fluctuations from the distributions generated from the carry pool could

render the compensation that KKR separately pays to them to be less attractive. In order to retain and motivate our

employees and other key personnel, we may be required to pay them a higher amount of non-carry cash compensation to

retain and motivate them. The loss, or ineffectiveness of any incentive compensation plans, including as a result of any

adverse changes in regulation or tax law that impacts certain forms of incentives or other remuneration that we may typically

offer employees, such as carried interest, may cause us to incur additional expenses to pay competitively with other firms,

which could materially and adversely affect KKR. In addition, legal and regulatory developments outside of our control may

impact our ability to successfully identify, hire, and promote employees and other key personnel and may necessitate changes

to employment compensation practices.

We seek to retain our employees by having them agree to a confidentiality and restrictive covenants agreement.

However, there is no guarantee that the confidentiality and restrictive covenant agreements to which they are subject,

together with our other arrangements with them, will prevent them from leaving us, joining our competitors or otherwise

competing with us. Depending on which entity is a party to these agreements and the laws applicable to them, we may not

be able to, or may choose not to, enforce them or become subject to lawsuits or other claims, and certain of these

agreements might be waived, modified or amended at any time without our consent. Many countries and states within the

U.S. in which we operate have proposed, considered, or have already adopted, laws and rules which significantly limit or ban

noncompete clauses between employers and their employees, which could both limit our ability to enter into such restrictive

covenants and our ability to enforce them. Even where enforceable, these agreements expire after a certain period of time,

at which point our former employees will be free to compete against us.

From time to time, our firm, our investment vehicles, our portfolio companies and other investments, or our employees

may be a focus of public attention or media coverage, and these circumstances, as well as broader social and political

tensions, may increase the risk of harassment, threats, acts of violence or other personal safety and security incidents

directed at our personnel, including our senior executives, both inside and outside the workplace. We have implemented, and

expect to continue to, implement or expand security measures for our senior executives and other key employees, such as

physical security, secure transportation, travel restrictions and monitoring or protective services for them and, in some cases,

their families. Such measures can be costly and may not be effective in preventing all incidents. Any actual or threatened

harm to the personal safety of our employees, or perceived failure to protect them adequately, could materially adversely

affect us, including our ability to attract and retain talent.

Our business could also be damaged by the misconduct of, or allegations of misconduct of, our employees or other key

personnel. Misconduct by our employees or other key personnel could impair our ability to retain and recruit employees, to

attract and retain clients and investors, and may subject us to significant legal liability, regulatory scrutiny, and reputational

harm.

***Our reliance on third parties in the operation of our business exposes us to operational, reputational*** 

***and other risks.***

We rely significantly on third parties whom we do not control for significant support and assistance with various aspects

of our business, including for investment activities, accounting, record keeping, data processing, and other operations. These

third parties include technology service providers, financial intermediaries and advisers, law firms, accountants,

administrators, lenders, broker dealers, distribution agents, consultants, and other vendors. We generally have less control

over the delivery of third-party services and, as a result, may face disruptions to our ability to operate our business as a result

of interruptions of such services. We may also be held liable if those third-party service providers, their employees or their

own third-party service providers are found to have committed negligence, violated laws or engaged in misconduct. For

example, in the past, Global Atlantic was the subject of policyholder and agent class action litigation matters and a number of

regulatory matters stemming from service disruptions caused by a third-party administrator for certain Global Atlantic life

insurance policies. While Global Atlantic outsources policyholder administration to third-party, it is responsible under

insurance regulations and insurance contracts for servicing.

We rely heavily on the systems of third parties who provide technology services to us, including as part of our

information technology infrastructure. Our data processing systems, communication lines and networks are often supported

by third-party service providers, vendors, and intermediaries. A disaster, disruption, error or inability to operate or provide

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any of these services by us or our vendors or third parties with whom we conduct business could have a material adverse

impact on our financial results and our ability to continue to operate our business without interruption. Our business

continuation or disaster recovery programs may not be sufficient to mitigate the harm that may result from such a disaster or

disruption. In addition, insurance and other safeguards might only partially reimburse us for our losses, if at all. While we have

endeavored to mitigate the risk of other disruptions in the future, there can be no guarantee these mitigation efforts will be

successful. We may experience material reputational impacts and heightened regulatory scrutiny as a result of these matters.

Any interruption or failure of our information technology infrastructure caused directly or indirectly by third-party service

providers could result in our inability to provide services to our clients, other disruptions of our business, corruption or

modifications to our data and fraudulent transfers or requests for transfers of money or the inability to demonstrate

compliance with regulatory requirements. Our third-party service providers could experience, and have experienced, certain

cyber incidents, and as a result, unauthorized individuals have gained access to our clients', and could improperly gain access

to our, confidential data through such third parties. Any cybersecurity incidents involving these third parties could impair the

quality of our operations and could impact our reputation and materially and adversely affect us. We may also have

insufficient recourse against such third parties and may have to expend significant resources to mitigate the impact of such an

event, and to develop and implement protections to prevent future events of this nature from occurring. Actions taken by our

third-party service providers may also damage our reputation. We consider our reputation critical to attracting and retaining

investors, maintaining our relationships with regulators and being viewed as an attractive investment partner. As a result, any

negative publicity or negative public perception regarding a third-party service provider's actions on our behalf may damage

our relationships with existing and potential investors, employees, regulators and other stakeholders, impair our ability to

raise capital, adversely impact the ability of our investment vehicles to make and exit investments, and impair our ability to

carry out investment activities generally.

We also specifically depend on the services of various financial intermediaries (including banks, prime brokers,

custodians, paying agents and escrow agents), counterparties, administrators and other agents, including to carry out certain

credit, securities, derivatives and hedging transactions, subjecting us to the risk that one or more of these counterparties

defaults, either voluntarily or involuntarily, on its performance under the applicable contract. We may enter into financial

arrangements with a limited number of counterparties, which has the effect of concentrating the transaction volume (and

related counterparty default risk) with these counterparties. If such a counterparty defaults, particularly a default by a major

investment bank or a default by a counterparty that has a significant number of our contracts, we may be materially adversely

affected. In the event of the insolvency of a financial intermediary that is holding our assets as collateral (to the extent not

adequately segregated) or that is required to make payments to us, we may not be able to recover equivalent assets or

payment in full as we will rank among the financial intermediary's unsecured creditors. In addition, the timing of the recovery

of such amounts and assets (including segregated collateral) may also be significantly delayed as part of the administration of

the bankruptcy estate of the financial intermediary. In addition, our risk management processes may not accurately

anticipate the impact of market stress or counterparty financial condition, and as a result, we may not take sufficient action to

reduce effectively our risks to them. The inability to recover assets or payments from financial intermediaries could have a

material adverse impact on us as well as the performance of our investment vehicles. For more information about the risks of

using financial intermediaries to sell investment and insurance products, please see "—Risks Related to Regulatory Matters—

Distribution of financial products to individual investors subjects us to heightened regulatory, litigation, and reputational risks,

which may materially adversely affect our business".

***Disruptions in our technology infrastructure or the occurrence of other operational errors could*** 

***materially and adversely affect our business.***

Our business depends on the effective execution of operational processes and the reliability of information technology

systems, both those we operate and those provided by third parties. We rely on technology systems, including computer

hardware, software systems, data processing systems, and other technology infrastructure that we own or that are provided

and maintained by third party service providers. See also "—Risks Related to Our Business—Our reliance on third parties in

the operation of our business exposes us to operational, reputational and other risks." As our reliance on such technology

infrastructure has increased, so have the risks associated with system vulnerabilities, data loss, cybersecurity incidents,

processing failures and operational disruptions. If we are unable to adapt our technology infrastructure to accommodate our

growth, business changes or regulatory compliance needs, or if the cost of maintaining such systems may increase materially

from its current level, it may have a material adverse effect on us. We may need to continue to invest heavily in upgrades and

expansions to our information technology infrastructure to continue to support our business and to avoid disruption of our

operations, including our investment activities. Moreover, the technology systems of third-party providers and technology

infrastructure that we own may contain vulnerabilities or experience disruptions, including those resulting in data loss, that

could materially and adversely impact our business. In addition, certain of our operational processes continue to involve our

employees engaging in manual processes, which are inherently subject to execution risk, including unintentional mistakes,

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processing errors or control failures, which could materially and adversely affect us. Manual processes may be particularly

susceptible to error during periods of high transaction volume, personnel changes, new technology system implementations

or other operational transitions. Although we maintain policies, procedures, and internal controls, and have implemented

technology infrastructure designed to mitigate these risks, such measures may not be effective in preventing or detecting

errors in a timely manner. Failures in our operational processes could result in financial loss, regulatory scrutiny, reputational

harm, and other adverse consequences.

***The failure to effectively manage our balance sheet could materially and adversely affect our financial*** 

***condition and results of operations.***

We have made a strategic decision to have a larger balance sheet than most of our asset management competitors, and

consequently, the management of our balance sheet has a greater impact on our financial condition and results of operations.

We utilize our balance sheet to support our insurance subsidiaries' business and capital needs, underwrite commitments in

our capital markets transactions, make capital commitments to our investment vehicles, and make acquisitions and other

strategic investments for our Strategic Holdings segment.

A significant portion of our balance sheet is dedicated to the ownership and operation of our insurance business, which is

a capital-intensive, long-duration business. Our insurance subsidiaries are subject to regulatory capital requirements and

rating agency capital expectations that require each entity to maintain significant levels of capital. To support insurance

company capitalization, we may need to contribute additional capital to our insurance subsidiaries, or we may be restricted

from growing and expanding our insurance business. Our insurance obligations to policyholders are contractual, and, in

contrast to our investment products, we must pay these obligations regardless of the investment performance of the assets

backing these obligations. We make significant assumptions to calculate our expected future insurance payment obligations,

including with respect to factors such as policyholder behavior and market or economic conditions that are not in our control.

We hold significant assets on balance sheet to support these insurance obligations. We are subject to the market impacts on

and investment performance of such assets as well as actual policyholder behavior differing from our assumptions. If we are

unsuccessful in our asset-liability management, we will suffer insurance operating losses as we will owe more on our

insurance obligations than we earn on such assets and may be required to hold additional capital. Our insurance balance

sheet requires active risk management and a failure to manage those risks may have a material and adverse effect on us.

We have used our balance sheet in our capital markets business to underwrite loans, securities or other financial

instruments, which we generally expect to syndicate to third parties. We have also entered into arrangements with third

parties that reduce our risk associated with holding unsold securities when underwriting certain debt transactions, which

enables our capital markets business to underwrite a larger amount. To the extent that we are unable to syndicate our

commitments to third parties or our risk reduction arrangements do not fully perform as anticipated, we may be required to

sell such investments at a significant loss or hold them indefinitely, which could impact the performance of such investments

and also impair our capital markets business' ability to complete additional transactions, either of which could materially and

adversely affect us.

In addition to the investments held in our insurance subsidiaries, which are reported in our Insurance segment, our

balance sheet makes investments and holds strategic assets that are reported in our Asset Management and Strategic

Holdings segments. We bear the full risk of these balance sheet investments. However, our success in generating returns on

this capital, will depend, among other things, on the availability of suitable opportunities for our balance sheet, including for

Strategic Holdings, after giving priority in investment opportunities to our advisory clients, and on our ability to realize the

values that we expect to achieve from acquiring these.

Our balance sheet assets have also been a significant source of capital for new investment strategies and products for

investors. For example, we may acquire investments using our balance sheet capital and warehouse these investments while

fundraising a particular investment vehicle. We expect our balance sheet capital to be returned to us if such investment

vehicle has a successful fundraise. However, if the fundraising is not successful, or if investment vehicle investors are not

willing to pay for these warehoused investments, then we may realize losses on those investments or become limited in our

ability to seed new businesses or support our existing businesses as effectively as contemplated.

We also have made and expect to continue to make significant capital investments in our current and future funds and

other investment vehicles. Contributing capital to these investment vehicles is risky, and we may not realize any significant

profit from them, or we may even lose some or all of the principal amount of our investments. In addition, we have

developed and completed several structured transactions in which our balance sheet provides subordinated or equity

financing and third-party investors provide senior or preferred equity financing to an investment vehicle that invests in our

investment vehicles and certain other investment assets. We have also entered into similarly structured transactions where

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the cash flows of our balance sheet's capital commitments to our investment vehicles have been effectively pledged as

collateral for such investment vehicles. Because of the subordinated nature of KKR's interests, we are at risk of losing all of

our interests in these transactions ahead of any third-party if the investments do not perform as expected. For further

information about KKR's unfunded commitments to its investment vehicles, including funding requirements to levered

investment vehicles and structured transactions, see also Note 24 "Commitments and Contingencies—Funding Commitments

and Others" in our financial statements.

See also "—Risks Related to our Insurance Activities" below.

***The failure to manage, or the inability to access, adequate sources of liquidity could materially and*** 

***adversely affect KKR.***

We require significant liquidity in order to support and grow our asset management and insurance businesses, conduct

our investment activities, meet our capital markets underwriting commitments, satisfy our policyholder obligations and

comply with regulatory requirements. We also have debt securities outstanding and indebtedness outstanding under various

credit facilities.

Depending on market and economic conditions, we may not be able to refinance or renew our debt obligations, or find

alternate sources of financing (including issuing debt or equity capital) on attractive or commercially reasonable terms or at

all. Furthermore, the incurrence of additional debt could result in downgrades of our existing corporate credit ratings, which

could limit the availability of future financing and increase our costs of borrowing. If our liquidity requirements were to

exceed our available liquid assets, we could be forced to sell assets or seek to raise debt or equity capital on unfavorable

terms. Moreover, the failure to comply with covenants contained in any of our debt agreements could trigger prepayment

obligations that could materially and adversely affect us by causing liquidity constraints. Any default under these agreements

(including through defaults on other debt that may result in cross-defaults on these agreements), and any resulting

acceleration of the borrower's outstanding indebtedness, could have a material adverse effect on us and could also cause a

cross-default under our corporate revolving credit facility, which, if not cured or waived, could have a material adverse effect

on us. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity Needs" for

further information regarding our liquidity needs and our capital commitments as of December 31, 2025, and Note 16 "Debt

Obligations" in our financial statements for further information regarding our senior notes, credit facilities and other

outstanding debt obligations.

In addition, we have indebtedness at various subsidiaries, including subsidiaries that hold our asset management,

insurance, and strategic holdings businesses, the terms of which impose limitations on operations and restrict the ability to

make distributions to its direct and indirect parent companies, including KKR Group Partnership L.P. In addition, our

insurance subsidiaries and certain capital markets subsidiaries are also subject to regulatory restrictions that place restrictions

on their ability to make distributions to their parent companies. These restrictions on distributions impose limitations on our

ability to manage liquidity needs for the KKR business.

Certain investment vehicles we manage have liquidity needs that are not entirely in our control. For example, individual

investors in our K-Series vehicles have the right to redeem their interests in the K-Series for cash. There is a risk that our

investment vehicles will lack adequate liquidity to satisfy any unexpected redemption requests, which may occur for a variety

of reasons, including increases in their investors' liquidity needs, which tend to be more pronounced during periods of market

volatility and which may escalate in any period and be particularly pronounced for investment vehicles. If we are unable to

meet these redemption requests, or if any such redemption requests trigger any caps or limits that legally permit such

vehicles to gate or not honor redemption requests, then we could suffer material reputational harm.

In addition, our insurance companies have various liquidity needs that may be difficult to predict. Many of the insurance

products allow policyholders to withdraw their funds, also referred to as a surrender, under contractually-defined

circumstances. We may be forced to sell investments at a loss in connection with these redemption or withdrawal requests,

which are not always predictable and often driven by market and economic conditions that are not in our control. In addition,

our reinsurance business is subject to potentially significant liquidity requirements. Our reinsurance agreements generally

require Global Atlantic to provide collateral in trust for the benefit of the reinsurance client (the cedant), limiting our insurer's

access to such assets for liquidity use, and some agreements may require additional collateral to be posted under certain

circumstances. Moreover, reinsurance agreements generally provide the reinsurance client with recapture rights upon the

occurrence of certain contractual triggering events. The exercise of such rights could, if alternate sources of liquidity are

unavailable, require our insurance subsidiaries to dispose of assets on unfavorable terms, including as a result of truncating

expected holdings periods unexpectedly. In addition, our U.S. insurance subsidiaries are members of regional Federal Home

Loan Banks ("FHLB"), which allows those insurance subsidiaries to borrow from the FHLB using certain investments as

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collateral. Access to FHLB loans is an important source of liquidity for our insurance business. If those sources of borrowing

were no longer available, the liquidity of our U.S. insurance subsidiaries could be materially and adversely affected. See "Risks

Related to our Insurance Activities."

We have also used, and from time to time may continue to use, our balance sheet to provide credit support for our

general partners' obligations to our investment vehicles, to facilitate certain investment transactions entered into by our

investment vehicles, and to make significant commitments to our investment vehicles. See Note 24 "Commitments and

Contingencies" in our financial statements.

***Our capital markets activities expose us to material risks.***

We provide a broad range of capital markets services that include acting as an advisor or as an agent, principal,

underwriter, syndicator, arranger or other form of intermediary in connection with securities transactions, debt or equity

syndications, loan transactions, derivative transactions and other types of financings and financial arrangements. However,

we may incur significant losses in connection with our capital markets activities, including to the extent that, for any reason

we are otherwise unable to dispose of any financial exposure that we incur at the prices that we anticipated or at all. We also

may be subject to potential underwriter liability or regulatory consequences for material misstatements or omissions in

prospectuses or other offering documents relating to transactions in which we are involved. We conduct capital markets

activities in connection with transactions in which our investment vehicles or insurance companies may participate as a

sponsor or as a purchaser or a seller of securities, which could constitute a conflict of interest or subject us to regulatory

scrutiny, liabilities or reputational harm. Please also see "—The failure to effectively manage our balance sheet could

materially and adversely affect our financial condition and results of operations."

***The failure to manage our financial and enterprise risks could materially and adversely affect our*** 

***financial condition and results of operation.***

We seek to identify, monitor and manage certain financial and enterprise risks effectively. If we are not able to

accurately or effectively price, identify and predict, manage or ameliorate these risks, or if our management of risk does not

accurately predict and appropriately respond to future risk exposures, such risks could have a material adverse effect on us.

We use derivative financial instruments and risk management strategies to hedge, manage or otherwise reduce investment

risks, they may not be properly implemented as designed, or otherwise not effectively offset the risks we have identified. We

may not have identified, or may not even be able to identify, all the material risks relevant for our asset management or

insurance businesses (including capital markets activities). We also may choose not to hedge, in whole or in part, any of the

risks that have been identified. In our insurance business, our hedging activities seek to mitigate economic impacts relating to

our insurance products and investments, which may result in additional volatility in financial results, adverse impacts on the

level of statutory capital and the risk-based capital ratios of our insurance subsidiaries, and may not effectively offset any

changes in insurance reserves. In addition, the scope of risk management activities undertaken by us is selective and varies

based on the level and volatility of interest rates, prevailing foreign currency exchange rates, the types of investments that are

made and other changing market conditions. We do not seek to hedge our exposure in all currencies or all investments or

insurance liabilities, which means that our exposure to certain market risks are not limited. We also may use hedging

transactions and other derivative instruments to reduce the effects of a decline in the value of a position, but they do not

eliminate the possibility of fluctuations in the value of the position or prevent losses if the value of the position declines.

These kinds of transactions also generally limit the opportunity for gain if the value of a position increases. On the other hand,

our risk management actions with respect to insurance products with guaranteed benefits may be insufficient for Global

Atlantic to be protected against losses. Unanticipated market changes may result in poorer overall investment performance

than if the hedging or other derivative transaction had not been executed. Moreover, it may not be possible to limit the

exposure to a market development that is so generally anticipated that a hedging or other derivative transaction cannot be

entered into at an acceptable price.

For a discussion of the market risks affecting our business and the strategies employed to mitigate them, including our

hedge program, please see "Item 7A. Quantitative and Qualitative Disclosures About Market Risk."

***We may suffer material harm as a result of legal claims, litigations, investigations, and negative*** 

***publicity.*** 

The activities of our businesses, including the investment decisions we make and the activities of our employees, may

subject us and our employees, officers and directors to the risk of litigation by third parties, as well as various governmental

and regulatory examinations, inquiries, investigations, and enforcement actions. For a description of certain legal matters

involving KKR, see Note 24 "Commitments and Contingencies" in our financial statements.

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We, our investment vehicles, and our employees are each exposed to the risks of litigation relating to our asset

management and insurance businesses. We are also exposed to risks of litigation, investigation or negative publicity in the

event any transactions we undertake are alleged not to have been properly considered and approved under applicable law.

An adverse judgment, order or decree could have a material adverse impact on our ability to conduct our business if it were

to constitute a disqualifying event under the laws and regulations applicable to our firm and could result in material

reputational damage that could adversely affect our ability to successfully fundraise or source or engage in investment

transactions. See also "—Risks Related to Regulation" below.

Although investors in our funds do not have legal remedies against us, the general partners of our funds, our funds, our

employees or our affiliates solely based on their dissatisfaction with the investment performance of those funds, such

investors may have remedies against us, the general partners of our funds, our funds, our employees or our affiliates to the

extent any losses result from fraud, gross negligence, willful misconduct or other similar misconduct. While the general

partners and investment advisers to our investment funds, including their directors, officers, employees and affiliates, are

generally indemnified to the fullest extent permitted by law with respect to their conduct in connection with the management

of the business and affairs of our investment funds, such indemnity generally does not extend to actions determined to have

involved fraud, gross negligence, willful misconduct or other similar misconduct. If any civil or criminal lawsuits brought

against us or the aforementioned entities or individuals results in a finding of substantial legal liability or culpability, the

lawsuit could materially and adversely affect us. Similarly, allegations of improper conduct by private litigants or by

governmental or regulatory authorities, whether the ultimate outcome is favorable or unfavorable to us, as well as negative

publicity and press speculation about us, our investment activities or the private equity industry in general, whether or not

valid, may harm our reputation and cause volatility and speculation in the trading of our common stock. We consider our

reputation critical to attracting and retaining investors, maintaining our relationships with regulators and being viewed as an

attractive investment partner. As a result, any negative publicity or negative public perception regarding our actions,

business, management or industry may damage our relationships with existing and potential investors, employees, regulators

and other stakeholders, impair our ability to raise capital, adversely impact the ability of our investment vehicles to make and

exit investments, and impair our ability to carry out investment activities generally.

See also "—The actions of our portfolio companies may subject us to potential liabilities and cause us reputational harm"

below.

***We may pursue new business opportunities, strategic initiatives, or investment opportunities that*** 

***involve new or unique business, regulatory or other complexities and risks.*** 

Our organizational documents do not limit our ability to enter into new lines of business, and we may expand into new

investment strategies, geographic markets, businesses, types of investors and investment products. We seek to grow our

businesses by, among other things, increasing AUM in existing businesses, pursuing new investment strategies (including

investment opportunities in new asset classes), developing new types of investment structures and products (such as publicly

listed vehicles, separately managed accounts and structured products), expanding into new geographic markets and

businesses and seeking investments from investor bases we have traditionally not pursued, such as individual investors, which

subject us to additional risk. Introducing new types of investment structures and products could increase the complexities

and conflicts of interest involved in managing such investments, including ensuring compliance with applicable regulatory

requirements and terms of the investment vehicles. There is no assurance that all areas of our business will achieve a

satisfactory level of scale and profitability.

In the first quarter of 2024, we implemented strategic initiatives that included creating our Strategic Holdings business

segment. We continue to believe that we will receive more stable recurring revenues in the future from the growth over time

in dividend payments and earnings from companies included in our Strategic Holdings segment. However, this is our current

expectation and not a guarantee that they will be realized or be as accretive to our earnings as we currently expect. For

example, expectations about dividend amounts and investment returns from companies in our Strategic Holdings segment in

the future and the future growth of such companies, may be materially less than our current expectations or may not

materialize at all, and assumptions, including those relating to free cash flow, future capital structures of such companies,

future capital investments by us in such companies, future market and economic conditions, including interest rates, and

other assumptions, may differ materially from actual outcomes.

In 2025, we announced changes to the management of our insurance business to originate longer-duration liabilities and

assets, including investing more into non-yielding or lower-yield assets classes like private equity and real assets, expanding

outside the United States, and raising more third-party co-investment insurance capital. We believe these changes will

expand Global Atlantic's competitive advantage and enable the generation of higher and more durable returns over the long

term; however, our financial results could be adversely impacted in the near- and medium- term as we rotate into longer-

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duration liabilities and assets. While it is our current expectation that this strategic initiative will be successful over the long

term, it is not guaranteed that these results will be realized or that these changes will be as accretive to our earnings as we

currently expect, and these changes may result in losses. Additionally, these strategic initiatives may add new business and

regulatory complexities.

In February 2026, we announced an agreement to acquire Arctos Partners, an investment management firm that invests

in professional sports teams and that provides strategic capital to other asset management firms. The acquisition is subject to

the satisfaction or waiver of certain regulatory and specified sports league approvals and other closing conditions. As part of

our proposed acquisition of Arctos, we have applied for approvals by certain sports leagues as indirect owners of sports

teams. Following the closing of the Arctos acquisition, we and our investment vehicles and portfolio companies must comply

with the league rules applicable to owners. These league rules prohibit or restrict certain investments — for example control

investments in gambling businesses or relationships with professional athletes. Complying with these rules may restrict

investment opportunities that our investment vehicles, portfolio companies, or we may have otherwise pursued, raising

potential conflicts of interest. See "—If we fail to effectively manage conflicts of interest that arise from our investment

activities, our reputation, business or financial results could be materially and adversely impacted or we may become subject

to regulatory scrutiny or litigation." Failure to manage our compliance with these league rules could result in a material

adverse impact to our business, financial condition and results of operations.

To the extent we have made, or make, strategic investments or acquisitions or undertake other strategic initiatives,

expand into new investment strategies or geographic markets, or enter into a new line of business, we will face numerous

risks and uncertainties, including risks associated with:

• the required investment of capital and other resources;

• delays or failure to complete an acquisition or other transaction in a timely manner or at all, which may subject us to

damages or require us to pay significant costs;

• lawsuits challenging an acquisition or unfavorable judgments in such lawsuits, which may prevent the closing of the

transaction, cause delays, or require us to incur substantial costs including in costs associated with the

indemnification of directors;

• the failure to realize the anticipated benefits from an acquired business or strategic partnership in a timely manner, if

at all;

• combining, integrating or developing operational and management systems and controls, including an acquired

business' internal controls and procedures;

• acquiring an investment that is subject to significant liabilities, including contingent liabilities, which could be

unknown to us or inadequately insured at the time of acquisition;

• integration of the businesses, including the employees of an acquired business;

• disagreements with joint venture partners or other stakeholders in our hedge fund partnerships and our strategic

partnerships;

• the additional business risks of the acquired business and the broadening of our geographic footprint;

• properly managing conflicts of interests;

• complex tax structuring that could be challenged or disregarded, which may result in losing treaty benefits or would

otherwise adversely impact our investments;

• our ability to obtain requisite regulatory approvals and licenses without undue cost or delay and without being

required to comply with material restrictions or material conditions that would be detrimental to us or to the

combined organization;

• incurrence of indemnification obligations or other contingent liabilities;

• increased regulatory scrutiny and our ability to comply with new regulatory regimes; and

• becoming subject to new laws and regulations with which we are not familiar, or from which we are currently

exempt, that may lead to increased litigation and regulatory risk and costs.

We may not realize the expected benefits of such new investments, acquisitions or initiatives.

***We operate in a highly competitive industry.***

Our asset management business competes with other investment managers for both investors for our investment

vehicles and for investment opportunities, including for our Strategic Holdings segment. We believe that competition for

investors for our investment vehicles is based primarily on investment performance, investor liquidity and willingness to

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invest, investor perception of investment managers' drive, focus and alignment of interest, business reputation, duration of

relationships, quality of services, pricing, fund terms including fees, and the relative attractiveness of the types of investments

that have been or are to be made. We believe that competition for investment opportunities is based primarily on the pricing,

terms, and structure of a proposed investment and certainty of execution. The firm's competitors consist primarily of

alternative and traditional asset manager sponsors of public and private investment vehicles, investment and commercial

banks (including activities conducted by their broker-dealers and investment advisers), commercial finance companies,

sovereign wealth funds, real estate development companies, BDCs, and strategic buyers. In addition, we also face competition

from local and regional investment firms, financial institutions, and other competitors in the various countries in which we

invest, where local firms may have more established relationships with the companies in which we are attempting to invest.

There are numerous funds focused on private equity, real assets, credit, and hedge fund strategies that compete for

investor capital. Fund managers have also increasingly adopted investment strategies outside of their traditional focus. For

example, traditional asset management firms have acquired alternative asset management firms, and hedge funds focused on

credit and equity strategies have taken control positions in companies, while private equity funds have acquired minority

equity or debt positions in publicly listed companies. This convergence heightens competition for investments. Furthermore,

as institutional fund investors increasingly consolidate their relationships for multiple investment products with a few

investment firms, competition for capital from such institutional fund investors have become more acute. We also face

extensive competition from both traditional and alternative asset management firms in connection with our business

initiatives to increase the number and types of investment products and fundraise directly and indirectly from individual

investors, including accredited investors and mass affluent individuals. We may be unable to achieve as quickly as expected,

or at all, our strategic business initiatives to increase the number and types of investment products and vehicles we offer

directly or indirectly to these types of investors as there is extensive competition for such investors and in private wealth

management by our competitors.

Some of our competitors may have greater financial, technical, marketing and other resources, and more personnel than

us. In the case of some asset classes and certain investment products, including those offered to individual investors, our

competitors may, and sometimes do, have longer operating histories, more established relationships, or greater experience.

Several of our competitors have raised, or may raise, significant amounts of capital and have investment objectives that are

similar to the investment objectives of our investment vehicles, which may create additional competition for investment

opportunities. Some of these competitors may also have lower costs of capital and access to funding sources that are not

available to us, which may create competitive advantages for them. In addition, some of these competitors may have higher

risk tolerances, different risk assessments or lower return thresholds, which could allow them to consider a wider range of

investments and to bid more aggressively than us for investments. Strategic buyers may also be able to achieve synergistic

cost savings or revenue enhancements with respect to a targeted portfolio company, which typically provide them with a

competitive advantage in bidding for such investments. Some of our competitors may have agreed to terms on their

investment funds or products that are more favorable to investors than our funds or products and therefore we may be

forced to match or otherwise revise our terms to be less favorable to us than they have been in the past and, further, some of

our competitors may be willing to pay higher placement fees in order to gain distribution of their private wealth products. We

may lose investment opportunities in the future if we do not match investment prices, structures and terms offered by

competitors. Alternatively, we may experience decreased investment returns and increased risks of loss if we match

investment prices, structures and terms offered by competitors.

Our capital markets business competes primarily with investment banks and broker-dealers in North America, Europe,

Asia-Pacific, and the Middle East. We principally focus our capital markets activities on our funds and our portfolio companies,

but we also seek to service other third parties. While we generally target customers with whom we have existing

relationships, those customers may have similar relationships with the firm's competitors, many of whom will have access to

competing securities transactions, greater financial, technical or marketing resources, or more established reputations than

us.

Our insurance business also operates in highly competitive markets. Please see "—Risks Related to Our Insurance

Activities—We operate in a highly competitive industry".

Additionally, some of our competitors may be subject to less regulation or less regulatory scrutiny and accordingly may

have more flexibility to undertake and execute certain businesses or investments than we do or bear less expense to comply

with such regulations than we do.

***Parts of our earnings and cash flow are highly variable due to the nature of our business.***

Parts of our earnings are highly variable from quarter to quarter due to volatility of investment valuations, the investment

returns by our funds and other investment vehicles, and the accrual and payment of carried interest and fees earned from our

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investment activities. We recognize earnings on investments in our investment vehicles based on our allocable share of

realized and unrealized gains (or losses) reported by such investment vehicles and for certain of our recent investment

vehicles when a performance hurdle is achieved, which in each case is subject to significant uncertainty and risk. During times

of market volatility, the fair value of the investments we own or manage are more variable, and volatility in the equity

markets may have a significant impact on our reported results. A decline in realized or unrealized gains, a failure to achieve a

performance hurdle, or an increase in realized or unrealized losses, would adversely affect our financial results.

The timing and receipt of carried interest from our investment vehicles are unpredictable and will contribute to the

volatility of our cash flows. With respect to our carry paying funds, subject to the terms of their respective governing

agreements, carried interest is generally eligible to be distributed to the general partner of the fund with a clawback provision

only after meeting certain conditions tied to performance. See "Item 1. Business—Business Segments—Asset Management

— Investment Vehicle Structures, Fee Arrangements and Carried Interest" for a summary of such conditions. Even after all

conditions are met, the general partner of a carry paying fund may decide to defer the distribution of carried interest to it to a

later date. Carried interest payments depend on our investment vehicles' performance and opportunities for realizing gains,

which may be limited. It typically takes a substantial period of time to: (i) identify attractive investment opportunities, (ii)

raise all the funds needed to make an investment, and (iii) then to realize the cash value of an investment through a sale,

public offering or other exit to generate carried interest proceeds. To the extent an investment is not profitable, no carried

interest will be received from our investment vehicles with respect to that investment and, to the extent such investment

remains unprofitable, we will only be entitled to a management fee on that investment. We cannot predict when, or if, any

realization of investments will occur. See "Management's Discussion and Analysis of Financial Condition and Results of

Operations—Liquidity—Sources of Liquidity" for further information regarding the conditions for carried interest to become

distributable.

The timing and receipt of carried interest also vary with the life cycle of certain of our investment vehicles. For our carry-

paying investment vehicles that have completed their investment periods and are able to realize mature investments,

sometimes referred to as being in a harvesting period, we are more likely to receive larger carried interest distributions than

our carry-paying investment vehicles that are in their fundraising or investment periods.

Fee income, which we recognize when contractually earned, can vary due to fluctuations in AUM, the number of

investment transactions made by our investment vehicles, when such investments are made, the number of portfolio

companies we manage, the fee provisions contained in our investment vehicles and other investment products and

transactions by our capital markets business. In any particular quarter, fee income may vary significantly due to the variances

in size and frequency of transaction fees or fees received by our capital markets business.

Additionally, a decline in the pace, size, or value of investments by our investment vehicles would result in our receiving

less revenue from fees. The transaction, management, and monitoring fees that we earn are driven in part by the pace at

which our investment vehicles make investments and the size of those investments. Any decline in that pace or the size of

investments would reduce our revenue from transaction and management or monitoring fees. Likewise, during an attractive

selling environment, our investment vehicles may capitalize on increased opportunities to exit investments. While this would

generally be expected to increase the timing and receipt of carried interest, any increase in the pace at which our investment

vehicles exit investments, if not offset by new commitments and investments, could reduce future management fees.

Additionally, in certain of our investment vehicles that derive management fees only on the basis of invested capital, the pace

at which we make investments, the length of time we hold such investments, and the timing of disposition will impact our

revenues.

With respect to our insurance business, we have and may experience fluctuations in the new business volumes, and

resulting financial result impacts, of certain products, such as block reinsurance, pension risk transfer and funding

agreements. In addition, aspects of how our insurance business is required to report certain investments and liabilities has

added, and is expected to add, volatility to our financial results from quarter to quarter.

***The agreements governing our carry-paying funds have in the past and may in the future give rise to a*** 

***contingent obligation that requires us to return or contribute significant cash amounts to our funds*** 

***and fund investors.***

We have in the past and may in the future be required to return carried interest that we have received from investment

funds. The partnership documents governing our carry-paying funds across our asset classes include what are often called

"clawback" provisions. Under such an obligation, upon the liquidation of a fund or other event as set forth in the terms

governing the 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

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

taking into account the effects of any performance thresholds and hurdles. We would continue to be subject to such

obligation even if carry has been distributed to current or former employees through our carry pool. If such current or former

employees do not satisfy their share of any clawback obligation, we will be responsible for funding the entire obligation and

may need to seek other sources of liquidity to fund such an obligation. To the extent one or more obligations were to occur

for any one or more of our carry-paying funds, we might not have available cash to satisfy such obligation once it is realized,

putting us in breach of the fund's governing agreements and potentially resulting in a material adverse impact on our ability

to raise additional or successor funds in the future. Even when there is sufficient available cash to satisfy any such obligation,

the realization of any such obligation may materially adversely impact our business and financial results, including by reducing

our realized performance income and realized investment income. See "Management's Discussion and Analysis of Financial

Condition and Results of Operations—Liquidity—Sources of Liquidity" for a discussion of carried interest repayment

obligations, including information about realized carried interest repayment in the fourth quarter 2025 relating to our Asian

Fund II.

***The inability to raise capital from third-party investors for our investment vehicles, insurance business*** 

***and transactions could materially and adversely affect us.*** 

We raise third party capital for our investment vehicles and insurance business, and we also raise capital for specific

transactions that we may sponsor or that are sponsored by third parties. The failure to continually raise adequate capital

could materially and adversely affect our AUM, revenues, liquidity and overall financial results.

Investment performance is one of the most significant factors in our ability to raise capital. Poor investment performance

for any reason, whether due to market conditions, valuations, pace of realizations, or other factors, including relative to

portfolio benchmarks, fee levels, or our competitors' performance, may also materially adversely affect our ability to

fundraise. Certain investment vehicles, particularly those that provide investors with redemption rights, may require us to

maintain higher levels of liquidity, which may affect portfolio construction and could impact investment performance.

Our ability to raise capital is also dependent on market and economic conditions and investor perception, including the

general appeal of alternative asset investments or our financial products. Our ability to raise capital depends on numerous

factors, many of which are beyond our control, including economic conditions, financial market volatility, regulatory

developments, investor liquidity and competitive dynamics. Investors in our investment or insurance products may decide to

redeem their capital, or decide to seek financial products other than ours for any number of reasons, such as competitors'

terms or offerings, changes in interest rates that make other financial products more attractive, changes in investor

perception regarding our focus or alignment of interest, reputational concerns, how we manage conflicts of interest, changes

in investors' views of portfolio construction or asset allocation, concerns about valuations, ability to meet redemption

requests, liquidity, or departures or changes in key personnel.

In connection with raising new investment vehicles or securing additional investments in existing vehicles, we may

negotiate terms for such vehicles that are materially less favorable to us than prior terms or terms of investment vehicles

advised by our competitors. Such terms may include reduced management fees, fee holidays, increased co-investment rights

or other economic or governance concessions, which could materially and adversely affect us in a number of ways, including

by reducing the fee revenues we earn. Competitive pressures and evolving investor expectations may require us to agree to

such unfavorable terms in order to attract or retain capital.

The number of investment vehicles for which we raise capital varies from year to year. Our flagship funds and other

funds have a finite life and a finite amount of commitments from fund investors. Once a fund nears the end of its investment

period, our ability to continue making investments and generating fees and carry depends on our ability to raise additional or

successor funds. Although our funds may continue to earn management fees after the expiration of their investment periods,

such fees are generally at a reduced rate. There is no assurance we would be able to raise successor funds of comparable

size, within similar timeframes, or on comparable terms. If we are unable to do so, or if fundraising is delayed, our revenues

may decrease as predecessor funds mature and associated fees decrease.

***The ability to raise capital from institutional investors is critical and may be adversely affected by*** 

***factors beyond our control.***

Institutional investors are significant investors in our investment funds and the investments syndicated by our capital

markets business. Institutional investors that experience decreasing returns, liquidity pressures, increased volatility, funding

shortfalls or difficulty maintaining target asset allocations may materially decrease or temporarily suspend making new

investments in our investment funds or with alternate asset managers generally. Such concerns could be exhibited, in

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particular, by public pension funds, which have historically been among the largest investors in alternative assets. Pension

funds have had and in the future may have funding problems that will likely be exacerbated by economic downturns.

Concerns with liquidity could cause such public pension funds or other institutional investors to reevaluate the

appropriateness of alternative assets. Reduced distributions from alternative asset investments or declines in other asset

classes may cause investors to exceed target allocations to alternative assets, limiting their ability to make new commitments.

In addition, certain institutional investors, including sovereign wealth funds and public pension funds, continue to

demonstrate an increased preference for alternatives to traditional fund structures, such as separately managed accounts or

specialized investment vehicles and, in some cases, consolidating their capital with fewer alternative asset managers. In order

to try to satisfy the evolving preferences of investors, we have sponsored, and will continue, to sponsor a wide array of

separately managed accounts and investor allocations to these separately managed accounts or specialized investment

vehicles may detract from the allocations potentially available to our funds or other traditional investment vehicles, which

may result in less profitability for us. There can be no assurance that historical or current levels of commitments to our funds

or other traditional investment vehicles from these investors will continue.

Moreover, certain institutional investors are demonstrating a preference to hire their own investment professionals and

to make direct investments in alternative assets without the assistance of large institutional investment advisers like us. Such

institutional investors may become our competitors and could cease to be our clients. Institutional investors may also decide

not to invest with large asset managers like us, for example, because of conflicts of interest arising from the size and

complexity of our business, including the allocation of investment opportunities among different funds and vehicles, including

those offered to individual investors. Given the breadth and complexity of our platform, including the management of

multiple funds, insurance assets and vehicles offered to individual investors, conflicts of interest may arise in the allocation of

investment opportunities, management attention or other resources. Any perception that we do not appropriately manage

such conflicts could adversely affect our relationships with institutional investors and our ability to raise capital from them.

For additional information about conflicts of interest that may impact our ability to raise capital, please see "—Risks Related

to Our Investment Activities—If we fail to effectively manage conflicts of interest that arise from our investment activities, our

reputation, business or financial results could be materially and adversely impacted or we may become subject to regulatory

scrutiny or litigation". All of these factors could result in a smaller overall pool of available capital in our industry or a smaller

pool of institutional capital for our investment vehicles.

In addition, the asset allocation rules or investment policies to which institutional investors are subject could inhibit or

restrict their ability to make investments in our investment funds. This risk may be heightened at times of poor performance

in other asset classes or even strong performance in the asset classes we manage, as investors may need to rebalance their

portfolios to remain in compliance with these rules and policies. Coupled with any lack of distributions from their existing

investment portfolios, many of these investors may have disproportionately outsized remaining commitments to, and

invested capital in, a number of investment funds, which may significantly limit their ability to make new commitments to the

investment funds we manage, which could materially and adversely affect our financial performance.

***The sale of financial products to individual investors exposes us to additional operational complexities,*** 

***regulatory requirements and other risks.*** 

We have expanded and may continue to expand the number and types of financial products we offer to individual

investors. Offering financial products, whether investment opportunities in alternative asset strategies or insurance policies

like annuities, to individual investors exposes us to heightened levels of risks. Products offered to individual investors may be

subject to different and, in some cases, more extensive disclosure, marketing, distribution and investor protection

requirements than traditional institutional investment funds. In addition, the distribution of investment products to

individual investors may involve additional intermediaries, platforms or distribution channels and may subject us to evolving

regulatory standards regarding marketing practices, suitability determinations, fee disclosures, valuation methodologies and

redemption features. As a result, these initiatives may increase our exposure to public and regulatory scrutiny, consumer

complaints, private litigation, compliance costs and reputational harm. For additional information about the regulatory risks

relating to individual investors, please see "—Risks Related to Regulatory Matters—Distribution of financial products to

individual investors subjects us to heightened regulatory, litigation, and reputational risks, which may materially adversely

affect our business" and "—Risks Related to our Insurance Activities—The disruption of our third-party distribution network

may have a material adverse effect on us."

Certain investment vehicles that we manage are publicly traded, which involves heightened risk of litigation, and

additional disclosure and governance obligations. In addition, certain of these and other investment vehicles are registered

under the Investment Company Act as investment companies. These funds and their investment advisers are subject to

extensive regulation, which, among other things, regulate the relationship between a registered investment company and its

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investment adviser and prohibit or severely restrict principal transactions and joint transactions. In addition, we have one or

more affiliates that provide investment advisory services to BDCs, which are also subject to certain restrictions and

prohibitions under the Investment Company Act. If the entity fails to meet applicable regulatory requirements, it may be

regulated as a closed-end investment company under the Investment Company Act and become subject to different

regulatory restrictions, which could limit its operating flexibility and in turn result in decreased profitability for us.

We have also launched U.S. holding company conglomerates, which together with similar non-U.S. investment vehicles

we refer to as K-Series, which are structured and operated in reliance on exclusions from the definition of an investment

company under the Investment Company Act. If any such entity were required to register as an investment company, the

applicable restrictions on capital structure, leverage, transactions with affiliates, governance, and operations would make it

impractical for the entity to operate its business as currently conducted and could materially and adversely affect our financial

results and results of operations. For additional information about certain regulatory risks relating to regulatory exemptions,

please see "—Risks Related to Regulatory Matters— If regulatory exemptions or exclusions on which we rely become

unavailable, we may become subject to additional restrictive and costly regulatory requirements, regulatory action or

liability".

As we have offered more investment products to individual investors, the operational demands necessary to support

these types of investor products and the related business and operational complexity has also significantly increased.

Insurance products are subject to regulations regarding statements, required disclosures and claims handling and accordingly

require significant operational capabilities. Managing vehicles that offer periodic redemption features or are marketed to

individual investors may require more frequent valuations, additional investor communications, enhanced liquidity

management, more compliance and technology requirements, and more third-party service support. For example, our K-

Series vehicles and certain funds that provide for redemptions to individual investors require that we perform monthly or

daily valuations of net asset value and manage liquidity to satisfy potential redemption requests. For additional information

about valuation risks, please see "—The valuations of illiquid investments are subjective and uncertain, and any realizations of

our illiquid investments may occur at prices which differ from their carrying values" and for more information about liquidity

risks, please see "—The failure to manage, or the inability to access, adequate sources of liquidity could materially and

adversely affect KKR". If we fail to effectively manage these risks, we could be subject to regulatory action, litigation,

reputational harm, or constraints on our ability to grow these products, any of which could materially and adversely affect our

business.

Even if our investment performance or product terms remain attractive, adverse market conditions or shifts in public

opinion relating to products that we offer could adversely affect our ability to expand or maintain these product offerings.

For example, products offered to individual investors may be more sensitive to negative publicity, whether it is caused by the

level of fees, the existence or improper management conflicts of interests, inability to satisfy redemption requests, service

challenges or others changes in investor sentiment. Negative publicity may also be caused by the activities of third-party

sponsors or insurers that are unaffiliated with us, which nevertheless could cause significant redemptions or surrenders,

result in reduced demand for our products, or cause us to reduce our economics to maintain investor interest in the products

we offer to individual investors.

***The portion of our AUM we refer to as perpetual capital is not permanent and is subject to change.***

We refer to a significant portion of our AUM as perpetual capital, because this AUM has an indefinite term with no

predetermined requirement to return invested capital to investors upon the realization of investments. This AUM includes

the capital of our evergreen products, which include investment vehicles registered under the Investment Company Act,

certain unregistered investment vehicles like our K-Series offered to individual investors, and listed companies like KREF and

Crescent Energy, as well as the capital of our insurance companies. However, in addition to fluctuations based on the

valuations of the underlying investments of the AUM, this capital is subject to material reduction, including through

withdrawals, redemptions, periodic payments such as dividends or required distributions, and termination of investment

advisory agreements, and these reductions may occur with minimal notice.

Our insurance companies have issued annuities and other life insurance policies that require certain contractual

payments to the policyholder. These policies may permit the policyholder to withdraw their funds or to surrender their policy

for distribution in advance of the policy term. In addition, our insurance companies have entered into reinsurance agreements

with counterparties, which provide for contractually provided payments, including to cover reinsured policyholder

obligations. Unless the inflows from writing new insurance policies and entering into new reinsurance transactions exceeds

outflows to pay contractual obligations, or the valuation of the assets backing our insurance liabilities increases in excess of

any expected appreciation, our permanent capital from our insurance subsidiaries and sponsored insurers would be reduced.

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See also "—The failure to manage, or the inability to access, adequate sources of liquidity could materially and adversely

affect KKR."

Certain of our registered and unregistered investment vehicles, including our K-Series, permit their investors to redeem

their investments, which would have the effect of reducing our AUM. Substantial redemption requests could be triggered by

a number of events outside of our control, including poor investment performance, changes in market conditions or changes

in their perception of us as a reputable investment manager. A perception of significant redemptions, both with respect to

the investment vehicles we manage as well as investment vehicles that we do not manage but are in similar asset classes, may

also trigger other investors to seek redemptions of their investments as well. See also "—The failure to manage, or the

inability to access, adequate sources of liquidity could materially and adversely affect KKR."

We have investment management agreements with certain registered and unregistered investment vehicles and listed

companies that we manage as well as with our insurance companies. Perpetual capital from these entities may be removed

completely from our AUM, because our investment management agreement with them may be terminated on little or no

notice for reasons specified in such agreement, including due to poor investment performance or regulatory compliance. See

"—Risks Related to Regulatory Matters." In the case of any such terminations, the management and incentive fees we earn in

connection with managing such entities would immediately cease, which could result in a material adverse impact on our

revenues.

***The actions of our portfolio companies may subject us to potential liabilities and cause us reputational*** 

***harm.***

We often make controlling investments in companies or hold investments over which we have significant influence over

their management or operations. Although these portfolio companies operate their businesses independently from KKR's own

businesses and independently from one another, our ownership interests, governance rights or involvement with these

portfolio companies may cause us to be deemed a control person or otherwise subject to theories of successor, aiding-and-

abetting or similar liability under applicable law. Alternative asset managers have in the past been held liable for acts of their

portfolio companies where the manager is alleged to have exercised control or to have authorized, or knowingly failed to

prevent or remediate, improper conduct, including with respect to the U.S. Foreign Corrupt Practices Act (the "FCPA"),

European antitrust laws, and financial crime laws. See "—Risks Related to Regulatory Matters—We are subject to substantial

regulatory risks due to our extensive and global investment activities."

As a result, we may have liability for actions taken by, or failures to take action by, our portfolio companies, which may

subject us to civil or criminal liabilities. Any such liabilities could require our investment vehicles to pay substantial financial

sums, which may not be fully reimbursed for by the relevant portfolio company or covered by insurance. Any criminal

liabilities or other enforcement actions taken by regulators in response to actions or failures to act by our portfolio companies

could also involve our investment vehicles, our subsidiaries that operate such investment vehicles as its general partners or

manager, and our personnel involved with such portfolio company's business.

In addition, activities by our portfolio companies and other companies in which we invest may be imputed to us. We

believe our reputation is critical to our business, including for attracting and retaining investors, maintaining relationships

with regulators and being viewed as an attractive investment partner. Any legal or regulatory action involving our portfolio

companies, including any settlement, or any negative publicity or adverse public perception regarding a portfolio company's

actions, business, management or industry, may result in significant reputational harm to us, increased regulatory scrutiny

and additional regulatory exposure or litigation. In addition, we may elect to pay certain amounts or agree to other

consequences, including operational restrictions, to resolve matters involving any of our portfolio companies or investments

in order to mitigate potential reputational, regulatory, or other damage to our business. These developments could damage

our relationships with existing and prospective investors, employees, regulators and other stakeholders, and otherwise could

result in a material and adverse effect on KKR's business or financial condition.

***Changes in tax laws or an adverse interpretation by tax authorities may adversely impact our effective*** 

***tax rate and tax liability.*** 

Our effective tax rate and tax liability is based on the application of current income tax laws, regulations and treaties,

which are complex and may be open to interpretation. Significant management judgment is required in determining our

provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net

deferred tax assets. Although we believe our application of current laws, regulations and treaties to be correct and

sustainable upon examination by tax authorities, tax authorities could challenge our interpretation resulting in additional tax

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liability or adjustment to financial results that could increase our effective tax rate or have other unforeseen adverse tax

consequences.

There could be significant changes in U.S. federal, state, local or non-U.S. tax law that may materially affect us, including

by increasing taxes owed in jurisdictions in which we or our portfolio companies operate. The likelihood and nature of any

such legislation is uncertain. For example, on July 4, 2025, the legislation commonly referred to as the One Big Beautiful Bill

Act ("OBBBA"), was enacted, which included amendments and extensions to certain provisions of the 2017 Tax Cuts and Jobs

Act. The impact of the OBBBA and other potential changes are uncertain and could materially increase the amount of taxes

we and our portfolio companies are required to pay and tax-related regulatory and compliance costs. In addition, further

rules relating to compensation for certain covered employees under Section 162(m) could reduce the amount of related tax

deductions available to us.

There could be significant changes in U.S. and non-U.S. tax law, regulations or interpretations that adversely affect the

taxation of carried interest and our ability to recruit, retain and motivate employees and key personnel. Investments must be

held for more than three years for carried interest to be treated for U.S. federal income tax purposes as long-term capital

gain. The holding period requirement may result in some of our carried interest being taxed as ordinary income to our U.S.

employees and other key personnel, which could materially increase the amount of taxes that they would be required to pay,

and this could adversely impact our ability to recruit and retain top talent. The incentive to hold investments for long-term

capital gain treatment may create a conflict of interest between investment vehicle investors (whose investments would

receive such capital gain treatment after a holding period of only one year) and KKR on the execution, closing or timing of

sales of investments in connection with the receipt of carried interest.

The Organization for Economic Co-operation and Development (an intergovernmental public policy organization, the

"OECD") and government agencies in jurisdictions in which we and our affiliates invest or do business have maintained a focus

on multi-national companies. The OECD has sought to make changes to numerous long-standing tax principles through its

base erosion and profit shifting ("BEPS") project, which is focused on a number of issues, including profit shifting among

affiliated entities in different jurisdictions, interest deductibility and eligibility for the benefits of double tax treaties. The

OECD finalized guidelines that recommend certain multinational enterprises to be subject to a minimum 15% tax rate ("Pillar

Two").

Various countries have implemented or intend to implement the OECD's recommended model rules. By way of example,

the Council of the European Union formally adopted Pillar Two and required all 27 EU member states to adopt local legislation

during 2023 to implement Pillar Two rules that apply in respect of the fiscal years beginning from December 31, 2023.

However, the current U.S. administration is not expected to adopt Pillar Two and has been working with the OECD to exempt

U.S. parented groups from certain aspects of Pillar Two, such as the Income Inclusion Rule (the "IRR") and Undertaxed Profits

Rule (the "UTPR"), creating additional uncertainty as to the application of these rules to multinational enterprises with a U.S.

parent entity. Our business and our sponsored vehicles' and portfolio companies' businesses could be significantly impacted

if the model rules, or any future variation, have been or will be implemented in any of the countries in which our business, our

portfolio companies' businesses, or our investment structures are located. Bermuda's commitment to the OECD principles

has led it to adopt a corporate income tax that may increase tax expense and compliance costs for us. More generally, our

effective tax rates could increase, including by way of a possible denial of deductions or profits being allocated differently.

The OECD's proposals may also lead to an increase in the complexity, burden and cost of tax compliance for us and our

portfolio companies. Given ongoing design, implementation, administration, and interpretation of such proposals, the timing,

scope, and impact of any relevant domestic legislation or multilateral conventions remain subject to significant uncertainty.

See Note 18 "Income Taxes" in our financial statements for further information regarding various tax matters.

***Artificial intelligence may increase competitive, operational, legal and regulatory risks to our*** 

***businesses in ways that we cannot predict.***

The use of artificial intelligence by us and others, and the overall adoption of artificial intelligence throughout the world,

may exacerbate or create new and unpredictable competitive, operational, legal and regulatory risks to our businesses. Any

changes from the use of artificial intelligence could potentially disrupt, among other things, our business models, investment

strategies, investment performance, operational processes, and our ability to identify and hire employees. Some of our

competitors may be more successful than us in the development and implementation of new technologies to address investor

demands, making investments or improve operations, including services and platforms based on artificial intelligence.

We use artificial intelligence and other quantitative analysis tools and models, developed by us and third-party service

providers. Such technology, analysis and modeling are highly complex and subject to limitations and risks that have the

potential to adversely impact us to the extent that we rely on artificial intelligence. If the data we, or third parties whose

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services we rely on, use in connection with the development or deployment of artificial intelligence is incomplete, inadequate

or biased in some way, the performance of our products, services, and businesses could suffer. Data in technology that uses

artificial intelligence may contain a degree of inaccuracy and error, which could result in flawed algorithms in various models

used in our businesses. Our personnel or the personnel of our service providers could, without our knowledge, improperly

utilize or misappropriate artificial intelligence and machine-learning technology while carrying out their responsibilities,

including relating to the entry of confidential information into a technology platform that is or becomes accessible by third

parties. The misuse or misappropriation of our data, unavoidable deficiencies in the practices associated with data collection,

training artificial intelligence technology on large data sets, and big data analytics and difficulties validating data, could have

an adverse impact on us.

Regulators are also increasing scrutiny and considering, and in some cases enacting, regulation of the use of artificial

intelligence technologies, including regarding the use of big data, diligence of data sets and oversight of data vendors. The

use of artificial intelligence by us or others may require compliance with legal or regulatory frameworks that are not fully

developed or tested, and we may face increased costs, litigation and regulatory actions related to our use of artificial

intelligence. See also "—Risks Related to Regulatory Matters—Privacy, data protection, cybersecurity and artificial intelligence

laws may increase compliance costs and subject us to enforcement risks and reputational risks".

In addition, artificial intelligence may materially disrupt the industries in which we invest, the businesses of our portfolio

companies and the valuations of our investments. See also "—Risks Related to Our Investment Activities—Various conditions

and events outside of our control that are difficult to quantify or predict may have a significant impact on the valuation of our

investments".

***Cybersecurity failures and data security breaches could have a material adverse impact on our*** 

***businesses.***

We are subject to various risks and costs associated with the collection, processing, storage and transmission of

proprietary, sensitive and otherwise confidential information, including personal information of our investors, insurance

policyholders, employees, contractors and other counterparties and third parties, to which we have access to and process

through a variety of media, including information technology systems. Breaches in security could potentially jeopardize our,

our employees', our investment vehicle investors', our insurance policyholders' or our counterparties' confidential and other

information processed and stored in, and transmitted through, our computer systems and networks. Any inability, or

perceived inability, by us to adequately address privacy concerns, or comply with applicable privacy laws, regulations, policies,

industry standards and guidance, related contractual obligations, or other privacy legal obligations, even if unfounded, could

result in significant regulatory and third-party liability, increased costs, disruption of our business and operations, and a loss of

investor confidence and other reputational damage.

We continuously face various security threats on a regular basis, including ongoing cybersecurity threats to, and attacks

on, our information technology infrastructure that are intended to gain access to our confidential information, destroy data or

disable, degrade or sabotage our systems. The risk of a security breach or disruption has increased as the number, intensity,

and sophistication of attempted attacks and intrusions from around the world have increased. Although we take protective

measures and endeavor to modify them as circumstances warrant, our computer systems, software and networks may be

vulnerable to unauthorized access, theft, misuse, computer viruses or other malicious code, and other events that could have

a security impact (including the deployment of harmful malware, ransomware, denial-of-service attacks, social engineering,

and other means to affect service reliability and threaten the confidentiality, integrity, and availability of information). Our

employees have been and expect to continue to be the target of fraudulent calls and emails, and the subject of

impersonations and fraudulent requests for money, which we or the services providers we retain, like administrators, paying

agents and escrow agents, may not be able to detect or protect against. These same cybersecurity breaches, cyberattack and

cyber intrusions could also be employed against our various stakeholders or other third parties, including attempts to

impersonate KKR or its employees, which could cause similar security impacts to our stakeholders, including our portfolio

companies, and other third parties and materially and adversely impact us. The costs related to cyber or other security

threats or disruptions may not be fully insured or indemnified by others, including by our service providers.

Our cybersecurity risk management efforts and our investment in information technology may not be successful in

preventing cyber incidents, which could have a material adverse effect upon our reputation, business, operations, or financial

condition. The techniques used by cyber criminals change frequently, may not be recognized until launched, and can

originate from a wide variety of sources. Furthermore, if we experience a cybersecurity incident and fail to comply with the

relevant notification laws and regulations, it could result in regulatory investigations and penalties, which could lead to

negative publicity and may cause our investors and clients to lose confidence in the effectiveness of our security measures.

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See also "—Our reliance on third parties in the operation of our business exposes us to operational, reputational and

other risks".

***We are subject to focus by certain stakeholders on sustainability matters.***

Some investors in our investment vehicles, stockholders, regulators and other stakeholders are focused on sustainability

matters, such as climate change and environmental stewardship, human rights, support for local communities, corporate

governance and transparency, or other environmental- or social-related areas. Certain investors and other stakeholder

groups have also increased their activism and scrutiny of asset managers' approaches to considering sustainability matters as

part of their investment management decision-making, including by urging alternative asset managers to take (or refrain from

taking) certain actions that could adversely impact the value of an investment and at times have conditioned future capital

commitments on such actions. Further, a number of U.S. states and non-U.S. countries have enacted or proposed policies,

legislation, issued related legal opinions and engaged in related litigation regarding sustainability matters. Increased focus

and activism related to sustainability matters may constrain our capital deployment opportunities. There can be no assurance

that we will be able to accomplish any sustainability-related goals or commitments that we have announced or may announce

in the future, as such statements are, or reflect, estimates, aspirations or expectations only at the time of announcement.

More broadly, there can be no assurance that our responsible investment policies and procedures will not change, potentially

materially, or may not be applicable for a particular investment, because we continuously review our approach to these

issues. Growing interest on the part of investors and regulators in sustainability matters and increased demand for, and

scrutiny of, asset managers' sustainability-related disclosure, have also increased the risk that asset managers could be

perceived as, or accused of, making inaccurate or misleading statements regarding these matters. The occurrence of any of

the foregoing could have a material and adverse impact on us, including on our reputation.

Although we view our sustainable investing approach as a tool for value creation and value protection, different

stakeholder groups and regulators across the jurisdictions and localities where we operate have divergent views on the merits

of integrating sustainability considerations into the investment process and have, as applicable, increasingly expressed

divergent views and investment expectations with respect to sustainability initiatives and, as applicable, pursued divergent

regulatory initiatives. The increased regulatory and legal complexity and heightened risk of public scrutiny could result in

conflicting sustainability-related regulations and legal frameworks that increase our compliance costs and our risk of non-

compliance or impact our reputation and lead to increased inquiries, investigations, challenges by federal or state authorities,

and reactive stakeholder engagements. Moreover, if our practices do not meet evolving stakeholders' expectations and

standards, or if we are unable to satisfy all stakeholders, our reputation, ability to attract or retain employees and our

business could be negatively impacted.

**Risks Related to Regulatory Matters**

We are required to comply with numerous laws and regulations applicable to our business in various countries around

the world. Our compliance with these laws and regulations is critical to our ability to operate our business, and the potential

failure to comply subjects us to many material risks and uncertainties as discussed below. For information about the laws and

regulations applicable to our business, please also see "Business—Regulation". For additional regulatory risks related to

Global Atlantic, please also see "—Risks Related to Our Insurance Activities—Our insurance business is heavily regulated, and

such regulations may have a material and adverse effect on our business, financial condition and results of operations."

***Our business is subject to complex, extensive and evolving laws, and the failure to comply with*** 

***applicable laws may materially and adversely affect us.***

We are a global financial institution, and our business is subject to complex, extensive and evolving laws and regulations

in the jurisdictions in which we operate around the world. Our asset management and capital markets businesses are

generally governed by securities laws and regulations applicable to investment advisers, broker-dealers, and other financial

services firms, including extensive regulatory requirements relating to registration, fiduciary obligations, disclosure, reporting,

recordkeeping, supervision and compliance. In addition, our insurance business is subject to complex laws and extensive

regulations applicable to insurance companies as well as regulations applicable to investment advisers, broker-dealers, and

other financial services firms, including requirements relating to licensing, capital adequacy, investments, governance, policy

terms, reporting and compliance. Our compliance with these securities and insurance laws and regulations and the other laws

and regulations applicable to our business (which may evolve and change, from time to time) is critical to our ability to

operate our business and is costly, operationally intensive, and requires significant management attention. Any failure to

comply with these laws or regulations, or any changes in the scope, interpretation, application, or enforcement of such laws

and regulations, could materially and adversely affect our business, results of operations, and financial condition.

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***Adverse regulatory actions may result in significant sanctions, liabilities, operational restrictions,*** 

***litigation, reputational harm and other material and adverse impacts to our business.*** 

Our compliance with securities and insurance laws and regulations, as well as other laws and regulations applicable to

our business, is subject to frequent examinations, inquiries and investigations by U.S. federal and state, as well as non-U.S.,

governmental agencies and regulatory authorities (including self-regulatory organizations) in the jurisdictions in which we

operate. Governmental agencies and regulatory authorities (including self-regulatory organizations) often have broad

discretion to interpret and apply the laws and regulations applicable to our industry and our business and to determine areas

of focus for their examinations, inquiries, and investigations. Moreover, many of these laws and regulations authorize such

entities to conduct enforcement actions and other proceedings that may result in civil or criminal liability, penalties, and fines;

or other sanctions, including censures, cease-and-desist orders, settlements or revocations, suspensions or expulsions of

applicable memberships, licenses, registrations, authorizations or other regulatory approvals that, in any of these cases, may

apply with respect to us or any one or more of our businesses, employees, investments or portfolio companies. In addition,

convictions, injunctions, sanctions or settlements imposed by a governmental authority could form the basis for automatic or

discretionary limitations on our memberships, licenses, registrations, authorizations or other regulatory approvals, or our

ability or the ability of our affiliates to rely on exemptions, that are administered by a different governmental authority. Any

of these actions or consequences could materially and adversely affect us.

Any resolution of claims brought by a governmental agency or regulatory authority (including self-regulatory

organizations) may, in addition to the imposition of significant monetary penalties or other sanctions, require an admission of

wrongdoing or result in adverse limitations or prohibitions on our ability to conduct our business activities, including potential

statutory disqualifications, third-party oversight of various business processes, or the divestiture of investments. Actions by a

governmental agency or regulatory authority in one area of our business could affect other areas of our business, including

our joint venture partners and portfolio companies, which could, in turn, materially and adversely affect our business, results

of operations and financial condition. Even if an investigation or proceeding does not result in a sanction or the sanction

imposed is not material in monetary terms, the investigation, proceeding, action, imposition of sanctions or general

perception of impropriety could still significantly harm our reputation, adversely impact our relationship with our regulators,

result in increased future regulatory scrutiny, result in the loss of investors and investment opportunities, and place us at a

material disadvantage to our competitors.

***The suspension, revocation, or limitation of our regulatory registrations or licenses may materially*** 

***adversely affect our business.***

As a regulated financial institution, we rely on our regulatory registrations and licenses around the world in order to

conduct our business. The suspension, revocation, or limitation of our regulatory registrations or licenses may materially

adversely affect our business and potentially prohibit our ability to conduct our business at all. For example, we operate

registered investment advisers and broker-dealers in the United States and around the world, and the suspension, revocation

or limitation of our registrations as an investment adviser or as a broker-dealer would limit or could even prohibit us from

conducting our asset management and capital markets businesses in the jurisdictions in which we currently operate.

A U.S. investment adviser's registration under the Investment Advisers Act may be suspended, revoked, or otherwise

limited as a result of, among other things, failure to meet eligibility requirements for registration with the Securities and

Exchange Commission ("SEC"), violations of applicable federal securities laws or fiduciary duties, violations of criminal laws,

materially inaccurate or incomplete regulatory filings, or as the result of disciplinary or enforcement actions by the SEC or

other federal, state or non-U.S. regulators, including actions based on criminal convictions, guilty pleas, or injunctions

involving the adviser or its associated persons. In particular, investment advisers are subject to heightened regulatory

scrutiny with respect to the identification, disclosure and management of conflicts of interest, including conflicts arising from

principal transactions, cross trades or other transactions in which the adviser or its affiliates have a financial or other interest.

See "—Risks Related to Our Business—We may pursue new business opportunities, strategic initiatives, or investment

opportunities that involve new or unique business, regulatory or other complexities and risks" and "—Risks Related to Our

Investment Activities—If we fail to effectively manage conflicts of interest that arise from our investment activities, our

reputation, business or financial results could be materially and adversely impacted or we may become subject to regulatory

scrutiny or litigation".

A U.S. broker-dealer's registration under the Securities Exchange Act of 1934 may be suspended, revoked, or otherwise

limited as a result of, among other things, violations of federal securities laws or regulations, failure to comply with the rules

and regulations of the SEC and the Financial Industry Regulatory Authority ("FINRA"), materially inaccurate or incomplete

regulatory filings, failure to maintain required net capital or supervisory systems, insolvency, criminal convictions or

injunctions involving the broker-dealer or its associated persons, or as the result of disciplinary or enforcement actions by the

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SEC, FINRA or other federal, state or non-U.S. regulators, including actions based on the conduct of affiliates or associated

persons. Similarly, the Investment Company Act may disqualify certain persons and their affiliates from acting in various

capacities for U.S. registered funds, including as investment adviser, as a result of certain convictions and injunctions.

We also rely on similar registrations in order to conduct our asset management business outside of the United States .

For example, in Europe, we are an AIFM registered with the Central Bank of Ireland under the AIFMD, and in the United

Kingdom, we are regulated by the FCA under the FSMA. In addition, in Asia, we are a financial instruments business operator

under the Financial Instruments and Exchange Act of Japan and a licensed asset manager and broker-dealer with the

Securities and Futures Commission in Hong Kong, and we conduct fund management activities under license from the

Monetary Authority of Singapore. For more information, see "Business—Regulation".

In addition, an insurance company's license or authorization may be suspended, revoked, or otherwise limited as a result

of, among other things, failure to meet applicable solvency, capital, or reserve requirements; deficiencies in risk management,

internal controls, or governance; violations of applicable insurance laws or regulations; inaccurate or incomplete regulatory

filings or disclosures; unsafe or unsound business practices; failures in market conduct or consumer protection compliance; or

as a result of regulatory examinations, supervisory actions, or enforcement proceedings. Insurance regulators have broad

authority to impose corrective actions, restrictions, enhanced oversight, or other regulatory measures, including in

connection with capital adequacy, investment practices, governance, reporting, or market conduct matters, and adverse

regulatory actions affecting our insurance subsidiaries could limit their ability to write new business, require changes to

investment or operating practices, restrict dividend capacity or intercompany arrangements, or otherwise materially

adversely affect our insurance business and the results of our operations. See, generally, "—Risks Related to Our Insurance

Activities".

Any suspension, revocation, limitation, conditioning, or failure to obtain or renew licenses, registrations, authorizations,

exemptions, or approvals applicable to any of our businesses, in the United States or in any other country in which we

operate around the world, could restrict or prohibit our ability to conduct our business, require restructuring of business lines,

limit products we offer, impede fundraising, restrict transaction activity, or otherwise materially adversely affect our business.

See also "—Adverse regulatory actions may result in significant sanctions, liabilities, operational restrictions, litigation,

reputational harm and other material and adverse impacts to our business".

***Changes in the regulatory framework applicable to our business, including the loss of exemptions or*** 

***the application of enhanced group-level regulation, may materially adversely affect us.***

Our business operates within regulatory frameworks globally that distinguish among different types of financial activities,

products, organizational structure, and other factors. These regulatory frameworks, including the scope, availability, and

interpretation of exemptions, exclusions, and tailored regulatory requirements, are subject to change. If the regulatory

framework applicable to our business were to change, we could become subject to additional or more comprehensive

regulation in any one or more jurisdictions in which we operate, which may cause material and adverse impacts to our

business. The regulatory framework applicable to our business may change for a number of reasons, including through

amendments to existing laws or regulations; changes in regulatory interpretation or supervisory expectations; changes in

enforcement priorities or activity; evolving regulatory views regarding, among other things, market structure, investor

protection, or financial stability; changes in how our business activities or organizational structure are viewed by regulators;

disqualifying events involving us, our affiliates, or associated persons; or changes in our business activities or organizational

structure or the growth or expansion of our business, including our expansion into new geographies, offering new investment

or insurance products, or changing the way we raise capital from investors.

In particular, regulatory frameworks applicable to our business may evolve over time. For example, our private credit

strategies and insurance-adjacent lending activities operate largely outside the traditional banking system and are subject to a

complex and developing set of regulatory regimes, including securities, insurance, derivatives, banking, and financial stability

laws. Although these activities are conducted through entities that are not regulated as banks, they have increasingly

attracted regulatory attention due to their scale, growth, use of leverage, liquidity characteristics, interconnectedness with

regulated financial institutions and potential relevance to broader financial markets. Regulatory authorities may adopt new or

revised laws, regulations, guidance, or supervisory approaches applicable to these activities. Such developments could include

heightened reporting or disclosure requirements, limitations on leverage, increased liquidity requirements, restrictions on

investment strategies or asset concentrations, or enhanced governance or risk-management expectations. In addition,

regulatory initiatives relating to non-bank financial intermediation or so-called "shadow banking," as well as financial-stability-

oriented regulation, could result in the recharacterization of certain of our private credit or insurance-adjacent activities or

the imposition of activity-based or group-level regulatory requirements that have historically applied to banks or other

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systemically important financial institutions, which could materially adversely affect our business, financial condition, and

results of operations.

Moreover, given the scale and scope of our business and financial activities, regulators may evaluate our business and

risk profile on a consolidated or group-wide basis rather than solely by reference to individual regulated entities. In the United

States, the Financial Stability Oversight Council has authority to designate certain non-bank financial companies as

systemically important financial institutions, which could subject a designated entity to enhanced supervision and regulation.

Similarly, in the European Union and the United Kingdom, groups that engage in both insurance and investment activities may

be subject to supplementary group-wide supervision under the Financial Conglomerates Directive and its UK equivalent. If we

were to become subject to such enhanced or group-level regulatory regimes, we could face materially increased regulatory

burdens, governance, reporting, capital, liquidity, or risk-management requirements, restrictions on business activities or

intercompany arrangements, or other limitations that could materially adversely affect our business, financial condition, and

results of operations.

For matters that may specifically affect our insurance business, please see "—Risks Related to Our Insurance Activities—

Our insurance business is heavily regulated, and such regulations may have a material and adverse effect on our business,

financial condition and results of operations."

***If regulatory exemptions or exclusions on which we rely become unavailable, we may become subject*** 

***to additional restrictive and costly regulatory requirements, regulatory action or liability.*** 

We regularly rely on exemptions, exclusions and other regulatory accommodations under U.S. and non-U.S. laws and

regulations in conducting our asset management, capital markets and insurance businesses. The unavailability of these

exemptions or exclusions for any reason, including changes in law, changes in regulatory interpretation, disqualifying events

involving us, our affiliates, or associated persons, or changes in our business activities or organizational structure, may subject

us or our investment vehicles to additional restrictive and costly regulatory compliance requirements, regulatory action or

third-party claims, or other otherwise materially and adversely affect our business.

In particular, we rely on exemptions from requirements pursuant to the Securities Act of 1933, the Securities Exchange

Act of 1934, the Investment Company Act, the Commodity Exchange Act of 1936, and the Employee Retirement Income

Security Act of 1974 ("ERISA") in conducting our business activities, as well as exemptions from various foreign regulatory

requirements. These exemptions are often highly complex, subject to evolving interpretation, and may in certain

circumstances depend on compliance by third parties or factual determinations that may be outside of our control.

For example, in raising new funds or other investment vehicles in the United States, we typically rely on private

placement exemptions from registration under the Securities Act, including Rule 506 of Regulation D. If we, our investment

vehicles or any of the covered persons associated with our investment vehicles were to become subject to a disqualifying

event, which includes a variety of criminal, regulatory and civil matters, one or more of our investment vehicles could lose the

ability to raise capital in a Rule 506 private offering, which could materially impair our ability to raise capital for existing and

new investment vehicles. The occurrence of a disqualifying event would also materially and adversely affect our ability to

raise or syndicate capital for our transactions and for third parties and otherwise materially and adversely affect our ability to

conduct our capital markets business, which depends on our ability to participate in unregistered securities offerings. As we

expand the array of vehicles that we offer to individual investors, we may increasingly rely on the Rule 506(c) safe harbor,

which permits general solicitation and advertising but requires enhanced procedures to verify accredited investor status,

increasing compliance complexity and execution risks. Outside of the United States, we also rely on similar private placement

exemptions and marketing registrations, for example under the AIFMD in Europe, the Financial Services and Markets Act 2000

(as amended and supplemented by statutory instruments) and the Alternative Investment Fund Managers Regulations 2013

(as amended) in the United Kingdom, the Financial Instruments and Exchange Act in Japan, and the Securities and Futures Act

in Singapore.

In addition, certain of our investment vehicles, including our K-Series vehicles, are structured and operated in reliance on

exclusions from the definition of an investment company under the Investment Company Act. If any such entity were

required to register as an investment company, the applicable restrictions on capital structure, leverage, transactions with

affiliates, governance, and operations would make it impractical for the entity to operate its business as currently conducted

and could materially and adversely affect our financial results and results of operations.

In the United States, the CFTC and the SEC regulate transactions in futures and swaps as well as entities that enter into

those transactions. We are also subject to similar regulations when we trade derivatives in non-U.S. jurisdictions. These

regulations may limit our trading activities and our ability to implement effective hedging strategies or increase the costs of

compliance. We generally operate our businesses pursuant to exemptions from registration, but certain transactions in

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futures, swaps and other derivatives remain subject to regulatory requirements regardless of our registration status. We and

other asset management firms rely on an exemption from aggregation for portfolio companies that hold positions in the

relevant contracts. Our insurance subsidiaries must also comply with applicable insurance and other regulations with respect

to hedging. Any changes in application or interpretation of the rules applicable to futures, swaps and other derivatives could

result in significant costs for us and our investment vehicles.

***Distribution of financial products to individual investors subjects us to heightened regulatory,*** 

***litigation, and reputational risks, which may materially adversely affect our business.***

As part of our growth strategy, we have distributed and expect to continue distributing certain of our investment and

insurance products to individual investors. In some cases, our financial products are distributed indirectly through third-party

managed vehicles sponsored by brokerage firms, banks, or third-party feeder providers, and in other cases directly to the

clients of banks, independent investment advisers, and broker-dealers. We also create investment products specifically

designed for direct investment by individual investors in the United States and in non-U.S. jurisdictions. Products offered to

individual investors are subject to heightened regulatory scrutiny, prescriptive conduct standards, and increased litigation risk

compared to products offered primarily to institutional investors.

For example, in the United States, the public offering and sale of securities to individual investors is subject to the anti-

fraud and other investor protection provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and, where

applicable, the Investment Company Act, which may subject issuers and their affiliates and control persons to heightened

regulatory scrutiny and to claims by private plaintiffs alleging that such products were inappropriately marketed, inadequately

disclosed, or otherwise offered or sold in violation of applicable securities laws. We have sponsored and advise, or sub-advise,

investment products whose structuring and investments in illiquid assets are novel and untested. In addition, U.S. broker-

dealers and their associated persons are subject to laws and regulations governing the sale of financial products to individual

investors, including Regulation Best Interest, which requires recommendations to retail customers to be made in the

customer's best interest. These regulations also apply to third-party broker-dealers and any broker-dealers we operate that

distribute our investment or insurance products directly to individual investors. Compliance with such regulations and related

disclosure requirements, conflict-management, supervision, and recordkeeping requirements may impose additional costs,

operational complexity, and supervisory obligations on us, and may impact our ability to distribute our financial products to

individual investors. See also "—Risks Related to Our Insurance Activities—Our insurance business is heavily regulated, and

such regulations may have a material and adverse effect on our business, financial condition and results of operations."

In addition, various non-U.S. laws and regulations also govern the sale of financial products to individual investors,

including, for example, Directive 2014/65/EU (MiFID II), Directive 2011/61/EU (AIFMD), and Regulation 2015/760/EU (ELTIF

Regulation) which govern the sale of financial products to individual investors in the European Economic Area (the "EEA").

These EEA directives and regulations contain requirements for, among other things, marketing, investor suitability

assessments, and conflicts of interest management, and certain of these requirements also apply to distributors, placement

agents and other intermediaries that distribute our products to individual investors. Moreover, although the EEA's directives

and regulations are intended to create an EEA-wide harmonized framework, individual EEA member states may supplement

them with their own national rules, which adds to complexity and compliance risks.

The distribution of our products to individual investors often occurs through third-party channels that we do not control.

Although we conduct due diligence and establish onboarding and contractual arrangements with such distributors, we may

not be able to effectively monitor or control how our products are marketed, recommended, or sold. As a result, we may be

exposed to regulatory inquiries, enforcement actions, litigation, or reputational harm arising from allegations that our

products were sold to investors for whom they were unsuitable or inadequately disclosed, even where such conduct was

undertaken by third parties. Similar risks arise if our employees involved in distribution or oversight of third-party distributors

fail to adhere to applicable compliance or supervisory requirements. Legislative and regulatory developments may affect our

retail strategy. In the United States, initiatives intended to expand access by participants in 401(k) and other defined

contribution plans to alternative investments may create new opportunities but also raise complex regulatory, fiduciary,

disclosure, valuation, liquidity, and operational issues under securities and other applicable laws. We may incur significant

costs to design and implement products and compliance frameworks to access such channels, and those costs may not be

recoverable if regulatory requirements change, are delayed, or do not take effect. At the same time, competitors may pursue

these opportunities more aggressively, potentially placing us at a competitive disadvantage. Expanding our focus on

individual investors may also subject us to increased scrutiny regarding fees, liquidity, valuation, marketing, and disclosures,

increase the risk of private litigation or regulatory enforcement, and could be perceived by our institutional investors as

creating conflicts of interest or a shift in strategic focus, any of which could materially adversely affect our business, results of

operations, and financial condition. See also "—Adverse regulatory actions may result in significant sanctions, liabilities,

operational restrictions, litigation, reputational harm and other material and adverse impacts to our business."

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***Regulations impacting the insurance industry and insurance companies owned by alternative asset*** 

***managers may adversely affect our business.*** 

The NAIC and task forces and working groups appointed by it as well as individual U.S. state insurance regulators continue

to consider various initiatives to change and modernize the solvency framework applicable to regulated insurance companies.

These initiatives include enhancing the ability of state insurance regulators to effectively monitor the solvency and risks faced

by an insurer within a larger group and when engaging in reinsurance transactions with other insurers. Although initially the

NAIC's actions were driven by growing concerns related to companies owned by alternative asset management firms, the

NAIC and individual state insurance regulators have shifted toward an activity-based regulatory approach, signaling continued

potential for additional regulation. The NAIC and state insurance regulators have adopted and continue to evaluate new

regulations relating to affiliates and investment structures (including revisions to the capital charges for asset-backed

securities, in particular CLOs), investment management agreements, governance standards, market conduct practices and use

of third-party administrators. For example, the NAIC and U.S. state insurance regulators have increasingly focused on the

terms, structure, and negotiation of investment management agreements.

As part of their efforts to address potential risks stemming from an insurance company's relationship with alternative

asset managers that may impact the insurance company's risk profile, regulators have increased their scrutiny of certain

structured investments held by insurance companies, the appropriateness of investment ratings and potential conflicts of

interest (including affiliated investments), and potential misalignment of incentives. This growing scrutiny may increase the

risk of regulatory actions against our insurance business and could result in new or amended regulations that limit our ability

as an investment adviser, or make it more burdensome or costly, to enter into or amend existing investment management

agreements with insurance companies and thereby grow our insurance strategy. Additionally, the group-wide supervisor for

our insurance business is the Indiana Department of Insurance. The Indiana Department of Insurance has informed us that it

will be part of the International Association of Insurance Supervisors' Global Monitoring Exercise, a risk assessment

framework to monitor key risks and trends and to detect the potential build-up of systemic risk in the global insurance sector

that also includes all Internationally Active Insurance Groups ("IAIGs"). IAIGs are expected to be subject to group-wide capital

standards once adopted by the United States. At this time, we cannot accurately predict whether we will be named or

designated as an IAIG or the impact, if any, on us.

See also "—Risks Related to Our Insurance Activities—Our insurance business is heavily regulated, and such regulations

may have a material and adverse effect on our business, financial condition and results of operations."

***We are subject to substantial regulatory risks due to our extensive and global investment activities.***

As a global alternative asset manager, we regularly engage in transactions involving equity and debt investments,

mergers, acquisitions, financings, restructurings, exits, and other investment activities across numerous jurisdictions. These

transactions are subject to a wide range of complex laws and regulations, including securities, antitrust, foreign investment,

sanctions, export controls, anti-corruption, and other regulations administered by U.S. and non-U.S. governmental

authorities.

In addition to the laws and regulations arising from our investment activities, we also become subject from time to time

to the laws and regulations applicable to the businesses of our portfolio companies, including the regulations related to the

U.S. Federal Energy Regulatory Commission, the U.S. Federal Communications Commission, and the U.S. Defense

Counterintelligence and Security Agency as well as various laws and regulations of non-U.S. jurisdictions, such as those

promulgated by the U.K. Financial Conduct Authority, the Swedish Financial Supervisory Authority, the German Federal

Financial Supervisory Authority, and the Australian Prudential Regulation Authority. Compliance with these laws and

regulations is highly fact-specific, requires significant time, resources, and coordination across multiple jurisdictions, and is

subject to heightened regulatory scrutiny and enforcement. Compliance with these laws and regulations is highly fact-

specific, requires significant time, resources, and coordination across multiple jurisdictions, and is subject to heightened

regulatory scrutiny and enforcement.

Our ability to comply with many of these requirements depends in part on obtaining timely, complete, and accurate

information from portfolio companies, management teams, counterparties, and third-party advisers, including information

relating to operations, ownership structures, counterparties, customers, and historical conduct. We may not always be able to

independently verify such information, and we rely significantly on our portfolio companies to provide such information to us.

In some cases, inaccurate, incomplete, or delayed information may not be identified until after a transaction has closed,

which could result in regulatory investigations, the reopening of prior approval processes, the imposition of remedial

measures or sanctions, or other adverse consequences for us and our portfolio companies. See also "—The actions of our

portfolio companies may subject us to potential liabilities and cause us reputational harm".

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Compliance with these transactional regulatory requirements is costly and operationally complex, requiring substantial

investment in personnel, systems, controls, and external advisers. These costs may increase as regulatory regimes become

more expansive, enforcement activity intensifies, or new jurisdictions or asset classes are added to our investment activities.

Failure to comply, or errors in assessing or implementing compliance requirements in connection with our transactions, could

subject us or our portfolio companies to civil or criminal penalties, fines, sanctions, judgments, remedial obligations,

transaction delays or prohibitions, reputational harm, or other adverse consequences. In certain circumstances, we or our

personnel could also be subject to civil or criminal investigations or enforcement actions based on the conduct of portfolio

companies, joint venture partners, counterparties, or other third parties, including under theories of control person,

successor, or aiding-and-abetting liability. The failure to effectively manage these risks, or significant increases in compliance

burdens or enforcement exposure, could materially adversely affect our business, results of operations, financial condition,

and reputation. See also "—Our business is subject to complex, extensive and evolving laws, and the failure to comply with

applicable laws may materially and adversely affect us" and "—Adverse regulatory actions may result in significant sanctions,

liabilities, operational restrictions, litigation, reputational harm and other material and adverse impacts to our business".

***Various investment-related and competition laws may limit our investment opportunities and subject*** 

***us to adverse regulatory consequences.***

As a global alternative asset manager with a broad investment platform, our ability to identify, pursue, and consummate

attractive investment opportunities may be constrained by various investment-related and competition laws, including

antitrust, merger control, foreign direct investment ("FDI") and similar laws and regulations that aim to control investment

activity in various jurisdictions around the world. These regimes may restrict the types of transactions we can pursue, the

industries or assets in which we can invest, the structures through which we can invest, or the investors that can participate in

them, particularly given our size, global footprint, and ownership of, or relationships with, a wide range of portfolio

companies and affiliates.

In many cases, the potential applicability of investment-related and competition laws may deter us from pursuing certain

investment opportunities, limit our ability to finance existing functions, or require us to structure transactions in ways that are

less attractive or less competitive, including by limiting ownership levels, governance rights, syndication arrangements, co-

investor participation, or exit alternatives. In addition, counterparties, sellers, financing sources, or co-investors may be

unwilling to engage in transactions subject to extended or uncertain regulatory review, or may prefer bidders with simpler

ownership structures or perceived lower regulatory risk, placing us at a competitive disadvantage.

Our transactions are often subject to investment-related and competition laws that require pre-closing or post-closing

notifications, approvals, or clearances in connection with our investment activities, including under U.S. antitrust laws and

national-security-focused regimes such as the U.S. Foreign Investment Risk Review Modernization Act, pursuant to which the

Committee on Foreign Investment in the United States may review, block, or impose conditions on investments by non-U.S.

persons in U.S. businesses or real assets. Many jurisdictions around the world have similar or comparable antitrust and FDI

regimes. Additionally, certain jurisdictions may impose restrictions or prohibitions on businesses making investments in other

countries or otherwise restrict investment activities. For example, the U.S. Outbound Investment Security Program imposes

notification requirements and prohibitions for certain investments in entities engaged in specified technology sectors outside

of the United States. The prospect of review or restrictions under these regimes may narrow the universe of feasible

transactions, delay decision-making, or require significant resources to evaluate regulatory risk before we can determine

whether to pursue an opportunity. Determining which investment-related and competition laws and regulations apply to any

particular transaction, identifying the applicable filing, notice, approval, or other requirements that may be triggered under

such laws and regulations, and ensuring compliance with all applicable requirements can be complex and resource-intensive.

Any of the foregoing could reduce the number or attractiveness of investment opportunities available to us, increase the

time, cost, and complexity associated with evaluating and executing transactions, limit our ability to deploy capital efficiently,

adversely impact our competitive positions or otherwise materially adversely affect our investment activities. Failure to

comply with these laws and regulations, or allegations of non-compliance, could prevent us from completing transactions, and

could subject us, our employees and our portfolio companies to civil or criminal sanctions, fines, penalties, remediation

obligations, restrictions on investment activities, enhanced monitoring or oversight, requirements to divest or restructure

investments, and significant reputational harm. See also "—Adverse regulatory actions may result in significant sanctions,

liabilities, operational restrictions, litigation, reputational harm and other material and adverse impacts to our business".

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***Financial crime laws may limit our investment and capital raising activities and subject us to adverse*** 

***regulatory consequences.***

Our business is subject to a wide range of laws and regulations relating to the prevention of financial crime, including

anti-corruption, economic sanctions, and anti-money laundering and countering the financing of terrorism ("AML/CFT") and

similar laws and regulations administered by U.S. and non-U.S. governmental authorities. These include, among others, FCPA,

economic sanctions and trade control laws and regulations administered by the U.S. Department of the Treasury's Office of

Foreign Assets Control, the U.S. Department of Commerce, and the U.S. Department of State, AML/CFT requirements

administered by the U.S. Department of the Treasury's Financial Crimes Enforcement Network, as well as similar laws and

regulations administered by non-U.S. authorities, including EU and UK sanctions regimes and the UK Bribery Act. These laws

and regulations are complex, may in some cases impose liability regardless of intent or knowledge, may be applied

extraterritorially, and may impose overlapping or conflicting requirements, creating significant compliance and enforcement

risk.

Compliance with financial crime laws can be highly fact-specific and often requires collection of and depends on

information regarding counterparties, including ownership structures, business practices, and historical conduct, which may

be incomplete, inaccurate, or difficult to obtain, particularly in connection with cross-border transactions or investments in

jurisdictions with less developed regulatory regimes. These risks are heightened by our ownership of, and investment in,

portfolio companies operating across numerous jurisdictions and industries. In certain circumstances, we or our personnel

could be subject to investigations, enforcement actions, or liability arising from the conduct of portfolio companies, joint

venture partners, or other third parties, including under theories of control person, successor, aiding-and-abetting, or

facilitation liability. In particular, under U.S. economic sanctions, the FCPA and similar laws and regulations, we may be held

liable for conduct engaged in by portfolio companies or their employees, agents, or intermediaries, including conduct that

occurred prior to our investment or without our knowledge.

Compliance with financial crime laws is required throughout the lifecycle of our investments, including when we acquire

investments, and exit or sell investments. In these contexts, we must assess whether funds paid or received in connection

with an acquisition, financing, or disposition could be transferred, directly or indirectly, to persons or entities subject to

sanctions or other restrictions. Limitations on our ability to obtain complete or reliable information regarding sellers, buyers,

beneficial owners, intermediaries, or payment flows, or changes in applicable laws and regulations or sanctions regimes may

require changes to transaction structures, reduce proceeds, or expose us to enforcement risk.

Compliance with financial crime laws can also have a material impact on our fundraising, capital-raising, and syndication

activities, including limitations on the admission of investors into our funds and the participation of co-investors in our

transactions. In these contexts, we may be required to assess the identity, ownership, source of funds, and jurisdictional

nexus of investors, lenders, and co-investors, and applicable restrictions may limit participation, delay or prevent capital

formation or syndication, require enhanced diligence or contractual protections, or otherwise adversely affect our ability to

raise capital or complete transactions.

Compliance with financial crime laws can be costly and resource-intensive, requiring significant investment in personnel,

systems, controls, training, and third-party advisers, and may limit the jurisdictions, industries, counterparties, or investment

opportunities we are able to pursue. Failure to comply with these laws and regulations, or allegations of non-compliance,

could subject us and our portfolio companies to civil or criminal sanctions, remediation obligations, restrictions on business

activities, enhanced monitoring or oversight, requirements to divest or restructure investments, and significant reputational

harm. See also "—Adverse regulatory actions may result in significant sanctions, liabilities, operational restrictions, litigation,

reputational harm and other material and adverse impacts to our business".

***Our investment vehicles and insurance subsidiaries could become subject to the fiduciary responsibility*** 

***and prohibited transaction provisions of ERISA and Section 4975 of the Code, which would adversely*** 

***affect our businesses.***

Our investment vehicles are structured and operated in a manner intended to avoid being treated as holding plan assets

for purposes of ERISA and Section 4975 of the Code, and we seek to conduct our investment management activities in a

manner consistent with applicable exemptions and exceptions. However, if any of our investment vehicles or insurance

subsidiaries were determined to hold plan assets for purposes of ERISA, or if an applicable exemption or exception were

unavailable, we could become subject to the fiduciary responsibility and prohibited transaction provisions of ERISA and the

Code, which could materially adversely affect our business.

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We or certain of our investment vehicles could potentially be held liable under ERISA for the pension obligations of one or

more of our portfolio companies if we or the investment vehicle were determined to be a "trade or business" under ERISA

and deemed part of the same controlled group as the portfolio company under such rules, or if we were otherwise to become

jointly and severally responsible for any such pension liabilities. In addition, if a similar rationale were expanded to apply also

for U.S. federal income tax purposes, then certain of our investors could be subject to increased U.S. income tax liability or

filing obligations in certain contexts. Similar laws and theories that could be applied with similar results also exist outside of

the United States.

Although we do not currently rely on the qualified professional asset manager ("QPAM") exemption under ERISA in any

material respect, certain of our affiliates and we, in the future, may rely on the QPAM exemption in connection with

managing plan assets. The availability of the QPAM exemption may be lost or rendered unavailable as a result of criminal

convictions, regulatory actions, or other disqualifying events involving the relevant investment adviser or certain affiliated

entities or individuals, including conduct unrelated to the management of plan assets. Any such loss or unavailability could

expose us or our investment vehicles to prohibited transaction liability, restrict our ability to manage plan assets, require

restructuring of affected arrangements, or otherwise materially adversely affect our business. Moreover, if the general

accounts or separate accounts of one or more of our insurance subsidiaries were to constitute plan assets for purposes of

ERISA, in the absence of an exemption we could incur liability under the prohibited transaction provisions of ERISA and the

Code as a result of any our investment management activities with respect to, or transactions involving our insurance

subsidiaries, and we could become prohibited from being compensated for managing our insurance subsidiaries' assets.

See also "—Adverse regulatory actions may result in significant sanctions, liabilities, operational restrictions, litigation,

reputational harm and other material and adverse impacts to our business".

***Sustainability-related laws and disclosure requirements may increase compliance costs and subject us*** 

***to enforcement risks and reputational risks.***

We and certain of our investment vehicles and portfolio companies are or may become subject to sustainability-related

laws, regulations, and disclosure requirements. Our business could be adversely affected if we, our investment vehicles or our

portfolio companies fail to comply with applicable sustainability requirements, including as a result of increased compliance

costs, regulatory enforcement activity, litigation, or reputational harm. New or amended sustainability rules, regulations,

enforcement priorities, or interpretations of existing laws may result in enhanced disclosure or other compliance obligations

and could adversely affect our investment activities and ability to raise capital.

In the European Union, we and certain of our investment vehicles and portfolio companies are or may become subject to

sustainability-related rules and guidance, including the Sustainable Finance Disclosure Regulation, the Corporate Sustainability

Reporting Directive, and the Corporate Sustainability Due Diligence Directive, each of which, if applicable, could impose

significant disclosure, reporting, or due diligence requirements. In addition, we, our investment vehicles and portfolio

companies may also become subject to sustainability-related regulations in the United States, including the California Climate-

Related Financial Risk Act (SB 261) (which is temporarily enjoined) and the California Climate Corporate Data Accountability

Act (SB 253) that is contemplated to require certain disclosures about climate-related financial risks and greenhouse gas

emissions data. On the other hand, several U.S. governmental authorities have enacted or proposed legislation and policies,

or pursued investigations and litigation, to restrict or prohibit government entities from doing business with businesses

identified as boycotting or discriminating against particular industries or from considering environmental and social factors in

their investment processes.

Compliance with sustainability-related requirements often depends on collecting, measuring, and reporting information

from portfolio companies and other third parties, which may be incomplete, inconsistent, or difficult to obtain. Sustainability-

related reporting is subject to evolving standards and methodologies and may require the use of assumptions or estimates

that could later be challenged. Collecting, measuring, and reporting sustainability information can be costly, difficult, and

time-consuming and may present operational, legal, and reputational risks.

We expect evolving sustainability-related regulation and investor expectations to require us to devote additional

resources to sustainability matters in connection with our investment activities and the management of our portfolio

companies, which will increase our expenses. Any failure to effectively manage these requirements, or any material increase

in compliance burdens, regulatory action, litigation, or reputational harm, could materially adversely affect our business,

results of operations, and financial condition. See also "—Adverse regulatory actions may result in significant sanctions,

liabilities, operational restrictions, litigation, reputational harm and other material and adverse impacts to our business".

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***Privacy, data protection, cybersecurity and artificial intelligence laws may increase compliance costs*** 

***and subject us to enforcement risks and reputational risks.***

Data privacy, data protection and cybersecurity have become priorities for regulators around the world, and rapidly

evolving and changing laws and regulations, including with respect to artificial intelligence, may increase compliance and legal

costs and expose us to enforcement risk, litigation, and reputational harm. We and our portfolio companies are subject to U.S.

federal and state privacy and data protection laws and regulations. For example, the California Consumer Privacy Act provides

enhanced consumer rights, a private right of action for certain data breaches, and statutory fines, damages and penalties for

violations. Other U.S. states have passed their own consumer privacy laws and other states are considering doing so. At the

U.S. federal level, we are subject to the Gramm-Leach-Bliley Act of 1999, and implementing regulations, including Regulation

S-P, which governs privacy notices and the safeguarding and disposal of customer information and establishes certain incident

response and notification obligations.

Our insurance business processes sensitive personal information of policyholders, which exposes it to heightened privacy

and cybersecurity risk, and our insurance subsidiaries are subject to additional cybersecurity requirements, including the New

York State Department of Financial Services ("NYSDFS") cybersecurity regulation, which requires covered entities to maintain

cybersecurity programs, conduct risk assessments, and satisfy certain incident reporting and governance requirements. In

November 2023, the NYSDFS finalized amendments to its cybersecurity regulations that significantly expanded the NYSDFS'

regulation of data privacy matters.

We are also subject to non-U.S. privacy and data protection laws, including the European General Data Protection

Regulation, the Personal Information Protection Law of the People's Republic of China, the India Digital Personal Data

Protection Act 2023, the UK Data Protection Act, and similar laws in other jurisdictions. Many of these regimes have

extraterritorial reach, impose differing or conflicting requirements, and may apply to data processing activities conducted by

us, our portfolio companies, or third-party service providers. In addition, we are often subject to privacy and data security

obligations arising from contractual commitments with counterparties.

There is also increased regulatory attention about the use of artificial intelligence. For example, the European Union has

adopted Regulation (EU) 2024/1689, which establishes a comprehensive, risk-based regulatory framework governing the

development, marketing, deployment and use of artificial intelligence systems within the European Union.

Failure to comply with applicable data privacy, data protection, cybersecurity, or artificial intelligence laws or related

contractual obligations could result in regulatory investigations or enforcement actions, private litigation, fines, penalties,

claims for damages, or adverse publicity. Even where we are not found liable, responding to investigations or claims may be

costly and time-consuming and could result in reputational harm. Regulatory enforcement activity and private litigation

relating to data privacy and cybersecurity matters have increased in recent years, and any significant enforcement action,

litigation, or reputational harm could materially adversely affect our business, results of operations and financial condition.

See also "—Adverse regulatory actions may result in significant sanctions, liabilities, operational restrictions, litigation,

reputational harm and other material and adverse impacts to our business".

**Risks Related to Our Investment Activities**

In our asset management business, we sponsor and manage funds and other investment vehicles that make investments

worldwide on behalf of third-party investors and, in connection with those activities, typically deploy our own capital for a

portion of those investments. These investments are subject to many material risks and uncertainties as discussed below. In

addition, we manage the investments of our insurance subsidiaries and other investments on our balance sheet, including

through our Strategic Holdings business. Because we directly bear the full risk of the investments of our insurance

subsidiaries and those on our balance sheet, including those reported in our Strategic Holdings segment, the risks and

uncertainties discussed below may have a greater impact on our results of operations and financial condition.

***Future results of our investments may be different than, and may not achieve the levels of, any of our*** 

***historical returns.*** 

We have presented in this report certain information relating to our investment returns, such as net and gross internal

rates of return ("IRR"), multiples of invested capital ("MOIC") and realized and unrealized investment values for investment

vehicles that we have sponsored, managed or operated. Historical returns of our investment vehicles should not be relied

upon as indicative of the future results that you should expect from our investment vehicles and are not indicative of the

future results of our insurance subsidiaries or our balance sheet assets. The future results may differ significantly from their

historical results for a multitude of reasons, including for timing differences between the reporting of unrealized gains and

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realization events, changes in the asset classes in which our current funds invest in compared to historical asset classes,

market and economic conditions, differences in the duration of holding periods of investments and deployment periods for

investment vehicles, differences in asset mixes, industry exposures, and geographies, and the economic terms and costs

associated with our newer investment vehicles.

***Various conditions and events outside of our control that are difficult to quantify or predict may have a*** 

***significant impact on the valuation of our investments.***

Global equity markets, which have been and are expected to continue to be volatile, significantly impact the valuation of

our equity investments in portfolio companies. For our equity investments that are publicly listed and thus have readily

observable market prices, equity markets around the world have a direct impact on valuation, because their values are

determined by their listed prices in the public markets. For our equity investments that are not publicly listed, equity markets

have an indirect impact on valuation as we often consider market multiples in our valuation of illiquid assets. In our private

equity business, a substantial amount of investments are in equities, so a change in equity prices or equity market volatility

could significantly impact the value of our private equity investments. In our insurance business, a change in equity prices

also impacts our equity-linked annuity and life insurance products, including with respect to hedging costs related to those

products.

The credit markets can also impact the valuations of our equity investments in portfolio companies. For example, we

typically use a discounted cash flow analysis as one of the methodologies in our valuation of illiquid assets process. If interest

rates rise, then the assumed cost of capital for the equity investments in our portfolio companies would be expected to

increase under the discounted cash flow analysis, and this effect would negatively impact their valuations if not offset by

other factors. In our infrastructure business, a substantial amount of investments are valued using the discounted cash flow

analysis, so a change in interest rates could significantly impact the value of our infrastructure investments.

The credit markets directly impact the valuations of the credit investments that we (especially our insurance subsidiaries)

and our investment vehicles own. Interest income earned from debt investments with floating interest rates should increase

if the applicable benchmark interest rate were to rise, and the reverse is true if the applicable benchmark interest rate were

to decline. However, during periods of rising interest rates, the obligor of such floating rate debt may become less able to pay

its debt obligations, which could have the effect of impairing the value of its debt obligations. For debt investments with fixed

interest rates, changes in interest rates generally will also cause the value of the fixed rate debt to vary inversely to such

changes, although any losses or gains would in most cases not be realized if the fixed rate debt is held to maturity. Increased

or unexpected payment delinquencies, foreclosures or losses could adversely affect our or our investment vehicles' ability to

invest in, sell and securitize loans, which would materially and adversely affect our or our investment vehicles' results of

operations, financial condition, liquidity and business.

Foreign exchange rates can materially impact the valuations of our investments that are denominated in currencies other

than the U.S. dollar. We make investments and receive capital commitments and have liabilities that are denominated in

currencies other than the U.S. dollar. The appreciation or depreciation of the U.S. dollar is expected to contribute to a

decrease or increase, respectively, in the U.S. dollar value of our non-U.S. investments to the extent unhedged. For our

investments denominated in currencies other than the U.S. dollar, the depreciation in such currencies will generally

contribute to the decrease in the valuation of such investments, to the extent unhedged, and adversely affect the U.S. dollar

equivalent revenues of portfolio companies with substantial revenues denominated in such currencies, while the appreciation

in such currencies would be expected to have the opposite effect.

Conditions in commodity markets can also impact the valuations of our investments in a variety of ways, including

through the direct or indirect impact on the cost of the inputs used in their operations, as well as the pricing and profitability

of the products or services that they sell. The price of commodities has historically been subject to substantial volatility,

which among other things, could be driven by economic, monetary, geopolitical or other factors. Further, if the operating

partners for certain of our investments are unable to raise prices to offset increases in the cost of raw materials or other

inputs, including the cost of energy and transportation, or if customers defer purchases of or seek substitutes for these

products, these investments could experience lower operating income which may in turn reduce their valuation. With respect

to our investments in energy-related companies, when commodity prices decline or if a decline is not offset by other factors,

the revenues, operating results, profitability and liquidity of the businesses related to such energy-related companies may be

adversely affected.

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The market values of real estate assets may be adversely affected by a number of factors, including national, regional and

local economic conditions; construction quality, age and design; demographic factors; tenant demand, market occupancy and

rental rate trends; and capitalization rates. Declining real estate values significantly increase the likelihood that we or our

investment vehicles will incur losses on loans in the event of default because the value of our collateral may be insufficient to

cover the costs on the loan.

Financial markets and economic conditions are outside our control and may affect the level and volatility of securities

prices and liquidity and as a result, the value of our investments and our financial results. In addition, if we are unable to or

choose not to manage our exposure to these conditions and/or events and such impact is not otherwise offset, then declines

in the equity, commodity and debt in the markets would likely cause us to write down our investments and the investments

of our funds. For example, during the global financial crisis in 2008 and 2009, valuations of our private equity funds declined

across all geographies, with investments in private equity funds marked down to as low as 67% of original cost and multiples

of invested capital reaching as low as 0.5x, 0.6x, 0.7x and 0.8x for the European Fund II, European Fund III, 2006 Fund and

Asian Fund, respectively, as of March 31, 2009.

The valuations of our investments can be impacted by many other factors unrelated to market or economic conditions,

including:

• global, regional and local events outside of our control, including geopolitical events, natural disasters, and

catastrophes;

• climate-related risks, including the impacts of changes in the physical climate, such as extreme weather or

temperature changes, which may damage physical assets as well as disrupt connectivity and supply chains, in

addition to climate-related transition risks that may arise from exposure to the transition to a low-carbon economy

through policy, regulatory, technology, market changes, differing perspectives of stakeholders regarding climate

impacts, business trends, and changes in consumer behavior related to climate change and technology; and

• developments in and adoption of artificial intelligence technologies, which may render existing products, services, or

business models of the companies in which we invest to become obsolete, less competitive, or require significant

and unanticipated additional investment to remain viable.

For a discussion of certain recent market or economic conditions, see also "Management's Discussion and Analysis of

Financial Condition and Results of Operations—Critical Accounting Policies and Estimates".

***Many of our investments are illiquid, and it may not be possible to realize any profits from them for a*** 

***considerable period of time or at all.***

We and our investment vehicles hold investments in securities that are not publicly traded. In many cases, we may be

prohibited by contract or by applicable securities laws from selling such securities at many points in time. Our ability to

dispose of investments also is heavily dependent on the capital markets and, in particular, the public equity markets. For

example, the ability to realize any value from an investment may depend upon the ability to complete an initial public offering

of the portfolio company in which such investment is made. Even if the securities are publicly traded, large holdings of

securities can often be disposed of only over a substantial length of time, exposing our investment returns to risks of

downward movement in market prices during the intended disposition period. In addition, market conditions and the

regulatory environment can also delay and, in certain cases, materially impair, our ability to exit and realize value from these

investments. Although the equity markets are not the only means by which we exit investments from our funds, the strength

and liquidity of the relevant equity for the portfolio company, and the initial public offering market specifically, affect the

valuation of, and our ability to successfully exit, our equity positions in the portfolio companies in a timely manner. Difficult

market and economic conditions could increase the cost of credit or cause a degradation in debt financing terms for potential

buyers, either of which may adversely impact our ability to identify, execute and exit investments on attractive terms.

Government policies regarding certain regulations, such as antitrust law, national security or restrictions on foreign direct

investment in certain of our portfolio companies or assets can also limit our and our investment vehicles' exit opportunities.

In addition, many of our investment vehicles have a finite term, and we may also be forced to dispose of investments sooner

than otherwise desirable. Accordingly, under certain conditions, our investment vehicles may be forced to either sell their

investments at lower prices than they had expected to realize or defer sales that they had planned to make, potentially for a

considerable period of time.

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***The valuations of illiquid investments are subjective and uncertain, and any realizations of our illiquid*** 

***investments may occur at prices which differ from their carrying values.***

There are no readily ascertainable market prices for a substantial majority of illiquid investments held by us and our

investment vehicles. We generally determine the fair value of the investments of our funds in accordance with accounting

principles generally accepted in the United States of America ("U.S. GAAP"). U.S. GAAP requires the application of accounting

guidance and policies that often involve a significant degree of judgment. These accounting estimates require the use of

assumptions, some of which are highly uncertain at the time of estimation and can be incomplete or inaccurate despite our

engagement of third parties to assist with certain aspects of our valuations.

The amount of judgment and discretion inherent in valuing assets renders valuations uncertain and susceptible to

material fluctuations over possibly short periods of time. Our determination of an investment's fair value may differ

materially from the value that would have been determined if a ready market for the securities had existed and the valuations

the general partners of other funds or other third parties ascribe to the same investment. In addition, the range of potential

valuation methodologies and the potential exercise of our subjective judgment in determining valuation might cause some of

our investors or regulators to question our valuations or methodologies. There can be no assurance that our policies will

address all necessary valuation factors or completely eliminate potential conflicts of interest in such determinations or that

we will be able to achieve some valuations.

The valuations of and realization opportunities for investments made by us and our investment vehicles could also be

subject to high volatility as a result of uncertainty regarding various risks described in these risk factors. Due to the lapse of

time between valuations, subsequent events that may have a significant impact on valuations will not be reflected until the

next valuation date. Changes in values attributed to investments may result in volatility in our AUM and could materially

affect the results of operations that we report from period to period. In addition, estimates, inputs, assumptions, and other

determinations made in connection with how various valuation methodologies are employed may also change from time to

time. Our valuation of an investment at a measurement date may also differ materially from the value that is obtained upon

the investment's exit. If the investment values that we record from time to time are not ultimately realized, it could have a

material adverse effect on our results of operations, financial condition and cash flow.

Further, certain of our investment vehicles offered to individual investors calculate net asset value ("NAV") on a daily or

monthly basis for purposes of establishing the price at which those investment vehicles sell and repurchase their shares. The

methods used to calculate NAV are not prescribed by the rules of the SEC or any other regulatory agency. There are no

accounting rules or standards that prescribe which components should be used in calculating NAV, and the NAV of such

vehicles are not audited by our independent registered public accounting firm. Errors may occur in calculating such NAV,

which could impact the price at which the shares of our investment vehicles offered to individual investors are sold and

repurchased.

Also, if realizations of our investments produce values materially different than the carrying values reflected in an

investment vehicle's previous valuation, investors in such vehicles may lose confidence in us, which could in turn result in

difficulty in raising capital for future funds or other investment vehicles. Some of our investors and regulators may question

our valuations or methodologies. The SEC has focused on issues related to valuation of private investment vehicles, including

frequency, consistent application of the methodology, disclosure, and conflicts of interest, in its enforcement, examination,

and rulemaking activities. For information about our valuation methodologies and processes, please see Note 2 "Summary of

Significant Accounting Policies—Fair Value Measurements" in our financial statements.

***We often pursue investment opportunities that involve unique business, regulatory, legal, tax or other*** 

***complexities that entail significant risks.***

We often pursue complex investment opportunities, which may often involve substantial business, regulatory or legal

complexities. Our tolerance for complexity presents significant risks, as such transactions can be more difficult, expensive and

time consuming to finance and execute, and it can be more difficult to manage or realize value from these types of

investments. Other risks that are often inherent in these kinds of transactions include:

Our transactions may entail a high level of regulatory scrutiny, and our investment may be subject to complex regulatory

requirements and instances of non-compliance at the investment level may subject us to reputational harm or, in certain

cases, liability;

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• Our transactions may involve complex tax structuring that could be challenged or disregarded, which may result in

losing treaty benefits or otherwise adversely impact our investments; complex tax structures are costly to establish,

monitor and maintain, and as we pursue a larger number of transactions across multiple assets classes and in

multiple jurisdictions, such costs will increase and the risk that a tax matter is overlooked or inadequately or

inconsistently addressed may increase;

• Our transactions may involve an investment that is subject to significant liabilities, including contingent liabilities,

which could be unknown to us at the time of acquisition or, if they are known to us, we may not accurately assess or

protect against the risks that they present, which could result in material unforeseen losses;

• We rely on the management of our portfolio companies or other third-party operators to provide for financial

projections and other information about their companies, businesses or assets, which may not be accurate or

realistic and thus could result in performance that falls short of our expectations or even result in such company's

bankruptcy; we also rely on the management of our portfolio companies or other third-party operators, and their

systems and processes, for ongoing financial and other information in support of the valuations of our investments in

or with them; and

• Our dispositions of investments may result in the incurrence of contingent liabilities by us or an investment vehicle;

for example, if we or an investment vehicle required to make representations about the investment and are required

to indemnify the purchasers of such investment for misrepresentations.

We also make large private equity and real assets investments, which involve certain complexities and risks that are not

encountered in small- and medium-sized investments. For example, when we enter into large transactions we often seek to

syndicate a portion of our capital commitment to third parties. However, if we are unable to syndicate all or part of such

commitment, or if such co-investors fail to fund their commitments, we may be required to fund the remaining commitment

amount from our balance sheet, and poor performance of such large investment may have a material adverse impact on our

financial results. Furthermore, investments by many of our investment funds will include debt instruments and equity

securities of companies that we do not control. Consortium transactions generally entail a reduced level of control by our

firm over the investment because governance rights must be shared with the other consortium investors. Accordingly, we

may not be able to control decisions, including decisions relating to the management and operation of the company and the

timing and nature of any exit, which could result in the risks described herein.

In addition, our growth equity investment vehicles may make investments in companies which are in a conceptual or

early stage of development. These companies are often characterized by new technologies and products, quickly evolving

markets, management teams that are materially dependent on a founder or key executives or may have limited experience

working together, in many cases, negative cash flow, and dependence on intellectual property rights, as well as other

substantial business and operational risks, all of which pose obstacles to the ultimate success of such investments. In

addition, growth equity companies may be more susceptible to macroeconomic effects and industry downturns, and their

valuations may be more volatile depending on the achievement of milestones, such as receiving a governmental license or

approval.

***We use a significant amount of leverage in our investment activities, and our portfolio companies and*** 

***investments may have significant credit and liquidity requirements, which may be materially and*** 

***adversely affected by changes in financial markets.***

We and our investment vehicles typically use a significant amount of leverage as part of our investment strategy and

regularly borrow a substantial amount of capital for operations and investments. With respect to our private equity and real

assets businesses, if we are unable to obtain committed debt financing for potential acquisitions or can only obtain debt at an

increased interest rate or on unfavorable terms, we may have difficulty completing otherwise profitable acquisitions or may

generate lower profits, either of which could lead to a decrease in the investment income earned by us. Any failure by

lenders to provide previously committed financing can also expose us to potential claims by sellers of businesses that we may

have contracted to purchase. Our ability to generate returns on these assets would be reduced to the extent that changes in

market conditions, including changes to interest rates, cause the cost of our financing to increase relative to the income that

can be derived from the assets acquired or financed. Significant stress in the credit markets is likely to materially affect our

business. For example, the turmoil in the global financial markets during 2008 and 2009 provoked significant contraction in

the availability of credit and the failure of a number of companies, including leading financial institutions. Our business was

materially and adversely affected by the global financial crisis due to a significant reduction in the availability of credit, less

favorable terms for available credit, and a material reduction in deal activity, which limited our exit and new investment

opportunities.

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We have equity and debt investments in companies that have a significant amount of leverage as well as companies that

are currently experiencing, or in the future may experience, significant financial or business difficulties. Our portfolio

companies often incur debt in connection with our acquisition of it, and our portfolio companies regularly utilize the

corporate debt markets to obtain financing for operations. To the extent that credit markets render such financing difficult to

obtain or more expensive, this may negatively impact our performance (and in particular our insurance business) and the

performance of such portfolio companies. In addition, to the extent that conditions in the credit markets impair the ability of

our portfolio companies to refinance or extend maturities on their outstanding debt, either on favorable terms or at all, the

performance of those portfolio companies may be negatively impacted, which could impair the value of our investment in

those portfolio companies and lead to a decrease in the investment income earned by us. In some cases, the inability of our

portfolio companies to refinance or extend maturities may result in the inability of those companies to repay debt at maturity

or pay interests when due, and may cause the companies to sell assets, undergo a recapitalization or seek bankruptcy

protection, any of which would likely materially impair the value of our investment and lead to a decrease in the investment

income earned by us. Investments in leveraged companies or companies experiencing financial or business difficulties

generally entail greater risk, including relating to contractual restrictions on the operations of its businesses and significantly

higher debt service costs, and such investments are also inherently more sensitive to declines in their company's revenues,

increases in their company's expenses, interest rate changes, and other adverse economic, market and industry

developments. As a result, the risk of loss associated with a leveraged company is generally greater than for comparable

companies with comparatively less debt.

In addition, our and our investment vehicles' exposure to CLO markets may exacerbate risks associated with leverage and

borrowing, as these CLOs generally involve a higher degree of risk than investment grade-rated debt. We have significant

exposure to these markets through our CLO vehicles. In most cases, our CLO holdings are deeply subordinated, representing

the CLO vehicle's substantial leverage, which increases both the opportunity for higher returns as well as the magnitude of

losses when compared to holders or investors that rank more senior to us in right of payment. During any time that a CLO

issuer exceeds applicable contractual limits on certain obligations it can hold, the ability of the CLO's manager to sell assets

and reinvest available principal proceeds into substitute assets is restricted. In such circumstances, CLOs may fail certain

over-collateralization tests, which would cause diversions of cash flows away from us as holders of the more junior notes of

our CLOs, which may impact our cash flows. The ability of the CLOs to make interest payments to the holders of the senior

notes of those structures is highly dependent upon the performance of the CLO collateral. If the collateral in those structures

were to experience a significant decrease in cash flow due to an increased default level, payment of all principal and interest

outstanding may be accelerated. If these vehicles are unable to maintain their operating results and access to capital

resources, they could face substantial liquidity problems. These CLO strategies and the value of the assets of such CLO

vehicles are also sensitive to changes in interest rates because these strategies rely on borrowed money and because the

value of the underlying portfolio loans can fall when interest rates rise. As a result of their use of large amounts of leverage,

CLOs are at greater risk of suffering material losses.

***The due diligence process that we undertake in connection with our investments may not reveal all*** 

***facts that may be relevant in connection with an investment.***

Before making our investments, we seek to conduct due diligence that we believe to be reasonable and appropriate

based on the facts and circumstances applicable to each investment. When conducting due diligence, we typically evaluate a

number of important business, financial, accounting, sustainability, technological, tax, regulatory and legal issues and

macroeconomic trends in determining whether or not to proceed with an investment. When conducting due diligence and

making an assessment regarding an investment, we rely on resources available to us, including information provided by the

target of the investment and, in some circumstances, third-party investigations. The due diligence process is often subjective,

and only limited information may be available. For some strategies or investment opportunities, our due diligence may be

limited to only publicly available information. Accordingly, we cannot be certain that the due diligence investigation that we

will carry out with respect to any investment opportunity will reveal or highlight all relevant considerations that may be

necessary or helpful in evaluating such investment opportunity, including the existence of contingent liabilities.

In addition, instances of bribery, fraud, accounting irregularities and other improper, illegal or corrupt practices can be

difficult to detect, and fraud and other deceptive practices can be widespread in certain jurisdictions. Several of our

investment vehicles invest in emerging market countries that may not have established laws and regulations that are as

stringent as those in more developed nations, or where existing laws and regulations may not be consistently enforced. Due

diligence on investment opportunities in these jurisdictions is frequently more complicated because consistent and uniform

commercial practices in such locations may not have developed. Bribery, fraud, accounting irregularities and corrupt

practices can be especially difficult to detect in such locations.

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***Investments in real assets may expose us and our investment vehicles to greater risks, liabilities and*** 

***operational complexities than investments in operating companies.***

Our investments in real assets, such as real estate, infrastructure and energy, may subject us and our investment vehicles

to risks that are unique to the ownership, development and operation of physical assets. These risks include, among others:

• exposure to environmental laws and regulations that may impose strict or joint and several liability without regard to

fault, including liabilities arising from conditions existing prior to acquisition or arising after disposition, and liabilities

resulting from changes in applicable laws or standards;

• risks of personal injury, property damage, business interruption or catastrophic loss arising from natural disasters,

severe weather events, climate change (including both physical and transition risks), equipment failure, construction

defects, or other force majeure events, which may result in uninsured or underinsured losses, contractual claims,

reputational harm or other material liabilities;

• reliance on third-party operators, property managers, developers, contractors, sub-contractors, and other service

providers, whose failure to perform, misconduct (including fraud, bribery or other violations of law), or non-

compliance with applicable agreements or laws may materially adversely affect the value or operation of an asset

and expose us to liability or reputational damage;

• extensive and evolving federal, state, local and foreign laws and regulations governing land use, zoning, permitting,

labor, health and safety, rate setting, licensing, concessions, public procurement and other matters, including the risk

of delays, cost overruns, loss of permits or licenses, limitations on pricing, fines, sanctions, injunctions or criminal

penalties;

• ongoing arrangements with federal, state, local or foreign governments or regulatory authorities, including

partnerships and joint ventures, which may subject us to additional contractual, regulatory, political or performance-

related obligations and expose us to risks arising from changes in government priorities, financial condition or force

majeure;

• development, construction and redevelopment risks, including entitlement and permitting uncertainties, cost

inflation, supply chain disruptions, labor shortages, delays in completion, defects, the inability to obtain or maintain

financing on acceptable terms (including exposure under "bad boy" guarantees or similar arrangements); and

• asset-specific risks, including heightened political and public scrutiny of institutional ownership of certain asset

classes (such as single family homes or residential housing), exposure to reimbursement regimes and care-related

liabilities in healthcare facilities, and the dependence of infrastructure assets on long-term governmental licenses,

concessions, contracts or rate regulation, which may be modified, terminated, not renewed or subject to increased

regulatory oversight.

***We make investments outside of the United States, which may expose us to additional risks, or*** 

***materially exacerbate risks, that are not typically associated with investing in the United States.***

We invest a significant portion of our AUM in the equity, debt, loans or other securities of issuers and in other assets that

are based outside of the United States. Investing in companies or assets that are based or have significant operations in

countries outside of the United States and, in particular, in emerging markets such as China and India, Eastern Europe, South

and Southeast Asia, Latin America and Africa, involves risks and considerations that are not typically associated with

investments in companies or assets established in the United States. These risks may include, in addition to more volatile or

adverse market and economic conditions than the U.S., the following:

• the imposition of non-U.S. taxes with respect to certain assets and/or changes in tax law;

• limitations on borrowings to be used to fund acquisitions or dividends;

• limitations on the deductibility of interest and other financing costs and expense for income tax purposes in certain

jurisdictions;

• limitations on permissible counterparties in our transactions or consolidation rules that effectively restrict the types

of businesses in which we may invest;

• political risks generally, including political and social instability, nationalization, expropriation of assets or political

hostility to investments by foreign or private equity investors;

• reliance on a more limited number of commodity inputs, service providers or distribution mechanisms;

• fluctuations in foreign exchange rates;

• less government supervision of exchanges, brokers and issuers;

• less developed bankruptcy and other laws;

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• difficulty in enforcing contractual obligations;

• lack of uniform or robust accounting, auditing, financial reporting standards, practices and disclosure requirements,

and less government supervision and regulation;

• less stringent requirements relating to fiduciary duties; and

• risks described under "Risks Related to Regulatory Matters—Financial crime laws may limit our investment and

capital raising activities and subject us to adverse regulatory consequences."

***If we fail to effectively manage conflicts of interest that arise from our investment activities, our*** 

***reputation, business or financial results could be materially and adversely impacted or we may become*** 

***subject to regulatory scrutiny or litigation.***

As we have expanded and as we continue to grow and expand our businesses, we often confront potential conflicts of

interest relating to our investment activities. For example:

• Potential conflicts may arise with respect to allocation of investment opportunities among us, our investment

vehicles and our affiliates, including to the extent that the applicable fund documents do not mandate a specific

investment allocation. For example, we may allocate an investment opportunity that is appropriate for two or more

investment vehicles in a manner that excludes one or more vehicles or results in a disproportionate allocation based

on factors or criteria that we determine. Moreover, the challenge of allocating investment opportunities to certain

vehicles and managing any conflicts of interest may be exacerbated as we expand our business to include more lines

of business, including as we increasingly undertake business initiatives to increase the number and types of

investment products and vehicles we offer to individual investors;

• Conflicts of interest may arise between one or more investment vehicles, on one hand, and our firm or our balance

sheet assets (including through our Strategic Holdings business), on the other, with respect to the purchase or sale of

investments or the allocation of such opportunities, the structuring or exercise of rights with respect to investments,

and the advice we provide to our investment vehicles (including our insurance subsidiaries);

• We or our investment vehicles may invest in a portfolio company that is a competitor, service provider, supplier,

customer, or other kind of counterparty with respect to a portfolio company in which we or another investment

vehicle hold an investment;

• We are required to act in the best interests of our funds, and so we may take actions that favor the interests of our

funds over our own, which could result in less investment or other income for us; e.g., we may structure an

investment in a manner that may be attractive to investment vehicle investors from a tax perspective even though

we would be required to pay corporate taxes;

• We are required to allocate investment opportunities among investment vehicles that may have overlapping

investment objectives, which may result in investments being allocated to investment vehicles that are less

profitable for us;

• A dispute may arise between us and the portfolio companies of the funds we manage, and the investors in the funds

we manage may be dissatisfied with our handling of such dispute;

• A decision to pursue an investment opportunity for a particular investment vehicle (or our own account) may result

in our having to restrict the ability of other investment vehicles (or our own account), e.g., the acquisition of

maternal non-public information about a company may preclude other investment opportunities that could be

available with respect to the securities of such company, or the acquisition of a company could give rise to antitrust

or other regulatory restrictions that prevent, prohibit or restrict similar investment opportunities for other

investment vehicles or portfolio companies;

• Our employees have made personal investments in a variety of our investment vehicles typically on a no-fee, no-

carry basis, which may result in conflicts of interest with the investors of our investment vehicles with respect

investment decisions for these investment vehicles;

• Our entitlement to receive carried interest from many of our investment vehicles may create an incentive for us to

make riskier and more speculative investments on behalf of an investment vehicle than would be the case in the

absence of such an arrangement; in addition, investments must be held for more than three years under U.S. tax

laws for carried interest to be treated for U.S. federal income tax purposes as long-term capital gain, which may

create a conflict of interest between the limited partner investors (whose investments would receive such long-term

capital gain treatment after a holding period of only one year) and us as the general partner on the execution, closing

or timing of sales of investments;

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• From time to time, one of our funds or other investment vehicles (including CLOs) may seek to effect a purchase or

sale of an investment with one or more of our other funds or other investment vehicles in a so-called cross

transaction under U.S. securities laws, or we as a principal may seek to effect a purchase or sale of our investment

with one or more of our funds or other investment vehicles in a so-called principal transaction under U.S. securities

laws;

• We own or control service providers that provide services to our investment vehicles or their investments, which

could give rise to a number of claims of conflicts of interest, including that such service provider is being

unnecessarily engaged or is being engaged at rates or terms that are no on an arms-length arrangement or that

payments by such investment vehicles or investment unfairly benefit us;

• Our investment vehicles invest in a broad range of asset classes throughout the corporate capital structure. In certain

cases, we or our investment vehicles may invest in different parts of the same company's capital structure, and the

interests of KKR and our investment vehicles may not always be aligned, which could create actual or potential

conflicts of interest or the appearance of such conflicts. We may also cause different funds that we manage to

purchase different classes of securities in the same portfolio company. For example, one of our CLO funds could

acquire a debt security issued by the same company in which one of our private equity funds owns common equity

securities. A direct conflict of interest could arise between the debt holders and the equity holders if such a company

were to become financially distressed; and

• We may also invest, or cause different investment vehicles to invest, in a single portfolio company, for example,

where the investment vehicle that made an initial investment no longer has capital available to invest. We may also

establish other investment vehicles, which we refer to as "continuation vehicles", for the purpose of purchasing one

or more investments from us or one or more of our other investment vehicles. In such circumstances, we are acting

on behalf of, and making the investment decision for each of the entities involved in the relevant transaction.

Allocating investment opportunities frequently involves significant and subjective judgments. The risk that investors in

our investment vehicles or regulators could challenge allocation decisions as inconsistent with our obligations under

applicable law, governing fund agreements, or our own policies cannot be eliminated. Moreover, the perception of

noncompliance with such requirements or policies could harm our reputation with investors in our investment vehicles. An

investment adviser's conflicts of interest continue to be a significant area of focus for investors, regulators, and the media.

Because of our size and the variety of businesses and investment strategies that we pursue, we may face a higher degree of

scrutiny compared with investment advisers that are smaller or focus on fewer asset classes. Investors and potential investors

in our different types of investment vehicles, including those designed either primarily for institutional investors or individual

investors, may scrutinize any perceived conflict of interest between allocation decisions for institutional investment vehicles

on the one hand and individual investment vehicles on the other hand and may decide not to invest with us if they do not

agree with how we address potential conflicts of interest and allocation decisions. Any steps taken by a regulator to preclude

or limit certain conflicts of interest could make it more difficult for our investment vehicles to pursue transactions that may

otherwise be attractive to their investors.

While we will try to mitigate these conflicts of interests, we may be unsuccessful in such mitigation efforts, or we may be

obliged to take an action or refrain from taking an action that would be disadvantageous to us as a firm. Certain policies and

procedures implemented to mitigate potential conflicts of interest and address certain regulatory requirements may reduce

the synergies across our various businesses as we have multiple business lines and regulated affiliates subject to different

regulations pertaining to conflicts of interest. As a consequence of such policies and procedures, we may be precluded from

providing such information or other ideas to our other businesses even where it might be of benefit to them. Our failure to

mitigate successfully a conflict of interest could result in a violation of our obligations under applicable governing documents

or applicable law, giving raise to potential challenges or litigation by our fund investors or regulators. In addition, our

regulators may decide to preclude or limit certain conflicts of interest could make it more difficult for our investment vehicles

to pursue transactions that may otherwise be attractive to their investors. To the extent we are unable to effectively manage

these conflicts of interest, our reputation, business and financial results may be adversely affected, including as a result of any

regulatory scrutiny or litigation in connection with any conflicts of interest. For more information about these regulatory risks

and litigation risks, please see "—Risks Related to Regulatory Matters" and "—Risks Related to Our Business—We may suffer

material harm as a result of legal claims, litigations, investigations, and negative publicity".

***If our third-party investors fail to fund their capital calls when requested by us, it may materially and*** 

***adversely affect us.***

Investors in our funds and certain other investment vehicles make capital commitments that our funds and other

investment vehicles are entitled to call from those investors at any time during prescribed periods. These investors fulfilling

their commitments is necessary in order for such investment vehicles to consummate investments and otherwise pay their

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obligations when due. Although investors that do not fund a capital call would generally be subject to several possible

penalties, the impact of the penalty may not be sufficient to deter investors from defaulting on their commitments, and

investors may in the future negotiate for lesser or reduced penalties at the outset of the investment vehicle, thereby

inhibiting our ability to enforce the funding of a capital call. In addition, an investor may be prohibited from funding capital

commitments for any number of regulatory reasons, including for example, those described in "—Risks Related to Regulatory

Matters—Financial crime laws may limit our investment and capital raising activities and subject us to adverse regulatory

consequences". The failure to fund capital commitments may have a material adverse effect on our funds or other

investment vehicles' ability to complete an investment, which in turn could have a material adverse effect on the funds or

other investment vehicles, including becoming potentially subject to contractual or other liabilities for the failure to fund or

lose the investment. In addition, we may choose to, or become obligated to pay, such shortfalls in the capital needed to fund

an investment, which could materially adversely affect our liquidity, or we may sustain reputational harm, which could

negatively impact ability to compete for investment opportunities. In addition, negative impacts to our reputation could

impact our ability to raise successor or other investment funds, which could negatively impact our AUM and ability to grow

our business.

**Risks Related to our Insurance Activities**

Through Global Atlantic, we operate an insurance business, which is subject to material risks and uncertainties that are

different from, and incremental to, the risks relating to our asset management business or our management of our insurance

subsidiaries' investments. All the risks discussed below relating to Global Atlantic could materially and adversely impact KKR.

***We operate in a highly competitive industry.*** 

Our insurance business operates in highly competitive markets, and in recent years there has been a substantial increase

in competition in the life and annuities business as non-traditional firms, including those owned by or with strategic

partnerships with alternative asset managers, have entered the insurance sector. Traditional insurers and reinsurers have also

been significantly expanding their areas of expertise and product lines, which could have a significant effect on competition in

the insurance industry. These new and traditional competitors may be able to price new business aggressively, with a higher

investment risk tolerance, as part of a strategy to gain market share, or increase assets under management.

Within individual markets, our insurance business faces a variety of large and small industry participants. Large,

established insurers often operate with the benefit of well-known brands, entrenched distribution relationships, or

proprietary distribution. All of these companies compete for individual markets sales. Our flow reinsurance business may also

be impacted by competition among insurers in individual markets. The competitiveness of our insurance product offerings will

depend on the actions of its competitors and our ability to actively manage our insurance product offerings. In institutional

markets, there have been many block reinsurance transactions as many insurers continue to reevaluate their commitment to

business lines and seek reinsurance solutions as a way to de-emphasize or divest non-core businesses, reduce risk, seek

capital relief, or improve profitability. The block reinsurance and pension risk transfer markets are also experiencing

competition due to new entrants, including entrants which have strategic partnerships with alternative asset managers and

entrants based outside of the United States. Increased competition across all of our product offerings may make it more

difficult for us to identify and execute transactions with terms that are commercially acceptable based on our risk tolerance

and target return objectives. Increased competition may also increase regulatory scrutiny of individual or institutional

insurance markets activity.

Additionally, some of our competitors may be subject to less regulation or less regulatory scrutiny and accordingly may

have more flexibility to undertake and execute certain businesses or investments than we do or bear less expense to comply

with such regulations than we do.

***We may not be able to identify or manage significant growth opportunities for our insurance business.***

While we continue to seek to grow Global Atlantic's business, particularly overseas, we may not be able to identify

attractive insurance markets, reinsurance opportunities or investments with returns that are as favorable as Global Atlantic's

historical returns or grow new business volumes at historical levels, or we may face challenges in effectively managing this

growth. To maintain or increase Global Atlantic's investment returns, it may be necessary to expand the scope of Global

Atlantic's investing activities to asset classes in which Global Atlantic historically has not invested, which may increase the risk

of Global Atlantic's investment portfolio. Growth opportunities may also be in new or adjacent product offerings and in new

jurisdictions where Global Atlantic historically has had less or no experience. Pursuing opportunities in these new areas may

subject Global Atlantic to new and complex insurance regulations and business considerations. If Global Atlantic is unable, or

fails, to find or manage profitable growth opportunities, it will be more difficult for it to continue to grow and could materially

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affect us. In addition, if preferences for Global Atlantic's individual or institutional products change or Global Atlantic is

unable to offer competitive pricing and attractive terms, our revenues and results of operations may be materially and

adversely impacted. Moreover, as an insurance company, Global Atlantic's ability to grow is dependent on the sufficiency of

its capital base to support that growth. Global Atlantic may need to seek additional capital to manage its growth, and it may

not be able to maintain its current strong capital position as it grows. As Global Atlantic grows, it must invest additional

assets, which poses increased investment risk. Growth may also increase the risk of service problems, and Global Atlantic

may need to expend additional resources to provide consistent service. Any service problems may create potential liability,

including reputational harm or increased scrutiny by regulators.

For more information about management of KKR's balance sheet and access to sources of liquidity, please see "Risks

Related to Our Business—The failure to effectively manage our balance sheet could materially and adversely affect our

financial condition and results of operations" and "Risks Related to Our Business—The failure to manage, or the inability to

access, adequate sources of liquidity could materially and adversely affect KKR".

***The ability to source successful reinsurance opportunities is not guaranteed.*** 

Global Atlantic's institutional client business includes block reinsurance transactions, flow reinsurance, pension risk

transfer reinsurance and the issuance of funding agreements. There can be no assurance that these transactions will achieve

the results expected at the time the transactions are executed.

The size and volume of block reinsurance transactions often have and may vary widely quarter-to-quarter and annually.

Similarly, while our insurance business's flow and PRT transactions, as well as new business volumes relating to these

products, have historically fluctuated less than block transactions, the size and volume of such transactions may also vary

widely period-to-period. Other factors that can cause Global Atlantic's actual experience to vary from our estimates include

macroeconomic, asset performance, business growth, demographic, policyholder behavior, regulatory and political

conditions. Additionally, to the extent Global Atlantic is unable to consummate suitable reinsurance transaction opportunities

on acceptable terms, its future growth may be negatively impacted. Competition, in particular with respect to transaction

pricing, makes it more difficult to identify transactions with commercially acceptable terms.

Even if Global Atlantic does find suitable opportunities, it may not be able to consummate these transactions because of

the applicable regulatory requirements and approvals, or other considerations, including various insurance regulators

scrutinizing asset-intensive funded reinsurance. For example, the NAIC recently adopted a requirement for life insurers that

engage in certain reserve-financing or asset-intensive reinsurance treaties to perform robust asset adequacy testing on ceded

blocks.

Moreover, there can be no assurance that Global Atlantic will have sufficient capital available, or that such capital will be

available in the necessary entities, to continue growing this part of its business. Global Atlantic sponsors co-invest vehicles

that raise third-party capital to participate alongside Global Atlantic through reinsurance in certain insurance business which

Global Atlantic writes during the co-invest vehicles' investment periods. Because these co-invest vehicles are commitment-

based structures with third-party investors, Global Atlantic is subject to the risk that certain co-invest vehicles fail or refuse to

fund their portion of a particular transaction, in which case Global Atlantic would have contractual remedies against the

defaulting co-invest vehicles, but not directly against their shareholders or lenders. Global Atlantic is also subject to the risk

that its co-invest vehicles fail to meet their obligations under their reinsurance arrangements with Global Atlantic. Global

Atlantic may seek business or investment opportunities that may not align with the investment mandates of these co-

investment vehicles, requiring Global Atlantic to find alternate sources of capital or not pursue any such opportunities, which

may impact Global Atlantic's financial results. If Global Atlantic enters into a reinsurance transaction, there can be no

assurance that the transaction will achieve the results expected at the time the transaction is executed. Any transaction's

terms are likely to be determined by qualitative and quantitative factors, including our estimates. These transactions expose

us to the risk that actual results materially differ from those estimates. Factors that can cause Global Atlantic's actual

experience to vary from its estimates include macroeconomic, asset performance, business growth, demographic,

policyholder behavior, regulatory and political conditions.

As a result of any of the foregoing risks, Global Atlantic may realize materially less than the anticipated financial benefits

from reinsurance transactions, or Global Atlantic's reinsurance transactions may be unprofitable or result in losses.

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***Volatile market and economic conditions, including sustained increases or decreases in interest rates*** 

***and other interest rate fluctuations, may adversely affect our insurance business.***

Global Atlantic's business model depends on the performance of its investments to meet its policyholder liabilities. Global

Atlantic's policyholder liabilities are sensitive to changing market and economic conditions. Periods of significant and

sustained downturns in securities markets, increased equity volatility, reduced interest rates, or deviations in expected

policyholder behavior could cause a number of different materially adverse impacts to us, including an increase in the

valuation of our liabilities, the cost of providing policy benefits and required capital, and a reduction in the account balances

of certain products, with a resulting reduction in fees earned on and profitability of such products. In times of difficult market

and economic conditions, Global Atlantic's policyholders may choose to defer paying insurance premiums, stop paying

insurance premiums altogether or surrender their policies, or there could be an elevated rate of defaults within certain of

Global Atlantic's investments. In addition, actual or perceived difficult conditions in the capital markets may discourage

individuals from making investment decisions and purchasing Global Atlantic's products. The estimated cost of providing

guaranteed minimum withdrawal and death benefits of certain insurance products requires Global Atlantic to make various

assumptions about the overall performance of equity markets over the life of the product. Therefore, significant declines in

equity markets could cause Global Atlantic to incur significant operating losses and capital increases to the extent our risk

management techniques employed to manage these uncertainties are not adequate.

Interest rate risk is a particularly significant market risk for our insurance business. Fluctuations in market interest rates

can expose Global Atlantic to the risk of reduced income in respect of its investment portfolio, increases in the cost of

acquiring or maintaining its insurance liabilities, increases in the cost of hedging, or other fluctuations in Global Atlantic's

financial, capital and operating profile. This risk arises from Global Atlantic's holdings in interest rate-sensitive assets and

liabilities, which include annuity products and long-duration life insurance policies, derivative contracts with payments linked

to the level of interest rates or with market values which fluctuate based on the level of interest rates, as well as the fixed

income assets Global Atlantic owns in its investment portfolio. Global Atlantic seeks to cash-flow match its invested assets to

its policy liabilities and greater market volatility and uncertainty makes matching more difficult. If Global Atlantic fails to

adequately cash flow match liabilities sold with higher benefits and interest rates fall while Global Atlantic holds that liability,

Global Atlantic may not generate its expected earnings on those liabilities and may face the risk of having to reinvest in lower-

yielding assets, thereby reducing its investment income.

Both rising and declining interest rates can negatively affect our insurance business. This risk is present across most of

Global Atlantic's insurance products, which can typically be surrendered for the cash value, less any applicable surrender

charge, at any time. Higher interest rates may result in increased surrenders on interest-sensitive products, such as annuity

contracts and certain life insurance policies, as policyholders seek higher investment returns elsewhere. This increase in

surrender outflows may create cash flow mismatches between cash received from Global Atlantic's investments versus cash

needed to make policyholder liability payments as policyholders may surrender in higher numbers than expected. This

mismatch could result in losses if assets must be liquidated at a loss to meet the increased policyholder obligations, which

could result in potentially significant realized losses and a corresponding reduction in net income. Global Atlantic has and

may from time to time rotate its investment portfolio, including in connection with a new reinsurance transaction or in

connection with its insurance portfolio management, to achieve its desired asset mix. See "—Risks Related to Our Business—

We may pursue new business opportunities, strategic initiatives, or investment opportunities that involve new or unique

business, regulatory or other complexities and risks" for further information pertaining to this strategic initiative of Global

Atlantic. Sales of investments in a higher rate environment than when the investment was made is expected to result in an

investment loss, and such loss may be significant. Sales of investments at a loss in those scenarios has decreased, and would

be expected to decrease, our net income in that period, and such decreases can be significant. Additionally, during a higher

interest rate environment the cost of insurance on new business is generally expected to be elevated, including higher

hedging costs, as benefits to policyholders on new business will generally be higher.

In addition, Global Atlantic expects that substantially all of its unrealized losses will not be realized as it typically intends

to hold investments until recovery of the losses, which may be at maturity, as part of its asset liability cash-flow matching

strategy. However, Global Atlantic may be required to recognize an impairment to goodwill and may realize losses as a result

of credit defaults or impairments on investments. An increase in surrenders or withdrawals also may cause Global Atlantic to

accelerate the amortization of certain costs and depreciation of certain assets. During periods of falling or lower interest

rates, Global Atlantic may also face cash flow mismatches between interest earned on its investment portfolio and policy

liabilities that may be crediting higher rates. When rates decline more policyholders might hold onto their products with

higher pre-existing crediting rates for longer than expected because those products seem more attractive, and Global

Atlantic's ability to lower crediting rates is subject to several constraints. Prolonged periods of low interest rates could

challenge product development and attractiveness and may also result in Global Atlantic earning lower margins on new

business volumes than it has historically earned. Lower interest rates may reduce the demand for Global Atlantic's insurance

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products, leading to lower sales, and may make the reinsurance solutions Global Atlantic is able to offer more expensive to

potential clients. In a period of declining or lower interest rates, Global Atlantic's investment earnings may decline because

existing investments may prepay or refinance and new investments will likely bear lower interest rates, and Global Atlantic

may not be able to fully offset the decline in investment earnings with lower liability costs on the products these investments

support. In addition, the yield on Global Atlantic's floating rate assets will decline as interest rates decline, reducing Global

Atlantic's investment income.

During these periods, existing life insurance and annuity products also may be relatively more attractive to consumers

due to minimum guarantees, resulting in a higher percentage of contracts remaining in force than originally estimated,

causing greater claims costs and asset/liability cash flow mismatches. Conversely, management actions to reduce rates on in-

force contracts in response to declining interest rates may result in greater surrenders than originally estimated, which may

adversely affect Global Atlantic's earnings related to those products.

Additionally, to the extent that changes in market conditions, including changes to interest rates and net spreads, cause

the cost of our financing to increase relative to the income that can be derived from the assets acquired or financed, our

ability to generate returns on these assets would be reduced and, therefore, we may limit the volume of new originations.

While we hedge certain market risks, hedges will not mitigate all risk, and we do not hedge all risks. Moreover, market

conditions can result in significant variations in margin or collateral posting requirements for our hedges. Increases in

collateral requirements could be material and have an adverse effect on our financial condition, results of operations, liquidity

or cash flows.

***The disruption of our third-party distribution network may have a material adverse effect on us.***

Global Atlantic uses third-party intermediaries to distribute its retirement and preneed business products to individuals.

Global Atlantic's distribution partners are not captive and may sell retirement and life insurance products of Global Atlantic's

competitors. If Global Atlantic's competitors have more attractive insurance products than Global Atlantic, these

representatives may concentrate their efforts in selling Global Atlantic's competitors' products. If Global Atlantic's products

are not retained on or added to the platforms of its distribution partners, sales of Global Atlantic's products may be materially

reduced.

Key distribution partners, such as banks and broker-dealers, may change their business models in ways that affect how

Global Atlantic's products are sold, or terminate their distribution contracts with Global Atlantic, or new distribution channels

could emerge and adversely impact the effectiveness of Global Atlantic's distribution efforts.

Distribution partners may also stop offering one or more of Global Atlantic's products for a variety of other reasons.

Some of Global Atlantic's distribution partners and potential distribution partners use proprietary or third-party scoring

systems in determining which products to sell. If Global Atlantic's scores fall to levels unacceptable to its distribution

partners, they may no longer distribute Global Atlantic's products to their customers. If any one of such distribution partners

were to terminate its relationship with Global Atlantic or reduce the amount of sales which it produces, our insurance

business would likely be adversely affected.

In our insurance sales, even though conducted through a distribution partner, Global Atlantic is responsible under

insurance regulations for the sales practices used by the distribution partner. In addition, even when the distribution partner

conducts the review of whether a product is suitable for the individual, if such review is required, Global Atlantic is

responsible under insurance regulations for the suitability review. Any improper practices by such distribution partners will

subject Global Atlantic to reputational harm, regulatory scrutiny, and potential regulatory actions and penalties.

***If the assumptions and estimates used for our insurance business differ significantly from our actual*** 

***results, we may experience significant losses.***

GAAP requires the application of accounting guidance and policies that often involve a significant degree of judgment

when accounting for insurance products. These accounting estimates require the use of assumptions, some of which are

highly uncertain at the time of estimation. These estimates and are based on judgment, current facts and circumstances and,

when applicable, internally developed models. Therefore, actual results could differ from these estimates, possibly in the

near term, and could have a material adverse effect on our financial statements. These include assumptions and estimates

related to, among other things, policyholder behavior, including surrenders, lapses, longevity, mortality and morbidity, and

economic factors, including interest rates and equity markets. Inaccuracies could result in, among other things, an increase in

policyholder benefit reserves which would result in a charge to earnings or other material adjustments to our financial

statements. Additionally, the potential for unforeseen developments, including changes in laws, regulations or accounting

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standards, may result in losses and loss expenses materially different from the reserves initially established, which could also

materially and adversely impact Global Atlantic's business, financial condition, results of operations and prospects.

In addition, Global Atlantic employs models to price products, calculate reserves and value assets, as well as to evaluate

risk and determine internal capital requirements, among other uses. These models rely on estimates and projections that are

inherently uncertain, may use incomplete, outdated or incorrect data or assumptions and may not operate properly. As we

continue to expand and evolve our insurance business, the number and complexity of models Global Atlantic employs has

grown, increasing exposure to error in the design, implementation or use of models, including the associated data input,

controls and assumptions, and the controls in place to mitigate their risk may not be effective in all cases. While we

periodically review the adequacy of Global Atlantic's reserves and the assumptions underlying those reserves at least

annually, we cannot precisely determine the amounts that Global Atlantic will pay for, or the timing of payment of, actual

benefits, claims and expenses or whether the assets supporting policy liabilities, together with future premiums, will grow to

the level assumed prior to the payment of benefits or claims. As a result, future experience could deviate significantly from

our assumptions. If actual experience differs significantly from assumptions or estimates, certain balances included in Global

Atlantic's balance sheet may not be adequate. If we conclude that Global Atlantic's reserves, together with future premiums,

are insufficient to cover future policy benefits and claims, Global Atlantic would be required to increase its reserves and incur

income statement charges for the period in which it makes the determination, which could have a material adverse effect on

us. Changes in regulations relating to reserves may cause fluctuations to the amount of statutory reserves held and could

adversely impact our insurance business. The NAIC has adopted a new actuarial guideline relating to reinsurance reserves

that could result in a determination that increased reserves are advisable. There can be no guarantee as to the impact of

changes to reserves on Global Atlantic.

Furthermore, significant estimates and assumptions are required to establish and amortize the significant costs our

insurance business incurs in connection with acquiring new and renewal insurance business. Global Atlantic periodically

revises the key assumptions used in the calculation of the amortization of these costs; however, there is a significant level of

discretion exercised in making these determinations. To the extent policy or contract terminations exceed projected levels or

if key assumptions are revised, then the amortization of deferred revenues and expenses will be accelerated in the period of

the change and will result in a charge to income, which could have a material adverse effect on Global Atlantic's profitability.

Furthermore, the determination of the amount of impairments and allowances for credit losses is based upon our

periodic evaluation and assessment of known and inherent risks associated with the respective asset class and the specific

investment being reviewed. Changes in allowances for credit losses can result in either a charge or credit to earnings. The

assessment of whether impairments have occurred is based on a case-by-case evaluation of the underlying reasons for the

decline in fair value. There can be no assurance that we have accurately assessed the level of impairments taken in our

financial statements and their potential impact on Global Atlantic's regulatory capital. Furthermore, additional impairments

and allowance provisions may be taken in the future, which could have a material adverse effect on us.

***If the ratings of our insurance subsidiaries are downgraded, it may materially and adversely affect our*** 

***ability to sell our products, conduct our business, raise equity or issue debt.***

Financial strength ratings are published by various nationally recognized statistical rating organizations ("NRSROs") and

similar entities not formally recognized as NRSROs. Rating organizations periodically review the financial performance, capital

adequacy and condition of insurers, including Global Atlantic's insurance and reinsurance subsidiaries. Rating agencies also

consider general economic conditions and other circumstances outside the rated company's control in assigning a rating. The

various rating agencies periodically review and may modify their standards, established guidelines and capital models from

time to time.

Global Atlantic's clients and counterparties use Global Atlantic's insurance financial strength ratings as one source to

assess its financial strength and quality. Downgrades in Global Atlantic's credit ratings or changes to its rating outlook, or

downgrades or changes in outlook to the financial strength ratings of Global Atlantic's insurance subsidiaries, could have a

material adverse effect on our insurance business in many ways, including by:

• limiting access to distributors;

• limiting or preventing Global Atlantic's ability to write new insurance policies and generate new business volumes;

• decreasing profitability;

• increasing policy lapse activity;

• limiting access to capital markets and potentially increasing the cost of debt, which could adversely affect liquidity;

• increasing regulatory scrutiny;

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• adversely affecting the pricing terms Global Atlantic can obtain; and

• triggering contractual clauses that permit the counterparty to terminate or require posting of additional collateral.

In addition, failure by Global Atlantic to maintain minimum RBC ratio requirements in certain contracts could permit the

counterparty to terminate the contract, recapture business or require posting of additional collateral.

In order to maintain its current ratings, Global Atlantic could be required to reduce its risk profile by, for example,

reinsuring and/or retroceding some of its business, materially altering its business and sales plans or by raising additional

capital. Any such action could have a material adverse effect on us. There is no guarantee that Global Atlantic will be able to

maintain its ratings in the future or that such ratings will not be withdrawn, and any actions taken by ratings agencies to

downgrade any of our insurance subsidiaries could result in a material adverse effect on us.

***Our insurance business faces risks associated with business we cede to other reinsurers as well as*** 

***business ceded to us.***

As part of Global Atlantic's overall risk management strategy, it cedes business to other insurance companies through

reinsurance. Global Atlantic's inability to collect from its reinsurers (including reinsurance clients in transactions where Global

Atlantic reinsures business net of ceded reinsurance) on its reinsurance claims could have a material adverse effect on us.

Although reinsurers are liable to Global Atlantic to the extent of the reinsurance coverage it acquires, Global Atlantic remains

primarily liable as the direct insurer on all risks that it writes. Global Atlantic's reinsurance agreements do not eliminate its

obligation to pay claims. As a result, Global Atlantic is subject to the risk that it may not recover amounts due from reinsurers.

A reinsurer's insolvency, or its inability or unwillingness to make payments due to Global Atlantic under the terms of the

relevant reinsurance agreements, could have a material adverse effect on us.

Global Atlantic also bears the risk that the companies that reinsure its mortality risk on a yearly renewable term increase

the premiums they charge to levels Global Atlantic deems unacceptable. If that occurs, Global Atlantic will either need to pay

such increased premiums, or alternatively, Global Atlantic will need to limit or potentially terminate reinsurance, which will

increase the risks that Global Atlantic retains. Conversely, certain of our insurance subsidiaries assume liabilities from other

insurance companies. Changes in the ratings, creditworthiness or market perception of such ceding companies or in the

administration of policies reinsured to Global Atlantic could cause policyholders of contracts reinsured to Global Atlantic to

surrender or lapse their policies in unexpected amounts. In addition, to the extent such ceding companies do not perform

their obligations under the relevant reinsurance agreements, Global Atlantic may not achieve the results intended and could

suffer unexpected losses. Certain reinsurance transactions require additional operational support, administration, regulatory

filings and compliance with jurisdiction-specific laws and regulations, subjecting Global Atlantic to additional scrutiny and

risks. These risks could materially and adversely affect us.

Additionally, certain of Global Atlantic's reinsurance agreements contain triggers that, if breached, may result in the

ceding company having the right to recapture the reinsured business (i.e., by reassuming under certain circumstances all or a

portion of the risk previously ceded to Global Atlantic) or terminate the reinsurance agreement with respect to new business.

Conversely, for reinsurance transactions in which the ceding company cedes all or a portion of the risk to Global Atlantic,

Global Atlantic's reinsurance agreements typically include a recapture right that is triggered if, for example, Global Atlantic

fails to maintain certain minimum levels of capitalization or certain minimum levels of reserves to support the business

reinsured. These reinsurance agreements may include provisions that provide for termination of the agreement and

recapture of the business upon the occurrence of insolvency, rehabilitation, reduction in regulatory capital below specified

levels, non-payment of amounts due, material breach of contract provisions or failure to provide the ceding company with the

ability to take reserve credit. Global Atlantic may recapture liabilities it intended to reinsure off its balance sheet and may

require additional capital to back these liabilities. The economic, financial and liquidity impact from the loss of the recaptured

business, in addition to Global Atlantic's economic hardships at the time of recapture, may have a material adverse effect on

us.

In addition, if Global Atlantic assumes liability for policyholder servicing in reinsurance transactions and the reinsured

polices are not properly serviced, Global Atlantic may experience regulatory intervention, litigation or other adverse impacts.

For example, in the past, Global Atlantic experienced policyholder and agent class action litigation matters and a number of

regulatory matters stemming from service disruptions caused by a third-party administrator for life insurance policies.

Additionally, Global Atlantic holds a significant portion of its reinsurance assets in trust, which may restrict Global

Atlantic's ability to invest those assets or to use such assets to support our liquidity needs for other purposes and also may

permit the ceding company to withdraw those assets from the trust in certain circumstances.

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***Changes in tax laws or an adverse interpretation by tax authorities may adversely impact our*** 

***insurance business.*** 

Unless the context otherwise requires, the term "Bermuda insurance subsidiaries" refers to Global Atlantic Assurance

Limited. "GAFL" refers to Global Atlantic Financial Limited, which, before January 2, 2024, was a Bermuda exempted

company. On April 1, 2016, Global Atlantic completed a reorganization of GAFL (the "GAFL Reorganization"). Because of the

GAFL Reorganization, Section 7874 limits the ability of Global Atlantic's U.S. holding company and its U.S. affiliates to utilize

certain U.S. tax attributes to offset, during the ten-year period following the GAFL Reorganization, their U.S. taxable income,

or related income tax liability, resulting from certain transfers of stock or other properties and certain income received or

accrued by reason of a license of any property by Global Atlantic's U.S. holding company and its U.S. affiliates. Effective

January 2, 2024, GAFL continued its corporate existence as a Delaware company, changing its name to Global Atlantic Limited

(Delaware). The IRS may successfully challenge GAFL's status as a non-U.S. corporation for U.S. federal income tax purposes

before January 2, 2024. Under U.S. federal income tax law, a corporation is generally considered a tax resident of the

jurisdiction of its organization or incorporation. Because GAFL was a Bermuda-incorporated exempted entity before January

2, 2024, it would generally be classified as a non-U.S. corporation and non-U.S. tax resident for periods before 2024. Section

7874 of the Code ("Section 7874") provides an exception to this rule under which a non-U.S. incorporated entity may, in

certain circumstances, be treated as a U.S. corporation for U.S. federal income tax purposes. Section 7874 is complex with

limited guidance regarding its application. There can be no assurance that the IRS will agree that GAFL should not be treated

as a U.S. corporation for periods before 2024. If for such periods GAFL were to be treated as a U.S. corporation for USFIT

purposes, GAFL would be subject to substantial additional historic USFIT liability, which could adversely affect us. While Global

Atlantic has taken steps to mitigate this risk, there can be no assurance that these steps will be successful.

If Global Atlantic was, or our non-U.S. insurance subsidiaries are or were, engaged in trade or business within the U.S.

("ETB") and subject to U.S. federal income tax, we could be materially and adversely affected. Certain Global Atlantic

subsidiaries are non-U.S. companies treated as corporations for USFIT purposes. Prior to 2024, the Bermuda insurance

subsidiaries and GAFL have conducted, and the insurance subsidiaries intend to conduct, substantially all operations outside

the U.S. and to limit their U.S. contacts with the intention that the Bermuda insurance subsidiaries not be treated as ETB.

Considerable uncertainty exists as to when a non-U.S. corporation is ETB. There can be no assurance that the IRS will not

contend that the Bermuda insurance subsidiaries are or were ETB.

There is U.S. federal income tax risk associated with reinsurance transactions, intercompany transactions and

distributions between U.S. companies and their non-U.S. affiliates, including from the Base Erosion and Anti-Abuse Tax (the

"BEAT") on certain U.S. companies that make deductible payments to related non-U.S. companies. While we have taken steps

to mitigate the BEAT, there can be no assurance that these steps will be successful. Additionally, the Code permits the IRS to

reallocate, recharacterize, or adjust certain tax items related to a reinsurance agreement between related parties to reflect

the proper "amount, source or character" for each item. Further, the tax treatment of certain aspects of reinsurance ceded to

a non-U.S. reinsurer on a funds withheld coinsurance basis is uncertain. If the IRS were successfully to challenge Global

Atlantic's intercompany reinsurance arrangements between its subsidiaries or Global Atlantic's tax treatment of funds

withheld coinsurance with non-U.S. reinsurers (including our Bermuda insurance subsidiaries), we could be materially and

adversely affected. There are cross-border transactions in place among Global Atlantic's affiliates and non-U.S. third parties,

some of which Global Atlantic treats as loans or swaps for tax purposes. Global Atlantic expects to expand the scope of its

cross-border intercompany transactions in the future. If the IRS successfully challenges any of the foregoing items in this

paragraph or the tax treatment of these transactions, or if a change in law alters the expected tax treatment of such

transactions, we could be materially and adversely affected.

U.S. tax law changes could affect the products our insurance subsidiaries sell. Many such products benefit from tax-

favored statuses under current U.S. federal and state income tax regimes. For example, our insurance subsidiaries sell and

reinsure annuity contracts that allow the policyholders to defer the recognition of taxable income earned within the contract.

Additionally, current U.S. federal tax law permits excluding death benefits paid under life insurance contracts from taxation.

U.S. tax law changes altering the tax benefits or treatment of certain products could materially reduce demand for our

products and unpredictably affect policyholder behavior with respect to existing annuity products. Additionally, changes in

corporate or individual tax rates or the estate tax exclusion could impact the competitiveness of Global Atlantic's product

pricing or demand, which could adversely affect us.

Bermuda enacted legislation in 2023 implementing a corporate tax aimed at certain multinational enterprises effective

for tax years beginning in 2025. Implementation may be delayed for certain groups for up to five years. The Bermuda

corporate income tax is a flat minimum tax on 15% of reported financial profits and provides for various offsets and credits.

There is uncertainty regarding the implementation of the Bermuda corporate income tax and its application to insurance

companies.

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See Note 18 "Income Taxes" in our financial statements for further information regarding tax matters and "—Risks

Related to Our Business—Changes in relevant tax laws, regulations or treaties or an adverse interpretation of these items by

tax authorities could adversely impact our effective tax rate and tax liability" for discussions of the OECD's BEPS project.

***Our insurance business is heavily regulated, and such regulations may have a material and adverse*** 

***effect on our business, financial condition and results of operations.***

Our insurance and reinsurance subsidiaries are highly regulated by, among others, insurance regulators in the United

States and Bermuda, and changes in regulations affecting our insurance business may reduce Global Atlantic's profitability

and limit its growth. The laws and regulations of the jurisdictions in which our insurance and reinsurance subsidiaries are

domiciled or may be deemed commercially domiciled may require these companies to, among other things, maintain

minimum levels of statutory capital, surplus and liquidity, meet solvency standards, submit to periodic examinations of their

financial condition, restrict payments of dividends and distributions of capital, restrict our ability, in certain cases, to write

insurance and reinsurance policies, make certain types of investments and distribute funds, and restrict the type and

concentration of investments that can be made. For example, due to regulatory restrictions on the payment of dividends, our

U.S. insurance subsidiaries may not declare a dividend in 2025 to the corporate parent companies of our insurance business

without prior domiciliary state regulatory approval. Offering new products or offering products in additional jurisdictions will

also subject Global Atlantic to additional regulation and compliance requirements.

With respect to investments, our insurance and reinsurance subsidiaries must comply with applicable regulations and

statutes regarding the type and concentration of investments it may make. Investment-related regulations include limits,

regulatory approvals of affiliate investments, permissible asset classes, capital required and limitations with respect to what

assets or portion of assets may back reserves. These restrictions may limit Global Atlantic's ability to invest in and our ability

to earn fees on those investments. In addition, our insurance and reinsurance subsidiaries are subject to laws and regulations

governing affiliate transactions. The investment management agreements between our investment manager and our

insurance subsidiaries were approved by the applicable U.S. and Bermuda insurance regulators, and any changes to such

agreements, including with respect to fees, must receive applicable regulatory approval. These regulations may materially and

adversely impact our insurance business' returns and capital requirements.

In addition, our U.S. insurers are required to be members of state guaranty associations. Guaranty associations subject

insurers to assessments to pay policyholders in the event of another insurer's insolvency. We cannot predict the amount,

nature or timing of any future guaranty assessments. Any such assessment may be material and have an adverse effect on our

financial condition, results of operations, liquidity or cash flows, and any liability we have previously established for these

assessments may be inadequate. See also "—Risks Related to Regulatory Matters" above. Our Bermuda insurance

subsidiaries and sponsored co-investment vehicles that provide third-party capital to support our insurance business are

licensed to conduct insurance business by the BMA. The BMA regulates and supervises each Bermuda insurer on a stand-

alone basis in Bermuda. The Bermuda Insurance Act and the policies of and other codes issued by the BMA require each of

Bermuda insurer to, among other requirements, maintain a minimum level of capital and surplus, satisfy solvency standards,

comply with conduct guidelines, comply with restrictions on dividends, obtain prior approval or provide notification to the

BMA of changes in controlling interests by a shareholder across prescribed thresholds, make financial statement filings,

prepare a financial condition and risk management report, maintain a head office in Bermuda from which each of our

Bermuda insurance subsidiaries' insurance business will be directed and managed, and allow for the performance of certain

periodic examinations of its financial condition. These statutes and regulations may restrict Global Atlantic's ability to write

insurance and reinsurance policies, distribute funds, and pursue its investment strategy.

If our relationships, or our reputation with, various regulatory authorities were to deteriorate, we could be materially and

adversely affected, including by making it more difficult, or impossible, for Global Atlantic to obtain necessary consents and

approvals.

***Our insurance business may become subject to additional regulations, which may have material and adverse impact on*** 

***our business, financial condition and results of operations.***

In addition to the regulations of the jurisdictions where our insurance subsidiaries are domiciled or may be deemed

commercially domiciled, Global Atlantic insurers also must obtain licenses to write insurance in other states and jurisdictions.

Our insurers follow operational guidelines designed to prevent conducting insurance business that requires a license in a

jurisdiction where the insurer is not licensed. Our non-U.S. insurance subsidiaries have and may obtain certified reinsurer and

reciprocal jurisdiction reinsurer status in various U.S. states. Most state regulatory authorities are granted broad discretion in

connection with their decisions to grant, renew or revoke licenses and approvals that are subject to state statutes. If Global

Atlantic is unable to renew the requisite licenses and obtain the necessary approvals or otherwise does not comply with

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applicable regulatory requirements, the insurance regulatory authorities could stop, or temporarily suspend, Global Atlantic

from conducting some or all of its operations as well as impose fines. We may also need to seek new licensing, which could

subject our insurers to additional or new regulations. In addition, if one of our non-U.S. insurers does not receive an annual

renewal of its reciprocal jurisdiction reinsurer status, it will be required to post additional collateral, which will have a

negative effect on us and our financial condition.

Furthermore, as Global Atlantic seeks to expand its business outside of the U.S., it may become increasingly exposed to

other applicable regulatory regimes in other jurisdictions, which may be extensive, complex and varied. As a result, any

future overseas expansion of Global Atlantic's business would subject us to additional regulatory risk, potential litigation, and

increased compliance costs, and creates potential for additional liabilities and penalties.

***Insurance regulations are subject to change, and such changes may have a material and adverse impact on our*** 

***business, financial condition and results of operations.*** 

Regulators continuously consider changes to insurance regulations. Since insurance regulations apply to many aspects of

an insurer's business, changes in insurance regulation may have a range of impacts on us. In recent years, state insurance

regulators have undertaken a review of the state-based insurance regulatory framework in the United States to bolster their

ability to address concerns stemming from the increasing usage of offshore reinsurance transactions and expanding

allocations to affiliated assets and alternative assets. In addition, some state legislatures have considered or enacted laws

that alter, and in many cases increase, state authority to regulate insurance holding companies and insurance and reinsurance

companies. Regulatory changes have the ability to impact other areas of Global Atlantic's business as well, including access to

liquidity or ability to write certain products. For example, there has been regulatory scrutiny of insurance companies' use of

Federal Home Loan Banks for liquidity, as well as of increased issuances of funding agreement backed notes and pension risk

transfer group annuity contracts. We are unable to predict whether, when or in what form and what impact such regulatory

changes will have on our insurance business.

Regulators also continue to propose or adopt sometimes conflicting or overlapping fiduciary rules, best interest standards

and other similar laws and regulations applicable to the sale of retirement and life insurance products, which would generally

require advisers providing investment recommendations to act in the client's best interest or put the client's interest ahead of

their own interest. These new and proposed regulations may fundamentally adversely impact the way in which our insurance

products are marketed and offered by its distribution partners. Regulators in enforcement actions and private litigants in

litigation could also find it easier to attempt to extend fiduciary status to, or to claim fiduciary or contractual breach by,

advisors who would not be deemed fiduciaries under current regulations. Such laws and regulations may have a material

adverse impact on our insurance business, including by increasing compliance costs and burdens and restricting our ability to

conduct and grow our insurance business.

***Capital regulations applicable to our insurance subsidiaries impose meaningful limitations on our insurance business,*** 

***and any changes to them may have a material and adverse impact on our business, financial condition and results of*** 

***operations.*** 

Capital regulations applicable to our insurance subsidiaries impose meaningful limitations on our insurance business and

are subject to change. Insurance companies are subject to minimum capital and surplus requirements that vary by the

jurisdiction where the insurance company is domiciled and are generally subject to change over time. The capital regimes in

the United States and Bermuda are different, and regulatory actions to address such differences may result in Global Atlantic

needing to hold more capital. Any failure to meet applicable requirements or minimum statutory capital requirements could

subject Global Atlantic to examination or corrective action by regulators, including limitations on Global Atlantic's writing

additional business or engaging in finance activities, supervision, receivership or liquidation. The NAIC has recently adopted

and is currently considering a variety of reforms to its RBC framework, which could increase the capital requirements for our

US insurance subsidiaries. RBC is impacted by factors beyond Global Atlantic's control, such as the federal tax rates and

changes the NAIC from time to time makes to factors used in calculating RBC. A change in the RBC calculation or an increase

in minimum capital requirements may require Global Atlantic to increase its statutory capital levels, which Global Atlantic may

be unable to meet. In addition, the NAIC has adopted changes related to filing exempt status for certain securities or loans,

which generally allows the use of an NRSRO rating for purposes of capital assessment as opposed to requiring review by the

Securities Valuation Office of the NAIC and continues to consider other changes. This change may result in, among other

things, the capital charge treatment of any such investment being less favorable, increasing required capital, and uncertainty

with respect to NAIC ratings of such investments. We cannot predict the likelihood of changes to the capital requirements to

which Global Atlantic is subject, whether such changes will have an impact on RBC ratios, or whether Global Atlantic will need

to raise and hold additional capital in response to such changes and any such changes may have a material adverse effect on

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us. Moreover, the determination of RBC is based on the NAIC designation of the assets in which Global Atlantic invests. NAIC

designation for certain investments depends on the applicable NRSRO rating. If there are changes in an NRSRO's

methodology, that impacts the rating of a certain type of asset or changes or clarifications to interpretations of such

methodology or related statutory accounting guidance, Global Atlantic's ability to invest in such assets may be impacted and

Global Atlantic's investment results may be adversely impacted, or Global Atlantic may need to increase its required capital.

The NAIC has approved Statutory Accounting Principles ("SAP") for U.S. insurance companies that have been

implemented by the domiciliary states of our U.S. insurance subsidiaries. The NAIC from time to time considers amendments

to the SAP and is currently considering various amendments that impact investment transactions and actuarial reserve

requirements for reinsurance.

In addition, the NAIC Accounting Practices and Procedures Manual provides that U.S. state insurance departments may

permit insurance companies domiciled therein to depart from the SAP by granting them permitted accounting practices.

Global Atlantic makes use of permitted practices and may seek approval to use additional permitted practices in the future.

There is a risk that Global Atlantic may not be able to continue to use a previously granted permitted practice. In addition, we

cannot predict whether or when the insurance departments of the states of domicile of its competitors may permit Global

Atlantic's competitors to utilize advantageous accounting practices that depart from the SAP, the use of which is not

permitted by the insurance departments of the states of domicile of Global Atlantic's U.S. insurance subsidiaries. Any change

in the SAP or permitted practices could have a material adverse impact on Global Atlantic.

The BMA continues to review the Bermuda Solvency Capital Requirements ("BSCR") on an ongoing basis, including to

maintain its equivalency with Solvency II insurance capital requirements. In 2023 and 2024, the BMA issued a series of

consultation papers exploring updates to its Economic Balance Sheet ("EBS") framework ("EBS Framework"), which is used as

the basis to determine an insurer's enhanced capital requirement, including updated requirements for reserves, capital,

investments and governance. The BMA has implemented and is in the process of implementing these requirements and could

propose further updates to certain aspects of the EBS Framework. If any such updates materially increase the ECR, it could

materially increase the amount of capital Global Atlantic is required to hold to meet its BSCR and BMA requirements.

Changes to SAP, the EBS Framework or capital models may be complex, require significant resources to implement and

have an impact on our controls, which may be significant. Failure to implement or take appropriate or effective management

actions in response to such changes may have a material adverse impact on us. We can give no assurances that the impacts

of current, proposed or future changes to SAP, EBS Framework, capital models or any components or interpretation thereof,

the grant of permitted accounting practices to Global Atlantic's competitors or future changes to legal, accounting, capital or

financial regimes will not have a negative impact or material adverse effect on us.

***Our Bermuda insurance business is subject to additional regulatory and reputational considerations, which if we do not*** 

***properly manage may have a material and adverse impact on our business, financial condition and results of*** 

***operations.*** 

The Bermuda insurance and reinsurance regulatory framework is subject to scrutiny from many jurisdictions. As a result

of such scrutiny, the BMA has implemented and imposed additional requirements on the licensed insurance companies it

regulates to achieve equivalence under Solvency II, the solvency regime applicable to the EU insurance sector. The BMA's

additional requirements resulting from Solvency II equivalence include enhanced solvency and governance requirements

imposed on commercial insurers and reinsurers, including a group solvency framework that could further enhance the

required capital and solvency requirements if the BMA is deemed to be the group regulator. If Solvency II were amended in

any way, Bermuda may be required to amend its regulatory regime to maintain its equivalence under Solvency II, which could

lead to changes in the regulatory regime administered by the BMA.

We cannot provide any assurances that insurance supervisors in the United States or elsewhere will not review Global

Atlantic's activities and assert that our Bermuda insurance subsidiaries are subject to a U.S. jurisdiction's requirements. In

addition, our Bermuda insurance subsidiaries' ability to write reinsurance may be subject, in certain cases, to arrangements

satisfactory to applicable supervisory bodies, as well as other indirect regulatory requirements. Regulatory scrutiny or

proposed legislation and regulations may have the effect of imposing additional requirements upon, or restricting reinsurance

from, U.S. insurers to non-U.S. insurers, particularly between affiliated insurance companies. Reinsurance between our U.S.

and Bermuda insurance subsidiaries is subject to approval by the applicable U.S. domiciliary state insurance department, and

there can be no guarantee such approval will be obtained. Our insurance business could be significantly and negatively

impacted if Global Atlantic had to recapture any reinsured business. If Global Atlantic attempts to license its Bermuda

insurance entities or its sponsored co-investment vehicles that provide third-party capital to support Global Atlantic's

business in another jurisdiction, Global Atlantic may not be successful in such attempts and the modification of the conduct of

its business or the noncompliance with insurance statutes and regulations could significantly and negatively affect our

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insurance business. See also "—Risks Related to Regulatory Matters—Changes in the regulatory framework applicable to our

business, including the loss of exemptions or the application of enhanced group-level regulation, may materially adversely

affect us".

***If our insurance business fails to mitigate the reserve strain associated with statutory accounting rules,*** 

***it may result in a material adverse impact on our insurance subsidiaries' capital positions or require*** 

***increasing prices or reducing sales of certain insurance products.***

The application of certain statutory accounting rules for term life insurance policies with long-term premium guarantees

and universal life policies with secondary guarantees requires Global Atlantic to maintain reserves at a level that exceeds what

our insurance subsidiaries' actuarial assumptions for the applicable business would otherwise require. Global Atlantic has

special purpose financial captive insurance company subsidiaries ("captives") that facilitate the financing of the redundant

reserve requirements associated with these statutory accounting rules. These arrangements are subject to review by U.S.

state insurance regulators and rating agencies.

It is unclear what additional actions and regulatory changes will result from the continued scrutiny of captive reinsurers

and reform efforts by the NAIC and other regulatory bodies. The NAIC is evaluating changes to accounting rules regarding

surplus notes with linked assets, a structure used in certain captive reserve financing transactions. Further changes in such

statutory accounting rules will likely make it difficult for Global Atlantic to establish new captive financing arrangements on a

basis consistent with its current captives. As a result, the implementation of new captive structures in the future may be less

capital-efficient, may lead to lower product returns or increased product pricing, or may result in reduced sales of certain

products.

Certain of the reserve financing facilities Global Atlantic has put in place will mature prior to the run-off of the liabilities

they support. As a result, Global Atlantic may be unable to implement actions to mitigate the strain of having redundant

reserves or to maintain collateral support for its captives or existing third-party reinsurance arrangements to which one of our

captive reinsurance subsidiaries is a party. If Global Atlantic is unable to continue to implement those actions or maintain

existing collateral support, it may be required to increase statutory reserves, incur higher operating costs or tax costs, and the

competitiveness, capital and financial position and results of operations of our insurance business may be materially and

adversely affected.

**Risks Related to Our Organizational Structure**

***Until the Sunset Date, the Series I preferred stockholder's significant voting power limits the ability of*** 

***holders of our common stock to influence our business, and conflicts of interest may arise among the*** 

***Series I preferred stockholder and the holders of our common stock.***

The Series I preferred stockholder has significant voting power until the Sunset Date, which limits the ability of holders of

our common stock to influence our business. Our Co-Executive Chairmen, when acting together, jointly control the Series I

preferred stockholder and thereby the vote of the Series I preferred stock held by it.

Until the Sunset Date, the Series I preferred stockholder has the ability to appoint and remove members of our board of

directors and has the right to approve certain corporate actions as specified in our certificate of incorporation. If the holders

of our common stock are dissatisfied with the performance of our board of directors, they have no ability to remove any of

our directors, with or without cause, until after the Sunset Date. Through the Series I preferred stockholder's ability to elect

our board of directors and its approval rights over certain corporate transactions, the Series I preferred stockholder may be

deemed to control our business and affairs. Prior to the Sunset Date, the vote of the Series I preferred stockholder will

determine the outcome of all matters subject to a vote by our stockholders, except with respect to certain matters

enumerated in our certificate of incorporation as requiring a vote of our common stockholders or as required under NYSE

rules.

Our certificate of incorporation and bylaws also include limitations on the calling of meetings of the stockholders and

procedures for submitting proposals for business to be considered at meetings of the stockholders. In addition, any person

that beneficially acquires 20% or more of any class of stock then outstanding without the consent of our board of directors

(other than the Series I preferred stockholder) is unable to vote such stock on any matter submitted to such stockholders.

In addition, although the affirmative vote of a majority of our directors is required for any action to be taken by our board

of directors, certain actions that are specified in our certificate of incorporation will also require the approval of the Series I

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preferred stockholder. Accordingly, our board of directors may be prevented from causing us to take certain actions if the

Series I preferred stockholder does not provide its approval to any such action, even if the board of directors believes such

action may be in the best interest of us and our stockholders.

By the Sunset Date, we agreed in the Reorganization Agreement to (i) eliminate our Series I preferred stock and (ii)

establish voting rights for our common stock on a one vote per share basis for all matters subject to a common stockholders'

vote under Delaware corporate law, including with respect to the election of directors. For more information about the

transactions contemplated by the Reorganization Agreement, see Note 1 "Organization—Reorganization Agreement" in our

financial statements. For a more detailed description of our common stock and Series I Preferred Stock, see "Description of

Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934," which is filed as an exhibit to this report.

***As a "controlled company," we qualify for some exemptions from the corporate governance and other*** 

***requirements of the NYSE and are not required to comply with certain provisions of U.S. securities*** 

***laws.***

Prior to the Sunset Date, we are a "controlled company" within the meaning of the corporate governance standards of

the NYSE. As a "controlled company" we have currently elected not to comply with certain corporate governance

requirements of the NYSE, including the requirements: (i) that the listed company have a nominating and corporate

governance committee that is composed entirely of independent directors, (ii) that the listed company have a compensation

committee that is composed entirely of independent directors and (iii) that the compensation committee be required to

consider certain independence factors when engaging compensation consultants, legal counsel and other committee advisers.

Accordingly, holders of our common stock do not currently have the same protections afforded to stockholders of companies

that are subject to all of the corporate governance requirements of the NYSE.

Following the Sunset Date, including after any applicable transition period for compliance with NYSE rules, we will no

longer be exempted from the foregoing corporate governance requirements of the NYSE.

***Our certificate of incorporation states that the Series I preferred stockholder is under no obligation to*** 

***consider the separate interests of the other stockholders and contains provisions limiting the liability of*** 

***the Series I preferred stockholder.***

Our certificate of incorporation contains provisions stating that the Series I preferred stockholder is under no obligation

to consider the separate interests of the other stockholders in its decisions and shall not be liable to the other stockholders

for damages or equitable relief for any losses, liabilities or benefits not derived by such stockholders in connection with such

decisions, unless there has been a final and non-appealable judgment by a court of competent jurisdiction determining that

the Series I preferred stockholder or its officers and directors acted in bad faith or engaged in fraud or willful misconduct.

These provisions restrict the remedies available to stockholders with respect to actions of the Series I preferred stockholder.

In addition, we have agreed to indemnify the Series I preferred stockholder and its affiliates and any member, partner,

tax matters partner (as defined in Code as in effect prior to 2018), partnership representative (as defined in the Code), officer,

director, employee, agent, fiduciary or trustee of any of KKR or its subsidiaries (which includes KKR Group Partnership), the

Series I preferred stockholder or any of our or the Series I preferred stockholder's affiliates and certain other indemnitees, to

the fullest extent permitted by law, against any and all losses, claims, damages, liabilities, joint or several, expenses (including

legal fees and expenses), judgments, fines, penalties, interest, settlements or other amounts incurred by any such

indemnitee, including in connection with criminal proceedings. We have agreed to provide this indemnification unless there

has been a final and non-appealable judgment by a court of competent jurisdiction determining that such indemnitee acted in

bad faith or engaged in fraud or willful misconduct.

***The provision of our certificate of incorporation requiring exclusive venue in the state and federal*** 

***courts located in the State of Delaware or federal district courts of the United States for certain types*** 

***of lawsuits may have the effect of discouraging lawsuits against us and our directors, officers and*** 

***stockholders.***

Our certificate of incorporation requires that (i) any derivative action, suit or proceeding brought on behalf of KKR, (ii) any

action, suit or proceeding asserting a claim of breach of a fiduciary duty owed by any current or former director, officer,

employee or stockholder of KKR to KKR or KKR's stockholders, (iii) any action, suit or proceeding asserting a claim arising

pursuant to any provision of the Delaware General Corporation Law, our certificate of incorporation or our bylaws or as to

which the Delaware General Corporation Law confers jurisdiction on the Court of Chancery of the State of Delaware or (iv)

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any action, suit or proceeding asserting a claim governed by the internal affairs doctrine may only be brought in the Court of

Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, the federal district court

located in the State of Delaware. In addition, the federal district courts of the United States are the exclusive forum for the

resolution of any action, suit or proceeding asserting a cause of action arising under the Securities Act and the Exchange Act.

***Our ability to pay periodic dividends to the holders of our common stock as intended is not*** 

***guaranteed.***

We intend to pay cash dividends on a quarterly basis. KKR & Co. Inc. is a holding company and has no material assets

other than the KKR Group Partnership Units that we hold indirectly through wholly-owned subsidiaries and has no

independent means of generating income. The declaration and payment of dividends to our stockholders will be at the sole

discretion of our board of directors, and our dividend policy may be changed at any time. The declaration and payment of

dividends is subject to legal, contractual and regulatory restrictions on the payment of dividends by us or our subsidiaries, and

such other factors as the board of directors considers relevant. Our ability to pay dividends is also subject to the availability of

lawful funds therefor as determined in accordance with the Delaware General Corporation Law. Furthermore, by paying cash

dividends rather than investing that cash in our businesses, we risk slowing the pace of our growth, or not having a sufficient

amount of cash to fund our operations, new investments or unanticipated capital expenditures, should the need arise.

***If we were deemed to be an "investment company" subject to regulation under the Investment*** 

***Company Act, applicable restrictions could make it impractical for us to continue our business as*** 

***contemplated and could have a material adverse effect on our business.***

We are engaged primarily in the business of providing investment management services and an insurance business, and

not in the business of investing, reinvesting or trading in securities. Accordingly, we do not believe that we are an "orthodox"

investment company as defined in the Investment Company Act.

In addition, although KKR & Co. Inc. has no material assets other than its indirect ownership of wholly-owned subsidiaries

that in turn own interests in KKR Group Partnership, we do not believe our equity interests in our subsidiaries are investment

securities, and we believe that the capital interests of the general partners of our investment vehicles in their respective

investment vehicles are neither securities nor investment securities. Moreover, we expect that in excess of 65% of Global

Atlantic's gross income will be derived from our insurance business.

However, a person will generally be deemed to be an investment company for purposes of the Investment Company Act

if (1) it is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing,

reinvesting or trading in securities, or (2) absent an applicable exemption, it owns or proposes to acquire investment

securities having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items)

on an unconsolidated basis. If we, or any of our operating subsidiaries, were to be deemed to an investment company under

the Investment Company Act, then we could experience a material adverse effect. Among other things, the Investment

Company Act and the rules and regulations thereunder limit or prohibit transactions with affiliates, impose limitations on the

issuance of debt and equity securities, generally prohibit the issuance of options and impose certain governance

requirements. If anything were to happen that would cause us to be deemed to be an investment company under the

Investment Company Act, requirements imposed by the Investment Company Act, including limitations on our capital

structure, ability to transact business with affiliates and ability to compensate key employees, would make it impractical for

us to continue our business as currently conducted, impair the agreements and arrangements between and among us, and

materially and adversely affect us. In addition, we may be required to limit the amount of investments that we make as a

principal, potentially divest of our investments or otherwise conduct our business in a manner that does not subject us to the

registration and other requirements of the Investment Company Act.

Our certificate of incorporation provides that if we are subjected to registration under the provisions of the Investment

Company Act, we may exercise our right to call and purchase all of the then outstanding shares of common stock held by

persons other than the Series I preferred stockholder or its affiliates or assign this right to the Series I preferred stockholder or

any of its affiliates.

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***Actions taken to implement the reorganization transactions that must occur by the Sunset Date as part*** 

***of the integrated transactions committed to in the Reorganization Agreement may adversely impact*** 

***us.***

Pursuant to the Reorganization Agreement, we committed to undertake a series of integrated transactions, some of

which were completed in May 2022, and some of which must be completed by the Sunset Date, which will occur not later

than December 31, 2026, whereby our Series I preferred stock will be eliminated. Actions taken to implement the remaining

structural and governance changes required by the Reorganization Agreement by the Sunset Date could be disruptive to our

management, our business or operations, result in significant costs and expenses, fail to receive regulatory approvals, and

may not be successful in achieving their objectives and fail to result in the intended or expected benefits, any of which could

materially and adversely impact us. For a description of the rights of our Series I preferred stock see "—Until the Sunset Date,

the Series I preferred stockholder's significant voting power limits the ability of holders of our common stock to influence our

business, and conflicts of interest may arise among the Series I preferred stockholder and the holders of our common stock"

and for more information about the Reorganization Agreement, see "Note 1 "Organization—Reorganization Agreement" in

our financial statements.

***Anti-takeover provisions in our organizational documents may delay or prevent a change of control.***

In addition to the provisions related to our Series I preferred stock and Series I preferred stockholder described in this

report, certain provisions in our certificate of incorporation and bylaws may discourage, delay or prevent a merger or

acquisition that a stockholder may consider favorable by, for example:

• permitting our board of directors to issue one or more series of preferred stock;

• requiring advance notice for stockholder proposals and nominations if at any time stockholders other than the Series

I preferred stockholder are permitted to submit proposals and nominations;

• restricting the ability of any stockholder other than the Series I preferred stockholder that acquires 20% or more of

any class of stock then outstanding to vote such stock without the consent of our board of directors; and

• placing limitations on convening stockholder meetings.

These provisions may also discourage acquisition proposals or delay or prevent a change in control.

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**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY** 

**Cybersecurity Governance**

KKR's Chief Information Security Officer (the "KKR CISO") leads an information security team (the "KKR information

security team") whose responsibilities include securing data from unauthorized use or access. The cybersecurity strategy and

program at KKR includes, among other things, annual employee training about cybersecurity risks and new employee

onboarding about KKR's security policies.

Prior to joining KKR, KKR's CISO was the CISO at another large financial institution where he was responsible for their

global information security program. KKR's CISO also has prior experience in various information security roles, including

security architecture, application security, engineering and operations. He holds a Bachelor of Science in computer science

from the New York University Polytechnic School of Engineering, is a Certified Information Systems Security Professional

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

The KKR CISO is a member of the firm's Operational Risk Committee. The Operational Risk Committee is comprised of

senior employees from across our firm. The committee focuses on significant operating and business risks, which includes

among others, regulatory, cybersecurity, operational, geopolitical, and reputational risks, and is responsible for ensuring risks

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

includes identifying and monitoring KKR's technology risks, including those related to information security, business

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

Committee reports to KKR's Risk and Operations Committee, which is comprised of senior employees from across our asset

management and insurance businesses and operating functions. KKR's Risk and Operations Committee includes our Chief

Financial Officer, Chief Legal Officer and General Counsel, and Chief Compliance Officer. At least annually, management will

present to the Audit Committee and the Risk Committee of our Board of Directors on various topics relating to KKR's

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

**Cybersecurity Risk Management and Strategy**

KKR has a cybersecurity incident response plan, which was developed taking into account industry standard guidance

provided by institutes such as the National Institute of Standards and Technology. This plan is a key component of the

cybersecurity program, which is generally incorporated within our enterprise risk management framework. The KKR CISO and

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

mitigate the risk and impact of cybersecurity breach events at KKR, including those arising from third-party service providers,

including those providers that have access to KKR's customer and employee data. Cybersecurity considerations affect the

selection and oversight of our third-party service providers. We perform cybersecurity-related diligence on third parties that

have access to our systems, data or facilities.

In addition to the KKR CISO and our Chief Compliance Officer, the KKR CIRT includes members of the firm's legal,

technology, compliance, risk, public affairs, human capital and finance groups. KKR has established a notification decision

framework to determine when the KKR CIRT will provide notifications regarding certain cybersecurity incidents, with different

severity thresholds triggering notifications to different recipient groups, including the Risk and Operations Committee, senior

members of management, and our Board of Directors or its committees.

The KKR information security team undertakes a variety of measures to monitor and manage the cybersecurity risks of

KKR. Our technology platforms and applications are designed to enable us to monitor user and network behavior at KKR,

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

security team conducts regular internal and external audits with third-party cybersecurity experts to identify and evaluate

potential weaknesses in our cybersecurity systems. In addition, the KKR information security team conducts periodic phishing

simulations, as well as periodic employee training on KKR's security policies and controls and provides other security training

as part of new employee onboarding.

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As of the date of this filing, we do not believe that our business strategy, results of operations or financial conditions have

been materially affected by any cybersecurity incidents for the period covered by this report. However, institutions like us, as

well as our employees, service providers and other third parties, have experienced information security and cybersecurity

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

risks from cybersecurity threats may affect us, see "Part 1 Item 1A. Risk Factors—"Risks Related to Our Business—

Cybersecurity failures and data security breaches could have a material adverse impact on our businesses."

**ITEM 2. PROPERTIES**

Our principal executive office is located at 30 Hudson Yards, New York, New York. We also lease space for our other

offices in North America, Europe, the Middle East, and Asia-Pacific. We consider these facilities to be suitable and adequate

for the management and operations of our business.

**ITEM 3. LEGAL PROCEEDINGS.**

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

"Commitments and Contingencies" in our financial statements included elsewhere in this report, which is incorporated herein

by reference.

**ITEM 4. MINE SAFETY DISCLOSURES.**

Not applicable.

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**PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER** 

**MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES.**

Shares of our common stock are listed on the NYSE under the symbol "KKR."

The number of holders of record of our common stock as of February 24, 2026 was 39. This does not include the number

of stockholders that hold shares in "street-name" through banks or broker-dealers.

**Dividend Policy** 

Under our current dividend policy for common stock that we announced on February 5, 2026, we expect to pay our

common stockholders an annualized dividend of $0.78 per share of common stock, equal to a quarterly dividend of $0.195

per share of common stock, beginning with the dividend expected to be declared with respect to the first quarter of 2026. On

February 5, 2026, we declared a regular dividend of $0.185 per share of common stock under our prior dividend policy for the

three months ended December 31, 2025, payable on March 3, 2026 to common stockholders of record as of the close of

business on February 17, 2026.

Because we make our investment in our business through a holding company structure and the applicable holding

companies do not own any material cash-generating assets other than their direct and indirect holdings in KKR Group

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

• KKR Group Partnership will make distributions to holders of KKR Group Partnership Units, which consists of our

wholly-owned corporate subsidiaries (one of which, KKR Group Holdings Corp., acts as the general partner of KKR

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

Partnership;

• Second, our wholly-owned corporate subsidiaries will distribute to us the amount of any distributions that they

receive from KKR Group Partnership, after deducting any applicable taxes; and

• Third, we will distribute to holders of our common stock and Series D Mandatory Convertible Preferred Stock the

amount of dividends declared by our Board of Directors from the distributions that we receive from our wholly-

owned corporate subsidiaries.

The limited partnership agreement of KKR Group Partnership provides for cash distributions, which are referred to as

"tax distributions," to the partners of the partnership if we determine that the taxable income of the partnership will give rise

to taxable income for its partners, including holders of restricted holdings units who are limited partners of KKR Holdings II

and KKR Holdings III. KKR Group Partnership may make tax distributions in the future, from time to time, to provide

distributions to pay for any U.S. or non-U.S. tax liabilities of the partners of KKR Holdings II and KKR Holdings III.

The declaration and payment of any dividends to holders of our common stock, holders of our Series D Convertible

Preferred Stockholders, or holders of any preferred stock which may be issued in the future are subject to the discretion of

our Board of Directors, which may change our dividend policy at any time or from time to time, and the terms of our

certificate of incorporation. There can be no assurance that dividends will be made as intended or at all or that any particular

dividend policy will be maintained. Furthermore, the declaration and payment of distributions and dividends is subject to

legal, contractual and regulatory restrictions on the payment of dividends and distributions by us or our subsidiaries, including

restrictions contained in our debt agreements, the terms of our preferred stock and such other factors as the Board of

Directors considers relevant including, among others: our available cash and current and anticipated cash needs, including

funding of investment commitments and debt service and future debt repayment obligations; general economic and business

conditions; our strategic plans and prospects; our results of operations and financial condition; and our capital requirements.

See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity—Sources of

Liquidity." In addition, under Section 170 of the Delaware General Corporation Law ("DGCL"), our Board of Directors may only

declare and pay dividends either out of our surplus (as defined in DGCL) or in case there is no such surplus, out of our net

profits.

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**Share Repurchases in the Fourth Quarter of 2025** 

Under our current share repurchase program, KKR is authorized to repurchase its common stock from time to time in

open market transactions, in privately negotiated transactions or otherwise. The timing, manner, price, and amount of any

common stock repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal

requirements, price, and economic and market conditions. KKR expects that the program, which has no expiration date, will

continue to be in effect until the maximum approved dollar amount has been used. The program does not require KKR to

repurchase any specific number of shares of common stock, and the program may be suspended, extended, modified, or

discontinued at any time. In addition to the repurchases of common stock described above, the repurchase program is used

for the retirement (by cash settlement or the payment of tax withholding amounts upon net settlement) of equity awards

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

As of January 30, 2026, there is approximately $439 million remaining under KKR's share repurchase program.

The table below sets forth the information with respect to repurchases made by or on behalf of KKR & Co. Inc. or any

"affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Exchange Act) of our common stock for the periods

presented. During the fourth quarter of 2025, no shares of common stock were repurchased, and 141,119 equity awards

were retired.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Purchases of Common Stock** | **Issuer Purchases of Common Stock** | **Issuer Purchases of Common Stock** | **Issuer Purchases of Common Stock** | **Issuer Purchases of Common Stock** |
| *(amounts in thousands, except share and per share amounts)* | *(amounts in thousands, except share and per share amounts)* | *(amounts in thousands, except share and per share amounts)* | *(amounts in thousands, except share and per share amounts)* | *(amounts in thousands, except share and per share amounts)* |
|  | **Total Number of** <br>**Shares Purchased** <br>| **Average Price** <br>**Paid Per Share**<br>| **Total Number of** <br>**Shares Purchased** <br>**as Part of Publicly** <br>**Announced Plans** <br>**or Programs** <br>| **Approximate** <br>**Dollar Value of** <br>**Shares that May** <br>**Yet Be Purchased** <br>**Under the Plans** <br>**or Programs** <sup>(1)</sup><br>|
| Month #1<br>(October 1, 2025 to October 31, 2025)<br>|  | $— |  | $439640 |
| Month #2<br>(November 1, 2025 to November 30, 2025)<br>|  | $— |  | $439236 |
| Month #3<br>(December 1, 2025 to December 31, 2025)<br>|  | $— |  | $439186 |
| **Total through December 31, 2025** | **—** |  | **—** | **$439186** |

---

(1)As previously announced in April 2024, the share repurchase program was amended such that when the remaining available amount under the share

repurchase program becomes $50 million or less (the "Share Repurchase Program Increase Threshold"), the total available amount under the share

repurchase program would automatically add an additional $500 million to the then remaining available amount of $50 million or less. The Share

Repurchase Program Increase Threshold was reached during the second quarter of 2025, and the share repurchase program total available amount

increased by $500 million. Any additional increases to this remaining available amount would require a separate approval by the Board of Directors of KKR

& Co. Inc.

**ITEM 6. [Reserved]** 

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**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND** 

**RESULTS OF OPERATIONS**

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

*Co. Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this report. In addition, this* 

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

*described under "Cautionary Note Regarding Forward-looking Statements" and "Risk Factors." Actual results may differ* 

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

**Business Environment**

Our asset management, insurance, and strategic holdings segments are affected by the various market and economic

conditions of the various countries and regions in which we operate. Market and economic conditions are expected to

continue to have a substantial impact on our financial condition, results of operations, and our business in various ways that

we are unable to control, including our ability to make new investments, the valuations of the investments we manage, the

amount of investment proceeds we realize when we exit our investments, the timing for such realization activity, our ability to

fundraise or to sell our various investment and insurance products and services, and the level of our capital markets activities,

as discussed in the "Risk Factors" section of this report.

In 2025, the United States continued to experience economic growth while also continuing to experience inflation in

excess of the U.S. Federal Reserve Board's 2.0% target rate. The U.S. Federal Reserve Board lowered the target range for the

federal funds rate three times in 2025, including two reductions in the fourth quarter, that brought the target range to

3.50-3.75%. The U.S. Federal Reserve Board in connection with its fourth quarter rate reductions noted that the reduction was

in response to the slowdown in the labor market; however, they maintained a cautious stance as inflation remained

somewhat elevated and above its long-run target.

Real gross domestic product ("GDP") growth in the Eurozone in 2025 was moderately positive. The European Central

Bank lowered the deposit rate four times in the first half of 2025 to 2.00% as part of a broader easing cycle in response to

downward revisions to inflation expectations. The European Central Bank subsequently held the deposit rate unchanged for

the remainder of 2025 as Eurozone core inflation slowed compared to 2024 and remained close to the European Central

Bank's 2% medium-term target.

In Asia, Japan's economy reaccelerated in 2025, supported by resilient exports and consumer spending. The Bank of

Japan continued its gradual monetary policy normalization during 2025, including an increase in its policy rate from 0.25% to

0.75%. In China, the economy grew in 2025 but continued to face significant headwinds, including weak domestic demand,

ongoing contraction in the property sector, and uncertainty relating to ongoing trade tensions with the United States as

discussed further below.

Several key economic indicators in the United States and in other countries and regions in which we operate include:

• **GDP.** In the United States, real GDP expanded by 2.2% for the year ended December 31, 2025, compared to an

expansion of 2.8% for the year ended December 31, 2024. Eurozone real GDP is estimated to have expanded by 1.4%

for the year ended December 31, 2025, up from 0.9% expansion for the year ended December 31, 2024. In Japan,

real GDP expanded by 1.1% for the year ended December 31, 2025, up from a 0.2% contraction for the year ended

December 31, 2024. Real GDP in China expanded 5.0% for the year ended December 31, 2025, unchanged from 5.0%

growth reported for the year ended December 31, 2024

• **Interest Rates.** The target federal funds rate set by the U.S. Federal Reserve Board was 3.625% as of December 31,

2025, down from 4.375% as of December 31, 2024. The benchmark short-term interest rate set by the European

Central Bank was 2.0% as of December 31, 2025, down from 3.00% as of December 31, 2024. The benchmark short-

term interest rate set by the Bank of Japan was 0.75% as of December 31, 2025, up from 0.25% as of December 31,

2024. The benchmark interest rate set by The People's Bank of China was 3.0% as of December 31, 2025, down from

3.10% as of December 31, 2024.

• **Inflation.** The U.S. core consumer price index rose 2.6% on a year-over-year basis as of December 31, 2025, down

from 3.2% on a year-over-year basis as of December 31, 2024. Eurozone core inflation was 2.3% as of December 31,

2025, down from 2.7% as of December 31, 2024. In Japan, core inflation rose 1.5% on a year-over-year basis as of

December 31, 2025, down from 1.6% on a year-over-year basis as of December 31, 2024. Core inflation in China was

1.2% on a year-over-year basis as of December 31, 2025, up from 0.4% as of December 31, 2024.

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• **Unemployment.** The U.S. unemployment rate was 4.4% as of December 31, 2025, up from 4.1% as of December 31,

2024. Eurozone unemployment was 6.3% as of December 31, 2025, unchanged from 6.3% as of December 31, 2024.

The unemployment rate in Japan was 2.6% as of December 31, 2025, up from 2.5% as of December 31, 2024. The

unemployment rate in China was 5.2% as of December 31, 2025, substantially unchanged from 5.1% as of December

31, 2024.

In 2025, the United States equity markets appreciated on a year-over-year basis, with varying volatility throughout the

year, and the U.S. 10-year benchmark treasury yield also fluctuated throughout the year to end at a rate lower at year-end

than at the prior year-end of 2024. Short term interest rates fell as the Federal Reserve lowered benchmark interest rates.

European, Japanese and Chinese equity markets all appreciated on a year-over-year basis.

Several key financial market indicators in the United States and in other countries and regions in which we operate

include:

• **Equity Markets.** For the year ended December 31, 2025, the S&P 500 was up 17.9%, the MSCI Europe Index was up

36.3%, the MSCI Asia Pacific Index was up 28.7% and the MSCI World Index was up 21.6% in U.S. dollar terms, on a

total return basis including dividends. Equity market volatility as evidenced by the Chicago Board Options Exchange

Market Volatility Index (VIX), a measure of volatility, ended at 15.0 as of December 31, 2025, decreasing from 17.4 as

of December 31, 2024.

• **Credit Markets.** During the year ended December 31, 2025, U.S. investment grade corporate bond spreads (BofA

Merrill Lynch US Corporate Index) tightened by 3 basis points. The non-investment grade credit indices were up

during the year ended December 31, 2025, with the S&P/LSTA Leveraged Loan Index up 5.9% and the BofAML HY

Master II Index up 8.5%. During the year ended December 31, 2025, the 10-year government bond yields fell 40 basis

points in the United States, rose 49 basis points in Germany, rose 97 basis points in Japan, fell 9 basis points in the

UK, and rose 18 basis points in China.

• **Commodity Markets.** During the year ended December 31, 2025, the 3-year forward price of WTI crude oil decreased

approximately 7.6%, and the 3-year forward price of natural gas decreased from approximately $4.62 per MMBtu as

of December 31, 2024 to $4.51 per MMBtu as of December 31, 2025. The Japan spot LNG import price decreased to

approximately $11.03 per MMBtu as of December 31, 2025, from approximately $13.82 per MMBtu as of December

31, 2024.

• **Foreign Exchange Rates.** For the year ended December 31, 2025, the euro rose 13.4%, the British pound rose 7.7%,

the Japanese yen rose 0.3%, and the Chinese renminbi rose 4.5%, respectively, relative to the U.S. dollar.

Beginning in March 2025 and continuing through the date of the filing of this report, the United States and countries

around the world have experienced elevated levels of market volatility and uncertainty driven by, among other things,

geopolitical and global trade concerns, including, the imposition of tariffs and threats of tariffs by the United States on certain

of its trading partners since April 2025. This volatility and uncertainty adds to the various risks and uncertainties in the

business environment in which we operate and may have various impacts, including on the valuations of certain of our and

our investment vehicles' investments, the pace and volume of our capital market transactions, deployments, and realizations,

and our fundraising activities.

**Other Trends, Uncertainties and Risks Related to Our Business**

Please refer to the "Risk Factors" section of this report for important additional detail regarding risks, uncertainties, and

other conditions that could have a material favorable or unfavorable impact on our businesses, including the impact of market

and economic conditions on valuations of investments and the impact of competition we face. These risks, uncertainties, and

other conditions should be read in conjunction with this Business Environment section and the entire Risk Factor section of

this report. In particular, see "Risk Factors—Risks Related to Our Business—Global, regional and local events outside of our

control, including geopolitical events and natural disasters, could materially and adversely impact KKR", "Risk Factors—Risks

Related to Our Investment Activities—Various conditions and events outside of our control that are difficult to quantify or

predict may have a significant impact on the valuation of our investments", and "Risk Factors—Risks Related to Our Business

—We operate in a highly competitive industry."

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**Basis of Accounting and Key Financial Measures under GAAP**

We manage our business using certain financial measures and key operating metrics since we believe these metrics

measure the productivity of our operating activities. We prepare our consolidated financial statements in accordance with

accounting principles generally accepted in the United States of America ("GAAP"). See Note 2 " Summary of Significant

Accounting Policies" in our financial statements and "—Critical Accounting Policies and Estimates" contained in this section

below. Our key Segment and non-GAAP financial measures and operating metrics are discussed below.

**Key Segment and Non-GAAP Performance Measures** 

The following key segment and non-GAAP performance measures are used by management in making operational and

resource deployment decisions as well as assessing the performance of KKR's business. They include certain financial

measures that are calculated and presented using methodologies other than in accordance with GAAP. These performance

measures as described below are presented prior to giving effect to the allocation of income (loss) between KKR & Co. Inc.

and holders of exchangeable securities and as such represent the entire KKR business in total. In addition, these performance

measures are presented without giving effect to the consolidation of certain investment funds and collateralized financing

entities ("CFEs") that KKR manages.

We believe that providing these segment and non-GAAP performance measures on a supplemental basis to our GAAP

results is helpful to stockholders in assessing the overall performance of KKR's business. These non-GAAP measures should

not be considered as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of these non-

GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP,

where applicable, are included under "—Segment Balance Sheet Measures—Reconciliations to GAAP Measures."

**Adjusted Net Income**

Adjusted Net Income ("ANI") is a performance measure of KKR's earnings, which is derived from KKR's reported segment

results. ANI is used to assess the performance of KKR's business operations and measures the earnings potentially available

for distribution to its equity holders or reinvestment into its business. ANI is equal to Total Segment Earnings less Interest

Expense, Net and Other and Income Taxes on Adjusted Earnings. Interest Expense, Net and Other includes (i) interest expense

on debt obligations not attributable to any particular segment and (ii) cumulative dividend expense on the Series D

Mandatory Convertible Preferred Stock, net of interest income earned on cash and short-term investments. Income Taxes on

Adjusted Earnings represents the amount of income taxes that would be paid assuming that all adjusted earnings were

allocated to KKR & Co. Inc. and taxed at the same effective rate, which assumes that all securities exchangeable into shares of

common stock of KKR & Co. Inc. were exchanged. The economic assumptions and methodologies that impact Income taxes on

Adjusted Earnings are similar to those used in calculating the current income tax provision under U.S. GAAP. Equity based

compensation expense is excluded from ANI, because (i) KKR believes that the cost of equity awards granted to employees

does not contribute to the earnings potentially available for distributions to its equity holders or reinvestment into its

business and (ii) excluding this expense makes KKR's reporting metric more comparable to the corresponding metric

presented by other publicly traded companies in KKR's industry, which KKR believes enhances an investor's ability to compare

KKR's performance to these other companies. Income Taxes on Adjusted Earnings includes the benefit of tax deductions

arising from equity-based compensation, which reduces Income Taxes on Adjusted Earnings during the period. If tax

deductions from equity-based compensation were to be excluded from Income Taxes on Adjusted Earnings, KKR's ANI would

be lower and KKR's effective tax rate would appear to be higher, even though a lower amount of income taxes would have

actually been paid or payable during the period. KKR separately discloses the amount of tax deduction from equity-based

compensation for the period reported and the effect of its inclusion in ANI for the period. KKR makes these adjustments when

calculating ANI in order to more accurately reflect the net realized earnings that are expected to be or become available for

distribution to KKR's equity holders or reinvestment into KKR's business. However, ANI does not represent and is not used to

calculate actual dividends under KKR's dividend policy, which is a fixed amount per period, and ANI should not be viewed as a

measure of KKR's liquidity.

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**Total Segment Earnings**

Total Segment Earnings is a performance measure that KKR believes is useful to stockholders as it provides a

supplemental measure of our operating performance without taking into account items that KKR does not believe arise from

or relate directly to KKR's operations. Total Segment Earnings 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 primarily 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 our Asset Management segment as the investment adviser for Global Atlantic insurance companies, (ii) management and

performance fees earned by our Asset Management segment for acquiring and managing the companies included in our

Strategic Holdings segment, and (iii) interest income and expense based on lending arrangements where our Asset

Management segment borrows from our 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 realization 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**

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**

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**

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.

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**Fee Related Earnings**

Fee related earnings is a performance measure used to assess the Asset Management segment's generation of earnings

from revenues that are measured and received on a more recurring basis as compared to KKR's investing earnings. KKR

believes this measure is useful to stockholders as it provides additional insight into the profitability of our fee generating asset

management and capital markets businesses. FRE equals (i) Management Fees, including fees paid by the Insurance and

Strategic Holdings segments to the Asset Management segment and fees paid by Ivy vehicles and other reinsurance vehicles,

(ii) Transaction and Monitoring Fees, Net and (iii) Fee Related Performance Revenues, less (x) Fee Related Compensation, and

(y) Other Operating Expenses.

Fee Related Performance Revenues refers to the realized portion of performance fees from certain AUM that has an

indefinite term and for which there is no immediate requirement to return invested capital to investors upon the realization

of investments. Fee related performance revenues consists of performance fees (i) expected to be received from our

investment funds, vehicles and accounts on a recurring basis, and (ii) that are not dependent on a realization event involving

investments held by the investment fund, vehicle or account.

Fee Related Compensation refers to the compensation expense, excluding equity-based compensation, paid from (i)

Management Fees, (ii) Transaction and Monitoring Fees, Net, and (iii) Fee Related Performance Revenues.

Other Operating Expenses represents the sum of (i) occupancy and related charges and (ii) other operating expenses.

**Strategic Holdings Operating Earnings**

Strategic Holdings Operating Earnings is a performance measure used to assess the firm's earnings from companies and

businesses reported through its Strategic Holdings segment. Strategic Holdings Operating Earnings currently consists of

earnings derived from dividends that the firm receives from businesses acquired through the firm's participation in our core

private equity strategy. Strategic Holdings Operating Earnings currently equals dividends less management fees that are

earned by our Asset Management segment. This measure is used by management to assess the Strategic Holdings segment's

generation of earnings from revenues that are measured and received on a more recurring basis than, and are not dependent

on, realizations from investment activities.

**Total Operating Earnings**

Total Operating Earnings is a performance measure that represents the sum of (i) FRE, (ii) Insurance Operating Earnings,

and (iii) Strategic Holdings Operating Earnings. KKR believes this measure is useful to stockholders as it provides additional

insight into the profitability of the most recurring forms of earnings from each of KKR's segments as compared to investing

earnings.

**Total Investing Earnings**

Total Investing Earnings is a performance measure that represents the sum of (i) Net Realized Performance Income and

(ii) Net Realized Investment Income. KKR believes this measure is useful to stockholders as it provides additional insight into

the earnings of KKR's segments from the realization of investments.

**Total Asset Management Segment Revenues**

Total Asset Management Segment Revenues is a performance measure that represents the realized revenues of the Asset

Management segment (which excludes unrealized carried interest and unrealized gains (losses) on investments) and is the

sum of (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv) Realized

Performance Income, and (v) Realized Investment Income. Asset Management Segment Revenues excludes Realized

Investment Income earned based on the performance of businesses presented in the Strategic Holdings segment. KKR

believes that this performance measure is useful to stockholders as it provides additional insight into all forms of realized

revenues generated by our Asset Management segment.

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**Key Operating and Capital Metrics**

*Assets Under Management*

Assets under management represent the assets managed (including core private equity), advised or sponsored by KKR

from which KKR is entitled to receive management fees or performance income (currently or upon a future event), general

partner capital, and assets managed, advised or sponsored by our strategic BDC partnership and the hedge fund and other

managers in which KKR holds an ownership interest. We believe this measure is useful to stockholders as it provides

additional insight into the capital raising activities of KKR and its hedge fund and other managers and the overall activity in

their investment funds and other managed or sponsored capital. KKR calculates the amount of AUM as of any date as the sum

of: (i) the fair value of the investments of KKR's investment funds and certain co-investment vehicles; (ii) uncalled capital

commitments from these funds, including uncalled capital commitments from which KKR is currently not earning

management fees or performance income; (iii) the asset value of the Global Atlantic insurance companies; (iv) the par value of

outstanding CLOs; (v) KKR's pro rata portion of the AUM of hedge fund and other managers in which KKR holds an ownership

interest; (vi) all of the AUM of KKR's strategic BDC partnership; (vii) the acquisition cost of invested assets of certain non-US

real estate investment trusts and (viii) the value of other assets managed or sponsored by KKR. The pro rata portion of the

AUM of hedge fund and other managers is calculated based on KKR's percentage ownership interest in such entities

multiplied by such entity's respective AUM. KKR's definition of AUM (i) is not based on any definition of AUM that may be set

forth in the governing documents of the investment funds, vehicles, accounts or other entities whose capital is included in this

definition, (ii) includes assets for which KKR does not act as an investment adviser, and (iii) is not calculated pursuant to any

regulatory definitions.

*Capital Invested*

Capital invested is the aggregate amount of capital invested by (i) KKR's investment funds (including core private equity)

and Global Atlantic insurance companies, (ii) KKR's Principal Activities business line as a co-investment, if any, alongside KKR's

investment funds, and (iii) KKR's Principal Activities business line in connection with a syndication transaction conducted by

KKR's Capital Markets business line, if any. Capital invested is used as a measure of investment activity at KKR during a given

period. We believe this measure is useful to stockholders as it provides a measure of capital deployment across KKR's business

lines. Capital invested includes investments made using investment financing arrangements like credit facilities, as applicable.

Capital invested excludes (i) investments in certain leveraged credit strategies, (ii) capital invested by KKR's Principal Activities

business line that is not a co-investment alongside KKR's investment funds, and (iii) capital invested by KKR's Principal

Activities business line that is not invested in connection with a syndication transaction by KKR's Capital Markets business line.

Capital syndicated by KKR's Capital Markets business line to third parties other than KKR's investment funds or Principal

Activities business line is not included in capital invested.

*Fee Paying AUM*

Fee paying AUM represents only the AUM from which KKR is entitled to receive management fees. We believe this

measure is useful to stockholders as it provides additional insight into the capital base upon which KKR earns management

fees. FPAUM is the sum of all of the individual fee bases that are used to calculate management fees and differs from AUM in

the following respects: (i) assets and commitments from which KKR is not entitled to receive a management fee are excluded

(e.g., assets and commitments with respect to which it is entitled to receive only performance income or is otherwise not

currently entitled to receive a management fee) and (ii) certain assets, primarily in its private equity funds, are reflected based

on capital commitments and invested capital as opposed to fair value because fees are not impacted by changes in the fair

value of underlying investments.

*Uncalled Commitments*

Uncalled commitments is the aggregate amount of unfunded capital commitments that KKR's investment funds and

carry-paying co-investment vehicles (including core private equity) have received from fund investors to contribute capital to

fund future investments, and the amount of uncalled commitments is not reduced by capital invested using borrowings under

an investment fund's subscription facility until capital is called from our fund investors. We believe this measure is useful to

stockholders as it provides additional insight into the amount of capital that is available to KKR's investment funds and carry

paying co-investment vehicles to make future investments. Uncalled commitments are not reduced for investments

completed using fund-level investment financing arrangements or investments we have committed to make but remain

unfunded at the reporting date.

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**Analysis of Consolidated Results of Operations (GAAP Basis)**

The following is a discussion of our consolidated results of operations on a GAAP basis for the years ended December 31,

2025 and 2024. You should read this discussion in conjunction with the financial statements and related notes included

elsewhere in this report. For a more detailed discussion of the factors that affected our segment results in these periods, see

"—Analysis of Segment Operating Results." See "Risk Factors" and "—Business Environment" in this report for more

information about risks, uncertainties, and other market and economic conditions that may impact our business, financial

performance, operating results, and valuations. For the discussion comparing our consolidated results of operations on a

GAAP basis for the years ended December 31, 2024 and 2023, see "Part II, Item 7. Management's Discussion and Analysis of

Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the year ended December 31, 2024,

filed with the SEC on February 28, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| **Revenues** |  |  |  |
| ***Asset Management and Strategic Holdings***  |  |  |  |
| Fees and Other | $4064273 | $3653962 | $410311 |
| Capital Allocation-Based Income (Loss) | 3771235 | 3558284 | 212951 |
|  | 7835508 | 7212246 | 623262 |
| ***Insurance*** |  |  |  |
| Net Premiums | 3397186 | 7898834 | (4501648) |
| Policy Fees | 1350814 | 1377686 | (26872) |
| Net Investment Income | 7665106 | 6574608 | 1090498 |
| Net Investment-Related Gains (Losses) | (1041070) | (1423086) | 382016 |
| Other Income | 256763 | 238410 | 18353 |
|  | 11628799 | 14666452 | (3037653) |
| Total Revenues | 19464307 | 21878698 | (2414391) |
| **Expenses** |  |  |  |
| ***Asset Management and Strategic Holdings*** |  |  |  |
| Compensation and Benefits | 4710394 | 4330967 | 379427 |
| Occupancy and Related Charges | 135941 | 117111 | 18830 |
| General, Administrative and Other | 1479796 | 1311676 | 168120 |
|  | 6326131 | 5759754 | 566377 |
| ***Insurance*** |  |  |  |
| Net Policy Benefits and Claims (including market risk benefit (gain) <br>loss of $312,446 and $(147790), respectively; remeasurement <br>(gain) loss on policy liabilities: $(82691) and $(74645), <br>respectively.)<br>| 10731153 | 13293282 | (2562129) |
| Amortization of Policy Acquisition Costs | 309319 | 174163 | 135156 |
| Interest Expense | 294969 | 271769 | 23200 |
| Insurance Expenses | 594724 | 741796 | (147072) |
| General, Administrative and Other | 756019 | 745096 | 10923 |
|  | 12686184 | 15226106 | (2539922) |
| Total Expenses | 19012315 | 20985860 | (1973545) |
| **Investment Income (Loss) - Asset Management and Strategic** <br>**Holdings**<br>|  |  |  |
| Net Gains (Losses) from Investment Activities | 4801453 | 3442853 | 1358600 |
| Dividend Income | 1440790 | 1100361 | 340429 |
| Interest Income | 3181871 | 3458526 | (276655) |
| Interest Expense | (2776946) | (3034145) | 257199 |
| Total Investment Income (Loss) | 6647168 | 4967595 | 1679573 |

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| **Income (Loss) Before Taxes** | **7099160** | **5860433** | **1238727** |
| Income Tax Expense (Benefit) | 953748 | 954396 | (648) |
| **Net Income (Loss)** | **6145412** | **4906037** | **1239375** |
| Net Income (Loss) Attributable to Redeemable Noncontrolling <br>Interests<br>| 155103 | 73149 | 81954 |
| Net Income (Loss) Attributable to Noncontrolling Interests | 3619846 | 1756643 | 1863203 |
| **Net Income (Loss) Attributable to KKR & Co. Inc.** | **2370463** | **3076245** | **(705782)** |
| Series D Mandatory Convertible Preferred Stock Dividends | 118596 |  | 118596 |
| **Net Income (Loss) Attributable to KKR & Co. Inc.** <br>**Common Stockholders**<br>| **$2251867** | **$3076245** | **$(824378)** |

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**Consolidated Results of Operations (GAAP Basis) – Asset Management and Strategic** 

**Holdings**

**Revenues** 

For the years ended December 31, 2025 and 2024, revenues consisted of the following:

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| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Management Fees | $2496783 | $1994089 | $502694 |
| Fee Credits | (712433) | (696091) | (16342) |
| Transaction Fees | 1762336 | 1857317 | (94981) |
| Monitoring Fees | 210886 | 187538 | 23348 |
| Incentive Fees | 27742 | 47430 | (19688) |
| Expense Reimbursements | 165397 | 152726 | 12671 |
| Consulting Fees | 113562 | 110953 | 2609 |
| Total Fees and Other | 4064273 | 3653962 | 410311 |
| Carried Interest | 3492171 | 3243495 | 248676 |
| General Partner Capital Interest | 279064 | 314789 | (35725) |
| Total Capital Allocation-Based Income (Loss) | 3771235 | 3558284 | 212951 |
| **Total Revenues**  | **$7835508** | **$7212246** | **$623262** |

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**Fees and Other**

Total Fees and Other for the year ended December 31, 2025, increased compared to the year ended December 31, 2024,

primarily as a result of an increase in management fees, which were partially offset by a decrease in Capital Markets

transaction fees.

For a more detailed discussion of the factors that affected our transaction fees during the period, see "—Analysis of Asset

Management Segment Operating Results."

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The increase in management fees was primarily attributable to (i) management fees commencing at North America Fund

XIV in the second quarter of 2025, (ii) management fees commencing at Global Infrastructure Investors V in the third quarter

of 2024 and management fees earned on new capital raised that were retroactive to the start of the fund's investment period

and (iii) management fees earned on new capital raised over the past twelve months by our private equity and infrastructure

K-Series vehicles. The increase was partially offset by (i) a lower level of management fees earned from Ascendant (our U.S.

middle market traditional private equity fund) due to management fees earned on new capital raised in 2024 that were

retroactive to the start of the fund's investment period and no such retroactive fees were earned in the current year, (ii) a

decrease in management fees earned from North America Fund XIII as a result of entering its post-investment period in the

second quarter of 2025 and now paying fees based on invested capital rather than committed capital, and (iii) no

management fees earned from Asian Fund II in the current period due to the termination of management fees in the fourth

quarter of 2024.

Management fees due from consolidated investment funds and other investment vehicles are eliminated upon

consolidation under GAAP. However, because these amounts are funded by, and earned from, noncontrolling interests, upon

consolidation under GAAP, KKR's allocated share of the net income from the consolidated investment funds and other

investment vehicles is increased by the amount of fees that are eliminated. Accordingly, net income (loss) attributable to KKR

would be unchanged if such investment funds and other investment vehicles were not consolidated. For a more detailed

discussion on the factors that affect our management fees during the period, see "—Analysis of Asset Management Segment

Operating Results."

Fee credits increased compared to the prior period as a result of (i) a higher level of transaction fees in our Private Equity

business line and (ii) a higher level of monitoring fees in our Private Equity and Real Assets business lines. Fee credits owed to

consolidated investment funds and other investment vehicles are eliminated upon consolidation under GAAP. However,

because these amounts are owed to noncontrolling interests, upon consolidation under GAAP, KKR's allocated share of the

net income from the consolidated investment funds and other investment vehicles is decreased by the amount of fee credits

that are eliminated. Accordingly, net income (loss) attributable to KKR would be unchanged if such investment funds and

other investment vehicles were not consolidated. Transaction and monitoring fees earned from KKR portfolio companies are

not eliminated upon consolidation because those fees are earned from companies which are not consolidated. Furthermore,

transaction fees earned in our capital markets business are not shared with fund investors. Accordingly, certain transaction

fees are reflected in our revenues without a corresponding fee credit.

**Capital Allocation-Based Income (Loss)**

Capital Allocation-Based Income (Loss) for the year ended December 31, 2025, was positive primarily due to the net

appreciation of the underlying investments in many of our unconsolidated carry-earning investment vehicles, most notably

North America Fund XIII, Asian Fund IV, and our private equity and infrastructure K-Series vehicles. Capital Allocation-Based

Income (Loss) for the year ended December 31, 2024, was positive primarily due to the net appreciation of the underlying

investments in many of our unconsolidated carry-earning investment funds, most notably North America Fund XIII, Global

Infrastructure Investors IV, and our private equity and infrastructure K-Series vehicles.

KKR calculates the carried interest that would be due to KKR for each investment fund, pursuant to the fund agreements,

as if the fair value of the underlying investments were realized as of the reporting date, irrespective of whether such amounts

have been realized. Since the fair value of the underlying investments varies between reporting periods, it is necessary to

make adjustments to the amounts recorded as carried interest to reflect either (i) positive performance, resulting in an

increase in the carried interest allocated to the general partner or (ii) negative performance that would cause the amount due

to KKR to be less than the amount previously recognized, resulting in a negative adjustment to carried interest allocated to

the general partner. In each case, it is necessary to calculate the carried interest on cumulative results compared to the

carried interest recorded to date and to make the required positive or negative adjustments.

**Investment Income (Loss)** 

*Net Gains (Losses) from Investment Activities for the year ended December 31, 2025*

The net gains from investment activities for the year ended December 31, 2025, were comprised of net realized gains of

$202.9 million and net unrealized gains of $4,598.6 million. See Note 4 "Net Gains (Losses) from Investment Activities – Asset

Management and Strategic Holdings" in our financial statements for detail of realized and unrealized gains and losses from

Investment Activities by asset class.

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Investment gains and losses relating to our general partner capital interest in our unconsolidated funds are not reflected

in our discussion and analysis of Net Gains (Losses) from Investment Activities. Our economics associated with these

investment gains and losses are reflected in Capital Allocation-Based Income (Loss) as described above.

For the year ended December 31, 2025, net gains (losses) from investment activities were driven primarily by mark-to-

market gains relating to our investment in Exact Holding B.V. (technology sector), USI, Inc. (financial services sector), and IVI-

RMA Global, S.L. (health care sector) held through our consolidated core private equity vehicles. These mark-to-market gains

were partially offset by (i) mark-to-market losses primarily relating to our investment in PetVet Care Centers, LLC (healthcare

sector) held through our consolidated core private equity vehicles, and OneStream, Inc. (NASDAQ: OS), (ii) mark-to-market

losses on certain foreign exchange forward contracts and (iii) mark-to-market losses on certain investments held in

consolidated CLOs.

Net investment gains (losses) for each asset class are influenced by the valuation methodology applied to each asset, as

well as factors specific to each investment. For the year ended December 31, 2025, net investment gains (losses) were

primarily generated in the following asset classes:

• Private Equity (including core private equity), which were primarily impacted by overall positive operating

performance of certain portfolio companies. Changes in market multiples varied across regions and sectors used in

the market comparables methodology for the valuation of Level III investments; and

• Real Assets, which primarily benefited from the overall positive operating performance of certain infrastructure

assets. Changes in market multiples varied across regions and sectors used in the market comparables methodology

for the valuation of Level III investments.

See "Risk Factors" and "—Business Environment" in this report for more information about the factors that may impact

our business, financial performance, operating results, and valuation.

*Net Gains (Losses) from Investment Activities for the year ended December 31, 2024*

The net gains from investment activities for the year ended December 31, 2024, were comprised of net realized gains of

$246.8 million and net unrealized gains of $3,196.0 million. See Note 4 "Net Gains (Losses) from Investment Activities – Asset

Management and Strategic Holdings" in our financial statements for detail of realized and unrealized gains and losses from

Investment Activities by asset class.

Investment gains and losses relating to our general partner capital interest in our unconsolidated funds are not reflected

in our discussion and analysis of Net Gains (Losses) from Investment Activities. Our economics associated with these

investment gains and losses are reflected in Capital Allocation-Based Income (Loss) as described above.

For the year ended December 31, 2024, net gains (losses) from investment activities were driven primarily by mark-to-

market gains primarily relating to our investment in USI, Inc., 1-800 Contacts Inc. (healthcare sector), April SA (financial

services sector), and Exact Holding B.V. (technology sector) held through our consolidated core private equity vehicles. These

mark-to-market gains were partially offset by mark-to-market losses primarily relating to our investment in BridgeBio Pharma,

Inc. (NASDAQ: BBIO), PetVet Care Centers, LLC (healthcare sector), and Accell Group N.V. (consumer products sector).

The factors that affect each investment strategy vary depending on the nature of the asset class and the valuation

methodology employed. For the year ended December 31, 2024, net investment gains (losses) were primarily generated in

the following asset classes:

• Private Equity (including core private equity), which were primarily impacted by (i) overall positive operating

performance of its portfolio companies and (ii) the positive returns of global equity markets and the related increase

of market multiples used in the market comparables methodology for the valuation of Level III investments; and

• Real Assets, which primarily benefited from the positive operating performance of certain infrastructure assets and,

to a lesser extent, by the positive returns of global equity markets and the related increase of market multiples used

in the market comparables methodology for the valuation of Level III investments.

See "Risk Factors" and "—Business Environment" in this report for more information about the factors that may impact

our business, financial performance, operating results, and valuation.

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**Dividend Income**

During the year ended December 31, 2025, dividend income was primarily from (i) our investments in 1-800 Contacts Inc.,

Exact Holdings B.V. and April SA, all held through our consolidated core vehicles and (ii) various investments in certain of our

consolidated opportunistic real estate equity funds. During the year ended December 31, 2024, dividend income was

primarily from (i) our investments in 1-800 Contacts Inc. and Exact Holdings B.V. held through our consolidated core private

equity vehicles, (ii) certain of our consolidated opportunistic real estate equity funds, and (iii) our investment in MásOrange

(telecommunications sector), held through our consolidated European Fund V.

Significant dividends from portfolio companies and consolidated funds are generally not recurring quarterly dividends,

and while they may occur in the future, their size and frequency are variable. For a discussion of other factors that affected

KKR's dividend income, see "—Analysis of Asset Management Segment Operating Results."

**Interest Income**

The decrease in interest income during the year ended December 31, 2025, compared to the year ended December 31,

2024, was primarily due to the impact of lower market interest rates during the current period on floating rate credit

investments held in consolidated CLOs and certain of our consolidated private credit funds. The decrease was partially offset

by the impact of closing CLOs that are consolidated subsequent to December 31, 2024. For a discussion of other factors that

affected KKR's interest income, see "—Analysis of Asset Management Segment Operating Results."

**Interest Expense**

The decrease in interest expense during the year ended December 31, 2025, compared to the year ended December 31,

2024, was primarily due to the impact of lower market interest rates during the current period on floating rate debt

obligations held in consolidated CLOs and at certain consolidated funds and other investment vehicles. The decrease was

partially offset by (i) the impact of closing CLOs that were consolidated subsequent to December 31, 2024, and (ii) an increase

in the amount of borrowings outstanding. For a discussion of other factors that affected KKR's interest expense, see "—Key

Segment and Non-GAAP Performance Measures."

**Expenses** 

*Compensation and Benefits* 

The increase in compensation and benefits during the year ended December 31, 2025, compared to the year ended

December 31, 2024, was primarily due to a higher level of accrued carried interest compensation driven by a higher level of

carried interest income earned in the current period.

*Occupancy and Related Charges*

The increase in occupancy and related charges during the year ended December 31, 2025, compared to the year ended

December 31, 2024, was primarily due to the commencement of new office leases in the current period.

*General, Administrative and Other*

The increase in general, administrative and other expenses during the year ended December 31, 2025, compared to the

year ended December 31, 2024, was primarily due to a higher level of expenses reimbursable from our investment funds and

a higher level of corporate general administrative costs, partially offset by a prior year legal accrual that did not recur in the

current period.

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**Consolidated Results of Operations (GAAP Basis) – Insurance** 

**Revenues**

For the years ended December 31, 2025 and 2024, revenues consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Net Premiums | $3397186 | $7898834 | $(4501648) |
| Policy Fees | 1350814 | 1377686 | (26872) |
| Net Investment Income | 7665106 | 6574608 | 1090498 |
| Net Investment-Related Gains (Losses) | (1041070) | (1423086) | 382016 |
| Other Income | 256763 | 238410 | 18353 |
| **Total Insurance Revenues** | **$11628799** | **$14666452** | **$(3037653)** |

---

*Net Premiums*

Net premiums decreased for the year ended December 31, 2025, as compared to the year ended December 31, 2024,

primarily due to a decrease in initial premiums assumed from fewer reinsurance transactions with life contingencies or

morbidity risk during the year ended December 31, 2025, as compared to the year ended December 31, 2024. Offsetting

these decreases in part were increases from new premiums earned on direct pension risk transfer and preneed insurance

products with life contingencies or morbidity risk. Initial premiums from new business are generally offset by a comparable

change in policy reserves reported within net policy benefits and claims (as discussed below under "Expenses—Net policy

benefits and claims").

*Net Investment Income*

Net investment income increased for the year ended December 31, 2025, as compared to the year ended December 31,

2024, primarily due to (i) increased average assets under management due to growth in assets in the institutional and

individual market channels as a result of the cumulative impact of new business volumes in the current and preceding

quarters, and (ii) higher average portfolio yields.

*Net Investment-Related Gains (Losses)*

The components of net investment-related gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Equity Index Options | $926268 | $567543 | $358725 |
| Interest Rate Contracts | 86222 | (569315) | 655537 |
| Funds Withheld Payable Embedded Derivatives | (521690) | 350241 | (871931) |
| Foreign Exchange and Other Derivative Contracts | (190055) | 121716 | (311771) |
| Equity Futures Contracts | (51443) | (87484) | 36041 |
| Funds Withheld Receivable Embedded Derivatives | (47029) | 37226 | (84255) |
| Net Gains (Losses) on Derivative Instruments | 202273 | 419927 | (217654) |
| Net Other Investment Gains (Losses) | (1243343) | (1843013) | 599670 |
| **Net Investment-Related Gains (Losses)** | **$(1041070)** | **$(1423086)** | **$382016** |

---

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*Net Gains (Losses) on Derivative Instruments*

The decrease in the fair value of embedded derivatives on funds withheld at interest payable for the year ended

December 31, 2025 was primarily driven by the changes in the fair value of the underlying investments in the funds withheld

at interest payable portfolio, which is primarily comprised of fixed maturity securities (designated as trading for accounting

purposes), mortgage and other loan receivables, and real asset investments. The underlying investments in the funds

withheld at interest payable portfolio increased in value during the year ended December 31, 2025 resulting in a loss on the

related embedded derivative, primarily due to a decrease in market interest rates during the year. In contrast, during the year

ended December 31, 2024, market interest rates increased, resulting in a decline in the fair value of the underlying

investments and a corresponding gain on the related embedded derivative.

The increase in the fair value of equity index options was primarily driven by the performance of the underlying indices.

Global Atlantic purchases equity index options to hedge the market risk of embedded derivatives in indexed universal life and

fixed-indexed annuity products (the change in which is accounted for in net policy benefits and claims). The majority of Global

Atlantic's equity index options are based on the S&P 500 Index, which increased during both the years ended December 31,

2025 and 2024, and an increase in the notional amount of equity market contracts outstanding.

The increase in the fair value of interest rate contracts was primarily driven by a decrease in market interest rates during

the year ended December 31, 2025, as compared to an increase in market interest rates during the year ended December 31,

2024, resulting in a gain on interest rate contracts for the year ended December 31, 2025, as compared to a loss on interest

rate contracts for the year ended December 31, 2024.

The decrease in the fair value of foreign exchange and other derivative contracts was primarily driven by a decrease due

to depreciation of the U.S. dollar against the euro and British pound during the year ended December 31, 2025.

*Net Other Investment-Related Gains (Losses)*

The components of net other investment-related gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Realized Gains (Losses) on Investments Not Supporting Asset-<br>Liability Matching Strategies<br>| $46402 | $22468 | $23934 |
| Realized Gains (Losses) on Available-for-Sale Fixed Maturity <br>Securities<br>| (1788912) | (567985) | (1220927) |
| Credit Loss Allowances | (277087) | (390498) | 113411 |
| Unrealized Gains (Losses) on Fixed Maturity Securities Classified as <br>Trading<br>| 486831 | (735209) | 1222040 |
| Unrealized Gains (Losses) on Other Investments Accounted Under <br>a Fair-Value Option and Equity Investments<br>| 92162 | 9560 | 82602 |
| Unrealized Gains (Losses) on Real Assets | 71982 | (167873) | 239855 |
| Realized Gains (Losses) on Real Assets | 14386 | 11418 | 2968 |
| Realized Gains (Losses) on Funds Withheld at Interest Payable <br>Portfolio<br>| 117327 | 126422 | (9095) |
| Realized Gains (Losses) on Funds Withheld at Interest Receivable <br>Portfolio<br>| (89113) | (62493) | (26620) |
| Foreign Exchange Gains (Losses) on Non-USD Denominated <br>Investments<br>| 221125 | (68632) | 289757 |
| Other | (138446) | (20191) | (118255) |
| **Net Other Investment-Related Gains (Losses)** | **$(1243343)** | **$(1843013)** | **$599670** |

---

The decrease in net other investment-related losses for the year ended December 31, 2025, as compared to the year

ended December 31, 2024, was primarily due to (i) an increase in unrealized gains on fixed maturity securities classified as

trading, and (ii) an increase in foreign exchange gains on non-U.S. dollar denominated investments due to the greater foreign

exchange volatility as a result of the depreciation of the U.S. dollar against the euro and British pound during the year ended

December 31, 2025.

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Offsetting these decreases in net other investment-related losses in part was an increase in realized losses on available-

for-sale fixed maturity securities due to portfolio repositioning trades during the year ended December 31, 2025.

**Expenses**

*Net Policy Benefits and Claims*

Net policy benefits and claims decreased for the year ended December 31, 2025, as compared to the year ended

December 31, 2024, primarily due to (i) lower initial reserves assumed related to new reinsurance transactions with life

contingencies or morbidity risk in the year ended December 31, 2025, as compared to the year ended December 31, 2024, (ii)

favorable impacts related to the assumption review described below, and (iii) the change in the value of embedded

derivatives in Global Atlantic's fixed indexed annuity products as a result of an increase in equity market gains for the year

ended December 31, 2025, as compared to the year ended December 31, 2024 (as discussed above under "—Consolidated

Results of Operations (GAAP Basis)—Revenues—Net investment-related gains (losses)". Global Atlantic purchases equity

index options in order to hedge this risk, the fair value changes of which are accounted for in gains (losses) on derivative

instruments, and generally offsets the change in embedded derivative fair value reported in net policy benefits and claims).

These decreases were partially offset by (i) higher average funding costs due to higher crediting rates and the ordinary-

course run-off of older business originated in a low interest rate environment, (ii) new reserves established related to new

business originated with life or morbidity risks associated with preneed insurance and direct pension risk transfer products,

and (iii) an increase in market risk benefits losses due to a decrease in market interest rates for the year ended December 31,

2025, as compared to an increase in market interest rates for the year ended December 31, 2024.

The assumptions on which reserves, deferred revenue and expenses are based are intended to represent an estimate of

the benefits that are expected to be payable to, and fees or premiums that are expected to be collectible from, policyholders

in future periods. Global Atlantic reviews the adequacy of its reserves, deferred revenue and expenses, and the assumptions

underlying those items at least annually, usually in the third quarter, referred to as an "assumption review." As Global Atlantic

analyzes its assumptions, to the extent Global Atlantic chooses to update one or more of those assumptions, there may be an

"unlocking" impact. Generally, favorable unlocking means the change in assumptions required a reduction in reserves, or in

deferred revenue liabilities, and unfavorable unlocking means the change in assumptions required an increase in reserves or

in deferred revenue liabilities, or a reduction in deferred expenses.

For the year ended December 31, 2025, there was a net favorable assumption review impact of $82.7 million on net

policy benefits and claims, which was primarily due to (i) higher expected yield assumptions for certain interest-sensitive life

products, (ii) favorable expected surrender and persistency assumption changes for certain income annuity, variable annuity,

and life insurance products, and (iii) a decrease in expected morbidity assumptions on long-term care riders for certain fixed

annuity products, offset in part by (i) higher mortality rate assumptions for certain life insurance products, (ii) a change in the

activation assumption related to certain benefit riders on fixed-indexed annuities, and (iii) higher surrender rate assumptions

for certain assumed annuity products.

For the year ended December 31, 2024, there was a net favorable assumption review impact of $74.6 million on net

policy benefits and claim, which was primarily due to (i) higher assumed mortality rates for guaranteed income riders on

fixed-indexed annuities, and (ii) higher assumed interest rate margins on certain interest-sensitive life products due to an

increase in assumed reinvestment rates and flat crediting rates. These favorable impacts were partially offset by (i) lower

assumed surrender rates on interest-sensitive life products without secondary guarantees, (ii) an increase in the option

budget assumptions for certain fixed-indexed annuities and interest sensitive life products, and (iii) higher surrender rate

assumption for certain assumed flow annuity business.

*Amortization of Policy Acquisition Costs*

Amortization of policy acquisition costs increased for the year ended December 31, 2025, as compared to the year ended

December 31, 2024, primarily due to (i) the remeasurement of the policy liabilities associated with certain cost-of-reinsurance

asset intangibles during the year ended December 31, 2024, resulting in an increase in the cost-of-reinsurance asset and a

decrease in amortization in the comparative twelve month period, and (ii) an increase in deferred acquisition costs

amortization for the year ended December 31, 2025 associated with the cumulative impact of new business volumes

generated from individual retirement annuities and preneed insurance.

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*Interest Expense*

Interest expense increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024,

primarily due to an increase in total debt outstanding.

*Insurance Expenses*

Insurance expenses decreased for the year ended December 31, 2025, as compared to the year ended December 31,

2024, primarily due to a decrease in commission expenses as a result of the lower new business volumes in the institutional

markets channel.

*General, Administrative and Other*

General, administrative and other increased for the year ended December 31, 2025, as compared to the year ended

December 31, 2024, primarily due to increased employee compensation expenses, offset in part by a lower level of consulting

and employee augmentation costs.

**Other Consolidated Results of Operations (GAAP Basis)**

**Income Tax Expense (Benefit)**

Income tax expense decreased slightly for the year ended December 31, 2025, as compared to the year ended December

31, 2024, primarily driven by a lower level of income before tax attributable to KKR common stockholders partially offset by

an increase in state and foreign income taxes. As reported in Note 18 "Income Taxes" KKR's effective tax rate is 13%. If you

are to exclude the reported net income (loss) before taxes not attributable to KKR common stockholders, KKR's effective tax

rate would be 24%. For a discussion of factors that impacted KKR's tax provision, see Note 18 "Income Taxes" in our financial

statements included elsewhere in this report.

**Net Income (Loss) Attributable to Redeemable Noncontrolling Interests**

Net income (loss) attributable to redeemable noncontrolling interests relates primarily to net income (loss) attributable

to third-party limited partner interests in consolidated investment funds and other investment vehicles when the

noncontrolling interests have redemption features that are not solely within the control of KKR. Net income (loss) attributable

to redeemable noncontrolling interests increased for the year ended December 31, 2025, as compared to the year ended

December 31, 2024, primarily due to a higher level of net gains from investment activities at these consolidated investment

funds and other investment vehicles.

**Net Income (Loss) Attributable to Noncontrolling Interests**

Net income (loss) attributable to noncontrolling interests relates primarily to net income (loss) attributable to (i) non-

redeemable third-party limited partner interests in consolidated investment funds and other investment vehicles and (ii)

exchangeable securities representing ownership interests in KKR Group Partnership until they are exchanged for common

stock of KKR & Co. Inc. Net income (loss) attributable to noncontrolling interests increased for the year ended December 31,

2025, as compared to the year ended December 31, 2024, primarily due to a higher level of net gains from investment

activities at our consolidated investment funds and other investment vehicles.

**Net Income (Loss) Attributable to KKR & Co. Inc.** 

Net income (loss) attributable to KKR & Co. Inc. decreased for the year ended December 31, 2025, as compared to the

year ended December 31, 2024, primarily due to a higher level of realized investment losses on available-for-sale fixed

maturity securities in our insurance business, which were partially offset by (i) a higher level of capital allocation-based

income from our asset management business, (ii) a higher level of investment-related net gains attributable to KKR & Co. Inc.

from our asset management and strategic holdings operations and (iii) a higher level of asset management fee related income

in the current period.

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**Consolidated Statements of Financial Condition (GAAP Basis)**

Please see our consolidated statements of financial condition on a GAAP basis as of December 31, 2025 and December

31, 2024 in our financial statements included in this report.

KKR & Co. Inc. Stockholders' Equity - Common Stock increased from December 31, 2024 primarily due to unrealized gains

on available-for sale-securities from Global Atlantic that are recorded in other comprehensive income and net income

attributable to KKR & Co. Inc. common stockholders, which were partially offset by dividends to common and preferred

stockholders.

**Consolidated Statements of Cash Flows (GAAP Basis)**

The following is a discussion of our consolidated cash flows for the years ended December 31, 2025, 2024, and 2023. You

should read this discussion in conjunction with the financial statements and related notes included elsewhere in this report.

The consolidated statements of cash flows include the cash flows of our consolidated entities, which include certain

consolidated investment funds, CLOs and certain variable interest entities formed by Global Atlantic notwithstanding the fact

that we may hold only a minority economic interest in those investment funds and CFEs. The assets of our consolidated

investment funds and CFEs, on a gross basis, can be substantially larger than the assets of our business and, accordingly, could

have a substantial effect on the cash flows reflected in our consolidated statements of cash flows. The primary cash flow

activities of our consolidated funds and CFEs involve: (i) capital contributions from fund investors; (ii) using the capital of fund

investors to make investments; (iii) financing certain investments with indebtedness; (iv) generating cash flows through the

realization of investments; and (v) distributing cash flows from the realization of investments to fund investors. Because our

consolidated investment funds are treated as investment companies for accounting purposes, certain of these cash flow

amounts are included in our cash flows from operations.

**Net Cash Provided (Used) by Operating Activities** 

Our net cash provided (used) by operating activities was $0.5 billion, $6.6 billion, and $(1.5) billion during the years ended

December 31, 2025, 2024, and 2023, respectively. Our operating activities primarily included: (i) investments purchased (asset

management and strategic holdings), net of proceeds from investments (asset management and strategic holdings) of

$(9.2) billion, $(0.7) billion, and $(8.6) billion during the years ended December 31, 2025, 2024, and 2023, respectively, (ii) net

realized gains (losses) on investments (asset management and strategic holdings) of $0.2 billion, $0.2 billion, and $(0.8) billion

during the years ended December 31, 2025, 2024, and 2023, respectively, (iii) change in unrealized gains (losses) on

investments (asset management and strategic holdings) of $4.6 billion, $3.2 billion, and $3.8 billion during the years ended

December 31, 2025, 2024, and 2023, respectively, (iv) capital allocation-based income (loss) (asset management and strategic

holdings) of $3.8 billion, $3.6 billion, and $2.8 billion during the years ended December 31, 2025, 2024, and 2023,

respectively, (v) net investment and policy liability-related gains (losses) (insurance) of $(3.3) billion, $(3.3) billion, and $(2.6)

billion during the years ended December 31, 2025, 2024, and 2023, respectively, and (vi) interest credited to policyholder

account balances (net of policy fees) (insurance) of $5.0 billion, $4.2 billion, and $2.8 billion during the years ended December

31, 2025, 2024, and 2023, respectively. Investment funds are investment companies under GAAP and reflect their

investments and other financial instruments at fair value.

**Net Cash Provided (Used) by Investing Activities**

Our net cash provided (used) by investing activities was $(16.3) billion, $(19.0) billion, and $(3.9) billion during the years

ended December 31, 2025, 2024, and 2023, respectively. Our investing activities primarily included: (i) investments purchased

(insurance), net of proceeds from investments (insurance), of $(16.0) billion, $(18.9) billion, and $(3.8) billion during the years

ended December 31, 2025, 2024, and 2023, respectively, (ii) acquisitions, net of cash acquired, of $(146.3) million during the

year ended December 31, 2025, and (iii) the purchase of fixed assets of $(160.8) million, $(141.5) million, and $(108.4) million

during the years ended December 31, 2025, 2024, and 2023, respectively.

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**Net Cash Provided (Used) by Financing Activities**

Our net cash provided (used) by financing activities was $17.4 billion, $7.1 billion, and $12.8 billion during the years

ended December 31, 2025, 2024, and 2023, respectively. Our financing activities primarily included: (i) contributions from, net

of distributions to, our noncontrolling and redeemable noncontrolling interests of $6.3 billion, $0.1 billion, and $6.4 billion

during the years ended December 31, 2025, 2024, and 2023, respectively, (ii) proceeds received, net of repayment of debt

obligations, of $2.0 billion, $3.5 billion, and $3.6 billion during the years ended December 31, 2025, 2024, and 2023,

respectively, (iii) proceeds from the issuance of Series D Mandatory Convertible Preferred Stock (net of issuance cost) of

$2.5 billion during the year ended December 31, 2025, (iv) additions to, net of withdrawals from, contractholder deposit funds

(insurance) of $7.0 billion, $7.9 billion, and $1.9 billion during the years ended December 31, 2025, 2024, and 2023,

respectively, (v) cash consideration for the 2024 GA Acquisition of $(2.6) billion during the year ended December 31, 2024, (vi)

reinsurance transactions, net of cash provided (insurance) of $193.6 million, $47.8 million, and $1.2 billion during the years

ended December 31, 2025, 2024, and 2023, respectively, (vii) common stock dividends of $(649.9) million, $(612.1) million,

and $(563.3) million during the years ended December 31, 2025, 2024, and 2023, respectively, (viii) Series D Mandatory

Convertible Preferred Stock Dividends of $(118.6) million during the year ended December 31, 2025, and (ix) Series C

Mandatory Convertible Preferred Stock Dividends of $(51.7) million during the year ended December 31, 2023.

**Analysis of Segment Operating Results**

The following is a discussion of the results of our business on a segment basis for the years ended December 31, 2025 and

2024. You should read this discussion in conjunction with the information included under "—Analysis of Non-GAAP

Performance Measures" and the financial statements and related notes included elsewhere in this report. See "Risk Factors"

and "—Business Environment" in this report for more information about factors that may impact our business, financial

performance, operating results, and valuations. For the discussion comparing our business on a segment basis for the years

ended December 31, 2024 and 2023, see "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and

Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on

February 28, 2025.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Analysis of Asset Management Segment Operating Results**

The following tables set forth information regarding KKR's asset management segment operating results for the years

ended December 31, 2025 and 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Management Fees | $4100841 | $3461381 | $639460 |
| Transaction and Monitoring Fees, Net | 1092577 | 1165884 | (73307) |
| Fee Related Performance Revenues | 181784 | 137992 | 43792 |
| Fee Related Compensation | (940721) | (833918) | (106803) |
| Other Operating Expenses | (720168) | (663543) | (56625) |
| Fee Related Earnings | 3714313 | 3267796 | 446517 |
| Realized Performance Income | 1879512 | 1822115 | 57397 |
| Realized Performance Income Compensation | (1387776) | (1213327) | (174449) |
| Realized Investment Income | 403455 | 534668 | (131213) |
| Realized Investment Income Compensation | (60520) | (80198) | 19678 |
| **Asset Management Segment Earnings** | **$4548984** | **$4331054** | **$217930** |

---

**Management Fees**

The following table presents management fees by business line:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| **Management Fees** |  |  |  |
| Private Equity | $1529169 | $1376335 | $152834 |
| Real Assets | 1300924 | 992731 | 308193 |
| Credit and Liquid Strategies | 1270748 | 1092315 | 178433 |
| **Total Management Fees** | **$4100841** | **$3461381** | **$639460** |

---

The increase in Private Equity management fees was primarily attributable to (i) management fees commencing at North

America Fund XIV in the second quarter of 2025 and (ii) management fees earned on new capital raised over the past twelve

months at our private equity K-Series vehicles, net of certain revenue sharing arrangements. The increase was partially offset

by (i) a lower level of management fees earned from Ascendant (our U.S. middle market traditional private equity fund) due

to management fees earned on new capital raised in 2024 that were retroactive to the start of the fund's investment period

and no such retroactive fees were earned in the current year, (ii) a decrease in management fees earned from North America

Fund XIII as a result of entering its post-investment period in the second quarter of 2025, and now paying fees based on

invested capital rather than committed capital, and (iii) no management fees earned from Asian Fund II in the current period

due to the termination of management fees in the fourth quarter of 2024. During the three and twelve months ended

December 31, 2025, approximately $12.0 million and $17.0 million, respectively of management fees were earned on new

capital raised that were retroactive to the start of the relevant fund's investment period. Additionally, in the fourth quarter of

2025 approximately $11.4 million of fees were recognized for providing advisory services to entities in certain fund structures.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

The increase in Real Assets management fees was primarily attributable to (i) management fees commencing at Global

Infrastructure Investors V in the third quarter of 2024, (ii) management fees earned on new capital raised over the past twelve

months at our infrastructure K-Series vehicles, net of certain revenue sharing arrangements, and (iii) a higher level of

management fees earned from Global Atlantic primarily due to the growth in assets from inflows. The increase was partially

offset by a decrease in management fees earned from Global Infrastructure Investors III and Asia Pacific Infrastructure

Investors due to a decrease in invested capital during the current year. During the three and twelve months ended December

31, 2025, approximately $14.3 million and $71.1 million, respectively of management fees were earned on new capital raised

that is retroactive to the start of the relevant fund's investment period. Additionally, in the fourth quarter of 2025

approximately $5.6 million of fees were recognized for providing advisory services to entities in certain fund structures.

The increase in Credit and Liquid Strategies management fees was primarily attributable to (i) a higher level of

management fees earned from Global Atlantic primarily due to the growth in assets from inflows, (ii) an increase in capital

invested in certain alternative credit strategy accounts, which resulted in an increase in its fee base, and (iii) a higher level of

management fees earned from CLOs from new issuances in both the United States and Europe during the year ended

December 31, 2025.

**Transaction and Monitoring Fees, Net**

The following table presents transaction and monitoring fees, net by business line:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| **Transaction and Monitoring Fees, Net** |  |  |  |
| Private Equity | $93707 | $100619 | $(6912) |
| Real Assets | 53065 | 52508 | 557 |
| Credit and Liquid Strategies | 15662 | 10994 | 4668 |
| Capital Markets | 930143 | 1001763 | (71620) |
| **Total Transaction and Monitoring Fees, Net** | **$1092577** | **$1165884** | **$(73307)** |

---

Our Private Equity, Real Assets, and Credit and Liquid Strategies business lines earn transaction and monitoring fees from

portfolio companies, and under the terms of the management agreements with certain of our investment funds, we are

required to share all or a portion of such fees with our fund investors. For most of our investment funds, transaction and

monitoring fees are credited against fund management fees up to 100% of the amount of the transaction and monitoring fees

attributable to that investment fund, which results in a decrease of our monitoring and transaction fees. Our Capital Markets

business line earns transaction fees, which are generally not shared with fund investors.

The decrease in transaction and monitoring fees, net is primarily due to a lower level of transaction fees earned in our

Capital Markets business line. The decrease in capital markets transaction fees was primarily due to a decrease in the size of

capital markets transactions for the year ended December 31, 2025. Overall, we completed 404 capital markets transactions

for the year ended December 31, 2025, of which 49 represented equity offerings and 355 represented debt offerings, as

compared to 397 transactions for the year ended December 31, 2024, of which 56 represented equity offerings and 341

represented debt offerings. We earn fees in connection with underwriting, syndication, and other capital markets services.

While each of the capital markets transactions that we undertake in this business line is separately negotiated, our fee rates

are generally higher with respect to underwriting or syndicating equity offerings than with respect to debt offerings, and the

amount of fees that we earn for similar transactions generally correlates with overall transaction sizes.

Our capital markets fees are generated in connection with activity involving our Private Equity, Real Assets, and Credit

and Liquid Strategies business lines as well as from third-party companies. For the year ended December 31, 2025,

approximately 15% of our transaction fees in our Capital Markets business line were earned from unaffiliated third parties as

compared to approximately 13% for the year ended December 31, 2024. Our transaction fees are comprised of fees earned

from North America, Europe, and the Asia-Pacific region. For the year ended December 31, 2025, approximately 54% of our

transaction fees were generated outside of North America as compared to approximately 47% for the year ended December

31, 2024. Our Capital Markets business line is dependent on the overall capital markets environment, which is influenced by,

among other things, equity prices, credit spreads, and volatility. Our Capital Markets business line does not generate

monitoring fees.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Fee Related Performance Revenues**

The following table presents fee related performance revenues by business line:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| **Fee Related Performance Revenues** |  |  |  |
| Private Equity | $2506 | $— | $2506 |
| Real Assets | 105486 | 59557 | 45929 |
| Credit and Liquid Strategies | 73792 | 78435 | (4643) |
| **Total Fee Related Performance Revenues** | **$181784** | **$137992** | **$43792** |

---

Fee related performance revenues represent performance fees that are (i) expected to be received from our investment

funds, investment vehicles and accounts on a more recurring basis and (ii) not dependent on a realization event involving

investments held by the investment fund, vehicle or account.

The increase in fee related performance revenues for the year ended December 31, 2025 compared to the prior period

was primarily due to a higher level of performance revenues being earned from our infrastructure K-Series vehicles in our Real

Assets business line.

**Fee Related Compensation**

The increase in fee related compensation for the year ended December 31, 2025 compared to the prior period was

primarily due to a higher level of compensation recorded in connection with the higher level of fee related revenues.

**Other Operating Expenses**

The increase in other operating expenses for the year ended December 31, 2025 compared to the prior period was

primarily due to a higher level of occupancy related and general and administrative costs.

**Fee Related Earnings**

The increase in fee related earnings for the year ended December 31, 2025 compared to the prior period was primarily

due to (i) a higher level of management fees across our Private Equity, Real Assets, and Credit and Liquid Strategies business

lines and (ii) a higher level of fee related performance revenues primarily earned in our Real Assets business line, partially

offset by a (i) higher level of fee related compensation and other operating expenses and (ii) a lower level of transaction fees

earned in our Capital Markets business line, as described above.

**Realized Performance Income**

The following table presents realized performance income by business line:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| **Realized Performance Income** |  |  |  |
| Private Equity | $1321116 | $1312479 | $8637 |
| Real Assets | 260741 | 218320 | 42421 |
| Credit and Liquid Strategies | 297655 | 291316 | 6339 |
| **Total Realized Performance Income** | **$1879512** | **$1822115** | **$57397** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| **Private Equity** |  |  |  |
| Asian Fund IV | $357526 | $— | $357526 |
| Americas Fund XII | 246984 | 828543 | (581559) |
| Private Equity K-Series | 233117 | 86940 | 146177 |
| Strategic Investor Partnerships | 193031 |  | 193031 |
| Core Private Equity Vehicles | 187886 | 65846 | 122040 |
| Next Generation Technology Growth Fund II | 162679 |  | 162679 |
| European Fund V | 89459 | 32864 | 56595 |
| Health Care Strategic Growth Fund | 53650 |  | 53650 |
| Asian Fund III | 36984 | 248622 | (211638) |
| Global Impact Fund | 13215 |  | 13215 |
| Strategic Holdings Segment | 12328 | 15475 | (3147) |
| Asian Fund II Carried Interest Repayment Obligation  | (344231) |  | (344231) |
| Other | 78488 | 34189 | 44299 |
| **Total Realized Performance Income** | **$1321116** | **$1312479** | **$8637** |

---

Realized performance income in our Private Equity business line for the year ended December 31, 2025 consisted

primarily of (i) realized proceeds from the sale of our investments in Seiyu Group (consumer products sector) held by Asian

Fund IV, ReliaQuest, LLC (technology sector) held by Next Generation Technology Growth Fund II, Integrated Specialty

Services (financial services sector) held by Americas Fund XII, and The Citation Group (services sector) held by both European

Fund V and Global Impact Fund and (ii) performance income from our core private equity vehicles and private equity K-Series

vehicles. Realized performance income in our Private Equity business line was reduced by $344 million as a result of the

repayment of the Asian Fund II clawback obligation in the fourth quarter of 2025. On a net basis, after giving effect to carried

interest distributions already recouped from current and former employees, the clawback obligation reduced fourth quarter

2025 net realized performance income by $207 million.

Realized performance income in our Private Equity business line for the year ended December 31, 2024 consisted

primarily of (i) realized proceeds from the sale of our investments in AppLovin Corporation (NASDAQ: APP) and

GeoStabilization International (industrials sector), both held by Americas Fund XII, and Kokusai Electric Corporation (TYO:

6525) held by Asian Fund III and (ii) performance income from our core private equity vehicles and private equity K-Series

vehicles.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| **Real Assets** |  |  |  |
| Global Infrastructure Investors III | $107053 | $201536 | $(94483) |
| Asia Pacific Infrastructure Investors | 110000 |  | 110000 |
| Global Infrastructure Investors II | 8744 |  | 8744 |
| Other | 34944 | 16784 | 18160 |
| **Total Realized Performance Income** | **$260741** | **$218320** | **$42421** |

---

Realized performance income in our Real Assets business line for the year ended December 31, 2025 consisted primarily

of realized proceeds from the sale of our investments in Pinnacle Towers (infrastructure: telecommunications sector) held by

Asia Pacific Infrastructure Investors, Metronet Holdings, LLC (infrastructure: telecommunications sector), and NEP Renewables

II, LLC (infrastructure: energy and energy transition sector) held by Global Infrastructure Investors III, and Q-Park N.V.

(infrastructure: transportation sector) held by Global Infrastructure Investors II.

Realized performance income in our Real Assets business line for the year ended December 31, 2024 consisted primarily

of realized proceeds from the sale of our investment in FiberCop S.p.A. (infrastructure: telecommunications sector) and

ADNOC Oil Pipelines (infrastructure: midstream sector), both held by Global Infrastructure Investors III.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| **Credit and Liquid Strategies** |  |  |  |
| Lending Partners III | $12822 | $— | $12822 |
| Strategic Hedge Fund Partnerships and Other | 284833 | 291316 | (6483) |
| **Total Realized Performance Income** | **$297655** | **$291316** | **$6339** |

---

Realized performance income in our Credit and Liquid Strategies business line for the year ended December 31, 2025

consisted primarily of (i) performance fees earned from Marshall Wace and (ii) realized proceeds at Lending Partners III.

Realized performance income in our Credit and Liquid Strategies business line for the year ended December 31, 2024

consisted primarily of performance fees earned from Marshall Wace and our sub-advisory agreement with a UK investment

fund manager.

**Realized Performance Income Compensation**

The increase in realized performance income compensation for the year ended December 31, 2025 compared to the prior

period was primarily due to a higher level of compensation recorded in connection with the higher level of realized

performance income.

**Realized Investment Income**

The following table presents realized investment income from our Principal Activities business line:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Total Realized Investment Income | $403455 | $534668 | $(131213) |

---

The decrease in realized investment income is primarily due to a lower level of interest income and dividends partially

offset by a higher level of net realized gains. The amount of realized investment income depends on the transaction activity of

our funds and Asset Management segment balance sheet, which can vary from period to period.

For the year ended December 31, 2025, realized investment income was primarily comprised of (i) realized gains primarily

from the sale of our investments in BridgeBio Pharma, Inc., ReliaQuest, LLC, BrightSpring Health Services (fka Pharmerica)

(NASDAQ: BTSG), and Kokusai Electric Corporation, (ii) realized gains from the settlement of certain foreign exchange forward

contracts, and (iii) interest income primarily from our investments in CLOs. Partially offsetting the realized gains were realized

losses, the most significant of which were (i) a realized loss related to a structured multi-asset investment vehicle and (ii)

realized losses from the sale of various revolving credit facilities by the Capital Markets business line.

For the year ended December 31, 2024, realized investment income was primarily comprised of (i) interest income

primarily from our investments in CLOs and (ii) realized gains primarily from the sale of our investments in AppLovin

Corporation, Kokusai Electric Corporation, BridgeBio Pharma, Inc., and Darktrace Limited (LSE: DARK). Partially offsetting the

realized gains were realized losses, the most significant of which were (i) a realized loss on our alternative credit investment

Selecta Group HoldCo. (consumer products sector), (ii) realized losses from the sale of various revolving credit facilities, (iii) a

realized loss on our infrastructure investment, Indus Towers Limited (NSE: INDUSTOW), and (iv) a realized loss on our private

equity investment, Acteon Group Ltd. (energy sector).

Realized investment income includes the net income (loss) from KKR Capstone. For the year ended December 31, 2025,

total fees attributable to KKR Capstone were $113.6 million and total expenses attributable to KKR Capstone were $100.0

million. For KKR Capstone-related adjustments in reconciling segment revenues and expenses to GAAP revenues and expenses

"—See Note 21 "Segment Reporting" in the accompanying financial statements.

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As of the date of this filing, we have transactions that are pending or that have closed after December 31, 2025 that are

expected to result in realized performance income and realized investment income of at least $900 million, which are

expected to be realized in the first half of 2026. See "—Liquidity—Sources of Liquidity" for additional information. Some of

these transactions are not complete, and are subject to the satisfaction of closing conditions, including regulatory approvals;

therefore, there can be no assurance if or when such transactions will be completed. In addition, we may realize gains or

losses based on transactions or other events that occur after the date of filing this report, which could impact, positively or

negatively, the total amount of our realized performance income and realized investment income. Therefore, no assurance

can be given for what our actual realized performance income and realized investment income between the fourth quarter of

2025 and first half of 2026 or future periods will be.

**Realized Investment Income Compensation**

The decrease in realized investment income compensation for the year ended December 31, 2025 compared to the prior

period is primarily due to a lower level of compensation recorded in connection with the lower level of realized investment

income.

**Operating and Capital Metrics**

See also "Fund Performance Metrics" for more information about our investment funds, vehicles and accounts across our

Private Equity, Real Assets and Credit and Liquid Strategies business lines, including investment performance, capital

commitments, uncalled capital commitments, and invested capital of each. See also "Risk Factors" and "—Business

Environment" in this report for more information about the factors that may impact our business, financial performance,

operating results and valuations.

The following tables present our key asset management segment operating and capital metrics:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
| **($ in millions)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Assets Under Management | $743858 | $637572 | $106286 |
| Fee Paying Assets Under Management | $604144 | $511963 | $92181 |
| Uncalled Commitments | $118433 | $109555 | $8878 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in millions)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Capital Invested | $94610 | $83570 | $11040 |

---

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**Assets Under Management**

*Private Equity*

The following table reflects the changes in the AUM of our Private Equity business line from December 31, 2024 to

December 31, 2025:

---

| | |
|:---|:---|
|  | **($ in millions)** |
| December 31, 2024 | $195358 |
| New Capital Raised | 27176 |
| Acquisitions <sup>(1)</sup> | 3214 |
| Distributions and Other | (16411) |
| Redemptions | (105) |
| Change in Value | 20142 |
| **December 31, 2025** | **$229374** |

---

(1)Reflects the AUM of investment funds sponsored (or managed) by HealthCare Royalty Management, LLC at closing.

AUM of our Private Equity business line was $229.4 billion as of December 31, 2025, an increase of $34.0 billion,

compared to $195.4 billion as of December 31, 2024.

The increase was primarily attributable to (i) investment funds sponsored (or managed) by HealthCare Royalty

Management, LLC, which is an alternative asset management firm that we acquired on July 30, 2025, (ii) new capital raised

from North America Fund XIV and our private equity K-Series vehicles, and (iii) appreciation in investment value primarily

from Asian Fund IV, North America Fund XIII, our core private equity strategy and our private equity K-Series vehicles. Partially

offsetting the increases were (i) the release of capital commitments related to one of our strategic investor partnerships with

an insurance client, and (ii) distributions to fund investors primarily as a result of realized proceeds, most notably from Asian

Fund IV, Americas Fund XII and Asian Fund III.

For the year ended December 31, 2025, the value of our traditional private equity investment portfolio appreciated by

14%. This was comprised of a 16% increase in share prices of publicly held investments and a 14% increase in value of our

privately held investments. For the year ended December 31, 2025, the value of our growth equity investment portfolio

increased 13%, and the value of our core private equity investment portfolio increased 7%.

*Real Assets*

The following table reflects the changes in the AUM of our Real Assets business line from December 31, 2024 to

December 31, 2025:

---

| | |
|:---|:---|
|  | **($ in millions)** |
| December 31, 2024 | $165969 |
| New Capital Raised | 33739 |
| Distributions and Other | (15043) |
| Redemptions | (302) |
| Change in Value | 8117 |
| **December 31, 2025** | **$192480** |

---

AUM of our Real Assets business line was $192.5 billion as of December 31, 2025, an increase of $26.5 billion, compared

to $166.0 billion as of December 31, 2024.

The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows invested in real estate, our

infrastructure K-Series vehicles, and Global Infrastructure Investors V, and, to a lesser extent, (ii) appreciation in investment

value from Global Infrastructure Investors IV and the Diversified Core Infrastructure Fund. Partially offsetting the increase

were (i) payments to Global Atlantic policyholders and (ii) distributions to fund investors as a result of realized proceeds, most

notably from Global Infrastructure Investors III and one of our infrastructure separately managed accounts with a public

pension plan.

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For the year ended December 31, 2025, the value of our infrastructure investment portfolio appreciated 11% and the

value of our opportunistic real estate equity investment portfolio appreciated by 5%.

*Credit and Liquid Strategies*

The following table reflects the changes in the AUM of our Credit and Liquid Strategies business line from December 31,

2024 to December 31, 2025:

---

| | |
|:---|:---|
|  | **($ in millions)** |
| December 31, 2024 | $276245 |
| New Capital Raised | 68484 |
| Distributions and Other | (25633) |
| Redemptions | (5968) |
| Change in Value | 8876 |
| **December 31, 2025** | **$322004** |

---

AUM of our Credit and Liquid Strategies business line totaled $322.0 billion as of December 31, 2025, an increase of $45.8

billion, compared to AUM of $276.2 billion as of December 31, 2024.

The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows and various private credit and

leveraged credit investment funds, (ii) the issuance of CLOs, and, to a lesser extent, (iii) investment value appreciation across

our leveraged credit and private credit investment funds, and on assets managed by Marshall Wace. Partially offsetting the

increase were (i) payments to Global Atlantic policyholders, (ii) distributions to, and redemptions from, fund investors at

certain private and leveraged credit funds, and (iii) redemptions at Marshall Wace.

**Fee Paying Assets Under Management**

*Private Equity*

The following table reflects the changes in the FPAUM of our Private Equity business line from December 31, 2024 to

December 31, 2025:

---

| | |
|:---|:---|
|  | **($ in millions)** |
| December 31, 2024 | $119598 |
| New Capital Raised | 34442 |
| Acquisitions <sup>(1)</sup> | 3214 |
| Distributions and Other | (7649) |
| Redemptions | (105) |
| Net Changes in Fee Base of Certain Funds  | (1281) |
| Change in Value | 3020 |
| **December 31, 2025** | **$151239** |

---

(1)Reflects the FPAUM of investment funds sponsored (or managed) by HealthCare Royalty Management, LLC at closing.

FPAUM of our Private Equity business line was $151.2 billion as of December 31, 2025, an increase of $31.6 billion,

compared to $119.6 billion as of December 31, 2024.

The increase was primarily attributable to (i) investment funds sponsored (or managed) by HealthCare Royalty

Management, LLC, (ii) management fees commencing at North America Fund XIV in the second quarter of 2025, and (iii) new

capital raised from our private equity K-Series vehicles, our core private equity strategy, and assets we manage and earn fees

from in our Strategic Holdings segment. Partially offsetting the increase were (i) a change in fee base for North America Fund

XIII as a result of the fund entering its post-investment period in the second quarter of 2025, during which we earn fees on

invested capital rather than committed capital, (ii) distributions to fund investors primarily as a result of realized proceeds,

most notably from Asian Fund III and Americas Fund XII and (iii) fees waived at North America Fund XI in exchange for

extending the term of the fund.

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*Real Assets*

The following table reflects the changes in the FPAUM of our Real Assets business line from December 31, 2024 to

December 31, 2025:

---

| | |
|:---|:---|
|  | **($ in millions)** |
| December 31, 2024 | $139681 |
| New Capital Raised | 34839 |
| Distributions and Other | (11668) |
| Redemptions | (302) |
| Net Changes in Fee Base of Certain Funds  | (1908) |
| Change in Value | 2809 |
| **December 31, 2025** | **$163451** |

---

FPAUM of our Real Assets business line was $163.5 billion as of December 31, 2025, an increase of $23.8 billion,

compared to $139.7 billion as of December 31, 2024.

The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows invested in real estate, our

infrastructure K-Series vehicles, and Global Infrastructure Investors V, (ii) management fees commencing at Asia Pacific

Infrastructure III in the fourth quarter of 2025, and to a lesser extent, (iii) appreciation in investment value from the

Diversified Core Infrastructure Fund. Partially offsetting the increase were (i) a change in fee base for Asia Pacific

Infrastructure III in the fourth quarter of 2025, during which we earn fees on invested capital rather than committed capital,

(ii) payments to Global Atlantic policyholders, and (iii) distributions to fund investors as a result of realized proceeds, most

notably from one of our infrastructure separately managed accounts with a public pension plan and Global Infrastructure

Investors III.

*Credit and Liquid Strategies*

The following table reflects the changes in the FPAUM of our Credit and Liquid Strategies business line from December

31, 2024 to December 31, 2025:

---

| | |
|:---|:---|
|  | **($ in millions)** |
| December 31, 2024 | $252684 |
| New Capital Raised | 60107 |
| Distributions and Other | (24977) |
| Redemptions | (5968) |
| Change in Value | 7608 |
| **December 31, 2025** | **$289454** |

---

FPAUM of our Credit and Liquid Strategies business line was $289.5 billion as of December 31, 2025, an increase of

$36.8 billion, compared to $252.7 billion as of December 31, 2024.

The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows and deployment at various

private credit and leveraged credit investment funds, (ii) the issuance of CLOs, and, to a lesser extent, (iii) investment value

appreciation on assets managed by Marshall Wace. Partially offsetting the increase were (i) payments to Global Atlantic

policyholders, (ii) distributions to, and redemptions from, fund investors at certain private and leveraged credit funds, and (iii)

redemptions at Marshall Wace.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Uncalled Commitments**

*Private Equity*

As of December 31, 2025, our Private Equity business line had $52.3 billion of remaining uncalled commitments that

could be called for investments in new transactions as compared to $54.9 billion as of December 31, 2024. The decrease was

primarily attributable to (i) the release of capital commitments related to one of our strategic investor partnerships with an

insurance client and (ii) capital called from fund investors to make investments, largely offset by new capital commitments

from fund investors during the period.

*Real Assets*

As of December 31, 2025, our Real Assets business line had $35.0 billion of remaining uncalled commitments that could

be called for investments in new transactions as compared to $33.3 billion as of December 31, 2024. The increase was

primarily attributable to new capital commitments from fund investors, which was partially offset by capital called from fund

investors to make investments during the period.

*Credit and Liquid Strategies*

As of December 31, 2025, our Credit and Liquid Strategies business line had $31.1 billion of remaining uncalled

commitments that could be called for investments in new transactions as compared to $21.4 billion as of December 31, 2024.

The increase was primarily attributable to new capital commitments from fund investors, which was partially offset by capital

called from fund investors to make investments during the period.

**Capital Invested**

*Private Equity*

For the year ended December 31, 2025, $24.1 billion of capital was invested by our Private Equity business line, as

compared to $17.1 billion for the year ended December 31, 2024. The increase was driven primarily by a $4.7 billion increase

in capital invested in our core private equity strategy and a $2.5 billion increase in capital invested in our traditional private

equity strategy. During the year ended December 31, 2025, 41% of capital deployed in private equity was in transactions in

North America, 39% was in Europe, and 20% was in the Asia-Pacific region. The number of large private equity investments

made in any quarterly or year-to-date period is volatile and, consequently, a significant amount of capital invested in one

period or a few periods may not be indicative of a similar level of capital deployment in future periods.

*Real Assets*

For the year ended December 31, 2025, $26.7 billion of capital was invested by our Real Assets business line, as

compared to $27.9 billion for the year ended December 31, 2024. The decrease was driven primarily by a $3.8 billion decrease

in capital invested in our real estate strategy, partially offset by (i) a $1.7 billion increase in capital invested in our

infrastructure strategy and (ii) a $0.8 billion increase in capital invested in our energy strategy. During the year ended

December 31, 2025, 53% of capital deployed in real assets was in transactions in North America, 22% was in Europe, and 25%

was in the Asia-Pacific region. The number of large real assets investments made in any quarterly or year-to-date period is

volatile and, consequently, a significant amount of capital invested in one period or a few periods may not be indicative of a

similar level of capital deployment in future periods.

*Credit and Liquid Strategies*

For the year ended December 31, 2025, $43.8 billion of capital was invested by our Credit and Liquid Strategies business

line, as compared to $38.6 billion for the year ended December 31, 2024. The increase was driven primarily by a higher level

of capital deployed across our private credit strategies, most notably direct lending. During the year ended December 31,

2025, 79% of capital deployed was in transactions in North America, 16% was in Europe, and 5% was in the Asia-Pacific region.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Analysis of Insurance Segment Operating Results**

The following table sets forth information regarding KKR's insurance segment operating results for the years ended

December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Net Investment Income | $7224118 | $6328822 | $895296 |
| Net Cost of Insurance | (5229343) | (4448886) | (780457) |
| General, Administrative and Other | (885380) | (865390) | (19990) |
| **Insurance Operating Earnings** | **$1109395** | **$1014546** | **$94849** |

---

**Net Investment Income**

Net investment income increased for the year ended December 31, 2025, as compared to the year ended December 31,

2024, primarily due to (i) increased average assets under management from the cumulative impact of new business volume

growth, and (ii) higher average portfolio yields.

**Net Cost of Insurance**

Net cost of insurance increased for the year ended December 31, 2025, as compared to the year ended December 31,

2024, primarily due to (i) growth in reserves in the institutional and individual market channels as a result of the cumulative

impact of new business volumes in the current year, and (ii) higher average funding costs due to higher crediting rates and the

routine run-off of older business originated in a lower interest rate environment.

Net cost of insurance for the year ended December 31, 2025, also reflects a $40.1 million favorable impact from the

annual assumption review changes (as discussed above under —Consolidated Results of Operations (GAAP Basis)—Net Policy

Benefits and Claims) due to (i) higher expected yield assumptions for certain interest-sensitive life products, and (ii) favorable

expected surrender and persistency assumption changes for certain variable annuity and life insurance products offset in part

by (i) higher mortality rate assumptions for certain life insurance products, and (ii) higher surrender rate assumptions for

certain assumed annuity products.

**General, Administrative and Other** 

General, administrative and other expenses increased for the year ended December 31, 2025, as compared to the year

ended December 31, 2024, primarily due to (i) an increase in cash compensation expenses, and (ii) higher interest expense

primarily reflecting higher levels of borrowing.

**Insurance Operating Earnings**

Insurance operating earnings increased for the year ended December 31, 2025, as compared to the year ended December

31, 2024, primarily due to an increase in net investment income due to an increase in average assets under management and

higher portfolio yields, and the favorable impact of the annual assumption review, partially offset by an increase in net cost of

insurance due to the cumulative impact of new business volume growth and higher crediting rates.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Analysis of Strategic Holdings Segment Operating Results**

The following table sets forth information regarding KKR's strategic holdings segment operating results for the years

ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Dividends, Net | $162096 | $76211 | $85885 |
| Strategic Holdings Operating Earnings | 162096 | 76211 | 85885 |
| Net Realized Investment Income | 69861 | 87693 | (17832) |
| **Strategic Holdings Segment Earnings** | **$231957** | **$163904** | **$68053** |

---

**Dividends, Net**

For the year ended December 31, 2025, dividends, net were comprised of dividend income from 1-800 Contacts, Exact

Holding B.V., April S.A., Atlantic Aviation FBO Inc. (infrastructure: transportation sector) and ERM Worldwide Group Limited

(services sector). For the year ended December 31, 2024, dividends, net were comprised of dividend income from 1-800

Contacts Inc., Exact Holdings B.V., Viridor Limited (energy and energy transition sector), FiberCop S.p.A., Arnott's Biscuits

Limited (consumer products sector) and Atlantic Aviation FBO Inc. For the year ended December 31, 2025, the contractual

management fee charged by our Asset Management segment was $36.6 million and for the year ended December 31, 2024,

the management fee was $31.8 million.

**Net Realized Investment Income**

For the year ended December 31, 2025, net realized investment income was comprised of realized gains from the sale of

CyrusOne Inc. (infrastructure: telecommunications sector) and Refresco Group B.V. (manufacturing sector). For the year

ended December 31, 2024 net realized investment income was comprised of a realized gain from the sale of FiberCop S.p.A.

Realized investment income earned in our Strategic Holdings segment is reduced by a contractual performance fee charged by

our Asset Management segment. For the year ended December 31, 2025, the performance fee was $12.3 million and for the

year ended December 31, 2024, the performance fee was $15.5 million.

**Strategic Holdings Segment Earnings**

Strategic Holdings segment earnings for the year ended December 31, 2025, was higher compared to the prior period

primarily due to a higher level of dividends, partially offset by a lower level of net realized investment income.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Analysis of Non-GAAP Performance Measures**

The following is a discussion of our Non-GAAP performance measures for the years ended December 31, 2025 and 2024.

For a discussion comparing our Non-GAAP performance measures for the years ended December 31, 2024 and 2023, see "Part

II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on

Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** | **Change** |
| Fee Related Earnings | $3714313 | $3267796 | $446517 |
| Insurance Operating Earnings | 1109395 | 1014546 | 94849 |
| Strategic Holdings Operating Earnings | 162096 | 76211 | 85885 |
| Total Operating Earnings | 4985804 | 4358553 | 627251 |
| Net Realized Performance Income | 491736 | 608788 | (117052) |
| Net Realized Investment Income | 412796 | 542163 | (129367) |
| Total Investing Earnings | 904532 | 1150951 | (246419) |
| Total Segment Earnings | 5890336 | 5509504 | 380832 |
| Interest Expense, Net and Other | (404800) | (318441) | (86359) |
| Income Taxes on Adjusted Earnings | (1108064) | (988797) | (119267) |
| **Adjusted Net Income** | **$4377472** | **$4202266** | **$175206** |

---

**Total Operating Earnings**

The increase in total operating earnings for the year ended December 31, 2025 compared to the prior period was

primarily due to a higher level of fee related earnings and to a lesser extent insurance operating earnings and strategic

holdings operating earnings. For a discussion of fee related earnings, insurance operating earnings, and strategic holdings

operating earnings, see "—Analysis of Asset Management Segment Operating Results", "—Analysis of Insurance Segment

Operating Results", and "—Analysis of Strategic Holdings Segment Operating Results."

**Total Investing Earnings**

The decrease in total investing earnings for the year ended December 31, 2025 compared to the prior period was

primarily due to (i) a lower level of net realized investment income and (ii) a lower level of net realized performance income

due to the reduction in realized performance income for the repayment of the Asian Fund II clawback obligation in the fourth

quarter of 2025. For a discussion of net realized performance income and net realized investment income, see "—Analysis of

Asset Management Segment Operating Results" and "—Analysis of Strategic Holdings Segment Operating Results."

**Total Segment Earnings**

The increase in total segment earnings for the year ended December 31, 2025 compared to the prior period was primarily

due to an increase in total operating earnings, offset by a decrease in total investing earnings.

**Adjusted Net Income**

The increase in adjusted net income for the year ended December 31, 2025 compared to the prior period was primarily

due to a higher level of total segment earnings, partially offset by an increase in income taxes on adjusted earnings and

interest expense, net and other.

*Interest Expense, Net and Other*

The increase in interest expense, net and other for the year ended December 31, 2025 compared to the prior period was

primarily due to dividends paid on the Series D Mandatory Convertible Preferred Stock that was issued in the first quarter of

2025. 114

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

*Income Taxes on Adjusted Earnings*

The increase in income taxes on adjusted earnings for the year ended December 31, 2025 compared to the prior period

was primarily due to a higher level of total segment earnings.

For the years ended December 31, 2025 and 2024, the amount of the tax benefit from equity-based compensation

included in income taxes on adjusted earnings was $124.4 million and $126.7 million, respectively. The inclusion of the tax

benefit from equity-based compensation in Adjusted Net Income had the effect of increasing this measure by 3% for both the

years ended December 31, 2025 and 2024.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Fund Performance Metrics** 

**Private Equity**

The table below presents information as of December 31, 2025, relating to our current private equity and other

investment vehicles reported in our Private Equity business line for which we have the ability to earn carried interest. This

data does not reflect acquisitions or disposals of investments, changes in investment values, or distributions occurring after

December 31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Period** | **Investment Period** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** |
|  | **Start**<br>**Date**<sup>(1)</sup><br>| **End**<br>**Date** <sup>(2)</sup><br>| **Commitment** <sup>(3)</sup> | **Uncalled**<br>**Commitments**<br>| **Invested** | **Realized** | **Remaining**<br>**Cost** <sup>(4)</sup><br>| **Remaining**<br>**Fair Value**<br>| **Gross Accrued** <br>**Carried** <br>**Interest**<br>|
| **Private Equity Business Line** |  |  |  |  |  |  |  |  |  |
| North America Fund XIV | 4/2025 | 4/2031 | $19375 | $19375 | $— | $— | $— | $— | $— |
| North America Fund XIII | 8/2021 | 4/2025 | 18400 | 1438 | 17265 | 353 | 16817 | 23888 | 1109 |
| Americas Fund XII | 5/2017 | 5/2021 | 13500 | 1364 | 12773 | 16281 | 8626 | 18431 | 1661 |
| North America Fund XI | 11/2012 | 1/2017 | 8718 | 48 | 10203 | 23541 | 1861 | 3196 | 258 |
| 2006 Fund <sup>(5)</sup> | 9/2006 | 9/2012 | 17642 |  | 17309 | 37423 |  |  |  |
| Millennium Fund <sup>(5)</sup> | 12/2002 | 12/2008 | 6000 |  | 6000 | 14129 |  |  |  |
| Ascendant Fund | 6/2022 | 6/2028 | 4328 | 2672 | 1656 |  | 1656 | 1988 | 32 |
| European Fund VI | 6/2022 | 6/2028 | 7549 | 2568 | 4981 |  | 4045 | 5298 |  |
| European Fund V | 7/2019 | 2/2022 | 6384 | 524 | 5982 | 2909 | 4539 | 6901 | 431 |
| European Fund IV | 2/2015 | 3/2019 | 3513 | 17 | 3648 | 5726 | 1621 | 2339 | 122 |
| European Fund III <sup>(5)</sup> | 3/2008 | 3/2014 | 5506 |  | 5360 | 10647 |  |  |  |
| European Fund II <sup>(5)</sup> | 11/2005 | 10/2008 | 5751 |  | 5751 | 8533 |  |  |  |
| Asian Fund IV | 7/2020 | 7/2026 | 14735 | 5010 | 10900 | 3948 | 10006 | 14702 | 873 |
| Asian Fund III | 8/2017 | 7/2020 | 9000 | 1267 | 8269 | 10200 | 5202 | 9947 | 996 |
| Asian Fund II | 10/2013 | 3/2017 | 5825 |  | 7507 | 6723 | 1269 | 772 |  |
| Asian Fund <sup>(5)</sup> | 7/2007 | 4/2013 | 3983 |  | 3974 | 8728 |  |  |  |
| Next Generation Technology Growth Fund III | 11/2022 | 11/2028 | 2740 | 734 | 2006 |  | 2006 | 2297 | 1 |
| Next Generation Technology Growth Fund II | 12/2019 | 5/2022 | 2088 | 54 | 2269 | 1846 | 1610 | 2477 | 153 |
| Next Generation Technology Growth Fund | 3/2016 | 12/2019 | 659 | 3 | 671 | 1314 | 241 | 806 | 59 |
| Health Care Strategic Growth Fund II | 5/2021 | 5/2027 | 3789 | 1657 | 2132 |  | 2132 | 3022 | 111 |
| Health Care Strategic Growth Fund | 12/2016 | 4/2021 | 1331 | 98 | 1397 | 1021 | 991 | 1737 | 133 |
| Global Impact Fund II | 6/2022 | 6/2028 | 2715 | 1379 | 1337 |  | 1006 | 1382 |  |
| Global Impact Fund | 2/2019 | 3/2022 | 1242 | 213 | 1212 | 646 | 950 | 1479 | 102 |
| Co-Investment Vehicles and Other | Various | Various | 41346 | 3291 | 38772 | 17793 | 27088 | 35506 | 1763 |
| Core Investors II | 8/2022 | 8/2027 | 11814 | 7957 | 3858 | 108 | 3858 | 4836 | 24 |
| Core Investors I | 2/2018 | 8/2022 | 8500 | 23 | 10489 | 2627 | 8775 | 17911 | 91 |
| Other Core Vehicles | Various | Various | 7628 | 1178 | 6525 | 2229 | 5787 | 9237 | 29 |
| Unallocated Commitments<sup>(6)</sup> | N/A | N/A | 1407 | 1407 |  |  |  |  |  |
| **Total Private Equity** |  |  | **$235468** | **$52277** | **$192246** | **$176725** | **$110086** | **$168152** | **$7948** |

---

(1)The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the

date upon which management fees begin to accrue.

(2)The end date represents the end of the fund's investment period as defined in the fund's governing documents and is generally not the date upon which

management fees cease to accrue. For funds that initially charge management fees on the basis of committed capital, the end date is generally the date

on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated

using a lower rate.

(3)The commitment represents the aggregate capital commitments to the fund, including capital commitments by third-party fund investors and the general

partner. Foreign currency commitments have been converted into U.S. dollars based on the exchange rate that prevailed on December 31, 2025.

(4)The remaining cost represents the initial investment of the general partner and limited partners, reduced for returns of capital.

(5)The "Invested" and "Realized" columns do not include the amounts of any realized investments that restored the unused capital commitments of the fund

investors, if any.

(6)"Unallocated Commitments" represent commitments received from our strategic investor partnerships that have yet to be allocated to a particular

investment strategy.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Real Assets**

The table below presents information as of December 31, 2025, relating to our current real asset and other investment

vehicles reported in our Real Assets business line for which we have the ability to earn carried interest. This data does not

reflect acquisitions or disposals of investments, changes in investment values, or distributions occurring after December 31,

2025. ---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Period** | **Investment Period** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** |
|  | **Start**<br>**Date** <sup>(1)</sup><br>| **End**<br>**Date** <sup>(2)</sup><br>| **Commitment** <sup>(3)</sup> | **Uncalled**<br>**Commitments**<br>| **Invested** | **Realized** | **Remaining**<br>**Cost** <sup>(4)</sup><br>| **Remaining**<br>**Fair Value**<br>| **Gross Accrued** <br>**Carried** <br>**Interest**<br>|
| **Real Assets Business Line** |  |  |  |  |  |  |  |  |  |
| Global Infrastructure Investors V | 7/2024 | 7/2030 | $15732 | $12051 | $3794 | $113 | $3794 | $3912 | $— |
| Global Infrastructure Investors IV | 8/2021 | 6/2024 | 16615 | 1739 | 15247 | 1681 | 14536 | 19468 | 997 |
| Global Infrastructure Investors III | 7/2018 | 6/2021 | 7174 | 862 | 6678 | 5798 | 3331 | 4573 | 183 |
| Global Infrastructure Investors II | 12/2014 | 6/2018 | 3040 | 133 | 3167 | 5757 | 560 | 977 | 50 |
| Global Infrastructure Investors | 9/2010 | 10/2014 | 1040 |  | 1050 | 2228 |  |  |  |
| Asia Pacific Infrastructure Investors III | 12/2025 | 12/2031 | 3548 | 3548 |  |  |  |  |  |
| Asia Pacific Infrastructure Investors II | 9/2022 | 9/2028 | 6348 | 3314 | 3436 | 770 | 2761 | 4049 | 238 |
| Asia Pacific Infrastructure Investors | 1/2020 | 9/2022 | 3792 | 593 | 3561 | 2279 | 2216 | 3069 | 192 |
| Diversified Core Infrastructure Fund | 12/2020 | (5) | 12921 | 1186 | 12022 | 1552 | 11943 | 13217 |  |
| Global Climate Transition Fund<sup>(6)</sup> | 7/2024 | 7/2030 | 3053 | 3053 |  |  |  |  |  |
| Real Estate Partners Americas IV | 11/2024 | 11/2028 | 2196 | 2196 |  |  |  |  |  |
| Real Estate Partners Americas III | 1/2021 | 9/2024 | 4253 | 530 | 3958 | 348 | 3709 | 4216 |  |
| Real Estate Partners Americas II | 5/2017 | 12/2020 | 1921 | 117 | 1986 | 2871 | 265 | 254 | (3) |
| Real Estate Partners Americas | 5/2013 | 5/2017 | 1229 | 15 | 1024 | 1445 |  |  | (4) |
| Real Estate Partners Europe II | 3/2020 | 12/2023 | 2067 | 254 | 2019 | 569 | 1676 | 1602 |  |
| Real Estate Partners Europe | 8/2015 | 12/2019 | 710 | 100 | 694 | 806 | 173 | 125 | (18) |
| Asia Real Estate Partners | 7/2019 | 7/2023 | 1682 | 357 | 1371 | 559 | 994 | 991 |  |
| Property Partners Americas | 12/2019 | (5) | 2571 | 46 | 2525 | 159 | 2525 | 2296 |  |
| Real Estate Credit Opportunity Partners II | 8/2019 | 6/2023 | 950 |  | 976 | 469 | 853 | 869 | 28 |
| Real Estate Credit Opportunity Partners | 2/2017 | 4/2019 | 1130 | 122 | 1008 | 677 | 965 | 1001 | 5 |
| Energy Related Vehicles | Various | Various | 4357 | 62 | 4493 | 2505 | 1000 | 1428 | 44 |
| Co-Investment Vehicles and Other | Various | Various | 19098 | 2471 | 16682 | 3876 | 14895 | 16078 | 105 |
| Unallocated Commitments<sup>(7)</sup> | N/A | N/A | 1389 | 1389 |  |  |  |  |  |
| **Total Real Assets** |  |  | **$116816** | **$34138** | **$85691** | **$34462** | **$66196** | **$78125** | **$1817** |

---

(1)The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the

date upon which management fees begin to accrue.

(2)The end date represents the end of the fund's investment period as defined in the fund's governing documents and is generally not the date upon which

management fees cease to accrue. For funds that initially charge management fees on the basis of committed capital, the end date is generally the date

on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated

using a lower rate.

(3)The commitment represents the aggregate capital commitments to the fund, including capital commitments by third-party fund investors and the general

partner. Foreign currency commitments have been converted into U.S. dollars based on the exchange rate that prevailed on December 31, 2025.

(4)The remaining cost represents the initial investment of the general partner and limited partners, reduced for returns of capital.

(5)Open-ended fund.

(6)Includes an Asia-focused vehicle with different fund terms.

(7)"Unallocated Commitments" represent commitments received from our strategic investor partnerships that have yet to be allocated to a particular

investment strategy.

*Private Equity and Real Asset Performance*

The table below presents information as of December 31, 2025, relating to the historical performance of certain of our

Private Equity and Real Assets investment vehicles since inception, which we believe illustrates the benefits of our investment

approach. This data does not reflect additional capital raised since December 31, 2025, or acquisitions or disposals of

investments, changes in investment values, or distributions occurring after that date. The information presented below is not

intended to be representative of any past or future performance for any particular period other than the period presented

below. Past performance is no guarantee of future results.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Private Equity and Real Assets Business Lines** <br>**Investment Funds and Other Vehicles**<br>| **Commitment** <sup>(2)</sup> | **Invested** | **Realized** <sup>(4)</sup> | **Unrealized** | **Total Value** | **Gross**<br>**IRR** <sup>(5)</sup><br>| **Net**<br>**IRR** <sup>(5)</sup><br>| **Gross** <br>**Multiple of** <br>**Invested**<br>**Capital** <sup>(5)</sup><br>|
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |  |  |  |
| **Total Investments** |  |  |  |  |  |  |  |  |
| *Legacy Funds* <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| 1976 Fund | $31 | $31 | $537 | $— | $537 | 39.5% | 35.5% | 17.1 |
| 1980 Fund | 357 | 357 | 1828 |  | 1828 | 29.0% | 25.8% | 5.1 |
| 1982 Fund | 328 | 328 | 1291 |  | 1291 | 48.1% | 39.2% | 3.9 |
| 1984 Fund | 1000 | 1000 | 5964 |  | 5964 | 34.5% | 28.9% | 6.0 |
| 1986 Fund | 672 | 672 | 9081 |  | 9081 | 34.4% | 28.9% | 13.5 |
| 1987 Fund | 6130 | 6130 | 14949 |  | 14949 | 12.1% | 8.9% | 2.4 |
| 1993 Fund | 1946 | 1946 | 4143 |  | 4143 | 23.6% | 16.8% | 2.1 |
| 1996 Fund | 6012 | 6012 | 12477 |  | 12477 | 18.0% | 13.3% | 2.1 |
| Subtotal - Legacy Funds | 16475 | 16475 | 50269 |  | 50269 | 26.1% | 19.9% | 3.1 |
| *Included Funds* |  |  |  |  |  |  |  |  |
| European Fund (1999) | 3085 | 3085 | 8758 |  | 8758 | 26.9% | 20.2% | 2.8 |
| Millennium Fund (2002) | 6000 | 6000 | 14129 |  | 14129 | 22.0% | 16.1% | 2.4 |
| European Fund II (2005) | 5751 | 5751 | 8533 |  | 8533 | 6.1% | 4.5% | 1.5 |
| 2006 Fund (2006) | 17642 | 17309 | 37423 |  | 37423 | 11.9% | 9.3% | 2.2 |
| Asian Fund (2007) | 3983 | 3974 | 8728 |  | 8728 | 18.9% | 13.7% | 2.2 |
| European Fund III (2008) | 5506 | 5360 | 10647 |  | 10647 | 16.4% | 11.2% | 2.0 |
| E2 Investors (Annex Fund) (2009) | 196 | 196 | 200 |  | 200 | 0.6% | 0.5% | 1.0 |
| China Growth Fund (2010) | 1010 | 1010 | 1166 |  | 1166 | 3.7% | —% | 1.2 |
| Natural Resources Fund (2010) | 887 | 887 | 168 |  | 168 | (24.3)% | (25.9)% | 0.2 |
| Global Infrastructure Investors (2010)  | 1040 | 1050 | 2228 |  | 2228 | 17.6% | 15.6% | 2.1 |
| North America Fund XI (2012)  | 8718 | 10203 | 23541 | 3196 | 26737 | 23.4% | 18.8% | 2.6 |
| Asian Fund II (2013)  | 5825 | 7507 | 6723 | 772 | 7495 | (0.1)% | (1.5)% | 1.0 |
| Real Estate Partners Americas (2013)  | 1229 | 1024 | 1445 |  | 1445 | 15.8% | 10.9% | 1.4 |
| Energy Income and Growth Fund (2013)  | 1589 | 1589 | 1221 |  | 1221 | (6.2)% | (8.6)% | 0.8 |
| Global Infrastructure Investors II (2014) | 3040 | 3167 | 5757 | 977 | 6734 | 19.3% | 16.7% | 2.1 |
| European Fund IV (2015)  | 3513 | 3648 | 5726 | 2339 | 8065 | 21.0% | 16.0% | 2.2 |
| Real Estate Partners Europe (2015)  | 710 | 694 | 806 | 125 | 931 | 9.9% | 7.1% | 1.3 |
| Next Generation Technology Growth Fund (2016) | 659 | 671 | 1314 | 806 | 2120 | 27.6% | 23.4% | 3.2 |
| Health Care Strategic Growth Fund (2016) | 1331 | 1397 | 1021 | 1737 | 2758 | 17.7% | 12.8% | 2.0 |
| Americas Fund XII (2017) | 13500 | 12773 | 16281 | 18431 | 34712 | 23.9% | 19.9% | 2.7 |
| Real Estate Credit Opportunity Partners (2017) | 1130 | 1008 | 677 | 1001 | 1678 | 9.1% | 7.8% | 1.7 |
| Core Investors I (2018)  | 8500 | 10489 | 2627 | 17911 | 20538 | 15.4% | 13.3% | 2.0 |
| Asian Fund III (2017) | 9000 | 8269 | 10200 | 9947 | 20147 | 24.1% | 18.8% | 2.4 |
| Real Estate Partners Americas II (2017) | 1921 | 1986 | 2871 | 254 | 3125 | 23.7% | 19.1% | 1.6 |
| Global Infrastructure Investors III (2018) | 7174 | 6678 | 5798 | 4573 | 10371 | 12.2% | 9.6% | 1.6 |
| Global Impact Fund (2019) | 1242 | 1212 | 646 | 1479 | 2125 | 16.2% | 11.8% | 1.8 |
| European Fund V (2019)  | 6384 | 5982 | 2909 | 6901 | 9810 | 13.5% | 10.7% | 1.6 |
| Energy Income and Growth Fund II (2018) | 994 | 1199 | 651 | 1259 | 1910 | 12.1% | 10.6% | 1.6 |
| Asia Real Estate Partners (2019) | 1682 | 1371 | 559 | 991 | 1550 | 4.5% | 1.4% | 1.1 |
| Next Generation Technology Growth Fund II (2019) | 2088 | 2269 | 1846 | 2477 | 4323 | 19.5% | 15.4% | 1.9 |
| Real Estate Credit Opportunity Partners II (2019) | 950 | 976 | 469 | 869 | 1338 | 10.0% | 7.7% | 1.4 |
| Asia Pacific Infrastructure Investors (2020)  | 3792 | 3561 | 2279 | 3069 | 5348 | 16.0% | 11.9% | 1.5 |
| Asian Fund IV (2020) | 14735 | 10900 | 3948 | 14702 | 18650 | 23.7% | 17.7% | 1.7 |
| Real Estate Partners Europe II (2020) | 2067 | 2019 | 569 | 1602 | 2171 | 2.7% | 0.5% | 1.1 |
| Real Estate Partners Americas III (2021) | 4253 | 3958 | 348 | 4216 | 4564 | 5.3% | 3.5% | 1.2 |
| Health Care Strategic Growth Fund II (2021) | 3789 | 2132 |  | 3022 | 3022 | 20.2% | 11.6% | 1.4 |
| North America Fund XIII (2021) | 18400 | 17265 | 353 | 23888 | 24241 | 17.3% | 13.1% | 1.4 |
| Core Investors II (2022) | 11814 | 3858 | 108 | 4836 | 4944 | 13.0% | 11.4% | 1.3 |
| Global Infrastructure Investors IV (2021) | 16615 | 15247 | 1681 | 19468 | 21149 | 14.7% | 11.4% | 1.4 |
| Asia Pacific Infrastructure Investors II (2022)  | 6348 | 3436 | 770 | 4049 | 4819 | 31.5% | 22.4% | 1.4 |
| Ascendant Fund (2022) | 4328 | 1656 |  | 1988 | 1988 | 21.0% | 9.2% | 1.2 |
| Next Generation Technology Growth Fund III (2022)  | 2740 | 2006 |  | 2297 | 2297 | 13.9% | 6.0% | 1.1 |
| European Fund VI (2022) | 7549 | 4981 |  | 5298 | 5298 | 4.7% | 0.7% | 1.1 |
| Global Impact Fund II (2022) | 2715 | 1337 |  | 1382 | 1382 | 2.4% | (4.4)% | 1.0 |
| Global Infrastructure Investors V (2024) <sup>(3)</sup> | 15732 | 3794 | 113 | 3912 | 4025 |  |  |  |
| Global Climate Transition Fund (2024) <sup>(3)</sup> | 3053 |  |  |  |  |  |  |  |
| Real Estate Partners Americas IV (2024) <sup>(3)</sup> | 2196 |  |  |  |  |  |  |  |
| North America Fund XIV (2025)<sup>(3)</sup> | 19375 |  |  |  |  |  |  |  |
| Asia Pacific Infrastructure Investors III (2025)<sup>(3)</sup> | 3548 |  |  |  |  |  |  |  |
| Subtotal - Included Funds | 269328 | 204884 | 195237 | 169774 | 365011 | 15.9% | 12.2% | 1.8 |
| ***All Funds*** | **$285803** | **$221359** | **$245506** | **$169774** | **$415280** | **25.5%** | **18.6%** | **1.9** |

---

(1)These funds were not contributed to KKR as part of the acquisition of the assets and liabilities of KKR & Co. (Guernsey) L.P. (formerly known as KKR Private

Equity Investors, L.P.) on October 1, 2009.

(2)Where commitments are not U.S. dollar-denominated, such amounts have been converted into U.S. dollars based on the exchange rate prevailing on

December 31, 2025.

(3)The gross IRR, net IRR and gross multiple of invested capital are calculated for our investment funds that made their first investment at least 24 months

prior to December 31, 2025. We therefore have not calculated gross IRRs, net IRRs and gross multiples of invested capital with respect to these funds.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

(4)An investment is considered realized when it has been disposed of or has otherwise generated disposition proceeds or current income that has been

distributed by the relevant fund.

(5)IRRs measure the aggregate annual compounded returns generated by a fund's investments over a holding period. Net IRRs are calculated after giving

effect to the allocation of realized and unrealized carried interest and the payment of any applicable management fees and organizational expenses.

Gross IRRs are calculated before giving effect to the allocation of realized and unrealized carried interest and the payment of any applicable management

fees and organizational expenses.

The gross multiples of invested capital measure the aggregate value generated by a fund's investments in absolute terms. Each multiple of invested capital

is calculated by adding together the total realized and unrealized values of a fund's investments and dividing by the total amount of capital invested by the

fund. Such amounts do not give effect to the allocation of realized and unrealized carried interest or the payment of any applicable management fees or

organizational expenses.

KKR's Private Equity and Real Assets funds may utilize third-party financing facilities to provide liquidity to such funds. The above net and gross IRRs are

calculated from the time capital contributions are due from fund investors to the time fund investors receive a related distribution from the fund, and the

use of such financing facilities generally decreases the amount of time that would otherwise be used to calculate IRRs, which tends to increase IRRs when

fair value grows over time and decrease IRRs when fair value decreases over time.

For more information, see "Risk Factors—Risks Related to Our Investment Activities—Future results of our investments

may be different than, and may not achieve the levels of, any of our historical returns" in this report.

**Credit and Liquid Strategies**

The table below presents information as of December 31, 2025, relating to our current credit investment vehicles

reported in our Credit and Liquid Strategies business line for which we have the ability to earn carried interest. This data does

not reflect acquisitions or disposals of investments, changes in investment values, or distributions occurring after December

31, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investment Period** | **Investment Period** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** | **Amount ($ in millions)** |
|  | **Start**<br>**Date** <sup>(1)</sup><br>| **End**<br>**Date** <sup>(2)</sup><br>| **Commitment** <sup>(3)</sup> | **Uncalled**<br>**Commitments**<br>| **Invested** | **Realized** | **Remaining**<br>**Cost** <sup>(4)</sup><br>| **Remaining**<br>**Fair Value**<br>| **Gross Accrued** <br>**Carried** <br>**Interest**<br>|
| **Line** |  |  |  |  |  |  |  |  |  |
| Opportunities Fund II | 11/2021 | 1/2026 | $2420 | $897 | $1523 | $96 | $1523 | $1851 | $49 |
| Dislocation Opportunities Fund | 8/2019 | 11/2021 | 2967 | 278 | 2689 | 1997 | 1305 | 1411 | 80 |
| Special Situations Fund II | 2/2015 | 3/2019 | 3525 | 284 | 3241 | 2651 | 615 | 658 |  |
| Special Situations Fund | 1/2013 | 1/2016 | 2274 | 1 | 2273 | 1899 | 94 | 139 |  |
| Mezzanine Partners | 7/2010 | 3/2015 | 1023 | 33 | 990 | 1166 | 184 | 23 |  |
| Asset-Based Finance Partners II | 3/2024 | 3/2028 | 5571 | 4420 | 1151 |  | 1151 | 1194 | 1 |
| Asset-Based Finance Partners | 10/2020 | 7/2025 | 2059 | 426 | 1633 | 341 | 1557 | 1681 | 77 |
| Private Credit Opportunities Partners II | 12/2015 | 12/2020 | 2245 | 188 | 2057 | 1090 | 1264 | 1137 |  |
| Lending Partners IV | 3/2022 | 9/2026 | 1150 | 173 | 977 | 178 | 977 | 1015 | 14 |
| Lending Partners III | 4/2017 | 11/2021 | 1498 | 540 | 958 | 1240 | 390 | 366 | 34 |
| Lending Partners II | 6/2014 | 6/2017 | 1336 | 157 | 1179 | 1261 | 71 | 18 |  |
| Lending Partners | 12/2011 | 12/2014 | 460 | 40 | 420 | 458 | 23 | 8 |  |
| Lending Partners Europe II | 5/2019 | 9/2023 | 837 | 164 | 672 | 766 | 212 | 240 | 9 |
| Lending Partners Europe | 3/2015 | 3/2019 | 848 | 184 | 662 | 626 | 66 | 55 |  |
| Asia Credit Opportunities II | 2/2025 | 12/2028 | 1795 | 1795 |  |  |  |  |  |
| Asia Credit Opportunities | 1/2021 | 5/2025 | 1084 | 243 | 841 | 245 | 708 | 892 | 40 |
| Other Alternative Credit Vehicles | Various | Various | 18363 | 7797 | 10607 | 7188 | 5608 | 7069 | (4) |
| **Total Credit and Liquid Strategies** |  |  | **$49455** | **$17620** | **$31873** | **$21202** | **$15748** | **$17757** | **$300** |

---

(1)The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the

date upon which management fees begin to accrue.

(2)The end date represents the end of the fund's investment period as defined in the fund's governing documents and is generally not the date upon which

management fees cease to accrue. For funds that initially charge management fees on the basis of committed capital, the end date is generally the date

on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated

using a lower rate.

(3)The commitment represents the aggregate capital commitments to the fund, including capital commitments by third-party fund investors and the general

partner. Foreign currency commitments have been converted into U.S. dollars based on the foreign exchange rate that prevailed on December 31, 2025.

(4)The remaining cost represents the initial investment of the general partner and limited partners, reduced for returns of capital.

The following table presents information regarding certain leveraged credit strategies managed by KKR from inception to

December 31, 2025. The information presented below is not intended to be representative of any past or future performance

for any particular period other than the period presented below. Past performance is no guarantee of any future result.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Leveraged Credit Strategy** | **Inception Date** | **Gross**<br>**Returns**<br>| **Net**<br>**Returns**<br>| **Benchmark**<br>**Gross**<br>**Returns**<br>|
| Multi-Asset Credit Composite | Jul 2008 | 7.18% | 6.49%<br> 50% S&P/LSTA Loan Index, 50% BoAML HY Master II <br>Index <sup>(2)</sup><br>| 5.89% |
| Opportunistic Credit <sup>(3)</sup> | May 2008 | 10.36% | 8.87%<br> 50% S&P/LSTA Loan Index, 50% BoAML HY Master II <br>Index <sup>(3)</sup><br>| 6.06% |
| Bank Loans  | Apr 2011 | 5.89% | 5.32%<br> S&P/LSTA Loan Index <sup>(4)</sup> | 4.93% |
| High-Yield  | Apr 2011 | 6.34% | 5.76%<br> BoAML HY Master II Index <sup>(5)</sup> | 5.74% |
| European Leveraged Loans <sup>(6)</sup> | Sep 2009 | 4.95% | 4.43%<br> CS Inst West European Leveraged Loan Index <sup>(7)</sup> | 4.05% |
| European Credit Opportunities <sup>(6)</sup> | Sept 2007 | 6.84% | 5.61%<br> S&P European Leveraged Loans (All Loans) <sup>(8)</sup> | 4.50% |

---

(1)The benchmarks referred to herein include the S&P/LSTA Leveraged Loan Index (the "S&P/LSTA Loan Index"), S&P/LSTA U.S. B/BB Ratings Loan Index (the

"S&P/LSTA BB-B Loan Index"), the Bank of America Merrill Lynch High Yield Master II Index (the "BoAML HY Master II Index"), the BofA Merrill Lynch BB-B

US High Yield Index (the "BoAML HY BB-B Constrained"), the Credit Suisse Institutional Western European Leveraged Loan Index (the "CS Inst West

European Leveraged Loan Index"), and S&P European Leveraged Loans (All Loans). The S&P/LSTA Loan Index is a daily tradable index for the U.S. loan

market that seeks to mirror the market-weighted performance of the largest institutional loans that meet certain criteria. The BoAML HY Master II Index is

an index for high-yield corporate bonds. It is designed to measure the broad high-yield market, including lower-rated securities. The CS Inst West

European Leveraged Loan Index contains only institutional loan facilities priced above 90, excluding TL and TLa facilities and loans rated CC, C or are in

default. The S&P European Leveraged Loan Index reflects the market-weighted performance of institutional leveraged loan portfolios investing in

European credits. While the returns of our leveraged credit strategies reflect the reinvestment of income and dividends, none of the indices presented in

the chart above reflect such reinvestment, which has the effect of increasing the reported relative performance of these strategies as compared to the

indices. Furthermore, these indices are not subject to management fees, incentive allocations, or expenses.

(2)Performance is based on a blended composite of Bank Loans, High Yield, and Structured Credit strategy accounts. The benchmark used for purposes of

comparison for the Multi-Asset Credit Composite strategy is based on 65% S&P/LSTA Loan Index and 35% BoAML HY Master II Index to May 2022, and

50% S&P/LSTA Loan Index, 50% BoAML HY Master II Index, from June 2022.

(3)The Opportunistic Credit strategy invests in high-yield securities and corporate loans with no preset allocation. The benchmark used for purposes of

comparison for the Opportunistic Credit strategy presented herein is based on 50% S&P/LSTA Loan Index and 50% BoAML HY Master II Index. Funds

within this strategy may utilize third-party financing facilities to enhance investment returns. In cases where financing facilities are used, the amounts

drawn on the facility are deducted from the assets of the fund in the calculation of net asset value, which tends to increase returns when net asset value

grows over time and decrease returns when net asset value decreases over time.

(4)Performance is based on a composite of portfolios that primarily invest in leveraged loans. The benchmark used for purposes of comparison for the Bank

Loans strategy is based on the S&P/LSTA Loan Index.

(5)Performance is based on a composite of portfolios that primarily invest in high-yield securities. The benchmark used for purposes of comparison for the

High Yield strategy is based on the BoAML HY Master II Index.

(6)The returns presented are calculated based on local currency.

(7)Performance is based on a composite of portfolios that primarily invest in higher quality leveraged loans. The benchmark used for purposes of comparison

for the European Leveraged Loans strategy is based on the CS Inst West European Leveraged Loan Index.

(8)Performance is based on a composite of portfolios that primarily invest in European institutional leveraged loans. The benchmark used for purposes of

comparison for the European Credit Opportunities strategy is based on the S&P European Leveraged Loans (All Loans) Index.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

The following table presents information regarding our alternative credit investment funds where investors have capital

commitments from inception to December 31, 2025. The information presented below is not intended to be representative of

any past or future performance for any particular period other than the period presented below. Past performance is no

guarantee of any future result.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit and Liquid Strategies** <br>**Investment Funds**<br>| **Investment** <br>**Period Start** <br>**Date** <br>| **Commitment** | **Invested** <sup>(1)</sup> | **Realized** <sup>(1)</sup> | **Unrealized** | **Total**<br>**Value**<br>| **Gross**<br>**IRR** <sup>(2)</sup><br>| **Net**<br>**IRR** <sup>(2)</sup><br>| **Multiple of**<br>**Invested**<br>**Capital** <sup>(3)</sup><br>|
|  |  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |  |  |  |
| Opportunities Fund II | Nov 2021 | $2420 | $1523 | $96 | $1851 | $1947 | 17.4% | 13.3% | 1.3 |
| Dislocation Opportunities Fund | Aug 2019 | 2967 | 2689 | 1997 | 1411 | 3408 | 9.1% | 7.1% | 1.3 |
| Special Situations Fund II | Feb 2015 | 3525 | 3241 | 2651 | 658 | 3309 | 0.5% | (1.3)% | 1.0 |
| Special Situations Fund | Jan 2013 | 2274 | 2273 | 1899 | 139 | 2038 | (2.3)% | (4.1)% | 0.9 |
| Mezzanine Partners | July 2010 | 1023 | 990 | 1166 | 23 | 1189 | 6.5% | 2.7% | 1.2 |
| Asset-Based Finance Partners II | Mar 2024 | 5571 | 1151 |  | 1194 | 1194 | N/A | N/A | N/A |
| Asset-Based Finance Partners | Oct 2020 | 2059 | 1633 | 341 | 1681 | 2022 | 14.4% | 10.8% | 1.2 |
| Private Credit Opportunities Partners II | Dec 2015 | 2245 | 2057 | 1090 | 1137 | 2227 | 1.9% | 0.1% | 1.1 |
| Lending Partners IV | Mar 2022 | 1150 | 977 | 178 | 1015 | 1193 | 16.6% | 13.2% | 1.2 |
| Lending Partners III | Apr 2017 | 1498 | 958 | 1240 | 366 | 1606 | 14.1% | 11.5% | 1.7 |
| Lending Partners II | Jun 2014 | 1336 | 1179 | 1261 | 18 | 1279 | 2.8% | 1.4% | 1.1 |
| Lending Partners | Dec 2011 | 460 | 420 | 458 | 8 | 466 | 3.3% | 1.6% | 1.1 |
| Lending Partners Europe II | May 2019 | 837 | 672 | 766 | 240 | 1006 | 16.8% | 13.5% | 1.5 |
| Lending Partners Europe | Mar 2015 | 848 | 662 | 626 | 55 | 681 | 0.9% | (0.9)% | 1.0 |
| Asia Credit Opportunities II | Feb 2025 | 1795 |  |  |  |  | N/A | N/A | N/A |
| Asia Credit Opportunities | Jan 2021 | 1084 | 841 | 245 | 892 | 1137 | 15.3% | 11.6% | 1.4 |
| Other Alternative Credit Investment Vehicles | Various | 18363 | 10607 | 7188 | 7069 | 14257 | N/A | N/A | N/A |
| **All Funds** |  | **$49455** | **$31873** | **$21202** | **$17757** | **$38959** |  |  |  |

---

(1)Recycled capital is excluded from the amounts invested and realized.

(2)These credit funds utilize third-party financing facilities to provide liquidity to such funds, and in such event IRRs are calculated from the time capital

contributions are due from fund investors to the time fund investors receive a related distribution from the fund. The use of such financing facilities

generally decreases the amount of invested capital that would otherwise be used to calculate IRRs, which tends to increase IRRs when fair value grows

over time and decrease IRRs when fair value decreases over time. IRRs measure the aggregate annual compounded returns generated by a fund's

investments over a holding period and are calculated taking into account recycled capital. Net IRRs presented are calculated after giving effect to the

allocation of realized and unrealized carried interest and the payment of any applicable management fees and organizational expenses. Gross IRRs are

calculated before giving effect to the allocation of carried interest and the payment of any applicable management fees and organizational expenses.

(3)The multiples of invested capital measure the aggregate value generated by a fund's investments in absolute terms. Each multiple of invested capital is

calculated by adding together the total realized and unrealized values of a fund's investments and dividing by the total amount of capital invested by the

investors. The use of financing facilities generally decreases the amount of invested capital that would otherwise be used to calculate multiples of

invested capital, which tends to increase multiples when fair value grows over time and decrease multiples when fair value decreases over time. Such

amounts do not give effect to the allocation of any realized and unrealized returns on a fund's investments to the fund's general partner pursuant to a

carried interest or the payment of any applicable management fees and are calculated without taking into account recycled capital.

For additional information regarding impact of market conditions on the value and performance of our investments, see

"Risk Factors—Risks Related to Our Business—Difficult market and economic conditions can, and periodically do, materially

and adversely affect KKR." and "Risk Factors—Risks Related to Our Investment Activities—Future results of our investments

may be different than, and may not achieve the levels of, any of our historical returns" in this report.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Segment Balance Sheet Measures**

**Asset Management Segment Investment Portfolio**

To the extent our investments are realized at values above or below their cost in future periods, adjusted net income

would be positively or negatively affected by the amount of any such gain or loss, respectively, during the period in which the

realization event occurs.

Our investments in the Asset Management segment by asset class as of December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **Asset Management Segment Investments** <sup>(1)</sup> | **Cost** | **Fair Value** | **Fair Value as a % of**<br>**Total Asset** <br>**Management** <br>**Investments**<br>|
|  | **($ in thousands)** | **($ in thousands)** | **($ in thousands)** |
| Traditional Private Equity | $1359880 | $3313869 | 38.4% |
| Growth Equity | 238152 | 984220 | 11.4% |
| Private Equity Total | 1598032 | 4298089 | 49.8% |
| Real Estate | 1427054 | 1196271 | 13.9% |
| Infrastructure | 267116 | 527916 | 6.1% |
| Energy | 47811 | 296533 | 3.4% |
| Real Assets Total | 1741981 | 2020720 | 23.4% |
| Leveraged Credit | 1155175 | 1067980 | 12.4% |
| Alternative Credit | 491730 | 592315 | 6.9% |
| Credit Total | 1646905 | 1660295 | 19.3% |
| Other | 684723 | 651073 | 7.5% |
| **Total Asset Management Segment Investments** | **$5671641** | **$8630177** | **100.0%** |

---

(1)Investments is a term used solely for purposes of financial presentation of a portion of KKR's balance sheet and includes majority ownership of

subsidiaries that operate KKR's asset management and insurance businesses, including the general partner interests of KKR's investment funds.

Investments presented are principally the assets measured at fair value that are held by KKR's asset management segment, which, among other things,

does not include the underlying investments held by Global Atlantic and Marshall Wace. This table excludes investments in our Strategic Holdings and

Insurance segments, for which additional information is available in Note 21 "Segment Reporting" in our financial statements.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Insurance Segment Investment Portfolio**

As of December 31, 2025, the Insurance segment's investment portfolio (on an unconsolidated basis, excluding the

elimination of intercompany balances) consisted of the following categories of investments:

---

| | | |
|:---|:---|:---|
| **($ in thousands)** | **As of December 31, 2025** | **As of December 31, 2025** |
| Fixed-maturity securities, available-for-sale | $95672 | 48% |
| Fixed-maturity securities, trading | 26420 | 13% |
| Mortgage and other loan receivables | 53639 | 27% |
| Real assets | 15370 | 8% |
| Funds withheld receivables, at interest | 2324 | 1% |
| Other investments | 6936 | 3% |
| **Total investments** | **$200361** |  |

---

The portion of the Insurance segment's investment portfolio consisting of floating rate assets was 27% and 25% as of

December 31, 2025, and December 31, 2024, respectively.

*Credit Quality of Fixed Maturity Securities*

As of December 31, 2025, 95%, and 91% of the Insurance segment's fixed maturity securities were considered investment

grade under ratings from the Securities Valuation Office of the NAIC and NRSROs, respectively. As of December 31, 2024, 95%,

and 90% of fixed maturity securities were considered investment grade under ratings from NAIC and NRSROs, respectively.

Securities where a rating by a NRSRO was not available are considered investment grade if they have a NAIC designation of

"1" or "2."

The Securities Valuation Office of the NAIC evaluates the fixed maturity security investments of insurers for regulatory

reporting and capital assessment purposes and assigns securities to one of six credit quality categories called "NAIC

designations." Using an internally developed rating is permitted by the NAIC if no rating is available. These designations are

generally similar to the credit quality designations of NRSROs for marketable fixed maturity securities, except for certain

structured securities as described below. NAIC designations of "1," highest quality, and "2," high quality, include fixed

maturity securities generally considered investment grade by NRSROs. NAIC designations "3" through "6" include fixed

maturity securities generally considered below investment grade by NRSROs.

Consistent with the NAIC Process and Procedures Manual, a NRSRO rating was assigned based on the following criteria: (i)

the equivalent S&P rating where the security is rated by one NRSRO; (ii) the equivalent S&P rating of the lowest NRSRO when

the security is rated by two NRSROs; and (iii) the equivalent S&P rating of the second lowest NRSRO if the security is rated by

three or more NRSROs. If the lowest two NRSROs' ratings are equal, then such rating will be the assigned rating. NRSROs'

ratings available for the periods presented were S&P, Fitch, Moody's, DBRS, Inc., and Kroll Bond Rating Agency, Inc. If no

rating is available from a rating agency, then an internally developed rating is used.

Within the funds withheld receivable at interest portfolio, 97% of the fixed maturity securities were investment grade by

NAIC designation as of both December 31, 2025, and December 31, 2024, respectively.

Trading fixed maturity securities primarily back funds withheld payable at interest where the investment performance is

ceded to reinsurers under the terms of the respective reinsurance agreements.

*Unrealized Gains and Losses on Available-for-Sale Fixed Maturity Securities*

The Insurance segment's investments in available-for-sale ("AFS") fixed maturity securities are reported at fair value with

changes in fair value recorded in other comprehensive income as unrealized gains or losses, net of taxes and offsets.

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As of December 31, 2025, and December 31, 2024, the Insurance segment had gross unrealized losses on below

investment grade AFS fixed maturity securities of $313.8 million and $584.3 million based on NRSRO ratings, and $187.7

million and $245.6 million based on NAIC ratings, respectively. As of December 31, 2025, unrealized losses were not

recognized in net income on these fixed maturity securities since the Insurance segments 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.

*Credit Quality of Mortgage and Other Loan Receivables*

Mortgage and other loan receivables consist of commercial and residential mortgage loans, consumer loans, and other

loan receivables. As of December 31, 2025, and December 31, 2024, 27% and 30% of the total investments consisted of the

Insurance segment's mortgage and other loan receivables, respectively.

The Insurance segment invests in U.S. mortgage loans, comprised of first lien and mezzanine commercial mortgage loans

and first lien residential mortgage loans. For the commercial mortgage loan portfolio, the most prevalent property type is

multi-family residential buildings, which represents approximately half of the portfolio as of both December 31, 2025, and

December 31, 2024. Office and retail properties represent approximately 21% and 20% of the portfolio as of December 31,

2025 and December 31, 2024, respectively.

The Insurance segment's commercial mortgage loans are assigned NAIC designations, with designations "CM1" and

"CM2" considered to be investment grade. As of both December 31, 2025, and December 31, 2024, 91% of the commercial

mortgage loan portfolio were rated investment grade based on NAIC designation, respectively. The payment status of over

99% of the commercial mortgage loan portfolio is current as of both December 31, 2025, and December 31, 2024,

respectively.

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. As of December 31, 2025, and December 31, 2024, approximately 89% and 90%, respectively, of the

commercial mortgage loans have a loan-to-value ratio of 70% or less, and as of December 31, 2025, and December 31, 2024,

2% and 1% have loan-to-value ratio over 90%, respectively.

Changing economic conditions and updated assumptions affect the Insurance segment's assessment of the collectibility

of commercial mortgage loans. Changing vacancies and rents are incorporated into the analysis performed to measure the

allowance for credit losses. In addition, the Insurance segment 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 Insurance segment's residential mortgage loan portfolio primarily includes mortgage loans backed by single family

rental properties, prime loans, and re-performing loans that were purchased at a discount after they were modified and

returned to performing status. The Insurance segment also extends financing to counterparties in the form of repurchase

agreements secured by mortgage loans, including performing and non-performing mortgage loans.

As of December 31, 2025, the payment status of 97% of the residential mortgage loan portfolio is current, and

approximately $273.4 million is 90 days or more past due or in process of foreclosure (representing 1% of the total residential

mortgage portfolio). As of December 31, 2024, the payment status of 97% of the residential mortgage loan portfolio was

current and approximately $275.1 million were 90 days or more past due or in process of foreclosure (representing 1% of the

total residential mortgage portfolio).

The weighted average loan-to-value ratio for residential mortgage loans was 64% and 63% as of December 31, 2025, and

December 31, 2024, respectively.

The Insurance segment's consumer loan portfolio is primarily comprised of home improvement loans, residential solar

loans, student loans, and auto loans. As of December 31, 2025, 97% of the consumer loan portfolio is in current status and

approximately $31.3 million is 90 days or more past due or in process of foreclosure (representing 1% of the total consumer

loan portfolio).

See Note 7 "Investments" in the accompanying financial statements in this report for additional information regarding

the Insurance segment's investment portfolio.

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**Additional Information**

To provide supplemental information to stockholders about the net assets of KKR on a segment basis, KKR's book value

was $33.1 billion as of December 31, 2025, which included cash and short-term investments of $4.8 billion. KKR's book value

includes its net investment in Global Atlantic, investments in the Asset Management and Strategic Holdings segments, and the

net impact of certain other assets and liabilities, including income taxes. KKR's book value excludes the net assets allocable to

investors in KKR's investment funds and other noncontrolling interest holders. From January 1, 2025 through December 31,

2025, the Asset Management segment transferred $1.1 billion of investments to the Insurance segment for which no gain or

loss was recognized.

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**Reconciliations to GAAP Measures** 

*Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders*

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** |
| **($ in thousands)** | **December 31, 2025** | **December 31, 2024** |
| **Net Income (Loss) - KKR Common Stockholders (GAAP)** | **$2251867** | **$3076245** |
| Preferred Stock Dividends  | 118596 |  |
| Net Income (Loss) Attributable to Noncontrolling Interests | 3774949 | 1829792 |
| Income Tax Expense (Benefit) | 953748 | 954396 |
| Income (Loss) Before Tax (GAAP) | $7099160 | $5860433 |
| Impact of Consolidation and Other  | (4020179) | (1268787) |
| Preferred Stock Dividends | (118596) |  |
| Income Taxes on Adjusted Earnings | (1108064) | (988797) |
| *Asset Management Adjustments:* |  |  |
| Unrealized (Gains) Losses  | 560892 | (673790) |
| Unrealized Carried Interest | (2140747) | (1943200) |
| Unrealized Carried Interest Compensation  | 1566828 | 1505558 |
| Transaction-related and Non-operating Items<sup>(1)</sup> | 96289 | 122009 |
| Equity-based Compensation | 268067 | 279418 |
| Equity-based Compensation - Performance based | 348848 | 332226 |
| Amortization of Acquired Intangibles | 1787 |  |
| *Strategic Holdings Adjustments:* |  |  |
| Unrealized (Gains) Losses | (746252) | (958418) |
| *Insurance Adjustments:* |  |  |
| (Gains) Losses from Investments | 2088687 | 1465348 |
| Non-Operating Changes from Policy Liabilities and Derivatives | 319471 | 296917 |
| Transaction-Related and Non-Operating Items<sup>(1)</sup> | 42350 | 20615 |
| Equity-Based Compensation | 100135 | 134799 |
| Amortization of Acquired Intangibles | 18796 | 17935 |
| Adjusted Net Income | $4377472 | $4202266 |
| Interest Expense, Net | 257725 | 302381 |
| Preferred Stock Dividends | 132073 |  |
| Net Income Attributable to Noncontrolling Interests | 15002 | 16060 |
| Income Taxes on Adjusted Earnings | 1108064 | 988797 |
| Total Segment Earnings | $5890336 | $5509504 |
| Net Realized Performance Income | (491736) | (608788) |
| Net Realized Investment Income | (412796) | (542163) |
| Total Operating Earnings | $4985804 | $4358553 |
| Total Investing Earnings | 904532 | 1150951 |
| Depreciation and Amortization | 67854 | 50011 |
| **Adjusted EBITDA** | **$5958190** | **$5559515** |

---

(1)For the year ended December 31, 2025, Transaction-related and Other Non-operating items includes (i) $99 million related to transaction-related costs

and other corporate actions, and (ii) $39 million of costs associated with certain integration, restructuring, and other non-operating expenses across our

Asset Management and Insurance businesses.

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*KKR & Co. Inc. Stockholders' Equity - Common Stock*

---

| | |
|:---|:---|
|  | **As of** |
| **($ in thousands)** | **December 31, 2025** |
| **KKR & Co. Inc. Stockholders' Equity – Common Stock (GAAP)** | **$28359157** |
| Impact of Consolidation and Other | 356408 |
| Exchangeable Securities | 335842 |
| Accumulated Other Comprehensive Income (Loss) (AOCI) and Other (Insurance) | 4098704 |
| Accumulated Unrealized (Gains) Losses on Loans carried at Fair Value (Insurance) | (99591) |
| **KKR Book Value**<sup>(1)</sup> | **$33050520** |

---

(1)Book Value is a non-GAAP performance measure, which provides additional insight into the net assets of KKR presented on a basis that (i) excludes the net

assets that are allocated to investors in KKR's investment funds and other noncontrolling interest holders, (ii) includes the net assets that are attributable

to certain securities exchangeable into shares of common stock of KKR & Co. Inc., (iii) includes the net investment in Global Atlantic, investments in the

Asset Management and Strategic Holdings segments, and (iv) includes the net impact of certain other assets and liabilities, including the net impact of

KKR's tax assets and liabilities as calculated under GAAP. Book Value excludes the dilutive impact of the conversion of any of KKR & Co. Inc.'s Series D

Mandatory Convertible Preferred Stock. If all outstanding shares of the Series D Mandatory Convertible Preferred Stock were converted into KKR & Co.

Inc. common stock as of December 31, 2025, our Book Value would have increased by $2.5 billion and our common stock outstanding would have

increased by 20.8 million shares.

*Cash and Cash Equivalents - Asset Management and Strategic Holdings* 

---

| | |
|:---|:---|
|  | **As of** |
| **($ in thousands)** | **December 31, 2025** |
| **Cash and Cash Equivalents – Asset Management and Strategic Holdings (GAAP)** | **$9380874** |
| Impact of Consolidation and Other | (4818513) |
| Short-term Investments | 227292 |
| **Cash and Short-term Investments** | **$4789653** |

---

*Investments - Asset Management and Strategic Holdings* 

---

| | |
|:---|:---|
|  | **As of** |
| **($ in thousands)** | **December 31, 2025** |
| **Investments – Asset Management and Strategic Holdings (GAAP)** | **$127948305** |
| Impact of Consolidation and Other | (119090836) |
| Short-term Investments | (227292) |
| **Investments – Asset Management Segment** | **$8630177** |

---

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**Liquidity**

We manage our liquidity and capital requirements by (a) focusing on our cash flows before the consolidation of our funds

and CFEs and the effect of changes in short term assets and liabilities, which we anticipate will be settled for cash within one

year, and (b) seeking to maintain access to sufficient liquidity through various sources. The overall liquidity framework and

cash management approach of our insurance business are also based on seeking to build an investment portfolio that is cash

flow matched, providing cash inflows from insurance assets that meet our insurance companies' expected cash outflows to

pay their liabilities. Our primary cash flow activities typically involve (i) generating cash flow from operations; (ii) generating

income from investment activities, by investing in investments that generate yield (namely interest and dividends), as well as

through the sale of investments and other assets; (iii) funding capital commitments that we have made to, and advancing

capital to, our funds and CLOs; (iv) developing and funding new investment strategies, investment products, and other growth

initiatives, including acquisitions of other investments, assets, and businesses; (v) underwriting and funding capital

commitments in our capital markets business; (vi) distributing cash flow to our stockholders and any holders of our preferred

stock, if any; and (vii) paying borrowings, interest payments, and repayments under credit agreements, our senior and

subordinated notes, and other borrowing arrangements. See "—Liquidity," "—Liquidity Needs," and "—Dividends and Stock

Repurchases."

See "Risk Factors" and "—Business Environment" in this report for more information on factors that may impact our

business, financial performance, operating results, and valuations.

**Sources of Liquidity** 

Our primary sources of liquidity consist of amounts received from: (i) our operating activities, including the fees earned

from our funds, portfolio companies, and capital markets transactions; (ii) realizations on carried interest from our investment

funds; (iii) interest and dividends from investments that generate yield, including our investments in CLOs; (iv) in our

insurance business, cash inflows in respect of new premiums, policyholder deposits, reinsurance transactions, and funding

agreements, including through memberships in FHLBs; (v) realizations on and sales of investments and other assets, including

the transfers of investments or other assets for fund formations (including CLOs and other investment vehicles); and (vi)

borrowings, including advances under our revolving credit facilities, debt offerings, repurchase agreements, and other

borrowing arrangements. In addition, we may generate cash proceeds from issuances of our or our subsidiaries' equity

securities. We have access to funding under various credit facilities, other borrowing arrangements and other sources of

liquidity that we have entered into with major financial institutions or which we receive from the capital markets. For a

discussion of our debt obligations, including our debt securities, revolving credit agreements and loans, see Note 16 "Debt

Obligations" in our financial statements.

Many of our investment funds like our private equity and real assets funds provide for carried interest. With respect to

our carry-paying investment funds, carried interest is eligible to be distributed to the general partner of the fund only after all

of the following are met: (i) a realization event has occurred (e.g., sale of a portfolio company, dividend, etc.); (ii) the vehicle

has achieved positive overall investment returns since its inception, in excess of performance hurdles where applicable, and is

accruing carried interest; and (iii) with respect to investments with a fair value below cost, cost has been returned to fund

investors in an amount sufficient to reduce remaining cost to the investments' fair value. Even after all of the preceding

conditions are met, the general partner of the fund may, in its sole discretion, decide to defer the distribution of carried

interest to it to a later date. In addition, these funds generally include what is called a "clawback" provision, which provides

that the general partner must return any carried interest that is paid in excess of what the general partner is entitled to

receive at the end of the term of the fund, as discussed further below.

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As of December 31, 2025, certain of our investment funds had met the first and second criteria, as described above, but

did not meet the third criteria. In these cases, carried interest accrues on the consolidated statement of operations, but will

not be distributed in cash to us as the general partner of an investment fund upon a realization event. For a fund that has a

fair value above cost, overall, and is otherwise accruing carried interest, but has one or more investments where fair value is

below cost, the shortfall between cost and fair value for such investments is referred to as a "netting hole." When netting

holes are present, realized gains on individual investments that would otherwise allow the general partner to receive carried

interest distributions are instead used to return invested capital to our funds' limited partners in an amount equal to the

netting hole. Once netting holes have been filled with either (i) return of capital equal to the netting hole for those

investments where fair value is below cost or (ii) increases in the fair value of those investments where fair value is below

cost, then realized carried interest will be distributed to the general partner upon a realization event. A fund that is in a

position to pay cash carry refers to a fund for which carried interest is expected to be paid to the general partner upon the

next material realization event, which includes funds with no netting holes as well as funds with a netting hole that is

sufficiently small in size such that the next material realization event would be expected to result in the payment of carried

interest. Strategic investor partnerships with fund investors may require netting across the various funds in which they invest,

which may reduce the carried interest we otherwise would have earned if such fund investors were to have invested in our

funds without the existence of the strategic investor partnership. As of December 31, 2025, netting holes in excess of $50

million existed at North America Fund XI in the amount of $417 million. The remaining unrealized gains accrued at this fund as

of December 31, 2025 is in excess of its netting hole. In accordance with the criteria set forth above, other funds currently

have and may in the future develop netting holes, and netting holes for those and other funds may otherwise increase or

decrease in the future.

If the investment fund has distributed carried interest but subsequently does not have sufficient value to provide for the

distribution of carried interest at the end of the life of the investment fund, the general partner is typically required to return

previously distributed carried interest to the fund investors. Current and former employees who received distributions of

carried interest subject to clawback would be required to return the amount of such distributions to KKR. However, it is KKR's

obligation to return carried interest subject to clawback to the fund investors. As of December 31, 2025, approximately $150

million of previously distributed carried interest, in aggregate, was subject to a clawback obligation, assuming that all

applicable carry-paying investment funds were liquidated at their reported fair values as of December 31, 2025. As of

December 31, 2025, there are no investment funds subject to a clawback obligation in excess of $50 million that has not

already reduced net realized performance income. See Note 24 "Commitments and Contingencies—Contingent Repayment

Guarantees" in our financial statements included elsewhere in this report for further information. See also the negative

amounts included in the Carried Interest column in the table included in this Item 7 in "Fund Performance Metrics" for further

information on clawback obligations.

**Liquidity Needs**

We expect that our primary liquidity needs will consist of cash required to meet various obligations, including, without

limitation, to:

• continue to support and grow our asset management business, including seeding new investment strategies,

supporting capital commitments made by our investment vehicles to existing and future funds, co-investments

and otherwise supporting the investment vehicles that we sponsor, and acquiring other assets, businesses, and

investments for our businesses;

• continue to support and grow our insurance business;

• continue to support and grow our strategic holdings business, including through the acquisition of new operating

companies;

• grow and expand our businesses generally, including by acquiring or launching new, complementary, or adjacent

businesses;

• warehouse investments in portfolio companies or other investments for the benefit of one or more of our funds,

accounts or CLOs or other investment vehicles pending the contribution of committed capital by the fund

investors in such investment vehicles, and advancing capital to them for operational or other needs;

• funding requirements to levered investment vehicles or structured transactions;

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• service debt obligations including the payment of obligations at maturity, on interest payment dates or upon

redemption;

• fund cash operating expenses and contingencies, including for litigation matters and guarantees;

• pay corporate income taxes and other taxes;

• pay policyholders and amounts in our insurance business related to investment, reinvestment, reinsurance, or

funding agreement activity;

• pay amounts that may become due under our tax receivable agreement;

• pay cash dividends in accordance with our dividend policy for our common stock or the terms of our preferred

stock;

• underwrite commitments, advance loan proceeds, and fund syndication commitments within our capital

markets business;

• post or return collateral in respect of derivative contracts;

• satisfy regulatory requirements for our capital markets business, risk retention requirements for CLOs (to the

extent they may apply), or to address capital needs of unregulated and regulated subsidiaries, including capital

and collateral requirements, as applicable, for our insurance and broker-dealer subsidiaries; and

• repurchase shares of our common stock or retire equity awards pursuant to the share repurchase program or

repurchase or redeem other securities issued by us (for a discussion of KKR's share repurchase program, see

Note 22 "Equity" in our financial statements).

**Capital Commitments**

The agreements governing our active investment funds generally require the general partners of the funds to make

minimum capital commitments to such funds, which generally range from 2% to 8% of a fund's total capital commitments at

final closing, but may be greater for certain funds (i) where we are pursuing newer strategies, (ii) where third party investor

demand is limited, and (iii) where a larger commitment is consistent with the asset allocation strategy.

As of December 31, 2025, KKR had unfunded commitments consisting of $10.5 billion to its investment funds and other

investment vehicles across Private Equity, Real Assets, and Credit and Liquid Strategies business lines. These unfunded

commitments include $2.7 billion of uncalled capital commitments to certain investment vehicles in connection with

investments in the core private equity strategy. 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 investment vehicles,

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

credit facilities, and equity syndications in our Capital Markets business line. As of December 31, 2025, these capital markets

commitments amounted to $1.0 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. From time to time, we fund these various capital markets commitments noted above in our capital markets business

by drawing all or substantially all of our availability for borrowings under our available credit facilities available for our Capital

Markets business line. We generally expect these borrowings by our capital markets business to be repaid promptly as these

commitments are syndicated to third parties or otherwise fulfilled or terminated, although we may in some instances elect to

retain a portion of the commitments for our own investment. Additionally, 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 December 31, 2025 have been reduced to reflect

the amount expected to be funded by such third parties. As of December 31, 2025, KKR's capital markets business line has

entered into such arrangements representing a total notional amount of $5.0 billion. For more information about our Capital

Markets business line's risks, see "Risk Factors—Risks Related to Our Business—Our capital markets activities expose us to

material risks" in this report.

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**Tax Receivable Agreement**

On May 30, 2022, KKR terminated the tax receivable agreement with KKR Holdings other than with respect to exchanges

of KKR Holdings equity completed prior to such date. As of December 31, 2025, an undiscounted payable of $359.3 million has

been recorded in due to affiliates in the financial statements representing management's best estimate of the amounts

currently expected to be owed for certain exchanges of KKR Holdings equity that took place prior to the termination of the tax

receivable agreement. As of December 31, 2025, $129.4 million of cumulative cash payments have been made under the tax

receivable agreement since inception.

**Dividends and Stock Repurchases** 

A dividend of $0.185 per share of our common stock has been declared and will be paid on March 3, 2026 to holders of

record of our common stock as of the close of business on February 17, 2026.

A dividend of $0.78125 per share of Series D Mandatory Convertible Preferred Stock has been declared and set aside for

payment on March 1, 2026 to holders of record of Series D Mandatory Convertible Preferred Stock as of the close of business

on February 15, 2026.

When KKR & Co. Inc. receives distributions from KKR Group Partnership, holders of exchangeable securities receive their

pro rata share of such distributions from KKR Group Partnership.

The declaration and payment of dividends to our common or preferred stockholders will be at the sole discretion of our

Board of Directors, and our dividend policy may be changed at any time. We announced on February 5, 2026 that our current

dividend policy will be to pay dividends to holders of our common stock in an annual aggregate amount of $0.78 per share (or

a quarterly dividend of $0.195 per share) beginning with the dividend announced with the results for the three months ended

March 31, 2026. The declaration of dividends is subject to the discretion of our Board of Directors based on a number of

factors, including KKR's future financial performance and other considerations that the Board of Directors deems relevant,

and compliance with the terms of KKR & Co. Inc.'s certificate of incorporation and applicable law. For U.S. federal income tax

purposes, any dividends we pay (including dividends on our preferred stock) generally will be treated as qualified dividend

income for U.S. individual stockholders to the extent paid out of our current or accumulated earnings and profits, as

determined for U.S. federal income tax purposes. There can be no assurance that future dividends will be made as intended

or at all or that any particular dividend policy for our common stock or our preferred stock will be maintained. Furthermore,

the declaration and payment of distributions by KKR Group Partnership and our other subsidiaries may also be subject to

legal, contractual and regulatory restrictions, including restrictions contained in our debt agreements.

Since 2015, KKR has repurchased, or retired equity awards representing, a total of 94.2 million shares of common stock

for $2.8 billion, which equates to an average price of $29.36 per share. For further information, see "Part II—Item 5—Market

for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities."

**Contractual Obligations, Commitments and Contingencies**

In the ordinary course of business, we (including Global Atlantic) and our consolidated funds and CFEs enter into

contractual arrangements that may require future cash payments. Contractual arrangements include (i) commitments to fund

the purchase of investments or other assets (including obligations to fund capital commitments as the general partner of our

investment funds) or to fund collateral for derivative transactions or otherwise, (ii) obligations arising under our senior notes,

subordinated notes, and other indebtedness, (iii) commitments by our capital markets business to underwrite transactions or

to lend capital, (iv) obligations arising under insurance policies written, (v) other contractual obligations, including servicing

agreements with third-party administrators for insurance policy administration, and (vi) commitments to fund the business,

operations or investments of our subsidiaries. In addition, we may incur contingent liabilities for claims that may be made

against us in the future. For more information about these contingent liabilities, please see Note 24 "Commitments and

Contingencies" in our financial statements.

The following table sets forth information relating to anticipated future cash payments as of December 31, 2025

excluding consolidated funds and CFEs with a reconciliation of such amounts to anticipated future cash payments by us

(including Global Atlantic) and our consolidated funds and CFEs.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by Period** | **Payments due by Period** | **Payments due by Period** | **Payments due by Period** | **Payments due by Period** |
| **Types of Contractual Obligations** | **<1 Year** | **1-3 Years** | **3-5 Years** | **>5 Years** | **Total** |
|  | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** | **($ in millions)** |
| **Asset Management** |  |  |  |  |  |
| Uncalled commitments to investment funds <sup>(1)</sup> | $10482.2 | $— | $— | $— | $10482.2 |
| Debt payment obligations <sup>(2)</sup> |  | 517.5 | 1840.9 | 7012.6 | 9371.0 |
| Interest obligations on debt payment obligations <sup>(3)</sup> | 440.6 | 729.8 | 655.9 | 5235.1 | 7061.4 |
| Underwriting commitments <sup>(4)</sup> | 824.7 |  |  |  | 824.7 |
| Lending commitments <sup>(5)</sup> | 216.7 |  |  |  | 216.7 |
| Purchase commitments <sup>(6)</sup> | 237.4 |  |  |  | 237.4 |
| Lease obligations | 82.5 | 154.5 | 142.5 | 587.9 | 967.4 |
| **Insurance** <sup>(7)(8)</sup> |  |  |  |  |  |
| Debt payment obligations <sup>(9)</sup> |  |  | 500.0 | 3274.0 | 3774.0 |
| Interest obligations on debt payment obligations <sup>(10)</sup> | 233.0 | 479.0 | 454.0 | 3621.0 | 4787.0 |
| Purchase and lease commitments <sup>(11)</sup> | 44.6 | 60.0 | 44.2 | 329.4 | 478.2 |
| Total Contractual Obligations of KKR | $12561.7 | $1940.8 | $3637.5 | $20060.0 | $38200.0 |
| (+) Uncalled commitments of consolidated funds <sup>(12)</sup> | 16308.4 |  |  |  | 16308.4 |
| (+) Debt payment obligations of consolidated funds, CFEs and Other <sup>(13)</sup> | 798.9 | 2912.7 | 1075.1 | 35326.0 | 40112.7 |
| (+) Corporate real estate borrowings <sup>(14)</sup> |  | 500.0 |  |  | 500.0 |
| (+) Interest obligations of consolidated funds, CFEs and Other <sup>(15)</sup> | 2432.2 | 3749.2 | 3445.9 | 9086.8 | 18714.1 |
| (+) Debt and Interest Payment Obligations of Consolidated Special <br>Purpose Vehicles - Insurance<br>|  | 197.0 |  |  | 197.0 |
| **Total Consolidated Contractual Obligations** | **$32101.2** | **$9299.7** | **$8158.5** | **$64472.8** | **$114032.2** |

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(1)These uncalled commitments represent amounts committed by us to fund a portion of the purchase price paid for each investment made by our

investment funds which are actively investing. Because capital contributions are due on demand, the above commitments have been presented as falling

due within one year. However, given the size of such commitments and the pace at which our investment funds make investments, we expect that the

capital commitments presented above will be called over a period of several years. See "—Liquidity Needs" and Note 16 "Debt Obligations" in our financial

statements.

(2)Amounts include senior notes and subordinated notes issued by KKR and its subsidiaries.

(3)These interest obligations on debt represent estimated interest to be paid over the term of the related debt obligation, which has been calculated

assuming the debt outstanding as of December 31, 2025 is not repaid until its maturity. Future interest rates are assumed to be those in effect as of

December 31, 2025, including both variable and fixed rates, as applicable, provided for by the relevant debt agreements. The amounts presented above

include accrued interest on outstanding indebtedness.

(4)Represents various commitments in our capital markets business in connection with the underwriting of loans, securities and other financial instruments.

These commitments are shown net of amounts syndicated.

(5)Represents obligations in our capital markets business to lend under various revolving credit facilities.

(6)Represents commitments of KKR's asset management business line to fund the purchase of various investments.

(7)Global Atlantic has other obligations related to collateral payable held for derivative instruments ($511.5 million) and outstanding commitments to make

investments in commercial mortgage loans, other lending facilities and other investments ($7.3 billion) which have not been included in the above table

as the exact timing of these payments cannot be estimated. Global Atlantic's debt obligations are non-recourse to KKR beyond the assets of Global

Atlantic.

(8)Global Atlantic also has obligations to meet future obligations for policy liabilities. These obligations are subject to variability in amount and timing and as

such include significant assumptions related to the receipt of future premiums, mortality, lapse, renewal, withdrawal, and annuitization activity

comparable with actual experience. These assumptions also include market growth and policy crediting. Estimated cash flows for these obligations with

an expected maturity within the next year, within the next 5 years, and for all years were $21.2 billion, $109.6 billion, and $254.5 billion, respectively,

gross of reinsurance offsets. Due to the significance of the assumptions used, these amounts may differ materially from actual results.

(9)The payments due by period for debt obligations reflect the contractual maturities of principal.

(10)Reflects estimated future interest payments. Future interest on variable rate debt (which includes borrowing under Global Atlantic's revolving credit

facility and the subordinated debentures) was computed using prevailing rates as of December 31, 2025 and, as such, does not consider the impact of

future rate movements. Future interest on fixed rate debt was computed using the stated rate on the obligations.

(11)Reflects operational servicing agreements with third-party administrators for policy administration.

(12)Represents uncalled commitments of our consolidated funds excluding KKR's portion of uncalled commitments as the general partner of the respective

funds. Because capital contributions are due on demand, the above commitments have been presented as falling due within one year. However, given the

size of such commitments and the pace at which our investment funds make investments, we expect that the capital commitments presented above will

be called over a period of several years. See "—Liquidity Needs" and Note 16 "Debt Obligations" in our financial statements.

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(13)Amounts include (i) financing arrangements entered into by our consolidated funds with the objective of providing liquidity to the funds of $6.6 billion,

(ii) debt securities issued by our consolidated CLOs of $30.2 billion and (iii) borrowings collateralized by fund investments, fund co-investments and other

assets held by levered investment vehicles of $3.3 billion. Debt securities issued by consolidated CLO entities are supported solely by the investments held

at the CLO vehicles and are not collateralized by assets of any other KKR entity. Borrowings by levered investment vehicles are supported solely by the

investments held at the investment vehicles and are not collateralized by assets of any other KKR entity. Obligations under financing arrangements

entered into by our consolidated funds are generally limited to our pro rata equity interest in such funds. Our management companies bear no obligations

to repay any financing arrangements at our consolidated funds.

(14)Represents a debt obligation in connection with the ownership of KKR office space.

(15)The interest obligations on debt of our CFEs and other borrowings represent estimated interest to be paid over the term of the related debt obligation,

which has been calculated assuming the debt outstanding as of December 31, 2025 is not repaid until its maturity. Future interest rates are assumed to be

those in effect as of December 31, 2025, including both variable and fixed rates, as applicable, provided for by the relevant debt agreements. The

amounts presented above include accrued interest on outstanding indebtedness.

The commitment table above excludes contractual amounts owed under the tax receivable agreement because the

ultimate amount and timing of the amounts due are not presently known.

**Off Balance Sheet Arrangements**

We do not have any off-balance sheet financings or liabilities other than contractual commitments and other legal

contingencies incurred in the normal course of our business.

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**Critical Accounting Policies and Estimates** 

The preparation of our financial statements in accordance with GAAP requires our management to make estimates and

judgments 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. Our management bases these estimates and judgments on available information, historical

experience and other assumptions that we believe are reasonable under the circumstances. However, these estimates,

judgments and assumptions are often subjective and may be impacted negatively based on changing circumstances or

changes in our analyses. If actual amounts are ultimately different from those estimated, judged or assumed, revisions are

included in the financial statements in the period in which the actual amounts become known. We believe our critical

accounting policies could potentially produce materially different results if we were to change underlying estimates,

judgments or assumptions.

For a further discussion about our critical accounting policies, see Note 2 "Summary of Significant Accounting Policies" in

our financial statements included in this report.

**Basis of Accounting**

We consolidate the financial results of KKR Group Partnership and its consolidated entities, which include the accounts of

our investment advisers, broker-dealers, Global Atlantic's insurance companies, the general partners of certain

unconsolidated investment funds, general partners of consolidated investment funds and their respective consolidated

investment funds, and certain other entities including CFEs.

When an entity is consolidated, we reflect the accounts of the consolidated entity, including its assets, liabilities,

revenues, expenses, investment income, cash flows, and other amounts, on a gross basis. While the consolidation of an

investment fund or entity does not have an effect on the amounts of Net Income Attributable to KKR or KKR's stockholders'

equity that KKR reports, the consolidation does significantly impact the financial statement presentation under GAAP. This is

due to the fact that the accounts of the consolidated entities are reflected on a gross basis while the allocable share of those

amounts that are attributable to third parties are reflected as single line items. The single line items in which the accounts

attributable to third parties are recorded are presented as noncontrolling interests on the consolidated statements of

financial condition and net income (loss) attributable to noncontrolling interests on the consolidated statements of

operations.

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") in our financial statements included in this report, 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 not obligations of KKR (other than

the insurance companies that issued 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, Strategic Holdings, and Insurance businesses enter into

transactions with each other, which may include transactions pursuant to their investment management agreements and

financing arrangements. The borrowings from these financing arrangements are non-recourse to KKR beyond the assets

pledged to support such borrowings. All the investment management and financing arrangements amongst KKR's Asset

Management, Strategic Holdings, and Insurance businesses are eliminated in consolidation.

All intercompany transactions and balances have been eliminated.

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**Consolidation**

KKR consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of

variable interest entities ("VIEs"). The following discussion is intended to provide supplemental information about how the

application of consolidation principles impact our financial results, and management's process for implementing those

principles including areas of significant judgment. For a detailed description of our accounting policy on consolidation, see

Note 2 "Summary of Significant Accounting Policies" in our financial statements included in this report.

As part of its consolidation procedures, KKR evaluates: (i) whether it holds a variable interest in an entity, (ii) whether the

entity is a VIE, and (iii) whether the KKR's involvement would make it the primary beneficiary. The determination that KKR

holds a controlling financial interest in an investment vehicle significantly changes the presentation of our consolidated

financial statements.

The assessment of whether we consolidate an investment vehicle we manage requires the application of significant

judgment. These judgments are applied both at the time we become involved with an investment vehicle and on an ongoing

basis and include, but are not limited to:

• Determining whether our management fees, carried interests, or incentive fees represent variable interests - We

make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees

and at market rates. In making this judgment, we consider, among other things, the extent of third party investment

in the entity and the terms of any other interests we hold in the VIE.

• Determining whether a legal entity qualifies as a VIE - For those entities where KKR holds a variable interest,

management determines whether each of these entities qualifies as a VIE and, if so, whether or not KKR is the

primary beneficiary. The assessment of whether the entity is a VIE is generally performed qualitatively, which

requires judgment. These judgments include: (i) determining whether the equity investment at risk is sufficient to

permit the entity to finance its activities without additional subordinated financial support, (ii) evaluating whether

the equity holders, as a group, can make decisions that have a significant effect on the economic performance of the

entity, (iii) determining whether two or more parties' equity interests should be aggregated, and (iv) determining

whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to

receive returns from an entity. Entities that do not qualify as VIEs are generally assessed for consolidation as voting

interest entities. Under the voting interest entity model, KKR consolidates those entities it controls through a

majority voting interest.

• Concluding whether KKR has an obligation to absorb losses or the right to receive benefits that could potentially be

significant to the VIE - As there is no explicit threshold in GAAP to define "potentially significant," we must apply

judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met.

Changes to these judgments could result in a change in the consolidation conclusion for a legal entity.

**Fair Value Measurements**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

between market participants at the measurement date under current market conditions. For further information about our

fair value measurements accounting policies, please see "Note 2—Summary of Significant Accounting Policies—Fair Value

Measurements."

**Level III Valuation Methodologies**

Our investments and financial instruments are impacted by various economic conditions and events outside of our

control that are difficult to quantify or predict, which may have a significant impact on the valuation of our investments and,

therefore, on the carried interest and investment income we realize.

There is inherent uncertainty involved in the valuation of Level III investments, and there is no assurance that, upon

liquidation, KKR will realize the values reflected in our valuations. Our valuations may differ significantly from the values that

would have been used had an active market for the investments existed, and it is reasonably possible that the difference

could be material. See "Risk Factors" and "—Business Environment" in this report for more information on factors that may

impact our business, financial performance, operating results, and valuations.

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Key unobservable inputs that have a significant impact on our Level III valuations as described above are included in Note

9 "Fair Value Measurements" in our financial statements.

Across the total Level III private equity investment portfolio (including core private equity investments) held directly and

through both consolidated and unconsolidated investment vehicles in our Asset Management segment, the overall weights

ascribed to a market comparables valuation methodology, the discounted cash flow valuation methodology, and a valuation

methodology based on pending sales for this portfolio of Level III private equity investments (including core private equity

investments) were 38%, 55%, and 7%, respectively, as of December 31, 2025.

Across the total Level III real assets investment portfolio held directly and through both consolidated and unconsolidated

investment vehicles in our Asset Management segment, the overall weights ascribed to a market comparables valuation

methodology, the discounted cash flow valuation methodology, the direct income capitalization valuation methodology, and a

valuation methodology based on pending sales for this portfolio of Level III real assets investments were 3%, 91%, 2%, and

4%, respectively, as of December 31, 2025.

**Level III Valuation Process**

The valuation process involved for Level III measurements for our financial statements is completed on a quarterly basis

and is designed to subject the valuation of Level III investments to an appropriate level of consistency, oversight, and review.

For private equity and real asset investments classified as Level III, investment professionals prepare preliminary

valuations based on their evaluation of financial and operating data, company specific developments, market valuations of

comparable companies, and other factors. KKR begins its procedures to determine the fair values of its Level III assets

approximately one month prior to the end of a reporting period, and KKR follows additional procedures to ensure that its

determinations of fair value for its Level III assets are appropriate as of the relevant reporting date. These preliminary

valuations are generally reviewed by an independent valuation firm engaged by KKR to perform certain procedures in order to

assess the reasonableness of KKR's valuations. The valuations of certain real asset investments are determined solely by

independent valuation firms without the preparation of preliminary valuations by our investment professionals, and instead

such independent valuation firms rely on valuation information available to it as a broker or valuation firm. For credit

investments, an independent valuation firm is engaged by KKR to assist with the valuations of most investments classified as

Level III. As of December 31, 2025, less than 5% of the total value of Level III investments in aggregate across all of our

segments were not valued with the engagement of an independent valuation firm.

For Level III investments, KKR has a Global Valuation Committee that is responsible for coordinating and implementing

the firm's valuation processes to ensure consistency in the application of valuation principles across portfolio investments and

between reporting periods. The Global Valuation Committee is assisted by the asset class-specific valuation committees,

which are responsible for the review and approval of all preliminary Level III valuations in their respective asset classes at least

on a quarterly basis. The members of these valuation committees are comprised of investment professionals and

professionals from business operations functions such as legal, compliance, and finance, who are not primarily responsible for

the management of the investments. All Level III valuations for investments are also subject to approval by the Global

Valuation Committee, which is comprised of senior employees including investment professionals and professionals from

business operations functions, and includes KKR's Chief Financial Officer, Chief Legal Officer and General Counsel, and Chief

Compliance Officer. Once Level III valuations are approved by the Global Valuation Committee, a presentation of such

valuations is provided to the Audit Committee and then to the Board of Directors of KKR & Co. Inc. Level III valuations for our

insurance segment's investments are approved by the Global Atlantic Valuation Committee prior to being presented to the

Global Valuation Committee.

As described above, Level III investments were valued using internal models with significant unobservable inputs, and our

determinations of the fair values of these investments may differ materially from the values that would have resulted if

readily observable inputs had existed. Additional external factors may cause those values, and the values of investments for

which readily observable inputs exist, to increase or decrease over time, which may create volatility in our earnings and the

amounts of assets and stockholders' equity that we report from time to time.

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Changes in the fair value of investments impacts the amount of carried interest that is recognized as well as the amount

of investment income that is recognized for investments across our business segments and through our consolidated funds as

described below. We estimate that an immediate 10% decrease in the fair value of investments held directly and through

consolidated investment funds generally would result in a commensurate change in the amount of net gains (losses) from

investment activities for investments held directly and through investment funds and a more significant impact to the amount

of carried interest recognized, regardless of whether the investment was valued using observable market prices or

management estimates with significant unobservable pricing inputs. With respect to consolidated investment funds, the

impact that the consequential decrease in investment income would have on net income attributable to KKR would generally

be significantly less than the amount described above, given that a majority of the change in fair value of our consolidated

funds would be attributable to noncontrolling interests and therefore we are only impacted to the extent of our carried

interest and our ownership in the consolidated investment funds and investment vehicles.

As of December 31, 2025, upon completion by, where applicable, independent valuation firms of certain limited

procedures requested to be performed by them on certain Level III investments, the independent valuation firms concluded

that the fair values, as determined by KKR (including Global Atlantic), of those investments reviewed by them were

reasonable. The limited procedures did not involve an audit, review, compilation or any other form of examination or

attestation under generally accepted auditing standards and were not conducted on all Level III investments. We are

responsible for determining the fair value of investments in good faith, and the limited procedures performed by an

independent valuation firm are supplementary to the inquiries and procedures that we are required to undertake to

determine the fair value of the commensurate investments on a GAAP basis.

As of December 31, 2025, there were no investments across business segments which represented greater than 5% of

total investments on a GAAP basis. Our investment income on a GAAP and segment basis can be impacted by volatility in the

public markets. See "Risk Factors" and "—Business Environment" in this report for a discussion of factors that may impact the

valuations of our investments, financial results, operating results, and valuations, and "—Segment Balance Sheet Measures"

for additional information regarding our largest holdings on a segment basis.

**Business Combinations**

KKR accounts for business combinations using the acquisition method of accounting, under which the purchase price of

the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as

of the acquisition date.

Management's determination of fair value of assets acquired and liabilities assumed at the acquisition date is based on

the best information available in the circumstances and may incorporate management's own assumptions and involve a

significant degree of judgment. We use our best estimates and assumptions to accurately assign fair value to the tangible and

identifiable intangible assets acquired and liabilities assumed at the acquisition date as well as the useful lives of those

acquired intangible assets. Examples of critical estimates in valuing certain of the intangible assets we have acquired include,

but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life,

discount rates, and income tax rates. Our estimates for future cash flows are based on historical data, various internal

estimates and certain external sources, and are based on assumptions that are consistent with the plans and estimates we are

using to manage the underlying assets acquired. We estimate the useful lives of the intangible assets based on the expected

period over which we anticipate generating economic benefit from the asset. We base our estimates on assumptions we

believe to be reasonable but that are unpredictable and inherently uncertain. Unanticipated events and circumstances may

occur that could affect the accuracy or validity of such assumptions, estimates or actual result.

**Income Taxes**

Significant judgment is required in estimating the provision for (benefit from) income taxes, current and deferred tax

balances (including valuation allowance), accrued interest or penalties, and uncertain tax positions. In evaluating these

judgments, we consider, among other items, projections of taxable income (including the character of such income),

beginning with historic results and incorporating assumptions of the amount of future pre-tax operating income. These

assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that

KKR uses to manage its business. Revisions in estimates or actual costs of a tax assessment may ultimately be materially

different from the recorded accruals and unrecognized tax benefits, if any. Please see Note 18 "Income Taxes" in our financial

statements in this report for further details.

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**Critical Accounting Policies and Estimates – Asset Management and Strategic Holdings**

**Revenues**

**Fees and Other**

Fees and other consist primarily of (i) management and incentive fees from providing investment management services

to unconsolidated funds, CLOs, other investment vehicles, and separately managed accounts; (ii) transaction fees earned in

connection with successful investment transactions and from capital markets activities; (iii) monitoring fees from providing

services to portfolio companies; (iv) expense reimbursements from certain investment funds and portfolio companies; and

(v) consulting fees. These fees are based on the contractual terms of the governing agreements and are recognized when

earned, which coincides with the period during which the related services are performed and in the case of transaction fees,

upon closing of the transaction. Monitoring fees may provide for a termination payment following an initial public offering or

change of control. These termination payments are recognized in the period when the related transaction closes.

Transaction fee calculations and management fee calculations based on committed capital or invested capital typically do

not require discretion and therefore do not require the use of significant estimates or judgments. Management fee

calculations based on net asset value depend on the fair value of the underlying investments within the investment vehicles.

Estimates and assumptions are made when determining the fair value of the underlying investments within the funds and

could vary depending on the valuation methodology that is used as well as economic conditions.

**Capital Allocation-Based Income (Loss)**

Capital allocation-based income (loss) is earned from those arrangements whereby KKR serves as general partner and

includes income or loss from KKR's capital interest as well as "carried interest" which entitles KKR to a disproportionate

allocation of investment income or loss from an investment fund's limited partners.

Carried interest is recognized upon appreciation of the funds' investment values above certain return hurdles set forth in

their partnership agreement. KKR recognizes revenues attributable to capital allocation-based income based upon the amount

that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that

date. Accordingly, the amount recognized reflects KKR's share of the gains and losses of the associated funds' underlying

investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of

the inherent uncertainty in measuring the fair value of investments in the absence of observable market prices as previously

discussed, these estimated values may differ significantly from the values that would have been used had a ready market for

the investments existed, and it is reasonably possible that the difference could be material.

**Expenses**

**Compensation and Benefits**

Compensation and Benefits expense includes (i) base cash compensation consisting of salaries and wages, (ii) benefits,

(iii) carry pool allocations, (iv) equity-based compensation, and (v) discretionary cash bonuses.

*Discretionary Cash Bonus*

To supplement base cash compensation, benefits, carry pool allocations, and equity-based compensation, we typically

pay discretionary cash bonuses, which are included in Compensation and Benefits expense in the consolidated statements of

operations, based principally on the level of (i) management fees and other fee related revenues (including incentive fees), (ii)

realized performance income, which includes realized carried interest, and (iii) realized investment income earned during the

year. The amounts paid as discretionary cash bonuses, if any, are at our sole discretion and vary from individual to individual

and from period to period, including having no cash bonus. We accrue discretionary cash bonuses when payment becomes

probable and reasonably estimable which is generally in the period when we make the decision to pay discretionary cash

bonuses and is based upon a number of factors, including the recognition of asset management segment revenues, and other

factors determined during the year.

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We expect to pay our employees by assigning a percentage range to each component of asset management segment

revenues. Prior to January 1, 2024, based on the current components and blend of our asset management segment revenues

on an annual basis, we expected to use approximately: (i) 20-25% of fee related revenues, (ii) 60-70% of realized carried

interest and incentive fees not included in fee related performance revenues or earned from our hedge fund partnerships,

and (iii) 10-20% of realized investment income and hedge fund partnership incentive fees, to pay our asset management

employees. Beginning in January 2024, we expect to use approximately: (i) 15%-20% of fee related revenues, (ii) 70%-80% of

realized carried interest and incentive fees not included in fee related performance revenues or earned from our hedge fund

partnerships, and (iii) 10%-20% of realized investment income and hedge fund partnership incentive fees, to pay our asset

management employees. Because these ranges are applied to applicable asset management segment revenue components

independently, and on an annual basis, the amount paid as a percentage of total asset management segment revenue will

vary and will, for example, likely be higher in a period with relatively higher realized carried interest and lower in a period with

relatively lower realized carried interest. We decide whether to pay a discretionary cash bonus and determine the percentage

of applicable revenue components to pay compensation only upon the occurrence of the realization event. There is no

contractual or other binding obligation that requires us to pay a discretionary cash bonus to the asset management

employees, except in limited circumstances.

*Carry Pool Allocation*

With respect to our funds that provide for carried interest, we allocate a portion of the realized and unrealized carried

interest that we earn to Associates Holdings, which we refer to as the carry pool, from which our asset management

employees and certain other carry pool participants are eligible to receive a carried interest allocation. The allocation is

determined based upon a fixed arrangement between Associates Holdings and us, and we do not exercise discretion on

whether to make an allocation to the carry pool upon a realization event. We refer to the portion of carried interest that we

allocate to the carry pool as the carry pool percentage.

Effective January 2, 2024, KKR applies a carry pool percentage of up to 80% for all funds, which is a carry pool percentage

in excess of the carry pool percentages previously fixed by investment fund as discussed further below, which depended on

the fund's vintage. This increase to the carry pool percentage was approved by a majority of KKR's independent directors, and

the carry pool percentage may not be increased above 80% without the further approval of a majority of KKR's independent

directors. For funds that closed after December 31, 2023, the carry pool percentage is fixed at 80%. For funds that closed prior

to December 31, 2023, the carry pool percentage is calculated at a fixed percentage of 40%, 43%, or 65% (depending on the

fund's vintage) for carried interest realized up to a high water mark, which was established based on the unrealized carried

interest balance that existed on January 2, 2024, plus an additional percentage amount up to 80% based on a formulaic

allocation, only if the unrealized carried interest balance at any period end exceeds the high water mark. This imposes a

limitation of the carry pool allocation for such funds based on the amount of cumulative unrealized carried interest income

earned subsequent to December 31, 2023.

For funds that closed before December 31, 2023, if the cumulative carried interest subsequent to December 31, 2023 is

not sufficient to fund this formulaic allocation, the allocation of earnings reverts to the carry pool percentage in effect before

this modification. As such, upon modification of the carry pool percentage effective on January 2, 2024, the cumulative

unrealized carried interest was not sufficient to fund the additional formulaic allocation percentage in excess of the pre-

existing 40%, 43%, and 65% carry pool percentages, and therefore no incremental expense was recognized as of such date.

The carry pool percentage applicable for all funds that closed prior to December 31, 2023 will not be less than their applicable

carry pool percentages of 40%, 43%, or 65% prior to December 31, 2023 (for funds that closed after December 31, 2020 but

before December 31, 2023, the carry pool percentage was fixed at 65%; for funds that closed after June 30, 2017 but before

December 31, 2020, the carry pool percentage was fixed at 43%; and the carry pool percentage was fixed at 40% for older

funds that contributed to KKR's carry pool), and will not be more than 80%. The intent of this modification is that for all funds

that closed prior to January 2, 2024, upon the final liquidation of each fund, realized carried interest distributed will equal the

historical fund carry pool allocations up to the high water mark and only distributions of realized carried interest in excess of

the high water mark will be distributed at 80 percent if and only if the unrealized carried interest balance at any period end

exceeds the high water mark. Under no circumstance would a distribution of carried interest exceed 80% of the total allocable

carried interest at any time.

KKR accounts for the carry pool as a compensatory profit-sharing arrangement in Accrued Expenses and Other Liabilities

within the accompanying consolidated statements of financial condition in conjunction with the related carried interest

income and it is recorded as compensation expense. The liability that is recorded in each period reflects the legal entitlement

of Associates Holdings at each point in time should the total unrealized carried interest be realized at the value recorded at

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each reporting date. Upon a reversal of carried interest income, the related carry pool allocation, if any, is also reversed.

Accordingly, such compensation expense is subject to both positive and negative adjustments.

On the Sunset Date (which will not be later than December 31, 2026), KKR will acquire control of Associates Holdings and

will commence making decisions regarding the allocation of the carry proceeds pursuant to the limited partnership agreement

of Associates Holdings. Until the Sunset Date, our Co-Founders will continue to make decisions regarding the allocation of the

carry proceeds to themselves and others, pursuant to the limited partnership agreement of Associates Holdings, provided that

any allocation of carry proceeds to the Co-Founders will be on a percentage basis consistent with past practice. For additional

information about the Sunset Date and the Reorganization Agreement, see Note 1 "Organization" in our financial statements

included in this report.

*Equity-based Compensation*

In addition to the cash-based compensation and carry pool allocations as described above, employees receive equity

awards under our Equity Incentive Plan, most of which are subject to service-based vesting typically over a three to five-year

period from the date of grant, and some of which are also subject to the achievement of market-based conditions. Certain of

these awards are subject to post-vesting transfer restrictions and minimum retained ownership requirements.

Compensation expense relating to the issuance of equity-based awards is measured at fair value on the grant date. In

determining the aggregate fair value of any award grants, we make judgments as to the grant-date fair value, particularly for

certain equity awards with a vesting condition based upon market conditions, whose grant date fair values are based on a

probability distributed Monte-Carlo simulation. See Note 19 "Equity-Based Compensation," in our financial statements

included in this report for further discussion and activity of these awards.

**Investment Income (Loss) – Net Gains (Losses) from Investment Activities**

Net gains (losses) from investment activities consist of realized and unrealized gains and losses arising from our

investment activities as well as income earned from certain equity method investments. Fluctuations in net gains (losses) from

investment activities between reporting periods is driven primarily by changes in the fair value of our investment portfolio as

well as the realization of investments. The fair value of, as well as the ability to recognize gains from, our investments is

significantly impacted by the global financial markets, which, in turn, affects the net gains (losses) from investment activities

recognized in any given period. Upon the disposition of an investment, previously recognized unrealized gains and losses are

reversed and an offsetting realized gain or loss is recognized in the current period. Since our investments are carried at fair

value, fluctuations between periods could be significant due to changes to the inputs to our valuation process over time. For a

further discussion of our fair value measurements and fair value of investments, see above "—Critical Accounting Policies and

Estimates—Fair Value Measurements."

**Critical Accounting Policies and Estimates – Insurance**

**Policy Liabilities**

Policy liabilities, or collectively, "reserves," are the portion of past premiums or assessments received that are set aside to

meet future policy and contract obligations as they become due. Interest accrues on the reserves and on future premiums,

which may also be available to pay for future obligations. Global Atlantic establishes reserves to pay future policy benefits,

claims, and certain expenses for its life policies and annuity contracts.

Global Atlantic's reserves are estimated based on models that include many actuarial assumptions and projections. These

assumptions and projections, which are inherently uncertain, involve significant judgment, including assumptions as to the

levels and/or timing of premiums, benefits, claims, expenses, interest credits, investment results (including equity market

returns), mortality, longevity, and persistency.

The assumptions on which reserves are based are intended to represent an estimation of experience for the period that

policy benefits are payable. Global Atlantic reviews the adequacy of its reserves and the assumptions underlying those

reserves at least annually. Global Atlantic cannot, however, determine with precision the amount or the timing of actual

benefit payments. If actual experience is better than or equal to the assumptions, then reserves would be adequate to

provide for future benefits and expenses. If experience is worse than the assumptions, additional reserves may be required to

meet future policy and contract obligations. This would result in a charge to Global Atlantic's net income during the period in

which excess benefits are paid or an increase in reserves occurs.

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For a majority of Global Atlantic's in-force policies, including its interest-sensitive life policies and most annuity contracts,

the base policy reserve is equal to the account value. For these products, the account value represents Global Atlantic's

obligation to repay to the policyholder the amounts held with Global Atlantic on deposit. However, there are several

significant blocks of business where policy reserves, in addition to the account value, are explicitly calculated, including

variable annuities, fixed-indexed annuities, interest-sensitive life products (including those with secondary guarantees), and

preneed policies.

*Market Risk Benefits*

Market risk benefits are contracts or contract features that both provide protection to the policyholder from other-than-

nominal capital market risk and expose Global Atlantic to other-than-nominal capital market risk. Market risk benefits include

certain contract features on fixed annuity and variable annuity products, including minimum guarantees to policyholders,

such as guaranteed minimum death benefits ("GMDBs"), guaranteed minimum withdrawal benefits ("GMWBs"), and long-

term care benefits (which are capped at the return of account value plus one or two times the account value).

Some of Global Atlantic's variable annuity and fixed-indexed annuity contracts contain a GMDB feature that provides a

guarantee that the benefit received at death will be no less than a prescribed minimum amount, even if the account balance

is reduced to zero. This amount is based on either the net deposits paid into the contract, the net deposits accumulated at a

specified rate, the highest historical account value on a contract anniversary, or sometimes a combination of these values. If

the GMDB is higher than the current account value at the time of death, Global Atlantic incurs a cost equal to the difference.

Global Atlantic issues fixed-indexed annuity and variable annuity contracts with a guaranteed minimum withdrawal

feature. GMWB are an optional benefit where the contract owner is entitled to withdraw a maximum amount of their benefit

base each year.

Once exercised, living benefit features provide annuity policyholders with a minimum guaranteed stream of income for

life. A policyholder's annual income benefit is generally based on an annual withdrawal percentage multiplied by the benefit

base. The benefit base is defined in the policy and is generally the initial premium, reduced by any partial withdrawals and

increased by a defined percentage, formula, or index credits. Any living benefit payments are first deducted from the account

value. Global Atlantic is responsible for paying any excess guaranteed living benefits still owed after the account value has

reached zero.

The ultimate cost of these benefits will depend on the level of market returns and the level of contractual guarantees, as

well as policyholder behavior, including surrenders, withdrawals, and benefit utilization. For Global Atlantic's fixed-indexed

annuity products, costs also include certain non-guaranteed terms that impact the ultimate cost, such as caps on crediting

rates that Global Atlantic can, in its discretion, reset annually.

See Note 17 "Policy Liabilities" in our financial statements for additional information.

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As of December 31, 2025, the net market risk liability balance totaled $1.3 billion. As of December 31, 2025, the liability

balances for market risk benefits were $1.1 billion for fixed-indexed annuities and $197.5 million for variable and other

annuities. The increase (decrease) to the net market risk benefit liability balance as a result of hypothetical changes in interest

rates, instrument-specific credit risk, equity market prices, expected mortality, and expected surrenders are summarized in

the table below. This sensitivity considers the direct effect of such changes only and not changes in any other assumptions

used in or items considered in the measurement of such balances.

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** |
| **($ in thousands)** | **Fixed-Indexed Annuity** | **Other** |
| **Balance** | ***$1140823*** | ***$197486*** |
| **Hypothetical Change:** |  |  |
| +50 bps Interest Rates | (154530) | (36107) |
| -50 bps Interest Rates | 171718 | 40289 |
| +50 bps Instrument-specific Credit Risk | (155371) | (18636) |
| -50 bps Instrument-specific Credit Risk | 172026 | 20306 |
| +10% Equity Market Prices | (68795) | (40472) |
| -10% Equity Market Prices | 54092 | 45487 |
| 95% of Expected Mortality | 63415 | 3848 |
| 105% of Expected Mortality | (59630) | (3315) |
| 90% of Expected Surrenders | 31479 | 1368 |
| 110% of Expected Surrenders | (29997) | (1347) |

---

Note: Hypothetical changes to the market risk benefits liability balance do not reflect the impact of related hedges.

*Policy Liabilities Accounted for Under a Fair Value Option*

Variable annuity contracts offered and assumed by Global Atlantic provide the contractholder with a GMDB. The liabilities

for these benefits are included in policy liabilities. Global Atlantic elected the fair value option to measure the liability for

certain of these variable annuity contracts valued at $258.8 million as of December 31, 2025. Fair value is calculated as the

present value of the estimated death benefits less the present value of the GMDB fees, using 1,000 risk neutral scenarios.

Global Atlantic discounts the cash flows using the U.S. Treasury rates plus an adjustment for instrument-specific credit risk in

the consolidated statement of financial condition. The change in the liabilities for these benefits is included in policy benefits

and claims in the consolidated statement of operations.

As of December 31, 2025, variable annuities accounted for using the fair value option totaled $258.8 million. The increase

(decrease) in the reserves for variable annuities accounted for using the fair value option as a result of hypothetical changes in

interest rates, instrument-specific credit risk, equity market prices, expected mortality, and expected surrenders are

summarized in the table below. This sensitivity considers the direct effect of such changes only and not changes in any other

assumptions used in or items considered in the measurement of such balances.

---

| | |
|:---|:---|
|  | **As of December 31,** <br>**2025**<br>|
| **($ in thousands)** | **Variable Annuities** |
| **Balance** | ***$258805*** |
| **Hypothetical Change:** |  |
| +50 bps Interest Rates | (17208) |
| -50 bps Interest Rates | 18620 |
| +50 bps Instrument-specific Credit Risk | (10391) |
| -50 bps Instrument-specific Credit Risk | 10753 |
| +10% Equity Market Prices | (13142) |
| -10% Equity Market Prices | 15683 |
| 95% of Expected Mortality | (4736) |
| 105% of Expected Mortality | 4528 |
| 90% of Expected Surrenders | 65 |
| 110% of Expected Surrenders | (94) |

---

Note: Hypothetical changes to the liability balances do not reflect the impact of related hedges.

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*Liability for Future Policyholder Benefits*

A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on

behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected

from policyholders, is accrued as premium revenue is recognized. The liability is estimated using current assumptions that

include mortality, morbidity, lapses, and expenses. These current assumptions are based on judgments that consider Global

Atlantic's historical experience, industry data, and other factors, and are updated quarterly and the current period change in

the liability is recognized as a separate component of benefit expense in the consolidated income statement.

As of December 31, 2025, the liability for future policy benefits totaled $14.3 billion, net of reinsurance, split between

$12.4 billion associated with payout annuity products, and $1.9 billion of life and other insurance products (including assumed

long-term care insurance where Global Atlantic retroceded mortality and morbidity risks to a third-party reinsurer). The

increase (decrease) as a result of hypothetical changes in interest rates, credit spreads, expected mortality, and expected

surrenders and lapses are summarized in the table below. This sensitivity considers the direct effect of such changes only and

not changes in any other assumptions used in or items considered in the measurement of such balances.

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** |
| **($ in thousands)** | **Payout Annuities** | **Other** |
| **Balance** | ***$12403341*** | ***$1866615*** |
| **Hypothetical Change:** |  |  |
| +50 bps Interest Rates | (218356) | (435230) |
| -50 bps Interest Rates | 234370 | 469003 |
| +50 bps Credit Spreads | (166860) | (317644) |
| -50 bps Credit Spreads | 172941 | 330598 |
| 95% of Expected Mortality<sup>(1)</sup> | 77428 | 45734 |
| 105% of Expected Mortality<sup>(1)</sup> | (73528) | (43528) |
| 90% of Expected Surrenders/Lapses |  | (9715) |
| 110% of Expected Surrenders/Lapses |  | 8744 |

---

Note: Hypothetical changes to the liability for future policy benefits balance do not reflect the impact of related hedges.

(1)Includes decrements for terminations of disability insurance.

*Additional Liability for Annuitization, Death, or Other Insurance Benefits: No-Lapse Guarantees*

Global Atlantic has in-force interest-sensitive life contracts where it provides a secondary guarantee to the policyholder.

The policy can remain in-force, even if the base policy account value is zero, as long as contractual secondary guarantee

requirements have been met. The primary risk to Global Atlantic is that the premium collected under these policies, together

with the investment return Global Atlantic earns on that premium, is ultimately insufficient to pay the policyholder's benefits

and the expenses associated with issuing and administering these policies. Global Atlantic holds an additional reserve in

connection with these guarantees.

The additional reserves related to interest-sensitive life products with secondary guarantees are calculated using

methods similar to those described above under "—Critical Accounting Policies and Estimates – Insurance—Policy Liabilities—

Market Risk Benefits." The costs related to these secondary guarantees are recognized over the life of the contracts through

the accrual and subsequent release of a reserve which is revalued each period. The reserve is calculated based on

assessments, over a range of economic scenarios to incorporate the variability in the obligation that may occur under

different environments. The change in the reserve is included in policy benefits and claims in the consolidated statements of

operations.

As of December 31, 2025, the additional liability balance of primarily interest-sensitive life totaled $6.2 billion, net of

reinsurance. The increase (decrease) to the additional liability balance, as a result of hypothetical changes in interest rates,

equity market prices, annual equity growth, expected mortality, and expected surrenders are summarized in the table below.

This sensitivity considers the direct effect of such changes only and not changes in any other assumptions used in or items

considered in the measurement of the interest-sensitive life no-lapse guarantee liability balance.

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---

| | |
|:---|:---|
|  | **As of December 31,** <br>**2025**<br>|
| **($ in thousands)** | **Interest-Sensitive Life** |
| **Balance** | ***$6168750*** |
| **Hypothetical Change:** |  |
| +50 bps Interest Rates | 1690 |
| -50 bps Interest Rates | (1689) |
| +10% Equity Market Prices | (1365) |
| -10% Equity Market Prices | 1211 |
| 1% Lower Annual Equity Growth | 6942 |
| 95% of Expected Mortality | (51329) |
| 105% of Expected Mortality | 50561 |
| 90% of Expected Surrenders | 22909 |
| 110% of Expected Surrenders | (22410) |

---

Note: Hypothetical changes to the interest-sensitive life additional liability for annuitization, death, or other insurance benefits balance do not reflect the

impact of related hedges.

**Embedded Derivatives in Policy Liabilities and Funds Withheld**

Global Atlantic's fixed-indexed annuity, variable annuity, and indexed universal life products contain equity-indexed

features, which are considered embedded derivatives and are required to be measured at fair value.

Global Atlantic calculates the embedded derivative as the present value of future projected benefits in excess of the

projected guaranteed benefits, using an option budget as the indexed account value growth rate. In addition, the fair value of

the embedded derivative is reduced to reflect instrument specific credit risk on Global Atlantic's obligation (that is, Global

Atlantic's own credit risk).

Changes in interest rates, future index credits, instrument-specific credit risk, projected withdrawal and surrender

activity, and mortality on fixed-indexed annuity and interest-sensitive life products can have a significant impact on the value

of the embedded derivative.

*Valuation of Embedded Derivatives – Fixed-Indexed Annuities*

Fixed-indexed annuity contracts allow the policyholder to elect a fixed interest rate of return or a market indexed strategy

where interest credited is based on the performance of an index, such as the S&P 500 Index, or other indexes. The market

indexed strategy is an embedded derivative, similar to a call option. The fair value of the embedded derivative is computed as

the present value of benefits attributable to the excess of the projected policy contract values over the projected minimum

guaranteed contract values. The projections of policy contract values are based on assumptions for future policy growth,

which include assumptions for expected index credits, future equity option costs, volatility, interest rates, and policyholder

behavior. The projections of minimum guaranteed contract values include the same assumptions for policyholder behavior as

are used to project policy contract values. The embedded derivative cash flows are discounted using a risk-free interest rate

increased by instrument-specific credit risk tied to Global Atlantic's own credit rating.

*Valuation of Embedded Derivatives – Interest-Sensitive Life Products*

Interest-sensitive life products allow a policyholder's account value to grow based on the performance of certain equity

indexes, which results in an embedded derivative similar to a call option. The embedded derivative related to the index is

bifurcated from the host contract and measured at fair value. The valuation of the embedded derivative is the present value

of future projected benefits in excess of the projected guaranteed benefits, using the option budget as the indexed account

value growth rate and the guaranteed interest rate as the guaranteed account value growth rate. Present values are based on

discount rate curves determined at the valuation date or issue date as well as assumed lapse and mortality rates. The discount

rate equals the forecast treasury rate increased by instrument-specific credit risk tied to Global Atlantic's own credit rating.

Changes in discount rates and other assumptions such as spreads and/or option budgets can have a substantial impact on the

embedded derivative.

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*Valuation of Embedded Derivatives in Modified Coinsurance or Funds Withheld*

Global Atlantic's reinsurance agreements include modified coinsurance and coinsurance with funds withheld

arrangements that include terms that require payment by the ceding company of a principal amount plus a return that is

based on a proportion of the ceding company's return on a designated portfolio of assets. Because the return on the funds

withheld receivable or payable is not clearly and closely related to the host insurance contract, these contracts are deemed to

contain embedded derivatives, which are measured at fair value. Global Atlantic is exposed to both the interest rate and

credit risk of the assets. Changes in discount rates and other assumptions can have a significant impact on this embedded

derivative. The fair value of the embedded derivatives is included in the funds withheld receivable at interest and funds

withheld payable at interest line items on our consolidated statement of financial condition. The change in the fair value of

the embedded derivatives is recorded in net investment-related gains (losses) in the consolidated statement of operations.

As of December 31, 2025, the embedded derivative liability balance totaled $7.4 billion for fixed-indexed annuities, and

$485.0 million for interest-sensitive life. The increase (decrease) to the embedded derivatives on fixed-indexed annuity and

indexed universal life as a result of hypothetical changes in interest rates, credit spreads, and equity market prices are

summarized in the table below. This sensitivity considers the direct effect of such changes only and not changes in any other

assumptions used in or items considered in the measurement of such balances.

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** |
| **($ in thousands)** | **Fixed-Indexed** <br>**Annuities**<br>| **Interest Sensitive Life** |
| **Balance** | ***$7355480*** | ***$485025*** |
| **Hypothetical Change:** |  |  |
| +50 bps Interest Rates | (114795) | (4764) |
| -50 bps Interest Rates | 120381 | 4962 |
| +50 bps Credit Spreads | (147200) | (4764) |
| -50 bps Credit Spreads | 152548 | 4962 |
| +10% Equity Market Prices | 699869 | 27081 |
| -10% Equity Market Prices | (751468) | (61947) |

---

Note: Hypothetical changes to the market risk benefits liability balance do not reflect the impact of related hedges.

As of December 31, 2025, the embedded derivative balance for modified coinsurance or funds withheld arrangements

was a $2.4 billion net asset ($78.9 million in funds withheld receivables at interest, and $(2.3) billion in funds withheld payable

at interest). The increase (decrease) to the embedded derivatives on fixed-indexed annuity and interest-sensitive life products

as a result of hypothetical changes in interest rates and investment credit spreads are summarized in the table below. This

sensitivity considers the direct effect of such changes only and not changes in any other assumptions used in or items

considered in the measurement of such balances.

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** |
| **($ in thousands)** | **Embedded Derivative** <br>**on Funds Withheld** <br>**Receivable**<br>| **Embedded Derivative** <br>**on Funds Withheld** <br>**Payable**<br>|
| **Balance** | ***$78858*** | ***$(2275854)*** |
| **Hypothetical Change:** |  |  |
| +50 bps Interest Rates | (3602) | (1327612) |
| -50 bps Interest Rates | 8729 | 1403934 |
| +50 bps Investment Credit Spreads | (43570) | (1377343) |
| -50 bps Investment Credit Spreads | 43570 | 1453665 |

---

Note: Hypothetical changes to the funds withheld receivable and payable embedded derivative balances do not reflect the impact of related hedges or trading

assets which back the funds withheld at interest.

**Recently Issued Accounting Pronouncements**

For a full discussion of recently issued accounting pronouncements, see Note 2 "Summary of Significant Accounting

Policies" in our financial statements included in this report.

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**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

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

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

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

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

assets, liabilities, and hedge program.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Management of Enterprise Risk** 

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

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

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

and investments.

**Management of Market Risk**

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

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

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

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

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

and insurance risks.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

to monitor the investment on an ongoing basis.

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

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

**Management of General Business Risk**

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

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

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

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

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

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

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

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

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

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

certain compliance matters.

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

consider potential risks to our business.

*Management of Insurance Business*

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

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

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

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

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

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

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

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

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

from across our insurance and asset management businesses.

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

**Asset Management and Strategic Holdings Segment Market Risks**

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

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

**Hedge Program**

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

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

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

strategy.

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

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

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

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

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

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

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

rate indebtedness.

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

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

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

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

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

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

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

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

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

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

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

**Sensitivities**

*Changes in Fair Value*

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** |  | **December 31, 2024** |  |
| **($ in thousands)** | **Hypothetical 10%** <br>**Decline in Fair Value of** <br>**Investments** <sup>(1)</sup><br>|  | **Hypothetical 10%** <br>**Decline in Fair Value of** <br>**Investments** <sup>(1)</sup><br>|  |
| Management Fees | $82516 | (2) | $60782 | (2) |
| Carried Interest, Net of Carry Pool Allocation | $549627 | (3)(4) | $442171 | (3)(4) |
| Net Gains/(Losses) From Investment Activities Including General Partner <br>Capital Interest<br>| $2003440 | (3) | $1890459 | (3) |

---

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

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

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

(2)Represents an annualized reduction in management fees.

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

preferred returns are ignored.

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

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

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

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*Management Fees*

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

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

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

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

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

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

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

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

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

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

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

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

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

*Publicly Traded Securities* 

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

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

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

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

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

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

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

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

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

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

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

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

Business Environment."

**Exchange Rate Risk** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

certain investment funds and CLO vehicles.

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

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

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

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

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

exchange hedging strategies, if not offset by other factors:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** |  | **December 31, 2024** |  |
| **($ in thousands)** | **Hypothetical 10%** <br>**Decline in Foreign** <br>**Currencies Against the** <br>**U.S. Dollar** <sup>(1)</sup><br>|  | **Hypothetical 10%** <br>**Decline in Foreign** <br>**Currencies Against the** <br>**U.S. Dollar** <sup>(1)</sup><br>|  |
| Carried Interest, Net of Carry Pool Allocation | $91218 | (2)(3) | $96897 | (2)(3) |
| Net Gains/(Losses) From Investment Activities Including General Partner <br>Capital Interest<br>| $186175 | (2) | $241074 | (2) |

---

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

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

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

hedged.

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

preferred returns are ignored.

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

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

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

**Interest Rate Risk** 

*Valuation of Investments* 

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

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

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

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

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

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

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

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

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

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

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

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

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

*Interest Income* 

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

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

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

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

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

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

noteholders.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

*Interest Expense* 

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

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

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

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

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

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

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

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

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

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

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

**Credit Risk** 

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

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

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

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

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

markets.

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**Insurance Segment Market Risks**

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

conducted through Global Atlantic.

**Hedge Program**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

condition and results of operation."

**Sensitivities**

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

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

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

further below.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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**Interest Rate Risk**

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

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

the following:

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

receivables;

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

• policy liabilities accounted under the fair value option,

• market risk benefits, and

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

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

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

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

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

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

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

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

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

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

of operations.

*Effect of Interest Rate Sensitivity*

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

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

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

interest rate changes.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Hypothetical Change**<sup>(1)</sup> | **Hypothetical Change**<sup>(1)</sup> | **Hypothetical Change**<sup>(1)</sup> | **Hypothetical Change**<sup>(1)</sup> |
| **($ in thousands)** | **+50 Basis Points** | **-50 Basis Points** | **+50 Basis Points** | **-50 Basis Points** |
| Total Estimated Net income and Shareholders' Equity Excluding <br>AOCI Sensitivity (Point in Time)<br>| $306814 | $(320746) | $217630 | $(227213) |
| Total Estimated Net Income and Shareholders' Equity Excluding <br>AOCI Sensitivity (Over 12 Months)<sup>(2)</sup><br>| 70283 | (70283) | 28843 | (28843) |

---

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

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

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

may be taken to mitigate actual impacts.

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Hypothetical Change** | **Hypothetical Change** | **Hypothetical Change** | **Hypothetical Change** |
| **($ in thousands)** | **+50 Basis Points** | **-50 Basis Points** | **+50 Basis Points** | **-50 Basis Points** |
| Total Estimated AOCI Sensitivity (Point in Time) | $(1337622) | $1406895 | $(1142278) | $1225303 |

---

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

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

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

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

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

changes include the related income tax impacts.

**Credit Spread Risk**

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

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

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

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

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

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

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

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

thousand credit derivative position, respectively.

*Effect of Credit Spread Sensitivity*

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

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

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

embedded derivative liabilities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Hypothetical Change** | **Hypothetical Change** | **Hypothetical Change** | **Hypothetical Change** |
| **($ in thousands)** | **+50 Basis Points** | **-50 Basis Points** | **+50 Basis Points** | **-50 Basis Points** |
| Total Estimated Net income and Shareholders' Equity Excluding <br>AOCI Sensitivity (Point in Time)<br>| $356243 | $(362891) | $330302 | $(331283) |

---

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

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

AOCI.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Hypothetical Change** | **Hypothetical Change** | **Hypothetical Change** | **Hypothetical Change** |
| **($ in thousands)** | **+50 Basis Points** | **-50 Basis Points** | **+50 Basis Points** | **-50 Basis Points** |
| Total Estimated AOCI Sensitivity (Point in Time) | $137466 | $(151942) | $113363 | $(125813) |

---

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

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

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**Equity Price Risk**

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

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

statements of the following:

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

annuities and interest sensitive products;

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

• certain of Global Atlantic's alternative assets.

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

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

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

following equity price moves.

*Effect of Equity Price Sensitivity*

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Hypothetical Change**<sup>(1)</sup> | **Hypothetical Change**<sup>(1)</sup> | **Hypothetical Change**<sup>(1)</sup> | **Hypothetical Change**<sup>(1)</sup> |
| **($ in thousands)** | **+10% Equity** <br>**Prices**<br>| **-10% Equity Prices** | **+10% Equity** <br>**Prices**<br>| **-10% Equity Prices** |
| Total Estimated Net income and Shareholders' Equity <br>Excluding AOCI Sensitivity (Point in Time)<br>| $(1055) | $(19674) | $(3646) | $(672) |
| Total Estimated Net Income and Shareholders' Equity <br>Excluding AOCI Sensitivity (Over 12 Months)<sup>(2)</sup><br>| $4045 | $(4515) | $4232 | $(4716) |

---

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

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

may be taken to mitigate actual impacts.

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

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

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

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

expenses and related income tax impacts.

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

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

**Exchange Rate Risk**

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

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

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

mitigate exchange rate mismatch risk.

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

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

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

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

approximately $56 million.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

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|:---|:---|
|  | **Page No.** |
| Report of Independent Registered Public Accounting Firm | <u>[156](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_538)</u> |
| Consolidated Statements of Financial Condition as of December 31, 2025 and 2024 | <u>[159](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_22)</u> |
| Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023 | <u>[163](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_25)</u> |
| Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, 2024, and 2023 | <u>[165](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_28)</u> |
| Consolidated Statements of Changes in Equity for the Years Ended December 31, 2025, 2024, and 2023 | <u>[166](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_31)</u> |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 | <u>[169](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_34)</u> |
| Notes to Consolidated Financial Statements | <u>[172](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_37)</u> |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and the Board of Directors of KKR & Co. Inc.:

**Opinions on the Financial Statements and Internal Control over Financial Reporting**

We have audited the accompanying consolidated statement of financial condition of KKR & Co. Inc. and its subsidiaries

(the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive

income (loss), changes in equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the

related notes and the schedules listed in the Index at Item 15 (collectively referred to as the "financial statements"). We also

have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in

*Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway

Commission (COSO).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of

the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three

years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United

States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over

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

issued by COSO.

**Basis for Opinions**

The Company's management is responsible for these financial statements, for maintaining effective internal control over

financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the

accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion

on these financial statements and an opinion on the Company's internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and

are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the

applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and

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

whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material

respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the

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

included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating

the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining

an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing

and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included

performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a

reasonable basis for our opinions.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the

reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally

accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures

that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to

permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and

expenditures of the company are being made only in accordance with authorizations of management and directors of the

company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company's assets that could have a material effect on the financial statements.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become

inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may

deteriorate.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current-period audit of the financial

statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts

or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex

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

taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the

critical audit matters or on the accounts or disclosures to which they relate.

***Fair Value—Level III Investments—Refer to Notes 2, 7, and 9 to the financial statements***

*Critical Audit Matter Description*

The Company sponsors or manages investment funds, investment vehicles and accounts ("investment funds") that have

certain investments measured at fair value using unobservable pricing inputs and are classified as Level III Investments in the

fair value hierarchy. These Level III investments have limited observable market activity and the inputs used in the

determination of fair value require significant management judgment or estimation.

In addition, the Company recognizes carried interest from investment funds based on cumulative fund performance to

date. At the end of each reporting period, the Company calculates the carried interest that would be due to the Company

from each investment fund, pursuant to the investment fund agreement. The change in the fair value of the underlying Level

III Investments held by the investment funds is a significant input into the determination of carried interest for each reporting

period. As the fair value of underlying investments varies between reporting periods, the Company adjusts the amounts

recorded as carried interest. Accrued but unpaid carried interest as of the reporting date is reflected in investments in the

consolidated statements of financial condition.

We identified certain Level III Investments as a critical audit matter because of the unobservable pricing inputs

Management used to estimate fair value.

Performing audit procedures to evaluate the appropriateness of these inputs used by Management required a high

degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists who

possess significant investment valuation expertise.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to the unobservable pricing inputs used by Management to estimate the fair values of Level

III Investments included the following, among others:

• We involved more senior, more experienced audit team members to perform audit procedures.

• We tested the effectiveness of controls over the determination of the fair value of Level III Investments.

• With the assistance of our fair value specialists, we evaluated Management's process for Level III Investments

valuation, including their determination of the unobservable pricing inputs used to estimate fair value.

• We assessed the consistency by which Management applied its process.

• We evaluated the Company's historical ability to accurately estimate fair value of Level III Investments by comparing

previous estimates of fair value to subsequent market transactions with third parties.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

***Policy Liabilities — Valuation of Policy Liabilities Associated with the Fixed-Indexed Annuity Product — Refer to Notes 2,*** 

***9,10, and 17 to the financial statements*** 

*Critical Audit Matter Description* 

The Company's products include the fixed-indexed annuity product, which contains equity indexed features that are

considered embedded derivatives and are required to be measured at fair value. In addition, certain fixed-indexed annuity

contracts are issued with guarantees, which are considered Market Risk Benefits ("MRBs").

Management applies significant judgment in selecting assumptions used to estimate the value of embedded derivative

liabilities and MRBs associated with the fixed-indexed annuity product. Changes in market conditions or variations in certain

assumptions could result in significant fluctuations in these estimates. Principal assumptions include surrender, withdrawal,

benefit utilization, mortality, option budgets, future index credits, equity market return, interest rates, and nonperformance

risk assumptions.

We identified the valuation of embedded derivative liabilities, and MRBs associated with the fixed-indexed annuity

product as a critical audit matter because of the inherent management judgment required in selecting assumptions.

Performing audit procedures to evaluate the judgments made and the reasonableness of assumptions and models used

in the valuations required a high degree of auditor judgment and an increased extent of auditor effort. The audit effort

included the use of professionals with specialized skill and knowledge, including our valuation, modeling, and actuarial

specialists, to assist in performing these procedures and evaluating the audit evidence obtained from these procedures.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to the valuation of embedded derivative liabilities and MRBs associated with the fixed-

indexed annuity product included the following, among others:

• We involved more senior, more experienced audit team members to perform audit procedures.

• We tested the effectiveness of controls over the assumptions, including controls over the underlying data used in the

valuation of these liabilities.

• With the assistance of our valuation, modeling, and actuarial specialists, we:

◦ Evaluated the methods and judgments applied by Management in the determination of principal

assumptions used in the valuation of embedded derivative liabilities and MRBs associated with the fixed-

indexed annuity product.

◦ Evaluated the results of underlying experience studies, capital market projections, and judgments applied by

Management in setting the assumptions.

◦ Developed an independent estimate of embedded derivative liabilities and MRBs associated with the fixed-

indexed annuity production on a sample basis and evaluated differences.

/s/ Deloitte & Touche LLP

New York, New York

February 27, 2026

We have served as the Company's auditor since 2006.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | |
|:---|:---|:---|
| **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION** |
| **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| ***Asset Management and Strategic Holdings*** |  |  |
| Cash and Cash Equivalents | $9380874 | $8535048 |
| Restricted Cash and Cash Equivalents | 48033 | 138948 |
| Investments | 127948305 | 106453051 |
| Due from Affiliates | 2307701 | 1856045 |
| Other Assets | 6294381 | 5534286 |
|  | 145979294 | 122517378 |
| ***Insurance*** |  |  |
| Cash and Cash Equivalents | $7511273 | $6343445 |
| Restricted Cash and Cash Equivalents | 211610 | 350512 |
| Investments | 192009748 | 170144744 |
| Reinsurance Recoverable | 48022605 | 45270625 |
| Insurance Intangible Assets | 5905228 | 5198943 |
| Other Assets | 6662911 | 6292704 |
| Separate Account Assets | 3841403 | 3981060 |
|  | 264164778 | 237582033 |
| **Total Assets** | **$410144072** | **$360099411** |
| **Liabilities and Equity** |  |  |
| ***Asset Management and Strategic Holdings*** |  |  |
| Debt Obligations | $49117744 | $45933920 |
| Due to Affiliates | 442362 | 524516 |
| Accrued Expenses and Other Liabilities | 14348335 | 11448503 |
|  | 63908441 | 57906939 |
| ***Insurance*** |  |  |
| Policy Liabilities (market risk benefit liabilities: $1,349,774 and $1,002,236, as of <br>December 31, 2025 and December 31, 2024, respectively.)<br>| $205558727 | $185205366 |
| Debt Obligations | 3820407 | 3713336 |
| Funds Withheld Payable at Interest | 46822744 | 43961910 |
| Accrued Expenses and Other Liabilities | 3341695 | 2186962 |
| Reinsurance Liabilities | 1218744 | 1159146 |
| Separate Account Liabilities | 3841403 | 3981060 |
|  | 264603720 | 240207780 |
| Total Liabilities | 328512161 | 298114719 |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | |
|:---|:---|:---|
| **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (CONTINUED)** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (CONTINUED)** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (CONTINUED)** |
| **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** |
|  | **December 31, 2025** | **December 31, 2024** |
| **Commitments and Contingencies (See Note 24)** |  |  |
| Redeemable Noncontrolling Interests (See Note 23) | $2710242 | $1585177 |
| **Stockholders' Equity**  |  |  |
| Series D Mandatory Convertible Preferred Stock, $0.01 par value. 51,750,000 and 0 <br>shares, issued and outstanding as of December 31, 2025 and December 31, 2024, <br>respectively.<br>| 2543404 |  |
| Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and <br>outstanding as of December 31, 2025 and December 31, 2024.<br>|  |  |
| Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 891,451,844 and <br>888,232,174 shares, issued and outstanding as of December 31, 2025 and December 31, <br>2024, respectively.<br>| 8914 | 8882 |
| Additional Paid-In Capital | 19041497 | 18406718 |
| Retained Earnings | 13884438 | 12282513 |
| Accumulated Other Comprehensive Income (Loss) ("AOCI") | (4575692) | (7046545) |
| Total KKR & Co. Inc. Stockholders' Equity | 30902561 | 23651568 |
| Noncontrolling Interests (See Note 22) | 48019108 | 36747947 |
| Total Equity | 78921669 | 60399515 |
| **Total Liabilities and Equity** | **$410144072** | **$360099411** |

---

See notes to financial statements.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**KKR & CO. INC.**

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (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 December 31, 2025 and December 31, 2024,

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

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

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

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

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

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

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

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

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

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

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

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

primarily to Global Atlantic's insurance companies.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Consolidated** <br>**CFEs**<br>| **Consolidated** <br>**Funds and Other** <br>**Investment** <br>**Vehicles**<br>| **Other** <br>**VIEs**<br>| **Total** |
| **Assets** |  |  |  |  |
| ***Asset Management and Strategic Holdings*** |  |  |  |  |
| Cash and Cash Equivalents | $2726050 | $1435888 | $— | $4161938 |
| Restricted Cash and Cash Equivalents |  | 48033 |  | 48033 |
| Investments | 30673565 | 77327933 |  | 108001498 |
| Other Assets | 858433 | 345779 |  | 1204212 |
|  | 34258048 | 79157633 |  | 113415681 |
| ***Insurance*** |  |  |  |  |
| Cash and Cash Equivalents |  |  | 1381836 | 1381836 |
| Investments |  |  | 31201795 | 31201795 |
| Other Assets |  |  | 788325 | 788325 |
|  |  |  | 33371956 | 33371956 |
| **Total Assets** | **$34258048** | **$79157633** | **$33371956** | **$146787637** |
| **Liabilities** |  |  |  |  |
| ***Asset Management and Strategic Holdings*** |  |  |  |  |
| Debt Obligations | $30227885 | $6664740 | $— | $36892625 |
| Accrued Expenses and Other Liabilities | 2068666 | 1007545 |  | 3076211 |
|  | 32296551 | 7672285 |  | 39968836 |
| ***Insurance*** |  |  |  |  |
| Debt Obligations |  |  | 197400 | 197400 |
| Accrued Expenses and Other Liabilities |  |  | 566466 | 566466 |
|  |  |  | 763866 | 763866 |
| **Total Liabilities** | **$32296551** | **$7672285** | **$763866** | **$40732702** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**KKR & CO. INC.**

**CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (CONTINUED)**

**(Amounts in Thousands)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Consolidated** <br>**CFEs**<br>| **Consolidated** <br>**Funds and Other** <br>**Investment** <br>**Vehicles**<br>| **Other** <br>**VIEs**<br>| **Total** |
| **Assets** |  |  |  |  |
| ***Asset Management and Strategic Holdings*** |  |  |  |  |
| Cash and Cash Equivalents | $2945010 | $1319779 | $— | $4264789 |
| Restricted Cash and Cash Equivalents |  | 115467 |  | 115467 |
| Investments | 27488538 | 60366652 |  | 87855190 |
| Other Assets | 333653 | 601547 |  | 935200 |
|  | 30767201 | 62403445 |  | 93170646 |
| ***Insurance*** |  |  |  |  |
| Cash and Cash Equivalents |  |  | 853240 | 853240 |
| Investments |  |  | 27649919 | 27649919 |
| Other Assets |  |  | 763982 | 763982 |
|  |  |  | 29267141 | 29267141 |
| **Total Assets** | **$30767201** | **$62403445** | **$29267141** | **$122437787** |
| **Liabilities** |  |  |  |  |
| ***Asset Management and Strategic Holdings*** |  |  |  |  |
| Debt Obligations | $27150809 | $7555057 | $— | $34705866 |
| Accrued Expenses and Other Liabilities | 2244253 | 231411 |  | 2475664 |
|  | 29395062 | 7786468 |  | 37181530 |
| ***Insurance*** |  |  |  |  |
| Debt Obligations |  |  | 70400 | 70400 |
| Accrued Expenses and Other Liabilities |  |  | 495814 | 495814 |
|  |  |  | 566214 | 566214 |
| **Total Liabilities** | **$29395062** | **$7786468** | **$566214** | **$37747744** |

---

See notes to financial statements.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | |
|:---|:---|:---|:---|
| **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF OPERATIONS** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF OPERATIONS** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF OPERATIONS** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF OPERATIONS** |
| **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Revenues** |  |  |  |
| ***Asset Management and Strategic Holdings***  |  |  |  |
| Fees and Other  | $4064273 | $3653962 | $2963869 |
| Capital Allocation-Based Income (Loss) | 3771235 | 3558284 | 2843437 |
|  | 7835508 | 7212246 | 5807306 |
| ***Insurance*** |  |  |  |
| Net Premiums | 3397186 | 7898834 | 1975675 |
| Policy Fees | 1350814 | 1377686 | 1260249 |
| Net Investment Income | 7665106 | 6574608 | 5514902 |
| Net Investment-Related Gains (Losses) | (1041070) | (1423086) | (235262) |
| Other Income | 256763 | 238410 | 176442 |
|  | 11628799 | 14666452 | 8692006 |
| Total Revenues | 19464307 | 21878698 | 14499312 |
| **Expenses** |  |  |  |
| ***Asset Management and Strategic Holdings*** |  |  |  |
| Compensation and Benefits | 4710394 | 4330967 | 3012687 |
| Occupancy and Related Charges | 135941 | 117111 | 93391 |
| General, Administrative and Other | 1479796 | 1311676 | 1056899 |
|  | 6326131 | 5759754 | 4162977 |
| ***Insurance*** |  |  |  |
| Net Policy Benefits and Claims (including market risk benefit (gain) loss of <br>$312,446, $(147790) and $224,380, respectively; remeasurement (gain) <br>loss on policy liabilities: $(82691), $(74645) and $15,497, respectively.)<br>| 10731153 | 13293282 | 6362257 |
| Amortization of Policy Acquisition Costs | 309319 | 174163 | 87275 |
| Interest Expense | 294969 | 271769 | 173883 |
| Insurance Expenses | 594724 | 741796 | 825998 |
| General, Administrative and Other | 756019 | 745096 | 746215 |
|  | 12686184 | 15226106 | 8195628 |
| Total Expenses | 19012315 | 20985860 | 12358605 |
| **Investment Income (Loss) - Asset Management and Strategic Holdings** |  |  |  |
| Net Gains (Losses) from Investment Activities | 4801453 | 3442853 | 3025383 |
| Dividend Income | 1440790 | 1100361 | 791160 |
| Interest Income | 3181871 | 3458526 | 3369447 |
| Interest Expense | (2776946) | (3034145) | (2772088) |
| Total Investment Income (Loss) | 6647168 | 4967595 | 4413902 |
| **Income (Loss) Before Taxes** | **7099160** | **5860433** | **6554609** |
| Income Tax Expense (Benefit) | 953748 | 954396 | 1197523 |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | |
|:---|:---|:---|:---|
| **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUED)** |
| **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** | **(Amounts in Thousands, Except Share and Per Share Data)** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Net Income (Loss)** | **6145412** | **4906037** | **5357086** |
| Net Income (Loss) Attributable to Redeemable Noncontrolling Interests  | 155103 | 73149 | (5405) |
| Net Income (Loss) Attributable to Noncontrolling Interests | 3619846 | 1756643 | 1630230 |
| **Net Income (Loss) Attributable to KKR & Co. Inc.** | **2370463** | **3076245** | **3732261** |
| Series C Mandatory Convertible Preferred Stock Dividends |  |  | 51747 |
| Series D Mandatory Convertible Preferred Stock Dividends | 118596 |  |  |
| **Net Income (Loss) Attributable to KKR & Co. Inc.** <br>**Common Stockholders**<br>| **$2251867** | **$3076245** | **$3680514** |
| **Net Income (Loss) Attributable to KKR & Co. Inc.** <br>**Per Share of Common Stock**<br>|  |  |  |
| Basic | $2.51 | $3.47 | $4.24 |
| Diluted | $2.34 | $3.28 | $4.09 |
| **Weighted Average Shares of Common Stock Outstanding** |  |  |  |
| Basic | 890342060 | 887021433 | 867496813 |
| Diluted | 955756926 | 938904600 | 911787433 |

---

See notes to financial statements.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**KKR & CO. INC.**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(Amounts in Thousands)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Net Income (Loss)  | $6145412 | $4906037 | $5357086 |
| Other Comprehensive Income (Loss), Net of Tax:  |  |  |  |
| Unrealized Gains (Losses) on Available-For-Sale Securities and Other | 2724284 | (189277) | 2085499 |
| Net effect of changes in discount rates and instrument-specific credit risk <br>on policy liabilities<br>| (454362) | 187472 | (491239) |
| Foreign Currency Translation Adjustments | 188949 | (257028) | (100032) |
| Comprehensive Income (Loss) | 8604283 | 4647204 | 6851314 |
| Comprehensive Income (Loss) <br>Attributable to Redeemable Noncontrolling Interests<br>| 155103 | 73149 | (5405) |
| Comprehensive Income (Loss) <br>Attributable to Noncontrolling Interests<br>| 3621208 | 1762937 | 2218645 |
| **Comprehensive Income (Loss) Attributable to KKR & Co. Inc.** | **$4827972** | **$2811118** | **$4638074** |

---

See notes to financial statements.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | |
|:---|:---|:---|
| **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**<br>**(Amounts in Thousands, Except Share and Per Share Data)**  | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**<br>**(Amounts in Thousands, Except Share and Per Share Data)**  | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**<br>**(Amounts in Thousands, Except Share and Per Share Data)**  |
|  | **Year Ended December 31, 2025** | **Year Ended December 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) | 2543404 | 51750000 |
| End of Period | 2543404 | 51750000 |
| **Series I Preferred Stock** |  |  |
| Beginning of Period |  | 1 |
| End of Period |  | 1 |
| **Common Stock** |  |  |
| Beginning of Period | 8882 | 888232174 |
| Net Delivery of Common Stock (Equity Incentive Plan) | 28 | 2850321 |
| Repurchases of Common Stock |  | (36411) |
| Clawback of Transfer Restricted Shares |  | (2505) |
| Exchange of KKR Restricted Holdings Units | 4 | 400207 |
| Private Placement Share Issuance |  | 8058 |
| End of Period | 8914 | 891451844 |
| **Additional Paid-In Capital** |  |  |
| Beginning of Period | 18406718 |  |
| Net Delivery of Common Stock (Equity Incentive Plan) | (126309) |  |
| Repurchases of Common Stock | (3362) |  |
| Equity-Based Compensation (Non-Cash Contribution) | 314996 |  |
| Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | 437272 |  |
| Tax Effects of Changes in Ownership and Other | 12182 |  |
| End of Period | 19041497 |  |
| **Retained Earnings** |  |  |
| Beginning of Period  | 12282513 |  |
| Net Income (Loss) Attributable to KKR & Co. Inc. | 2370463 |  |
| Series D Mandatory Convertible Preferred Stock Dividends ($2.2917 per share) | (118596) |  |
| Common Stock Dividends ($0.730 per share) | (649942) |  |
| End of Period | 13884438 |  |
| **Accumulated Other Comprehensive Income (Loss) (net of tax)** |  |  |
| Beginning of Period | (7046545) |  |
| Other Comprehensive Income (Loss) | 2457509 |  |
| Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | 13344 |  |
| End of Period | (4575692) |  |
| **Total KKR & Co. Inc. Stockholders' Equity** | **30902561** |  |
| **Noncontrolling Interests (See Note 22)** | 48019108 |  |
| **Total Equity** | **$78921669** |  |
| **Redeemable Noncontrolling Interests (See Note 23)** | $2710242 |  |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | |
|:---|:---|:---|:---|
| **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)** | |
| **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)** | |
| **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)** | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)** | <br>**Year Ended December 31, 2024** |
|  | **Amounts** | **Shares** |  |
| **Series I Preferred Stock** |  |  |  |
| Beginning of Period | $— | 1 |  |
| End of Period |  | 1 |  |
| **Common Stock** |  |  |  |
| Beginning of Period | 8850 | 885005588 |  |
| Net Delivery of Common Stock (Equity Incentive Plan) | 32 | 3158533 |  |
| Private Placement Share Issuance |  | 5379 |  |
| Exchange of KKR Restricted Holdings Units |  | 72399 |  |
| Clawback of Transfer Restricted Shares |  | (9725) |  |
| End of Period | 8882 | 888232174 |  |
| **Additional Paid-In Capital** |  |  |  |
| Beginning of Period | 17549157 |  |  |
| Net Delivery of Common Stock (Equity Incentive Plan) | (125039) |  |  |
| Compensation Modification  | 226011 |  |  |
| Compensation Modification - Issuance of Holdings III Units  | (53623) |  |  |
| 2024 GA Acquisition - Issuance of Holdings III Units (See Note 1) | (40789) |  |  |
| Equity-Based Compensation (Non-Cash Contribution) | 314144 |  |  |
| Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition | 128194 |  |  |
| Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | 402381 |  |  |
| Tax Effects of Changes in Ownership and Other | 6282 |  |  |
| End of Period | 18406718 |  |  |
| **Retained Earnings** |  |  |  |
| Beginning of Period | 9818336 |  |  |
| Net Income (Loss) Attributable to KKR & Co. Inc. | 3076245 |  |  |
| Common Stock Dividends ($0.690 per share) | (612068) |  |  |
| End of Period | 12282513 |  |  |
| **Accumulated Other Comprehensive Income (Loss) (net of tax)** |  |  |  |
| Beginning of Period | (4517649) |  |  |
| Other Comprehensive Income (Loss) | (265127) |  |  |
| Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition | (2297494) |  |  |
| Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | 33725 |  |  |
| End of Period | (7046545) |  |  |
| **Total KKR & Co. Inc. Stockholders' Equity** | **23651568** |  |  |
| **Noncontrolling Interests (See Note 22)** | 36747947 |  |  |
| **Total Equity** | **$60399515** |  |  |
| **Redeemable Noncontrolling Interests (See Note 23)** | $1585177 |  |  |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | |
|:---|:---|:---|
| **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)**  | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)**  | **KKR & CO. INC.**<br>**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)**<br>**(Amounts in Thousands, Except Share and Per Share Data)**  |
|  | **Years Ended December 31, 2023** | **Years Ended December 31, 2023** |
|  | **Amounts** | **Shares** |
| **Series C Mandatory Convertible Preferred Stock** |  |  |
| Beginning of Period | $1115792 | 22999974 |
| Conversion of Series C Mandatory Convertible Preferred Stock | (1115792) | (22999974) |
| End of Period |  |  |
| **Series I Preferred Stock** |  |  |
| Beginning of Period |  | 1 |
| End of Period |  | 1 |
| **Common Stock** |  |  |
| Beginning of Period | 8611 | 861110478 |
| Clawback of Transfer Restricted Shares |  | (25045) |
| Net Delivery of Common Stock (Equity Incentive Plan) | 24 | 2405399 |
| Conversion of Series C Mandatory Convertible Preferred Stock | 269 | 26909918 |
| Repurchases of Common Stock | (54) | (5395162) |
| End of Period | 8850 | 885005588 |
| **Additional Paid-In Capital** |  |  |
| Beginning of Period (as previously reported for the prior period) | 16190407 |  |
| Adoption of New Accounting Standard | 93650 |  |
| Beginning of Period (as revised for the prior period) | 16284057 |  |
| Conversion of Series C Mandatory Convertible Preferred Stock | 1115523 |  |
| Excise Tax on Repurchases of Common Stock | (1349) |  |
| Net Delivery of Common Stock (Equity Incentive Plan) | (41697) |  |
| Repurchases of Common Stock | (289790) |  |
| Equity-Based Compensation (Non-Cash Contribution) | 197414 |  |
| Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | 278529 |  |
| Tax Effects of Changes in Ownership and Other  | 6470 |  |
| End of Period | 17549157 |  |
| **Retained Earnings** |  |  |
| Beginning of Period (as previously reported for the prior period) | 6315711 |  |
| Adoption of New Accounting Standard  | 385396 |  |
| Beginning of Period (as revised for the prior period) | 6701107 |  |
| Net Income (Loss) Attributable to KKR & Co. Inc. | 3732261 |  |
| Series C Mandatory Convertible Preferred Stock Dividends ($2.25 per share) | (51747) |  |
| Common Stock Dividends ($0.650 per share) | (563285) |  |
| End of Period | 9818336 |  |
| **Accumulated Other Comprehensive Income (Loss) (net of tax)** |  |  |
| Beginning of Period (as previously reported for the prior period) | (5901701) |  |
| Adoption of New Accounting Standard  | 599901 |  |
| Beginning of Period (as revised for the prior period) | (5301800) |  |
| Other Comprehensive Income (Loss) | 905813 |  |
| Change in KKR & Co. Inc.'s Ownership Interest (See Note 22) | (121662) |  |
| End of Period | (4517649) |  |
| **Total KKR & Co. Inc. Stockholders' Equity** | **22858694** |  |
| **Noncontrolling Interests (See Note 22)** | 34904791 |  |
| **Total Equity** | **$57763485** |  |
| **Redeemable Noncontrolling Interests (See Note 23)** | $615427 |  |

---

See notes to financial statements.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | |
|:---|:---|:---|:---|
| **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Operating Activities** |  |  |  |
| Net Income (Loss) | $6145412 | $4906037 | $5357086 |
| **Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by** <br>**Operating Activities:**<br>|  |  |  |
| Equity-Based Compensation | 722109 | 746443 | 618469 |
| Net Realized (Gains) Losses – Asset Management and Strategic Holdings | (202864) | (246832) | 776473 |
| Change in Unrealized (Gains) Losses – Asset Management and Strategic Holdings | (4598589) | (3196021) | (3801856) |
| Capital Allocation-Based (Income) Loss – Asset Management and Strategic Holdings | (3771235) | (3558284) | (2843437) |
| Net Investment and Policy Liability-Related (Gains) Losses – Insurance | 3271826 | 3250375 | 2556183 |
| Net Accretion and Amortization | (162529) | (119315) | 68302 |
| Interest Credited to Policyholder Account Balances (net of Policy Fees) – Insurance | 4990209 | 4163392 | 2799758 |
| Other Non-Cash Amounts | 443671 | 312801 | 101539 |
| **Cash Flows Due to Changes in Operating Assets and Liabilities:** |  |  |  |
| Reinsurance Transactions and Acquisitions, Net of Cash Provided – Insurance | 920305 | 1025695 | 840173 |
| Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of <br>Reinsurance Premiums Payable – Insurance<br>| 408542 | 565782 | 1060972 |
| Change in Deferred Policy Acquisition Costs – Insurance | (1062606) | (840725) | (534534) |
| Change in Policy Liabilities and Accruals, Net – Insurance | 1779872 | (466584) | (717795) |
| Change in Consolidation  | (145) | 77255 | (354121) |
| Change in Due from / to Affiliates | (509941) | (345994) | 402465 |
| Change in Other Assets | (729731) | (1048738) | 188691 |
| Change in Accrued Expenses and Other Liabilities | 2039396 | 2122421 | 542820 |
| Investments Purchased – Asset Management and Strategic Holdings | (42904105) | (46367200) | (37342125) |
| Proceeds from Investments – Asset Management and Strategic Holdings | 33698163 | 45669370 | 28787125 |
| Net Cash Provided (Used) by Operating Activities | 477760 | 6649878 | (1493812) |
| **Investing Activities** |  |  |  |
| Acquisitions, Net  | (146273) |  |  |
| Purchases of Fixed Assets | (160765) | (141536) | (108393) |
| Investments Purchased – Insurance | (92789768) | (75817739) | (29488315) |
| Proceeds from Investments – Insurance  | 76815000 | 56877137 | 25654308 |
| Other Investing Activities, Net | 9 | 34714 | 59464 |
| Net Cash Provided (Used) by Investing Activities | (16281797) | (19047424) | (3882936) |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | |
|:---|:---|:---|:---|
| **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Financing Activities** |  |  |  |
| Series C Mandatory Convertible Preferred Stock Dividends |  |  | (51747) |
| Series D Mandatory Convertible Preferred Stock Dividends | (118596) |  |  |
| Common Stock Dividends | (649942) | (612068) | (563285) |
| Distributions to Redeemable Noncontrolling Interests | (72284) | (23763) | (2845) |
| Contributions from Redeemable Noncontrolling Interests | 1068632 | 922127 | 499433 |
| Distributions to Noncontrolling Interests | (6081746) | (8191990) | (6956724) |
| Contributions from Noncontrolling Interests | 11355197 | 7432325 | 12871585 |
| Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs) | 2543404 |  |  |
| 2024 GA Acquisition - Cash consideration  |  | (2622230) |  |
| Net Delivery of Common Stock (Equity Incentive Plan)  | (126281) | (125007) | (41673) |
| Repurchases of Common Stock | (3362) |  | (289844) |
| Proceeds from Debt Obligations | 27074568 | 29136875 | 16383154 |
| Repayment of Debt Obligations | (25122912) | (25677318) | (12763783) |
| Financing Costs Paid | (51248) | (20078) | (14781) |
| Additions to Contractholder Deposit Funds – Insurance | 28507218 | 28488402 | 19314716 |
| Withdrawals from Contractholder Deposit Funds – Insurance | (21483334) | (20568558) | (17385952) |
| Reinsurance Transactions, Net of Cash Provided – Insurance | 193622 | 47821 | 1223564 |
| Other Financing Activity, Net | 399370 | (1110208) | 552270 |
| Net Cash Provided (Used) by Financing Activities | 17432306 | 7076330 | 12774088 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 155568 | (118951) | 25410 |
| **Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash** | **$1783837** | **$(5440167)** | **$7422750** |
| Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 15367953 | 20808120 | 13385370 |
| **Cash, Cash Equivalents and Restricted Cash, End of Period** | **$17151790** | **$15367953** | **$20808120** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | |
|:---|:---|:---|:---|
| **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)** | **KKR & CO. INC.** <br>**CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Cash, Cash Equivalents and Restricted Cash are comprised of the following:** |  |  |  |
| **Beginning of the Period** |  |  |  |
| *Asset Management and Strategic Holdings* |  |  |  |
| Cash and Cash Equivalents | $8535048 | $8393892 | $6705325 |
| Restricted Cash and Cash Equivalents | 138948 | 116599 | 253431 |
| *Total Asset Management and Strategic Holdings* | 8673996 | 8510491 | 6958756 |
| *Insurance* |  |  |  |
| Cash and Cash Equivalents | $6343445 | $11954675 | $6118231 |
| Restricted Cash and Cash Equivalents | 350512 | 342954 | 308383 |
| *Total Insurance* | 6693957 | 12297629 | 6426614 |
| **Cash, Cash Equivalents and Restricted Cash, Beginning of Period** | **$15367953** | **$20808120** | **$13385370** |
| **End of the Period** |  |  |  |
| *Asset Management and Strategic Holdings* |  |  |  |
| Cash and Cash Equivalents | $9380874 | $8535048 | $8393892 |
| Restricted Cash and Cash Equivalents | 48033 | 138948 | 116599 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Asset Management and Strategic Holdings* | 9428907 | 8673996 | 8510491 |
| *Insurance* |  |  |  |
| Cash and Cash Equivalents | $7511273 | $6343445 | $11954675 |
| Restricted Cash and Cash Equivalents | 211610 | 350512 | 342954 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Total Insurance* | 7722883 | 6693957 | 12297629 |
| **Cash, Cash Equivalents and Restricted Cash, End of Period** | **$17151790** | **$15367953** | **$20808120** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Supplemental Disclosures of Cash Flow Information** |  |  |  |
| Payments for Interest | $2661394 | $2937009 | $2691086 |
| Payments for Income Taxes, Net of Refunds | $1209216 | $781552 | $981425 |
| Payments for Operating Lease Liabilities | $67884 | $66468 | $58715 |
| **Supplemental Disclosures of Non-Cash Investing and Financing Activities** |  |  |  |
| Non-Cash Contribution from Noncontrolling Interests | $28613 | $34392 | $— |
| Non-Cash Distribution to Noncontrolling Interests | $— | $— | $(1344792) |
| Non-Cash Distribution to Redeemable Noncontrolling Interests | $(26386) | $— | $— |
| Non-Cash Repayment of Debt Obligations | $(100000) | $— | $— |
| Debt Obligations - Net Gains (Losses), Translation and Other | $(1626436) | $541429 | $(1048308) |
| Investments Acquired through Reinsurance Agreements | $2479839 | $11393248 | $10772318 |
| Contractholder Deposit Funds Acquired through Reinsurance Agreements | $2674738 | $2047850 | $8461031 |
| **Change in Consolidation**  |  |  |  |
| Investments - Asset Management and Strategic Holdings | $2391477 | $(81971) | $(8675404) |
| Investments - Insurance | $— | $— | $(93545) |
| Other Assets | $(2147) | $12084 | $(216543) |
| Debt Obligations | $— | $(1063374) | $85005 |
| Accrued Expenses and Other Liabilities | $(19) | $5952 | $(294379) |
| Noncontrolling Interests | $2391392 | $1163105 | $(8461491) |
| Redeemable Noncontrolling Interests | $— | $— | $(27821) |

---

See notes to financial statements.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**KKR & CO. INC.**

**NOTES TO FINANCIAL STATEMENTS**

**(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 December 31, 2025, KKR & Co. Inc. held indirectly approximately

98.9% of the KKR Group Partnership Units. The remaining balance is held indirectly by KKR current and former employees

through restricted holdings units representing an ownership interest in KKR Group Partnership Units, which may be

exchanged for shares of common stock of KKR & Co. Inc. ("exchangeable securities"). As limited partner interests, these KKR

Group Partnership Units are non-voting and do not entitle anyone other than KKR to manage its business and affairs. KKR

Group Partnership also has outstanding limited partner interests that provide for a carry pool provided by KKR Associates

Holdings L.P. ("Associates Holdings") and outstanding preferred units with economic terms that mirror the KKR & Co. Inc.

6.25% Series D Mandatory Convertible Preferred Stock (the "Series D Mandatory Convertible Preferred Stock").

KKR's insurance business is operated by Global Atlantic, in which KKR acquired a majority controlling interest on February

1, 2021 and of which KKR acquired all the remaining equity interests in Global Atlantic on January 2, 2024 (the "2024 GA

Acquisition").

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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Basis of Presentation**

The accompanying consolidated financial statements (referred to hereafter as the "financial statements") have been

prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). 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.

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. References to Global Atlantic hereafter includes the insurance

companies of Global Atlantic, which are consolidated by KKR starting on February 1, 2021 (the "2021 GA Acquisition Date").

The presentations in the consolidated statement of financial condition and consolidated statement of operations reflect the

significant industry diversification of KKR by its acquisition of Global Atlantic. Global Atlantic operates an insurance business, and

KKR operates an asset management business, which manages the operations of the Strategic Holdings segment (see Note 21

"Segment Reporting"), each of which possess distinct characteristics. As a result, KKR developed a two-tiered approach for the

financial statements presentation, where Global Atlantic's insurance operations are presented separately from KKR's asset

management business. KKR believes that these separate presentations provide a more informative view of the consolidated

financial position and results of operations than traditional aggregated presentations and that reporting Global Atlantic's

insurance operations separately is appropriate given, among other factors, the relative significance of Global Atlantic's policy

liabilities, which are not obligations of KKR & Co. Inc. (other than the insurance companies that issued 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.

The summary of the significant accounting policies has been organized considering the two-tiered approach and includes a

section for common accounting policies and an accounting policy section for each of the two tiers when a policy is specific to

one of the tiers.

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

businesses are eliminated in consolidation.

All intercompany transactions and balances have been eliminated.

**SIGNIFICANT ACCOUNTING POLICIES – OVERALL**

**Use of Estimates and Risks and Uncertainties**

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.

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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 and geopolitical, regulatory, 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.

**Principles of Consolidation** 

The types of entities KKR assesses for consolidation include (i) subsidiaries, including management companies, broker-

dealers and general partners of investment funds that KKR manages, (ii) entities that have the attributes of an investment

company, like investment funds, (iii) CFEs, (iv) Global Atlantic and its insurance companies, and (v) other entities. Each of these

entities is assessed for consolidation on a case by case basis depending on the specific facts and circumstances surrounding that

entity.

Pursuant to its consolidation policy, KKR first considers whether an entity is considered a VIE and therefore whether to

apply the consolidation guidance under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation as

voting interest entities ("VOEs") under the voting interest model. Most of KKR's investment funds are categorized as VIEs.

KKR's funds are, for GAAP purposes, investment companies and therefore are not required to consolidate their investments

in portfolio companies even if majority-owned and controlled. Rather, the consolidated funds and vehicles reflect their

investments at fair value as described below in "—Fair Value Measurements."

An entity in which KKR holds a variable interest is a VIE if any one of the following conditions exist: (a) the total equity

investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial

support, (b) the holders of the equity investment at risk (as a group) lack either the direct or indirect ability through voting rights

or similar rights to make decisions about a legal entity's activities that have a significant effect on the success of the legal entity

or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some

investors are disproportionate to their obligation to absorb the expected losses of the legal entity, their rights to receive the

expected residual returns of the legal entity, or both and substantially all of the legal entity's activities either involve or are

conducted on behalf of an investor with disproportionately few voting rights. Limited partnerships and other similar entities

where unaffiliated limited partners have not been granted (i) substantive participatory rights or (ii) substantive rights to either

dissolve the partnership or remove the general partner ("kick-out rights") are VIEs. KKR's investment funds (i) are generally

limited partnerships, (ii) generally provide KKR with operational discretion and control, and (iii) generally have fund investors

with no substantive rights to impact ongoing governance and operating activities of the fund, including the ability to remove the

general partner, and, as such, the limited partners do not have kick-out rights.

KKR consolidates all VIEs in which it is the primary beneficiary. A reporting entity is determined to be the primary

beneficiary if it holds a controlling financial interest in a VIE. A controlling financial interest is defined as (a) the power to direct

the activities of a VIE that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses of

the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be

significant to the VIE. The consolidation guidance requires an analysis to determine (i) whether an entity in which KKR holds a

variable interest is a VIE and (ii) whether KKR's involvement, through holding interests directly or indirectly in the entity or

contractually through other variable interests (for example, management and performance income), would give it a controlling

financial interest. Performance of that analysis requires the exercise of judgment. Fees earned by KKR that are customary and

commensurate with the level of effort required to provide those services, and where KKR does not hold other economic

interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity,

would not be considered to be variable interests. KKR factors in all economic interests including interests held through related

parties, to determine if it holds a variable interest. KKR determines whether it is the primary beneficiary of a VIE at the time it

becomes involved with a VIE and reconsiders that conclusion when facts and circumstances change.

For entities that are determined not to be VIEs, these entities are generally considered VOEs and are evaluated under the

voting interest model. KKR consolidates VOEs it controls through a majority voting interest or through other means.

The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on

the facts and circumstances for each entity, and therefore certain of KKR's investment funds may qualify as VIEs whereas others

may qualify as VOEs.

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With respect to CLOs (which are generally VIEs), in KKR's role as collateral manager, KKR generally has the power to direct

the activities of the CLO that most significantly impact the economic performance of the entity. In some, but not all cases, KKR,

through its residual interest in the CLO may have variable interests that represent an obligation to absorb losses of, or a right to

receive benefits from, the CLO that could potentially be significant to the CLO. In cases where KKR has both the power to direct

the activities of the CLO that most significantly impact the CLO's economic performance and the obligation to absorb losses of

the CLO or the right to receive benefits from the CLO that could potentially be significant to the CLO, KKR is deemed to be the

primary beneficiary and consolidates the CLO.

Global Atlantic has formed certain VIEs to hold investments, including investments in real assets, consumer and other loans

and fixed maturity securities. These VIEs issue beneficial interests primarily to Global Atlantic's insurance companies, and Global

Atlantic maintains the power to direct the activities of the VIEs that most significantly impact their economic performance and

bears the obligation to absorb losses or receive benefits from the VIEs that could potentially be significant. Accordingly, Global

Atlantic is the primary beneficiary of these VIEs, which are consolidated in Global Atlantic's results.

For certain consolidated renewable energy partnerships consolidated by Global Atlantic's insurance companies, Global

Atlantic uses a hypothetical liquidation at book value ("HLBV") method to allocate income and cash flows based on third-party

investors' claim to net assets, including those for the noncontrolling interests and redeemable noncontrolling interests.

KKR classifies certain noncontrolling interests with redemption features that are not solely within the control of KKR outside

of permanent equity on its consolidated statements of financial condition. These redeemable noncontrolling interests are

reported using the greater of the carrying value at each reporting date as determined by the HLBV method or the estimated

redemption value in each reporting period.

**Noncontrolling Interests** 

Noncontrolling interests in consolidated entities of KKR represent the non-redeemable ownership interests 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.

For further details see Note 22 "Equity."

**Cash and Cash Equivalents**

Generally KKR considers all liquid short-term investments with original maturities of three months or less when purchased

to be cash equivalents. Cash and cash equivalents includes cash held at consolidated entities, which represents cash that,

although not legally restricted, is not available generally to fund liquidity needs of KKR, as the use of such funds is generally

limited to the investment activities of KKR's investment funds and CFEs. The carrying values of cash and cash equivalents are

considered to be reasonable estimates of their fair values.

**Restricted Cash and Cash Equivalents**

Restricted cash and cash equivalents primarily represent amounts that are held by third parties under certain of KKR's

financing and derivative transactions. The duration of this restricted cash generally matches the duration of the related

financing or derivative transaction. Global Atlantic's restricted cash principally includes certain cash and cash equivalents held in

trusts formed for the benefit of ceding companies or held in connection with open derivative transactions. The carrying values

of restricted cash and cash equivalents are considered to be reasonable estimates of their fair values.

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**Fair Value Measurements**

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between

market participants at the measurement date under current market conditions. Where available, fair value is based on

observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not

available, valuation techniques are applied. These valuation techniques involve varying levels of management estimation and

judgment, the degree of which is dependent on a variety of factors.

GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability

used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the

type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace, including

the existence and transparency of transactions between market participants. Financial instruments with readily available quoted

prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment used

in measuring fair value.

Investments and financial instruments measured and reported at fair value are classified and disclosed based on the

observability of inputs used in the determination of fair values, as follows:

**Level I** - Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the

measurement date. The types of financial instruments included in this category are publicly-listed equities, U.S.

government and agencies securities, and securities sold short.

**Level II** - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable

as of the measurement date, and fair value is determined through the use of models or other valuation methodologies.

The types of financial instruments included in this category are credit investments, fixed-income securities held by

consolidated insurance companies, investments and debt obligations of consolidated CLO entities, convertible debt

securities indexed to publicly-listed securities, less liquid and restricted equity securities, certain funds withheld

payable at interest, and certain over-the-counter derivatives such as foreign currency option and forward contracts.

**Level III -** Pricing inputs are unobservable for the financial instruments and include situations where there is little, if

any, market activity for the financial instrument. The inputs into the determination of fair value require significant

management judgment or estimation. The types of financial instruments generally included in this category are private

portfolio companies, real assets investments, certain credit investments, equity method investments for which the fair

value option was elected, certain fixed-income and structured securities held by the consolidated insurance

subsidiaries, reinsurance recoverables carried at fair value, certain insurance policy liabilities carried at fair value, and

certain embedded derivatives related to (i) certain funds withheld payable at interest, and (ii) annuities and indexed

universal life products, which contain equity-indexed features.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases,

the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on

the lowest level input that is significant to the fair value measurement in its entirety. KKR's assessment of the significance of a

particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the

asset.

A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted

prices may not be representative of fair value because in such market conditions there may be increased instances of

transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and a

significant adjustment to the transactions or quoted prices may be necessary to estimate fair value.

The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of

factors, including, for example, the type of instrument, whether the instrument has recently been issued, whether the

instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that

valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value

requires additional judgment. Accordingly, the degree of judgment exercised by KKR in determining fair value is greatest for

instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described

above may cause transfers between Levels I, II, and III, which KKR recognizes at the beginning of the reporting period.

Investments and other financial instruments that have readily observable market prices (such as those traded on a

securities exchange) are stated at the last quoted sales price as of the reporting date. KKR does not adjust the quoted price for

these investments, even in situations where KKR holds a large position and a sale could reasonably affect the quoted price.

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Management's determination of fair value is based upon the methodologies and processes described below and may

incorporate assumptions that are management's best estimates after consideration of a variety of internal and external factors.

For certain investments where the fair value is not readily determinable, net asset value ("NAV") is applied as a practical

expedient.

*Level II Valuation Methodologies*

Credit Investments, U.S. Municipal Securities, Corporate Bonds and Structured Securities: These financial instruments

generally have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that KKR and

others are willing to pay for an instrument. Ask prices represent the lowest price that KKR and others are willing to accept for an

instrument. For financial instruments whose inputs are based on bid-ask prices obtained from third party pricing services, fair

value may not always be a predetermined point in the bid-ask range. KKR's policy is generally to allow for mid-market pricing

and adjusting to the point within the bid-ask range that meets KKR's best estimate of fair value. KKR may also use model-derived

valuations whose inputs are observable or whose significant value drivers are observable.

Investments and Debt Obligations of Consolidated CLO Vehicles: Investments of consolidated CLO vehicles are reported

within Investments of Consolidated CFEs and are valued using the same valuation methodology as described above for credit

investments. KKR measures CLO debt obligations on the basis of the fair value of the financial assets of the CLO.

Securities Indexed to Publicly-Listed Securities: These securities are typically valued using standard convertible security

pricing models. The key inputs into these models that require some amount of judgment are the credit spreads utilized and the

volatility assumed. To the extent the company being valued has other outstanding debt securities that are publicly-traded, the

implied credit spread on the company's other outstanding debt securities would be utilized in the valuation. To the extent the

company being valued does not have other outstanding debt securities that are publicly-traded, the credit spread will be

estimated based on the implied credit spreads observed in comparable publicly-traded debt securities. In certain cases, an

additional spread will be added to reflect an illiquidity discount due to the fact that the security being valued is not publicly-

traded. The volatility assumption is based upon the historically observed volatility of the underlying equity security into which

the convertible debt security is convertible and/or the volatility implied by the prices of options on the underlying equity

security.

Equity Securities: The valuation of certain equity securities is based on (i) an observable price for an identical security

adjusted for the effect of a restriction or leverage that collateralized the equity securities and (ii) quoted prices for identical or

similar instruments in markets that are not active.

Derivatives: The valuation incorporates observable inputs comprising yield curves, foreign currency rates, interest rate

volatility and credit spreads.

*Level III Valuation Methodologies*

*Private Equity Investments:* KKR generally employs two valuation methodologies when determining the fair value of a

private equity investment. The first methodology is typically a market comparables analysis that considers key financial inputs,

which may take into account recent public and private transactions and other available measures. The second methodology

utilized is typically a discounted cash flow analysis, which incorporates significant assumptions and judgments. Estimates of key

inputs used in this methodology include the weighted average cost of capital for the investment and assumed inputs used to

calculate terminal values, such as exit EBITDA multiples. The results of the discounted cash flow approach can be significantly

impacted by these estimates. Other inputs are also used in both methodologies. In addition, when a definitive agreement has

been executed to sell an investment, KKR generally considers a significant determinant of fair value to be the consideration to

be received by KKR pursuant to the executed definitive agreement.

Upon completion of the valuations conducted using these methodologies, a weighting is ascribed to each method. When

determining the weighting ascribed to each valuation methodology, KKR considers, among other factors, the availability of

direct market comparables, the applicability of a discounted cash flow analysis, the expected hold period and manner of

realization for the investment, and in the case of investments being sold pursuant to an executed definitive agreement, an

estimated probability of such sale being completed. These factors can result in different weightings among investments in the

portfolio and in certain instances may result in up to a 100% weighting to a single methodology.

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KKR seeks to take a uniform approach across each asset class with respect to liquidity considerations for its investment

valuations, including considering if factors exist that could make it more challenging to monetize the investment, such as (i) the

nature of KKR's governance rights, (ii) whether the portfolio company is undergoing significant restructuring activity or similar

factors, and (iii) characteristics about the portfolio company regarding its size and/or whether the portfolio company is

experiencing, or expected to experience, a significant decline in earnings. These factors generally make it more likely that the

price a portfolio company is sold or publicly offered in the near term may need to reflect factors such as these, and others,

relating to the liquidity of an investment. These factors tend to reduce the number of opportunities to sell an investment and/or

increase the time horizon over which an investment may be monetized. Depending on the applicability of these factors, KKR's

valuation methodologies take into account impacts to valuations relating to liquidity, and during the time KKR holds the

investment, the impact of liquidity considerations on an investment's valuation may be increased or decreased, from time to

time, based on changes to these factors. The impact of liquidity considerations on an investment is based on the facts and

circumstances of each individual investment. Accordingly, liquidity considerations ultimately considered by a market participant

upon the realization of any investment may be higher or lower than that implied by KKR in its valuations.

*Real Asset Investments:* Real asset investments primarily consist of infrastructure and real estate investments and are

generally valued using one or a combination of the discounted cash flow analysis, market comparables analysis and direct

income capitalization methods, which in each case incorporates significant assumptions and judgments. Key Inputs used in

these methodologies can include inputs such as the weighted average cost of capital and assumed inputs used to calculate

terminal values, including capitalization rates, and exit EBITDA multiples. Certain real asset investments are valued by KKR based

on ranges of valuations determined by independent valuation firms.

*Credit Investments:* Credit investments, including certain fixed-income and structured securities, are valued using values

obtained from dealers or market makers, and where these values are not available, credit investments are generally valued by

KKR based on ranges of valuations determined by an independent valuation firm. Valuation models are based on discounted

cash flow analyses, for which the key inputs are determined based on market comparables, which incorporate similar

instruments from similar issuers.

*Real Estate Mortgage Loans:* Real estate mortgage loans are illiquid, structured investments that are specific to the

property and its operating performance. KKR engages an independent valuation firm to estimate the fair value of each loan. KKR

reviews the quarterly loan valuation estimates provided by the independent valuation firm. These loans are generally valued

using a discounted cash flow model using discount rates derived from observable market data applied to the capital structure of

the respective sponsor and estimated property value.

*Other Investments:* KKR generally employs the same valuation methodologies as described above for private equity, credit

investments and real assets investments when valuing these other investments.

*Funds withheld at interest:* The funds withheld receivables and payables at interest carried at fair value are primarily valued

based on the fair value of the underlying investments, which have quoted prices or other observable inputs to pricing. A portion

of the funds withheld receivable and payables at interest carried at fair value represent embedded derivatives and are generally

valued as the difference between the fair value of the underlying assets and the carrying value of the host contract at the

balance sheet date.

*Reinsurance recoverables:* Reinsurance recoverables carried at fair value are valued using present value techniques that

consider inputs including mortality and surrender rates for the associated policies, as well as estimates of policy expenses and

the cost of capital held in support of the related closed block policy liabilities.

*Insurance policy liabilities, insurance embedded derivatives, and market risk benefits:* Certain insurance policy liabilities that

are carried at fair value are valued using present value techniques that discount estimated liability cash flows at a rate that

reflects the variability of those cash flows and also consider policyholder behavior (including lapse rates, surrender rates and

mortality).

Closed block policy liabilities carried at fair value are valued using present value techniques that consider inputs including

mortality and surrender rates for the respective policies, as well as estimates of policy expenses and the cost of capital held in

support of the liabilities.

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Insurance embedded derivative liabilities are related to our fixed-indexed annuity, variable annuity and indexed universal

life products, which contain equity-indexed features. These embedded derivative liabilities are calculated as the present value of

future projected benefits in excess of the projected guaranteed benefits, using an option budget as the indexed account value

growth rate and considering an adjustment to reflect the risk of nonperformance on our obligation and inputs such as projected

withdrawal and surrender activity, and mortality. KKR calculates nonperformance risk using a blend of observable peer company

credit spreads, adjusted to reflect the claims paying ability of our insurance entities, as well as an adjustment to reflect the

priority of policyholder claims.

Market risk benefits include certain contract features on fixed annuity and variable annuity products. These features include

minimum guarantees to policyholders, such as guaranteed minimum death benefits (GMDBs), guaranteed minimum withdrawal

benefits (GMWBs), and long-term care benefits (which are capped at the return of account value plus one or two times the

account value). Market risk benefits are measured at fair value using a non-option and option valuation approach based on

current net amounts at risk, market data, experience, and other factors.

Key unobservable inputs that have a significant impact on KKR's Level III valuations as described above are included in

Note 9 "Fair Value Measurements." KKR utilizes several unobservable pricing inputs and assumptions in determining the fair

value of its Level III financial instruments. These unobservable pricing inputs and assumptions may differ by financial

instruments and in the application of KKR's valuation methodologies. KKR's reported fair value estimates could vary materially if

KKR had chosen to incorporate different unobservable pricing inputs and other assumptions or, for certain applicable

investments, if KKR only used either the discounted cash flow methodology or the market comparables methodology instead of

assigning a weighting to both methodologies.

There is inherent uncertainty involved in the valuation of Level III financial instruments and there is no assurance that, upon

liquidation or sale, KKR will realize the values reflected in our valuations. Our valuations may differ significantly from the values

that would have been used had an active market for the financial instruments existed, and it is reasonably possible that the

difference could be material.

**Business Combinations**

KKR accounts for business combinations using the acquisition method of accounting, under which the purchase price of the

acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the

acquisition date.

**Goodwill and Indefinite-Lived Intangible Assets**

Goodwill represents the excess of acquisition cost over the fair value of net tangible and intangible assets acquired in

connection with an acquisition. Goodwill is assessed for impairment annually in the third quarter of each fiscal year or more

frequently if circumstances indicate impairment may have occurred. Goodwill and Intangible Assets are recorded in Other

Assets in the accompanying consolidated statements of financial condition.

In accordance with GAAP, KKR has the option to either (i) perform a quantitative impairment test or (ii) first perform a

qualitative assessment (commonly known as "step zero") to determine whether it is more likely than not that the fair value of a

reporting unit is less than its carrying amount, in which case the quantitative test would then be performed. When performing a

quantitative impairment test, KKR compares the fair value of a reporting unit with its carrying amount, including goodwill. If the

fair value of the reporting unit is less than its carrying amount, the goodwill impairment loss is equal to the excess of the

carrying value over the fair value, limited to the carrying amount of goodwill allocated to that reporting unit. The estimated fair

values of the reporting units are derived based on valuation techniques KKR believes market participants would use for each

respective reporting unit. The estimated fair values are generally determined by utilizing a discounted cash flow methodology

and methodologies that incorporate market multiples of certain comparable companies.

KKR tests goodwill for impairment at the reporting unit level, which is generally at the level of or one level below its

reportable segments, on an annual basis, or, when an event occurs or circumstances change that would more likely than not

reduce the fair value of a reporting unit below its carrying amount.

Goodwill recorded as a result of the acquisition of Global Atlantic has been allocated to the insurance segment, and

goodwill recorded as a result of the acquisitions of KJR Management ("KJRM") and Healthcare Royalty Management, LLC has

been allocated to the asset management segment.

During the third quarter of 2025, KKR performed its annual impairment analysis for the goodwill recorded at the asset

management, strategic holdings and insurance reporting units.

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KKR elected to perform step zero for the purposes of its impairment analysis for the goodwill recorded at its reporting units.

Based upon these assessments, no goodwill impairment charges were recorded. Factors considered in the qualitative

assessment included macroeconomic conditions, industry and market considerations, cost factors, current and projected

financial performance, changes in management or strategy and market capitalization.

KKR tests indefinite-lived intangible assets for impairment at the aggregate level of management contracts. KKR has the

option to either (i) perform a quantitative impairment test or (ii) first perform a qualitative assessment to determine whether it

is more likely than not that the fair value is less than its carrying amount, in which case, the quantitative test would be

performed.

Additionally, during the third quarter of 2025 KKR performed its annual impairment analysis on investment management

contracts recorded at KKR's asset management business, which were determined to have indefinite useful lives and are not

subject to amortization. KKR elected to perform a qualitative assessment for the purposes of its impairment analysis. Based

upon this assessment, no impairment charges were recorded. Factors considered in the qualitative assessment included

macroeconomic conditions, industry and market considerations, cost factors, and current and projected financial performance.

**Fixed Assets, Depreciation and Amortization** 

Fixed assets consist primarily of corporate real estate, leasehold improvements, furniture and computer hardware. Such

amounts are recorded at cost less accumulated depreciation and amortization and are included in Other Assets within the

accompanying consolidated statements of financial condition. Depreciation and amortization are calculated using the

straight-line method over the assets' estimated economic useful lives, which for leasehold improvements are the lesser of the

lease term or the life of the asset, for KKR's owner occupied corporate real estate is up to 40 years, and 3 to 7 years for other

fixed assets.

**Foreign Currency**

Consolidated entities that have a functional currency that differs from KKR's reporting currency are (i) KKR's investment

management and capital markets companies located outside the United States and (ii) certain CFEs. Foreign currency

denominated assets and liabilities are translated using the exchange rates prevailing at the end of each reporting period. Results

of foreign operations are translated at the weighted average exchange rate for each reporting period. Translation adjustments

are included as a component of accumulated other comprehensive income (loss) until realized. Foreign currency income or

expenses resulting from transactions outside of the functional currency of a consolidated entity are recorded as incurred in

general, administrative and other expense in the consolidated statements of operations.

**Leases** 

At contract inception, KKR determines if an arrangement contains a lease by evaluating whether (i) the identified asset has

been deployed in the contract explicitly or implicitly and (ii) KKR obtains substantially all of the economic benefits from the use

of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. Additionally, at

contract inception KKR will evaluate whether the lease is an operating or finance lease. Right-of-use ("ROU") assets represent

KKR's right to use an underlying asset for the lease term and lease liabilities represent KKR's obligation to make lease payments

arising from the lease.

ROU assets and the associated lease liabilities are recognized at the commencement date based on the present value of the

future minimum lease payments over the lease term. The discount rate implicit in the lease is generally not readily

determinable. Consequently, KKR uses its incremental borrowing rate based on the information available including, but not

limited to, collateral assumptions, the term of the lease, and the economic environment in which the lease is denominated at

the commencement date in determining the present value of the future lease payments. The ROU assets are recognized as the

initial measurement of the lease liabilities plus any initial direct costs and any prepaid lease payments less lease incentives

received, if any. The lease terms may include options to extend or terminate the lease which are accounted for when it is

reasonably certain that KKR will exercise that option. Certain leases that include lease and non-lease components are accounted

for as one single lease component. In addition to contractual rent payments, occupancy lease agreements generally include

additional payments for certain costs incurred by the landlord, such as building expenses and utilities. To the extent these are

fixed or determinable, they are included as part of the lease payments used to measure the operating lease liability.

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Operating lease expense is recognized on a straight-line basis over the lease term and is recorded within Occupancy and

Related Charges in the accompanying consolidated statements of operations. The ROU assets are included in Other Assets and

the lease liabilities are included in Accrued Expenses and Other Liabilities in the accompanying consolidated statements of

financial condition. See Note 14 "Other Assets and Accrued Expenses and Other Liabilities."

**Equity-based Compensation**

In addition to the cash-based compensation and carry pool allocations, employees may receive equity awards. Most of

these awards are subject to service-based vesting typically over a three to five-year period from the date of grant, while in

certain cases vesting is subject to the achievement of market conditions or business performance conditions. Certain of these

awards are subject to transfer restrictions and minimum retained ownership requirements. KKR considers both historical

volatility and implied volatility in estimating expected volatility. All these awards are equity-classified and the related expense is

recognized in Compensation and Benefits.

The total tax benefit recognized in the consolidated statements of operations for equity based compensation for the years

ended December 31, 2025, 2024, and 2023 was $124 million, $127 million and $51 million, respectively, and was recognized as

an income tax benefit in the consolidated statements of operations.

**Comprehensive Income (Loss)**

Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and

other events and circumstances, excluding those resulting from contributions from and distributions to owners. In the

accompanying consolidated financial statements, comprehensive income is recorded net of income taxes and is comprised of (i)

Net Income (Loss), as presented in the consolidated statements of operations, (ii) unrealized gains (losses) on available-for-sale

securities and other (iii) net effect of changes in discount rates and instrument-specific credit risk on policy liabilities and (iv)

foreign currency translation.

The tax benefit (expense) related to items of other comprehensive income was $(546) million, $(30) million, and $(339)

million for the years ended December 31, 2025, 2024, and 2023, respectively.

**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.

*Deferred Income Taxes*

Income taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets

and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets

and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to

reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized in the consolidated statements of

operations in the period when the change is enacted.

Deferred tax assets, which are recorded in Other Assets within the consolidated statements of financial condition, are

reduced by a valuation allowance when, based on the weight of available evidence, it is more likely than not that some portion

or all of the deferred tax assets will not be realized. When evaluating the realizability of the deferred tax assets, all evidence,

both positive and negative, is considered. Items considered when evaluating the need for a valuation allowance include the

ability to carry back losses, future reversals of existing temporary differences, tax planning strategies, and expectations of future

earnings.

For a particular tax-paying component of an entity and within a particular tax jurisdiction, deferred tax assets and liabilities

are offset and presented as a single amount within Other Assets or Accrued and Other Liabilities, as applicable, in the

accompanying statements of financial condition.

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*Uncertain Tax Positions*

KKR analyzes its tax filing positions in all of the U.S. federal, state and local tax jurisdictions and foreign tax jurisdictions

where it is required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis,

KKR determines that uncertainties in tax positions exist, a reserve is established. The reserve for uncertain tax positions is

recorded in Accrued and Other Liabilities in the accompanying statements of financial condition. KKR recognizes accrued

interest and penalties related to uncertain tax positions within the provision for income taxes in the consolidated statements of

operations.

KKR records uncertain tax positions on the basis of a two-step process: (a) determination is made whether it is more likely

than not that the tax positions will be sustained based on the technical merits of the position and (b) those tax positions that

meet the more-likely-than-not threshold are recognized as the largest amount of tax benefit that is greater than 50 percent

likely to be realized upon ultimate settlement with the related tax authority.

**Net Income (Loss) attributable to KKR & Co. Inc. per share of common stock**

Net Income (Loss) attributable to KKR per share of common stock (Basic) is computed by dividing earnings (losses)

attributable to KKR common stockholders by the weighted average number of common shares outstanding for the period. Net

Income (Loss) attributable to KKR per share of common stock (Diluted) reflects the assumed conversion of all dilutive securities.

For further information on net income (loss) per common share, see Note 13 "Net Income (Loss) Attributable to

KKR & Co. Inc. per Share of Common Stock."

**SIGNIFICANT ACCOUNTING POLICIES – ASSET MANAGEMENT AND STRATEGIC HOLDINGS**

The significant accounting policies applicable to KKR's asset management and strategic holdings businesses are described

below.

**Investments**

Investments consist primarily of private equity, credit, investments of consolidated CFEs, real assets, equity method and

other investments. Investments denominated in currencies other than the entity's functional currency are valued based on the

spot rate of the respective currency at the end of the reporting period with changes related to exchange rate movements

reflected in the consolidated statements of operations. Security and loan transactions are recorded on a trade date basis.

Further disclosure on investments is presented in Note 7 "Investments."

The following describes the types of securities held within each investment class.

*Private Equity* - Consists primarily of equity investments in operating businesses, including growth equity investments.

*Credit* - Consists primarily of investments in below investment grade corporate debt securities (primarily high yield bonds

and syndicated bank loans), originated, distressed and opportunistic credit, real estate mortgage loans, and interests in

unconsolidated CLOs.

*Investments of Consolidated CFEs* - Consists primarily of investments in below investment grade corporate debt securities

(primarily high yield bonds and syndicated bank loans) held directly by the consolidated CLOs.

*Real Assets* - Consists primarily of investments in (i) infrastructure assets, (ii) real estate, principally residential and

commercial real estate assets and businesses, and (iii) energy related assets, principally oil and natural gas properties.

*Equity Method* - Capital Allocation-Based Income - Consists primarily of (i) the capital interest KKR holds as the general

partner in certain investment funds, which are not consolidated and (ii) the carried interest component of the general

partner interest, which are accounted for as a single unit of account.

*Other* - Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not

private equity, real assets, credit or investments of consolidated CFEs.

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*Investments held by Consolidated Investment Funds*

The consolidated investment funds are, for GAAP purposes, investment companies and reflect their investments and other

financial instruments, including portfolio companies that are majority-owned and controlled by KKR's investment funds, at fair

value. KKR has retained this specialized accounting for the consolidated investment funds in consolidation. Accordingly, the

unrealized gains and losses resulting from changes in fair value of the investments and other financial instruments held by the

consolidated investment funds are reflected as a component of Net Gains (Losses) from Investment Activities in the

consolidated statements of operations.

*Fair Value Option*

For certain investments and other financial instruments, KKR has elected the fair value option. Such election is irrevocable

until the occurrence of certain qualifying events as defined in ASC 825, when KKR has, in addition to the ability to elect or the

option to cease applying the fair value option to an eligible item to which it was previously applied and is applied on a financial

instrument by financial instrument basis at initial recognition. KKR has elected the fair value option for certain private equity,

real assets, credit, investments of consolidated CFEs, equity method - other and other financial instruments not held through a

consolidated investment fund. Accounting for these investments at fair value is consistent with how KKR accounts for its

investments held through consolidated investment funds. Changes in the fair value of such instruments are recognized in Net

Gains (Losses) from Investment Activities in the consolidated statements of operations. Interest income on interest bearing

credit securities on which the fair value option has been elected is based on stated coupon rates adjusted for the accretion of

purchase discounts and the amortization of purchase premiums. This interest income is recorded within Interest Income in the

consolidated statements of operations.

*Equity Method*

For certain investments in entities over which KKR exercises significant influence but which do not meet the requirements

for consolidation and for which KKR has not elected the fair value option, KKR uses the equity method of accounting. The

carrying value of equity method investments, for which KKR has not elected the fair value option, is determined based on the

amounts invested by KKR, adjusted for the equity in earnings or losses of the investee allocated based on KKR's respective

ownership percentage, less distributions.

For equity method investments for which KKR has not elected the fair value option, KKR records its proportionate share of

the investee's earnings or losses based on the most recently available financial information of the investee, which in certain

cases may lag the date of KKR's financial statements by no more than three calendar months. As of December 31, 2025, equity

method investees for which KKR reports financial results on a lag include Marshall Wace LLP ("Marshall Wace").

KKR evaluates its equity method investments for which KKR has not elected the fair value option for impairment whenever

events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

The carrying value of investments classified as Equity Method - Capital Allocation-Based Income approximates fair value,

because the underlying investments of the unconsolidated investment funds are reported at fair value.

*Financial Instruments held by Consolidated CFEs*

KKR measures both the financial assets and financial liabilities of the consolidated CFEs in its financial statements using the

more observable of the fair value of the financial assets and the fair value of the financial liabilities which results in KKR's

consolidated net income (loss) reflecting KKR's own economic interests in the consolidated CFEs including (i) changes in the fair

value of the beneficial interests retained by KKR and (ii) beneficial interests that represent compensation for services rendered.

For the consolidated CLOs, KKR has determined that the fair value of the financial assets of the consolidated CLOs is more

observable than the fair value of the financial liabilities of the consolidated CLOs. As a result, the financial assets of the

consolidated CLOs are being measured at fair value and the financial liabilities are being measured in consolidation as: (1) the

sum of the fair value of the financial assets and the carrying value of any nonfinancial assets that are incidental to the

operations of the CLOs less (2) the sum of the fair value of any beneficial interests retained by KKR (other than those that

represent compensation for services) and KKR's carrying value of any beneficial interests that represent compensation for

services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by

KKR).

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**Due from and Due to Affiliates**

KKR considers its principals and their related entities, unconsolidated investment funds and the portfolio companies of its

funds to be affiliates for accounting purposes. Receivables from and payables to affiliates are recorded at their current

settlement amount.

**Derivative instruments**

Freestanding derivatives are instruments that KKR's asset management business and certain of its consolidated funds have

entered into as part of their overall risk management and 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.

**Securities Sold Short** 

Whether part of a hedging transaction or a transaction in its own right, securities sold short represent obligations of KKR to

deliver the specified security at the contracted price at a future point in time, and thereby create a liability to repurchase the

security in the market at the prevailing prices. The liability for such securities sold short, which is recorded in Accrued Expenses

and Other Liabilities in the statement of financial condition, is marked to market based on the current fair value of the

underlying security at the reporting date with changes in fair value recorded as unrealized gains or losses in Net Gains (Losses)

from Investment Activities in the accompanying consolidated statements of operations. These transactions may involve market

risk in excess of the amount currently reflected in the accompanying consolidated statements of financial condition.

**Fees and Other** 

Fees and Other, as detailed above, are accounted for as contracts with customers. Under ASC 606, Revenue from Contracts

with Customers ("ASC 606"), KKR is required to (i) identify the contract(s) with a customer, (ii) identify the performance

obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance

obligations in the contract, and (v) recognize revenue when (or as) KKR satisfies its performance obligation. In determining the

transaction price, KKR has included variable consideration only to the extent that it is probable that a significant reversal in the

amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is

resolved.

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The following table summarizes KKR's revenues from contracts with customers:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Revenue Type** | **Customer** | **Performance** <br>**Obligation**<br>| **Performance Obligation** <br>**Satisfied Over Time or** <br>**Point In Time** <sup>(1)</sup><br>| **Variable or** <br>**Fixed Consideration**<br>| **Payment** <br>**Terms**<br>| **Subject to** <br>**Return Once** <br>**Recognized**<br>| **Classification of** <br>**Uncollected** <br>**Amounts** <sup>(2)</sup><br>|
| Management <br>Fees<br>| Investment <br>funds, CLOs <br>and other <br>vehicles<br>| Investment <br>management <br>services<br>| Over time as services are <br>rendered<br>| Variable <br>consideration since <br>varies based on <br>fluctuations in the <br>basis of the <br>management fee <br>over time<br>| Typically <br>quarterly or <br>annually in <br>arrears<br>| No | Due from <br>Affiliates<br>|
| Transaction Fees | Portfolio <br>companies <br>and third <br>party <br>companies <br>| Advisory services <br>and debt and <br>equity arranging <br>and underwriting<br>| Point in time when the <br>transaction (e.g. <br>underwriting) is <br>completed<br>| Fixed consideration  | Typically paid <br>on or shortly <br>after <br>transaction <br>closes<br>| No | Due from <br>Affiliates <br>(portfolio <br>companies)<br>Other Assets <br>(third parties)<br>|
| Monitoring Fees |  |  |  |  |  |  |  |
| Recurring <br>Fees<br>| Portfolio <br>companies<br>| Monitoring services | Over time as services are <br>rendered<br>| Variable <br>consideration since <br>varies based on <br>fluctuations in the <br>basis of the recurring <br>fee<br>| Typically <br>quarterly in <br>arrears<br>| No | Due from <br>Affiliates<br>|
| Termination <br>Fees<br>| Portfolio <br>companies<br>| Monitoring services | Point in time when the <br>termination is completed<br>| Fixed consideration | Typically paid <br>on or shortly <br>after <br>termination <br>occurs<br>| No | Due from <br>Affiliates<br>|
| Incentive Fees | Investment <br>funds and <br>other <br>vehicles<br>| Investment <br>management <br>services that result <br>in achievement of <br>minimum <br>investment return <br>levels<br>| Over time as services are <br>rendered<br>| Variable <br>consideration since <br>contingent upon the <br>investment fund and <br>other vehicles <br>achieving more than <br>stipulated <br>investment return <br>hurdles<br>| Typically paid <br>shortly after <br>the end of <br>the <br>performance <br>measuremen<br>t period <br>| No | Due from <br>Affiliates<br>|
| Expense <br>Reimbursements<br>| Investment <br>funds and <br>portfolio <br>companies<br>| Investment <br>management and <br>monitoring services<br>| Point in time when the <br>related expense is <br>incurred<br>| Fixed consideration | Typically <br>shortly after <br>expense is <br>incurred<br>| No | Due from <br>Affiliates<br>|
| Consulting Fees | Portfolio <br>companies <br>and other <br>companies<br>| Consulting and <br>other services <br>| Over time as services are <br>rendered<br>| Fixed consideration | Typically <br>quarterly in <br>arrears<br>| No | Due from <br>Affiliates<br>|

---

(1)For performance obligations satisfied at a point in time, there were no significant judgments made in evaluating when a customer obtains control of the

promised service.

(2)For amounts classified in Other Assets, see Note 14 "Other Assets and Accrued Expenses and Other Liabilities." For amounts classified in Due from Affiliates,

see Note 20 "Related Party Transactions."

*Management Fees*

KKR provides investment management services to investment funds, CLOs, and other vehicles and entities in exchange for a

management fee. Management fees are generally determined quarterly based on an annual rate and are generally based upon

a percentage of the capital committed, capital invested or net asset value during the investment period, if applicable.

Thereafter, management fees are generally based on a percentage of remaining invested capital, net asset value, gross assets or

as otherwise defined in the respective contractual agreements. Since some of the factors that cause the fees to fluctuate are

outside of KKR's control, management fees are considered to be constrained and are therefore not included in the transaction

price. Revenue recognized for the investment management services provided is generally determined at the end of the period

because these management fees are payable on a regular basis (typically quarterly) and the uncertainty for that period is

resolved.

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Management fees earned from KKR's consolidated investment funds and other vehicles and entities are eliminated in

consolidation. However, because these amounts are funded by, and earned from, noncontrolling interests, KKR's allocated share

of the net income from the consolidated investment funds and other vehicles is increased by the amount of fees that are

eliminated. Accordingly, net income (loss) attributable to KKR and KKR's stockholder's equity would be unchanged, if such

investment funds and other vehicles were not consolidated.

Management fee calculations based on committed capital or invested capital are mechanical in nature and therefore do not

require the use of significant estimates or judgments. Management fee calculations based on net asset value, total assets, or

investment fair value depend on the fair value of the underlying investments within the investment vehicle.

*Fee Credits*

Under the terms of the management agreements with certain of its investment funds, KKR is required to share with such

funds an agreed upon percentage of certain fees, including monitoring and transaction fees earned from portfolio companies

("Fee Credits"). Investment funds earn Fee Credits only with respect to monitoring and transaction fees that are allocable to the

fund's investment in the portfolio company and not, for example, any fees allocable to capital invested through co-investment

vehicles. Fee Credits are calculated after deducting certain costs incurred in connection with pursuing potential investments that

do not result in completed transactions ("broken-deal expenses") and generally amount to 80% for older funds formed on or

prior to January 1, 2015, or 100% for newer funds, of allocable monitoring and transaction fees after broken-deal expenses are

recovered, although the actual percentage may vary from fund to fund. Fee Credits are recognized and owed to investment

funds concurrently with the recognition of monitoring fees, transaction fees and broken-deal expenses. Since Fee Credits are

payable to investment funds, amounts owed are generally applied as a reduction of the management fee that is otherwise billed

to the investment fund. Fee credits are recorded as a reduction of revenues in the consolidated statement of operations. Fee

Credits owed to investment funds are recorded in Due to Affiliates on the consolidated statements of financial condition. See

Note 20 "Related Party Transactions."

*Transaction Fees*

KKR (i) arranges debt and equity financing, places and underwrites securities offerings, and provides other types of capital

markets services for companies seeking financing in its Capital Markets business line and (ii) provides advisory services in

connection with successful Private Equity, Real Assets, and Credit and Liquid Strategies business line portfolio company

investment transactions, in each case, in exchange for a transaction fee. Transaction fees are separately negotiated for each

transaction and are generally based on (i) for Capital Markets business line transactions, a percentage of the overall transaction

size and (ii) for Private Equity, Real Assets, and Credit and Liquid Strategies business line transactions, a percentage of either

total enterprise value of an investment or a percentage of the aggregate price paid for an investment. After the contract is

established, there are no significant judgments made when determining the transaction price.

*Monitoring Fees*

KKR provides services in connection with monitoring portfolio companies in exchange for a fee. Recurring monitoring fees

are separately negotiated for each portfolio company. In addition, certain monitoring fee arrangements may provide for a

termination payment following an initial public offering or change of control as defined in the contractual terms of the related

agreement. These termination payments are recognized in the period when the related transaction closes. After the contract is

established, there are no significant judgments made when determining the transaction price.

*Incentive Fees*

KKR provides investment management services to certain investment funds, CLOs and other vehicles in exchange for a

management fee as discussed above and, in some cases an incentive fee when KKR is not entitled to a carried interest. Incentive

fee rates generally range from 5% to 20% of investment gains. Incentive fees are considered a form of variable consideration as

these fees are subject to reversal, and therefore the recognition of such fees is deferred until the end of each fund's

measurement period when the performance-based incentive fees become fixed and determinable. Incentive fees are generally

paid within 90 days of the end of the investment vehicles' measurement period. After the contract is established, there are no

significant judgments made when determining the transaction price.

Incentive fees earned from KKR's consolidated investment funds, CLOs, and other vehicles are eliminated in consolidation.

However, because these amounts are funded by, and earned from, noncontrolling interests, KKR's allocated share of the net

income from the consolidated investment funds, CLOs, and other vehicles is increased by the amount of fees that are

eliminated. Accordingly, net income (loss) attributable to KKR would be unchanged if such investment funds and other vehicles

were not consolidated.

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*Expense Reimbursements*

Providing investment management services to investment funds and monitoring KKR's portfolio companies require KKR to

arrange for services on behalf of them. In those situations where KKR is acting as an agent on behalf of its investment funds or

portfolio companies, it presents the cost of services on a net basis as a reduction of Revenues. In all other situations, KKR is

primarily responsible for fulfilling the services and is therefore acting as a principal for those arrangements for accounting

purposes. As a result, the expense and related reimbursement associated with those services is presented on a gross basis.

Costs incurred are classified within Expenses and reimbursements of such costs are classified as Expense Reimbursements

within Revenues on the consolidated statements of operations. After the contract is established, there are no significant

judgments made when determining the transaction price.

*Consulting Fees*

KKR provides consulting and other services to portfolio companies and other companies in exchange for a consulting fee.

Consulting fees are separately negotiated with each company for which services are provided. After the contract is established,

there are no significant judgments made when determining the transaction price.

**Capital Allocation-Based Income (Loss)**

Capital allocation-based income (loss) is earned from those arrangements where KKR has a general partner capital interest

and is entitled to a disproportionate allocation of investment income (referred to hereafter as "carried interest"). KKR accounts

for its general partner interests in capital allocation-based arrangements as financial instruments under ASC 323, Investments -

Equity Method and Joint Ventures ("ASC 323") since the general partner has significant governance rights in the investment

funds in which it invests, which demonstrates significant influence. In accordance with ASC 323, KKR records equity method

income based on the proportionate share of the income of the investment fund, including carried interest, assuming the

investment fund was liquidated as of each reporting date pursuant to each investment fund's governing agreements.

Accordingly, these general partner interests are accounted for outside of the scope of ASC 606. Other arrangements

surrounding contractual incentive fees through an advisory contract are separate and distinct and accounted for in accordance

with ASC 606. In these incentive fee arrangements, accounted for in accordance with ASC 606, KKR's economics in the entity do

not involve an allocation of capital. See "Incentive Fees" above.

Carried interest is allocated to the general partner based on cumulative fund performance to date, and where applicable,

subject to a preferred return to the funds' limited partners. At the end of each reporting period, KKR calculates the carried

interest that would be due to KKR for each investment fund, pursuant to the fund agreements, as if the fair value of the

underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair

value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as

carried interest to reflect either (a) positive performance resulting in an increase in the carried interest allocated to the general

partner or (b) negative performance that would cause the amount due to KKR to be less than the amount previously recognized,

resulting in a negative adjustment to carried interest allocated to the general partner. In each case, it is necessary to calculate

the carried interest on cumulative results compared to the carried interest recorded to date and to make the required positive

or negative adjustments. KKR ceases to record negative carried interest allocations once previously recognized carried interest

allocations for an investment fund have been fully reversed. KKR is not obligated to make payments for guaranteed returns or

hurdles and, therefore, cannot have negative carried interest over the life of an investment fund. Accrued but unpaid carried

interest as of the reporting date is reflected in Investments in the consolidated statements of financial condition.

**Compensation and Benefits** 

Compensation and Benefits expense includes (i) base cash compensation consisting of salaries and wages, (ii) benefits, (iii)

carry pool allocations, (iv) equity-based compensation, and (v) discretionary cash bonuses.

To supplement base cash compensation, benefits, carry pool allocations, and equity-based compensation, KKR typically

pays discretionary cash bonuses, which are included in Compensation and Benefits expense in the consolidated statements of

operations, based principally on the level of segment (i) management fees and other fee revenues (including incentive fees), (ii)

realized performance income and (iii) realized investment income earned during the year. The amounts paid as discretionary

cash bonuses, if any, are at KKR's sole discretion and vary by individual to individual and from period to period, including having

no cash bonus. KKR accrues discretionary cash bonuses when payment becomes probable and reasonably estimable which is

generally in the period when KKR makes the decision to pay discretionary cash bonuses and is based upon a number of factors

including the recognition of segment fee revenues, realized performance income, realized investment income and other factors

determined during the year.

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KKR decides whether to pay a discretionary cash bonus and determines the percentage of applicable revenue components

to pay compensation only upon the occurrence of the realization event. There is no contractual or other binding obligation that

requires KKR to pay a discretionary cash bonus to its employees, except in limited circumstances.

*Carry Pool Allocation*

With respect to our funds that provide for carried interest, KKR allocates a portion of the realized and unrealized carried

interest that KKR earns to Associates Holdings, which is referred to as the carry pool, from which KKR's asset management

employees and certain other carry pool participants are eligible to receive a carried interest allocation. The allocation is

determined based upon a fixed arrangement between Associates Holdings and KKR, and KKR does not exercise discretion on

whether to make an allocation to the carry pool upon a realization event. KKR refers to the portion of carried interest that KKR

allocates to the carry pool as the carry pool percentage.

As of December 31, 2023, the carry pool percentage was fixed at 40%, 43% or 65% by investment fund, depending on the

fund's vintage. For funds that closed after December 31, 2020 but before December 31, 2023, the carry pool percentage was

fixed at 65%. For funds that closed after June 30, 2017 but before December 31, 2020, the carry pool percentage was fixed at

43%, and the carry pool percentage was fixed at 40% for older funds that contributed to KKR's carry pool. Effective January 2,

2024, KKR applies a carry pool percentage of up to 80% for all funds.

This increase to the carry pool percentage was approved by a majority of KKR's independent directors, and the carry pool

percentage may not be increased above 80% without the further approval of a majority of KKR's independent directors. For

funds that closed after December 31, 2023, the carry pool percentage is fixed at 80%. For funds that closed prior to December

31, 2023, the carry pool percentage is calculated at a fixed percentage of 40%, 43% or 65% (depending on the fund's vintage) for

carried interest realized up to a high water mark, which was established based on the unrealized carried interest balance that

existed on January 2, 2024, plus an additional percentage amount up to 80% based on a formulaic allocation, only if the

unrealized carried interest balance at any period end exceeds the high water mark. This imposes a limitation of the carry pool

allocation for such funds based on the amount of cumulative unrealized carried interest income earned subsequent to

December 31, 2023.

For funds that closed before December 31, 2023, if the cumulative carried interest subsequent to December 31, 2023 is not

sufficient to fund this formulaic allocation, the allocation of carried interest reverts to the carry pool percentage in effect before

this modification. As such, upon modification of the carry pool percentage effective on January 2, 2024, the cumulative

unrealized carried interest was not sufficient to fund the additional formulaic allocation percentage in excess of the pre-existing

40%, 43% and 65% carry pool percentages, and therefore no incremental expense was recognized as of such date. The carry

pool percentage applicable for all funds that closed prior to December 31, 2023 will not be less than their applicable carry pool

percentages of 40%, 43% or 65% prior to December 31, 2023, and will not be more than 80%. The intent of this modification is

that for all funds that closed prior to January 2, 2024, upon the final liquidation of each fund, realized carried interest distributed

will equal the historical fund carry pool allocations up to the high water mark and only distributions of realized carried interest

in excess of the high water mark will be distributed at 80 percent if and only if the unrealized carried interest balance at any

period end exceeds the high water mark. Under no circumstance would a distribution of carried interest exceed 80% of the total

allocable carried interest at any time.

KKR accounts for the carry pool as a compensatory profit-sharing arrangement in Accrued Expenses and Other Liabilities

within the accompanying consolidated statements of financial condition in conjunction with the related carried interest income

and it is recorded as compensation expense. The liability that is recorded in each period reflects the legal entitlement of

Associates Holdings at each point in time should the total unrealized carried interest be realized at the value recorded at each

reporting date. Upon a reversal of carried interest income, the related carry pool allocation, if any, is also reversed. Accordingly,

such compensation expense is subject to both positive and negative adjustments.

*Profit Sharing Plan*

KKR provides certain profit sharing programs for KKR employees. In particular, KKR provides a 401(k) plan for eligible

employees in the United States. For certain employees who are participants in the 401(k) plan, KKR may, in its discretion,

contribute an amount after the end of the plan year through its profit sharing program.

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**General, Administrative and Other** 

General, administrative and other expense consists primarily of professional fees paid to legal advisors, accountants,

advisors and consultants, insurance costs, travel and related expenses, communications and information services, depreciation

and amortization charges, broken-deal expenses, placement fees and other general operating expenses. A portion of these

general administrative and other expenses, in particular broken-deal expenses, are borne by fund investors.

**Investment Income**

Investment income consists primarily of the net impact of:

i.Realized and unrealized gains and losses on investments, securities sold short, derivatives and debt obligations of

consolidated CFEs which are recorded in Net Gains (Losses) from Investment Activities. Upon disposition of an

investment, previously recognized unrealized gains or losses are reversed and a realized gain or loss is recognized.

ii.Foreign exchange gains and losses relating to mark-to-market activity on foreign exchange forward contracts, foreign

currency options and foreign denominated debt which are recorded in Net Gains (Losses) from Investment Activities.

iii.Dividends, which are recognized on the ex-dividend date, or, in the absence of a formal declaration of a record date, on

the date it is received.

iv.Interest income, which is recognized as earned.

v.Interest expense, which is recognized as incurred.

**SIGNIFICANT ACCOUNTING POLICIES – INSURANCE**

The significant accounting policies applicable to KKR's insurance business, which is conducted by Global Atlantic, are

described below.

**Investments** 

In the normal course of business, Global Atlantic enters into transactions involving various types of investments.

Investments include the following: U.S. government and agency obligations; commercial mortgage-backed securities

("CMBS"); residential mortgage-backed securities ("RMBS"); CLOs; asset-backed securities ("ABS") and other structured

securities, (collectively, "structured securities"); corporate bonds; state and political subdivision obligations; foreign government

obligations; equity securities; mortgage and other loan receivables; policy loans; and other non-derivative investments.

**Available-For-Sale Fixed Maturity Securities**

Global Atlantic primarily accounts for its fixed maturity securities (including bonds, structured securities and redeemable

preferred stock) as available-for-sale ("AFS"). AFS fixed maturity securities are generally recorded on a trade-date basis and are

carried at fair value. Impairment associated with AFS fixed maturity securities is recognized as an allowance for credit losses.

The allowance for credit losses is established either by a charge to net investment-related losses in the consolidated statements

of operations, for securities identified as credit impaired after purchase, or by a gross-up recognition of an initial allowance for

purchased credit deteriorated ("PCD") securities.

PCD securities are those purchased by Global Atlantic that were assessed at acquisition as having experienced a more-than-

insignificant deterioration in credit quality since their origination. Global Atlantic considers an AFS fixed maturity security to be

PCD if there are indicators of a credit loss at the acquisition date or, in the case of structured securities, if there is a significant

difference between contractual cash flows and expected cash flows at acquisition. PCD securities also include those AFS fixed

maturity securities previously held by Global Atlantic that were similarly assessed at the time when KKR acquired a majority

controlling interest in Global Atlantic on February 1, 2021 (the "2021 GA Acquisition"). The initial amortized cost for a PCD

security equals the purchase price plus the initial allowance for credit losses. The initial allowance for credit losses is determined

using a discounted cash flow method based on the best estimate of the present value of cash flows expected to be collected.

After purchase, the accounting for a PCD security is generally consistent with that applied to all other securities.

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Unrealized gains and losses on AFS fixed maturity securities, net of tax and insurance intangible amortization, are reported

in accumulated other comprehensive income ("AOCI") in the consolidated statements of financial condition. Realized

investment gains and losses are recognized on a first-in first-out ("FIFO") basis and are reported in net investment-related gains

(losses) in the consolidated statements of operations. The amortized cost of fixed maturity securities is adjusted for impairment

charge-offs, amortization of premiums and accretion of discounts. Such amortization and accretion is calculated using the

effective yield method and included in net investment income in the consolidated statements of operations.

For structured securities, Global Atlantic recognizes interest income using a constant effective yield based on estimated

cash flows generated from internal models utilizing interest rate, default and prepayment assumptions. Effective yields for

structured securities that are not of high credit quality are recalculated and adjusted prospectively based on changes in

expected undiscounted future cash flows, after consideration of any appropriate recognition or release of an allowance for

credit losses. For structured securities that are of high credit quality, effective yields are recalculated based on payments

received and updated prepayment expectations, and amortized cost is adjusted to the amount that would have existed had the

new effective yield been applied since acquisition with a corresponding charge or credit to net investment income. Prepayment

fees are recorded when earned in net investment income in the consolidated statements of operations.

Global Atlantic generally suspends accrual of interest for securities that are more than 90 days past due and reverses any

related accrued interest to net investment income in the consolidated statements of operations. When a security is in non-

accrual status, coupon payments are recognized as interest income as cash is received, subject to consideration as to the overall

collectibility of the security. A security is returned to accrual status when Global Atlantic determines that the collection of

amounts due is probable. The allowance for credit losses excludes accrued interest from the amortized cost basis for which

losses are estimated.

**Trading Fixed Maturity Securities** 

Global Atlantic accounts for certain fixed maturity securities as trading at acquisition, based on intent or via the election of

the fair value option. Trading securities are generally recorded on a trade-date basis and are carried at fair value, with realized

and unrealized gains and losses reported in net investment-related gains (losses) in the consolidated statements of operations.

Interest income from these securities is reported in net investment income. Trading securities, which are primarily used to

match asset and liability accounting, back funds withheld payable at interest where the investment performance is ceded to

reinsurers under the terms of the respective reinsurance agreements.

**Equity Securities** 

Global Atlantic accounts for its investments in equity securities (including common stock and non-redeemable preferred

stock) that do not require equity method accounting or result in consolidation, at fair value. Realized and unrealized investment

gains and losses are reported in net investment-related gains (losses) in the consolidated statements of operations.

**Mortgage and Other Loan Receivables**

Global Atlantic purchases and originates mortgage and other loan receivables, and the majority of these loans are carried at

cost, less the allowance for credit losses and as adjusted for amortization/accretion of premiums/discounts. Loan premiums or

discounts are amortized or accreted using the effective yield method. The allowance for credit losses is established either by a

charge to net investment-related losses in the consolidated statements of operations or, for PCD mortgage and other loan

receivables, by a gross-up recognition of the initial allowance in the consolidated statements of financial condition.

PCD mortgage and other loan receivables are those purchased by Global Atlantic that were assessed at acquisition as having

experienced a more-than-insignificant deterioration in credit quality since their origination. PCD mortgage and other loan

receivables also include those mortgage and other loan receivables previously held by Global Atlantic that were similarly

assessed at the time of the 2021 GA Acquisition. The initial amortized cost for a PCD mortgage or other loan receivable equals

the purchase price plus the initial allowance for credit losses. The initial allowance for credit losses is determined using a

method consistent with that used for other similar loans. See further discussion of allowance methods below. After purchase,

the accounting for a PCD mortgage or other loan receivable is consistent with that applied to all other mortgage and other loan

receivables.

Global Atlantic has elected the fair value option for certain mortgage and other loan receivables, when purchased or

originated. Changes in the fair value of these mortgage and other loan receivables are reported in net investment related gains

(losses) in the consolidated statements of operations.

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Interest income is accrued on the principal balance of each loan based on its contractual interest rate. The accrual of

interest is generally suspended when the collection of interest is no longer probable or the collection of any portion of principal

is doubtful. Global Atlantic generally suspends accrual of interest for loans that are more than 90 days past due and reverses any

related accrued interest to net investment income in the consolidated statements of operations. When a loan is in non-accrual

status, coupon payments are generally recognized as interest income as cash is received, subject to consideration as to the

overall collectibility of the loan. A loan is returned to accrual status when Global Atlantic determines that the collection of

amounts due is probable. The allowance for credit losses for loans carried at amortized cost excludes accrued interest from the

amortized cost basis for which losses are estimated.

**Policy Loans**

Policy loans are loans policyholders take out against their life insurance policies. Each policy loan is fully collateralized by the

cash surrender value of the policyholder's life insurance policy. Policy loans are carried at unpaid principal balances. Interest

income on such loans is recognized as earned using the contractually agreed upon interest rate and reflected in net investment

income in the consolidated statements of operations. Generally, interest is capitalized on the associated policy's anniversary

date.

**Real Assets and Other Investments** 

Real assets consist primarily of investments in real estate assets, transportation assets, energy-related assets (principally

renewable energy properties), and infrastructure assets. Other investments include equity securities, limited partnership

interests, investments in Federal Home Loan Bank ("FHLB") common stock, and other interests.

Real assets and other investments in the consolidated statements of financial condition include investments in investment

partnerships, for which Global Atlantic does not have voting control or power to direct activities. These investments are

accounted for using the equity method of accounting unless Global Atlantic's interest is so minor that it has virtually no

influence over partnership operating or financial policies. The equity method of accounting requires that the investments be

initially recorded at cost and the carrying amount of the investment subsequently be adjusted to recognize Global Atlantic's

share of the earnings and losses of the investee. In applying the equity method, Global Atlantic uses financial information

provided by the investee, generally on a one to three month lag due to the timing of the receipt of related financial statements.

The income from Global Atlantic's equity method investments is included in net investment income in the consolidated

statements of operations. In limited circumstances, Global Atlantic elects to apply the fair value option to investment

partnerships, which are carried at fair value with unrealized gains and losses reported in net investment-related gains (losses) in

the consolidated statements of operations. Distributions from investment partnerships that apply equity method accounting are

classified as either investing or operating activities within the consolidated statements of cash flows based on the nature of the

distributions.

Global Atlantic consolidates investment partnerships and other entities when it has a controlling financial interest. The

results of certain consolidated investment entities are reported on a one to three month lag and intervening events are

evaluated for materiality and recognition by disclosure or otherwise, as appropriate.

Included in real assets are Global Atlantic's investments in renewable energy entities, including partnerships and limited

liability companies. Respective investments are consolidated when Global Atlantic has a controlling financial interest, or are

accounted for using the equity method of accounting when Global Atlantic has the ability to exercise significant influence but

not control. These investments involve tiered capital structures that facilitate a waterfall of returns and allocations to ensure the

efficient use of tax credits. A conventional income statement oriented approach to the equity method of accounting, or to the

recognition of noncontrolling interests (when Global Atlantic is consolidating the investment), based on ownership percentages

does not accurately reflect the proper allocation of income and cash flows for these investments. Instead, Global Atlantic uses

the HLBV which is a balance sheet oriented approach to the equity method of accounting and to the recognition of

noncontrolling interests that allocates income and cash flows based on changes to each investor's claim to net assets assuming a

liquidation of the investee as of each reporting date, including an assessment of the likelihood of liquidation in determining the

contractual provisions to utilize when applying the HLBV method.

The income, net of the depreciation and other expenses associated with consolidated real assets is reported in net

investment income in the consolidated statements of operations. Income on real assets is generally earned from the lease of the

assets or, in the case of energy-related assets, from the contracted sale of the energy generated. Real assets carried at

depreciated cost, excluding land, are depreciated on a straight-line basis over their estimated useful lives. As appropriate,

depreciation is recognized to the estimated salvage value of the respective asset.

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Global Atlantic has certain investments in real estate held in consolidated investment companies that account for such real

estate at fair value under investment company accounting, and this specialized accounting is retained in consolidation. Changes

in the fair value of real estate in consolidated investment companies are recognized in net investment-related gains (losses) in

the consolidated statements of operations.

Investments in equity securities are carried at fair value, with changes recognized in net investment related gains (losses) in

the consolidated statements of operations. Investments in FHLB common stock are accounted at cost.

**Derivative Instruments** 

Derivatives are instruments that derive their values from underlying asset prices, indices, foreign exchange rates, reference

rates and other inputs or a combination of these factors. Derivatives may be privately negotiated contracts, which are usually

referred to as over-the-counter ("OTC") derivatives, or they may be listed and traded on an exchange ("exchange-traded").

Global Atlantic's derivative instruments are primarily used to hedge certain risks, including interest rate risk, equity market risk

and foreign exchange risk. Where certain criteria are met, some of these hedging arrangements may achieve hedge accounting.

Derivative instruments are recognized at estimated fair value in either funds withheld receivable at interest, other assets,

funds withheld payable at interest or accrued expenses and other liabilities in the consolidated statements of financial

condition, with changes in fair value recorded in net investment-related gains (losses) in the consolidated statements of

operations. Where certain qualifying criteria are met, some derivative instruments are designated as accounting hedges and are

recognized at estimated fair value in derivative assets or accrued expenses and other liabilities in the consolidated statements of

financial condition. For derivative instruments designated as fair value hedges, changes in fair value are recognized in the

consolidated statements of operations, in the same line where the hedged item is reported. For derivative instruments

designated as cash flow hedges, changes in fair value are initially recognized in accumulated other comprehensive income (loss)

in the consolidated statements of financial condition and subsequently reclassified to the consolidated statements of operations

when the hedged item affects earnings, in the same line item where the hedged item is reported. For derivative instruments

designated as net investment hedges, changes in fair value are recognized in accumulated other comprehensive income (loss) in

the consolidated statements of financial condition, consistent with the translation adjustment for the hedged investment.

Derivative receivables and payables with a counterparty that are subject to an International Swaps and Derivatives

Association Master Agreement ("ISDA") or other similar agreement that provides a legal right of setoff, are presented at their

net amounts. Where the legal right of setoff exists, Global Atlantic also offsets the fair value of cash collateral received or posted

under an ISDA, or other similar agreement with a counterparty, against the related derivative balances as appropriate.

**Investment Credit Losses and Impairment**

*Available-For-Sale Fixed Maturity Securities*

One of the significant estimates related to AFS securities is the evaluation of those investments for credit losses. The

evaluation of investments for credit losses is a quantitative and qualitative quarterly process that is subject to risks and

uncertainties and involves significant estimates and judgments by management. Changes in the estimates and judgments used

in such analysis can have a significant impact on the consolidated statements of operations. Considerations relevant to the

evaluation of credit losses may include the severity of any loss position, as well as changes in market interest rates, changes in

business climate, management changes, litigation, government actions, and other similar factors that may impact an issuer's

ability to meet current and future principal and interest obligations. Indicators of credit impairment may also include changes in

credit ratings, the frequency of late payments, pricing levels and deterioration in any, or a combination of, key financial ratios,

financial statements, revenue forecasts and cash flow projections.

For AFS fixed maturity securities in an unrealized loss position, Global Atlantic first considers the intent to sell a security, or

whether it is more-likely-than-not that it will be required to sell the security, before the recovery of its amortized cost. If Global

Atlantic intends to sell an AFS fixed maturity security with an unrealized loss or it is more-likely-than-not that it will be required

to sell an AFS fixed maturity security with an unrealized loss before recovery of its amortized cost basis, the amortized cost is

written down to fair value and a corresponding charge is recognized to net investment-related losses.

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For AFS fixed maturity securities in an unrealized loss position that Global Atlantic does not intend to sell, and will not be

required to sell, Global Atlantic bifurcates the impairment into two components: credit impairment and non-credit impairment.

Credit impairments are measured as the difference between the security's cost or amortized cost and its estimated recoverable

value, which is the present value of its expected future cash flows discounted at the current effective interest rate. The

estimated recoverable value is subject to a floor equal to the fair value of the security. The remaining difference between the

security's fair value and the recoverable value, if any, is the non-credit impairment. Credit impairments are recognized in the

allowance for credit losses on AFS fixed maturity securities, which is established via a charge to net investment-related losses in

the consolidated statements of operations, and non-credit impairments are charged to accumulated other comprehensive

income in the consolidated statements of financial condition.

In determining the estimated recoverable value, the review of expected future cash flows for structured securities includes

assumptions about key systemic risks (e.g., unemployment rates, housing prices) and loan-specific information (e.g.,

delinquency rates, loan-to-value ratios). Estimating future cash flows is a quantitative and qualitative process that incorporates

information received from third parties, along with assumptions and judgments about the future performance of the underlying

collateral. For corporate and government bonds the recoverable value is determined using cash flow estimates that consider

facts and circumstances relevant to the security and the issuer, including overall financial strength and secondary sources of

repayment as well as pending restructuring or disposition of assets.

In periods subsequent to the initial recognition of an allowance for credit losses on a fixed maturity security, whether for a

PCD security or a security impaired since purchase, Global Atlantic continues to monitor credit loss expectations. Deterioration

in the estimated recoverable value of a credit impaired security is recognized as an addition to the allowance for credit losses, as

limited by the amount by which the security's fair value is less than amortized cost. Improvements in the estimated recoverable

value of a credit impaired security or improvements in the fair value of a credit impaired security that limit the amount of the

allowance result in reductions in the allowance for credit losses, which are recognized as a credit to net investment-related

gains (losses) in the consolidated statements of income.

Amounts are charged off against the allowance for credit losses when deemed uncollectible or when Global Atlantic

determines that it intends to sell, or more likely than not will be required to sell, the security. Charge-offs are reflected as a

decrease in the allowance and a direct write down in the amortized cost of the security. If Global Atlantic recovers all or a

portion of an amount previously written off on a credit impaired security, the recovery is recognized as a realized investment

gain.

*Mortgage and Other Loan Receivables*

Global Atlantic updates its estimate of the expected credit losses on its investments in mortgage and other loan receivables

carried at amortized cost each quarter. For loans that share similar risk characteristics, expected credit losses are measured on a

pool basis. For loans that do not share similar risk characteristics, expected credit losses are measured individually. Loans

subject to individual evaluation include those loans that are collateral dependent, where the borrower is experiencing financial

difficulty. For these collateral dependent loans, expected credit losses are measured as the difference between the fair value of

the collateral (less costs to sell, where the collateral is to be sold) and the amortized cost basis of the loan.

For commercial mortgage loans, the current expected credit losses are estimated using a model that evaluates the

probability that each loan will default and estimates the amount of loss given the occurrence of such a default over the life of

each loan in the portfolio. The model incorporates historical and current data on the relevant property market and projects

potential future paths for each loan's collateral, considering both the net income to be generated by the collateral real estate

and its market value. The model considers how macroeconomic forecasts (such as gross domestic product, unemployment, and

interest rates) influence commercial real estate market factors (including vacancy rates, rental and income growth rates,

property value changes), and in turn how commercial real estate market conditions, in combination with loan specific

information (including debt service coverage and loan to value), drive commercial mortgage loan credit risk.

For residential mortgage loans and consumer loans, the current expected credit losses are primarily estimated using a

discounted cash flow model. The model considers loan-specific information as well as current, historical and forecasted data

relevant to the respective loans, including home prices, interest rates and unemployment. Expected cash flows are projected for

each loan and are discounted using the effective interest rate of the respective loan. Any shortfalls between the discounted cash

flows and the amortized cost of each individual loan are aggregated to determine the total allowances on the residential

mortgage loan and consumer loan portfolios. For certain residential mortgage loans secured by single-family rental properties,

current expected credit losses are determined using a model consistent with that described above for commercial mortgage

loans.

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With regard to the use of forecasts in the determination of Global Atlantic's current expected credit losses, the reversion of

forecasts to historical data is based on reversion dynamics that depend on the specific variable and its interaction with the other

parameters of the respective model; however, the forecasts generally tend to revert to a long-term equilibrium trend within two

to three years from the forecast start date.

For the investment in other loan receivables, a variety of methodologies are used to estimate the respective current

expected credit losses. These methodologies consider the terms specific to each loan, including the value of any collateral, and

evaluate the risk of loss over the life of these loans.

Global Atlantic also assesses and measures an allowance for credit losses arising from off-balance sheet commitments,

including loan commitments, that are not unconditionally cancellable by Global Atlantic. This allowance for credit losses for off-

balance sheet commitments is determined using methods consistent with those used for the associated mortgage and other

loan receivable class, as described above, and is recognized in other liabilities in the consolidated statements of financial

condition, since there is no funded asset for the committed amount.

When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is

charged off against the allowance. If Global Atlantic recovers all or a portion of an amount previously written off on a credit

impaired loan, the recovery is recognized as a realized investment gain.

*Real Assets and Other Investments*

The determination of the amount of impairment on other classes of investments also requires significant judgment and is

based upon a periodic evaluation and assessment of known and inherent risks associated with the respective asset class. Such

assessments are revised as conditions change and new information becomes available.

Impairment of consolidated real assets carried at depreciated cost is assessed whenever events or changes in circumstances

indicate that the carrying amount may not be recoverable. When indicators of impairment are present, a recoverability test is

performed to determine if the sum of the estimated undiscounted future cash flows attributable to the assets is greater than

the carrying amount. If the undiscounted estimated future cash flows are less than the carrying amount, an impairment loss is

recognized based on the amount by which the carrying amount exceeds its estimated fair value.

Impairment of investments subject to the equity method of accounting is assessed whenever events or circumstances

suggest that the carrying amount may not be recoverable. An impairment charge is recognized in earnings for a decline in value

that is determined to be other than temporary and is measured as the difference between the carrying amount and the fair

value of the equity method investment as of the balance sheet date.

**Deferral and Amortization of Certain Revenues and Expenses** 

*Deferrals* 

Deferred policy acquisition costs ("DAC") consist of commissions and other costs that are directly related to the successful

acquisition of new or renewal life insurance or annuity contracts. DAC is estimated using a group approach, instead of on an

individual contract level. DAC groups, or cohorts, are by product type and issue year and consistent with the groups used in

estimating the associated insurance liability. DAC is recorded in insurance intangibles in the consolidated statements of financial

condition.

Value of business acquired ("VOBA") represents the difference between the carrying value of the purchased insurance

contract liabilities at the time of the business combination and the estimated fair value of insurance and reinsurance contracts.

VOBA can be either positive or negative. Positive VOBA is recorded in insurance intangibles. Negative VOBA is recorded in the

same financial statement line in the consolidated statements of financial condition as the associated reserves.

For limited-payment products (e.g., payout annuities), gross premiums received in excess of net premiums are deferred at

initial recognition as a deferred profit liability ("DPL"). DPL is measured using assumptions consistent with those used in the

measurement of the liability for future policy benefits, including discount rate, mortality, lapses, and expenses. DPL is recorded

in policy liabilities in the consolidated statements of financial condition.

For certain preneed contracts, the gross premium is in excess of the benefit reserve plus additional insurance liability. An

unearned front-end load ("UFEL") is established to defer the recognition of this front-end load. UFEL is recorded in policy

liabilities in the consolidated statements of financial condition.

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*Amortization* 

DAC is amortized on a constant level basis for the grouped contracts over the expected economic life of the related

contracts. Global Atlantic amortizes DAC for all products on a constant level basis based on policy count, except for DAC for

traditional life products that are amortized on a constant level basis based on face amount. The constant level bases used for

amortization are projected using mortality and lapse assumptions that are based on Global Atlantic's experience, industry data,

and other factors and are consistent with those used for the liability for future policy benefits. If those projected assumptions

change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected lapses, due to

higher mortality and lapse experience than expected, are recognized in the current period as a reduction of the capitalized

balances.

Amortization of DAC is included in amortization of policy acquisition costs in the consolidated statements of operations.

VOBA is generally amortized using the same methodology and assumptions used to amortize DAC.

DPL is amortized and recognized in proportion to insurance in-force for life insurance contracts and expected future benefit

payments for annuity contracts. Interest is accreted on the balance of the DPL using the discount rate determined at contract

issuance. Global Atlantic reviews and updates its estimates of cash flows for the DPL at the same time as the estimates of cash

flows for the liability for future policy benefits. When cash flows are updated, the updated estimates are used to recalculate the

DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying

amount of the DPL as of the beginning of the current reporting period, and any difference is recognized as either a charge or

credit to net policy benefits and claims.

UFEL is amortized consistent with the amortization of DAC on preneed contracts.

The key assumptions used in the calculation of the amortization of these balances are reviewed quarterly and updated if

actual experience or other evidence suggests that current assumptions should be revised. In addition, Global Atlantic formally

reviews assumptions annually as part of the assumptions review process. The effects of changes in assumptions are recorded in

net income in the period in which the changes are made.

*Internal Replacements* 

An internal replacement is a modification in product benefits, features, rights, or coverages that occurs by the legal

extinguishment of one contract and the issuance of another contract (a contract exchange), or by amendment, endorsement, or

rider to a contract, or by the election of a benefit, feature, right, or coverage within a contract. If the modification does not

substantially change the contract, the unchanged contract is viewed as a prospective revision and the unamortized DAC is

adjusted prospectively. As such, unamortized DAC and other associated balances from the unchanged contract are retained and

acquisition costs incurred to modify the contract are not deferred but expensed as incurred. Other balances associated with the

unchanged contract, such as any liability for future policyholder benefit or market risk benefits, should similarly be accounted

for as if the unchanged contract is a continuation of the original contract. If an internal replacement represents a substantial

change, the original contract is considered to be extinguished and any related DAC or other policy balances are charged or

credited to income, and any new deferrable costs associated with the replacement contract are deferred.

**Separate Accounts** 

Separate account assets and liabilities represent segregated funds administered and invested by Global Atlantic for the

benefit of variable annuities and variable universal life insurance contractholders and certain pension funds. Global Atlantic

reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if: (i)

such separate accounts are legally recognized; (ii) assets supporting the contract liabilities are legally insulated from Global

Atlantic's general account liabilities; (iii) investments are directed by the contract owner or participant; and (iv) all investment

performance, net of contract fees and assessments, is passed through to the contract owner.

Separate account assets consist principally of mutual funds at fair value. The investment income and gains and losses of

these accounts generally accrue to the contractholders and therefore, are not included in Global Atlantic's net income.

However, Global Atlantic's net income reflects fees assessed and earned on fund values of these contracts which are presented

as a component of policy fees in the consolidated statements of operations. Realized investment gains and losses related to

separate accounts that meet the conditions for separate account reporting accrue to and are borne by the contractholder.

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**Policy Liabilities** 

Policy liabilities, or collectively, "reserves," are the portion of past premiums or assessments received that are set aside to

meet future policy and contract obligations as they become due. Interest accrues on these reserves and on future premiums,

which may also be available to pay for future obligations. Global Atlantic establishes reserves to pay future policyholder

benefits, claims, and certain expenses for its life policies and annuity contracts.

Reserves are estimates based on models that include many actuarial assumptions and projections. These assumptions and

projections, which are inherently uncertain, involve significant judgment, including assumptions as to the levels and/or timing of

premiums, benefits, claims, expenses, interest credits, investment results (including equity market returns), mortality, longevity,

and persistency.

The assumptions on which reserves are based are intended to represent an estimation of experience for the period that

policyholder benefits are payable. The adequacy of these reserves and the assumptions underlying those reserves are reviewed

at least annually. Global Atlantic cannot, however, determine with precision the amount or the timing of actual policyholder

benefit payments. If actual experience is better than or equal to the assumptions, then reserves would be adequate to provide

for future policyholder benefits and expenses. If experience is worse than the assumptions, additional reserves may be required

to meet future policy and contract obligations. This would result in a charge to Global Atlantic's net income during the period in

which excess policyholder benefits are paid or an increase in reserves occurs.

For a majority of Global Atlantic's in-force policies, including its universal life policies and most annuity contracts, the base

policy reserve is equal to the account value. For these products, the account value represents Global Atlantic's obligation to

repay to the policyholder the amounts held on deposit. However, there are several significant blocks of business where

additional policyholder reserves are explicitly calculated, including fixed-indexed annuities, variable annuities, universal life with

secondary guarantees, indexed universal life and preneed policies.

*Annuity Contracts*

<u>Fixed Indexed Annuities ("FIA")</u>

Policy liabilities for fixed-indexed annuities earning a fixed rate of interest and certain other fixed-rate annuity products are

computed under a retrospective deposit method and represent policyholder account balances before applicable surrender

charges. For certain fixed-rate annuity products, an additional reserve was established for above market interest rate

guarantees upon acquisition. These reserves are amortized on a straight-line basis over the remaining guaranteed interest rate

period.

Certain of Global Atlantic's fixed-indexed annuity products enable the policyholder to allocate contract value between a

fixed crediting rate and strategies which reflect the change in the value of an index, such as the S&P 500 Index or other indices.

These products are accounted for as investment-type contracts. The liability for these products consists of a combination of the

underlying account value and an embedded derivative value. The liability for the underlying account value is primarily based on

policy guarantees and its initial value is the difference between the premium payment and the fair value of the embedded

derivative. Thereafter, the account value liability is determined in a manner consistent with the accounting for a deposit liability

under the "effective yield method." All future host balances are determined as: (i) the initial host balance; (ii) plus interest; (iii)

less applicable policyholder benefits. The interest rate used in the prior roll forward is re-determined on each valuation date,

per the effective yield method. The embedded derivative component's fair value is based on an estimate of the policyholders'

expected participation in future increases in the relevant index. The fair value of this embedded derivative component includes

assumptions, including those about future interest rates and investment yields, future costs for options used to hedge the

contract obligations, projected withdrawal and surrender activity, benefit utilization and the level and limits on contract

participation in any future increases in the respective index option. The account value liability and embedded derivative are

recorded in policy liabilities in the consolidated statements of financial condition, with changes in value of the liabilities

recorded in policy benefits and claims in the consolidated statements of operations.

Contractholder deposit funds reserves for certain assumed blocks of fixed-indexed and fixed-rate annuity products are

accounted for as investment-type contracts. A net liability (consisting of the benefit reserve plus deferred revenue liability less

ceding commission paid between a ceding and assuming reinsurance company) is established at inception and amortized under

the effective yield method.

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Global Atlantic issues registered index-linked annuity ("RILA") contracts, which are similar to FIAs in offering the

policyholder the opportunity to participate in the performance of a market index, subject to a cap or adjusted for a participation

rate. In contrast to the FIA, the RILA enables policyholders to earn higher returns but with the risk of loss to principal and related

earnings. In particular, if performance of the market indices is negative, the policyholder may potentially absorb losses, subject

to downside protection in the form of either a "buffer" or a "floor" specified in the contract. A "buffer" is protection from

downside performance up to a certain percentage, typically 10 percent, with uncapped losses thereafter. A "floor" is protection

from downside performance in excess of the "floor," e.g., if the floor is 10% then the policyholder absorbs losses up to 10% but

not in excess.

The RILA is accounted for similar to the FIA. The RILA host contract is calculated at the inception of the contract as the value

of the initial premium minus the value of the index option, which is an embedded derivative. That initial host value is then

accreted to the guaranteed surrender value at the end of the surrender charge period. The RILA index option, which is an

embedded derivative, is required to be measured at fair value. Fair value represents the policyholders' expected participation in

future increases in the relevant index and is calculated as the excess cash flows from the indexed crediting feature above the

guaranteed cash flows. The excess cash flows are based on the option budget methodology whereby the indexed account is

projected to grow by the option budget. A key difference from a standard FIA product is that the RILA policyholder can lose

principal on this investment. Therefore, it is possible that the embedded derivative can become negative. The option budget will

be calculated depending on the product type and strategy. The growth in the indexed account will be projected based on the

value of the options dependent upon the strategy and associated hedge construction. The fair value of this embedded derivative

component includes assumptions, including those about future interest rates and investment yields, future costs for options

used to hedge the contract obligations, projected withdrawal and surrender activity, benefit utilization and the level and limits

on contract participation in any future increases in the respective index option. The account value liability and embedded

derivative are recorded in policy liabilities in the consolidated statements of financial condition, with changes in value of the

liabilities recorded in policy benefits and claims in the consolidated statements of operations.

<u>Variable Annuities</u>

Global Atlantic issues and assumes variable annuity contracts for which the liabilities are included in policy liabilities in the

consolidated statements of financial condition. The change in the liabilities for these benefits is included in policy benefits and

claims in the consolidated statements of operations. Variable annuity contracts may have certain guarantees that are accounted

for as market risk benefits, which are discussed in more detail below.

<u>Funding Agreements</u>

Global Atlantic issues funding agreements to certain unaffiliated special purpose entities that have issued debt securities for

which payment of interest and principal is secured by such funding agreements. Global Atlantic also has similar obligations to

Federal Home Loan Banks. Global Atlantic's funding agreements are considered investment type contracts and liabilities are net

deposits plus accrued and unpaid interest. Global Atlantic's obligation is reported in policy liabilities in the consolidated

statements of financial condition. Interest expense is calculated using the effective interest method and recorded in policy

benefits and claims in the consolidated statements of operations.

*Interest-Sensitive Life Products*

For universal life policies, the base policy reserve is the policyholder account value.

Policy liabilities for indexed universal life with returns linked to the performance of a specified market index are equal to

the sum of two components: (i) the fair value of the embedded derivative; and (ii) the host (or guaranteed) component. The fair

value of the embedded derivative component is based on the fair value of the policyholders' expected participation in future

increases in the relevant index over the life of the contract. The fair value of this embedded derivative component includes

assumptions, including those about future interest rates and investment yields, future costs for options used to hedge the

contract obligations, projected benefits, benefit utilization and the level and limits on contract participation in any future

increases in the respective index option.

The initial host balance is established at the time of premium payment and is equal to the total account value less the

embedded derivative component. Thereafter, the balance of the host component is determined in a manner consistent with the

accounting for a deposit liability under the "effective yield method." All future host balances are determined as: (i) the initial

host balance; (ii) plus interest; (iii) less applicable policyholder benefits. The interest rate used in the prior roll forward is re-

determined on each valuation date, per the effective yield method.

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*Preneed Policies* 

Preneed insurance contracts that feature death benefits with variable growth rates are accounted for as universal life-type

contracts, which requires that the retrospective deposit method be used. This includes contracts where Global Atlantic has the

discretion to adjust death benefit growth rates up or down, or where death benefit growth rates are tied to inflation as

measured by the U.S. Consumer Price Index. The retrospective deposit method establishes a liability for policyholder benefits in

an amount determined by the account or contract balance that accrues to the benefit of the policyholder. This account value is

deemed to be equal to the contract's statutory cash surrender value. In addition to the account balance, Global Atlantic

establishes an additional reserve for expected future discretionary benefits which is reflected as policy liabilities in KKR's

consolidated statements of financial condition.

Preneed insurance contracts without a discretionary death benefit growth rate have death benefits which are fixed and

guaranteed. For these contracts, Global Atlantic recognizes a liability for future policy benefits.

*Traditional and Limited Payment Contracts*

<u>Liability for Future Policy Benefits</u>

A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf

of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from

policyholders, is accrued as premium revenue is recognized. The liability is estimated using current assumptions that include

mortality, morbidity, lapses, and expenses. These current assumptions are based on judgments that consider Global Atlantic's

historical experience, industry data, and other factors.

For nonparticipating traditional and limited-payment contracts, contracts are grouped into cohorts by contract type and

issue year. The liability is adjusted for differences between actual and expected experience. With the exception of the expense

assumption, Global Atlantic reviews its historical and future cash flow assumptions quarterly and updates the net premium ratio

used to calculate the liability each time the assumptions are changed. Global Atlantic has elected to use expense assumptions

that are locked in at contract inception and are not subsequently reviewed or updated.

Each quarter, Global Atlantic updates its estimate of cash flows expected over the entire life of a group of contracts using

actual historical experience and current future cash flow assumptions. These updated cash flows are discounted using the

discount rate or curve on the original contract issue date to calculate the revised net premiums and net premium ratio, which

are used to derive an updated liability for future policy benefits. This amount is then compared to the carrying amount of the

liability before the updating of cash flow assumptions to determine the current period change in liability estimate. This current

period change in the liability is the liability remeasurement gain or loss and is presented parenthetically as a separate

component of benefit expense in the consolidated statements of operations.

For nonparticipating traditional and limited-payment contracts, the discount rate assumption is a spot rate yield curve that

is derived based on upper medium grade (low credit risk) fixed-income instruments with similar duration to the liability. Global

Atlantic uses one or more external indices of corporate credit issues as its proxy for these instruments. The discount rate

assumption is updated quarterly and used to remeasure the liability at the reporting date, with the resulting change in the

discount rate reflected in other comprehensive income. For liability cash flows between two market observable points on the

yield curve, Global Atlantic interpolates the effective yield by holding the marginal rates constant. For liability cash flows that

are projected beyond the last market-observable point on the yield curve, Global Atlantic uses the last market-observable yield

level.

*Payout Annuities* 

Payout annuities include single premium immediate annuities, annuitizations of deferred annuities, pension risk transfer

and structured settlements. These contracts subject the insurer to risks over a period that extends beyond the period or periods

in which premiums are collected. These contracts may be either non-life contingent or life contingent. Non-life contingent

annuities are accounted for as investment contracts. For life contingent annuities, Global Atlantic records a liability at the

present value of future annuity payments and estimated future expenses calculated using expected mortality and costs, and

expense assumptions. Any gross premiums received in excess of the net premium is the DPL and is recognized separately in

income in a constant relationship with the discounted amount of the insurance in-force or expected future benefit payments.

These liabilities are recorded in policy liabilities in the consolidated statements of financial condition.

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Also included under payout annuities are liabilities for disability income benefits which pertain primarily to disability income

policies that are already in claim payout status. Liabilities for disability income benefits are calculated as the present value of

future disability payments and estimated future expenses using expected mortality and costs, and interest assumptions. The

liabilities are recorded in policy liabilities in the consolidated statements of financial condition.

*Whole and Term Life* 

Global Atlantic has established liabilities for amounts payable under insurance policies, including whole life insurance and

term life insurance policies. These policies provide death benefits in exchange for a guaranteed level premium for a specified

period of time and, in the case of whole life, a guaranteed minimum cash surrender value. Generally, liabilities for these policies

are calculated as the present value of future expected benefits to be paid, reduced by the present value of future expected net

premiums. Current assumptions are used in the establishment of liabilities for future policyholder benefits including mortality,

policy lapse, renewal, investment returns, inflation, expenses and other contingent events as appropriate for the respective

product. Each quarter, Global Atlantic updates its estimate of cash flows using actual historical experience and current future

cash flow assumptions. These updated cash flows are discounted using the discount rate or curve on the original contract issue

date to calculate the revised net premiums and net premium ratio, which are used to derive an updated liability for future policy

benefits. This amount is then compared to the carrying amount of the liability before the updating of cash flow assumptions to

determine the current period change in liability estimate. This current period change in the liability is the liability

remeasurement gain or loss and is presented parenthetically as a separate component of benefit expense in the consolidated

statements of operations.

Policy liabilities for participating whole life insurance policies are equal to the aggregate of: (i) net level premium reserves

for death and endowment policyholder benefits (calculated based upon the non-forfeiture interest rate, and mortality rated

guarantee in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends.

*Long-Term Care* 

Long-term care policies are purchased by individuals to pay for specified personal care costs, typically in the later stage of

life at the onset of a loss of ability to perform certain basic activities of daily living. Policyholders pay ongoing premiums to keep

the policy in force and receive benefits in the event their health becomes impaired. Global Atlantic has established liabilities for

future policyholder benefits payable under its long-term care policies reinsured. Liabilities for long-term care benefits are

calculated as the present value of future expected benefits to be paid reduced by the present value of future expected net

premiums. Principal assumptions used in the establishment of liabilities for future policyholder benefits are mortality, morbidity

(claim incidence and continuation), lapse, and future interest rates.

Long-term care insurance risks assumed by Global Atlantic have been retroceded to a third-party reinsurer in exchange for

fixed cash flows. Net of this reinsurance, the long-term care block has the economic profile of a period certain annuity.

*Product Guarantees*

<u>Market Risk Benefits</u>

Market risk benefits are contracts or contract features that both provide protection to the policyholder from other-than-

nominal capital market risk and expose Global Atlantic to other-than-nominal capital market risk.

Market risk benefits include certain contract features on fixed annuity and variable annuity products. These features include

minimum guarantees to policyholders, such as guaranteed minimum death benefits ("GMDBs"), guaranteed minimum

withdrawal benefits ("GMWBs"), and long-term care benefits (which are capped at the return of account value plus one or two

times the account value). Market risk benefits are measured at fair value using a non-option and option valuation approach

based on current net amounts at risk, market data, experience, and other factors. Changes in fair value are recognized in net

income each period with the exception of the portion of the change in fair value due to a change in the instrument-specific

credit risk, which is recognized in other comprehensive income.

<u>Additional Liability for Annuitization, Death, or Other Insurance Benefits</u>

Global Atlantic establishes additional liabilities for contracts or contract features that provide for potential benefits in

addition to the account balance but are not market risk benefits or embedded derivatives. These benefits include annuitization

benefits and death or other insurance benefits (e.g., universal life secondary guarantees). For these benefits, the liability is the

sum of the current benefit ratio multiplied by cumulative assessments and accreted interest, less excess payments.

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In particular, Global Atlantic holds additional liabilities for universal life products with secondary guarantees, sometimes

referred to as no-lapse guarantees. The additional liabilities are measured using the benefit ratio approach where excess

benefits are spread over the life of the contract based on assessments collected from the policyholder. Generally, total expected

excess benefit payments are the aggregate of death claims after the policyholder account value is exhausted. The exception is

when the cost of insurance charges are insufficient to produce consistently positive earnings in the future. In this case, all death

benefits are deemed to be excess benefits. For annuitization benefits, the benefit ratio is the present value of expected

annuitization payments to be made less the accrued account balance at the expected annuitization date divided by the present

value of expected assessments during the accumulation phase of the contract, discounted at the contract rate. Expected

annuitization payments and related incremental claim adjustment expenses, expected assessments, and expected excess

payments are calculated using discount rate, mortality, lapse, and expense assumptions.

Global Atlantic recognizes a shadow reserve adjustment for the additional insurance liabilities when unrealized gains and

losses are included in the investment margin while calculating the present value of expected assessments for the benefit ratios.

Shadow reserve adjustments are recognized in other comprehensive income.

For additional liabilities for death or other insurance benefits, the discount rate assumption is based on the contract rate at

inception. The mortality, lapse, and expense assumptions are based on Global Atlantic's experience, industry data, and other

factors. Assumptions are reviewed and updated, if necessary, at least annually. When those assumptions are updated, the

benefit ratio and the liability are remeasured, with the resulting gain or loss reflected in total benefits expense.

*Outstanding Claims* 

Outstanding claims include amounts payable relating to in course of settlement and incurred but not reported claim

liabilities. In course of settlement, claim liabilities are established for policies when Global Atlantic is notified of the death of the

policyholder, but the claim has not been paid as of the reporting date. Incurred but not reported claim liabilities are determined

using studies of past experience and are estimated using actuarial assumptions of historical claims expense, adjusted for current

trends and conditions. These estimates are continually reviewed, and the ultimate liability may vary significantly from the

amounts initially recognized, which are reflected in net income in the period in which they are determined. Changes in

policyholder and contract claims are recorded in policy benefits and claims in the consolidated statements of operations.

*Closed Blocks* 

Through its insurance companies, Global Atlantic has acquired several closed blocks of participating life insurance policies.

Global Atlantic has elected to account for the closed block policy liabilities using the fair value option.

The assets and cash flow generated by the closed blocks inure solely to the benefit of the holders of policies included in the

closed blocks. All closed block assets will ultimately be paid out as policyholder benefits and through policyholder dividends. In

the event that the closed blocks' assets are insufficient to meet the benefits of the closed blocks' benefits, general assets of

Global Atlantic would be used to meet the contractual benefits to the closed blocks' policyholders.

The closed block liabilities are measured at fair value, which comprises the fair value of the closed block assets plus the

present value of projected expenses including commissions and the cost of capital charges associated with the closed blocks. In

calculating the present value, Global Atlantic used a discount rate based on current U.S. Treasury rates, with a risk margin to

reflect uncertainties in the closed block liability and a provision for Global Atlantic's instrument-specific credit risk.

**Reinsurance** 

Consistent with the overall business strategy, Global Atlantic assumes certain policy risks written by other insurance

companies on a coinsurance, modified coinsurance or funds withheld coinsurance basis. Reinsurance accounting is applied for

these ceded and assumed transactions when risk transfer provisions have been met. To meet risk transfer requirements, a long-

duration reinsurance contract must transfer mortality or morbidity risks, and subject the reinsurer to a reasonable possibility of

a significant loss. Those contracts that do not meet risk transfer requirements are accounted for using deposit accounting.

Global Atlantic seeks to diversify risk and limits its overall financial exposure through reinsurance.

With respect to ceded reinsurance, Global Atlantic values reinsurance recoverables on reported claims at the time the

underlying claim is recognized in accordance with contract terms. For future policyholder benefits, Global Atlantic estimates the

amount of reinsurance recoverables based on the terms of the reinsurance contracts and historical reinsurance recovery

information. The reinsurance recoverables are based on what Global Atlantic believes are reasonable estimates and the balance

is reported as an asset in the consolidated statements of financial condition. However, the ultimate amount of the reinsurance

recoverable is not known until all claims are settled.

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The cost of reinsurance, which is the difference between the amount paid for a reinsurance contract and the amount of the

liabilities for policy benefits relating to the underlying reinsured contracts, is deferred and amortized over the reinsurance

contract period for short-duration contracts, or over the terms of the reinsured policies on a basis consistent with the reporting

of those policies for long-duration contracts. Generally, Global Atlantic amortizes cost of reinsurance based on policy count or

effective yield method, retrospectively calculated based on actual and projected future cash flows. Cost of reinsurance assets

and liabilities are reported in insurance intangibles and policy liabilities in the consolidated statements of financial condition,

respectively. Reinsurance contracts do not relieve Global Atlantic from its obligations to policyholders, and failure of reinsurers

to honor their obligations could result in losses to Global Atlantic; consequently, allowances are established for expected credit

losses, via a charge to policy benefits and claims in the consolidated statements of operations. Global Atlantic's funds withheld

receivable at interest and reinsurance recoverable assets are reviewed for expected credit losses by considering credit ratings

for each reinsurer, historical insurance industry specific default rate factors, rights of offset, expected recovery rates upon

default and the impact of other terms specific to the reinsurance arrangement.

For funds withheld and modified coinsurance agreements, Global Atlantic has the right to receive or obligation to pay the

total return on assets supporting the funds withheld receivable at interest or funds withheld payable at interest. This indirectly

exposes Global Atlantic to the credit risk of the underlying assets. As a result, funds withheld coinsurance and modified

coinsurance agreements are viewed as total return swaps and accounted for as embedded derivatives. Embedded derivatives

are required to be separated from the host contracts and measured at fair value with changes in fair value recognized in net

income. Generally, the embedded derivative is measured as the difference between the fair value of the underlying assets and

the carrying value of the host contract at the balance sheet date. The fair value of the embedded derivative is included in the

funds withheld receivable at interest or the funds withheld payable at interest on the consolidated statements of financial

condition. Changes in the fair value of the embedded derivative are reported in operating activities on the consolidated

statements of cash flows.

**Recognition of Insurance Revenue and Related Benefits** 

Premiums related to whole life and term life insurance contracts and payout contracts with life contingencies are

recognized in premiums in the consolidated statements of operations when due from the contractholders.

Amounts received as payment for universal life and investment-type contracts are reported as deposits to contractholder

account balances and recorded in policy liabilities in the consolidated statements of financial condition. Amounts received as

payment for Global Atlantic's fixed fund variable annuities are reported as a component of policy liabilities in the consolidated

statements of financial condition. Revenues from these contracts consist primarily of fees assessed against the contractholder

account balance for mortality, policy administration, separate account administration and surrender charges, and are reported

in policy fees in the consolidated statements of operations. Additionally, Global Atlantic earns investment income from the

investment of contract deposits in Global Atlantic's insurance companies' general account portfolio, which is reported in net

investment income in the consolidated statements of operations.

Fees assessed that represent compensation to Global Atlantic for benefits to be provided in future periods and certain

other fees are established as an unearned revenue reserve liability and amortized into revenue over the expected life of the

related contracts in a manner consistent with DAC for these contracts. Unearned revenue reserves are reported in policy

liabilities in the consolidated statements of financial condition and amortized into policy fees in the consolidated statements of

operations. Benefits and expenses for these products include claims in excess of related account balances, expenses for contract

administration and interest credited to contractholder account balances in the consolidated statements of operations.

Global Atlantic primarily earns revenues from premiums, policy fees, income from investments, and other administration,

management, and distribution fees. For the year ended December 31, 2025, Global Atlantic's revenue was sourced in its entirety

from the Americas (100%), based on the geographic region of the reporting subsidiary company. Due to a large block

reinsurance transaction during the year ended December 31, 2024, Global Atlantic recognized more than 10% of KKR's total

consolidated revenues with one reinsurance counterparty in the period. Predominantly all of Global Atlantic's fixed assets are

located in the United States.

**Other Income** 

Other income is primarily comprised of expense allowances on ceded reinsurance, administration fees, management fees

and distribution fees.

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**Insurance Expenses** 

Insurance expenses are primarily comprised of commissions expense, premium taxes, amortization of acquired distribution

and trade name intangibles, and other expenses related to insurance products and reinsurance transactions.

**General, Administrative and Other Expenses** 

General, administrative and other expenses are primarily comprised of employee compensation and benefit expenses,

administrative and professional services and other operating expenses.

**Incentive and Other Deferred Compensation**

Global Atlantic measured compensation cost for certain legacy deferred or cash-based compensation plans that were in

place prior to 2024 using an intrinsic value method, beginning on the date of grant, and remeasured the value at each reporting

period until the awards are settled. Accrued compensation expense is recognized in general, administrative and other expenses

in the consolidated statements of operations and within accrued expenses and other liabilities in the consolidated statements of

financial condition.

**Adoption of New Accounting Pronouncements**

*Scope Application of Profits Interest and Similar Awards*

In March 2024, the FASB issued ASU 2024–01, "Compensation—Stock Compensation (Topic 718): Scope Application of

Profits Interest and Similar Awards" ("ASU 2024–01"). ASU 2024–01 amends the guidance in Accounting Standard Codification

718 ("ASC 718") by adding an illustrative example to demonstrate and clarify how to apply the scope guidance to determine

whether profits interests and similar awards should be accounted for as a share-based payment arrangement under ASC 718 or

another standard. KKR adopted this accounting standard effective for the year ended December 31, 2025, and its adoption did

not have a material impact on KKR's consolidated financial statements.

*Income Tax Disclosure Improvements*

In December 2023, the FASB issued ASU 2023–09, "Income Taxes (Topic 740): Improvements to Income Tax

Disclosures" ("ASU 2023–09"). ASU 2023–09 intends to enhance the transparency and decision usefulness of income tax

disclosures, requiring disaggregated information about an entity's effective tax rate reconciliation as well as income taxes paid.

KKR adopted this accounting standard effective for the year ended December 31, 2025 on a prospective basis and its adoption

did not have a material impact on KKR's consolidated financial statements. Refer to Note 18 "Income Taxes" for the expanded

disclosures.

**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.

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*Measurement of Credit Losses for Accounts Receivable and Contract Assets*

In July 2025, the FASB issued ASU 2025–05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit

Losses for Accounts Receivable and Contract Assets" ("ASU 2025–05"). ASU 2025–05 simplifies the application of the current

expected credit loss model for current accounts receivable and current contract assets under ASC 606. The update will be

effective for annual periods and interim periods in annual reporting periods beginning after December 15, 2025. Early adoption

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

disclosures.

*Targeted Improvements to the Accounting for Internal-Use Software*

In September 2025, the FASB issued ASU 2025–06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic

350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025–06"). ASU 2025–06 eliminates

accounting consideration of software project development stages; requires 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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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

For the years ended December 31, 2025, 2024, and 2023 respectively, Asset Management and Strategic Holdings

revenues consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Management Fees | $2496783 | $1994089 | $1843144 |
| Fee Credits | (712433) | (696091) | (297936) |
| Transaction Fees | 1762336 | 1857317 | 1075204 |
| Monitoring Fees | 210886 | 187538 | 138339 |
| Incentive Fees | 27742 | 47430 | 29117 |
| Expense Reimbursements | 165397 | 152726 | 75687 |
| Consulting Fees | 113562 | 110953 | 100314 |
| Total Fees and Other | 4064273 | 3653962 | 2963869 |
| Carried Interest | 3492171 | 3243495 | 2304623 |
| General Partner Capital Interest | 279064 | 314789 | 538814 |
| Total Capital Allocation-Based Income (Loss) | 3771235 | 3558284 | 2843437 |
| **Total Revenues** | **$7835508** | **$7212246** | **$5807306** |

---

KKR earns management fees, incentive fees, and capital allocation-based income (loss) from investment funds, CLOs, and

other vehicles whose primary focus is making investments in specified geographical locations and KKR also earns transaction,

monitoring, and consulting fees from portfolio companies located in varying geographies. For the years ended December 31,

2025, 2024, and 2023, over 10% of KKR's total Asset Management and Strategic Holdings consolidated revenues were earned

in the United States.

For the year ended December 31, 2025, $2.5 billion, $0.8 billion, and $0.7 billion of total fees and other were generated in

the Americas, Europe/Middle East, and Asia-Pacific, respectively. For the year ended December 31, 2024, $2.2 billion,

$0.8 billion, and $0.7 billion of total fees and other were generated in the Americas, Europe/Middle East, and Asia-Pacific,

respectively. For the year ended December 31, 2023, $1.8 billion, $0.6 billion, and $0.6 billion of total fees and other were

generated in the Americas, Europe/Middle East, and Asia-Pacific, respectively. The determination of the geographic region

was based on the geographic focus of the associated investment vehicle or where the portfolio company is headquartered.

For the year ended December 31, 2025, $2.1 billion, $0.5 billion, and $1.1 billion of total capital allocation-based income

(loss) were generated in the Americas, Europe/Middle East, and Asia-Pacific, respectively. For the year ended December 31,

2024, $2.2 billion, $0.4 billion, and $0.9 billion of total capital allocation-based income (loss) were generated in the Americas,

Europe/Middle East, and Asia-Pacific, respectively. For the year ended December 31, 2023, $1.5 billion, $0.4 billion, and

$0.9 billion of total capital allocation-based income (loss) were generated in the Americas, Europe/Middle East, and Asia-

Pacific, respectively. The determination of the geographic region was based on the geographic focus of the associated

investment vehicle.

For the year ended December 31, 2025, none of KKR's flagship private equity funds contributed more than 10% of KKR's

total Asset Management and Strategic Holdings consolidated revenues. For the year ended December 31, 2024, revenues

from one of KKR's flagship private equity funds contributed more than 10% of KKR's total Asset Management and Strategic

Holdings revenues representing approximately $0.9 billion. For the year ended December 31, 2023, revenues from one of

KKR's flagship private equity funds contributed more than 10% of KKR's total Asset Management and Strategic Holdings

revenues representing approximately $1.0 billion.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Net Realized** <br>**Gains (Losses)**<br>| **Net Unrealized** <br>**Gains (Losses)**<br>| **Total** |
| Private Equity <sup>(1)</sup> | $946561 | $4486110 | $5432671 |
| Credit <sup>(1)</sup> | (82478) | 147396 | 64918 |
| Investments of Consolidated CFEs <sup>(1)</sup> | (249941) | (408109) | (658050) |
| Real Assets <sup>(1)</sup> | (252578) | 479747 | 227169 |
| Other Investments <sup>(1)</sup> | (161270) | 897117 | 735847 |
| Foreign Exchange Forward Contracts and Options <sup>(2)</sup> | 16445 | (1243285) | (1226840) |
| Securities Sold Short <sup>(2)</sup> | (1979) | (15606) | (17585) |
| Other Derivatives <sup>(2)</sup> | (25057) | (8636) | (33693) |
| Debt Obligations and Other <sup>(3)</sup> | 13161 | 263855 | 277016 |
| **Net Gains (Losses) From Investment Activities** <sup>(4)</sup> | **$202864** | **$4598589** | **$4801453** |
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Net Realized** <br>**Gains (Losses)**<br>| **Net Unrealized** <br>**Gains (Losses)**<br>| **Total** |
| Private Equity <sup>(1)</sup> | $599116 | $1813189 | $2412305 |
| Credit <sup>(1)</sup> | (509718) | 280719 | (228999) |
| Investments of Consolidated CFEs <sup>(1)</sup> | (61580) | 84799 | 23219 |
| Real Assets <sup>(1)</sup> | 282562 | (178476) | 104086 |
| Other Investments <sup>(1)</sup> | (180000) | 574160 | 394160 |
| Foreign Exchange Forward Contracts and Options <sup>(2)</sup> | 171330 | 549055 | 720385 |
| Securities Sold Short <sup>(2)</sup> | (31912) | 13633 | (18279) |
| Other Derivatives <sup>(2)</sup> | (40055) | 16332 | (23723) |
| Debt Obligations and Other <sup>(3)</sup> | 17089 | 42610 | 59699 |
| **Net Gains (Losses) From Investment Activities** <sup>(4)</sup> | **$246832** | **$3196021** | **$3442853** |
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Net Realized** <br>**Gains (Losses)**<br>| **Net Unrealized** <br>**Gains (Losses)**<br>| **Total** |
| Private Equity <sup>(1)</sup> | $(84687) | $3224948 | $3140261 |
| Credit <sup>(1)</sup> | (304667) | 489733 | 185066 |
| Investments of Consolidated CFEs <sup>(1)</sup> | (104196) | 1019063 | 914867 |
| Real Assets <sup>(1)</sup> | (307806) | 7071 | (300735) |
| Other Investments <sup>(1)</sup> | (249697) | 516491 | 266794 |
| Foreign Exchange Forward Contracts and Options <sup>(2)</sup> | 155784 | (312408) | (156624) |
| Securities Sold Short <sup>(2)</sup> | 4780 | (12872) | (8092) |
| Other Derivatives <sup>(2)</sup> | 11120 | 2383 | 13503 |
| Debt Obligations and Other <sup>(3)</sup> | 102896 | (1132553) | (1029657) |
| **Net Gains (Losses) From Investment Activities** <sup>(4)</sup> | **$(776473)** | **$3801856** | **$3025383** |

---

(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 December 31, 2025, 2024, and 2023, net gains from Equity Method Investments were $1,298.1 million, $1,016.1 million, and $913.7 million.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**5. NET INVESTMENT INCOME – INSURANCE**

Net investment income for Global Atlantic is comprised primarily of (i) interest income, including amortization of

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

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

The components of net investment income were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Fixed Maturity Securities | $6232430 | $5597124 | $4450917 |
| Mortgage and Other Loan Receivables | 3114831 | 2681876 | 1958875 |
| Real Assets | 1056739 | 815612 | 625707 |
| Short-Term and Other Investment Income | 607458 | 513276 | 309861 |
| Income Assumed from Funds Withheld Receivable at Interest | 74331 | 81335 | 94658 |
| Policy Loans | 80855 | 84320 | 37460 |
| Income Ceded to Funds Withheld Payable at Interest | (2573680) | (2391926) | (1363704) |
| Total Investment Income (Losses) | 8592964 | 7381617 | 6113774 |
| *Less Investment Expenses:* |  |  |  |
| Investment Management and Administration | 577383 | 498733 | 352042 |
| Real Asset Depreciation and Maintenance | 250813 | 204934 | 198385 |
| Interest Expense on Derivative Collateral and Repurchase Agreements | 99662 | 103342 | 48445 |
| **Net Investment Income**  | **$7665106** | **$6574608** | **$5514902** |

---

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Realized Gains (Losses) on Available-For-Sale Fixed Maturity Securities | $(1788912) | $(567985) | $(64140) |
| Credit Loss Allowances on Available-For-Sale Securities | (137731) | (115367) | (168899) |
| Credit Loss Allowances on Mortgage and Other Loan Receivables | (126428) | (305770) | (210704) |
| Credit Loss Allowances on Unfunded Commitments | (12928) | 30639 | 6321 |
| Impairment of Available-for-Sale Fixed Maturity Securities Due to Intent to Sell |  |  | (26741) |
| Unrealized Gains (Losses) on Fixed Maturity Securities Classified as Trading | 486831 | (735209) | 1031227 |
| Unrealized Gains (Losses) on Other Investments Recognized Under the Fair-Value <br>Option and Equity Investments<br>| 92162 | 9560 | (23540) |
| Unrealized Gains (Losses) on Real Assets | 71982 | (167873) | (202671) |
| Realized Gains on Real Assets | 14386 | 11418 | 71158 |
| Net Gains (Losses) on Derivative Instruments | 202273 | 419927 | (680717) |
| Realized Gains (Losses) on Funds Withheld at Interest Payable Portfolio | 117327 | 126422 | 25427 |
| Realized Gains (Losses) on Funds Withheld at Interest Receivable Portfolio | (89113) | (62493) | (9193) |
| Foreign Exchange Gains (Losses) on Non-USD Denominated Investments | 221125 | (68632) | 16355 |
| Other Realized Gains (Losses) | (92044) | 2277 | 855 |
| **Net Investment-Related Gains (Losses)** | **$(1041070)** | **$(1423086)** | **$(235262)** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Corporate** | **Structured** | **Total** | **Corporate** | **Structured** | **Total** |
| *Balance, as of Beginning of Period* | $99616 | $175706 | $275322 | $49008 | $219704 | $268712 |
| Initial Credit Loss Allowance Recognized on Securities <br>with No Previously Recognized Allowance<br>| 70410 | 21587 | 91997 | 106038 | 2805 | 108843 |
| Accretion of Initial Credit Loss Allowance on PCD <br>Securities<br>|  | 804 | 804 |  | 611 | 611 |
| Reductions Due to Sales (or Maturities, Pay Downs or <br>Prepayments) During the Period of Securities with a <br>Previously Recognized Credit Loss Allowance<br>| (1053) | (35871) | (36924) | (1089) | (19377) | (20466) |
| Net Additions / Reductions for Securities with a <br>Previously Recognized Credit Loss Allowance<br>| 28155 | 17579 | 45734 | 22184 | (15660) | 6524 |
| Balances Charged Off | (88269) |  | (88269) | (76525) | (12377) | (88902) |
| Recoveries of credit losses previously written-off |  |  |  |  |  |  |
| **Balance, as of End of Period** | **$108859** | **$179805** | **$288664** | **$99616** | **$175706** | **$275322** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Corporate** | **Structured** | **Total** |
| *Balance, as of Beginning of Period* | $1298 | $127034 | $128332 |
| Initial Credit Loss Allowance Recognized on Securities with No Previously Recognized Allowance | 68166 | 75623 | 143789 |
| Accretion of Initial Credit Loss Allowance on PCD Securities |  | 1191 | 1191 |
| Reductions Due to Sales (or Maturities, Pay Downs or Prepayments) During the Period of Securities with <br>a Previously Recognized Credit Loss Allowance<br>| (2843) | (13220) | (16063) |
| Net Additions / Reductions for Securities with a Previously Recognized Credit Loss Allowance | (3966) | 29076 | 25110 |
| Balances Charged Off | (13647) |  | (13647) |
| **Balance, as of End of Period** | **$49008** | **$219704** | **$268712** |

---

*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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Commercial** <br>**Mortgage** <br>**Loans**<br>| **Residential** <br>**Mortgage** <br>**Loans**<br>| **Consumer** <br>**and Other** <br>**Loan** <br>**Receivables**<br>| **Total** | **Commercial** <br>**Mortgage** <br>**Loans**<br>| **Residential** <br>**Mortgage** <br>**Loans**<br>| **Consumer** <br>**and Other** <br>**Loan** <br>**Receivables**<br>| **Total** |
| Balance, as of <br>Beginning of Period<br>| $326057 | $107245 | $181106 | $614408 | $319631 | $107204 | $175608 | $602443 |
| Net Provision <br>(Release)<br>| 93013 | (27893) | 61308 | 126428 | 164254 | 5157 | 136359 | 305770 |
| Charge-Offs | (11620) | (7850) | (137067) | (156537) | (163478) | (5116) | (153984) | (322578) |
| Recoveries of <br>Amounts Previously <br>Charged-Off<br>|  |  | 24195 | 24195 | 5650 |  | 23123 | 28773 |
| **Balance, as of End** <br>**of Period**<br>| **$407450** | **$71502** | **$129542** | **$608494** | **$326057** | **$107245** | **$181106** | **$614408** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Commercial** <br>**Mortgage** <br>**Loans**<br>| **Residential** <br>**Mortgage** <br>**Loans**<br>| **Consumer** <br>**and Other** <br>**Loan** <br>**Receivables**<br>| **Total** |
| Balance, as of Beginning of Period | **$227315** | **$125825** | **$207088** | **$560228** |
| Net Provision (Release) | 113932 | (10445) | 107217 | 210704 |
| Charge-offs | (21616) | (8176) | (160465) | (190257) |
| Recoveries of amounts previously charged-off |  |  | 21768 | 21768 |
| **Balance, as of End of Period** | **$319631** | **$107204** | **$175608** | **$602443** |

---

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **AFS Fixed Maturity Securities:** |  |  |  |
| Proceeds from Voluntary Sales | $33443328 | $19370239 | $6687271 |
| Gross Gains | $168988 | $112264 | $62452 |
| Gross Losses | $(1865376) | $(643899) | $(120799) |

---

**7. INVESTMENTS**

Investments consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| *Asset Management and Strategic Holdings* |  |  |
| Private Equity | $55128824 | $39306523 |
| Credit | 7530644 | 8094474 |
| Investments of Consolidated CFEs | 30673565 | 27488538 |
| Real Assets | 15291313 | 14532426 |
| Equity Method - Capital Allocation-Based Income | 11842627 | 9798370 |
| Other Investments | 7481332 | 7232720 |
| Investments – Asset Management and Strategic Holdings<sup>(7)</sup> | $127948305 | $106453051 |
| *Insurance* |  |  |
| Fixed Maturity Securities, Available-For-Sale, at Fair Value <sup>(1)</sup> | $90587056 | $76259956 |
| Mortgage and Other Loan Receivables | 53638617 | 52751077 |
| Fixed Maturity Securities, Trading, at Fair Value <sup>(2)</sup> | 25233959 | 21419241 |
| Real Assets <sup>(3)(4)</sup> | 15030980 | 14078498 |
| Other Investments <sup>(4)(5)</sup> | 3542920 | 1475156 |
| Funds Withheld Receivable at Interest | 2324346 | 2537858 |
| Policy Loans | 1651870 | 1622958 |
| Investments – Insurance <sup>(6)</sup> | $192009748 | $170144744 |
| **Total Investments** | **$319958053** | **$276597795** |

---

(1)Amortized cost of $96.7 billion and $85.6 billion, net of credit loss allowances of $288.7 million and $275.3 million as of December 31, 2025 and

December 31, 2024, respectively.

(2)Amortized cost of $27.2 billion and $23.8 billion as of December 31, 2025 and December 31, 2024, respectively. Trading fixed maturity securities are

primarily held to back funds withheld payable at interest. The investment performance on these investments is ceded to third-party reinsurers.

(3)Net of accumulated depreciation of $782.2 million and $623.1 million as of December 31, 2025 and December 31, 2024, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

(4)Real assets of $1.1 billion and $1.0 billion as of December 31, 2025 and December 31, 2024, respectively, and other investments of $855.0 million and

$682.9 million as of December 31, 2025 and December 31, 2024, respectively, are accounted for using the equity method of accounting. In addition,

Global Atlantic has investments that would otherwise require the equity method of accounting for which the fair value option has been elected. The

carrying amount of real assets and other investments for which the fair value option has been elected was $730.7 million and $436.3 million, respectively,

as of December 31, 2025, and the carrying amount of these investments was $471.5 million and $4.8 million, respectively, as of December 31, 2024.

Global Atlantic's maximum exposure to loss related to equity method investments, including those which fair value has been elected, is limited to the

carrying value of these investments plus unfunded commitments of $447.2 million and $23.0 million as of December 31, 2025 and December 31, 2024,

respectively.

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

(6)From time to time, Global Atlantic makes investments with counterparties that are managed by or are affiliates of KKR. As of December 31, 2025 and

December 31, 2024, the carrying value reflects the elimination for the portion of applicable investments that are held in Asset Management and Strategic

Holdings consolidated investment vehicles and other entities.

(7)As of December 31, 2025 and December 31, 2024, investments of $11.5 billion and $8.3 billion, respectively, were accounted for using the equity method

of accounting.

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

**Equity Method**

KKR evaluates its equity method investments for which KKR has not elected the fair value option for impairment

whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be

recoverable. During the years ended December 31, 2025, 2024, and 2023, there were no impairment charges related to equity

method investments.

*Summarized Financial Information*

KKR evaluates each of its equity method investments to determine if any are significant as defined in the regulations

promulgated by the U.S. Securities and Exchange Commission (the "SEC"). As of and for the years ended December 31, 2025,

2024, and 2023, no individual equity method investment held by KKR met the significance criteria. As such, KKR is not required

to present separate financial statements for any of its equity method investments.

The following table shows summarized financial information relating to the statements of financial condition for all of

KKR's equity method investments assuming 100% ownership as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| *Asset Management and Strategic Holdings* |  |  |
| Total Assets | $242349408 | $252104471 |
| Total Liabilities | $26349147 | $63141812 |
| Total Equity | $216000261 | $188962659 |
| *Insurance* |  |  |
| Total Assets | $33584130 | $18317590 |
| Total Liabilities | $19753905 | $10321725 |
| Total Equity | $13830225 | $7995865 |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

The following table shows summarized financial information relating to the statements of operations for all of KKR's

equity method investments assuming 100% ownership for the years ended December 31, 2025, 2024, and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| *Asset Management and Strategic Holdings* |  |  |  |
| Investment Related Revenues | $11607301 | $17725187 | $17454663 |
| Other Revenues | 69918 | 1300377 | 854595 |
| Investment Related Expenses | 5848257 | 13254876 | 18623867 |
| Other Expenses | 1056439 | 1997379 | 422050 |
| Net Realized and Unrealized Gains (Losses) from Investments | 12709447 | 20646085 | 15795029 |
|  | $17481970 | $24419394 | $15058370 |
| *Insurance* |  |  |  |
| Revenues | $8876691 | $2555196 | $416360 |
| Expenses | 8299589 | 2610301 | 482056 |
|  | $577102 | $(55105) | $(65696) |
| **Net Income (Loss)** | **$18059072** | **$24364289** | **$14992674** |

---

**Fixed Maturity Securities** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost or** <br>**Amortized Cost** | **Allowance for** <br>**Credit Losses** <sup>(1)(2)</sup> | **Gross Unrealized** | **Gross Unrealized** | **Fair Value** |
| **As of December 31, 2025** | **Cost or** <br>**Amortized Cost** | **Allowance for** <br>**Credit Losses** <sup>(1)(2)</sup> | **Gains** | **Losses**  | **Fair Value** |
| AFS Fixed Maturity Securities Portfolio by Type: |  |  |  |  |  |
| U.S. Government and Agencies | $525418 | $— | $973 | $(115321) | $411070 |
| U.S. State, Municipal and Political Subdivisions | 3171012 |  | 4681 | (727699) | 2447994 |
| Corporate | 58473834 | (108859) | 582435 | (5443107) | 53504303 |
| Residential Mortgage-Backed Securities, or "RMBS" | 13744631 | (115766) | 153583 | (233783) | 13548665 |
| Commercial Mortgage-Backed Securities, or "CMBS" | 8277196 | (55720) | 71001 | (173662) | 8118815 |
| CLOs | 5595032 | (2660) | 32678 | (18993) | 5606057 |
| Asset-Backed Securities, or "ABSs"and Other <br>Structured Securities<br>| 6909426 | (5659) | 84419 | (38034) | 6950152 |
| **Total AFS Fixed Maturity Securities** | **$96696549** | **$(288664)** | **$929770** | **$(6750599)** | **$90587056** |

---

(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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost or** <br>**Amortized Cost** | **Allowance for** <br>**Credit Losses** <sup>(1)(2)</sup> | **Gross Unrealized** | **Gross Unrealized** | **Fair Value** |
| **As of December 31, 2024** | **Cost or** <br>**Amortized Cost** | **Allowance for** <br>**Credit Losses** <sup>(1)(2)</sup> | **Gains** | **Losses** | **Fair Value** |
| AFS Fixed Maturity Securities Portfolio by Type: |  |  |  |  |  |
| U.S. Government and Agencies | $2576106 | $— | $227 | $(184926) | $2391407 |
| U.S. State, Municipal and Political Subdivisions | 4774108 |  | 5290 | (1009937) | 3769461 |
| Corporate | 48862650 | (99616) | 119998 | (6943765) | 41939267 |
| RMBS | 10964553 | (115810) | 54319 | (624040) | 10279022 |
| CMBS | 8387194 | (44024) | 28702 | (381505) | 7990367 |
| CLOs | 4106046 | (6620) | 24177 | (22265) | 4101338 |
| ABSs and other structured securities | 5942199 | (9252) | 23255 | (167108) | 5789094 |
| **Total AFS Fixed Maturity Securities** | **$85612856** | **$(275322)** | **$255968** | **$(9333546)** | **$76259956** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

(1)Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment

gains (losses)) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit

impairment.

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

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

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

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

maturity.

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

---

| | | |
|:---|:---|:---|
| **As of December 31, 2025** | **Cost or**<br>**Amortized Cost (Net of** <br>**Allowance)**<br>| **Fair Value** |
| Due in One Year or Less | $803401 | $793191 |
| Due After One Year Through Five Years | 11982595 | 11894493 |
| Due After Five Years Through Ten Years | 15283985 | 15448054 |
| Due After Ten Years | 33991425 | 28227629 |
| Subtotal | 62061406 | 56363367 |
| RMBS | 13628864 | 13548665 |
| CMBS | 8221476 | 8118815 |
| CLOs | 5592372 | 5606057 |
| ABSs and other structured securities | 6903767 | 6950152 |
| **Total AFS Fixed Maturity Securities** | **$96407885** | **$90587056** |

---

*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** | **Less Than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
| **As of December 31, 2025** | **Fair**<br>**Value**<br>| **Unrealized** <br>**Losses**<br>| **Fair**<br>**Value**<br>| **Unrealized** <br>**Losses**<br>| **Fair**<br>**Value**<br>| **Unrealized** <br>**Losses**<br>|
| AFS Fixed Maturity Securities Portfolio <br>by Type:<br>|  |  |  |  |  |  |
| U.S. Government and Agencies | $6471 | $(91) | $309323 | $(115230) | $315794 | $(115321) |
| U.S. State, Municipal and Political <br>Subdivisions<br>| 63324 | (2881) | 2218719 | (724818) | 2282043 | (727699) |
| Corporate | 10823134 | (318232) | 15212470 | (5124875) | 26035604 | (5443107) |
| RMBS | 924438 | (11289) | 2394460 | (222494) | 3318898 | (233783) |
| CMBS | 648393 | (8421) | 1358253 | (165241) | 2006646 | (173662) |
| CLOs | 445694 | (7687) | 175420 | (11306) | 621114 | (18993) |
| ABSs and other structured securities | 918685 | (8027) | 634040 | (30007) | 1552725 | (38034) |
| **Total AFS Fixed Maturity Securities** <br>**in a Continuous Loss Position**<br>| **$13830139** | **$(356628)** | **$22302685** | **$(6393971)** | **$36132824** | **$(6750599)** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Less Than 12 Months** | **Less Than 12 Months** | **12 Months or More** | **12 Months or More** | **Total** | **Total** |
| **As of December 31, 2024** | **Fair**<br>**Value**<br>| **Unrealized** <br>**Losses**<br>| **Fair**<br>**Value**<br>| **Unrealized** <br>**Losses**<br>| **Fair**<br>**Value**<br>| **Unrealized** <br>**Losses**<br>|
| AFS Fixed Maturity Securities Portfolio <br>by Type:<br>|  |  |  |  |  |  |
| U.S. Government and Agencies | $2150669 | $(110280) | $203661 | $(74646) | $2354330 | $(184926) |
| U.S. State, Municipal and Political <br>Subdivisions<br>| 251191 | (4816) | 3305469 | (1005121) | 3556660 | (1009937) |
| Corporate | 12959540 | (457706) | 18491535 | (6486059) | 31451075 | (6943765) |
| RMBS | 2436204 | (62488) | 3998635 | (561552) | 6434839 | (624040) |
| CMBS | 1006250 | (4683) | 3737990 | (376822) | 4744240 | (381505) |
| CLOs | 274025 | (1630) | 293008 | (20635) | 567033 | (22265) |
| ABSs and other structured securities | 740528 | (5662) | 3714552 | (161446) | 4455080 | (167108) |
| **Total AFS Fixed Maturity Securities** <br>**in a Continuous Loss Position**<br>| **$19818407** | **$(647265)** | **$33744850** | **$(8686281)** | **$53563257** | **$(9333546)** |

---

spreads. Global Atlantic had gross unrealized losses on below investment grade AFS fixed maturity securities of $279.7 million

and $557.4 million as of December 31, 2025 and 2024, respectively. The single largest unrealized loss on AFS fixed maturity

securities was $43.8 million and $54.4 million as of December 31, 2025 and 2024, respectively. Global Atlantic had 4,294 and

5,966 securities in an unrealized loss position as of December 31, 2025 and 2024, respectively.

As of December 31, 2025, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of

2,810 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 $1.4 billion and $125.5 million, respectively, as of

December 31, 2025. These fixed maturity securities primarily relate to Corporate, RMBS, and U.S. state, municipal and

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

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

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

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

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

analyst reports.

**Mortgage and Other Loan Receivables** 

Mortgage and other loan receivables consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Commercial Mortgage Loans<sup>(1)</sup> | $27023582 | $25263148 |
| Residential Mortgage Loans<sup>(1)</sup> | 21697199 | 21581616 |
| Consumer Loans<sup>(1)</sup> | 3927619 | 4848208 |
| Other Loan Receivables<sup>(1)(2)</sup> | 1598711 | 1672513 |
| Total Mortgage and Other Loan Receivables | $54247111 | $53365485 |
| Allowance for Credit Losses<sup>(3)</sup> | (608494) | (614408) |
| **Total Mortgage and Other Loan Receivables, Net of Allowance for Credit Losses** | **$53638617** | **$52751077** |

---

(1)Includes $11.2 billion and $1.6 billion of loans carried at fair value using the fair value option as of December 31, 2025 and 2024, respectively. These loans

had unpaid principal balances of $11.3 billion and $1.8 billion as of December 31, 2025 and 2024, respectively.

(2)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. As of December 31, 2024, other loan receivables consisted primarily of renewable energy

development loans, warehouse facility loans backed by agricultural mortgages, loans collateralized by aircraft, and loans collateralized by residential

mortgages of $547.2 million, $503.0 million, $271.2 million, and $200.0 million, respectively.

(3)Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of $(41.6) million and $(72.2) million as of December

31, 2025 and 2024, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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

---

| | | | |
|:---|:---|:---|:---|
| **Years** | **Residential** | **Commercial** | **Total Mortgage Loans** |
| 2026 | 310761 | 7928267 | 8239028 |
| 2027 | 502096 | 8745648 | 9247744 |
| 2028 | 302931 | 3148712 | 3451643 |
| 2029 | 7694 | 2011718 | 2019412 |
| 2030 | 9521 | 706966 | 716487 |
| Thereafter | 20564196 | 4482271 | 25046467 |
| **Total** | **$21697199** | **$27023582** | **$48720781** |

---

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** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| South Atlantic | $12800157 | 26.3% | $13215065 | 28.2% |
| Pacific | 11597170 | 23.8% | 11739093 | 25.1% |
| Middle Atlantic | 6366894 | 13.1% | 5841960 | 12.5% |
| West South Central | 5653175 | 11.6% | 5395952 | 11.5% |
| Mountain | 4070774 | 8.4% | 4001411 | 8.5% |
| International | 2647870 | 5.4% |  | —% |
| New England | 1745938 | 3.6% | 1679335 | 3.6% |
| East North Central | 1500393 | 3.1% | 1505688 | 3.2% |
| East South Central | 999681 | 2.1% | 986070 | 2.1% |
| West North Central | 429716 | 0.9% | 455503 | 1.0% |
| Other Regions | 909013 | 1.7% | 2024687 | 4.3% |
| **Total by Geographic Region** | **$48720781** | **100.0%** | **$46844764** | **100.0%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mortgage Loans – Carrying Value by Property Type** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| Residential | $21697199 | 44.5% | $21581616 | 46.1% |
| Multi-Family | 13168408 | 27.0% | 12793478 | 27.3% |
| Industrial | 6565358 | 13.5% | 6357311 | 13.6% |
| Office Building | 4677864 | 9.6% | 4468303 | 9.5% |
| Other Property Types | 1609220 | 3.3% | 804743 | 1.7% |
| Retail | 869227 | 1.8% | 504812 | 1.1% |
| Warehouse | 133505 | 0.3% | 334501 | 0.7% |
| **Total by Property Type** | **$48720781** | **100.0%** | **$46844764** | **100.0%** |

---

As of December 31, 2025 and 2024, Global Atlantic had $318.4 million and $406.9 million of mortgage loans that were 90

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

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

the process of foreclosure and recognizes income as cash is received.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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 December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** |
| **Performance Status as of** <br>**December 31, 2025**<br>| **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| ***Commercial Mortgage Loans*** |  |  |  |  |  |  |  |
| Gross Charge-Offs for the Year <br>Ended December 31, 2025<br>| $— | $— | $— | $— | $(1824) | $(9796) | $(11620) |
| Current | $3850935 | $5015588 | $3215016 | $5163206 | $5910951 | $3822886 | $26978582 |
| 30 to 59 Days Past Due |  |  |  |  |  |  |  |
| 60 to 89 Days Past Due |  |  |  |  |  |  |  |
| 90 Days or More Past Due or <br>in Process of Foreclosure<br>|  |  |  |  |  | 45000 | 45000 |
| Total Commercial <br>Mortgage Loans<br>| $3850935 | $5015588 | $3215016 | $5163206 | $5910951 | $3867886 | $27023582 |
| ***Residential Mortgage Loans*** |  |  |  |  |  |  |  |
| Gross Charge-Offs for the Year <br>Ended December 31, 2025<br>| $— | $(1110) | $(726) | $(1327) | $(149) | $(4538) | $(7850) |
| Current | $4976510 | $6334704 | $2981373 | $1689316 | $3628245 | $1357231 | $20967379 |
| 30 to 59 Days Past Due | 52368 | 117945 | 78904 | 24199 | 33931 | 39770 | 347117 |
| 60 to 89 Days Past Due | 16725 | 41610 | 17482 | 5624 | 11971 | 15877 | 109289 |
| 90 Days or More Past Due or <br>in Process of Foreclosure<br>| 7953 | 112116 | 47811 | 30481 | 42242 | 32811 | 273414 |
| Total Residential Mortgage <br>Loans<br>| $5053556 | $6606375 | $3125570 | $1749620 | $3716389 | $1445689 | $21697199 |
| ***Consumer Loans*** |  |  |  |  |  |  |  |
| Gross Charge-Offs for the Year <br>Ended December 31, 2025<br>| $(120) | $(7198) | $(14431) | $(18485) | $(55133) | $(41338) | $(136705) |
| Current | $31390 | $355050 | $385236 | $617583 | $1123889 | $1311315 | $3824463 |
| 30 to 59 Days Past Due | 150 | 3493 | 3993 | 4870 | 15929 | 16500 | 44935 |
| 60 to 89 Days Past Due | 117 | 2318 | 3035 | 3583 | 8398 | 9477 | 26928 |
| 90 Days or More Past Due or <br>in Process of Foreclosure<br>| 160 | 3107 | 3965 | 6419 | 8050 | 9592 | 31293 |
| Total Consumer Loans | $31817 | $363968 | $396229 | $632455 | $1156266 | $1346884 | $3927619 |
| **Total Mortgage and** <br>**Consumer Loan** <br>**Receivables**<br>| **$8936308** | **$11985931** | **$6736815** | **$7545281** | **$10783606** | **$6660459** | **$52648400** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** | **By Year of Origination** |
| **Performance Status as of** <br>**December 31, 2024**<br>| **2024** | **2023** | **2022** | **2021** | **2020** | **Prior** | **Total** |
| ***Commercial Mortgage Loans*** |  |  |  |  |  |  |  |
| Gross Charge-Offs for the Year <br>Ended December 31, 2024<br>| $— | $— | $(20387) | $(80798) | $(10695) | $(51598) | $(163478) |
| Current | $4626771 | $3575323 | $6012774 | $6414939 | $559931 | $3899288 | $25089026 |
| 30 to 59 Days Past Due |  |  |  |  |  |  |  |
| 60 to 89 Days Past Due |  |  |  |  |  | 42335 | 42335 |
| 90 Days or More Past Due or <br>in Process of Foreclosure<br>|  |  |  | 96787 |  | 35000 | 131787 |
| Total Commercial <br>Mortgage Loans<br>| $4626771 | $3575323 | $6012774 | $6511726 | $559931 | $3976623 | $25263148 |
| ***Residential Mortgage Loans*** |  |  |  |  |  |  |  |
| Gross Charge-Offs for the Year <br>Ended December 31, 2024<br>| $(15) | $(7) | $(1308) | $(2565) | $(524) | $(697) | $(5116) |
| Current | $8277782 | $3958884 | $1948869 | $4010265 | $1192287 | $1470411 | $20858498 |
| 30 to 59 Days Past Due | 67924 | 89078 | 64113 | 39326 | 6140 | 90891 | 357472 |
| 60 to 89 Days Past Due | 20388 | 24336 | 10303 | 11554 | 325 | 23597 | 90503 |
| 90 Days or More Past Due or <br>in Process of Foreclosure<br>| 9550 | 42672 | 36404 | 64990 | 9235 | 112292 | 275143 |
| Total Residential Mortgage <br>Loans<br>| $8375644 | $4114970 | $2059689 | $4126135 | $1207987 | $1697191 | $21581616 |
| ***Consumer Loans*** |  |  |  |  |  |  |  |
| Gross Charge-Offs for the Year <br>Ended December 31, 2024<br>| $(1345) | $(6896) | $(22614) | $(73814) | $(19872) | $(29251) | $(153792) |
| Current | $592705 | $454890 | $691198 | $1394197 | $566071 | $1050090 | $4749151 |
| 30 to 59 Days Past Due | 860 | 2444 | 3433 | 22069 | 4090 | 14816 | 47712 |
| 60 to 89 Days Past Due | 517 | 1194 | 2178 | 10399 | 2299 | 7874 | 24461 |
| 90 Days or More Past Due or <br>in Process of Foreclosure<br>| 278 | 2317 | 3351 | 9656 | 2650 | 8632 | 26884 |
| Total Consumer Loans | $594360 | $460845 | $700160 | $1436321 | $575110 | $1081412 | $4848208 |
| **Total Mortgage and** <br>**Consumer Loan** <br>**Receivables**<br>| **$13596775** | **$8151138** | **$8772623** | **$12074182** | **$2343028** | **$6755226** | **$51692972** |

---

*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 December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loan-to-Value as of December 31, 2025, by Year of Origination** | **Carrying Value** <br>**Loan-to-Value** <br>**70% and Less**<br>| **Carrying Value** <br>**Loan-to-Value** <br>**71% - 90%**<br>| **Carrying Value** <br>**Loan-to-Value** <br>**Over 90%**<br>| **Total Carrying** <br>**Value**<br>|
| 2025 | $3662392 | $188543 | $— | $3850935 |
| 2024 | 4865317 | 150271 |  | 5015588 |
| 2023 | 3215016 |  |  | 3215016 |
| 2022 | 4719340 | 408918 | 34948 | 5163206 |
| 2021 | 4427697 | 1285014 | 198240 | 5910951 |
| 2020 | 376593 | 89762 | 34974 | 501329 |
| Prior | 3057650 | 83147 | 225760 | 3366557 |
| **Total Commercial Mortgage Loans** | **$24324005** | **$2205655** | **$493922** | **$27023582** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loan-to-Value as of December 31, 2024, by Year of Origination** | **Carrying Value** <br>**Loan-to-Value** <br>**70% and Less**<br>| **Carrying Value** <br>**Loan-to-Value** <br>**71% - 90%**<br>| **Carrying Value** <br>**Loan-to-Value** <br>**Over 90%**<br>| **Total Carrying** <br>**Value**<br>|
| 2024 | $4487814 | $138957 | $— | $4626771 |
| 2023 | 3575323 |  |  | 3575323 |
| 2022 | 5646922 | 365852 |  | 6012774 |
| 2021 | 4931730 | 1429694 | 150302 | 6511726 |
| 2020 | 433377 | 91524 | 35030 | 559931 |
| 2019 | 1145297 | 54501 | 39308 | 1239106 |
| Prior | 2538853 | 53510 | 145154 | 2737517 |
| **Total Commercial Mortgage Loans** | **$22759316** | **$2134038** | **$369794** | **$25263148** |

---

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% and 63% as of

December 31, 2025 and 2024, respectively.

**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 years ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** <br>**by Loan Type**<br>| **Deferral of** <br>**Amounts Due**<br>| **Interest Rate Relief** | **Maturity** <br>**Extension**<br>| **Combination**<sup>(1)</sup> | **Total** | **Percentage of** <br>**Total Carrying** <br>**Value** <br>**Outstanding**<br>|
| Commercial Mortgage Loans | $— | $190313 | $36509 | $68859 | $295681 | 1.09% |
| Residential Mortgage Loans | 2623 |  |  | 2602 | 5225 | 0.02% |
| Consumer Loans | 9062 | 448 | 18825 | 22477 | 50812 | 1.29% |
| **Total**<sup>(2)</sup> | **$11685** | **$190761** | **$55334** | **$93938** | **$351718** |  |

---

(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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2024** <br>**by Loan Type**<br>| **Deferral of** <br>**Amounts Due**<br>| **Interest Rate Relief** | **Maturity** <br>**Extension**<br>| **Combination**<sup>(1)</sup> | **Total** | **Percentage of** <br>**Total Carrying** <br>**Value** <br>**Outstanding**<br>|
| Commercial Mortgage Loans | $— | $— | $— | $387903 | $387903 | 1.54% |
| Residential Mortgage Loans | 4563 |  |  | 14227 | 18790 | 0.09% |
| Consumer Loans | 2795 | 901 | 29865 | 50963 | 84524 | 1.74% |
| **Total**<sup>(2)</sup> | **$7358** | **$901** | **$29865** | **$453093** | **$491217** |  |

---

(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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

All of the commercial mortgage loans that had a combination of modifications had both interest rate relief and maturity

extensions. For commercial mortgage loans granted interest rate relief, this relief generally involved either a change from a

floating rate or a decrease in fixed rate to a weighted average rate of 4.2% and 4.9% for the years ended December 31, 2025

and 2024, respectively. The maturity extensions for commercial mortgage loans added a weighted-average of 1.9 years and

2.9 years to the life of the loans, for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025,

Global Atlantic has commitments to lend additional funds of $16.9 million for the modified commercial mortgage loans

disclosed above.

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

2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Performance Status as of** <br>**December 31, 2025 by Loan** <br>**Type**<br>| **Current** | **30-59 Days Past Due** | **60-89 Days Past Due** | **90 Days or More Past** <br>**Due or in Process of** <br>**Foreclosure**<br>| **Total** |
| Commercial Mortgage Loans | $295681 | $— | $— | $— | $295681 |
| Residential Mortgage Loans | 3557 | 441 |  | 1227 | 5225 |
| Consumer Loans | 35953 | 8091 | 3798 | 2970 | 50812 |
| **Total**<sup>(1)</sup> | **$335191** | **$8532** | **$3798** | **$4197** | **$351718** |

---

(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 December 31, 2025 and December 31, 2024, Global Atlantic participated in repurchase agreements with a notional

value of $663.8 million and $261.4 million, respectively. As collateral for these transactions, Global Atlantic typically posts AFS

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

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

in the consolidated statements of financial condition.

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

of the repurchase agreements as of December 31, 2025 and December 31, 2024 is presented in the following tables:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **Overnight** | **<30 Days** | **30 - 90 Days** | **> 90 Days** | **Total** |
| Residential Mortgage Loans | $— | $8631 | $312404 | $390974 | $712009 |
| **Total Assets Pledged** | **$—** | **$8631** | **$312404** | **$390974** | **$712009** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **Overnight** | **<30 Days** | **30 - 90 Days** | **> 90 Days** | **Total** |
| Residential Mortgage Loans | $— | $4266 | $71170 | $195691 | $271127 |
| **Total Assets Pledged** | **$—** | **$4266** | **$71170** | **$195691** | **$271127** |

---

**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 $122.0 million and

$117.8 million (accounted for at cost basis) of stock in FHLBs as of December 31, 2025 and 2024, respectively. In addition,

Global Atlantic insurance company subsidiaries have entered into funding agreements with the FHLB, which require that

Global Atlantic pledge eligible assets, such as fixed maturity securities and mortgage loans, as collateral. Assets pledged as

collateral for these funding agreements had a carrying value of $7.1 billion and $4.6 billion as of December 31, 2025 and 2024,

respectively.

The capital stock of one of Global Atlantic's equity method investments has been pledged as collateral security for the

due payment and performance of the debt obligations of the investee. Global Atlantic's investment subject to this pledge had

a carrying value of $873.6 million and $834.4 million as of December 31, 2025 and 2024, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Insurance – Statutory Deposits**

As of December 31, 2025 and 2024, the carrying value of the assets on deposit with various state and U.S. governmental

authorities were $145.1 million and $141.1 million, respectively.

**8. DERIVATIVES**

**Asset Management and Strategic Holdings**

KKR and certain of its consolidated funds have entered into derivative transactions as part of the overall risk management

for their investment strategies. These derivative contracts are not designated as hedging instruments for accounting

purposes. Such contracts may include forward, swap, and option contracts related to foreign currencies and interest rates to

manage foreign exchange risk and interest rate risk arising from certain assets and liabilities. All derivatives are recognized in

Other Assets or Accrued Expenses and Other Liabilities and are presented on a gross basis in the consolidated statements of

financial condition and measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment

Activities in the accompanying consolidated statements of operations. KKR's derivative financial instruments contain credit

risk to the extent that its counterparties may be unable to meet the terms of the agreements. KKR attempts to reduce this risk

by limiting its counterparties to major financial institutions with strong credit ratings.

**Insurance**

Global Atlantic holds derivative instruments that are primarily used in its hedge program. Global Atlantic has established

a hedge program that seeks to mitigate economic impacts primarily from interest rate and equity price movements, while

taking into consideration accounting and capital impacts.

Global Atlantic hedges interest rate and equity market risks associated with its insurance liabilities including fixed-indexed

annuities, indexed universal life policies, variable annuity policies, and variable universal life policies, among others. For fixed-

indexed annuities and indexed universal life policies, Global Atlantic generally seeks to use static hedges to offset the

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 $49.9

million and $135.7 million as of December 31, 2025 and 2024, respectively.

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

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

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

consolidated statements of financial condition.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

*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 December 31, 2025** | **Notional** <br>**Value**<br>| **Derivative**<br>**Assets**<br>| **Derivative** <br>**Liabilities**<br>|
| *Asset Management and Strategic Holdings* |  |  |  |
| Foreign Exchange Contracts and Options | $24638928 | $179920 | $1034543 |
| Other Derivatives | 395000 | 9905 |  |
| Total Asset Management and Strategic Holdings | $25033928 | $189825 | $1034543 |
| *Insurance* |  |  |  |
| Derivatives Designated as Hedge Accounting Instruments: |  |  |  |
| Interest Rate Contracts | $13455830 | $74363 | $317096 |
| Foreign Currency Contracts | 6074755 | 27045 | 112226 |
| Total Derivatives Designated as Hedge Accounting Instruments | $19530585 | $101408 | $429322 |
| Derivatives Not Designated as Hedge Accounting Instruments: |  |  |  |
| Equity Market Contracts | $41859071 | $2676076 | $118582 |
| Interest Rate Contracts | 17525214 | 310503 | 322404 |
| Foreign Currency Contracts | 4325825 | 31860 | 223470 |
| Other Contracts | 3957 | 9462 | 4995 |
| Total Derivatives Not Designated as Hedge Accounting Instruments | $63714067 | $3027901 | $669451 |
| Counterparty Netting<sup>(2)</sup> |  | (615081) | (615081) |
| Cash Collateral |  | (2208206) | (47447) |
| Total Insurance<sup>(1)</sup> | $83244652 | $306022 | $436245 |
| **Fair Value Included Within Total Assets and Liabilities** | $108278580 | $495847 | $1470788 |

---

(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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2024** | **Notional** <br>**Value**<br>| **Derivative**<br>**Assets**<br>| **Derivative**<br>**Liabilities**<br>|
| *Asset Management and Strategic Holdings* |  |  |  |
| Foreign Exchange Contracts and Options | $19452993 | $511513 | $131339 |
| Other Derivatives | 455500 | 8444 |  |
| Total Asset Management and Strategic Holdings | $19908493 | $519957 | $131339 |
| *Insurance* |  |  |  |
| Derivatives Designated as Hedge Accounting Instruments: |  |  |  |
| Interest Rate Contracts | $15490742 | $41578 | $511118 |
| Foreign Currency Contracts | 2541093 | 66774 | 28878 |
| Total Derivatives Designated as Hedge Accounting Instruments | $18031835 | $108352 | $539996 |
| Derivatives Not Designated as Hedge Accounting Instruments: |  |  |  |
| Equity Market Contracts | $37151092 | $1921164 | $143049 |
| Interest Rate Contracts | 29211430 | 206222 | 561452 |
| Foreign Currency Contracts | 2887035 | 108929 | 54679 |
| Other Contracts | 61508 | 1895 | 194 |
| Total Derivatives Not Designated as Hedge Accounting Instruments | $69311065 | $2238210 | $759374 |
| Counterparty Netting<sup>(2)</sup> |  | (648549) | (648549) |
| Cash Collateral |  | (1636662) | (261634) |
| Total Insurance<sup>(1)</sup> | $87342900 | $61351 | $389187 |
| **Fair Value Included Within Total Assets and Liabilities** | $107251393 | $581308 | $520526 |

---

(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $125.9 million and the fair value of these embedded

derivatives related to liabilities was $3.2 billion as of December 31, 2024.

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

*Derivatives Designated as Accounting Hedges*

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

instruments receive hedge accounting.

<u>Fair Value Hedges</u>

Global Atlantic has designated foreign exchange derivative contracts, including forwards and swaps, to hedge the foreign

currency risk associated with foreign currency-denominated bonds in fair value hedges. These foreign currency-denominated

bonds are accounted for as AFS fixed maturity securities. Changes in the fair value of the hedged AFS fixed maturity securities

due to changes in spot exchange rates are reclassified from AOCI to earnings, which offsets the earnings impact of the spot

changes of the foreign exchange derivative contracts, both of which are recognized within investment-related gains (losses).

The effectiveness of these hedges is assessed using the spot method. Changes in the fair value of the foreign exchange

derivative contracts related to changes in the spot-forward difference are excluded from the assessment of hedge

effectiveness and are deferred in AOCI and recognized in earnings using a systematic and rational method over the life of the

foreign exchange derivative contracts. The amortized cost of the AFS fixed maturity securities in qualifying foreign exchange

fair value hedges was $3.7 billion and $2.1 billion as of December 31, 2025 and 2024, respectively.

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

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

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

qualifying hedged debt and policy liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Carrying Amount of** <br>**Hedged Liabilities**<br>| **Cumulative Amount of** <br>**Fair Value Hedging** <br>**Adjustments Included in** <br>**the Carrying Amount of** <br>**Hedged Liabilities**<sup>(1)</sup><br>| **Carrying Amount of** <br>**Hedged Liabilities**<br>| **Cumulative Amount of** <br>**Fair Value Hedging** <br>**Adjustments Included in** <br>**the Carrying Amount of** <br>**Hedged Liabilities**<sup>(1)</sup><br>|
| Debt | $3572318 | $(123471) | $2279261 | $(233202) |
| Policy Liabilities | 3647117 | (99239) | 4453766 | (204435) |

---

(1)Includes $154.6 million and $193.3 million of hedging adjustments on discontinued hedging relationships as of December 31, 2025 and 2024, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

<u>Cash Flow Hedges</u>

Global Atlantic has designated bond forwards to hedge the interest rate risk associated with the planned purchase of AFS

fixed maturity securities in cash flow hedges. These arrangements are hedging purchases through January 2030 and are

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

As of December 31, 2025 and 2024, there was a cumulative gain (loss) of $(213.9) million and $(249.7) million,

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

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

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

effective interest method.

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

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

effectiveness of these hedges.

As of December 31, 2025 and 2024, there was a cumulative gain (loss) of $(22.3) million and $(60.8) million on the

currently designated interest rate swaps recorded in accumulated other comprehensive income (loss), respectively. Amounts

deferred in accumulated other comprehensive gain (loss) are reclassified to net investment income in the same period during

which the hedged investments affect earnings.

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

liabilities in cash flow hedges. The critical terms of the swaps match those of the hedged liabilities, such that the respective

hedging relationship is expected to be perfectly effective (pursuant to ASC 815-20-25-84).

As of December 31, 2025, there was a cumulative gain (loss) of $(1.7) 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.

<u>Net Investment Hedges</u>

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 December 31, 2025 and 2024, the cumulative foreign

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

$(14.1) million and $(25.3) million, respectively.

*Derivative Results*

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

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

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

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Net** <br>**Investment-**<br>**Related Gains** <br>**(Losses)**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Policy** <br>**Benefits and** <br>**Claims**<br>| **Interest** <br>**Expense**<br>| **Change in** <br>**AOCI**<br>|
| **Derivatives Designated as Hedge Accounting Instruments:** |  |  |  |  |  |
| **Fair Value Hedges** |  |  |  |  |  |
| Gains (Losses) on Derivatives Designated as Hedge Instruments: |  |  |  |  |  |
| Interest Rate Contracts | $— | $— | $22068 | $64173 | $— |
| Foreign Currency Contracts | (286743) | 4370 |  |  | 21441 |
| Total Gains (Losses) on Derivatives Designated as Hedge <br>Instruments<br>| $(286743) | $4370 | $22068 | $64173 | $21441 |
| Gains (Losses) on Hedged Items: |  |  |  |  |  |
| Interest Rate Contracts | $— | $— | $(22068) | $(64173) | $— |
| Foreign Currency Contracts | 287895 |  |  |  |  |
| Total Gains (Losses) on Hedged Items | $287895 | $— | $(22068) | $(64173) | $— |
| Amortization for Gains (Losses) Excluded from Assessment of <br>Effectiveness:<br>|  |  |  |  |  |
| Foreign Currency Contracts | $23207 | $— | $— | $— | $— |
| Total Amortization for Gains (Losses) Excluded from <br>Assessment of Effectiveness<br>| $23207 | $— | $— | $— | $— |
| Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items | $24359 | $4370 | $— | $— | $21441 |
| **Cash Flow Hedges** |  |  |  |  |  |
| Foreign Currency Contracts | $— | $— | $(9163) | $— | $(1748) |
| Interest Rate Contracts |  | (10612) |  |  | 74346 |
| Total Gains (Losses) on Cash Flow Hedges | $— | $(10612) | $(9163) | $— | $72598 |
| **Net Investment Hedges** |  |  |  |  |  |
| Gains (Losses) on Derivatives Designated as Hedge Instruments | $— | $2240 | $— | $— | $11223 |
| Total Gains (Losses) on Net Investment Hedges | $— | $2240 | $— | $— | $11223 |
| **Derivatives Not Designated as Hedge Accounting Instruments:** |  |  |  |  |  |
| *Insurance* |  |  |  |  |  |
| Embedded Derivatives - Funds Withheld Receivable | $(47029) | $— | $— | $— | $— |
| Embedded Derivatives - Funds Withheld Payable | (521690) |  |  |  |  |
| Equity Index Options | 926268 |  |  |  |  |
| Equity Futures Contracts | (51443) |  |  |  |  |
| Interest Rate Contracts | 86222 |  |  |  |  |
| Foreign Exchange and Other Derivative Contracts | (214414) |  |  |  |  |
| Total Gains (Losses) on Derivatives Not Designated as Hedge <br>Accounting Instruments from Insurance Activities<br>| $177914 | $— | $— | $— | $— |
| **Total** | **$202273** | **$(4002)** | **$(9163)** | **$—** | **$105262** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Net** <br>**Investment-**<br>**Related Gains** <br>**(Losses)**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Policy** <br>**Benefits and** <br>**Claims**<br>| **Interest** <br>**Expense**<br>| **Change in** <br>**AOCI**<br>|
| **Derivatives Designated as Hedge Accounting Instruments:** |  |  |  |  |  |
| **Fair Value Hedges** |  |  |  |  |  |
| Gains (Losses) on Derivatives Designated as Hedge Instruments: |  |  |  |  |  |
| Interest Rate Contracts | $— | $— | $(108622) | $(134580) | $— |
| Foreign Currency Contracts | 119618 | 4551 |  |  | (10977) |
| Total Gains (Losses) on Derivatives Designated as Hedge <br>Instruments<br>| $119618 | $4551 | $(108622) | $(134580) | $(10977) |
| Gains (Losses) on Hedged Items: |  |  |  |  |  |
| Interest Rate Contracts | $— | $— | $108622 | $134580 | $— |
| Foreign Currency Contracts | (117318) |  |  |  |  |
| Total Gains (Losses) on Hedged Items | $(117318) | $— | $108622 | $134580 | $— |
| Amortization for Gains (Losses) Excluded from Assessment of <br>Effectiveness:<br>|  |  |  |  |  |
| Foreign Currency Contracts | $20145 | $— | $— | $— | $— |
| Total Amortization for Gains (Losses) Excluded from <br>Assessment of Effectiveness<br>| $20145 | $— | $— | $— | $— |
| Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items | $22445 | $4551 | $— | $— | $(10977) |
| **Cash Flow Hedges** |  |  |  |  |  |
| Interest Rate Contracts | $— | $(6043) | $— | $— | $(183626) |
| Total Gains (Losses) on Cash Flow Hedges | $— | $(6043) | $— | $— | $(183626) |
| **Net Investment Hedges** |  |  |  |  |  |
| Gains (Losses) on Derivatives Designated as Hedge Instruments | $— | $1388 | $— | $— | $(25344) |
| Total Gains (Losses) on Net Investment Hedges | $— | $1388 | $— | $— | $(25344) |
| **Derivatives Not Designated as Hedge Accounting Instruments:** |  |  |  |  |  |
| *Insurance* |  |  |  |  |  |
| Embedded Derivatives - Funds Withheld Receivable | $37226 | $— | $— | $— | $— |
| Embedded Derivatives - Funds Withheld Payable | 350241 |  |  |  |  |
| Equity Index Options | 567543 |  |  |  |  |
| Equity Futures Contracts | (87484) |  |  |  |  |
| Interest Rate Contracts | (569315) |  |  |  |  |
| Foreign Exchange and Other Derivative Contracts | 99271 |  |  |  |  |
| Total Gains (Losses) on Derivatives Not Designated as Hedge <br>Accounting Instruments from Insurance Activities<br>| $397482 | $— | $— | $— | $— |
| **Total** | **$419927** | **$(104)** | **$—** | **$—** | **$(219947)** |

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<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Net** <br>**Investment-**<br>**Related Gains** <br>**(Losses)**<br>| **Net** <br>**Investment** <br>**Income**<br>| **Net Policy** <br>**Benefits and** <br>**Claims**<br>| **Interest** <br>**Expense**<br>| **Change in** <br>**AOCI**<br>|
| **Derivatives Designated as Hedge Accounting Instruments:** |  |  |  |  |  |
| **Fair Value Hedges** |  |  |  |  |  |
| Gains (Losses) on Derivatives Designated as Hedge Instruments: |  |  |  |  |  |
| Interest Rate Contracts | $— | $— | $(53870) | $(20410) | $— |
| Foreign Currency Contracts | (88384) |  |  |  | 9119 |
| Total Gains (Losses) on Derivatives Designated as Hedge <br>Instruments<br>| $(88384) | $— | $(53870) | $(20410) | $9119 |
| Gains (Losses) on Hedged Items: |  |  |  |  |  |
| Interest Rate Contracts | $— | $— | $53870 | $20410 | $— |
| Foreign Currency Contracts | 80210 |  |  |  |  |
| Total Gains (Losses) on Hedged Items | $80210 | $— | $53870 | $20410 | $— |
| Amortization for Gains (Losses) Excluded from Assessment of <br>Effectiveness:<br>|  |  |  |  |  |
| Foreign Currency Contracts | $28345 | $— | $— | $— | $— |
| Total Amortization for Gains (Losses) Excluded from <br>Assessment of Effectiveness<br>| $28345 | $— | $— | $— | $— |
| Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items | $20171 | $— | $— | $— | $9119 |
| **Cash Flow Hedges** |  |  |  |  |  |
| Interest Rate Contracts | $— | $(1381) | $— | $— | $33446 |
| Total Gains (Losses) on Cash Flow Hedges | $— | $(1381) | $— | $— | $33446 |
| **Derivatives Not Designated as Hedge Accounting Instruments:** |  |  |  |  |  |
| *Insurance* |  |  |  |  |  |
| Embedded Derivatives - Funds Withheld Receivable | $75876 | $— | $— | $— | $— |
| Embedded Derivatives - Funds Withheld Payable | (1040463) |  |  |  |  |
| Equity Index Options | 482121 |  |  |  |  |
| Equity Future Contracts | (116766) |  |  |  |  |
| Interest Rate and Foreign Exchange Contracts | (101376) |  |  |  |  |
| Other | (280) |  |  |  |  |
| Total Gains (Losses) on Derivatives Not Designated as Hedge <br>Accounting Instruments from Insurance Activities<br>| $(700888) | $— | $— | $— | $— |
| **Total** | **$(680717)** | **$(1381)** | **$—** | **$—** | **$42565** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Collateral**

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

were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2025** | **Gross Amount** <br>**Recognized**<br>| **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Financial** <br>**Condition**<sup>(1)</sup><br>| **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Financial** <br>**Condition**<br>| **Collateral** <br>**(Received) /** <br>**Pledged**<br>| **Net Amount After** <br>**Collateral**<br>|
| Derivative Assets (Excluding Embedded <br>Derivatives)<br>| $3129309 | $(2823287) | $306022 | $(511452) | $(205430) |
| Derivative Liabilities (Excluding Embedded <br>Derivatives)<br>| $1098773 | $(662528) | $436245 | $723701 | $(287456) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **Gross Amount** <br>**Recognized**<br>| **Gross Amounts** <br>**Offset in the** <br>**Statements of** <br>**Financial** <br>**Condition**<sup>(1)</sup><br>| **Net Amounts** <br>**Presented in the** <br>**Statements of** <br>**Financial** <br>**Condition**<br>| **Collateral** <br>**(Received) /** <br>**Pledged**<br>| **Net Amount After** <br>**Collateral**<br>|
| Derivative Assets (Excluding Embedded <br>Derivatives)<br>| $2346562 | $(2285211) | $61351 | $(157782) | $(96431) |
| Derivative Liabilities (Excluding Embedded <br>Derivatives)<br>| $1299370 | $(910183) | $389187 | $504665 | $(115478) |

---

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

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level I** | **Level II** | **Level III** | **Total** |
| ***Asset Management and Strategic Holdings*** |  |  |  |  |
| Private Equity | $1129094 | $331151 | $48038163 | $49498408 |
| Credit |  | 3237077 | 4192312 | 7429389 |
| Investments of Consolidated CFEs |  | 30673565 |  | 30673565 |
| Real Assets | 102510 | 24262 | 13577003 | 13703775 |
| Other Investments | 93243 | 2246 | 5180933 | 5276422 |
| Total Investments <sup>(2) (3)</sup> | $1324847 | $34268301 | $70988411 | $106581559 |
| Foreign Exchange Contracts and Options |  | 179920 |  | 179920 |
| Other Derivatives | 36 | 9869 |  | 9905 |
| Total Assets at Fair Value – Asset Management and Strategic <br>Holdings<br>| $1324883 | $34458090 | $70988411 | $106771384 |
| ***Insurance*** |  |  |  |  |
| **AFS Fixed Maturity Securities:** |  |  |  |  |
| U.S. Government and Agencies | $— | $411070 | $— | $411070 |
| U.S. State, Municipal and Political Subdivisions |  | 2447994 |  | 2447994 |
| Corporate |  | 38840214 | 14664089 | 53504303 |
| Structured Securities |  | 30005461 | 4218228 | 34223689 |
| Total AFS Fixed Maturity Securities | $— | $71704739 | $18882317 | $90587056 |
| Trading Fixed Maturity Securities |  | 21798167 | 3435792 | 25233959 |
| Mortgage and Other Loan Receivables |  |  | 11154547 | 11154547 |
| Real Assets |  |  | 8696775<br><sup>(1)</sup> | 8696775 |
| Other Investments | 1035470 | 524740 | 472456<br><sup>(1)</sup> | 2032666 |
| Funds Withheld Receivable at Interest |  |  | 78858 | 78858 |
| Reinsurance Recoverable |  |  | 934105 | 934105 |
| Derivative Assets | 586 | 305437 |  | 306023 |
| Separate Account Assets | 3841403 |  |  | 3841403 |
| Total Assets at Fair Value – Insurance | $4877459 | $94333083 | $43654850 | $142865392 |
| **Total Assets at Fair Value** | **$6202342** | **$128791173** | **$114643261** | **$249636776** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level I** | **Level II** | **Level III** | **Total** |
| ***Asset Management and Strategic Holdings*** |  |  |  |  |
| Private Equity | $816229 | $767787 | $34452417 | $36036433 |
| Credit |  | 3261673 | 4805417 | 8067090 |
| Investments of Consolidated CFEs |  | 27488538 |  | 27488538 |
| Real Assets | 599496 | 268963 | 12589245 | 13457704 |
| Other Investments | 179102 | 64601 | 4860219 | 5103922 |
| Total Investments <sup>(3)</sup> | $1594827 | $31851562 | $56707298 | $90153687 |
| Foreign Exchange Contracts and Options |  | 511513 |  | 511513 |
| Other Derivatives | 42 | 8402 |  | 8444 |
| Total Assets at Fair Value – Asset Management and Strategic <br>Holdings<br>| $1594869 | $32371477 | $56707298 | $90673644 |
| ***Insurance*** |  |  |  |  |
| **AFS Fixed Maturity Securities:** |  |  |  |  |
| U.S. Government and Agencies | $— | $2391407 | $— | $2391407 |
| U.S. State, Municipal and Political Subdivisions |  | 3769461 |  | 3769461 |
| Corporate |  | 32585117 | 9354150 | 41939267 |
| Structured Securities |  | 25851177 | 2308644 | 28159821 |
| Total AFS Fixed Maturity Securities | $— | $64597162 | $11662794 | $76259956 |
| Trading Fixed Maturity Securities |  | 19337734 | 2081507 | 21419241 |
| Mortgage and Other Loan Receivables |  |  | 1611109 | 1611109 |
| Real Assets |  |  | 8121139<br><sup>(1)</sup> | 8121139 |
| Other Investments | 207281 | 269250 | 103823<br><sup>(1)</sup> | 580354 |
| Funds Withheld Receivable at Interest |  |  | 125887 | 125887 |
| Reinsurance Recoverable |  |  | 940731 | 940731 |
| Derivative Assets | 5316 | 56035 |  | 61351 |
| Separate Account Assets | 3981060 |  |  | 3981060 |
| Total Assets at Fair Value – Insurance | $4193657 | $84260181 | $24646990 | $113100828 |
| **Total Assets at Fair Value** | **$5788526** | **$116631658** | **$81354288** | **$203774472** |

---

(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 December 31, 2025 and December 31, 2024, the fair value of these real assets were $25.3 million and $34.5

million, respectively, and other investments were $334.7 million and $4.3 million, respectively. These fund investments have strategies primarily focused

on real assets (primarily real estate) or other investments and are subject to certain restrictions on redemption. As of both December 31, 2025 and

December 31, 2024, there were $1.3 million of unfunded commitments associated with real assets, and as of December 31, 2025 and December 31,

2024, $5.0 million and $1.5 million associated with these 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. As of December 31, 2025, the fair value of these assets is $355.1 million. 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.

(3)As of December 31, 2025 and December 31, 2024, the fair value of Equity Method investments is $2.3 billion and $1.8 billion, respectively.

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

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Liabilities, at fair value:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Level I** | **Level II** | **Level III** | **Total** |
| ***Asset Management and Strategic Holdings*** |  |  |  |  |
| Securities Sold Short | $134669 | $— | $— | $134669 |
| Foreign Exchange Contracts and Options |  | 1034543 |  | 1034543 |
| Unfunded Revolver Commitments |  |  | 93289<br><sup>(1)</sup> | 93289 |
| Debt Obligations of Consolidated CFEs |  | 30227885 |  | 30227885 |
| Total Liabilities at Fair Value – Asset Management and Strategic <br>Holdings<br>| $134669 | $31262428 | $93289 | $31490386 |
| ***Insurance*** |  |  |  |  |
| Policy Liabilities (Including Market Risk Benefits) | $— | $— | $1608580<br><sup>(3)</sup> | $1608580 |
| Closed Block Policy Liabilities |  |  | 983855 | 983855 |
| Funds Withheld Payable at Interest |  |  | (2275854) | (2275854) |
| Derivative Instruments Payable | 918 | 435327 |  | 436245 |
| Embedded Derivative – Interest-Sensitive Life Products |  |  | 485025 | 485025 |
| Embedded Derivative – Annuity Products |  |  | 7355480 | 7355480 |
| Total Liabilities at Fair Value – Insurance | $918 | $435327 | $8157086 | $8593331 |
| **Total Liabilities at Fair Value** | **$135587** | **$31697755** | **$8250375** | **$40083717** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Level I** | **Level II** | **Level III** | **Total** |
| ***Asset Management and Strategic Holdings*** |  |  |  |  |
| Securities Sold Short | $109168 | $— | $— | $109168 |
| Foreign Exchange Contracts and Options |  | 131339 |  | 131339 |
| Unfunded Revolver Commitments |  |  | 96848<br><sup>(1)</sup> | 96848 |
| Debt Obligations of Consolidated CFEs |  | 27150809 |  | 27150809 |
| Total Liabilities at Fair Value – Asset Management and Strategic <br>Holdings<br>| $109168 | $27282148 | $96848 | $27488164 |
| ***Insurance*** |  |  |  |  |
| Policy Liabilities (Including Market Risk Benefits) | $— | $— | $1279794<br><sup>(3)</sup> | $1279794 |
| Closed Block Policy Liabilities |  |  | 988320 | 988320 |
| Funds Withheld Payable at Interest |  |  | (2797544) | (2797544) |
| Derivative Instruments Payable | 438 | 388749 |  | 389187 |
| Embedded Derivative – Interest-Sensitive Life Products |  |  | 491818 | 491818 |
| Embedded Derivative – Annuity Products |  |  | 5481063 | 5481063 |
| Total Liabilities at Fair Value – Insurance | $438 | $388749 | $5443451 | $5832638 |
| **Total Liabilities at Fair Value** | **$109606** | **$27670897** | **$5540299** | **$33320802** |

---

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

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

(3)Includes market risk benefit of $1.3 billion and $1.0 billion as of December 31, 2025 and December 31, 2024, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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 years ended December 31, 2025 and 2024, respectively.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Balance, Beg. of** <br>**Period**<br>| **Transfers In /** <br>**(Out) - Changes** <br>**in Consolidation**<br>| **Transfers**<br>**In**<br>| **Transfers Out** | **Net Purchases/**<br>**Issuances/**<br>**Sales/**<br>**Settlements**<br>| **Net Unrealized** <br>**and Realized** <br>**Gains (Losses)**<br>| **Change in OCI** | **Balance, End of** <br>**Period**<br>| **Changes in** <br>**Net** <br>**Unrealized** <br>**Gains (Losses)** <br>**Included in** <br>**Earnings** <br>**related to** <br>**Level III** <br>**Assets and** <br>**Liabilities still** <br>**held as of the** <br>**Reporting** <br>**Date**<br>| **Changes in** <br>**Net** <br>**Unrealized** <br>**Gains (Losses)** <br>**Included in** <br>**OCI related to** <br>**Level III** <br>**Assets and** <br>**Liabilities still** <br>**held as of the** <br>**Reporting** <br>**Date**<br>|
| **Assets** <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |
| *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* |
| Private Equity | $34452418 | $2267408 | $— | $(14136) | $7158457 | $4174016 | $— | $48038163 | $4216130 | $— |
| Credit | 4805417 |  | 48211 |  | (608890) | (52426) |  | 4192312 | 9205 |  |
| Real Assets | 12589245 |  |  |  | 726212 | 261546 |  | 13577003 | 259828 |  |
| Other Investments | 4860219 |  | 29648 | (24594) | 124814 | 190846 |  | 5180933 | 183691 |  |
| Total Assets – <br>Asset <br>Management <br>and Strategic <br>Holdings<br>| $56707299 | $2267408 | $77859 | $(38730) | $7400593 | $4573982 | $— | $70988411 | $4668854 | $— |
| *Insurance* |  |  |  |  |  |  |  |  |  |  |
| AFS Fixed Maturity <br>Securities:<br>|  |  |  |  |  |  |  |  |  |  |
| Corporate Fixed <br>Maturity Securities<br>| $9354150 | $— | $366857 | $(8653) | $4710642 | $116570 | $124523 | $14664089 | $— | $88090 |
| Structured <br>Securities<br>| 2308644 |  | 12296 | (79818) | 1881689 | 28692 | 66725 | 4218228 |  | 57830 |
| Total AFS Fixed <br>Maturity <br>Securities<br>| $11662794 | $— | $379153 | $(88471) | $6592331 | $145262 | $191248 | $18882317 | $— | $145920 |
| Trading Fixed <br>Maturity Securities<br>| 2081507 |  | 117248 | (26817) | 1283809 | (19955) |  | 3435792 | (19626) |  |
| Mortgage and <br>Other Loan <br>Receivables<br>| 1611109 |  |  |  | 9348963 | 194475 |  | 11154547 | 136953 |  |
| Real Assets | 8121139 |  |  |  | 466127 | 109509 |  | 8696775 | 89511 |  |
| Other Investments | 103823 |  |  |  | 389842 | (21209) |  | 472456 | (32107) |  |
| Funds Withheld <br>Receivable at <br>Interest<br>| 125887 |  |  |  |  | (47029) |  | 78858 |  |  |
| Reinsurance <br>Recoverable<br>| 940731 |  |  |  | (5779) | (847) |  | 934105 |  |  |
| Total Assets – <br>Insurance<br>| $24646990 | $— | $496401 | $(115288) | $18075293 | $360206 | $191248 | $43654850 | $174731 | $145920 |
| **Total** | **$81354289** | **$2267408** | **$574260** | **$(154018)** | **$25475886** | **$4934188** | **$191248** | **$114643261** | **$4843585** | **$145920** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Balance, Beg. of** <br>**Period**<br>| **Transfers In /** <br>**(Out) - Changes** <br>**in Consolidation**<br>| **Transfers In** | **Transfers Out** | **Net Purchases/**<br>**Issuances/**<br>**Sales/**<br>**Settlements**<br>| **Net Unrealized** <br>**and Realized** <br>**Gains (Losses)**<br>| **Change in OCI** | **Balance, End of** <br>**Period**<br>| **Changes in** <br>**Net** <br>**Unrealized** <br>**Gains (Losses)** <br>**Included in** <br>**Earnings** <br>**related to** <br>**Level III** <br>**Assets and** <br>**Liabilities still** <br>**held as of the** <br>**Reporting** <br>**Date**<br>| **Changes in Net** <br>**Unrealized** <br>**Gains (Losses)** <br>**Included in OCI** <br>**related to Level** <br>**III Assets and** <br>**Liabilities still** <br>**held as of the** <br>**Reporting Date**<br>|
| **Assets** <sup>(1)</sup> |  |  |  |  |  |  |  |  |  |  |
| *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* |
| Private Equity | $32358353 | $(1064234) | $9042 | $(473452) | $1501319 | $2121390 | $— | $34452418 | $2085020 | $— |
| Credit | 5452923 | 151713 | 185716 | (115891) | (589788) | (279256) |  | 4805417 | (131728) |  |
| Real Assets | 11365233 | 934530 |  | (2077) | 180419 | 111140 |  | 12589245 | 16955 |  |
| Other Investments | 4297344 |  |  | (8106) | 637033 | (66229) | 177 | 4860219 | (162034) | 177 |
| Total Assets – <br>Asset <br>Management <br>and Strategic <br>Holdings<br>| $53473853 | $22009 | $194758 | $(599526) | $1728983 | $1887045 | $177 | $56707299 | $1808213 | $177 |
| *Insurance* |  |  |  |  |  |  |  |  |  |  |
| AFS Fixed Maturity <br>Securities:<br>|  |  |  |  |  |  |  |  |  |  |
| Corporate Fixed <br>Maturity Securities<br>| $8571003 | $— | $— | $(301) | $822496 | $(144561) | $105513 | $9354150 | $— | $39834 |
| Structured <br>Securities<br>| 1830000 |  | 95965 | (53297) | 347284 | 36153 | 52539 | 2308644 |  | 68924 |
| Total AFS Fixed <br>Maturity <br>Securities<br>| $10401003 | $— | $95965 | $(53598) | $1169780 | $(108408) | $158052 | $11662794 | $— | $108758 |
| Trading Fixed <br>Maturity Securities<br>| 1250161 |  | 124982 | (66767) | 675686 | 97445 |  | 2081507 | 39464 |  |
| Mortgage and <br>Other Loan <br>Receivables<br>| 697402 |  |  |  | 877418 | 36289 |  | 1611109 | 44887 |  |
| Real Assets | 4815265 |  |  |  | 3412986 | (107112) |  | 8121139 | (117906) |  |
| Other Investments | 126008 |  |  |  | 4067 | (26252) |  | 103823 | (52911) |  |
| Funds Withheld <br>Receivable at <br>Interest<br>| 88661 |  |  |  |  | 37226 |  | 125887 |  |  |
| Reinsurance <br>Recoverable<br>| 926035 |  |  |  | (4514) | 19210 |  | 940731 |  |  |
| Total Assets – <br>Insurance<br>| $18304535 | $— | $220947 | $(120365) | $6135423 | $(51602) | $158052 | $24646990 | $(86466) | $108758 |
| **Total** | **$71778388** | **$22009** | **$415705** | **$(719891)** | **$7864406** | **$1835443** | **$158229** | **$81354289** | **$1721747** | **$108935** |

---

(1)As of December 31, 2025 and December 31, 2024, the fair value of Equity Method investments is $2.1 billion and $1.4 billion, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Net Purchases/**<br>**Issuances/Sales/**<br>**Settlements**<br>|
| **Assets** <sup>(1)</sup> |  |  |  |  |  |
| *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* |  |  |  |  |
| Private Equity | $8833839 | $— | $(1675382) | $— | $7158457 |
| Credit  | 1329753 |  | (1772556) | (166087) | (608890) |
| Real Assets | 1415178 |  | (688966) |  | 726212 |
| Other Investments | 707702 |  | (507742) | (75146) | 124814 |
| Total Assets – Asset Management and Strategic <br>Holdings<br>| $12286472 | $— | $(4644646) | $(241233) | $7400593 |
| *Insurance* |  |  |  |  |  |
| AFS Fixed Maturity Securities: |  |  |  |  |  |
| Corporate Fixed Maturity Securities | $7612518 | $— | $(994037) | $(1907839) | $4710642 |
| Structured Securities | 2929768 |  | (108161) | (939918) | 1881689 |
| Total AFS Fixed Maturity Securities | $10542286 | $— | $(1102198) | $(2847757) | $6592331 |
| Trading Fixed Maturity Securities | 1927807 |  | (371940) | (272058) | 1283809 |
| Mortgage and Other Loan Receivables | 12669707 |  | (2914971) | (405773) | 9348963 |
| Real Assets | 523583 |  | (57456) |  | 466127 |
| Other Investments | 419576 |  | (29546) | (188) | 389842 |
| Reinsurance Recoverable |  |  |  | (5779) | (5779) |
| Total Assets – Insurance | $26082959 | $— | $(4476111) | $(3531555) | $18075293 |
| **Total** | **$38369431** | **$—** | **$(9120757)** | **$(3772788)** | **$25475886** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Net Purchases/**<br>**Issuances/Sales/**<br>**Settlements**<br>|
| **Assets** <sup>(1)</sup> |  |  |  |  |  |
| *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* |  |  |  |  |
| Private Equity | $2818931 | $— | $(1317612) | $— | $1501319 |
| Credit | 1501342 |  | (1695730) | (395400) | (589788) |
| Real Assets | 1956315 |  | (1775896) |  | 180419 |
| Other Investments | 3638756 |  | (2909514) | (92209) | 637033 |
| Total Assets – Asset Management and Strategic <br>Holdings<br>| $9915344 | $— | $(7698752) | $(487609) | $1728983 |
| *Insurance* |  |  |  |  |  |
| AFS Fixed Maturity Securities: |  |  |  |  |  |
| Corporate Fixed Maturity Securities | $3852070 | $— | $(1239285) | $(1790289) | $822496 |
| Structured Securities | 995608 |  | (11931) | (636393) | 347284 |
| Total AFS Fixed Maturity Securities | $4847678 | $— | $(1251216) | $(2426682) | $1169780 |
| Trading Fixed Maturity Securities | 1488323 |  | (433882) | (378755) | 675686 |
| Mortgage and Other Loan Receivables | 1065772 |  | (2487) | (185867) | 877418 |
| Real Assets | 3431726 |  | (18740) |  | 3412986 |
| Other Investments | 4465 |  |  | (398) | 4067 |
| Reinsurance Recoverable |  |  |  | (4514) | (4514) |
| Total Assets – Insurance | $10837964 | $— | $(1706325) | $(2996216) | $6135423 |
| **Total** | **$20753308** | **$—** | **$(9405077)** | **$(3483825)** | **$7864406** |

---

(1)As of December 31, 2025 and December 31, 2024, the Net Purchase/Issuance/Sales/Settlements of Equity Method investments is $688.1 million and

($51.4) million, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Balance, Beg. of** <br>**Period**<br>| **Transfers In /** <br>**(Out) - Changes** <br>**in Consolidation**<br>| **Transfers In** | **Transfers Out** | **Net Purchases/**<br>**Sales/**<br>**Settlements/**<br>**Issuances**<br>| **Net Unrealized** <br>**and Realized** <br>**Gains (Losses)**<br>| **Change in OCI** | **Balance, End of** <br>**Period**<br>| **Changes in Net** <br>**Unrealized Gains** <br>**(Losses) Included** <br>**in Earnings** <br>**related to Level III** <br>**Assets and** <br>**Liabilities still** <br>**held as of the** <br>**Reporting Date**<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* |
| Unfunded <br>Revolver <br>Commitments<br>| $96848 | $— | $— | $— | $— | $(3559) | $— | $93289 | $(3559) |
| Total Liabilities <br>– Asset <br>Management <br>and Strategic <br>Holdings<br>| $96848 | $— | $— | $— | $— | $(3559) | $— | $93289 | $(3559) |
| *Insurance* |  |  |  |  |  |  |  |  |  |
| Policy Liabilities | $1279794 | $— | $— | $— | $97058 | $194503 | $37225 | $1608580 | $— |
| Closed Block <br>Policy Liabilities<br>| 988320 |  |  |  | 8211 | (11071) | (1605) | 983855 |  |
| Funds Withheld <br>Payable at <br>Interest<br>| (2797544) |  |  |  |  | 521690 |  | (2275854) |  |
| Embedded <br>Derivative – <br>Interest-<br>Sensitive Life <br>Products<br>| 491818 |  |  |  | (122969) | 116176 |  | 485025 |  |
| Embedded <br>Derivative – <br>Annuity <br>Products<br>| 5481063 |  |  |  | 682301 | 1192116 |  | 7355480 |  |
| Total Liabilities <br>– Insurance<br>| $5443451 | $— | $— | $— | $664601 | $2013414 | $35620 | $8157086 | $— |
| **Total** | **$5540299** | **$—** | **$—** | **$—** | **$664601** | **$2009855** | **$35620** | **$8250375** | **$(3559)** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Balance, Beg. of** <br>**Period**<br>| **Transfers In /** <br>**(Out) - Changes** <br>**in Consolidation**<br>| **Transfers In** | **Transfers Out** | **Net Purchases/**<br>**Sales/**<br>**Settlements/**<br>**Issuances**<br>| **Net Unrealized** <br>**and Realized** <br>**Gains (Losses)**<br>| **Change in OCI** | **Balance, End of** <br>**Period**<br>| **Changes in Net** <br>**Unrealized Gains** <br>**(Losses) Included** <br>**in Earnings** <br>**related to Level III** <br>**Assets and** <br>**Liabilities still** <br>**held as of the** <br>**Reporting Date**<br>|
| **Liabilities** |  |  |  |  |  |  |  |  |  |
| *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* | *Asset Management and Strategic Holdings* |
| Unfunded <br>Revolver <br>Commitments<br>| $94683 | $— | $— | $— | $— | $2165 | $— | $96848 | $2165 |
| Total Liabilities <br>– Asset <br>Management <br>and Strategic <br>Holdings<br>| $94683 | $— | $— | $— | $— | $2165 | $— | $96848 | $2165 |
| *Insurance* |  |  |  |  |  |  |  |  |  |
| Policy Liabilities | $1474970 | $— | $— | $— | $44891 | $(268545) | $28478 | $1279794 | $— |
| Closed Block <br>Policy Liabilities<br>| 968554 |  |  |  | 5652 | 16870 | (2756) | 988320 |  |
| Funds Withheld <br>Payable at <br>Interest<br>| (2447303) |  |  |  |  | (350241) |  | (2797544) |  |
| Embedded <br>Derivative – <br>Interest-<br>Sensitive Life <br>Products<br>| 458302 |  |  |  | (100797) | 134313 |  | 491818 |  |
| Embedded <br>Derivative – <br>Annuity <br>Products<br>| 3587371 |  |  |  | 1109304 | 784388 |  | 5481063 |  |
| Total Liabilities <br>– Insurance<br>| $4041894 | $— | $— | $— | $1059050 | $316785 | $25722 | $5443451 | $— |
| **Total** | **$4136577** | **$—** | **$—** | **$—** | **$1059050** | **$318950** | **$25722** | **$5540299** | **$2165** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 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 | $113802 | $(16744) | $97058 |
| Closed Block Policy Liabilities | 8211 |  | 8211 |
| Embedded Derivative – Interest-Sensitive Life Products |  | (122969) | (122969) |
| Embedded Derivative – Annuity Products | 1053194 | (370893) | 682301 |
| Total Liabilities – Insurance | $1175207 | $(510606) | $664601 |
| **Total** | **$1175207** | **$(510606)** | **$664601** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Issuances** | **Settlements** | **Net Issuances/Settlements** |
| **Liabilities** |  |  |  |
| *Asset Management and Strategic Holdings* |  |  |  |
| Unfunded Revolver Commitments | $— | $— | $— |
| Total Liabilities – Asset Management and Strategic Holdings | $— | $— | $— |
| *Insurance* |  |  |  |
| Policy Liabilities | $59211 | $(14320) | $44891 |
| Closed Block Policy Liabilities | 5652 |  | 5652 |
| Embedded Derivative – Interest-Sensitive Life Products |  | (100797) | (100797) |
| Embedded Derivative – Annuity Products | 1375081 | (265777) | 1109304 |
| Total Liabilities – Insurance | $1439944 | $(380894) | $1059050 |
| **Total** | **$1439944** | **$(380894)** | **$1059050** |

---

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 December 31, 2025. Because input information includes only those items for which information is reasonably

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Level III Assets** | **Fair Value** <br>**December 31,** <br>**2025**<br>| **Valuation**<br>**Methodologies & Inputs**<br>| **Unobservable Input(s)** <sup>(1)</sup> | **Weighted**<br>**Average** <sup>(2)</sup><br>| **Range** | **Impact to**<br> **Valuation**<br>**from an**<br>**Increase in**<br>**Input** <sup>(3)</sup><br>|
| **ASSET MANAGEMENT AND STRATEGIC HOLDINGS** | **ASSET MANAGEMENT AND STRATEGIC HOLDINGS** | **ASSET MANAGEMENT AND STRATEGIC HOLDINGS** | **ASSET MANAGEMENT AND STRATEGIC HOLDINGS** |  |  |  |
| **Private Equity** | **$48038163** | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price  | Illiquidity Discount | 5.9% | 5.0% - 20.0% | Decrease |
|  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price  | Weight Ascribed to Market Comparables | 28.5% | 0.0% - 100.0% | (4) |
|  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price  | Weight Ascribed to Discounted Cash Flow | 60.5% | 0.0% - 100.0% | (5) |
|  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price  | Weight Ascribed to Transaction Price/Other | 11.0% | 0.0% - 100.0% | (6) |
|  |  | Market comparables | Enterprise Value/LTM EBITDA Multiple | 16.6x | 5.9x - 40.1x | Increase |
|  |  | Market comparables | Enterprise Value/Forward EBITDA Multiple | 14.3x | 7.4x - 23.2x | Increase |
|  |  | Discounted cash flow | Discount Rate | 9.5% | 5.6% - 15.0% | Decrease |
|  |  | Discounted cash flow | Enterprise Value/EBITDA Exit Multiple | 14.7x | 7.0x - 27.6x | Increase |
| **Credit**  | **$4192312** | Yield Analysis | Yield | 10.5% | 3.0% - 23.3% | Decrease |
|  |  | Yield Analysis | Net Leverage | 6.2x | 0.7x -18.5x | Decrease |
|  |  | Yield Analysis | EBITDA Multiple | 8.9x | 5.8x - 14.3x | Increase |
| **Real Assets** | **$13577003** |  |  |  |  |  |
|  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price | Illiquidity Discount | 10.6% | 5.0% - 15.0% | Decrease |
|  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price | Weight Ascribed to Direct Income <br>Capitalization<br>| 6.2% | 0.0% - 100.0% | (7) |
|  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price | Weight Ascribed to Discounted Cash Flow | 82.4% | 0.0% - 100.0% | (5) |
|  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price | Weight Ascribed to Market Comparables/Other | 11.4% | 0.0% - 100.0% | (4) (6) |
|  |  | Market comparables | Enterprise Value/LTM EBITDA Multiple | 6.6x | 4.3x - 12.7x | Increase |
|  |  | Market comparables | Enterprise Value/Forward EBITDA Multiple | 10.4x | 4.3x - 20.4x | Increase |
|  |  | Direct income capitalization | Current Capitalization Rate | 5.4% | 3.4% - 7.2% | Decrease |
|  |  | Discounted cash flow | Exit Capitalization Rate | 5.7% | 3.1% - 8.8% | Decrease |
|  |  |  | Unlevered Discount Rate | 7.2% | 2.8% - 10.3% | Decrease |
|  |  |  | Discount Rate | 9.7% | 5.9% - 12.7% | Decrease |
|  |  |  | Enterprise Value/EBITDA Exit Multiple | 16.3x | 10.0x - 22.0x | Increase |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Other** <br>**Investments** | **$5180933** | (8) | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price | Illiquidity Discount | 9.0% | 5.0% - 15.0% | Decrease |
| **Other** <br>**Investments** |  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price | Weight Ascribed to Market Comparables | 32.0% | 0.0% - 100.0% | (4) |
|  |  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price | Weight Ascribed to Discounted Cash Flow | 55.0% | 0.0% - 100.0% | (5) |
|  |  |  | Inputs to market <br>comparables, discounted <br>cash flow and transaction <br>price | Weight Ascribed to Transaction Price | 13.0% | 0.0% - 100.0% | (6) |
|  |  |  | Market comparables | Enterprise Value/LTM EBITDA Multiple | 11.4x | 3.3x - 21.0x | Increase |
|  |  |  | Market comparables | Enterprise Value/Forward EBITDA Multiple | 10.6x | 4.0x - 16.0x | Increase |
|  |  |  | Discounted cash flow | Discount Rate | 13.2% | 3.5% - 43.7% | Decrease |
|  |  |  | Discounted cash flow | Enterprise Value/EBITDA Exit Multiple | 10.5x | 8.3x - 12.5x | Increase |
| **INSURANCE**<sup>(9)</sup> |  |  |  |  |  |  |  |
| **Corporate Fixed** <br>**Maturity** <br>**Securities**<br>| **$17185841** |  | Discounted cash flow | Discount Spread | 2.7% | 0.3% - 5.2% | Decrease |
| **Structured** <br>**Securities**<br>| **$5132268** |  | Discounted cash flow | Discount Spread | 2.2% | 1.4% - 5.2% | Decrease |
| **Mortgage and** <br>**Other Loan** <br>**Receivables**<br>| **$11154547** |  | Discounted cash flow | Discount Spread | 2.6% | 0.6% - 4.5% | Decrease |
| **Real Assets** | **$8696775** |  | Discounted cash flow | Discount Rate | 7.2% | 6.5% - 8.2% | Decrease |
|  |  |  |  | Terminal Capitalization Rate | 5.8% | 5.0% - 7.3% | Decrease |
| **Reinsurance** <br>**Recoverable**<br>| **$934105** |  | Present value of expenses <br>paid from the open block <br>plus the cost of capital held in <br>support of the liabilities.<br>| Expense Assumption | $17.3 | The average <br>expense <br>assumption is <br>between $8.2 and <br>$78.0 per policy, <br>increased by <br>inflation. The <br>annual inflation <br>rate was <br>increased by <br>| Increase |
|  |  |  | Unobservable inputs are a <br>market participant's view of <br>the expenses, a risk margin <br>on the uncertainty of the <br>level of expenses and a cost <br>of capital on the capital held <br>in support of the liabilities.<br>| Expense Risk Margin | 9.4% |  | Decrease |
|  |  |  |  | Cost of Capital | 9.5% | 3.7% - 13.9% | Increase |
|  |  |  | Discounted cash flow | Mortality Rate | 5.7% |  | Increase |
|  |  |  | Discounted cash flow | 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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

(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** <br>**December 31,** <br>**2025**<br>| **Valuation**<br>**Methodologies**<br>| **Unobservable Input(s)** <sup>(1)</sup> | **Weighted**<br>**Average** <sup>(2)</sup><br>| **Range** | **Impact to**<br> **Valuation**<br>**from an**<br>**Increase in**<br>**Input** <sup>(3)</sup><br>|
| **ASSET MANAGEMENT AND** <br>**STRATEGIC HOLDINGS** | **ASSET MANAGEMENT AND** <br>**STRATEGIC HOLDINGS** |  |  |  |  |  |
| **Unfunded** <br>**Revolver** <br>**Commitments**<br>| **$93289** | Yield Analysis | Discount Rate | 7.6% | 0.1% - 14.8% | Decrease |
| **INSURANCE**<sup>(4)</sup> |  |  |  |  |  |  |
| **Policy Liabilities** | **$1608580** | *Policy liabilities under fair* <br>*value option:*<br>|  |  |  |  |
| **Policy Liabilities** |  | Present value of best <br>estimate liability cash flows. <br>Unobservable inputs include <br>a market participant view of <br>the risk margin included in <br>the discount rate which <br>reflects the variability of the <br>cash flows.<br>| Risk Margin Rate | 0.6% | 0.4% - 0.7% | Decrease |
| **Policy Liabilities** |  | Policyholder behavior is also <br>a significant unobservable <br>input, including lapse, <br>surrender and mortality.<br>| Surrender Rate | 6.4% | 4.2% - 7.9% | Decrease |
| **Policy Liabilities** |  |  | Mortality Rate | 4.9% | 3.5% - 9.1% | Increase |
|  |  | *Market risk benefit:* |  |  |  |  |
|  |  | Fair value using a non-option <br>and option valuation <br>approach<br>| Instrument-specific Credit Risk (10 and 30 Year) |  | 0.6% / 0.6% | Decrease |
|  |  | Policyholder behavior is also <br>a significant unobservable <br>input, including lapse, <br>surrender, and mortality.<br>| Mortality Rate | 2.6% | 0.5% - 28.0% | Decrease |
|  |  |  | Surrender Rate | 3.7% | 0.1% - 36.0% | Decrease |
| **Closed Block** <br>**Policy Liabilities** | **$983855** | Present value of expenses <br>paid from the open block <br>plus the cost of capital held in <br>support of the liabilities.<br>| Expense Assumption | $17.3 | The average <br>expense <br>assumption is <br>between $8.2 and <br>$78.0 per policy, <br>increased by <br>inflation. The <br>annual inflation <br>rate was <br>increased by <br>| Increase |
| **Closed Block** <br>**Policy Liabilities** |  |  | Instrument-Specific Credit Risk | 0.5% | 0.4% - 0.6% | Decrease |
| **Closed Block** <br>**Policy Liabilities** |  | Unobservable inputs are a <br>market participant's view of <br>the expenses, a risk margin <br>on the uncertainty of the <br>level of expenses and a cost <br>of capital on the capital held <br>in support of the liabilities.<br>| Expense Risk Margin | 9.4% |  | Decrease |
| **Closed Block** <br>**Policy Liabilities** |  |  | Cost of Capital | 9.5% | 3.7% - 13.9% | Increase |
| **Closed Block** <br>**Policy Liabilities** |  | Discounted cash flow | Mortality Rate | 5.7% |  | Increase |
| **Closed Block** <br>**Policy Liabilities** |  |  | Surrender Rate | 2.0% |  | Increase |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Level III Liabilities** | **Fair Value** <br>**December 31,** <br>**2025**<br>| **Valuation**<br>**Methodologies**<br>| **Unobservable Input(s)** <sup>(1)</sup> | **Weighted**<br>**Average** <sup>(2)</sup><br>| **Range** | **Impact to**<br> **Valuation**<br>**from an**<br>**Increase in**<br>**Input** <sup>(3)</sup><br>|
| **Embedded** <br>**Derivative –** <br>**Interest-Sensitive** <br>**Life Products** | **$485025** | Policy persistency is a <br>significant unobservable <br>input.<br>| Lapse Rate | 3.2% |  | Decrease |
| **Embedded** <br>**Derivative –** <br>**Interest-Sensitive** <br>**Life Products** |  |  | Mortality Rate | 0.9% |  | Decrease |
| **Embedded** <br>**Derivative –** <br>**Interest-Sensitive** <br>**Life Products** |  | Future costs for options used <br>to hedge the contract <br>obligations<br>| Option Budget Assumption | 3.5% |  | Increase |
| **Embedded** <br>**Derivative –** <br>**Interest-Sensitive** <br>**Life Products** |  |  | Instrument-Specific Credit Risk | 0.5% | 0.4% - 0.6% | Decrease |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** | **$7355480** | Policyholder behavior is a <br>significant unobservable <br>input, including utilization <br>and lapse.<br>| Utilization: |  |  |  |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Fixed-Indexed Annuity | 96.5% |  | Increase |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Surrender Rate: |  |  |  |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Retail FIA | 13.4% |  | Increase |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Institutional FIA | 20.5% |  | Decrease |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Mortality Rate: |  |  |  |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Retail FIA | 2.8% |  | Decrease |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Institutional FIA | 1.7% |  | Decrease |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  | Future costs for options used <br>to hedge the contract <br>obligations<br>| Option Budget Assumption: |  |  |  |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Retail FIA | 3.1% |  | Increase |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Institutional FIA | 3.9% |  | Increase |
| **Embedded** <br>**Derivative –** <br>**Annuity Products** |  |  | Instrument-Specific Credit Risk | 0.5% | 0.4% - 0.6% | Decrease |

---

(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments,

market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has

determined that market participants would likely take these inputs into account when valuing the investments and debt obligations. "LTM" means last

twelve months, and "EBITDA" means earnings before interest, taxes, depreciation and amortization.

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

(3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to

the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these

inputs in isolation could result in significantly higher or lower fair value measurements.

(4)The fair value of the embedded derivative component of the funds withheld payable at interest has been excluded from the above table. The investments

supporting the funds withheld payable at interest balance are held in a trust by Global Atlantic. Accordingly, the unobservable inputs utilized in the

valuation of the embedded derivative are a component of the investments supporting the reinsurance cession agreements.

In the table above, certain private equity investments may be valued at cost for a period of time after an acquisition as

the best indicator of fair value. In addition, certain valuations of private equity investments may be entirely or partially

derived by reference to observable valuation measures for a pending or consummated transaction.

The various unobservable inputs used to determine the Level III valuations may have similar or diverging impacts on

valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could

result in significantly higher or lower fair value measurements as noted in the table above.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Financial Instruments Not Carried At Fair Value** 

Asset management and strategic holdings financial instruments are primarily measured at fair value on a recurring basis,

except as disclosed in Note 16 "Debt Obligations."

The following tables present carrying amounts and fair values of Global Atlantic's financial instruments which are not

carried at fair value as of December 31, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **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 | $42484070 | $— | $— | $41892590 | $41892590 |
| Policy Loans | 1651870 |  |  | 1622702 | 1622702 |
| FHLB Common Stock and Other <br>Investments<br>| 165117 |  |  | 165117 | 165117 |
| Funds Withheld Receivables at Interest | 2245488 |  | 2245488 |  | 2245488 |
| Cash and Cash Equivalents | 7511273 | 7511273 |  |  | 7511273 |
| Restricted Cash and Cash Equivalents | 211610 | 211610 |  |  | 211610 |
| **Total Financial Assets** | **$54269428** | **$7722883** | **$2245488** | **$43680409** | **$53648780** |
| **Financial Liabilities:** |  |  |  |  |  |
| *Insurance* |  |  |  |  |  |
| Policy Liabilities – Policyholder Account <br>Balances<br>| $66755852 | $— | $53979665 | $12388101 | $66367766 |
| Funds Withheld Payables at Interest | 49098598 |  | 49098598 |  | 49098598 |
| Debt Obligations | 3820407 |  |  | 3886916 | 3886916 |
| Securities Sold Under Agreements to <br>Repurchase<br>| 664249 |  | 664249 |  | 664249 |
| **Total Financial Liabilities** | **$120339106** | **$—** | **$103742512** | **$16275017** | **$120017529** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** | |
| **As of December 31, 2024** | **Carrying Value** | **Level I** | **Level II** | **Level III** | **Fair Value** |
| *($ in thousands)* |  |  |  |  |  |
| **Financial Assets:** |  |  |  |  |  |
| *Insurance*  |  |  |  |  |  |
| Mortgage and Other Loan Receivables | $51139968 | $— | $— | $49542913 | $49542913 |
| Policy Loans | 1622958 |  |  | 1557776 | 1557776 |
| FHLB Common Stock and Other <br>Investments<br>| 166919 |  |  | 166919 | 166919 |
| Funds Withheld Receivables at Interest | 2411971 |  | 2411971 |  | 2411971 |
| Cash and Cash Equivalents | 6343445 | 6343445 |  |  | 6343445 |
| Restricted Cash and Cash Equivalents | 350512 | 350512 |  |  | 350512 |
| **Total Financial Assets** | **$62035773** | **$6693957** | **$2411971** | **$51267608** | **$60373536** |
| **Financial Liabilities:** |  |  |  |  |  |
| *Insurance* |  |  |  |  |  |
| Policy Liabilities – Policyholder Account <br>Balances<br>| $59880083 | $— | $51914709 | $7088877 | $59003586 |
| Funds Withheld Payables at Interest | 46759454 |  | 46759454 |  | 46759454 |
| Debt Obligations | 3713336 |  |  | 3682060 | 3682060 |
| Securities Sold Under Agreements to <br>Repurchase<br>| 261396 |  | 261396 |  | 261396 |
| **Total Financial Liabilities** | **$110614269** | **$—** | **$98935559** | **$10770937** | **$109706496** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**10. FAIR VALUE OPTION**

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

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** <sup>(1)</sup> |  |  |
| *Asset Management and Strategic Holdings* |  |  |
| Credit | $456999 | $1323493 |
| Investments of Consolidated CFEs | 30673565 | 27488538 |
| Real Assets | 163839 | 290053 |
| Private Equity | 1145721 | 1571476 |
| Other Investments | 100075 | 124562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Management and Strategic Holdings | $32540199 | $30798122 |
| *Insurance* |  |  |
| Fixed Maturity Securities | $458463 | $100162 |
| Mortgage and Other Loan Receivables | 11154547 | 1611109 |
| Real Assets | 730721 | 471498 |
| Other Investments | 717107 | 47944 |
| Reinsurance Recoverable | 934105 | 940731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Insurance | $13994943 | $3171444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total**  | **$46535142** | **$33969566** |
| **Liabilities** |  |  |
| *Asset Management and Strategic Holdings* |  |  |
| Debt Obligations of Consolidated CFEs | $30227885 | $27150809 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Management and Strategic Holdings | $30227885 | $27150809 |
| *Insurance* |  |  |
| Policy Liabilities | $1242659 | $1265878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Insurance | $1242659 | $1265878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total**  | **$31470544** | **$28416687** |

---

(1)As of December 31, 2025 and December 31, 2024, the fair value of Equity Method investments was $1.3 billion and $1.8 billion, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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

value option was elected:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|  | **Net Realized** <br>**Gains (Losses)**<br>| **Net Unrealized** <br>**Gains (Losses)**<br>| **Total** |
| **Assets** <sup>(1)</sup> |  |  |  |
| *Asset Management and*<br>*Strategic Holdings*<br>|  |  |  |
| Credit | $(4190) | $(12831) | $(17021) |
| Investments of Consolidated CFEs | (249941) | (408109) | (658050) |
| Real Assets | 683 | 20430 | 21113 |
| Private Equity | 51920 | (19228) | 32692 |
| Other Investments | (5816) | 1086 | (4730) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Management and Strategic Holdings | $(207344) | $(418652) | $(625996) |
| *Insurance* |  |  |  |
| Fixed Maturity Securities | $295 | $(78016) | $(77721) |
| Mortgage and Other Loan Receivables | 16536 | 147809 | 164345 |
| Real Assets | 1359 | 8787 | 10146 |
| Other Investments | (463) | (51259) | (51722) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Insurance | $17727 | $27321 | $45048 |
| **Total** | **$(189617)** | **$(391331)** | **$(580948)** |
| **Liabilities** |  |  |  |
| *Asset Management and*<br>*Strategic Holdings*<br>|  |  |  |
| Debt Obligations of Consolidated CFEs | $(9661) | $387876 | $378215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Management and Strategic Holdings | $(9661) | $387876 | $378215 |
| *Insurance* |  |  |  |
| Policy Liabilities | $— | $18109 | $18109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Insurance | $— | $18109 | $18109 |
| **Total** | **$(9661)** | **$405985** | **$396324** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Net Realized** <br>**Gains (Losses)**<br>| **Net Unrealized**<br>**Gains (Losses)**<br>| **Total** |
| **Assets** <sup>(1)</sup> |  |  |  |
| *Asset Management and Strategic Holdings* |  |  |  |
| Credit | $(30456) | $5968 | $(24488) |
| Investments of Consolidated CFEs | (61580) | 84799 | 23219 |
| Real Assets | (8865) | (118631) | (127496) |
| Private Equity | 56846 | (58366) | (1520) |
| Other Investments | 5155 | (3957) | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Management and Strategic Holdings | $(38900) | $(90187) | $(129087) |
| *Insurance* |  |  |  |
| Fixed Maturity Securities | $— | $— | $— |
| Mortgage and Other Loan Receivables |  | 42778 | 42778 |
| Real Assets | 15842 | (29385) | (13543) |
| Other Investments |  | (15119) | (15119) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Insurance | $15842 | $(1726) | $14116 |
| **Total** | **$(23058)** | **$(91913)** | **$(114971)** |
| **Liabilities** |  |  |  |
| *Asset Management and Strategic Holdings* |  |  |  |
| Debt Obligations of Consolidated CFEs | $(10387) | $(58952) | $(69339) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Management and Strategic Holdings | $(10387) | $(58952) | $(69339) |
| *Insurance* |  |  |  |
| Policy Liabilities | $— | $84672 | $84672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Insurance | $— | $84672 | $84672 |
| **Total** | **$(10387)** | **$25720** | **$15333** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Net Realized** <br>**Gains (Losses)**<br>| **Net Unrealized**<br>**Gains (Losses)**<br>| **Total** |
| **Assets** <sup>(1)</sup> |  |  |  |
| *Asset Management and Strategic Holdings* |  |  |  |
| Credit | $(68282) | $48709 | $(19573) |
| Investments of Consolidated CFEs | (104196) | 1019063 | 914867 |
| Real Assets | 68955 | (109996) | (41041) |
| Private Equity | 72634 | 133973 | 206607 |
| Other Investments | 65012 | (882) | 64130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Management and Strategic Holdings | $34123 | $1090867 | $1124990 |
| *Insurance* |  |  |  |
| Mortgage and other loan receivables | $— | $(1342) | $(1342) |
| Real assets |  | (52291) | (52291) |
| Other Investments |  | (13123) | (13123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Insurance | $— | $(66756) | $(66756) |
| **Total** | **$34123** | **$1024111** | **$1058234** |
| **Liabilities** |  |  |  |
| *Asset Management and Strategic Holdings* |  |  |  |
| Debt Obligations of Consolidated CFEs | $(1212) | $(1015491) | $(1016703) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Asset Management and Strategic Holdings | $(1212) | $(1015491) | $(1016703) |
| *Insurance* |  |  |  |
| Policy liabilities | $— | $62621 | $62621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Insurance | $— | $62621 | $62621 |
| **Total** | **$(1212)** | **$(952870)** | **$(954082)** |

---

(1)As of December 31, 2025, December 31, 2024, and December 31, 2023, the net gains (losses) of Equity Method investments were $41.7 million, $(124.4)

million, and $232.1 million.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**11. INSURANCE INTANGIBLE ASSETS AND LIABILITIES**

The following reflects the reconciliation of the components of insurance intangible assets to the total balance reported in

the consolidated statements of financial condition as of December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Deferred Acquisition Costs, or "DAC" | $2366589 | $1731076 |
| Value of Business Acquired | 1080641 | 1165193 |
| Cost-of-Reinsurance Intangibles | 2308106 | 2302674 |
| Deferred Sales Inducements, or "DSI" | 149892 |  |
| **Total Insurance Intangible Assets** | **$5905228** | **$5198943** |

---

**Deferred Acquisition Costs**

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

December 31, 2025, 2024, and 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest Sensitive** <br>**Life**<br>| **Other** | **Total** |
| Balance, as of the Beginning of the Period | $463393 | $787585 | $131143 | $348955 | $1731076 |
| Capitalizations | 152042 | 415457 | 7846 | 388909 | 964254 |
| Amortization Expense | (125471) | (149653) | (8559) | (45058) | (328741) |
| **Balance, as of the End of the Period** | **$489964** | **$1053389** | **$130430** | **$692806** | **$2366589** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest Sensitive** <br>**Life**<br>| **Other** | **Total** |
| Balance, as of the Beginning of the Period | $373863 | $481970 | $132079 | $166785 | $1154697 |
| Capitalizations | 197662 | 404165 | 7640 | 202251 | 811718 |
| Amortization Expense | (108132) | (98550) | (8576) | (20081) | (235339) |
| **Balance, as of the End of the Period** | **$463393** | **$787585** | **$131143** | **$348955** | **$1731076** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest Sensitive** <br>**Life**<br>| **Other** | **Total** |
| Balance, as of the Beginning of the Period | $221679 | $367813 | $116021 | $115457 | $820970 |
| Capitalizations | 218243 | 175869 | 23592 | 66458 | 484162 |
| Amortization Expense | (66059) | (61712) | (7534) | (15130) | (150435) |
| **Balance, as of the End of the Period** | **$373863** | **$481970** | **$132079** | **$166785** | **$1154697** |

---

**Value of Business Acquired**

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

years ended December 31, 2025, 2024, and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest** <br>**Sensitive Life**<br>| **Variable** <br>**Annuities**<br>| **Other** | **Total** |
| Balance, as of the Beginning of the Period | $41235 | $578162 | $249412 | $224347 | $72037 | $1165193 |
| Amortization Expense | (3472) | (42639) | (12845) | (19391) | (6205) | (84552) |
| **Balance, as of the End of the Period** | **$37763** | **$535523** | **$236567** | **$204956** | **$65832** | **$1080641** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest** <br>**Sensitive Life**<br>| **Variable** <br>**Annuities**<br>| **Other** | **Total** |
| Balance, as of the Beginning of the Period | $44922 | $621372 | $262942 | $245042 | $78706 | $1252984 |
| Amortization Expense | (3687) | (43210) | (13530) | (20695) | (6669) | (87791) |
| **Balance, as of the End of the Period** | **$41235** | **$578162** | **$249412** | **$224347** | **$72037** | **$1165193** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest** <br>**Sensitive Life**<br>| **Variable** <br>**Annuities**<br>| **Other** | **Total** |
| Balance, as of the Beginning of the Period | $48762 | $663296 | $276795 | $241778 | $85898 | $1316529 |
| Amortization Expense | (3840) | (41924) | (13853) | 3264 | (7192) | (63545) |
| **Balance, as of the End of the Period** | **$44922** | **$621372** | **$262942** | **$245042** | **$78706** | **$1252984** |

---

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

category for the years ended December 31, 2025, 2024, and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest** <br>**Sensitive Life**<br>| **Variable** <br>**Annuities**<br>| **Other** | **Total** |
| Balance, as of the Beginning of the Period | $44432 | $75255 | $391816 | $85182 | $169623 | $766308 |
| Amortization Expense | (12493) | (22315) | (33688) | (6869) | (12511) | (87876) |
| **Balance, as of the End of the Period** | **$31939** | **$52940** | **$358128** | **$78313** | **$157112** | **$678432** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest** <br>**Sensitive Life**<br>| **Variable** <br>**Annuities**<br>| **Other** | **Total** |
| Balance, as of the Beginning of the Period | $65966 | $106538 | $421213 | $91295 | $182920 | $867932 |
| Amortization Expense | (21534) | (31283) | (29397) | (6113) | (13297) | (101624) |
| **Balance, as of the End of the Period** | **$44432** | **$75255** | **$391816** | **$85182** | **$169623** | **$766308** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest** <br>**Sensitive Life**<br>| **Variable** <br>**Annuities**<br>| **Other** | **Total** |
| Balance, as of the Beginning of the Period | $98342 | $145610 | $461592 | $99776 | $198804 | $1004124 |
| Amortization Expense | (32376) | (39072) | (40379) | (8481) | (15884) | (136192) |
| **Balance, as of the End of the Period** | **$65966** | **$106538** | **$421213** | **$91295** | **$182920** | **$867932** |

---

Estimated future amortization of VOBA and Negative VOBA as of December 31, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Years** | **VOBA** | **Negative VOBA** | **Total, net** |
| 2026 | $79616 | $(71562) | $8054 |
| 2027 | 74438 | (60837) | 13601 |
| 2028 | 69793 | (52894) | 16899 |
| 2029 | 65603 | (46871) | 18732 |
| 2030 | 61687 | (41655) | 20032 |
| Thereafter | 729504 | (404613) | 324891 |
| **Total** | **$1080641** | **$(678432)** | **$402209** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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 years ended December 31, 2025, 2024, and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
|  | **Preneed** | **Preneed** | **Preneed** |
| **Balance, as of the Beginning of the Period** | $230790 | $178053 | $118186 |
| Deferral | 69242 | 69303 | 71798 |
| Amortized to Income during the Period | (20822) | (16566) | (11931) |
| **Balance, as of the End of the Period** | **$279210** | **$230790** | **$178053** |

---

**Significant inputs, judgments, assumptions for insurance intangibles and related amortization amounts** 

Global Atlantic considers surrender rates, mortality rates, and other relevant policy decrements in determining the

expected life of the contract. As a part of Global Atlantic's actual experience update for the years ended December 31, 2025

and 2024, Global Atlantic concluded that there was no material change in relevant inputs, judgments, or assumptions

requiring an update of the amortization rate for insurance intangibles and related amortization amounts.

**12. REINSURANCE**

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Policy Liabilities:** |  |  |
| Direct | $97358820 | $84062566 |
| Assumed | 108199907 | 101142800 |
| **Total Policy Liabilities** | **205558727** | **185205366** |
| Ceded<sup>(1)</sup> | (47727495) | (45006124) |
| **Net Policy Liabilities** | **$157831232** | **$140199242** |

---

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

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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 December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **A.M. Best Rating**<sup>(1)</sup> | **Reinsurance** <br>**Recoverable and** <br>**Funds Withheld** <br>**Receivable at Interest**<br>| **Credit** <br>**Enhancements**<sup>(2)</sup><br>| **Net Reinsurance** <br>**Credit Exposure**<sup>(3)</sup><br>| **Reinsurance** <br>**Recoverable and** <br>**Funds Withheld** <br>**Receivable at Interest**<br>| **Credit** <br>**Enhancements**<sup>(2)</sup><br>| **Net Reinsurance** <br>**Credit Exposure**<sup>(3)</sup><br>|
| A++ | $77376 | $— | $77376 | $26854 | $— | $26854 |
| A+ | 2106064 |  | 2106064 | 1731697 |  | 1731697 |
| A | 1551142 |  | 1551142 | 2143893 |  | 2143893 |
| A- | 3633569 | 3182815 | 450754 | 3926161 | 3477840 | 448321 |
| B++ | 1552 |  | 1552 | 600 |  | 600 |
| B+ |  |  |  |  |  |  |
| B |  |  |  |  |  |  |
| B- |  |  |  |  |  |  |
| C++/C+ |  |  |  | (231) |  |  |
| Not Rated or Private <br>Rating<sup>(4)</sup><br>| 42977248 | 43639929 |  | 39979509 | 40484070 |  |
| **Total** | **$50346951** | **$46822744** | **$4186888** | **$47808483** | **$43961910** | **$4351365** |

---

(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 $25.6 million and $16.4 million as of December 31, 2025 and 2024, respectively, held against reinsurance recoverable

and funds withheld receivable at interest.

(4)Includes $43.0 billion and $40.0 billion as of December 31, 2025 and 2024, respectively, associated with cessions to certain sponsored investment vehicles

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

As of December 31, 2025 and 2024, Global Atlantic had $2.3 billion and $2.5 billion of funds withheld receivable at

interest with six counterparties related to modified coinsurance and funds withheld contracts, respectively. The assets

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Net Premiums:** |  |  |  |
| Direct | $1822474 | $642803 | $118535 |
| Assumed | 3370466 | 11915597 | 4138758 |
| Ceded | (1795754) | (4659566) | (2281618) |
| **Net Premiums** | **$3397186** | **$7898834** | **$1975675** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Policy Fees:** |  |  |  |
| Direct | $906470 | $917684 | $912931 |
| Assumed | 1099104 | 1111998 | 442085 |
| Ceded | (654760) | (651996) | (94767) |
| **Net Policy Fees** | **$1350814** | **$1377686** | **$1260249** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Net Policy Benefits and Claims:** |  |  |  |
| Direct | $6683552 | $4047792 | $3406055 |
| Assumed | 8249333 | 15949420 | 5922927 |
| Ceded | (4201732) | (6703930) | (2966725) |
| **Net Policy Benefits and Claims** | **$10731153** | **$13293282** | **$6362257** |

---

Global Atlantic holds collateral for, and provides collateral to, its reinsurance clients. Global Atlantic held $49.0 billion and

$46.6 billion, respectively, of collateral in the form of funds withheld payable at interest on behalf of its reinsurers as of

December 31, 2025 and 2024. As of both December 31, 2025 and 2024, reinsurers held collateral of $1.1 billion on behalf of

Global Atlantic. A significant portion of the collateral that Global Atlantic provides to its reinsurance clients is provided in the

form of assets held in a trust for the benefit of the counterparty. As of December 31, 2025 and 2024, these trusts held in

excess of the $107.3 billion and $100.2 billion of assets they are required to hold in order to support reserves of $104.1 billion

and $96.9 billion, respectively. Of the cash held in trust, Global Atlantic classified $139.1 million and $185.8 million as

restricted as of December 31, 2025 and 2024, respectively.

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

**STOCK**

For the years ended December 31, 2025, 2024, and 2023 basic and diluted Net Income (Loss) attributable to KKR & Co.

Inc. per share of common stock were calculated as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Net Income (Loss) Attributable to KKR & Co. Inc.** <br>**Common Stockholders**<br>| **$2251867** | **$3076245** | **$3680514** |
| (-) Accumulated Series D Mandatory Convertible Preferred Dividend <sup>(1)</sup> | 13477 |  |  |
| Net Income (Loss) Available to KKR & Co. Inc. <br>Common Stockholders – Basic<br>| $2238390 | $3076245 | $3680514 |
| (+) Series C Mandatory Convertible Preferred Dividend (if dilutive) <sup>(2)</sup> |  |  | 51747 |
| (+) Series D Mandatory Convertible Preferred Dividend (if dilutive) <sup>(3)</sup> |  |  |  |
| **Net Income (Loss) Available to KKR & Co. Inc.** <br>**Common Stockholders – Diluted**<br>| **$2238390** | **$3076245** | **$3732261** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Basic Net Income (Loss) Per Share of Common Stock** |  |  |  |
| Weighted Average Shares of Common Stock Outstanding – Basic | **890342060** | **887021433** | **867496813** |
| **Net Income (Loss) Attributable to KKR & Co. Inc.** <br>**Per Share of Common Stock – Basic**<br>| **$2.51** | **$3.47** | **$4.24** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Diluted Net Income (Loss) Per Share of Common Stock** |  |  |  |
| Weighted Average Shares of Common Stock Outstanding – Basic | 890342060 | 887021433 | 867496813 |
| Incremental Common Shares: |  |  |  |
| Assumed vesting of dilutive equity awards <sup>(4)</sup> | 65414866 | 51883167 | 25294958 |
| Assumed conversion of Series C Mandatory Convertible Preferred Stock <sup>(2)</sup> |  |  | 18995662 |
| Assumed conversion of Series D Mandatory Convertible Preferred Stock <sup>(3)</sup> |  |  |  |
| Weighted Average Shares of Common Stock Outstanding – Diluted | 955756926 | 938904600 | 911787433 |
| **Net Income (Loss) Attributable to KKR & Co. Inc.** <br>**Per Share of Common Stock – Diluted**<br>| **$2.34** | **$3.28** | **$4.09** |

---

(1)For the year ended December 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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

(2)For the year ended December 31, 2023, the impact of Series C Mandatory Convertible Preferred Stock calculated under the if-converted method was

dilutive, and as such (i) shares of common stock (assuming a conversion ratio based on the average volume weighted average price per share of common

stock over each reporting period) were included in the Weighted Average Shares of Common Stock Outstanding - Diluted and (ii) Series C Mandatory

Convertible Preferred dividends were added back to Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Diluted.

(3)For the year ended December 31, 2025, the impact of Series D Mandatory Convertible Preferred Stock calculated under the if-converted method was not

dilutive.

(4)For the years ended December 31, 2025, 2024, and 2023, Weighted Average Shares of Common Stock Outstanding – Diluted includes unvested equity

awards, including certain equity awards that have met their market price-based vesting condition but have not satisfied their service-based vesting

condition. Vesting of these equity awards dilute equity holders of KKR Group Partnership, including KKR & Co. Inc. and holders of exchangeable securities

pro rata in accordance with their respective ownership interests in KKR Group Partnership.

*Exchangeable Securities*

For the years ended December 31, 2025, 2024, and 2023 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Weighted Average Vested Restricted Holdings Units | 9,200,005 | 6,828,095 | 3,675,345 |

---

*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 December

31, 2025, 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. For the years ended December 31, 2024, and 2023,

19.4 million and 25.7 million, respectively, of unvested equity awards that are subject to market price based and service-

based vesting conditions were excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of

Common Stock - Diluted since the market price based vesting condition was not satisfied. See Note 19 "Equity-Based

Compensation" in our financial statements.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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

Other Assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| *Asset Management and Strategic Holdings* |  |  |
| Unsettled Investment Sales <sup>(1)</sup> | $738343 | $293379 |
| Receivables | 253412 | 259644 |
| Due from Broker <sup>(2)</sup> | 127220 | 97524 |
| Deferred Tax Assets, net | 82870 | 50627 |
| Interest Receivable | 311293 | 264680 |
| Fixed Assets, net <sup>(3)</sup> | 975498 | 902896 |
| Foreign Exchange Contracts and Options <sup>(4)</sup> | 179920 | 511513 |
| Goodwill <sup>(5)(6)</sup> | 519582 | 509561 |
| Intangible Assets <sup>(6)(7)</sup> | 1614179 | 1457871 |
| Derivative Assets | 9905 | 8444 |
| Prepaid Taxes | 256945 | 167751 |
| Prepaid Expenses | 92144 | 57629 |
| Operating Lease Right of Use Assets <sup>(8)</sup> | 706884 | 701274 |
| Deferred Financing Costs | 17737 | 19594 |
| Other | 408449 | 231899 |
| Total Asset Management and Strategic Holdings  | $6294381 | $5534286 |
| *Insurance* |  |  |
| Deferred Tax Assets, net | $2799455 | $2788672 |
| Accrued Investment Income | 1665064 | 1475704 |
| Goodwill | 509972 | 509972 |
| Unsettled Investment Sales<sup>(1)</sup>and Derivative Collateral Receivables | 435263 | 141532 |
| Derivative Assets | 306022 | 61351 |
| Premiums and Other Account Receivables | 234114 | 254992 |
| Intangible Assets<sup>(9)</sup> | 233012 | 343657 |
| Operating Lease Right of Use Assets <sup>(8)</sup> | 157113 | 165204 |
| Market Risk Benefit Assets | 997 | 2319 |
| Prepaid Taxes |  | 273197 |
| Other | 321899 | 276104 |
| Total Insurance | $6662911 | $6292704 |
| **Total Other Assets** | **$12957292** | **$11826990** |

---

(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 $383.1 million and $326.0 million as of December 31, 2025 and December 31, 2024, respectively.

Depreciation and amortization expense of $81.4 million, $71.6 million, and $68.4 million for the years ended December 31, 2025, 2024, and 2023

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 December 31, 2025, the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. As of December 31, 2025, there

are approximately $(81.5) million of cumulative foreign currency translation adjustments included in AOCI related to the goodwill recorded as result of the

acquisition of KJRM.

(6)KKR acquired HealthCare Royalty Management, LLC on July 30, 2025, and recognized goodwill of $8.6 million allocated to the Asset Management

segment, intangibles assets of $141.6 million, and noncontrolling interests of $28.3 million.

(7)As of December 31, 2025, there are approximately $(277.8) 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 $103.2 million, $89.7 million, and $67.8 million for the years ended December 31,

2025, 2024, and 2023 respectively. For Insurance, non-cancelable operating leases consist of leases for office space and land in North America. For the

years ended December 31, 2025, 2024, and 2023 the operating lease cost was $19.0 million, $20.9 million, and $21.9 million, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

(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 10.7 years. The

indefinite life intangible assets are not subject to amortization. The amortization expense of definite life intangible assets was $18.8 million, $19.1 million,

and $17.6 million for the years ended December 31, 2025, 2024, and 2023, respectively

Accrued Expenses and Other Liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| *Asset Management and Strategic Holdings* |  |  |
| Amounts Payable to Carry Pool <sup>(1)</sup> | $5875527 | $4170773 |
| Unsettled Investment Purchases <sup>(2)</sup> | 1805026 | 2081970 |
| Securities Sold Short <sup>(3)</sup> | 134669 | 109168 |
| Accrued Compensation and Benefits | 122574 | 130717 |
| Interest Payable | 520781 | 467324 |
| Foreign Exchange Contracts and Options <sup>(4)</sup> | 1034543 | 131339 |
| Accounts Payable and Accrued Expenses | 632920 | 425731 |
| Taxes Payable | 83830 | 91398 |
| Uncertain Tax Positions  | 45515 | 42054 |
| Unfunded Revolver Commitments | 93289 | 96848 |
| Operating Lease Liabilities <sup>(5)</sup> | 759796 | 722241 |
| Deferred Tax Liabilities, net  | 3060541 | 2840342 |
| Other Liabilities | 179324 | 138598 |
| Total Asset Management and Strategic Holdings | $14348335 | $11448503 |
| *Insurance* |  |  |
| Unsettled Investment Purchases<sup>(2)</sup> and Derivative Collateral Liabilities | $926008 | $347121 |
| Securities Sold Under Agreements to Repurchase | 664249 | 261396 |
| Accrued Expenses | 662891 | 562226 |
| Derivative Liabilities | 436245 | 389187 |
| Operating Lease Liabilities <sup>(5)</sup> | 175679 | 185547 |
| Insurance Operations Balances in Course of Settlement | 135575 | 190775 |
| Current Income Tax Payable | 71624 |  |
| Accrued Employee Related Expenses | 114965 | 107049 |
| Accounts and Commissions Payable | 46945 | 31414 |
| Tax Payable to Former Parent Company | 46318 | 49477 |
| Interest Payable | 37448 | 40315 |
| Other Tax Related Liabilities | 23748 | 22455 |
| Total Insurance | $3341695 | $2186962 |
| **Total Accrued Expenses and Other Liabilities** | **$17690030** | **$13635465** |

---

(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 12.7 years and 13.1 years as of

December 31, 2025 and December 31, 2024, respectively. The weighted average discount rates were 3.8% and 3.7% as of December 31, 2025 and

December 31, 2024, respectively. 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 6.8 years and 7.4 years as

of December 31, 2025 and 2024, respectively. The weighted average discount rates were 4.9% and 4.7% as of December 31, 2025 and 2024, respectively.

The weighted average remaining lease terms for land were 42.0 years and 42.8 years as of December 31, 2025 and 2024, respectively. For Asset

Management and Strategic Holdings and Insurance, non-cash right of use assets obtained in exchange for new operating lease liabilities were $155.2

million, $408.0 million, and $32.5 million for the years ended December 31, 2025, 2024, and 2023, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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 December 31, 2025, KKR's

commitments to these unconsolidated investment funds were $2.2 billion. KKR generally has not provided any financial

support other than its obligated amount as of December 31, 2025. Additionally, Global Atlantic has unfunded commitments of

$447.1 million as of December 31, 2025.

As of December 31, 2025 and December 31, 2024, the maximum exposure to loss, before allocations to the carry pool

and noncontrolling interests, if any, for those VIEs in which KKR is determined not to be the primary beneficiary but in which it

has a variable interest is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| *Asset Management and Strategic Holdings* |  |  |
| Investments  | $11842627 | $9798370 |
| Due from (to) Affiliates, net | 1871408 | 1437525 |
| Maximum Exposure to Loss  | $13714035 | $11235895 |
| *Insurance*  |  |  |
| Real Assets | $79367 | $124910 |
| Other Investments | 720933 | 664951 |
| Maximum Exposure to Loss  | $800300 | $789861 |
| **Total Maximum Exposure to Loss** | **$14514335** | **$12025756** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **By remaining maturity at**<br>**period end date**<br>| **Financing** <br>**Available**<br>| **Principal** | **Carrying** <br>**Value** <br>| **Fair** <br>**Value**<br>| **Financing** <br>**Available**<br>| **Principal** | **Carrying** <br>**Value**<br>| **Fair** <br>**Value**<br>|
| **<u>Revolving Credit Facilities:</u>** <sup>(1)</sup> |  |  |  |  |  |  |  |  |
| Under 1 Year | $750000 | $— | $— | $— | $750000 | $— | $— | $— |
| 1-5 Years | 3491580 |  |  |  | 3468753 |  |  |  |
| After 5 Years |  |  |  |  |  |  |  |  |
| Subtotal | 4241580 |  |  |  | 4218753 |  |  |  |
| **<u>KKR USD Senior Notes:</u>** <sup>(2)(3)(6)(8)</sup> |  |  |  |  |  |  |  |  |
| Under 1 Year |  |  |  |  |  |  |  |  |
| 1-5 Years |  | 750000 | 746889 | 734340 |  | 750000 | 746000 | 709328 |
| After 5 Years |  | 5150000 | 5061292 | 4423212 |  | 4250000 | 4167548 | 3436331 |
| Subtotal |  | 5900000 | 5808181 | 5157552 |  | 5000000 | 4913548 | 4145659 |
| **<u>KKR Yen Senior Notes:</u>** <sup>(2)(3)(6)</sup> |  |  |  |  |  |  |  |  |
| Under 1 Year<sup>(9)</sup> |  |  |  |  |  | 31788 | 31762 | 31766 |
| 1-5 Years |  | 844873 | 842356 | 830188 |  | 830314 | 826986 | 823390 |
| After 5 Years |  | 582605 | 576434 | 511264 |  | 591902 | 584999 | 570285 |
| Subtotal |  | 1427478 | 1418790 | 1341452 |  | 1454004 | 1443747 | 1425441 |
| **<u>KKR Euro Senior Notes:</u>** <sup>(2)(3)(6)</sup> |  |  |  |  |  |  |  |  |
| Under 1 Year |  |  |  |  |  |  |  |  |
| 1-5 Years |  | 763538 | 760278 | 725033 |  | 673366 | 669325 | 634836 |
| After 5 Years |  |  |  |  |  |  |  |  |
| Subtotal |  | 763538 | 760278 | 725033 |  | 673366 | 669325 | 634836 |
| **<u>KKR Subordinated Notes:</u>** <sup>(2)(3)(7)</sup> |  |  |  |  |  |  |  |  |
| Under 1 Year |  |  |  |  |  |  |  |  |
| 1-5 Years |  |  |  |  |  |  |  |  |
| After 5 Years |  | 1090000 | 1059366 | 951180 |  | 500000 | 487110 | 366200 |
| Subtotal |  | 1090000 | 1059366 | 951180 |  | 500000 | 487110 | 366200 |
| **<u>KFN USD Senior Notes:</u>** <sup>(2)(3)(4)</sup> |  |  |  |  |  |  |  |  |
| Under 1 Year |  |  |  |  |  |  |  |  |
| 1-5 Years |  |  |  |  |  |  |  |  |
| After 5 Years |  | 190000 | 188459 | 194534 |  | 690000 | 684730 | 608237 |
| Subtotal |  | 190000 | 188459 | 194534 |  | 690000 | 684730 | 608237 |
| **<u>KFN Junior Subordinated Notes:</u>**<sup>(2)(4)(5)</sup> | **<u>KFN Junior Subordinated Notes:</u>**<sup>(2)(4)(5)</sup> |  |  |  |  |  |  |  |
| Under 1 Year |  |  |  |  |  |  |  |  |
| 1-5 Years |  |  |  |  |  |  |  |  |
| After 5 Years |  |  |  |  |  | 258517 | 240136 | 211909 |
| Subtotal |  |  |  |  |  | 258517 | 240136 | 211909 |
| Total KKR & KFN Notes | 4241580 | 9371016 | 9235074 | 8369751 | 4218753 | 8575887 | 8438596 | 7392282 |
| <u>Other Debt Obligations:</u> <sup>(1)(2)(8)</sup> | 6356060 | 40612665 | 39882670 | 39860877 | 5628669 | 37697802 | 37495324 | 37409158 |
| **Total** | **$10597640** | **$49983681** | **$49117744** | **$48230628** | **$9847422** | **$46273689** | **$45933920** | **$44801440** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

(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:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| KKR USD Senior Notes | 4.37% | 4.23% |
| KKR Yen Senior Notes | 1.69% | 1.67% |
| KKR Euro Senior Notes | 1.63% | 1.63% |
| KKR Subordinated Notes | 5.84% | 4.63% |
| KFN USD Senior Notes | 5.27% | 5.44% |

---

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

investments.

(5)As of December 31, 2025, the floating-rate notes were fully repaid. The interest rates on the notes were floating, with a weighted average interest rate of

7.3% and a weighted average maturity of 11.8 years as of December 31, 2024.

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

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

listed.

(8)As of December 31, 2025 and December 31, 2024, the principal value, carrying value and fair value reflects the elimination for the portion of applicable

debt obligations that are held by Global Atlantic.

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

*Redemption of KFN 5.500% Senior Notes Due 2032*

On August 19, 2025, KKR Financial Holdings LLC, a wholly-owned KKR subsidiary ("KFN"), fully redeemed all of its

$500,000,000 aggregate principal amount outstanding 5.500% Senior Notes due 2032 at a redemption price equal to 100% of

the principal amount thereof plus accrued and unpaid interest thereon, which amounted to approximately $510.6 million.

*KKR Issued 5.100% Senior Notes Due 2035*

On August 7, 2025, KKR & Co. Inc. completed the offering of $900,000,000 aggregate principal amount of its 5.100%

Senior Notes due 2035 (the "2035 Notes"). The 2035 Notes are guaranteed by KKR Group Partnership L.P. The 2035 Notes

were issued pursuant to an indenture (the "2035 Notes Base Indenture") dated May 28, 2025 between KKR & Co. Inc. and The

Bank of New York Mellon Trust Company, N.A., as trustee (the "2035 Notes Trustee"), as supplemented by a second

supplemental indenture, dated August 7, 2025 (the "2035 Notes Second Supplemental Indenture" and, together with the

2035 Notes Base Indenture, the "2035 Notes Indenture"), among KKR & Co. Inc., KKR Group Partnership L.P., and the 2035

Notes Trustee.

The 2035 Notes bear interest at a rate of 5.100% per annum and will mature on August 7, 2035 unless earlier redeemed.

Interest on the 2035 Notes accrues from August 7, 2025 and is payable semi-annually in arrears on February 7 and August 7 of

each year, commencing on February 7, 2026 and ending on the maturity date. The 2035 Notes are unsecured and

unsubordinated obligations of KKR & Co. Inc. The 2035 Notes are fully and unconditionally guaranteed, on an unsubordinated

unsecured basis, by KKR Group Partnership L.P.

The 2035 Notes Indenture includes covenants, including limitations on KKR & Co. Inc.'s and KKR Group Partnership L.P.'s

ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of

their subsidiaries or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2035 Notes

Indenture also provides for events of default and further provides that the 2035 Notes Trustee or the holders of not less than

25% in aggregate principal amount of the outstanding 2035 Notes may declare the 2035 Notes immediately due and payable

upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the

case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the 2035 Notes and

any accrued and unpaid interest on the 2035 Notes automatically become due and payable. Prior to May 7, 2035, the 2035

Notes may be redeemed at KKR & Co. Inc.'s option in whole or in part, at any time and from time to time, at the make-whole

redemption price set forth in the 2035 Notes. On or after May 7, 2035, the 2035 Notes may be redeemed at KKR & Co. Inc.'s

option in whole or in part, at any time and from time to time, at par plus any accrued and unpaid interest on the 2035 Notes

redeemed to, but not including, the date of redemption. If a change of control repurchase event (as defined in the 2035 Notes

Indenture) occurs, KKR & Co. Inc. must offer to repurchase the 2035 Notes at a repurchase price in cash equal to 101% of the

aggregate principal amount of the 2035 Notes repurchased plus any accrued and unpaid interest on the 2035 Notes

repurchased to, but not including, the date of repurchase.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

*KKR Issued 6.875% Subordinated Notes Due 2065*

On May 28, 2025, KKR & Co. Inc. completed the offering of $590,000,000 aggregate principal amount of its 6.875%

Subordinated Notes due 2065 (the "2065 Notes"), including $40,000,000 principal amount of 2065 Notes issued pursuant to

the partial exercise by the underwriters of the 2065 Notes of their 30-day option to purchase up to an additional $82,500,000

principal amount of 2065 Notes to cover over-allotments. The 2065 Notes are guaranteed by KKR Group Partnership L.P. The

2065 Notes were issued pursuant to an indenture (the "2065 Base Indenture") dated May 28, 2025, between KKR & Co. Inc.

and The Bank of New York Mellon Trust Company, N.A., as trustee (the "2065 Notes Trustee"), as supplemented by a first

supplemental indenture, dated May 28, 2025, (the "2065 First Supplemental Indenture" and, together with the 2065 Base

Indenture, the "2065 Notes Indenture"), among KKR & Co. Inc., KKR Group Partnership L.P., and the 2065 Notes Trustee.

The 2065 Notes bear interest at a rate of 6.875% per annum and will mature on June 1, 2065 unless earlier redeemed.

Interest on the 2065 Notes accrues from May 28, 2025, and is payable quarterly in arrears on March 1, June 1, September 1,

and December 1 of each year, commencing on September 1, 2025, and ending on the maturity date. The 2065 Notes are

unsecured and subordinated obligations of KKR & Co. Inc. The 2065 Notes are fully and unconditionally guaranteed, on a

subordinated unsecured basis, by KKR Group Partnership L.P.

The 2065 Notes Indenture includes covenants, including limitations on KKR & Co. Inc.'s and KKR Group Partnership L.P.'s

ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of

their subsidiaries or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2065 Notes

Indenture also provides for events of default and further provides that the 2065 Notes Trustee or the holders of not less than

25% in aggregate principal amount of the outstanding 2065 Notes may declare the 2065 Notes immediately due and payable

upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the

case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the 2065 Notes and

any accrued and unpaid interest on the 2065 Notes automatically become due and payable. On or after June 1, 2030, the

2065 Notes may be redeemed at KKR & Co. Inc.'s option in whole or in part, at any time and from time to time, at par plus any

accrued and unpaid interest to, but excluding, the date of redemption; provided that if the 2065 Notes are not redeemed in

whole, at least $25 million aggregate principal amount of the 2065 Notes must remain outstanding after giving effect to such

redemption. If a "tax redemption event" (as set forth in the 2065 Notes Indenture) occurs, the 2065 Notes may be redeemed,

in whole, but not in part, within 120 days of the occurrence of such tax redemption event at a redemption price equal to their

principal amount plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the 2065 Notes may

be redeemed, in whole, but not in part, at any time prior to June 1, 2030, within 90 days of the occurrence of a rating agency

event (as set forth in the 2065 Notes Indenture), at a redemption price equal to 102% of their principal amount plus any

accrued and unpaid interest to, but excluding, the date of redemption.

*KCM 364-Day Revolving Credit Facility*

On April 2, 2025, KKR Capital Markets Holdings L.P. and certain other capital markets subsidiaries (the "KCM Borrowers")

replaced their existing 364-day revolving credit agreement with a new 364-day revolving credit agreement (the "KCM 364-Day

Revolving Credit Facility") with Mizuho Bank, Ltd., as administrative agent, and one or more lenders party thereto. The KCM

364-Day Revolving Credit Facility replaced the prior 364-day revolving credit facility, dated as of April 4, 2024, between the

KCM Borrowers and the administrative agent, and one or more lenders party to the prior facility, which was terminated

according to its terms on April 2, 2025. The KCM 364-Day Revolving Credit Facility provides for revolving borrowings up to

$750 million, expires on April 1, 2026, and ranks pari passu with the existing $750 million 5-year revolving credit facility

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

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

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

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

business, and its liabilities are non-recourse to other parts of KKR's business. The KCM 364-Day Revolving Credit Facility

contains customary representations and warranties, events of default, and affirmative and negative covenants, including a

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

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

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

of the KCM Borrowers.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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 December 31, 2025, other debt obligations consisted of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financing** <br>**Available**<br>| **Principal** | **Carrying** <br>**Value**<sup>(1)</sup><br>| **Fair Value** | **Weighted**<br>**Average**<br>**Interest Rate**<br>| **Weighted Average** <br>**Remaining** <br>**Maturity in Years**<br>|
| Financing Facilities of Consolidated Funds and Other  | $6356060 | $9678441 | $9654785 | $9632992 | 5.2% | 5.1 |
| Debt Obligations of Consolidated CFEs  |  | 30934224 | 30227885 | 30227885 | <sup>(2)</sup> | 10.6 |
|  | **$6356060** | **$40612665** | **$39882670** | **$39860877** |  |  |

---

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

(2)The senior notes of the consolidated CFEs had a weighted average interest rate of 5.1%. 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 December 31, 2025, the fair value of the consolidated

CLO assets was $34.3 billion. This collateral consisted of Cash and Cash Equivalents, Investments, and Other Assets.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

Global Atlantic's debt obligations consisted of the following:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **By Remaining Maturity at**<br>**Period End Date**<br>| **Financing** <br>**Available**<br>| **Principal** | **Carrying** <br>**Value**<sup>(1)</sup> <br>| **Fair Value**<sup>(2)</sup> | **Financing** <br>**Available**<br>| **Principal** | **Carrying** <br>**Value**<sup>(1)</sup> <br>| **Fair Value**<sup>(2)</sup> |
| **<u>Revolving Credit Facilities:</u>** |  |  |  |  |  |  |  |  |
| Under 1 Year | $— | $— | $— | $— | $— | $— | $— | $— |
| 1-5 Years | 1000000 |  |  |  | 1000000 |  |  |  |
| After 5 Years |  |  |  |  |  |  |  |  |
| Subtotal | 1000000 |  |  |  | 1000000 |  |  |  |
| **<u>Senior Notes:</u>** <sup>(4)</sup> |  |  |  |  |  |  |  |  |
| Under 1 Year |  |  |  |  |  |  |  |  |
| 1-5 Years |  | 500000 | 478361 | 492650 |  | 500000 | 459138 | 474250 |
| After 5 Years |  | 2050000 | 1944982 | 2098205 |  | 2050000 | 1854183 | 2040505 |
| Subtotal |  | 2550000 | 2423343 | 2590855 |  | 2550000 | 2313321 | 2514755 |
| **<u>Subordinated Notes:</u>** <sup>(4)</sup> |  |  |  |  |  |  |  |  |
| Under 1 Year |  |  |  |  |  |  |  |  |
| 1-5 Years |  |  |  |  |  |  |  |  |
| After 5 Years |  | 1223741 | 1199664 | 1249395 |  | 1350000 | 1329615 | 1353975 |
| Subtotal |  | 1223741 | 1199664 | 1249395 |  | 1350000 | 1329615 | 1353975 |
| Debt Obligations of Consolidated <br>Special Purpose Vehicles<sup>(3)</sup><br>| 142600 | 197400 | 197400 | 197400 | 269600 | 70400 | 70400 | 70394 |
| **Total** | **$1142600** | **$3971141** | **$3820407** | **$4037650** | **$1269600** | **$3970400** | **$3713336** | **$3939124** |

---

(1)Carrying value of debt as of December 31, 2025 and 2024, includes purchase accounting adjustments of $26.9 million and $34.1 million, respectively, net

debt issuance costs of $(54.2) million and $(57.9) million, respectively, and cumulative fair value loss on hedged debt obligations of $(123.5) million and

$(233.2) million, respectively. The amortization of the purchase accounting adjustments was $7.1 million, $6.1 million, and $3.1 million for the years

ended December 31, 2025, 2024, and 2023, 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:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Senior Notes | 5.67% | 5.67% |
| Subordinated Notes | 7.54% | 6.14% |

---

*Tender offer of Global Atlantic 4.70% Subordinated Debentures due 2051*

On November 17, 2025, Global Atlantic (Fin) Company ("GA FinCo") commenced an at-par cash tender offer for its then

outstanding $750 million aggregate principal amount of 4.70% subordinated debentures due 2051. Upon close of the tender

offer on November 21, 2025, Global Atlantic accepted $726 million aggregate principal amount of such debentured that had

been offered for purchase.

*Issuance of Global Atlantic 7.25% Subordinated Debentures due 2056*

On November 26, 2025, GA FinCo issued $600 million aggregate principal amount of 7.25% fixed-to-fixed rate

subordinated debentures maturing on March 1, 2056. The subordinated debentures were issued pursuant to the

Subordinated Indenture, dated as of July 6, 2021, among GA FinCo, as issuer, Global Atlantic Limited (Delaware) (formerly

known as Global Atlantic Financial Limited, "GALD"), as guarantor, and U.S. Bank National Association, as trustee, as

supplemented by the Third Supplemental Indenture, dated as of November 26, 2025.

The subordinated debentures will bear interest (i) from, and including, November 26, 2025 to, but not including, the

initial interest reset date of March 1, 2031 at an annual rate of 7.25% and (ii) from and including March 1, 2031, during each

interest reset period, at an annual rate equal to the five-year Treasury rate as of the most recent reset interest determination

date, plus 3.55% provided, that the interest rate during any interest reset period will not reset below 7.25% (which equals the

initial interest rate on the Debentures). Interest on the subordinated debentures is payable semi-annually in arrears on March

1 and September 1 of each year, commencing on March 1, 2026, and on the maturity date.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

GA FinCo has the right on one or more occasions to defer the payment of interest on the subordinated debentures due

2056 for up to five consecutive years. During an optional deferral period, interest will continue to accrue at the interest rate

on the subordinated debentures due 2056, compounded semi-annually as of each interest payment date, and certain

restrictions are placed on GA FinCo and GALD including with respect to making payments on any indebtedness or guarantees

ranking on parity with or junior to the subordinated indentures.

GA FinCo may elect to redeem the subordinated debentures due 2056 either in whole at any time or in part from time to

time during the three-month period prior to, and including, March 1, 2031, or after the initial interest reset date, on any

interest payment date, in each case at 100% of the principal amount of the subordinated debentures being redeemed, plus

accrued and unpaid interest (including compounded interest, if any) to, but excluding, the redemption date. GA FinCo also has

certain redemption rights related to tax, rating agency and capital events.

*Global Atlantic Insurance Operating Company Revolving Credit Facility*

On January 16, 2026, subsequent to the end of the period, 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 $3.00 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 $3.50 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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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 December 31, 2025. KKR (including Global

Atlantic) was in compliance with such debt covenants in all material respects as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Scheduled principal payments for Asset Management and Strategic Holdings debt obligations as of December 31, 2025 <br>are as follows:  | Scheduled principal payments for Asset Management and Strategic Holdings debt obligations as of December 31, 2025 <br>are as follows:  | Scheduled principal payments for Asset Management and Strategic Holdings debt obligations as of December 31, 2025 <br>are as follows:  | Scheduled principal payments for Asset Management and Strategic Holdings debt obligations as of December 31, 2025 <br>are as follows:  | Scheduled principal payments for Asset Management and Strategic Holdings debt obligations as of December 31, 2025 <br>are as follows:  |
|  | **Revolving Credit**<br>**Facilities**<br>| **Notes Issued** | **Other** <br>**Debt Obligations**<br>| **Total** |
| 2026 |  |  | 798866 | 798866 |
| 2027 |  | 232276 | 2395891 | 2628167 |
| 2028 |  | 285240 | 1016862 | 1302102 |
| 2029 |  | 1829408 | 276957 | 2106365 |
| 2030 |  | 11487 | 798103 | 809590 |
| Thereafter |  | 7012605 | 35325986 | 42338591 |
|  | **$—** | **$9371016** | **$40612665** | **$49983681** |
| Scheduled principal payments for Insurance debt obligations as of December 31, 2025 are as follows: | Scheduled principal payments for Insurance debt obligations as of December 31, 2025 are as follows: | Scheduled principal payments for Insurance debt obligations as of December 31, 2025 are as follows: | Scheduled principal payments for Insurance debt obligations as of December 31, 2025 are as follows: | Scheduled principal payments for Insurance debt obligations as of December 31, 2025 are as follows: |
|  | **Revolving Credit**<br>**Facilities**<br>| **Notes Issued** | **Other** <br>**Debt Obligations**<br>| **Total** |
| 2026 | $— | $— | $— | $— |
| 2027 |  |  | 197400 | 197400 |
| 2028 |  |  |  |  |
| 2029 |  | 500000 |  | 500000 |
| 2030 |  |  |  |  |
| Thereafter |  | 3273741 |  | 3273741 |
|  | **$—** | **$3773741** | **$197400** | **$3971141** |

---

**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 December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Policyholders' Account Balances | $151484861 | $137881796 |
| Liability for Future Policy Benefits | 30646223 | 26795091 |
| Additional Liability for Annuitization, Death, or Other Insurance Benefits | 7923814 | 7491915 |
| Market Risk Benefit Liability | 1349774 | 1002236 |
| Other Policy-Related Liabilities<sup>(1)</sup> | 14154055 | 12034328 |
| **Total Policy Liabilities** | **$205558727** | **$185205366** |

---

(1)Other policy-related liabilities as of December 31, 2025 and 2024 primarily consist of embedded derivatives associated with contractholder deposit funds

($7.8 billion and $6.0 billion, respectively), cost-of-reinsurance liabilities (both $3.1 billion), policy liabilities accounted under a fair value option ($1.1

billion and $1.2 billion, respectively), negative VOBA ($678.4 million and $766.3 million, respectively) and outstanding claims ($355.8 million and $303.8

million, respectively).

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Policyholders' Account Balances**

The following reflects the policyholders' account balances roll-forward for the years ended December 31, 2025 and 2024,

and the policyholders' account balances weighted average interest rates, net amount at risk, and cash surrender value as of

those dates:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest** <br>**Sensitive Life**<br>| **Funding** <br>**Agreements**<br>| **Other**<sup>(1)</sup> | **Total** |
| Balance as of Beginning of Period | $65086617 | $33718335 | $22175897 | $7158103 | $9742844 | $137881796 |
| Issuances and Premiums Received | 12001427 | 7200884 | 1115543 | 7709696 | 3154406 | 31181956 |
| Benefit Payments, Surrenders, and Withdrawals | (10728514) | (4911507) | (1638152) | (3139916) | (1397950) | (21816039) |
| Interest<sup>(2)</sup> | 2820447 | 1014152 | 723022 | 414953 | 339300 | 5311874 |
| Other Activity<sup>(3)</sup> | (353307) | (2602) | (906028) | 102284 | 84927 | (1074726) |
| **Balance as of End of Period** | **$68826670** | **$37019262** | **$21470282** | **$12245120** | **$11923527** | **$151484861** |
| Less: Reinsurance Recoverable | (12768756) | (2931199) | (7299702) |  | (3202519) | (26202176) |
| **Balance as of End of Period, Net of** <br>**Reinsurance Recoverable**<br>| **$56057914** | **$34088063** | **$14170580** | **$12245120** | **$8721008** | **$125282685** |
| Average Interest Rate | 4.43% | 2.96% | 3.29% | 4.18% | 3.34% | 3.82% |
| Net Amount at Risk, Gross of Reinsurance<sup>(4)</sup> | $— | $— | $105007879 | $— | $1119018 | $106126897 |
| Cash Surrender Value<sup>(5)</sup> | $53074220 | $38920369 | $13637822 | $— | $4329190 | $109961601 |

---

(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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Fixed Rate** <br>**Annuities**<br>| **Fixed Indexed** <br>**Annuities**<br>| **Interest** <br>**Sensitive Life**<br>| **Funding** <br>**Agreements**<br>| **Other**<sup>(1)</sup> | **Total** |
| Balance as of Beginning of Period | $56762736 | $30168445 | $21969053 | $7015998 | $9271122 | $125187354 |
| Issuances and Premiums Received | 16453922 | 8097987 | 1991442 | 2372925 | 1611601 | 30527877 |
| Benefit Payments, Surrenders, and Withdrawals | (10038636) | (5211414) | (1453435) | (2553181) | (1579574) | (20836240) |
| Interest<sup>(2)</sup> | 2305618 | 773638 | 723201 | 277270 | 343238 | 4422965 |
| Other Activity<sup>(3)</sup> | (397023) | (110321) | (1054364) | 45091 | 96457 | (1420160) |
| **Balance as of End of Period** | **$65086617** | **$33718335** | **$22175897** | **$7158103** | **$9742844** | **$137881796** |
| Less: Reinsurance Recoverable | (11664932) | (3074278) | (7504951) |  | (3532472) | (25776633) |
| **Balance as of End of Period, Net of** <br>**Reinsurance Recoverable**<br>| **$53421685** | **$30644057** | **$14670946** | **$7158103** | **$6210372** | **$112105163** |
| Average Interest Rate | 4.05% | 2.74% | 3.29% | 4.21% | 3.31% | 3.56% |
| Net Amount at Risk, Gross of Reinsurance<sup>(4)</sup> | $— | $— | $111882678 | $— | $1140998 | $113023676 |
| Cash Surrender Value<sup>(5)</sup> | $50421300 | $33928559 | $13974862 | $— | $4458881 | $102783602 |

---

(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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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 December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** |
| **Range of Guaranteed Minimum Crediting Rates:** | **At Guaranteed** <br>**Minimum**<br>| **1 - 49 bps Above** <br>**Guaranteed** <br>**Minimum**<br>| **50 - 99 bps** <br>**Above** <br>**Guaranteed** <br>**Minimum**<br>| **100 - 150 bps** <br>**Above** <br>**Guaranteed** <br>**Minimum**<br>| **Greater Than 150** <br>**bps Above** <br>**Guaranteed** <br>**Minimum**<br>| **Total** |
| Less Than 1.00% | $2618469 | $350774 | $374482 | $268868 | $31782842 | $35395435 |
| 1.00% - 1.99% | 1204519 | 501431 | 644453 | 1741122 | 13613777 | 17705302 |
| 2.00% - 2.99% | 912743 | 28775 | 22015 | 98832 | 5944539 | 7006904 |
| 3.00% - 4.00% | 10145728 | 1075097 | 477338 | 1284925 | 3016279 | 15999367 |
| Greater Than 4.00% | 12506347 | 1304767 | 60701 | 6237 |  | 13878052 |
| **Total** | **$27387806** | **$3260844** | **$1578989** | **$3399984** | **$54357437** | **$89985060** |
| Percentage of Total | 30% | 4% | 2% | 4% | 60% | 100% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** | **Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:** |
| **Range of Guaranteed Minimum Crediting Rates:** | **At Guaranteed** <br>**Minimum**<br>| **1 - 49 bps Above** <br>**Guaranteed** <br>**Minimum**<br>| **50 - 99 bps** <br>**Above** <br>**Guaranteed** <br>**Minimum**<br>| **100 - 150 bps** <br>**Above** <br>**Guaranteed** <br>**Minimum**<br>| **Greater Than 150** <br>**bps Above** <br>**Guaranteed** <br>**Minimum**<br>| **Total** |
| Less Than 1.00% | $3479329 | $36286 | $357440 | $740947 | $32674542 | $37288544 |
| 1.00% - 1.99% | 1304845 | 738935 | 805357 | 1867453 | 10903160 | 15619750 |
| 2.00% - 2.99% | 769182 | 36663 | 56798 | 697085 | 3671581 | 5231309 |
| 3.00% - 4.00% | 10302787 | 1619059 | 474803 | 1253515 | 1478389 | 15128553 |
| Greater Than 4.00% | 11785696 | 1353687 | 76806 | 7020 |  | 13223209 |
| **Total** | **$27641839** | **$3784630** | **$1771204** | **$4566020** | **$48727672** | **$86491365** |
| Percentage of Total | 32% | 4% | 2% | 5% | 57% | 100% |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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 years ended December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Payout** <br>**Annuities**<sup>(1)</sup><br>| **Other**<sup>(2)</sup> | **Total** | **Payout** <br>**Annuities**<sup>(1)</sup><br>| **Other**<sup>(2)</sup> | **Total** |
| **Present Value of Expected Net Premiums** |  |  |  |  |  |  |
| Balance as of Beginning of Period | $— | $(1399211) | $(1399211) | $— | $(208370) | $(208370) |
| Balance at Original Discount Rate | $— | $(1444663) | $(1444663) | $— | $(241058) | $(241058) |
| Effect of Changes in Cash Flow Assumptions |  | (45136) | (45136) |  |  |  |
| Effect of Actual Variances from Expected <br>Experience<br>|  | (50291) | (50291) |  | (99920) | (99920) |
| Adjusted Beginning of Period Balance |  | (1540090) | (1540090) |  | (340978) | (340978) |
| Issuances |  | (285334) | (285334) |  | (1276555) | (1276555) |
| Interest |  | (70212) | (70212) |  | (48966) | (48966) |
| Net Premiums Collected |  | 311091 | 311091 |  | 221836 | 221836 |
| Ending Balance at Original Discount Rate |  | (1584545) | (1584545) |  | (1444663) | (1444663) |
| Effect of Changes in Discount Rate Assumptions |  | 5974 | 5974 |  | 45452 | 45452 |
| Balance as of End of Period | $— | $(1578571) | $(1578571) | $— | $(1399211) | $(1399211) |
| Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |
| Balance as of Beginning of Period | $19067478 | $9126824 | $28194302 | $17427353 | $604767 | $18032120 |
| Balance at Original Discount Rate | $22116114 | $9336911 | $31453025 | $20040000 | $701655 | $20741655 |
| Effect of Changes in Cash Flow Assumptions | (33743) | 131146 | 97403 | (28430) |  | (28430) |
| Effect of Actual Variances from Expected <br>Experience<br>| 18212 | (11359) | 6853 | 18093 | (34295) | (16202) |
| Adjusted Beginning of Period Balance | 22100583 | 9456698 | 31557281 | 20029663 | 667360 | 20697023 |
| Issuances | 4247357 | 463279 | 4710636 | 3307864 | 9008029 | 12315893 |
| Interest | 777931 | 452287 | 1230218 | 644967 | 345231 | 990198 |
| Benefit Payments | (1999791) | (905499) | (2905290) | (1866380) | (683709) | (2550089) |
| Ending Balance at Original Discount Rate | 25126080 | 9466765 | 34592845 | 22116114 | 9336911 | 31453025 |
| Effect of Changes in Discount Rate Assumptions | (2362730) | (5321) | (2368051) | (3048636) | (210087) | (3258723) |
| Balance as of End of Period | 22763350 | 9461444 | 32224794 | 19067478 | 9126824 | 28194302 |
| **Net Liability for Future Policy Benefits** | **22763350** | **7882873** | **30646223** | **19067478** | **7727613** | **26795091** |
| Less: Reinsurance Recoverable<sup>(3)</sup> | (10360009) | (6016258) | (16376267) | (9579679) | (6139016) | (15718695) |
| **Net Liability for Future Policy Benefits, Net of** <br>**Reinsurance Recoverables**<br>| **$12403341** | **$1866615** | **$14269956** | **$9487799** | **$1588597** | **$11076396** |

---

(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

$384.4 million and $(284.7) million for the years ended December 31, 2025 and 2024, respectively.

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

recognized in the consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Premiums** | **Gross Premiums** | **Gross Premiums** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Payout Annuities | $4299908 | $3577363 | $4143287 |
| Other | 853196 | 8943328 | 64493 |
| **Total Products** | **$5153104** | **$12520691** | **$4207780** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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

benefit liability as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **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 |
|  | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Payout Annuities** | **Other** |
| Weighted-Average Interest Rates, Original Discount Rate | 3.81% | 4.89% |
| Weighted-Average Interest Rates, Current Discount Rate | 5.44% | 5.51% |
| Weighted-Average Liability Duration (Years, Current Rates) | 8.45 | 9.46 |

---

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

and payments for traditional and limited-payment contracts, as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Payout Annuities** | **Other** |
| Expected Future Benefit Payments, Undiscounted | $38989687 | $16462284 |
| Expected Future Benefit Payments, Discounted (Original Discount Rate) | 25126080 | 9466765 |
| Expected Future Benefit Payments, Discounted (Current Discount Rate) | 22763350 | 9461444 |
| Expected Future Gross Premiums, Undiscounted |  | 2387698 |
| Expected Future Gross Premiums, Discounted (Original Discount Rate) |  | 1891414 |
| Expected Future Gross Premiums, Discounted (Current Discount Rate) |  | 1880446 |
|  | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Payout Annuities** | **Other** |
| Expected Future Benefit Payments, Undiscounted | $33415451 | $16509005 |
| Expected Future Benefit Payments, Discounted (Original Discount Rate) | 22116114 | 9336911 |
| Expected Future Benefit Payments, Discounted (Current Discount Rate) | 19067478 | 9126824 |
| Expected Future Gross Premiums, Undiscounted |  | 2072528 |
| Expected Future Gross Premiums, Discounted (Original Discount Rate) |  | 1614118 |
| Expected Future Gross Premiums, Discounted (Current Discount Rate) |  | 1567542 |

---

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

Significant policyholder behavior and other assumption inputs to the calculation of the liability for future policy benefits

include discount rates, mortality and, for life insurance, lapse rates. Global Atlantic reviews its assumptions at least annually,

and more frequently if necessary. Accordingly, as part of the annual assumption review conducted during the years ended

December 31, 2025 and 2024, assumptions were revised for an increase in expected mortality on certain payout annuities and

pension risk transfer products, which resulted in a $97.4 million and $28.4 million increase, respectively, to net income before

taxes.

For the years ended December 31, 2025 and 2024, Global Atlantic recognized $(437.1) million and $238.1 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 years ended December 31, 2025 and 2024, there were no changes to the

methods used to determine the discount rates.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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

years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Balance as of Beginning of Period | $7630210 | $7251266 |
| Effect of Changes in Cash Flow Assumptions | 4508 | (16361) |
| Effect of Changes in Experience | (74002) | (59717) |
| Adjusted Balance as of Beginning of Period | 7560716 | 7175188 |
| Issuances | 23528 | 23401 |
| Assessments | 698518 | 694061 |
| Benefits Paid | (532144) | (504520) |
| Interest | 254564 | 242080 |
| **Balance as of End of Period** | **8005182** | **7630210** |
| Less: Impact of Unrealized Investment Gains and Losses | 81368 | 138295 |
| Less: Reinsurance Recoverable, End of Period | 1755064 | 1586281 |
| **Balance, End of Period, Net of Reinsurance Recoverable and Impact of Unrealized Investment** <br>**Gains and Losses**<br>| **$6168750** | **$5905634** |

---

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 years ended December 31, 2025, 2024, and

2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Gross Assessments** | **Gross Assessments** | **Gross Assessments** |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Total Amount Recognized Within Revenue in the Consolidated Statements of <br>Operations<br>| $701062 | $710732 | $471957 |

---

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 December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2025** | **December 31, 2024** |
| Weighted-Average Interest, Current Discount Rate | 3.30% | 3.29% |
| Weighted-Average Liability Duration (Years) | 24.79 | 26.51 |

---

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

*Insurance Benefits*

Significant policyholder behavior assumption inputs to the calculation of the additional liability for annuitization, death,

or other insurance benefits include mortality, lapse rates, investment yields and interest margin. Global Atlantic reviews its

assumptions at least annually, and more frequently if necessary. Accordingly, as part of the annual assumption review

conducted during the year ended December 31, 2025, assumptions for higher mortality, lapse rates, and investment yields

were updated, which resulted in a $4.5 million increase to net income before taxes. During the year ended December 31,

2024, assumptions for lapse rates, investment yields, and interest margin were updated, which resulted in a $16.4 million

decrease to net income before taxes.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Market Risk Benefits**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Fixed-Indexed** <br>**Annuity**<br>| **Variable- and** <br>**Other Annuities**<br>| **Total** | **Fixed-Indexed** <br>**Annuity**<br>| **Variable- and** <br>**Other Annuities**<br>| **Total** |
| Balance as of Beginning of Period | $815981 | $183936 | $999917 | $868268 | $252683 | $1120951 |
| Balance as of Beginning of Period, Before Impact <br>of Changes in Instrument-Specific Credit Risk<br>| $716544 | $150107 | $866651 | $790615 | $225594 | $1016209 |
| Issuances | 115129 | (1327) | 113802 | 59261 | (49) | 59212 |
| Interest | 41047 | 8276 | 49323 | 41965 | 10142 | 52107 |
| Attributed Fees Collected | 123090 | 87078 | 210168 | 104938 | 89462 | 194400 |
| Benefit Payments | (8606) | (8138) | (16744) | (7240) | (7080) | (14320) |
| Effect of Changes in Interest Rates | 8051 | 20597 | 28648 | (177230) | (79171) | (256401) |
| Effect of Changes in Equity Markets | (46228) | (52423) | (98651) | (18262) | (69324) | (87586) |
| Effect of Actual Experience Different from <br>Assumptions<br>| 11231 | 7778 | 19009 | 49020 | (17322) | 31698 |
| Effect of Changes in Other Future Expected <br>Assumptions<br>| 48808 | (42817) | 5991 | (126523) | (2145) | (128668) |
| Balance as of End of Period Before Impact of <br>Changes in Instrument-Specific Credit Risk<br>| 1009066 | 169131 | 1178197 | 716544 | 150107 | 866651 |
| Effect of Changes in Instrument-Specific Credit <br>Risk<br>| 131757 | 38823 | 170580 | 99437 | 33829 | 133266 |
| **Balance as of End of Period** | **1140823** | **207954** | **1348777** | **815981** | **183936** | **999917** |
| Less: Reinsurance Recoverable as of the End of <br>the Period<br>|  | (10468) | (10468) |  | (11371) | (11371) |
| **Balance as of End of Period, Net of** <br>**Reinsurance Recoverable**<br>| **$1140823** | **$197486** | **$1338309** | **$815981** | **$172565** | **$988546** |
| Net Amount at Risk | $5425310 | $1248285 | $6673595 | $4696606 | $1288267 | $5984873 |
| Weighted-average Attained Age of Contract <br>holders (Years)<br>| 71 | 71 | 71 | 71 | 70 | 71 |

---

The following reflects the reconciliation of the market risk benefits reflected in the preceding table to the amounts

reported in an asset and liability position, respectively, in the consolidated statements of financial condition as of

December 31, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Asset** | **Liability** | **Net** | **Asset** | **Liability** | **Net** |
| Fixed-Indexed Annuities | $756 | $1141579 | $(1140823) | $2319 | $818300 | $(815981) |
| Variable- and Other Annuities | 241 | 208195 | (207954) |  | 183936 | (183936) |
| **Total** | **$997** | **$1349774** | **$(1348777)** | **$2319** | **$1002236** | **$(999917)** |

---

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

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

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

assumptions at least annually, and more frequently if necessary. Accordingly, as part of the annual assumption review

conducted during the year ended December 31, 2025, assumptions were updated for higher expected morbidity for certain

long-term care related benefit riders, offset in part by an increase in expected fixed-indexed annuity activations, which

resulted in a $6.0 million decrease to net income before taxes. During the year ended December 31, 2024, assumptions for

fixed-indexed annuities mortality, surrenders, and utilization, and variable annuity activations were updated, which resulted

in a $128.7 million increase to net income before taxes.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** | **Years Ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Variable** <br>**Annuities**<br>| **Interest-Sensitive** <br>**Life**<br>| **Total** | **Variable** <br>**Annuities**<br>| **Interest-Sensitive** <br>**Life**<br>| **Total** |
| **Balance as of Beginning of Period** | $3400617 | $580443 | $3981060 | $3565029 | $541971 | $4107000 |
| Premiums and Deposits | 20772 | 11653 | 32425 | 25846 | 13014 | 38860 |
| Surrenders, Withdrawals and Benefit Payments | (484611) | (17974) | (502585) | (551657) | (25219) | (576876) |
| Investment Performance | 382226 | 92422 | 474648 | 474335 | 94489 | 568824 |
| Other | (104506) | (39639) | (144145) | (112936) | (43812) | (156748) |
| **Balance as of End of Period** | **$3214498** | **$626905** | **$3841403** | **$3400617** | **$580443** | **$3981060** |
| Cash Surrender Value as of End of Period<sup>(1)</sup> | $3214498 | $626905 | $3841403 | $3400617 | $580443 | $3981060 |

---

(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:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Asset Type:** |  |  |
| Managed Volatility Equity/Fixed Income Blended Fund | $1757775 | $1930973 |
| Equity | 1742429 | 1685944 |
| Fixed Income | 140134 | 146475 |
| Money Market | 201027 | 217086 |
| Alternative | 38 | 582 |
| **Total Assets Supporting Separate Account Liabilities** | **$3841403** | **$3981060** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Closed Blocks**

Summarized financial information of Global Atlantic's closed blocks is as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Total Investments | $1335 | $1361 |
| Cash and Cash Equivalents | 6155 | 9062 |
| Accrued Investment Income | 44 | 46 |
| Reinsurance Recoverable | 934105 | 940732 |
| Deferred Income Taxes | 53693 | 50321 |
| Total Assets | 995332 | 1001522 |
| **Liabilities** |  |  |
| Policy Liabilities | 897203 | 899732 |
| Policyholder Dividend Obligation at Fair Value | 74516 | 76297 |
| Policyholder Dividends Payable at Fair Value | 9353 | 9578 |
| Total Policy Liabilities | 981072 | 985607 |
| Accrued Expenses and Other Liabilities | 12073 | 13639 |
| Total Liabilities | 993145 | 999246 |
| **Excess of Closed Block Liabilities Over Assets Designated to the Closed Blocks and Maximum** <br>**Future Earnings to be Recognized from Closed Block Assets and Liabilities**<br>| **$(2187)** | **$(2276)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended** | **Years Ended** | **Years Ended** |
|  | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| **Revenues** |  |  |  |
| Premiums and Other Income | $98 | $1449 | $(911) |
| Net Investment Expense | 290 | 332 | 319 |
| Total Revenues | 388 | 1781 | (592) |
| **Benefits and Expenses** |  |  |  |
| Policy Benefits and Claims | 2001 | (929) | (2219) |
| Other Expenses | (189) | 44 | (13) |
| Total Benefits and Expenses | 1812 | (885) | (2232) |
| Net Contribution from the Closed Blocks | (1424) | 2666 | 1640 |
| Income Tax (Benefit) Expense | (3339) | (7367) | 861 |
| **Net Income (Loss)** | **$1915** | **$10033** | **$779** |

---

Many expenses related to the closed block operations are charged to operations outside the closed blocks; accordingly,

the contribution from the closed blocks does not represent the actual profitability of the closed block operations.

The closed blocks of business represent policies acquired through acquisition, which were valued at fair value as of the

acquisition date.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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.

Income (loss) before income taxes includes the following components:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Income (Loss) before Income Taxes:** |  |  |  |
| United States | $6474872 | $5087745 | $5614242 |
| Foreign | 624288 | 772688 | 940367 |
| **Total Income (Loss) before Income Taxes** | **$7099160** | **$5860433** | **$6554609** |

---

The provision (benefit) for income taxes consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Current** |  |  |  |
| Federal | $1109978 | $363242 | $462940 |
| State and Local | 164258 | 93925 | 52480 |
| Foreign | 204460 | 188837 | 108836 |
| Subtotal | 1478696 | 646004 | 624256 |
| **Deferred** |  |  |  |
| Federal | (554175) | 249601 | 447488 |
| State and Local | 41170 | 62538 | 121198 |
| Foreign | (11943) | (3747) | 4581 |
| Subtotal | (524948) | 308392 | 573267 |
| **Total Income Taxes** | **$953748** | **$954396** | **$1197523** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

The following table reconciles the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate under the ASU

2023-09 guidance on income tax disclosures issued in December 2023 for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Amount** | **Rate (%)** |
| Statutory U.S. Federal Income Tax Rate | $1490824 | 21.0% |
| State and Local Income Tax, net of federal income tax effect <sup>(1)</sup> | 170290 | 2.4% |
| *Foreign Tax Effects* |  |  |
| <u>Bermuda</u> |  |  |
| Tax rate differential | 5698 | 0.1% |
| Foreign tax credits | (71329) | (1.0)% |
| <u>Other foreign jurisdictions</u> | 45285 | 0.6% |
| Effect of Changes in Tax Law or Rates (Current) |  | —% |
| *Effect of Cross-Border Tax Laws* |  |  |
| US tax on foreign insurance company | 88980 | 1.3% |
| Other | (8997) | (0.1)% |
| Tax Credits | (4845) | (0.1)% |
| Change in Valuation Allowances | 4576 | —% |
| *Nontaxable or Nondeductible Items* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income not attributable to KKR & Co. Inc. | (773246) | (10.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation charges borne by KKR Holdings | 73747 | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (65598) | (0.9)% |
| Changes in Unrecognized Tax Benefits | (619) | —% |
| Other Adjustments | (1018) | —% |
| **Effective Income Tax** | **$953748** | **13.4%** |

---

(1)State and local income taxes in California and New York comprise a majority of the state and local income taxes, net of federal income tax effect category.

The following table reconciles the U.S. Federal Statutory Tax Rate to the Effective Income Tax Rate for the years ended

December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| Statutory U.S. Federal Income Tax Rate | 21.0% | 21.0% |
| Income not attributable to KKR & Co. Inc. <sup>(1)</sup> | (15.5)% | (8.8)% |
| Foreign Income Taxes | —% | (0.3)% |
| State and Local Income Taxes | 2.2% | 2.2% |
| Compensation Charges not attributable to KKR & Co. Inc. | 10.1% | 4.9% |
| Change in Valuation Allowance | (1.1)% | —% |
| Non-Deductible Expenses | 1.1% | —% |
| Other | (1.5)% | (0.7)% |
| **Effective Income Tax Rate** | **16.3%** | **18.3%** |

---

(1)Represents primarily income attributable to noncontrolling interests for all periods.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

A summary of the tax effects of the temporary differences is as follows:

---

| | | |
|:---|:---|:---|
| *Asset Management and Strategic Holdings* | **December 31, 2025** | **December 31, 2024** |
| **Deferred Tax Assets** |  |  |
| Fund Management Fee Credits | $127591 | $127006 |
| Equity Based Compensation | 37246 | 96476 |
| KKR Holdings Unit Exchanges <sup>(1)</sup> | 366250 | 387836 |
| Depreciation and Amortization | 102419 | 140088 |
| Operating Lease Liability | 176828 | 179640 |
| Other | 41536 | 8248 |
| Total Deferred Tax Assets before Valuation Allowance | 851870 | 939294 |
| Valuation Allowance | (24130) |  |
| Total Deferred Tax Assets | 827740 | 939294 |
| **Deferred Tax Liabilities** |  |  |
| Investment Basis Differences / Net Unrealized Gains & Losses | 3082831 | 3030794 |
| Indefinite Lived Intangible Asset<sup>(2)</sup> | 454284 | 444123 |
| Operating Lease Right-of-Use Asset | 176818 | 179640 |
| Other | 91478 | 74452 |
| Total Deferred Tax Liabilities | 3805411 | 3729009 |
| **Total Deferred Taxes, Net** | **$(2977671)** | **$(2789715)** |

---

(1)In connection with exchanges of KKR Holdings equity into common stock of KKR & Co. Inc., KKR records a deferred tax asset associated with an increase in

KKR & Co. Inc.'s share of the tax basis of the tangible and intangible assets of KKR Group Partnership. This amount is offset by an adjustment to record

amounts due to KKR Holdings and principals under the tax receivable agreement, which is included within Due to Affiliates in the consolidated statements

of financial condition. The net impact of these adjustments was recorded as an adjustment to equity at the time of the exchanges.

(2)In connection with the acquisition of KJRM in 2022, KKR recognized a deferred tax liability resulting from the difference in the book and tax basis of the

indefinite lived intangibles.

---

| | | |
|:---|:---|:---|
| *Insurance* | **December 31, 2025** | **December 31, 2024** |
| **Deferred Tax Assets** |  |  |
| Insurance Reserves | $1172164 | $675090 |
| Insurance Intangibles | 421016 | 461211 |
| Net Operating Loss and Capital Loss Carryforwards | 1166358 | 813382 |
| Insurance Investment Basis Differences, Including Derivatives | 235583 | 819881 |
| Other |  | 84006 |
| Total Deferred Tax Assets before Valuation Allowance | 2995121 | 2853570 |
| Valuation Allowance | (42631) | (36933) |
| Total Deferred Tax Assets | 2952490 | 2816637 |
| **Deferred Tax Liabilities** |  |  |
| Insurance Loss Reserve Adjustment |  | 27965 |
| Other | 153035 |  |
| Total Deferred Tax Liabilities | 153035 | 27965 |
| **Total Deferred Taxes, Net** | $2799455 | $2788672 |

---

Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income

will be generated to permit use of the existing deferred tax assets. As of December 31, 2025, a valuation allowance of

$24.1 million has been recorded against certain state deferred tax assets primarily due to tax credit carryforwards that are

expected to expire unutilized.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

In 2022, changes in market conditions, including rapidly rising interest rates, impacted the unrealized tax gains and losses

in the available for sale securities portfolios of Global Atlantic, resulting in deferred tax assets related to net unrealized tax

capital losses for which the carryforward period has not yet begun. As such, when assessing recoverability, Global Atlantic

considered our ability and intent to hold the underlying securities to recovery. Based on all available evidence, Global Atlantic

concluded that a valuation allowance should be established on a portion of the US deferred tax assets related to unrealized

tax capital losses that are not more-likely-than-not to be realized, which represents the portion of the portfolio Global Atlantic

estimates it would not be able to hold to recovery. In 2024, Global Atlantic concluded that it had the ability to utilize realized

capital loss carryforwards prior to their expiration, and to recover its unrealized losses in the available for sale securities

portfolio. As a result, Global Atlantic concluded that it was more likely than not that the related US deferred tax assets would

be wholly realizable, and consequently released the previously recorded valuation allowance recorded against its deferred

income tax assets. Therefore, the valuation allowance of $89 million was released through the income tax expense line of the

statement of operations as of December 31, 2024. As of December 31, 2025, there is no valuation allowance on realized or

unrealized capital losses, as management concluded that realization is more likely than not. Certain Global Atlantic in scope

entities have a full valuation allowance of $4.6 million on its net deferred tax assets, as realization is not more likely than not.

On December 27, 2023, the Government of Bermuda enacted the Bermuda Corporate Income Tax ("Bermuda CIT").

Commencing on January 1, 2025, the Bermuda CIT generally will impose a 15% corporate income tax on in-scope entities that

are residents in Bermuda or have a Bermuda permanent establishment. On January 2, 2024, Global Atlantic became subject to

Bermuda CIT and resulted in the establishment of a $22.1 million deferred tax asset, primarily on available-for-sale securities,

which was offset by a full valuation allowance. As of December 31, 2025, deferred tax assets associated with Bermuda CIT on

Global Atlantic and certain in-scope entities was $38.1 million. Global Atlantic does not believe those deferred tax assets will

more likely than not be realized and therefore maintains a full valuation allowance.

As of December 31, 2025, KKR has state tax credit carryforwards of $24.1 million that will begin to expire in 2031. As of

December 31, 2025, the Global Atlantic and certain in-scope entities have U.S. federal net operating loss ("NOL")

carryforwards totaling $3.3 billion; $56.3 million will begin to expire in 2034 and the remainder has an indefinite life. Global

Atlantic also has capital loss carryforwards of $1.8 billion which will begin to expire in 2027.

As of December 31, 2025, KKR has accumulated undistributed earnings generated by certain foreign subsidiaries for

which we have not recorded any deferred taxes with respect to outside U.S. federal income tax basis difference on these

subsidiaries because of our ability and intent to reinvest such earnings indefinitely unless they can be distributed tax free. KKR

will continue to evaluate its capital management plans. It is not practicable for us to determine the amount of unrecognized

deferred income tax liability due to the complexity associated with the hypothetical calculation.

On December 20, 2021, the OECD released Pillar Two Model Rules, which contemplate a global 15% minimum tax rate. In

January 2026, the OECD released a "side-by-side" administrative guidance package under Pillar Two, agreed to by 145

jurisdictions, which introduces simplification measures and additional safe harbors intended to reduce compliance burdens

and further align the global minimum tax framework. The package includes a simplified effective tax rate safe harbor,

extensions of transitional relief, a new substance-based tax incentive safe harbor, and a side-by-side system for reporting in

various countries in which we do business. For the year ended December 31, 2025, KKR concluded there was no material

impact on income taxes with respect to Pillar Two. KKR will continue to evaluate the potential future impacts of Pillar Two and

will continue to review the issuance of this guidance.

For the year ended December 31, 2025, cash payments of income taxes, net of refunds, were as follows:

---

| | |
|:---|:---|
|  | **For the Year Ended** |
|  | **December 31, 2025** |
| **Federal** | $841229 |
| **State** | 155596 |
| **Foreign** |  |
| United Kingdom | 105296 |
| Other | 107095 |
| **Total Payments, net of refunds** | **$1209216** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

*Tax Contingencies*

KKR files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of

business, KKR is subject to examination by U.S. federal and certain state, local and foreign tax regulators. As of December 31,

2025, tax returns of KKR and its predecessor entities are no longer subject to examinations for years before 2018 for U.S.

federal tax returns and 2014 for state and local tax returns under general statute of limitations provisions.

For the years ended December 31, 2025, 2024, and 2023, KKR's unrecognized tax benefits relating to uncertain tax

positions, excluding related interest and penalties, consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Unrecognized Tax Benefits, beginning of period** | $32830 | $16476 | $41008 |
| Gross increases in tax positions in prior periods |  | 10677 |  |
| Gross decreases in tax positions in prior periods | (577) |  | (13878) |
| Gross increases in tax positions in current period | 7362 | 5927 | 935 |
| Lapse of statute of limitations |  | (250) | (219) |
| Settlements with taxing authorities | (7027) |  | (11370) |
| **Unrecognized Tax Benefits, end of period** | **$32588** | **$32830** | **$16476** |

---

If the above tax benefits were recognized, the effective income tax rate would be reduced. KKR recognizes interest and

penalties accrued related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits, KKR

had a net increase of accrued penalties of $0.3 million and interest of $1.6 million during 2025 and in total, as of December

31, 2025, recognized a liability for penalties of $2.6 million and interest of $8.5 million. During 2024, penalties increased by

$0.4 million and interest increased by $1.8 million and in total, as of December 31, 2024, recognized a liability for penalties of

$2.3 million and interest of $6.9 million. During 2023, penalties decreased by $1.3 million and interest decreased by

$6.7 million and in total, as of December 31, 2023, recognized a liability for penalties of $2.0 million and interest of

$5.1 million.

**19. EQUITY-BASED COMPENSATION**

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

incentive awards for the years ended December 31, 2025, 2024, and 2023, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Asset Management<sup>(1)</sup> | $621974 | $611644 | $502816 |
| Insurance | 100135 | 134799 | 115653 |
| **Total** | **$722109** | **$746443** | **$618469** |

---

(1)For the year ended December 31, 2025, KKR recorded acquisition-related stock consideration of $5.1 million.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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 December 31, 2025, 53,140,914

shares may be issued under the 2019 Equity Incentive Plan. KKR has also issued equity grants in the form of restricted

holdings units through KKR Holdings III L.P. ("KKR Holdings III"), which are not issued under the 2019 Equity Incentive Plan and

are currently held by certain current and former KKR employees. Equity awards granted generally consist of (i) restricted stock

units that convert into shares of common stock of KKR & Co. Inc. (or cash equivalent) upon vesting and (ii) restricted holdings

units that are exchangeable into shares of common stock of KKR & Co. Inc. upon vesting and certain other conditions,

including those described below.

*Service-Vesting Awards*

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

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

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

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

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

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

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

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

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

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

have met their vesting requirements.

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

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

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

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

As of December 31, 2025, there was approximately $775 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 2.4 years.

A summary of the status of unvested Service-Vesting Awards from January 1, 2025 through December 31, 2025 is

presented below:

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Weighted**<br>**Average Grant**<br>**Date Fair Value**<br>|
| Balance, January 1, 2025 | 21105890 | $64.65 |
| Granted | 2413187 | 112.30 |
| Vested | (6396381) | 59.60 |
| Forfeitures | (978911) | 73.31 |
| **Balance, December 31, 2025** | **16143785** | **$73.25** |

---

*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).

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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**<br>**Average**<br>| **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 December 31, 2025, there was approximately $358 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 1.6 years.

A summary of the status of unvested Market Condition Awards from January 1, 2025 through December 31, 2025 is

presented below:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Weighted**<br>**Average Grant**<br>**Date Fair Value**<br>|
| Balance, January 1, 2025 | 38019023 | $31.33 |
| Granted |  |  |
| Vested | (65467) | 44.84 |
| Forfeitures | (628295) | 46.26 |
| **Balance, December 31, 2025** | **37325261** | **$31.05** |

---

As of December 31, 2025, all of the Market Condition awards have met their market price based vesting condition. These

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

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

*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 December 31, 2025, there was approximately $145 million of total estimated unrecognized expense related to these

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

December 31, 2025, all Co-CEO Awards have met their market price based vesting condition. The Co-CEO Awards remain

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

**20. RELATED PARTY TRANSACTIONS**

**Due from Affiliates consists of:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Amounts Due From Unconsolidated Investment Funds | $1954509 | $1583090 |
| Amounts Due From Portfolio Companies | 353192 | 272955 |
| **Due From Affiliates** | **$2307701** | **$1856045** |

---

**Due to Affiliates consists of:**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Amounts Due to Current and Former Employees Under the Tax Receivable <br>Agreement <br>| $359261 | $378951 |
| Amounts Due to Unconsolidated Investment Funds | 83101 | 145565 |
| **Due to Affiliates** | **$442362** | **$524516** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Tax Receivable Agreement**

KKR Group Co. Inc. (formerly KKR & Co. Inc.) and KKR Holdings were parties to a tax receivable agreement, which required

KKR to pay to KKR Holdings or to its limited partners a portion of any cash tax savings realized by KKR resulting from their

exchange of KKR Group Partnership Units for shares of common stock. In connection with the Reorganization Mergers, KKR

Holdings and KKR terminated the tax receivable agreement on May 30, 2022; provided that, notwithstanding such

termination of the tax receivable agreement, all obligations of KKR to make payments arising under the tax receivable

agreement with respect to any exchanges completed prior to May 30, 2022 remain outstanding until fully paid.

Prior to the Reorganization Mergers, KKR was required to acquire KKR Group Partnership Units from time to time

pursuant to the exchange agreement with KKR Holdings. The KKR Group Partnership made an election under Section 754 of

the Code that was effective for each taxable year in which an exchange of KKR Group Partnership Units for shares of common

stock occurred, which may have resulted in an increase in KKR's tax basis of the assets of KKR Group Partnership at the time of

an exchange of KKR Group Partnership Units. Certain of these exchanges were expected to result in an increase in KKR's share

of the tax basis of the tangible and intangible assets of the KKR Group Partnership, primarily attributable to a portion of the

goodwill inherent in KKR's business that would not otherwise have been available. This increase in tax basis may have

increased depreciation and amortization deductions for tax purposes and therefore reduced the amount of income tax KKR

otherwise would be required to pay. This increase in tax basis may have also decreased gain (or increased loss) on future

dispositions of certain capital assets to the extent tax basis is allocated to those capital assets.

The tax receivable agreement required KKR to pay to KKR Holdings, or to current and former principals who exchanged

KKR Holdings equity for shares of common stock (as transferees of KKR Group Partnership Units), 85% of the amount of cash

savings, if any, in U.S. federal, state and local income tax that KKR realized as a result of the increase in tax basis described

above, as well as 85% of the amount of any such savings KKR actually realized as a result of increases in tax basis that arose

due to future payments under the agreement. KKR benefited from the remaining 15% of cash savings, if any, in income tax

that it realized.

These payment obligations are obligations of KKR Group Co. Inc. (formerly KKR & Co. Inc.) and its wholly-owned

subsidiary, KKR Group Holdings Corp., which are treated as corporations for U.S. tax purposes, but are not payment

obligations of KKR & Co. Inc. or KKR Group Partnership L.P., and are recorded within Due to Affiliates in the accompanying

consolidated statements of financial condition. Payments made under the tax receivable agreement are required to be made

within 90 days of the filing of KKR's tax returns, which may result in a timing difference between the tax savings received by

KKR and the cash payments made to the exchanging holders of KKR Group Partnership Units.

Effective July 1, 2018, we amended the tax receivable agreement to reflect the conversion of KKR & Co. L.P. to KKR Group

Co. Inc. (formerly KKR & Co. Inc.) on July 1, 2018 (the "Conversion"). The amendment also provides that, in the event the

maximum U.S. federal corporate income tax rate is increased to a rate higher than 21.0% within the five- year period

following the Conversion, for exchanges pursuant to the exchange agreement that take place within that five-year period

(other than exchanges following the death of an individual), payments of cash tax savings realized as a result of such

exchanges shall be calculated by applying a U.S. federal corporate income tax rate not to exceed 21.0%. The amendment also

clarified that the tax benefit payments with respect to exchanges completed at any time prior to the Conversion will be

calculated without taking into account the step-up in tax basis in our underlying assets that we generated in 2018 as a result

of the Conversion.

For the years ended December 31, 2025, 2024, and 2023, cash payments that have been made under the tax receivable

agreement were $25.5 million, $27.2 million, and $16.3 million, respectively. KKR expects to benefit from the remaining 15%

of cash savings, if any, in income tax that they realize. As of December 31, 2025, $22.8 million of cumulative income tax

savings have been realized.

*Discretionary Investments*

Certain of KKR's current and former employees and other qualifying personnel are permitted to invest, and have invested,

their own capital in KKR's funds, in side-by-side investments with these funds and the firm, as well as in funds managed by its

hedge fund partnerships. Side-by-side investments are made on the same terms and conditions as those acquired by the

applicable fund or the firm, except that the side-by-side investments do not subject the investor to management fees or a

carried interest. The cash contributed by these individuals aggregated $611.9 million, $863.8 million, and $629.0 million for

the years ended December 31, 2025, 2024, and 2023, respectively.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

*Aircraft and Other Services* 

Certain of our senior employees own aircraft that are used for KKR's business in the ordinary course of its operations. The

hourly rates that KKR pays for the use of these aircraft are based on current market rates for chartering private aircraft of the

same type. KKR incurred $5.8 million, $6.2 million, and $3.4 million for the use of these aircraft for the years ended December

31, 2025, 2024, and 2023, respectively, of which substantially all was paid to entities controlled by Messrs. Kravis, Roberts and

Nuttall, and of which substantially all was borne by KKR rather than its investment funds (which indirectly bear the cost of

some of these flights at commercial airline rates).

*Facilities*

Messrs. Kravis and Roberts, including their estate planning trusts, whose beneficiaries include their children, and certain

other senior employees who are not executive officers of KKR, are minority limited partners in a real estate partnership that

owns KKR's Menlo Park location. Payments made to this partnership were $7.1 million, $7.7 million, and $9.5 million for the

years ended December 31, 2025, 2024, and 2023, respectively. In November 2022, this lease was renewed for another 15-

year term.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**21. SEGMENT REPORTING** 

KKR operates through three reportable segments which are presented below and reflect how its chief operating decision-

makers, who are the Co-Chief Executive Officers, allocate resources and assess performance:

• Asset Management - The asset management business offers a broad range of investment management services to

investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides

capital markets services to portfolio companies and third parties. This reportable segment also reflects how its

business lines operate collaboratively with predominantly a single expense pool.

• Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life

insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions

to clients across individual and institutional markets. Global Atlantic primarily generates income by earning a spread

between its investment income and the cost of policyholder benefits.

• Strategic Holdings - The strategic holdings business 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 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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

• 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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Segment Presentation** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Asset Management** |  |  |  |
| Management Fees <sup>(1)(2)</sup> | $4100841 | $3461381 | $3030325 |
| Transaction and Monitoring Fees, Net | 1092577 | 1165884 | 720654 |
| Fee Related Performance Revenues | 181784 | 137992 | 94427 |
| Fee Related Compensation | (940721) | (833918) | (865336) |
| Other Operating Expenses | (720168) | (663543) | (596284) |
| Fee Related Earnings | 3714313 | 3267796 | 2383786 |
| Realized Performance Income | 1879512 | 1822115 | 1065389 |
| Realized Performance Income Compensation | (1387776) | (1213327) | (666440) |
| Realized Investment Income <sup>(3)</sup> | 403455 | 534668 | 645031 |
| Realized Investment Income Compensation | (60520) | (80198) | (103590) |
| Asset Management Segment Earnings | $4548984 | $4331054 | $3324176 |
| **Insurance** |  |  |  |
| Net Investment Income<sup>(1) (4)</sup> | $7224118 | $6328822 | $5377817 |
| Net Cost of Insurance | (5229343) | (4448886) | (3283009) |
| General, Administrative and Other | (885380) | (865390) | (805109) |
| Pre-tax Operating Earnings | 1109395 | 1014546 | 1289699 |
| Pre-tax Operating Earnings Attributable to Noncontrolling Interests |  |  | (473062) |
| Insurance Operating Earnings | $1109395 | $1014546 | $816637 |
| **Strategic Holdings** |  |  |  |
| Dividends, Net <sup>(2)</sup> | $162096 | $76211 | $14531 |
| Strategic Holdings Operating Earnings | 162096 | 76211 | 14531 |
| Net Realized Investment Income<sup>(3)</sup> | 69861 | 87693 |  |
| Strategic Holdings Segment Earnings | $231957 | $163904 | $14531 |
| **Total Segment Earnings** | **$5890336** | **$5509504** | **$4155344** |
| <sup>(1)</sup> Includes intersegment management fees of $673.9 million, $537.2 million, and $445.9 million earned by the Asset Management <br>segment from the Insurance segment for the years ended December 31, 2025, 2024, and 2023, respectively. | <sup>(1)</sup> Includes intersegment management fees of $673.9 million, $537.2 million, and $445.9 million earned by the Asset Management <br>segment from the Insurance segment for the years ended December 31, 2025, 2024, and 2023, respectively. | <sup>(1)</sup> Includes intersegment management fees of $673.9 million, $537.2 million, and $445.9 million earned by the Asset Management <br>segment from the Insurance segment for the years ended December 31, 2025, 2024, and 2023, respectively. | <sup>(1)</sup> Includes intersegment management fees of $673.9 million, $537.2 million, and $445.9 million earned by the Asset Management <br>segment from the Insurance segment for the years ended December 31, 2025, 2024, and 2023, respectively. |
| <sup>(2)</sup> Includes intersegment management fees of $36.6 million and $31.8 million earned by the Asset Management segment from the <br>Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. | <sup>(2)</sup> Includes intersegment management fees of $36.6 million and $31.8 million earned by the Asset Management segment from the <br>Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. | <sup>(2)</sup> Includes intersegment management fees of $36.6 million and $31.8 million earned by the Asset Management segment from the <br>Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. | <sup>(2)</sup> Includes intersegment management fees of $36.6 million and $31.8 million earned by the Asset Management segment from the <br>Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. |
| <sup>(3)</sup> Includes intersegment performances fees of $12.3 million and $15.5 million earned by the Asset Management segment from the <br>Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. | <sup>(3)</sup> Includes intersegment performances fees of $12.3 million and $15.5 million earned by the Asset Management segment from the <br>Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. | <sup>(3)</sup> Includes intersegment performances fees of $12.3 million and $15.5 million earned by the Asset Management segment from the <br>Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. | <sup>(3)</sup> Includes intersegment performances fees of $12.3 million and $15.5 million earned by the Asset Management segment from the <br>Strategic Holdings segment for the years ended December 31, 2025 and 2024, respectively. |
| <sup>(4)</sup> Includes intersegment interest expense of $18.6 million, $10.2 million, and $186.4 million for the years ended December 31, 2025, <br>2024, and 2023, respectively. | <sup>(4)</sup> Includes intersegment interest expense of $18.6 million, $10.2 million, and $186.4 million for the years ended December 31, 2025, <br>2024, and 2023, respectively. | <sup>(4)</sup> Includes intersegment interest expense of $18.6 million, $10.2 million, and $186.4 million for the years ended December 31, 2025, <br>2024, and 2023, respectively. | <sup>(4)</sup> Includes intersegment interest expense of $18.6 million, $10.2 million, and $186.4 million for the years ended December 31, 2025, <br>2024, and 2023, respectively. |
|  | **As of December 31,** | **As of December 31,** |  |
|  | **2025** | **2024** |  |
| **Segment Assets:** |  |  |  |
| Asset Management | $26214100 | $25868340 |  |
| Insurance | 272649491 | 243719868 |  |
| Strategic Holdings | 11626832 | 8052232 |  |
| **Total Segment Assets** | **$310490423** | **$277640440** |  |
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Non-Cash Expenses Excluded from Segment Earnings** | **2025** | **2024** | **2023** |
| *Equity Based Compensation*  |  |  |  |
| Asset Management | $621974 | $611644 | $502816 |
| Insurance | 100135 | 134799 | 71579 |
| **Total Non-Cash Expenses**  | **$722109** | **$746443** | **$574395** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**Reconciliations of Total Segment Amounts**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Total GAAP Revenues** | **$19464307** | **$21878698** | **$14499312** |
| Impact of Consolidation and Other | 1313552 | 1344972 | 861928 |
| *Asset Management Adjustments:* |  |  |  |
| Capital Allocation-Based Income (Loss) (GAAP) | (3771235) | (3558284) | (2843437) |
| Realized Carried Interest | 1570205 | 1481760 | 1005759 |
| Realized Investment Income | 403455 | 534668 | 645031 |
| Capstone Fees | (113563) | (110953) | (100314) |
| Expense Reimbursements | (165397) | (152726) | (75687) |
| *Strategic Holdings Adjustments:* |  |  |  |
| Realized Investment Income and Dividends | 280930 | 211157 | 14531 |
| *Insurance Adjustments:* |  |  |  |
| Net Premiums | (3397186) | (7898834) | (1975675) |
| Policy Fees | (1350814) | (1377686) | (1260249) |
| Other Income | (256763) | (238410) | (176442) |
| (Gains) Losses from Investments<sup>(1)</sup> | 1907743 | 1532863 | 700380 |
| Non-Operating Changes in Policy Liabilities and Derivatives | (770990) | (32459) | (346963) |
| **Total Segment Revenues** <sup>(2)</sup> | **$15114244** | **$13614766** | **$10948174** |

---

(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.

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Total GAAP Expenses** | **$19012315** | **$20985860** | **$12358605** |
| Impact of Consolidation and Other | (825185) | (448776) | (392778) |
| *Asset Management Adjustments:* |  |  |  |
| Equity-based Compensation | (616915) | (611644) | (502816) |
| Unrealized Carried Interest Compensation | (1566828) | (1505558) | (792758) |
| Amortization of Intangibles | (1787) |  |  |
| Transaction-related and Non-operating Items | (96289) | (122009) | (31805) |
| Reimbursable Expenses | (165397) | (152726) | (75687) |
| Capstone Expenses | (100030) | (81280) | (77642) |
| *Insurance Adjustments:* |  |  |  |
| Net Premiums | (3397186) | (7898834) | (1975675) |
| Policy Fees | (1350814) | (1377686) | (1260249) |
| Other Income | (256763) | (238410) | (176442) |
| Non-Operating Changes in Policy Liabilities | (1249932) | (270326) | (608081) |
| Equity-Based Compensation  | (100135) | (134799) | (115653) |
| Amortization of Intangibles | (18796) | (17935) | (17647) |
| Transaction-Related and Non-Operating Items | (42350) | (20615) | (11604) |
| **Total Segment Expenses** <sup>(1)</sup> | **$9223908** | **$8105262** | **$6319768** |

---

(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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Income (Loss) Before Tax (GAAP)** | **$7099160** | **$5860433** | **$6554609** |
| Impact of Consolidation and Other  | (3991700) | (1252727) | (1543641) |
| Interest Expense, Net | 257725 | 302381 | 325919 |
| *Asset Management Adjustments:* |  |  |  |
| Unrealized (Gains) Losses | 560892 | (673790) | (843627) |
| Unrealized Carried Interest | (2140747) | (1943200) | (1656974) |
| Unrealized Carried Interest Compensation  | 1566828 | 1505558 | 792758 |
| Transaction-related and Non-operating Items<sup>(1)</sup> | 96289 | 122009 | 31805 |
| Equity-based Compensation | 268067 | 279418 | 230858 |
| Equity-based Compensation - Performance based | 348848 | 332226 | 271958 |
| Amortization of Acquired Intangibles | 1787 |  |  |
| *Strategic Holdings Adjustments:* |  |  |  |
| Unrealized (Gains) Losses | (746252) | (958418) | (691307) |
| *Insurance Adjustments:*<sup>(2)</sup> |  |  |  |
| (Gains) Losses from Investments<sup>(23)</sup> | 2088687 | 1465348 | 363956 |
| Non-Operating Changes in Policy Liabilities and Derivatives<sup>(2)</sup> | 319471 | 296917 | 228929 |
| Transaction-Related and Non-Operating Items<sup>(1)(2)</sup> | 42350 | 20615 | 7347 |
| Equity-Based Compensation<sup>(2)</sup> | 100135 | 134799 | 71579 |
| Amortization of Acquired Intangibles<sup>(2)</sup> | 18796 | 17935 | 11175 |
| **Total Segment Earnings** | **$5890336** | **$5509504** | **$4155344** |

---

(1)For the year ended December 31, 2025, Transaction-related and Other Non-operating items includes (i) $99 million related to transaction-related costs

and other corporate actions, which includes $5 million of acquisition-related stock consideration and (ii) $39 million of costs associated with certain

integration, restructuring, and other non-operating expenses across our Asset Management and Insurance businesses.

(2)Amounts represent the portion allocable to KKR.

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

---

| | | |
|:---|:---|:---|
|  | **As of**  | **As of**  |
|  | **December 31, 2025** | **December 31, 2024** |
| **Total GAAP Assets** | **$410144072** | **$360099411** |
| Impact of Consolidation and Reclassifications | (93778122) | (78288198) |
| Carry Pool Reclassifications | (5875527) | (4170773) |
| **Total Segment Assets** | **$310490423** | **$277640440** |

---

**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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

*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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

*Share Repurchase Program* 

Under KKR's repurchase program, shares of common stock of KKR & Co. Inc. may be repurchased from time to time in

open market transactions, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any

repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal requirements,

price and economic and market conditions. In addition to the repurchases of common stock, the repurchase program will be

used for the retirement (by cash settlement or the payment of tax withholding amounts upon net settlement) of equity

awards granted pursuant to our 2019 Equity Incentive Plan representing the right to receive common stock. KKR expects that

the program will be in effect until the maximum approved dollar amount has been used. The program does not require KKR to

repurchase or retire any specific number of shares of common stock or equity awards, respectively, and the program may be

suspended, extended, modified or discontinued at any time. In April 2024, the share repurchase program was amended such

that when the remaining available amount under the share repurchase program becomes $50 million or less, the total

available amount under the share repurchase program will automatically add an additional $500 million to the then remaining

available amount of $50 million or less (the "Share Repurchase Program Increase Threshold"). The Share Repurchase Program

Increase Threshold was reached during the second quarter of 2025, which automatically added an additional $500 million to

the then remaining available amount. As of January 30, 2026, there was approximately $439 million remaining under the

program. Any additional increases to this remaining available amount would require a separate approval by the Board of

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

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

retired under the repurchase program:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Shares of common stock repurchased | 36,411 |  | 5,395,162 |
| Equity awards for common stock retired  | 1,071,587 | 1,170,857 | 764,999 |

---

**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.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Balance at the beginning of the period** | **$36747947** | **$34904791** | **36410858** |
| Net Income (Loss) Attributable to Noncontrolling Interests  | 3619846 | 1756643 | 1630230 |
| Other Comprehensive Income (Loss), net of tax  | 1362 | 6294 | 588415 |
| Compensation Modification – Issuance of Holdings III Units |  | 53623 |  |
| Equity-Based Compensation (Non-Cash Contribution) | 407113 | 432299 | 323577 |
| 2024 GA Acquisition – Cash consideration  |  | (2622230) |  |
| 2024 GA Acquisition – Issuance of Holdings III Units  |  | 40789 |  |
| Change in KKR & Co. Inc.'s Ownership - 2024 GA Acquisition |  | 2169300 |  |
| Change in KKR & Co. Inc.'s Ownership Interest | (450616) | (431394) | (156867) |
| Capital Contributions | 11355497 | 7466717 | 12871585 |
| Capital Distributions | (6081746) | (8191990) | (8301516) |
| Changes in Consolidation | 2391392 | 1163105 | (8461491) |
| Impact of Acquisition – HealthCare Royalty Management, LLC <sup>(1)</sup> | 28313 |  |  |
| **Balance at the end of the period** | **$48019108** | **$36747947** | **$34904791** |

---

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

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| **Balance at the beginning of the period** | $1585177 | $615427 | $152065 |
| Net Income (Loss) Attributable to Redeemable Noncontrolling Interests | 155103 | 73149 | (5405) |
| Capital Contributions | 1068632 | 922127 | 499433 |
| Capital Distributions | (98670) | (23763) | (2845) |
| Change in KKR & Co. Inc.'s Ownership Interest |  | (1763) |  |
| Changes in Consolidation |  |  | (27821) |
| **Balance at the end of the period** | $2710242 | $1585177 | $615427 |

---

**24. COMMITMENTS AND CONTINGENCIES** 

**Funding Commitments and Others**

As of December 31, 2025, KKR had unfunded commitments consisting of $10.5 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 December 31, 2025, these capital markets

commitments amounted to $1.0 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 December 31, 2025, have been reduced to reflect the amount expected to be funded by such third parties. As of

December 31, 2025, KKR's capital markets business line has entered into such arrangements representing a total notional

amount of $5.0 billion.

Global Atlantic has commitments to purchase or fund investments of $7.3 billion as of December 31, 2025. These

commitments include those related to mortgage loans, other lending facilities, and real assets. For those commitments that

represent a contractual obligation to extend credit, Global Atlantic has recorded a liability of $30.9 million for current

expected credit losses as of December 31, 2025.

In addition, Global Atlantic has entered into agreements to purchase loans. Global Atlantic's obligations under these

agreements are subject to change, curtailment, and cancellation based on various provisions including repricing mechanics,

due diligence reviews, and performance or pool quality, among other factors.

Global Atlantic has certain contingent funding obligations related to development-stage renewable energy projects in the

amount of $322.2 million as of December 31, 2025, with expiration dates occurring between March 2026 and September

2027. For accounting purposes, these contingent funding obligations are considered guarantees of the obligations of the

development-stage renewable energy projects.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

As of December 31, 2025, purchase commitments under agreements with third-party administrators and other service

providers were as follows:

---

| | |
|:---|:---|
| 2026 | $27825 |
| 2027 | 17625 |
| 2028 | 12266 |
| 2029 | 10450 |
| 2030 | 9291 |
| Thereafter | 45066 |
| **Total**  | $122523 |

---

**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.

As of December 31, 2025, the approximate aggregate future lease payments required on the asset management

operating leases are as follows:

---

| | |
|:---|:---|
| 2026 | $82539 |
| 2027 | 77698 |
| 2028 | 76768 |
| 2029 | 74355 |
| 2030 | 68109 |
| Thereafter | 587902 |
| Total Lease Payments Required | 967371 |
| Less: Imputed Interest | 207575 |
| **Total Operating Lease Liabilities** | **$759796** |

---

As of December 31, 2025, the approximate aggregate future lease payments required on the Global Atlantic operating

leases are as follows:

---

| | |
|:---|:---|
| 2026 | $16780 |
| 2027 | 16753 |
| 2028 | 13358 |
| 2029 | 12011 |
| 2030 | 12480 |
| Thereafter | 284337 |
| Total Lease Payments Required | 355719 |
| Less: Imputed Interest | 180040 |
| **Total Operating Lease Liabilities** | **$175679** |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_7)</u> 

**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 December 31, 2025, approximately $150 million of carried interest was subject to this clawback obligation,

assuming that all applicable carry-paying investment funds were liquidated at their December 31, 2025 fair values. Although

KKR would be required to remit the entire amount to fund investors that are entitled to receive the clawback payment, KKR

would be entitled to seek reimbursement of approximately $65 million of that amount from Associates Holdings, which is not

a KKR subsidiary. As of December 31, 2025, Associates Holdings had access to cash reserves sufficient to reimburse the full

$65 million that would be due to KKR. If the investments in all carry-paying funds were to be liquidated at zero value, a

possibility that management views to be remote, the clawback obligation would have been approximately $5.8 billion as of

December 31, 2025. KKR will acquire control of Associates Holdings when a subsidiary of KKR becomes its general partner

upon the closing of the transactions contemplated to occur on the Sunset Date (as defined in Note 1 "Organization"), which

will occur not later than December 31, 2026.

Carried interest is recognized in the consolidated statements of operations based on the contractual conditions set forth

in the agreements governing the fund as if the fund were terminated and liquidated at the reporting date and the fund's

investments were realized at the then estimated fair values. Amounts earned pursuant to carried interest are earned by the

general partner of those funds to the extent that cumulative investment returns are positive and where applicable, preferred

return thresholds have been met. If these investment amounts earned decrease or turn negative in subsequent periods,

recognized carried interest will be reversed and to the extent that the aggregate amount of carry distributions received by the

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

clawback obligation would be recorded. For funds that are consolidated, this clawback obligation, if any, is reflected as an

increase in noncontrolling interests in the consolidated statements of financial condition. For funds that are not consolidated,

this clawback obligation, if any, is reflected as a reduction of KKR's investment balance as this is where carried interest is

initially recorded.

**Indemnifications and Other Guarantees**

KKR may incur contingent liabilities for claims that may be made against it in the future. KKR enters into contracts that

contain a variety of representations, warranties and covenants, including indemnifications. KKR (including KFN) and certain of

KKR's investment funds have provided and provide certain credit support, such as indemnities and guarantees, relating to a

variety of matters, including non-recourse carve-out guarantees for fraud, willful misconduct and other wrongful acts in

connection with the financing of (i) certain real estate investments that we have made, including KKR's corporate real estate,

and (ii) certain investment vehicles that KKR manages or sponsors.

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

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

manages,

ii.in connection with repayment and funding obligations to third-party lenders on behalf of certain employees,

excluding its executive officers, in connection with their personal investments in KKR investment funds and a

levered multi-asset investment vehicle,

iii.through a contingent guarantee of a subsidiary's loan repayment obligations, which does not become effective

unless and until its loan becomes accelerated due to certain specified events of default involving the

investment vehicles managed by KJRM,

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

v.certain of our investment vehicles to fund or otherwise be liable for a portion of their investment losses and/or

to provide them with liquidity upon certain termination events.

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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 December 31, 2025,

the present value of the remaining amount to be paid is $46.3 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 (including Global Atlantic) is involved in various legal proceedings, requests for information,

lawsuits, arbitration, and claims incidental to the conduct of KKR's businesses. KKR's businesses are also subject to extensive

regulation, which may result in regulatory or other legal proceedings against them. Moreover, in the ordinary course of

business, KKR is and can be the defendant or the plaintiff in numerous lawsuits with respect to acquisitions, bankruptcy,

insolvency and other events. Such lawsuits may involve claims, or may be resolved on terms, that adversely affect the value of

certain investments owned by KKR's funds and Global Atlantic's insurance companies.

*Kentucky Matter*

In December 2017, KKR & Co. L.P. (which is now KKR Group Co. Inc.) and its then Co-Chief Executive Officers, Henry Kravis

and George Roberts, were named as defendants in a lawsuit filed in Kentucky state court (the "2017 Action") alleging, among

other things, the violation of fiduciary and other duties in connection with certain separately managed accounts that Prisma

Capital Partners LP, a former subsidiary of KKR, manages for the Kentucky Retirement Systems. Also named as defendants in

the lawsuit are certain current and former trustees and officers of the Kentucky Retirement Systems, Prisma Capital Partners

LP, and various other service providers to the Kentucky Retirement Systems and their related persons. The 2017 Action was

dismissed at the direction of the Supreme Court of Kentucky for lack of Kentucky constitutional standing. This dismissal

became final on February 16, 2024.

On July 21, 2020, the Office of the Attorney General, on behalf of the Commonwealth of Kentucky (the "Kentucky AG"),

filed a new lawsuit in the same Kentucky state court (the "2020 AG Action") making essentially the same allegations as those

raised in the 2017 Action, including against what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Messrs. Kravis and

Roberts. On May 1, 2024, the trial court denied motions to dismiss the 2020 AG Action filed by KKR & Co. Inc. and Messrs.

Kravis and Roberts.

On April 8, 2024, after receiving permission from the Kentucky trial court in the 2020 AG Action, the Kentucky AG

amended its complaint in the 2020 AG Action to add a claim for breach of contract. The Kentucky AG also filed an action (the

"2024 AG Action") substantially identical to the 2020 AG Action, including the new claim for breach of contract. On April 23,

2024, KKR & Co. Inc., Messrs. Kravis and Roberts and other defendants moved to strike the Kentucky AG's amended complaint

in the 2020 AG Action, to stay consideration of the breach of contract claim and the 2024 AG Action until after the trial court's

ruling on the motions to dismiss the 2020 AG Action, and to deny a motion by the Kentucky AG to consolidate the 2020 AG

Action and the 2024 AG Action. These motions were denied, and the trial court consolidated the 2020 AG Action with the

2024 AG Action. On June 17, 2024, KKR & Co. Inc., Messrs. Kravis and Roberts and other defendants filed new motions to

dismiss the consolidated 2020 AG Action and 2024 AG Action.

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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.

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*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.

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*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 $31.6 million, $17.9 million, and

$20.3 million for the years ended December 31, 2025, 2024, and 2023, respectively, and are included in insurance expenses in

the consolidated statements of operations. As of December 31, 2025 and 2024, the total capacity of the financing

arrangements with third parties was $2.6 billion and $2.4 billion, respectively.

Other than the matters disclosed above, there were no outstanding or unpaid balances from the financing arrangements

with unaffiliated third parties as of both December 31, 2025 and 2024.

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**25. CAPITAL & REGULATORY REQUIREMENTS**

**Insurance subsidiary capital requirements**

All of our Global Atlantic insurance companies are subject to minimum capital and surplus requirements. Insurance

companies typically operate in excess of such requirements. Failure to maintain such minimum capital will result in regulatory

actions, including in certain circumstances regulatory takeover of the insurance company.

In the United States, our Global Atlantic's insurance companies are subject to risk based capital ("RBC") standards and

other minimum capital and surplus requirements imposed by state laws. The RBC formula is intended to measure the

adequacy of the insurance company's statutory surplus in relation to the risks inherent in its business. The RBC formula

requires higher surplus in relation to items deemed to have higher risk. Regulatory action is triggered beginning at 200% RBC

and below.

Our Global Atlantic Bermuda insurance companies are subject to Bermuda Solvency Capital Requirements ("BSCR")

standards and other minimum capital and surplus requirements imposed by the BMA. The BMA expects that insurers operate

at or above a BSCR ratio of at least 120%.

Each of our Global Atlantic insurance companies exceeded the minimum requirements that would trigger regulatory

action for all periods presented in this report.

**Insurance subsidiary dividend restrictions**

Payments of dividends by our U.S. and Bermuda-domiciled insurance companies are restricted by insurance statutes and

regulations. Our ability to pay dividends out of our U.S.-domiciled insurance companies is limited to the dividend paying

capacity of Global Atlantic's indirect insurance subsidiary, Commonwealth Annuity and Life Insurance Company

("Commonwealth"). Commonwealth has negative unassigned surplus, and while it remains so, Commonwealth must obtain

written approval from the Massachusetts Division of Insurance prior to the payment of any dividend or distribution. Without

prior regulatory approval, and subject to maintaining certain solvency requirements, our U.S. and Bermuda insurance

subsidiaries, may declare ordinary dividends or distributions to their holding companies during 2025, as follows:

---

| | |
|:---|:---|
| **($ in thousands)** | **Ordinary dividend and** <br>**distribution capacity**<br>|
| ***U.S. domiciled*** |  |
| Commonwealth Annuity and Life Insurance Company |  |
| ***Bermuda domiciled*** |  |
| Global Atlantic Re Limited | $1674870 |

---

Shareholders' equity of our principal U.S.-domiciled insurance subsidiary, Commonwealth Annuity and Life Insurance

Company, determined pursuant to statutory accounting rules was approximately $6.8 billion and $6.2 billion as of December

31, 2025 and 2024, respectively. Statutory surplus computed under those methodologies differ from equity reported in

accordance with U.S. GAAP primarily because fixed maturity securities are required to be carried at cost or amortized cost,

embedded derivatives on funds withheld reinsurance balances are not recognized, policy acquisition costs are expensed when

incurred and asset valuation, and interest maintenance reserves are required to be held. Life insurance reserves are

calculated based upon different assumptions and the recognition of deferred tax assets is based on different recoverability

assumptions.

Shareholders' equity of our Bermuda-domiciled insurance subsidiary, Global Atlantic Re Limited, determined pursuant to

statutory accounting rules was approximately $5.1 billion and $4.2 billion as of December 31, 2025 and 2024, respectively.

Bermuda reinsurers file statutory financial statements with the Bermuda Monetary Authority (the "BMA") that may differ

from U.S. GAAP. For example, Bermuda statutory surplus differs from U.S. GAAP primarily due to a modification that permits

our Bermuda insurance subsidiary to not measure the embedded derivative included within certain funds withheld

coinsurance agreements at fair value.

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**26. SUBSEQUENT EVENTS**

A dividend of $0.185 per share of common stock of KKR & Co. Inc. has been declared and was announced on February 5,

2026. This dividend will be paid on March 3, 2026 to common stockholders of record as of the close of business on February

17, 2026. Additionally, beginning with the dividend to be announced with the results of the quarter ending March 31, 2026,

KKR intends to increase its regular annualized dividend per share of common stock from $0.74 to $0.78.

A dividend of $0.78125 per share of Series D Mandatory Convertible Preferred Stock has been declared and was

announced on February 5, 2026 and set aside for payment. This dividend will be paid on March 1, 2026 to holders of record of

Series D Mandatory Convertible Preferred Stock as of the close of business on February 15, 2026.

On February 4, 2026, KKR entered into a definitive agreement to acquire 100% 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. The closing of the acquisition is subject to the satisfaction of regulatory and specified sports approvals as well

as other customary conditions. Subject to the closing, KKR agreed to pay (i) $1.4 billion in initial consideration for the seller's

equity interests in Arctos, consisting of cash and equity securities of KKR, and (ii) up to $550 million of additional equity

securities based on KKR share price and Arctos business-specific performance targets. The number of shares or units issuable

in connection with the initial equity consideration of $1.1 billion will be calculated using $130.62 per share of common stock

of KKR & Co. Inc.

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**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING** 

**AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the

Exchange Act) that are designed to ensure that the information required to be disclosed by us in the reports filed or submitted

by us under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's

rules and forms and such information is accumulated and communicated to management, including the Co-Chief Executive

Officers and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls

and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired

control objectives.

We carried out an evaluation, under the supervision and with the participation of our management, including the Co-

Chief Executive Officers and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure

controls and procedures as of December 31, 2025. Based upon that evaluation, our Co-Chief Executive Officers and Chief

Financial Officer have concluded that, as of December 31, 2025, our disclosure controls and procedures were effective to

accomplish their objectives at the reasonable assurance level.

**Management's Report on Internal Control Over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting.

Internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) is a process

designed by, or under the supervision of, a company's principal executive and principal financial officers and effected by the

Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting

principles and includes those policies and procedures that:

• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and

dispositions of the assets of the company;

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

statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the

company are being made only in accordance with authorizations of management and directors of the company; and

• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the company's assets that could have a material effect on the financial statements.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In

making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the

Treadway Commission (COSO) in Internal Control—Integrated Framework that was issued in 2013. Based on its assessment,

our management has concluded that, as of December 31, 2025, our internal control over financial reporting is effective.

**Changes in Internal Control Over Financial Reporting** 

No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act)

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

control over financial reporting.

**Attestation Report of the Independent Registered Public Accounting Firm**

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

statements included in this report, has issued its attestation report on our internal control over financial reporting, which is

included in Financial Statements and Supplementary Data.

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**ITEM 9B. OTHER INFORMATION**

None.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT** 

**INSPECTIONS**

None.

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**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE** 

**Directors and Executive Officers**

The following table presents certain information concerning our Board of Directors and executive officers.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Henry R. Kravis | 82 | Co-Executive Chairman and Director |
| George R. Roberts | 82 | Co-Executive Chairman and Director |
| Joseph Y. Bae | 54 | Co-Chief Executive Officer and Director |
| Scott C. Nuttall | 53 | Co-Chief Executive Officer and Director |
| Craig Arnold | 65 | Director |
| Timothy R. Barakett | 60 | Director |
| Adriane M. Brown | 67 | Director |
| Matthew R. Cohler | 48 | Director |
| Mary N. Dillon | 64 | Director |
| Arturo Gutiérrez Hernández | 59 | Director |
| Xavier B. Niel | 58 | Director |
| Kimberly A. Ross | 60 | Director |
| Patricia F. Russo | 73 | Director |
| Robert W. Scully | 76 | Director |
| Evan T. Spiegel | 35 | Director |
| Robert H. Lewin | 46 | Chief Financial Officer |
| Dane E. Holmes | 55 | Chief Administrative Officer |
| Kathryn K. Sudol | 51 | Chief Legal Officer and General Counsel |

---

**Henry R. Kravis** co-founded KKR in 1976 and serves as our Co-Executive Chairman. Mr. Kravis was our Co-Chief Executive

Officer until 2021 and is actively involved in managing the firm. Mr. Kravis currently serves on the boards of Axel Springer and

Catalio Capital Management, LP. He also serves as a director, chairman emeritus, trustee or executive committee member of

several cultural, professional, and educational institutions, including The Business Council (former chairman), Claremont

McKenna College, Columbia Business School (former co-chairman), Mount Sinai Hospital, the Partnership for New York City

(former chairman), the Partnership Fund for New York City (founding chairman), Rockefeller University (former vice

chairman), and Sponsors for Educational Opportunity (chairman). He earned a B.A. from Claremont McKenna College in 1967

and an M.B.A. from the Columbia Business School in 1969. Mr. Kravis has five decades of experience financing, analyzing, and

investing in public and private companies, as well as serving on the boards of a number of KKR portfolio companies. As our Co-

Founder, Co-Executive Chairman and former Co-Chief Executive Officer, Mr. Kravis has an intimate knowledge of KKR's

business, which allows him to provide insight into various aspects of our business and is of significant value to our Board of

Directors. Mr. Kravis and Mr. Roberts are first cousins.

**George R. Roberts** co-founded KKR in 1976 and serves as our Co-Executive Chairman. Mr. Roberts was our Co-Chief

Executive Officer until 2021 and is actively involved in managing the firm. Mr. Roberts has served as a director or trustee of

several cultural and educational institutions, including Claremont McKenna College. He is also Founder and Chairman of the

board of directors of REDF, a San Francisco nonprofit organization. He earned a B.A. from Claremont McKenna College in 1966

and a J.D. from the University of California (Hastings) Law School in 1969. Mr. Roberts has five decades of experience

financing, analyzing, and investing in public and private companies, as well as serving on the boards of a number of KKR

portfolio companies. As our Co-Founder, Co-Executive Chairman and former Co-Chief Executive Officer, Mr. Roberts has an

intimate knowledge of KKR's business, which allows him to provide insight into various aspects of our business and is of

significant value to our Board of Directors. Mr. Roberts and Mr. Kravis are first cousins.

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**Joseph Y. Bae** joined KKR in 1996 and is our Co-Chief Executive Officer. Prior to his current position, he served as our Co-

President and Co-Chief Operating Officer from 2017 to 2021, and he has been a member of our Board of Directors since July

2017. Mr. Bae has held numerous leadership roles at KKR. He was the architect of KKR's expansion in Asia, building one of the

largest and most successful platforms in the market. In addition to his role developing KKR's Asia-Pacific platform, he has

presided over business building in the firm's private markets businesses, which included leading or serving on all of the

investment committees and implementing the firm's modern thematic investment approach. He is active in a number of non-

profit educational and cultural institutions, including co-founding and serving on the board of The Asian American Foundation,

as a member of Harvard University's Global Advisory Council, and as a member of the Harvard Corporation. Mr. Bae's intimate

knowledge of KKR's business and operations and his experience in a variety of senior leadership roles within KKR provide

significant value to our Board of Directors.

**Scott C. Nuttall** joined KKR in 1996 and is our Co-Chief Executive Officer. Prior to his current position, he served as our Co-

President and Co-Chief Operating Officer from 2017 to 2021, and he has been a member of our Board of Directors since July

2017. Mr. Nuttall has had numerous leadership roles at KKR. He was the architect of the firm's major strategic development

initiatives, including leading KKR's public listing, developing the firm's balance sheet strategy, overseeing the development of

KKR's Public Markets businesses in the credit and hedge fund space as well as the creation of the firm's capital markets,

capital raising, and insurance businesses. Mr. Nuttall serves on KKR's Balance Sheet Committee. He was a member of the

board of directors of Fiserv, Inc. until 2022. He has also served on the boards of various non-profit institutions with a

particular focus on education, most recently as Co-Chairman of Teach for America – New York. Mr. Nuttall's intimate

knowledge of KKR's business and operations and his experience in a variety of senior leadership roles within KKR provide

significant value to our Board of Directors.

**Craig Arnold** has been a member of our Board of Directors since September 2025. Mr. Arnold is the former Chairman of

the Board and Chief Executive Officer of Eaton Corporation, a global intelligent power management company. Prior to

becoming Chairman and Chief Executive Officer in 2016 (a position he held until May 2025), Mr. Arnold served as the

President and Chief Operating Officer of Eaton Corporation. Prior to that, Mr. Arnold served as Vice Chairman and Chief

Operating Officer of Eaton Corporation's Industrial Sector from 2009 to 2015. Mr. Arnold previously worked for General

Electric Company, where he held roles across the Appliances, Plastics and Lighting businesses. He currently is a member of the

Boards of Directors of Medtronic, where he serves as the lead independent director, Honeywell, Procter & Gamble, the

United Way of Greater Cleveland and the Salvation Army of Greater Cleveland. He graduated from California State University,

San Bernardino with a bachelor's degree, and obtained a Master of Business Administration from Pepperdine University. Mr.

Arnold brings significant value to our Board of Directors from his extensive leadership, strategy and risk management

experience from his years of leadership at large multinational companies and possesses strong corporate governance acumen

and financial oversight skills from service on multiple public company boards of directors.

**Timothy R. Barakett** has been a member of our Board of Directors since March 2025. Mr. Barakett is the Founder and

Chief Executive Officer of TRB Advisors, a private investment firm and family office. TRB invests directly in public and private

markets and provides capital and strategic support to a number of investment firms. Prior to founding TRB in 2010, Mr.

Barakett was the Founder and Chief Executive Officer of Atticus Capital, a global investment management firm. Before

founding Atticus in 1995, Mr. Barakett was a Managing Director at Junction Advisors, an investment management company

specializing in risk arbitrage, and earlier in his career, he was a Senior Associate at Battery Ventures, a venture capital firm.

Mr. Barakett is the Treasurer of Harvard University, a Fellow of the Harvard Corporation, and the Chair of the Board of the

Harvard Management Company, which manages Harvard University's endowment. He also serves on the boards of directors

of Athletic Brewing Company and Rethink Food NYC and the Advisory Boards of Commodore Capital, Forward Consumer

Partners, and Charter Oak Advisors. Mr. Barakett's extensive leadership and financial experience in the investment

management industry and with a large university provides our Board of Directors with significant financial, risk management,

and unique industry insight expertise.

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**Adriane M. Brown** has been a member of our Board of Directors since June 2021. Ms. Brown joined Flying Fish Ventures

as a Venture Partner in November 2018 and became a Managing Partner of the venture capital firm in February 2021. Prior to

that, Ms. Brown served as President and Chief Operating Officer for Intellectual Ventures, an invention and investment

company, from January 2010 through July 2017, and served as a Senior Advisor until December 2018. Before joining

Intellectual Ventures, Ms. Brown served as President and Chief Executive Officer of Honeywell Transportation Systems. Over

the course of 10 years at Honeywell, she held leadership positions serving the aerospace and automotive markets globally.

Prior to Honeywell, Ms. Brown spent 19 years at Corning, Inc., ultimately serving as Vice President and General Manager,

Environmental Products Division, having started her career there as a shift supervisor. Ms. Brown serves on the boards of

directors of American Airlines Group Inc., Axon Enterprise, Inc., eBay Inc., and the International Women's Forum. Ms. Brown

previously served on the boards of directors of Allergan Plc and Raytheon Company until 2020. Ms. Brown holds a Doctorate

of Humane Letters and a bachelor's degree in environmental health from Old Dominion University, and is a winner of its

Distinguished Alumni Award. She also holds a master's degree in management from the Massachusetts Institute of

Technology where she was a Sloan Fellow. Ms. Brown's leadership in technology businesses and industrial companies as well

as her investment and financial experience bring important expertise to the oversight and development of our business.

**Matthew R. Cohler** has been a member of our Board of Directors since December 2021. Mr. Cohler is a former General

Partner at the venture capital firm Benchmark, where for over a decade he led early-stage investments in Internet and

software startup businesses. He currently serves as a director and nominating and governance committee member at Asana,

as a director and audit committee member at 1stDibs and as a director at several privately held companies. Previously he

served as a director, audit committee member, and nominating and governance committee member at Domo, as a director

and audit committee member at Uber and as a director at privately held companies including Duo Security, Instagram and

Tinder. Prior to Benchmark, Mr. Cohler was Vice President at Facebook, where he was the company's seventh employee, and

Vice President at LinkedIn, where he was part of the company's founding team. He serves on the board of trustees at

Environmental Defense Fund (Vice Chair), on the board of governors at the San Francisco Symphony (Vice President) and on

the investment committee at the Chan Zuckerberg Initiative and at the Yale Investments Office. He holds a B.A. from Yale

University, cum laude and with distinction in the study of music. Mr. Cohler's knowledge and experience as a venture

capitalist and director of multiple leading companies in the technology industry bring to our Board of Directors important

insight and perspectives to our business and future development.

**Mary N. Dillon** has been a member of our Board of Directors since September 2018. From September 2022 to September

2025, Ms. Dillon was the Chief Executive Officer of Foot Locker, Inc. (and President from September 2022 to March 2025) and

a member of its board of directors. From 2013 to 2022, Ms. Dillon served as a member of the board of directors of Ulta

Beauty, Inc., a beauty products retailer, and was its Executive Chair from June 2021 through June 2022 and Chief Executive

Officer from 2013 to June 2021. From 2010 to 2013, she served as President and Chief Executive Officer and member of the

board of directors of United States Cellular Corporation, a provider of wireless telecommunication services. From 2005 to

2010, Ms. Dillon served as Global Chief Marketing Officer and Executive Vice President of McDonald's Corporation. From 2002

to 2005, Ms. Dillon held several positions of increasing responsibility at PepsiCo Corporation, including as President of the

Quaker Foods division. Ms. Dillon joined the board of directors of Starbucks in January 2016 and served as chair of its

compensation and management development committee, and as a member of the nominating and corporate governance

committee through August 2022. Ms. Dillon is chair of the board of trustees of Save the Children US since 2025 after having

served on the board of trustees from 2016 to 2023. Ms. Dillon provides our Board of Directors with valuable knowledge and

insights she gained through her various senior management and leadership roles, including as the chief executive officer of a

publicly traded company. In addition, with over 40 years of experience in consumer-driven businesses, Ms. Dillon brings to our

Board of Directors her extensive operational and marketing expertise in the retail industry.

**Arturo Gutiérrez Hernández** has been a member of our Board of Directors since March 2021. Mr. Gutiérrez has served as

the Chief Executive Officer of Arca Continental, one of the largest Coca-Cola bottlers in the world, since January 2019. Mr.

Gutiérrez held several executive positions in the company from 2001 to 2018, including Deputy Chief Executive Officer, Chief

Operating Officer, Head of the Mexico Beverages Division, Executive Vice President of Human Resources, Director of

Corporate Planning and General Counsel. He serves on several boards of industry-related companies and on the board of

Canadian Pacific Kansas City Limited. He also serves on the Coca-Cola Mexico Foundation. Mr. Gutiérrez earned a law degree

from Escuela Libre de Derecho, in Mexico City, and an L.L.M. from Harvard University, as a Fulbright Scholar. Mr. Gutiérrez

provides our Board of Directors with valuable knowledge, perspectives and insights from his leadership of a large

multinational business based in Latin America and from his broad experience in various aspects of the consumer staples,

including operational, financial, business development, and legal areas.

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**Xavier B. Niel** has been a member of our Board of Directors since March 2018. Mr. Niel is the Founder and Chairman of

the board of Iliad SA, a French telecommunications company that owns the internet provider Free and the low-cost mobile

operator Free Mobile. Mr. Niel also owns majority stakes in telecom operators in various countries. He has been involved in

the data communications, internet, and telecommunications industry since the late 1980s. In 2010, Mr. Niel founded Kima

Ventures SAS, which is an active early-stage investor. In 2013, he created 42, a school that trains computer specialists in

France, and in 2017, he opened Station-F, a startup campus located in Paris. Mr. Niel brings significant value to our Board of

Directors due to his extensive experience as an entrepreneur who founded multiple companies, in addition to his leadership

and technology experience.

**Kimberly A. Ross** has been a member of the Board of Directors since September 2023. Ms. Ross is a member of the board

of directors of Northrop Grumman Corporation and The Cigna Group. Ms. Ross served as Chief Financial Officer of WeWork

Inc. from March 2020 through October 2020. Ms. Ross served as Senior Vice President and Chief Financial Officer of Baker

Hughes Company, an energy technology company, from September 2014 to July 2017. Before joining Baker Hughes, Ms. Ross

served as Executive Vice President and Chief Financial Officer of Avon Products, Inc., a global manufacturer and marketer of

beauty and related products, from November 2011 until October 2014. Prior to joining Avon, Ms. Ross served as the Executive

Vice President and Chief Financial Officer of Royal Ahold N.V., a food retail company, from 2007 to 2011 and held a variety of

senior management positions during her tenure there, which began in 2001. She has previously served as a director of Nestlé

S.A. from 2018 through 2024, KKR Acquisition Holdings I Corp from 2021 through 2022, and Chubb Limited from 2014 through

2020. Ms. Ross has significant international business experience through her service as an executive of large public companies

with international operations. Ms. Ross also provides our Board of Directors with valuable knowledge and experience in

corporate finance, financial planning and analysis, strategy, mergers and acquisitions, corporate restructuring, financial

reporting, and internal audit as well as IT operations oversight.

**Patricia F. Russo** has been a member of our Board of Directors since April 2011. Ms. Russo served as Chief Executive

Officer of Alcatel-Lucent from 2006 to 2008. Prior to the merger of Alcatel and Lucent in 2006, she served as Chairman of

Lucent Technologies, Inc. from 2003 to 2006, and as President and Chief Executive Officer from 2002 to 2006. Before rejoining

Lucent in 2002, Ms. Russo was President and Chief Operating Officer of Eastman Kodak Company from March 2001 to

December 2001. She has served as the Chairman of Hewlett Packard Enterprise Company since 2015, as a director of Merck &

Co., Inc. since 2009 and as a director of General Motors Company since 2009, including as lead independent director from

March 2010 to January 2014 and again since June 2021. Prior to its merger with Merck in 2009, Ms. Russo served as a director

of Schering-Plough since 1995, and she served as a director of Hewlett Packard Company from 2011 to November 2015. From

November 2016 to May 2018, Ms. Russo also served on the board of Arconic Inc., which separated from Alcoa Inc., where Ms.

Russo served as a director from 2008 to November 2016. She graduated from Georgetown University with a bachelor's degree

in political science and history, and obtained an Advanced Management Degree from Harvard Business School's Advanced

Management Program. Ms. Russo's management and leadership experience as chief executive officer of complex global

companies as well as her experience with corporate strategy, mergers and acquisitions, and sales and marketing brings to our

Board of Directors important expertise to the oversight and development of our business. Ms. Russo also brings extensive

experience in corporate governance as a member of boards and board committees of other public companies.

**Robert W. Scully** has been a member of our Board of Directors since July 2010. Mr. Scully was a member of the Office of

the Chairman of Morgan Stanley from 2007 until his retirement in 2009, where he had previously been Co-President of the

firm, Chairman of global capital markets and Vice Chairman of investment banking. Prior to joining Morgan Stanley in 1996, he

served as a Managing Director at Lehman Brothers and at Salomon Brothers. Mr. Scully has served as a director of Chubb

Limited since January 2016, and prior to its acquisition of Chubb Limited, a director of ACE Limited from May 2014 to January

2016. Previously, he was a director of Zoetis Inc. from June 2013 to May 2025, a director of UBS Group AG from May 2016 to

April 2020, a director of Bank of America Corporation from August 2009 to May 2013 and a public governor of the Financial

Industry Regulatory Authority, Inc. from October 2014 to May 2016. He has also served as a director of GMAC Financial

Services and MSCI Inc. He holds an A.B. from Princeton University and an M.B.A. from Harvard Business School. Mr. Scully is a

member of the Nassau Hall Society at Princeton University. Mr. Scully previously was Chair and Co-Chair of Teach for America,

New York, and he previously served on the Board of Teach For All and the Board of Dean's Advisors of Harvard Business

School. Mr. Scully's 35-year career in the financial services industry brings to our Board of Directors important expertise to the

oversight of our business. In addition, his leadership experience with a global financial services company brings an industry

perspective to our business development within and outside the United States as well as issues such as talent development,

senior client relationship management, strategic initiatives, risk management and audit, and financial reporting.

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**Evan T. Spiegel** has been a member of our Board of Directors since October 2021. Mr. Spiegel is the Co-Founder of Snap

Inc., a publicly traded technology company that believes the camera represents the greatest opportunity to improve the way

that people live and communicate, and has served as its Chief Executive Officer and a member of its board of directors since

2012. In 2017, Mr. Spiegel formed the Spiegel Family Fund, a non-profit humanitarian organization which supports

organizations across the arts, education, housing and human rights. Mr. Spiegel currently serves on the boards of directors of

Snap Inc. and the Berggruen Institute. Mr. Spiegel holds a bachelor's degree in Engineering, Product Design from Stanford

University. Mr. Spiegel's experience as a co-founder and executive of a leading company in technology services brings to our

Board of Directors important insight and perspectives to our business and future development.

**Robert H. Lewin** joined KKR in 2004 and is our Chief Financial Officer. Since joining KKR, Mr. Lewin has held a number of

positions, including as an investor in private equity, co-leading the firm's credit and capital markets businesses, serving as

Treasurer and Head of Corporate Development and Head of Human Capital & Strategic Talent. From 2006 through 2010, Mr.

Lewin resided in Hong Kong, helping to launch KKR's Asia business. Mr. Lewin has a Bachelor of Science from the University of

Pennsylvania. He currently serves on the board of two non-profit organizations: Answer the Call and Ethical Culture Fieldston

School.

**Dane E. Holmes** joined KKR as Chief Administrative Officer in 2023. Prior to becoming the Chief Administrative Officer,

Mr. Holmes was a member of our Board of Directors from March 2021 to December 2023. Mr. Holmes was previously the

Chairman and Chief Executive Officer of Eskalera, Inc., from 2020 to 2023, an enterprise software company he co-founded.

Prior to Eskalera, Mr. Holmes was the Global Head of Human Capital Management at Goldman Sachs from 2017 to 2019 and

served as a member of the firm's management committee. He held many positions at Goldman Sachs from 2001 to 2017,

including global head of investor relations, and Mr. Holmes served on a variety of committees, including its risk committee,

client and business standards committee, and global diversity committee. Mr. Holmes serves on several non-profit boards and

is currently the chair of StoryCorps and the former chair and current board member of The Ron Brown Scholar Program. Mr.

Holmes earned a B.A. from Columbia University.

**Kathryn K. Sudol** joined KKR in 2022 and is our Chief Legal Officer and General Counsel. Prior to her current position, she

served as KKR's General Counsel from September 2022 through March 2023 and its Secretary from September 2022 through

June 2023. Prior to joining KKR, Ms. Sudol was a partner with Simpson Thacher & Bartlett LLP for 24 years where she held

numerous leadership roles, including as Global Co-Head of Mergers & Acquisitions, a long-time member of the firm's

Executive Committee and head of the firm's M&A practice in Asia from 2010 through 2018. Ms. Sudol currently serves as a

member of the Board of Trustees of New York University School of Law and as a member of the Northwestern University

School of Communication Board of Advisors. She earned a B.S., with honors, from Northwestern University and a J.D. from

New York University School of Law.

**Independence and Composition of the Board of Directors** 

Our Board of Directors consists of fifteen directors, eleven of whom, Messrs. Arnold, Barakett, Cohler, Gutiérrez, Niel,

Scully, and Spiegel and Mses. Brown, Dillon, Ross, and Russo, are independent under NYSE rules relating to corporate

governance matters and the independence standards described in our corporate governance guidelines.

Because the Series I preferred stockholder has more than 50% of the voting power for the election of our directors, we

are a "controlled company" within the meaning of the corporate governance standards of the NYSE. Under these standards, a

"controlled company" may elect not to comply with certain corporate governance standards, including the requirements (1)

that a majority of its board of directors consist of independent directors, (2) that its board of directors have a compensation

committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and

responsibilities, and (3) that its board of directors have a nominating and corporate governance committee that is comprised

entirely of independent directors with a written charter addressing the committee's purpose and responsibilities. We

currently utilize the second and third of these exemptions. See "Risk Factors—Risks Related to Our Organizational Structure—

As a "controlled company," we qualify for some exemptions from the corporate governance and other requirements of the

NYSE and are not required to comply with certain provisions of U.S. securities laws." While we are exempt from NYSE rules

relating to board independence, we intend to maintain a board of directors that consists of at least a majority of directors

who are independent under NYSE rules. In the event that we cease to be a "controlled company" and our shares of common

stock continue to be listed on the NYSE, we will be required to comply with these provisions within the applicable transition

periods. In connection with the Reorganization Agreement, at a future date not to be later than December 31, 2026 and

subject to the satisfaction of certain conditions, we expect to no longer be a "controlled company," and thereafter we expect

to comply with all of the then existing NYSE rules regarding corporate governance. For more information, see also "Certain

Relationships and Related Transactions, and Director Independence—Reorganization Agreement."

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In addition, our Board of Directors has considered transactions and relationships between KKR and the companies and

organizations where our non-executive directors are a board member, executive officer or significant owner, including that

one of our non-executive directors (i) indirectly owns a minority interest with joint control in a media company in which KKR

investment vehicles own a majority stake, and (ii) indirectly owns a controlling interest in a company which has entered into

commercial transactions and agreements with a telecommunications company in which KKR investment vehicles own a

significant minority stake. It was determined that none of these transactions or relationships adversely impacted the

independence of any of our non-executive directors.

We seek to enhance the diversity of our Board of Directors to encompass a broad range of expertise, experience and

backgrounds. We believe that a diverse board of directors can strengthen the board's effectiveness in fulfilling its oversight

role. Our Board of Directors is comprised of experienced leaders with expertise in finance, investments, corporate strategy

and management, supported by public company and CEO-level leadership perspectives and complemented by global, risk,

governance, technology, and human capital capabilities that together enable effective oversight of KKR. Among our fifteen

directors on our Board of Directors, four of our directors have self-identified as women, and four of our directors have self-

identified as non-white.

*Board Committees* 

Our Board of Directors has five standing committees: an Audit Committee, a Risk Committee, a Conflicts Committee, a

Nominating and Corporate Governance Committee, and an Executive Committee. Because we are a "controlled company,"

our Board of Directors is not required by NYSE rules to establish a Compensation Committee or a Nominating and Corporate

Governance Committee or to meet certain other substantive NYSE corporate governance requirements until the

consummation of all the transactions contemplated by the Reorganization Agreement. For more information about the

transactions contemplated by the Reorganization Agreement, see "Certain Relationships and Related Transactions, and

Director Independence—Reorganization Agreement." While the Board of Directors has established a Nominating and

Corporate Governance Committee, we currently rely on available exemptions concerning the committee's composition and

mandate.

*Audit Committee* 

The Audit Committee consists of Messrs. Scully (Chair), Arnold, and Cohler and Mses. Ross and Russo. The purpose of the

Audit Committee is to provide assistance to the Board of Directors in fulfilling its responsibility with respect to its oversight of:

(i) the quality and integrity of our financial statements, including investment valuations; (ii) our compliance with legal and

regulatory requirements; (iii) our independent registered public accounting firm's qualifications, independence and

performance; and (iv) the performance of our internal audit function. The members of the Audit Committee meet the

independence standards and financial literacy requirements for service on an Audit Committee of a Board of Directors

pursuant to the Exchange Act and NYSE rules applicable to audit committees. Our Board of Directors has determined that

each of Messrs. Scully, Arnold, and Cohler and Mses. Ross and Russo is an "audit committee financial expert" within the

meaning of Item 407(d)(5) of Regulation S-K. The Audit Committee has a charter, which is available on our website at

ir.kkr.com under the corporate governance page for our stockholders at the "Sustainability & Corporate Governance" section.

*Risk Committee* 

The Risk Committee consists of Mr. Cohler (Chair) and Mses. Brown and Dillon. The purpose of the Risk Committee is to

provide assistance to the Board of Directors with respect to its oversight of KKR's levels of risk, risk assessment and risk

management, and its oversight of KKR's overall risk management framework, including monitoring KKR's reporting systems for

compliance with legal and regulatory requirements.

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*Conflicts Committee* 

The Conflicts Committee consists of Messrs. Scully (Chair) and Gutierrez and Mses. Dillon and Russo. The Conflicts

Committee is responsible for reviewing specific matters that the Board of Directors believes may involve a conflict of interest

and for enforcing our rights against the Series I stockholder, former partners of KKR Holdings or current and former partners

of Associates Holdings under our certificate of incorporation, our bylaws, and certain agreements designated as "covered

agreements", which include the Reorganization Agreement and the amended and restated limited partnership agreement of

KKR Group Partnership. The Conflicts Committee is also authorized to take any action pursuant to any authority or rights

granted to such committee under any covered agreement or with respect to any amendment, supplement, modification, or

waiver to any such agreement that would purport to modify such authority or rights. In addition, the Conflicts Committee is

required to approve any amendment to any of the covered agreements that in the reasonable judgment of our Board of

Directors is, or will result in, a conflict of interest. The Conflicts Committee is authorized to determine if the resolution of any

conflict of interest submitted to it is fair and reasonable to us. The Conflicts Committee may review and approve any related

person transactions, other than those that are approved pursuant to our related person policy, as described under "Certain

Relationships and Related Transactions, and Director Independence—Statement of Policy Regarding Transactions with

Related Persons," and may establish guidelines or rules to cover specific categories of transactions. The members of the

Conflicts Committee meet the independence standards under our corporate governance guidelines as required for service on

the committee in accordance with its charter.

*Nominating and Corporate Governance Committee* 

The Nominating and Corporate Governance Committee consists of Messrs. Kravis (Co-Chair), Roberts (Co-Chair), and

Scully. The Nominating and Corporate Governance Committee is responsible for identifying and recommending candidates for

appointment to the Board of Directors and for assisting and advising the Board of Directors with respect to matters relating to

the general operation of the Board of Directors and corporate governance matters. Mr. Scully meets the independence

standards under the rules of the NYSE as required for service on the Nominating and Corporate Governance Committee in

accordance with its charter.

*Executive Committee* 

The Executive Committee consists of Messrs. Kravis and Roberts. The purpose of the Executive Committee is to act, when

necessary, in place of the full Board of Directors during periods in which the Board of Directors is not in session or with

respect to matters delegated to the committee, which includes oversight of our Equity Plans. The Executive Committee is

authorized and empowered to act as if it were the full Board of Directors in overseeing our business and affairs, except that it

is not authorized or empowered to take actions that have been specifically delegated to other board committees or to take

actions with respect to: (i) the declaration of dividends on our common stock; (ii) a merger or consolidation of us with or into

another entity; (iii) a sale, lease or exchange of all or substantially all of our assets; (iv) a liquidation or dissolution of us; (v)

any action that must be submitted to a vote of the Series I preferred stockholder or our stockholders; or (vi) any action that

may not be delegated to a board committee under our certificate of incorporation, our bylaws or the DGCL.

**Code of Business Conduct and Ethics** 

We have a Code of Business Conduct and Ethics that applies to our directors, officers and employees, and is available on

our website at ir.kkr.com under the corporate governance page for our stockholders at the "Sustainability & Corporate

Governance" section. In accordance with, and to the extent required by the rules and regulations of the SEC, we intend to

disclose any amendment to or waiver of the Code of Business Conduct and Ethics on behalf of an executive officer or director

either on our website or in a Current Report on Form 8-K filing.

**Insider Trading Arrangements and Policies** 

We have adopted a trading window policy (the "Policies and Procedures for Trading in Securities of KKR & Co. Inc. by

Directors, Section 16 Officers") that governs the purchase and sale of KKR securities by our directors, officers, employees, and

certain other individuals. This policy is designed to reasonably promote compliance by these persons with U.S. securities laws

governing insider trading, which, among other things, (1) specifies quarterly trading windows outside of which such persons

are generally prohibited from trading in covered securities, subject to exceptions including using pre-approved trading plans

that meet the requirements of Rule 10b5-1 under the Exchange Act and (2) generally prohibits the use of derivative

transactions with respect to KKR securities and from engaging in short-selling to hedge their economic risk of ownership in

KKR securities. Our trading window policy that governs the purchase and sale of KKR securities is filed as Exhibit 19.1 to this

report.

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**Corporate Governance Guidelines** 

Our Board of Directors has a governance policy, which addresses matters such as the Board of Directors' responsibilities

and duties, the Board of Directors' composition and compensation and director independence. The governance guidelines are

available on our website at ir.kkr.com under the corporate governance page for our stockholders at the "Sustainability &

Corporate Governance" section.

**Communications to the Board of Directors** 

The non-executive members of our Board of Directors meet regularly. At each meeting of the non-executive members,

the non-executive directors choose a director to lead the meeting. All interested parties, including any employee or

stockholder, may send communications to the non-executive members of our Board of Directors by writing to: KKR & Co. Inc.,

Attn: Corporate Secretary; 30 Hudson Yards, New York, New York 10001.

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**ITEM 11. EXECUTIVE COMPENSATION**

**Compensation Discussion and Analysis** 

*Compensation Philosophy* 

Our compensation program generally has three primary objectives: (1) to attract, motivate, and retain our employees, (2)

to align the interests of our employees with the interests of our stockholders and other stakeholders, and (3) to reinforce our

culture and values.

**Our employees**. Our business depends on the services of our employees. We depend on their ability, among other

things, to source and execute transactions, to raise capital and develop client relationships, and to operate our various

businesses, and their contributions are key to our success. Therefore, it is important that our employees are compensated in a

manner that we believe motivates them to excel consistently and encourages them to remain with the firm.

**Alignment of interests**. Equity ownership in the businesses in which we invest has been a guiding principle throughout

our firm's history, and we apply that principle to ourselves: nearly all employees of the firm are awarded equity in KKR. This

equity ownership serves to align the interests of our employees with those of our stockholders. In addition, because we invest

in and alongside our investment vehicles and have a carry pool from which we allocate to our employees a portion of the

carried interest that we generate through our investments, we believe that our employees' interests are also aligned with

those of our investors in the vehicles that we manage, which in turn benefits our stockholders.

**Culture and values**. One of our most important values for our employees is our "one firm" approach with shared

responsibility and success, and we also subscribe to a culture of meritocracy and fairness. Therefore, our compensation

program is based on the performance of the firm as a whole as well as on an individual's contributions to the firm. We

generally do not compensate our employees based solely on an individual's accomplishments in relation to the profits and

losses of his or her business unit. In addition, we conduct an annual evaluation process based on input from a wide range of

stakeholders regarding each employee's contribution to the firm, including his or her commitment to the firm's culture and

values. We believe that using this kind of evaluation process also promotes a measure of objectivity as a balance to a single

manager's judgment.

**Named Executive Officers**. Our "named executive officers" for the year ended December 31, 2025 are our two Co-

Executive Chairmen (Henry Kravis and George Roberts), our two Co-Chief Executive Officers (Joseph Bae and Scott Nuttall),

our Chief Financial Officer (Robert Lewin), and our Chief Legal Officer and General Counsel (Kathryn Sudol).

We are neither required to conduct say-on-pay or say-on-frequency votes nor to provide disclosures relating to pay-

versus-performance under the Dodd-Frank Act until after the Sunset Date.

**Compensation Elements** 

*Base Salary* 

For 2025, our named executive officers were each paid an annual salary of $300,000. We believe that the base salary of

our named executive officers should typically not be the most significant component of total compensation. Our Co-Executive

Chairmen determined that $300,000 is a sufficient minimum base salary for our named executive officers.

*Year-End Bonus Compensation*

Our named executive officers did not receive any discretionary year-end cash bonus compensation in 2025, based on the

overall values received by them during the year, including their allocations of carried interest.

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*Incentive Equity Awards*

From time to time, we may grant equity awards consisting of restricted holdings units from our 2019 Equity Incentive

Plan. Restricted holdings units are equity awards issued that provide the recipient with the right to exchange them on a one-

for-one basis for our common stock after vesting and subject to satisfying certain other conditions. The overall objectives of

these grants are principally to incentivize our most senior employees, to align their interests with those of our stockholders,

and to retain them by providing meaningful long-term economic incentives. KKR currently intends that no additional equity

incentive awards will be granted to Messrs. Bae and Nuttall during the five years following the grants they received in

December 2021. Although we did not grant any year-end equity awards to our executive officers in 2025, we may make such

equity grants in the future. See also "—Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based

Awards Table".

*Carried Interest* 

Our named executive officers are eligible for allocations of carried interest from our carry pool. KKR allocates up to 80%

of the carried interest that KKR earns from its investment vehicles that generate carried interest to the carry pool. Until the

Sunset Date, our Co-Founders are authorized to determine the amounts of carried interest allocable to individuals from the

carry pool, provided that any allocation of carried interest to themselves will be on a percentage basis consistent with past

practice. On the Sunset Date, KKR will acquire control of the carry pool and will be entitled to determine the allocations of

carried interest. For more information about transactions occurring on the Sunset Date, see "Certain Relationships and

Related Transactions, and Director Independence—Reorganization Agreement".

In 2025, our Co-Founders allocated an amount of carried interest to themselves on a percentage basis consistent with

past practice. With respect to carried interest allocations for each other named executive officer in 2025, our Co-Founders

took into consideration each officer's performance and contributions to the firm, including in terms of driving commercial

results for the firm, leading and managing people, and living the firm's values, as well as the recommendations by our Co-

Chief Executive Officers with respect to the performance and contributions to the firm of our Chief Financial Officer and Chief

Legal Officer and General Counsel, which included managing our business growth and our key risks.

Certain carried interest allocations are made and distributed in a year based on the investment proceeds generated by

our funds during the year. These distributions of carried interest may be made in cash or in-kind and are not subject to

vesting.

In addition, other carried interest allocations are made by determining a total dollar value for each named executive

officer's interest in the carry pool, based on the total amount of investments made by our investment vehicles during the

year. These carried interest allocations represent an entitlement to future realizations of carried interest, if any, which may

be distributed in cash or in-kind, and are generally subject to four-year service-based vesting. Vesting serves as an

employment retention mechanism and enhances the alignment of interests between our employees who participate in our

carry pool and the firm as well as the investors in our investment vehicles. Vesting is subject to certain exceptions, including

additional vesting upon death, disability or retirement. Due to our Co-Executive Chairmen's status as Co-Founders of our firm,

our Co-Founders are completely vested in their carried interest allocations upon grant.

*Other Compensation* 

Our Co-Executive Chairmen are reimbursed by us for the use of a car and driver, and we pay for certain other

miscellaneous benefits for them, including the compensation of certain personnel who administer personal matters for them.

We believe that these benefits are appropriate in light of the time that they spend on our business, the limited compensation

paid by us for their services and their unique status as Co-Founders of our firm. In addition, we reimburse certain executive

officers for personal security services as well as for programs that are generally available to other senior employees, including

charitable donation matching, tax preparation, and financial planning services.

**Minimum Retained Ownership and Transfer Restrictions**

While employed by us, unless waived in whole or in part by the firm, each of our named executive officers has a minimum

retained ownership requirement obligating them to continue to hold at least 25% of the cumulative amount of equity awards

that have satisfied the vesting conditions during the duration of his or her employment with the firm. Upon vesting, equity

awards are also subject to additional restrictions, including transfer restrictions, which typically last for (1) one year with

respect to one-half of the units vesting on such vesting date and (2) two years with respect to the other one-half of the units

vesting on such vesting date.

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**Compensation and Risk** 

Our compensation program includes elements that we believe discourage excessive risk-taking and align the

compensation of our employees with the long-term performance of the firm. For example, certain elements of our

compensation program, like a discretionary year-end bonus, are determined at year-end and are discretionary based on the

considerations described above. In addition, a significant majority of the equity awards granted to our employees are subject

to multi-year vesting conditions, one- and two-year post-vesting transfer restriction periods and a minimum retained

ownership requirement, in addition to being subject to forfeiture in connection with the breach of certain restrictive covenant

obligations and terminations of employment with or without cause. Because our equity awards typically have multi-year

vesting provisions and, for our most senior employees, vesting conditions based on the market price of our common stock,

the actual amount of compensation realized by the recipient is tied to the long-term performance of our common stock.

Pursuant to our internal policies, without the prior authorization of our Chief Legal Officer and General Counsel, our

employees are not permitted to buy or sell derivative securities, including for hedging purposes, or to engage in short-selling

to hedge their economic risk of ownership.

We only make cash payments of carried interest to our employees when profitable investments have been realized and

after sufficient cash has been distributed to the investors in our investment vehicles. Carried interest allocable to our

employees from the carry pool is only distributed after all of the following criteria are met: (i) a realization event has occurred

(e.g., sale of an investment, receipt of a dividend, etc.); (ii) the investment vehicle has achieved positive overall investment

returns since its inception, in excess of performance hurdles where applicable, and is accruing carried interest; and (iii) with

respect to any investment with a fair value below cost, cost has been returned to investors in an amount sufficient to reduce

remaining cost to the investment's fair value. In addition, certain carried interest allocations to our employees are subject to

multi-year vesting conditions and are subject to forfeiture in connection with the breach of certain restrictive covenant

obligations and terminations of employment with or without cause. Because of multi-year vesting and clawback provisions

applicable to certain carried interest allocations and the fact that the distribution of carried interest is directly tied to the

realized performance of the underlying investments, we believe this fosters a strong alignment of interests among the

investors in those vehicles and our employees, which also benefits our stockholders.

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**2025 Summary Compensation Table** 

The following table presents summary information concerning compensation that was paid for services rendered by our

named executive officers during the fiscal years ended December 31, 2023, 2024, and 2025.

In 2023, 2024, and 2025, our named executive officers received dividends on shares of common stock and distributions

on vested restricted holdings units they hold. Because these dividends and distributions are not considered to be

compensation, they are not reflected as compensation in the table below.

Carried interest distributions to our named executive officers for the years ended December 31, 2023, 2024, and 2025 are

reflected in the All Other Compensation column in the table below. In each of 2023, 2024, and 2025, our Co-Chief Executive

Officers were allocated total dollar values of carried interest that were identical to each other; the different amounts set forth

below are due to historically different allocations of carried interest in respect of fund investments that generated investment

proceeds in each respective year.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Name and Principal Position** | **Year** | **Salary**<br>**($)**<br>| **Bonus**<br>**($)**<br>| **Stock Awards** <br>**($)**<sup>(1)</sup><br>| **All Other** <br>**Compensation** <br>**($)**<sup>(2)</sup><br>|  | **Total**<br>**($)**<br>|
| Henry R. Kravis | Henry R. Kravis | 2025 | 300000 |  |  | 62267217 | (3) | 62567217 |
| Co-Executive Chairman | Co-Executive Chairman | 2024 | 300000 |  |  | 46354195 |  | 46654195 |
|  |  | 2023 | 300000 |  |  | 34976652 |  | 35276652 |
| George R. Roberts | George R. Roberts | 2025 | 300000 |  |  | 63483936 | (4) | 63783936 |
| Co-Executive Chairman | Co-Executive Chairman | 2024 | 300000 |  |  | 44820455 |  | 45120455 |
|  |  | 2023 | 300000 |  |  | 34918579 |  | 35218579 |
| Joseph Y. Bae | Joseph Y. Bae | 2025 | 300000 |  |  | 83970205 | (5) | 84270205 |
| Co-Chief Executive Officer | Co-Chief Executive Officer | 2024 | 300000 |  |  | 72787375 |  | 73087375 |
|  |  | 2023 | 300000 | 13000000 |  | 36659449 |  | 49959449 |
| Scott C. Nuttall | Scott C. Nuttall | 2025 | 300000 |  |  | 80056440 | (6) | 80356440 |
| Co-Chief Executive Officer | Co-Chief Executive Officer | 2024 | 300000 |  |  | 63895805 |  | 64195805 |
|  |  | 2023 | 300000 | 13000000 |  | 33807444 |  | 47107444 |
| Robert H. Lewin  | Robert H. Lewin  | 2025 | 300000 |  |  | 15004124 | (7) | 15304124 |
| Chief Financial Officer | Chief Financial Officer | 2024 | 300000 |  |  | 10358184 |  | 10658184 |
|  |  | 2023 | 300000 | 5200000 | 15975000 | 4469737 |  | 25944737 |
| Kathryn K. Sudol <sup>(8)</sup> | Kathryn K. Sudol <sup>(8)</sup> | 2025 | 300000 |  |  | 5484223 | (9) | 5784223 |
| Chief Legal Officer and General <br>Counsel | Chief Legal Officer and General <br>Counsel |  |  |  |  |  |  |  |
| (1) | Stock awards reflected in the table above for each year presented represent the value of the restricted holdings units granted in such reporting <br>period. Fair value of the restricted holdings units granted to our named executive officers are calculated in accordance with Accounting Standards <br>Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"). See Note 19 "Equity-Based Compensation" in our consolidated <br>financial statements included elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected <br>in this column. These amounts reflect the aggregate grant date fair values calculated under ASC Topic 718, and may not correspond to the actual <br>value that will be recognized by our named executive officers.  | Stock awards reflected in the table above for each year presented represent the value of the restricted holdings units granted in such reporting <br>period. Fair value of the restricted holdings units granted to our named executive officers are calculated in accordance with Accounting Standards <br>Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"). See Note 19 "Equity-Based Compensation" in our consolidated <br>financial statements included elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected <br>in this column. These amounts reflect the aggregate grant date fair values calculated under ASC Topic 718, and may not correspond to the actual <br>value that will be recognized by our named executive officers.  | Stock awards reflected in the table above for each year presented represent the value of the restricted holdings units granted in such reporting <br>period. Fair value of the restricted holdings units granted to our named executive officers are calculated in accordance with Accounting Standards <br>Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"). See Note 19 "Equity-Based Compensation" in our consolidated <br>financial statements included elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected <br>in this column. These amounts reflect the aggregate grant date fair values calculated under ASC Topic 718, and may not correspond to the actual <br>value that will be recognized by our named executive officers.  | Stock awards reflected in the table above for each year presented represent the value of the restricted holdings units granted in such reporting <br>period. Fair value of the restricted holdings units granted to our named executive officers are calculated in accordance with Accounting Standards <br>Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"). See Note 19 "Equity-Based Compensation" in our consolidated <br>financial statements included elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected <br>in this column. These amounts reflect the aggregate grant date fair values calculated under ASC Topic 718, and may not correspond to the actual <br>value that will be recognized by our named executive officers.  | Stock awards reflected in the table above for each year presented represent the value of the restricted holdings units granted in such reporting <br>period. Fair value of the restricted holdings units granted to our named executive officers are calculated in accordance with Accounting Standards <br>Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"). See Note 19 "Equity-Based Compensation" in our consolidated <br>financial statements included elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected <br>in this column. These amounts reflect the aggregate grant date fair values calculated under ASC Topic 718, and may not correspond to the actual <br>value that will be recognized by our named executive officers.  | Stock awards reflected in the table above for each year presented represent the value of the restricted holdings units granted in such reporting <br>period. Fair value of the restricted holdings units granted to our named executive officers are calculated in accordance with Accounting Standards <br>Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"). See Note 19 "Equity-Based Compensation" in our consolidated <br>financial statements included elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected <br>in this column. These amounts reflect the aggregate grant date fair values calculated under ASC Topic 718, and may not correspond to the actual <br>value that will be recognized by our named executive officers.  | Stock awards reflected in the table above for each year presented represent the value of the restricted holdings units granted in such reporting <br>period. Fair value of the restricted holdings units granted to our named executive officers are calculated in accordance with Accounting Standards <br>Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"). See Note 19 "Equity-Based Compensation" in our consolidated <br>financial statements included elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected <br>in this column. These amounts reflect the aggregate grant date fair values calculated under ASC Topic 718, and may not correspond to the actual <br>value that will be recognized by our named executive officers.  | Stock awards reflected in the table above for each year presented represent the value of the restricted holdings units granted in such reporting <br>period. Fair value of the restricted holdings units granted to our named executive officers are calculated in accordance with Accounting Standards <br>Codification Topic 718, Compensation-Stock Compensation ("ASC Topic 718"). See Note 19 "Equity-Based Compensation" in our consolidated <br>financial statements included elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected <br>in this column. These amounts reflect the aggregate grant date fair values calculated under ASC Topic 718, and may not correspond to the actual <br>value that will be recognized by our named executive officers.  |
| (2) | Carried interest is presented on the basis of cash or in-kind distributions received by our named executive officers in the respective fiscal year. We <br>believe that presenting actual distributions received by our named executive officers is a more representative disclosure of their compensation than <br>presenting allocated or accrued carried interest, because carried interest is paid only if and when there are profitable realization events relating to <br>the underlying investments. Carried interest also includes amounts that are due to a named executive officer, but retained and not yet distributed in <br>order to fund potential future clawback obligations if any were to arise. Any in-kind distributions in respect of carried interest are reported based on <br>the last available reported net asset value of the securities distributed as of the date of distribution. | Carried interest is presented on the basis of cash or in-kind distributions received by our named executive officers in the respective fiscal year. We <br>believe that presenting actual distributions received by our named executive officers is a more representative disclosure of their compensation than <br>presenting allocated or accrued carried interest, because carried interest is paid only if and when there are profitable realization events relating to <br>the underlying investments. Carried interest also includes amounts that are due to a named executive officer, but retained and not yet distributed in <br>order to fund potential future clawback obligations if any were to arise. Any in-kind distributions in respect of carried interest are reported based on <br>the last available reported net asset value of the securities distributed as of the date of distribution. | Carried interest is presented on the basis of cash or in-kind distributions received by our named executive officers in the respective fiscal year. We <br>believe that presenting actual distributions received by our named executive officers is a more representative disclosure of their compensation than <br>presenting allocated or accrued carried interest, because carried interest is paid only if and when there are profitable realization events relating to <br>the underlying investments. Carried interest also includes amounts that are due to a named executive officer, but retained and not yet distributed in <br>order to fund potential future clawback obligations if any were to arise. Any in-kind distributions in respect of carried interest are reported based on <br>the last available reported net asset value of the securities distributed as of the date of distribution. | Carried interest is presented on the basis of cash or in-kind distributions received by our named executive officers in the respective fiscal year. We <br>believe that presenting actual distributions received by our named executive officers is a more representative disclosure of their compensation than <br>presenting allocated or accrued carried interest, because carried interest is paid only if and when there are profitable realization events relating to <br>the underlying investments. Carried interest also includes amounts that are due to a named executive officer, but retained and not yet distributed in <br>order to fund potential future clawback obligations if any were to arise. Any in-kind distributions in respect of carried interest are reported based on <br>the last available reported net asset value of the securities distributed as of the date of distribution. | Carried interest is presented on the basis of cash or in-kind distributions received by our named executive officers in the respective fiscal year. We <br>believe that presenting actual distributions received by our named executive officers is a more representative disclosure of their compensation than <br>presenting allocated or accrued carried interest, because carried interest is paid only if and when there are profitable realization events relating to <br>the underlying investments. Carried interest also includes amounts that are due to a named executive officer, but retained and not yet distributed in <br>order to fund potential future clawback obligations if any were to arise. Any in-kind distributions in respect of carried interest are reported based on <br>the last available reported net asset value of the securities distributed as of the date of distribution. | Carried interest is presented on the basis of cash or in-kind distributions received by our named executive officers in the respective fiscal year. We <br>believe that presenting actual distributions received by our named executive officers is a more representative disclosure of their compensation than <br>presenting allocated or accrued carried interest, because carried interest is paid only if and when there are profitable realization events relating to <br>the underlying investments. Carried interest also includes amounts that are due to a named executive officer, but retained and not yet distributed in <br>order to fund potential future clawback obligations if any were to arise. Any in-kind distributions in respect of carried interest are reported based on <br>the last available reported net asset value of the securities distributed as of the date of distribution. | Carried interest is presented on the basis of cash or in-kind distributions received by our named executive officers in the respective fiscal year. We <br>believe that presenting actual distributions received by our named executive officers is a more representative disclosure of their compensation than <br>presenting allocated or accrued carried interest, because carried interest is paid only if and when there are profitable realization events relating to <br>the underlying investments. Carried interest also includes amounts that are due to a named executive officer, but retained and not yet distributed in <br>order to fund potential future clawback obligations if any were to arise. Any in-kind distributions in respect of carried interest are reported based on <br>the last available reported net asset value of the securities distributed as of the date of distribution. | Carried interest is presented on the basis of cash or in-kind distributions received by our named executive officers in the respective fiscal year. We <br>believe that presenting actual distributions received by our named executive officers is a more representative disclosure of their compensation than <br>presenting allocated or accrued carried interest, because carried interest is paid only if and when there are profitable realization events relating to <br>the underlying investments. Carried interest also includes amounts that are due to a named executive officer, but retained and not yet distributed in <br>order to fund potential future clawback obligations if any were to arise. Any in-kind distributions in respect of carried interest are reported based on <br>the last available reported net asset value of the securities distributed as of the date of distribution. |

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(3) Consists of $61,002,910 in cash or in-kind distributions in respect of carried interest during 2025. For 2025, also consists of the following payments made by KKR: $714,590 related to certain personnel who administered personal matters for Mr. Kravis during 2025 (the entire cost of which is reported, because we do not separately track whether their time is spent for business or personal reasons); $25,000 related to financial planning services fees; $15,000 related to tax preparation fees; $50,000 of matching charitable donations; $449,717 related to the cost of a car, driver and other personal security; and up to $10,000 of benefits relating to healthcare costs. KKR also paid certain amounts for the use for KKR business of aircraft owned by an entity controlled by Mr. Kravis as described in "Certain Relationships and Related Party Transactions, Director Independence – Firm Use of Private Aircraft." From time to time, family members and other personal guests of Mr. Kravis may accompany him on flights or otherwise on business travel, for which KKR incurs no incremental out-of-pocket cost.

(4) Consists of $62,536,126 in cash or in-kind distributions in respect of carried interest during 2025. For 2025, also consists of the following payments made by KKR: $629,436 related to certain personnel who administered personal matters for Mr. Roberts during 2025 (the entire cost of which is reported, because we do not separately track whether their time is spent for business or personal reasons); $25,000 related to financial planning services fees; $15,000 related to tax preparation fees; $50,000 of matching charitable donations; $218,374 related to the cost of a car, driver and other personal security; and up to $10,000 of benefits relating to healthcare costs. KKR also paid certain amounts for the use, for KKR business, of aircraft owned by an entity controlled by Mr. Roberts as described in "Certain Relationships and Related Party Transactions, Director Independence – Firm Use of Private Aircraft." From time to time, family members and other personal guests of Mr. Roberts may accompany him on flights or otherwise on business travel, for which KKR incurs no incremental out-of-pocket cost.

(5) Consists of $83,286,716 in cash or in-kind distributions in respect of carried interest during 2025. For 2025, also consists of the following payments made by KKR: $25,000 related to financial planning services fees; $15,000 related to tax preparation fees; $50,000 of matching charitable donations; and $593,489 related to the cost of a car, driver and other personal security. From time to time, family members and other personal guests of Mr. Bae may accompany him on flights or otherwise on business travel, for which KKR incurs no incremental out-of-pocket cost.

(6) Consists of $79,691,541 in cash or in-kind distributions in respect of carried interest during 2025. For 2025, also consists of the following payments made by KKR: $25,000 related to financial planning services fees, $15,000 related to tax preparation fees; $50,000 of matching charitable donations; and $274,899 related to the cost of a car, driver and other personal security. KKR also paid certain amounts for the use, for KKR business, of aircraft owned by an entity controlled by Mr. Nuttall as described in "Certain Relationships and Related Party Transactions, Director Independence – Firm Use of Private Aircraft." From time to time, family members and other personal guests of Mr. Nuttall may accompany him on flights or otherwise on business travel, for which KKR incurs no incremental out-of-pocket cost.

(7) Consists of $14,914,124 in cash or in-kind distributions in respect of carried interest during 2025. For 2025, also consists of the following payments made by KKR: $25,000 related to financial planning services fees; $15,000 related to tax preparation fees; and $50,000 of matching charitable donations.

(8) Ms. Sudol was one of our named executive officers in 2025, and she was not a named executive officer in 2024 or 2023. Therefore, only her compensation information for the fiscal year ended December 31, 2025 is provided in the table.

(9) Consists of $5,394,223 in cash or in-kind distributions in respect of carried interest during 2025. For 2025, also consists of the following payments made by KKR: $25,000 related to financial planning services fees; $15,000 related to tax preparation fees; and $50,000 of matching charitable donations.

**Grants of Plan-Based Awards in 2025**

We made no new grants of plan-based awards to our named executive officers in 2025.

**Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table**

*Terms of Restricted Holdings Units*

Restricted holdings units granted under our 2019 Equity Incentive Plan are equity awards, for which the number of shares

of common stock in respect of such equity awards is subject to the overall limitation on the number of shares of common

stock that may be awarded under the 2019 Equity Incentive Plan. The restricted holdings units program was approved by a

committee of independent directors of our Board of Directors in December 2019. KKR's independent directors are ineligible to

receive restricted holdings units.

In general, restricted holdings units are subject to either (i) a service-based vesting condition with vesting in annual

installments over a multi-year period (generally three to five years) from a specified date, subject to the recipient's continued

employment with us on the applicable vesting dates, subject to exceptions, or (ii) a market price-based vesting condition

where the portion of the units that satisfies stock price target requirements will vest on a scheduled vesting date (generally

five years from the grant date), subject to the recipient's continued employment with us on the scheduled vesting date,

subject to exceptions. Certain restricted holdings units agreements may also contain additional vesting requirements.

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Restricted holdings units provide the holder the ability, after vesting and the satisfaction of certain other conditions, to

exchange them for shares of our common stock on a one-for-one basis (or at the discretion of KKR, cash in an amount equal

to the fair market value of the shares of common stock that would otherwise be deliverable in such exchange). There is no tax

receivable agreement in place for such exchange of restricted holdings units granted under the 2019 Equity Incentive Plan,

and therefore, we will receive 100% of any tax benefits arising from the exchange of restricted holdings units granted under

that plan. Prior to vesting, restricted holdings units are not entitled to any distributions from us. Following vesting, restricted

holdings units become entitled to receive distributions from us. The amount of distribution per vested restricted holdings unit

is equal to the amount distributed on one KKR Group Partnership Unit. To the extent that distributions are made on a KKR

Group Partnership Unit that corresponds to a restricted holdings unit that is not vested, such distribution amount will be

allocated or otherwise applied in a manner we may determine in our discretion. Upon vesting, restricted holdings units are

generally subject to additional restrictions, including transfer restrictions, which typically last for (1) one year with respect to

one-half of the units vesting on such vesting date and (2) two years with respect to the other one-half of the units vesting on

such vesting date, and minimum retained ownership requirements, which obligate the recipients to continuously hold at least

25% of their cumulatively vested restricted holdings units, unless waived. Transfer-restricted units become fully vested and

transferable and may be exchanged into shares of common stock at the end of the transfer restriction period if the holder is

not terminated for cause and has complied with the terms of his or her confidentiality and restrictive covenant agreement

during the transfer restrictions period. See "—Terms of Confidentiality and Restrictive Covenant Agreements" below.

*Terms of Confidentiality and Restrictive Covenant Agreements*

The confidentiality and restrictive covenant agreements with each of our named executive officers include prohibitions

on them competing with us or soliciting our fund investors, clients or employees while employed by us and during a restricted

period following their departure from the firm. These agreements also have non-disparagement obligations and require our

named executive officers to protect and use the firm's confidential information only in accordance with confidentiality

restrictions set forth in the agreement.

The restricted periods for our Co-Executive Chairmen expire two years from termination for both the prohibitions on

competition with us and the prohibitions on the solicitation of our fund investors, clients and employees. In cases where a Co-

Executive Chairman is terminated involuntarily and for reasons not constituting cause, such periods are reduced to one year

from termination. The restricted periods for our other named executive officers expire (1) in the case of the prohibitions on

competition with us, 12 months from termination and (2) in the case of the prohibitions on the solicitation of our fund

investors, clients and employees, 15 months from termination. These agreements also require that we, and our Co-Executive

Chairmen and other named executive officers, provide advance notice prior to termination of employment.

Our named executive officers have entered into these confidentiality and restrictive covenant agreements with us

through their restricted holdings unit and carried interest grant agreements.

**Outstanding Equity Awards at 2025 Fiscal Year-End**

The following table sets forth information concerning unvested restricted holdings units for each of the named executive

officers as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock Awards** | **Stock Awards** | **Stock Awards** | **Stock Awards** |
| **Name** | **Number of Shares**<br>**or Units of Stock**<br>**that Have Not**<br>**Vested (#)**<br>| **Market Value of Shares**<br>**or Units of Stock**<br>**that Have Not**<br>**Vested ($)** <sup>(1)</sup><br>| **Equity Incentive Plan** <br>**Awards: Number of** <br>**Unearned Shares, Units or** <br>**Other Rights That Have** <br>**Not Vested (#)**<br>| **Equity Incentive Plan** <br>**Awards: Market or Payout** <br>**Value of Unearned** <br>**Shares, Units or Other** <br>**Rights That Have Not** <br>**Vested ($)**<br>|
| Henry R. Kravis |  | $— |  | $— |
| George R. Roberts |  | $— |  | $— |
| Joseph Y. Bae | 8500000 <sup>(2)</sup> | $1083580000 |  | $— |
| Scott C. Nuttall | 7500000 <sup>(3)</sup> | $956100000 |  | $— |
| Robert H. Lewin | 1400000 <sup>(4)</sup> | $178472000 |  | $— |
| Kathryn K. Sudol | 380000 <sup>(5)</sup> | $48442400 |  | $— |

---

(1)These amounts are based on the closing market price of our common stock on the last trading day of the year ended December 31, 2025, which was

$127.48 per share.

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(2)Represents 1,000,000 restricted holdings units granted on February 18, 2021, the vesting of which was subject to the average closing price of our

common stock during 20 consecutive trading days meeting or exceeding certain specified stock price targets ranging from $45.00 to $70.00, all of which

were achieved prior to December 31, 2021. These restricted holdings units will vest on May 1, 2026 if the named executive officer continues to serve as

an employee until that date, subject to certain exceptions. Additionally, represents 7,500,000 restricted holdings units granted on December 9, 2021, the

vesting of which was subject to the average closing price of our common stock during 20 consecutive trading days meeting or exceeding certain specified

stock price targets ranging from $95.80 to $135.80, all of which were achieved prior to December 31, 2024. These restricted holdings units will vest on

December 31, 2026 if the named executive officer continues to serve as an employee until that date, subject to certain exceptions.

(3)Represents 7,500,000 restricted holdings units granted on December 9, 2021, the vesting of which was subject to the average closing price of our

common stock during 20 consecutive trading days meeting or exceeding certain specified stock price targets ranging from $95.80 to $135.80, all of which

were achieved prior to December 31, 2024. These restricted holdings units will vest on December 31, 2026 if the named executive officer continues to

serve as an employee until that date, subject to certain exceptions.

(4)Represents 900,000 restricted holdings units granted on February 18, 2021, the vesting of which was subject to the average closing price of our common

stock during 20 consecutive trading days meeting or exceeding certain specified stock price targets ranging from $45.00 to $70.00, all of which were

achieved prior to December 31, 2021. These restricted holdings units will vest on May 1, 2026 if the named executive officer continues to serve as an

employee until that date, subject to certain exceptions. Additionally, represents 500,000 restricted holdings units granted on August 4, 2023, the vesting

of which was subject to the average closing price of our common stock during 20 consecutive trading days meeting or exceeding certain specified stock

price targets ranging from $95.80 to $135.80, all of which were achieved prior to December 31, 2024. These restricted holdings units will vest on

December 31, 2028 if the named executive officer continues to serve as an employee until that date, subject to certain exceptions.

(5)Represents 80,000 restricted holdings units granted on October 3, 2022, which will vest in two equal annual installments on each of April 1, 2026 and April

1, 2027, subject to the named executive officer's continued service as an employee on each vesting date. Additionally, represents 200,000 restricted

holdings units granted on October 3, 2022, the vesting of which was subject to the average closing price of our common stock during 20 consecutive

trading days meeting or exceeding certain specified stock price targets ranging from $75.00 to $115.00, all of which were achieved prior to December 31,

2024; these restricted holdings units will vest on April 1, 2027 if the named executive officer continues to serve as an employee until that date, subject to

certain exceptions. Additionally, represents 100,000 restricted holdings units granted on August 4, 2023, the vesting of which was subject to the average

closing price of our common stock during 20 consecutive trading days meeting or exceeding certain specified stock price targets ranging from $95.80 to

$135.80, all of which were achieved prior to December 31, 2024; these restricted holdings units will vest on December 31, 2028 if the named executive

officer continues to serve as an employee until that date, subject to certain exceptions.

**Option Exercises and Stock Vested in 2025** 

The following table sets forth information concerning the vesting of restricted holdings units held by each of our named

executive officers during the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Stock Awards** | **Stock Awards** |
| **Name** | **Number of**<br>**Shares Acquired on**<br>**Vesting (#)**<sup>(1)</sup><br>| **Value Realized on**<br>**Vesting ($)** <sup>(2)</sup><br>|
| Henry R. Kravis |  | $— |
| George R. Roberts |  | $— |
| Joseph Y. Bae |  | $— |
| Scott C. Nuttall |  | $— |
| Robert H. Lewin |  | $— |
| Kathryn K. Sudol | 40000 | $4713600 |

---

(1)The amounts reflected in this column represent restricted holdings units, a portion of which are subject to one- and two-year transfer restrictions upon

vesting. See "—Narrative Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table" for additional terms, including with respect

to the transfer of certain restrictions from the restricted stock units to employees' restricted holdings units.

(2)These amounts are based on the closing market price of our common stock on each respective vesting date.

**Pension Benefits for 2025** 

We provided no pension benefits during the fiscal year ended December 31, 2025.

**Nonqualified Deferred Compensation for 2025** 

We provided no defined contribution plan for the deferral of compensation on a basis that is not tax-qualified during the

fiscal year ended December 31, 2025.

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**Potential Payments Upon Termination or Change in Control**

Upon termination of employment (other than due to death or permanent disability), vesting generally ceases for

restricted holdings units that have not vested. In addition, transfer-restricted vested restricted holdings units remain subject

to transfer restrictions for one- and two-year periods, except as described below. See "Security Ownership of Certain

Beneficial Owners and Management and Related Stockholder Matters" for additional information regarding the common

stock held by our named executive officers.

In general, a named executive officer who retires after the first date on which his or her age plus years of service to KKR

equals 80 ("qualified retirement") will generally (i) vest in his or her unvested restricted holdings units (for those with service

based vesting conditions) that would otherwise vest within two years following retirement and (ii) vest in a pro rata portion of

his or her unvested and restricted holdings units (for those with market price based vesting conditions) that satisfied the stock

price target requirements at the time of qualified retirement, in each case, subject to compliance, if applicable, with the

requirement that the holder not violate the terms and conditions of his or her confidentiality and restrictive covenants during

the period in which such restricted holdings units, if applicable, remains transfer restricted over the one- and two-year

periods from the original vesting date. However, the additional vesting terms upon a qualified retirement do not apply to the

restricted holdings units awarded to the Co-Chief Executive Officers in December 2021.

Upon death or permanent disability, generally (i) a holder of restricted holdings units with service based vesting

conditions will become vested with respect to service based vesting conditions in all such restricted holdings units and (ii) a

holder of restricted holdings units with market price based conditions will be eligible to vest in a pro rata portion of such

unvested restricted holdings units that satisfied the stock price target requirements at the time of death or permanent

disability based on the number of years of service from the grant date to the time of death or permanent disability. In

addition, upon a change in control of KKR, a holder of restricted holdings units may become immediately vested in all

unvested restricted holdings units. Upon vesting, holders of restricted holdings units are permitted to exchange vested

restricted holdings units into shares of common stock after the applicable transfer restrictions following vesting have lapsed.

The values of unvested restricted holdings units held by the named executive officers as of December 31, 2025 are set forth

above in "—Outstanding Equity Awards at 2025 Fiscal Year-End."

Upon termination of employment, vesting generally ceases for carried interest allocations, a portion of which is subject to

forfeiture for breach of the confidentiality and restrictive covenant agreement, to the extent permitted under applicable law.

In addition, carried interest allocations generally become immediately vested upon death or disability, and certain carried

interest allocations permit additional vesting upon retirement.

**Pay Ratio Disclosure**

For the fiscal year ended December 31, 2025:

• the median of the annual total compensation of all employees of our company (other than Messrs. Bae and Nuttall,

who were our Co-Chief Executive Officers as of December 31, 2025) was $210,000;

• the annual total compensation of Messrs. Bae and Nuttall was $84,270,205 and $80,356,440, respectively; and

• the ratio of the averaged annual total compensation of our Co-Chief Executive Officers to the median of the annual

total compensation of all other employees was 392 to 1.

To identify the median employee for the purpose of providing the information above, we examined the compensation of

all our current employees (other than our Co-Chief Executive Officers) as of December 31, 2025, using, based on our payroll

records, a consistently applied compensation measure consisting of such employees' annual salary, annual cash bonus, actual

overtime, carried interest payouts, and equity granted. Employees on unpaid leave of absence and employees who were not

part of the regular year-end compensation process are each excluded from the calculation. Compensation of employees who

were employed for less than the full year of 2025 were annualized only if they were part of the regular year-end

compensation process. We reviewed all compensation in U.S. dollars, using the relevant exchange rate for any compensation

paid in other currencies. After identifying the median employee, we calculated annual total compensation for such employee

using the same methodology we use for our principal executive officers as set forth in "—2025 Summary Compensation

Table." As noted in "—Compensation Discussion and Analysis," dividends paid on shares of common stock and distributions

on vested restricted holdings units are not considered compensation and accordingly are not included in the pay ratio

calculation above. The above CEO pay ratio represents a reasonable good faith estimate, calculated in a manner consistent

with SEC rules based on our payroll and employment records and the methodology described above.

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**Director Compensation**

We pay compensation for service on our Board of Directors only to our independent directors. During 2025, each

independent director received (1) an annual cash retainer of $130,000, (2) an additional annual cash retainer of $15,000 if

such independent director is a member of the nominating and corporate governance committee, (3) an additional annual cash

retainer of $25,000 if such independent director is a member of the audit committee and an additional annual cash retainer of

$25,000 (in addition to the annual cash retainer as a member of the audit committee) if such independent director serves as

the chair of the audit committee, (4) an additional annual cash retainer of $15,000 if such independent director is a member

of the conflicts committee and an additional annual cash retainer of $15,000 (in addition to the annual cash retainer as a

member of the conflicts committee) if such independent director serves as the chair of the conflicts committee, and (5) an

additional annual cash retainer of $20,000 if such independent director is a member of the risk committee and an additional

annual cash retainer of $20,000 (in addition to the annual cash retainer as a member of the risk committee) if such

independent director serves as the chair of the risk committee.

Cash retainers are pro-rated if, during the fiscal year, a director joins or resigns from the Board of Directors, a director

joins or resigns from a committee or the amount of a retainer is increased or decreased. In addition, on December 11, 2025,

restricted stock units were granted to each independent director pursuant to our 2019 Equity Incentive Plan.

The following table sets forth the compensation paid to our independent directors for the fiscal year ended December 31,

2025. ---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Fees**<br>**Earned or**<br>**Paid in Cash**<br>**($)**<br>| **Stock**<br>**Awards**<br>**($)** <sup>(1)</sup><br>| **Total**<br>**($)**<br>|
| Craig Arnold <sup>(2)</sup> | 42120 | 263501 | 305621 |
| Timothy R. Barakett <sup>(3)</sup> | 104268 | 354001 | 458269 |
| Adriane M. Brown | 150000 | 227910 | 377910 |
| Matthew R. Cohler | 195000 | 227910 | 422910 |
| Mary N. Dillon | 165000 | 227910 | 392910 |
| Arturo Gutiérrez Hernández | 145000 | 227910 | 372910 |
| Xavier B. Niel | 130000 | 227910 | 357910 |
| Kimberly A. Ross  | 167500 | 227910 | 395410 |
| Patricia F. Russo | 170000 | 227910 | 397910 |
| Robert W. Scully | 225000 | 227910 | 452910 |
| Evan T. Spiegel | 130000 | 227910 | 357910 |

---

(1)Represents the aggregate grant date fair value of restricted stock units granted to each of the independent directors during the year ended December 31,

2025 as calculated in accordance with ASC Topic 718. See Note 19 "Equity-Based Compensation" in our consolidated financial statements included

elsewhere in this report for additional information about the valuation assumptions with respect to all grants reflected in this column. These amounts

reflect the aggregate grant date fair values calculated under ASC Topic 718 and may not correspond to the actual value that will be recognized by the

independent directors.

(2)Because Mr. Arnold joined our Board of Directors on September 23, 2025, he was granted an additional 242 restricted stock units.

(3)Because Mr. Barakett joined our Board of Directors on March 13, 2025, he was granted an additional 1,166 restricted stock units.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

The following table details grants of restricted stock units to each independent director in the year ended December 31,

2025. The table includes the grant date and grant date fair value of 2025 restricted stock units and the aggregate number of

unvested restricted stock units as of December 31, 2025 owned by each independent director who served as a director during

the year ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Grant**<br>**Date** <sup>(1)</sup><br>| **Stock**<br>**Awards**<br>**(#)**<br>| **Grant Date**<br>**Fair Value**<br>**($)** <sup>(2)</sup><br>| **Total Number of**<br>**Unvested**<br>**Stock Awards on**<br>**December 31,** <br>**2025**<br>**(#)**<br>|
| Craig Arnold <sup>(3)</sup> | 9/23/2025 | 242 | 35591 |  |
|  | 12/11/2025 | 1605 | 227910 | 1605 |
| Timothy R. Barakett <sup>(4)</sup> | 3/13/2025 | 1166 | 126091 |  |
|  | 12/11/2025 | 1605 | 227910 | 1605 |
| Adriane M. Brown | 12/11/2025 | 1605 | 227910 | 1605 |
| Matthew R. Cohler | 12/11/2025 | 1605 | 227910 | 1605 |
| Mary N. Dillon | 12/11/2025 | 1605 | 227910 | 1605 |
| Arturo Gutiérrez Hernández | 12/11/2025 | 1605 | 227910 | 1605 |
| Xavier B. Niel | 12/11/2025 | 1605 | 227910 | 1605 |
| Kimberly A. Ross | 12/11/2025 | 1605 | 227910 | 1605 |
| Patricia F. Russo | 12/11/2025 | 1605 | 227910 | 1605 |
| Robert W. Scully | 12/11/2025 | 1605 | 227910 | 1605 |
| Evan T. Spiegel | 12/11/2025 | 1605 | 227910 | 1605 |

---

(1)The restricted stock units were granted on December 11, 2025 and will vest on December 1, 2026, subject to the grantee's continued service through the

vesting date. The grants were each approved by the Board of Directors on December 10, 2025.

(2)Represents the grant date fair value of restricted stock units granted to each of the independent directors during the year ended December 31, 2025 as

calculated in accordance with ASC Topic 718. See Note 19 "Equity-Based Compensation" in our consolidated financial statements included elsewhere in

this report for additional information about the valuation assumptions with respect to all grants reflected in this column. These amounts reflect the

aggregate grant date fair values calculated under ASC Topic 718 and may not correspond to the actual value that will be recognized by the independent

directors.

(3)An additional 242 restricted stock units granted to Mr. Arnold for joining the Board of Directors on September 23, 2025 vested and were settled into an

equal number of shares of KKR common stock on December 1, 2025.

(4)An additional 1,166 restricted stock units granted to Mr. Barakett for joining the Board of Directors on March 13, 2025 vested and were settled into an

equal number of shares of KKR common stock on December 1, 2025.

**KKR & Co. Inc. Equity Incentive Plan**

Our outstanding equity awards were granted under the Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan,

which we refer to as our 2019 Equity Incentive Plan. Our 2019 Equity Incentive Plan has a term of 10 years from the effective

date.

*Administration*

Our Board of Directors or a committee thereof administers our Equity Incentive Plan (the "Administrator"). The

Administrator has the authority to make all decisions, determinations and interpretations with respect to the administration

of our 2019 Equity Incentive Plan, including determining who will receive awards thereunder, the number of shares of

common stock underlying the awards and the terms and conditions of the awards, and is permitted, subject to applicable law,

to delegate all or any part of its responsibilities and powers to any employee or employees selected by it in accordance with

the terms of the 2019 Equity Incentive Plan. The Board of Directors authorized its Executive Committee (consisting of Messrs.

Kravis and Roberts) to act as the Administrator under the 2019 Equity Incentive Plan, provided that (i) the Executive

Committee is not authorized to make grants with respect to our executive officers without approval of the Board of Directors

and (ii) the Board of Directors reserved the power and authority to act as the Administrator and to modify the power and

authority of the Executive Committee under the 2019 Equity Incentive Plan.

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*Common Stock Subject to the Plan*

As of December 31, 2025, 53,140,914 shares of common stock were available for issuance in respect of outstanding

awards and the grant of future awards, representing 15% of the Diluted Common Shares outstanding at the close of business

on December 31, 2025, minus the number of shares underlying any outstanding equity awards granted under our 2019 Equity

Incentive Plan that have not yet been delivered upon vesting. Under the 2019 Equity Incentive Plan, the aggregate number of

shares of common stock available under the plan will be increased, on the first day of each fiscal year, by a number of shares

of common stock equal to the positive difference, if any, between (x) 15% of the number of Diluted Common Shares

outstanding at the close of business on the last day of the immediately preceding fiscal year minus (y) the number of shares of

common stock available for issuance in respect of outstanding awards and the grant of future awards, in each case, under our

2019 Equity Incentive Plan as of the last day of such year, unless the Administrator in its sole discretion should decide to

increase the number of shares of common stock available under the plan by a lesser amount on any such date. As a result, on

the first day of each fiscal year, the number of shares of common stock available for issuance of future awards under our 2019

Equity Incentive Plan will be adjusted upwards to 15% of the number of Diluted Common Shares outstanding at the close of

business on the last day of the immediately preceding fiscal year, minus the number of shares underlying any outstanding

equity awards granted under our 2019 Equity Incentive Plan that have not yet been delivered upon vesting. Therefore, we

expect that the number of shares of common stock available for issuance of future awards under our 2019 Equity Incentive

Plan will increase at the beginning of each fiscal year compared to the end of the immediately preceding fiscal year if, during

the immediately preceding year, there has been (i) any increase in the aggregate number of shares of common stock and KKR

Group Partnership Units outstanding or (ii) any delivery of underlying shares upon vesting of outstanding equity awards under

our 2019 Equity Incentive Plan.

*Restricted Stock Units and Other Equity-Based Awards*

The Administrator may grant or sell awards of restricted stock units, restricted holdings units, common stock, restricted

common stock, deferred restricted common stock, phantom restricted common stock, or any other awards that are valued in

whole or in part by reference to, or are otherwise based on the fair market value of, our common stock. Any of these or other

equity-based awards may be in such form, and dependent on such conditions, as the Administrator determines, including the

right to receive, or vest with respect to, one or more shares of common stock (or the equivalent cash value of such shares)

upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance

objectives. The Administrator may determine whether any such equity-based awards will be payable in cash, shares of

common stock or other assets or a combination of cash, common stock and other assets.

*Options and Stock Appreciation Rights*

The Administrator may award non-qualified stock options and stock appreciation rights. Options and stock appreciation

rights granted under the 2019 Equity Incentive Plan will become vested and exercisable at such times and upon such terms

and conditions as may be determined by the Administrator at the time of grant, but no option or stock appreciation right will

be exercisable for a period of more than ten years after it is granted. The exercise price per share will be determined by the

Administrator, provided that options and stock appreciation rights granted to participants who are U.S. taxpayers will not be

granted with an exercise price less than 100% of the fair market value per share of common stock on the date of grant. To the

extent permitted by the Administrator, the exercise price of an option may be paid in cash or its equivalent, in shares of

common stock having a fair market value equal to the aggregate exercise price and satisfying such other requirements as may

be imposed by the Administrator, partly in cash and partly in shares of common stock or net settlement in shares of common

stock. As determined by the Administrator, stock appreciation rights may be settled in shares of common stock, cash or any

combination thereof.

*Compensation Committee Interlocks and Insider Participation*

Because we are a "controlled company" within the meaning of the corporate governance standards of the NYSE, our

Board of Directors is not required by NYSE rules to establish a compensation committee. Messrs. Kravis and Roberts, our Co-

Executive Chairmen, participated in discussions regarding executive compensation, and Messrs. Bae and Nuttall, our Co-Chief

Executive Officers, participated in discussions regarding the compensation of our other executive officers. For a description of

certain transactions between us and our executive officers and directors, see "Certain Relationships and Related Transactions,

and Director Independence."

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**Compensation Committee Report**

Our Board of Directors does not have a compensation committee. The entire Board of Directors has reviewed and

discussed with management the foregoing Compensation Discussion and Analysis and, based on such review and discussion,

has determined that the Compensation Discussion and Analysis should be included in this report.

---

| |
|:---|
| Henry R. Kravis |
| George R. Roberts |
| Joseph Y. Bae |
| Scott C. Nuttall |
| Craig Arnold  |
| Timothy R. Barakett  |
| Adriane M. Brown |
| Matthew R. Cohler |
| Mary N. Dillon |
| Arturo Gutiérrez Hernández |
| Xavier B. Niel |
| Kimberly A. Ross |
| Patricia F. Russo |
| Robert W. Scully |
| Evan T. Spiegel |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT** 

**AND RELATED STOCKHOLDER MATTERS**

The following table sets forth the beneficial ownership of our common stock by:

• each person known to us to beneficially own more than 5% of our common stock based on our review of filings

with the SEC;

• each of our directors and named executive officers; and

• our directors and executive officers as a group.

The percentage of beneficial ownership is based on 891,550,894 shares of common stock issued and outstanding as of

February 24, 2026. Beneficial ownership is in each case determined in accordance with the rules of the SEC, and includes

equity securities of which that person has the right to acquire beneficial ownership within 60 days of February 24, 2026.

Under these rules, more than one person may be deemed a beneficial owner of the same securities and a person may be

deemed a beneficial owner of securities as to which he has no economic interest. The table below does not reflect ownership

of the sole outstanding share of our Series I preferred stock by KKR Management LLP, which exercises significant voting power

as set forth in our certificate of incorporation.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** <sup>(1)</sup> | **Common Stock**<br>**Beneficially Owned** <sup>(2)</sup> | **Percentage**<br>**of Common Stock** <br>**Beneficially Owned** | | | |
| **Name** <sup>(1)</sup> | **Common Stock**<br>**Beneficially Owned** <sup>(2)</sup> | **Percentage**<br>**of Common Stock** <br>**Beneficially Owned** | George R. Roberts <sup>(3)</sup> | 83862855 | 9.41% |
| Henry R. Kravis <sup>(4)</sup> | 81180618 | 9.11 |  |  |  |
| Scott C. Nuttall <sup>(5)</sup> | 21189424 | 2.38 |  |  |  |
| Joseph Y. Bae <sup>(6)</sup> | 18456070 | 2.07 |  |  |  |
| Craig Arnold | 242 | \* |  |  |  |
| Timothy R. Barakett | 236166 | \* |  |  |  |
| Adriane M. Brown | 11665 | \* |  |  |  |
| Matthew R. Cohler <sup>(7)</sup> | 141440 | \* |  |  |  |
| Mary N. Dillon | 27385 | \* |  |  |  |
| Arturo Gutiérrez Hernández | 12780 | \* |  |  |  |
| Xavier B. Niel | 30273 | \* |  |  |  |
| Kimberly A. Ross | 4267 | \* |  |  |  |
| Patricia F. Russo | 86859 | \* |  |  |  |
| Robert W. Scully | 188109 | \* |  |  |  |
| Evan T. Spiegel | 10880 | \* |  |  |  |
| Robert H. Lewin <sup>(8)</sup> | 1199226 | \* |  |  |  |
| Kathryn K. Sudol <sup>(9)</sup> | 160000 | \* |  |  |  |
| Directors and executive officers as a group <br>(18 persons) <sup>(3)(4)(5)(6)(7)(8)(9)(10)</sup> | 206873438 | 23.20% |  |  |  |
| **5% Stockholders** |  |  |  |  |  |
| The Vanguard Group Inc. <sup>(11)</sup> | 56245699 | 6.31 |  |  |  |
| BlackRock, Inc. <sup>(12)</sup> | 44890451 | 5.04 |  |  |  |

---

\*Less than 1.0%.

(1)The address of each director is c/o KKR & Co. Inc., 30 Hudson Yards, New York, New York, 10001. The address of each executive officer, except Mr.

Roberts, is c/o Kohlberg Kravis Roberts & Co. L.P., 30 Hudson Yards, New York, New York 10001. The address of Mr. Roberts is c/o Kohlberg Kravis Roberts

& Co. L.P., 2800 Sand Hill Road, Suite 200, Menlo Park, California 94025.

(2)Unless otherwise indicated, each individual has sole voting power and sole investment power with respect to the shares owned.

(3)Includes 1,043,242 shares held by a limited partnership over which Mr. Roberts has sole investment power.

(4)Includes (i) 15,227 shares held by Mr. Kravis's spouse over which Mr. Kravis may be deemed to share investment and voting power, (ii) 150,000 shares

held by a charitable foundation over which Mr. Kravis has shared voting power, and (iii) 1,549,369 shares held by a limited partnership over which Mr.

Kravis has sole investment power.

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(5)Includes (i) 129,301 shares held by a trust over which Mr. Nuttall has the right to acquire investment and voting power, (ii) 2,782 shares held by a limited

liability company over which Mr. Nuttall may be deemed to share investment and voting power and (iii) 920,000 shares held by a charitable foundation

over which Mr. Nuttall has shared voting power, which shares have not been sold as of the date of this filing. Not included in the table above is 211,540

shares held by a charitable foundation for which Mr. Nuttall has non-binding advisory powers, which shares have not been sold as of the date of this filing.

(6)Includes 384,257 shares held by a trust over which Mr. Bae has the right to acquire investment and voting power. Not included in the table above is

150,000 shares held by a charitable foundation for which Mr. Bae has non-binding advisory powers, which shares have not been sold as of the date of this

filing.

(7)Includes 46,429 shares held by a trust over which Mr. Cohler has shared investment and voting power.

(8)Includes 2,500 shares held by a trust over which Mr. Lewin has shared investment and voting power.

(9)Represents 160,000 restricted holdings units which are vested or scheduled to vest within 60 days of February 24, 2026.

(10)Includes 226,666 restricted holdings units which are vested or scheduled to vest within 60 days of February 24, 2026.

(11)Based on a Schedule 13G/A filed with the SEC on November 12, 2024, as of September 30, 2024, The Vanguard Group reports it is the beneficial owner of

56,245,699 shares of common stock, with sole dispositive power over 53,380,855 shares of common stock, shared voting power over 813,842 shares of

common stock and shared dispositive power over 2,864,844 shares of common stock. The address of The Vanguard Group is 100 Vanguard Blvd.,

Malvern, Pennsylvania 19355.

(12)Based on a Schedule 13G filed with the SEC on January 21, 2026, BlackRock, Inc. reports it is the beneficial owner of 44,890,451 shares of common stock,

with sole voting power over 40,809,800 shares of common stock, and sole dispositive power over 44,890,451 shares of common stock. The address of

BlackRock, Inc. is 50 Hudson Yards, New York, New York 10001.

**Securities Authorized for Issuance under 2019 Equity Compensation Plan**

The table set forth below provides information concerning the awards that may be issued under our 2019 Equity

Incentive Plan as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br>**Securities to be**<br>**Issued Upon**<br>**Exercise of**<br>**Outstanding Options,**<br>**Warrants and Rights** <sup>(1)</sup><br>| **Weighted-Average**<br>**Exercise Price**<br>**of Outstanding**<br>**Options, Warrants**<br>**and Rights**<br>| **Number of**<br>**Securities Remaining**<br>**Available for Future**<br>**Issuance Under Equity**<br>**Compensation Plans**<br>**(excluding securities**<br>**reflected in the first** <br>**column)** <sup>(2)</sup><br>|
| Equity Compensation Plan Approved by Security Holders | 76843384 |  | 53140914 |
| Equity Compensation Plan Not Approved by Security Holders |  |  |  |
| **Total** | **76843384** | **—** | **53140914** |

---

(1)Reflects the aggregate number of restricted stock units and restricted holdings units granted under our 2019 Equity Incentive Plan and outstanding as of

December 31, 2025.

(2)The aggregate number of shares of common stock available under our 2019 Equity Incentive Plan is increased, on the first day of each fiscal year, by a

number of shares of common stock equal to the positive difference, if any, between (x) 15% of the number of diluted shares of common stock

outstanding at the close of business on the last day of the immediately preceding fiscal year minus (y) the number of shares of common stock available for

issuance in respect of outstanding awards and the grant of future awards, in each case, under our 2019 Equity Incentive Plan as of the last day of such

year, unless the Administrator in its sole discretion should decide to increase the number of shares of common stock available under the plan by a lesser

amount on any such date. We have filed registration statements on Form S-8 under the Securities Act to register shares of common stock covered by our

Equity Incentive Plan. Accordingly, upon issuance pursuant to our 2019 Equity Incentive Plan, these shares of common stock will be available for sale in

the open market.

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**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR** 

**INDEPENDENCE**

The following description is a summary of the material terms of the agreements described below, and does not contain

all of the information that you may find useful. For additional information, you should read the copies of such agreements, all

of which have been previously filed with the SEC or incorporated by reference as exhibits to this report.

**Reorganization Agreement** 

On October 8, 2021, KKR entered into a Reorganization Agreement with KKR Holdings, Associates Holdings, KKR

Management (the holder of the sole outstanding share of Series I preferred stock), 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, including (a) the acquisition by KKR of KKR Holdings and all of the KKR

Group Partnership Units held by it (which as noted below is completed), (b) the future elimination of voting control by KKR

Management and the Series I preferred stock held by it, (c) the future establishment of voting rights for all common stock on a

one vote per share basis, including with respect to the election of directors, and (d) the future control of the carry pool by

KKR.

On May 31, 2022, the merger transactions ("Reorganization Mergers") contemplated by the Reorganization Agreement to

simplify KKR's corporate structure were completed. In the Reorganization Mergers, KKR acquired KKR Holdings (which

changed its name to KKR Group Holdings L.P.) and 258.3 million KKR Group Partnership Units held by it, and in exchange KKR

issued and delivered 266.8 million shares of common stock to the former limited partners of KKR Holdings. Following the

Reorganization Mergers, our principals own the same common stock as the public stockholders of KKR & Co. Inc. (which was

formerly known as KKR Aubergine Inc. and become the successor holding company of our business). For additional

information about the Reorganization Mergers, please see Note 1 "Organization" in our financial statements included in this

report.

On May 30, 2022, KKR's tax receivable agreement with KKR Holdings was terminated, other than with respect to

exchanges of KKR Holdings equity for common stock that occurred prior to Reorganization Mergers.

The Reorganization Agreement further provides for:

(i) the future elimination of control of KKR & Co. Inc. by KKR Management, by having all voting power vested in the

common stock of KKR & Co. Inc. on a one vote per share basis on the Sunset Date (as defined below), which will be no

later than December 31, 2026, and

(ii) also on the Sunset Date, the future acquisition of control by KKR of Associates Holdings when a subsidiary of KKR & Co.

Inc. will be the general partner of Associates Holdings.

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 our Co-Founders has occurred (or any earlier date consented to by KKR

Management, in its sole discretion).

The incremental 8.5 million shares of common stock of KKR & Co. Inc. received in the Reorganization Mergers are not be

transferable (except in the case of death or for estate planning purposes) prior to the Sunset Date, and in addition, KKR

Management agreed not to transfer its ownership of the sole share of Series I preferred stock.

The transactions contemplated to occur under the Reorganization Agreement (including the Reorganization Mergers, the

termination of the tax receivable agreement except with respect to exchanges of KKR Holdings units made prior thereto, and

the changes to occur effective on the Sunset Date) are all required to be consummated together as integrated transactions

under the Reorganization Agreement. Because the Reorganization Mergers have been completed, the changes to occur

effective on the Sunset Date are unconditional commitments of KKR Management, Associates Holdings, KKR & Co. Inc., and

the other parties to the Reorganization Agreement.

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*Registration Rights Agreement* 

In connection with our NYSE listing, we entered into a registration rights agreement with KKR Holdings pursuant to which

we granted KKR Holdings, its affiliates and transferees of its KKR Group Partnership Units (including the shares of KKR & Co.

Inc. received in the Reorganization Mergers) the right, under certain circumstances and subject to certain restrictions, to

require us to register under the Securities Act our common stock (and other securities convertible into or exchangeable or

exercisable for shares of our common stock) held or acquired by them. Under the registration rights agreement, holders of

registration rights have the right to require us to make available shelf registration statements permitting sales of shares of

common stock into the market from time to time over an extended period. In addition, holders of registration rights will have

the ability to exercise certain piggyback registration rights in connection with registered offerings requested by other holders

of registration rights or initiated by us. On October 1, 2010, the registration statement we filed pursuant to this agreement

was declared effective, and related post-effective amendments were declared effective on April 14, 2011, September 21,

2011, July 10, 2018 and June 7, 2022.

**Tax Receivable Agreement** 

We had a tax receivable agreement with KKR Holdings, pursuant to which we were required to pay to KKR Holdings or to

its limited partners a portion of the tax savings realized by exchanges of KKR Group Partnership Units for shares of common

stock pursuant to the exchange agreement described above. As noted above, the tax receivable agreement was terminated

on May 30, 2022, but we remain obligated to make payments under the tax receivable agreement with respect to any

exchanges completed prior to May 30, 2022.

KKR Group Partnership made an election under Section 754 of the Code that was effective for each taxable year in which

an exchange of KKR Group Partnership Units for shares of common stock occurred prior to May 30, 2022, which may have

resulted in an increase in our tax basis of the assets of KKR Group Partnership at the time of an exchange of KKR Group

Partnership Units. Certain of these exchanges have resulted in an increase in our share of the tax basis of the tangible and

intangible assets of KKR Group Partnership, primarily attributable to a portion of the goodwill inherent in our business that

would not otherwise have been available. This increase in tax basis has increased certain depreciation and amortization

deductions for tax purposes and therefore is expected to reduce the amount of income tax we otherwise would be required

to pay. This increase in tax basis is expected to also decrease gain (or increase loss) on future dispositions of certain capital

assets to the extent tax basis is allocated to those capital assets.

The surviving payment obligations under the tax receivable agreement require us to pay to former limited partners of KKR

Holdings who exchanged KKR Holdings units for shares of common stock 85% of the amount of cash savings, if any, in U.S.

federal, state and local income tax that we realized as a result of the increase in tax basis described above, as well as 85% of

the amount of any such savings we actually realize as a result of increases in tax basis that arise due to future payments under

the agreement. We benefit from the remaining 15% of cash savings, if any, in income tax that we realize.

These payment obligations are obligations of KKR Group Co. Inc. and its wholly-owned subsidiary, KKR Group Holdings

Corp., which are treated as corporations for U.S. tax purposes, but are not payment obligations of KKR & Co. Inc. or KKR Group

Partnership L.P. Payments made under the tax receivable agreement are required to be made within 90 days of the filing of

our tax returns, which may result in a timing difference between the tax savings received by KKR and the cash payments made

to the former limited partners of KKR Holdings. There is no tax receivable agreement in place for any exchange of restricted

holdings units granted under the 2019 Equity Incentive Plan, and therefore, we will receive 100% of any tax benefits arising

from such exchanges unless we exercise discretion to make tax distributions to holders of restricted holdings units.

For purposes of the tax receivable agreement, cash savings in income tax is computed by comparing our actual income

tax liability to the amount of such taxes that we would have been required to pay had there been no increase to the tax basis

of the tangible and intangible assets of KKR Group Partnership as a result of the exchanges of KKR Group Partnership Units

and had we not entered into the tax receivable agreement. The surviving payment obligations of the tax receivable agreement

continue until all such tax benefits have been utilized or expired.

Effective July 1, 2018, we amended the tax receivable agreement to reflect our conversion to a corporation. The

amendment also clarifies that the tax benefit payments with respect to exchanges completed at any time prior to the

conversion will be calculated without taking into account the step-up in tax basis in our underlying assets that we generated in

2018 as a result of the conversion.

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Estimating the amount of payments that may be made under the tax receivable agreement is by its nature imprecise,

insofar as the calculation of amounts payable depends on a variety of factors. The actual increase in tax basis, as well as the

amount and timing of any payments under the tax receivable agreement, will vary based upon a number of factors, including

the amount of tax, if any, we are required to pay aside from any tax benefit from the exchanges, and the timing of any such

payment. If we did not have taxable income aside from any tax benefit from the exchanges, we are not required to make

payments under the tax receivable agreement for that taxable year because no tax savings would have been actually realized.

We expect that as a result of the amount of the increases in the tax basis of the tangible and intangible assets of KKR

Group Partnership, assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize

the full tax benefit of the increased amortization of our assets, future payments under the tax receivable agreement could be

significant. As of December 31, 2025, an undiscounted payable of $359.3 million has been recorded in due to affiliates in the

financial statements representing management's best estimate of the amounts currently expected to be owed for certain

exchanges of KKR Holdings equity that took place prior to the termination of the tax receivable agreement. The payments

under the tax receivable agreement are required to be made within 90 days of the filing of our tax returns. During the year

ended December 31, 2025, an aggregate of $25.5 million was made to the former limited partners of KKR Holdings.

Payments under the tax receivable agreement are based upon the tax reporting positions that we determined. We are

not aware of any issue that would cause the IRS to challenge a tax basis increase that we have taken. However, none of the

former limited partners of KKR Holdings will reimburse us for any payments previously made under the tax receivable

agreement if such tax basis increase, or the tax benefits we claimed arising from such increase, is successfully challenged by

the IRS. As a result, in certain circumstances, payments to former limited partners of KKR Holdings under the tax receivable

agreement could be in excess of our cash tax savings. Our ability to achieve benefits from any tax basis increase, and the

payments to be made under this agreement, will depend upon a number of factors, as discussed above, including the timing

and amount of our future income.

**KKR Group Partnership Agreement**

We control the general partner of KKR Group Partnership and, through KKR Group Partnership and its subsidiaries, the

KKR business. KKR Group Partnership is the owner of the entirety of KKR's business.

Pursuant to the limited partnership agreement of KKR Group Partnership, we, as the controlling general partner of KKR

Group Partnership, have the indirect right to determine when distributions will be made to the holders of KKR Group

Partnership Units and the amount of any such distributions.

The limited partnership agreement of KKR Group Partnership permits tax distributions to the holders of KKR Group

Partnership Units if the general partner of KKR Group Partnership determines that distributions from KKR Group Partnership

would otherwise be insufficient to cover the tax liabilities of a holder of a KKR Group Partnership Unit. Generally, these tax

distributions will be computed based on our estimate of the net taxable income of the relevant partnership allocable to a

holder of a KKR Group Partnership Unit multiplied by an assumed tax rate equal to the highest effective marginal combined

U.S. federal, state and local income tax rate prescribed for an individual or corporate resident in New York, New York (taking

into account the non-deductibility of certain expenses and the character of our income).

The limited partnership agreement of KKR Group Partnership authorizes the general partner of KKR Group Partnership to

issue an unlimited number of additional securities of KKR Group Partnership with such designations, preferences, rights,

powers and duties that are different from, and may be senior to, those applicable to KKR Group Partnership Units, and which

may be exchangeable for KKR Group Partnership Units.

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**Firm Use of Private Aircraft**

From time to time, we use private aircraft to transport employees for business purposes. In accordance with KKR & Co.

Inc.'s policy on reimbursement of the cost of use of private aircraft while traveling for business, we reimbursed certain of our

executive officers for firm use of private aircraft.

Companies associated with Messrs. Kravis, Roberts, and Nuttall own aircraft that are used for KKR's business in the

ordinary course of our operations. Messrs. Kravis, Roberts, and Nuttall funded the purchase of these aircraft with their

personal funds and fund all operating, personnel and maintenance costs associated with their operation. The hourly rates that

we pay for the use of these aircraft are based on current market rates for chartering private aircraft of the same type. For the

year ended December 31, 2025, we paid a total of $5.8 million (including applicable taxes) for the use of these aircraft, of

which substantially all was borne by us rather than our investment funds (which indirectly bear the cost of some of these

flights at commercial airline rates). Of this total, $2.6 million relates to use of an aircraft owned by an entity controlled by Mr.

Kravis, $0.9 million relates to use of an aircraft owned by an entity controlled by Mr. Roberts, and $2.3 million relates to use

of an aircraft owned by an entity controlled by Mr. Nuttall.

**Side-By-Side and Other Investments** 

Because fund investors typically are unwilling to invest their capital in a fund unless the fund's manager also invests its

own capital in the fund's investments, our investment fund documents generally require the general partners of our

investment funds to make minimum capital commitments to the funds. The amount of these commitments, which are

negotiated by fund investors, generally range from 2% to 8% of a fund's total capital commitments at final closing, but may be

greater for certain funds pursuing new strategies. When investments are made, the general partner contributes capital to the

fund based on its fund commitment percentage and if applicable, acquires a capital interest in the investment that is not

subject to a carried interest or management fees. Historically, these capital contributions have been funded with cash from

operations that otherwise would be distributed to our employees.

We did not acquire capital interests in certain investments that were funded by our employees or others involved in our

business prior to October 1, 2009. Rather, those capital interests were allocated to our employees or others involved in our

business and are reflected in our financial statements as noncontrolling interests in consolidated entities to the extent that we

hold the general partner interest in the fund. Any capital contributions that our fund general partners are required to make to

a fund will be funded by us and we will be entitled to receive our allocable share of the returns thereon.

In addition, certain of our current and former employees and certain other qualifying personnel are permitted to invest,

and have invested, their own capital in our investment funds and vehicles, in side-by-side investments with our funds and the

firm, as well as in funds managed by our hedge fund partnerships. Side-by-side investments are investments generally made

on the same terms and conditions as those available to the applicable fund or the firm and, they, together with their

investments in our funds and vehicles or the funds managed by our hedge fund partnerships, are not generally subject to

management fees or a carried interest. The cash invested by our current and former employees and certain other qualifying

personnel and their investment vehicles aggregated to $611.9 million for the year ended December 31, 2025, of which $35.0

million, $60.4 million, $38.9 million, $27.7 million, $4.4 million, and $0.9 million was invested by Messrs. Kravis, Roberts, Bae,

Nuttall, and Lewin and Ms. Sudol and their personal or estate planning vehicles, respectively. These investments are not

included in the accompanying consolidated financial statements.

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**Indemnification of Directors, Officers and Others**

Under our certificate of incorporation, in most circumstances we will indemnify the following persons, to the fullest

extent permitted by law, from and against all losses, claims, damages, liabilities, joint or several, expenses (including legal fees

and expenses), judgments, fines, penalties, interest, settlements or other amounts: (a) the Series I preferred stockholder; (b)

KKR Management in its capacity as the former general partner of KKR & Co. L.P. (the "Former Managing Partner"); (c) any

person who is or was an affiliate of the Series I preferred stockholder or the Former Managing Partner (excluding any affiliate

that is or was controlled by KKR & Co. Inc. or one of its subsidiaries); (d) any person who is or was a member, partner, tax

matters partner (as defined in the Code, as in effect prior to 2018), partnership representative (as defined in the Code),

officer, director, employee, agent, fiduciary or trustee of KKR & Co. Inc. or one of its subsidiaries, Series I preferred

stockholder or the Former Managing Partner; (e) any person who is or was serving at our request or the request of the Former

Managing Partner or any subsidiary of KKR & Co. Inc. or the Former Managing Partner as an officer, director, employee,

member, partner, tax matters partner, partnership representative, agent, fiduciary or trustee of another person (provided

that, for clauses (d) and (e), a person shall not be an indemnitee by reason of providing, on a fee-for-services basis or similar

arms-length compensatory basis, agency, advisory, consulting, trustee, fiduciary or custodial services); or (f) any other person

designated by us at any time as an indemnitee as permitted by applicable law.

We have agreed to provide this indemnification unless there has been a final and non-appealable judgment by a court of

competent jurisdiction determining that these persons acted in bad faith or engaged in fraud or willful misconduct. We have

also agreed to provide this indemnification for criminal proceedings. Any indemnification under these provisions will only be

out of our assets. Unless it otherwise agrees, the Series I preferred stockholder will not be liable for, or have any obligation to

contribute or loan any monies or property to us to enable us to effectuate, indemnification. The indemnification of the

persons described above shall be secondary to any indemnification such person is entitled from another person or the

relevant KKR fund to the extent applicable. We may purchase insurance against liabilities asserted against, and expenses

incurred by, persons in connection with their activities, regardless of whether we would have the power to indemnify the

person against liabilities under our certificate of incorporation. We currently maintain liability insurance for our directors and

officers. Such insurance would be available to our directors and officers in accordance with its terms.

In addition, we have entered into indemnification agreements with KKR Management and each of our directors. Each

indemnification agreement provides that the indemnitee, subject to the limitations set forth in each indemnification

agreement, will be indemnified and held harmless by us on an after-tax basis from and against any and all losses, claims,

damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines, penalties, interest,

settlements or other amounts arising from any and all threatened, pending or completed claims, demands, actions, suits or

proceedings, whether civil, criminal, administrative or investigative, and whether formal or informal and including appeals, in

which the indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as an

indemnitee or by reason of any action alleged to have been taken or omitted in such capacity, whether arising from alleged

acts or omissions to act occurring on, before or after the date of such indemnification agreement. Each indemnification

agreement provides that the indemnitee shall not be indemnified and held harmless if there has been a final and non-

appealable judgment entered by an arbitral tribunal or court of competent jurisdiction determining that, in respect of the

matter for which the indemnitee is seeking indemnification pursuant to the indemnification agreement, the indemnitee acted

in bad faith or engaged in fraud or willful misconduct.

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**Guarantee of Contingent Obligations to Fund Partners; Indemnification**

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. As of December 31, 2025, $150.0 million of carried interest was subject

to this clawback obligation, assuming that all applicable carry-paying funds were liquidated at their December 31, 2025 fair

values. Had the investments in such funds been liquidated at zero value, the clawback obligation would have been

approximately $5.8 billion. 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, 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.

**Menlo Park Office** 

Our office in Menlo Park, California, is owned by a real estate partnership that is controlled and majority-owned by

persons unaffiliated with KKR and its executive officers. However, Messrs. Kravis and Roberts and their estate planning

vehicles own and control a minority limited partner interest in the real estate partnership. In November 2022, KKR entered

into a new 15-year lease with the real estate partnership, representing an annual rent of $6.3 million, subject to certain

current and annual adjustments. Payments made from KKR to this real estate partnership aggregated $7.1 million for the year

ended December 31, 2025.

**Confidentiality and Restrictive Covenant Agreements** 

Our employees have entered into confidentiality and restrictive covenant agreements that include prohibitions on our

employees competing with us or soliciting clients, investments or employees of our firm during a restricted period following

their departure from the firm. For further information on these agreements, see "Executive Compensation—Narrative

Disclosure to Summary Compensation Table and Grants of Plan-Based Awards Table—Terms of Confidentiality and Restrictive

Covenant Agreements."

**Other Transactions with Related Persons** 

We have entered, and may in the future continue to enter, into ordinary course transactions with unaffiliated entities

known to us to beneficially own more than 5% of any class of our outstanding voting securities. These transactions may

include investments by them in our funds generally on the same terms and conditions offered to other unaffiliated fund

investors and participation in our capital markets transactions, including underwritings and syndications, generally on the

same terms and conditions offered to other unaffiliated capital markets participants. See "Security Ownership of Certain

Beneficial Owners and Management and Related Stockholder Matters."

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**Statement of Policy Regarding Transactions with Related Persons** 

Our Board of Directors adopted a written statement of policy for transactions with related persons (our "related person

policy"). Our related person policy requires that a "related person" (as defined as in Item 404(a) of Regulation S-K) must

promptly disclose to our General Counsel or other designated person any "related person transaction" (defined as any

transaction, arrangement or relationship, or series of similar transactions, arrangements or relationships, including, without

limitation, any loan, guarantee of indebtedness, transfer or lease of real estate, or use of company property that is reportable

by us under Item 404(a) of Regulation S-K in which we were or are to be a participant and the amount involved exceeds

$120,000 and in which any related person had or will have a direct or indirect material interest) and all material facts with

respect thereto. Those individuals will then communicate that information to the Board of Directors. No related person

transaction will be consummated without the approval or ratification of a committee of the board consisting exclusively of

disinterested directors; provided, however, the conflicts committee of our Board of Directors has pre-approved: certain

ordinary course transactions with persons known to us to beneficially own more than 5% of our outstanding common stock

on terms generally not less favorable as obtained from other third parties, including investments in our funds as limited

partners and participation in capital markets transactions like underwritings and syndications; the renewal of pre-existing

strategic relationships with persons known to us to beneficially own more than 5% of our outstanding common stock; the use

of aircraft owned by our senior employees for business purposes; certain investments by eligible employees or directors in

our funds, in side-by-side investments with our funds and the firm, as well as in funds managed by our hedge fund

partnerships; and certain pro rata cash contributions to the KKR Group Partnership for cash management purposes. In

addition, it is our policy that directors interested in a related person transaction should recuse themselves from any vote on a

related person transaction in which they have an interest, unless otherwise permitted by applicable law.

**Director Independence** 

See "Directors, Executive Officers and Corporate Governance—Independence and Composition of the Board of Directors"

for information on director independence.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

The following table summarizes the aggregate fees for professional services provided by Deloitte & Touche LLP (PCAOB ID

No. 34), the member firms of Deloitte Touche Tohmatsu Limited, or their respective affiliates (collectively, the "Deloitte

Entities") for the years ended December 31, 2025 and 2024.

---

| | |
|:---|:---|
|  | **For the Year Ended** <br>**December 31, 2025**<br>|
| **($ in thousands)** |  |
| Audit Fees | $78323<br><sup>(1)</sup> |
| Audit-Related Fees | $49779<br><sup>(2)</sup> |
| Tax Compliance Fees | $74583<br><sup>(3)</sup> |
| Tax Planning and Advisory Fees | $29961<br><sup>(4)</sup> |
| All Other Fees | $1221 |

---

---

| | |
|:---|:---|
|  | **For the Year Ended** <br>**December 31, 2024**<br>|
| **($ in thousands)** |  |
| Audit Fees | $65999<br><sup>(1)</sup> |
| Audit-Related Fees | $52505<br><sup>(2)</sup> |
| Tax Compliance Fees | $63215<br><sup>(3)</sup> |
| Tax Planning and Advisory Fees | $26754<br><sup>(4)</sup> |
| All Other Fees | $230 |

---

(1)Audit Fees consisted of estimated fees for each audit year for (a) the audits of our consolidated financial statements in this report on Form 10-K and

services related to, or required by, statute or regulation, including other corporate entities; (b) reviews of the interim condensed consolidated financial

statements included in our quarterly reports on Form 10-Q; (c) comfort letters, consents and other services related to SEC and other regulatory filings;

and (d) audit services provided to KKR funds, the costs of which are generally borne by the KKR funds.

(2)Audit-Related Fees primarily included merger, acquisition, and investment due diligence services for strategic acquisitions or investments in target

companies, the costs of which are generally borne by the KKR funds.

(3)Tax Compliance Fees consisted of fees for services rendered for tax compliance.

(4)Tax Planning and Advisory Fees primarily included tax planning and advisory services, as well as tax fees for merger, acquisition, and investment

structuring services for strategic acquisitions or investments in target companies, the costs of which are generally borne by the KKR funds.

The Deloitte Entities provided audit, audit-related, tax, and other services to KKR portfolio companies, which are

approved directly by the portfolio company's management and are not included in the amounts presented above.

Our Audit Committee charter, which is available on our website at www.kkr.com under "Investor Relations—

Sustainability & Corporate Governance—Corporate Governance—Audit Committee Charter," requires the Audit Committee to

approve in advance all audit and non-audit related services to be provided by our independent registered public accounting

firm in accordance with the audit and non-audit related services pre-approval policy. All services reported in the Audit, Audit-

Related, Tax, and All Other categories above were approved by the Audit Committee.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**PART IV**

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES** 

(a) The following documents are filed as part of this report.

1. Financial Statements

See Item 8 above.

2. Financial Statement Schedules:

See Schedule II - Valuation and Qualifying Accounts - Years Ended December 31, 2025, 2024, and 2023 and

Schedule IV - Reinsurance - Years Ended December 31, 2025, 2024, and 2023 - of this report on Form 10-K. The other

schedules are omitted as they are not applicable or the amounts involved are not material.

3. Exhibits:

---

| | |
|:---|:---|
| 2.1 | <u>[Plan of Conversion (incorporated by reference to Exhibit 2.1 to the KKR & Co. Inc. Quarterly Report on Form](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000009/ex2_1.htm)</u> <br><u>[10-Q filed on May 8, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000009/ex2_1.htm)</u><br>|
| 2.2 | <u>[Merger Agreement, dated as of July 7, 2020, by and among Global Atlantic Financial Group Limited, a](https://www.sec.gov/Archives/edgar/data/1404912/000114036120015828/ex2_1.htm)</u> <br><u>[Bermuda exempted company, Global Atlantic Financial Life Limited, a Bermuda exempted company, Magnolia](https://www.sec.gov/Archives/edgar/data/1404912/000114036120015828/ex2_1.htm)</u> <br><u>[Merger Sub Limited, a Bermuda exempted company, Magnolia Parent LLC, a Cayman Islands limited liability](https://www.sec.gov/Archives/edgar/data/1404912/000114036120015828/ex2_1.htm)</u> <br><u>[company, and solely for Section 2.10(a) thereunder, LAMC LP, a Cayman Island exempted limited partnership,](https://www.sec.gov/Archives/edgar/data/1404912/000114036120015828/ex2_1.htm)</u> <br><u>[and Goldman Sachs & Co. LLC, solely as the equity representative (incorporated by reference to Exhibit 2.1 to](https://www.sec.gov/Archives/edgar/data/1404912/000114036120015828/ex2_1.htm)</u> <br><u>[the KKR & Co. Inc. Current Report on Form 8-K filed on July 10, 2020).](https://www.sec.gov/Archives/edgar/data/1404912/000114036120015828/ex2_1.htm)</u> <br>|
| 2.3 | <u>[Reorganization Agreement, dated as of October 8, 2021, by and among KKR & Co. Inc., KKR Group Holdings](https://www.sec.gov/Archives/edgar/data/1404912/000114036121034251/brhc10029724_ex10-1.htm)</u> <br><u>[Corp., KKR Group Partnership L.P., KKR Holdings L.P., KKR Holdings GP Limited, KKR Associates Holdings L.P.,](https://www.sec.gov/Archives/edgar/data/1404912/000114036121034251/brhc10029724_ex10-1.htm)</u> <br><u>[KKR Associates Holdings GP Limited and KKR Management LLP (incorporated by reference to Exhibit 10.1 to](https://www.sec.gov/Archives/edgar/data/1404912/000114036121034251/brhc10029724_ex10-1.htm)</u> <br><u>[the KKR & Co. Inc. Current Report on Form 8-K filed on October 12, 2021).](https://www.sec.gov/Archives/edgar/data/1404912/000114036121034251/brhc10029724_ex10-1.htm)</u><br>|
| 2.4 | <u>[Merger Agreement, dated as of November 28, 2023, by and among KKR Magnolia Holdings LLC, Sweetbay](https://www.sec.gov/Archives/edgar/data/1404912/000114036123055118/ny20015492x1_ex2-1.htm)</u> <br><u>[Merger Sub LLC and The Global Atlantic Financial Group LLC (incorporated by reference to Exhibit 2.1 to KKR &](https://www.sec.gov/Archives/edgar/data/1404912/000114036123055118/ny20015492x1_ex2-1.htm)</u> <br><u>[Co. Inc.'s Current Report on Form 8-K filed on November 29, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000114036123055118/ny20015492x1_ex2-1.htm)</u><br>|
| 3.1 | <u>[Second Amended and Restated Certificate of Incorporation of KKR & Co. Inc. (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex3-1.htm)</u> <br><u>[Exhibit 3.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on August 9, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex3-1.htm)</u><br>|
| 3.2 | <u>[Second Amended and Restated Bylaws of KKR & Co. Inc. (incorporated by reference to Exhibit 3.2 to the KKR](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex3-2.htm)</u> <br><u>[& Co. Inc. Current Report on Form 8-K filed on August 9, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex3-2.htm)</u><br>|
| 3.3 | <u>[Certificate of Designations of 6.25% Series D Mandatory Convertible Preferred Stock of KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000114036125007608/ny20042797x5_ex3-1.htm)</u> <br><u>[(incorporated by reference to Exhibit 3.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on March 7,](https://www.sec.gov/Archives/edgar/data/1404912/000114036125007608/ny20042797x5_ex3-1.htm)</u> <br><u>[2025).](https://www.sec.gov/Archives/edgar/data/1404912/000114036125007608/ny20042797x5_ex3-1.htm)</u><br>|
| 4.1 | <u>[Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934](ex4_1.htm)</u> |
| 4.2 | <u>[Form of 6.25% Series D Mandatory Convertible Preferred Stock Certificate (included within Exhibit 3.1 to the](https://www.sec.gov/Archives/edgar/data/1404912/000114036125007608/ny20042797x5_ex3-1.htm)</u> <br><u>[KKR & Co. Inc. Current Report on Form 8-K filed on March 7, 2025).](https://www.sec.gov/Archives/edgar/data/1404912/000114036125007608/ny20042797x5_ex3-1.htm)</u><br>|

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | |
|:---|:---|
| 4.3 | <u>[Indenture dated as of February 1, 2013 among KKR Group Finance Co. II LLC, KKR & Co. L.P., KKR Management](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d1.htm)</u> <br><u>[Holdings L.P., KKR Fund Holdings L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d1.htm)</u> <br><u>[(incorporated by reference to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d1.htm)</u> <br><u>[February 1, 2013).](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d1.htm)</u><br>|
| 4.4 | <u>[First Supplemental Indenture dated as of February 1, 2013 among KKR Group Finance Co. II LLC,](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d2.htm)</u> <br><u>[KKR & Co. L.P., KKR Management Holdings L.P., KKR Fund Holdings L.P. and The Bank of New York Mellon](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d2.htm)</u> <br><u>[Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d2.htm)</u> <br><u>[on Form 8-K filed on February 1, 2013).](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d2.htm)</u><br>|

---

---

| | |
|:---|:---|
| 4.5 | <u>[Second Supplemental Indenture dated as of August 5, 2014 among KKR Group Finance Co. II LLC,](https://www.sec.gov/Archives/edgar/data/1404912/000110465914057776/a14-14044_1ex4d2.htm)</u> <br><u>[KKR & Co. L.P., KKR Management Holdings L.P., KKR Fund Holdings L.P., KKR International Holdings L.P. and](https://www.sec.gov/Archives/edgar/data/1404912/000110465914057776/a14-14044_1ex4d2.htm)</u> <br><u>[The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the](https://www.sec.gov/Archives/edgar/data/1404912/000110465914057776/a14-14044_1ex4d2.htm)</u> <br><u>[KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 7, 2014).](https://www.sec.gov/Archives/edgar/data/1404912/000110465914057776/a14-14044_1ex4d2.htm)</u><br>|
| 4.6 | <u>[Third Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. II LLC, KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_11.htm)</u> <br><u>[and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.11](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_11.htm)</u> <br><u>[to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_11.htm)</u><br>|
| 4.7 | <u>[Form of 5.500% Senior Note due 2043 (included in Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d2.htm)</u><br><u>[K filed on February 1, 2013).](https://www.sec.gov/Archives/edgar/data/1404912/000110465913006864/a13-4010_1ex4d2.htm)</u><br>|
| 4.8 | <u>[Indenture dated as of May 29, 2014 among KKR Group Finance Co. III LLC, KKR & Co. L.P., KKR Management](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d1.htm)</u> <br><u>[Holdings L.P., KKR Fund Holdings L.P. and The Bank of New York Mellon Trust Company, N. A., as trustee](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d1.htm)</u> <br><u>[(incorporated by reference to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on May 29,](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d1.htm)</u> <br><u>[2014).](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d1.htm)</u><br>|
| 4.9 | <u>[First Supplemental Indenture dated as of May 29, 2014 among KKR Group Finance Co. III LLC, KKR & Co. L.P.,](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d2.htm)</u> <br><u>[KKR Management Holdings L.P., KKR Fund Holdings L.P. and The Bank of New York Mellon Trust Company, N.](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d2.htm)</u> <br><u>[A., as trustee (incorporated by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d2.htm)</u> <br><u>[on May 29, 2014).](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d2.htm)</u><br>|
| 4.10 | <u>[Second Supplemental Indenture dated as of August 5, 2014 among KKR Group Finance Co. III LLC,](https://www.sec.gov/Archives/edgar/data/1404912/000110465914057776/a14-14044_1ex4d3.htm)</u> <br><u>[KKR & Co. L.P., KKR Management Holdings L.P., KKR Fund Holdings L.P., KKR International Holdings L.P. and](https://www.sec.gov/Archives/edgar/data/1404912/000110465914057776/a14-14044_1ex4d3.htm)</u> <br><u>[The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.3 to the](https://www.sec.gov/Archives/edgar/data/1404912/000110465914057776/a14-14044_1ex4d3.htm)</u> <br><u>[KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 7, 2014).](https://www.sec.gov/Archives/edgar/data/1404912/000110465914057776/a14-14044_1ex4d3.htm)</u><br>|
| 4.11 | <u>[Third Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. III LLC, KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_12.htm)</u> <br><u>[and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.12](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_12.htm)</u> <br><u>[to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_12.htm)</u><br>|
| 4.12 | <u>[Form of 5.125% Senior Note due 2044 (included in Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d2.htm)</u><br><u>[K filed on May 29, 2014).](https://www.sec.gov/Archives/edgar/data/1404912/000110465914042490/a14-13696_1ex4d2.htm)</u><br>|
| 4.13 | <u>[Indenture dated as of March 23, 2018 among KKR Group Finance Co. IV LLC, KKR & Co. L.P., KKR Management](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-1.htm)</u> <br><u>[Holdings L.P., KKR Fund Holdings L.P., KKR International Holdings L.P. and The Bank of New York Mellon Trust](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-1.htm)</u> <br><u>[Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-1.htm)</u> <br><u>[Form 8-K filed on March 23, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-1.htm)</u><br>|
| 4.14 | <u>[First Supplemental Indenture dated as of March 23, 2018 among KKR Group Finance Co. IV LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-2.htm)</u> <br><u>[L.P., KKR Management Holdings L.P., KKR Fund Holdings L.P., KKR International Holdings L.P. and The Bank of](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-2.htm)</u> <br><u>[New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-2.htm)</u> <br><u>[Inc. Current Report on Form 8-K filed on March 23, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-2.htm)</u><br>|

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | |
|:---|:---|
| 4.15 | <u>[Second Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. IV LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_13.htm)</u> <br><u>[Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_13.htm)</u> <br><u>[4.13 to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_13.htm)</u><br>|
| 4.16 | <u>[Form of 0.764% Senior Note due 2025 (included in Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-2.htm)</u><br><u>[K filed on March 23, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-2.htm)</u><br>|
| 4.17 | <u>[Form of 1.595% Senior Note due 2038 (included in Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-2.htm)</u><br><u>[K filed on March 23, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000114036118014801/s002122x4_ex4-2.htm)</u><br>|
| 4.18 | <u>[Indenture dated as of May 22, 2019 among KKR Group Finance Co. V LLC, KKR & Co. Inc., KKR Management](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-1.htm)</u> <br><u>[Holdings L.P., KKR Fund Holdings L.P., KKR International Holdings L.P. and The Bank of New York Mellon Trust](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-1.htm)</u> <br><u>[Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 22, 2019).](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-1.htm)</u><br>|
| 4.19 | <u>[First Supplemental Indenture dated as of May 22, 2019 among KKR Group Finance Co. V LLC, KKR & Co. Inc.,](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-2.htm)</u> <br><u>[KKR Management Holdings L.P., KKR Fund Holdings L.P., KKR International Holdings L.P. and The Bank of New](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-2.htm)</u> <br><u>[York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-2.htm)</u> <br><u>[Current Report on Form 8-K filed on May 22, 2019).](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-2.htm)</u><br>|
| 4.20 | <u>[Second Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. V LLC, KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_14.htm)</u> <br><u>[and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.14](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_14.htm)</u> <br><u>[to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_14.htm)</u><br>|
| 4.21 | <u>[Form of 1.625% Senior Note due 2029 (included in Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-2.htm)</u><br><u>[K filed on May 22, 2019).](https://www.sec.gov/Archives/edgar/data/1404912/000114036119009648/nc10001969x2_ex4-2.htm)</u><br>|
| 4.22 | <u>[Indenture dated as of July 1, 2019 among KKR Group Finance Co. VI LLC, KKR & Co. Inc., KKR Management](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-1.htm)</u> <br><u>[Holdings L.P., KKR Fund Holdings L.P., KKR International Holdings L.P. and The Bank of New York Mellon Trust](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-1.htm)</u> <br><u>[Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-1.htm)</u> <br><u>[Form 8-K filed on July 1, 2019).](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-1.htm)</u><br>|
| 4.23 | <u>[First Supplemental Indenture dated as of July 1, 2019 among KKR Group Finance Co. VI LLC, KKR & Co Inc., KKR](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-2.htm)</u> <br><u>[Management Holdings L.P., KKR Fund Holdings L.P., KKR International Holdings L.P. and The Bank of New York](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-2.htm)</u> <br><u>[Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 to the KKR & Co. Inc. Current](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-2.htm)</u> <br><u>[Report on Form 8-K filed on July 1, 2019).](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-2.htm)</u><br>|
| 4.24 | <u>[Form of 3.750% Senior Note due 2029 (included in Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-2.htm#FORM)</u><br><u>[K filed on July 1, 2019).](https://www.sec.gov/Archives/edgar/data/1404912/000114036119012157/nc10002599x3_ex4-2.htm#FORM)</u><br>|
| 4.25 | <u>[Second Supplemental Indenture dated as of April 21, 2020 among KKR Group Finance Co. VI LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000114036120009376/nc10010939x2_ex4-1.htm)</u> <br><u>[Inc., KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1404912/000114036120009376/nc10010939x2_ex4-1.htm)</u> <br><u>[(incorporated by reference to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on April 21,](https://www.sec.gov/Archives/edgar/data/1404912/000114036120009376/nc10010939x2_ex4-1.htm)</u> <br><u>[2020).](https://www.sec.gov/Archives/edgar/data/1404912/000114036120009376/nc10010939x2_ex4-1.htm)</u><br>|
| 4.26 | <u>[Third Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. VI LLC, KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_15.htm)</u> <br><u>[and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.15](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_15.htm)</u> <br><u>[to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_15.htm)</u><br>|
| 4.27 | <u>[Form of 3.750% Senior Note due 2029 (included in Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-](https://www.sec.gov/Archives/edgar/data/1404912/000114036120009376/nc10010939x2_ex4-1.htm)</u><br><u>[K filed on April 21, 2020).](https://www.sec.gov/Archives/edgar/data/1404912/000114036120009376/nc10010939x2_ex4-1.htm)</u><br>|

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | |
|:---|:---|
| 4.28 | <u>[Indenture dated as of February 25, 2020 among KKR Group Finance Co. VII LLC, KKR & Co. Inc., KKR Group](https://www.sec.gov/Archives/edgar/data/1404912/000114036120004013/nc10009146x1_ex4-1.htm)</u> <br><u>[Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference](https://www.sec.gov/Archives/edgar/data/1404912/000114036120004013/nc10009146x1_ex4-1.htm)</u> <br><u>[to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on February 25, 2020).](https://www.sec.gov/Archives/edgar/data/1404912/000114036120004013/nc10009146x1_ex4-1.htm)</u><br>|
| 4.29 | <u>[First Supplemental Indenture, dated as of February 25, 2020 among KKR Group Finance Co. VII LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000114036120004013/nc10009146x1_ex4-2.htm)</u> <br><u>[Inc., KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1404912/000114036120004013/nc10009146x1_ex4-2.htm)</u> <br><u>[(incorporated by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on February](https://www.sec.gov/Archives/edgar/data/1404912/000114036120004013/nc10009146x1_ex4-2.htm)</u> <br><u>[25, 2020).](https://www.sec.gov/Archives/edgar/data/1404912/000114036120004013/nc10009146x1_ex4-2.htm)</u><br>|
| 4.30 | <u>[Second Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. VII LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_16.htm)</u> <br><u>[Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_16.htm)</u> <br><u>[4.16 to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_16.htm)</u><br>|

---

---

| | |
|:---|:---|
| 4.31 | <u>[Form of 3.625% Senior Note Due 2050 (included in Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-](https://www.sec.gov/Archives/edgar/data/1404912/000114036120004013/nc10009146x1_ex4-2.htm)</u><br><u>[K filed on February 25, 2020).](https://www.sec.gov/Archives/edgar/data/1404912/000114036120004013/nc10009146x1_ex4-2.htm)</u><br>|
| 4.32 | <u>[Indenture dated as of August 25, 2020 among KKR Group Finance Co. VIII LLC, KKR & Co. Inc., KKR Group](https://www.sec.gov/Archives/edgar/data/1404912/000114036120019041/nt10014476x3_ex4-1.htm)</u> <br><u>[Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference](https://www.sec.gov/Archives/edgar/data/1404912/000114036120019041/nt10014476x3_ex4-1.htm)</u> <br><u>[to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on August 25, 2020).](https://www.sec.gov/Archives/edgar/data/1404912/000114036120019041/nt10014476x3_ex4-1.htm)</u><br>|
| 4.33 | <u>[First Supplemental Indenture dated as of August 25, 2020 among KKR Group Finance Co. VIII LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000114036120019041/nt10014476x3_ex4-2.htm)</u> <br><u>[Inc., KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1404912/000114036120019041/nt10014476x3_ex4-2.htm)</u> <br><u>[(incorporated by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on August 25,](https://www.sec.gov/Archives/edgar/data/1404912/000114036120019041/nt10014476x3_ex4-2.htm)</u> <br><u>[2020).](https://www.sec.gov/Archives/edgar/data/1404912/000114036120019041/nt10014476x3_ex4-2.htm)</u><br>|
| 4.34 | <u>[Second Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. VIII LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_17.htm)</u> <br><u>[Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_17.htm)</u> <br><u>[4.17 to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_17.htm)</u><br>|
| 4.35 | <u>[Form of 3.500% Senior Note due 2050 (included in Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-](https://www.sec.gov/Archives/edgar/data/1404912/000114036120019041/nt10014476x3_ex4-2.htm)</u><br><u>[K filed on August 25, 2020).](https://www.sec.gov/Archives/edgar/data/1404912/000114036120019041/nt10014476x3_ex4-2.htm)</u><br>|
| 4.36 | <u>[Indenture dated as of March 31, 2021 among KKR Group Finance Co. IX LLC, KKR & Co. Inc., KKR Group](https://www.sec.gov/Archives/edgar/data/1404912/000114036121011062/brhc10022616_ex4-1.htm)</u> <br><u>[Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference](https://www.sec.gov/Archives/edgar/data/1404912/000114036121011062/brhc10022616_ex4-1.htm)</u> <br><u>[to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on March 31, 2021).](https://www.sec.gov/Archives/edgar/data/1404912/000114036121011062/brhc10022616_ex4-1.htm)</u><br>|
| 4.37 | <u>[First Supplemental Indenture dated as of March 31, 2021 among KKR Group Finance Co. IX LLC, KKR & Co. Inc.,](https://www.sec.gov/Archives/edgar/data/1404912/000114036121011062/brhc10022616_ex4-2.htm)</u> <br><u>[KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated](https://www.sec.gov/Archives/edgar/data/1404912/000114036121011062/brhc10022616_ex4-2.htm)</u> <br><u>[by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on March 31, 2021).](https://www.sec.gov/Archives/edgar/data/1404912/000114036121011062/brhc10022616_ex4-2.htm)</u><br>|
| 4.38 | <u>[Second Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. IX LLC, KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_18.htm)</u> <br><u>[and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.18](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_18.htm)</u> <br><u>[to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_18.htm)</u><br>|
| 4.39 | <u>[Form of 4.625% Subordinated Note due 2061 of KKR Group Finance Co. IX LLC (included within Exhibit 4.2 to](https://www.sec.gov/Archives/edgar/data/1404912/000114036121011062/brhc10022616_ex4-2.htm)</u> <br><u>[the KKR & Co. Inc. Current Report on Form 8-K filed on March 31, 2021).](https://www.sec.gov/Archives/edgar/data/1404912/000114036121011062/brhc10022616_ex4-2.htm)</u><br>|
| 4.40 | <u>[Indenture dated as of December 8, 2021 among KKR Group Finance Co. X LLC, KKR & Co. Inc., KKR Group](https://www.sec.gov/Archives/edgar/data/1404912/000114036121040855/brhc10031465_ex4-1.htm)</u> <br><u>[Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference](https://www.sec.gov/Archives/edgar/data/1404912/000114036121040855/brhc10031465_ex4-1.htm)</u> <br><u>[to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on December 8, 2021).](https://www.sec.gov/Archives/edgar/data/1404912/000114036121040855/brhc10031465_ex4-1.htm)</u><br>|

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

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| | |
|:---|:---|
| 4.41 | <u>[First Supplemental Indenture dated as of December 8, 2021 among KKR Group Finance Co. X LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000114036121040855/brhc10031465_ex4-2.htm)</u> <br><u>[Inc., KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1404912/000114036121040855/brhc10031465_ex4-2.htm)</u> <br><u>[(incorporated by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on December](https://www.sec.gov/Archives/edgar/data/1404912/000114036121040855/brhc10031465_ex4-2.htm)</u> <br><u>[8, 2021).](https://www.sec.gov/Archives/edgar/data/1404912/000114036121040855/brhc10031465_ex4-2.htm)</u><br>|
| 4.42 | <u>[Second Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. X LLC, KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_19.htm)</u> <br><u>[and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.19](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_19.htm)</u> <br><u>[to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_19.htm)</u><br>|
| 4.43 | <u>[Form of 3.250% Senior Note due 2051 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036121040855/brhc10031465_ex4-2.htm)</u> <br><u>[Form 8-K filed on December 8, 2021).](https://www.sec.gov/Archives/edgar/data/1404912/000114036121040855/brhc10031465_ex4-2.htm)</u><br>|
| 4.44 | <u>[Indenture dated as of April 26, 2022 among KKR Group Finance Co. XI LLC, KKR & Co. Inc., KKR Group](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-1.htm)</u> <br><u>[Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-1.htm)</u> <br><u>[to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on April 26, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-1.htm)</u><br>|
| 4.45 | <u>[First Supplemental Indenture dated as of April 26, 2022 among KKR Group Finance Co. XI LLC, KKR & Co. Inc.,](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u> <br><u>[KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u> <br><u>[by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on April 26, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u><br>|
| 4.46 | <u>[Second Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. XI LLC, KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_20.htm)</u> <br><u>[and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.20](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_20.htm)</u> <br><u>[to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_20.htm)</u><br>|
| 4.47 | <u>[Form of 1.054% Senior Note due 2027 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u> <br><u>[Form 8-K filed on April 26, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u><br>|
| 4.48 | <u>[Form of 1.244% Senior Note due 2029 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u> <br><u>[Form 8-K filed on April 26, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u><br>|
| 4.49 | <u>[Form of 1.437% Senior Note due 2032 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u> <br><u>[Form 8-K filed on April 26, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u><br>|
| 4.50 | <u>[Form of 1.553% Senior Note due 2034 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u> <br><u>[Form 8-K filed on April 26, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u><br>|
| 4.51 | <u>[Form of 1.795% Senior Note due 2037 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u> <br><u>[Form 8-K filed on April 26, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122015974/brhc10036720_ex4-2.htm)</u><br>|
| 4.52 | <u>[Indenture dated as of May 17, 2022 among KKR Group Finance Co. XII LLC, KKR & Co. Inc., KKR Group](https://www.sec.gov/Archives/edgar/data/1404912/000114036122019608/brhc10037799_ex4-1.htm)</u> <br><u>[Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference](https://www.sec.gov/Archives/edgar/data/1404912/000114036122019608/brhc10037799_ex4-1.htm)</u> <br><u>[to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on May 17, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122019608/brhc10037799_ex4-1.htm)</u><br>|
| 4.53 | <u>[First Supplemental Indenture dated as of May 17, 2022 among KKR Group Finance Co. XII LLC, KKR & Co. Inc.,](https://www.sec.gov/Archives/edgar/data/1404912/000114036122019608/brhc10037799_ex4-2.htm)</u> <br><u>[KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated](https://www.sec.gov/Archives/edgar/data/1404912/000114036122019608/brhc10037799_ex4-2.htm)</u> <br><u>[by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on May 17, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122019608/brhc10037799_ex4-2.htm)</u><br>|
| 4.54 | <u>[Second Supplemental Indenture dated as of May 31, 2022 among KKR Group Finance Co. XII LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_21.htm)</u> <br><u>[Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_21.htm)</u> <br><u>[4.21 to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on August 5, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000015/ex4_21.htm)</u><br>|
| 4.55 | <u>[Form of 4.850% Senior Note due 2032 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036122019608/brhc10037799_ex4-2.htm)</u> <br><u>[Form 8-K filed on May 17, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122019608/brhc10037799_ex4-2.htm)</u><br>|

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

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| | |
|:---|:---|
| 4.56 | <u>[Third Supplemental Indenture, dated as of May 25, 2023, among KKR Group Finance Co. XI LLC, KKR & Co. Inc.,](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u> <br><u>[KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u> <br><u>[by reference to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on May 25, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u><br>|
| 4.57 | <u>[Form of 1.428% Senior Note due 2028 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 25, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u><br>|
| 4.58 | <u>[Form of 1.614% Senior Note due 2030 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 25, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u><br>|
| 4.59 | <u>[Form of 1.939% Senior Note due 2033 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 25, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u><br>|
| 4.60 | <u>[Form of 2.312% Senior Note due 2038 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 25, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u><br>|
| 4.61 | <u>[Form of 2.574% Senior Note due 2043 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 25, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u><br>|
| 4.62 | <u>[Form of 2.747% Senior Note due 2053 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 25, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000114036123026651/brhc20053448_ex4-1.htm)</u><br>|
| 4.63 | <u>[Fourth Supplemental Indenture, dated as of May 30, 2024, among KKR Group Finance Co. XI LLC, KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u> <br><u>[Inc., KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u> <br><u>[(incorporated by reference to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on May 30,](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u> <br><u>[2024).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u><br>|
| 4.64 | <u>[Fifth Supplemental Indenture, dated as of June 10, 2024, among KKR Group Finance Co. XI LLC, KKR & Co. Inc.,](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex4-2.htm)</u> <br><u>[KKR Group Partnership L.P. and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex4-2.htm)</u> <br><u>[by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on August 9, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex4-2.htm)</u><br>|
| 4.65 | <u>[Form of 1.559% Senior Note due 2029 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 30, 2024 and incorporated by reference).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u><br>|
| 4.66 | <u>[Form of 1.762% Senior Note due 2031 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 30, 2024 and incorporated by reference).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u><br>|
| 4.67 | <u>[Form of 2.083% Senior Note due 2034 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 30, 2024 and incorporated by reference).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u><br>|
| 4.68 | <u>[Form of 2.719% Senior Note due 2044 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 30, 2024 and incorporated by reference).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u><br>|
| 4.69 | <u>[Form of 3.008% Senior Note due 2054 (included within Exhibit 4.1 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u> <br><u>[Form 8-K filed on May 30, 2024 and incorporated by reference).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124028138/ef20030269_ex4-1.htm)</u><br>|
| 4.70 | <u>[Indenture, dated as of May 28, 2025, between KKR & Co. Inc. and The Bank of New York Mellon Trust](https://www.sec.gov/Archives/edgar/data/1404912/000114036125020643/ef20049806_ex4-1.htm)</u> <br><u>[Company, N.A. (incorporated by reference to Exhibit 4.1 to the KKR & Co. Inc. Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/1404912/000114036125020643/ef20049806_ex4-1.htm)</u> <br><u>[filed on May 28, 2025).](https://www.sec.gov/Archives/edgar/data/1404912/000114036125020643/ef20049806_ex4-1.htm)</u><br>|

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

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| | |
|:---|:---|
| 4.71 | <u>[First Supplemental Indenture dated as of May 28, 2025 among KKR & Co. Inc., KKR Group Partnership L.P. and](https://www.sec.gov/Archives/edgar/data/1404912/000114036125020643/ef20049806_ex4-2.htm)</u> <br><u>[The Bank of New York Mellon Trust Company, N.A. (incorporated by reference to Exhibit 4.2 to the KKR & Co.](https://www.sec.gov/Archives/edgar/data/1404912/000114036125020643/ef20049806_ex4-2.htm)</u> <br><u>[Inc. Current Report on Form 8-K filed on May 28, 2025).](https://www.sec.gov/Archives/edgar/data/1404912/000114036125020643/ef20049806_ex4-2.htm)</u><br>|
| 4.72 | <u>[Form of 6.875% Subordinated Note due 2065 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report](https://www.sec.gov/Archives/edgar/data/1404912/000114036125020643/ef20049806_ex4-2.htm)</u> <br><u>[on Form 8-K filed on May 28, 2025).](https://www.sec.gov/Archives/edgar/data/1404912/000114036125020643/ef20049806_ex4-2.htm)</u><br>|
| 4.73 | <u>[Second Supplemental Indenture dated as of August 7, 2025 among KKR & Co. Inc., KKR Group Partnership L.P.](https://www.sec.gov/Archives/edgar/data/1404912/000114036125029619/ef20053450_ex4-2.htm)</u> <br><u>[and The Bank of New York Mellon Trust Company, N.A. (incorporated by reference to Exhibit 4.2 to the KKR &](https://www.sec.gov/Archives/edgar/data/1404912/000114036125029619/ef20053450_ex4-2.htm)</u> <br><u>[Co. Inc. Current Report on Form 8-K filed on August 7, 2025).](https://www.sec.gov/Archives/edgar/data/1404912/000114036125029619/ef20053450_ex4-2.htm)</u><br>|
| 4.74 | <u>[Form of 5.100% Senior Note due 2035 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report on](https://www.sec.gov/Archives/edgar/data/1404912/000114036125029619/ef20053450_ex4-2.htm)</u> <br><u>[Form 8-K filed on August 7, 2025).](https://www.sec.gov/Archives/edgar/data/1404912/000114036125029619/ef20053450_ex4-2.htm)</u><br>|
| 10.1 | <u>[Fourth Amended and Restated Limited Partnership Agreement of KKR Group Partnership L.P., dated August 6,](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex10-5.htm)</u> <br><u>[2024 (incorporated by reference to Exhibit 10.5 to the KKR & Co. Inc. Current Report on Form 8-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex10-5.htm)</u> <br><u>[August 9, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex10-5.htm)</u><br>|
| 10.2 | <u>[Registration Rights Agreement dated July 14, 2010, by and among KKR & Co. L.P., KKR Holdings L.P. and the](https://www.sec.gov/Archives/edgar/data/1404912/000110465910038689/a10-14121_1ex10d2.htm)</u> <br><u>[persons from time to time party thereto (incorporated by reference to Exhibit 10.2 to the KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000110465910038689/a10-14121_1ex10d2.htm)</u> <br><u>[Current Report on Form 8-K filed on July 20, 2010).](https://www.sec.gov/Archives/edgar/data/1404912/000110465910038689/a10-14121_1ex10d2.htm)</u><br>|
| 10.3<br> \* | <u>[Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.5 to](https://www.sec.gov/Archives/edgar/data/1404912/000140491221000008/ex10_5.htm)</u> <br><u>[the KKR & Co. Inc. Annual Report on Form 10-K filed on February 19, 2021).](https://www.sec.gov/Archives/edgar/data/1404912/000140491221000008/ex10_5.htm)</u><br>|
| 10.4 | <u>[Tax Receivable Agreement, dated as of July 14, 2010, among KKR Holdings L.P., KKR Management Holdings](https://www.sec.gov/Archives/edgar/data/1404912/000110465910038689/a10-14121_1ex10d3.htm)</u> <br><u>[Corp., KKR & Co. L.P., KKR Management Holdings, L.P., and other persons who executed a joinder thereto](https://www.sec.gov/Archives/edgar/data/1404912/000110465910038689/a10-14121_1ex10d3.htm)</u> <br><u>[(incorporated by reference to Exhibit 10.3 to the KKR & Co. Inc. Current Report on Form 8-K filed on July 20,](https://www.sec.gov/Archives/edgar/data/1404912/000110465910038689/a10-14121_1ex10d3.htm)</u> <br><u>[2010).](https://www.sec.gov/Archives/edgar/data/1404912/000110465910038689/a10-14121_1ex10d3.htm)</u><br>|
| 10.5 | <u>[Amendment to Tax Receivable Agreement, dated as of May 3, 2018, among KKR Holdings L.P., KKR](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000009/ex10_1.htm)</u> <br><u>[Management Holdings Corp., KKR & Co. L.P., KKR Management Holdings L.P. and KKR Group Holdings Corp.](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000009/ex10_1.htm)</u> <br><u>[(incorporated by reference to Exhibit 10.1 to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on May](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000009/ex10_1.htm)</u> <br><u>[8, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000009/ex10_1.htm)</u><br>|
| 10.6 | <u>[Amendment No. 2 to Tax Receivable Agreement, dated as of May 30, 2022, among KKR Holdings L.P., KKR](https://www.sec.gov/Archives/edgar/data/1404912/000114036122021298/ny20004325x5_ex10-1.htm)</u> <br><u>[Holdings (AIV) L.P., KKR & Co. Inc. and KKR Group Holdings Corp. (incorporated by reference to Exhibit 10.1 to](https://www.sec.gov/Archives/edgar/data/1404912/000114036122021298/ny20004325x5_ex10-1.htm)</u> <br><u>[the KKR & Co. Inc. Current Report on Form 8-K12B filed on May 31, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000114036122021298/ny20004325x5_ex10-1.htm)</u><br>|

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|:---|:---|
| 10.7 | <u>[Third Amended and Restated Credit Agreement, dated as of July 3, 2024, among Kohlberg Kravis Roberts &](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex10-4.htm)</u> <br><u>[Co. L.P., KKR Group Partnership L.P., the guarantors party thereto from time to time, the lenders party thereto](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex10-4.htm)</u> <br><u>[from time to time, and HSBC Bank USA, National Association, as administrative agent (incorporated by](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex10-4.htm)</u> <br><u>[reference to Exhibit 10.4 to the KKR & Co. Inc. Current Report on Form 8-K filed on August 9, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000114036124036664/ef20033299_ex10-4.htm)</u><br>|
| 10.8 | <u>[Fourth Amended and Restated 5-Year Revolving Credit Agreement, dated as of April 4, 2024, among KKR](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000011/ex10_1.htm)</u> <br><u>[Capital Markets Holdings L.P., certain subsidiaries of KKR Capital Markets Holdings L.P., Mizuho Bank, Ltd., as](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000011/ex10_1.htm)</u> <br><u>[administrative agent, and the one or more lenders party thereto (incorporated by reference to Exhibit 10.1 to](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000011/ex10_1.htm)</u> <br><u>[the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on May 9, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000011/ex10_1.htm)</u><br>|
| 10.9 | <u>[Credit Agreement, dated as of May 7, 2024, among Global Atlantic Limited (Delaware), Global Atlantic (Fin)](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000011/ex10_3.htm)</u> <br><u>[Company, the guarantors party thereto from time to time, the lenders from time to time party thereto, Wells](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000011/ex10_3.htm)</u> <br><u>[Fargo Bank, N.A., as administrative agent, and the other agents and arrangers party thereto (incorporated by](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000011/ex10_3.htm)</u> <br><u>[reference to Exhibit 10.3 to the KKR & Co. Inc. Quarterly Report on Form 10-Q filed on May 9, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000011/ex10_3.htm)</u><br>|

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<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

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|:---|:---|
| 10.10 | <u>[Form of Indemnification Agreement for Directors of KKR & Co. Inc. (incorporated by reference to Exhibit 10.15](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_15.htm)</u> <br><u>[to the KKR & Co. Inc. Annual Report on Form 10-K filed on February 29, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_15.htm)</u><br>|
| 10.11 | <u>[Indemnification Agreement, dated as of May 3, 2018, between KKR & Co. L.P. and KKR Management LLP,](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000009/ex10_6.htm)</u> <br><u>[formerly KKR Management LLC (incorporated by reference to Exhibit 10.6 to the KKR & Co. Inc. Quarterly](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000009/ex10_6.htm)</u> <br><u>[Report on Form 10-Q filed on May 8, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000009/ex10_6.htm)</u><br>|
| 10.12<br> \* | <u>[Form of Grant Certificate (Executive Officers) (incorporated by reference to Exhibit 10.23 to the KKR & Co. Inc.](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000005/kkr-20171231xex10_23.htm)</u> <br><u>[Annual Report on Form 10-K filed on February 23, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000005/kkr-20171231xex10_23.htm)</u><br>|
| 10.13<br> \* | <u>[Form of Public Company Holdings Unit Award Agreement of KKR & Co. L.P. (Executive Officers) (Market Price](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000005/kkr-20171231xex10_24.htm)</u> <br><u>[Vesting) (incorporated by reference to Exhibit 10.24 to the KKR & Co. Inc. Annual Report on Form 10-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000005/kkr-20171231xex10_24.htm)</u> <br><u>[February 23, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000005/kkr-20171231xex10_24.htm)</u><br>|
| 10.14<br> \* | <u>[Form of Public Company Holdings Unit Award Agreement of KKR & Co. L.P. (Executive Officers) (Service](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000005/kkr-20171231xex10_25.htm)</u> <br><u>[Vesting) (incorporated by reference to Exhibit 10.25 to the KKR & Co. Inc. Annual Report on Form 10-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000005/kkr-20171231xex10_25.htm)</u> <br><u>[February 23, 2018).](https://www.sec.gov/Archives/edgar/data/1404912/000140491218000005/kkr-20171231xex10_25.htm)</u><br>|
| 10.15<br> \* | <u>[Form of Restricted Stock Unit Agreement of KKR & Co. Inc. (Directors) (incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_21.htm)</u> <br><u>[10.21 to the KKR & Co. Inc. Annual Report on Form 10-K filed on February 29, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_21.htm)</u><br>|
| 10.16<br> \* | <u>[Form of Cliff Vesting Dollars-At-Work Grant Certificate of KKR Associates Holdings L.P. (incorporated by](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_22.htm)</u> <br><u>[reference to Exhibit 10.22 to the KKR & Co. Inc. Annual Report on Form 10-K filed on February 28, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_22.htm)</u><br>|
| 10.17<br> \* | <u>[Form of Pro Rata Vesting Dollars-At-Work Grant Certificate of KKR Associates Holdings L.P. (incorporated by](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_23.htm)</u> <br><u>[reference to Exhibit 10.23 to the KKR & Co. Inc. Annual Report on Form 10-K filed on February 28, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_23.htm)</u><br>|
| 10.18<br> \* | <u>[Form of Pro Rata Vesting Dollars-At-Work Grant Certificate of KKR Associates Holdings L.P. (incorporated by](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_24.htm)</u><br><u>[reference to Exhibit 10.24 to the KKR & Co. Inc. Annual Report on Form 10-K filed on February 27, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_24.htm)</u><br>|
| 10.19<br> \* | <u>[Form of Restricted Holdings Unit Agreement of KKR & Co. Inc. (Executive Officers) (Market Condition).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_24.htm)</u> <br><u>[(incorporated by reference to Exhibit 10.24 to the KKR & Co. Inc. Annual Report on Form 10-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_24.htm)</u> <br><u>[February 28, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_24.htm)</u><br>|
| 10.20<br> \* | <u>[Form of Restricted Holdings Unit Agreement of KKR & Co. Inc. (Executive Officers) (Market Condition)](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_26.htm)</u> <br><u>[(incorporated by reference to Exhibit 10.26 to the KKR & Co. Inc. Annual Report on Form 10-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_26.htm)</u> <br><u>[February 27, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_26.htm)</u><br>|
| 10.21<br> \* | <u>[Form of Restricted Holdings Unit Agreement of KKR & Co. Inc. (Executive Officers) (Market Condition)](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_27.htm)</u> <br><u>[(incorporated by reference to Exhibit 10.27 to the KKR & Co. Inc. Annual Report on Form 10-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_27.htm)</u> <br><u>[February 27, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_27.htm)</u><br>|
| 10.22<br> \* | <u>[Form of Restricted Holdings Unit Agreement of KKR & Co. Inc. (Executive Officers) (Service Vesting)](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_28.htm)</u> <br><u>[(incorporated by reference to Exhibit 10.28 to the KKR & Co. Inc. Annual Report on Form 10-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_28.htm)</u> <br><u>[February 27, 2023).](https://www.sec.gov/Archives/edgar/data/1404912/000140491223000005/ex10_28.htm)</u><br>|
| 10.23<br> \* | <u>[Form of Restricted Holdings Unit Agreement of KKR & Co. Inc. (Executive Officers) (Market Condition)](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_29.htm)</u> <br><u>[(incorporated by reference to Exhibit 10.29 to the KKR & Co. Inc. Annual Report on Form 10-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_29.htm)</u> <br><u>[February 29, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_29.htm)</u><br>|

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<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

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| | | |
|:---|:---|:---|
| 10.24 | \* | <u>[Form of Restricted Holdings Unit Agreement of KKR & Co. Inc. (Executive Officers) (Service Condition)](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_30.htm)</u> <br><u>[(incorporated by reference to Exhibit 10.30 to the KKR & Co. Inc. Annual Report on Form 10-K filed on](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_30.htm)</u> <br><u>[February 29, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex10_30.htm)</u><br>|
| 10.25 | \* | <u>[Form of Unit Grant Certificate of KKR Holdings L.P. (Co-Chief Executive Officer) (incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_25.htm)</u> <br><u>[Exhibit 10.25 to the KKR & Co. Inc. Annual Report on Form 10-K filed on February 28, 2022).](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_25.htm)</u><br>|
| 10.26 | \* | <u>[Form of Restricted Holdings Unit Agreement of KKR & Co. Inc. (Co-Chief Executive Officer) (incorporated by](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_26.htm)</u> <br><u>[reference to Exhibit 10.26 to the KKR & Co. Inc. Annual Report on Form 10-K filed on February 28, 2022)](https://www.sec.gov/Archives/edgar/data/1404912/000140491222000004/ex10_26.htm)</u>.<br>|
| 10.27 | \* | <u>[Form of K-Series Unit Certificate of KKR Associates K-Series Holdings L.P.](ex10_27.htm)</u> |
| 10.28 | † | <u>[Credit Agreement, dated as of January 16, 2026, among Global Atlantic Limited (Delaware), Global Atlantic](ex10_28.htm)</u> <br><u>[(Fin) Company, the borrowers party thereto, the lenders from time to time party thereto, Wells Fargo Bank,](ex10_28.htm)</u> <br><u>[N.A., as administrative agent, and the other agents and arrangers party thereto.](ex10_28.htm)</u><br>|
| 19.1 |  | <u>[Policies and Procedures for Trading in Securities of KKR & Co. Inc. by Directors, Section 16 Officers and](https://www.sec.gov/Archives/edgar/data/1404912/000140491225000015/ex19_1.htm)</u> <br><u>[Employees (incorporated by reference to Exhibit 19.1 to the KKR & Co. Inc. Annual Report on Form 10-K filed](https://www.sec.gov/Archives/edgar/data/1404912/000140491225000015/ex19_1.htm)</u> <br><u>[on February 28, 2025).](https://www.sec.gov/Archives/edgar/data/1404912/000140491225000015/ex19_1.htm)</u><br>|
| 21.1 |  | <u>[Subsidiaries of the Registrant.](kkr-20251231xex211subsidia.htm)</u> |
| 22.1 |  | <u>[Description of Subsidiary Guarantor and Subsidiary Issuers (incorporated by reference to Exhibit 22.1 to the](https://www.sec.gov/Archives/edgar/data/1404912/000140491225000042/ex22_1.htm)</u> <br><u>[KKR & Co. Inc. Quarterly Report on Form 10-Q filed on November 7, 2025).](https://www.sec.gov/Archives/edgar/data/1404912/000140491225000042/ex22_1.htm)</u><br>|
| 23.1 |  | <u>[Consent of Independent Registered Public Accounting Firm Relating to the Financial Statements of](kkr-20251231xex231xconsent.htm)</u> <br><u>[KKR & Co. Inc.](kkr-20251231xex231xconsent.htm)</u><br>|
| 31.1 |  | <u>[Certification of Co-Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities](kkr-20251231xex311.htm)</u> <br><u>[Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](kkr-20251231xex311.htm)</u><br>|
| 31.2 |  | <u>[Certification of Co-Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities](kkr-20251231xex312.htm)</u> <br><u>[Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](kkr-20251231xex312.htm)</u><br>|
| 31.3 |  | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities](kkr-20251231xex313.htm)</u> <br><u>[Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](kkr-20251231xex313.htm)</u>.<br>|
| 32.1 |  | <u>[Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to](kkr-20251231xex321.htm)</u> <br><u>[Section 906 of the Sarbanes-Oxley Act of 2002.](kkr-20251231xex321.htm)</u><br>|
| 32.2 |  | <u>[Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to](kkr-20251231xex322.htm)</u> <br><u>[Section 906 of the Sarbanes-Oxley Act of 2002.](kkr-20251231xex322.htm)</u><br>|
| 32.3 |  | <u>[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906](kkr-20251231xex323.htm)</u> <br><u>[of the Sarbanes-Oxley Act of 2002.](kkr-20251231xex323.htm)</u><br>|
| 97.1 |  | <u>[KKR & Co. Inc. Incentive Compensation Clawback Policy (incorporated by reference to Exhibit 97.1 to the KKR](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex97_1.htm)</u> <br><u>[& Co. Inc. Annual Report on Form 10-K filed on February 29, 2024).](https://www.sec.gov/Archives/edgar/data/1404912/000140491224000005/ex97_1.htm)</u><br>|

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | |
|:---|:---|
| 101 | Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL: (i) the Consolidated<br>Statements of Financial Condition as of December 31, 2025 and December 31, 2024, (ii) the Consolidated<br>Statements of Operations for the years ended December 31, 2025, 2024 and 2023, (iii) the Consolidated<br>Statements of Comprehensive Income (Loss) for the years ended December 31, 2025, 2024 and 2023, (iv) the<br>Consolidated Statements of Changes in Equity for the years ended December 31, 2025, 2024 and 2023 (v) the<br>Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023, and (vi) the<br>Notes to the Consolidated Financial Statements.<br>|
| 104 | Cover page interactive data file, formatted in Inline XBRL and contained in Exhibit 101. |

---

\*Management contract or compensatory plan in which directors and/or executive officers are eligible to participate.

† Certain information contained in this agreement has been omitted because it is not material and is the type that the registrant treats as private or

confidential.

The registrant hereby agrees to furnish to the SEC at its request copies of long-term debt instruments defining the rights of

holders of outstanding long-term debt that are not required to be filed herewith.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or

other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not

rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other

documents were made solely within the specific context of the relevant agreement or document and may not describe the

actual state of affairs as of the date they were made or at any other time.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**FINANCIAL STATEMENT SCHEDULES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS** | **SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS** | **SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS** | **SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS** | **SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS** |
| **Valuation Allowance for Deferred Tax Assets** | **Valuation Allowance for Deferred Tax Assets** | **Valuation Allowance for Deferred Tax Assets** | **Valuation Allowance for Deferred Tax Assets** | **Valuation Allowance for Deferred Tax Assets** |
| **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Asset Management and Strategic Holdings** | **Asset Management and Strategic Holdings** |  |  |  |
|  | **Balance at Beginning of** <br>**Period**<br>| **Tax Valuation** <br>**Allowance (Charged) /**<br>**Credited to Income Tax** <br>**Provision**<br>| **Tax Valuation** <br>**Allowance (Charged) /** <br>**Credited to Balance** <br>**Sheet**<br>| **Balance at End of Period** |
| **Year Ended:** |  |  |  |  |
| December 31, 2023 | $— | $— | $— | $— |
| December 31, 2024 | $— | $— | $— | $— |
| December 31, 2025 | $— | $(24130)<br><sup>(1)</sup> | $— | $(24130) |
| (1) A valuation allowance has been recorded for deferred tax assets related to State credit carryforwards that are not considered to be more likely than not <br>realized prior to their expiration. | (1) A valuation allowance has been recorded for deferred tax assets related to State credit carryforwards that are not considered to be more likely than not <br>realized prior to their expiration. | (1) A valuation allowance has been recorded for deferred tax assets related to State credit carryforwards that are not considered to be more likely than not <br>realized prior to their expiration. | (1) A valuation allowance has been recorded for deferred tax assets related to State credit carryforwards that are not considered to be more likely than not <br>realized prior to their expiration. | (1) A valuation allowance has been recorded for deferred tax assets related to State credit carryforwards that are not considered to be more likely than not <br>realized prior to their expiration. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Insurance** |  |  |  |  |
|  | **Balance at Beginning of** <br>**Period**<br>| **Tax Valuation** <br>**Allowance (Charged) /**<br>**Credited to Income Tax** <br>**Provision**<br>| **Tax Valuation** <br>**Allowance (Charged) /** <br>**Credited to Balance** <br>**Sheet**<br>| **Balance at End of Period** |
| **Year Ended:** |  |  |  |  |
| December 31, 2023 | $(89250) | $— | $— | $(89250) |
| December 31, 2024 | $(89250) | $67147 | $(14830)<br><sup>(2)</sup> | $(36933) |
| December 31, 2025 | $(36933) | $(5698) | $— | $(42631) |
| (2) On January 2, 2024, Global Atlantic became subject to Bermuda CIT and resulted in the establishment of a $22.1 million deferred tax asset, primarily on <br>available-for-sale securities, which was offset by a full valuation allowance. As of December 31, 2024, a valuation allowance of $38.1 million was recorded on <br>the deferred tax assets associated with Bermuda CIT. | (2) On January 2, 2024, Global Atlantic became subject to Bermuda CIT and resulted in the establishment of a $22.1 million deferred tax asset, primarily on <br>available-for-sale securities, which was offset by a full valuation allowance. As of December 31, 2024, a valuation allowance of $38.1 million was recorded on <br>the deferred tax assets associated with Bermuda CIT. | (2) On January 2, 2024, Global Atlantic became subject to Bermuda CIT and resulted in the establishment of a $22.1 million deferred tax asset, primarily on <br>available-for-sale securities, which was offset by a full valuation allowance. As of December 31, 2024, a valuation allowance of $38.1 million was recorded on <br>the deferred tax assets associated with Bermuda CIT. | (2) On January 2, 2024, Global Atlantic became subject to Bermuda CIT and resulted in the establishment of a $22.1 million deferred tax asset, primarily on <br>available-for-sale securities, which was offset by a full valuation allowance. As of December 31, 2024, a valuation allowance of $38.1 million was recorded on <br>the deferred tax assets associated with Bermuda CIT. | (2) On January 2, 2024, Global Atlantic became subject to Bermuda CIT and resulted in the establishment of a $22.1 million deferred tax asset, primarily on <br>available-for-sale securities, which was offset by a full valuation allowance. As of December 31, 2024, a valuation allowance of $38.1 million was recorded on <br>the deferred tax assets associated with Bermuda CIT. |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Insurance** |  |  |  |  |  |  |  |
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  |  | **Additions** | **Additions** | **Additions** |  |  |  |
|  | **Balance at** <br>**Beginning of** <br>**Period**<br>| **Charged to** <br>**Costs and** <br>**Expenses**<br>| **Assumed** | **Recoveries** | **Deductions** | **Charge-off** | **Balance at** <br>**End of** <br>**Period**<br>|
| **Reserves Deducted from** <br>**Assets to Which They** <br>**Apply:**<br>|  |  |  |  |  |  |  |
| Credit Loss Allowance on <br>Available-for-sale Securities<br>| $275322 | $137731 | $804 | $— | $(36924) | $(88269) | $288664 |
| Credit Loss Allowance on <br>Loans<br>| 614408 | 126428 |  | 24195 |  | (156537) | 608494 |
| Credit Loss Allowance on <br>Unfunded Commitments <br>and Letters of Credit<br>| 18793 | 12123 |  |  |  |  | 30916 |
| Credit Loss Allowance on <br>Reinsurance Recoverables<br>| 16368 | 3498 |  |  |  |  | 19866 |
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  |  | **Additions** | **Additions** | **Additions** |  |  |  |
|  | **Balance at** <br>**Beginning of** <br>**Period**<br>| **Charged to** <br>**Costs and** <br>**Expenses**<br>| **Assumed** | **Recoveries** | **Deductions** | **Charge-off** | **Balance at** <br>**End of** <br>**Period**<br>|
| **Reserves Deducted from** <br>**Assets to Which They** <br>**Apply:**<br>|  |  |  |  |  |  |  |
| Credit Loss Allowance on <br>Available-for-sale Securities<br>| $268712 | $115367 | $611 | $— | $(20466) | $(88902) | $275322 |
| Credit Loss Allowance on <br>Loans<br>| 602443 | 305770 |  | 28773 |  | (322578) | 614408 |
| Credit Loss Allowance on <br>Unfunded Commitments <br>and Letters of Credit<br>| 49432 | (30639) |  |  |  |  | 18793 |
| Credit Loss Allowance on <br>Reinsurance Recoverables<br>| 21049 | (4681) |  |  |  |  | 16368 |
|  | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
|  |  | **Additions** | **Additions** | **Additions** |  |  |  |
|  | **Balance at** <br>**Beginning of** <br>**Period**<br>| **Charged to** <br>**Costs and** <br>**Expenses**<br>| **Assumed** | **Recoveries** | **Deductions** | **Charge-off** | **Balance at** <br>**End of** <br>**Period**<br>|
| **Reserves Deducted from** <br>**Assets to Which They** <br>**Apply:**<br>|  |  |  |  |  |  |  |
| Credit Loss Allowance on <br>Available-for-sale Securities<br>| $128332 | $168899 | $1191 | $— | $(16063) | $(13647) | $268712 |
| Credit Loss Allowance on <br>Loans<br>| 560228 | 210704 |  | 21768 |  | (190257) | 602443 |
| Credit Loss Allowance on <br>Unfunded Commitments<br>| 55786 | (6354) |  |  |  |  | 49432 |
| Credit Loss Allowance on <br>Reinsurance Recoverables<br>| 41163 | (20114) |  |  |  |  | 21049 |

---

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE IV—REINSURANCE** | **SCHEDULE IV—REINSURANCE** | **SCHEDULE IV—REINSURANCE** | **SCHEDULE IV—REINSURANCE** | **SCHEDULE IV—REINSURANCE** | **SCHEDULE IV—REINSURANCE** |
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **($ in thousands)** | **Gross Amount** | **Ceded to Other** <br>**Companies**<br>| **Assumed from** <br>**Other** <br>**Companies**<br>| **Net Amount** | **Percentage of** <br>**Amount** <br>**Assumed to Net**<br>|
| Life Insurance In-force | $72635509 | $(47003018) | $41971747 | $67604238 | 62% |
| Premiums and Other Considerations: |  |  |  |  |  |
| Premiums | $1822474 | $(1795754) | $3370466 | $3397186 | 99% |
| Policy Fees | $906470 | $(654760) | $1099104 | $1350814 | 81% |
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **($ in thousands)** | **Gross Amount** | **Ceded to Other** <br>**Companies**<br>| **Assumed from** <br>**Other** <br>**Companies**<br>| **Net Amount** | **Percentage of** <br>**Amount** <br>**Assumed to Net**<br>|
| Life Insurance In-force | $75603581 | $(57446060) | $43934822 | $62092343 | 71% |
| Premiums and Other Considerations: |  |  |  |  |  |
| Premiums | $642803 | $(4659566) | $11915597 | $7898834 | 151% |
| Policy Fees | $917684 | $(651996) | $1111998 | $1377686 | 81% |
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
| **($ in thousands)** | **Gross Amount** | **Ceded to Other** <br>**Companies**<br>| **Assumed from** <br>**Other** <br>**Companies**<br>| **Net Amount** | **Percentage of** <br>**Amount** <br>**Assumed to Net**<br>|
| Life Insurance In-force | $81531659 | $(69253317) | $45073052 | $57351394 | 79% |
| Premiums and Other Considerations: |  |  |  |  |  |
| Premiums | $118535 | $(2281618) | $4138758 | $1975675 | 209% |
| Policy Fees | $912931 | $(94767) | $442085 | $1260249 | 35% |

---

**ITEM 16. FORM 10-K SUMMARY**

None.

<u>[**Table of Contents**](#ia5a8e2cda8f34de8bfe2ff4a5a16cb22_451)</u>

**SIGNATURES**

Pursuant to requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused

this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| Date: | February 27, 2026 |  |  |
|  |  | **KKR & CO. INC.** | **KKR & CO. INC.** |
|  |  |  | /s/ ROBERT H. LEWIN |
|  |  | Name: | Robert H. Lewin |
|  |  | Title: | Chief Financial Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following

persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ HENRY R. KRAVIS | Co-Executive Chairman, Director | February 27, 2026 |
| Henry R. Kravis |  | February 27, 2026 |
| /s/ GEORGE R. ROBERTS | Co-Executive Chairman, Director | February 27, 2026 |
| George R. Roberts |  | February 27, 2026 |
| /s/ JOSEPH Y. BAE | Director, Co-Chief Executive Officer | February 27, 2026 |
| Joseph Y. Bae | (principal executive officer) | February 27, 2026 |
| /s/ SCOTT C. NUTTALL | Director, Co-Chief Executive Officer | February 27, 2026 |
| Scott C. Nuttall | (principal executive officer) | February 27, 2026 |
| /s/ CRAIG ARNOLD | Director | February 27, 2026 |
| Craig Arnold | Director | February 27, 2026 |
| /s/ TIMOTHY R. BARAKETT | Director | February 27, 2026 |
| Timothy R. Barakett | Director | February 27, 2026 |
| /s/ ADRIANE M. BROWN | Director | February 27, 2026 |
| Adriane M. Brown | Director | February 27, 2026 |
| /s/ MATTHEW R. COHLER | Director | February 27, 2026 |
| Matthew R. Cohler | Director | February 27, 2026 |
| /s/ MARY N. DILLON | Director | February 27, 2026 |
| Mary N. Dillon | Director | February 27, 2026 |
| /s/ ARTURO GUTIÉRREZ HERNÁNDEZ | Director | February 27, 2026 |
| Arturo Gutiérrez Hernández | Director | February 27, 2026 |
| /s/ XAVIER B. NIEL | Director | February 27, 2026 |
| Xavier B. Niel | Director | February 27, 2026 |
| /s/ KIMBERLY A. ROSS | Director | February 27, 2026 |
| Kimberly A. Ross | Director | February 27, 2026 |
| /s/ PATRICIA F. RUSSO | Director | February 27, 2026 |
| Patricia F. Russo | Director | February 27, 2026 |
| /s/ ROBERT W. SCULLY | Director | February 27, 2026 |
| Robert W. Scully | Director | February 27, 2026 |
| /s/ EVAN T. SPIEGEL | Director | February 27, 2026 |
| Evan T. Spiegel | Director | February 27, 2026 |
| /s/ ROBERT H. LEWIN | Chief Financial Officer (principal financial and <br>accounting officer) | February 27, 2026 |
| Robert H. Lewin | Chief Financial Officer (principal financial and <br>accounting officer) | February 27, 2026 |

---

## Exhibit 4.1

------

#### Exhibit 4.1

#### DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO

#### SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

#### GENERAL
The following description summarizes the most important terms of our securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, which consists of the following securities:

<br> • Common stock of KKR & Co. Inc.;

• 6.25% Series D Mandatory Convertible Preferred Stock of KKR & Co. Inc. (the "Series D Mandatory Convertible Preferred Stock");

• 4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC (the "2061 Subordinated Notes"); and

• 6.875% Subordinated Notes due 2065 of KKR & Co. Inc. (the "2065 Subordinated Notes").

The following summaries generally describe the material terms and provisions of these securities as of the date of the Annual Report on Form 10-K to which this Exhibit 4.1 is a part (the "Annual Report"). These summaries do not purport to be complete and are subject to, and are qualified in their entirety by express reference to, (i) in the case of our capital stock, the provisions of our amended and restated certificate of incorporation (including the Certificate of Designations of Series D Mandatory Convertible Preferred Stock) (collectively, the "certificate of incorporation") and our amended and restated bylaws ("bylaws"), which are filed as exhibits to the Annual Report, respectively, (ii) in the case of the 2061 Subordinated Notes, the indenture dated as of March 31, 2021 (as supplemented, the "2061 Indenture"), by and among KKR Group Finance Co. IX LLC ("Group Finance IX"), an indirect subsidiary of KKR & Co. Inc., the Guarantors (as defined therein) and The Bank of New York Mellon Trust Company, N.A., as trustee, and the form of 2061 Subordinated Note, each of which is filed as an exhibit to the Annual Report, and (iii) in the case of the 2065 Subordinated Notes, the indenture dated as of May 28, 2025 (as supplemented, the "2065 Indenture"), by and among KKR & Co. Inc., KKR Group Partnership L.P. ("KKR Group Partnership") and The Bank of New York Mellon Trust Company, N.A., as trustee, and the form of 2065 Subordinated Note, each of which is filed as an exhibit to the Annual Report.

Our common stock, Series D Mandatory Convertible Preferred Stock, 2061 Subordinated Notes and 2065 Subordinated Notes are listed on the New York Stock Exchange under the ticker symbols "KKR," "KKR PR D," "KKRS" and "KKRT" respectively.

For a complete description of our securities, you should refer to our certificate of incorporation, our bylaws, the 2061 Indenture, the form of 2061 Subordinated Note, the 2065 Indenture, the form of 2065 Subordinated Note and applicable provisions of the Delaware General Corporation Law (the "DGCL").

On October 11, 2021, KKR Group Co. Inc. (formerly known as KKR & Co. Inc.) ("Old Pubco") announced a Reorganization Agreement that provides for, among other things, merger transactions (the "Mergers") whereby all holders of common stock in Old Pubco immediately prior to the Mergers and all holders of interests in KKR Holdings L.P., a Delaware limited partnership ("KKR Holdings"), which is an entity through which certain current and former KKR employees hold interests in KKR, immediately prior to the Mergers, received the same common stock in a new parent company of Old Pubco. Following the Mergers, Old Pubco became a wholly-owned subsidiary of a new holding company, KKR Aubergine Inc. ("New Pubco"), which replaced Old Pubco as the public company whose common stock is listed on the New York Stock Exchange under the ticker symbol "KKR." In connection with the Mergers, New Pubco changed its name to "KKR & Co. Inc.," and Old Pubco changed its name to "KKR Group Co. Inc."

------

As used in this description, (x) (i) as of any time prior to the Mergers, "we," "us," "our," the "Company" and similar terms mean Old Pubco, and (ii) as of any time from and after the Mergers, "we," "us," "our," the "Company" and similar terms mean New Pubco, in each case, and its successors but not any of its subsidiaries, and (y) "KKR" means the Company and its subsidiaries.

#### CAPITAL STOCK
Our authorized capital stock consists of 5,000,000,000 shares, all with a par value of $0.01 per share, of which:

<br> • 3,500,000,000 are designated as common stock;

• 1,500,000,000 are designated as preferred stock, of which (x) 51,750,000 shares are designated as "6.25% Series D Mandatory Convertible Preferred Stock," and (y) 1 share is designated as "Series I Preferred Stock" ("Series I Preferred Stock").

#### Common Stock

#### Economic Rights
*Dividends*. Subject to preferences that apply to shares of Series D Mandatory Convertible Preferred Stock and any other shares of preferred stock outstanding at the time on which dividends are payable, the holders of our common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our board of directors may determine.

*Liquidation*. If we become subject to an event giving rise to our dissolution, liquidation or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time ranking on a parity with our common stock with respect to such distribution, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of our Series D Mandatory Convertible Preferred Stock, Series I Preferred Stock and any other outstanding shares of preferred stock.

#### Voting Rights
Our certificate of incorporation provides for holders of our common stock to have the right to vote on the following matters:

<br> • any increase in the number of authorized shares of Series I Preferred Stock;

• a sale of all or substantially all of our and our subsidiaries' assets, taken as a whole, in a single transaction or series of related transactions (except (i) for the sole purpose of changing our legal form into another limited liability entity and where the governing instruments of the new entity provide our stockholders with substantially the same rights and obligations and (ii) mortgages, pledges, hypothecations or grants of a security interest by the Series I Preferred Stockholder in all or substantially all of our assets (including for the benefit of affiliates of the Series I Preferred Stockholder));

• merger, consolidation or other business combination (except for the sole purpose of changing our legal form into another limited liability entity and where the governing instruments of the new entity provide our stockholders with substantially the same rights and obligations); and

<br> • any amendment to our certificate of incorporation that would have a material adverse effect on the rights or preferences of our common stock relative to the other classes of our stock.

In addition, Delaware law would permit holders of our common stock to vote as a separate class on an amendment to our certificate of incorporation that would:

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<br> • change the par value of our common stock; or

<br> • alter or change the powers, preferences, or special rights of the common stock in a way that would adversely affect the holders of our common stock.

Our certificate of incorporation provides that the number of authorized shares of any class of stock, including our common stock, may be increased or decreased (but not below the number of shares of such class then outstanding) solely with the approval of the holder of the Series I Preferred Stock (the "Series I Preferred Stockholder") and, in the case of any increase in the number of authorized shares of our Series I Preferred Stock, the holders of a majority in voting power of the common stock. As a result, the Series I Preferred Stockholder can approve an increase or decrease in the number of authorized shares of common stock without a separate vote of the holders of the common stock. This could allow us to increase and issue additional shares of common stock beyond what is currently authorized in our certificate of incorporation without the consent of the holders of the common stock.

Except as described below under "Anti-Takeover Provisions-Loss of voting rights," each record holder of common stock will be entitled to a number of votes equal to the number of shares of common stock held with respect to any matter on which the common stock is entitled to vote.

#### No Preemptive or Similar Rights
Our common stock is not entitled to preemptive rights and is not subject to conversion, redemption or sinking fund provisions.

#### Limited Call Right
If at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; less than 10% of the then issued and outstanding shares of any class (other than preferred stock) are held by persons other than the Series I Preferred Stockholder and its affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp; we are subjected to registration under the provisions of the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"),

we will have the right, which we may assign in whole or in part to the Series I Preferred Stockholder or any of its affiliates, to acquire all, but not less than all, of the remaining shares of the class held by unaffiliated persons.

As a result of our right to purchase outstanding shares of common stock, a stockholder may have their shares purchased at an undesirable time or price.

#### Preferred Stock
Our board of directors is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers (including voting powers), preferences and rights of the shares of each series and any of its qualifications, limitations or restrictions, in each case without further vote or action by our stockholders (except as may be required by the terms of any preferred stock then outstanding). Our board of directors may (except where otherwise provided in the applicable preferred stock designation) increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares outstanding) the number of shares of any series of preferred stock, without any further vote or action by our stockholders. Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the proportion of voting power held by, or other relative rights of, the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring or preventing a change in our control of our company and might adversely affect the market price of the common stock or the proportion of voting power held by, or other relative rights of, the holders of the common stock.

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As of the date of filing of the Annual Report, there are no series of preferred stock outstanding other than as described herein.

#### Series D Mandatory Convertible Preferred Stock
In March 2025, we issued 51,750,000 shares of 6.25% Series D Mandatory Convertible Preferred Stock.

*Economic rights*. Dividends on the Series D Mandatory Convertible Preferred Stock are payable on a cumulative basis when, as and if declared by our board of directors out of funds legally available, at a rate per annum equal to 6.25% of the $50.00 liquidation preference per share (equivalent to $3.125 per annum per share) and may be paid in cash or, subject to certain limitations, in shares of Common Stock or a combination of cash and shares of Common Stock. If declared, dividends on the Series D Mandatory Convertible Preferred Stock are payable quarterly on March 1, June 1, September 1 and December 1 of each year to, and including, March 1, 2028, having commenced on June 1, 2025.

*Ranking*. Shares of the Series D Mandatory Convertible Preferred Stock rank senior to our common stock and our existing Series I Preferred Stock and equally with any of our other equity securities, including any other preferred stock, that we may issue in the future, whose terms provide that such securities will rank equally with the Series D Mandatory Convertible Preferred Stock respect to payment of dividends and distribution of our assets upon our liquidation, dissolution or winding-up ("Series D parity stock"). Holders of the Series D Mandatory Convertible Preferred Stock do not have preemptive or subscription rights.

Shares of the Series D Mandatory Convertible Preferred Stock rank junior to (i) all of our existing and future indebtedness and (ii) any of our equity securities, including preferred stock, that we may issue in the future, whose terms provide that such securities will rank senior to the Series D Mandatory Convertible Preferred Stock with respect to payment of dividends and distribution of our assets upon our liquidation, dissolution or winding-up (such equity securities, "Series D senior stock"). We currently have no Series D senior stock outstanding. While any shares of Series D Mandatory Convertible Preferred Stock are outstanding, we may not authorize or create, or increase the authorized number of, any class or series of Series D senior stock without the approval of two-thirds of the votes entitled to be cast by the holders of outstanding Series D Mandatory Convertible Preferred Stock and all other series of Series D voting preferred stock (defined below), acting as a single class. See "-Voting rights" below for a discussion of the voting rights applicable if we seek to create, or increase the authorized number of, any class or series of Series D senior stock.

*Conversion rights*. Unless converted earlier in accordance with the terms of the Series D Mandatory Convertible Preferred Stock, each share of 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 related to 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.

In addition, at any time prior to March 1, 2028, holders of the Series D Mandatory Convertible Preferred Stock have the option to elect to convert their shares of the Series D Mandatory Convertible Preferred Stock, in whole or in part, into shares of common stock at the minimum conversion rate of 0.3312 shares of common stock per share of Series D Mandatory Convertible Preferred Stock. If holders elect to convert any shares of the Series D Mandatory Convertible Preferred Stock during a specified period beginning on the effective date of certain fundamental changes (as described in the certificate of designations related to the Series D Mandatory Convertible Preferred Stock), such shares of Series D Mandatory Convertible Preferred Stock will be converted into shares of common stock at a conversion rate including a make-whole amount based on the present value of future dividend payments.

*Voting rights*. Except as indicated below, the holders of the Series D Mandatory Convertible Preferred Stock will have no voting rights.

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Whenever six or more quarterly dividends (whether or not consecutive) payable on the Series D Mandatory Convertible Preferred Stock have not been declared and paid, the number of directors on our board of directors will be increased by two and the holders of the Series D Mandatory Convertible Preferred Stock, voting together as a single class with the holders of any series of Series D parity stock then outstanding upon which like voting rights have been conferred and are exercisable (any such series, the "Series D voting preferred stock"), will have the right to elect these two additional directors at a meeting of the holders of the Series D Mandatory Convertible Preferred Stock and such Series D voting preferred stock. These voting rights will continue until all accumulated and unpaid dividends on the Series D Mandatory Convertible Preferred Stock have been paid in full, or declared and a sum or number of shares of the common stock sufficient for such payment shall have been set aside for the benefit of the holders of the Series D Mandatory Convertible Preferred Stock, on the Series D Mandatory Convertible Preferred Stock.

The approval of at least two-thirds of the votes entitled to be cast by the holders of outstanding Series D Mandatory Convertible Preferred Stock and, solely in the case of clause (i) below, all other series of Series D voting preferred stock, acting as a single class, either at a meeting of stockholders or by written consent, is required in order:

<br> 1. to amend or alter the provisions of our certificate of incorporation so as to authorize or create, or increase the authorized number of, any class or series of Series D senior stock,

<br> 2. to amend, alter or repeal any provision of our certificate of incorporation so as to materially and adversely affect the special rights, preferences or voting powers of the Series D Mandatory Convertible Preferred Stock, or

3. to consummate a binding share exchange or reclassification involving the shares of the Series D Mandatory Convertible Preferred Stock or a merger or consolidation of us with another entity, unless in each case: (i) the shares of the Series D Mandatory Convertible Preferred Stock remain outstanding following the consummation of such binding share exchange, reclassification, merger or consolidation or, in the case of any such merger or consolidation with respect to which we are not the surviving or resulting entity (or the Series D Mandatory Convertible Preferred Stock is otherwise exchanged or reclassified), are converted or reclassified into or exchanged for preference securities of the surviving or resulting entity or its ultimate parent; and (ii) the shares of the Series D Mandatory Convertible Preferred Stock that remain outstanding or such shares of preference securities, as the case may be, have such rights, preferences and voting powers that, taken as a whole, are not materially less favorable to the holders thereof than the rights, preferences and voting powers, taken as a whole, of the Series D Mandatory Convertible Preferred Stock immediately prior to the consummation of such transaction.

However, we may create additional series or classes of Series D parity stock and any equity securities that rank junior to our Series D Mandatory Convertible Preferred Stock and issue additional series of such stock without the consent of any holder of the Series D Mandatory Convertible Preferred Stock.

*Amount payable in liquidation*. Upon any voluntary or involuntary liquidation, winding-up or dissolution of us, each holder of the Series D Mandatory Convertible Preferred Stock will be entitled to a payment equal to the sum of the $50.00 liquidation preference per share of Series D Mandatory Convertible Preferred Stock and declared and unpaid dividends, if any, to, but excluding the date of the liquidation, winding-up or dissolution. Such payment will be made out of our assets available for distribution (to the extent available) to the holders of the Series D Mandatory Convertible Preferred Stock following the satisfaction of all claims ranking senior to the Series D Mandatory Convertible Preferred Stock.

If, upon the voluntary or involuntary liquidation, winding-up or dissolution of us, the amounts payable with respect to (1) the $50.00 liquidation preference per share of Series D Mandatory Convertible Preferred and declared and unpaid dividends, if any, to, but excluding the date of the liquidation, winding-up or dissolution on the shares of the Mandatory Convertible Preferred Stock and (2) the liquidation preference of, and the amount of accumulated and unpaid dividends (to, but excluding, the date fixed for liquidation, winding-up or dissolution) on, any series of Series D parity stock then outstanding, if applicable, are not paid in full, the holders and all holders of any such series of Series D parity stock then outstanding shall share equally and ratably in any distribution of our assets in proportion to

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their respective liquidation preferences and amounts equal to the accumulated and unpaid dividends to which they are entitled.

#### Series D GP Mirror Units.
In connection with the Series D Mandatory Convertible Preferred Stock, we hold a series of preferred units (the "Series D GP Mirror Units") issued by KKR Group Partnership, a subsidiary of the Company, with economic terms designed to mirror those of the Series D Mandatory Convertible Preferred Stock. The terms of the Series D GP Mirror Units provide that unless all accumulated and unpaid distributions have been declared and paid or declared and set apart for payment on all Series D GP Mirror Units issued by KKR Group Partnership, KKR Group Partnership may not repurchase its common units or any junior units and may not declare or pay or set apart payment for distributions on its junior units, other than in limited exceptions such as distributions paid in junior units or purchases in connection with any benefit or incentive plan in the ordinary course of business. The terms of the Series D GP Mirror Units also provide that, in the event that KKR Group Partnership liquidates, dissolves or winds up, KKR Group Partnership may not declare or pay or set apart payment on its common units or any other units ranking junior to the Series D GP Mirror Units unless the outstanding liquidation preference on all outstanding Series D GP Mirror Units have been repaid via redemption or otherwise. The foregoing is subject to certain exceptions, including, (i) in the case of a merger or consolidation of KKR Group Partnership in a transaction whereby the surviving person, if not KKR Group Partnership immediately prior to such transaction, expressly assumes all of the obligations under the Series D GP Mirror Units and satisfies certain other conditions, (ii) in the case of a merger or consolidation of the KKR Group Partnership that does not, or sale, assignment, transfer, lease or conveyance of KKR Group Partnership assets that do not, constitute a Substantially All Merger or Substantially All Sale (as such terms are defined in the Preferred Mirror Certificate relating to the Series D GP Mirror Units (the "Mirror Unit Certificate")), (iii) the sale or disposition of KKR Group Partnership should KKR Group Partnership not constitute a "significant subsidiary" under Rule 1-02(w) of Regulation S-X promulgated by the SEC, (iv) the Series D Mandatory Convertible Preferred Stock have been fully redeemed or have been properly called for redemption and the redemption price has been set aside for payment, (v) transactions where the assets of KKR Group Partnership being liquidated, dissolved or wound up are immediately contributed to a successor of KKR Group Partnership or any future partnership designated as a Group Partnership (as such term is defined in the Fourth Amended and Restated Limited Partnership Agreement, dated as of August 6, 2024, of KKR Group Partnership) and (vi) any Permitted Transfer or Permitted Reorganization (as such terms are defined in the Mirror Unit Certificate).

#### Series I Preferred Stock
*Economic rights*. Except for any distribution required by the DGCL to be made upon a dissolution event, the Series I Preferred Stockholder does not have any rights to receive dividends.

*Voting rights*. The Series I Preferred Stock is voting and is entitled to one vote per share on any matter that is submitted to a vote of our stockholders.

Except as otherwise expressly provided by applicable law, only the vote of the Series I Preferred Stockholder, together with the approval of our board of directors, shall be required in order to amend certain provisions of our certificate of incorporation and none of our other stockholders shall have the right to vote with respect to any such amendments, which include, without limitation:

(1) amendments to provisions relating to approvals of the transfer of the Class B units in KKR Group Partnership, Series I Preferred Stockholder approvals for certain actions and the appointment or removal of the Chief Executive Officer or Co-Chief Executive Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a change in our name, our registered agent or our registered office;

<br> (3) an amendment that our board of directors determines to be necessary or appropriate to address certain changes in U.S. federal, state and local income tax regulations, legislation or interpretation;

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<sup>(4)</sup> an amendment that is necessary, in the opinion of our counsel, to prevent us or our indemnitees from having a material risk of being in any manner subjected to the provisions of the Investment Company Act, the U.S. Investment Advisers Act of 1940, as amended, or "plan asset" regulations adopted under the U.S. Employee Retirement Income Security Act of 1974, as amended, whether or not substantially similar to plan asset regulations currently applied or proposed by the U.S. Department of Labor;<br>

<br> (5) a change in our fiscal year or taxable year;

<br> (6) an amendment that our board of directors has determined to be necessary or appropriate for the creation, authorization or issuance of any class or series of our capital stock or options, rights, warrants or appreciation rights relating to our capital stock;

<br> (7) any amendment expressly permitted in our certificate of incorporation to be made by the Series I Preferred Stockholder acting alone;

<br> (8) an amendment effected, necessitated or contemplated by an agreement of merger, consolidation or other business combination agreement that has been approved under the terms of our certificate of incorporation;

<sup>(9)</sup> an amendment effected, necessitated or contemplated by an amendment to the partnership agreement of KKR Group Partnership that requires unitholders of KKR Group Partnership to provide a statement, certification or other proof of evidence regarding whether such unitholder is subject to U.S. federal income taxation on the income generated by KKR Group Partnership;<br>

<sup>(10)</sup> any amendment that our board of directors has determined is necessary or appropriate to reflect and account for our formation of, or our investment in, any corporation, partnership, joint venture, limited liability company or other entity, as otherwise permitted by our certificate of incorporation;<br>

<sup>(11)</sup> a merger into, or conveyance of all of our assets to, another limited liability entity that is newly formed and has no assets, liabilities or operations at the time of the merger or conveyance other than those it receives by way of the merger or conveyance consummated solely to effect a mere change in our legal form, the governing instruments of which provide the stockholders with substantially the same rights and obligations as provided by our certificate of incorporation;<br>

<br> (12) any amendment that our board of directors determines to be necessary or appropriate to cure any ambiguity, omission, mistake, defect or inconsistency; or

<br> (13) any other amendments substantially similar to any of the matters described in (1) through (12) above.

In addition, except as otherwise provided by applicable law, the Series I Preferred Stockholder, together with the approval of our board of directors, can amend our certificate of incorporation without the approval of any other stockholder to adopt any amendments that our board of directors has determined:

<br> (1) do not adversely affect the stockholders considered as a whole (or adversely affect any particular class or series of stock as compared to another class or series) in any material respect;

<sup>(2)</sup> are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal, state, local or non-U.S. agency or judicial authority or contained in any federal, state, local or non-U.S. statute (including the DGCL);<br>

<br> (3) are necessary or appropriate to facilitate the trading of our stock or to comply with any rule, regulation, guideline or requirement of any securities exchange on which our stock are or will be listed for trading;

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<br> (4) are necessary or appropriate for any action taken by us relating to splits or combinations of shares of our capital stock under the provisions of our certificate of incorporation; or

<br> (5) are required to effect the intent of or are otherwise contemplated by our certificate of incorporation.

*Actions requiring Series I Preferred Stockholder approval*. Certain actions require the prior approval of the Series I Preferred Stockholder, including, without limitation:

<sup>(1)</sup> entry into a debt financing arrangement in an amount in excess of 10% of our then existing long-term indebtedness (other than with respect to intercompany debt financing arrangements);<br>

<sup>(2)</sup> issuances of securities that would (i) represent at least 5% of any class of equity securities or (ii) have designations, preferences, rights priorities or powers that are more favorable than the common stock;<br>

<br> (3) adoption of a shareholder rights plan;

<sup>(4)</sup> amendment of our certificate of incorporation, certain provisions of our bylaws relating to our board of directors and officers, quorum, adjournment and the conduct of stockholder meetings, and provisions related to stock certificates, registrations of transfers and maintenance of books and records of the Company and the operating agreement of KKR Group Partnership;<br>

<br> (5) the appointment or removal of our Chief Executive Officer or a Co-Chief Executive Officer;

<br> (6) merger, sale or other dispositions of all or substantially all of the assets, taken as a whole, of us and our subsidiaries, and the liquidation or dissolution of us or KKR Group Partnership; and

<br> (7) the withdrawal, removal or substitution of any person as the general partner of KKR Group Partnership or the transfer of beneficial ownership of all or any part of a general partner interest in KKR Group Partnership to any person other than a wholly-owned subsidiary.

*Amount payable in liquidation*. Upon any voluntary or involuntary liquidation, dissolution or winding-up of us, each holder of the Series I Preferred Stock will be entitled to a payment equal to $0.01 per share of Series I Preferred Stock.

*Transferability.* The Series I Preferred Stockholder may transfer all or any part of the Series I Preferred Stock held by it with the written approval of our board of directors and a majority of the controlling interest of the Series I Preferred Stockholder without first obtaining approval of any other stockholder so long as the transferee assumes the rights and duties of the Series I Preferred Stockholder under our certificate of incorporation, agrees to be bound by the provisions of our certificate of incorporation and furnishes an opinion of counsel regarding limited liability matters. The foregoing limitations do not preclude the members of the Series I Preferred Stockholder from selling or transferring all or part of their limited liability company interests in the Series I Preferred Stockholder at any time.

#### Conflicts of Interest
Delaware law permits corporations to adopt provisions renouncing any interest or expectancy in certain opportunities that are presented to the corporation or its officers, directors or stockholders. Our certificate of incorporation, to the maximum extent permitted from time to time by Delaware law, renounces any interest or expectancy that we have in any business ventures of the Series I Preferred Stockholder and its affiliates and any member, partner, Tax Matters Partner (as defined in U.S. Internal Revenue Code of 1986, as amended (the "Code"), in effect prior to 2018), Partnership Representative (as defined in the Code), officer, director, employee agent, fiduciary or trustee of any of KKR or its subsidiaries, the KKR Group Partnership, the Series I Preferred Stockholder or any of our or the Series I Preferred Stockholder's affiliates and certain other specified persons (collectively, the "Indemnitees"). Our certificate of incorporation provides that each Indemnitee has the right to engage in businesses of every type and description, including business interests and activities in direct competition with our business and

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activities. Our certificate of incorporation also waives and renounces any interest or expectancy that we may have in, or right to be offered an opportunity to participate in, business opportunities that are from time to time presented to the Indemnitees. Notwithstanding the foregoing, pursuant to our certificate of incorporation, the Series I Preferred Stockholder has agreed that its sole business will be to act as the Series I Preferred Stockholder and as a general partner or managing member of any partnership or limited liability company that we may hold an interest in and that it will not engage in any business or activity or incur any debts or liabilities except in connection therewith.

#### Anti-Takeover Provisions
Our certificate of incorporation and bylaws and the DGCL contain provisions, which are summarized in the following paragraphs, that are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and to discourage certain types of transactions that may involve an actual or threatened acquisition of our company. These provisions are intended to avoid costly takeover battles, reduce our vulnerability to a hostile change in control or other unsolicited acquisition proposal, and enhance the ability of our board of directors to maximize stockholder value in connection with any unsolicited offer to acquire us. However, these provisions may have the effect of delaying, deterring or preventing a merger or acquisition of our company by means of a tender offer, a proxy contest or other takeover attempt that a stockholder might consider in its best interest, including attempts that might result in a premium over the prevailing market price for the shares of common stock held by stockholders.

*Election of directors*. Subject to the rights granted to one or more series of preferred stock then outstanding, the Series I Preferred Stockholder has the sole authority to elect directors.

*Removal of directors*. Subject to the rights granted to one or more series of preferred stock then outstanding, the Series I Preferred Stockholder has the sole authority to remove and replace any director, with or without cause, at any time.

*Vacancies*. In addition, our bylaws also provide that, subject to the rights granted to one or more series of preferred stock then outstanding, any newly created directorship on the board of directors that results from an increase in the number of directors and any vacancies on our board of directors will be filled by the Series I Preferred Stockholder.

*Loss of voting rights.* If at any time any person or group (other than the Series I Preferred Stockholder and its affiliates, or a direct or subsequently approved transferee of the Series I Preferred Stockholder or its affiliates) acquires, in the aggregate, beneficial ownership of 20% or more of any class of our stock then outstanding, that person or group will lose voting rights on all of its shares of stock and such shares of stock may not be voted on any matter as to which such shares may be entitled to vote and will not be considered to be outstanding when sending notices of a meeting of stockholders, calculating required votes, determining the presence of a quorum or for other similar purposes, in each case, as applicable and to the extent such shares of stock are entitled to any vote.

*Requirements for advance notification of stockholder proposals*. Our bylaws establish advance notice procedures with respect to stockholder proposals relating to the limited matters on which our common stock may be entitled to vote. Generally, to be timely, a stockholder's notice must be received at our principal executive offices not less than 90 days or more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders. Our bylaws also specify requirements as to the form and content of a stockholder's notice. Our bylaws allow the chairman of the meeting at a meeting of the stockholders to adopt rules and regulations for the conduct of meetings, which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may deter, delay or discourage a potential acquirer from attempting to influence or obtain control of our company.

*Special stockholder meetings*. Our certificate of incorporation provides that special meetings of our stockholders may be called at any time only by or at the direction of our board of directors, the Series I Preferred Stockholder or, if at any time any stockholders other than the Series I Preferred Stockholder are entitled under applicable law or our certificate of incorporation to vote on specific matters proposed to be brought before a special meeting, stockholders representing 50% or more of the voting power of the outstanding stock of the class or classes of stock which are entitled to vote at such meeting.

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*Stockholder action by written consent*. Pursuant to Section 228 of the DGCL, any action required to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of our stock entitled to vote thereon were present and voted, unless the certificate of incorporation provides otherwise or it conflicts with the rules of the New York Stock Exchange. Our certificate of incorporation permits stockholder action by written consent by stockholders other than the Series I Preferred Stockholder only if consented to by the board of directors in writing.

*Actions requiring Series I Preferred Stockholder approval*. Certain actions require the prior approval of the Series I Preferred Stockholder. See "Preferred Stock-Series I Preferred Stock-Actions requiring Series I Preferred Stockholder approval" above.

*Amendments to our certificate of incorporation requiring Series I Preferred Stockholder approval.* Except as otherwise expressly provided by applicable law, only the vote of the Series I Preferred Stockholder, together with the approval of our board of directors, shall be required in order to amend certain provisions of our certificate of incorporation and none of our other stockholders shall have the right to vote with respect to any such amendments. See "Preferred Stock-Series I Preferred Stock-Voting Rights" above.

*Super-majority requirements for certain amendments to our certificate of incorporation.* Except for amendments to our certificate of incorporation that require the sole approval of the Series I Preferred Stockholder, any amendments to our certificate of incorporation require the vote or consent of stockholders holding at least 90% in voting power of our common stock unless we obtain an opinion of counsel confirming that such amendment would not affect the limited liability of such stockholder under the DGCL. Any amendment of this provision of our certificate of incorporation also requires the vote or consent of stockholders holding at least 90% in voting power of our common stock.

*Merger, sale or other disposition of assets*. Our certificate of incorporation provides that we may, with the approval of the Series I Preferred Stockholder and with the approval of the holders of at least a majority in voting power of our common stock, sell, exchange or otherwise dispose of all or substantially all of our assets in a single transaction or a series of related transactions, or consummate any merger, consolidation or other similar combination, or approve the sale, exchange or other disposition of all or substantially all of the assets of our subsidiaries, except that no approval of our common stock shall be required in the case of certain limited transactions involving our reorganization into another limited liability entity. See "-Common Stock-Voting Rights." We may in our sole discretion mortgage, pledge, hypothecate or grant a security interest in all or substantially all of our assets (including for the benefit of persons other than us or our subsidiaries) without the prior approval of the holders of our common stock. We may also sell all or substantially all of our assets under any forced sale of any or all of our assets pursuant to the foreclosure or other realization upon those encumbrances without the prior approval of the holders of our common stock.

*Series D Mandatory Convertible Preferred Stock*. Holders of our Series D Mandatory Convertible Preferred Stock have the right to convert their shares upon the occurrence of a "fundamental change," which could have the effect of discouraging third parties from pursuing certain transactions with us, which may otherwise be in the best interest of our stockholders. See "Preferred Stock" above.

*Choice of forum*. Unless we consent in writing to the selection of an alternative forum, (a) the Court of Chancery of the State of Delaware (or, solely to the extent that the Court of Chancery lacks subject matter jurisdiction, the federal district court located in the State of Delaware) is the exclusive forum for resolving (i) any derivative action, suit or proceeding brought on behalf of the corporation, (ii) any action, suit or proceeding asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, employee or stockholder of the corporation to the corporation or the corporation's stockholders, (iii) any action, suit or proceeding asserting a claim arising pursuant to any provision of the DGCL, our certificate of incorporation or our bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware or (iv) any action, suit or proceeding asserting a claim governed by the internal affairs doctrine, and (b) the federal district courts of the United States shall be the exclusive forum for the resolution of any action, suit or proceeding asserting a cause of action arising under the Securities Act of 1933, as

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amended, in each case except as otherwise provided in our certificate of incorporation for any series of our preferred stock.

#### Business Combinations
We have opted out of Section 203 of the DGCL, which provides that an "interested stockholder" (a person other than the corporation or any direct or indirect majority-owned subsidiary who, together with affiliates and associates, owns, or, if such person is an affiliate or associate of the corporation, within three years did own, 15% or more of the outstanding voting stock of a corporation) may not engage in "business combinations" (which is broadly defined to include a number of transactions, such as mergers, consolidations, asset sales and other transactions in which an interested stockholder receives or could receive a financial benefit on other than a pro rata basis with other stockholders) with the corporation for a period of three years after the date on which the person became an interested stockholder without certain statutorily mandated approvals.

#### Transfer Agent and Registrar
The transfer agent and registrar for our common stock and Series D Mandatory Convertible Preferred Stock is Equiniti Trust Company, LLC (formerly known as American Stock Transfer and Trust Company, LLC).

#### 2061 SUBORDINATED NOTES

#### General
On March 31, 2021, Group Finance IX issued $500 million aggregate principal amount of its 2061 Subordinated Notes, pursuant to the terms of the 2061 Indenture, in denominations of $25 and multiples of $25 in excess thereof. The 2061 Indenture, 2061 Subordinated Notes and related Guarantees (as defined below) are governed by, and construed in accordance with, the laws of the State of New York. The Bank of New York Mellon Trust Company, N.A. is the trustee for holders of the 2061 Subordinated Notes under the 2061 Indenture.

As of the date of issuance and through the effective date of the Mergers, the 2061 Subordinated Notes were fully and unconditionally guaranteed, jointly and severally, on a subordinated basis by Old Pubco and KKR Group Partnership (the "Guarantees"). On the effective date of the Mergers, as evidenced by a supplemental indenture to the 2061 Indenture, New Pubco replaced Old Pubco as a Guarantor under the 2061 Indenture, and Old Pubco was released and discharged from all liabilities and obligations under the 2061 Indenture and its Guarantee.

Unless earlier redeemed, the entire principal amount of the 2061 Subordinated Notes will mature on April 1, 2061. The 2061 Subordinated Notes are not subject to any sinking fund provision.

The 2061 Subordinated Notes are unsecured and subordinated obligations of Group Finance IX. The Guarantees are unsecured obligations of the Guarantors.

#### Interest
The 2061 Subordinated Notes bear interest at a rate of 4.625% per annum. Interest on the 2061 Subordinated Notes is payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year and ends on the maturity date.

Interest payments on the 2061 Subordinated Notes will be made to the holders of record at the close of business on the immediately preceding December 15, March 15, June 15 and September 15, as applicable, whether or not a business day, subject to certain exceptions.

Interest payments will include accrued interest from, and including, the original issue date, or, if interest has already been paid, from the last date in respect of which interest has been paid or duly provided for to, but excluding, the next succeeding interest payment date, the maturity date or the redemption date, as the case may be. The amount

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of interest payable for any interest payment period will be computed on the basis of a 360-day year comprised of twelve 30-day months.

So long as no Event of Default (as defined in the 2061 Indenture) with respect to the 2061 Subordinated Notes has occurred and is continuing, Group Finance IX may, on one or more occasions, defer interest payments on the 2061 Subordinated Notes for one or more optional deferral periods of up to five consecutive years without giving rise to an Event of Default under the terms of the 2061 Subordinated Notes. A deferral of interest payments cannot extend, however, beyond the maturity date or the earlier acceleration, repurchase or redemption of the 2061 Subordinated Notes. During an optional deferral period, interest will continue to accrue on the 2061 Subordinated Notes, and deferred interest payments will accrue additional interest at the then applicable interest rate on the 2061 Subordinated Notes, compounded quarterly as of each interest payment date to the extent permitted by applicable law. During an optional deferral period, Group Finance IX will be prohibited from paying current interest on the 2061 Subordinated Notes until all accrued and unpaid deferred interest plus any accrued interest thereon has been paid. No interest otherwise due during an optional deferral period will be due and payable on the 2061 Subordinated Notes until the end of such optional deferral period except upon an acceleration, repurchase or redemption of the 2061 Subordinated Notes during such deferral period. After the commencement of an optional deferral period, until all accrued and unpaid interest on the 2061 Subordinated Notes has been paid, Group Finance IX and the Guarantors will be subject to certain other restrictions.

At the end of five years following the commencement of an optional deferral period, Group Finance IX must pay all accrued and unpaid deferred interest, including compounded interest if it has not been paid before that time. If, at the end of any optional deferral period, Group Finance IX has paid all deferred interest due on the 2061 Subordinated Notes, including compounded interest, Group Finance IX can again defer interest payments on the 2061 Subordinated Notes as described above.

Group Finance IX will provide to the trustee and the holders of 2061 Subordinated Notes written notice of any deferral of interest or continuation of deferral of interest at least one and not more than 60 business days prior to the applicable interest payment date.

#### Redemption
Group Finance IX may elect to redeem the 2061 Subordinated Notes:

• in whole at any time or in part from time to time on or after April 1, 2026, at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption; provided that if the 2061 Subordinated Notes are not redeemed in whole, at least $25 million aggregate principal amount of the 2061 Subordinated Notes must remain outstanding after giving effect to such redemption;

• in whole, but not in part, within 120 days of the occurrence of a "Tax Redemption Event," (as defined in the 2061 Indenture) at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption; or

• in whole, but not in part, at any time prior to April 1, 2026, within 90 days after the occurrence of a "Rating Agency Event" (as defined in the 2061 Indenture) at a redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of redemption.

#### Guarantees
In addition to the Guarantees provided by the Company and KKR Group Partnership, any "New KKR Entity" (other than a Non-Guarantor Entity as defined in the 2061 Indenture) must provide a Guarantee, whereupon such New KKR Entity shall be an "Additional Guarantor." A "New KKR Entity" means any direct or indirect subsidiary of the Company other than (i) a then-existing Guarantor, (ii) any person in which the Company directly or indirectly owns its interest through one or more then-existing Guarantors or (iii) any person through which the Company directly or indirectly owns its interests in one or more then-existing Guarantors.

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#### Subordination
The payment of the principal of, premium, if any, and interest on the 2061 Subordinated Notes and the payment of any Guarantee:

<br> • ranks junior in right of payment to all existing and future Senior Indebtedness (as defined in the 2061 Indenture) of Group Finance IX or the relevant Guarantor;

<br> • ranks equal in right of payment with all existing and future Indebtedness Ranking on a Parity with the 2061 Subordinated Notes (as defined in the 2061 Indenture) of Group Finance IX or the relevant Guarantor;

<br> • is effectively subordinated to all existing and future secured Indebtedness (as defined in the 2061 Indenture) of Group Finance IX or the relevant Guarantor, to the extent of the value of the assets securing such Indebtedness; and

• is structurally subordinated in right of payment to all existing and future Indebtedness, liabilities and other obligations (including policyholder liabilities and other payables) of each subsidiary of Group Finance IX or the relevant Guarantor that is not itself Group Finance IX or a Guarantor.

The 2061 Indenture does not contain any limitations on the amount of additional Indebtedness that Group Finance IX or any of the Guarantors or their respective subsidiaries may incur, including Senior Indebtedness.

Upon any payment or distribution of assets to creditors upon any receivership, liquidation, dissolution, winding-up, reorganization, assignment for the benefit of creditors, marshaling of assets or any bankruptcy, insolvency, or similar proceedings, the holders of Senior Indebtedness of Group Finance IX or the relevant Guarantor will first be entitled to receive payment in full in cash or other satisfactory consideration of all amounts due or to become due, including interest accruing after the filing of a bankruptcy or insolvency proceeding on or in respect of such Senior Indebtedness before the holders of the 2061 Subordinated Notes will be entitled to receive or retain any payment in respect of the 2061 Subordinated Notes or the relevant Guarantee.

In the event of the acceleration of the maturity of the 2061 Subordinated Notes, the holders of all Senior Indebtedness of Group Finance IX or the relevant Guarantor outstanding at the time of such acceleration will first be entitled to receive payment in full in cash or other satisfactory consideration of all such Senior Indebtedness before the holders of the 2061 Subordinated Notes will be entitled to receive or retain any payment in respect of the 2061 Subordinated Notes or the relevant Guarantee.

In the event and during the continuation of any default in any payment with respect to any Senior Indebtedness, or in the event that the maturity of any Senior Indebtedness has been or would be permitted upon notice or the passage of time to be accelerated because of a default, then, unless and until such default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, no payments on account of principal or premium, if any, or interest in respect of the 2061 Subordinated Notes may be made, in each case unless and until all amounts due or to become due on such Senior Indebtedness are paid in full in cash or other satisfactory consideration.

#### Events of Default, Notice and Waiver
The following constitute "Events of Default" under the 2061 Indenture with respect to the 2061 Subordinated Notes:

<br> • Group Finance IX's failure to pay any interest, including compounded interest, on the 2061 Subordinated Notes when due and payable after taking into account any optional deferral period as set forth in the 2061 Indenture, continued for 30 days;

<br> • Group Finance IX's failure to pay principal (or premium, if any) on any 2061 Subordinated Notes when due, regardless of whether such payment became due because of maturity, redemption, acceleration or otherwise;

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<br> • Group Finance IX's failure to pay the redemption price when due in connection with a "Tax Redemption Event" or a "Rating Agency Event;"

• any failure by Group Finance IX or the Guarantors to observe or perform any other covenants or agreements with respect to the 2061 Subordinated Notes for 90 days after Group Finance IX receives notice of such failure from the trustee or 90 days after Group Finance IX and the trustee receive notice of such failure from the holders of at least 25% in aggregate principal amount of the outstanding 2061 Subordinated Notes;

<br> • certain events of bankruptcy, insolvency or reorganization of Group Finance IX or of any Guarantor (other than an "Insignificant Guarantor" (as defined in the 2061 Indenture)); and

• a Guarantee of any Guarantor (other than an Insignificant Guarantor) ceases to be in full force and effect or is declared to be null and void and unenforceable or such Guarantee is found to be invalid or a Guarantor (other than an Insignificant Guarantor) denies its liability under its Guarantee (other than by reason of release of such Guarantor in accordance with the terms of the 2061 Indenture).

If an Event of Default with respect to the 2061 Subordinated Notes shall occur and be continuing, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding 2061 Subordinated Notes may declare, by notice as provided in the 2061 Indenture, the principal amount of all outstanding 2061 Subordinated Notes to be due and payable immediately; provided that, in the case of an Event of Default involving certain events of bankruptcy, insolvency or reorganization, acceleration is automatic; and, provided further, that after such acceleration, but before a judgment or decree based on acceleration, the holders of a majority in aggregate principal amount of the outstanding 2061 Subordinated Notes may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated principal, have been cured or waived.

Group Finance IX is required to furnish the trustee annually a statement by certain of its officers to the effect that, to the best of their knowledge, Group Finance IX is not in default in the fulfillment of any of its obligations under the 2061 Indenture or, if there has been a default in the fulfillment of any such obligation, specifying each such default.

#### Modification and Waiver
Group Finance IX, the Guarantors and the trustee may supplement the 2061 Indenture and 2061 Subordinated Notes without the consent of holders to:

<br> • add to the covenants for the benefit of the holders of any 2061 Subordinated Notes or surrender any right or power the 2061 Indenture confers upon us;

<br> • evidence the assumption of Group Finance IX's obligations or the obligations of any Guarantor under the 2061 Indenture by a successor;

<br> • add any additional events of default for the benefit of the holders of any 2061 Subordinated Notes;

<br> • add new Guarantors;

<br> • provide for the release of any Guarantor in accordance with the 2061 Indenture;

<br> • secure the 2061 Subordinated Notes;

<br> • provide for a successor trustee;

<br> • provide for the issuance of additional notes of any series;

<br> • establish the form or terms of notes of any series;

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<br> • comply with the rules of any applicable depositary;

<br> • add to or change any of the provisions of the 2061 Indenture to permit or facilitate the issuance of 2061 Subordinated Notes in uncertificated form;

• add to, change or eliminate any provisions of the 2061 Indenture so long as any such addition, change or elimination (i) does not apply to or modify the rights of the holders of 2061 Subordinated Notes of any Series created prior to such addition, change or elimination or (ii) becomes effective only when there are no 2061 Subordinated Notes created prior to the execution of the supplemental indenture then outstanding which are entitled to the benefit of such provision;

<br> • cure any ambiguity, to correct or supplement any provision of the 2061 Indenture which may be defective or inconsistent with any other provision therein;

<br> • make any change that does not adversely affect the rights of any holder of 2061 Subordinated Notes in any material respect; or

• to conform to the "Description of the Notes" in the Prospectus Supplement related to the offering of the 2061 Subordinated Notes to the extent that such provision in the "Description of the Notes" was intended to be a verbatim recitation of such provision in the 2061 Indenture or 2061 Subordinated Notes.

Group Finance IX, the Guarantors and the trustee may also modify the 2061 Indenture in a manner that affects the interests or rights of the holders of 2061 Subordinated Notes with the consent of the holders of at least a majority in aggregate principal amount of the 2061 Subordinated Notes at the time outstanding. However, the 2061 Indenture will require the consent of each holder of 2061 Subordinated Notes affected by any modification which would:

• change the fixed maturity of the 2061 Subordinated Notes, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof;

• reduce the amount of principal payable upon acceleration of the maturity thereof;

<br> • change the currency in which the 2061 Subordinated Notes or any premium or interest is payable;

<br> • impair the right to enforce any payment on or with respect to the 2061 Subordinated Notes;

• reduce the percentage in principal amount of outstanding 2061 Subordinated Notes the consent of whose holders is required for modification or amendment of the 2061 Indenture or for waiver of compliance with certain provisions of the 2061 Indenture or for waiver of certain defaults;

<br> • modify the subordination provisions of the 2061 Subordinated Notes in any manner adverse to the holders;

<br> • modify the Guarantees in any manner adverse to the holders; or

<br> • modify any of the above bullet points.

The 2061 Indenture permits the holders of at least a majority in aggregate principal amount of the outstanding 2061 Subordinated Notes or of any other series of debt securities issued under the 2061 Indenture which is affected by the modification or amendment to waive compliance with certain covenants contained in the 2061 Indenture.

#### Other Provisions
The 2061 Indenture also includes covenants, including limitations on Group Finance IX's and the Guarantors' ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity

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interests of their subsidiaries, or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2061 Indenture also contains customary provisions on defeasance and discharge.

#### About the Trustee
Subject to the provisions of the Trust Indenture Act of 1939, as amended, the trustee is under no obligation to exercise any of its powers vested in it by the 2061 Indenture at the request of any holder of the 2061 Subordinated notes unless the holder offers the trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities which might result. The trustee is not required to expend or risk its own funds or otherwise incur any financial liability in performing its duties if the trustee reasonably believes that it is not reasonably assured of repayment or adequate indemnity. We have entered, and from time to time may continue to enter, into trust, administration or other relationships with The Bank of New York Mellon Trust Company, N.A. or its affiliates.

#### 2065 SUBORDINATED NOTES

#### General
On May 28, 2025, the Company issued $590 million aggregate principal amount of its 2065 Subordinated Notes, pursuant to the terms of the 2065 Indenture, in denominations of $25 and multiples of $25 in excess thereof. The 2065 Indenture, 2065 Subordinated Notes and related Guarantees (as defined below) are governed by, and construed in accordance with, the laws of the State of New York. The Bank of New York Mellon Trust Company, N.A. is the trustee for holders of the 2065 Subordinated Notes under the 2065 Indenture.

The 2065 Subordinated Notes are fully and unconditionally guaranteed (the "Guarantees"), jointly and severally, on a subordinated basis by KKR Group Partnership (the "Initial Guarantor") and any Additional Guarantors (as defined below) (Additional Guarantors, if any, together with the Initial Guarantor, the "Guarantors").

Unless earlier redeemed, the entire principal amount of the 2065 Subordinated Notes will mature on June 1, 2065. The 2065 Subordinated Notes are not subject to any sinking fund provision.

The 2065 Subordinated Notes are unsecured and subordinated obligations of the Company. The Guarantees are unsecured obligations of the Guarantors.

#### Interest
The 2065 Subordinated Notes bear interest at a rate of 6.875% per annum. Interest on the 2065 Subordinated Notes is payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year and ends on the maturity date.

Interest payments on the 2065 Subordinated Notes will be made to the holders of record at the close of business on the immediately preceding February 15, May 15, August 15 and November 15, as applicable, whether or not a business day, subject to certain exceptions.

Interest payments will include accrued interest from, and including, the original issue date, or, if interest has already been paid, from the last date in respect of which interest has been paid or duly provided for to, but excluding, the next succeeding interest payment date, the maturity date or the redemption date, as the case may be. The amount of interest payable for any interest payment period will be computed on the basis of a 360-day year comprised of twelve 30-day months.

So long as no Event of Default (as defined in the 2065 Indenture) with respect to the 2065 Subordinated Notes has occurred and is continuing, the Company may, on one or more occasions, defer interest payments on the 2065 Subordinated Notes for one or more optional deferral periods of up to five consecutive years without giving rise to an Event of Default under the terms of the 2065 Subordinated Notes. A deferral of interest payments cannot extend, however, beyond the maturity date or the earlier acceleration, repurchase or redemption of the 2065 Subordinated Notes. During an optional deferral period, interest will continue to accrue on the 2065 Subordinated Notes, and

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deferred interest payments will accrue additional interest at the then applicable interest rate on the 2065 Subordinated Notes, compounded quarterly as of each interest payment date to the extent permitted by applicable law. During an optional deferral period, the Company will be prohibited from paying current interest on the 2065 Subordinated Notes until all accrued and unpaid deferred interest plus any accrued interest thereon has been paid. No interest otherwise due during an optional deferral period will be due and payable on the 2065 Subordinated Notes until the end of such optional deferral period except upon an acceleration, repurchase or redemption of the 2065 Subordinated Notes during such deferral period. After the commencement of an optional deferral period, until all accrued and unpaid interest on the 2065 Subordinated Notes has been paid, the Company and the Guarantors will be subject to certain other restrictions.

At the end of five years following the commencement of an optional deferral period, the Company must pay all accrued and unpaid deferred interest, including compounded interest if it has not been paid before that time. If, at the end of any optional deferral period, the Company has paid all deferred interest due on the 2065 Subordinated Notes, including compounded interest, the Company can again defer interest payments on the 2065 Subordinated Notes as described above.

The Company will provide to the trustee and the holders of 2065 Subordinated Notes written notice of any deferral of interest or continuation of deferral of interest at least one and not more than 60 business days prior to the applicable interest payment date.

#### Redemption
The Company may elect to redeem the 2065 Subordinated Notes:

• in whole at any time or in part from time to time on or after June 1, 2030, at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption; provided that if the 2065 Subordinated Notes are not redeemed in whole, at least $25 million aggregate principal amount of the 2065 Subordinated Notes must remain outstanding after giving effect to such redemption;

• in whole, but not in part, within 120 days of the occurrence of a "Tax Redemption Event" (as defined in the 2065 Indenture) at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption; or

• in whole, but not in part, at any time prior to June 1, 2030, within 90 days after the occurrence of a "Rating Agency Event" (as defined in the 2065 Indenture) at a redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of redemption.

#### Guarantees
In addition to the Guarantee provided by KKR Group Partnership, any "New KKR Entity" (other than a Non-Guarantor Entity as defined in the 2065 Indenture) must provide a Guarantee, whereupon such New KKR Entity shall be an "Additional Guarantor." A "New KKR Entity" means any direct or indirect subsidiary of the Company other than (i) a then-existing Guarantor, (ii) any person in which the Company directly or indirectly owns its interest through one or more then-existing Guarantors, (iii) any person through which the Company directly or indirectly owns its interests in one or more then-existing Guarantors, or (iv) any person if such person's guarantee of the obligations of the Company pursuant to the 2065 Subordinated Notes and the 2065 Indenture would be reasonably likely to result in material and adverse tax consequences to the Company, the Initial Guarantor, or any other Guarantor as determined by the Company or the Initial Guarantor in good faith.

#### Subordination
The payment of the principal of, premium, if any, and interest on the 2065 Subordinated Notes and the payment of any Guarantee:

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<br> • ranks junior in right of payment with all existing and future Senior Indebtedness (as defined in the 2065 Indenture) of the Company or the relevant Guarantor;

<br> • ranks equal in right of payment to all existing and future Indebtedness Ranking on a Parity (as defined in the 2065 Indenture) with the 2065 Subordinated Notes of the Company or the relevant Guarantor;

<br> • is effectively subordinated to all existing and future secured Indebtedness (as defined in the 2065 Indenture) of the Company or the relevant Guarantor, to the extent of the value of the assets securing such Indebtedness; and

<br> • is structurally subordinated in right of payment to all existing and future Indebtedness, liabilities and other obligations of each subsidiary of the Company or the relevant Guarantor that does not guarantee the 2065 Subordinated Notes.

The 2065 Indenture does not contain any limitations on the amount of additional Indebtedness that the Company or any of the Guarantors or their respective subsidiaries may incur, including Senior Indebtedness.

Upon any payment or distribution of assets to creditors upon any receivership, liquidation, dissolution, winding-up, reorganization, assignment for the benefit of creditors, marshaling of assets or any bankruptcy, insolvency, or similar proceedings, the holders of Senior Indebtedness of the Company or the relevant Guarantor will first be entitled to receive payment in full in cash or other satisfactory consideration of all amounts due or to become due, including interest accruing after the filing of a bankruptcy or insolvency proceeding on or in respect of such Senior Indebtedness before the holders of the 2065 Subordinated Notes will be entitled to receive or retain any payment from the Company or the relevant Guarantor in respect of the 2065 Subordinated Notes or the relevant Guarantee.

In the event of the acceleration of the maturity of the 2065 Subordinated Notes, the holders of all Senior Indebtedness of the Company or the relevant Guarantor outstanding at the time of such acceleration will first be entitled to receive payment in full in cash or other satisfactory consideration of all such Senior Indebtedness before the holders of the 2065 Subordinated Notes will be entitled to receive or retain any payment in respect of the 2065 Subordinated Notes or the relevant Guarantee.

In the event and during the continuation of any default in any payment with respect to any Senior Indebtedness, or in the event that the maturity of any Senior Indebtedness has been or would be permitted upon notice or the passage of time to be accelerated because of a default, then, unless and until such default shall have been cured or waived or shall have ceased to exist and such acceleration shall have been rescinded or annulled, no payments on account of principal or premium, if any, or interest in respect of the 2065 Subordinated Notes may be made, in each case unless and until all amounts due or to become due on such Senior Indebtedness are paid in full in cash or other satisfactory consideration.

#### Events of Default, Notice and Waiver
The following constitute "Events of Default" under the 2065 Indenture with respect to the 2065 Subordinated Notes:

<br> • the Company's failure to pay any interest, including compounded interest, on the 2065 Subordinated Notes when due and payable, after taking into account any optional deferral period as set forth in the 2065 Indenture, continued for 30 days;

<br> • the Company's failure to pay principal (or premium, if any) on any 2065 Subordinated Notes when due, regardless of whether such payment became due because of maturity, redemption, acceleration or otherwise;

<br> • the Company's failure to pay the redemption price when due in connection with a "Tax Redemption Event" or a "Rating Agency Event;"

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• any failure by the Company or the Guarantors to observe or perform any other covenants or agreements with respect to the 2065 Subordinated Notes for 90 days after the Company receives notice of such failure from the trustee or 90 days after the Company and the trustee receive notice of such failure from the holders of at least 25% in aggregate principal amount of the outstanding 2065 Subordinated Notes;

<br> • certain events of bankruptcy, insolvency or reorganization of the Company or of any Guarantor (other than an "Insignificant Guarantor" (as defined in the 2065 Indenture)); and

• a Guarantee of any Guarantor (other than an Insignificant Guarantor) ceases to be in full force and effect or is declared to be null and void and unenforceable or such Guarantee is found to be invalid or a Guarantor (other than an Insignificant Guarantor) denies its liability under its Guarantee (other than by reason of release of such Guarantor in accordance with the terms of the 2065 Indenture).

If an Event of Default with respect to the 2065 Subordinated Notes shall occur and be continuing, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding 2065 Subordinated Notes may declare, by notice as provided in the 2065 Indenture, the principal amount of all outstanding 2065 Subordinated Notes to be due and payable immediately; provided that, in the case of an Event of Default involving certain events of bankruptcy, insolvency or reorganization, acceleration is automatic; and, provided further, that after such acceleration, but before a judgment or decree based on acceleration, the holders of a majority in aggregate principal amount of the outstanding 2065 Subordinated Notes may, under certain circumstances, rescind and annul such acceleration if all Events of Default, other than the nonpayment of accelerated principal, have been cured or waived.

The Company is required to furnish the trustee annually a statement by certain of its officers to the effect that, to the best of their knowledge, the Company is not in default in the fulfillment of any of its obligations under the 2065 Indenture or, if there has been a default in the fulfillment of any such obligation, specifying each such default.

#### Modification and Waiver
The Company, the Guarantors and the trustee may supplement the 2065 Indenture and 2065 Subordinated Notes without the consent of holders to:

<br> • add to the covenants for the benefit of the holders of any 2065 Subordinated Notes or surrender any right or power the 2065 Indenture confers upon us;

<br> • evidence the assumption of the Company's obligations under the 2065 Indenture by a successor;

<br> • add any additional events of default for the benefit of the holders of any 2065 Subordinated Notes;

<br> • add new Guarantors;

<br> • secure the 2065 Subordinated Notes;

<br> • provide for a successor trustee;

<br> • provide for the issuance of additional notes of any series;

<br> • establish the form or terms of notes of any series;

<br> • comply with the rules of any applicable depositary;

<br> • add to or change any of the provisions of the 2065 Indenture to permit or facilitate the issuance of 2065 Subordinated Notes in uncertificated form;

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• add to, change or eliminate any provisions of the 2065 Indenture so long as any such addition, change or elimination (i) does not apply to or modify the rights of the holders of 2065 Subordinated Notes of any Series created prior to such addition, change or elimination or (ii) becomes effective only when there are no 2065 Subordinated Notes created prior to the execution of the supplemental indenture then outstanding which are entitled to the benefit of such provision;

<br> • cure any ambiguity, to correct or supplement any provision of the 2065 Indenture which may be defective or inconsistent with any other provision therein;

<br> • make any change that does not adversely affect the rights of any holder of 2065 Subordinated Notes in any material respect; or

• to conform to the "Description of the Notes" in the Prospectus Supplement related to the offering of the 2065 Subordinated Notes to the extent that such provision in the "Description of the Notes" was intended to be a verbatim recitation of such provision in the 2065 Indenture or 2065 Subordinated Notes.

The Company, the Guarantors and the trustee may also modify the 2065 Indenture in a manner that affects the interests or rights of the holders of 2065 Subordinated Notes with the consent of the holders of at least a majority in aggregate principal amount of the 2065 Subordinated Notes at the time outstanding. However, the 2065 Indenture will require the consent of each holder of 2065 Subordinated Notes affected by any modification which would:

• change the fixed maturity of the 2065 Subordinated Notes, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof;

• reduce the amount of principal payable upon acceleration of the maturity thereof;

<br> • change the currency in which the 2065 Subordinated Notes or any premium or interest is payable;

<br> • impair the right to enforce any payment on or with respect to the 2065 Subordinated Notes;

• reduce the percentage in principal amount of outstanding 2065 Subordinated Notes the consent of whose holders is required for modification or amendment of the 2065 Indenture or for waiver of compliance with certain provisions of the 2065 Indenture or for waiver of certain defaults;

<br> • modify the subordination provisions of the 2065 Subordinated Notes in any manner adverse to the holders;

<br> • modify the Guarantees in any manner adverse to the holders; or

<br> • modify any of the above bullet points.

The 2065 Indenture permits the holders of at least a majority in aggregate principal amount of the outstanding 2065 Subordinated Notes or of any other series of debt securities issued under the 2065 Indenture which is affected by the modification or amendment to waive compliance with certain covenants contained in the 2065 Indenture.

#### Other Provisions
The 2065 Indenture also includes covenants, including limitations on the Company's and the Guarantors' ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries, or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2065 Indenture also contains customary provisions on defeasance and discharge.

------

#### About the Trustee
Subject to the provisions of the Trust Indenture Act of 1939, as amended, the trustee is under no obligation to exercise any of its powers vested in it by the 2065 Indenture at the request of any holder of the 2065 Subordinated notes unless the holder offers the trustee reasonable indemnity satisfactory to it against the costs, expenses and liabilities which might result. The trustee is not required to expend or risk its own funds or otherwise incur any financial liability in performing its duties if the trustee reasonably believes that it is not reasonably assured of repayment or adequate indemnity. We have entered, and from time to time may continue to enter, into trust, administration or other relationships with The Bank of New York Mellon Trust Company, N.A. or its affiliates. <br>

21<br>

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## Exhibit 10.27

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**Exhibit 10.27**<br>

K-Series Unit Award Certificate

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| | |
|:---|:---|
| **Limited Partner Interests**<br> ****  | **Limited Partner Interests**<br> ****  |
| **Limited Partner:** |  |
| **Award Date:** |  |
| **K-Series Shares:** |  |
| **Net Settlement:** | &nbsp;&nbsp;&nbsp;&nbsp;![](image0.jpg)Yes ![](image0.jpg) No |
| **No Fee Period:** |  |
| **Acceptance and Agreement**<br> ****  | **Acceptance and Agreement**<br> ****  |
| Reference is made to the Amended and Restated Limited Partnership Agreement, dated December 24, 2025 (as amended, from time to time, the "**Partnership Agreement**"), of KKR Associates K-Series Holdings L.P. (the "**Partnership**"). Capitalized terms used but not defined in this K-Series Unit Award Certificate (this "**Certificate**") have the meanings given to them in the Partnership Agreement, and, to the extent not set forth therein, the Amended and Restated Limited Partnership Agreement, dated December 26, 2018 (as amended, from time to time), of KKR Associates Reserve L.P. (the "**Reserve Partnership**").<br>As an existing limited partner of the Reserve Partnership, you have been offered the opportunity to receive Limited Partner interests in the Partnership with respect to the number and kind of K-Series Shares held by the Partnership as set forth above (the "**Award**"). The Limited Partner interests and the Award are subject to the terms and conditions set forth in the Partnership Agreement and this Certificate, including the terms and conditions set forth in <u>Appendix A</u> hereto. | Reference is made to the Amended and Restated Limited Partnership Agreement, dated December 24, 2025 (as amended, from time to time, the "**Partnership Agreement**"), of KKR Associates K-Series Holdings L.P. (the "**Partnership**"). Capitalized terms used but not defined in this K-Series Unit Award Certificate (this "**Certificate**") have the meanings given to them in the Partnership Agreement, and, to the extent not set forth therein, the Amended and Restated Limited Partnership Agreement, dated December 26, 2018 (as amended, from time to time), of KKR Associates Reserve L.P. (the "**Reserve Partnership**").<br>As an existing limited partner of the Reserve Partnership, you have been offered the opportunity to receive Limited Partner interests in the Partnership with respect to the number and kind of K-Series Shares held by the Partnership as set forth above (the "**Award**"). The Limited Partner interests and the Award are subject to the terms and conditions set forth in the Partnership Agreement and this Certificate, including the terms and conditions set forth in <u>Appendix A</u> hereto. |
| **In order to accept the Award, please check the boxes below to indicate your agreement to be bound by the Partnership Agreement and this Certificate.** Checking the boxes below and submitting this document electronically will be the legal equivalent of having duly executed this document with your handwritten signature and delivering it to the Partnership. | **In order to accept the Award, please check the boxes below to indicate your agreement to be bound by the Partnership Agreement and this Certificate.** Checking the boxes below and submitting this document electronically will be the legal equivalent of having duly executed this document with your handwritten signature and delivering it to the Partnership. |
| ![](image0.jpg) By checking this box, I agree to be legally bound, as a Limited Partner, by all of the terms and conditions of the Partnership Agreement, a copy of which has been made available to me in the Documents section of the Investor Portal. I represent and warrant to the Partnership that (i) my agreement to be bound by the Partnership Agreement is fully valid and enforceable; (ii) I am acquiring my interests as a Limited Partner in the Partnership as a principal, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and no other person or entity has a direct or indirect beneficial interest in such Limited Partner interests in the Partnership; and (iii) I have such knowledge and experience in financial and business matters such that I am capable of evaluating the risks of acquiring my Limited Partner interests in the Partnership. | ![](image0.jpg) By checking this box, I agree to be legally bound, as a Limited Partner, by all of the terms and conditions of the Partnership Agreement, a copy of which has been made available to me in the Documents section of the Investor Portal. I represent and warrant to the Partnership that (i) my agreement to be bound by the Partnership Agreement is fully valid and enforceable; (ii) I am acquiring my interests as a Limited Partner in the Partnership as a principal, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof, in whole or in part, and no other person or entity has a direct or indirect beneficial interest in such Limited Partner interests in the Partnership; and (iii) I have such knowledge and experience in financial and business matters such that I am capable of evaluating the risks of acquiring my Limited Partner interests in the Partnership. |

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| |
|:---|
| ![](image0.jpg) By checking this box, I accept the Award and acknowledge that the Award is subject to all of the terms and conditions set forth in <u>Appendix A</u> hereto.<br>|
| **Appendix A**<br> ****  |
| **<u>Terms and Conditions</u>**<br> Subject to the acceptance of and agreement to be bound by the Partnership Agreement and this Certificate by the Limited Partner identified on the first page of this Certificate (the "**Recipient**"), the general partner of the Partnership (the "**General Partner**") shall confirm that the Recipient has received from the Reserve Partnership the Award as set forth in this Certificate effective as of the Award Date.<br>All references to Recipient in this Certificate shall include all of the Recipient's Affiliates, as necessary in order to give full effect to the provisions set forth herein, including references to an individual having Employment (as defined below) with the KKR Group if the Recipient is a trust or other estate planning vehicle of such individual.<br>**1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitions**<br> The capitalized terms below have the following definitions for purposes of this Certificate.<br>"**Cause**" means, with respect to the Recipient, the occurrence or existence of any of the following as determined in good faith by the General Partner or the Designated Service Recipient (as defined below): (i) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct by the Recipient against any member of the KKR Group (including the Corporation) or a Portfolio Company, (ii) (A) a Regulatory Violation or (B) an action or omission that is reasonably expected to result in a Regulatory Violation, that harms or would harm, or otherwise has or would have an adverse effect on, in any material respect (x) the business or reputation of any member of the KKR Group and/or (y) the ability of the Recipient to function lawfully as an employee or consultant with respect to any member of the KKR Group (including any similar association determined by the General Partner to constitute employment or engagement for purposes of this Certificate) or in any similar capacity, or (iii) a material breach by the Recipient of a material provision of any Written Policies & Agreements or the deliberate failure by the  |

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<sup>1</sup> "**Regulatory Violation**" means, with respect to the Recipient (i) a conviction of the Recipient, based on a trial or by an accepted plea of guilt or nolo contendere, of any felony or misdemeanor involving moral turpitude, false statements, misleading omissions, forgery, wrongful taking, embezzlement, extortion or bribery or similar misconduct, (ii) a final determination by any court of competent jurisdiction or governmental regulatory body (or an admission by the Recipient in any settlement agreement) that the Recipient has violated any U.S. federal or state or comparable non-U.S. securities laws, rules or regulations or (iii) a final determination by self-regulatory organization having authority with respect to U.S. federal or state or comparable non-U.S. securities laws, rules or regulations (or an admission by the Recipient in any settlement agreement) that the Recipient has violated the written rules of such self-regulatory organization that are applicable to any member of the KKR Group.

<sup>2</sup>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Written Policies & Agreements**" means with respect to (i) any Recipient having an Employment relationship with a member of the KKR Group, the written policies of the KKR Group included in its employee manual, code of ethics and confidential information and information barrier policies and procedures and other documents relating to the Recipient's Employment with the KKR Group, as applicable, and any agreements between the Recipient and a member of the KKR Group relating to the Recipient's Employment with the KKR Group, including but not limited to an employment agreement, if any, and this Confidentiality and Restrictive Covenant Agreement, and (ii) any Recipient having an Employment relationship with a consultant or service provider (as approved by the Designated Service Recipient) that is not a member of the KKR Group, the written policies of the KKR Group included in its code of ethics and confidential information and information barrier policies and procedures and other documents of the KKR Group relating to the Recipient's services to the KKR Group, as applicable, and any agreements between the Recipient or such consultant or service provider, on the one hand, and any member of the KKR Group, on the other, relating to Recipient's services to the KKR Group, including but not limited to a consulting agreement.

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Recipient to perform the Recipient's duties to the KKR Group, provided that in the case of this clause (iii), the Recipient has been given written notice of such breach or failure within 45 days of the KKR Group becoming aware of such breach or failure and, where such breach or failure is curable, the Recipient has failed to cure such breach or failure within (A) 15 days of receiving notice thereof or (B) such longer period of time, not to exceed 30 days, as may be reasonably necessary to cure such breach or failure, provided that the Recipient is then working diligently to cure such breach or failure, and provided further, that if such breach or failure is not capable of being cured, the notice given to the Recipient may contain a date of termination that is earlier than 15 days after the date of such notice. The General Partner and the Recipient intend that this definition should conform to the definition of "Cause" contained in any of the Recipient's Grant Agreements executed after the date of this Certificate to the extent determined by the General Partner, in its sole discretion, to conform to such Grant Agreement, and the General Partner is authorized, but not obligated, to apply any changes therein occurring after the date of this Certificate to this definition with respect to such Recipient without requiring such Recipient's consent pursuant to this Certificate or the Partnership Agreement.<br>"**Confidentiality and Restrictive Covenant Agreement**" means the Confidentiality and Restrictive Covenant Agreement attached hereto as <u>Appendix B</u>, which for all purposes shall be deemed a material part of the terms and conditions of this <u>Appendix A</u>. The General Partner and the Recipient intend that the Confidentiality and Restrictive Covenant Agreement attached hereto should conform to the Confidentiality and Restrictive Covenant Agreement attached to any of the Recipient's Grant Agreements executed after the date of this Certificate to the extent determined by the General Partner, in its sole discretion, to conform to such Grant Agreement, and the General Partner is authorized, but not obligated, to apply any changes therein occurring after the date of this Certificate to the Confidentiality and Restrictive Covenant Agreement herein with respect to such Recipient without requiring such Recipient's consent pursuant to this Certificate or the Partnership Agreement.<br>"**Corporation**" means KKR & Co. Inc. (and its successors).<br>"**Designated Service Recipient**" means the applicable member of the KKR Group that employs or engages the Recipient or with which the Recipient is similarly associated.<br>"**Employment**" means the Recipient's employment or engagement (including any similar association determined by the General Partner to constitute employment or engagement for purposes of this Certificate) with (i) a member of the KKR Group or (ii) any consultant or service provider that provides services to any member of the KKR Group; <u>provided</u> that in the case of clause (ii), the services provided by service provider must be approved in writing by such General Partner, in its sole discretion, in order to qualify as "Employment" for this Certificate. The General Partner and the Recipient intend that this definition should conform to the definition of "Employment" contained in any of the Recipient's Grant Agreements executed after the date of this Certificate to the extent determined by the General Partner, in its sole discretion, to conform to such Grant Agreement, and the General Partner are authorized to apply any changes therein occurring after the date of this Certificate to this definition with respect to such Recipient without requiring such Recipient's consent pursuant to this Certificate or the Partnership Agreement.<br>

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 "**Employment End Date**" means, as selected by the General Partner, in its sole discretion, (i) the date on which the Recipient's Employment terminates for any reason, (ii) the date on which a notice of termination of the Recipient's Employment is provided by either the Recipient or any member of the KKR Group, or (iii) any date in between the dates referenced in clauses (i) or (ii).<br>"**Grant Agreement**" means, with respect to the Recipient, any equity award agreement accepted by such Recipient under the Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan, as it may be amended or restated from time to time, or any other equity incentive plan of the Corporation.<br>"**KKR Group**" means (i) the Corporation, (ii) any direct or indirect subsidiaries of KKR & Co. Inc., including but not limited to KKR Group Partnership L.P. and its direct and indirect subsidiaries (not including Portfolio Companies), (iii) the Partnership, the Reserve Partnership and KKR Associates Holdings L.P. and their respective general partners and successors, and their respective direct and indirect subsidiaries, and (iv) any investment fund, account or vehicle that is managed, advised or sponsored by any direct or indirect subsidiary of the Corporation.<br>"**Misconduct**" means, as determined by the General Partner in its sole discretion, any misconduct (including misconduct involving moral turpitude) by the Recipient, regardless of whether or not during or in the course of the Recipient's Employment, that could reasonably be expected to result in reputational harm or material injury to any member of the KKR Group (including the Corporation or a Portfolio Company).<br>"**Portfolio Company**" means any investment by any member of the KKR Group in portfolio companies, joint ventures, or other equity stakes in third parties.<br>**2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ownership and Vesting**<br> **** <br>&nbsp;&nbsp;&nbsp;&nbsp;(a) The Award is a Limited Partner interest in the Partnership only. The Recipient is not the record holder of any K-Series Shares subject to the Award. The Partnership shall be entitled to exercise all voting rights with respect to the K-Series Shares underlying the Award, and the General Partner shall be entitled to vote such K-Series Shares in the General Partner's sole discretion.<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) The Award is not subject to any vesting condition. However, the Award is conditioned upon and subject to the Recipient's agreement to be bound by, and continued compliance with, the Recipient's Confidentiality and Restrictive Covenant Agreement.<br>**3&nbsp;&nbsp;&nbsp;&nbsp; Net Settlement and Tax Matters**<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) If this Award is designated as being subject to Net Settlement on the first page of this Certificate, then the General Partner shall be authorized to convert a number of K-Series Shares (based on the kind of K-Series Shares, in each case, selected by the General Partner in its sole discretion), in order to deliver to the Recipient thereof an amount of cash that may be used by the Recipient to satisfy the Recipient's tax obligations in respect to the receipt of this Award. The General Partner is authorized to assume in good faith an income tax rate that the General Partner determines, from time to time, to be applicable for the Recipient's receipt of taxable income, if any, arising from the Recipient's receipt of the Award. The General Partner is permitted to make any reasonable assumptions based on the facts and circumstances known to the General Partner at the time of its determination and is not required to make any further investigation thereof or to revise its determination based on any facts or circumstances discovered after the time of its determination.<br>

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 &nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, the General Partner may withhold distributions or portions thereof to the Recipient if it is required to do so by any applicable Law. Nothing contained in this Certificate or the Partnership Agreement shall limit the ability of the General Partner in its sole discretion to withhold differing percentages from one or more Limited Partners of any amounts otherwise distributable to such Limited Partners.<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) Any determination or estimation made by the General Partner pursuant to this Section 3 shall be conclusive and binding absent bad faith.<br>**4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and Carry**<br> **** <br>&nbsp;&nbsp;&nbsp;&nbsp;(a) The Recipient shall not bear any management fees, performance fees or carried interest ("**Fees**") with respect to the Award or the K-Series Shares underlying the Award, except as provided in Section 4(b) below.<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) The General Partner may, in its sole discretion, require the Recipient to bear Fees (in any combination or all of them) with respect to the Award in one or more amounts up to the Fees that are charged to third party investors of the K-Series Shares underlying the Award, only in the following circumstances: (i) following the time period specified as the "No Fee Period" on the first page of this Certificate; (ii) at any time upon the termination of the Recipient's Employment for Cause or upon any breach by the Recipient of the Confidentiality and Restrictive Covenant Agreement; or (iii) with the Recipient's consent. Any such determination by the General Partner to charge Fees shall be promptly noticed to the appropriate Limited Partner.<br>**5&nbsp;&nbsp;&nbsp;&nbsp; Transfer and Redemptions**<br> **** <br>&nbsp;&nbsp;&nbsp;&nbsp;(a) The Award may not be Transferred by the Recipient other than pursuant to a coordinated redemption program to be conducted by the Partnership (the "**Redemption Program**"). Any other Transfer shall require the prior written consent of the General Partner, which consent may be granted or withheld by the General Partner in its sole discretion. Any Transfer or attempted Transfer in violation of this Section 5 shall be null and void.<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) The General Partner intends to provide a Redemption Program to permit the Recipient to elect the sale of a specified number and kind of K-Series Shares subject to the Award. The Redemption Program is intended to be conducted so that (i) the sale of the K-Series Shares in any given redemption period is aggregated among all electing Limited Partners, (ii) such sales requests are submitted to the issuers of the K-Series Shares for redemption of the underlying K-Series Shares for cash proceeds, subject in all respects to the redemption policies and procedures of the issuers of the K-Series Shares elected by the Recipient to be sold pursuant to the Redemption Program, and (iii) without limitation of the sole discretion of the General Partner to determine the policies and procedures of the Redemption Program, the General Partner shall be entitled to apply a cutback on the aggregate number of K-Series Shares being elected to be redeemed in any amount determined appropriate by the General Partner. The General Partner reserves all rights to amend, waive or make exceptions to, the terms and conditions of the Redemption Program from time to time.<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) The General Partner may, in its sole discretion, require all or any portion of the Award to be redeemed for cash equal to the most applicable redemption value for the K-Series Shares underlying the Award in the following circumstances: (i) upon the termination of the Recipient's Employment for Cause or upon any breach by the Recipient of Confidentiality and Restrictive Covenant Agreement; (ii) in order<br>

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 to comply with any applicable Law; or (iii) upon a material breach of this Certificate or the Partnership Agreement by the Recipient.<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) The General Partner may, in its sole discretion, provide for a distribution in kind of all or any portion of the K-Series Shares underlying the Award to the Recipient; <u>provided</u> that the K-Series Shares shall not bear any Fees unless the provisions of Section 4(b) shall apply.<br>**6&nbsp;&nbsp;&nbsp;&nbsp; Reduction and Right of Set Off**<br> **** <br>&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other agreement between the Recipient and the KKR Group entered into prior to the execution of this Certificate, the General Partner shall have the right to forfeit, cancel, recoup, reduce or set-off any distribution or payment that is due or payable (or that the General Partner reasonably determines may become due or payable) to the Recipient pursuant to any agreement with the KKR Group (including but not limited to any amounts in connection with the Redemption Program or otherwise in respect of this Award or K-Series Shares underlying this Award), for the purpose of fulfilling any present or future obligation or liability of whatever nature (whether matured or unmatured, absolute or contingent) that the Recipient (or any of its Affiliates) has to make (or that the General Partner reasonably determines may become such an obligation or liability to make) of any payment or contribution to the KKR Group, regardless of whether the payment or contribution is currently due or payable, or may become due or payable in the future, whether in advance of or without adjudication (provided that such General Partner must act in good faith when determining any such reduction or set-off). The General Partner, Corporation and their respective Affiliates (which include, and are not limited to, KKR Holdings II L.P. and KKR Holdings III L.P.) are expressly authorized to take any and all actions on the Recipient's behalf (including, without limitation, payment, credit and satisfaction of amounts owed) in connection with the forfeiture, cancellation, recoupment, reduction or set-off of any amount pursuant hereto.<br>**7&nbsp;&nbsp;&nbsp;&nbsp; Resolution of Disputes**<br> **** <br>&nbsp;&nbsp;&nbsp;&nbsp;(a) Any and all disputes which cannot be settled amicably arising out of, relating to or in connection with the Award shall be finally settled by arbitration in accordance with Section 10.10 of the Partnership Agreement.<br>**8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous**<br> **** <br>&nbsp;&nbsp;&nbsp;&nbsp;(a) The General Partner's determination, in its sole discretion, of any of the matters set forth in this Certificate shall be final, binding and conclusive when evidenced by a written instrument made by or on behalf of such General Partner and entered into the books and records of the Partnership. Without limiting the foregoing, any determination of whether the Recipient's Employment has been terminated or suspended, or whether a notice of termination or suspension of the Recipient's Employment has been provided or delivered, for purposes of this Certificate shall be made by the General Partner in its sole discretion.<br>&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this Certificate or the Partnership Agreement (i) shall confer on the Recipient any right to continue in the Employment of any member of the KKR Group or (ii) shall limit in any way the right of any member of the KKR Group to terminate the Recipient's Employment at any time.<br>&nbsp;&nbsp;&nbsp;&nbsp;(c) Each member of the KKR Group is expressly made a third party beneficiary of this Certificate.<br>&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a conflict between any provision contained in the Partnership Agreement and this Certificate, the applicable provision of this Certificate shall govern and prevail.<br>

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;(e) This Certificate shall be governed by, and construed in accordance with, the laws of the State of Delaware without giving effect to any governing principles of conflicts of law that would apply the laws of another jurisdiction.<br>&nbsp;&nbsp;&nbsp;&nbsp;(f) This Certificate, together with the Partnership Agreement, contains the entire agreement between the Recipient and the Partnership with respect to the Award and supersedes all oral statements and prior writings with respect hereto.<br>|
| **Appendix B**<br> ****  | **Appendix B**<br> ****  |
| | **** <br>**<u>Confidentiality and Restrictive Covenant Agreement</u>**<br> **** <br>|

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## Exhibit 10.28

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**Exhibit 10.28**

**CERTAIN INFORMATION, IDENTIFIED BY, AND REPLACED WITH, A MARK OF "[\*\*]" HAS BEEN EXCLUDED FROM THIS DOCUMENT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.** <br>

Execution Version

CREDIT AGREEMENT

Dated as of January 16, 2026

among

GLOBAL ATLANTIC LIMITED (DELAWARE),

as Holdings,

GLOBAL ATLANTIC (FIN) COMPANY,

as Finco,

THE BORROWERS PARTY HERETO,

as Borrowers,

WELLS FARGO BANK, N.A.,

as Administrative Agent,

and

THE LENDERS PARTY HERETO <br>

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WELLS FARGO SECURITIES, LLC,

BOFA SECURITIES, INC. and

BARCLAYS BANK PLC,

as Joint Lead Arrangers and Joint Bookrunners

BANK OF AMERICA, N.A. and

BARCLAYS BANK PLC,

as Syndication Agents

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
| ARTICLE 1 DEFINITIONS | ARTICLE 1 DEFINITIONS | 1 |
| Section 1.01 | Certain Defined Terms | 1 |
| Section 1.02 | Other Interpretive Provisions | 36 |
| Section 1.03 | Classification of Loans | 37 |
| Section 1.04 | Accounting Principles | 37 |
| Section 1.05 | Divisions | 38 |
| Section 1.06 | Rates | 38 |
| Section 1.07 | Borrower Representative | 39 |
| ARTICLE 2 THE CREDITS | ARTICLE 2 THE CREDITS | 39 |
| Section 2.01 | Revolving Loans | 39 |
| Section 2.02 | Pro Rata Shares | 40 |
| Section 2.03 | Conversion and Continuation of Revolving Loans | 41 |
| Section 2.04 | Notes; Loan Accounts | 41 |
| Section 2.05 | Prepayments | 42 |
| Section 2.06 | Interest | 43 |
| Section 2.07 | Fees | 45 |
| Section 2.08 | Computation of Fees and Interest | 45 |
| Section 2.09 | Payments Generally | 46 |
| Section 2.10 | Sharing of Payments by Lenders | 47 |
| Section 2.11 | Defaulting Lenders | 48 |
| Section 2.12 | Maturity Extensions of Revolving Loans | 50 |
| Section 2.13 | Incremental Facilities | 52 |
| ARTICLE 3 TAXES, YIELD PROTECTION AND ILLEGALITY | ARTICLE 3 TAXES, YIELD PROTECTION AND ILLEGALITY | 54 |
| Section 3.01 | Taxes | 54 |
| Section 3.02 | Illegality | 58 |
| Section 3.03 | Increased Costs and Reduction of Return | 59 |
| Section 3.04 | Funding Losses | 60 |
| Section 3.05 | Effect of Benchmark Transition Event | 61 |
| Section 3.06 | Certificates of Lenders | 63 |
| Section 3.07 | Substitution of Lenders | 63 |
| Section 3.08 | Survival | 63 |
| Section 3.09 | Circumstances Affecting Benchmark Availability | 63 |
| Section 3.10 | Redomiciled Borrower | 64 |
| ARTICLE 4 CONDITIONS PRECEDENT | ARTICLE 4 CONDITIONS PRECEDENT | 65 |
| Section 4.01 | Conditions to Effectiveness | 65 |
| Section 4.02 | Conditions to All Borrowings | 67 |
| Section 4.03 | Determinations Under Section 4.01 | 68 |
| ARTICLE 5 REPRESENTATIONS AND WARRANTIES | ARTICLE 5 REPRESENTATIONS AND WARRANTIES | 68 |
| Section 5.01 | Corporate Existence and Power | 68 |

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| | | |
|:---|:---|:---|
| Section 5.02 | Corporate Authorization; Contravention | 68 |
| Section 5.03 | Governmental Authorization | 69 |
| Section 5.04 | Binding Effect | 69 |
| Section 5.05 | Financial Information | 69 |
| Section 5.06 | Litigation | 69 |
| Section 5.07 | Compliance with ERISA | 70 |
| Section 5.08 | Taxes | 70 |
| Section 5.09 | Subsidiaries | 70 |
| Section 5.10 | Investment Company Act of 1940 | 71 |
| Section 5.11 | No Default | 71 |
| Section 5.12 | Material Subsidiaries; Immaterial Subsidiaries; Unrestricted Subsidiaries | 71 |
| Section 5.13 | Full Disclosure | 71 |
| Section 5.14 | Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act | 71 |
| Section 5.15 | Affected Financial Institutions | 72 |
| Section 5.16 | Covered Entity | 72 |
| ARTICLE 6 AFFIRMATIVE COVENANTS | ARTICLE 6 AFFIRMATIVE COVENANTS | 72 |
| Section 6.01 | Information | 72 |
| Section 6.02 | Certificates; Other Information | 73 |
| Section 6.03 | Payment of Obligations | 75 |
| Section 6.04 | Conduct of Business and Maintenance of Existence | 75 |
| Section 6.05 | Maintenance of Property; Insurance | 75 |
| Section 6.06 | Compliance with Laws | 76 |
| Section 6.07 | Inspection of Property, Books and Records | 76 |
| Section 6.08 | Use of Credit | 76 |
| Section 6.09 | Designation of Subsidiaries | 77 |
| Section 6.10 | Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws | 77 |
| ARTICLE 7 NEGATIVE COVENANTS | ARTICLE 7 NEGATIVE COVENANTS | 78 |
| Section 7.01 | Liens | 78 |
| Section 7.02 | Consolidations, Mergers and Sales of Assets | 80 |
| Section 7.03 | Indebtedness of Non-Guarantor Restricted Subsidiaries | 80 |
| Section 7.04 | Transactions with Affiliates | 80 |
| Section 7.05 | Compliance with Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws | 81 |
| Section 7.06 | Debt to Total Capitalization Ratio | 81 |
| Section 7.07 | Holdings Net Worth | 81 |
| ARTICLE 8 EVENTS OF DEFAULT | ARTICLE 8 EVENTS OF DEFAULT | 81 |
| Section 8.01 | Events of Default | 81 |
| Section 8.02 | Remedies | 84 |
| Section 8.03 | Rights Not Exclusive | 85 |
| ARTICLE 9 THE AGENTS | ARTICLE 9 THE AGENTS | 85 |
| Section 9.01 | Appointment and Authority | 85 |
| Section 9.02 | Rights as a Lender | 85 |
| Section 9.03 | Exculpatory Provisions | 85 |

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| | | |
|:---|:---|:---|
| Section 9.04 | Reliance by Administrative Agent | 86 |
| Section 9.05 | Delegation of Duties | 87 |
| Section 9.06 | Resignation of Administrative Agent | 87 |
| Section 9.07 | Non-Reliance on Administrative Agent and Other Lenders | 88 |
| Section 9.08 | No Other Duties; Other Agents; Etc | 89 |
| Section 9.09 | Administrative Agent May File Proofs of Claim | 89 |
| Section 9.10 | Guarantee Matters | 90 |
| Section 9.11 | Indemnification of Agent-Related Persons | 90 |
| Section 9.12 | Withholding Tax | 90 |
| Section 9.13 | Certain ERISA Matters | 91 |
| Section 9.14 | Erroneous Payments | 92 |
| ARTICLE 10 MISCELLANEOUS | ARTICLE 10 MISCELLANEOUS | 94 |
| Section 10.01 | Amendments and Waivers | 94 |
| Section 10.02 | Notices | 96 |
| Section 10.03 | No Waiver; Cumulative Remedies | 98 |
| Section 10.04 | Costs and Expenses | 99 |
| Section 10.05 | Finco Indemnification; Damage Waiver | 99 |
| Section 10.06 | Marshaling; Payments Set Aside | 101 |
| Section 10.07 | Assignments, Successors, Participations, Etc | 101 |
| Section 10.08 | Confidentiality | 105 |
| Section 10.09 | Set-off | 106 |
| Section 10.10 | Notification of Addresses, Lending Offices, Etc | 106 |
| Section 10.11 | Effectiveness; Counterparts | 106 |
| Section 10.12 | Survival of Representations and Warranties | 107 |
| Section 10.13 | Severability | 107 |
| Section 10.14 | Replacement of Defaulting Lenders and Non-Consenting Lenders | 108 |
| Section 10.15 | Governing Law; Jurisdiction; Consent to Service of Process | 108 |
| Section 10.16 | Waiver of Jury Trial | 109 |
| Section 10.17 | PATRIOT Act Notice | 109 |
| Section 10.18 | Entire Agreement | 110 |
| Section 10.19 | Independence of Covenants | 110 |
| Section 10.20 | Obligations Several; Independent Nature of Lenders Right | 110 |
| Section 10.21 | No Fiduciary Duty | 110 |
| Section 10.22 | Judgment Currency | 111 |
| Section 10.23 | Acknowledgment and Consent to Bail-In of Affected Financial Institutions | 112 |
| Section 10.24 | Acknowledgment Regarding Any Supported QFCs | 112 |
| Section 10.25 | Release of Borrowers | 113 |

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iii

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#### APPENDICES
Appendix A Revolving Commitments

#### <br>

#### SCHEDULES
Schedule 5.12 Material Subsidiaries; Immaterial Subsidiaries; Unrestricted Subsidiaries <br> Schedule 7.01 Existing Liens <br> Schedule 10.02 Addresses for Notices

#### <br>

#### EXHIBITS

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| | |
|:---|:---|
| Exhibit A | Form of Compliance Certificate |
| Exhibit B | Form of Revolving Loan Note |
| Exhibit C-1 | Form of Loan Notice |
| Exhibit C-2 | Form of Conversion/Continuation Notice |
| Exhibit D | Form of Assignment and Assumption |
| Exhibit E | Form of Guarantee Agreement |
| Exhibit F-1 | United States Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit F-2 | United States Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit F-3 | United States Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit F-4 | United States Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit G | Intercompany Subordination Provisions |
| Exhibit H | Form of Prepayment Notice |
| Exhibit I | Form of Joinder Agreement |
| Exhibit J | Form of Extension Offer |

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iv

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#### CREDIT AGREEMENT
This CREDIT AGREEMENT is entered into as of January 16, 2026 by and among GLOBAL ATLANTIC LIMITED (DELAWARE), a Delaware corporation ("**GALD**" or "**Holdings**"), GLOBAL ATLANTIC (FIN) COMPANY, a Delaware corporation and a wholly-owned subsidiary of Holdings ("**Finco**"), COMMONWEALTH ANNUITY AND LIFE INSURANCE COMPANY, a Massachusetts-domiciled insurance company ("**CWA**"), FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY, a Massachusetts-domiciled insurance company ("**FAFLIC**"), FORETHOUGHT LIFE INSURANCE COMPANY, an Indiana-domiciled insurance company ("**FLIC**"), ACCORDIA LIFE AND ANNUITY COMPANY, an Iowa-domiciled insurance company ("**Accordia**"), GLOBAL ATLANTIC RE LIMITED, a Bermuda exempted company limited by shares registered as a Class 3A and Class C insurer under the Insurance Act ("**GARe**"), GLOBAL ATLANTIC ASSURANCE LIMITED, a Bermuda exempted company limited by shares registered as a Class 3A and Class E insurer under the Insurance Act ("**GAAL**" and, together with CWA, FAFLIC, FLIC, Accordia and GARe, collectively, the "**Borrowers**" and individually, each, a "**Borrower**"), the lenders from time to time party to this Agreement (collectively, the "**Lenders**"; individually, each, a "**Lender**"), WELLS FARGO BANK, N.A., as administrative agent for the Lenders (the "**Administrative Agent**") and the other agents and arrangers party hereto.

#### RECITALS:
WHEREAS, the Borrowers have requested that the Lenders establish a revolving credit facility for the Borrowers, and the Lenders are willing to establish a revolving credit facility for the Borrowers upon the terms and conditions set forth herein;

WHEREAS, the Borrowers intend to use the proceeds of the revolving credit facility for working capital, general corporate purposes and growth initiatives of the Borrowers and their Subsidiaries;

WHEREAS, Holdings and Finco are willing to guarantee the obligations of the Borrowers, as provided in the Guarantee Agreement; and

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the parties agree as follows:

ARTICLE 1

Definitions

Section 1.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Certain Defined Terms .* The following terms have the following meanings:

"**Accordia**" has the meaning specified in the introduction to this Agreement.

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"**Administrative Agent**" has the meaning specified in the introduction to this Agreement, and includes its successors and permitted assigns in such capacity.

"**Administrative Agent's Office**" means the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 10.02</u> or such other address or account as the Administrative Agent may from time to time specify.

"**Affected Financial Institution**" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" means, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by or is under common control with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power (a) to vote 10% or more of the securities (on a fully diluted basis) having ordinary voting power for the election of directors or managing general partners of the other Person or (b) to direct or cause the direction of the management and policies of the other Person, whether through the ownership of voting securities, membership interests, by contract or otherwise.

"**Agent**-**Related Persons**" means the initial Administrative Agent and any successor Administrative Agent, in each case together with their respective Affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates.

"**Agents**" means the Administrative Agent, the Arrangers, the Bookrunners and the Syndication Agents.

"**Agreement**" means this Credit Agreement, as amended, restated, modified or supplemented from time to time in accordance with the terms hereof.

"**Annual Statement**" means the annual statutory financial statement of any Insurance Subsidiary required to be filed with the insurance commissioner (or similar authority) of its jurisdiction of incorporation, which statement shall be in the form required by such Insurance Subsidiary's jurisdiction of incorporation or, if no specific form is so required, in the form of financial statements permitted by such insurance commissioner (or such similar authority) to be used for filing annual statutory financial statements and shall contain the type of information permitted or required by such insurance commissioner (or such similar authority) to be disclosed therein, together with all exhibits or schedules filed therewith.

"**Anti**-**Corruption Laws**" means all laws, rules and regulations of any jurisdiction applicable to the Credit Parties from time to time concerning or relating to bribery or corruption, including the U.S. Foreign Corrupt Practices Act, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and the Bribery Act 2016 of Bermuda, in each case, as may be amended from time to time.

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"**Anti**-**Money Laundering Laws**" means all laws, rules, and regulations of any jurisdiction applicable to the Credit Parties from time to time concerning or related to money laundering or terrorism financing, or any predicate crime to money laundering, or any financial record keeping and reporting requirements related thereto, including but not limited to (i) the PATRIOT Act, and (ii) the Proceeds of Crime Act 1997, Financial Intelligence Agency Act 2007, Anti-Terrorism (Financial and Other Measures) Act 2004 and Proceeds of Crime Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement Act 2008 of Bermuda, in each case, as may be amended from time to time.

"**Applicable Margin**" and "**Applicable Revolving Commitment Fee Percentage**" mean a percentage, per annum, determined by reference to (i) in the case of the Applicable Margin, the Financial Strength Ratings of the Borrower of the applicable Revolving Loans, and (ii) in the case of the Applicable Revolving Commitment Fee Percentage, the Financial Strength Ratings of CWA, in each case as in effect from time to time, as set forth in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
| <u>Pricing</u><br> <u>Level</u> | <u>Financial Strength Ratings</u><br> <u>S&P / Moody's / Fitch</u> | <u>Applicable</u><br> <u>Margin for</u><br> <u>Base Rate Loans</u> | <u>Applicable Margin</u><br> <u>for SOFR Loans</u> | <u>Applicable</u><br> <u>Revolving</u><br> <u>Commitment Fee</u><br> <u>Percentage</u> |
| 1 | ≥ A+ / A1 /A+ | [\*\*]% | [\*\*]% | [\*\*]% |
| 2 | A / A2 / A | [\*\*]% | [\*\*]% | [\*\*]% |
| 3 | ≤ A- / A3 / A- | [\*\*]% | [\*\*]% | [\*\*]% |

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Initially, the Applicable Margin and Applicable Revolving Commitment Fee Percentage shall be set at Pricing Level 2. No change in the Applicable Margin or Applicable Revolving Commitment Fee Percentage shall be effective until one (1) Business Day after the date of the public announcement of a change in the applicable Financial Strength Ratings. Within one (1) Business Day of the date of the public announcement of a change in any of the Financial Strength Ratings of any Borrower, the Administrative Agent shall give the Borrower Representative and each Lender notice of the Applicable Margin and the Applicable Revolving Commitment Fee Percentage in effect from such date.

"**Approved Electronic Communications**" means any notice, demand, communication, information, document or other material that any of Holdings or any of its Subsidiaries provides to the Administrative Agent pursuant to any Loan Document or the transactions contemplated therein, which is distributed to the Administrative Agent or Lenders by means of electronic communications pursuant to <u>Section 10.02(b)</u>.

"**Approved Fund**" means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

"**Arrangers**" means, collectively, WFS, BofA Securities and Barclays.

*[\*\*]*=*Certain information contained in this document, marked by "[\*\*]", has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.*

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"**Assignment and Assumption**" means an assignment and assumption entered into by a Lender and an Eligible Assignee substantially in the form of <u>Exhibit D</u> or in another form reasonably acceptable to the Administrative Agent.

"**Attorney Costs**" means and includes all reasonable fees, expenses and disbursements of any law firm or other external legal counsel.

"**Available Tenor**" means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 3.05(d)</u>.

"**Bail-In Action**" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"**Bail-In Legislation**" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"**BANA**" means Bank of America, N.A.

"**Bankruptcy Code**" means Title 11 of the United States Code entitled "Bankruptcy," as now and hereafter in effect, or any successor statute.

"**Barclays**" means Barclays Bank PLC.

"**Base Rate**" means, at any time, a fluctuating rate *per annum* equal to the highest of (a) the Prime Rate, (b) the Federal Funds Rate <u>plus</u> 0.50% *per annum* and (c) Term SOFR for a one-month tenor in effect on such day <u>plus</u> 1.00% *per annum*; each change in the Base Rate shall take effect simultaneously with the corresponding change or changes in the Prime Rate, the Federal Funds Rate or Term SOFR, as applicable (<u>provided</u> that <u>clause (c)</u> shall not be applicable during any period in which Term SOFR is unavailable or unascertainable). Notwithstanding the foregoing, in no event shall the Base Rate be less than 1.00%.

"**Base Rate Loan**" means a Revolving Loan that bears interest based on the Base Rate.

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"**Base Rate Term SOFR Determination Day**" has the meaning assigned thereto in the definition of "Term SOFR".

"**Benchmark**" means, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 3.05(a)</u>.

"**Benchmark Replacement**" means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower Representative giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (b) the related Benchmark Replacement Adjustment; <u>provided</u> that, if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

"**Benchmark Replacement Adjustment**" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower Representative giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

"**Benchmark Replacement Date**" means the earliest to occur of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; in the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such

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Benchmark (or such component thereof) to be non-representative; <u>provided</u> that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Start Date**" means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark

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Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"**Benchmark Unavailability Period**" means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.05(a) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.05(a).

"**Beneficial Ownership Certification**" means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

"**Beneficial Ownership Regulation**" means 31 C.F.R. § 1010.230.

"**Benefit Plan**" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"**Bermuda Monetary Authority**" means the Bermuda Monetary Authority, being the regulator of the financial services sector in Bermuda established under the Bermuda Monetary Authority Act 1969, or any successor thereto.

"**BofA Securities**" means BofA Securities, Inc.

"**Bookrunners**" means, collectively, WFS, BofA Securities and Barclays.

"**Borrower**" has the meaning specified in the introduction to this Agreement.

"**Borrower Materials**" has the meaning specified in <u>Section 6.02</u>.

"**Borrower Release**" has the meaning specified in <u>Section 10.25</u>.

"**Borrower Representative**" has the meaning specified in <u>Section 1.07</u>.

"**Borrowing Date**" means the date of a Credit Extension (other than a conversion or continuation of a Revolving Loan).

"**Business Day**" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state where the Administrative Agent's Office is located or New York City.

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"**Capital Adequacy Regulation**" means any guideline, request or directive of any central bank or other Governmental Authority, or any other law, rule or regulation, whether or not having the force of law, in each case, regarding capital adequacy or liquidity of any bank or of any corporation controlling a bank.

"**Capital Stock**" means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all shares (of whatever class) in the capital of a Bermuda exempted company, any and all equivalent ownership interests in a Person (other than a corporation), including partnership interests and membership interests, and any and all warrants, rights or options to purchase any of the foregoing; *provided* that, for the avoidance of doubt, Capital Stock shall not be deemed to include debt convertible or exchangeable for any of the foregoing.

"**Capitalized Lease Liabilities**" means, with respect to any Person, all monetary obligations of such Person under any leasing or similar arrangement that, in accordance with GAAP, would be classified as a capitalized lease, *provided* that, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP, and the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of this definition, whenever in this Agreement it is necessary to determine whether a lease is a capital lease or an operating lease, such determination shall be made on the basis of GAAP as in effect on January 1, 2015.

"**Cash Management Obligations**" means obligations owed in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers of funds or in respect of any credit card or similar services.

"**CBOs**" means notes or other instruments (other than CMOs) secured by collateral consisting primarily of debt securities and/or other types of debt obligations, including loans.

"**CERCLA**" means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980.

"**Change of Control**" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) from and after the IPO, any acquisition, directly or indirectly, by any person or group (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Permitted Holders, of beneficial ownership (within the meaning of Rule 13d-3 of the SEC under the Exchange Act) of a percentage, on a fully diluted basis, of the outstanding shares of Voting Stock of the IPO Entity that is both (i) equal to or greater than 35% and (ii) greater than the percentage, on a fully diluted basis, of the outstanding shares of Voting Stock of the IPO Entity that is beneficially owned, directly or indirectly, by the Permitted Holders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) from and after the IPO, any person or group (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Permitted Holders, shall obtain, directly or indirectly, the power (whether or not exercised) to elect a majority of the members of the board of directors (or similar governing body) of the IPO Entity (other than additional direct power of GAFGL to elect a majority of the members of the board of directors (or similar governing body) of GALD);

(c)(i) prior to the IPO, the Permitted Holders shall cease to beneficially own and control, directly or indirectly, at least 50.1% on a fully diluted basis of the outstanding shares of Voting Stock of GALD, (ii) Holdings shall cease to beneficially own and control, directly or indirectly, 100% on a fully diluted basis of the outstanding shares of Voting Stock of Finco or (iii) subject to <u>Section 10.25</u>, Holdings shall cease to beneficially own and control, directly or indirectly, 100% of the Capital Stock of any Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of a "change of control" (howsoever defined) in any instrument governing any Indebtedness of Holdings or its Restricted Subsidiaries with an aggregate outstanding amount in excess of $250,000,000 that constitutes an "event of default" under such other debt instrument or would constitute an "event of default" after notice or passage of time under such other debt instrument.

For the avoidance of doubt, (A) the IPO will not constitute a Change of Control, (B) no change in ownership or control of KKR Management LLP, or indirect change in ownership or control of KKR solely as a result of a change in ultimate ownership or control of KKR Management LLP, is or will constitute a Change of Control and (C) no change in ownership or control of an entity released by a Borrower Release pursuant to <u>Section 10.25</u> will constitute a Change of Control.

"**Class**" means a set of Revolving Commitments that have the same Commitment Termination Date and all Revolving Loans made with respect to such Revolving Commitments. Until the effectiveness of an Extension pursuant to <u>Section 2.12</u>, there will be only one Class hereunder.

"**Class Utilization of Revolving Commitments**" means, as at any date of determination and with respect to any Class, the aggregate principal amount of all outstanding Revolving Loans under such Class.

"**CMOs**" means notes or other instruments secured by collateral consisting primarily of mortgages, mortgage-backed securities and/or other types of mortgage-related obligations.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Commitment Letter**" means that certain commitment letter, dated as of November 21, 2025, by and among GALD, Wells Fargo, WFS, BANA, BofA Securities and Barclays, as amended, restated, supplemented or otherwise modified from time to time.

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"**Commitment Termination Date**" means, with respect to any Class of Revolving Commitments, the earliest to occur of (i) the later of (x) the date that is 364 days after the Effective Date and (y) the Extended Termination Date of such Class, if any, (ii) the date the Revolving Commitments of such Class are permanently reduced to zero pursuant to <u>Section 2.05</u>, and (iii) the date of the termination of the Revolving Commitments of every Class pursuant to <u>Section 8.02</u>.

"**Compensation Period**" has the meaning specified in <u>Section 2.09(c)(ii)</u>.

"**Compliance Certificate**" means a certificate substantially in the form of <u>Exhibit A</u> executed by a Responsible Officer of Holdings.

"**Conforming Changes**" means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate," the definition of "U.S. Government Securities Business Day" and "Business Day," the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods, the applicability of <u>Section 3.04</u> and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"**Connection Income Taxes**" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"**Contingent Obligation**" means, without duplication, any agreement, undertaking or arrangement by which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the debt, obligation or other liability of any other Person (other than by endorsements of instruments in the course of collection or indemnities or other similar obligations under contracts entered into in the ordinary course of business and not in respect of Indebtedness or the issuance of Capital Stock), or guarantees the payment of dividends or other distributions upon the shares of any other Person; *provided* that the obligations of any Person under or in connection with insurance policies, under or in connection with Reinsurance Agreements, or in connection with Investments of Insurance Subsidiaries or Subsidiaries of Insurance Subsidiaries permitted by the applicable Department shall not be deemed Contingent Obligations of such Person. The amount of any

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Contingent Obligation of any Person shall (subject to any limitation set forth therein) be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such Person in good faith.

"**Conversion/Continuation Notice**" means a notice of conversion or continuation of a Revolving Loan substantially in the form of <u>Exhibit C-2</u>.

"**Covered Party**" has the meaning specified in <u>Section 10.24(a)</u>.

"**Credit Extension**" means the making, conversion or continuation of a Revolving Loan.

"**Credit Parties**" means the Borrowers and the Guarantors.

"**CWA**" has the meaning specified in the introduction to this Agreement.

"**Debt to Total Capitalization Ratio**" means, as of any date of determination, without duplication, the ratio of (a) the principal amount of, and accrued but unpaid interest on, all consolidated Indebtedness (other than Operating Indebtedness, Indebtedness in respect of undrawn letters of credit, Non-Recourse Insurance Subsidiary Indebtedness or Intercompany Indebtedness) of any Person and its Restricted Subsidiaries outstanding on such date to (b) Total Capitalization of such Person and its Restricted Subsidiaries on such date.

"**Debtor Relief Laws**" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally, including state or other insurance insolvency laws.

"**Default**" means any event or circumstance that constitutes an Event of Default or that, with the giving of notice, the lapse of time, or both, would (if not cured or otherwise remedied during such time) constitute an Event of Default.

"**Defaulting Lender**" means, subject to <u>Section 2.11(b)</u>, any Lender that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has failed to (i) fund all or any portion of its Revolving Loans within two (2) Business Days of the date such Revolving Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower Representative in writing that such failure is the result of such Lender's determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two (2) Business Days of the date when due,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has notified the Borrower Representative or the Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender's obligation to fund a Revolving Loan hereunder and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower Representative, to confirm in writing to the Administrative Agent or the Borrower Representative that it will comply with its prospective funding obligations hereunder (*provided* that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (c)</u> upon receipt of such written confirmation by the Administrative Agent),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Administrative Agent has received notification that such Lender is, or has a direct or indirect parent company that is (i) insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors or (ii) the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its direct or indirect parent company, or such Lender or its direct or indirect parent company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is subject of any Bail-In Action;

*provided* that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Capital Stock in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

"**Department**" means, with respect to any Insurance Subsidiary, the Governmental Authority of such Insurance Subsidiary's state or other jurisdiction of domicile with which such Insurance Subsidiary is required to file its Annual Statement.

"**Disposition**" means the sale, assignment, leasing, transfer, contribution, conveyance, or other disposal of, any of a Person's assets (other than cash) (including a sale and leaseback transaction and, in the case of any Restricted Subsidiary, the issuance or sale of its Capital Stock). The terms "**Dispose of**" and "**Disposed of**" shall have correlative meaning.

"**Disqualified Lender**" means (i) certain insurance companies that have been identified in writing by GALD to the Arrangers on or prior to November 21, 2025 (and any Affiliate thereof

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that is clearly identifiable as such solely on the basis of its name) and (ii) certain additional insurance companies or insurance company holding companies that have become competitors or clients of any Credit Party or any of their Subsidiaries after the Effective Date identified in writing by Holdings to the Arrangers and the Administrative Agent (and any Affiliate thereof that is clearly identifiable as such solely on the basis of its name), *provided* that any Person (x) that is a Lender or that enters into a binding agreement to assume rights and obligations under this Agreement or (y) that is a Participant or that enters into a binding agreement to purchase a participation in all or a portion of a Lender's rights and/or obligations under this Agreement and, in the case of either clause (x) or (y), subsequently becomes a Disqualified Lender (but was not a Disqualified Lender on the Effective Date or at the time it became a Lender or a Participant or entered into an agreement of such type, as applicable) shall be deemed to not be a Disqualified Lender hereunder. The list of Disqualified Lenders shall be made available to all Lenders by posting such list to IntraLinks or another similar electronic system.

"**Dollars**," "**dollars**" and "**$**" each mean lawful money of the United States.

"**EEA Financial Institution**" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"**EEA Member Country**" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**EEA Resolution Authority**" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**Effective Date**" means January 16, 2026, or, if later, the first date all the conditions precedent in <u>Section 4.01</u> are satisfied or waived in accordance with <u>Section 10.01</u>.

"**Electronic Signature**" means an electronic sound, symbol or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

"**Eligible Assignee**" means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved Fund; and (d) any other Person (other than a Natural Person) approved by (i) the Administrative Agent and (ii) unless an Event of Default under <u>Section 8.01(a)</u>, <u>(f)</u> or <u>(g)</u> has occurred and is continuing, the Borrower Representative (each such approval not to be unreasonably withheld, conditioned or delayed); *provided* that (x) notwithstanding the foregoing, "Eligible Assignee" shall not include any Credit Party or any of its Affiliates or any Disqualified Lender and (y) the Borrower Representative shall be deemed to have approved an assignee unless it shall object

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thereto by written notice to the Administrative Agent within fifteen (15) Business Days after having received notice thereof.

"**Entitled Person**" has the meaning set forth in <u>Section 10.22(b)</u>.

"**Environment**" means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as wetlands, flora and fauna.

"**Environmental Laws**" means any and all federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other legally binding governmental restrictions relating to the environment or to emissions, discharges or releases of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes into the environment including, without limitation, ambient air, surface water, ground water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes or the clean-up or other remediation thereof.

"**Environmental Liability**" means any liability, contingent or otherwise (including any liability for damages, costs of remediation, fines, penalties or indemnities), of Holdings, any other Credit Party or any of their respective Subsidiaries directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage or treatment of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

"**ERISA**" means the Employee Retirement Income Security Act of 1974 and the regulations promulgated thereunder.

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) under common control with Holdings, Finco or a Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code solely for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" means (a) a Reportable Event with respect to a Single Employer Pension Plan; (b) with respect to any Single Employer Pension Plan, the failure to satisfy the minimum funding standard under Sections 412 or 430 of the Code and Sections 302 or 303 of ERISA, whether or not waived, the failure to make by its due date a required installment under Section 430(j) of the Code or Section 303 of ERISA with respect to any Single Employer Pension Plan or the failure to make a required contribution to a Multiemployer Plan; (c) a withdrawal by any member of the ERISA Group from a Single Employer Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations which is treated as such a withdrawal

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under Section 4062(e) of ERISA; (d) a complete or partial withdrawal by any member of the ERISA Group from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent; (e) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA or the commencement of proceedings by the PBGC to terminate a Single Employer Pension Plan or Multiemployer Plan; (f) an event or condition that would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Single Employer Pension Plan or Multiemployer Plan; (g) the imposition of any liability under Title IV of ERISA, other than required plan contributions and PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any member of the ERISA Group; (h) the engagement by any member of the ERISA Group in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; (i) a Multiemployer Plan is determined to be in "critical" or "endangered" status under Section 432 of the Code or Section 305 of ERISA, or, with respect to any Single Employer Pension Plan, a determination that it is "at risk" under Section 430 of the Code or Section 303 of ERISA; or (j) the imposition of a Lien under Section 430(k) of the Code or Section 303(k) or 4068 of ERISA.

"**ERISA Group**" means collectively, Holdings, Finco, the Borrowers and each ERISA Affiliate.

"**Erroneous Payment**" has the meaning assigned thereto in <u>Section 9.14(a)</u>.

"**Erroneous Payment Deficiency Assignment**" has the meaning assigned thereto in <u>Section 9.14(d)</u>.

"**Erroneous Payment Impacted Class**" has the meaning assigned thereto in <u>Section 9.14(d)</u>.

"**Erroneous Payment Return Deficiency**" has the meaning assigned thereto in <u>Section 9.14(d)</u>.

"**EU Bail-In Legislation Schedule**" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**Event of Default**" has the meaning specified in <u>Section 8.01</u>.

"**Exchange Act**" means the Securities Exchange Act of 1934 and the regulations promulgated thereunder.

[\*\*].

"**Excluded Taxes**" means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of any Credit Party under any Loan Document, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of

*[\*\*]*=*Certain information contained in this document, marked by "[\*\*]", has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.*

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such recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender (i) (other than an assignee pursuant to a request by a Borrower under <u>Section 3.07</u> or <u>10.14</u>) any United States federal withholding Tax that is imposed on amounts payable to such Lender under any laws in effect at the time such Lender becomes a party hereto (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the time of designation of a new lending office (or assignment), to receive additional amounts from a Borrower with respect to such withholding Tax pursuant to <u>Section 3.01(a)</u> or (ii) any Tax that is attributable to such Lender's failure to comply with <u>Section 3.01(e)</u> and (c) any United States federal withholding Tax that is imposed pursuant to FATCA.

"**Existing Finco Credit Agreement**" means the Credit Agreement dated as of May 7, 2024, by and among GALD, Finco, certain entities from time to time party thereto as guarantors, the lenders from time to time party thereto, Wells Fargo, as administrative agent, and the other agents and arrangers party thereto.

"**Extended Termination Date**" has the meaning specified in <u>Section 2.12(a)</u>.

"**Extending Lender**" has the meaning specified in <u>Section 2.12(b)</u>.

"**Extension**" has the meaning specified in <u>Section 2.12(a)</u>.

"**Extension Offer**" has the meaning specified in <u>Section 2.12(a)</u>.

"**Extension Response Date**" has the meaning specified in <u>Section 2.12(a)</u>.

"**Facility**" means, collectively, the Revolving Loans and Revolving Commitments therefor.

"**FAFLIC**" has the meaning specified in the introduction to this Agreement.

"**FATCA**" means current Sections 1471 through 1474 of the Code and any amended or successor version that is substantively comparable and not materially more onerous to comply with (including any current or future United States Treasury Regulations or other official administrative guidance promulgated thereunder), any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any published intergovernmental agreement entered into in connection with the implementation of such sections of the Code.

"**Federal Funds Rate**" means, for any day, the greater of (i) the rate calculated by the Federal Reserve Bank of New York based on such day's Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day

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by the Federal Reserve Bank of New York as the Federal funds effective rate and (ii) 0%; *provided* that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Administrative Agent on such day on such transactions as determined by the Administrative Agent.

"**Fee Letter**" means any fee letter agreement entered into pursuant to <u>Section 2.07(c)</u>.

"**Financial Strength Ratings**" means, as of any date of determination, with respect to any Borrower, the financial strength ratings as determined by Moody's, Fitch and S&P of such Borrower; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Financial Strength Ratings of any Borrower issued by the foregoing rating agencies differ by one level, then the Pricing Level for the highest of such Financial Strength Ratings shall apply to such Borrower (with the Financial Strength Ratings for Pricing Level 1 being the highest and the Financial Strength Ratings for Pricing Level 3 being the lowest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if there is a split in the Financial Strength Ratings of any Borrower of more than one level, then the Pricing Level that is one level higher than the Pricing Level for the lowest of such Financial Strength Ratings shall apply to such Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if there are no Financial Strength Ratings available from any of the foregoing rating agencies with respect to any Borrower, then Pricing Level 3 shall apply to such Borrower.

"**Fiscal Quarter**" means any fiscal quarter of a Fiscal Year.

"**Fiscal Year**" means any period of twelve consecutive calendar months ending on December 31.

"**Fitch**" means Fitch Ratings Limited, together with any Person succeeding thereto by merger, consolidation or acquisition of all or substantially all of its assets, including substantially all of its business of rating securities.

"**FLIC**" has the meaning specified in the introduction to this Agreement.

"**Floor**" means a rate of interest equal to 0%.

"**Foreign Lender**" means any Lender that is not a "United States person" within the meaning of Section 7701(a)(30) of the Code.

"**Foreign Subsidiary**" means a Subsidiary (which may be a corporation, limited liability company, partnership or other legal entity) organized under the laws of a jurisdiction outside the United States.

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"**FRB**" means the Board of Governors of the Federal Reserve System and any Governmental Authority succeeding to any of its principal functions.

"**Fund**" means any Person (other than a Natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.

"**GAAL**" has the meaning specified in the introduction to this Agreement.

"**GAAP**" means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting profession), that are applicable to the circumstances as of the date of determination.

"**GAFGL**" means The Global Atlantic Financial Group LLC, a limited liability company incorporated and existing under the laws of Bermuda.

"**GAFLL**" means Global Atlantic Financial Life Limited, an exempted company incorporated and existing under the laws of Bermuda.

"**GALD**" has the meaning specified in the introduction to this Agreement.

"**GARe**" has the meaning specified in the introduction to this Agreement.

"**Governmental Authority**" means any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial or regulatory functions of or pertaining to government, including any board of insurance, insurance department, insurance commissioner or other insurance supervisory authority.

"**Guarantee**" has the meaning specified in the Guarantee Agreement.

"**Guarantee Agreement**" means the Guarantee Agreement, dated as of the Effective Date, among the Guarantors and the Administrative Agent, substantially in the form of <u>Exhibit E</u>.

"**Guaranteed Obligations**" has the meaning specified in the Guarantee Agreement.

"**Guaranteed Parties**" has the meaning specified in the Guarantee Agreement.

"**Guaranteed Swap Contract**" means any Swap Contract entered into by a Credit Party with any Person that, at the time such Swap Contract is entered into, is the Administrative Agent, any Arranger, any Bookrunner or any Lender (or an Affiliate of the Administrative Agent, any

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Arranger, any Bookrunner or any Lender) to hedge interest rate risk of such Credit Party with respect to the Facility.

"**Guarantors**" means each of Holdings and Finco.

"**Hazardous Material**" means: (a) any "hazardous substance," as defined by CERCLA; (b) any "hazardous waste," as defined by the Resource Conservation and Recovery Act; (c) petroleum and any petroleum product; or (d) any other pollutant, contaminant, chemical, material, waste or substance in any form that is subject to regulation or, as to which, liability or standards of conduct can be imposed under any Environmental Law.

"**Historical Financial Statements**" means, as of the Effective Date, the audited consolidated balance sheets and the related consolidated statements of income, stockholders' equity and cash flows of Holdings for the Fiscal Years ended December 31, 2023 and December 31, 2024.

"**Historical Statutory Statements**" means the December 31, 2024 Annual Statement of each Insurance Subsidiary that is a Restricted Subsidiary.

"**Holdings**" means (a) prior to the IPO, GALD, and (b) upon and after the IPO, the IPO Entity.

"**Hybrid Securities**" means, at any time, trust preferred securities, deferrable interest subordinated debt securities, mandatory convertible debt or other hybrid securities issued by Finco, any Borrower or any Restricted Subsidiary that is accorded at least some equity treatment by S&P or Moody's at the time of issuance thereof.

"**Immaterial Subsidiary**" means any Subsidiary of Holdings (other than any Credit Party) if (a) the Net Worth of such Subsidiary and its consolidated Restricted Subsidiaries as at the end of the most recently ended Fiscal Quarter for which financial statements have been delivered pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u> was equal to or less than 5% of the Net Worth of Holdings and its consolidated Restricted Subsidiaries and (b) such Subsidiary has been designated in writing to the Administrative Agent by Finco; <u>provided</u>, that, if at any time the aggregate amount of the Net Worth of all Immaterial Subsidiaries of Holdings and their respective consolidated Restricted Subsidiaries as at the end of the most recently ended Fiscal Quarter for which financial statements have been delivered pursuant to <u>Section 6.01(a)</u> or <u>6.01(b)</u> exceeds 10% of the Net Worth of Holdings and its consolidated Restricted Subsidiaries as of such date, then Finco shall designate in writing to the Administrative Agent sufficient Immaterial Subsidiaries to no longer constitute Immaterial Subsidiaries so as to eliminate such excess, and each such designated Subsidiary shall thereupon cease to be an Immaterial Subsidiary.

"**Increase Amount**" means, at any time, the amount equal to (a) $500,000,000 <u>less</u> (b) the aggregate amount of all New Revolving Commitments effected at or prior to such time. On the Effective Date, the Increase Amount is $500,000,000.

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"**Increased Amount Date**" has the meaning specified in <u>Section 2.13(a)</u>.

"**Indebtedness**" means, with respect to any Person, without duplication: (a) all indebtedness of such Person for borrowed money or in respect of loans or advances; (b) all indebtedness of such Person evidenced by bonds, debentures, notes or other similar instruments; (c) all indebtedness in respect of letters of credit, whether or not drawn (*provided* that, solely for purposes of <u>Section 7.06</u>, indebtedness in respect of letters of credit that are not drawn and unpaid shall not constitute "Indebtedness"), and bankers' acceptances and letters of guaranty issued for the account or upon the application or request of such Person; (d) all Capitalized Lease Liabilities of such Person; (e) the liabilities (if any) of such Person in respect of Swap Contracts as determined by reference to the Swap Termination Value thereof; (f) all obligations of such Person to pay the deferred purchase price of property or services that are included as liabilities in accordance with GAAP (other than accrued expenses incurred and trade accounts payable in each case in the ordinary course of business) and all obligations secured by a Lien on property owned or being purchased by such Person, but only to the extent of the lesser of the obligations secured or the value of the property to which such Lien is attached (including obligations arising under conditional sales or other title retention agreements); (g) any obligations of a partnership of the kind referred to in <u>clauses (a)</u> through <u>(f) above</u> or <u>clause (h)</u> or <u>(i)</u> below in which such Person is a general partner; (h) solely for purposes of <u>Section 7.06</u>, all obligations in respect of Hybrid Securities (other than Hybrid Securities (or the greatest portion thereof) that are treated as equity by S&P or Moody's) of such Person; and (i) all Contingent Obligations of such Person in connection with Indebtedness or obligations of others of the kinds referred to in <u>clauses (a)</u> through <u>(h)</u> above; *provided*, that obligations under the Tax Benefit Payment Agreement shall not constitute Indebtedness.

"**Indemnified Liabilities**" has the meaning specified in <u>Section 10.05(a)</u>.

"**Indemnified Persons**" has the meaning specified in <u>Section 10.05(a)</u>.

"**Indemnified Taxes**" means (a) Taxes, other than Excluded Taxes imposed on or with respect to any payment made by or on account of any obligation of any Credit Party under any Loan Document, and (b) to the extent not otherwise described in <u>clause (a)</u> of this definition, Other Taxes.

"**Insolvency Proceeding**" means, with respect to any Person, (a) any case, action or proceeding with respect to such Person before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, provisional liquidation, conservation, rehabilitation, receivership, dissolution, winding-up or relief of debtors or (b) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, compromise with creditors or other similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in any case, undertaken under U.S. Federal, state or foreign law, including Title 11 of the United States Code and the Companies Act 1981 of Bermuda.

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"**Insurance Act**" means the Insurance Act 1978 of Bermuda and related regulations, rules, codes of conduct, or any guidance (in each case as amended) promulgated thereunder and/or issued by the Bermuda Monetary Authority.

"**Insurance Investments**" means Investments by an Insurance Subsidiary or any Subsidiary of an Insurance Subsidiary for its investment portfolio (other than such Person's Investments in its Restricted Subsidiaries engaged in insurance lines of business) in the ordinary course of business consistent with the policies and procedures approved by the board of directors or the investment committee (or other applicable committee) of such Insurance Subsidiary or any Subsidiary of an Insurance Subsidiary.

"**Insurance Subsidiary**" means any Subsidiary of Holdings that is or is required to be licensed or registered as an insurer or reinsurer.

"**Intercompany Indebtedness**" means Indebtedness owed by Holdings or a Restricted Subsidiary to Holdings or a Restricted Subsidiary; *provided* that all such Indebtedness of any Credit Party owed to any Restricted Subsidiary that is not a Credit Party is unsecured and subject to the Intercompany Subordination Provisions.

"**Intercompany Subordination Provisions**" means the terms and conditions set forth on <u>Exhibit G</u>.

"**Interest Payment Date**" means (a) with respect to any Base Rate Loan, the last Business Day of each calendar quarter and (b) with respect to any SOFR Loan, the last day of each Interest Period applicable to the Credit Extension of which such Revolving Loan is a part; *provided* that if any Interest Period for a SOFR Loan exceeds three months, the date that falls three months after the beginning of such Interest Period and after each Interest Payment Date thereafter is also an Interest Payment Date (but in each case, subject to the definition of "Interest Period").

"**Interest Period**" means, with respect to any SOFR Loan, the period beginning on the date of the applicable Credit Extension and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter, as the Borrower Representative may elect; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp; if any Interest Period would otherwise end on a day that is not a Business Day, that Interest Period shall be extended to the following Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period shall end on the preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to <u>clause (c)</u> of this definition, end on the last Business Day of the calendar month at the end of such Interest Period;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no Interest Period with respect to any portion of any Class of Revolving Loans shall extend beyond the Latest Commitment Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; no tenor that has been temporarily removed from this definition pursuant to <u>Section 3.05(d)</u> shall be available for specification in any Loan Notice during such time that such tenor is unavailable.

For purposes hereof, the date of a Credit Extension initially shall be the date on which such Credit Extension is made and thereafter shall be the effective date of the most recent continuation of such Credit Extension.

"**Interest Rate Determination Date**" means, with respect to any Interest Period, the date that is two (2) Business Days prior to the first day of such Interest Period.

"**Interest Type**" means, when used with respect to any Revolving Loan, whether the rate of interest on such Revolving Loan is determined by reference to Term SOFR or the Base Rate.

"**Investment**" means any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase (including purchases financed with equity) of any Capital Stock, bonds, notes, obligations, debentures or other debt securities of, or any other investment in, any Person.

"**IPO**" means the consummation of the initial public offering of common Capital Stock in (a) GALD or (b) any Person (i) that is a Wholly-Owned Subsidiary of GALD immediately prior to the IPO and (ii) of which (A) Finco, (B) each Borrower, (C) each Person that is an Insurance Subsidiary (other than any Unrestricted Subsidiary) of GALD immediately prior to the IPO and (D) each Person that, immediately prior to the IPO, is a Subsidiary of GALD that directly or indirectly owns any Capital Stock of any Insurance Subsidiary (other than any Unrestricted Subsidiary) of GALD (including each such Subsidiary that is itself owned by an Insurance Subsidiary (other than any Unrestricted Subsidiary) of GALD), in the case of each of <u>clauses (A)</u> through <u>(D)</u>, is a Wholly-Owned Subsidiary (GALD or such Person, as the case may be, the "**IPO Entity**"), in each case pursuant to an effective registration statement filed with the SEC pursuant to the Securities Act.

[\*\*].

"**IRS**" means the Internal Revenue Service or any Governmental Authority succeeding to any of its principal functions under the Code.

"**Joinder Agreement**" means an agreement substantially in the form of <u>Exhibit I</u>.

"**Judgment Currency**" has the meaning set forth in <u>Section 10.22(b)</u>.

"**KKR**" means KKR & Co. Inc.

*[\*\*]*=*Certain information contained in this document, marked by "[\*\*]", has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.*

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"**Knowledge**" means, with respect to any Person, the actual knowledge of the facts, circumstances or condition by a Responsible Officer, including the chief financial officer, president, chief executive officer, treasurer, senior vice president or vice president, of such Person involved in negotiating the Transactions.

"**Latest Commitment Termination Date**" means the latest of the Commitment Termination Dates of all Classes hereunder.

"**Lenders**" has the meaning specified in the introduction to this Agreement and includes any other Person that shall have become a party hereto pursuant to an Assignment and Assumption in accordance with <u>Section 10.07</u>, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

"**Lending Office**" means, as to any Lender, the office or offices of such Lender specified as its "Lending Office" or "Domestic Lending Office", as the case may be, in its administrative questionnaire delivered to the Administrative Agent, or such other office or offices or office of a third party or sub-agent, as appropriate, as such Lender may from time to time notify the Borrower Representative and the Administrative Agent.

"**Loan Documents**" means this Agreement and amendments of and joinders to this Agreement that are deemed pursuant to their terms to be Loan Documents for purposes hereof, all Revolving Loan Notes, the Guarantee Agreement and the Fee Letters.

"**Loan Notice**" means a notice of Credit Extension substantially in the form of <u>Exhibit C-1</u>.

"**Material Adverse Effect**" means (a) a material adverse change in, or a material adverse effect upon, the business, properties, results of operations or condition (financial or otherwise) of Holdings and its Restricted Subsidiaries taken as a whole; (b) a material impairment of the ability of any Credit Party to perform under any Loan Document to which it is a party; (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Credit Party of any Loan Document to which it is a party; or (d) a material adverse change in the rights, remedies and benefits available to, or conferred upon, the Administrative Agent and any Lender under any Loan Document.

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"**Material Indebtedness**" means Indebtedness having an aggregate outstanding principal amount, individually or in the aggregate, with all other Indebtedness of the Credit Parties and their respective Restricted Subsidiaries (excluding Intercompany Indebtedness, Indebtedness under the Loan Documents and Operating Indebtedness which is recourse only to a Subsidiary of Finco which is a special purpose life insurance captive vehicle) of not less than the greater of $150,000,000 and (ii) 2.00% of the Net Worth of Holdings and its consolidated Restricted Subsidiaries.

"**Material Subsidiary**" means any Subsidiary other than any Immaterial Subsidiary or Unrestricted Subsidiary.

"**MNPI**" means material non-public information (within the meaning of United States federal, state or other applicable securities laws) with respect to any Credit Party or their respective affiliates or securities.

"**Moody's**" means Moody's Investors Service, Inc., together with any Person succeeding thereto by merger, consolidation or acquisition of all or substantially all of its assets, including substantially all of its business of rating securities.

"**Multiemployer Plan**" means a "multiemployer plan," within the meaning of Section 4001(a)(3) of ERISA, to which any member of the ERISA Group makes, is making or is obligated to make contributions or, during the preceding six calendar years, has made, or been obligated to make, contributions.

"**NAIC**" means the National Association of Insurance Commissioners or any successor thereto, or in the absence of the National Association of Insurance Commissioners or such successor, any other association, agency or other organization performing advisory, coordination or other like functions among insurance departments, insurance commissioners and similar Governmental Authorities of the various states of the United States toward the promotion of uniformity in the practices of such Governmental Authorities.

"**Natural Person**" means a natural person or any company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof.

"**Net Income**" means, for any Person for any period, the net income (or loss) of such Person for such period as determined, unless otherwise indicated, in accordance with GAAP.

"**Net Worth**" means the total common and preferred shareholders' equity of any Person as determined in accordance with GAAP (calculated excluding (i) accumulated other comprehensive income (loss), (ii) any charges taken to write off any goodwill included on such Person's balance sheet on the Effective Date to the extent such charges are required by FASB ASC 320 (Investments—Debt and Equity Securities) and ASC 350 (Intangibles—Goodwill and Others), (iii) all noncontrolling interests (as determined in accordance with FASB ASC 810

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(Consolidation)), and (iv) reinsurance embedded derivatives as determined in accordance with FASB ASC 815-15-55-102 (formerly known as FASB Derivative Implementation Group B-36)).

**"New Revolving Commitment"** has the meaning set forth in <u>Section 2.13(a)</u>.

**"New Revolving Loan"** has the meaning set forth in <u>Section 2.13(b)</u>.

**"New Revolving Loan Lender"** has the meaning set forth in <u>Section 2.13(a)</u>.

"**Newly Acquired Subsidiary**" means any Subsidiary that is not a Subsidiary on the Effective Date but that becomes a Subsidiary after the Effective Date, but only during the 180 days after the first date on which such Subsidiary became a Subsidiary.

"**Newly Acquired Subsidiary Debt**" any Indebtedness solely of a Newly Acquired Subsidiary existing at the time such Person becomes a Subsidiary and not created in contemplation of such event.

"**Non**-**Consenting Lender**" means a Lender that does not consent to an amendment or waiver pursuant to <u>Section 10.01</u> that requires the consent of all or all affected Lenders in order to become effective and as to which the Required Lenders have consented.

"**Non**-**Defaulting Lender**" means, at any time, each Lender that is not a Defaulting Lender at such time.

"**Non-Extending Lender**" has the meaning specified in <u>Section 2.12(b)</u>.

"**Non**-**Recourse Insurance Subsidiary Indebtedness**" means non-recourse Indebtedness of Insurance Subsidiaries and Subsidiaries thereof incurred in the ordinary course of business resulting from the sale or securitization of non-admitted assets, policy loans, CBOs and CMOs or other similar instruments and structures.

"**Obligations**" means all advances to, and debts, liabilities and obligations of, any Credit Party arising under any Loan Document, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Credit Party of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties under the Loan Documents include (a) the obligation to pay principal, interest, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by any Credit Party under any Loan Document and (b) the obligation of any Credit Party to reimburse any amount in respect of any of the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of such Credit Party.

"**OFAC**" means the U.S. Department of the Treasury's Office of Foreign Assets Control.

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"**Operating Indebtedness**" of any Person means, at any date, without duplication, any Indebtedness of such Person (a) in respect of AXXX, XXX and other similar life or annuity reserve requirements, (b) incurred in connection with repurchase agreements and securities lending, (c) to the extent the proceeds of which are used directly or indirectly (including for the purpose of funding portfolios that are used to fund trusts in order) to support AXXX, XXX and other similar life or annuity reserves, (d) to the extent the proceeds of which are used to fund discrete assets or pools of assets (and any related hedge instruments and capital) that are segregated from other assets of such Person and in the judgment of such Person have sufficient cash flow to pay principal and interest thereof, with insignificant risk of other assets of such Person being called upon to make such principal and interest payments, (e) in respect of undrawn letters of credit or drawn letters of credit that are reimbursed, issued on behalf of any Insurance Subsidiary or any Subsidiary of an Insurance Subsidiary in the ordinary course of its business for insurance regulatory or reinsurance purposes, (f) that is owed to a Federal Home Loan Bank or (g) that is excluded entirely from financial leverage by either S&P or Moody's in its evaluation of Holdings.

"**Organization Documents**" means (i) with respect to any corporation or company limited by shares, the certificate or articles of incorporation, the bylaws or bye-laws, the memorandum of association, any certificate of designation or instrument relating to the rights of preferred shareholders of such corporation, any shareholder rights agreement, (ii) with respect to any limited liability company, the certificate or articles of formation, organization or incorporation and operating or LLC agreement and (iii) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or organization of such entity, or in the case of <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u>, the equivalent or comparable constituent documents with respect to any Foreign Subsidiary.

"**Other Connection Taxes**" means, with respect to any recipient, Taxes imposed as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Revolving Loans, Revolving Commitments or Loan Documents).

"**Other Taxes**" means any present or future recording, stamp, court, documentary, intangible, filing or similar Taxes or any other excise, sales or property Taxes, charges or similar levies that arise from any payment made under this Agreement or any other Loan Document or from the execution, delivery, performance, enforcement or registration of, or from the receipt of or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 3.07</u> or <u>10.14</u>).

"**Participant**" has the meaning specified in <u>Section 10.07(d)</u>.

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"**Participant Register**" has the meaning specified in <u>Section 10.07(d)</u>.

"**PATRIOT Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

"**Payment Recipient**" has the meaning assigned thereto in <u>Section 9.14(a)</u>.

"**PBGC**" means the Pension Benefit Guaranty Corporation or any Governmental Authority succeeding to any of its principal functions under ERISA.

"**Periodic Term SOFR Determination Day**" has the meaning assigned thereto in the definition of "Term SOFR".

"**Permitted Holders**" means any of KKR and its Subsidiaries.

"**Permitted Swap Obligations**" means all obligations (contingent or otherwise) existing or arising under Swap Contracts; *provided* that (x) each of the following criteria is satisfied: (a) such obligations are (or were) entered into by such Person in the ordinary course of business and consistent with past practices of such Person for the purpose of managing risks associated with liabilities, commitments or assets held by such Person, or changes in the value of securities issued by such Person in conjunction with a securities repurchase program not otherwise prohibited hereunder, and not for purposes of speculation or taking a "market view" and (b) such Swap Contracts do not contain any provision (a "walk-away" provision) exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party or (y) such obligations are obligations of an Insurance Subsidiary entered into by such Person in the ordinary course of business and consistent with past practices of such Person to transfer risk that might otherwise be transferred by insurance or reinsurance transactions (and is an established line of business for such Person) and not for purposes of speculation or taking a "market view".

"**Person**" means an individual, partnership, corporation, company, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or Governmental Authority or other entity of whatever nature.

"**Plan**" means an employee benefit plan (as defined in Section 3(3) of ERISA) that the Borrowers or any of their respective Subsidiaries sponsor or maintain or to which the Borrowers or any of their respective Subsidiaries make, are making or are obligated to make, contributions and includes any Single Employer Pension Plan.

"**Platform**" has the meaning specified in <u>Section 6.02</u>.

"**Portfolio Interest Exemption**" has the meaning specified in <u>Section 3.01(e)(B)(iii)</u>.

"**Post-IPO Offerings**" means any offering, whether public or private, of capital stock of the IPO Entity after the IPO.

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"**Prepayment Notice**" means a written notice made pursuant to <u>Section 2.05(e)</u> substantially in the form of <u>Exhibit H</u>.

"**Pricing Level**" means any of Pricing Level 1, Pricing Level 2 or Pricing Level 3 set forth in the table in the definition of "Applicable Margin" and "Applicable Revolving Commitment Fee Percentage".

"**Prime Rate**" means, at any time, the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in such prime rate occurs. The parties hereto acknowledge that the rate announced publicly by the Administrative Agent as its prime rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks.

"**Pro Rata Share**" means, with respect to any Lender, the percentage obtained by dividing (a) the Revolving Commitment of that Lender by (b) the aggregate Revolving Commitments of all Lenders; <u>provided</u> that if the Revolving Commitment of each Lender has been terminated pursuant to <u>Section 8.02</u>, then the Pro Rata Share of each Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such termination and after giving effect to any subsequent assignments made pursuant to the terms hereof.

"**PTE**" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"**Public Lender**" has the meaning specified in <u>Section 6.02</u>.

"**Purchase Money Debt**" means Indebtedness incurred by a Person in connection with the purchase of fixed or capital assets by such Person, in which assets the seller or financier thereof has taken or retained a Lien; *provided* that (x) any such Lien attaches to such assets concurrently with or within 120 days after the purchase thereof by such Person and (y) at the time of incurrence of such Indebtedness, the aggregate principal amount of such Indebtedness shall not exceed the costs of the assets so purchased plus fees and expenses reasonably related thereto.

"**QFC Credit Support**" has the meaning specified in <u>Section 10.24</u>.

"**Quarterly Statement**" means the quarterly statutory financial statement of any Insurance Subsidiary required to be filed with the insurance commissioner (or similar authority) of its jurisdiction of incorporation or, if no specific form is so required, in the form of financial statements permitted by such insurance commissioner (or such similar authority) to be used for filing quarterly statutory financial statements and shall contain the type of financial information permitted by such insurance commissioner (or such similar authority) to be disclosed therein, together with all exhibits or schedules filed therewith.

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"**Redomiciled Borrower**" means any Borrower that has redomiciled its jurisdiction of organization after the Effective Date to a jurisdiction other than Bermuda or the United States (or any state, territory or political subdivision thereof).

"**Register**" has the meaning specified in <u>Section 10.07(c)</u>.

"**Regulations T, U and X**" means Regulations T, U and X, respectively, of the Board of Governors of the Federal Reserve System, in each case as in effect from time to time.

"**Reinsurance Agreements**" means any agreement, contract, treaty, certificate or other arrangement by which any Insurance Subsidiary agrees to transfer or cede to another insurer all or part of the liability assumed or assets held by it under one or more insurance, annuity, reinsurance or retrocession policies, agreements, contracts, treaties, certificates or similar arrangements. Reinsurance Agreements shall include, but not be limited to, any agreement, contract, treaty, certificate or other arrangement that is treated as such by the applicable Department.

"**Related Parties**" means, with respect to any Person, such Person's Affiliates and the partners (to the extent such Person is a partnership), directors, officers, employees, agents and advisors of such Person and of such Person's Affiliates.

"**Release**" means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection, migration or leaching into or through the Environment.

"**Release Notice**" has the meaning specified in <u>Section 10.25</u>.

"**Relevant Governmental Body**" means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA or the regulations thereunder, other than any such event for which the 30-day notice requirement under ERISA has been waived in regulations issued by the PBGC.

"**Required Lenders**" means, as of any date of determination, one or more Lenders having or holding Revolving Exposure and unused Revolving Commitments representing more than 50% of the aggregate Revolving Exposure and unused Revolving Commitments of all Lenders; *provided* that the aggregate amount of Revolving Exposure and unused Revolving Commitments shall be determined with respect to any Defaulting Lender by disregarding the Revolving Exposure and unused Revolving Commitments of such Defaulting Lender.

"**Requirement of Law**" means, as to any Person, any law (statutory or common), treaty, rule or regulation or determination of an arbitrator or of a Governmental Authority and orders of,

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and all applicable restrictions imposed by, all Governmental Authorities, in each case applicable to or legally binding upon the Person or any of its property or to which the Person or any of its property is subject.

"**Resolution Authority**" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**Responsible Officer**" means the chief executive officer, president, chief financial officer, treasurer or assistant treasurer, or other officer of similar stature or responsibility, of a Credit Party. Any document delivered under any Loan Document that is signed by a Responsible Officer of a Credit Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Credit Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Credit Party. Unless otherwise specified, "Responsible Officer" means a Responsible Officer of Holdings.

"**Restricted Subsidiary**" means any Subsidiary other than an Unrestricted Subsidiary; *provided* that upon the occurrence of any Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of "Restricted Subsidiary".

"**Revolving Commitment**" means, with respect to any Lender, the commitment of such Lender to make or otherwise fund any Revolving Loan hereunder, and "**Revolving Commitments**" means such commitments of all Lenders in the aggregate. The amount of each Lender's Revolving Commitment as of the Effective Date, if any, is set forth on <u>Appendix A</u> or in the applicable Assignment and Assumption or Joinder Agreement, as applicable, subject to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Revolving Commitments as of the Effective Date is $3,000,000,000.

"**Revolving Commitment Period**" means, with respect to any Class of Revolving Commitments, the period from the Effective Date to but excluding the Commitment Termination Date of such Class.

"**Revolving Exposure**" means, with respect to any Lender as of any date of determination, the aggregate outstanding principal amount of the Revolving Loans of that Lender.

"**Revolving Loan**" means a loan made by a Lender to a Borrower pursuant to <u>Section 2.01(a)</u>.

"**Revolving Loan Note**" means a promissory note in the form of <u>Exhibit B</u>, as it may be amended, restated, supplemented or otherwise modified from time to time.

"**S&P**" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business, together with any Person succeeding thereto by merger, consolidation or acquisition of all or substantially all of its assets, including substantially all of its business of rating securities.

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"**Sanctioned Country**" means, at any time, a country, region or territory which is the subject or target of comprehensive territorial Sanctions (as of the Effective Date, the Crimea, Kherson and Zaporizhzhia regions of Ukraine, so-called Donetsk People's Republic, so-called Luhansk People's Republic of Ukraine, Cuba, Iran and North Korea).

"**Sanctioned Person**" means, at any time, any Person that is the target of Sanctions, including without limitation: (a) any Person listed in any Sanctions-related list of designated Persons maintained by Global Affairs Canada, the United States government (including OFAC or the U.S. Department of State) or any other applicable sanctions authority where a Credit Party is located or conducts business or any other applicable sanctions authority that is otherwise described in the definition for Sanctions, (b) the government or governmental authority of a Sanctioned Country or Venezuela, (c) any Person located, organized or resident in a Sanctioned Country,(d) any Person owned or controlled by a Person or Persons described in the foregoing clause (a), (b) or (c) (as "owned" and "controlled" are defined or interpreted under relevant Sanctions).

"**Sanctions**" means any economic or trade sanctions or restrictive measures enacted, administered, imposed or enforced by: (a) the United States government; (b) the United Nations Security Council; (c) the European Union or its Participating Member States; (d) the United Kingdom; (e) the Government of Canada; (f) the respective governmental institutions and agencies of any of the foregoing, including, without limitation, OFAC, the U.S. Department of State, Global Affairs Canada, and/or His Majesty's Treasury; or (g) any other Governmental Authorities having jurisdiction over any Credit Party.

"**SAP**" means, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the insurance commissioner (or other similar authority) in the jurisdiction of such Insurance Subsidiary for the preparation of annual statements and other financial reports by insurance companies of the same type as such Insurance Subsidiary that are applicable to the circumstances as of the date of filing of such statement or report.

"**SEC**" means the Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

"**Securities Act**" means the Securities Act of 1933 and the regulations promulgated thereunder.

"**Single Employer Pension Plan**" means a pension plan (as defined in Section 3(2) of ERISA) that is subject to Title IV of ERISA, other than a Multiemployer Plan, that any member of the ERISA Group sponsors or maintains, or to which any member of the ERISA Group makes or is obligated to make contributions or would reasonably be expected to have liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five years or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

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"**SOFR**" means a rate *per annum* equal to the secured overnight financing rate as administered by the SOFR Administrator.

"**SOFR Administrator**" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"**SOFR Loan**" means a Revolving Loan that bears interest based on Term SOFR.

"**Specified Currency**" has the meaning set forth in <u>Section 10.22(a)</u>.

"**Specified Place**" has the meaning set forth in <u>Section 10.22(a)</u>.

"**Subsidiary**" of a Person means any corporation, company, partnership, limited liability company, limited liability partnership, joint venture, trust, association or other unincorporated organization of which or in which such Person and such Person's Subsidiaries own directly or indirectly more than 50% of (a) the combined voting power of all classes of shares or stock having general voting power under ordinary circumstances to elect a majority of the board of directors, if it is a company or corporation, (b) the voting or managing interests (which shall mean the general partner in the case of a partnership), if it is a partnership, joint venture or similar entity, (c) the beneficial interest, if it is a trust, association or other unincorporated organization or (d) the voting or managing membership interests, if it is a limited liability company. Unless otherwise specified, "**Subsidiary**" means a Subsidiary of Holdings. Unless otherwise specified, when used herein, the term "Subsidiary" of KKR shall not include any portfolio company of KKR or any of its Subsidiaries. For the avoidance of doubt, neither Holdings nor any of its Subsidiaries shall be considered a portfolio company of KKR or any of its Subsidiaries.

"**Supported QFC**" has the meaning specified in <u>Section 10.24</u>.

"**Swap Contract**" means any agreement relating to any transaction (whether or not arising under a master agreement) that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap or option, bond, note or bill option, interest rate option, futures contract, forward foreign exchange transaction, cap, collar or floor transaction, currency swap, cross-currency rate swap, swaption, currency option, credit derivative transaction or any other similar transaction (including any option to enter into any of the foregoing) or any combination of the foregoing, and any master agreement relating to or governing any or all of the foregoing.

"**Swap Termination Value**" means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts and all rights to set off against collateral posted in respect of such Swap Contract, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s) and (b) for any date prior to the date referenced in <u>clause (a)</u>, the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined by Holdings based upon one or more mid-market or other readily

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available quotations provided by any recognized dealer in such Swap Contracts (which may include any Lender).

"**Syndication Agents**" means, collectively, BANA and Barclays and their respective successors and assigns in such capacity.

"**Tax Allocation Agreement**" means that certain Amended and Restated Tax Allocation Agreement among Global Atlantic (Fin) Company, Commonwealth Annuity and Life Insurance Company, First Allmerica Financial Life Insurance Company, Global Atlantic Distributors, LLC, GA Risk Advisors, Inc., Global Atlantic Risk Advisors, LP, Global Atlantic Financial Company, Accordia Life and Annuity Company, Forethought Life Insurance Company, Forelife Agency, Inc., Global Atlantic Investment Advisors, LLC, Cape Verity I, Inc., Cape Verity III, Inc. and Gotham Re, Inc., dated as of January 1, 2025 (and any successor agreement thereto).

"**Tax Benefit Payment Agreement**" means the Tax Benefit Payment Agreement, dated as of April 30, 2013, among Finco, as Payor, GAFLL, as Intermediate Guarantor, GAFGL, as Parent Guarantor and The Goldman Sachs Group, Inc., as Payee.

"**Tax Status Certificate**" has the meaning specified in <u>Section 3.01(e)(B)(iii)</u>.

"**Taxes**" means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"**Term SOFR**" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp; for any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "<u>Base Rate Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the Term SOFR Administrator; <u>provided</u>, <u>however</u>, that if as of 5:00

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p.m. (New York City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Base Rate Term SOFR Determination Day.

Notwithstanding the foregoing, in no event shall Term SOFR be less than the Floor.

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

"**Term SOFR Reference Rate**" means the forward-looking term rate based on SOFR.

"**Total Capitalization**" means, without duplication, (a) the amount described in <u>clause (a)</u> of the definition of "Debt to Total Capitalization Ratio" *plus* (b) the Net Worth of the applicable Person.

"**Total Utilization of Revolving Commitments**" means, as at any date of determination, the aggregate principal amount of all outstanding Revolving Loans.

"**Transactions**" means the (i) execution, delivery and performance by each Credit Party of the Loan Documents to which it is to be a party, (ii) borrowing of Revolving Loans and use of the proceeds thereof and (iii) payment of fees and expenses incurred in connection with the foregoing.

"**UK Financial Institution**" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"**UK Resolution Authority**" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**Unadjusted Benchmark Replacement**" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Unextended Termination Date**" has the meaning specified in <u>Section 2.12(a)</u>.

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"**Uniform Commercial Code**" means the Uniform Commercial Code as in effect from time to time in the State of New York; *provided* that, if perfection or the effect of perfection or non-perfection or the priority of any Lien is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, "Uniform Commercial Code" means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority.

"**United States**" and "**U.S."** each means the United States of America.

"**Unrestricted Subsidiary**" means (x) from and after the Effective Date (until such time as it is designated as a Restricted Subsidiary pursuant to <u>Section 6.09</u> subsequent to the Effective Date), [\*\*], and (y) any other Subsidiary designated by the board of directors (or similar governing body) of any Credit Party of which such Subsidiary is a direct or indirect Subsidiary, as an Unrestricted Subsidiary pursuant to <u>Section 6.09</u> subsequent to the date hereof. Any Credit Party may designate any of its subsidiaries (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its subsidiaries, directly or indirectly, owns any Capital Stock or Indebtedness of, or owns or holds any Lien on any property of, Holdings or any Subsidiary (other than any subsidiary of the subsidiary to be so designated); *provided* that (i) each of (A) the subsidiary to be so designated and (B) its subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of any Credit Party or any Restricted Subsidiary (after giving effect to such designation), (ii) no Credit Party may designate (A) Finco, (B) any Borrower, (C) any Insurance Subsidiary other than [\*\*] or (D) any Credit Party's Subsidiary that directly or indirectly owns any Capital Stock of Finco, any Borrower, or any Insurance Subsidiary other than [\*\*] to be an Unrestricted Subsidiary and (iii) for the avoidance of doubt, there shall be no Unrestricted Subsidiaries on the Effective Date, other than [\*\*], each of which is expressly designated as an Unrestricted Subsidiary as of the Effective Date.

"**U.S. Special Resolution Regimes**" has the meaning specified in <u>Section 10.24</u>.

"**U.S. Government Securities Business Day**" means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**Voting Stock**" of any Person means Capital Stock of such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock, shares or other relevant equity interest has voting power by reason of any contingency) to vote in the election of the board of directors or similar governing body of such Person.

"**Wells Fargo**" means Wells Fargo Bank, N.A.

*[\*\*]*=*Certain information contained in this document, marked by "[\*\*]", has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.*

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"**WFS**" means Wells Fargo Securities, LLC.

"**Wholly**-**Owned Subsidiary**" means any Person in which all of the Capital Stock (other than directors' and national citizen qualifying shares or similar *de minimis* holdings by another Person, in each case, as required by law) is owned, beneficially and of record, by Holdings, or by one or more of the other Wholly-Owned Subsidiaries, or both.

"**Write-Down and Conversion Powers**" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

*Section 1.02 &nbsp;&nbsp;&nbsp;&nbsp; *Other Interpretive Provisions*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The words "**hereof**," "**herein**," "**hereunder**" and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and subsection, Section, Article, Schedule and Exhibit references are to this Agreement unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "**documents**" includes any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "**including**" is not limiting and means "including without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; In the computation of periods of time from a specified date to a later specified date, the word "**from**" means "from and including," the words "**to**" and "**until**" each mean "to but excluding" and the word "**through**" means "to and including".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "**will**" shall be construed to have the same meaning and effect as the word "**shall**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise expressly provided herein or the context requires otherwise, (i) references to agreements (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments and other modifications thereto, but only to the

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extent such amendments and other modifications are not prohibited by the terms of any Loan Document, (ii) references to any statute or regulation are to be construed as including all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting the statute or regulation, (iii) any reference herein to a Person shall be construed to include such Person's permitted successors and assigns and (iv) the word "**property**" shall be construed to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters. All such limitations, tests and measurements are cumulative and shall each be performed in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement and the other Loan Documents are the result of negotiations among, and have been reviewed by counsel to, the Administrative Agent, each Borrower and the other parties, and are the products of all parties. Accordingly, they shall not be construed against the Lenders or the Administrative Agent merely because of the Administrative Agent's or Lenders' involvement in their preparation.

Section 1.03&nbsp;&nbsp;&nbsp;&nbsp; *Classification of Loans*. For purposes of this Agreement, Revolving Loans may be classified and referred to by Interest Type (e.g., a "SOFR Loan").

*Section 1.04 &nbsp;&nbsp;&nbsp;&nbsp; *Accounting Principles*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Unless the context otherwise clearly requires, all accounting terms not expressly defined herein shall be construed, and all financial computations required under this Agreement shall be made, in accordance with GAAP as in effect from time to time, consistently applied. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of Holdings and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 and FASB ASC 470-20 on financial liabilities shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; References herein to particular columns, lines or sections of any Person's Annual Statement shall be deemed, where appropriate, to be references to the corresponding column, line or section of such Person's Quarterly Statement, or if no such corresponding column, line or section exists or if any report form changes, then to the corresponding item referenced thereby. In the event the columns, lines or sections of the Annual Statement or Quarterly Statement referenced herein are changed or renumbered from the columns, lines and sections applicable to the December 31, 2024 Annual Statement, all such references shall be deemed references to such column, line or section as so renumbered or changed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; If, at any time after the date of this Agreement, any material change is made to GAAP or Holdings' accounting practices that would affect in any material respect the determination of compliance with the covenants set forth in this Agreement, Holdings shall notify the Administrative Agent of the change and Holdings and the Administrative Agent shall negotiate in good faith to amend such covenant, subject to the approval of the Required Lenders, to restore Holdings and the Lenders to the position they occupied before the implementation of such material change in GAAP or accounting practices; *provided* that if Holdings and the Administrative Agent are unable to reach agreement within sixty (60) days following the implementation of such material change, the Administrative Agent shall be permitted, acting in good faith, to make such amendments, in each case subject to the approval of the Required Lenders, to the covenants set forth in this Agreement as it reasonably determines are necessary to restore Holdings and the Lenders to the position they occupied prior to the implementation thereof.

*Section 1.05&nbsp;&nbsp;&nbsp;&nbsp; *Divisions*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Solely with respect to <u>Sections 6.04</u>, <u>6.09</u> and <u>7.02</u>, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Capital Stock at such time.

Section 1.06&nbsp;&nbsp;&nbsp;&nbsp; *Rates*. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 3.05, will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference Rate, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its Affiliates or other related entities may engage in transactions that affect the calculation of the Term SOFR Reference Rate, Term SOFR, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrowers. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate or Term SOFR, or any other Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to any Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive,

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incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

Section 1.07&nbsp;&nbsp;&nbsp;&nbsp; *Borrower Representative*. Each Borrower hereby appoints and designates Finco as its "**Borrower Representative**". The Borrower Representative will be acting as agent on behalf of each of the Borrowers for the purpose of issuing notices of borrowing and notices of conversion/continuation of any Revolving Loans pursuant to <u>Section 2.03</u> or similar notices, giving instructions with respect to the disbursement of the proceeds of the Revolving Loans, selecting interest rate options, giving and receiving all other notices and consents hereunder or under any of the other Loan Documents and taking all other actions (including in respect of compliance with covenants) on behalf of any Borrower or the Borrowers under the Loan Documents. Finco hereby accepts such appointment and designation. Each Borrower agrees that each notice, election, representation and warranty, covenant, agreement and undertaking made on its behalf by the Borrower Representative shall be deemed for all purposes to have been made by such Borrower and shall be binding upon and enforceable against such Borrower to the same extent as if the same had been made directly by such Borrower.

ARTICLE 2

The Credits

*Section 2.01 &nbsp;&nbsp;&nbsp;&nbsp; *Revolving Loans*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Revolving Commitments</u>. At any time prior to the Latest Commitment Termination Date, subject to the terms and conditions hereof, each Lender with a Revolving Commitment under an outstanding Class severally agrees to make Revolving Loans in Dollars to each Borrower, severally, and not jointly or jointly and severally; *provided* that, after giving effect to the making of any Revolving Loans, in no event shall (i) such Lender's Revolving Exposure exceed such Lender's Revolving Commitment of such Class, or (ii) the Class Utilization of Revolving Commitments of any Class exceed the Revolving Commitments of the same Class then in effect. Amounts borrowed pursuant to this <u>Section 2.01(a)</u> may be repaid and reborrowed prior to the Latest Commitment Termination Date, subject to the terms and conditions hereof. The Revolving Commitments of a Class shall expire on the Commitment Termination Date of such Class and all Revolving Loans and all other amounts owed hereunder with respect to the Revolving Loans and the Revolving Commitments of such Class shall be paid in full no later than such date. Notwithstanding anything to the contrary in this Agreement, the liability of each Borrower under this Agreement and the other Loan Documents shall be several, and not joint or joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Borrowing Mechanics for Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Revolving Loans shall be made in an aggregate minimum amount of $2,500,000 and integral multiples of $1,000,000 in excess of that amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Whenever any Borrower desires that Lenders make Revolving Loans, the Borrower Representative shall deliver to the Administrative Agent a fully executed and delivered Loan Notice no later than 12:00 noon (New York City time) (A) in the case of a SOFR Loan, at least three (3) Business Days in advance of the proposed Borrowing Date, (B) in the case of one or more Base Rate Loans in an aggregate principal amount greater than $100,000,000, at least one (1) Business Day in advance of the proposed Borrowing Date, and (C) in the case of one or more Base Rate Loans in an aggregate principal amount equal to or less than $100,000,000, on the proposed Borrowing Date; *provided* that, if such Borrowing Date is the Effective Date, such Loan Notice may be delivered within such period shorter than three (3) Business Days as may be agreed by the Administrative Agent with respect to SOFR Loans. A Loan Notice for a Revolving Loan that is a SOFR Loan shall be irrevocable on and after the related Interest Rate Determination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Notice of receipt of each Loan Notice in respect of Revolving Loans, together with the amount of each Lender's Pro Rata Share thereof, if any, together with the applicable interest rate, shall be provided by the Administrative Agent to each applicable Lender by facsimile or other electronic communication with reasonable promptness, but (*provided* that the Administrative Agent shall have received such notice by 12:00 noon (New York City time)) not later than 3:00 p.m. (New York City time) on the same day as the Administrative Agent's receipt of such Loan Notice from the Borrower Representative (or, in the case of a Loan Notice delivered pursuant to <u>Section 2.01(b)(ii)(C)</u>, not later than ninety minutes after the Administrative Agent's receipt of such Loan Notice from the Borrower Representative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Lender shall make the amount of its Revolving Loan available to the Administrative Agent not later than 12:00 noon (New York City time) (or, in the case of Base Rate Loans with respect to which a Loan Notice is delivered pursuant to <u>Section 2.01(b)(ii)(C)</u>, *provided* that the Administrative Agent shall have received such notice by 12:00 noon (New York City time), not later than the later of (x) three hours after the Administrative Agent's receipt of such Loan Notice from the Borrower Representative and (y) 2:00 p.m. (New York City time)) on the applicable Borrowing Date by wire transfer of same day funds in Dollars, at the Administrative Agent's Office. Except as provided herein, upon satisfaction or waiver of the conditions precedent specified herein, the Administrative Agent shall make the proceeds of such Revolving Loans available to the applicable Borrower on the applicable Borrowing Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Revolving Loans received by the Administrative Agent from Lenders to be credited to the account of the applicable Borrower at the Administrative Agent's Office or to such other account or accounts as may be designated in writing to the Administrative Agent by such Borrower.

Section 2.02&nbsp;&nbsp;&nbsp;&nbsp; *Pro Rata Shares .* All Revolving Loans shall be made by the Lenders simultaneously and proportionately to their respective Pro Rata Shares, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender's obligation to make a

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Revolving Loan requested hereunder nor shall any Revolving Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender's obligation to make a Revolving Loan requested hereunder.

*Section 2.03 &nbsp;&nbsp;&nbsp;&nbsp; *Conversion and Continuation of Revolving Loans*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each conversion of Revolving Loans from one Interest Type to the other, and each continuation of SOFR Loans, shall be made upon the Borrower Representative's irrevocable written notice to the Administrative Agent in the form of a Conversion/Continuation Notice, appropriately completed and signed by a Responsible Officer of the Borrower Representative. Each such Conversion/Continuation Notice must be received by the Administrative Agent not later than 12:00 noon (New York City time) three (3) Business Days prior to the requested date of any conversion to or continuation of SOFR Loans or of any conversion of SOFR Loans to Base Rate Loans. Except as otherwise provided herein, a SOFR Loan may be continued or converted only on the last day of an Interest Period for such SOFR Loan. The Administrative Agent shall determine the interest rate that shall apply to any converted or continued SOFR Loans pursuant to <u>Section 2.06(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Each Conversion/Continuation Notice shall specify (i) whether the Borrower Representative is requesting a conversion of Revolving Loans from one Interest Type to the other, or a continuation of SOFR Loans, (ii) the requested date of the conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Revolving Loans to be converted or continued, (iv) the Interest Type of Revolving Loans to which existing Revolving Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto (each such Interest Period shall comply with the provisions of the definition of "Interest Period").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding any contrary provision hereof, if (i) an Event of Default of the type described in <u>Section 8.01(a)</u>, <u>(f)</u> or <u>(g)</u> has occurred and is continuing, unless the Required Lenders otherwise consent, or (ii) any other Event of Default has occurred and is continuing and the Required Lenders have so requested, each Revolving Loan will be converted into a Base Rate Loan at the end of the Interest Period applicable thereto.

*Section 2.04 &nbsp;&nbsp;&nbsp;&nbsp; *Notes; Loan Accounts*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Each Revolving Loan made by each Lender shall be evidenced by one or more loan accounts or records maintained by such Lender and by the Administrative Agent in the ordinary course of business. The loan accounts or records maintained by the Administrative Agent and each Lender shall be conclusive evidence of the amount of the Revolving Loans made by the Lenders to each Borrower and the interest and payments thereon absent manifest error. Any failure so to record or any error in doing so shall not, however, limit or otherwise affect the obligations of any Borrower hereunder to pay any amount owing with respect to the Revolving Loans made to such Borrower. In the event of any conflict between the accounts and records maintained by

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any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Upon the request of any Lender made through the Administrative Agent, instead of or in addition to loan accounts, the Revolving Loans made by each Lender may be evidenced by one or more Revolving Loan Notes. Each Lender shall endorse on the schedules annexed to its Revolving Loan Note the date, amount and maturity of each Revolving Loan deemed made by it and the amount of each payment of principal made by the applicable Borrower with respect thereto. Each such Lender is irrevocably authorized by the applicable Borrower to endorse its Revolving Loan Note and each Lender's record shall be conclusive absent manifest error; *provided* that the failure of a Lender to make, or an error in making, a notation thereon with respect to any Revolving Loan shall not limit or otherwise affect the obligations of the applicable Borrower hereunder or under any such Revolving Loan Note to such Lender.

*Section 2.05&nbsp;&nbsp;&nbsp;&nbsp; *Prepayments*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Optional Prepayments</u>. Each Borrower will have the right at any time to prepay Revolving Loans that have been borrowed by it, in whole or in part, and if in part in minimum amounts of $2,500,000 or any multiple of $1,000,000 in excess thereof, subject to the provisions of this <u>Section 2.05</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Voluntary Commitment Reductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; The Borrower Representative may, upon not less than three (3) Business Days' prior written or telephonic notice to the Administrative Agent (or such shorter period of time as may be agreed to by the Administrative Agent), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Revolving Commitments, pro rata with respect to each Class, in an aggregate amount up to the amount by which the Revolving Commitments exceed the Total Utilization of Revolving Commitments at the time of such proposed termination or reduction; *provided* that any such partial reduction of the Revolving Commitments shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Borrower Representative's notice to the Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and shall reduce the Revolving Commitment of each Lender proportionately to its Pro Rata Share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Mandatory Prepayments</u>. The Borrowers shall from time to time prepay the Revolving Loans to the extent necessary so that no Class's Class Utilization of Revolving Commitments exceeds such Class's Revolving Commitments then in effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>Application of Prepayments</u>. Any prepayment of Revolving Loans pursuant to <u>Section 2.05(a)</u> or <u>Section 2.05(c)</u> shall be applied to repay outstanding Revolving Loans owing by the Borrower making such prepayment to the full extent thereof without any permanent reduction of any Revolving Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice of Prepayments</u>. The Borrower Representative shall notify the Administrative Agent in the form of a Prepayment Notice of any prepayment of any Revolving Loan hereunder not later than 12:00 noon (New York City time) one (1) Business Day before the date of prepayment. Each such Prepayment Notice shall be irrevocable (other than to the extent provided in connection with refinancing the Obligations) and shall specify the prepayment date and the principal amount of each Revolving Loan or portion thereof to be prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Application of Prepayments of Revolving Loans to Base Rate Loans and SOFR Loans</u>. Considering each Class of Revolving Loans being prepaid separately, any prepayment thereof shall be applied first to Base Rate Loans to the full extent thereof before application to SOFR Loans, in each case in a manner which minimizes the amount of any payments required to be made by the applicable Borrower pursuant to <u>Section 3.04</u>.

*Section 2.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Interest*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise set forth herein, each Class of Revolving Loans shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) thereof as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; if a Base Rate Loan, at the Base Rate *plus* the Applicable Margin; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if a SOFR Loan, at Term SOFR *plus* the Applicable Margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The basis for determining the rate of interest with respect to any Revolving Loan, and the Interest Period with respect to any SOFR Loan, shall be selected by the Borrower Representative and notified to the Administrative Agent and Lenders pursuant to the applicable Loan Notice or Conversion/Continuation Notice, as the case may be; *provided* that the Borrower Representative may not select Term SOFR for any Credit Extension if the aggregate amount of such Credit Extension is less than $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; In connection with SOFR Loans there shall be no more than twenty (20) Interest Periods outstanding at any time. In the event the Borrower Representative fails to specify between a Base Rate Loan or a SOFR Loan in the applicable Loan Notice or Conversion/Continuation Notice, such Revolving Loan (if outstanding as a SOFR Loan) will be automatically converted into a Base Rate Loan on the last day of the then-current Interest Period for such Revolving Loan (or if outstanding as a Base Rate Loan will remain as, or (if not then outstanding) will be made as, a Base Rate Loan). In the event the Borrower Representative fails to specify an Interest Period for any SOFR Loan in the applicable Loan Notice or Conversion/Continuation Notice (or fails to deliver a Conversion/Continuation Notice within the time limits provided in <u>Section 2.03(a)</u>), the

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Borrower Representative shall be deemed to have selected an Interest Period of one (1) month. As soon as practicable after 10:00 a.m. (New York City time) on each Interest Rate Determination Date, the Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to the SOFR Loans for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing or by telephone confirmed in writing) to the Borrower Representative and each Lender. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower Representative and the Lenders of any change in the Administrative Agent's prime commercial lending rate used in determining the Base Rate promptly following the public announcement of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding the foregoing, if any principal of or interest on any Revolving Loan or any fee or other amount payable by any Borrower pursuant to any Loan Document is not paid when due, whether upon acceleration or otherwise, such overdue amount shall, without further notice, bear interest, after as well as before judgment to the extent permitted by law, at a rate *per annum* equal to (i) in the case of overdue principal of any Revolving Loan, 2.00% plus the rate otherwise applicable to such Revolving Loan as provided in the preceding subsections of this <u>Section 2.06</u> and (ii) in the case of any other amount, 2.00% *plus* the rate otherwise applicable to Base Rate Loans as provided in the preceding subsections of this <u>Section 2.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest on each Revolving Loan shall be paid in arrears by the applicable Borrower on each Interest Payment Date for such Revolving Loan; *provided* that (i) interest accrued pursuant to <u>Section 2.06(d)</u> shall be payable on demand of the Administrative Agent, (ii) upon any repayment or prepayment of any Revolving Loan, interest accrued on the principal amount repaid shall be payable on the date of such repayment and (iii) upon any conversion of a SOFR Loan before the end of the current Interest Period therefor, interest accrued on such Revolving Loan shall be payable on the effective date of such conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; Anything herein to the contrary notwithstanding, the obligations of any Borrower to any Lender hereunder shall be subject to the limitation that payments of interest shall not be required for any period for which interest is computed hereunder to the extent (but only to the extent) that contracting for or receiving such payment by such Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest that may be lawfully contracted for, charged or received by such Lender, and in such event each applicable Borrower shall pay such Lender interest at the highest rate permitted by applicable law until the total amount of interest due hereunder equals the amount of interest which would have been due on such Borrower's Revolving Loans hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Revolving Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, each applicable Borrower shall pay to the Administrative Agent an amount equal to the difference between the amount of interest paid on its Revolving Loans and the

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amount of interest which would have been paid if the highest rate of interest that may be lawfully contracted for, charged or received had at all times been in effect. Notwithstanding the foregoing, it is the intention of Lenders and the Borrowers to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the highest rate of interest that may be lawfully contracted for, charged or received by such Lender, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender's option be applied to the outstanding amount of the Revolving Loans made hereunder or be refunded to the applicable Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; <u>Term SOFR Conforming Changes</u>. In connection with the use or administration of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document, unless the Administrative Agent has received, within five Business Days of the date notice of such amendments is provided to the Borrower Representative, a written notice from the Borrower Representative objecting to such amendments. The Administrative Agent will promptly notify the Borrower Representative and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR.

*Section 2.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Fees*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Finco agrees to pay to each Lender a commitment fee equal to (1) the actual daily difference between (A) such Lender's Revolving Commitment and (B) such Lender's Revolving Exposure, *multiplied by* (2) the Applicable Revolving Commitment Fee Percentage in effect on each such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The fees referred to in <u>Section 2.07(a)</u> (i) shall be paid in Dollars to the Administrative Agent at the Administrative Agent's Office and upon receipt, the Administrative Agent shall promptly distribute to each Lender its applicable share thereof, (ii) shall be calculated pursuant to the second sentence of <u>Section 2.08(a)</u>, and (iii) shall be payable quarterly in arrears on the last Business Day of each March, June, September and December prior to the Latest Commitment Termination Date, commencing on the first such date to occur after the Effective Date, and on the Commitment Termination Date of each Class of Revolving Commitments (including the Latest Commitment Termination Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the foregoing, each Borrower shall pay to the Administrative Agent for its own account, fees payable in the amounts and at the times separately agreed upon by the Borrowers and the Administrative Agent. Such fees shall be fully earned when paid and shall not be refundable under any circumstances.

*Section 2.08 &nbsp;&nbsp;&nbsp;&nbsp; *Computation of Fees and Interest*.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All computations of interest for Base Rate Loans when the Base Rate is determined by the Administrative Agent's prime commercial lending rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed. Interest and fees shall accrue during each period in which such interest or fees are computed from the first day thereof to the last day thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each determination of an interest rate by the Administrative Agent shall be conclusive and binding on the Borrowers and the Lenders in the absence of manifest error. The Administrative Agent will, at the request of the Borrower Representative or any Lender, deliver to the Borrower Representative or such Lender, as the case may be, a statement showing the quotations used by the Administrative Agent in determining any interest rate and the resulting interest rate.

*Section 2.09 &nbsp;&nbsp;&nbsp;&nbsp; *Payments Generally*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All payments to be made by any Credit Party under the Loan Documents shall be made without condition or deduction for any defense, set-off, recoupment or counterclaim. Except as otherwise expressly provided in any Loan Document, all payments to be made by any Credit Party under any Loan Document shall be made to the Administrative Agent for the account of the Lenders at the Administrative Agent's Office, and shall be made in dollars and in immediately available funds, no later than 2:00 p.m. (New York City time) on the date specified in such Loan Document. The Administrative Agent will promptly distribute to each Lender its applicable share of such payment in like funds as received. Any payment received by the Administrative Agent later than 2:00 p.m. (New York City time) shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Subject to the provisions set forth in the definition of "Interest Period" herein, whenever any payment is due on a day other than a Business Day, such payment shall be made on the following Business Day, and such extension of time shall in such case be included in the computation of interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless Credit Party or any Lender has notified the Administrative Agent, prior to the date any payment is required to be made by it to the Administrative Agent hereunder, that such Credit Party or such Lender, as the case may be, will not make such payment, the Administrative Agent may assume that such Credit Party or such Lender, as the case may be, has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to the Person entitled thereto. If and to the extent that such payment was not in fact made to the Administrative Agent in immediately available funds, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; if any Credit Party failed to make such payment, each Lender shall forthwith on demand repay to the Administrative Agent the portion of such assumed payment that was made available to such Lender in immediately available funds, together with interest thereon in respect of each day from and including the date such amount was made available

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by the Administrative Agent to such Lender to the date such amount is repaid to the Administrative Agent in immediately available funds at the Federal Funds Rate from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; if any Lender failed to make such payment, such Lender shall forthwith on demand pay to the Administrative Agent the amount thereof in immediately available funds, together with interest thereon for the period from the date such amount was made available by the Administrative Agent to the applicable Borrower to the date such amount is recovered by the Administrative Agent (the "**Compensation Period**") at the customary rate set by the Administrative Agent for the correction of errors among banks for three (3) Business Days and thereafter at the Base Rate. If such Lender pays such amount to the Administrative Agent, then such amount (other than the interest thereon) shall constitute such Lender's Revolving Loan included in the applicable Credit Extension. If such Lender does not pay such amount forthwith upon the Administrative Agent's demand therefor, the Administrative Agent may make a demand therefor upon the applicable Borrower, and such Borrower shall pay such amount to the Administrative Agent, together with interest thereon for the Compensation Period at a rate *per annum* equal to the applicable rate for Base Rate Loans to the applicable Credit Extension. Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its Revolving Commitments or to prejudice any rights that the Administrative Agent or any Borrower may have against any Lender as a result of any default by such Lender hereunder.

A notice of the Administrative Agent to any Lender or the Borrower Representative with respect to any amount owing under this <u>subsection (c)</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender makes available to the Administrative Agent funds for any Revolving Loan to be made by such Lender as provided in the foregoing provisions of this <u>Article 2</u>, and such funds are not made available to the applicable Borrower by the Administrative Agent because the conditions to the extension of Revolving Loans set forth in <u>Article 4</u> are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The obligations of the Lenders hereunder to make Revolving Loans are several and not joint. The failure of any Lender to make any Revolving Loan on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Revolving Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Revolving Loan in any particular place or manner.

*Section 2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Sharing of Payments by Lenders*.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment (i) on account of any Obligations due and payable hereunder and under the other Loan Documents at such time resulting in such Lender receiving payment in excess of its ratable share (calculated according to the proportion of (A) the amount of such Obligations due and payable to such Lender at such time to (B) the aggregate amount of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or (ii) of or on account of any of Obligations owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (calculated according to the proportion of (A) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (B) the aggregate amount of Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of Obligations owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time, then, in each case, such Lender shall (x) notify the Administrative Agent of such fact, and (y) purchase (for cash at face value) participations in the Obligations of the other Lenders due and payable or owing, as the case may be, or make such other adjustments as shall be equitable, so that the benefit of such excess payments shall be shared by all such Lenders; *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; the provisions of this <u>Section 2.10</u> shall not be construed to apply to (1) any payment made by Credit Party pursuant to and in accordance with the express terms of this Agreement or (2) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Revolving Loans to any assignee or participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Each Credit Party consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Credit Party rights of set-off and counterclaim (subject to <u>Section 10.09</u>) with respect to such participation as fully as if such Lender were a direct creditor of such Credit Party in the amount of such participation.

*Section 2.11 &nbsp;&nbsp;&nbsp;&nbsp; *Defaulting Lenders*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Defaulting Lender Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; <u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Article 8</u> or otherwise)

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or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section 10.09</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; *second*, as any Borrower may request (so long as no Default or Event of Default shall have occurred and be continuing), to the funding of any Revolving Loan on a pro rata basis in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *third*, if so determined by the Administrative Agent and the Borrower Representative, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender's potential future funding obligations with respect to Revolving Loans on a pro rata basis under this Agreement; *fourth*, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; *fifth*, so long as no Event of Default shall have occurred and be continuing, to the payment of any amounts owing to any Credit Party as a result of any judgment of a court of competent jurisdiction obtained by such Credit Party against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *sixth*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; *provided* that if (x) such payment is a payment of the principal amount of any Revolving Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Revolving Loans were made at a time when the conditions set forth in <u>Section 4.02</u> were satisfied or waived, such payment shall be applied solely to pay the Revolving Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Revolving Loans of such Defaulting Lender until such time as all Revolving Loans are held by the Lenders pro rata in accordance with the applicable Revolving Commitments. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; Certain Fees. No Defaulting Lender shall be entitled to receive any fee pursuant to Section 2.07(a) for any period during which that Lender is a Defaulting Lender (and Finco shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Defaulting Lender Cure</u>. If the Borrower Representative and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon, as of the effective date specified in such notice, and subject to any conditions set forth therein, such Lender will, to the extent applicable, purchase at par that portion of outstanding Revolving Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Loans to be held pro rata by the Lenders in accordance with the applicable Revolving Commitments, whereupon such Lender will cease to be a Defaulting Lender; *provided* that no adjustments will be made

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retroactively with respect to fees accrued or payments made by or on behalf of any Credit Party while that Lender was a Defaulting Lender; and *provided*, *further*, that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Lender Counterparties</u>. So long as any Lender is a Defaulting Lender, such Lender shall not be a contractual counterparty with respect to any Guaranteed Swap Contract entered into while such Lender was a Defaulting Lender.

*Section 2.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Maturity Extensions of Revolving Loans*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not earlier than 90 days before the then-current Commitment Termination Date of any Class of Revolving Commitments (the "**Unextended Commitment Termination Date**") but not later than 30 days prior to such Unextended Commitment Termination Date, the Borrower Representative may, pursuant to the provisions of this <u>Section 2.12</u>, agree with one or more Lenders holding Revolving Loans and Revolving Commitments of such Class to extend the Commitment Termination Date of such Class of Revolving Commitments for an additional 364-day period from such Unextended Commitment Termination Date (each such modification, an "**Extension**") pursuant to a written offer substantially in the form of Exhibit J (an "**Extension Offer**") delivered by the Borrower Representative to the Administrative Agent, who shall promptly distribute such Extension Offer to all Lenders under the Class that is proposed to be extended under this <u>Section 2.12</u>, in each case on a pro rata basis (based on the relative principal amounts of the outstanding Revolving Commitments of each Lender in such Class) and on the same terms to each such Lender. The Extension Offer shall include the requested new termination date for the extended Revolving Loans and Revolving Commitments of such Class (such date, an "**Extended Termination Date**") and the due date for Lender responses (the "**Extension Response Date**"), which due date shall be no sooner than ten (10) Business Days after delivery of such notice by the Borrower Representative to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; In connection with any Extension, each Lender of the applicable Class shall, prior to the Extension Response Date, provide the Administrative Agent with a written notice in a form reasonably satisfactory to the Administrative Agent indicating whether it wishes to participate in such Extension (any such Lender, an "**Extending Lender**") or not (any such Lender, a "**Non-Extending Lender**"). Any Lender that does not respond to an Extension Offer by the Extension Response Date shall be deemed to have rejected such Extension. The Administrative Agent shall promptly, and in any event within two Business Days of the Extension Response Date, deliver such notices to the Borrower Representative. Upon satisfaction of the conditions in <u>Section 2.12(d)</u>, such Extension shall be effective, automatically and without any further action by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After giving effect to any Extension, the Revolving Commitments so extended shall cease to be a part of the Class of which they were a part immediately prior to the Extension and shall be a new Class hereunder; *provided* that at no time shall there be more than two (2) different

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Classes of Revolving Commitments. If the Class Utilization of Revolving Commitments of any Class exceeds the Revolving Commitments of such Class as a result of the occurrence of a Commitment Termination Date while an extended Class of Revolving Commitments remains outstanding, each applicable Borrower shall make such payments as are necessary in order to eliminate such excess on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The effectiveness of each Extension shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Lenders constituting the Required Lenders have accepted the Extension Offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; on the proposed effective date of such Extension, the conditions precedent set forth in <u>Section 4.02(a)</u> and <u>(b)</u> shall be satisfied (with all references in such Section to the making of a Revolving Loan being deemed to be references to the Extension on the applicable date of such Extension), and the Administrative Agent shall have received a certificate to that effect from the Borrower Representative dated the applicable date of such Extension and executed by a Responsible Officer of Holdings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; any applicable extension fees, to be agreed between the Borrowers, the Administrative Agent, and each Lender whose commitment is being extended, have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with any Extension, the Borrowers shall have the right, at any time, to replace any Non-Extending Lender with, and add as "Lenders" under this Agreement in place thereof, one or more Eligible Assignees (each, an "**Additional Extension Lender**"), in accordance with the procedures provided in <u>Section 10.14</u>, each of which Additional Extension Lenders shall have entered into an Assignment and Assumption pursuant to which such Additional Extension Lender shall, effective as of the date of such Assignment and Assumption, undertake a Revolving Commitment (and, if any such Additional Extension Lender is already a Lender, its Revolving Commitment shall be in addition to such Lender's Revolving Commitment hereunder on such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Promptly following the effectiveness of any Extension or any replacement of Non-Extending Lenders, the Borrower Representative will furnish to the Administrative Agent (who shall promptly furnish to each Lender) written notice setting forth the Extended Termination Date of the Extension and the aggregate principal amount of each Class of Revolving Loans and Revolving Commitments after giving effect to such Extension or replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On the Unextended Termination Date, (i) each Borrower shall repay such Non-Extending Lender in accordance with <u>Section 2.05</u>, which repayments may be funded with a borrowing of Revolving Loans under the Revolving Commitments of each Extending Lender and Additional Extension Lender and (ii) after giving effect to such repayments, in each case to the extent necessary to keep outstanding Revolving Loans ratable with any revised Revolving Commitments of the respective Lenders effective as of such date, (x) each Borrower shall prepay

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Revolving Loans outstanding on such date (and pay any additional amounts required pursuant to <u>Section 3.04</u>), or (y) at the request of the Borrowers, each Extending Lender shall assign to each Additional Extension Lender, and each Additional Extension Lender shall purchase from each of the Extending Lenders, at par, interests in the Revolving Loans outstanding. The Administrative Agent and the Lenders hereby agree that the minimum borrowing and prepayment requirements in <u>Sections 2.01</u> and <u>2.05</u> of this Agreement shall not apply to the transactions effected pursuant to the preceding sentences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each of the parties hereto hereby (A) agrees that, notwithstanding anything to the contrary set forth in Section 10.01, this Agreement and the other Loan Documents may be amended pursuant to an amendment in form and substance reasonably acceptable to the Administrative Agent and the Borrowers executed by (a) Holdings, (b) Finco, (c) each Borrower, (d) the Administrative Agent and (e) each Extending Lender and Additional Extension Lender, which shall not require the consent of any other Lenders, to the extent reasonably required to (i) reflect the existence and terms of the extended Revolving Commitments of such Extending Lenders and Additional Extension Lenders and (ii) effect such other amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section or that have otherwise been approved in accordance with Section 10.01, and each Lender hereby expressly and irrevocably, for the benefit of all parties hereto, authorizes the Administrative Agent to enter into such amendment and (B) consents to the transactions contemplated by this <u>Section 2.12</u> (including, for the avoidance of doubt, payment of interest, fees or premiums as may be set forth in the relevant amendment).

*Section 2.13 &nbsp;&nbsp;&nbsp;&nbsp; *Incremental Facilities*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Borrower Representative may, by written notice to the Administrative Agent, elect to request prior to the Commitment Termination Date of any Class of Revolving Commitments, an increase to the then-existing Revolving Commitments of such Class (any such increase, "**New Revolving Commitments**"), by an amount not in excess of the Increase Amount at such time and not less than $10,000,000 individually (or such lesser amount which shall be approved by the Administrative Agent or such lesser amount that shall equal the Increase Amount at such time), and integral multiples of $1,000,000 in excess of that amount. Each such notice shall specify (A) the date (each, an "**Increased Amount Date**") on which the Borrower Representative proposes that the New Revolving Commitments shall be effective, which shall be a date not less than 10 Business Days after the date on which such notice is delivered to the Administrative Agent and (B) the identity of each Lender or other Person that is an Eligible Assignee (each, a "**New Revolving Loan Lender**") to whom the Borrower Representative proposes any portion of such New Revolving Commitments be allocated and the amounts of such allocations; *provided* that the Administrative Agent may elect or decline to arrange such New Revolving Commitments in its sole discretion and any Lender approached to provide all or a portion of the New Revolving Commitments may elect or decline, in its sole discretion, to provide a New Revolving Commitment. Such New Revolving Commitments shall become effective as of

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such Increased Amount Date; *provided* that (1) no Default or Event of Default shall exist on such Increased Amount Date before or after giving effect to such New Revolving Commitments; (2) all of the representations and warranties contained herein or in any Loan Document (other than the representations and warranties contained in <u>Sections 5.05(d)</u> and <u>5.06)</u> shall be true and correct in all material respects on and as of such Increased Amount Date to the same extent as though made on and as of such Increased Amount Date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; *provided* that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; (3) all New Revolving Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrowers, the New Revolving Loan Lender and the Administrative Agent, each of which shall be recorded in the Register and each New Revolving Loan Lender shall be subject to the requirements set forth in <u>Section 3.01(e)</u>; (4)each Borrower shall make any payments required pursuant to <u>Section 3.04</u> in connection with the New Revolving Commitments; and (5) the Borrower Representative shall deliver or cause to be delivered any legal opinions or other documents reasonably requested by the Administrative Agent in connection with any such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On any Increased Amount Date on which New Revolving Commitments are effected, subject to the satisfaction of the foregoing terms and conditions, (i) each of the then-existing Lenders of the applicable Class shall assign to each of the New Revolving Loan Lenders of such Class, and each such New Revolving Loan Lender shall purchase from each such then-existing Lender, at the principal amount thereof, such interests in the Revolving Loans of such Class outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Exposure of such Class will be held by such then-existing Lenders and such New Revolving Loan Lenders ratably in accordance with their Revolving Commitments of such Class after giving effect to the addition of such New Revolving Commitments to the Revolving Commitments of such Class, (ii) each New Revolving Commitment shall be deemed for all purposes a Revolving Commitment and each Revolving Loan made thereunder (a "**New Revolving Loan**") shall be deemed, for all purposes, a Revolving Loan and (iii) each New Revolving Loan Lender shall become a Lender with respect to the New Revolving Commitment and all matters relating thereto. For the avoidance of doubt, the terms and provisions of the New Revolving Loans and New Revolving Commitments shall be documented solely as an increase, and shall be identical, to the then-existing Revolving Commitments.

The Administrative Agent shall notify Lenders promptly upon receipt of the Borrower Representative's notice of each Increased Amount Date and in respect thereof (x) the New Revolving Commitments and the New Revolving Loan Lenders, and (y) the respective interests in such Lender's Revolving Loans, in each case subject to the assignments contemplated by this <u>Section 2.13</u>.

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ARTICLE 3

Taxes, Yield Protection and Illegality

*Section 3.01 &nbsp;&nbsp;&nbsp;&nbsp; *Taxes*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Payments Free of Indemnified Taxes and Other Taxes</u>. Any and all payments by or on account of any obligation of any Credit Party hereunder or under any other Loan Document shall be made free and clear of and without deduction or withholding for any Taxes, *provided* that if any applicable withholding agent shall be required by applicable law to deduct or withhold any Taxes from such payments, then (i) the applicable withholding agent shall make such deductions or withholdings, (ii) the applicable withholding agent shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and (iii) if such Tax is an Indemnified Tax, the sum payable by the applicable Credit Party shall be increased as necessary so that after all required deductions or withholdings have been made (including deductions and withholdings applicable to additional sums payable under this <u>Section 3.01</u>) the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions or withholdings been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Payment of Other Taxes by Finco and Each Borrower</u>. Without limiting the provisions of <u>subsection (a)</u> above, (x) to the extent any Other Taxes relate directly to the Revolving Loans borrowed by any Borrower, such Borrower shall timely pay such Other Taxes and (y) to the extent any Other Taxes do not relate directly to the Revolving Loans borrowed by any Borrower, Finco shall timely pay such Other Taxes, in each case to the relevant Governmental Authority in accordance with applicable law, or, in each case, at the option of the Administrative Agent timely reimburse it for the payment of Other Taxes payable by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification by the Borrowers</u>. Without duplication of the provisions of <u>subsection (a)</u> above, within ten (10) Business Days after written demand therefor delivered to the Borrower Representative, (x) each Borrower shall, severally, and not jointly or jointly and severally, indemnify the Administrative Agent and each Lender for the full amount of any Indemnified Taxes, solely to the extent such Indemnified Taxes relate directly to the Revolving Loans borrowed by such Borrower, and (y) Finco shall indemnify the Administrative Agent and each Lender for the full amount of any Indemnified Taxes not provided for by the foregoing clause (x), in each case in respect of payments under any Loan Document (including Indemnified Taxes imposed on or attributable to amounts payable under this <u>Section 3.01</u>) that are imposed on or payable by the Administrative Agent or such Lender or are required to be withheld or deducted from a payment to the Administrative Agent or such Lender, as the case may be, and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; *provided*, that neither Finco nor any Borrower shall be required to indemnify the Administrative Agent or a Lender pursuant to this <u>Section 3.01</u> for any Indemnified Taxes to the extent that such recipient fails to notify the Borrower Representative within 270 days after the date on which such Person has made payment of such Indemnified Taxes; *provided*, *further*, that, if the Indemnified Taxes imposed or asserted giving rise to such claims are retroactive, then the 270-day period referred to

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above shall be extended to include the period of retroactive effect thereof. A certificate setting forth the amount of such payment or liability delivered to the Borrower Representative by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp; <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by any Credit Party to a Governmental Authority pursuant to this <u>Section 3.01</u>, such Credit Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; <u>Status of Lenders</u>. Each Lender shall deliver to the Borrower Representative and to the Administrative Agent, whenever reasonably requested by the Borrower Representative or the Administrative Agent, such properly completed and executed documentation prescribed by applicable laws and such other reasonably requested information as will permit such payments to be made without withholding or at a reduced rate. In addition, any Lender, if reasonably requested by the Borrower Representative or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower Representative or the Administrative Agent as will enable any Credit Party or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section 3.01(e)(A)</u>, <u>(B)(i)-(iv)</u> and <u>(D)</u>) shall not be required if in the applicable Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. If any form, certification or other documentation provided by a Lender pursuant to this <u>Section 3.01(e)</u> (including any of the specific documentation described below) expires or becomes obsolete or inaccurate in any respect, such Lender shall promptly notify the Borrower Representative and the Administrative Agent in writing and shall promptly update or otherwise correct the affected documentation or promptly notify the Borrower Representative and the Administrative Agent in writing that such Lender is not legally eligible to do so.

Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp; any Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code shall deliver to the Borrower Representative and the Administrative Agent duly completed and executed copies of IRS Form W-9 (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon reasonable request of any Borrower or the Administrative Agent) as will enable such Borrower or the Administrative Agent, as the case may be, to determine that such Lender is not subject to U.S. federal backup withholding or information reporting requirements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Foreign Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of U.S. federal withholding tax with respect to any payments hereunder or under any other Loan Document shall deliver to the Borrower Representative and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of any Borrower or the Administrative Agent), duly completed and executed copies of whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRS Form W-8BEN or W-8BEN-E claiming eligibility for benefits of an income tax treaty to which the United States is a party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IRS Form W-8ECI claiming that specified payments (as applicable) under this Agreement or any other Loan Documents (as applicable) constitute income that is effectively connected with such Foreign Lender's conduct of a trade or business in the United States,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code (the "**Portfolio Interest Exemption**"), (x) a certificate (a "**Tax Status Certificate**"), substantially in the form of <u>Exhibit F-1</u>, to the effect that such Foreign Lender is not (1) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (2) a "10 percent shareholder" of any Borrower, within the meaning of Section 881(c)(3)(B) of the Code or (3) a "controlled foreign corporation" related to any Borrower as described in Section 881(c)(3)(C) of the Code, and that no interest to be received is effectively connected with a U.S. trade or business and (y) IRS Form W-8BEN or W-8BEN-E,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; where such Foreign Lender is a partnership (for U.S. federal income tax purposes) or otherwise not a beneficial owner (e.g., where such Lender has sold a participation), IRS Form W-8IMY (or any successor thereto), accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, (if so required) a Tax Status Certificate substantially in the form of <u>Exhibit F-2</u> or <u>Exhibit F-4</u>, IRS Form W-9, and all required supporting documentation (including, where one or more of the underlying beneficial owner(s) is claiming the benefits of the Portfolio Interest Exemption, a Tax Status Certificate of such beneficial owner(s); *provided* that, if the Foreign Lender is a partnership and not a participating Lender and one or more direct or indirect partners of such Foreign Lender is claiming the Portfolio Interest Exemption, a Tax Status Certificate substantially in the form of <u>Exhibit F-3</u> shall be provided by the Foreign Lender on behalf of each such direct or indirect partner), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in United States federal withholding tax together with such supplementary documentation as may be prescribed by applicable laws to permit any Credit Party or the Administrative Agent to determine the withholding or deduction required to be made; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) each Lender shall deliver to the Borrower Representative and the Administrative Agent (in such number of duly completed and executed copies as shall be requested by the recipient), at such time or times reasonably requested by any Credit Party or the Administrative Agent, such documentation prescribed by applicable law or reasonably requested by any Borrower or the Administrative Agent (1) to comply with such Credit Party's and/or Administrative Agent's obligations under FATCA, (2) to determine that such Lender has complied with such Lender's obligations under FATCA and/or (3) to determine the amount to deduct and withhold from any payment under this Agreement or the other Loan Documents pursuant to FATCA. Solely for purposes of this <u>clause (C)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

Notwithstanding anything to the contrary in this <u>Section 3.01(e)</u>, no Lender shall be required to deliver any documentation that it is not legally eligible to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Status of Administrative Agent</u>. The Administrative Agent shall deliver the following to the Borrower Representative on or before the date on which it becomes the Administrative Agent under this Agreement (and from time to time thereafter upon the reasonable request of any Borrower): (1) if the Administrative Agent is not acting through a U.S. office, (x) executed copies of IRS Form W-8BEN-E with respect to any amounts payable to the Administrative Agent for its own account and (y) executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, and/or other certification documents from each beneficial owner, as applicable with respect to any amounts payable to the Administrative Agent for the account of others; <u>provided</u>, <u>however</u>, that no additional amounts for non-U.S. Taxes and non-U.S. Other Taxes shall be payable by Finco or any Borrower under <u>Section 3.01</u> or <u>Section 3.03(a)</u> if such additional amounts or Other Taxes would not have been payable had the Administrative Agent acted through a U.S. office; <u>provided</u>, <u>further</u>, that such additional amounts for such non-U.S. Taxes and non-U.S. Other Taxes shall be payable in accordance with <u>Section 3.01</u> and <u>Section 3.03(a)</u> to the extent that such Taxes that are payable as a result of a change in law that occurred after the date hereof; (2) if the Administrative Agent is acting through a U.S. office, (x) executed copies of IRS Form W-8ECI with respect to any amounts payable to the Administrative Agent for its own account and (y) executed copies of IRS Form W-8IMY with respect to any amounts payable to the Administrative Agent for the account of others, certifying that it is a "U.S. branch," that the payments it receives for the account of others are not effectively connected with the conduct of its trade or business within the United States and that it is using such form as evidence of its agreement with the Borrowers to be treated as a U.S. person with respect to such payments (and the Borrowers and the Administrative Agent agree to so treat the Administrative Agent as a U.S. person with respect to such payments as contemplated by Section 1.1441-1(b)(2)(iv) of the United States Treasury Regulations) or (3) if the Administrative Agent is a "United States person" within the meaning of Section 7701(a)(3) of the Code, executed copies of IRS Form W-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Treatment of Certain Refunds</u>. If the Administrative Agent or any Lender determines, in its good faith discretion, that it has received a refund in cash of any Indemnified

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Taxes as to which it has been indemnified by a Credit Party or with respect to which a Credit Party has paid additional amounts pursuant to this <u>Section 3.01</u>, it shall promptly pay to such Credit Party an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by a Credit Party under this <u>Section 3.01</u> with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender (including any Taxes), as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); *provided* that each Credit Party, severally, and not jointly or jointly and severally, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to such Credit Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority (other than any penalties arising from the gross negligence or willful misconduct of the Administrative Agent or the Lender as determined in a final, non-appealable judgment by a court of competent jurisdiction)) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Such Lender or Administrative Agent, as the case may be, shall, at the Borrower Representative's reasonable request, provide the Borrower Representative with a copy of any notice of assessment or other evidence reasonably satisfactory to the Borrower Representative of the requirement to repay such refund received from the relevant taxing authority. Notwithstanding anything to the contrary in this <u>subsection (g)</u>, in no event will the Administrative Agent or any Lender be required to pay any amount to a Credit Party pursuant to this <u>subsection (g)</u> the payment of which would place the Administrative Agent or such Lender in a less favorable net after-Tax position than the Administrative Agent or such Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require the Administrative Agent, or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower Representative or any other Person.

*Section 3.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Illegality*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; If any Lender reasonably and in good faith determines that the introduction of any Requirement of Law, or any change in any Requirement of Law, or in the interpretation or administration of any Requirement of Law, after the Effective Date, has made it unlawful, or that any central bank or other Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make SOFR Loans, then, on notice thereof by the Lender to the Borrower Representative through the Administrative Agent, any obligation of that Lender to make SOFR Loans shall be suspended until the Lender notifies the Administrative Agent and the Borrower Representative that the circumstances giving rise to such determination no longer exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Lender reasonably and in good faith determines that it is unlawful for such Lender to maintain any SOFR Loan after the Effective Date, on notice thereof by the Lender to the Borrower Representative through the Administrative Agent, such SOFR Loans of that Lender then outstanding, either on the last day of the Interest Period thereof, if the Lender may lawfully

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continue to maintain such SOFR Loans to such day, or immediately, if the Lender may not lawfully continue to maintain such SOFR Loan, shall convert to a Base Rate Loan on such applicable date and within three (3) Business Days after the Borrower Representative's receipt of such notice each such Borrower shall pay to the applicable Lender accrued interest on such SOFR Loan along with all amounts required under <u>Section 3.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the obligation of any Lender to make or maintain SOFR Loans has been so terminated or suspended, the Borrower Representative may elect, by giving notice to the Lenders through the Administrative Agent, that all Revolving Loans which would otherwise be made or maintained by the Lenders as SOFR Loans shall instead be Base Rate Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; If any Lender gives a notice pursuant to this <u>Section 3.02</u>, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its SOFR Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate the need for the notice pursuant to this <u>Section 3.02</u>, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material economic, legal or regulatory respect.

*Section 3.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Increased Costs and Reduction of Return*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Lender reasonably and in good faith determines that, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation or (ii) the compliance by that Lender with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) after the later of (x) the Effective Date and (y) the date such Lender becomes a party to this Agreement, there shall be any increase in the cost (including Taxes, other than (i) Taxes described in <u>clauses (b)</u> and <u>(c)</u> of the definition of "Excluded Taxes", (ii) Connection Income Taxes and (iii) Indemnified Taxes) to such Lender of agreeing to make or making, funding or maintaining any Revolving Loans, or any reduction in the amount of any sum received or receivable by such Lender, then each Borrower, severally, and not jointly or jointly and severally, shall be liable for, and shall from time to time, promptly upon written demand delivered to the Borrower Representative (with a copy of such demand to be sent to the Administrative Agent), pay to the Administrative Agent for the account of such Lender, additional amounts as are sufficient to compensate such Lender for such increased costs or reduction suffered in relation to such Borrower's Revolving Loans, to the extent such Lender is imposing such costs on borrowers that are similarly situated to the Borrowers with respect to whom such Lender has similar rights of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; If any Lender reasonably and in good faith shall have determined that (i) the introduction of any Capital Adequacy Regulation, (ii) any change in any Capital Adequacy Regulation, (iii) any change in the interpretation or administration of any Capital Adequacy Regulation by any central bank or other Governmental Authority charged with the interpretation or administration thereof, or (iv) compliance by the Lender (or its Lending Office) or any corporation controlling the Lender with any Capital Adequacy Regulation, in each case after the

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later of (x) the Effective Date and (y) the date such Lender becomes a party to this Agreement, affects or would affect the amount of capital or liquidity required or expected to be maintained by the Lender or any corporation controlling the Lender and (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy or liquidity and such Lender's desired return on capital) determines that the amount of such capital or liquidity is increased as a consequence of its Revolving Commitment, loans, credits or obligations under this Agreement, then, thirty (30) days after written demand by such Lender to the Borrower Representative through the Administrative Agent, each Borrower shall pay to the Lender, from time to time as specified by the Lender, additional amounts sufficient to compensate the Lender for such increase in relation to such Borrower's Revolving Loans, to the extent such Lender is employing such increase with respect to borrowers that are similarly situated to the Borrowers with respect to whom such Lender has similar rights of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Notwithstanding anything herein to the contrary, for all purposes of the Loan Documents, all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued by any United States regulatory authority (i) under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii) in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority), in each case pursuant to Basel III, regardless of the date adopted, issued, promulgated or implemented are deemed to have been adopted and to have taken effect after the date hereof and after the date any Lender becomes a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Borrower shall be required to compensate any Lender pursuant to this <u>Section 3.03</u> for any increased costs or reduced returns to the extent such Lender makes written demand on the Borrower Representative for compensation later than 270 days after the date any such increased cost or reduced return is incurred; *provided* that, if the change in law giving rise to any such increased cost or reduced giving rise to such claims are retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. A certificate setting forth the amount of such increased costs or reduced returns delivered to the Borrower Representative by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

Section 3.04&nbsp;&nbsp;&nbsp;&nbsp; *Funding Losses .* Each Borrower shall reimburse each Lender and hold each Lender harmless from any loss (other than loss of profits or the Applicable Margin), expense or liability which the Lender may sustain or incur as a consequence of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the failure of such Borrower to make on a timely basis any payment of principal of any SOFR Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; the failure of such Borrower to continue a SOFR Loan after the Borrower Representative has given (or is deemed to have given) a Conversion/Continuation Notice thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; the failure of such Borrower to make any prepayment of a SOFR Loan in accordance with any notice of prepayment given by the Borrower Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; the prepayment (including pursuant to <u>Section 2.05</u>) or other payment (including after acceleration thereof) of a SOFR Loan by such Borrower on a day that is not the last day of the relevant Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; a Credit Extension of any SOFR Loan does not occur on a date specified therefor in the Loan Notice delivered by the Borrower Representative, or a conversion to or continuation of any SOFR Loan does not occur on a date specified therefor in a Conversion/Continuation Notice delivered by the Borrower Representative; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any conversion of any of its SOFR Loans occurring on a date prior to the last day of an Interest Period applicable to the Revolving Loan;

including any such loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain its SOFR Loans or from fees payable to terminate the deposits from which such funds were obtained, but excluding any administrative fee or other amount chargeable by such Lender for the calculation of such loss.

*Section 3.05 &nbsp;&nbsp;&nbsp;&nbsp; *Effect of Benchmark Transition Event*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Benchmark Replacement</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event, the Administrative Agent and the Borrowers may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5<sup>th</sup>) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower Representative so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this <u>Section 3.05(a)</u> will occur prior to the applicable Benchmark Transition Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Benchmark Replacement Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document, unless the Administrative Agent has received, within five (5) Business Days of the date notice of such amendments is provided to the Borrower Representative, a written notice from the Borrower Representative objecting to such amendments.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly notify the Borrower Representative and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower Representative and the Lenders of the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 3.05(d)</u> below. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, the Borrower Representative or any Lender (or group of Lenders) pursuant to this <u>Section 3.05</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this <u>Section 3.05(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>Unavailability of Tenor of Benchmark</u>. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Benchmark Unavailability Period</u>. Upon the Borrower Representative's receipt of notice of the commencement of a Benchmark Unavailability Period, (i) the Borrower Representative may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower Representative will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans and (ii) any outstanding affected SOFR Loans will be deemed to have been converted to Base Rate Loans at the end of the applicable Interest Period. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

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Section 3.06&nbsp;&nbsp;&nbsp;&nbsp; *Certificates of Lenders*. Any Lender claiming reimbursement or compensation under this <u>Article 3</u> shall deliver to the Borrower Representative (with a copy to the Administrative Agent) a certificate setting forth in reasonable detail the amount payable to the Lender hereunder and such certificate shall be conclusive and binding on the applicable Borrower in the absence of demonstrable error. Such certificate shall set forth in reasonable detail the methodology used in determining the amount payable to the Lender.

Section 3.07&nbsp;&nbsp;&nbsp;&nbsp; *Substitution of Lenders*. If the Borrower Representative receives from any Lender notice of a claim for compensation under <u>Section 3.01</u> or <u>3.03</u> or notice of illegality or increased costs under <u>Section 3.02</u> or <u>Section 3.10</u>, the Borrowers may, upon notice to such Lender and the Administrative Agent, replace such Lender by causing such Lender to assign its Revolving Loans and Revolving Commitment (with the assignment fee to be paid by the Borrower in such instance) pursuant to <u>Section 10.07(b)</u> to one or more other Lenders or Eligible Assignees procured by the Borrowers; provided that (x) the Borrowers shall be obligated to replace all Lenders that have made similar requests and (y) each such Lender shall have received payment of an amount equal to the outstanding principal of its Revolving Loans, accrued interest thereon, accrued fees and all other amounts payable to it under the Loan Documents from the applicable assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts). The Borrowers shall release such Lender from its obligations under the Loan Documents. Any Lender being replaced shall execute and deliver an Assignment and Assumption with respect to such Lender's outstanding Revolving Loans.

Section 3.08&nbsp;&nbsp;&nbsp;&nbsp; *Survival*. The agreements and obligations of each Borrower in <u>Section 3.01</u>, <u>Section 3.03</u> and <u>Section 3.04</u> and the agreements and obligations of the Lenders in <u>Section 3.06</u> shall survive the termination of this Agreement and the payment of all other Obligations.

Section 3.09&nbsp;&nbsp;&nbsp;&nbsp; *Circumstances Affecting Benchmark Availability*. Subject to <u>Section 3.05</u>, in connection with any request for a SOFR Loan or a conversion to or continuation thereof or otherwise, if for any reason the Administrative Agent shall determine (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining Term SOFR for the applicable Interest Period with respect to a proposed SOFR Loan on or prior to the first day of such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower Representative. Upon notice thereof by the Administrative Agent to the Borrower Representative, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower Representative to convert any Revolving Loan to or continue any Revolving Loan as a SOFR Loan, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods) until the Administrative Agent revokes such notice. Upon receipt of such notice, (A) the Borrower Representative may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected SOFR Loans or the affected Interest Periods) or, failing that, the Borrower Representative will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans in the amount specified therein and (B) any outstanding affected SOFR Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. Upon any such prepayment or

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conversion, the applicable Borrower shall also pay accrued interest on the amount so prepaid or converted.

*Section 3.10 &nbsp;&nbsp;&nbsp;&nbsp; *Redomiciled Borrower*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Lender reasonably and in good faith determines that any Borrower has become a Redomiciled Borrower after the date on which such Lender first became a Lender hereunder and as a result of the related redomiciliation it is unlawful, or any applicable central bank or other applicable Governmental Authority has asserted that it is unlawful, for such Lender or its applicable Lending Office to make Revolving Loans to such Redomiciled Borrower, then, on notice thereof by the Lender to the Borrower Representative through the Administrative Agent, any obligation of that Lender to make new Revolving Loans to such Borrower shall be suspended until the Lender notifies the Administrative Agent and the Borrower Representative that the circumstances giving rise to such determination no longer exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any Lender reasonably and in good faith determines that any Borrower has become a Redomiciled Borrower after the date on which such Lender first became a Lender hereunder and as a result of the related redomiciliation, (A) there shall be any increase in the cost (including Taxes, other than (i) Taxes described in <u>clauses (b)</u> and <u>(c)</u> of the definition of "Excluded Taxes", (ii) Connection Income Taxes and (iii) Indemnified Taxes) to such Lender of agreeing to make or making, funding or maintaining any Revolving Loans to such Borrower, or any reduction in the amount of any sum received or receivable by such Lender, or (B) there shall be an effect upon the amount of capital or liquidity required or expected to be maintained by the Lender or any corporation controlling the Lender and (taking into consideration such Lender's or such corporation's policies with respect to capital adequacy or liquidity and such Lender's desired return on capital) that the amount of such capital or liquidity is increased as a consequence of its Revolving Commitment, loans, credits or obligations under this Agreement, then, thirty (30) days after written demand by such Lender to the Borrower Representative through the Administrative Agent, such Borrower shall pay to the Lender, from time to time as specified by the Lender, additional amounts sufficient to compensate the Lender for such increase in relation to such Borrower's Revolving Loans, to the extent such Lender is employing such increase with respect to borrowers that are similarly situated to the Borrowers with respect to whom such Lender has similar rights of compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; No Borrower shall be required to compensate any Lender pursuant to this <u>Section 3.10</u> for any increased costs or reduced returns to the extent such Lender makes written demand on the Borrower Representative for compensation later than 270 days after the date any such increased cost or reduced return is incurred; *provided* that, if the law giving rise to any such increased cost or reduced giving rise to such claims is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. A certificate setting forth the amount of such increased costs or reduced returns delivered to the Borrower Representative by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Lender gives a notice pursuant to this <u>Section 3.10</u>, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Revolving Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate the need for the notice pursuant to this <u>Section 3.10</u>, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender in any material economic, legal or regulatory respect.

ARTICLE 4

Conditions Precedent

Section 4.01 *Conditions to Effectiveness*. This Agreement shall become effective on the date that each of the following conditions precedent are satisfied or waived:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall have received each of the following, each of which shall be originals or facsimiles or Adobe PDFs delivered by electronic mail (followed promptly by originals) unless otherwise specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp;&nbsp;&nbsp; from each party hereto, a counterpart of this Agreement executed by such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a Revolving Loan Note executed by each Borrower in favor of each Lender that has requested a Revolving Loan Note at least two (2) Business Days prior to the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) from each of Holdings and Finco, a counterpart of the Guarantee Agreement executed by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; copies of the resolutions of the board of directors, authorized subcommittee thereof, or other equivalent body of each Credit Party authorizing the Transactions to which such Credit Party is a party, certified as of the Effective Date by the Secretary or an Assistant Secretary of such Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; a certificate of the Secretary or Assistant Secretary of each Credit Party certifying the names and true signatures of the officers of such Credit Party authorized to execute, deliver and perform, as applicable, this Agreement and all other Loan Documents to be delivered by such Credit Party hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the articles or certificate of incorporation or equivalent document of each Credit Party as in effect on the Effective Date, certified or issued (as applicable) by the Secretary of State (or similar, applicable Governmental Authority) of its state or jurisdiction of incorporation or organization as of a recent date;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; the remaining Organization Documents of each Credit Party as in effect on the Effective Date, certified by the Secretary or Assistant Secretary of such Credit Party as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; a certificate of good standing or equivalent document for each Credit Party from the Secretary of State (or similar, applicable Governmental Authority) of its state of incorporation or organization as of a recent date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp; certified copies of Uniform Commercial Code, tax and judgment lien searches, or equivalent reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents that name any Credit Party as debtor and that are filed in those state and county jurisdictions in which any Credit Party is organized or maintains its principal place of business and such other searches that the Administrative Agent reasonably deems necessary and requested at least five (5) days prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall have received a written opinion, reasonably acceptable to the Administrative Agent in form and substance (addressed to the Administrative Agent and the Lenders and dated the Effective Date), from each of (x) Sidley Austin LLP, counsel for the Credit Parties, with respect to customary New York, Delaware and United States federal law matters and (y) applicable local counsel to each Borrower in its jurisdiction of organization with respect to customary local law matters under each such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall have been paid (i) all costs, fees and expenses (including, without limitation, Attorney Costs of the Administrative Agent, the Arrangers, the Bookrunners and recording taxes and fees) to the extent then due and payable to the Administrative Agent, the Arrangers or the Bookrunners and (ii) all other compensation contemplated by the Commitment Letter and each Fee Letter payable to the Administrative Agent, the Arrangers, the Bookrunners or the Lenders on or before the Effective Date, in each case to the extent invoiced at least two (2) Business Days prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall have received a certificate signed by a Responsible Officer of Holdings on behalf of each Borrower, dated as of the Effective Date, certifying that the conditions precedent specified in <u>Section 4.01(h)</u>, <u>(i)</u> and <u>(j)</u> have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Borrower shall have provided the documentation and other information to the Administrative Agent as the Lenders reasonably determine are required by bank regulatory authorities under applicable "know-your-customer" and Anti-Money Laundering Laws, including the PATRIOT Act, at least two (2) Business Days prior to the Effective Date as has been reasonably requested in writing at least four (4) Business Days prior to the Effective Date by the Lenders. Each Borrower shall have delivered a Beneficial Ownership Certification to the Administrative Agent and each Lender requesting one.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Administrative Agent and the Lenders shall have received at least five (5) calendar days prior to the Effective Date (i) the Historical Financial Statements and (ii) the most recent Annual Statements and Quarterly Statements (for those periods ending after delivery of the most recent Annual Statements for each Insurance Subsidiary that is a Restricted Subsidiary) of each Insurance Subsidiary that is a Restricted Subsidiary as filed with the insurance regulator of such Insurance Subsidiary's jurisdiction of domicile on or prior to such date, in each case, to the extent such reports and statements have been prepared by such Insurance Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All of the representations and warranties contained herein or in any Loan Document shall be true and correct in all material respects on and as of the Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; *provided* that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; No Default or Event of Default shall have occurred and be continuing on and as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All governmental and regulatory authorizations and approvals necessary in connection with the financing contemplated hereby shall have been obtained by the Credit Parties and be in full force and effect.

The Administrative Agent shall promptly notify the Borrower Representative and the Lenders of the Effective Date, and such notice shall be conclusive and binding on all parties hereto.

Section 4.02&nbsp;&nbsp;&nbsp;&nbsp; *Conditions to All Borrowings*. The obligation of any Lender to make any Revolving Loans on any Borrowing Date (including on the Effective Date) is subject to satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; All of the representations and warranties contained herein or in any Loan Document by any Credit Party (other than the representations and warranties contained in <u>Sections 5.05(d)</u> and <u>5.06</u>), shall be true and correct in all material respects on and as of such Borrowing Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; *provided* that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; No Default or Event of Default shall have occurred and be continuing on such date or immediately after giving effect to the proposed Credit Extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The Administrative Agent shall have received a Loan Notice in accordance with the requirements hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; After making the Credit Extension requested on such Borrowing Date, no Class's Class Utilization of Revolving Commitments shall exceed such Class's Revolving Commitments then in effect.

Any Loan Notice submitted by the Borrower Representative shall be deemed to be a representation and warranty that the conditions specified in <u>Sections 4.02(a)</u> and <u>(b)</u> have been satisfied (or waived) on and as of the date of the applicable Credit Extension.

Section 4.03&nbsp;&nbsp;&nbsp;&nbsp; *Determinations Under Section 4.01*. For purposes of determining compliance with the conditions specified in <u>Section 4.01</u>, (i) each of the Lenders shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by, or acceptable or satisfactory to, the Lenders unless an officer of the Administrative Agent responsible for the Transactions shall have received notice from such Lender prior to the Effective Date specifying its objection thereto and, in the case of any Lender, such Lender shall not have made available to the Administrative Agent on the Effective Date such Lender's Pro Rata Share of the borrowing to be made on such date and (ii) transactions occurring (or to occur) on the Effective Date in accordance with, and as expressly set forth in, the funds flow memorandum delivered to (and approved by) the Administrative Agent shall be deemed to occur and have occurred substantially simultaneously with the effectiveness hereof on the Effective Date.

ARTICLE 5

Representations and Warranties

Each Credit Party represents and warrants to the Administrative Agent and the Lenders on behalf of itself and its Material Subsidiaries, as applicable, that on the Effective Date and, to the extent provided in <u>Section 4.02(a)</u>, on the date of the making of each Revolving Loan hereunder the following statements are true and correct:

Section 5.01&nbsp;&nbsp;&nbsp;&nbsp; *Corporate Existence and Power*. Each Credit Party (a) is duly organized, registered, incorporated and/or formed and validly existing under the laws of the jurisdiction of its incorporation, organization or formation, (b) has all corporate or other organizational power and authority and all material governmental licenses, authorizations, registrations, consents and approvals required to own or lease its assets and carry on its business as now conducted and (c) is duly qualified and is licensed or registered and, as applicable, in good standing under the laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification, license or registration, except in each case referred to in the foregoing clauses (b) and (c) to the extent that such failure to do so would not reasonably be expected to have a Material Adverse Effect*.*

Section 5.02&nbsp;&nbsp;&nbsp;&nbsp; *Corporate Authorization; Contravention*. The execution, delivery and performance by each Credit Party of this Agreement and/or the other Loan Documents to which it is a party, as applicable, are within such Credit Party's corporate or other organizational powers and have been duly authorized by all necessary corporate or other organizational action, and do not contravene, or constitute a default under, any provision of the Organization Documents of such Credit Party

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or of any material agreement, judgment, injunction, order, decree or other instrument binding upon such Credit Party or any of its Material Subsidiaries (including the Existing Finco Credit Agreement) or result in the creation or imposition of any Lien on any asset of such Credit Party or any of its Material Subsidiaries*.*

Section 5.03&nbsp;&nbsp;&nbsp;&nbsp; *Governmental Authorization*. The execution, delivery and performance by each Credit Party of this Agreement and/or the other Loan Documents to which it is a party, as applicable, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or constitute a default under, any provision of applicable law or regulation, in each case except as would not reasonably be expected to have a Material Adverse Effect.

Section 5.04 *Binding Effect*. This Agreement and/or the other Loan Documents to which it is a party, as applicable, have been duly executed and delivered by such Credit Party. This Agreement and/or the other Loan Documents to which it is a party, as applicable, constitute the legal, valid and binding obligations of such Credit Party, in each case enforceable in accordance with their respective terms, except as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and by general principles of equity.

Section 5.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Financial Information*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Historical Financial Statements, copies of which have been delivered to the Administrative Agent on behalf of each of the Lenders, fairly present, in conformity with generally accepted accounting principles, the consolidated financial position of GALD and its Material Subsidiaries as of such date and their consolidated results of operations and changes in financial position for such fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Copies of the Historical Statutory Statements of or for each Insurance Subsidiary that is a Material Subsidiary (including, for the avoidance of doubt, each Borrower) in the form filed with the applicable Department for the year ended December 31, 2024 have been delivered to the Administrative Agent on behalf of each of the Lenders and fairly present, in accordance with SAP, the information contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Copies of the Historical Statutory Statements of or for each Insurance Subsidiary that is a Material Subsidiary (including, for the avoidance of doubt, each Borrower) in the form filed with the applicable Department for the quarter ended September 30, 2025 have been delivered to the Administrative Agent on behalf of each of the Lenders and fairly present, in accordance with SAP, the information contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Since December 31, 2024, no event, circumstance or change has occurred that has caused or evidences, or would reasonably be expected to result in, either in any case or in the aggregate, a Material Adverse Effect.

Section 5.06&nbsp;&nbsp;&nbsp;&nbsp; *Litigation*. As of the Effective Date, there is no action, suit or proceeding pending against, or to the Knowledge of any Credit Party threatened against, any Credit Party or any of its Material

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Subsidiaries before any court or arbitrator or any governmental body, agency or official (a) which has or would be reasonably expected to have a Material Adverse Effect, or (b) which in any manner draws into question the validity or enforceability of this Agreement or any other Loan Document.

Section 5.07 *Compliance with ERISA*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Except as would not result in a Material Adverse Effect, each Plan is in compliance in all material respects with the presently applicable provisions of ERISA and the Code. Except as would not result in a Material Adverse Effect, no ERISA Event has occurred. Except as would not result in a Material Adverse Effect, no member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Code in respect of any Single Employer Pension Plan, (ii) failed to make any contribution or payment to any Single Employer Pension Plan or Multiemployer Plan, or made any amendment to any Plan, which has resulted or could reasonably be expected to result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent the assets of any Borrower are deemed to be "plan assets" within the meaning of Section 3(42) of ERISA, or otherwise, (i) on each day that an extension of credit to such Borrower pursuant to a Credit Extension to such Borrower is in effect, such extension of credit will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code as a result of the applicability of Prohibited Transaction Class Exemption 95-60, and (ii) the fiduciary making the decision on behalf of such Borrower (the "**Plan Fiduciary**") with respect to the Credit Extension will be deemed to represent and warrant to the Lenders or the Agents (the "**Transaction Parties**") that (i) none of the Transaction Parties, nor any of their affiliates, has provided any investment advice on which it has relied in connection with the Credit Extensions, and the Transaction Parties are not otherwise acting as a fiduciary, as defined in Section 3(21) of ERISA or Section 4975(e)(3) of the Code, to such Borrower or such Plan Fiduciary in connection with the Credit Extensions; and (ii) such Plan Fiduciary is exercising its own independent judgment in evaluating the transaction. For the avoidance of doubt the assets of a Borrower refers to its unconsolidated assets.

Section 5.08&nbsp;&nbsp;&nbsp;&nbsp; *Taxes*. Such Credit Party and its Material Subsidiaries have filed all income tax returns and all other material tax returns which are required to be filed by them and have paid all Taxes due pursuant to such returns or, except for any such Taxes that are being contested in good faith by appropriate proceedings and for which adequate reserves have been made, pursuant to any assessment received by such Credit Party or any Material Subsidiary, except in each case to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of such Credit Party and its Material Subsidiaries in respect of Taxes are, in the opinion of such Credit Party, adequate.

Section 5.09&nbsp;&nbsp;&nbsp;&nbsp; *Subsidiaries*. Each of GALD and its Material Subsidiaries (a) is duly organized, registered, incorporated and/or formed and validly existing and (except where such concept is not applicable) in good standing under the laws of its jurisdiction of incorporation or organization, (b) has all

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corporate or other organizational power and authority and all material governmental licenses, authorizations, consents and approvals required to own or lease its assets and carry on its business as now conducted and (c) is duly qualified and is licensed and, as applicable, in good standing under the laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license, except in each case referred to in the foregoing clauses (b) and (c) to the extent that such failure to do so would not reasonably be expected to have a Material Adverse Effect.

Section 5.10 *Investment Company Act of 1940*. No Credit Party is required to be registered as an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

Section 5.11&nbsp;&nbsp;&nbsp;&nbsp; *No Default*. No event has occurred and is continuing which constitutes, or which, with the passage of time or the giving of notice or both, would constitute, a default under or in respect of any material agreement, instrument or undertaking to which such Credit Party or any Material Subsidiary is a party or by which either such Credit Party or Material Subsidiary or any of their respective assets is bound, unless such default would not have or be reasonably expected to have a Material Adverse Effect.

Section 5.12 *Material Subsidiaries; Immaterial Subsidiaries; Unrestricted Subsidiaries*. Set forth as <u>Schedule 5.12</u> hereto is a true, correct and complete list of (x) each Material Subsidiary as of the Effective Date, (y) each Immaterial Subsidiary as of the Effective Date and (z) each Unrestricted Subsidiary as of the Effective Date.

Section 5.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Full Disclosure*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of the Effective Date*,* all written or formally presented information (other than financial projections) provided by such Credit Party to the Lenders in connection with the Transactions on or prior to the Effective Date is, when taken as a whole with all other information so provided, complete and correct in all material respects and when taken as a whole, did not, when furnished, contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not materially misleading. As of the Effective Date, there are no facts known to such Credit Party (other than matters of a general economic nature) that, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect and that have not been disclosed herein or in such other documents, certificates and written statements furnished to Lenders on or prior to the Effective Date for use in connection with the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; As of the Effective Date, the information included in the Beneficial Ownership Certification delivered pursuant to <u>Section 4.01(f)</u> is true and correct in all respects.

Section 5.14&nbsp;&nbsp;&nbsp;&nbsp; *Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act*. None of (a) any Credit Party, (b) any Person directly or indirectly controlling a Credit Party, (c) any Person directly or indirectly controlled by a Credit Party, (d) to the knowledge of such Credit Party, their respective directors, officers, employees or (e) to the knowledge of such Credit Party, their agents or Affiliates acting

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with respect to this Facility, is a Sanctioned Person. No Credit Party will use the proceeds of the Revolving Loans for the purpose of violating any Anti-Corruption Law, Anti-Money Laundering Laws or Sanctions. No Person set forth in clauses (a) through (e) above, is: (i) owned or controlled by or, to its knowledge, acting or purporting to act on behalf of a Sanctioned Person or (ii) to its knowledge, under investigation for breaching Sanctions. To any Credit Party's knowledge, after making reasonable inquiries, no investor is included on, or is owned or controlled by a Person that is included on, any list of targets identified or designated pursuant to any Sanctions, no investor is (x) a Sanctioned Person or (y) owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, a Sanctioned Person.

Section 5.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Affected Financial Institutions*. No Credit Party is an Affected Financial Institution.

Section 5.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Covered Entity*. No Credit Party is a Covered Entity.

ARTICLE 6

Affirmative Covenants

Until all principal of and interest on each Revolving Loan and all fees and other amounts payable hereunder have been paid in full (other than unmatured, surviving contingent indemnification obligations not yet due and payable) and all Revolving Commitments have been terminated, each Credit Party, as applicable, covenants and agrees with the Lenders that:

Section 6.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Information*. Holdings will deliver to the Administrative Agent and each of the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; as soon as available, and in any event within one hundred thirty-five (135) days after the end of each Fiscal Year, commencing with the Fiscal Year ending December 31, 2025, (i) the consolidated balance sheets of Holdings and its Restricted Subsidiaries as at the end of such Fiscal Year and the related consolidated statements of income, stockholders' equity and cash flows of Holdings and its Restricted Subsidiaries for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year (to the extent corresponding figures for the previous Fiscal Year were prepared), all in reasonable detail and (ii) with respect to such consolidated financial statements an audit report thereon of PricewaterhouseCoopers LLP or other independent certified public accountants of recognized national standing selected by Holdings and reasonably satisfactory to the Administrative Agent (which audit report and/or the accompanying financial statements shall be unqualified as to going concern and scope of audit, and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of Holdings and its Restricted Subsidiaries, in each case, as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as soon as available, and in any event within sixty (60) days after the end of each of the first three Fiscal Quarters of each Fiscal Year, commencing with the Fiscal Quarter ended March 31, 2026, the consolidated balance sheets of Holdings and its Restricted Subsidiaries, as at the end of such Fiscal Quarter and the related consolidated statements of income and stockholders' equity of Holdings and its Restricted Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year (to the extent corresponding figures for the corresponding periods of the previous Fiscal Year were prepared), all in reasonable detail and certified by a Responsible Officer of Holdings as fairly presenting in all material respects, in accordance with GAAP (subject to the absence of footnotes and year-end audit adjustments), the financial position, the results of operations of Holdings and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within five (5) Business Days after delivery to the applicable Department, and in any event not later than one hundred twenty-five (125) days after the close of each Fiscal Year of each Insurance Subsidiary that is a Restricted Subsidiary, a copy of a duly completed and signed Annual Statement (or any successor form thereto) required to be filed by such Insurance Subsidiary with such Department, in the form submitted to such Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; within five (5) Business Days after delivery to the applicable Department, and in any event not later than fifty (50) days after the close of each of the first three Fiscal Quarters of each Fiscal Year of each Insurance Subsidiary that is a Restricted Subsidiary, a copy of a duly completed and signed Quarterly Statement (or any successor form thereto) required to be filed by such Insurance Subsidiary with such Department in the form submitted to such Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; forthwith upon a Responsible Officer of Holdings learning of the occurrence of any Default, a certificate of a Responsible Officer of Holdings setting forth the details thereof and the action which Holdings, Finco or any Borrower is taking or proposes to take with respect thereto.

Section 6.02&nbsp;&nbsp;&nbsp;&nbsp; *Certificates; Other Information*. The Borrower Representative shall furnish to the Administrative Agent, for further distribution to each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; concurrently with the delivery of the financial statements referred to in <u>Section 6.01(a)</u> and <u>Section 6.01(b)</u>, a Compliance Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; promptly upon the mailing thereof to the shareholders of any Borrower generally, if and only to the extent not duplicative of information otherwise provided pursuant to clause (h) below, copies of all financial statements, reports and proxy statements so mailed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; promptly upon the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration statements on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which any Credit Party shall have filed with the SEC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; except as could not reasonably be expected to have a Material Adverse Effect, promptly upon the occurrence of an ERISA Event, a certificate of a Responsible Officer of Holdings setting forth details as to such occurrence and action, if any, which Holdings, Finco, the applicable Borrower or the applicable member of the ERISA Group is required or proposes to take;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; promptly after Moody's, S&P or Fitch shall have announced a change in the Financial Strength Ratings of any Credit Party, written notice of such rating change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; from time to time such additional information regarding the financial position or business of any Credit Party as the Administrative Agent, at the request of any Lender, may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly following any request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable "know your customer" and anti-money-laundering rules and regulations, including, without limitation, the PATRIOT Act and the Beneficial Ownership Regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; promptly after the occurrence of the IPO, written notice of (i) the consummation of the IPO and (ii) the identity of the IPO Entity.

Documents required to be delivered pursuant to <u>Section 6.01</u> or this <u>Section 6.02</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Holdings posts such documents or provides a link thereto on Holdings' website on the Internet; (ii) on which such documents are posted on Holdings' behalf on IntraLinks/IntraAgency or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); or (iii) on which such documents are made publicly available at www.sec.gov; *provided* that, with respect to <u>clauses (ii)</u> and <u>(iii)</u> of this paragraph, Holdings shall notify the Administrative Agent of the posting of any such documents and, solely with respect to <u>clause (ii)</u>, provide to the Administrative Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Except for Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by any Borrower, Finco, Holdings or its Material Subsidiaries with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents.

Each of the Credit Parties hereby acknowledges that (a) the Administrative Agent will make available information and projections (collectively, "**Borrower Materials**") to the Lenders by posting the Borrower Materials on IntraLinks or another similar secure electronic system (the "**Platform**") and (b) certain of the Lenders may be "public side" Lenders that do not wish to receive MNPI (each, a "**Public Lender**"). The Borrower Representative shall clearly designate as such all Borrower Materials provided to the Administrative Agent by or on behalf of Holdings, Finco or any Borrower which are suitable to make available to Public Lenders. If the Borrower

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Representative has not indicated whether Borrower Materials cannot be distributed to Public Lenders, the Administrative Agent reserves the right to post such Borrower Materials solely on that portion of the Platform designated for non-Public Lenders.

Section 6.03&nbsp;&nbsp;&nbsp;&nbsp; *Payment of Obligations*. Such Credit Party shall pay and discharge, and shall cause each Material Subsidiary to pay and discharge, at or before maturity, all their respective material obligations and liabilities, including, without limitation, tax liabilities, that if not paid, would reasonably be expected to result in a Material Adverse Effect, except where (a) the same may be contested in good faith by appropriate proceedings, (b) such Credit Party or such Material Subsidiary has set aside, in accordance with generally accepted accounting principles or SAP, as applicable, appropriate reserves for the accrual of any of the same and (c) the failure to make payment pending such contest would not reasonably be expected to result in a Material Adverse Effect; provided, that, for avoidance of doubt, solely with respect to tax liabilities an obligation shall be considered to be delinquent or in default for purposes of this Section only if there has first been notice and demand therefor (within the meaning of Section 6303 of the Code and similar provisions of applicable law) by a tax authority.

Section 6.04 *Conduct of Business and Maintenance of Existence*. Such Credit Party shall continue, and shall cause each Material Subsidiary to continue, to engage in business of the same general type as conducted by GALD and its Material Subsidiaries, taken as a whole, on the date hereof and will preserve, renew and keep in full force and effect, and will cause each Material Subsidiary to preserve, renew and keep in full force and effect (a) their respective corporate or other organizational existence, except that no Material Subsidiary (other than the Credit Parties) shall be required to preserve any such existence or good standing if such Person's board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Person, and that the loss thereof would not reasonable be expected to result in a Material Adverse Effect*;* and (b) their respective rights, privileges, licenses and franchises, other than, in the case of the foregoing clause (b), the loss of which would not reasonably be expected to result in a Material Adverse Effect; except that if at the time thereof and immediately after giving effect thereto no Default or Event of Default has occurred and is continuing, (i) any Material Subsidiary may merge with or into any Credit Party; provided, that such Credit Party shall be the surviving entity, (ii) any Material Subsidiary may merge with or into any other Subsidiary; provided, that such Material Subsidiary shall be the surviving entity or, if such Material Subsidiary is not the surviving entity, the surviving entity shall be deemed a Material Subsidiary, and (iii) any Material Subsidiary may sell, transfer, lease or otherwise dispose of its assets to any Credit Party or to another Material Subsidiary.

Section 6.05&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Maintenance of Property; Insurance*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Such Credit Party shall keep, and shall cause each Material Subsidiary to keep, all property useful and necessary in its business in good working order and condition, except, in each case, to the extent that failure to do so would not be reasonably expected to result in a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Such Credit Party shall maintain, and shall cause each Material Subsidiary to maintain (either in the name of such Credit Party or in such Material Subsidiary's or Credit Party's own name) with financially sound and responsible insurance companies, insurance on all their respective properties and against at least such risks, in each case as is consistent with sound business practice for companies in substantially the same industry as such Credit Party, the Material Subsidiaries and the other Credit Parties; and such Credit Party will furnish to the Lenders, upon request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried.

Section 6.06&nbsp;&nbsp;&nbsp;&nbsp; *Compliance with Laws*. Such Credit Party shall comply, and shall cause each Material Subsidiary to comply, in all material respects with all Requirements of Law (including, without limitation, Environmental Laws and ERISA and the rules and regulations thereunder) except where the necessity of compliance therewith is contested in good faith by appropriate proceedings, except where such non-compliance therewith would not reasonably be expected to have a Material Adverse Effect.

Section 6.07 &nbsp;&nbsp;&nbsp;&nbsp; *Inspection of Property, Books and Records*. Such Credit Party shall, and shall cause each of its Material Subsidiaries to, (i) maintain proper books of record and account, in which full, true and correct entries in all material respects in conformity with GAAP or SAP, as applicable, consistently applied (except as stated therein) shall be made of all financial transactions and matters involving the assets and business of such Credit Party and such Material Subsidiary and (ii) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over such Credit Party or such Material Subsidiary, as the case may be. Such Credit Party shall permit, and shall cause each of its Material Subsidiaries to permit, representatives and independent contractors (subject to, in the case of representatives or independent contractors, such representatives or independent contractors executing confidentiality agreements in form reasonably satisfactory to Holdings) of the Administrative Agent or its designees, at the applicable Credit Party's expense, to visit and inspect any of their respective properties, to examine their respective corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss their respective affairs, finances and accounts with their respective directors, officers, and independent public accountants, all at such reasonable times during normal business hours, upon reasonable advance notice to the applicable Credit Party; provided that members of senior management will be notified and permitted to be present during any such meetings; and provided, further, that when an Event of Default exists the Administrative Agent or any Lender (through coordination with the Administrative Agent) may do any of the foregoing at any time during normal business hours and without advance notice; provided, further, that no Credit Party shall be required to reimburse the costs of the Administrative Agent and the Lenders collectively for more than one visit per Fiscal Year unless an Event of Default has occurred and is continuing.

Section 6.08&nbsp;&nbsp;&nbsp;&nbsp; *Use of Credit*. The proceeds of each Revolving Loan made to any Borrower hereunder will be used for working capital, general corporate purposes and growth initiatives of itself and its

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Subsidiaries. No proceeds of any Revolving Loans will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any "margin stock" within the meaning of Regulations T, U and X. Following application of the proceeds of any Revolving Loan, not more than 25% of the value of the assets subject to the provisions of <u>Section 7.01</u> or <u>7.02</u> will be "margin stock" within the meaning of Regulations T, U and X.

Section 6.09 *Designation of Subsidiaries*. The board of directors (or similar governing body) of any Credit Party may at any time designate any Restricted Subsidiary of such Credit Party as an Unrestricted Subsidiary or any Unrestricted Subsidiary of such Credit Party as a Restricted Subsidiary; *provided* that (i) immediately before and after such designation, no Default or Event of Default shall have occurred and be continuing, (ii) immediately after giving effect to such designation, Holdings and its consolidated Restricted Subsidiaries shall be in compliance with <u>Sections 7.06</u> and <u>7.07</u>, (iii) no Restricted Subsidiary may be designated as an Unrestricted Subsidiary if it was previously designated an Unrestricted Subsidiary, (iv) the Borrower Representative shall deliver to the Administrative Agent at least five (5) Business Days prior to such designation a certificate of a Responsible Officer of Holdings, together with all relevant financial information reasonably requested by the Administrative Agent, demonstrating compliance with the foregoing <u>clauses (i)</u> through <u>(iv)</u> of this <u>Section 6.09</u> and, if applicable, certifying that such subsidiary meets the requirements of an Unrestricted Subsidiary and (v) at least ten (10) days prior to the designation of any Unrestricted Subsidiary as a Restricted Subsidiary, the Lenders shall have received all documentation and other information required by bank regulatory authorities under applicable "know-your-customer" and Anti-Money Laundering Laws, including the PATRIOT Act, with respect to such subsidiary. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time.

Section 6.10&nbsp;&nbsp;&nbsp;&nbsp; *Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws*. Such Credit Party maintains policies and procedures reasonably designed to promote compliance by such Credit Party and its respective directors, officers and employees with Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions; and such Credit Party, and, to the knowledge of such Person, its officers, employees and directors, are in compliance with Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions in all material respects. Each Credit Party will notify each Lender and Administrative Agent in writing not more than five (5) Business Days after becoming aware of an Investment, or a Person to or in which an Investment is made, becoming (i) a Sanctioned Person or (ii) owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, a Sanctioned Person. The applicable Borrower shall notify the Administrative Agent within ten (10) Business Days after obtaining knowledge of any use of proceeds of any borrowing that would constitute a violation of any applicable Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws and the Administrative Agent shall be entitled to instruct such Borrower to repay immediately any such outstanding borrowing.

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ARTICLE 7<br> Negative Covenants

Until all principal of and interest on each Revolving Loan and all fees and other amounts payable hereunder have been paid in full (other than unmatured, surviving contingent indemnification obligations not yet due and payable) and all Revolving Commitments have been terminated, each Credit Party, as applicable, covenants and agrees with the Lenders that:

Section 7.01 &nbsp;&nbsp;&nbsp;&nbsp; *Liens*. Such Credit Party shall not, nor shall it permit any of its Material Subsidiaries to, directly or indirectly, create, assume, incur or suffer to exist any Lien on any property now owned or hereafter acquired by it, except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Liens granted or to be granted by any Borrower under the Loan Documents and (ii) Liens on Collateralized L/C Collateral (as defined in the Existing Finco Credit Agreement) securing obligations of any Credit Party arising under the Existing Finco Credit Agreement with respect to Collateralized Letters of Credit (as defined in the Existing Finco Credit Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Liens on assets of Insurance Subsidiaries and Subsidiaries thereof securing (x) Operating Indebtedness, (y) obligations under transactions entered into in connection with Insurance Investments and (z) statutory Liens on assets of Insurance Subsidiaries and Subsidiaries thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; collateral (x) securing Permitted Swap Obligations or (y) securing captive financing arrangements entered into by an Insurance Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; Liens for Taxes not yet due or for Taxes being contested in good faith and by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance with SAP or GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Liens existing on the date hereof and listed on <u>Schedule 7.01</u>; *provided* that (i) such Lien shall not apply to any additional property (other than after acquired title in or on such property and proceeds of the existing collateral in accordance with the document creating such Lien) and (ii) the Indebtedness secured thereby is not increased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens incurred in the ordinary course of business in connection with worker's compensation, unemployment insurance or other forms of governmental insurance or benefits or to secure performance of tenders, statutory obligations, leases and contracts (other than for borrowed money) entered into in the ordinary course of business or to secure obligations on surety or appeal bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; Liens of mechanics, carriers, and materialmen and other like Liens imposed by law and arising in the ordinary course of business in respect of obligations that in the case of this <u>clause (g)</u> are not overdue for more than sixty (60) days or that are being contested in good faith

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and by appropriate proceedings and with respect to which adequate reserves are being maintained in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; Liens incurred in connection with the collection or disposition of delinquent accounts receivable in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens securing Capitalized Lease Liabilities or Purchase Money Debt in an aggregate principal amount not to exceed $75,000,000 at any time outstanding; *provided* that such Liens are limited to the assets financed thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; easements, rights-of-way, zoning restrictions, restrictions and other similar encumbrances incurred in the ordinary course of business that do not secure any monetary obligation and which do not materially interfere with the ordinary course of business of the Credit Parties and their Material Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens on property of the Credit Parties and their Material Subsidiaries in favor of licensors and landlords securing licenses, subleases or leases of property not otherwise prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; licenses, leases or subleases not otherwise prohibited hereunder granted to others not materially interfering in any material respect in the business of the Credit Parties and their Material Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp; attachment or judgment Liens not constituting an Event of Default under <u>Section 8.01(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp; Liens arising from precautionary Uniform Commercial Code financing statement filings with respect to operating leases or consignment arrangements entered into by Holdings and its Material Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens incurred to secure Cash Management Obligations incurred in the ordinary course of business and in an aggregate amount not to exceed $30,000,000 at any time outstanding and customary set-off rights in favor of depositary banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens attaching solely to cash earnest money deposits required to be made under the terms of any letter of intent or purchase agreement for the acquisition of stock, assets or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liens arising out of deposits by Holdings or any Material Subsidiary of cash, securities or other property (other than any Capital Stock of any Material Subsidiary) securing obligations of such Person in respect of (i) trust arrangements formed in the ordinary course of business for the benefit of cedents to secure insurance and reinsurance recoverables owed to them by any Insurance Subsidiary, or (ii) other security arrangements in connection with reinsurance agreements in the ordinary course of business; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; other Liens on property securing obligations with respect to Indebtedness not otherwise covered by any of <u>clauses (a)</u> through <u>(q)</u> of this <u>Section 7.01</u>; *provided* that the aggregate amount of all Indebtedness secured by Liens in reliance on this <u>clause (r)</u> shall not exceed the greater of (x) $450,000,000 and (y) 10% of the Net Worth of Holdings and its consolidated Restricted Subsidiaries at any time outstanding.

Notwithstanding the foregoing, none of the Credit Parties or Material Subsidiaries may directly or indirectly, create, assume, incur or suffer to exist any Lien on any Capital Stock of an Insurance Subsidiary that is a Material Subsidiary now owned or hereafter acquired by it.

Section 7.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Consolidations, Mergers and Sales of Assets*. Subject to <u>Section 10.25</u>, no Credit Party shall (a) consolidate or merge with or into any other Person or (b) sell, lease or otherwise transfer, directly or indirectly, all or substantially all of the assets of such Credit Party and its Restricted Subsidiaries, taken as a whole, to any other Person; <u>provided</u>, that a Credit Party may merge with another Person if (i) a Credit Party is the entity surviving such merger (<u>provided</u> that (x) the surviving entity of a merger with any Borrower shall be or be deemed to become a Borrower and (y) the surviving entity of a merger with any Guarantor shall be or be deemed to become a Guarantor) and (ii) immediately after giving effect to such merger, no Default or Event of Default shall have occurred and be continuing.

Section 7.03 &nbsp;&nbsp;&nbsp;&nbsp; *Indebtedness of Non-Guarantor Restricted Subsidiaries*. Such Credit Party shall not permit any of its Restricted Subsidiaries that are not Credit Parties (other than any Insurance Subsidiary) to incur any Indebtedness in an aggregate principal amount (for all such Restricted Subsidiaries) in excess of $250,000,000 (other than Operating Indebtedness, Indebtedness in respect of undrawn letters of credit, Non-Recourse Insurance Subsidiary Indebtedness or Intercompany Indebtedness).

Section 7.04&nbsp;&nbsp;&nbsp;&nbsp; *Transactions with Affiliates*. Such Credit Party shall not, and shall not suffer or permit any of its Material Subsidiaries to, enter into any transaction with any Affiliate of Holdings, other than (a) transactions no less favorable to such Credit Party or Material Subsidiary than would be obtained in a comparable arm's-length transaction with a Person that is not an Affiliate of Holdings, (b) insurance transactions, intercompany pooling and other reinsurance transactions entered into in the ordinary course of business and consistent with past practice, (c) transactions between or among Holdings and its Restricted Subsidiaries and between or among Restricted Subsidiaries, (d) dividends on (and any payments to a related trust for the purpose of paying a dividend), payments on account of, or setting apart assets for a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of a Credit Party or any of its Restricted Subsidiaries (or any related trust), (e) arrangements for indemnification payments for directors and officers of Holdings and its Restricted Subsidiaries, (f) intercompany transactions between or among GAFGL, KKR or any of its Subsidiaries, Holdings and Restricted Subsidiaries and between or among Restricted Subsidiaries, relating to any or all of the (i) provision of management services and other corporate overhead services, (ii) provision of personnel to other locations within Holdings' consolidated group on a temporary basis, and (iii) provision, purchase or lease of services, operational support, assets, equipment, data, information and technology, that, in the case of any such intercompany transaction referred

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to in this <u>clause (f)</u>, are subject to reasonable reimbursement or cost-sharing arrangements (as determined in good faith by Holdings), which reimbursement or cost-sharing arrangements may be effected through transfers of cash or other assets or through book-entry credits or debits made on the ledgers of each involved Subsidiary; provided that any such intercompany transaction is either (1) entered into in the ordinary course of business or (2) otherwise entered into pursuant to the reasonable requirements of the business of Holdings and the Restricted Subsidiaries, (g) transactions entered into in connection with the IPO or any Post-IPO Offerings (including various shareholder agreements), (h) ordinary-course business transactions (other than transactions of the type described in <u>clause (c)</u> or <u>(f)</u> above) that (A) do not involve the sale, transfer or other Disposition of operations or assets and (B) do not materially adversely affect the Lenders, (i) loans, Investments and guarantees among Holdings and the Restricted Subsidiaries to the extent not prohibited under this <u>Article 7</u> and (j) transactions pursuant to the Tax Allocation Agreement.

Section 7.05 *Compliance with Sanctions, Anti-Corruption Laws and Anti-Money Laundering Laws*. No Borrower will request any borrowing of Revolving Loans, and no Borrower shall directly or, to the knowledge of such Borrower, indirectly use the proceeds of any borrowing of Revolving Loans, (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws, (b) for the purpose of funding, financing or facilitating any unlawful activities, business or transactions of or with any Sanctioned Person or in any Sanctioned Country in violation of applicable Sanctions, or (c) in any manner that would result in the violation by the Lenders of any Sanctions or, to the knowledge of such Borrower, Anti-Corruption Laws or Anti-Money Laundering Laws. No Credit Party will knowingly fund any repayment of a Revolving Loan with proceeds derived from any unlawful transaction by any Borrower that is a violation of Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws or in any manner that would, to the knowledge of such Credit Party, otherwise cause a Lender to be in breach of any Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws.

Section 7.06 &nbsp;&nbsp;&nbsp;&nbsp; *Debt to Total Capitalization Ratio*. Holdings shall not permit the Debt to Total Capitalization Ratio of Holdings and its consolidated Restricted Subsidiaries as at the end of any Fiscal Quarter to be more than 35% for Holdings and its consolidated Restricted Subsidiaries.

Section 7.07&nbsp;&nbsp;&nbsp;&nbsp; *Holdings Net Worth*. Holdings shall not permit the Net Worth of Holdings and its consolidated Restricted Subsidiaries as at the end of any Fiscal Quarter to be less than the sum of 70% of the Net Worth of GALD and its consolidated Restricted Subsidiaries as of December 31, 2023, plus 50% of the aggregate Net Income since December 31, 2023 for Holdings and its consolidated Restricted Subsidiaries (to the extent positive).

ARTICLE 8<br> Events of Default

Section 8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Events of Default*. Each of the following shall constitute an "**Event of Default**":

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Payment</u>. Any Credit Party fails to pay (i) when and as required to be paid herein, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise, any amount of principal of any Revolving Loans applicable to such Credit Party, or (ii) within four (4) Business Days after the same becomes due, any interest, fee or any other amount payable by it hereunder or under any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Representation or Warranty</u>. Any representation, warranty, certification or statement made (or deemed made) by any Credit Party in any Loan Document or in any certificate, financial statement or other document delivered pursuant to any Loan Document shall prove to have been incorrect in any material respect when made (or deemed made); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Specific Defaults</u>. Any Credit Party fails to observe or perform any covenant contained in <u>Section 6.01(e)</u>, <u>6.04(a)</u> (with respect to the corporate existence of any Borrower) or <u>6.08</u> or <u>Article 7</u>; *provided* that, in the case of a breach of <u>Section 6.01(e)</u>, delivery of a notice of Default or Event of Default shall cure such breach, unless Holdings had Knowledge of the underlying Default or Event of Default and failed to promptly deliver notice thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Defaults</u>. Any Credit Party shall fail to observe or perform any covenant or agreement contained in any Loan Document (other than those covered by clause (a) or (b) above) for 30 days after written notice thereof has been given to the Borrower Representative by the Administrative Agent at the request of any Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Cross-Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Any Credit Party or any of their Material Subsidiaries (other than a Newly Acquired Subsidiary) (A) fails to make any payment in respect of any Material Indebtedness (other than in respect of Swap Contracts or any Newly Acquired Subsidiary Debt), when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) beyond the applicable grace or cure period thereunder, or (B) fails to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under any agreement or instrument relating to any such Material Indebtedness beyond the applicable grace or cure period thereunder if the effect of such failure, event or condition is to cause, or to permit (or, with the giving of notice or lapse of time or both, would permit) the holder or holders of any Material Indebtedness or beneficiary or beneficiaries of such Material Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, any Material Indebtedness to be declared to be due and payable prior to its stated maturity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there occurs under any Swap Contract (other than any Swap Contract of a Newly Acquired Subsidiary or an Immaterial Subsidiary) an Early Termination Date (as defined in such Swap Contract) resulting from (x) any event of default under such Swap Contract as to which a Credit Party or any Material Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (y) any Termination Event (as so defined) as to which any Credit Party or any of its Material Subsidiaries is an Affected Party (as so defined),

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and, in either event, the Swap Termination Value owed by a Credit Party or Material Subsidiary as a result thereof is in excess of the greater of (I) $150,000,000 and (II) 2.00% of the Net Worth of Holdings and its consolidated Restricted Subsidiaries (in the aggregate for all such Swap Contracts) beyond the applicable grace or cure period thereunder (and, in the case of clause (y), a Credit Party or Material Subsidiary fails to pay such Swap Termination Value when due beyond the applicable grace or cure period thereunder);

provided, however, that no Default or Event of Default shall be deemed to occur under clause (i)(B) of this <u>Section 8.01(e)</u> in respect of the failure to perform or observe any such condition or covenant, or the occurrence of any such event or existence of any such condition, under any agreement or instrument relating to any Material Indebtedness owing to the Federal Home Loan Bank of Boston that is cured, remedied or otherwise resolved within five (5) Business Days of the occurrence thereof and prior to such Material Indebtedness being declared to be due and payable prior to its stated maturity, and *provided further* that cure or waiver of any default, acceleration, breach or other event or condition triggering an Event of Default under this clause (e), in each case under the terms of the applicable instrument or agreement, shall, automatically and without further action by any Credit Party hereunder, cure such Event of Default (unless the Administrative Agent has, prior to such cure or waiver, exercised acceleration rights pursuant to Section 8.02 hereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Insolvency; Voluntary Proceedings</u>. Any Credit Party or any of their Material Subsidiaries (other than a Newly Acquired Subsidiary) shall commence a voluntary case or other proceeding seeking rehabilitation, dissolution, conservation, liquidation, provisional liquidation, winding-up, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, provisional liquidator, rehabilitator, dissolver, conservator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of or compromise with its creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; <u>Involuntary Proceedings</u>. An involuntary case or other proceeding shall be commenced against any Credit Party or Material Subsidiary (other than a Newly Acquired Subsidiary) seeking rehabilitation, dissolution, conservation, liquidation, winding-up, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, provisional liquidator, rehabilitator, dissolver, conservator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of sixty (60) days; or an order for relief shall be entered against any Credit Party or Material Subsidiary (other than a Newly Acquired Subsidiary) under the federal bankruptcy laws or any applicable foreign law as now or hereafter

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in effect; or any governmental body, agency or official shall apply for, or commence a case or other proceeding to seek, an order for the rehabilitation, conservation, dissolution, winding-up or other liquidation of any Credit Party or Material Subsidiary (other than a Newly Acquired Subsidiary) or of the assets or any substantial part thereof of any Credit Party or Material Subsidiary (other than a Newly Acquired Subsidiary) or any other similar remedy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; <u>ERISA</u>. With respect to any Single Employer Pension Plan or Multiemployer Plan, any ERISA Event has occurred that would reasonably be expected to result in the incurrence of liability by Holdings, Finco or any Borrower, or steps are taken to terminate any Multiemployer Plan and such termination would reasonably be expected to result in any liability of Holdings, Finco or any Borrower, where in any event, individually or in the aggregate, the liability incurred by Holdings, Finco and any Borrower would reasonably be expected to have a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Judgments</u>. A judgment or order for the payment of money in excess of the greater of (i) $150,000,000 and (ii) 2.00% of the Net Worth of Holdings and its consolidated Restricted Subsidiaries (after (without duplication) the actual amounts of insurance recoveries, offsets and contributions received and amounts thereof not yet received but which the insurer thereon has acknowledged in writing its obligation to pay) shall be rendered against any Credit Party or Material Subsidiary and such judgment or order shall continue unsatisfied and unstayed for a period of ninety (90) days after entry of such judgment (and, for purposes of this clause, a judgment shall be stayed if, among other things, an appeal is timely filed and such judgment cannot be enforced); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; <u>Change of Control</u>. There occurs any Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp; <u>Invalidity of Loan Documents</u>. Any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations, ceases to be in full force and effect; or any Credit Party contests in writing the validity or enforceability of any material provision of any Loan Document; or any Credit Party denies in writing that it has any further liability or obligation under any material provision of any Loan Document, or purports to revoke, terminate or rescind any material provision of any Loan Document.

Section 8.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Remedies*. If any Event of Default shall have occurred and be continuing, the Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; declare the obligation of each Lender to make extensions of the Revolving Loans to be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; declare the unpaid principal amount of all outstanding Revolving Loans, all interest accrued and unpaid thereon and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, whereupon such outstanding principal amount of the Revolving Loans, all interest accrued and unpaid thereon and all other amounts owing or

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payable hereunder or under any other Loan Document shall become immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or applicable law; *provided* that upon the occurrence of any event specified in <u>Section 8.01(f)</u> or <u>Section 8.01(g)</u> (upon the expiration of the 60-day period mentioned therein, if applicable), the obligation of each Lender to make Revolving Loans shall automatically terminate and the unpaid principal amount of all outstanding Revolving Loans and all interest and other amounts as aforesaid shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrowers.

Section 8.03&nbsp;&nbsp;&nbsp;&nbsp; *Rights Not Exclusive*. The rights provided for in this Agreement and the other Loan Documents are cumulative and are not exclusive of any other rights, powers, privileges or remedies provided by law or in equity, or under any other instrument, document or agreement now existing or hereafter arising.

ARTICLE 9<br> The Agents

Section 9.01&nbsp;&nbsp;&nbsp;&nbsp; *Appointment and Authority*. Each of the Lenders hereby irrevocably appoints Wells Fargo to act on its behalf as the Administrative Agent hereunder and the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this <u>Article 9</u> are solely for the benefit of the Administrative Agent, the Arrangers, the Bookrunners, the Syndication Agents and the Lenders, and no Borrower nor any other Credit Party shall have rights as a third-party beneficiary of any of such provisions (other than <u>Sections 9.06</u> and <u>9.10</u>).

Section 9.02&nbsp;&nbsp;&nbsp;&nbsp; *Rights as a Lender*. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Borrower, any Credit Party or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

Section 9.03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Exculpatory Provisions*. No Agent-Related Person shall have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, no Agent-Related Person:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that it is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); *provided* that no Agent-Related Person shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent-Related Person to liability or that is contrary to any Loan Document or applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, or shall be liable for the failure to disclose, any information relating to Holdings or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent, any Agent-Related Person or any of their respective Affiliates in any capacity.

No Agent-Related Person shall be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as such Person shall believe in good faith shall be necessary, under the circumstances as provided in <u>Sections 8.02</u> and <u>10.01</u>) or (ii) in the absence of such Agent-Related Person's own gross negligence or willful misconduct. No Agent-Related Person shall be deemed to have knowledge of any Default unless and until notice describing such Default is given to such Agent-Related Person by the Borrower Representative or a Lender.

No Agent-Related Person shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in <u>Article 4</u> or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent-Related Person.

Section 9.04&nbsp;&nbsp;&nbsp;&nbsp; *Reliance by Administrative Agent*. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Revolving Loan that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is

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satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary from such Lender prior to the making of such Revolving Loan. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 9.05&nbsp;&nbsp;&nbsp;&nbsp; *Delegation of Duties*. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by it. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this <u>Article 9</u> shall apply to any such sub-agent selected by the Administrative Agent with reasonable care and to the Related Parties of the Administrative Agent, and shall apply to their respective activities in connection with the syndication of the Facility as well as activities as Administrative Agent.

Section 9.06&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Resignation of Administrative Agent*. The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower Representative. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, with the consent of the Borrower Representative (such consent not to be unreasonably withheld, conditioned or delayed), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; *provided* that if the Administrative Agent shall notify the Borrower Representative and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent, with the consent of the Borrower Representative (such consent not to be unreasonably withheld, conditioned or delayed), as provided for above in this <u>Section 9.06</u>. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section 9.06</u>). The fees payable by any Credit Party to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Credit Parties and such successor. After the retiring Administrative

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Agent's resignation hereunder and under the other Loan Documents, the provisions of this <u>Article 9</u> and <u>Sections 10.04</u> and <u>10.05</u> shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

Section 9.07&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Non-Reliance on Administrative Agent and Other Lenders*. Each Lender acknowledges that it has, independently and without reliance upon any Agent-Related Person, any Arranger, any Bookrunner, any Syndication Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon any Agent-Related Person, any Arranger, any Bookrunner, any Syndication Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

Each Lender expressly (a) acknowledges to the Administrative Agent and the Arranger that the Loan Documents set forth the terms of a commercial lending facility and (b) confirms to the Administrative Agent and the Arranger that (1) it is engaged in making, acquiring, purchasing or holding commercial loans in the ordinary course and is entering into this Agreement and the other Loan Documents to which it is a party as a Lender for the purpose of making, acquiring, purchasing and/or holding the commercial loans set forth herein as may be applicable to it, and not for the purpose of investing in the general performance or operations of the Credit Parties and their Subsidiaries, or for the purpose of making, acquiring, purchasing or holding any other type of financial instrument such as a security, (2) it is sophisticated with respect to decisions to make, acquire, purchase or hold the commercial loans applicable to it and either it or the Person exercising discretion in making its decisions to make, acquire, purchase or hold such commercial loans is experienced in making, acquiring, purchasing or holding commercial loans, (3) it has, independently and without reliance upon the Administrative Agent, the Arranger, any other Lender or any of their respective Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and appraisal of, and investigations into, the business, prospects, operations, property, assets, liabilities, financial and other condition and creditworthiness of the Credit Parties and their Subsidiaries, all applicable bank or other regulatory Applicable Laws relating to the Transaction and the transactions contemplated by this Agreement and the other Loan Documents and (4) it has made its own independent decision to enter into this Agreement and the other Loan Documents to which it is a party and to extend credit hereunder and thereunder. Each Lender also acknowledges and agrees that (i) it will, independently and without reliance upon the Administrative Agent, the Arranger or any other Lender or any of their respective Related Parties (A) continue to make its own credit analysis, appraisals and decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder based on such documents and information as it shall from time to time deem appropriate and its own independent investigations

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and (B) continue to make such investigations and inquiries as it deems necessary to inform itself as to the Credit Parties and their Subsidiaries and (ii) it will not assert any claim under any federal or state securities law or otherwise in contravention of this <u>Section 9.07</u>.

Section 9.08 &nbsp;&nbsp;&nbsp;&nbsp; *No Other Duties; Other Agents; Etc*. Each of BANA and Barclays are hereby appointed Syndication Agents hereunder, and each Lender hereby authorizes BANA and Barclays to act as Syndication Agents in accordance with the terms hereof and the other Loan Documents. The Syndication Agents and any other Agent may resign from such role at any time, with immediate effect, by giving prior written notice thereof to the Administrative Agent and the Borrower Representative. Anything herein to the contrary notwithstanding, none of the Arrangers, Bookrunners or Syndication Agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

Section 9.09&nbsp;&nbsp;&nbsp;&nbsp; *Administrative Agent May File Proofs of Claim*. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of the Revolving Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Revolving Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders and the Administrative Agent under <u>Sections 2.07</u>, <u>10.04</u> and <u>10.05</u>) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under <u>Sections 2.07</u>, <u>10.04</u> and <u>10.05</u>.

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or

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to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

Section 9.10 &nbsp;&nbsp;&nbsp;&nbsp; *Guarantee Matters*. The Lenders irrevocably authorize the Administrative Agent to release any Guarantor from the Guarantee (i) upon payment in full of all Obligations (other than unmatured, surviving contingent indemnification obligations) and the termination of all Revolving Commitments or (ii) as expressly permitted under the Loan Documents.

Section 9.11 *Indemnification of Agent-Related Persons*. Whether or not the transactions contemplated hereby are consummated, the Lenders shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed by or on behalf of any Credit Party and without limiting the obligation of any Credit Party to do so), ratably according to their respective portions of the total Revolving Loans and unused Revolving Commitments held on the date on which indemnification is sought, and hold harmless each Agent-Related Person from and against any and all Indemnified Liabilities incurred by it; *provided* that no Lender shall be liable for the payment to any Agent-Related Person of any portion of such Indemnified Liabilities to the extent determined in a final, nonappealable judgment by a court of competent jurisdiction to have resulted from such Agent-Related Person's own gross negligence or willful misconduct; and *provided, further*, that no action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this <u>Section 9.11</u>. Without limitation of the foregoing, each Lender shall reimburse each Agent-Related Person upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs) incurred by such Agent-Related Person in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document or any document contemplated by or referred to herein, to the extent that such Agent-Related Person is not reimbursed for such expenses by or on behalf of any Credit Party. The undertaking in this <u>Section 9.11</u> shall survive the payment of all other Obligations and the resignation of the Administrative Agent or any Agent-Related Person.

Section 9.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Withholding Tax*. To the extent required by any applicable law, the Administrative Agent shall withhold from any payment to any Lender an amount equal to any applicable withholding Tax. If the IRS or any Governmental Authority asserts a claim that the Administrative Agent did not properly withhold Tax from any amount paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered or was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective), such Lender shall indemnify and hold harmless the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any Credit Party and without limiting or expanding the obligation of any Credit Party to do so) for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including any penalties, additions to Tax or interest thereon, together with all expenses incurred, including legal expenses and any out-of-pocket expenses, whether or not such Tax was correctly or legally imposed or asserted by the relevant

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Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this <u>Article 9</u>. The agreements in this <u>Article 9</u> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Revolving Loans and the repayment, satisfaction or discharge of all obligations under this Agreement. Unless required by applicable laws, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a Lender any refund of Taxes withheld or deducted from funds paid for the account of such Lender.

Section 9.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Certain ERISA Matters.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Borrower, that at least one of the following is and will be true:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Lender is not using "plan assets" (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with any Revolving Loans or any Revolving Commitments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of any Revolving Loans, any Revolving Commitments and this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Section VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Revolving Loans, the Revolving Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Revolving Loans, the Revolving Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) and (k) of Section I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Section I of PTE 84-14 are satisfied with respect to such Lender's

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entrance into, participation in, administration of and performance of the Revolving Loans, the Revolving Commitments and this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any Borrower, that none of the Administrative Agent, or the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Revolving Loans, the Revolving Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or thereto).

Section 9.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Erroneous Payments.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Lender and any other party hereto hereby severally agrees that if (i) the Administrative Agent notifies (which such notice shall be conclusive absent manifest error) such Lender or any other Person that has received funds from the Administrative Agent or any of its Affiliates, either for its own account or on behalf of a Lender (each such recipient, a "**Payment Recipient**") that the Administrative Agent has determined in its sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment Recipient receives any payment from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to have been made (any such amounts specified in clauses (i) or (ii) of this <u>Section 9.14(a),</u> whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an "**Erroneous Payment**"), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the time of its receipt of such Erroneous Payment; <u>provided</u> that nothing in this <u>Section 9.14</u> shall require the Administrative Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it shall not assert any right or claim to any Erroneous Payment, and

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hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Without limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause (a)(ii) above, it shall promptly notify the Administrative Agent in writing of such occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of either clause (a)(i) or (a)(ii) above, such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and upon demand from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment on its behalf to), promptly, but in all events no later than one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in immediately available funds and in the currency so received, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent at the Federal Funds Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate of a Payment Recipient (such unrecovered amount as to such Lender, an "<u>Erroneous Payment Return Deficiency</u>"), then at the sole discretion of the Administrative Agent and upon the Administrative Agent's written notice to such Lender (i) such Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Revolving Loans (but not its Revolving Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "<u>Erroneous Payment Impacted Class</u>") to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent's applicable lending affiliate in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Revolving Loans (but not Revolving Commitments) of the Erroneous Payment Impacted Class, the "<u>Erroneous Payment Deficiency Assignment</u>") plus any accrued and unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative Agent or its applicable lending affiliate as the assignee of such Erroneous Payment Deficiency Assignment. Without limitation of its rights hereunder, the Administrative Agent may cancel any Erroneous Payment Deficiency Assignment at any time by written notice to the applicable assigning Lender and upon such revocation all of the Revolving Loans assigned pursuant to such Erroneous Payment Deficiency Assignment shall be reassigned to such Lender without any requirement for payment or other consideration. The parties hereto acknowledge and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement for any payment or other consideration paid by the applicable assignee or received by the assignor, (2) the provisions of this

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clause (d) shall govern in the event of any conflict with the terms and conditions of <u>Section 10.07</u> and (3) the Administrative Agent may reflect such assignments in the Register without further consent or action by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Each party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this <u>Section 9.14</u> or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed by any Borrower or any other Credit Party, except, in each case of clause (x) and this clause (y), to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from any Borrower or any other Credit Party for the purpose of making a payment on the Obligations and (z) except to the extent such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from any Borrower or any other Credit Party for the purpose of making a payment on the Obligations, to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party's obligations under this <u>Section 9.14</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of right or obligations by, or the replacement of, a Lender, the termination of all Revolving Commitments or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; Nothing in this <u>Section 9.14</u> will constitute a waiver or release of any claim of any party hereunder arising from any Payment Recipient's receipt of an Erroneous Payment.

ARTICLE 10<br> Miscellaneous

Section 10.01&nbsp;&nbsp;&nbsp;&nbsp; *Amendments and Waivers*. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Borrower or any other Credit Party therefrom, shall be effective unless in writing signed by the Required Lenders and the applicable Borrower or the applicable Credit Party, as the case may be, and acknowledged by the Administrative Agent, and each such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; *provided* that the Administrative Agent may, with the consent of the Borrowers only, amend, modify or supplement this Agreement

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or any other Loan Document to cure any ambiguity, omission, defect or inconsistency (as reasonably determined by the Administrative Agent), so long as such amendment, modification or supplement does not adversely affect the rights of any Lender or the Lenders shall have received at least five (5) Business Days' prior written notice thereof and the Administrative Agent shall not have received, within five (5) Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment, modification or supplement; *provided, further*, that no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; extend or increase any Revolving Commitment of any Lender (or reinstate any Revolving Commitment terminated pursuant to <u>Section 8.02</u>) without the written consent of such Lender; *provided* that no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default prior to the termination of any Revolving Commitments pursuant to <u>Section 8.02</u> shall constitute an increase in any Revolving Commitment of any Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; postpone or delay the maturity of the Revolving Loans or any date for the payment of any interest, premium or fees due to the Lenders (or any of them) hereunder or under any other Loan Document, or reduce the amount of, or rate, as applicable, waive or excuse any such payment, without the written consent of each Lender directly and adversely affected thereby (other than as a result of waiving (i) an Event of Default in accordance with the terms hereof, (ii) default interest hereunder to the extent a waiver of the underlying default giving rise to such default interest does not require a vote of all Lenders or (iii) a mandatory prepayment to be made hereunder); *provided* that, for the avoidance of doubt, the provisions of <u>Section 3.05(b)</u> shall not be deemed to be a reduction of the amount of, or rate of, interest payable on any Revolving Loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amend the definition of "Required Lenders" or "Pro Rata Share" without the consent of each Lender; *provided* that with the consent of Required Lenders, additional extensions of credit pursuant hereto may be included in the determination of "Required Lenders" or "Pro Rata Share" on substantially the same basis as the Revolving Commitments and the Revolving Loans are included on the Effective Date without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) amend the definition of "Interest Period" to permit Interest Periods with a duration of longer than six months without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; release any Guarantor from the Guarantee except as expressly permitted under the Loan Documents (including <u>Section 9.10(i)</u>) as in effect on the Effective Date, without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; amend this <u>Section 10.01</u>, or any other provision of this Agreement that by its express terms requires the consent of all or all affected Lenders, without the written consent of each Lender or each affected Lender, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; subject to <u>Section 2.11</u>, change <u>Section 2.10</u> in a manner that would alter the pro rata sharing of payments required thereby without the written consent of each Lender;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; consent to the assignment or transfer by any Credit Party of any of its rights and obligations under any Loan Document without the written consent of each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amend, modify or waive this Agreement or the Guarantee Agreement so as to alter the ratable treatment of Obligations arising under the Loan Documents and Guaranteed Obligations arising under the Guaranteed Swap Contracts or the definition of "Guaranteed Swap Contract", "Obligations" or "Guaranteed Obligations" in each case in a manner adverse to any contractual counterparty to any such Guaranteed Swap Contract with Guaranteed Obligations then outstanding without the written consent of any such contractual counterparty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; amend, modify, terminate or waive any provision of the Loan Documents as the same applies to the Administrative Agent, or any other provision hereof as the same applies to the rights or obligations of the Administrative Agent, in each case without the consent of the Administrative Agent;

*provided*, *further*, that (i) no such agreement shall, unless in writing and signed by the Administrative Agent, in addition to the Required Lenders or all the Lenders, as the case may be, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document (except with respect to the removal of the Administrative Agent) and (ii) any fee agreement referred to in <u>Section 2.07</u> may be amended, or rights or privileges thereunder waived, in a writing executed by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except for any amendment, waiver or consent pursuant to <u>Section 10.01(a)</u>, <u>(b)</u> or <u>(c)</u>.

Section 10.02 &nbsp;&nbsp;&nbsp;&nbsp; *Notices.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise expressly provided herein, all notices and other communications *provided* for hereunder shall be in writing (including by facsimile or electronic transmission). All such written notices shall be mailed, emailed, faxed or delivered to the applicable address, facsimile number (*provided* that any matter transmitted by the Borrower Representative by facsimile (1) shall be immediately confirmed by a telephone call to the recipient at the number specified on <u>Schedule 10.02</u>, and (2) shall be followed promptly by delivery of a hard copy original thereof) or (subject to <u>clause (c)</u> below) electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to any Borrower, any other Credit Party or the Administrative Agent, to the address, facsimile number, electronic mail address or telephone number specified for such Person on <u>Schedule 10.02</u> or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its administrative questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Borrower Representative and the Administrative Agent.

All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four (4) Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile or electronic mail, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail (which form of delivery is subject to the provisions of <u>clause (c)</u> below), when delivered; *provided* that notices and other communications to the Administrative Agent pursuant to <u>Article 2</u> shall not be effective until actually received by such Person. In no event shall a voicemail message be effective as a notice, communication or confirmation hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Communications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Notices and other communications to the Administrative Agent, and the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites, including the Platform) pursuant to procedures approved by the Administrative Agent, *provided* that the foregoing shall not apply to notices to the Administrative Agent or any Lender pursuant to <u>Article 2</u> if such Person has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; *provided* that approval of such procedures may be limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgment); *provided* that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>subclause (i)</u> of notification that such notice or communication is available and identifying the website address therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; Holdings and each of its Subsidiaries understands that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and

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assumes the risks associated with such electronic distribution, except to the extent that such losses, costs, expenses or liabilities are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of the Administrative Agent.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp; The Platform and any Approved Electronic Communications are provided "as is" and "as available". None of the Agent-Related Persons warrant the accuracy, adequacy or completeness of the Approved Electronic Communications or the Platform and each expressly disclaims liability for errors or omissions in the Platform and the Approved Electronic Communications, except for such losses, costs, expenses or liabilities as are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Person. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects is made by the Agent-Related Persons in connection with the Platform or the Approved Electronic Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Holdings, each of its Subsidiaries and each Lender agrees that the Administrative Agent may, but shall not be obligated to, store any Approved Electronic Communications on the Platform in accordance with the Administrative Agent's customary document retention procedures and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Agent-Related Persons and the Lenders shall be entitled to rely and act upon any notices purportedly given by or on behalf of any Borrower, including by the Borrower Representative, even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Each Borrower shall indemnify each Agent-Related Person and each Lender from all losses, costs, out-of-pocket expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of such Borrower; *provided* that such indemnity shall not, as to any such Person, be available to the extent that such losses, costs, expenses or liabilities are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Person. All telephonic notices to and other communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such recording.

Section 10.03&nbsp;&nbsp;&nbsp;&nbsp; *No Waiver; Cumulative Remedies*. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

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Section 10.04&nbsp;&nbsp;&nbsp;&nbsp; *Costs and Expenses*. Finco agrees to pay or reimburse (a) the Administrative Agent, each Arranger, each Bookrunner and each Syndication Agent, in each case together with their respective Affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates, for all reasonable costs and out-of-pocket expenses incurred in connection with the development, preparation, negotiation and execution of this Agreement and the other Loan Documents, including all Attorney Costs, which Attorney Costs shall be limited to the reasonable fees and reasonable disbursements of Milbank LLP and, if reasonably necessary (in the sole discretion of the Administrative Agent), a single local counsel in each appropriate jurisdiction and a single insurance regulatory counsel, collectively, for each of the foregoing Persons, (b) each Agent-Related Person for all reasonable costs and out-of-pocket expenses incurred in connection with any amendment, waiver, consent or other modification of the provisions hereof and thereof and the consummation and administration of the transactions contemplated hereby and thereby, including all Attorney Costs, which Attorney Costs shall be limited to the reasonable fees and reasonable disbursements of a single primary counsel and, if reasonably necessary (in the sole discretion of the Administrative Agent), a single local counsel in each appropriate jurisdiction and a single insurance regulatory counsel, collectively, for each Agent-Related Person, and (c) each Agent-Related Person and each Lender for all costs and expenses incurred in connection with the enforcement, attempted enforcement or preservation of any rights or remedies under this Agreement (including this <u>Section 10.04</u>) or the other Loan Documents (including all such costs and expenses incurred during any "workout" or restructuring in respect of the Obligations and during any legal proceeding, including in any Insolvency Proceeding or appellate proceeding), including all reasonable fees, expenses and disbursements of any law firm or other external legal counsel. The foregoing costs and expenses shall include all search, filing, recording, title insurance and appraisal charges and fees and taxes (other than income taxes) related thereto and other out-of-pocket expenses incurred by each Agent-Related Person and the cost of independent public accountants and other outside experts (subject to the limitations above) retained by such Agent-Related Person or any Lender, as applicable. All amounts due under this <u>Section 10.04</u> shall be payable within ten (10) Business Days after written demand therefor. The agreements in this <u>Section 10.04</u> shall survive the repayment of the Revolving Loans and the other Obligations.

Section 10.05&nbsp;&nbsp;&nbsp;&nbsp; *Finco Indemnification; Damage Waiver.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Whether or not the transactions contemplated hereby are consummated, Finco shall indemnify and hold harmless the Administrative Agent, each Arranger, each Bookrunner, each Syndication Agent, each Lender and their respective Affiliates, and the directors, officers, employees, advisors, agents and partners (to the extent such Person is a partnership) of such Persons and Affiliates involved with the Transactions (collectively, the "**Indemnified Persons**") from and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, charges and costs, expenses and disbursements (including reasonable Attorney Costs) of any kind or nature whatsoever (including those arising from or relating to any environmental matters) that may at any time be imposed on, incurred by or asserted against any such Indemnified Person by any third party or by any Borrower or any other Credit Party (x) that directly or indirectly owns the equity interests of any Borrower or (y) whose equity interests are

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owned directly or indirectly by any Borrower, in any way relating to or arising out of or in connection with (i) the execution, delivery, enforcement, performance or administration of any Loan Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or the consummation of the transactions contemplated thereby, (ii) any Revolving Commitment or Revolving Loan or the use or proposed use of the proceeds therefrom, (iii) any Environmental Liability related to Holdings or any of its Subsidiaries or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for or defense of any pending or threatened claim, investigation, litigation or proceeding) and regardless of whether any Indemnified Person is a party thereto (all the foregoing, collectively, the "**Indemnified Liabilities**"), in all cases, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnified Person; *provided* that such indemnity shall not, as to any Indemnified Person, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements (including Attorney Costs) (A) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Person in connection with or as a result of the transactions hereunder or (B) arise out of or are in connection with any claim, litigation, loss or proceeding not involving an act or omission of Holdings or any of its Subsidiaries (other than an Indemnified Person) and that is brought by an Indemnified Person against another Indemnified Person (other than against the Administrative Agent, any Arranger, any Bookrunner or any Syndication Agent in their capacities as such or any other Indemnified Person in performing the services that are the subject of the Loan Documents). No Indemnified Person shall be liable for any damages arising from the use by others of any information or other materials obtained through IntraLinks or other similar information transmission systems in connection with this Agreement other than for any direct damages (and specifically excluding indirect, consequential, special or punitive damages) determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Person. Neither any Credit Party nor any Indemnified Person will have any liability for any indirect, consequential, special or punitive damages in connection with or as a result of such Credit Party's or such Indemnified Person's activities related to the transactions hereunder; *provided* that, that nothing contained in this sentence shall limit any Credit Party's indemnification obligations hereunder to the extent such indirect, consequential, special or punitive damages are included in any third-party claim whereby any Indemnified Person is entitled to indemnification hereunder. All amounts due under this <u>Section 10.05</u> shall be payable within thirty (30) days after written demand therefor together with, if requested by Finco, backup documentation supporting such indemnification request. The agreements in this <u>Section 10.05</u> shall survive the resignation of the Administrative Agent, the replacement of any Lender and the repayment, satisfaction or discharge of all the other Obligations. This <u>Section 10.05(a)</u> shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; No Indemnified Person shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through

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telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for any direct damages (and specifically excluding indirect, consequential, special or punitive damages) determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnified Person.

Section 10.06&nbsp;&nbsp;&nbsp;&nbsp; *Marshaling; Payments Set Aside*. Neither of the Administrative Agent nor any Lender shall be under any obligation to marshal any assets in favor of any Credit Party or any other Person or against or in payment of any or all of the Obligations. To the extent that any Borrower makes a payment to the Administrative Agent or the Lenders (or to the Administrative Agent on behalf of the Lenders), or the Administrative Agent or any Lender enforces any security interests or exercises any right of set-off, and such payment or the proceeds of such enforcement or the proceeds of such set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any Insolvency Proceeding or otherwise, then (a) to the extent of such recovery the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such set-off had not occurred and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its pro rata share of any amount so recovered from or repaid by the Administrative Agent.

Section 10.07&nbsp;&nbsp;&nbsp;&nbsp; *Assignments, Successors, Participations, Etc.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Successors and Assigns Generally</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Credit Party may assign or otherwise transfer any of its rights or obligations hereunder (except as expressly permitted in <u>Section 6.04</u> or <u>7.02</u>) without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of <u>Section 10.07(b)</u> or (ii) by way of participation in accordance with the provisions of <u>Section 10.07(d)</u> (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (as defined below) to the extent provided in <u>Section 10.07(e)</u> and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Assignments by Lenders</u>. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Revolving Commitment and Revolving Loans at the time owing to it (*provided*, *however*, that each assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any applicable Revolving Loan and any related Revolving Commitments)); *provided* that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; except in the case of an assignment of the entire remaining amount of the assigning Lender's Revolving Loans or Revolving Commitment at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the Revolving Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if "Trade Date" is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing under <u>Section 8.01(a)</u>, <u>(f)</u> or <u>(g)</u>, the Borrower Representative otherwise consents (each such consent not to be unreasonably withheld, conditioned or delayed); *provided* that the Borrower Representative shall be deemed to have consented unless it shall object thereto by written notice to the Administrative Agent within fifteen (15) Business Days after having received notice thereof;

(ii)&nbsp;&nbsp;&nbsp;&nbsp; each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement with respect to the Revolving Loans or the Revolving Commitments assigned under this Agreement;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption; such Assignment and Assumption to be (A) electronically executed and delivered to the Administrative Agent via an electronic settlement system then acceptable to the Administrative Agent (or, if previously agreed with the Administrative Agent, manually) and (B) delivered together with a processing and recordation fee of $3,500, unless waived or reduced by the Administrative Agent in its sole discretion; *provided* that, no processing and recordation fee shall be payable in connection with an assignments by or to any Arranger or its Affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; if the Eligible Assignee shall not be a Lender, (A) the relevant assignor, at the time that it notifies the Administrative Agent of such proposed assignment, shall deliver to the Administrative Agent a duly executed Form W-9 of the proposed Eligible Assignee and (B) such Eligible Assignee shall deliver to the Administrative Agent an administrative questionnaire, in the form prescribed by the Administrative Agent.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to <u>Section 10.07(c)</u>, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, (*provided* that, with respect to circumstances in effect on the effective date of such Assignment and Assumption, an Eligible Assignee shall not be entitled to receive any greater payment under <u>Section 3.01</u> than the applicable Lender would have been entitled to receive had the assignment not taken place) and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning

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Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections 3.01</u>, <u>3.03</u>, <u>3.04</u>, <u>10.04</u> and <u>10.05</u> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrowers (at their expense) shall execute and deliver a Revolving Loan Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>Section 10.07(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Register</u>. The Administrative Agent, acting solely for this purpose as an agent of the Borrowers, shall maintain at the Administrative Agent's Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Revolving Commitments of, and principal amounts of (and stated interest on) the Revolving Loans owing to, each Lender pursuant to the terms hereof from time to time (the "**Register**"). The entries in the Register shall be conclusive absent manifest error, and the Borrowers, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by each Borrower and each Lender (with respect to its own interests in the Facility only) at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Participations</u>. Any Lender may at any time, without the consent of, or notice to, the Borrower Representative or the Administrative Agent, sell participations to any Person (other than a Natural Person or any Credit Party or any Affiliate or Subsidiary of any Credit Party or any Disqualified Lender) (each, a "**Participant**") in all or a portion of such Lender's rights and/or obligations under this Agreement (including all or a portion of its Revolving Commitments and/or Revolving Loans); *provided* that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Credit Parties, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; *provided* that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in the first proviso to <u>Section 10.01</u> that directly affects such Participant. Except to the extent limited by <u>Section 10.07(e)</u>, each Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 3.01</u>, <u>3.03</u> and <u>3.04</u> (subject to the limitations and requirements of such Sections (including <u>Section 3.01(e)</u> (it being understood that the documentation required under Section 3.01(e) shall be delivered to the participating Lender) and <u>Section 3.01(f)</u>) and <u>Section 3.07</u>, as if such Participant were a Lender) to the same extent as if it were a Lender and

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had acquired its interest by assignment pursuant to <u>Section 10.07(b)</u>. To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 10.09</u> as though it were a Lender; provided that such Participant agrees to be subject to <u>Section 2.10</u> as though it were a Lender.

Each Lender that sells a participation pursuant to this <u>Section 10.07(d)</u> shall, acting solely for U.S. federal income tax purposes as a non-fiduciary agent of the Borrowers, maintain a register on which it records the name and address of each participant and the principal amounts of (and stated interest on) each participant's participation interest with respect to the Revolving Loans or other obligations under the Loan Documents (each, a "**Participant Register**"); *provided* that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant's interest in any Revolving Commitments, Revolving Loans or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that such disclosure is necessary to establish that such Revolving Commitment, Revolving Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Section 1.163-5(b)(1) of the proposed United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitations upon Participant Rights</u>. A Participant shall not be entitled to receive any greater payment under <u>Section 3.01</u> or <u>3.03</u> than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, except to the extent such entitlement to receive a greater payment results from a change to a Requirement of Law that occurs after such Participant acquired the applicable participation; *provided* that this <u>Section 10.07(e)</u> shall not apply if the sale of the participation to such Participant is made with the Borrower Representative's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Pledges</u>. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Revolving Loan Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or other central bank of similar function having jurisdiction over such Lender; *provided* that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Electronic Execution of Assignments</u>. The words "execution," "signed," "signature," and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any

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applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

Section 10.08 *Confidentiality*. The Administrative Agent, each Arranger, each Bookrunner, each Syndication Agent and each Lender shall maintain the confidentiality of all information provided to it by or on behalf of Holdings or any Subsidiary, or by the Administrative Agent on Holdings' or such Subsidiary's behalf, under this Agreement or any other Loan Document, it being understood and agreed by the Credit Parties that, in any event, the Administrative Agent may disclose such information to the Lenders and the Administrative Agent, each Arranger, each Bookrunner, each Syndication Agent and each Lender may make disclosures thereof to the extent such information (i) was or becomes generally available to the public other than as a result of disclosure by such Person on breach of the provisions of this <u>Section 10.08</u>, or (ii) was or becomes available on a non-confidential basis from a source other than Holdings or its Subsidiaries; *provided* that such source is not bound by a confidentiality agreement with Holdings or any of its Subsidiaries known to such Person; *provided*, *further*, that the Administrative Agent, any Arranger, any Bookrunner, any Syndication Agent, any Documentation Agent or any Lender may disclose such information (a) at the request or pursuant to any requirement of any Governmental Authority or representative thereof to which such Person is subject (including the NAIC) or in connection with an examination of such Person by any such authority; (b) pursuant to subpoena or other court process; (c) when required to do so in accordance with the provisions of any applicable Requirement of Law; (d) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document; (e) to such Person's independent auditors, credit insurance providers and other professional advisors on a confidential basis; (f) to any Participant, Lender or Eligible Assignee (including such parties' investors or investment or professional advisors), actual or potential; *provided* that such Person agrees to be bound by the terms of this <u>Section 10.08</u> (or language substantially similar to this <u>Section 10.08)</u> which agreement may be pursuant to customary syndication practice; (g) as to any Lender or its Affiliate, as expressly permitted under the terms of any other document or agreement regarding confidentiality to which Holdings or any Subsidiary is party with such Lender or such Affiliate; (h) to its Affiliates and to their respective officers, directors, partners, members, employees, legal counsel, independent auditors and other advisors, experts or agents who need to know such information and who have been informed of the confidential nature thereof (and to other Persons authorized by a Lender or the Administrative Agent to organize, present or disseminate such information in connection with disclosures otherwise made in accordance with this <u>Section 10.08</u>); (i) to any other party to this Agreement; (j) to any pledgee referred to in <u>Section 10.07(f)</u> or any direct or indirect contractual counterparty or prospective counterparty (or such counterparty's or prospective counterparty's professional advisor) to any swap, derivative or other transaction under which payments are to be made by reference to the Credit Party and its obligations, this Agreement or payments hereunder; *provided* that such Person agrees to be bound by the terms of this <u>Section 10.08</u> (or language substantially similar to this <u>Section 10.08)</u>; (k) to Moody's and S&P and other rating agencies in connection with the ratings contemplated by the Loan Documents; (l) on a confidential basis to the CUSIP Service Bureau or any similar agency in connection with

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the issuance and monitoring of CUSIP numbers with respect to the Revolving Loans and (m) with the consent of the Borrower Representative. In addition, the Administrative Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, and on a need to know and confidential basis, similar services providers to the lending industry, and service providers to the Administrative Agent and the Lenders in connection with the administration and management of this Agreement and the other Loan Documents. In the case of confidential information received from Holdings or any Subsidiary after the date hereof, such information shall be clearly identified at the time of delivery as confidential. In the case of <u>clauses (b)</u> and <u>(c)</u>, the disclosing party shall give notice of such disclosure to the Borrower Representative (other than any disclosure in connection with routine bank examinations), to the extent not otherwise prohibited by any Requirement of Law. For the avoidance of doubt, nothing in this Agreement or any other Loan Document prohibits any individual from communicating or disclosing information regarding suspected violations of laws, rules or regulations to a governmental, regulatory or self-regulatory authority without any notification to any person.

Section 10.09&nbsp;&nbsp;&nbsp;&nbsp; *Set-off*. In addition to any rights and remedies of the Lenders provided by law, if an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is authorized at any time and from time to time, without prior notice to the applicable Borrower, any such notice being waived by each Borrower, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other indebtedness at any time owing by, such Lender or Affiliate to or for the credit or the account of such Borrower against any and all Obligations owing to such Lender, now or hereafter existing, irrespective of whether or not the Administrative Agent or such Lender shall have made demand under this Agreement or any Loan Document and although such Obligations may be contingent or unmatured; *provided* that neither any Lender nor any of its Affiliates shall be entitled to exercise any such set off with respect to any trust, tax reserve, employee benefit or payroll account. Each Lender agrees to promptly notify the Borrower Representative and the Administrative Agent after any such set-off and application made by such Lender; *provided* that the failure to give such notice shall not affect the validity of such set-off and application.

Section 10.10&nbsp;&nbsp;&nbsp;&nbsp; *Notification of Addresses, Lending Offices, Etc*. Each Lender shall notify the Administrative Agent in writing of any changes in the address to which notices to the Lender should be directed, of addresses of any Lending Office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as the Administrative Agent shall reasonably request.

Section 10.11&nbsp;&nbsp;&nbsp;&nbsp; *Effectiveness; Counterparts*. (a) This Agreement shall become effective upon (i) the execution of a counterpart hereof by each of the parties hereto, (ii) the receipt by the Borrowers and the Administrative Agent of written notification of such execution and authorization of delivery thereof and (iii) the satisfaction or waiver of the conditions precedent set forth in <u>Section 4.01</u>. This Agreement may be executed in any number of separate counterparts, each of

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which, when so executed, shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Electronic Signatures</u>. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement and any other document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; *provided* that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its prior written consent, *provided* that, the Administrative Agent hereby agrees to accept, and hereby consents to the use of, electronic signatures to this Agreement from all parties hereto. Without limiting the generality of the foregoing, each Borrower hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and the Borrowers, electronic images of this Agreement or any other Loan Documents (in each case, including with respect to any signature pages thereto) shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto. Upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be followed by a manually executed counterpart thereof, if and when reasonably practicable.

Section 10.12 *Survival of Representations and Warranties*. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf, and shall continue in full force and effect as long as the Revolving Loans or any other Obligation hereunder shall remain unpaid or unsatisfied.

Section 10.13&nbsp;&nbsp;&nbsp;&nbsp; *Severability*. If any provision of any Loan Document is invalid, illegal or unenforceable in any jurisdiction then, to the fullest extent permitted by law, (i) such provision shall, as to such jurisdiction, be ineffective to the extent (but only to the extent) of such invalidity, illegality or unenforceability, (ii) the other provisions of the Loan Documents shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Lenders in order to carry out the intentions of the parties thereto as nearly as may be possible and (iii) the invalidity,

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illegality or unenforceability of any such provision in any jurisdiction shall not affect the validity, legality or enforceability of such provision in any other jurisdiction.

Section 10.14&nbsp;&nbsp;&nbsp;&nbsp; *Replacement of Defaulting Lenders and Non-Consenting Lenders*. If any Lender is a Defaulting Lender or a Non-Consenting Lender, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 10.07</u>), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); *provided* that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Administrative Agent shall have received the assignment fee specified in <u>Section 10.07(b)</u> from the Borrowers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; such Lender shall have received payment of an amount equal to the outstanding principal of its Revolving Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under <u>Sections 2.05(c)</u>, <u>3.01</u>, <u>3.03</u> and <u>3.04</u>) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the applicable Borrowers (in the case of all other amounts).

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply.

No action by or consent of a Defaulting Lender or a Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such purchase price. In connection with any such assignment the Borrowers, the Administrative Agent, such Defaulting Lender or such Non-Consenting Lender and the replacement Lender shall otherwise comply with this <u>Section 10.14</u>; *provided* that if such Defaulting Lender or such Non-Consenting Lender does not comply with this <u>Section 10.14</u> within one (1) Business Day after the Borrowers' request, compliance with this <u>Section 10.14</u> shall not be required to effect such assignment.

Section 10.15&nbsp;&nbsp;&nbsp;&nbsp; *Governing Law; Jurisdiction; Consent to Service of Process.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement shall be construed in accordance with and governed by the law of the State of New York without reference to conflicts of laws (other than Section 5-1401 and Section 5-1402 of the New York General Obligations Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Each of the parties hereto irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court for the Southern District of New York sitting in New York County, and any relevant appellate court, in any action or proceeding (whether in tort, contract, law or equity) arising out of or relating to any Loan Document, or for recognition

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or enforcement of any judgment, and each party hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. Each party hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each Credit Party that is organized under the laws of a jurisdiction outside the United States hereby appoints Finco, and Finco hereby accepts such appointment, as agent for service of process of each such Credit Party in any matter related to this Agreement or the other Loan Documents. Nothing in any Loan Document shall affect any right that any Lender or the Administrative Agent may otherwise have to bring any action or proceeding relating to any Loan Document against any Credit Party or its properties in the courts of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to any Loan Document in any court referred to in <u>clause (b)</u> of this <u>Section 10.15</u>. Each party hereto irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of any such suit, action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; To the extent permitted by applicable law, each party hereto irrevocably consents to service of process in the manner provided for notices in <u>Section 10.02</u>. Nothing in any Loan Document will affect the right of any party hereto to serve process in any other manner permitted by law.

Section 10.16 *Waiver of Jury Trial*. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS <u>SECTION 10.16</u> WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO OR OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.

Section 10.17&nbsp;&nbsp;&nbsp;&nbsp; *PATRIOT Act Notice*. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant to the requirements of the PATRIOT Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of

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each Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Credit Party in accordance with the PATRIOT Act and the Beneficial Ownership Regulation.

Section 10.18 *Entire Agreement*. This Agreement, together with the other Loan Documents and any separate agreements with respect to fees payable to the Administrative Agent, the Arrangers and the Bookrunners, embodies the entire agreement and understanding among the Credit Parties, the Lenders and the Administrative Agent and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof.

Notwithstanding the foregoing, other than the provisions of the Fee Letters and those provisions of the Commitment Letter which by the terms of the Commitment Letter remain in full force and effect after execution and delivery of the Loan Documents, on the Effective Date, all of the obligations of the Arrangers, Bookrunners and commitment parties under the Commitment Letter shall terminate and be superseded by the Loan Documents and the Arrangers, Bookrunners and commitment parties under the Commitment Letter shall be released from all liability in connection therewith, including any claim for injury or damages, whether consequential, special, direct, indirect, punitive or otherwise.

Section 10.19 *Independence of Covenants*. All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.

Section 10.20 *Obligations Several; Independent Nature of Lenders Right*. The obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Revolving Commitment of any other Lender hereunder. Nothing contained herein or in any other Loan Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising out hereof and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.

Section 10.21&nbsp;&nbsp;&nbsp;&nbsp; *No Fiduciary Duty*. The Administrative Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the "Lenders"), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates. Each Credit Party agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge and agree that (a) the transactions contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial

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transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (b) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders, creditors or any other Person. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

Section 10.22&nbsp;&nbsp;&nbsp;&nbsp; *Judgment Currency.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This is an international loan transaction in which the specification of a particular currency (the "**Specified Currency**") and place of payment (the "**Specified Place**") is of the essence, and the obligation of each Credit Party under this Agreement to make payment to or for account of a Guaranteed Party in the Specified Currency shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed or converted into any other currency or in another place except to the extent that such tender or recovery results in the effective receipt by such Guaranteed Party in the Specified Place of the full amount of the Specified Currency payable to such Guaranteed Party under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in the Specified Currency into another currency (the "**Judgment Currency**"), the rate of exchange that shall be applied shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase such Specified Currency at the principal office of the Administrative Agent in the Specified Place with the Judgment Currency on the Business Day next preceding the day on which such judgment is rendered. The obligation of each Credit Party in respect of any such sum due from it to the Administrative Agent or any Guaranteed Party (the "**Entitled Person**") shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by such Entitled Person of any sum adjudged to be due hereunder in the Judgment Currency such Entitled Person may in accordance with normal banking procedures purchase and transfer of the Specified Currency to the Specified Place with the amount of the Judgment Currency so adjudged to be due; and each Credit Party hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled Person against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if any) by which the sum originally due

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to such Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified Currency so purchased and transferred.

Section 10.23&nbsp;&nbsp;&nbsp;&nbsp; *Acknowledgment and Consent to Bail-In of Affected Financial Institutions.* Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; the effects of any Bail-in Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

Section 10.24 *Acknowledgment Regarding Any Supported QFCs*. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Guaranteed Swap Contracts or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**" and each such QFC a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event a Covered Entity that is party to a Supported QFC (each, a "**Covered Party**") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the

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Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As used in this <u>Section 10.24</u>, the following terms have the following meanings:

"**BHC Act Affiliate**" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"**Covered Entity**" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp; a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

(iii)&nbsp;&nbsp;&nbsp;&nbsp; a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).<br>

"**Default Right**" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"**QFC**" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

Section 10.25&nbsp;&nbsp;&nbsp;&nbsp; *Release of Borrowers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Any Borrower may be removed as a Borrower (a "<u>Borrower Release</u>") upon execution and delivery to the Administrative Agent by each of the Credit Parties of a written notification to such effect (a "<u>Release Notice</u>"), pursuant to the terms of this <u>Section 10.25</u>. Upon delivery of a Release Notice with respect to any such Borrower and the satisfaction of the conditions in <u>Section 10.25(b)</u>, such Borrower shall be fully released and discharged from all obligations, including the Obligations, under this Agreement and the other Loan Documents to which it is a party, shall no longer be party to this Agreement or any of the other Loan Documents

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and shall not constitute a "Borrower" hereunder or thereunder. The delivery of a Release Notice with respect to any Borrower shall not terminate any obligation of any other Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The effectiveness of each such Borrower Release shall be subject to the following:

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each such Borrower has repaid all principal of and interest on each Revolving Loan made to it and all fees and other amounts payable by it hereunder and under the other Loan Documents, including all Attorney Costs relating to such Borrower Release, have been paid in full (other than unmatured, surviving contingent indemnification obligations not yet due and payable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; after giving effect to such release, there is at least one Borrower hereunder.

[*SIGNATURE PAGES FOLLOW*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their proper and duly authorized officers as of the day and year first above written.

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| | |
|:---|:---|
| **GLOBAL ATLANTIC LIMITED (DELAWARE)**, as Holdings and a Guarantor | **GLOBAL ATLANTIC LIMITED (DELAWARE)**, as Holdings and a Guarantor |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Peggy Poon |
| Name: Peggy Poon | Name: Peggy Poon |
| Title: Treasurer | Title: Treasurer |
| **GLOBAL ATLANTIC (FIN) COMPANY**, | **GLOBAL ATLANTIC (FIN) COMPANY**, |
| as Finco and a Guarantor | as Finco and a Guarantor |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Peggy Poon |
| Name: Peggy Poon | Name: Peggy Poon |
| Title: Treasurer | Title: Treasurer |
| **COMMONWEALTH ANNUITY AND LIFE INSURANCE COMPANY**, as a Borrower | **COMMONWEALTH ANNUITY AND LIFE INSURANCE COMPANY**, as a Borrower |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Peggy Poon |
| Name: Peggy Poon | Name: Peggy Poon |
| Title: Treasurer | Title: Treasurer |
| **FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY**, as a Borrower | **FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY**, as a Borrower |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Peggy Poon |
| Name: Peggy Poon | Name: Peggy Poon |
| Title: Treasurer | Title: Treasurer |

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[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| **FORETHOUGHT LIFE INSURANCE COMPANY**, as a Borrower | **FORETHOUGHT LIFE INSURANCE COMPANY**, as a Borrower |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Peggy Poon |
| Name: Peggy Poon | Name: Peggy Poon |
| Title: Treasurer | Title: Treasurer |
| **ACCORDIA LIFE AND ANNUITY COMPANY**, as a Borrower | **ACCORDIA LIFE AND ANNUITY COMPANY**, as a Borrower |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Peggy Poon |
| Name: Peggy Poon | Name: Peggy Poon |
| Title: Treasurer | Title: Treasurer |
| **GLOBAL ATLANTIC RE LIMITED**, | **GLOBAL ATLANTIC RE LIMITED**, |
| as a Borrower | as a Borrower |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Alberto Autmezguine |
| Name: Alberto Autmezguine | Name: Alberto Autmezguine |
| Title: Chief Financial Officer | Title: Chief Financial Officer |
| **GLOBAL ATLANTIC ASSURANCE LIMITED**, as a Borrower | **GLOBAL ATLANTIC ASSURANCE LIMITED**, as a Borrower |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Alberto Autmezguine |
| Name: Alberto Autmezguine | Name: Alberto Autmezguine |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

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[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| **WELLS FARGO BANK, N.A.**, | **WELLS FARGO BANK, N.A.**, |
| as Administrative Agent | as Administrative Agent |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Jason Hafener |
| Name: Jason Hafener | Name: Jason Hafener |
| Title: Managing Director | Title: Managing Director |
| **WELLS FARGO BANK, N.A.**, | **WELLS FARGO BANK, N.A.**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Jason Hafener |
| Name: Jason Hafener | Name: Jason Hafener |
| Title: Managing Director | Title: Managing Director |
| **BANK OF AMERICA, N.A.**, | **BANK OF AMERICA, N.A.**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Reid Lewis |
| Name: Reid Lewis | Name: Reid Lewis |
| Title: Vice President | Title: Vice President |
| **BARCLAYS BANK PLC**, | **BARCLAYS BANK PLC**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Evan Moriarty |
| Name: Evan Moriarty | Name: Evan Moriarty |
| Title: Authorized Signatory | Title: Authorized Signatory |

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[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| **BMO BANK N.A.**, | **BMO BANK N.A.**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Christopher Clark |
| Name: Christopher Clark | Name: Christopher Clark |
| Title: Managing Director | Title: Managing Director |
| **BNP PARIBAS**, | **BNP PARIBAS**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Hampton Smith |
| Name: Hampton Smith | Name: Hampton Smith |
| Title: Managing Director | Title: Managing Director |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Patrick Cunnane |
| Name: Patrick Cunnane | Name: Patrick Cunnane |
| Title: Director | Title: Director |
| **JPMORGAN CHASE BANK, N.A.**, | **JPMORGAN CHASE BANK, N.A.**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ James S. Mintzer |
| Name: James S. Mintzer | Name: James S. Mintzer |
| Title: Executive Director | Title: Executive Director |
| **PNC BANK, NATIONAL ASSOCIATION**, | **PNC BANK, NATIONAL ASSOCIATION**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Srisupen Andersen |
| Name: Srisupen Andersen | Name: Srisupen Andersen |
| Title: SVP | Title: SVP |

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[Signature Page to Credit Agreement]

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| | |
|:---|:---|
| **ROYAL BANK OF CANADA**, | **ROYAL BANK OF CANADA**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Alex Figueroa |
| Name: Alex Figueroa | Name: Alex Figueroa |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **THE TORONTO-DOMINION BANK,** | **THE TORONTO-DOMINION BANK,** |
| **NEW YORK**, | **NEW YORK**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Betty Chang |
| Name: Betty Chang | Name: Betty Chang |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **TRUIST BANK**, | **TRUIST BANK**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Andrew Silsbee |
| Name: Andrew Silsbee | Name: Andrew Silsbee |
| Title: Director | Title: Director |
| **BANCO BILBAO VIZCAYA ARGENTARIA, S.A.**, | **BANCO BILBAO VIZCAYA ARGENTARIA, S.A.**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Cara Younger |
| Name: Cara Younger | Name: Cara Younger |
| Title: Managing Director | Title: Managing Director |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Andrew Pargament |
| Name: Andrew Pargament | Name: Andrew Pargament |
| Title: Managing Director | Title: Managing Director |

---

[Signature Page to Credit Agreement]

------

---

| | |
|:---|:---|
| **GOLDMAN SACHS BANK USA**, | **GOLDMAN SACHS BANK USA**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Amanda DeRoche |
| Name: Amanda DeRoche | Name: Amanda DeRoche |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **HSBC BANK USA, NATIONAL ASSOCIATION**, | **HSBC BANK USA, NATIONAL ASSOCIATION**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Devon Alexander |
| Name: Devon Alexander | Name: Devon Alexander |
| Title: Vice President | Title: Vice President |
| **MORGAN STANLEY BANK, N.A.**, | **MORGAN STANLEY BANK, N.A.**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Michael King |
| Name: Michael King | Name: Michael King |
| Title: Authorized Signatory | Title: Authorized Signatory |
| **STANDARD CHARTERED BANK**, | **STANDARD CHARTERED BANK**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Steven Gargiulo |
| Name: Steven Gargiulo | Name: Steven Gargiulo |
| Title: Executive Director | Title: Executive Director |
| **U.S. BANK NATIONAL ASSOCIATION**, | **U.S. BANK NATIONAL ASSOCIATION**, |
| as a Lender | as a Lender |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Kyle Rinderle |
| Name: Kyle Rinderle | Name: Kyle Rinderle |
| Title: Vice President | Title: Vice President |

---

[Signature Page to Credit Agreement]

------

## Exhibit 21.1

**Exhibit 21.1**

The following is a list of the subsidiaries of KKR & Co. Inc. as of December 31, 2025.

**Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| 2023 Bear Holdings LLC | Delaware |
| 2025 Stag Holdings LLC | Delaware |
| 2025 Stag Investors L.P. | Delaware |
| 9W Halo Parent LLC | Delaware |
| Accordia Life and Annuity Company | Iowa |
| Aerosmith Holdings LLC | Delaware |
| Alamo GP LLC | Delaware |
| Allstar Co-Invest GP LLC | Delaware |
| ASF Walter Co-Invest GP Limited | Cayman Islands |
| Avoca Capital Jersey Unlimited | Jersey |
| Avoca Capital Property Unlimited Company | Ireland |
| Avoca Capital Unlimited Company | Ireland |
| Bobcat Funded 2021-A Holdings LLC | Delaware |
| Bobcat Funded 2021-A Investors L.P. | Ontario |
| Brunswick Asset Holdings (Overseas) LLC | Delaware |
| Brunswick Asset Holdings LLC | Delaware |
| Bulldog Investment Holdings GP LLC | Delaware |
| Cape Verity I, Inc. | Iowa |
| Cape Verity III, Inc. | Iowa |
| Capstone Europe Limited | England & Wales |
| Capstone Limited | Jersey |
| Capstone Purchasing LLC | Delaware |
| Cavalry Feeder GP LLC | Delaware |
| Clover Debt Aggregator A GP LLC | Delaware |
| Coastal Oak Infrastructure Partners GP LLC | Delaware |
| Commonwealth Annuity & Life Insurance Company | Massachusetts |
| CPS (Lux) S.à r.l. | Luxembourg |
| CPS (US) LLC | Delaware |
| CPS Associates (Lux) SCSp | Luxembourg |
| CPS Associates (US) L.P. | Delaware |
| CPS Associates L.P. | Cayman Islands |
| CPS GP Limited | Cayman Islands |
| DBE Solar Holdco LLC | Delaware |
| E1 Investment GP LLC | Delaware |
| Echo Holdings GP Limited | Cayman Islands |
| Electron IM Pte. Ltd. | Singapore |
| Electron Pte. Ltd. | Singapore |
| Elephant Investment Holdings GP LLC | Delaware |
| Emporium Holdco Inc. | Delaware |
| Emporium TPO, LLC | Delaware |
| eRESI Capital Holdco LLC | Delaware |
| eRESI Capital LLC | Delaware |

---

Page \| 1

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| eRESI Holdings Inc. | Delaware |
| eRESI Mortgage LLC | Delaware |
| Esoteric I Pte. Ltd. | Singapore |
| Europe VI Opportunistic Investors GP LLC | Delaware |
| EXL Solar HoldCo, LLC | Delaware |
| Fan Co-Invest GP Limited | Cayman Islands |
| Fan Investors GP Limited | Cayman Islands |
| Fan Investors L.P. | Cayman Islands |
| Fan Investors Limited | Cayman Islands |
| First Allmerica Financial Life Insurance Company | Massachusetts |
| FK Asia IV Investment Aggregator GP LLC | Delaware |
| FK Investment Aggregator GP LLC | Delaware |
| FK Investment Capital GP LLC | Delaware |
| FK Investment Funding 2 GP LLC | Delaware |
| FK Investment Funding GP LLC | Delaware |
| FK Investment GP LLC | Delaware |
| FK Investment Intermediate GP LLC | Delaware |
| ForeLife Agency, Inc. | Indiana |
| Forethought Life Insurance Company | Indiana |
| GA - Industrial Holdco II LLC | Delaware |
| GA - Industrial Holdco LLC | Delaware |
| GA - Sunbelt Office Holdco LLC | Delaware |
| GA Global Solutions LLC | Delaware |
| GA Re Bermuda HoldCo Limited | Bermuda |
| GA Re US HoldCo, LP | Delaware |
| GA Risk Advisors, Inc. | Delaware |
| GARXx I, GP, LLC | Delaware |
| Global Atlantic (Fin) Company | Delaware |
| Global Atlantic Assurance Limited | Bermuda |
| Global Atlantic Distributors, LLC | Delaware |
| Global Atlantic Equipment Management, LLC | Delaware |
| Global Atlantic Financial Company | Delaware |
| Global Atlantic Financial Company Bermuda Limited | Bermuda |
| Global Atlantic Financial Group Limited | Bermuda |
| Global Atlantic Insurance Network LLC | Delaware |
| Global Atlantic Investment Advisors, LLC | Indiana |
| Global Atlantic Limited (Delaware) | Delaware |
| Global Atlantic Re Limited | Bermuda |
| Global Atlantic Risk Advisors, L.P. | Delaware |
| Global Vessel Solutions GP LLC | Delaware |
| Gotham Issuer, LLC | Delaware |
| Gotham Re, Inc. | Vermont |
| Harris FRC Acquisition GP, LLC | Delaware |
| HCR Collateral Management, LLC | Delaware |
| HealthCare Royalty Management, LLC | Delaware |
| Helios Co-Invest GP Limited | Cayman Islands |
| Helix Digital Infrastructure LLC | Delaware |
| HMH Asia IV Investment Aggregator GP LLC | Delaware |

---

Page \| 2

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| HMH Investment Capital GP LLC | Delaware |
| HMH Investment Funding GP LLC | Delaware |
| HMH Investment GP LLC | Delaware |
| HMH Investment Holdings GP LLC | Delaware |
| HTSK Investment GP LLC | Delaware |
| Husky Funded 2021-A Holdings LLC | Delaware |
| Husky Funded 2021-A Investors L.P. | Ontario |
| Independence Energy Aggregator GP LLC | Delaware |
| Indigrid Investment Managers Limited | India |
| Infinity Transportation Equipment Leasing, LLC | Delaware |
| Infrastructure IV Opportunistic Investors GP LLC | Delaware |
| Ivy Co-Invest Vehicle III Feeder GP LLC | Delaware |
| JA Investment GP LLC | Delaware |
| JT1 Investment GP LLC | Delaware |
| K-India Operations Pte. Ltd. | Singapore |
| K-Series Infra GP LLC | Delaware |
| K-Series Infra Holdings L.P. | Delaware |
| K-Series PE GP LLC | Delaware |
| K-Series PE Holdings L.P. | Delaware |
| K-Star Asset Corp. | Delaware |
| K-Star Asset Management LLC | Delaware |
| K-Star EMEA Asset Management Designated Activity Company | Ireland |
| K-Star Holdings LLC | Delaware |
| KAM Advisors LLC | Delaware |
| KAM Credit Advisors LLC | Delaware |
| KAM Fund Advisors LLC | Delaware |
| Kappa Holdings Ltd. | Cayman Islands |
| KBP Investment GP 2 LLC | Delaware |
| KBP Investment GP 3 LLC | Delaware |
| KBP Investment GP LLC | Delaware |
| Keats Infrastructure Partners GP LLC | Delaware |
| Kestrel Associates MCDL I LLC | Delaware |
| KFH III Holdings Ltd. | Cayman Islands |
| KFN HG Hotel Feeder LLC | Delaware |
| KFN Midland Feeder LLC | Delaware |
| KFN Osprey Feeder LLC | Delaware |
| KFN Pelican 1 Feeder LLC | Delaware |
| KFN Sullivan Feeder LLC | Delaware |
| KFN WTC Oahu Feeder LLC | Delaware |
| KFN YTC Feeder LLC | Delaware |
| Kicking Horse Investment Holdings GP LLC | Delaware |
| KIMM GP LLC | Delaware |
| Kingfisher Investment Holdings GP LLC | Delaware |
| KIOPL Management Solutions India Private Limited | India |
| KJ003 Investment Capital GP LLC | Delaware |
| KJ003 Investment Funding GP LLC | Delaware |
| KJ003 Investment GP LLC | Delaware |

---

Page \| 3

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KJ003 Investment Holdings GP LLC | Delaware |
| KJ004 Investment GP LLC | Delaware |
| KJ005 Investment GP LLC | Delaware |
| KJ006 Investment GP LLC | Delaware |
| KJR Management | Japan |
| KJRM Holdings | Japan |
| KJRM Private Solutions | Japan |
| KJS Alternative Holdings LLC | Delaware |
| KKR & Co. GP LLC | Delaware |
| KKR & Co. L.L.C. | Delaware |
| KKR (AD) Limited | Abu Dhabi - ADGM |
| KKR (Cayman) Limited | Cayman Islands |
| KKR (H) Co-Investments GP Limited | Cayman Islands |
| KKR 2006 AIV GP LLC | Delaware |
| KKR 2006 AIV Limited | Cayman Islands |
| KKR 2006 GP LLC | Delaware |
| KKR 2006 Limited | Cayman Islands |
| KKR Abacus Co-Invest GP LLC | Delaware |
| KKR Abadi Co-Investment Holdings Ltd. | Cayman Islands |
| KKR Abadi Co-Investments Limited | Cayman Islands |
| KKR ABFP Holding Limited | Cayman Islands |
| KKR ABFP II (EEA) S.à r.l. | Luxembourg |
| KKR ABFP II Investment Holdings GP LLC | Delaware |
| KKR ABFP II LLC | Delaware |
| KKR ABFP S.à r.l. | Luxembourg |
| KKR ACOF II Investment Holdings GP LLC | Delaware |
| KKR ACOF II S.à r.l. | Luxembourg |
| KKR Aggregator CIP GP LLC | Delaware |
| KKR Aggregator CIP L.P. | Delaware |
| KKR Alda Co-Invest GP LLC | Delaware |
| KKR Alps Corporate Holdings LLC | Delaware |
| KKR Alps Fund Holdings SCSp | Luxembourg |
| KKR Alps Holdings S.à r.l. | Luxembourg |
| KKR Alps Investors L.P. | Delaware |
| KKR Alternative Assets L.P. | Delaware |
| KKR Alternative Assets Limited | Cayman Islands |
| KKR Alternative Assets LLC | Delaware |
| KKR Alternative Insurance Assets GP LLC | Delaware |
| KKR Alternative Insurance Assets L.P. | Delaware |
| KKR Alternative Investment Management Unlimited Company | Ireland |
| KKR Americas Fund XII (Credit) A GP LLC | Delaware |
| KKR Americas Fund XII (Credit) B GP LLC | Delaware |
| KKR Americas Fund XII (Credit) C GP LLC | Delaware |
| KKR Americas XII AIV GP LLC | Delaware |
| KKR Americas XII EEA Limited | Cayman Islands |
| KKR Americas XII EEA LLC | Delaware |
| KKR Americas XII Limited | Cayman Islands |
| KKR Amethyst Co-Investments GP LLC | Delaware |

---

Page \| 4

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR AMG Co-Invest GP LLC | Delaware |
| KKR Anchor Co-Invest GP LLC | Delaware |
| KKR Anne Co-Invest GP LLC | Delaware |
| KKR AP Infrastructure AIV GP LLC | Delaware |
| KKR AP Infrastructure Holdings Limited | Cayman Islands |
| KKR AP Infrastructure II (Japan) AIV (HK) Limited | Hong Kong |
| KKR AP Infrastructure II (Japan) AIV GP LLC | Delaware |
| KKR AP Infrastructure II AIV GP LLC | Delaware |
| KKR AP Infrastructure II ESC SBS GP LLC | Delaware |
| KKR AP Infrastructure II Holdings LLC | Delaware |
| KKR AP Infrastructure II S.à r.l. | Luxembourg |
| KKR AP Infrastructure III S.à r.l. | Luxembourg |
| KKR AP Infrastructure S.à r.l. | Luxembourg |
| KKR APP S.à r.l. | Luxembourg |
| KKR Apple Co-Invest GP LLC | Delaware |
| KKR Aqueduct Co-Invest GP LLC | Delaware |
| KKR Ardor Co-Invest GP LLC | Delaware |
| KKR AREP II LLC | Delaware |
| KKR AREP II S.à r.l. | Luxembourg |
| KKR Aries Co-Invest GP LLC | Delaware |
| KKR Ascend Co-Invest GP Limited | Cayman Islands |
| KKR Ascendant AIV GP LLC | Delaware |
| KKR Ascendant AIV Holdings LLC | Delaware |
| KKR Ascendant ESC SBS GP LLC | Delaware |
| KKR Ascendant Holdings LLC | Delaware |
| KKR Ascendant Private Investors GP LLC | Delaware |
| KKR Ascendant S.à r.l. | Luxembourg |
| KKR Ascent Co-Invest GP LLC | Delaware |
| KKR ASF Walter PE Limited | Cayman Islands |
| KKR Asia Climate Korea AIV LLC | Delaware |
| KKR Asia Climate LLC | Delaware |
| KKR Asia Climate SBS GP LLC | Delaware |
| KKR Asia Credit Opportunities Holdings Limited | Cayman Islands |
| KKR Asia Credit Opportunities S.à r.l. | Luxembourg |
| KKR Asia II Japan AIV Limited | Cayman Islands |
| KKR Asia II Limited | Cayman Islands |
| KKR Asia III Delaware AIV LLC | Delaware |
| KKR Asia III Holdings Limited | Cayman Islands |
| KKR Asia III Japan AIV Limited | Hong Kong |
| KKR Asia III S.à r.l. | Luxembourg |
| KKR Asia IV Holdings Limited | Cayman Islands |
| KKR Asia IV Japan AIV (Delaware) LLC | Delaware |
| KKR Asia IV Japan AIV (HK) Limited | Hong Kong |
| KKR Asia IV Japan AIV Limited | Hong Kong |
| KKR Asia IV Korea AIV LLC | Delaware |
| KKR Asia IV S.à r.l. | Luxembourg |
| KKR Asia Limited | Hong Kong |
| KKR Asia Limited | Cayman Islands |

---

Page \| 5

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Asia LLC | Delaware |
| KKR Asia Next Gen Tech Fund LLC | Delaware |
| KKR Asia NGT ESC SBS GP LLC | Delaware |
| KKR Asia NGT Japan AIV Limited | Hong Kong |
| KKR Asia NGT Korea AIV (Delaware) LLC | Delaware |
| KKR Asia NGT S.à r.l. | Luxembourg |
| KKR Asia Property Partners Holdings LLC | Delaware |
| KKR Asia Tactical Credit Holdings LLC | Delaware |
| KKR Asia Tactical Credit S.à r.l. | Luxembourg |
| KKR Asia V S.à r.l. | Luxembourg |
| KKR Asian Fund (Ireland) GP Limited | Ireland |
| KKR Asset Allocation Fund GP LLC | Delaware |
| KKR Asset Allocation Fund L.P. | Delaware |
| KKR Asset Management (International) Partners LLP | Delaware |
| KKR Asset Management Ltd | England & Wales |
| KKR Associates (RMB) L.P. | China |
| KKR Associates 2006 (Overseas) AIV L.P. | Cayman Islands |
| KKR Associates 2006 (Overseas), Limited Partnership | Cayman Islands |
| KKR Associates 2006 AIV L.P. | Delaware |
| KKR Associates 2006 L.P. | Delaware |
| KKR Associates Abadi Co-Investments L.P. | Cayman Islands |
| KKR Associates ABFP II (EEA) SCSp | Luxembourg |
| KKR Associates ABFP II L.P. | Delaware |
| KKR Associates ABFP SCSp | Luxembourg |
| KKR Associates ACOF II (AIV) LLC | Delaware |
| KKR Associates ACOF II CTB LLC | Delaware |
| KKR Associates ACOF II Feeder GP LLC | Delaware |
| KKR Associates ACOF II SCSp | Luxembourg |
| KKR Associates Americas XII AIV L.P. | Delaware |
| KKR Associates Americas XII L.P. | Cayman Islands |
| KKR Associates AP Infra II AIV (AUS) I S.à r.l. | Luxembourg |
| KKR Associates AP Infra II AIV (AUS) II S.à r.l. | Luxembourg |
| KKR Associates AP Infrastructure AIV L.P. | Delaware |
| KKR Associates AP Infrastructure II (Japan) AIV L.P. | Ontario |
| KKR Associates AP Infrastructure II AIV L.P. | Delaware |
| KKR Associates AP Infrastructure II SCSp | Luxembourg |
| KKR Associates AP Infrastructure III SCSp | Luxembourg |
| KKR Associates AP Infrastructure SCSp | Luxembourg |
| KKR Associates AREP AIV (AUS) S.à r.l. | Luxembourg |
| KKR Associates AREP II AIV (AUS) S.à r.l. | Luxembourg |
| KKR Associates AREP II SCSp | Luxembourg |
| KKR Associates Ascendant AIV L.P. | Delaware |
| KKR Associates Ascendant SCSp | Luxembourg |
| KKR Associates ASF Walter PE L.P. | Cayman Islands |
| KKR Associates Asia (Japan) L.P. | Cayman Islands |
| KKR Associates Asia Climate AIV (AUS) S.à r.l. | Luxembourg |
| KKR Associates Asia Climate Feeder Limited | Hong Kong |
| KKR Associates Asia Climate Korea AIV L.P. | Delaware |

---

Page \| 6

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Associates Asia Climate L.P. | Delaware |
| KKR Associates Asia Credit Opportunities SCSp | Luxembourg |
| KKR Associates Asia II Japan AIV L.P. | Cayman Islands |
| KKR Associates Asia II L.P. | Cayman Islands |
| KKR Associates Asia III Delaware AIV L.P. | Delaware |
| KKR Associates Asia III Japan AIV L.P. | Cayman Islands |
| KKR Associates Asia III SCSp | Luxembourg |
| KKR Associates Asia IV Japan AIV 2 L.P. | Ontario |
| KKR Associates Asia IV Japan AIV L.P. | Ontario |
| KKR Associates Asia IV Korea AIV L.P. | Ontario |
| KKR Associates Asia IV SCSp | Luxembourg |
| KKR Associates Asia L.P. | Cayman Islands |
| KKR Associates Asia NGT Japan AIV L.P. | Ontario |
| KKR Associates Asia NGT Korea AIV L.P. | Delaware |
| KKR Associates Asia NGT SCSp | Luxembourg |
| KKR Associates Asia Property Partners SCSp | Luxembourg |
| KKR Associates Asia Tactical Credit GP SCSp | Luxembourg |
| KKR Associates Asia V SCSp | Luxembourg |
| KKR Associates Cardinal Credit Opportunities GP L.P. | Delaware |
| KKR Associates Cardinal Credit Opportunities LLC | Delaware |
| KKR Associates CDP PE L.P. | Cayman Islands |
| KKR Associates China Growth L.P. | Cayman Islands |
| KKR Associates CIF II SCSp | Luxembourg |
| KKR Associates CIP AIV L.P. | Delaware |
| KKR Associates CIP SCSp | Luxembourg |
| KKR Associates CIS Global L.P. | Cayman Islands |
| KKR Associates Concentrated Credit (Q) LLC | Delaware |
| KKR Associates Core International (A) SCSp | Luxembourg |
| KKR Associates CP Feeder GP LLC | Delaware |
| KKR Associates CP SCSp | Luxembourg |
| KKR Associates Credit 2023 SCSp | Luxembourg |
| KKR Associates Credit Select L.P. | Cayman Islands |
| KKR Associates CS I L.P. | Cayman Islands |
| KKR Associates CS II L.P. | Cayman Islands |
| KKR Associates CS III L.P. | Cayman Islands |
| KKR Associates CS IX L.P. | Cayman Islands |
| KKR Associates CS V L.P. | Delaware |
| KKR Associates CS VIII L.P. | Cayman Islands |
| KKR Associates CS X L.P. | Cayman Islands |
| KKR Associates Custom Equity Opportunities (AIV) L.P. | Cayman Islands |
| KKR Associates Custom Equity Opportunities L.P. | Cayman Islands |
| KKR Associates Dislocation Opportunities SCSp | Luxembourg |
| KKR Associates Diversified Core Infrastructure SCSp | Luxembourg |
| KKR Associates E2 L.P. | Cayman Islands |
| KKR Associates EIGF II LLC | Delaware |
| KKR Associates EIGF L.P. | Delaware |
| KKR Associates EIGF TE L.P. | Delaware |
| KKR Associates Empire PE Co-Investments L.P. | Delaware |

---

Page \| 7

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Associates Empire REPA IV Co-Investments L.P. | Delaware |
| KKR Associates Enhanced European Direct Lending SCSp | Luxembourg |
| KKR Associates Enhanced US Direct Lending SCSp | Luxembourg |
| KKR Associates Europe II, Limited Partnership | Alberta |
| KKR Associates Europe III, Limited Partnership | Cayman Islands |
| KKR Associates Europe IV L.P. | Cayman Islands |
| KKR Associates Europe V SCSp | Luxembourg |
| KKR Associates Europe VI SCSp | Luxembourg |
| KKR Associates European Direct Lending SCSp | Luxembourg |
| KKR Associates GCOF GP Ltd. | Cayman Islands |
| KKR Associates GFIP L.P. | Cayman Islands |
| KKR Associates Global Climate Transition AIV (AUS) S.à r.l. | Luxembourg |
| KKR Associates Global Climate Transition AIV L.P. | Delaware |
| KKR Associates Global Climate Transition SCSp | Luxembourg |
| KKR Associates Global Credit Opportunities GP L.P. | Cayman Islands |
| KKR Associates Global Impact Fund II Japan AIV L.P. | Ontario |
| KKR Associates Global Impact II SCSp | Luxembourg |
| KKR Associates Global Impact SCSp | Luxembourg |
| KKR Associates Group GP LLC | Delaware |
| KKR Associates Group L.P. | Cayman Islands |
| KKR Associates HCSG AIV L.P. | Delaware |
| KKR Associates HCSG II AIV L.P. | Delaware |
| KKR Associates HCSG II SCSp | Luxembourg |
| KKR Associates HCSG L.P. | Delaware |
| KKR Associates Indigo Equity Partners L.P. | Delaware |
| KKR Associates Indigo Holdings L.P. | Delaware |
| KKR Associates Infrastructure (AIV) L.P. | Delaware |
| KKR Associates Infrastructure II AIV L.P. | Delaware |
| KKR Associates Infrastructure II L.P. | Cayman Islands |
| KKR Associates Infrastructure III AIV SCSp | Luxembourg |
| KKR Associates Infrastructure III SCSp | Luxembourg |
| KKR Associates Infrastructure IV AIV L.P. | Delaware |
| KKR Associates Infrastructure IV SCSp | Luxembourg |
| KKR Associates Infrastructure L.P. | Cayman Islands |
| KKR Associates Infrastructure V AIV L.P. | Delaware |
| KKR Associates Infrastructure V SCSp | Luxembourg |
| KKR Associates IUH L.P. | Delaware |
| KKR Associates JREP (USD) L.P. | Cayman Islands |
| KKR Associates JREP (USD) Ltd. | Cayman Islands |
| KKR Associates JREP L.P. | Cayman Islands |
| KKR Associates JREP Ltd. | Cayman Islands |
| KKR Associates K-Trust A LLC | Delaware |
| KKR Associates K-Trust B LLC | Delaware |
| KKR Associates K-Trust C LLC | Delaware |
| KKR Associates Lending Europe II SCSp | Luxembourg |
| KKR Associates Lending Europe III SCSp | Luxembourg |
| KKR Associates Lending Europe L.P. | Cayman Islands |
| KKR Associates Lending II L.P. | Delaware |

---

Page \| 8

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Associates Lending III L.P. | Delaware |
| KKR Associates Lending IV L.P. | Delaware |
| KKR Associates Lending IV SCSp | Luxembourg |
| KKR Associates Lending L.P. | Delaware |
| KKR Associates LR Energy L.P. | Cayman Islands |
| KKR Associates Marina View SCSp | Luxembourg |
| KKR Associates Mexico Co-Investments LLC | Delaware |
| KKR Associates Mezzanine I L.P. | Delaware |
| KKR Associates Millennium (Overseas), Limited Partnership | Alberta |
| KKR Associates Millennium L.P. | Delaware |
| KKR Associates Milton Opportunistic Credit, LLC | Delaware |
| KKR Associates Milton Real Assets Strategic L.P. | Cayman Islands |
| KKR Associates Milton Real Estate L.P. | Cayman Islands |
| KKR Associates Milton Strategic L.P. | Cayman Islands |
| KKR Associates NGT AIV L.P. | Delaware |
| KKR Associates NGT II AIV L.P. | Delaware |
| KKR Associates NGT II SCSp | Luxembourg |
| KKR Associates NGT III SCSp | Luxembourg |
| KKR Associates NGT IV SCSp | Luxembourg |
| KKR Associates NGT L.P. | Cayman Islands |
| KKR Associates North America XI AIV L.P. | Delaware |
| KKR Associates North America XI L.P. | Cayman Islands |
| KKR Associates North America XIII AIV L.P. | Delaware |
| KKR Associates North America XIII SCSp | Luxembourg |
| KKR Associates North America XIV SCSp | Luxembourg |
| KKR Associates NR I L.P. | Delaware |
| KKR Associates NR II L.P. | Delaware |
| KKR Associates NZSF L.P. | Cayman Islands |
| KKR Associates Opportunities II SCSp | Luxembourg |
| KKR Associates Opportunities III SCSp | Luxembourg |
| KKR Associates Opportunities Private Investors II-A LLC | Delaware |
| KKR Associates PCOP II (Offshore) L.P. | Cayman Islands |
| KKR Associates PCOP II L.P. | Delaware |
| KKR Associates Peregrine LLC | Delaware |
| KKR Associates PIP L.P. | Delaware |
| KKR Associates Principal Opportunities (Domestic) L.P. | Cayman Islands |
| KKR Associates Principal Opportunities (Offshore) L.P. | Cayman Islands |
| KKR Associates Principal Opportunities AIV (Domestic) L.P. | Cayman Islands |
| KKR Associates Principal Opportunities AIV (Offshore) L.P. | Cayman Islands |
| KKR Associates Principal Opportunities II (Domestic) L.P. | Cayman Islands |
| KKR Associates Principal Opportunities II (Offshore) L.P. | Cayman Islands |
| KKR Associates Property Partners Americas SCSp | Luxembourg |
| KKR Associates Property Partners Europe SCSp | Luxembourg |
| KKR Associates RCP Europe II SCSp | Luxembourg |
| KKR Associates RCP Europe SCSp | Luxembourg |
| KKR Associates RE Asia SCSp | Luxembourg |
| KKR Associates Real Estate Opportunistic Credit Strategy LLC | Delaware |
| KKR Associates RECOI L.P. | Cayman Islands |

---

Page \| 9

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Associates RECOP (AIV) Ltd. | Cayman Islands |
| KKR Associates RECOP II L.P. | Cayman Islands |
| KKR Associates RECOP Ltd. | Cayman Islands |
| KKR Associates REPA AIV-3 L.P. | Delaware |
| KKR Associates REPA AIV-5 L.P. | Cayman Islands |
| KKR Associates REPA II L.P. | Delaware |
| KKR Associates REPA III SCSp | Luxembourg |
| KKR Associates REPA IV SCSp | Luxembourg |
| KKR Associates REPA L.P. | Delaware |
| KKR Associates REPE II SCSp | Luxembourg |
| KKR Associates REPE III SCSp | Luxembourg |
| KKR Associates REPE III UK REIT AIV LP | Ontario |
| KKR Associates REPE L.P. | Cayman Islands |
| KKR Associates RESDOC L.P. | Delaware |
| KKR Associates RESTAC L.P. | Delaware |
| KKR Associates ROX II SCSp | Luxembourg |
| KKR Associates ROX III LP | Delaware |
| KKR Associates RR-RW Credit LLC | Delaware |
| KKR Associates SA Master L.P. | Cayman Islands |
| KKR Associates Spark II L.P. | Delaware |
| KKR Associates Special Situations (Domestic) II L.P. | Cayman Islands |
| KKR Associates Special Situations (Domestic) L.P. | Cayman Islands |
| KKR Associates Special Situations (EEA) II Limited | Cayman Islands |
| KKR Associates Special Situations (Offshore) II L.P. | Cayman Islands |
| KKR Associates Special Situations (Offshore) L.P. | Cayman Islands |
| KKR Associates SPN L.P. | Cayman Islands |
| KKR Associates Sustainable Asset Credit Fund L.P. | Delaware |
| KKR Associates TFO L.P. | Cayman Islands |
| KKR Associates TMK Opp RE Credit SP L.P. | Ontario |
| KKR Associates TV SPN L.P. | Cayman Islands |
| KKR Associates US Direct Lending SCSp | Luxembourg |
| KKR AT Seeder LLC | Delaware |
| KKR Athena Co-Invest GP LLC | Delaware |
| KKR Athena Holdings GP LLC | Delaware |
| KKR Atlantic Co-Invest GP LLC | Delaware |
| KKR Aurora SP GP LLC | Delaware |
| KKR Australia Investment Management Pty Limited | Australia |
| KKR Australia Pty Limited | Australia |
| KKR Azur Co-Invest GP LLC | Delaware |
| KKR Banff Co-Invest GP LLC | Delaware |
| KKR Bauhaus Co-Invest GP LLC | Delaware |
| KKR Bauhinia (CFV) GP Limited | Cayman Islands |
| KKR Bespoke Co-Investments GP LLC | Delaware |
| KKR Biosimilar GP LLC | Delaware |
| KKR Bklyner Co-Invest GP LLC | Delaware |
| KKR Border to Coast Infrastructure (CFV) GP LLC | Delaware |
| KKR Brazil Aggregator GP LLC | Delaware |
| KKR Brazil LLC | Delaware |

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Page \| 10

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Brickman Co-Invest GP LLC | Delaware |
| KKR Bulldog Aggregator L.P. | Delaware |
| KKR Bulldog Co-Invest GP LLC | Delaware |
| KKR Byzantium Infrastructure Co-Invest GP Limited | Cayman Islands |
| KKR Cactus Wren GP LLC | Delaware |
| KKR Canada LLC | Delaware |
| KKR Canada ULC | Nova Scotia |
| KKR Cape Co-Invest GP LLC | Delaware |
| KKR Capital Management LLC | Delaware |
| KKR Capital Markets (Ireland) Limited | Ireland |
| KKR Capital Markets Asia II Limited | Hong Kong |
| KKR Capital Markets Asia Limited | Hong Kong |
| KKR Capital Markets Holdco Limited | Jersey |
| KKR Capital Markets Holdings GP LLC | Delaware |
| KKR Capital Markets Holdings L.P. | Delaware |
| KKR Capital Markets II LLC | Delaware |
| KKR Capital Markets Japan Holdings LLC | Delaware |
| KKR Capital Markets Japan Ltd. | Japan |
| KKR Capital Markets Limited | England & Wales |
| KKR Capital Markets LLC | Delaware |
| KKR Capital Markets Partners LLP | England & Wales |
| KKR Capital Solutions LLC | Delaware |
| KKR Capstone Americas LLC | Delaware |
| KKR Capstone Asia Limited | Hong Kong |
| KKR Capstone Australia Pty Limited | Australia |
| KKR Capstone EMEA (International) LLP | Delaware |
| KKR Capstone EMEA LLP | England & Wales |
| KKR Capstone Germany GmbH | Germany |
| KKR Capstone Holdings LLC | Delaware |
| KKR Capstone India Operations Advisory Private Limited | India |
| KKR Capstone Japan Limited | Japan |
| KKR Capstone Korea Limited | Korea, Republic of |
| KKR Capstone Operations Advisory (Beijing) Company Limited | China |
| KKR Capstone Operations Advisory (Shanghai) Company Limited | China |
| KKR Capstone Singapore Pte. Ltd. | Singapore |
| KKR Caribou Co-Invest GP Limited | Cayman Islands |
| KKR Carmen Co-Invest GP LLC | Delaware |
| KKR Catalina GP LLC | Delaware |
| KKR Catalina Holdings L.P. | Delaware |
| KKR Cavalry Co-Invest GP LLC | Delaware |
| KKR CDP PE Limited | Cayman Islands |
| KKR Central Park Leasing Aggregator GP LLC | Delaware |
| KKR Charlie Co-Invest GP LLC | Delaware |
| KKR China Growth Limited | Cayman Islands |
| KKR CIF II ESC SBS GP LLC | Delaware |
| KKR CIF II Holdings LLC | Delaware |

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Page \| 11

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR CIF II S.à r.l. | Luxembourg |
| KKR CIP AIV LLC | Delaware |
| KKR CIP Holdings AIV Limited | Cayman Islands |
| KKR CIP Holdings Limited | Cayman Islands |
| KKR CIP S.à r.l. | Luxembourg |
| KKR CIS Global Limited | Cayman Islands |
| KKR CK Co-Invest GP Limited | Cayman Islands |
| KKR CLO Equity Associates III SCSp | Luxembourg |
| KKR CLO Equity III S.à r.l. | Luxembourg |
| KKR Co-Invest GP Holdings L.P. | Delaware |
| KKR Co-Invest GP LLC | Delaware |
| KKR Colorado Co-Invest GP Limited | Cayman Islands |
| KKR Compass Co-Invest GP LLC | Delaware |
| KKR Connect Co-Invest GP LLC | Delaware |
| KKR Coopers Hawk (CFV) GP LLC | Delaware |
| KKR Core (L) Holdings Limited | Cayman Islands |
| KKR Core (L) S.à r.l. | Luxembourg |
| KKR Core Associates (L) SCSp | Luxembourg |
| KKR Core Co-Investment (C) GP Limited | Cayman Islands |
| KKR Core Holdings LLC | Delaware |
| KKR Core International (A) Holdings LLC | Delaware |
| KKR Core International (A) S.à r.l. | Luxembourg |
| KKR Core Investors GP Limited | Cayman Islands |
| KKR Core Investors II GP Limited | Cayman Islands |
| KKR Core Investors II L.P. | Delaware |
| KKR Core Investors L.P. | Delaware |
| KKR Corporate Interests Inc. | Delaware |
| KKR Corporate Lending (CA) LLC | Delaware |
| KKR Corporate Lending (Cayman) Limited | Cayman Islands |
| KKR Corporate Lending (DE) 2 LLC | Delaware |
| KKR Corporate Lending (DE) LLC | Delaware |
| KKR Corporate Lending (TN) LLC | Delaware |
| KKR Corporate Lending (UK) LLC | Delaware |
| KKR Corporate Lending II LLC | Delaware |
| KKR Corporate Lending LLC | Delaware |
| KKR Corsa Co-Invest GP LLC | Delaware |
| KKR Count Co-Invest GP Limited | Cayman Islands |
| KKR CP Holdings LLC | Delaware |
| KKR CP Partners GP Limited | Cayman Islands |
| KKR CP S.à r.l. | Luxembourg |
| KKR Creation Co-Invest GP LLC | Delaware |
| KKR Credit Accelerator LLC | Delaware |
| KKR Credit Accelerator S.à r.l. | Luxembourg |
| KKR Credit Advisors (EMEA) LLP | England & Wales |
| KKR Credit Advisors (Hong Kong) Limited | Hong Kong |
| KKR Credit Advisors (Ireland) Unlimited Company | Ireland |
| KKR Credit Advisors (Singapore) Pte. Ltd. | Singapore |
| KKR Credit Advisors (UK) LLP | England & Wales |

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Page \| 12

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Credit Advisors (US) LLC | Delaware |
| KKR Credit Associates Accelerator SCSp | Luxembourg |
| KKR Credit Fund Advisors LLC | Delaware |
| KKR Credit Holdco LLC | Delaware |
| KKR Credit Partners GP LLC | Delaware |
| KKR Credit Select Limited | Cayman Islands |
| KKR Cretaceous Co-Invest GP LLC | Delaware |
| KKR CS Advisors I LLC | Delaware |
| KKR CS I Limited | Cayman Islands |
| KKR CS II Limited | Cayman Islands |
| KKR CS III Limited | Cayman Islands |
| KKR CS IX Limited | Cayman Islands |
| KKR CS V LLC | Delaware |
| KKR CS VIII Investor LLC | Delaware |
| KKR CS VIII Limited | Cayman Islands |
| KKR CS X Limited | Cayman Islands |
| KKR Custom Equity Opportunities (AIV) Limited | Cayman Islands |
| KKR Custom Equity Opportunities Limited | Cayman Islands |
| KKR Cyprus Holdings LLC | Delaware |
| KKR Cyrus Co-Invest GP LLC | Delaware |
| KKR Dance Co-Invest GP LLC | Delaware |
| KKR Dante Co-Invest GP LLC | Delaware |
| KKR DAV Manager LLC | Delaware |
| KKR DBFH LLC | Delaware |
| KKR DBMH LLC | Delaware |
| KKR de Mexico, S.C. | Mexico |
| KKR Denali Co-Invest GP LLC | Delaware |
| KKR Devonshire Co-Invest GP LLC | Delaware |
| KKR Digital Scale SPV LLC | Delaware |
| KKR Dino Co-Invest GP LLC | Delaware |
| KKR Dislocation Opportunities Limited | Cayman Islands |
| KKR Dislocation Opportunities S.à r.l. | Luxembourg |
| KKR Diversified Core Infrastructure Limited | Cayman Islands |
| KKR Diversified Core Infrastructure S.à r.l. | Luxembourg |
| KKR Diversified Private Markets GP Holdings Limited | Cayman Islands |
| KKR Dragon Co-Invest GP LLC | Delaware |
| KKR Dynamo (RMB) GP Co (Shanghai) Enterprise Management Co., Ltd. | China |
| KKR Dynamo Co-Invest GP LLC | Delaware |
| KKR E2 Limited | Cayman Islands |
| KKR Eagle Aggregator GP Limited | Cayman Islands |
| KKR Eagle Co-Invest GP Limited | Cayman Islands |
| KKR Ear Co-Invest GP LLC | Delaware |
| KKR Easel Co-Invest GP LLC | Delaware |
| KKR Egret Co-Invest GP LLC | Delaware |
| KKR EIGF II LLC | Delaware |
| KKR EIGF LLC | Delaware |
| KKR Eight Mile Co-Invest GP LLC | Delaware |

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Page \| 13

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Elbe Co-Invest GP LLC | Delaware |
| KKR Empire PE LLC | Delaware |
| KKR Empire REPA IV LLC | Delaware |
| KKR Energy Assets Manager LLC | Delaware |
| KKR Energy HF Stake II Limited | Cayman Islands |
| KKR Energy HF Stake III Limited | Cayman Islands |
| KKR Energy HF Stake Limited | Cayman Islands |
| KKR Energy Investors Blocker GP Limited | Cayman Islands |
| KKR Enhanced European Direct Lending S.à r.l. | Luxembourg |
| KKR Enhanced US Direct Lending S.à r.l. | Luxembourg |
| KKR Enterprise Co-Invest AIV A GP LLC | Delaware |
| KKR Enterprise Co-Invest AIV B GP LLC | Delaware |
| KKR Enterprise Co-Invest GP LLC | Delaware |
| KKR Enterprise Debt Aggregator A GP LLC | Delaware |
| KKR Enterprise Debt Aggregator B GP LLC | Delaware |
| KKR Europe II Limited | Cayman Islands |
| KKR Europe III Limited | Cayman Islands |
| KKR Europe IV EEA Limited | Cayman Islands |
| KKR Europe IV EEA LLC | Delaware |
| KKR Europe IV Investments GP Limited | Cayman Islands |
| KKR Europe IV Limited | Cayman Islands |
| KKR Europe LLC | Delaware |
| KKR Europe V Holdings Limited | Cayman Islands |
| KKR Europe V Holdings LLC | Delaware |
| KKR Europe V S.à r.l. | Luxembourg |
| KKR Europe VI ESC SBS GP LLC | Delaware |
| KKR Europe VI LLC | Delaware |
| KKR Europe VI S.à r.l. | Luxembourg |
| KKR European Direct Lending LLC | Delaware |
| KKR European Direct Lending S.à r.l. | Luxembourg |
| KKR European Fund IV Investments L.P. | Cayman Islands |
| KKR European Infrastructure Limited | Cayman Islands |
| KKR European Infrastructure LLC | Delaware |
| KKR Evergreen Co-Invest GP LLC | Delaware |
| KKR EVI French Associates LLC | Delaware |
| KKR FH Investment Limited | Cayman Islands |
| KKR FI Advisors Cayman Ltd. | Cayman Islands |
| KKR FI Advisors LLC | Delaware |
| KKR Fidelio Co-Invest GP LLC | Delaware |
| KKR Finance LLC | Delaware |
| KKR Financial Advisors II, LLC | Delaware |
| KKR Financial Advisors IV LLC | Delaware |
| KKR Financial Advisors LLC | Delaware |
| KKR Financial Capital Trust I | Delaware |
| KKR Financial Capital Trust II | Delaware |
| KKR Financial Capital Trust III | Delaware |
| KKR Financial Capital Trust IV | Delaware |
| KKR Financial Capital Trust V | Delaware |

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Page \| 14

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Financial Capital Trust VI | Delaware |
| KKR Financial CLO Holdings II LLC | Delaware |
| KKR Financial CLO Holdings, LLC | Delaware |
| KKR Financial Holdings HedgeCo LLC | Cayman Islands |
| KKR Financial Holdings II, Ltd. | Cayman Islands |
| KKR Financial Holdings III, LLC | Delaware |
| KKR Financial Holdings III, Ltd. | Cayman Islands |
| KKR Financial Holdings LLC | Delaware |
| KKR Financial Holdings, Inc. | Delaware |
| KKR Financial Holdings, Ltd. | Cayman Islands |
| KKR Financial Management LLC | Delaware |
| KKR Firenze Co-Invest GP LLC | Delaware |
| KKR Fitness Co-Invest GP LLC | Delaware |
| KKR FSK Aggregator (Unlev) GP LLC | Delaware |
| KKR FSK Aggregator GP LLC | Delaware |
| KKR FSK Co-Invest (Unlev) GP LLC | Delaware |
| KKR FSK Co-Invest GP LLC | Delaware |
| KKR Fund Administration LLC | Delaware |
| KKR Game Changer Co-Invest GP LLC | Delaware |
| KKR Gameday Co-Invest GP LLC | Delaware |
| KKR Gamma Co-Invest GP LLC | Delaware |
| KKR Gamma Series B GP LLC | Delaware |
| KKR Gaudi Investors LLC | Delaware |
| KKR GCOF Access Fund Funding GP Limited | Cayman Islands |
| KKR GCOF Access Fund Holding GP Limited | Cayman Islands |
| KKR Gem Co-Invest GP LLC | Delaware |
| KKR Genetic Disorder GP LLC | Delaware |
| KKR GFIP Limited | Cayman Islands |
| KKR Global Climate Transition AIV GP LLC | Delaware |
| KKR Global Climate Transition S.à r.l. | Luxembourg |
| KKR Global Credit Dislocation GP LLC | Delaware |
| KKR Global Credit Opportunities Access Fund GP Limited | Cayman Islands |
| KKR Global Credit Opportunities Access Fund GP Pte. Ltd. | Singapore |
| KKR Global Impact Fund Holdings Limited | Cayman Islands |
| KKR Global Impact Fund II Japan AIV (Delaware) LLC | Delaware |
| KKR Global Impact Fund II Japan AIV (HK) Limited | Hong Kong |
| KKR Global Impact Fund II Japan AIV Aggregator GP LLC | Delaware |
| KKR Global Impact Fund II LLC | Delaware |
| KKR Global Impact II ESC SBS GP LLC | Delaware |
| KKR Global Impact II Private Investors GP LLC | Delaware |
| KKR Global Impact II S.à r.l. | Luxembourg |
| KKR Global Impact S.à r.l. | Luxembourg |
| KKR Global Infrastructure IV Private Investors GP LLC | Delaware |
| KKR Glory (KPE) Limited | Cayman Islands |
| KKR GMO GP Limited | Cayman Islands |
| KKR GMO II Holdings L.P. | Cayman Islands |
| KKR GMO II Holdings Limited | Cayman Islands |
| KKR GMO II US Holdings LLC | Delaware |

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Page \| 15

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Goldfinch GP LLC | Delaware |
| KKR GP Credit 2023 S.à r.l. | Luxembourg |
| KKR GP Hedge Limited | Cayman Islands |
| KKR GP HoldCo (Shanghai) Enterprise Management Co., Ltd. | China |
| KKR Group Assets GP LLC | Delaware |
| KKR Group Assets Holdings II L.P. | Delaware |
| KKR Group Assets Holdings III L.P. | Delaware |
| KKR Group Assets Holdings IV L.P. | Delaware |
| KKR Group Assets Holdings L.P. | Delaware |
| KKR Group Assets II GP LLC | Delaware |
| KKR Group Assets III GP LLC | Delaware |
| KKR Group Assets IV GP LLC | Delaware |
| KKR Group Co. Inc. | Delaware |
| KKR Group Finance Co. Holdings Limited | Cayman Islands |
| KKR Group Finance Co. II LLC | Delaware |
| KKR Group Finance Co. III LLC | Delaware |
| KKR Group Finance Co. IV LLC | Delaware |
| KKR Group Finance Co. IX LLC | Delaware |
| KKR Group Finance Co. LLC | Delaware |
| KKR Group Finance Co. V LLC | Delaware |
| KKR Group Finance Co. VI LLC | Delaware |
| KKR Group Finance Co. VII LLC | Delaware |
| KKR Group Finance Co. VIII LLC | Delaware |
| KKR Group Finance Co. X LLC | Delaware |
| KKR Group Finance Co. XI LLC | Delaware |
| KKR Group Finance Co. XII LLC | Delaware |
| KKR Group Finance Co. XIII LLC | Delaware |
| KKR Group Holdings Corp. | Delaware |
| KKR Group Holdings L.P. | Delaware |
| KKR Group Partnership L.P. | Cayman Islands |
| KKR GV Co-Invest GP LLC | Delaware |
| KKR HALO I Limited | Cayman Islands |
| KKR Harbor Holdings GP LLC | Delaware |
| KKR Harbor Holdings L.P. | Delaware |
| KKR Hathor Co-Invest GP LLC | Delaware |
| KKR HCSG GP AIV LLC | Delaware |
| KKR HCSG GP LLC | Delaware |
| KKR HCSG II AIV GP LLC | Delaware |
| KKR HCSG II AIV Holdings LLC | Delaware |
| KKR HCSG II S.à r.l. | Luxembourg |
| KKR Helix A Associates SCSp | Luxembourg |
| KKR Helix B Associates SCSp | Luxembourg |
| KKR Helix C Associates L.P. | Delaware |
| KKR Helix Founder Holdings LLC | Delaware |
| KKR Helix GP LLC | Delaware |
| KKR Helix S.à r.l. | Luxembourg |
| KKR HF LP Limited | Cayman Islands |
| KKR Holdco LLC | Delaware |

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Page \| 16

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Holdings Mauritius, Ltd. | Mauritius |
| KKR Horizon Co-Invest GP LLC | Delaware |
| KKR Husky Co-Invest GP LLC | Delaware |
| KKR HY Holdings LLC | Delaware |
| KKR HY LLC | Delaware |
| KKR HY Owner LLC | Delaware |
| KKR HY Topco LLC | Delaware |
| KKR Icon Co-Invest GP LLC | Delaware |
| KKR IFI GP L.P. | Cayman Islands |
| KKR IFI Limited | Cayman Islands |
| KKR IKPMF Alternative Holdings LLC | Delaware |
| KKR Illume Co-Invest GP LLC | Delaware |
| KKR ILP LLC | Delaware |
| KKR Inception Co-Invest GP LLC | Delaware |
| KKR India Advisors Private Limited | India |
| KKR India Finance Holdings LLC | Delaware |
| KKR India Financial Investments Pte. Ltd. | Singapore |
| KKR India LLC | Delaware |
| KKR India Reconstruction Pte. Ltd. | Singapore |
| KKR India Roads Co-Invest GP LLC | Delaware |
| KKR Indigo Co-Invest GP LLC | Delaware |
| KKR Indigo Equity Partners GP LLC | Delaware |
| KKR Infinity Asia Co-Invest GP LLC | Delaware |
| KKR Infra V Oryx Co-Invest GP LLC | Delaware |
| KKR Infrastructure (AIV) GP LLC | Delaware |
| KKR Infrastructure II AIV GP LLC | Delaware |
| KKR Infrastructure II EEA Limited | Cayman Islands |
| KKR Infrastructure II EEA LLC | Delaware |
| KKR Infrastructure II Limited | Cayman Islands |
| KKR Infrastructure III AIV S.à r.l. | Luxembourg |
| KKR Infrastructure III Holdings AIV Limited | Cayman Islands |
| KKR Infrastructure III Holdings Limited | Cayman Islands |
| KKR Infrastructure III S.à r.l. | Luxembourg |
| KKR Infrastructure IV AIV LLC | Delaware |
| KKR Infrastructure IV Holdings AIV Limited | Cayman Islands |
| KKR Infrastructure IV Holdings Limited | Cayman Islands |
| KKR Infrastructure IV S.à r.l. | Luxembourg |
| KKR Infrastructure Limited | Cayman Islands |
| KKR Infrastructure V AIV LLC | Delaware |
| KKR Infrastructure V ESC SBS GP LLC | Delaware |
| KKR Infrastructure V S.à r.l. | Luxembourg |
| KKR Ingrid Co-Invest GP Limited | Cayman Islands |
| KKR Investment Advisory (Shanghai) LLC | China |
| KKR Investment Consultancy (Beijing) Company Limited | China |
| KKR Investment Holdings I (Mauritius), Ltd. | Mauritius |
| KKR Investment Management (Hainan) Co., Ltd. | China |
| KKR Investment Management (Shanghai) Co., Ltd. | China |
| KKR Investment Management LLC | Delaware |

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Page \| 17

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Investments LLC | Delaware |
| KKR Ireland Designated Activity Company | Ireland |
| KKR Irish Holdings SPC Limited | Cayman Islands |
| KKR Irish Parent S.à r.l. | Luxembourg |
| KKR IUH LLC | Delaware |
| KKR Japan Limited | Japan |
| KKR K-Series GP S.à r.l | Luxembourg |
| KKR Kairos Co-Invest GP LLC | Delaware |
| KKR Keats Infrastructure Co-Investments V GP Limited | Cayman Islands |
| KKR Knox (Panther Holdings) LLC | Delaware |
| KKR Korea Limited Liability Corporation | Korea, Republic of |
| KKR KP SP GP LLC | Delaware |
| KKR KPE LLC | Delaware |
| KKR KREF Feeder GP LLC | Delaware |
| KKR Landmark Partners GP AIV LLC | Delaware |
| KKR Landmark Partners GP Limited | Cayman Islands |
| KKR Latin America LLC | Delaware |
| KKR Lending Europe GP Limited | Cayman Islands |
| KKR Lending Europe GP LLP | Guernsey |
| KKR Lending Europe II Holdings Limited | Cayman Islands |
| KKR Lending Europe II S.à r.l. | Luxembourg |
| KKR Lending Europe III Holdings LLC | Delaware |
| KKR Lending Europe III S.à r.l. | Luxembourg |
| KKR Lending Europe Limited | Cayman Islands |
| KKR Lending GP LLC | Delaware |
| KKR Lending II GP LLC | Delaware |
| KKR Lending III GP LLC | Delaware |
| KKR Lending IV GP LLC | Delaware |
| KKR Lending IV S.à r.l. | Luxembourg |
| KKR Leo Co-Invest GP LLC | Delaware |
| KKR Leo I Co-Invest GP LLC | Delaware |
| KKR Libertas Co-Invest GP LLC | Delaware |
| KKR Lion Financing L.P. | Delaware |
| KKR Lion Holdings LLC | Delaware |
| KKR Loan Administration Services LLC | Delaware |
| KKR Lone Star (CFV) GP LLC | Delaware |
| KKR Lorca Co-Invest GP LLC | Delaware |
| KKR LR Energy Limited | Cayman Islands |
| KKR LST CFV GP LLC | Delaware |
| KKR Luna Co-Invest GP LLC | Delaware |
| KKR Luna II Debt Co-Invest GP LLC | Delaware |
| KKR Luxembourg S.à r.l. | Luxembourg |
| KKR Mackellar Partners GP Limited | Cayman Islands |
| KKR Magnitude GP LLC | Delaware |
| KKR Magnolia Holdings LLC | Cayman Islands |
| KKR Malaga Co-Invest GP LLC | Delaware |
| KKR Management Hedge Limited | Cayman Islands |
| KKR Marble Co-Invest GP LLC | Delaware |

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Page \| 18

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| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Matterhorn Co-Invest GP Limited | Cayman Islands |
| KKR Mauritius PE Investments I, Ltd. | Mauritius |
| KKR Maven GP Limited | Cayman Islands |
| KKR Maven I SLP Limited | Cayman Islands |
| KKR Maven II SLP Limited | Cayman Islands |
| KKR Maybach Co-Invest GP Limited | Cayman Islands |
| KKR Melange Co-invest GP LLC | Delaware |
| KKR Melwood Co-Invest GP LLC | Delaware |
| KKR MENA Holdings LLC | Delaware |
| KKR MENA Limited | Dubai International Financial Centre |
| KKR Meridian Co-Invest GP Limited | Cayman Islands |
| KKR Metro Co-Invest GP LLC | Delaware |
| KKR Mexico LLC | Delaware |
| KKR Mezzanine GP LLC | Delaware |
| KKR Mezzanine I Advisors LLC | Delaware |
| KKR Mezzanine Offshore Feeder I GP Limited | Cayman Islands |
| KKR MIC Asia GP Limited | Cayman Islands |
| KKR MIC Asia Holdings LLC | Delaware |
| KKR MIC JDP GP Limited | Cayman Islands |
| KKR MIC JDP Lux GP SCSp | Luxembourg |
| KKR MIC JDP S.à r.l. | Luxembourg |
| KKR Millennium GP LLC | Delaware |
| KKR Millennium Limited | Cayman Islands |
| KKR Milton Real Assets Strategic Limited | Cayman Islands |
| KKR Milton Real Estate Limited | Cayman Islands |
| KKR Milton Strategic Limited | Cayman Islands |
| KKR MMI Holdings GP Limited | Cayman Islands |
| KKR MN GP LLC | Delaware |
| KKR Modena Co-Invest GP LLC | Delaware |
| KKR Mountain Co-Invest GP LLC | Delaware |
| KKR Multi Currency Direct Lending Fund I Co-Invest GP LLC | Delaware |
| KKR Multi-Asset Class Fund, a sub-fund of KKR Multi-Asset Class ICAV | Ireland |
| KKR Multi-Strategy Alternatives GP LLC | Delaware |
| KKR Music (RMB) GP Co (Shanghai) Enterprise Management Co., Ltd. | China |
| KKR Neon Aggregator GP LLC | Delaware |
| KKR Neon Co-Invest GP LLC | Delaware |
| KKR Nest Co-Invest GP LLC | Delaware |
| KKR Nevada Ventures LLC | Cayman Islands |
| KKR Next Gen Tech Fund II Holdings Limited | Cayman Islands |
| KKR Next Gen Tech Fund III LLC | Delaware |
| KKR Next Gen Tech Growth AIV LLC | Delaware |
| KKR Next Gen Tech Growth Limited | Cayman Islands |
| KKR NGT EEA Limited | Cayman Islands |
| KKR NGT EEA LLC | Delaware |
| KKR NGT II GP AIV LLC | Delaware |
| KKR NGT II S.à r.l. | Luxembourg |

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Page \| 19

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---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR NGT III ESC SBS GP LLC | Delaware |
| KKR NGT III S.à r.l. | Luxembourg |
| KKR NGT IV S.à r.l. | Luxembourg |
| KKR Night Heron GP Limited | Cayman Islands |
| KKR Nimbus Co-Invest GP LLC | Delaware |
| KKR Ninja Co-Invest GP LLC | Delaware |
| KKR Nitro Holdings Limited | Cayman Islands |
| KKR Noah GP Associates Limited | Cayman Islands |
| KKR Nordics AB | Sweden |
| KKR North America Fund XI Brazil GP LLC | Delaware |
| KKR North America XI AIV GP LLC | Delaware |
| KKR North America XI Limited | Cayman Islands |
| KKR North America XIII AIV GP LLC | Delaware |
| KKR North America XIII AIV Holdings LLC | Delaware |
| KKR North America XIII Holdings Limited | Cayman Islands |
| KKR North America XIII Private Investors GP LLC | Delaware |
| KKR North America XIII S.à r.l. | Luxembourg |
| KKR North America XIV ESC SBS GP LLC | Delaware |
| KKR North America XIV Private Investors GP LLC | Delaware |
| KKR North America XIV S.à r.l. | Luxembourg |
| KKR NR I LLC | Delaware |
| KKR NR II LLC | Delaware |
| KKR NZSF Limited | Cayman Islands |
| KKR Oak Co-Invest GP LLC | Delaware |
| KKR Obelisk Aggregator GP LLC | Delaware |
| KKR Obelisk Aggregator LP | Delaware |
| KKR Oculus Co-Invest GP LLC | Delaware |
| KKR Olive Co-Invest GP LLC | Delaware |
| KKR Olympus Co-Invest GP LLC | Delaware |
| KKR Olympus Co-Invest I GP LLC | Delaware |
| KKR Omega Co-Invest GP LLC | Delaware |
| KKR Opal CoInvest GP Pte. Ltd. | Singapore |
| KKR Opportunities (Domestic) Fund II SCSp | Luxembourg |
| KKR Opportunities II LLC | Delaware |
| KKR Opportunities II S.à r.l. | Luxembourg |
| KKR Opportunities III S.à r.l. | Luxembourg |
| KKR Optics Co-Invest GP LLC | Delaware |
| KKR Oracle Holdings LLC | Delaware |
| KKR Orion Co-Invest GP LLC | Delaware |
| KKR Palette Co-Invest GP LLC | Delaware |
| KKR Panda Infrastructure V Holdings GP LLC | Delaware |
| KKR Panther Co-Invest GP LLC | Delaware |
| KKR Parrot Co-Invest GP Limited | Cayman Islands |
| KKR Partners IV GP LLC | Delaware |
| KKR Patagonia Co-Invest GP LLC | Delaware |
| KKR PCOP II (EEA) Limited | Cayman Islands |
| KKR PCOP II (EEA) LLC | Delaware |
| KKR PCOP II (Offshore) Limited | Cayman Islands |

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Page \| 20

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---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR PCOP II GP LLC | Delaware |
| KKR Pearl Co-Invest GP LLC | Delaware |
| KKR Pebble Co-Invest GP LLC | Delaware |
| KKR Pegasus Co-Invest GP LLC | Delaware |
| KKR PEI Associates L.P. | Cayman Islands |
| KKR PEI GP Limited | Cayman Islands |
| KKR PEI Investments, L.P. | Cayman Islands |
| KKR PEI Opportunities GP, Ltd. | Cayman Islands |
| KKR PEI Opportunities, L.P. | Cayman Islands |
| KKR PEI Securities Holdings, Ltd. | Cayman Islands |
| KKR Percival Co-Invest GP LLC | Delaware |
| KKR Phoenix 1 Co-Invest GP LLC | Delaware |
| KKR Phorm Investors GP LLC | Delaware |
| KKR Pikak Co-Invest AUD GP LLC | Delaware |
| KKR Pikak Co-Invest USD GP LLC | Delaware |
| KKR Pinnacle Co-Invest GP LLC | Delaware |
| KKR PIP GP LLC | Delaware |
| KKR Planets Co-Invest GP LLC | Delaware |
| KKR Platinum Co-Invest Blocker Parent GP LLC | Delaware |
| KKR Platinum Co-Invest GP LLC | Delaware |
| KKR Portfolio Services GP S.à r.l. | Luxembourg |
| KKR Portfolio Services Holdings LLC | Delaware |
| KKR Poseidon Co-Invest GP LLC | Delaware |
| KKR Precise Co-Invest GP LLC | Delaware |
| KKR Principal Opportunities (Domestic) Limited | Cayman Islands |
| KKR Principal Opportunities (Offshore) Limited | Cayman Islands |
| KKR Principal Opportunities AIV (Domestic) Limited | Cayman Islands |
| KKR Principal Opportunities AIV (Offshore) Limited | Cayman Islands |
| KKR Principal Opportunities II (Domestic) Limited | Cayman Islands |
| KKR Principal Opportunities II (Offshore) Limited | Cayman Islands |
| KKR Proof Co-Invest GP LLC | Delaware |
| KKR Property Partners Americas Limited | Cayman Islands |
| KKR Property Partners Americas S.à r.l. | Luxembourg |
| KKR Property Partners Europe (EUR) SCSp | Luxembourg |
| KKR Property Partners Europe FragCo 1 LLC | Delaware |
| KKR Property Partners Europe FragCo 10 LLC | Delaware |
| KKR Property Partners Europe FragCo 11 LLC | Delaware |
| KKR Property Partners Europe FragCo 2 LLC | Delaware |
| KKR Property Partners Europe FragCo 3 LLC | Delaware |
| KKR Property Partners Europe FragCo 4 LLC | Delaware |
| KKR Property Partners Europe FragCo 5 LLC | Delaware |
| KKR Property Partners Europe FragCo 6 LLC | Delaware |
| KKR Property Partners Europe FragCo 7 LLC | Delaware |
| KKR Property Partners Europe FragCo 8 LLC | Delaware |
| KKR Property Partners Europe FragCo 9 LLC | Delaware |
| KKR Property Partners Europe Holdings LLC | Delaware |
| KKR Property Partners Europe S.à r.l. | Luxembourg |
| KKR Prosvasi 2022 GP LLC | Delaware |

---

Page \| 21

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Quartz Co-Invest GP LLC | Delaware |
| KKR Rainbow Co-Invest (Asset) GP LLC | Delaware |
| KKR Rainbow Co-Invest (India) GP LLC | Delaware |
| KKR Ramky Co-Invest GP Limited | Cayman Islands |
| KKR Ranger Co-Invest GP Limited | Cayman Islands |
| KKR RCP Europe II LLC | Delaware |
| KKR RCP Europe II S.à r.l. | Luxembourg |
| KKR RCP Europe Limited | Cayman Islands |
| KKR RCP Europe S.à r.l. | Luxembourg |
| KKR RE Asia Limited | Cayman Islands |
| KKR RE Asia S.à r.l. | Luxembourg |
| KKR Real Assets Korea Limited Liability Corporation | Korea, Republic of |
| KKR Real Estate Credit Manager LLC | Delaware |
| KKR Real Estate Credit Manager Sub LLC | Delaware |
| KKR Real Estate Finance Manager LLC | Delaware |
| KKR RECOI (Cayman) Limited | Cayman Islands |
| KKR RECOI (Singapore) Pte. Ltd. | Singapore |
| KKR RECOP Aggregator (AIV) GP LLC | Delaware |
| KKR RECOP Aggregator GP LLC | Delaware |
| KKR RECOP II GP Limited | Cayman Islands |
| KKR Redwood Co-Invest GP LLC | Delaware |
| KKR REFT Asset Holdings LLC | Delaware |
| KKR REFT Holdings GP LLC | Delaware |
| KKR REFT Holdings L.P. | Delaware |
| KKR Registered Advisor LLC | Delaware |
| KKR REIGN Sponsor GP Limited | Cayman Islands |
| KKR Renovate Co-Invest GP LLC | Delaware |
| KKR REPA AIV-3 GP LLC | Delaware |
| KKR REPA AIV-5 GP Ltd. | Cayman Islands |
| KKR REPA GP LLC | Delaware |
| KKR REPA II (AIP 2) LLC | Delaware |
| KKR REPA II (AIP 3) LLC | Delaware |
| KKR REPA II GP LLC | Delaware |
| KKR REPA II GP2 LLC | Delaware |
| KKR REPA III (AIP V) LLC | Delaware |
| KKR REPA III (AIV I) LLC | Delaware |
| KKR REPA III (UP (A)) LLC | Delaware |
| KKR REPA III Feeder GP (K) LLC | Delaware |
| KKR REPA III Holdings Limited | Cayman Islands |
| KKR REPA III S.à r.l. | Luxembourg |
| KKR REPA III UP (B) LLC | Delaware |
| KKR REPA IV (AIP VI) LLC | Delaware |
| KKR REPA IV LLC | Delaware |
| KKR REPA IV S.à r.l. | Luxembourg |
| KKR REPE EEA Limited | Cayman Islands |
| KKR REPE EEA LLC | Delaware |
| KKR REPE GP Limited | Cayman Islands |
| KKR REPE II Feeder GP (K) LLC | Delaware |

---

Page \| 22

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR REPE II GP FragCo 1 LLC | Delaware |
| KKR REPE II GP FragCo 2 LLC | Delaware |
| KKR REPE II GP FragCo 3 LLC | Delaware |
| KKR REPE II GP FragCo 4 LLC | Delaware |
| KKR REPE II GP FragCo 5 LLC | Delaware |
| KKR REPE II GP FragCo 6 LLC | Delaware |
| KKR REPE II GP FragCo 7 LLC | Delaware |
| KKR REPE II Limited | Cayman Islands |
| KKR REPE II S.à r.l. | Luxembourg |
| KKR REPE III GP FragCo 1 LLC | Delaware |
| KKR REPE III GP FragCo 2 LLC | Delaware |
| KKR REPE III GP FragCo 3 LLC | Delaware |
| KKR REPE III GP FragCo 4 LLC | Delaware |
| KKR REPE III GP FragCo 5 LLC | Delaware |
| KKR REPE III GP FragCo 6 LLC | Delaware |
| KKR REPE III GP FragCo 7 LLC | Delaware |
| KKR REPE III LLC | Delaware |
| KKR REPE III S.à r.l. | Luxembourg |
| KKR REPE III UK REIT AIV GP LLC | Delaware |
| KKR RESDOC GP LLC | Delaware |
| KKR RESTAC GP LLC | Delaware |
| KKR Revolving Credit Associates II L.P. | Cayman Islands |
| KKR Revolving Credit Partners II Limited | Cayman Islands |
| KKR Rise Co-Invest GP LLC | Delaware |
| KKR RMB Fund LLC | Delaware |
| KKR Robin Co-Invest GP LLC | Delaware |
| KKR Rock Co-Invest GP LLC | Delaware |
| KKR ROX II Feeder GP (K) LLC | Delaware |
| KKR ROX II Holdings LLC | Delaware |
| KKR ROX II S.à r.l. | Luxembourg |
| KKR ROX III LLC | Delaware |
| KKR RTV Manager 3 LLC | Delaware |
| KKR RTV Manager LLC | Delaware |
| KKR Ruby Co-Invest GP LLC | Delaware |
| KKR SA Master GP Limited | Cayman Islands |
| KKR Sana Co-Invest GP LLC | Delaware |
| KKR Sandy Co-Invest GP LLC | Delaware |
| KKR Sansibar Co-Invest GP LLC | Delaware |
| KKR Saudi Company (Closed Joint Stock Company) | Saudi Arabia |
| KKR Scissor-Tail Credit Fund Manager LLC | Delaware |
| KKR Secure Co-Invest GP LLC | Delaware |
| KKR Senior Floating Rate Income GP Limited | Cayman Islands |
| KKR Sigma Co-Invest GP Limited | Cayman Islands |
| KKR Silver Aggregator GP LLC | Delaware |
| KKR Silver Investment Holding GP LLC | Delaware |
| KKR Silver Investment Intermediate GP LLC | Delaware |
| KKR Singapore Pte. Ltd. | Singapore |
| KKR Sirius Co-Invest GP LLC | Delaware |

---

Page \| 23

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR Skagit Co-Invest GP LLC | Delaware |
| KKR Skyline Co-Invest GP LLC | Delaware |
| KKR Solaris Co-Invest GP LLC | Delaware |
| KKR Solutions (Lux) S.à r.l. | Luxembourg |
| KKR Solutions (US) LLC | Delaware |
| KKR Solutions Associates (Lux) SCSp | Luxembourg |
| KKR Solutions Associates (US) L.P. | Delaware |
| KKR Spark II (RMB) GP Co (Shanghai) Enterprise Management Co., Ltd. | China |
| KKR Spark II GP LLC | Delaware |
| KKR Spark II Investors II (RMB) L.P. | China |
| KKR Spark II SBS GP LLC | Delaware |
| KKR Spark II SBS GP LLC | Delaware |
| KKR Spark Power Holdings I (Mauritius), Ltd. | Mauritius |
| KKR Special Acquisition Holdings GP LLC | Delaware |
| KKR Special Acquisition Holdings L.P. | Delaware |
| KKR Special Situations (Domestic) II Limited | Cayman Islands |
| KKR Special Situations (Domestic) Limited | Cayman Islands |
| KKR Special Situations (Offshore) II Limited | Cayman Islands |
| KKR Special Situations (Offshore) Limited | Cayman Islands |
| KKR SPN GP Limited | Cayman Islands |
| KKR Sprint Co-Invest GP LLC | Delaware |
| KKR Square GP Limited | Cayman Islands |
| KKR Star Co-Invest GP LLC | Delaware |
| KKR Starlight Co-Invest GP Limited | Cayman Islands |
| KKR Stellar Co-Invest GP LLC | Delaware |
| KKR STG Co-Invest GP LLC | Delaware |
| KKR Strada Co-Invest GP LLC | Delaware |
| KKR Strategic Capital Institutional Fund, Ltd. | Cayman Islands |
| KKR Strategic Capital Management, L.L.C. | Delaware |
| KKR Streaming Aggregator GP Limited | Cayman Islands |
| KKR Subordinated Credit Holdings LLC | Delaware |
| KKR Summit Holdings GP LLC | Delaware |
| KKR Summit Holdings L.P. | Delaware |
| KKR Sunrise Co-Invest GP LLC | Delaware |
| KKR Supernova Co-Invest GP LLC | Delaware |
| KKR Sustainable Asset CF LLC | Delaware |
| KKR Switzerland GmbH | Switzerland |
| KKR Tactical Private Credit LLC | Delaware |
| KKR Tactical Private Credit US I LLC | Delaware |
| KKR Tactical Private Credit US II LLC | Delaware |
| KKR Tactical Private Credit US III LLC | Delaware |
| KKR Tactical Private Credit US IV LLC | Delaware |
| KKR Tailor Co-Invest GP LLC | Delaware |
| KKR Tailor Two Co-Invest GP LLC | Delaware |
| KKR Talk Co-Invest GP Limited | Cayman Islands |
| KKR Tango Co-Invest GP LLC | Delaware |
| KKR Taurus Co-Invest GP Limited | Cayman Islands |

---

Page \| 24

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR TE Seeder LLC | Delaware |
| KKR Teemo Co-Invest GP LLC | Delaware |
| KKR TFO GP Limited | Cayman Islands |
| KKR Thor Co-Invest GP LLC | Delaware |
| KKR Tinder Co-Invest GP LLC | Delaware |
| KKR Titanio Co-Invest GP LLC | Delaware |
| KKR TMK Opp Real Estate Credit SP LLC | Cayman Islands |
| KKR Topaz LLC | Delaware |
| KKR Traviata Co-Invest GP LLC | Delaware |
| KKR TRS Holdings, Ltd. | Cayman Islands |
| KKR TV SPN GP Limited | Cayman Islands |
| KKR UCI Manco S.à r.l. | Luxembourg |
| KKR Uno LLC | Delaware |
| KKR Upstream Associates LLC | Delaware |
| KKR Upstream LLC | Delaware |
| KKR US CLO Equity Associates II Ltd. | Cayman Islands |
| KKR US CLO Equity Associates III Ltd. | Cayman Islands |
| KKR US CLO Equity Associates IV Ltd. | Cayman Islands |
| KKR US CLO Equity Associates Ltd. | Cayman Islands |
| KKR US Direct Lending LLC | Delaware |
| KKR US Direct Lending S.à r.l. | Luxembourg |
| KKR Viking Co-Invest GP Limited | Delaware |
| KKR Vision Investors GP LLC | Delaware |
| KKR Warehouse Parent Borrower, Ltd. | Cayman Islands |
| KKR Warrior Co-Invest GP LLC | Delaware |
| KKR Whitney Ltd. | Cayman Islands |
| KKR Williamson, Ltd. | Cayman Islands |
| KKR Willow Co-Invest GP LLC | Delaware |
| KKR Wolverine I Sponsor LLC | Delaware |
| KKR X-Ray Co-Invest GP LLC | Delaware |
| KKR YC AIV-1 Associates L.P. | Delaware |
| KKR YC Associates GP L.P. | Cayman Islands |
| KKR YC Associates GP Limited | Cayman Islands |
| KKR YC Associates L.P. | Cayman Islands |
| KKR Zinc Co-Invest GP LLC | Delaware |
| KKR Zinovy Debt Co-Invest GP LLC | Delaware |
| KKR – NYC Co-Investment GP LLC | Delaware |
| KKR-Barmenia EDL Associates SCSp | Luxembourg |
| KKR-Barmenia EDL Holdings Limited | Cayman Islands |
| KKR-Barmenia EDL S.à r.l. | Luxembourg |
| KKR-DUS EDL Associates SCSp | Luxembourg |
| KKR-DUS EDL Holdings Limited | Cayman Islands |
| KKR-DUS EDL S.à r.l. | Luxembourg |
| KKR-Engineers GP LLC | Delaware |
| KKR-Generali Associates SCSp | Luxembourg |
| KKR-Generali Holdings Limited | Cayman Islands |
| KKR-Generali S.à r.l. | Luxembourg |
| KKR-Income Holdings LLC | Delaware |

---

Page \| 25

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| KKR-Income Trust Associates SCSp | Luxembourg |
| KKR-Income Trust GP S.à r.l. | Luxembourg |
| KKR-Jesselton HIF Credit Partners GP Limited | Cayman Islands |
| KKR-Keats Asia Infrastructure Strategic Equity Co-Investment Fund GP Limited | Cayman Islands |
| KKR-KEATS Associates Pipeline II L.P. | Cayman Islands |
| KKR-Keats Associates Pipeline L.P. | Delaware |
| KKR-KEATS Pipeline II Limited | Cayman Islands |
| KKR-Keats Pipeline LLC | Delaware |
| KKR-Keats Strategic Credit Co-Investment Fund GP Limited | Cayman Islands |
| KKR-Keats Strategic Equity Co-Investment Fund GP Limited | Cayman Islands |
| KKR-Kultala Co-Investments GP Limited | Cayman Islands |
| KKR-LON Credit Strategies Associates SCSp | Luxembourg |
| KKR-LON Credit Strategies Holdings Limited | Cayman Islands |
| KKR-LON CS S.à r.l. | Luxembourg |
| KKR-Marina View S.à r.l. | Luxembourg |
| KKR-MM Vector GP LLC | Delaware |
| KKR-NWM GP Limited | Cayman Islands |
| KKR-NYC Credit A GP LLC | Delaware |
| KKR-NYC Credit B GP LLC | Delaware |
| KKR-NYC Credit C GP LLC | Delaware |
| KKR-NYC SP GP MH LLC | Delaware |
| KKR-UWF Direct Lending GP LLC | Delaware |
| KKR-YUC GP Limited | Cayman Islands |
| Kohlberg Kravis Roberts & Co. (International) Partners LLP | Delaware |
| Kohlberg Kravis Roberts & Co. L.P. | Delaware |
| Kohlberg Kravis Roberts & Co. Ltd | England & Wales |
| Kohlberg Kravis Roberts & Co. Partners LLP | England & Wales |
| Kohlberg Kravis Roberts & Co. SAS | France |
| Kohlberg Kravis Roberts (España) Asesores SL | Spain |
| Kohlberg Kravis Roberts GmbH | Germany |
| KRE C plus Finnish (Alfred) Co-Invest GP LLC | Delaware |
| KRE C plus Oystercatcher Co-Invest GP LLC | Delaware |
| KRE C plus Wembley Towers Co-Invest GP LLC | Delaware |
| KRE C plus Wembley Towers Co-Invest II GP LLC | Delaware |
| KRE C plus Wembley Towers Co-Invest III GP LLC | Delaware |
| KRE Campus Co-Invest GP LLC | Delaware |
| KRE Exchange Co-Invest GP LLC | Delaware |
| KRE REPE III UK REIT GP LLC | Delaware |
| KRE Summer Co-Invest GP LLC | Delaware |
| KRE Summit Co-Invest GP LLC | Delaware |
| Kreate Asset Management Co.,Ltd. | Korea, Republic of |
| KSERIES USRPHC Holdings LLC | Delaware |
| Kultala GP Limited | Cayman Islands |
| L1 Investment GP LLC | Delaware |
| Lightning 2021-1 Holdings LLC | Delaware |
| Lightning 2021-1 KKR Investors L.P. | Ontario |
| Machine Investors GP Limited | Cayman Islands |

---

Page \| 26

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| Magic Investors GP LLC | Delaware |
| Mastiff Investment Holdings GP LLC | Delaware |
| Mastiff Investment Holdings L.P. | Delaware |
| Multi-Strategy Alternatives Fund L.P. | Delaware |
| NAV Solar Holdco LLC | Delaware |
| Obelisk MidCo Limited | England & Wales |
| Obelisk TopCo Limited | England & Wales |
| Obelisk UK Holdings Limited | England & Wales |
| Olive Debt Aggregator A GP LLC | Delaware |
| Pacova Limited | Jersey |
| Panda 2025 Holdings LLC | Delaware |
| Panda Financing L.P. | Delaware |
| Panda KKR Investors L.P. | Delaware |
| Panther Investment Holdings GP LLC | Delaware |
| Pioneer SPV Associates L.P. | Cayman Islands |
| Pioneer SPV GP Limited | Cayman Islands |
| PJ Call KKR Carry GP HK Limited | Hong Kong |
| Rainier Co-Investments GP Limited | Cayman Islands |
| Raptor Investment Aggregator LLC | Cayman Islands |
| Raptor Investment Holdings GP LLC | Cayman Islands |
| Renee Holding GP LLC | Delaware |
| Silver Investment GP LLC | Delaware |
| Solutions (Lux) SLP GP LLC | Delaware |
| Solutions (Lux) SLP L.P. | Delaware |
| Spiral Holding GP S.à r.l. | Luxembourg |
| SRPSC India Pvt. Ltd. | India |
| Stag Asia NGT 1 L.P. | Cayman Islands |
| Stag Asia NGT 2 L.P. | Cayman Islands |
| Stag Asia NGT GP LLC | Delaware |
| Stellar Renewable Power LLC | Delaware |
| Stellar US Asset Co LLC | Delaware |
| Stellar US Employment Co LLC | Delaware |
| Stellar US Service Co LLC | Delaware |
| SY Investment GP 2 LLC | Delaware |
| SY Investment GP LLC | Delaware |
| Tailored Opportunistic Credit GP Limited | Cayman Islands |
| Tapioca View, LLC | Delaware |
| TEA GP Limited | Cayman Islands |
| The Global Atlantic Financial Group LLC | Bermuda |
| Thunderbird 2021-1 Holdings LLC | Delaware |
| Thunderbird 2021-1 KKR Investors L.P. | Ontario |
| TK Asia IV Investment Aggregator GP LLC | Delaware |
| TK Investment Aggregator GP LLC | Delaware |
| TK Investment Capital GP LLC | Delaware |
| TK Investment Funding 2 GP LLC | Delaware |
| TK Investment Funding GP LLC | Delaware |
| TK Investment GP LLC | Delaware |
| TK Investment Intermediate GP LLC | Delaware |

---

Page \| 27

------

---

| | |
|:---|:---|
| **Name** | **Jurisdiction** |
| TL 2021-1 Holdings LLC | Delaware |
| Uno Co-Invest GP LLC | Delaware |
| Vector Asset Holdings LLC | Delaware |

---

Page \| 28

## Exhibit 23.1

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in (i) Registration Statement No. 333-285452 on form S-8 dated February 28, 2025, (ii) Registration Statement No. 333-279233 on Form S-3ASR dated May 9, 2024, (iii) Registration Statement No. 333-169433 on Form S-1, as amended by Post-Effective Amendment No. 4 on Form S-3 dated May 31, 2022, (iv) Registration Statement No. 333-254609 on Form S-3ASR, as amended by Post-Effective Amendment No. 1 to Form S-3ASR dated May 31, 2022, (v) Registration Statement No. 333-223202 on Form S-8, as amended by Post-Effective Amendment No. 2 on Form S-8 dated May 31, 2022, (vi) Registration Statement No. 333-230627 on Form S-8, as amended by Post-Effective Amendment No. 1 on Form S-8 dated May 31, 2022, relating to the consolidated financial statements of KKR & Co. Inc. and its subsidiaries (the "Company") and the effectiveness of the Company's internal control over financial reporting appearing in this Annual Report on Form 10-K for the year ended December 31, 2025.

/s/ Deloitte & Touche LLP

New York, New York

February 27, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CO-CHIEF EXECUTIVE OFFICER CERTIFICATION**

I, Joseph Y. Bae, certify that:

1. I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2025 of KKR & Co. Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 27, 2026 |  |
|  | | /s/ Joseph Y. Bae |
|  | | Joseph Y. Bae |
| | | *Co-Chief Executive Officer* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CO-CHIEF EXECUTIVE OFFICER CERTIFICATION**

I, Scott C. Nuttall, certify that:

1. I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2025 of KKR & Co. Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 27, 2026 |  |
|  | | /s/ Scott C. Nuttall |
|  | | Scott C. Nuttall |
| | | *Co-Chief Executive Officer* |

---

## Exhibit 31.3

**Exhibit 31.3**

**CHIEF FINANCIAL OFFICER CERTIFICATION**

I, Robert H. Lewin, certify that:

1. I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2025 of KKR & Co. Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 27, 2026 |  |
|  | | /s/ Robert H. Lewin |
|  | | Robert H. Lewin |
| | | *Chief Financial Officer* |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER**

**Pursuant to 18 U.S.C. §1350,** 

**As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of KKR & Co. Inc. (the "Corporation") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission (the "Report"), I, Joseph Y. Bae, Co-Chief Executive Officer of the Corporation, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

---

| | | |
|:---|:---|:---|
| Date: | February 27, 2026 |  |
|  | | /s/ Joseph Y. Bae |
|  | | Joseph Y. Bae |
| | | *Co-Chief Executive Officer* |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER**

**Pursuant to 18 U.S.C. §1350,**

 **As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of KKR & Co. Inc. (the "Corporation") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission (the "Report"), I, Scott C. Nuttall, Co-Chief Executive Officer of the Corporation, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

---

| | | |
|:---|:---|:---|
| Date: | February 27, 2026 |  |
|  | | /s/ Scott C. Nuttall |
|  | | Scott C. Nuttall |
| | | *Co-Chief Executive Officer* |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.3

**Exhibit 32.3**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**Pursuant to 18 U.S.C. §1350,**

 **As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of KKR & Co. Inc. (the "Corporation") on Form 10-K for the period ended December 31, 2025 as filed with the Securities and Exchange Commission (the "Report"), I, Robert H. Lewin, Chief Financial Officer of the Corporation, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

---

| | | |
|:---|:---|:---|
| Date: | February 27, 2026 |  |
|  | | /s/ Robert H. Lewin |
|  | | Robert H. Lewin |
| | | *Chief Financial Officer* |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

<br>