# EDGAR Filing Document

**Accession Number:** 0001585490
**File Stem:** 0001193125-26-149767
**Filing Date:** 2026-4
**Character Count:** 356134
**Document Hash:** 6218302e94492d4d285a0ff4f0de3300
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-149767.hdr.sgml**: 20260409

**ACCESSION NUMBER**: 0001193125-26-149767

**CONFORMED SUBMISSION TYPE**: N-VPFS

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260409

**DATE AS OF CHANGE**: 20260409

**EFFECTIVENESS DATE**: 20260409

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Equitable America Variable Account K
- **CENTRAL INDEX KEY:** 0001585490

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-VPFS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22886
- **FILM NUMBER:** 26852140

**BUSINESS ADDRESS:**
- **STREET 1:** 8501 IBM DRIVE
- **STREET 2:** SUITE 150
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28262
- **BUSINESS PHONE:** 212-314-3865

**MAIL ADDRESS:**
- **STREET 1:** 8501 IBM DRIVE
- **STREET 2:** SUITE 150
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28262

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Equitable America Variable Account K of Equitable Financial Life Insurance Co of America
- **DATE OF NAME CHANGE:** 20200210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONY America Variable Account K of MONY Life Insurance Co of America
- **DATE OF NAME CHANGE:** 20130829

## Series and Classes Contracts Data

### Equitable America Variable Account K (Series ID: S000043084)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000133362 | Incentive Life Legacy                       |  |
| C000133363 | Incentive Life Legacy II                    |  |
| C000133364 | Corporate Sponsored Variable Universal Life |  |
| C000149940 | IncentiveLife Legacy III                    |  |
| C000163016 | IncentiveLife Optimizer III                 |  |
| C000210884 | VUL Legacy                                  |  |
| C000210886 | VUL Optimizer                               |  |
| C000229054 | Equitable Advantage                         |  |
| C000243978 | VUL Incentive Life Protect                  |  |
| C000254793 | VUL Optimizer (Series 166)                  |  |
| C000265044 | COIL Institutional Series (Series 162)      |  |

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  [Report of Independent Registered Public Accounting Firm](#fin64575_1) | FSA-2 |
| Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities, December 31, 2025](#fin64575_2) | FSA-4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations for the Year Ended December 31, 2025](#fin64575_3) | FSA-35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets for the Years or Periods Ended December 31, 2025 and 2024](#fin64575_4) | FSA-56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin64575_5) | FSA-103 |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Board of Directors of Equitable Financial Life Insurance Company of America and the Contractowners of Equitable America Variable Account K

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities of each of the variable investment options of Equitable America Variable Account K indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the variable investment options of Equitable America Variable Account K as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;1290 VT CONVERTIBLE SECURITIES <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT DOUBLELINE OPPORTUNISTIC BOND <sup>(1)</sup> EQ/MFS INTERNATIONAL INTRINSIC VALUE (<sup>1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT EQUITY INCOME <sup>(1)</sup> EQ/MFS MID CAP FOCUSED GROWTH <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO MERGERS & ACQUISITIONS <sup>(1)</sup> EQ/MFS TECHNOLOGY <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT GAMCO SMALL COMPANY VALUE <sup>(1)</sup> EQ/MFS UTILITIES SERIES <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT MULTI-ALTERNATIVE STRATEGIES <sup>(1)</sup> EQ/MID CAP INDEX <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT NATURAL RESOURCES <sup>(1)</sup> EQ/MID CAP VALUE MANAGED VOLATILITY <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT REAL ESTATE <sup>(1)</sup> EQ/MODERATE ALLOCATION <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT SMALL CAP VALUE <sup>(1)</sup> EQ/MODERATE GROWTH STRATEGY <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT SMARTBETA EQUITY ESG <sup>(1)</sup> EQ/MODERATE-PLUS ALLOCATION <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;1290 VT SOCIALLY RESPONSIBLE <sup>(1)</sup> EQ/MONEY MARKET <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AB VPS DISCOVERY VALUE PORTFOLIO <sup>(1)</sup> EQ/MORGAN STANLEY SMALL CAP GROWTH <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> ASSET ALLOCATION FUND <sup>(1)</sup> EQ/PIMCO GLOBAL REAL RETURN <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> GLOBAL SMALL CAPITALIZATION FUND <sup>(1)</sup> EQ/PIMCO REAL RETURN <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> NEW WORLD FUND<sup>®</sup> <sup>(1)</sup> EQ/PIMCO TOTAL RETURN ESG <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;BLACKROCK GLOBAL ALLOCATION V.I. FUND <sup>(1)</sup> EQ/PIMCO ULTRA SHORT BOND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;BNY MELLON STOCK INDEX FUND, INC. <sup>(1)</sup> EQ/QUALITY BOND PLUS <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/400 MANAGED VOLATILITY <sup>(1)</sup> EQ/SMALL COMPANY INDEX <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/500 MANAGED VOLATILITY <sup>(1)</sup> EQ/T. ROWE PRICE HEALTH SCIENCES <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/2000 MANAGED VOLATILITY <sup>(1)</sup> EQ/VALUE EQUITY <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/AB SMALL CAP GROWTH <sup>(1)</sup> EQ/WELLINGTON ENERGY <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/AGGRESSIVE ALLOCATION <sup>(1)</sup> EQUITABLE CONSERVATIVE GROWTH MF/ETF <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/ALL ASSET GROWTH ALLOCATION <sup>(1)</sup> EQUITABLE GROWTH MF/ETF <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/AMERICAN CENTURY MID CAP VALUE <sup>(1)</sup> EQUITABLE MODERATE GROWTH MF/ETF <sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/BALANCED STRATEGY <sup>(1)</sup> FIDELITY<sup>®</sup> VIP ASSET MANAGER 50% <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CAPITAL GROUP RESEARCH <sup>(1)</sup> FIDELITY<sup>®</sup> VIP ASSET MANAGER 70% (<sup>1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CLEARBRIDGE LARGE CAP GROWTH ESG <sup>(1)</sup> FIDELITY<sup>®</sup> VIP GROWTH & INCOME PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/COMMON STOCK INDEX <sup>(1)</sup> FIDELITY<sup>®</sup> VIP MID CAP PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE ALLOCATION <sup>(1)</sup> FIDELITY<sup>®</sup> VIP VALUE PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE GROWTH STRATEGY <sup>(1)</sup> FRANKLIN INCOME VIP FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE STRATEGY <sup>(1)</sup> FRANKLIN SMALL CAP VALUE VIP FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CONSERVATIVE-PLUS ALLOCATION <sup>(1)</sup> INVESCO V.I. DIVERSIFIED DIVIDEND FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CORE BOND INDEX <sup>(1)</sup> INVESCO V.I. GLOBAL CORE EQUITY FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/CORE PLUS BOND <sup>(1)</sup> INVESCO V.I. HEALTH CARE FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/EMERGING MARKETS EQUITY PLUS <sup>(1)</sup> INVESCO V.I. TECHNOLOGY FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/EQUITY 500 INDEX <sup>(1)</sup> JANUS HENDERSON BALANCED PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP <sup>(1)</sup> JANUS HENDERSON ENTERPRISE PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/FRANKLIN RISING DIVIDENDS <sup>(1)</sup> JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/GLOBAL EQUITY MANAGED VOLATILITY <sup>(1)</sup> JANUS HENDERSON MID CAP VALUE PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/GOLDMAN SACHS MID CAP VALUE <sup>(1)</sup> JANUS HENDERSON OVERSEAS PORTFOLIO <sup>(1)</sup> |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;EQ/GROWTH STRATEGY <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/INTERMEDIATE CORPORATE BOND <sup>(2)</sup> MFS<sup>®</sup> MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/INTERMEDIATE GOVERNMENT BOND <sup>(1)</sup> MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/INTERNATIONAL CORE MANAGED VOLATILITY <sup>(1)</sup> MULTIMANAGER AGGRESSIVE EQUITY <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/INTERNATIONAL EQUITY INDEX <sup>(1)</sup> MULTIMANAGER CORE BOND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/INTERNATIONAL MANAGED VOLATILITY <sup>(1)</sup> MULTIMANAGER TECHNOLOGY <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/INTERNATIONAL VALUE MANAGED VOLATILITY <sup>(1)</sup> NOMURA VIP HIGH INCOME SERIES <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/INVESCO COMSTOCK <sup>(1)</sup> PIMCO COMMODITYREAL RETURN<sup>®</sup> STRATEGY PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/INVESCO GLOBAL <sup>(1)</sup> T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/INVESCO GLOBAL REAL ASSETS <sup>(1)</sup> T. ROWE PRICE EQUITY INCOME PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/JANUS ENTERPRISE <sup>(1)</sup> T. ROWE PRICE MID-CAP GROWTH PORTFOLIO <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/JPMORGAN GROWTH STOCK <sup>(1)</sup> TARGET 2025 ALLOCATION <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/JPMORGAN VALUE OPPORTUNITIES <sup>(1)</sup> TARGET 2035 ALLOCATION <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/LARGE CAP CORE MANAGED VOLATILITY <sup>(1)</sup> TARGET 2045 ALLOCATION <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/LARGE CAP GROWTH INDEX <sup>(1)</sup> TARGET 2055 ALLOCATION <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/LARGE CAP GROWTH MANAGED VOLATILITY <sup>(1)</sup> TEMPLETON DEVELOPING MARKETS VIP FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/LARGE CAP VALUE INDEX <sup>(1)</sup> TEMPLETON GLOBAL BOND VIP FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/LARGE CAP VALUE MANAGED VOLATILITY <sup>(1)</sup> VANECK VIP EMERGING MARKETS BOND FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/LAZARD EMERGING MARKETS EQUITY <sup>(1)</sup> VANECK VIP EMERGING MARKETS FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/LONG-TERM BOND <sup>(2)</sup> VANECK VIP GLOBAL RESOURCES FUND <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;EQ/LOOMIS SAYLES GROWTH <sup>(1)</sup> |

---

(1) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the years ended December 31, 2025 and 2024.<br> (2) Statement of operations for the year ended December 31, 2025, and statement of changes in net assets for the year ended December 31, 2025 and the period May 13, 2024 (commencement of operations) through December 31, 2024.<br>

***Basis for Opinions***

These financial statements are the responsibility of the Equitable Financial Life Insurance Company of America management. Our responsibility is to express an opinion on the financial statements of each of the variable investment options of Equitable America Variable Account K 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 each of the variable investment options of Equitable America Variable Account K 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 of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that 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 procedures included confirmation of investments owned as of December 31, 2025 by correspondence with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 9, 2026

We have served as the auditor of one or more of the variable investment options of Equitable America Variable Account K since 2014.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT<br>CONVERTIBLE<br>SECURITIES\*** | **1290 VT<br>DOUBLELINE<br>OPPORTUNISTIC<br>BOND\*** | **1290 VT EQUITY<br>INCOME\*** | **1290 VT GAMCO<br>MERGERS &<br>ACQUISITIONS\*** | **1290 VT GAMCO<br>SMALL COMPANY<br>VALUE\*** | **1290 VT MULTI-<br>ALTERNATIVE<br>STRATEGIES\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $3951685 | $4625421 | $6220675 | $4434911 | $93258153 | $241060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold | 1293 |  |  |  | 6460 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  |  | 6385 | 270 |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3952978 | 4625421 | 6227060 | 4435181 | 93264613 | 241094 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  |  | 6385 | 113 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions | 1293 | 57 |  |  | 6461 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1293 | 57 | 6385 | 113 | 6461 |  |
|  **Net Assets** | $3951685 | $4625364 | $6220675 | $4435068 | $93258152 | $241094 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $3951669 | $4625364 | $6219693 | $4435068 | $93253766 | $241094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K | 16 |  | 982 |  | 4386 |  |
|  **Total Net Assets** | $3951685 | $4625364 | $6220675 | $4435068 | $93258152 | $241094 |
|  Investments in shares of the Portfolios, at cost | $3445825 | $4767073 | $5990208 | $4080188 | $80073518 | $217223 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT NATURAL<br>RESOURCES\*** | **1290 VT REAL<br>ESTATE\*** | **1290 VT SMALL<br>CAP VALUE\*** | **1290 VT<br>SMARTBETA<br>EQUITY ESG\*** | **1290 VT SOCIALLY<br>RESPONSIBLE\*** | **AB VPS DISCOVERY<br>VALUE<br>PORTFOLIO\*\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $3142635 | $1829366 | $7116377 | $9512926 | $5038478 | $321613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  | 3 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 465 | 240 | 551 | 833 | 9 | 2769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3143100 | 1829609 | 7116928 | 9513759 | 5038487 | 324382 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 28 |  | 6 | 55 | 9 | 2631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 28 |  | 6 | 55 | 9 | 2631 |
|  **Net Assets** | $3143072 | $1829609 | $7116922 | $9513704 | $5038478 | $321751 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $3143072 | $1829609 | $7116922 | $9513704 | $5038346 | $321751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K |  |  |  |  | 132 |  |
|  **Total Net Assets** | $3143072 | $1829609 | $7116922 | $9513704 | $5038478 | $321751 |
|  Investments in shares of the Portfolios, at cost | $2781639 | $1729684 | $7224877 | $8650835 | $4132963 | $329409 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of AB Variable Product Series Fund, Inc., an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN<br>FUNDS<br>INSURANCE<br>SERIES<sup>®</sup> ASSET<br>ALLOCATION<br>FUND** | **AMERICAN<br>FUNDS<br>INSURANCE<br>SERIES<sup>®</sup> GLOBAL<br>SMALL<br>CAPITALIZATION<br>FUND** | **AMERICAN<br>FUNDS<br>INSURANCE<br>SERIES<sup>®</sup> NEW<br>WORLD FUND<sup>®</sup>** | **BLACKROCK<br>GLOBAL<br>ALLOCATION V.I.<br>FUND** | **BNY MELLON<br>STOCK<br>INDEX FUND,<br>INC.** | **EQ/400 MANAGED<br>VOLATILITY\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $6955417 | $13595950 | $16767572 | $3168251 | $32209729 | $1932782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 4709 | 7001 | 6082 | 832 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6960126 | 13602951 | 16773654 | 3169083 | 32209729 | 1932782 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 2280 | 955 | 3752 | 225 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  |  |  | 211195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2280 | 955 | 3752 | 225 | 211195 |  |
|  **Net Assets** | $6957846 | $13601996 | $16769902 | $3168858 | $31998534 | $1932782 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $6957846 | $13598072 | $16769902 | $3168858 | $31937681 | $1932782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K |  | 3924 |  |  | 60853 |  |
|  **Total Net Assets** | $6957846 | $13601996 | $16769902 | $3168858 | $31998534 | $1932782 |
|  Investments in shares of the Portfolios, at cost | $6417246 | $13222531 | $14047029 | $3196974 | $27490163 | $2007874 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/500 MANAGED<br>VOLATILITY\*** | **EQ/2000<br>MANAGED<br>VOLATILITY\*** | **EQ/AB SMALL<br>CAP GROWTH\*** | **EQ/AGGRESSIVE<br>ALLOCATION\*** | **EQ/ALL ASSET<br>GROWTH<br>ALLOCATION\*** | **EQ/AMERICAN<br>CENTURY MID<br>CAP VALUE\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $7429645 | $2360699 | $35745330 | $66920445 | $27634564 | $36032082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  |  |  | 231 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 708 | 4 |  | 2680 | 7845 | 5771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 7430353 | 2360703 | 35745330 | 66923356 | 27642409 | 36037853 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 625 |  | 189 |  | 6711 | 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  | 697 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 625 |  | 886 |  | 6711 | 3955 |
|  **Net Assets** | $7429728 | $2360703 | $35744444 | $66923356 | $27635698 | $36033898 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $7429728 | $2360703 | $35744444 | $66923356 | $27635698 | $36033898 |
|  **Total Net Assets** | $7429728 | $2360703 | $35744444 | $66923356 | $27635698 | $36033898 |
|  Investments in shares of the Portfolios, at cost | $7428570 | $2370498 | $36945992 | $67357115 | $26135639 | $37217647 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/BALANCED<br>STRATEGY\*** | **EQ/CAPITAL<br>GROUP<br>RESEARCH\*** | **EQ/CLEARBRIDGE<br>LARGE CAP<br>GROWTH ESG\*** | **EQ/COMMON<br>STOCK INDEX\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*** | **EQ/CONSERVATIVE<br>GROWTH<br>STRATEGY\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $47479183 | $12588659 | $21147272 | $241350861 | $4641328 | $12102475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 4587 | 617 | 2227 | 124169 | 884 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 47483770 | 12589276 | 21149499 | 241475030 | 4642212 | 12102477 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 4587 | 70 | 1286 | 104816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4587 | 70 | 1286 | 104816 |  |  |
|  **Net Assets** | $47479183 | $12589206 | $21148213 | $241370214 | $4642212 | $12102477 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $47448591 | $12500070 | $21148213 | $241370214 | $4642212 | $12102477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K | 30592 | 89136 |  |  |  |  |
|  **Total Net Assets** | $47479183 | $12589206 | $21148213 | $241370214 | $4642212 | $12102477 |
|  Investments in shares of the Portfolios, at cost | $45946798 | $10324333 | $17805241 | $194712804 | $4867716 | $12355597 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/CONSERVATIVE<br>STRATEGY\*** | **EQ/CONSERVATIVE-<br>PLUS ALLOCATION\*** | **EQ/CORE BOND<br>INDEX\*** | **EQ/CORE PLUS<br>BOND\*** | **EQ/EMERGING<br>MARKETS EQUITY<br>PLUS\*** | **EQ/EQUITY 500<br>INDEX\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $2767407 | $10419165 | $32605276 | $24398677 | $3739947 | $472066403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 4288 | 762 | 7790 | 8237 | 7887 | 333213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 2771695 | 10419927 | 32613066 | 24406914 | 3747834 | 472399616 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 4287 | 319 | 14912 | 7360 | 7388 | 299877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4287 | 319 | 14912 | 7360 | 7388 | 299877 |
|  **Net Assets** | $2767408 | $10419608 | $32598154 | $24399554 | $3740446 | $472099739 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $2767400 | $10419608 | $32584969 | $24399554 | $3740446 | $472099739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K | 8 |  | 13185 |  |  |  |
|  **Total Net Assets** | $2767408 | $10419608 | $32598154 | $24399554 | $3740446 | $472099739 |
|  Investments in shares of the Portfolios, at cost | $2829920 | $11138164 | $32746697 | $25099809 | $3000256 | $331217239 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/FIDELITY<br>INSTITUTIONAL<br>AM<sup>®</sup> LARGE CAP\*** | **EQ/FRANKLIN<br>RISING<br>DIVIDENDS\*** | **EQ/GLOBAL<br>EQUITY<br>MANAGED<br>VOLATILITY\*** | **EQ/GOLDMAN<br>SACHS MID<br>CAP VALUE\*** | **EQ/GROWTH<br>STRATEGY\*** | **EQ/INTERMEDIATE<br>CORPORATE<br>BOND\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $26719109 | $35701222 | $12772624 | $11924377 | $94138176 | $262331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  | 112 |  | 3542 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 2054 | 1885 |  |  | 1076 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 26721163 | 35703219 | 12772624 | 11927919 | 94139252 | 262428 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 2052 |  | 7 |  | 1062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  | 3960 | 1959 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2052 |  | 3967 | 1959 | 1062 |  |
|  **Net Assets** | $26719111 | $35703219 | $12768657 | $11925960 | $94138190 | $262428 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $26713855 | $35703219 | $12768211 | $11925960 | $94138190 | $262428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K | 5256 |  | 446 |  |  |  |
|  **Total Net Assets** | $26719111 | $35703219 | $12768657 | $11925960 | $94138190 | $262428 |
|  Investments in shares of the Portfolios, at cost | $19710691 | $27799761 | $12383200 | $11472226 | $89473490 | $269797 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INTERMEDIATE<br>GOVERNMENT<br>BOND\*** | **EQ/INTERNATIONAL<br>CORE MANAGED<br>VOLATILITY\*** | **EQ/INTERNATIONAL<br>EQUITY INDEX\*** | **EQ/INTERNATIONAL<br>MANAGED<br>VOLATILITY\*** | **EQ/INTERNATIONAL<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/INVESCO<br>COMSTOCK\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $13619386 | $8374847 | $59608082 | $2145201 | $7691245 | $12148024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  | 1743 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 7505 |  | 11072 |  | 377 | 21142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 13626891 | 8376590 | 59619154 | 2145201 | 7691622 | 12169166 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 7504 |  | 2273 |  | 22 | 20389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  | 1349 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7504 | 1349 | 2273 |  | 22 | 20389 |
|  **Net Assets** | $13619387 | $8375241 | $59616881 | $2145201 | $7691600 | $12148777 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $13479326 | $8375241 | $59616881 | $2145200 | $7691600 | $12148777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K | 140061 |  |  | 1 |  |  |
|  **Total Net Assets** | $13619387 | $8375241 | $59616881 | $2145201 | $7691600 | $12148777 |
|  Investments in shares of the Portfolios, at cost | $13567927 | $7464038 | $46215975 | $1788711 | $6800371 | $11255149 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INVESCO<br>GLOBAL\*** | **EQ/INVESCO<br>GLOBAL REAL<br>ASSETS\*** | **EQ/JANUS<br>ENTERPRISE\*** | **EQ/JPMORGAN<br>GROWTH STOCK\*** | **EQ/JPMORGAN<br>VALUE<br>OPPORTUNITIES\*** | **EQ/LARGE CAP<br>CORE MANAGED<br>VOLATILITY\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $4326873 | $14356829 | $24590388 | $88942407 | $59940760 | $8481242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  |  | 2942 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 16789 | 4752 |  | 27904 | 15029 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4343662 | 14361581 | 24593330 | 88970311 | 59955789 | 8481588 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 15627 | 1918 |  | 23084 | 10872 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  | 1723 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 15627 | 1918 | 1723 | 23084 | 10872 |  |
|  **Net Assets** | $4328035 | $14359663 | $24591607 | $88947227 | $59944917 | $8481588 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $4328035 | $14357242 | $24591607 | $88947227 | $59944917 | $8481588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K |  | 2421 |  |  |  |  |
|  **Total Net Assets** | $4328035 | $14359663 | $24591607 | $88947227 | $59944917 | $8481588 |
|  Investments in shares of the Portfolios, at cost | $3948914 | $13798532 | $23977708 | $79285763 | $58382854 | $8725398 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LARGE CAP<br>GROWTH INDEX\*** | **EQ/LARGE CAP<br>GROWTH<br>MANAGED<br>VOLATILITY\*** | **EQ/LARGE CAP<br>VALUE INDEX\*** | **EQ/LARGE CAP<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/LAZARD<br>EMERGING<br>MARKETS<br>EQUITY\*** | **EQ/LONG-TERM<br>BOND\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $69682117 | $24348103 | $31201971 | $12355547 | $22122154 | $486696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  |  |  | 1449 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 70106 | 915 | 7464 |  | 11299 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 69752223 | 24349018 | 31209435 | 12356996 | 22133453 | 486894 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 61250 | 350 | 2136 |  | 10705 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  |  | 9974 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 61250 | 350 | 2136 | 9974 | 10705 |  |
|  **Net Assets** | $69690973 | $24348668 | $31207299 | $12347022 | $22122748 | $486894 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $69690973 | $24348668 | $31207299 | $12269043 | $22121204 | $486894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K |  |  |  | 77979 | 1544 |  |
|  **Total Net Assets** | $69690973 | $24348668 | $31207299 | $12347022 | $22122748 | $486894 |
|  Investments in shares of the Portfolios, at cost | $54622234 | $24800214 | $27840499 | $11613826 | $17485836 | $497866 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LOOMIS<br>SAYLES<br>GROWTH\*** | **EQ/MFS<br>INTERNATIONAL<br>GROWTH\*** | **EQ/MFS<br>INTERNATIONAL<br>INTRINSIC VALUE\*** | **EQ/MFS MID CAP<br>FOCUSED<br>GROWTH\*** | **EQ/MFS<br>TECHNOLOGY\*** | **EQ/MFS UTILITIES<br>SERIES\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $34114190 | $54705526 | $61974133 | $31648355 | $47466194 | $1625940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  |  |  | 5462 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 35719 | 4540 | 36896 |  | 43774 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 34149909 | 54710066 | 62011029 | 31653817 | 47509968 | 1627303 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 35725 | 3500 | 31048 |  | 39442 | 1028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  |  | 2441 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 35725 | 3500 | 31048 | 2441 | 39442 | 1028 |
|  **Net Assets** | $34114184 | $54706566 | $61979981 | $31651376 | $47470526 | $1626275 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $34096512 | $54706566 | $61979981 | $31651376 | $47470526 | $1626275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K | 17672 |  |  |  |  |  |
|  **Total Net Assets** | $34114184 | $54706566 | $61979981 | $31651376 | $47470526 | $1626275 |
|  Investments in shares of the Portfolios, at cost | $29934844 | $51470597 | $49729917 | $30822886 | $39146587 | $1492353 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MID CAP<br>INDEX\*** | **EQ/MID CAP<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/MODERATE<br>ALLOCATION\*** | **EQ/MODERATE<br>GROWTH<br>STRATEGY\*** | **EQ/MODERATE-<br>PLUS<br>ALLOCATION\*** | **EQ/MONEY<br>MARKET\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $49517396 | $10255848 | $78558377 | $160031612 | $181231284 | $32790723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  |  | 413 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 38849 | 6695 | 7618 | 24242 | 25887 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 49556245 | 10262543 | 78566408 | 160055854 | 181257171 | 32790723 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 30843 | 9888 |  | 24242 | 30758 | 110326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  |  |  |  | 5546029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 30843 | 9888 |  | 24242 | 30758 | 5656355 |
|  **Net Assets** | $49525402 | $10252655 | $78566408 | $160031612 | $181226413 | $27134368 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $49525402 | $10240965 | $78566408 | $159980186 | $181195188 | $27134368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K |  | 11690 |  | 51426 | 31225 |  |
|  **Total Net Assets** | $49525402 | $10252655 | $78566408 | $160031612 | $181226413 | $27134368 |
|  Investments in shares of the Portfolios, at cost | $47878461 | $10843321 | $83119190 | $160013924 | $190538890 | $32793505 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MORGAN<br>STANLEY SMALL<br>CAP GROWTH\*** | **EQ/PIMCO<br>GLOBAL REAL<br>RETURN\*** | **EQ/PIMCO REAL<br>RETURN\*** | **EQ/PIMCO TOTAL<br>RETURN ESG\*** | **EQ/PIMCO ULTRA<br>SHORT BOND\*** | **EQ/QUALITY<br>BOND PLUS\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $18786290 | $1414635 | $16335400 | $28044321 | $11633498 | $3904426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  |  |  | 148162 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 5156 | 189 | 321658 |  | 25573 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 18791446 | 1414824 | 16657058 | 28192483 | 11659071 | 3904494 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 5073 |  | 320872 |  | 25538 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  |  | 145154 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5073 |  | 320872 | 145154 | 25538 | 68 |
|  **Net Assets** | $18786373 | $1414824 | $16336186 | $28047329 | $11633533 | $3904426 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $18769409 | $1414824 | $16336186 | $28047329 | $11633533 | $3903291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K | 16964 |  |  |  |  | 1135 |
|  **Total Net Assets** | $18786373 | $1414824 | $16336186 | $28047329 | $11633533 | $3904426 |
|  Investments in shares of the Portfolios, at cost | $15632737 | $1415173 | $17530249 | $29892142 | $11707298 | $4106859 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/SMALL<br>COMPANY INDEX\*** | **EQ/T. ROWE<br>PRICE HEALTH<br>SCIENCES\*** | **EQ/VALUE<br>EQUITY\*** | **EQ/WELLINGTON<br>ENERGY\*** | **EQUITABLE<br>CONSERVATIVE<br>GROWTH MF/ETF\*** | **EQUITABLE<br>GROWTH<br>MF/ETF\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $43088588 | $9990892 | $30740165 | $5370988 | $11583617 | $663356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  |  | 1051 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 46252 | 7416 |  | 121 | 1931 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 43134840 | 9998308 | 30741216 | 5371109 | 11585548 | 663565 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 34331 | 6247 |  | 121 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  | 359 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 34331 | 6247 | 359 | 121 |  |  |
|  **Net Assets** | $43100509 | $9992061 | $30740857 | $5370988 | $11585548 | $663565 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $43092422 | $9992061 | $30740857 | $5370734 | $11585548 | $663565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K | 8087 |  |  | 254 |  |  |
|  **Total Net Assets** | $43100509 | $9992061 | $30740857 | $5370988 | $11585548 | $663565 |
|  Investments in shares of the Portfolios, at cost | $39421562 | $9032369 | $28154638 | $4385358 | $11322345 | $631860 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQUITABLE<br>MODERATE<br>GROWTH<br>MF/ETF\*** | **FIDELITY<sup>®</sup> VIP<br>ASSET MANAGER<br>50%** | **FIDELITY<sup>®</sup> VIP<br>ASSET MANAGER<br>70%** | **FIDELITY<sup>®</sup> VIP<br>GROWTH &<br>INCOME<br>PORTFOLIO** | **FIDELITY<sup>®</sup> VIP<br>MID CAP<br>PORTFOLIO** | **FIDELITY<sup>®</sup> VIP<br>VALUE<br>PORTFOLIO** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $926293 | $5253 | $2129953 | $268337 | $20868375 | $3032787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 309 |  | 77 | 1255 | 10333 | 771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 926602 | 5253 | 2130030 | 269592 | 20878708 | 3033558 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  |  |  |  | 9242 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  |  |  |  | 9242 | 355 |
|  **Net Assets** | $926602 | $5253 | $2130030 | $269592 | $20869466 | $3033203 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $926602 | $5245 | $2130030 | $268123 | $20869466 | $3033203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K |  | 8 |  | 1469 |  |  |
|  **Total Net Assets** | $926602 | $5253 | $2130030 | $269592 | $20869466 | $3033203 |
|  Investments in shares of the Portfolios, at cost | $919608 | $4648 | $1889744 | $213910 | $20673590 | $2987568 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FRANKLIN<br>INCOME VIP FUND** | **FRANKLIN SMALL<br>CAP VALUE VIP<br>FUND** | **INVESCO V.I.<br>DIVERSIFIED<br>DIVIDEND FUND** | **INVESCO V.I.<br>GLOBAL CORE<br>EQUITY FUND** | **INVESCO V.I.<br>HEALTH CARE<br>FUND** | **INVESCO V.I.<br>TECHNOLOGY<br>FUND** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $321036 | $11081883 | $1129312 | $591 | $61934 | $101926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  | 2556 | 154 |  | 31 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 321036 | 11084439 | 1129466 | 591 | 61965 | 101926 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  | 1781 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  | 1781 |  |  |  |  |
|  **Net Assets** | $321036 | $11082658 | $1129466 | $591 | $61965 | $101926 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $320678 | $11082658 | $1129466 | $501 | $61965 | $100674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K | 358 |  |  | 90 |  | 1252 |
|  **Total Net Assets** | $321036 | $11082658 | $1129466 | $591 | $61965 | $101926 |
|  Investments in shares of the Portfolios, at cost | $311076 | $10471204 | $1084544 | $516 | $56023 | $82218 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **JANUS<br>HENDERSON<br>BALANCED<br>PORTFOLIO** | **JANUS<br>HENDERSON<br>ENTERPRISE<br>PORTFOLIO** | **JANUS<br>HENDERSON<br>GLOBAL<br>RESEARCH<br>PORTFOLIO** | **JANUS<br>HENDERSON MID<br>CAP VALUE<br>PORTFOLIO** | **JANUS<br>HENDERSON<br>OVERSEAS<br>PORTFOLIO** | **LORD**<br>**ABBETT**<br>**SERIES**<br>**FUND-BOND**<br>**DEBENTURE**<br>**PORTFOLIO** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $8535589 | $3810818 | $43937 | $3075732 | $185317 | $7446931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 1516 |  |  |  |  | 13873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 8537105 | 3810818 | 43937 | 3075732 | 185317 | 7460804 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 368 |  |  |  |  | 12619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 368 |  |  |  |  | 12619 |
|  **Net Assets** | $8536737 | $3810818 | $43937 | $3075732 | $185317 | $7448185 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $8536737 | $3810435 | $16473 | $3074108 | $185315 | $7448185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America Variable Account K |  | 383 | 27464 | 1624 | 2 |  |
|  **Total Net Assets** | $8536737 | $3810818 | $43937 | $3075732 | $185317 | $7448185 |
|  Investments in shares of the Portfolios, at cost | $7331787 | $3598267 | $28772 | $3004378 | $153840 | $7452919 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS<sup>®</sup><br>MASSACHUSETTS<br>INVESTORS<br>GROWTH STOCK<br>PORTFOLIO** | **MORGAN**<br>**STANLEY<br>VARIABLE<br>INSURANCE FUND<br>INC. EMERGING<br>MARKETS DEBT<br>PORTFOLIO** | **MULTIMANAGER<br>AGGRESSIVE<br>EQUITY\*** | **MULTIMANAGER<br>CORE BOND\*** | **MULTIMANAGER<br>TECHNOLOGY\*** | **NOMURA VIP HIGH<br>INCOME SERIES** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $4597375 | $92972 | $20637194 | $17838432 | $76452251 | $29738921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for shares of the Portfolios sold |  |  |  |  |  | 188353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  |  | 11397 | 224 | 105747 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 4597375 | 92972 | 20648591 | 17838656 | 76557998 | 29927274 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  |  | 8955 | 225 | 100406 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for policy-related transactions |  |  |  |  |  | 186551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  |  | 8955 | 225 | 100406 | 186551 |
|  **Net Assets** | $4597375 | $92972 | $20639636 | $17838431 | $76457592 | $29740723 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $4597331 | $92939 | $20639636 | $17836015 | $76457592 | $29740723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America<br>Variable Account K | 44 | 33 |  | 2416 |  |  |
|  **Total Net Assets** | $4597375 | $92972 | $20639636 | $17838431 | $76457592 | $29740723 |
|  Investments in shares of the Portfolios, at cost | $4631124 | $106910 | $20248156 | $18035743 | $64716252 | $30478125 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>COMMODITYREAL<br>RETURN<sup>®</sup>**<br>**STRATEGY<br>PORTFOLIO** | **T. ROWE PRICE<br>BLUE CHIP<br>GROWTH<br>PORTFOLIO** | **T. ROWE PRICE<br>EQUITY INCOME<br>PORTFOLIO** | **T. ROWE PRICE<br>MID-CAP**<br>**GROWTH<br>PORTFOLIO** | **TARGET 2025<br>ALLOCATION\*** | **TARGET 2035<br>ALLOCATION\*** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $6828296 | $4233413 | $7887073 | $794341 | $902934 | $3342129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 332 | 4748 | 1893 | 251 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6828628 | 4238161 | 7888966 | 794592 | 902934 | 3342129 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 4 | 4019 |  | 53 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4 | 4019 |  | 53 |  |  |
|  **Net Assets** | $6828624 | $4234142 | $7888966 | $794539 | $902934 | $3342129 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $6828624 | $4234142 | $7887620 | $794539 | $902934 | $3342129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America<br>Variable Account K |  |  | 1346 |  |  |  |
|  **Total Net Assets** | $6828624 | $4234142 | $7888966 | $794539 | $902934 | $3342129 |
|  Investments in shares of the Portfolios, at cost | $7033218 | $3779263 | $7809189 | $905101 | $949954 | $2864158 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TARGET 2045<br>ALLOCATION\*** | **TARGET 2055<br>ALLOCATION\*** | **TEMPLETON**<br>**DEVELOPING**<br>**MARKETS VIP FUND** | **TEMPLETON<br>GLOBAL BOND<br>VIP FUND** | **VANECK VIP<br>EMERGING<br>MARKETS BOND**<br>**FUND** | **VANECK VIP<br>EMERGING**<br>**MARKETS FUND** |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $3810032 | $6743546 | $9517432 | $16358533 | $40337 | $3601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions |  |  | 4819 | 6531 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3810032 | 6743546 | 9522251 | 16365064 | 40337 | 3601 |
|  **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased |  |  | 4321 | 5313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities |  |  | 4321 | 5313 |  |  |
|  **Net Assets** | $3810032 | $6743546 | $9517930 | $16359751 | $40337 | $3601 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $3810032 | $6743518 | $9517930 | $16359751 | $40314 | $3308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retained by Equitable America in Equitable America<br>Variable Account K |  | 28 |  |  | 23 | 293 |
|  **Total Net Assets** | $3810032 | $6743546 | $9517930 | $16359751 | $40337 | $3601 |
|  Investments in shares of the Portfolios, at cost | $3168862 | $5207869 | $7159505 | $16886519 | $37891 | $2883 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | |
|:---|:---|
|  | **VANECK VIP<br>GLOBAL<br>RESOURCES<br>FUND** |
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in shares of the Portfolios, at fair value | $5681547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for policy-related transactions | 2334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5683881 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for shares of the Portfolios purchased | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2142 |
|  **Net Assets** | $5681739 |
|  **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accumulation unit values | $5681739 |
|  **Total Net Assets** | $5681739 |
|  Investments in shares of the Portfolios, at cost | $4156181 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

The following table provides the Portfolio shares held by the Variable Investment Options of the Variable Account:

---

| | | |
|:---|:---|:---|
|  | **Share Class\*\*** | **Portfolio Shares Held<br>(000's)\*\*\*** |
|  1290 VT CONVERTIBLE SECURITIES | CLASS IB | 353 |
|  1290 VT DOUBLELINE OPPORTUNISTIC BOND | CLASS IB | 535 |
|  1290 VT EQUITY INCOME | CLASS IB | 1270 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | CLASS IB | 327 |
|  1290 VT GAMCO SMALL COMPANY VALUE | CLASS IB | 1223 |
|  1290 VT MULTI-ALTERNATIVE STRATEGIES | CLASS IB | 24 |
|  1290 VT NATURAL RESOURCES | CLASS IB | 282 |
|  1290 VT REAL ESTATE | CLASS IB | 304 |
|  1290 VT SMALL CAP VALUE | CLASS IB | 638 |
|  1290 VT SMARTBETA EQUITY ESG | CLASS IB | 489 |
|  1290 VT SOCIALLY RESPONSIBLE | CLASS IB | 204 |
|  AB VPS DISCOVERY VALUE PORTFOLIO | CLASS B | 20 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> ASSET ALLOCATION FUND | CLASS 4 | 260 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> GLOBAL SMALL CAPITALIZATION FUND | CLASS 4 | 717 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> NEW WORLD FUND<sup>®</sup> | CLASS 4 | 529 |
|  BLACKROCK GLOBAL ALLOCATION V.I. FUND | CLASS III | 238 |
|  BNY MELLON STOCK INDEX FUND, INC. | INITIAL SHARES | 370 |
|  EQ/400 MANAGED VOLATILITY | CLASS IB | 88 |
|  EQ/500 MANAGED VOLATILITY | CLASS IB | 249 |
|  EQ/2000 MANAGED VOLATILITY | CLASS IB | 115 |
|  EQ/AB SMALL CAP GROWTH | CLASS IB | 2415 |
|  EQ/AGGRESSIVE ALLOCATION | CLASS IB | 6325 |
|  EQ/ALL ASSET GROWTH ALLOCATION | CLASS IB | 1352 |
|  EQ/AMERICAN CENTURY MID CAP VALUE | CLASS IB | 1663 |
|  EQ/BALANCED STRATEGY | CLASS IB | 2975 |
|  EQ/CAPITAL GROUP RESEARCH | CLASS IB | 338 |
|  EQ/CLEARBRIDGE LARGE CAP GROWTH ESG | CLASS IB | 1261 |
|  EQ/COMMON STOCK INDEX | CLASS IA | 22 |
|  EQ/COMMON STOCK INDEX | CLASS IB | 4555 |
|  EQ/CONSERVATIVE ALLOCATION | CLASS IB | 560 |
|  EQ/CONSERVATIVE GROWTH STRATEGY | CLASS IB | 871 |
|  EQ/CONSERVATIVE STRATEGY | CLASS IB | 237 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | CLASS IB | 1255 |
|  EQ/CORE BOND INDEX | CLASS IB | 3429 |
|  EQ/CORE PLUS BOND | CLASS IB | 7197 |
|  EQ/EMERGING MARKETS EQUITY PLUS | CLASS IB | 320 |
|  EQ/EQUITY 500 INDEX | CLASS IB | 4936 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Share Class\*\*** | **Portfolio Shares Held<br>(000's)\*\*\*** |
|  EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP | CLASS IB | 354 |
|  EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP | CLASS K | 49 |
|  EQ/FRANKLIN RISING DIVIDENDS | CLASS IB | 697 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | CLASS IB | 746 |
|  EQ/GOLDMAN SACHS MID CAP VALUE | CLASS IB | 549 |
|  EQ/GROWTH STRATEGY | CLASS IB | 4845 |
|  EQ/INTERMEDIATE CORPORATE BOND | CLASS IB | 26 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | CLASS IA | 873 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | CLASS IB | 533 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | CLASS IB | 684 |
|  EQ/INTERNATIONAL EQUITY INDEX | CLASS IA | 488 |
|  EQ/INTERNATIONAL EQUITY INDEX | CLASS IB | 3883 |
|  EQ/INTERNATIONAL MANAGED VOLATILITY | CLASS IB | 131 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | CLASS IB | 515 |
|  EQ/INVESCO COMSTOCK | CLASS IB | 549 |
|  EQ/INVESCO GLOBAL | CLASS IB | 146 |
|  EQ/INVESCO GLOBAL REAL ASSETS | CLASS IB | 899 |
|  EQ/JANUS ENTERPRISE | CLASS IB | 1178 |
|  EQ/JPMORGAN GROWTH STOCK | CLASS IB | 1270 |
|  EQ/JPMORGAN VALUE OPPORTUNITIES | CLASS IB | 2940 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | CLASS IB | 812 |
|  EQ/LARGE CAP GROWTH INDEX | CLASS IB | 2442 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | CLASS IB | 753 |
|  EQ/LARGE CAP VALUE INDEX | CLASS IB | 2751 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | CLASS IB | 679 |
|  EQ/LAZARD EMERGING MARKETS EQUITY | CLASS IB | 869 |
|  EQ/LONG-TERM BOND | CLASS IB | 73 |
|  EQ/LOOMIS SAYLES GROWTH | CLASS IB | 2819 |
|  EQ/MFS INTERNATIONAL GROWTH | CLASS IB | 6688 |
|  EQ/MFS INTERNATIONAL INTRINSIC VALUE | CLASS IB | 1550 |
|  EQ/MFS MID CAP FOCUSED GROWTH | CLASS IB | 1841 |
|  EQ/MFS TECHNOLOGY | CLASS IB | 1148 |
|  EQ/MFS UTILITIES SERIES | CLASS IB | 38 |
|  EQ/MFS UTILITIES SERIES | CLASS K | 2 |
|  EQ/MID CAP INDEX | CLASS IB | 3095 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | CLASS IB | 671 |
|  EQ/MODERATE ALLOCATION | CLASS IB | 6482 |
|  EQ/MODERATE GROWTH STRATEGY | CLASS IB | 9658 |
|  EQ/MODERATE-PLUS ALLOCATION | CLASS IB | 18780 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Share Class\*\*** | **Portfolio Shares Held<br>(000's)\*\*\*** |
|  EQ/MONEY MARKET | CLASS IA | 25 |
|  EQ/MONEY MARKET | CLASS IB | 32766 |
|  EQ/MORGAN STANLEY SMALL CAP GROWTH | CLASS IB | 2011 |
|  EQ/PIMCO GLOBAL REAL RETURN | CLASS IB | 184 |
|  EQ/PIMCO REAL RETURN | CLASS IB | 1531 |
|  EQ/PIMCO TOTAL RETURN ESG | CLASS IB | 2946 |
|  EQ/PIMCO ULTRA SHORT BOND | CLASS IB | 1179 |
|  EQ/QUALITY BOND PLUS | CLASS IA | 1 |
|  EQ/QUALITY BOND PLUS | CLASS IB | 500 |
|  EQ/SMALL COMPANY INDEX | CLASS IB | 3478 |
|  EQ/T. ROWE PRICE HEALTH SCIENCES | CLASS IB | 149 |
|  EQ/VALUE EQUITY | CLASS IB | 1277 |
|  EQ/WELLINGTON ENERGY | CLASS IB | 1180 |
|  EQUITABLE CONSERVATIVE GROWTH MF/ETF | CLASS IB | 933 |
|  EQUITABLE GROWTH MF/ETF | CLASS IB | 55 |
|  EQUITABLE MODERATE GROWTH MF/ETF | CLASS IB | 82 |
|  FIDELITY<sup>®</sup> VIP ASSET MANAGER 50% | INITIAL CLASS |  |
|  FIDELITY<sup>®</sup> VIP ASSET MANAGER 70% | SERVICE CLASS 2 | 84 |
|  FIDELITY<sup>®</sup> VIP GROWTH & INCOME PORTFOLIO | INITIAL CLASS | 8 |
|  FIDELITY<sup>®</sup> VIP MID CAP PORTFOLIO | SERVICE CLASS 2 | 593 |
|  FIDELITY<sup>®</sup> VIP VALUE PORTFOLIO | SERVICE CLASS 2 | 162 |
|  FRANKLIN INCOME VIP FUND | CLASS 2 | 21 |
|  FRANKLIN SMALL CAP VALUE VIP FUND | CLASS 2 | 799 |
|  INVESCO V.I. DIVERSIFIED DIVIDEND FUND | SERIES I |  |
|  INVESCO V.I. DIVERSIFIED DIVIDEND FUND | SERIES II | 42 |
|  INVESCO V.I. GLOBAL CORE EQUITY FUND | SERIES I |  |
|  INVESCO V.I. HEALTH CARE FUND | SERIES I | 2 |
|  INVESCO V.I. TECHNOLOGY FUND | SERIES I | 4 |
|  JANUS HENDERSON BALANCED PORTFOLIO | SERVICE SHARES | 144 |
|  JANUS HENDERSON ENTERPRISE PORTFOLIO | INSTITUTIONAL SHARES | 46 |
|  JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO | INSTITUTIONAL SHARES | 1 |
|  JANUS HENDERSON MID CAP VALUE PORTFOLIO | SERVICE SHARES | 183 |
|  JANUS HENDERSON OVERSEAS PORTFOLIO | INSTITUTIONAL SHARES | 3 |
|  LORD ABBETT SERIES FUND — BOND DEBENTURE PORTFOLIO | VC SHARES | 702 |
|  MFS<sup>®</sup> MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO | SERVICE CLASS | 210 |
|  MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO | CLASS I | 17 |
|  MULTIMANAGER AGGRESSIVE EQUITY | CLASS IB | 289 |
|  MULTIMANAGER CORE BOND | CLASS IB | 2032 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Share Class\*\*** | **Portfolio Shares Held<br>(000's)\*\*\*** |
|  MULTIMANAGER TECHNOLOGY | CLASS IB | 1864 |
|  NOMURA VIP HIGH INCOME SERIES | SERVICE CLASS | 10150 |
|  PIMCO COMMODITYREALRETURN<sup>®</sup> STRATEGY PORTFOLIO | ADVISOR CLASS | 1064 |
| T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO | CLASS II | 70 |
| T. ROWE PRICE EQUITY INCOME PORTFOLIO | CLASS II | 275 |
| T. ROWE PRICE MID-CAP GROWTH PORTFOLIO | CLASS II | 34 |
|  TARGET 2025 ALLOCATION | CLASS IB | 86 |
|  TARGET 2035 ALLOCATION | CLASS IB | 214 |
|  TARGET 2045 ALLOCATION | CLASS IB | 221 |
|  TARGET 2055 ALLOCATION | CLASS IB | 358 |
|  TEMPLETON DEVELOPING MARKETS VIP FUND | CLASS 2 | 788 |
|  TEMPLETON GLOBAL BOND VIP FUND | CLASS 2 | 1242 |
|  VANECK VIP EMERGING MARKETS BOND FUND | INITIAL CLASS | 5 |
|  VANECK VIP EMERGING MARKETS FUND | INITIAL CLASS |  |
|  VANECK VIP GLOBAL RESOURCES FUND | CLASS S | 157 |
|  VANECK VIP GLOBAL RESOURCES FUND | INITIAL CLASS | 20 |

---

The accompanying notes are an integral part of these financial statements.

\*\* Share class reflects the share class of the Portfolio in which the units of the Variable Investment Option are invested, as further described in Note 6 of these financial statements.

\*\*\* Variable Investment Options where Shares Outstanding are less than 500 are denoted by a —.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

The following table provides units outstanding and unit values associated with the Variable Investment Options of the Account and is further categorized by share class and contract charges:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units**<br>**Outstanding<br>(000's)\*\*\*** |
|  1290 VT CONVERTIBLE SECURITIES+ | 0.00% | CLASS IB | $178.54 | 10 |
|  1290 VT CONVERTIBLE SECURITIES | 0.00% | CLASS IB | $242.41 | 9 |
|  1290 VT DOUBLELINE OPPORTUNISTIC BOND+ | 0.00% | CLASS IB | $109.60 | 26 |
|  1290 VT DOUBLELINE OPPORTUNISTIC BOND | 0.00% | CLASS IB | $115.58 | 15 |
|  1290 VT EQUITY INCOME | 0.00% | CLASS IB | $65.37 | 2 |
|  1290 VT EQUITY INCOME+ | 0.00% | CLASS IB | $183.86 | 6 |
|  1290 VT EQUITY INCOME | 0.00% | CLASS IB | $460.94 | 11 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS+ | 0.00% | CLASS IB | $149.01 | 8 |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | 0.00% | CLASS IB | $282.71 | 11 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 0.00% | CLASS IB | $187.81 | 1 |
|  1290 VT GAMCO SMALL COMPANY VALUE+ | 0.00% | CLASS IB | $207.21 | 101 |
|  1290 VT GAMCO SMALL COMPANY VALUE | 0.00% | CLASS IB | $855.75 | 84 |
|  1290 VT MULTI-ALTERNATIVE STRATEGIES+ | 0.00% | CLASS IB | $113.21 | 2 |
|  1290 VT NATURAL RESOURCES+ | 0.00% | CLASS IB | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183.89 | 17 |
|  1290 VT REAL ESTATE+ | 0.00% | CLASS IB | $98.60 | 19 |
|  1290 VT SMALL CAP VALUE+ | 0.00% | CLASS IB | $205.40 | 20 |
|  1290 VT SMALL CAP VALUE | 0.00% | CLASS IB | $256.24 | 12 |
|  1290 VT SMARTBETA EQUITY ESG+ | 0.00% | CLASS IB | $200.84 | 24 |
|  1290 VT SMARTBETA EQUITY ESG | 0.00% | CLASS IB | $271.14 | 17 |
|  1290 VT SOCIALLY RESPONSIBLE | 0.00% | CLASS IB | $53.33 |  |
|  1290 VT SOCIALLY RESPONSIBLE+ | 0.00% | CLASS IB | $252.36 | 13 |
|  1290 VT SOCIALLY RESPONSIBLE | 0.00% | CLASS IB | $592.29 | 3 |
|  AB VPS DISCOVERY VALUE PORTFOLIO+ | 0.00% | CLASS B | $128.07 | 3 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> ASSET ALLOCATION FUND+ | 0.00% | CLASS 4 | $140.07 | 50 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> GLOBAL SMALL CAPITALIZATION FUND+ | 0.00% | CLASS 4 | $149.71 | 45 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> GLOBAL SMALL CAPITALIZATION FUND | 0.00% | CLASS 4 | $224.83 | 31 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> NEW WORLD FUND<sup>®</sup>+ | 0.00% | CLASS 4 | $181.22 | 52 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> NEW WORLD FUND<sup>®</sup> | 0.00% | CLASS 4 | $224.26 | 33 |
|  BLACKROCK GLOBAL ALLOCATION V.I. FUND+ | 0.00% | CLASS III | $124.13 | 26 |
|  BNY MELLON STOCK INDEX FUND, INC. | 0.00% | INITIAL SHARES | $113.95 | 280 |
|  EQ/400 MANAGED VOLATILITY | 0.00% | CLASS IB | $382.67 | 5 |
|  EQ/500 MANAGED VOLATILITY | 0.00% | CLASS IB | $584.70 | 13 |
|  EQ/2000 MANAGED VOLATILITY | 0.00% | CLASS IB | $329.77 | 7 |
|  EQ/AB SMALL CAP GROWTH | 0.00% | CLASS IB | $63.54 |  |
|  EQ/AB SMALL CAP GROWTH+ | 0.00% | CLASS IB | $175.57 | 75 |
|  EQ/AB SMALL CAP GROWTH | 0.00% | CLASS IB | $859.66 | 26 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units**<br>**Outstanding<br>(000's)\*\*\*** |
|  EQ/AGGRESSIVE ALLOCATION+ | 0.00% | CLASS IB | $&nbsp;&nbsp;&nbsp;&nbsp;187.82 | 121 |
|  EQ/AGGRESSIVE ALLOCATION | 0.00% | CLASS IB | $&nbsp;&nbsp;&nbsp;&nbsp;492.31 | 90 |
|  EQ/ALL ASSET GROWTH ALLOCATION | 0.00% | CLASS IB | $&nbsp;&nbsp;&nbsp;&nbsp;37.70 |  |
|  EQ/ALL ASSET GROWTH ALLOCATION+ | 0.00% | CLASS IB | $172.65 | 49 |
|  EQ/ALL ASSET GROWTH ALLOCATION | 0.00% | CLASS IB | $290.34 | 66 |
|  EQ/AMERICAN CENTURY MID CAP VALUE+ | 0.00% | CLASS IB | $173.58 | 61 |
|  EQ/AMERICAN CENTURY MID CAP VALUE | 0.00% | CLASS IB | $429.48 | 59 |
|  EQ/BALANCED STRATEGY | 0.00% | CLASS IB | $252.39 | 188 |
|  EQ/CAPITAL GROUP RESEARCH | 0.00% | CLASS IB | $70.68 | 2 |
|  EQ/CAPITAL GROUP RESEARCH | 0.00% | CLASS IB | $1001.87 | 12 |
|  EQ/CLEARBRIDGE LARGE CAP GROWTH ESG+ | 0.00% | CLASS IB | $244.85 | 21 |
|  EQ/CLEARBRIDGE LARGE CAP GROWTH ESG | 0.00% | CLASS IB | $765.67 | 21 |
|  EQ/COMMON STOCK INDEX | 0.00% | CLASS IA | $93.07 | 13 |
|  EQ/COMMON STOCK INDEX+ | 0.00% | CLASS IB | $247.72 | 465 |
|  EQ/COMMON STOCK INDEX | 0.00% | CLASS IB | $594.63 | 210 |
|  EQ/CONSERVATIVE ALLOCATION+ | 0.00% | CLASS IB | $122.86 | 12 |
|  EQ/CONSERVATIVE ALLOCATION | 0.00% | CLASS IB | $203.11 | 16 |
|  EQ/CONSERVATIVE GROWTH STRATEGY | 0.00% | CLASS IB | $&nbsp;&nbsp;&nbsp;&nbsp;219.80 | 55 |
|  EQ/CONSERVATIVE STRATEGY | 0.00% | CLASS IB | $165.45 | 17 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION+ | 0.00% | CLASS IB | $139.34 | 23 |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | 0.00% | CLASS IB | $261.39 | 28 |
|  EQ/CORE BOND INDEX | 0.00% | CLASS IB | $18.35 | 100 |
|  EQ/CORE BOND INDEX+ | 0.00% | CLASS IB | $112.08 | 165 |
|  EQ/CORE BOND INDEX | 0.00% | CLASS IB | $164.13 | 75 |
|  EQ/CORE PLUS BOND+ | 0.00% | CLASS IB | $119.65 | 55 |
|  EQ/CORE PLUS BOND | 0.00% | CLASS IB | $171.06 | 104 |
|  EQ/EMERGING MARKETS EQUITY PLUS+ | 0.00% | CLASS IB | $161.78 | 23 |
|  EQ/EQUITY 500 INDEX+ | 0.00% | CLASS IB | $257.17 | 1000 |
|  EQ/EQUITY 500 INDEX | 0.00% | CLASS IB | $691.27 | 311 |
|  EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP | 0.00% | CLASS IB | $671.42 | 35 |
|  EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP | 0.00% | CLASS K | $107.24 | 32 |
|  EQ/FRANKLIN RISING DIVIDENDS+ | 0.00% | CLASS IB | $203.21 | 72 |
|  EQ/FRANKLIN RISING DIVIDENDS | 0.00% | CLASS IB | $551.74 | 38 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | 0.00% | CLASS IB | $661.06 | 19 |
|  EQ/GOLDMAN SACHS MID CAP VALUE+ | 0.00% | CLASS IB | $195.45 | 34 |
|  EQ/GOLDMAN SACHS MID CAP VALUE | 0.00% | CLASS IB | $410.52 | 13 |
|  EQ/GROWTH STRATEGY | 0.00% | CLASS IB | $332.10 | 283 |
|  EQ/INTERMEDIATE CORPORATE BOND+ | 0.00% | CLASS IB | $115.77 | 2 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 0.00% | CLASS IA | $20.29 | 418 |
|  EQ/INTERMEDIATE GOVERNMENT BOND+ | 0.00% | CLASS IB | $103.95 | 27 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 0.00% | CLASS IB | $138.18 | 10 |
|  EQ/INTERMEDIATE GOVERNMENT BOND | 0.00% | CLASS IB | $188.27 | 4 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY+ | 0.00% | CLASS IB | $174.25 | 10 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | 0.00% | CLASS IB | $292.93 | 22 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units**<br>**Outstanding<br>(000's)\*\*\*** |
|  EQ/INTERNATIONAL EQUITY INDEX | 0.00% | CLASS IA | $27.39 | 247 |
|  EQ/INTERNATIONAL EQUITY INDEX+ | 0.00% | CLASS IB | $187.09 | 165 |
|  EQ/INTERNATIONAL EQUITY INDEX | 0.00% | CLASS IB | $277.12 | 79 |
|  EQ/INTERNATIONAL MANAGED VOLATILITY | 0.00% | CLASS IB | $222.13 | 10 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 0.00% | CLASS IB | $31.99 | 3 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY+ | 0.00% | CLASS IB | $170.84 | 10 |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | 0.00% | CLASS IB | $302.67 | 19 |
|  EQ/INVESCO COMSTOCK+ | 0.00% | CLASS IB | $226.92 | 18 |
|  EQ/INVESCO COMSTOCK | 0.00% | CLASS IB | $537.35 | 15 |
|  EQ/INVESCO GLOBAL+ | 0.00% | CLASS IB | $205.08 | 21 |
|  EQ/INVESCO GLOBAL REAL ASSETS+ | 0.00% | CLASS IB | $133.17 | 23 |
|  EQ/INVESCO GLOBAL REAL ASSETS | 0.00% | CLASS IB | $249.68 | 45 |
|  EQ/JANUS ENTERPRISE | 0.00% | CLASS IB | $80.17 |  |
|  EQ/JANUS ENTERPRISE+ | 0.00% | CLASS IB | $187.26 | 28 |
|  EQ/JANUS ENTERPRISE | 0.00% | CLASS IB | $653.75 | 30 |
|  EQ/JPMORGAN GROWTH STOCK | 0.00% | CLASS IB | $95.90 |  |
|  EQ/JPMORGAN GROWTH STOCK+ | 0.00% | CLASS IB | $243.63 | 148 |
|  EQ/JPMORGAN GROWTH STOCK | 0.00% | CLASS IB | $824.08 | 64 |
|  EQ/JPMORGAN VALUE OPPORTUNITIES | 0.00% | CLASS IB | $43.05 |  |
|  EQ/JPMORGAN VALUE OPPORTUNITIES+ | 0.00% | CLASS IB | $232.71 | 123 |
|  EQ/JPMORGAN VALUE OPPORTUNITIES | 0.00% | CLASS IB | $845.82 | 37 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY+ | 0.00% | CLASS IB | $233.82 | 11 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | 0.00% | CLASS IB | $572.28 | 10 |
|  EQ/LARGE CAP GROWTH INDEX | 0.00% | CLASS IB | $22.57 | 5 |
|  EQ/LARGE CAP GROWTH INDEX+ | 0.00% | CLASS IB | $316.09 | 116 |
|  EQ/LARGE CAP GROWTH INDEX | 0.00% | CLASS IB | $804.95 | 41 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 0.00% | CLASS IB | $83.62 | 1 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY+ | 0.00% | CLASS IB | $262.64 | 16 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | 0.00% | CLASS IB | $1316.64 | 15 |
|  EQ/LARGE CAP VALUE INDEX+ | 0.00% | CLASS IB | $191.68 | 92 |
|  EQ/LARGE CAP VALUE INDEX | 0.00% | CLASS IB | $265.12 | 51 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 0.00% | CLASS IB | $55.85 | 1 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | 0.00% | CLASS IB | $451.26 | 27 |
|  EQ/LAZARD EMERGING MARKETS EQUITY | 0.00% | CLASS IB | $211.84 | 104 |
|  EQ/LONG-TERM BOND+ | 0.00% | CLASS IB | $110.16 | 4 |
|  EQ/LOOMIS SAYLES GROWTH | 0.00% | CLASS IB | $77.76 | 3 |
|  EQ/LOOMIS SAYLES GROWTH+ | 0.00% | CLASS IB | $267.66 | 36 |
|  EQ/LOOMIS SAYLES GROWTH | 0.00% | CLASS IB | $1051.40 | 23 |
|  EQ/MFS INTERNATIONAL GROWTH | 0.00% | CLASS IB | $44.23 | 152 |
|  EQ/MFS INTERNATIONAL GROWTH+ | 0.00% | CLASS IB | $182.62 | 98 |
|  EQ/MFS INTERNATIONAL GROWTH | 0.00% | CLASS IB | $461.56 | 65 |
|  EQ/MFS INTERNATIONAL INTRINSIC VALUE+ | 0.00% | CLASS IB | $188.18 | 98 |
|  EQ/MFS INTERNATIONAL INTRINSIC VALUE | 0.00% | CLASS IB | $420.22 | 103 |
|  EQ/MFS MID CAP FOCUSED GROWTH+ | 0.00% | CLASS IB | $188.68 | 60 |
|  EQ/MFS MID CAP FOCUSED GROWTH | 0.00% | CLASS IB | $526.49 | 39 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units**<br>**Outstanding<br>(000's)\*\*\*** |
|  EQ/MFS TECHNOLOGY+ | 0.00% | CLASS IB | $174.05 | 102 |
|  EQ/MFS TECHNOLOGY | 0.00% | CLASS IB | $236.03 | 126 |
|  EQ/MFS UTILITIES SERIES+ | 0.00% | CLASS IB | $138.37 | 11 |
|  EQ/MFS UTILITIES SERIES | 0.00% | CLASS K | $103.91 | 1 |
|  EQ/MID CAP INDEX+ | 0.00% | CLASS IB | $189.05 | 126 |
|  EQ/MID CAP INDEX | 0.00% | CLASS IB | $546.97 | 47 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 0.00% | CLASS IB | $46.66 | 9 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY+ | 0.00% | CLASS IB | $169.81 | 15 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | 0.00% | CLASS IB | $665.79 | 11 |
|  EQ/MODERATE ALLOCATION+ | 0.00% | CLASS IB | $147.79 | 214 |
|  EQ/MODERATE ALLOCATION | 0.00% | CLASS IB | $305.06 | 154 |
|  EQ/MODERATE GROWTH STRATEGY | 0.00% | CLASS IB | $290.04 | 552 |
|  EQ/MODERATE-PLUS ALLOCATION | 0.00% | CLASS IB | $26.08 | 2 |
|  EQ/MODERATE-PLUS ALLOCATION+ | 0.00% | CLASS IB | $168.03 | 360 |
|  EQ/MODERATE-PLUS ALLOCATION | 0.00% | CLASS IB | $397.15 | 304 |
|  EQ/MONEY MARKET | 0.00% | CLASS IA | $13.56 | 2 |
|  EQ/MONEY MARKET+ | 0.00% | CLASS IB | $118.19 | 130 |
|  EQ/MONEY MARKET | 0.00% | CLASS IB | $156.11 | 75 |
|  EQ/MORGAN STANLEY SMALL CAP GROWTH | 0.00% | CLASS IB | $16.85 | 3 |
|  EQ/MORGAN STANLEY SMALL CAP GROWTH | 0.00% | CLASS IB | $179.34 | 51 |
|  EQ/MORGAN STANLEY SMALL CAP GROWTH+ | 0.00% | CLASS IB | $210.07 | 46 |
|  EQ/PIMCO GLOBAL REAL RETURN+ | 0.00% | CLASS IB | $107.49 | 13 |
|  EQ/PIMCO REAL RETURN+ | 0.00% | CLASS IB | $122.75 | 48 |
|  EQ/PIMCO REAL RETURN | 0.00% | CLASS IB | $158.12 | 66 |
|  EQ/PIMCO TOTAL RETURN ESG+ | 0.00% | CLASS IB | $113.09 | 78 |
|  EQ/PIMCO TOTAL RETURN ESG | 0.00% | CLASS IB | $152.18 | 126 |
|  EQ/PIMCO ULTRA SHORT BOND | 0.00% | CLASS IB | $17.52 | 30 |
|  EQ/PIMCO ULTRA SHORT BOND+ | 0.00% | CLASS IB | $119.78 | 31 |
|  EQ/PIMCO ULTRA SHORT BOND | 0.00% | CLASS IB | $148.90 | 50 |
|  EQ/QUALITY BOND PLUS | 0.00% | CLASS IA | $12.89 | 1 |
|  EQ/QUALITY BOND PLUS | 0.00% | CLASS IB | $192.57 | 20 |
|  EQ/SMALL COMPANY INDEX | 0.00% | CLASS IB | $37.22 | 41 |
|  EQ/SMALL COMPANY INDEX+ | 0.00% | CLASS IB | $182.01 | 116 |
|  EQ/SMALL COMPANY INDEX | 0.00% | CLASS IB | $671.95 | 30 |
|  EQ/T. ROWE PRICE HEALTH SCIENCES+ | 0.00% | CLASS IB | $176.24 | 57 |
|  EQ/VALUE EQUITY+ | 0.00% | CLASS IB | $172.96 | 29 |
|  EQ/VALUE EQUITY | 0.00% | CLASS IB | $911.47 | 28 |
|  EQ/WELLINGTON ENERGY | 0.00% | CLASS IB | $104.72 | 51 |
|  EQUITABLE CONSERVATIVE GROWTH MF/ETF+ | 0.00% | CLASS IB | $156.30 | 9 |
|  EQUITABLE CONSERVATIVE GROWTH MF/ETF | 0.00% | CLASS IB | $200.86 | 51 |
|  EQUITABLE GROWTH MF/ETF+ | 0.00% | CLASS IB | $128.56 | 5 |
|  EQUITABLE MODERATE GROWTH MF/ETF+ | 0.00% | CLASS IB | $125.35 | 7 |
|  FIDELITY<sup>®</sup> VIP ASSET MANAGER 50% | 0.00% | INITIAL CLASS | $38.68 |  |
|  FIDELITY<sup>®</sup> VIP ASSET MANAGER 70%+ | 0.00% | SERVICE CLASS 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133.43 | 16 |
|  FIDELITY<sup>®</sup> VIP GROWTH & INCOME PORTFOLIO | 0.00% | INITIAL CLASS | $71.13 | 4 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units**<br>**Outstanding<br>(000's)\*\*\*** |
|  FIDELITY<sup>®</sup> VIP MID CAP PORTFOLIO+ | 0.00% | SERVICE CLASS 2 | $205.98 | 38 |
|  FIDELITY<sup>®</sup> VIP MID CAP PORTFOLIO | 0.00% | SERVICE CLASS 2 | $437.58 | 30 |
|  FIDELITY<sup>®</sup> VIP VALUE PORTFOLIO+ | 0.00% | SERVICE CLASS 2 | $146.91 | 21 |
|  FRANKLIN INCOME VIP FUND | 0.00% | CLASS 2 | $27.77 | 12 |
|  FRANKLIN SMALL CAP VALUE VIP FUND+ | 0.00% | CLASS 2 | $188.16 | 30 |
|  FRANKLIN SMALL CAP VALUE VIP FUND | 0.00% | CLASS 2 | $393.76 | 14 |
|  INVESCO V.I. DIVERSIFIED DIVIDEND FUND | 0.00% | SERIES I | $28.10 |  |
|  INVESCO V.I. DIVERSIFIED DIVIDEND FUND+ | 0.00% | SERIES II | $143.61 | 8 |
|  INVESCO V.I. GLOBAL CORE EQUITY FUND | 0.00% | SERIES I | $35.30 |  |
|  INVESCO V.I. HEALTH CARE FUND | 0.00% | SERIES I | $58.94 | 1 |
|  INVESCO V.I. TECHNOLOGY FUND | 0.00% | SERIES I | $100.15 | 1 |
|  JANUS HENDERSON BALANCED PORTFOLIO+ | 0.00% | SERVICE SHARES | $141.64 | 60 |
|  JANUS HENDERSON ENTERPRISE PORTFOLIO | 0.00% | INSTITUTIONAL SHARES | $52.16 | 73 |
|  JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO | 0.00% | INSTITUTIONAL SHARES | $41.60 |  |
|  JANUS HENDERSON MID CAP VALUE PORTFOLIO | 0.00% | SERVICE SHARES | $55.98 | 55 |
|  JANUS HENDERSON OVERSEAS PORTFOLIO | 0.00% | INSTITUTIONAL SHARES | $43.31 | 4 |
|  LORD ABBETT SERIES FUND — BOND DEBENTURE PORTFOLIO+ | 0.00% | VC SHARES | $125.12 | 60 |
|  MFS<sup>®</sup> MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO | 0.00% | SERVICE CLASS | $660.31 | 7 |
|  MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO | 0.00% | CLASS I | $42.64 | 2 |
|  MULTIMANAGER AGGRESSIVE EQUITY+ | 0.00% | CLASS IB | $272.53 | 23 |
|  MULTIMANAGER AGGRESSIVE EQUITY | 0.00% | CLASS IB | $632.59 | 23 |
|  MULTIMANAGER CORE BOND | 0.00% | CLASS IB | $16.39 | 717 |
|  MULTIMANAGER CORE BOND | 0.00% | CLASS IB | $207.02 | 29 |
|  MULTIMANAGER TECHNOLOGY+ | 0.00% | CLASS IB | $312.45 | 101 |
|  MULTIMANAGER TECHNOLOGY | 0.00% | CLASS IB | $2235.00 | 20 |
|  NOMURA VIP HIGH INCOME SERIES+ | 0.00% | SERVICE CLASS | $132.66 | 87 |
|  NOMURA VIP HIGH INCOME SERIES | 0.00% | SERVICE CLASS | $169.43 | 107 |
|  PIMCO COMMODITYREALRETURN<sup>®</sup> STRATEGY PORTFOLIO | 0.00% | ADVISOR CLASS | $115.83 | 38 |
|  PIMCO COMMODITYREALRETURN<sup>®</sup> STRATEGY PORTFOLIO+ | 0.00% | ADVISOR CLASS | $179.07 | 14 |
| T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO+ | 0.00% | CLASS II | $247.12 | 17 |
| T. ROWE PRICE EQUITY INCOME PORTFOLIO+ | 0.00% | CLASS II | $191.48 | 18 |
| T. ROWE PRICE EQUITY INCOME PORTFOLIO | 0.00% | CLASS II | $405.19 | 11 |
| T. ROWE PRICE MID-CAP GROWTH PORTFOLIO+ | 0.00% | CLASS II | $143.18 | 6 |
|  TARGET 2025 ALLOCATION | 0.00% | CLASS IB | $192.52 | 5 |
|  TARGET 2035 ALLOCATION | 0.00% | CLASS IB | $221.23 | 15 |
|  TARGET 2045 ALLOCATION | 0.00% | CLASS IB | $239.06 | 16 |
|  TARGET 2055 ALLOCATION | 0.00% | CLASS IB | $261.75 | 26 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF ASSETS AND LIABILITIES (Concluded)** 

**DECEMBER 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract<br>Charges\*** | **Share Class\*\*** | **Unit Value** | **Units**<br>**Outstanding<br>(000's)\*\*\*** |
|  TEMPLETON DEVELOPING MARKETS VIP FUND+ | 0.00% | CLASS 2 | $179.97 | 20 |
|  TEMPLETON DEVELOPING MARKETS VIP FUND | 0.00% | CLASS 2 | $212.30 | 28 |
|  TEMPLETON GLOBAL BOND VIP FUND+ | 0.00% | CLASS 2 | $92.58 | 42 |
|  TEMPLETON GLOBAL BOND VIP FUND | 0.00% | CLASS 2 | $117.00 | 107 |
|  VANECK VIP EMERGING MARKETS BOND FUND | 0.00% | INITIAL CLASS | $31.49 | 1 |
|  VANECK VIP EMERGING MARKETS FUND | 0.00% | INITIAL CLASS | $38.01 |  |
|  VANECK VIP GLOBAL RESOURCES FUND | 0.00% | CLASS S | $129.05 | 34 |
|  VANECK VIP GLOBAL RESOURCES FUND+ | 0.00% | CLASS S | $135.37 | 5 |
|  VANECK VIP GLOBAL RESOURCES FUND | 0.00% | INITIAL CLASS | $60.02 | 11 |

---

The accompanying notes are an integral part of these financial statements.

\* Contract charges reflect the annual mortality and expense risk related to the Variable Investment Options.

\*\* Share class reflects the share class of the Portfolio in which the units of the Variable Investment Option are invested, as further described in Note 6 of these financial statements.

\*\*\* Variable Investment Options where Units Outstanding are less than 500 are denoted by a —.

+ This Variable Investment Option is subject to an Investment Expense Reduction (See Note 7).

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT<br>CONVERTIBLE<br>SECURITIES\*** | **1290 VT DOUBLELINE<br>OPPORTUNISTIC<br>BOND\*** | **1290 VT EQUITY<br>INCOME\*** | **1290 VT GAMCO<br>MERGERS &<br>ACQUISITIONS\*** | **1290 VT GAMCO<br>SMALL COMPANY<br>VALUE\*** | **1290 VT MULTI-<br>ALTERNATIVE<br>STRATEGIES\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $55651 | $203432 | $129401 | $122933 | $561600 | $4315 |
|  **Net Investment Income (Loss)** | 55651 | 203432 | 129401 | 122933 | 561600 | 4315 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (143322) | (26906) | 257422 | 24122 | 1418702 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios |  |  | 511537 | 132012 | 5556876 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (143322) | (26906) | 768959 | 156134 | 6975578 | 786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 613829 | 120439 | (56924) | 327384 | 2900603 | 21347 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 470507 | 93533 | 712035 | 483518 | 9876181 | 22133 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $526158 | $296965 | $841436 | $606451 | $10437781 | $26448 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT NATURAL<br>RESOURCES\*** | **1290 VT REAL ESTATE\*** | **1290 VT SMALL CAP<br>VALUE\*** | **1290 VT SMARTBETA<br>EQUITY ESG\*** | **1290 VT SOCIALLY<br>RESPONSIBLE\*** | **AB VPS DISCOVERY<br>VALUE PORTFOLIO\*\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $79947 | $50818 | $85327 | $67709 | $17398 | $1782 |
|  **Net Investment Income (Loss)** | 79947 | 50818 | 85327 | 67709 | 17398 | 1782 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (13319) | 4296 | 21683 | 110272 | 86672 | (1176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios |  |  | 726453 | 720818 | 360461 | 33619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13319) | 4296 | 748136 | 831090 | 447133 | 32443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 613967 | 91289 | (435072) | 135251 | 267955 | (20973) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 600648 | 95585 | 313064 | 966341 | 715088 | 11470 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $680595 | $146403 | $398391 | $1034050 | $732486 | $13252 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of AB Variable Product Series Fund, Inc., an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN FUNDS<br>INSURANCE SERIES<sup>®</sup><br>ASSET ALLOCATION<br>FUND** | **AMERICAN FUNDS<br>INSURANCE SERIES<sup>®</sup><br>GLOBAL SMALL<br>CAPITALIZATION FUND** | **AMERICAN FUNDS<br>INSURANCE SERIES<sup>®</sup><br>NEW WORLD FUND<sup>®</sup>** | **BLACKROCK GLOBAL<br>ALLOCATION V.I. FUND** | **BNY MELLON<br>STOCK INDEX<br>FUND, INC.** | **EQ/400 MANAGED<br>VOLATILITY\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $111639 | $25404 | $139762 | $124618 | $303784 | $17492 |
|  **Net Investment Income (Loss)** | 111639 | 25404 | 139762 | 124618 | 303784 | 17492 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 85745 | (357814) | 119742 | 10805 | 2073123 | 23079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 352568 | 255713 | 563618 | 299072 | 1588351 | 152319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 438313 | (102101) | 683360 | 309877 | 3661474 | 175398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of<br>investments | 235741 | 1696507 | 2654835 | (11599) | 837252 | (128747) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 674054 | 1594406 | 3338195 | 298278 | 4498726 | 46651 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $785693 | $1619810 | $3477957 | $422896 | $4802510 | $64143 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/500 MANAGED<br>VOLATILITY\*** | **EQ/2000 MANAGED<br>VOLATILITY\*** | **EQ/AB SMALL CAP<br>GROWTH\*** | **EQ/AGGRESSIVE<br>ALLOCATION\*** | **EQ/ALL ASSET<br>GROWTH<br>ALLOCATION\*** | **EQ/AMERICAN<br>CENTURY MID<br>CAP VALUE\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $54901 | $21548 | $50871 | $916839 | $579269 | $525430 |
|  **Net Investment Income (Loss)** | 54901 | 21548 | 50871 | 916839 | 579269 | 525430 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 546335 | (29348) | (461168) | (523190) | 101956 | 75815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 987174 | 78365 | 3377239 | 5871553 | 1372781 | 2478364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1533509 | 49017 | 2916071 | 5348363 | 1474737 | 2554179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (616380) | 144648 | 117788 | 1378007 | 1928248 | (286398) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 917129 | 193665 | 3033859 | 6726370 | 3402985 | 2267781 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $972030 | $215213 | $3084730 | $7643209 | $3982254 | $2793211 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/BALANCED<br>STRATEGY\*** | **EQ/CAPITAL GROUP<br>RESEARCH\*** | **EQ/CLEARBRIDGE<br>LARGE CAP GROWTH<br>ESG\*** | **EQ/COMMON STOCK<br>INDEX\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*** | **EQ/CONSERVATIVE<br>GROWTH STRATEGY\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $1061388 | $52610 | $— | $1404526 | $140519 | $295865 |
|  **Net Investment Income (Loss)** | 1061388 | 52610 |  | 1404526 | 140519 | 295865 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 432393 | 386239 | 467909 | 2809656 | (47270) | 56596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 2908758 | 990026 | 2256882 | 16588884 | 104713 | 631072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3341151 | 1376265 | 2724791 | 19398540 | 57443 | 687668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (1256) | 712711 | (1222315) | 12304335 | 122683 | 75222 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 3339895 | 2088976 | 1502476 | 31702875 | 180126 | 762890 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $4401283 | $2141586 | $1502476 | $33107401 | $320645 | $1058755 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/CONSERVATIVE<br>STRATEGY\*** | **EQ/CONSERVATIVE-<br>PLUS ALLOCATION\*** | **EQ/CORE BOND<br>INDEX\*** | **EQ/CORE PLUS<br>BOND\*** | **EQ/EMERGING<br>MARKETS EQUITY<br>PLUS\*** | **EQ/EQUITY 500<br>INDEX\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $79561 | $260071 | $954684 | $1233411 | $71563 | $3192977 |
|  **Net Investment Income (Loss)** | 79561 | 260071 | 954684 | 1233411 | 71563 | 3192977 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (16964) | (81031) | (84963) | (128624) | (18737) | 8609509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 74585 | 513568 |  |  |  | 11780996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 57621 | 432537 | (84963) | (128624) | (18737) | 20390505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 70571 | 183440 | 930673 | 778588 | 799705 | 41668266 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 128192 | 615977 | 845710 | 649964 | 780968 | 62058771 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $207753 | $876048 | $1800394 | $1883375 | $852531 | $65251748 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/FIDELITY<br>INSTITUTIONAL<br>AM<sup>®</sup> LARGE CAP\*** | **EQ/FRANKLIN<br>RISING<br>DIVIDENDS\*** | **EQ/GLOBAL<br>EQUITY<br>MANAGED<br>VOLATILITY\*** | **EQ/GOLDMAN<br>SACHS MID<br>CAP VALUE\*** | **EQ/GROWTH<br>STRATEGY\*** | **EQ/INTERMEDIATE<br>CORPORATE<br>BOND\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $89932 | $259192 | $99207 | $117490 | $1677346 | $12619 |
|  **Net Investment Income (Loss)** | 89932 | 259192 | 99207 | 117490 | 1677346 | 12619 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 1436193 | 705261 | 324162 | 68543 | 888600 | (748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 1627731 | 1331070 | 1249648 | 911097 | 7676597 | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3063924 | 2036331 | 1573810 | 979640 | 8565197 | 3756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of<br>investments | 1088546 | 1315293 | 447880 | (99863) | (474933) | (5707) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 4152470 | 3351624 | 2021690 | 879777 | 8090264 | (1951) |
|  **Net Increase (Decrease) in Net Assets Resulting from<br>Operations** | $4242402 | $3610816 | $2120897 | $997267 | $9767610 | $10668 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INTERMEDIATE<br>GOVERNMENT<br>BOND\*** | **EQ/INTERNATIONAL<br>CORE MANAGED<br>VOLATILITY\*** | **EQ/INTERNATIONAL<br>EQUITY INDEX\*** | **EQ/INTERNATIONAL<br>MANAGED<br>VOLATILITY\*** | **EQ/INTERNATIONAL<br>VALUE MANAGED<br>VOLATILITY\*** | **EQ/INVESCO<br>COMSTOCK\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $404505 | $105793 | $1991624 | $43953 | $160565 | $145800 |
|  **Net Investment Income (Loss)** | 404505 | 105793 | 1991624 | 43953 | 160565 | 145800 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 9292 | 201095 | 1441903 | 117157 | 220032 | 140145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios |  | 587091 |  | 75889 | 398950 | 938667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9292 | 788186 | 1441903 | 193046 | 618982 | 1078812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 251493 | 815184 | 10246891 | 265189 | 910065 | 416477 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 260785 | 1603370 | 11688794 | 458235 | 1529047 | 1495289 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $665290 | $1709163 | $13680418 | $502188 | $1689612 | $1641089 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INVESCO<br>GLOBAL\*** | **EQ/INVESCO<br>GLOBAL REAL<br>ASSETS\*** | **EQ/JANUS<br>ENTERPRISE\*** | **EQ/JPMORGAN<br>GROWTH<br>STOCK\*** | **EQ/JPMORGAN<br>VALUE<br>OPPORTUNITIES\*** | **EQ/LARGE<br>CAP CORE<br>MANAGED<br>VOLATILITY\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $— | $350464 | $— | $— | $593985 | $&nbsp;&nbsp;&nbsp;&nbsp;63310 |
|  **Net Investment Income (Loss)** |  | 350464 |  |  | 593985 | 63310 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 53413 | 30497 | 122808 | 1684129 | 149117 | 74458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 542248 | 537499 | 2138046 | 13248542 | 4753614 | 1104017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 595661 | 567996 | 2260854 | 14932671 | 4902731 | 1178475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (34164) | 1006954 | (470507) | (3516330) | 2210146 | (405930) |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 561497 | 1574950 | 1790347 | 11416341 | 7112877 | 772545 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $561497 | $1925414 | $1790347 | $11416341 | $7706862 | $835855 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LARGE CAP<br>GROWTH<br>INDEX\*** | **EQ/LARGE CAP<br>GROWTH<br>MANAGED<br>VOLATILITY\*** | **EQ/LARGE CAP<br>VALUE INDEX\*** | **EQ/LARGE<br>CAP VALUE<br>MANAGED<br>VOLATILITY\*** | **EQ/LAZARD<br>EMERGING<br>MARKETS<br>EQUITY\*** | **EQ/LONG-TERM<br>BOND\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $— | $22927 | $359300 | $161387 | $770229 | $20081 |
|  **Net Investment Income (Loss)** |  | 22927 | 359300 | 161387 | 770229 | 20081 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 1508635 | 338842 | 268908 | 303861 | 243892 | (3565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 5534330 | 3379606 | 1704572 | 988570 | 807607 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7042965 | 3718448 | 1973480 | 1292431 | 1051499 | (3565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 3129923 | (1259193) | 1487926 | (259374) | 4825746 | 3888 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 10172888 | 2459255 | 3461406 | 1033057 | 5877245 | 323 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $10172888 | $2482182 | $3820706 | $1194444 | $6647474 | $20404 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LOOMIS<br>SAYLES<br>GROWTH\*** | **EQ/MFS<br>INTERNATIONAL<br>GROWTH\*** | **EQ/MFS<br>INTERNATIONAL<br>INTRINSIC<br>VALUE\*** | **EQ/MFS<br>MID CAP<br>FOCUSED<br>GROWTH\*** | **EQ/MFS<br>TECHNOLOGY\*** | **EQ/MFS<br>UTILITIES<br>SERIES\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $— | $493849 | $740060 | $— | $— | $38416 |
|  **Net Investment Income (Loss)** |  | 493849 | 740060 |  |  | 38416 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 651117 | 136980 | 1014646 | 583739 | 1410432 | 1946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 2567538 | 4411326 | 3034637 | 3961314 | 4182521 | 18042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3218655 | 4548306 | 4049283 | 4545053 | 5592953 | 19988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 693968 | 4018940 | 10398566 | (3001222) | 984059 | 113883 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 3912623 | 8567246 | 14447849 | 1543831 | 6577012 | 133871 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $3912623 | $9061095 | $15187909 | $1543831 | $6577012 | $172287 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MID CAP<br>INDEX\*** | **EQ/MID<br>CAP VALUE<br>MANAGED<br>VOLATILITY\*** | **EQ/MODERATE<br>ALLOCATION\*** | **EQ/MODERATE<br>GROWTH<br>STRATEGY\*** | **EQ/MODERATE-PLUS<br>ALLOCATION\*** | **EQ/MONEY<br>MARKET\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $400841 | $118522 | $1833559 | $3210149 | $3382731 | $1059221 |
|  **Net Investment Income (Loss)** | 400841 | 118522 | 1833559 | 3210149 | 3382731 | 1059221 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 195734 | 142721 | (626802) | 1092284 | (534065) | (5099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 2819906 | 703768 | 4418177 | 12260737 | 13533357 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3015640 | 846489 | 3791375 | 13353021 | 12999292 | (4928) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (418927) | (486619) | 1764086 | (862058) | 2169619 | 2072 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 2596713 | 359870 | 5555461 | 12490963 | 15168911 | (2856) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2997554 | $478392 | $7389020 | $15701112 | $18551642 | $1056365 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MORGAN<br>STANLEY<br>SMALL CAP<br>GROWTH\*** | **EQ/PIMCO<br>GLOBAL REAL<br>RETURN\*** | **EQ/PIMCO REAL<br>RETURN\*** | **EQ/PIMCO TOTAL<br>RETURN ESG\*** | **EQ/PIMCO ULTRA<br>SHORT BOND\*** | **EQ/QUALITY<br>BOND PLUS\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $51493 | $18453 | $492062 | $1168231 | $471109 | $134057 |
|  **Net Investment Income (Loss)** | 51493 | 18453 | 492062 | 1168231 | 471109 | 134057 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (780236) | (28651) | (157165) | (395337) | 281777 | (51161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (780236) | (28651) | (157165) | (395337) | 281777 | (51161) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 2017868 | 76570 | 751510 | 1428685 | (51621) | 148265 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 1237632 | 47919 | 594345 | 1033348 | 230156 | 97104 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1289125 | $66372 | $1086407 | $2201579 | $701265 | $231161 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/SMALL COMPANY<br>INDEX\*** | **EQ/T. ROWE PRICE<br>HEALTH SCIENCES\*** | **EQ/VALUE<br>EQUITY\*** | **EQ/WELLINGTON<br>ENERGY\*** | **EQUITABLE<br>CONSERVATIVE<br>GROWTH MF/ETF\*** | **EQUITABLE<br>GROWTH**<br>**MF/ETF\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $343818 | $— | $437666 | $134292 | $411687 | $8603 |
|  **Net Investment Income (Loss)** | 343818 |  | 437666 | 134292 | 411687 | 8603 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (157723) | (58474) | 186452 | 268037 | 161671 | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 1392822 | 160363 | 741142 |  | 493580 | 17203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1235099 | 101889 | 927594 | 268037 | 655251 | 20428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 3269472 | 1510367 | 1715260 | 196713 | 240874 | 33708 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 4504571 | 1612256 | 2642854 | 464750 | 896125 | 54136 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $4848389 | $1612256 | $3080520 | $599042 | $1307812 | $62739 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQUITABLE<br>MODERATE<br>GROWTH**<br>**MF/ETF\*** | **FIDELITY<sup>®</sup> VIP<br>ASSET<br>MANAGER 50%** | **FIDELITY<sup>®</sup> VIP<br>ASSET<br>MANAGER 70%** | **FIDELITY<sup>®</sup> VIP<br>GROWTH &<br>INCOME<br>PORTFOLIO** | **FIDELITY<sup>®</sup> VIP<br>MID CAP<br>PORTFOLIO** | **FIDELITY<sup>®</sup> VIP<br>VALUE<br>PORTFOLIO** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $25777 | $127 | $35306 | $4626 | $48638 | $35780 |
|  **Net Investment Income (Loss)** | 25777 | 127 | 35306 | 4626 | 48638 | 35780 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 19661 | 18 | 11133 | 3792189 | (16674) | 24201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 24651 | 213 | 46997 | 143232 | 2228008 | 192900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 44312 | 231 | 58130 | 3935421 | 2211334 | 217101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 9382 | 326 | 168770 | (1558418) | (86559) | 18187 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 53694 | 557 | 226900 | 2377003 | 2124775 | 235288 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $79471 | $684 | $262206 | $2381629 | $2173413 | $271068 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FRANKLIN INCOME<br>VIP FUND** | **FRANKLIN SMALL CAP<br>VALUE VIP FUND** | **INVESCO V.I.<br>DIVERSIFIED<br>DIVIDEND FUND** | **INVESCO V.I.<br>GLOBAL CORE<br>EQUITY FUND** | **INVESCO V.I.<br>HEALTH<br>CARE FUND** | **INVESCO V.I.<br>TECHNOLOGY FUND** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $15204 | $103155 | $14568 | $8 | $— | $— |
|  **Net Investment Income (Loss)** | 15204 | 103155 | 14568 | 8 |  |  |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (4124) | (22324) | 880 | 15 | 170 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 3196 | 804515 | 81810 | 39 | 2360 | 10625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (928) | 782191 | 82690 | 54 | 2530 | 10806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 23055 | (58066) | 32480 | 19 | 5660 | 6502 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 22127 | 724125 | 115170 | 73 | 8190 | 17308 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $37331 | $827280 | $129738 | $81 | $8190 | $17308 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **JANUS<br>HENDERSON<br>BALANCED<br>PORTFOLIO** | **JANUS<br>HENDERSON<br>ENTERPRISE<br>PORTFOLIO** | **JANUS<br>HENDERSON<br>GLOBAL<br>RESEARCH<br>PORTFOLIO** | **JANUS<br>HENDERSON MID<br>CAP VALUE<br>PORTFOLIO** | **JANUS<br>HENDERSON<br>OVERSEAS<br>PORTFOLIO** | **LORD<br>ABBETT SERIES<br>FUND-BOND<br>DEBENTURE<br>PORTFOLIO** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $126087 | $7167 | $233 | $19408 | $2446 | $430775 |
|  **Net Investment Income (Loss)** | 126087 | 7167 | 233 | 19408 | 2446 | 430775 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 93669 | 140887 | 101 | (10998) | 1046 | (79530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 209137 | 265459 | 3466 | 281235 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 302806 | 406346 | 3567 | 270237 | 1046 | (79530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 557952 | (162127) | 3818 | (128462) | 38785 | 181836 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 860758 | 244219 | 7385 | 141775 | 39831 | 102306 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $986845 | $251386 | $7618 | $161183 | $42277 | $533081 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS<sup>®</sup><br>MASSACHUSETTS<br>INVESTORS<br>GROWTH STOCK<br>PORTFOLIO** | **MORGAN STANLEY<br>VARIABLE<br>INSURANCE FUND<br>INC. EMERGING<br>MARKETS DEBT<br>PORTFOLIO** | **MULTIMANAGER<br>AGGRESSIVE<br>EQUITY\*** | **MULTIMANAGER<br>CORE BOND\*** | **MULTIMANAGER<br>TECHNOLOGY\*** | **NOMURA<br>VIP HIGH<br>INCOME SERIES** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $738 | $12412 | $45631 | $567240 | $— | $1771190 |
|  **Net Investment Income (Loss)** | 738 | 12412 | 45631 | 567240 |  | 1771190 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (82579) | (528) | 313714 | (332796) | 932339 | (414137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 639702 |  | 3371322 |  | 8181655 | 11679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 557123 | (528) | 3685036 | (332796) | 9113994 | (402458) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (156366) | 523 | (794748) | 862643 | 6261492 | 570350 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 400757 | (5) | 2890288 | 529847 | 15375486 | 167892 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $401495 | $12407 | $2935919 | $1097087 | $15375486 | $1939082 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br>**COMMODITYREAL<br>RETURN<sup>®</sup> STRATEGY<br>PORTFOLIO** | **T. ROWE PRICE BLUE<br>CHIP GROWTH<br>PORTFOLIO** | **T. ROWE PRICE<br>EQUITY INCOME<br>PORTFOLIO** | **T. ROWE PRICE<br>MID-CAP GROWTH<br>PORTFOLIO** | **TARGET 2025<br>ALLOCATION\*** | **TARGET 2035<br>ALLOCATION\*** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $170124 | $— | $106083 | $— | $24251 | $68364 |
|  **Net Investment Income (Loss)** | 170124 |  | 106083 |  | 24251 | 68364 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (148489) | 155939 | 36578 | (185) | (13195) | 34374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios |  | 372337 | 755014 | 109361 | 62112 | 90621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (148489) | 528276 | 791592 | 109176 | 48917 | 124995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1037495 | 107134 | 45134 | (84460) | 32791 | 260745 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 889006 | 635410 | 836726 | 24716 | 81708 | 385740 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1059130 | $635410 | $942809 | $24716 | $105959 | $454104 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Continued)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TARGET 2045<br>ALLOCATION\*** | **TARGET 2055<br>ALLOCATION\*** | **TEMPLETON<br>DEVELOPING<br>MARKETS VIP FUND** | **TEMPLETON GLOBAL<br>BOND VIP FUND** | **VANECK VIP<br>EMERGING MARKETS<br>BOND FUND** | **VANECK VIP<br>EMERGING MARKETS<br>FUND** |
|  **Income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $65929 | $99203 | $38518 | $— | $1947 | $23 |
|  **Net Investment Income (Loss)** | 65929 | 99203 | 38518 |  | 1947 | 23 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 51769 | 135160 | 51865 | (321595) | (6) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain distribution from the Portfolios | 92849 | 163053 | 120210 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 144618 | 298213 | 172075 | (321595) | (6) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 287298 | 599000 | 2565373 | 2454799 | 4274 | 794 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 431916 | 897213 | 2737448 | 2133204 | 4268 | 800 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $497845 | $996416 | $2775966 | $2133204 | $6215 | $823 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF OPERATIONS (Concluded)** 

**FOR THE YEAR ENDED DECEMBER 31, 2025** 

---

| | |
|:---|:---|
|  | **VANECK VIP GLOBAL<br>RESOURCES FUND** |
|  **Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from the Portfolios | $116547 |
|  **Net Investment Income (Loss)** | 116547 |
|  **Net Realized and Unrealized Gain (Loss) on Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 91353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 91353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1318789 |
|  **Net Realized and Unrealized Gain (Loss) on Investments** | 1410142 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1526689 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT CONVERTIBLE<br>SECURITIES\*** | **1290 VT CONVERTIBLE<br>SECURITIES\*** | **1290 VT DOUBLELINE**<br>**OPPORTUNISTIC BOND\*** | **1290 VT DOUBLELINE**<br>**OPPORTUNISTIC BOND\*** | **1290 VT EQUITY<br>INCOME\*** | **1290 VT EQUITY<br>INCOME\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $55651 | $54684 | $203432 | $174141 | $129401 | $136104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (143322) | (120104) | (26906) | (84710) | 768959 | 473124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 613829 | 336446 | 120439 | 14242 | (56924) | (9478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 526158 | 271026 | 296965 | 103673 | 841436 | 599750 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 524311 | 575587 | 720187 | 862129 | 721324 | 586421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 27445 | (4014) | 77916 | (61302) | 4231 | (130626) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (30191) | (31910) | (42103) | (8399) | (1649488) | (129323) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (308711) | (251905) | (260561) | (230811) | (391631) | (383405) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 212854 | 287758 | 495439 | 561617 | (1315564) | (56933) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 2399 | 1745 | 3993 | (2836) | 1542 |  |
|  **Net Increase (Decrease) in Net Assets** | 741411 | 560529 | 796397 | 662454 | (472586) | 542817 |
|  **Net Assets — Beginning of Year** | 3210274 | 2649745 | 3828967 | 3166513 | 6693261 | 6150444 |
|  **Net Assets — End of Year** | $3951685 | $3210274 | $4625364 | $3828967 | $6220675 | $6693261 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT GAMCO<br>MERGERS &<br>ACQUISITIONS\*** | **1290 VT GAMCO<br>MERGERS &<br>ACQUISITIONS\*** | **1290 VT GAMCO SMALL<br>COMPANY VALUE\*** | **1290 VT GAMCO SMALL<br>COMPANY VALUE\*** | **1290 VT MULTI-<br>ALTERNATIVE<br>STRATEGIES\*** | **1290 VT MULTI-<br>ALTERNATIVE<br>STRATEGIES\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $122933 | $69582 | $561600 | $468398 | $4315 | $3893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 156134 | 170752 | 6975578 | 6961862 | 786 | (613) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 327384 | 80539 | 2900603 | 788327 | 21347 | 8539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 606451 | 320873 | 10437781 | 8218587 | 26448 | 11819 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 530359 | 484981 | 9455327 | 8831821 | 46532 | 40495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (205506) | (93537) | 456402 | (1838121) | 8548 | 15465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (113214) | (71719) | (3376988) | (1583310) | (689) | (706) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (249781) | (249782) | (3838813) | (3655171) | (14621) | (10809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (38142) | 69943 | 2695928 | 1755219 | 39770 | 44445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 1498 | 936 | 4226 |  | 331 | 226 |
|  **Net Increase (Decrease) in Net Assets** | 569807 | 391752 | 13137935 | 9973806 | 66549 | 56490 |
|  **Net Assets — Beginning of Year** | 3865261 | 3473509 | 80120217 | 70146411 | 174545 | 118055 |
|  **Net Assets — End of Year** | $4435068 | $3865261 | $93258152 | $80120217 | $241094 | $174545 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT NATURAL<br>RESOURCES\*** | **1290 VT NATURAL<br>RESOURCES\*** | **1290 VT REAL<br>ESTATE\*** | **1290 VT REAL<br>ESTATE\*** | **1290 VT SMALL<br>CAP VALUE\*** | **1290 VT SMALL<br>CAP VALUE\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $79947 | $73312 | $50818 | $37760 | $85327 | $78489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (13319) | 20844 | 4296 | (7511) | 748136 | 395189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 613967 | (233291) | 91289 | (22556) | (435072) | 482069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 680595 | (139135) | 146403 | 7693 | 398391 | 955747 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 496982 | 641033 | 488447 | 433989 | 1192436 | 1190532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (74024) | (74863) | 112137 | 62863 | 189874 | (103180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (79196) | (30457) | (28092) | (3631) | (72483) | (73533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (279357) | (262419) | (132024) | (89413) | (400747) | (333953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 64405 | 273294 | 440468 | 403808 | 909080 | 679866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 4108 | 3733 | 2515 | 1589 | 5126 | 5058 |
|  **Net Increase (Decrease) in Net Assets** | 749108 | 137892 | 589386 | 413090 | 1312597 | 1640671 |
|  **Net Assets — Beginning of Year** | 2393964 | 2256072 | 1240223 | 827133 | 5804325 | 4163654 |
|  **Net Assets — End of Year** | $3143072 | $2393964 | $1829609 | $1240223 | $7116922 | $5804325 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1290 VT SMARTBETA<br>EQUITY ESG\*** | **1290 VT SMARTBETA<br>EQUITY ESG\*** | **1290 VT SOCIALLY<br>RESPONSIBLE\*** | **1290 VT SOCIALLY<br>RESPONSIBLE\*** | **AB VPS DISCOVERY<br>VALUE PORTFOLIO\*\*** | **AB VPS DISCOVERY<br>VALUE PORTFOLIO\*\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $67709 | $63177 | $17398 | $17907 | $1782 | $1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 831090 | 496874 | 447133 | 309657 | 32443 | 10607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 135251 | 381200 | 267955 | 369376 | (20973) | 5157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1034050 | 941251 | 732486 | 696940 | 13252 | 16813 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1559100 | 1269048 | 755530 | 935221 | 112298 | 124421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 310001 | (186611) | (224805) | (259909) | (20038) | (14641) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (78293) | (82050) | (71916) | (47555) | (2198) | (1267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (417814) | (366607) | (271380) | (263328) | (20531) | (19672) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 1372994 | 633780 | 187429 | 364429 | 69531 | 88841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 11752 | 8132 | 4043 | 2459 | 770 | 482 |
|  **Net Increase (Decrease) in Net Assets** | 2418796 | 1583163 | 923958 | 1063828 | 83553 | 106136 |
|  **Net Assets — Beginning of Year** | 7094908 | 5511745 | 4114520 | 3050692 | 238198 | 132062 |
|  **Net Assets — End of Year** | $9513704 | $7094908 | $5038478 | $4114520 | $321751 | $238198 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

\*\* Denotes Variable Investment Options that invest in shares of a Portfolio of AB Variable Product Series Fund, Inc., an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMERICAN FUNDS<br>INSURANCE SERIES<sup>®</sup>**<br>**ASSET ALLOCATION**<br>**FUND** | **AMERICAN FUNDS<br>INSURANCE SERIES<sup>®</sup>**<br>**ASSET ALLOCATION**<br>**FUND** | **AMERICAN FUNDS**<br>**INSURANCE SERIES<sup>®</sup>**<br>**GLOBAL SMALL<br>CAPITALIZATION FUND** | **AMERICAN FUNDS**<br>**INSURANCE SERIES<sup>®</sup>**<br>**GLOBAL SMALL<br>CAPITALIZATION FUND** | **AMERICAN FUNDS<br>INSURANCE SERIES<sup>®</sup>**<br>**NEW WORLD FUND<sup>®</sup>** | **AMERICAN FUNDS<br>INSURANCE SERIES<sup>®</sup>**<br>**NEW WORLD FUND<sup>®</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $111639 | $69446 | $25404 | $78131 | $139762 | $132565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 438313 | 135401 | (102101) | 52993 | 683360 | 103371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 235741 | 208637 | 1696507 | 55892 | 2654835 | 368765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 785693 | 413484 | 1619810 | 187016 | 3477957 | 604701 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 3160679 | 1929023 | 2390983 | 1991638 | 3926157 | 2333422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 155917 | 130892 | (33911) | 304149 | (1087528) | (98302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (58359) | (76737) | (187440) | (88147) | (270306) | (244956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1032185) | (547444) | (596423) | (523529) | (851981) | (738732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 2226052 | 1435734 | 1573209 | 1684111 | 1716342 | 1251432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 17512 | 4545 | 14721 | 11151 | 19720 | 13961 |
|  **Net Increase (Decrease) in Net Assets** | 3029257 | 1853763 | 3207740 | 1882278 | 5214019 | 1870094 |
|  **Net Assets — Beginning of Year** | 3928589 | 2074826 | 10394256 | 8511978 | 11555883 | 9685789 |
|  **Net Assets — End of Year** | $6957846 | $3928589 | $13601996 | $10394256 | $16769902 | $11555883 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **BLACKROCK GLOBAL<br>ALLOCATION V.I. FUND** | **BLACKROCK GLOBAL<br>ALLOCATION V.I. FUND** | **BNY MELLON STOCK<br>INDEX FUND, INC.** | **BNY MELLON STOCK<br>INDEX FUND, INC.** | **EQ/400 MANAGED<br>VOLATILITY\*** | **EQ/400 MANAGED<br>VOLATILITY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $124618 | $27114 | $303784 | $355706 | $17492 | $20338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 309877 | 148421 | 3661474 | 7389123 | 175398 | 186773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (11599) | (55675) | 837252 | (722975) | (128747) | 7583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 422896 | 119860 | 4802510 | 7021854 | 64143 | 214694 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1114239 | 767585 | 2049543 | 9946131 | 189013 | 156930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 86562 | 21245 | (974720) | (1976492) | (102700) | 78549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (38944) | (13286) | (1810416) | (14585500) | (48040) | (17855) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (310065) | (248828) | (876259) | (1040207) | (109610) | (110888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 851792 | 526716 | (1611852) | (7656068) | (71337) | 106736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 5351 | 2174 | 25103 | (150289) |  |  |
|  **Net Increase (Decrease) in Net Assets** | 1280039 | 648750 | 3215761 | (784503) | (7194) | 321430 |
|  **Net Assets — Beginning of Year** | 1888819 | 1240069 | 28782773 | 29567276 | 1939976 | 1618546 |
|  **Net Assets — End of Year** | $3168858 | $1888819 | $31998534 | $28782773 | $1932782 | $1939976 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/500 MANAGED<br>VOLATILITY\*** | **EQ/500 MANAGED<br>VOLATILITY\*** | **EQ/2000 MANAGED<br>VOLATILITY\*** | **EQ/2000 MANAGED<br>VOLATILITY\*** | **EQ/AB SMALL CAP<br>GROWTH\*** | **EQ/AB SMALL CAP<br>GROWTH\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $54901 | $84321 | $21548 | $33829 | $50871 | $88352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1533509 | 1390954 | 49017 | 158261 | 2916071 | 2765598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (616380) | 128326 | 144648 | 51417 | 117788 | 850087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 972030 | 1603601 | 215213 | 243507 | 3084730 | 3704037 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 386749 | 474526 | 137941 | 170666 | 4523513 | 4710683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (1627859) | (221714) | (341670) | (123810) | (1144919) | (792202) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (119974) | (17997) | (14055) | (25480) | (597199) | (471586) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (366333) | (391173) | (116520) | (125505) | (1697591) | (1604447) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (1727417) | (156358) | (334304) | (104129) | 1083804 | 1842448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 9 | 14 |  |  | 16775 | 13458 |
|  **Net Increase (Decrease) in Net Assets** | (755378) | 1447257 | (119091) | 139378 | 4185309 | 5559943 |
|  **Net Assets — Beginning of Year** | 8185106 | 6737849 | 2479794 | 2340416 | 31559135 | 25999192 |
|  **Net Assets — End of Year** | $7429728 | $8185106 | $2360703 | $2479794 | $35744444 | $31559135 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/AGGRESSIVE<br>ALLOCATION\*** | **EQ/AGGRESSIVE<br>ALLOCATION\*** | **EQ/ALL ASSET GROWTH<br>ALLOCATION\*** | **EQ/ALL ASSET GROWTH<br>ALLOCATION\*** | **EQ/AMERICAN CENTURY**<br>**MID CAP VALUE\*** | **EQ/AMERICAN CENTURY**<br>**MID CAP VALUE\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $916839 | $1213687 | $579269 | $506002 | $525430 | $560433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5348363 | 2995982 | 1474737 | 420559 | 2554179 | 1862518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1378007 | 2549669 | 1928248 | 1238271 | (286398) | (150165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 7643209 | 6759338 | 3982254 | 2164832 | 2793211 | 2272786 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 8338459 | 8122685 | 3968800 | 3420859 | 4570801 | 4180954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (664885) | (1038751) | (35375) | (626973) | (410047) | (276856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (2251518) | (2068329) | (702144) | (266925) | (608396) | (462734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (3572000) | (3209559) | (1803509) | (1627103) | (1517158) | (1458276) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 1850056 | 1806046 | 1427772 | 899858 | 2035200 | 1983088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 29572 | 29807 | 10752 | 7513 | 17728 | 10705 |
|  **Net Increase (Decrease) in Net Assets** | 9522837 | 8595191 | 5420778 | 3072203 | 4846139 | 4266579 |
|  **Net Assets — Beginning of Year** | 57400519 | 48805328 | 22214920 | 19142717 | 31187759 | 26921180 |
|  **Net Assets — End of Year** | $66923356 | $57400519 | $27635698 | $22214920 | $36033898 | $31187759 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/BALANCED<br>STRATEGY\*** | **EQ/BALANCED<br>STRATEGY\*** | **EQ/CAPITAL GROUP<br>RESEARCH\*** | **EQ/CAPITAL GROUP<br>RESEARCH\*** | **EQ/CLEARBRIDGE**<br>**LARGE CAP GROWTH<br>ESG\*** | **EQ/CLEARBRIDGE**<br>**LARGE CAP GROWTH<br>ESG\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1061388 | $1180083 | $52610 | $169328 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3341151 | 2153347 | 1376265 | 1389953 | 2724791 | 1809774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (1256) | 497961 | 712711 | 1032587 | (1222315) | 2419939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4401283 | 3831391 | 2141586 | 2591868 | 1502476 | 4229713 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 3611552 | 3853168 | 581241 | 631545 | 1774992 | 1806714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (566929) | (2289696) | (518740) | (387835) | (526295) | (1054707) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (1845171) | (771512) | (257385) | (96638) | (457178) | (466439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (2985171) | (3124401) | (429560) | (423212) | (862639) | (824467) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (1785719) | (2332441) | (624444) | (276140) | (71120) | (538899) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  | (92) |  |  | 9256 | 7130 |
|  **Net Increase (Decrease) in Net Assets** | 2615564 | 1498858 | 1517142 | 2315728 | 1440612 | 3697944 |
|  **Net Assets — Beginning of Year** | 44863619 | 43364761 | 11072064 | 8756336 | 19707601 | 16009657 |
|  **Net Assets — End of Year** | $47479183 | $44863619 | $12589206 | $11072064 | $21148213 | $19707601 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/COMMON STOCK INDEX\*** | **EQ/COMMON STOCK INDEX\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*** | **EQ/CONSERVATIVE<br>ALLOCATION\*** | **EQ/CONSERVATIVE<br>GROWTH STRATEGY\*** | **EQ/CONSERVATIVE<br>GROWTH STRATEGY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1404526 | $1401110 | $140519 | $130288 | $295865 | $318563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 19398540 | 14729565 | 57443 | 23863 | 687668 | 411471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 12304335 | 18697812 | 122683 | 33781 | 75222 | 99102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 33107401 | 34828487 | 320645 | 187932 | 1058755 | 829136 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 37490600 | 33397173 | 754636 | 700458 | 913174 | 933330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (4665250) | (3750341) | (134662) | (14398) | (273280) | (87705) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (3451458) | (2839130) | (53160) | (229997) | (177222) | (191947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (15391485) | (12896345) | (512539) | (452555) | (1023685) | (1006403) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 13982407 | 13911357 | 54275 | 3508 | (561013) | (352725) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 269981 | 195584 | 7600 | 2144 | 1 | (292) |
|  **Net Increase (Decrease) in Net Assets** | 47359789 | 48935428 | 382520 | 193584 | 497743 | 476119 |
|  **Net Assets — Beginning of Year** | 194010425 | 145074997 | 4259692 | 4066108 | 11604734 | 11128615 |
|  **Net Assets — End of Year** | $241370214 | $194010425 | $4642212 | $4259692 | $12102477 | $11604734 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/CONSERVATIVE<br>STRATEGY\*** | **EQ/CONSERVATIVE<br>STRATEGY\*** | **EQ/CONSERVATIVE-PLUS**<br>**ALLOCATION\*** | **EQ/CONSERVATIVE-PLUS**<br>**ALLOCATION\*** | **EQ/CORE BOND INDEX\*** | **EQ/CORE BOND INDEX\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $79561 | $83369 | $260071 | $260647 | $954684 | $647748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 57621 | 24034 | 432537 | 218201 | (84963) | (23940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 70571 | 17764 | 183440 | 134822 | 930673 | (20540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 207753 | 125167 | 876048 | 613670 | 1800394 | 603268 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 292761 | 317538 | 1529827 | 1686394 | 6701381 | 8108129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (218626) | 2213 | (170966) | (294569) | 606528 | 448442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (63877) | (25190) | (380226) | (201661) | (667744) | (3140999) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (239930) | (246764) | (1026908) | (986965) | (2357770) | (2083162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (229672) | 47797 | (48273) | 203199 | 4282395 | 3332410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 14678 | 4467 |  |  |
|  **Net Increase (Decrease) in Net Assets** | (21919) | 172964 | 842453 | 821336 | 6082789 | 3935678 |
|  **Net Assets — Beginning of Year** | 2789327 | 2616363 | 9577155 | 8755819 | 26515365 | 22579687 |
|  **Net Assets — End of Year** | $2767408 | $2789327 | $10419608 | $9577155 | $32598154 | $26515365 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/CORE PLUS<br>BOND\*** | **EQ/CORE PLUS<br>BOND\*** | **EQ/EMERGING<br>MARKETS EQUITY<br>PLUS\*** | **EQ/EMERGING<br>MARKETS EQUITY<br>PLUS\*** | **EQ/EQUITY 500<br>INDEX\*** | **EQ/EQUITY 500<br>INDEX\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1233411 | $1114209 | $71563 | $49734 | $3192977 | $2861065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (128624) | (175344) | (18737) | (56204) | 20390505 | 11323203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 778588 | (1055463) | 799705 | 76185 | 41668266 | 48071657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1883375 | (116598) | 852531 | 69715 | 65251748 | 62255925 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 3599114 | 3870271 | 910683 | 885380 | 77910540 | 70731993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (431309) | 333182 | (57348) | 4177 | 10524191 | 2846691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (692860) | (388662) | (47081) | (6122) | (8844740) | (4761869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1648301) | (1580511) | (277346) | (213625) | (24060390) | (19272382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 826644 | 2234280 | 528908 | 669810 | 55529601 | 49544433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 8626 | 4477 | 4569 | 884 | 312210 | 207147 |
|  **Net Increase (Decrease) in Net Assets** | 2718645 | 2122159 | 1386008 | 740409 | 121093559 | 112007505 |
|  **Net Assets — Beginning of Year** | 21680909 | 19558750 | 2354438 | 1614029 | 351006180 | 238998675 |
|  **Net Assets — End of Year** | $24399554 | $21680909 | $3740446 | $2354438 | $472099739 | $351006180 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/FIDELITY<br>INSTITUTIONAL<br>AM<sup>®</sup> LARGE CAP\*** | **EQ/FIDELITY<br>INSTITUTIONAL<br>AM<sup>®</sup> LARGE CAP\*** | **EQ/FRANKLIN<br>RISING<br>DIVIDENDS\*** | **EQ/FRANKLIN<br>RISING<br>DIVIDENDS\*** | **EQ/GLOBAL EQUITY<br>MANAGED VOLATILITY\*** | **EQ/GLOBAL EQUITY<br>MANAGED VOLATILITY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $89932 | $94653 | $259192 | $251947 | $99207 | $145227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3063924 | 2161427 | 2036331 | 1350469 | 1573810 | 1496137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1088546 | 2312701 | 1315293 | 1055507 | 447880 | (297744) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4242402 | 4568781 | 3610816 | 2657923 | 2120897 | 1343620 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1161922 | 1260672 | 4600430 | 4294646 | 577338 | 656443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 389318 | 556506 | 446597 | 485418 | (442427) | (410233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (2253060) | (229238) | (413697) | (265493) | (624054) | (331373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (845729) | (850338) | (1799575) | (1582168) | (466948) | (483101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (1547549) | 737602 | 2833755 | 2932403 | (956091) | (568264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 18934 | 13272 |  |  |
|  **Net Increase (Decrease) in Net Assets** | 2694853 | 5306383 | 6463505 | 5603598 | 1164806 | 775356 |
|  **Net Assets — Beginning of Year** | 24024258 | 18717875 | 29239714 | 23636116 | 11603851 | 10828495 |
|  **Net Assets — End of Year** | $26719111 | $24024258 | $35703219 | $29239714 | $12768657 | $11603851 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/GOLDMAN SACHS MID**<br>**CAP VALUE\*** | **EQ/GOLDMAN SACHS MID**<br>**CAP VALUE\*** | **EQ/GROWTH STRATEGY\*** | **EQ/GROWTH STRATEGY\*** | **EQ/INTERMEDIATE**<br> **CORPORATE BOND\*<sup>(a)</sup>** | **EQ/INTERMEDIATE**<br> **CORPORATE BOND\*<sup>(a)</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $117490 | $79314 | $1677346 | $2033200 | $12619 | $1049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 979640 | 510408 | 8565197 | 5528226 | 3756 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (99863) | 421406 | (474933) | 2098474 | (5707) | (1759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 997267 | 1011128 | 9767610 | 9659900 | 10668 | (461) |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1700508 | 1743259 | 7029907 | 6985104 | 226659 | 33752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 57502 | 97261 | (1063920) | (2352164) | 12271 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (447002) | (107084) | (3322586) | (1991063) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (704290) | (637196) | (4437059) | (4664998) | (19323) | (1610) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 606718 | 1096240 | (1793658) | (2023121) | 219607 | 32278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 17727 | 14712 | 6 | (197) | 324 | 12 |
|  **Net Increase (Decrease) in Net Assets** | 1621712 | 2122080 | 7973958 | 7636582 | 230599 | 31829 |
|  **Net Assets — Beginning of Year or Period** | 10304248 | 8182168 | 86164232 | 78527650 | 31829 |  |
|  **Net Assets — End of Year or Period** | $11925960 | $10304248 | $94138190 | $86164232 | $262428 | $31829 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

(a) Units were made available on May 13, 2024.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INTERMEDIATE<br>GOVERNMENT BOND\*** | **EQ/INTERMEDIATE<br>GOVERNMENT BOND\*** | **EQ/INTERNATIONAL<br>CORE MANAGED**<br>**VOLATILITY\*** | **EQ/INTERNATIONAL<br>CORE MANAGED**<br>**VOLATILITY\*** | **EQ/INTERNATIONAL<br>EQUITY INDEX\*** | **EQ/INTERNATIONAL<br>EQUITY INDEX\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $404505 | $285855 | $105793 | $142184 | $1991624 | $1264581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 9292 | (173019) | 788186 | 417913 | 1441903 | 684935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 251493 | 114230 | 815184 | (361450) | 10246891 | (272336) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 665290 | 227066 | 1709163 | 198647 | 13680418 | 1677180 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1512890 | 1820471 | 1089829 | 616278 | 9416262 | 7811621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 1313625 | 5000565 | (293577) | 9584 | (1036688) | (502393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (110975) | (22070) | (282102) | (142021) | (1766790) | (438102) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1153176) | (1172134) | (377882) | (353759) | (2516967) | (2206576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 1562364 | 5626832 | 136268 | 130082 | 4095817 | 4664550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 5038 | 45319 | 3209 | 1697 | 83651 | 54473 |
|  **Net Increase (Decrease) in Net Assets** | 2232692 | 5899217 | 1848640 | 330426 | 17859886 | 6396203 |
|  **Net Assets — Beginning of Year** | 11386695 | 5487478 | 6526601 | 6196175 | 41756995 | 35360792 |
|  **Net Assets — End of Year** | $13619387 | $11386695 | $8375241 | $6526601 | $59616881 | $41756995 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INTERNATIONAL<br>MANAGED VOLATILITY\*** | **EQ/INTERNATIONAL<br>MANAGED VOLATILITY\*** | **EQ/INTERNATIONAL VALUE<br>MANAGED VOLATILITY\*** | **EQ/INTERNATIONAL VALUE<br>MANAGED VOLATILITY\*** | **EQ/INVESCO**<br>**COMSTOCK\*** | **EQ/INVESCO**<br>**COMSTOCK\*** |
|  | **EQ/INTERNATIONAL<br>MANAGED VOLATILITY\*** | **EQ/INTERNATIONAL<br>MANAGED VOLATILITY\*** | **EQ/INTERNATIONAL VALUE<br>MANAGED VOLATILITY\*** | **EQ/INTERNATIONAL VALUE<br>MANAGED VOLATILITY\*** | **EQ/INVESCO**<br>**COMSTOCK\*** | **EQ/INVESCO**<br>**COMSTOCK\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $43953 | $54248 | $160565 | $160921 | $145800 | $127224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 193046 | 53001 | 618982 | 420080 | 1078812 | 972768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 265189 | (55201) | 910065 | (493230) | 416477 | 10314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 502188 | 52048 | 1689612 | 87771 | 1641089 | 1110306 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 94168 | 93487 | 986540 | 588813 | 1813351 | 1090066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (326679) | 18440 | (897838) | (162587) | 464924 | (130504) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (59816) | (10828) | (198785) | (86901) | (196675) | (159031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (89621) | (92715) | (343864) | (350078) | (471741) | (402693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (381948) | 8384 | (453947) | (10753) | 1609859 | 397838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 3248 | 2974 | 6273 | 3224 |
|  **Net Increase (Decrease) in Net Assets** | 120240 | 60432 | 1238913 | 79992 | 3257221 | 1511368 |
|  **Net Assets — Beginning of Year** | 2024961 | 1964529 | 6452687 | 6372695 | 8891556 | 7380188 |
|  **Net Assets — End of Year** | $2145201 | $2024961 | $7691600 | $6452687 | $12148777 | $8891556 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/INVESCO GLOBAL\*** | **EQ/INVESCO GLOBAL\*** | **EQ/INVESCO GLOBAL**<br>**REAL ASSETS\*** | **EQ/INVESCO GLOBAL**<br>**REAL ASSETS\*** | **EQ/JANUS ENTERPRISE\*** | **EQ/JANUS ENTERPRISE\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $— | $— | $350464 | $276128 | $— | $2737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 595661 | 134778 | 567996 | 35672 | 2260854 | 1844088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (34164) | 228724 | 1006954 | (273615) | (470507) | 867757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 561497 | 363502 | 1925414 | 38185 | 1790347 | 2714582 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 917287 | 1039032 | 1709037 | 1630112 | 2597041 | 2011490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (157710) | (6554) | (173019) | (73009) | (73397) | (510571) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (37314) | (59560) | (370562) | (220378) | (516437) | (534659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (300326) | (234898) | (646819) | (641419) | (1093015) | (1027739) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 421937 | 738020 | 518637 | 695306 | 914192 | (61479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 11351 | 8863 | 3705 | 6338 | 11242 | 6357 |
|  **Net Increase (Decrease) in Net Assets** | 994785 | 1110385 | 2447756 | 739829 | 2715781 | 2659460 |
|  **Net Assets — Beginning of Year** | 3333250 | 2222865 | 11911907 | 11172078 | 21875826 | 19216366 |
|  **Net Assets — End of Year** | $4328035 | $3333250 | $14359663 | $11911907 | $24591607 | $21875826 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/JPMORGAN GROWTH<br>STOCK\*** | **EQ/JPMORGAN GROWTH<br>STOCK\*** | **EQ/JPMORGAN VALUE<br>OPPORTUNITIES\*** | **EQ/JPMORGAN VALUE<br>OPPORTUNITIES\*** | **EQ/LARGE CAP CORE<br>MANAGED VOLATILITY\*** | **EQ/LARGE CAP CORE<br>MANAGED VOLATILITY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $— | $— | $593985 | $499879 | $63310 | $70045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 14932671 | 4800469 | 4902731 | 5327779 | 1178475 | 1338064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (3516330) | 13925107 | 2210146 | (282112) | (405930) | (25319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 11416341 | 18725576 | 7706862 | 5545546 | 835855 | 1382790 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 9450210 | 9484889 | 10385475 | 8233116 | 609238 | 514372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (2550609) | (1933708) | 477287 | (200237) | 50582 | 147852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (1699555) | (921893) | (1011950) | (754780) | (80270) | (100888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (3722731) | (3439746) | (2424749) | (2078098) | (386931) | (304910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 1477315 | 3189542 | 7426063 | 5200001 | 192619 | 256426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 50585 | 41296 | 36545 | 24522 | 3330 | 2427 |
|  **Net Increase (Decrease) in Net Assets** | 12944241 | 21956414 | 15169470 | 10770069 | 1031804 | 1641643 |
|  **Net Assets — Beginning of Year** | 76002986 | 54046572 | 44775447 | 34005378 | 7449784 | 5808141 |
|  **Net Assets — End of Year** | $88947227 | $76002986 | $59944917 | $44775447 | $8481588 | $7449784 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LARGE CAP<br>GROWTH INDEX\*** | **EQ/LARGE CAP<br>GROWTH INDEX\*** | **EQ/LARGE CAP<br>GROWTH MANAGED**<br>**VOLATILITY\*** | **EQ/LARGE CAP<br>GROWTH MANAGED**<br>**VOLATILITY\*** | **EQ/LARGE CAP VALUE<br>INDEX\*** | **EQ/LARGE CAP VALUE<br>INDEX\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $— | $17480 | $22927 | $69890 | $359300 | $349381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 7042965 | 5190707 | 3718448 | 2899737 | 1973480 | 1453714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 3129923 | 7209140 | (1259193) | 2280321 | 1487926 | 864743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 10172888 | 12417327 | 2482182 | 5249948 | 3820706 | 2667838 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 12502063 | 8954543 | 1694254 | 1451770 | 4822692 | 4471326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (1952777) | (307913) | (665650) | (1017173) | 478115 | (246821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (1331439) | (755627) | (446776) | (420230) | (498341) | (333510) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (3368002) | (2751190) | (874605) | (840996) | (1612415) | (1459728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 5849845 | 5139813 | (292777) | (826629) | 3190051 | 2431267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 94872 | 66314 | 5320 | 4270 | 48636 | 36310 |
|  **Net Increase (Decrease) in Net Assets** | 16117605 | 17623454 | 2194725 | 4427589 | 7059393 | 5135415 |
|  **Net Assets — Beginning of Year** | 53573368 | 35949914 | 22153943 | 17726354 | 24147906 | 19012491 |
|  **Net Assets — End of Year** | $69690973 | $53573368 | $24348668 | $22153943 | $31207299 | $24147906 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LARGE CAP VALUE<br>MANAGED VOLATILITY\*** | **EQ/LARGE CAP VALUE<br>MANAGED VOLATILITY\*** | **EQ/LAZARD EMERGING<br>MARKETS EQUITY\*** | **EQ/LAZARD EMERGING<br>MARKETS EQUITY\*** | **EQ/LONG-TERM<br>BOND\*<sup>(a)</sup>** | **EQ/LONG-TERM<br>BOND\*<sup>(a)</sup>** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $161387 | $179033 | $770229 | $653593 | $20081 | $6047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1292431 | 1288073 | 1051499 | 714248 | (3565) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (259374) | 1627 | 4825746 | (251324) | 3888 | (15058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1194444 | 1468733 | 6647474 | 1116517 | 20404 | (9046) |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 543935 | 625590 | 1260522 | 1394397 | 285074 | 38311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (239505) | (122064) | (847283) | (530105) | 57756 | 139412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (354033) | (208453) | (416943) | (280738) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (462099) | (492617) | (717510) | (737414) | (42130) | (3880) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (511702) | (197544) | (721214) | (153860) | 300700 | 173843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  |  |  | 950 | 43 |
|  **Net Increase (Decrease) in Net Assets** | 682742 | 1271189 | 5926260 | 962657 | 322054 | 164840 |
|  **Net Assets — Beginning of Year or Period** | 11664280 | 10393091 | 16196488 | 15233831 | 164840 |  |
|  **Net Assets — End of Year or Period** | $12347022 | $11664280 | $22122748 | $16196488 | $486894 | $164840 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

(a) Units were made available on May 13, 2024.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/LOOMIS SAYLES<br>GROWTH\*** | **EQ/LOOMIS SAYLES<br>GROWTH\*** | **EQ/MFS INTERNATIONAL<br>GROWTH\*** | **EQ/MFS INTERNATIONAL<br>GROWTH\*** | **EQ/MFS<br>INTERNATIONAL<br>INTRINSIC VALUE\*** | **EQ/MFS<br>INTERNATIONAL<br>INTRINSIC VALUE\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $— | $— | $493849 | $314883 | $740060 | $675484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3218655 | 5448129 | 4548306 | 2615449 | 4049283 | 3382991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 693968 | 1928054 | 4018940 | 377962 | 10398566 | (1227734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3912623 | 7376183 | 9061095 | 3308294 | 15187909 | 2830741 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 3768610 | 3577560 | 6659859 | 5861956 | 6678119 | 6616780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (924946) | (1796394) | (288428) | (1824136) | (2259615) | (606810) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (723228) | (507619) | (694491) | (678767) | (978131) | (763554) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1295789) | (1203744) | (2312208) | (2193840) | (2586254) | (2482246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 824647 | 69803 | 3364732 | 1165213 | 854119 | 2764170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 24105 |  | 46825 | 31556 | 54500 | 37066 |
|  **Net Increase (Decrease) in Net Assets** | 4761375 | 7445986 | 12472652 | 4505063 | 16096528 | 5631977 |
|  **Net Assets — Beginning of Year** | 29352809 | 21906823 | 42233914 | 37728851 | 45883453 | 40251476 |
|  **Net Assets — End of Year** | $34114184 | $29352809 | $54706566 | $42233914 | $61979981 | $45883453 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MFS MID CAP<br>FOCUSED GROWTH\*** | **EQ/MFS MID CAP<br>FOCUSED GROWTH\*** | **EQ/MFS TECHNOLOGY\*** | **EQ/MFS TECHNOLOGY\*** | **EQ/MFS UTILITIES<br>SERIES\*** | **EQ/MFS UTILITIES<br>SERIES\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $— | $— | $— | $— | $38416 | $13993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4545053 | 2832939 | 5592953 | 4909065 | 19988 | 6527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (3001222) | 552130 | 984059 | 3858349 | 113883 | 61024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1543831 | 3385069 | 6577012 | 8767414 | 172287 | 81544 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 4287801 | 3984234 | 7296667 | 5636388 | 609631 | 342210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (346080) | (660347) | 257946 | 570204 | 25489 | 37688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (425411) | (441999) | (649704) | (538563) | (12771) | (59662) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1325841) | (1214538) | (1858100) | (1445526) | (126191) | (103778) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 2190469 | 1667350 | 5046809 | 4222503 | 496158 | 216458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 30382 | 22807 | 43296 | 23310 | 3107 | 1962 |
|  **Net Increase (Decrease) in Net Assets** | 3764682 | 5075226 | 11667117 | 13013227 | 671552 | 299964 |
|  **Net Assets — Beginning of Year** | 27886694 | 22811468 | 35803409 | 22790182 | 954723 | 654759 |
|  **Net Assets — End of Year** | $31651376 | $27886694 | $47470526 | $35803409 | $1626275 | $954723 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MID CAP INDEX\*** | **EQ/MID CAP INDEX\*** | **EQ/MID CAP VALUE<br>MANAGED VOLATILITY\*** | **EQ/MID CAP VALUE<br>MANAGED VOLATILITY\*** | **EQ/MODERATE<br>ALLOCATION\*** | **EQ/MODERATE<br>ALLOCATION\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $400841 | $338370 | $118522 | $129445 | $1833559 | $1919382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3015640 | 2813039 | 846489 | 1218542 | 3791375 | 2366675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (418927) | 1113843 | (486619) | (361135) | 1764086 | 788436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2997554 | 4265252 | 478392 | 986852 | 7389020 | 5074493 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 7798534 | 7252048 | 1035803 | 909103 | 11823905 | 13837137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 2875134 | (753027) | (194447) | (179800) | (3289061) | (1527763) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (929959) | (584158) | (186125) | (131555) | (2577271) | (1642789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (2410262) | (2129388) | (480674) | (471211) | (6907197) | (6311506) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 7333447 | 3785475 | 174557 | 126537 | (949624) | 4355079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 48353 | 36987 | 4395 |  | 83533 | 67322 |
|  **Net Increase (Decrease) in Net Assets** | 10379354 | 8087714 | 657344 | 1113389 | 6522929 | 9496894 |
|  **Net Assets — Beginning of Year** | 39146048 | 31058334 | 9595311 | 8481922 | 72043479 | 62546585 |
|  **Net Assets — End of Year** | $49525402 | $39146048 | $10252655 | $9595311 | $78566408 | $72043479 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MODERATE GROWTH<br>STRATEGY\*** | **EQ/MODERATE GROWTH<br>STRATEGY\*** | **EQ/MODERATE-PLUS<br>ALLOCATION\*** | **EQ/MODERATE-PLUS<br>ALLOCATION\*** | **EQ/MONEY<br>MARKET\*** | **EQ/MONEY<br>MARKET\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3210149 | $3794327 | $3382731 | $3799373 | $1059221 | $1340161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13353021 | 10216083 | 12999292 | 8057326 | (4928) | 7754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (862058) | 894321 | 2169619 | 3410711 | 2072 | (4848) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 15701112 | 14904731 | 18551642 | 15267410 | 1056365 | 1343067 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 12442816 | 13049256 | 26018198 | 21851862 | 37808498 | 37672726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (2738950) | (3277153) | (4586654) | (3495655) | (20184388) | (29421393) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (7749140) | (4144152) | (5439476) | (4505491) | (14180628) | (7377639) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (8921188) | (9460293) | (11943935) | (10819898) | (4273166) | (4350145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (6966462) | (3832342) | 4048133 | 3030818 | (829684) | (3476451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 153259 | 225864 | 49881 | 55964 |
|  **Net Increase (Decrease) in Net Assets** | 8734650 | 11072389 | 22753034 | 18524092 | 276562 | (2077420) |
|  **Net Assets — Beginning of Year** | 151296962 | 140224573 | 158473379 | 139949287 | 26857806 | 28935226 |
|  **Net Assets — End of Year** | $160031612 | $151296962 | $181226413 | $158473379 | $27134368 | $26857806 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/MORGAN STANLEY<br>SMALL CAP GROWTH\*** | **EQ/MORGAN STANLEY<br>SMALL CAP GROWTH\*** | **EQ/PIMCO GLOBAL**<br>**REAL RETURN\*** | **EQ/PIMCO GLOBAL**<br>**REAL RETURN\*** | **EQ/PIMCO REAL<br>RETURN\*** | **EQ/PIMCO REAL<br>RETURN\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $51493 | $1404 | $18453 | $5804 | $492062 | $493975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (780236) | (1580128) | (28651) | (64689) | (157165) | 417356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 2017868 | 4288096 | 76570 | 55360 | 751510 | (682754) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1289125 | 2709372 | 66372 | (3525) | 1086407 | 228577 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 3374084 | 2721850 | 385157 | 321110 | 2128039 | 2292603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (413784) | (686057) | 33075 | (13699) | 1110100 | 646118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (311450) | (138824) | (36661) | (24052) | (258598) | (241501) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (917255) | (823446) | (152212) | (127139) | (986179) | (935967) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 1731595 | 1073523 | 229359 | 156220 | 1993362 | 1761253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 1906 | 1577 | 7896 | 4536 |
|  **Net Increase (Decrease) in Net Assets** | 3020720 | 3782895 | 297637 | 154272 | 3087665 | 1994366 |
|  **Net Assets — Beginning of Year** | 15765653 | 11982758 | 1117187 | 962915 | 13248521 | 11254155 |
|  **Net Assets — End of Year** | $18786373 | $15765653 | $1414824 | $1117187 | $16336186 | $13248521 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/PIMCO TOTAL<br>RETURN ESG\*** | **EQ/PIMCO TOTAL<br>RETURN ESG\*** | **EQ/PIMCO ULTRA SHORT<br>BOND\*** | **EQ/PIMCO ULTRA SHORT<br>BOND\*** | **EQ/QUALITY BOND<br>PLUS\*** | **EQ/QUALITY BOND<br>PLUS\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1168231 | $1084204 | $471109 | $557282 | $134057 | $111331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (395337) | (241423) | 281777 | 182492 | (51161) | (25406) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1428685 | (368052) | (51621) | 67092 | 148265 | (22937) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2201579 | 474729 | 701265 | 806866 | 231161 | 62988 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 3633589 | 3754584 | 1541409 | 1461254 | 342353 | 377119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (618576) | 825734 | (708288) | (650458) | (53272) | 213372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (548831) | (720150) | (1411999) | (255325) | (74674) | (84893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1911933) | (1876204) | (981915) | (942514) | (234316) | (236028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 554249 | 1983964 | (1560793) | (387043) | (19909) | 269570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 24998 | 5716 | 5031 | 3521 |  |  |
|  **Net Increase (Decrease) in Net Assets** | 2780826 | 2464409 | (854497) | 423344 | 211252 | 332558 |
|  **Net Assets — Beginning of Year** | 25266503 | 22802094 | 12488030 | 12064686 | 3693174 | 3360616 |
|  **Net Assets — End of Year** | $28047329 | $25266503 | $11633533 | $12488030 | $3904426 | $3693174 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/SMALL COMPANY<br>INDEX\*** | **EQ/SMALL COMPANY<br>INDEX\*** | **EQ/T. ROWE PRICE<br>HEALTH SCIENCES\*** | **EQ/T. ROWE PRICE<br>HEALTH SCIENCES\*** | **EQ/VALUE EQUITY\*** | **EQ/VALUE EQUITY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $343818 | $430327 | $— | $— | $437666 | $275332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1235099 | 1896951 | 101889 | 373671 | 927594 | 1253183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 3269472 | 979714 | 1510367 | (400436) | 1715260 | 382573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4848389 | 3306992 | 1612256 | (26765) | 3080520 | 1911088 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 6594826 | 6312893 | 2184669 | 2049115 | 2735766 | 2831464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (558153) | (250703) | 54338 | 409592 | (768164) | (1177728) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (528975) | (351815) | (163464) | (80146) | (800187) | (477678) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (1950072) | (1758148) | (671246) | (578577) | (1435688) | (1453862) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 3557626 | 3952227 | 1404297 | 1799984 | (268273) | (277804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 39169 | 39955 | 12439 | 9580 | 7064 | 6036 |
|  **Net Increase (Decrease) in Net Assets** | 8445184 | 7299174 | 3028992 | 1782799 | 2819311 | 1639320 |
|  **Net Assets — Beginning of Year** | 34655325 | 27356151 | 6963069 | 5180270 | 27921546 | 26282226 |
|  **Net Assets — End of Year** | $43100509 | $34655325 | $9992061 | $6963069 | $30740857 | $27921546 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQ/WELLINGTON<br>ENERGY\*** | **EQ/WELLINGTON<br>ENERGY\*** | **EQUITABLE CONSERVATIVE**<br>**GROWTH MF/ETF\*** | **EQUITABLE CONSERVATIVE**<br>**GROWTH MF/ETF\*** | **EQUITABLE**<br>**GROWTH MF/ETF\***<sup>(a)</sup> | **EQUITABLE**<br>**GROWTH MF/ETF\***<sup>(a)</sup> |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $134292 | $139425 | $411687 | $341764 | $8603 | $1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 268037 | 294139 | 655251 | 193478 | 20428 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 196713 | (131931) | 240874 | 197787 | 33708 | (2212) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 599042 | 301633 | 1307812 | 733029 | 62739 | (933) |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 454150 | 500490 | 1496747 | 1535545 | 535707 | 123262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (115597) | (134643) | (1155518) | (255500) | (20028) | 23664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (178209) | (104794) | (268924) | (397449) | (302) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (256675) | (269909) | (797464) | (821682) | (55146) | (6912) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (96331) | (8856) | (725159) | 60914 | 460231 | 140014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 3892 | 2892 | 1444 | 70 |
|  **Net Increase (Decrease) in Net Assets** | 502711 | 292777 | 586545 | 796835 | 524414 | 139151 |
|  **Net Assets — Beginning of Year or Period** | 4868277 | 4575500 | 10999003 | 10202168 | 139151 |  |
|  **Net Assets — End of Year or Period** | $5370988 | $4868277 | $11585548 | $10999003 | $663565 | $139151 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

(a) Units were made available on May 13, 2024.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **EQUITABLE MODERATE**<br>**GROWTH MF/ETF\*<sup>(a)</sup>** | **EQUITABLE MODERATE**<br>**GROWTH MF/ETF\*<sup>(a)</sup>** | **FIDELITY<sup>®</sup> VIP ASSET**<br>**MANAGER 50%** | **FIDELITY<sup>®</sup> VIP ASSET**<br>**MANAGER 50%** | **FIDELITY<sup>®</sup> VIP ASSET**<br>**MANAGER 70%** | **FIDELITY<sup>®</sup> VIP ASSET**<br>**MANAGER 70%** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $25777 | $3732 | $127 | $110 | $35306 | $21765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 44312 | 558 | 231 | 42 | 58130 | 12245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 9382 | (2697) | 326 | 200 | 168770 | 56311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 79471 | 1593 | 684 | 352 | 262206 | 90321 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1146815 | 203734 | 7 | 7 | 444324 | 591002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (390427) | (8583) | 135 | 135 | 366439 | (40382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (67) |  |  |  | (26054) | (657) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (100407) | (7518) | (101) | (98) | (169162) | (121173) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 655914 | 187633 | 41 | 44 | 615547 | 428790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 1907 | 84 |  |  | 2504 | 1074 |
|  **Net Increase (Decrease) in Net Assets** | 737292 | 189310 | 725 | 396 | 880257 | 520185 |
|  **Net Assets — Beginning of Year or Period** | 189310 |  | 4528 | 4132 | 1249773 | 729588 |
|  **Net Assets — End of Year or Period** | $926602 | $189310 | $5253 | $4528 | $2130030 | $1249773 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

(a) Units were made available on May 13, 2024.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FIDELITY<sup>®</sup> VIP GROWTH &<br>INCOME PORTFOLIO** | **FIDELITY<sup>®</sup> VIP GROWTH &<br>INCOME PORTFOLIO** | **FIDELITY<sup>®</sup> VIP MID CAP<br>PORTFOLIO** | **FIDELITY<sup>®</sup> VIP MID CAP<br>PORTFOLIO** | **FIDELITY<sup>®</sup> VIP VALUE<br>PORTFOLIO** | **FIDELITY<sup>®</sup> VIP VALUE<br>PORTFOLIO** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4626 | $141132 | $48638 | $57567 | $35780 | $17579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3935421 | 1145885 | 2211334 | 2300588 | 217101 | 148946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (1558418) | 708274 | (86559) | 13794 | 18187 | (38804) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2381629 | 1995291 | 2173413 | 2371949 | 271068 | 127721 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 2197958 | 2616030 | 3178588 | 2654017 | 1293688 | 603803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (14752592) | 151090 | (247877) | (209522) | 166375 | 72072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (541635) | (671917) | (354470) | (207876) | (18826) | (1288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (713968) | (823873) | (1016313) | (903953) | (232700) | (149007) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (13810237) | 1271330 | 1559928 | 1332666 | 1208537 | 525580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 18267 | 15619 | 10750 | 7181 | 3590 | 1955 |
|  **Net Increase (Decrease) in Net Assets** | (11410341) | 3282240 | 3744091 | 3711796 | 1483195 | 655256 |
|  **Net Assets — Beginning of Year** | 11679933 | 8397693 | 17125375 | 13413579 | 1550008 | 894752 |
|  **Net Assets — End of Year** | $269592 | $11679933 | $20869466 | $17125375 | $3033203 | $1550008 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FRANKLIN INCOME<br>VIP FUND** | **FRANKLIN INCOME<br>VIP FUND** | **FRANKLIN SMALL CAP<br>VALUE VIP FUND** | **FRANKLIN SMALL CAP<br>VALUE VIP FUND** | **INVESCO V.I.<br>DIVERSIFIED<br>DIVIDEND FUND** | **INVESCO V.I.<br>DIVERSIFIED<br>DIVIDEND FUND** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $15204 | $17212 | $103155 | $70742 | $14568 | $10147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (928) | (103) | 782191 | 148794 | 82690 | 14341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 23055 | 5806 | (58066) | 624978 | 32480 | 42001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 37331 | 22915 | 827280 | 844514 | 129738 | 66489 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 9287 | 10555 | 1723742 | 1669568 | 402392 | 213470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (7423) | (3870) | 315492 | (24010) | 133890 | (133942) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (51973) |  | (157380) | (41748) | (7383) | (910) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (6030) | (6468) | (522827) | (455371) | (71269) | (55369) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (56139) | 217 | 1359027 | 1148439 | 457630 | 23249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 7110 | 5499 | 1348 | (7623) |
|  **Net Increase (Decrease) in Net Assets** | (18808) | 23132 | 2193417 | 1998452 | 588716 | 82115 |
|  **Net Assets — Beginning of Year** | 339844 | 316712 | 8889241 | 6890789 | 540750 | 458635 |
|  **Net Assets — End of Year** | $321036 | $339844 | $11082658 | $8889241 | $1129466 | $540750 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **INVESCO V.I. GLOBAL<br>CORE EQUITY FUND** | **INVESCO V.I. GLOBAL<br>CORE EQUITY FUND** | **INVESCO V.I. HEALTH<br>CARE FUND** | **INVESCO V.I. HEALTH<br>CARE FUND** | **INVESCO V.I.<br>TECHNOLOGY FUND** | **INVESCO V.I.<br>TECHNOLOGY FUND** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8 | $6 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 54 | 89 | 2530 | 806 | 10806 | 3179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 19 | 35 | 5660 | 1332 | 6502 | 18395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 81 | 130 | 8190 | 2138 | 17308 | 21574 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 26 | 25 | 1416 | 2123 | 1416 | 2123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (28) | (37) | (6) | 19 | 18 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations |  | (326) |  | (455) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (18) | (125) | (1232) | (1496) | (1922) | (1768) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (20) | (463) | 178 | 191 | (488) | 387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 3 | (1438) |  |  |
|  **Net Increase (Decrease) in Net Assets** | 61 | (333) | 8371 | 891 | 16820 | 21961 |
|  **Net Assets — Beginning of Year** | 530 | 863 | 53594 | 52703 | 85106 | 63145 |
|  **Net Assets — End of Year** | $591 | $530 | $61965 | $53594 | $101926 | $85106 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **JANUS HENDERSON<br>BALANCED PORTFOLIO** | **JANUS HENDERSON<br>BALANCED PORTFOLIO** | **JANUS HENDERSON**<br>**ENTERPRISE PORTFOLIO** | **JANUS HENDERSON**<br>**ENTERPRISE PORTFOLIO** | **JANUS HENDERSON<br>GLOBAL RESEARCH<br>PORTFOLIO** | **JANUS HENDERSON<br>GLOBAL RESEARCH<br>PORTFOLIO** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $126087 | $80466 | $7167 | $35965 | $233 | $260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 302806 | 40905 | 406346 | 97591 | 3567 | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 557952 | 429466 | (162127) | 379354 | 3818 | 5584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 986845 | 550837 | 251386 | 512910 | 7618 | 7008 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 3005737 | 2126233 | 221094 | (1403) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 94324 | (78659) | (383192) | (285533) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (32773) | (15683) | (23737) | (54325) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (836983) | (629925) | (102171) | (126803) | (245) | (242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 2230305 | 1401966 | (288006) | (468064) | (245) | (242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 10608 | 6392 |  |  | 10277 | (10277) |
|  **Net Increase (Decrease) in Net Assets** | 3227758 | 1959195 | (36620) | 44846 | 17650 | (3511) |
|  **Net Assets — Beginning of Year** | 5308979 | 3349784 | 3847438 | 3802592 | 26287 | 29798 |
|  **Net Assets — End of Year** | $8536737 | $5308979 | $3810818 | $3847438 | $43937 | $26287 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **JANUS HENDERSON**<br>**MID CAP VALUE<br>PORTFOLIO** | **JANUS HENDERSON**<br>**MID CAP VALUE<br>PORTFOLIO** | **JANUS HENDERSON<br>OVERSEAS PORTFOLIO** | **JANUS HENDERSON<br>OVERSEAS PORTFOLIO** | **LORD ABBETT SERIES<br>FUND - BOND<br>DEBENTURE**<br>**PORTFOLIO** | **LORD ABBETT SERIES<br>FUND - BOND<br>DEBENTURE**<br>**PORTFOLIO** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $19408 | $26942 | $2446 | $3321 | $430775 | $326910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 270237 | 267448 | 1046 | 19117 | (79530) | (50595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (128462) | 90099 | 38785 | (14518) | 181836 | 28932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 161183 | 384489 | 42277 | 7920 | 533081 | 305247 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 221091 | (1404) | 313 | 309 | 1755634 | 1672073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (249052) | (544403) | (325) | 26428 | (304356) | 1504134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations |  | (53795) | (4870) | (314) | (56721) | (47735) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (89115) | (109779) | (3256) | (4217) | (496366) | (392116) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (117076) | (709381) | (8138) | 22206 | 898191 | 2736356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 184 |  | 11378 | 7575 |
|  **Net Increase (Decrease) in Net Assets** | 44107 | (324892) | 34323 | 30126 | 1442650 | 3049178 |
|  **Net Assets — Beginning of Year** | 3031625 | 3356517 | 150994 | 120868 | 6005535 | 2956357 |
|  **Net Assets — End of Year** | $3075732 | $3031625 | $185317 | $150994 | $7448185 | $6005535 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MFS<sup>®</sup>**<br>**MASSACHUSETTS**<br>**INVESTORS**<br>**GROWTH STOCK**<br>**PORTFOLIO** | **MFS<sup>®</sup>**<br>**MASSACHUSETTS**<br>**INVESTORS**<br>**GROWTH STOCK**<br>**PORTFOLIO** | **MORGAN STANLEY**<br>**VARIABLE**<br>**INSURANCE FUND**<br>**INC. EMERGING**<br>**MARKETS DEBT<br>PORTFOLIO** | **MORGAN STANLEY**<br>**VARIABLE**<br>**INSURANCE FUND**<br>**INC. EMERGING**<br>**MARKETS DEBT<br>PORTFOLIO** | **MULTIMANAGER<br>AGGRESSIVE EQUITY\*** | **MULTIMANAGER<br>AGGRESSIVE EQUITY\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $738 | $5620 | $12412 | $7873 | $45631 | $69554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 557123 | 414601 | (528) | (402) | 3685036 | 2677184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (156366) | 212686 | 523 | 589 | (794748) | 1415016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 401495 | 632907 | 12407 | 8060 | 2935919 | 4161754 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 365504 | 397022 | 1670 | 1667 | 2090009 | 2213147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (354978) | (539426) | (183) | (174) | (415434) | (682572) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (154958) | (86839) |  |  | (1062037) | (336097) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (146564) | (151262) | (904) | (828) | (796927) | (743989) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (290996) | (380505) | 583 | 665 | (184389) | 450489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  |  |  | 11698 | 7423 |
|  **Net Increase (Decrease) in Net Assets** | 110499 | 252402 | 12990 | 8725 | 2763228 | 4619666 |
|  **Net Assets — Beginning of Year** | 4486876 | 4234474 | 79982 | 71257 | 17876408 | 13256742 |
|  **Net Assets — End of Year** | $4597375 | $4486876 | $92972 | $79982 | $20639636 | $17876408 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **MULTIMANAGER CORE<br>BOND\*** | **MULTIMANAGER CORE<br>BOND\*** | **MULTIMANAGER<br>TECHNOLOGY\*** | **MULTIMANAGER<br>TECHNOLOGY\*** | **NOMURA VIP HIGH<br>INCOME SERIES** | **NOMURA VIP HIGH<br>INCOME SERIES** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $567240 | $529468 | $— | $— | $1771190 | $1465387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (332796) | (770763) | 9113994 | 7624652 | (402458) | (153450) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 862643 | 564244 | 6261492 | 4397765 | 570350 | 82254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1097087 | 322949 | 15375486 | 12022417 | 1939082 | 1394191 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 1207385 | 463907 | 8766767 | 8816874 | 4392558 | 4431281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 801183 | 880611 | (3520390) | (2567568) | (489078) | 1517252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (134918) | (210007) | (1301523) | (1000724) | (419120) | (420162) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (699191) | (701663) | (2817109) | (2605404) | (1666341) | (1602559) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 1174459 | 432848 | 1127745 | 2643178 | 1818019 | 3925812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  |  | 40059 | 29733 | 17283 | 12074 |
|  **Net Increase (Decrease) in Net Assets** | 2271546 | 755797 | 16543290 | 14695328 | 3774384 | 5332077 |
|  **Net Assets — Beginning of Year** | 15566885 | 14811088 | 59914302 | 45218974 | 25966339 | 20634262 |
|  **Net Assets — End of Year** | $17838431 | $15566885 | $76457592 | $59914302 | $29740723 | $25966339 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>COMMODITYREALRETURN<sup>®</sup><br>STRATEGY PORTFOLIO** | **PIMCO<br>COMMODITYREALRETURN<sup>®</sup><br>STRATEGY PORTFOLIO** | **T. ROWE PRICE BLUE<br>CHIP GROWTH<br>PORTFOLIO** | **T. ROWE PRICE BLUE<br>CHIP GROWTH<br>PORTFOLIO** | **T. ROWE PRICE<br>EQUITY INCOME<br>PORTFOLIO** | **T. ROWE PRICE<br>EQUITY INCOME<br>PORTFOLIO** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $170124 | $111218 | $— | $— | $106083 | $103106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (148489) | (127362) | 528276 | 216843 | 791592 | 532559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1037495 | 221619 | 107134 | 256173 | 45134 | 35035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1059130 | 205475 | 635410 | 473016 | 942809 | 670700 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 863728 | 929454 | 1567625 | 1385646 | 822268 | 808934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (183435) | 92137 | (230418) | (16607) | 204567 | (563190) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (112700) | (116010) | (65012) | (2102) | (136284) | (43875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (414253) | (381931) | (294403) | (162322) | (414749) | (356898) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 153340 | 523650 | 977792 | 1204615 | 475802 | (155029) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 3116 | 1362 | 6709 | 3716 | 5239 | 5730 |
|  **Net Increase (Decrease) in Net Assets** | 1215586 | 730487 | 1619911 | 1681347 | 1423850 | 521401 |
|  **Net Assets — Beginning of Year** | 5613038 | 4882551 | 2614231 | 932884 | 6465116 | 5943715 |
|  **Net Assets — End of Year** | $6828624 | $5613038 | $4234142 | $2614231 | $7888966 | $6465116 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **T. ROWE PRICE<br>MID-CAP GROWTH<br>PORTFOLIO** | **T. ROWE PRICE<br>MID-CAP GROWTH<br>PORTFOLIO** | **TARGET 2025<br>ALLOCATION\*** | **TARGET 2025<br>ALLOCATION\*** | **TARGET 2035<br>ALLOCATION\*** | **TARGET 2035<br>ALLOCATION\*** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $— | $— | $24251 | $20780 | $68364 | $56778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 109176 | 52852 | 48917 | 9699 | 124995 | 80249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (84460) | (31802) | 32791 | 41011 | 260745 | 135707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 24716 | 21050 | 105959 | 71490 | 454104 | 272734 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 298490 | 334018 | 46898 | 100363 | 209633 | 291940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 10466 | 72866 | (11220) | (187463) | 41956 | 186247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (3787) | (320) |  | (44179) | (49479) | (31841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (73806) | (43000) | (59307) | (62671) | (155087) | (159625) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 231363 | 363564 | (23629) | (193950) | 47023 | 286721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 1916 | 971 |  |  |  | 286 |
|  **Net Increase (Decrease) in Net Assets** | 257995 | 385585 | 82330 | (122460) | 501127 | 559741 |
|  **Net Assets — Beginning of Year** | 536544 | 150959 | 820604 | 943064 | 2841002 | 2281261 |
|  **Net Assets — End of Year** | $794539 | $536544 | $902934 | $820604 | $3342129 | $2841002 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TARGET 2045<br>ALLOCATION\*** | **TARGET 2045<br>ALLOCATION\*** | **TARGET 2055<br>ALLOCATION\*** | **TARGET 2055<br>ALLOCATION\*** | **TEMPLETON<br>DEVELOPING MARKETS<br>VIP FUND** | **TEMPLETON<br>DEVELOPING MARKETS<br>VIP FUND** |
|  | **TARGET 2045<br>ALLOCATION\*** | **TARGET 2045<br>ALLOCATION\*** | **TARGET 2055<br>ALLOCATION\*** | **TARGET 2055<br>ALLOCATION\*** | **TEMPLETON<br>DEVELOPING MARKETS<br>VIP FUND** | **TEMPLETON<br>DEVELOPING MARKETS<br>VIP FUND** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $65929 | $49270 | $99203 | $72766 | $38518 | $219162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 144618 | 72216 | 298213 | 277619 | 172075 | (13930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 287298 | 192993 | 599000 | 304632 | 2565373 | 193761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 497845 | 314479 | 996416 | 655017 | 2775966 | 398993 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 322225 | 314501 | 475185 | 648629 | 1139423 | 1046151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | 301062 | (5627) | 400686 | (368020) | 348742 | (168025) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (67717) | (26) | (135289) | (122999) | (157039) | (84736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (136733) | (137305) | (273010) | (269423) | (412573) | (371135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 418837 | 171543 | 467572 | (111813) | 918553 | 422255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K |  | (18) |  |  | 4249 | 2870 |
|  **Net Increase (Decrease) in Net Assets** | 916682 | 486004 | 1463988 | 543204 | 3698768 | 824118 |
|  **Net Assets — Beginning of Year** | 2893350 | 2407346 | 5279558 | 4736354 | 5819162 | 4995044 |
|  **Net Assets — End of Year** | $3810032 | $2893350 | $6743546 | $5279558 | $9517930 | $5819162 |

---

The accompanying notes are an integral part of these financial statements.

\* Denotes Variable Investment Options that invest in shares of a Portfolio of EQ Advisors Trust, an affiliate of Equitable America.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **TEMPLETON GLOBAL<br>BOND VIP FUND** | **TEMPLETON GLOBAL<br>BOND VIP FUND** | **VANECK VIP EMERGING<br>MARKETS BOND FUND** | **VANECK VIP EMERGING<br>MARKETS BOND FUND** | **VANECK VIP EMERGING<br>MARKETS FUND** | **VANECK VIP EMERGING<br>MARKETS FUND** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |  |  |  |  |
|  **From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $— | $— | $1947 | $2380 | $23 | $47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (321595) | (170443) | (6) | (15) | 6 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 2454799 | (1414624) | 4274 | (1477) | 794 | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2133204 | (1585067) | 6215 | 888 | 823 | 29 |
|  **From Contractowners Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 2268400 | 2108141 | 1447 | 2154 | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (80341) | 776943 | (35) | (28) | 141 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (271194) | (267199) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (947833) | (953318) | (778) | (762) | (64) | (62) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | 969032 | 1664567 | 634 | 1364 | 78 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 11701 | 7129 |  | (2786) |  |  |
|  **Net Increase (Decrease) in Net Assets** | 3113937 | 86629 | 6849 | (534) | 901 | 108 |
|  **Net Assets — Beginning of Year** | 13245814 | 13159185 | 33488 | 34022 | 2700 | 2592 |
|  **Net Assets — End of Year** | $16359751 | $13245814 | $40337 | $33488 | $3601 | $2700 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | |
|:---|:---|:---|
|  | **VANECK VIP GLOBAL<br>RESOURCES FUND** | **VANECK VIP GLOBAL<br>RESOURCES FUND** |
|  | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets** |  |  |
|  **From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $116547 | $108369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 91353 | 70133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 1318789 | (304121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1526689 | (125619) |
|  **From Contractowners Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payments received from contractowners | 559615 | 574612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers between Variable Investment Options including guaranteed interest account, net | (262939) | (607095) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemptions for contract benefits and terminations | (267383) | (87358) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contract maintenance charges | (259627) | (277861) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from contractowners transactions | (230334) | (397702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in amount retained by Equitable America in Equitable America Variable Account K | 943 | 537 |
|  **Net Increase (Decrease) in Net Assets** | 1297298 | (522784) |
|  **Net Assets — Beginning of Year** | 4384441 | 4907225 |
|  **Net Assets — End of Year** | $5681739 | $4384441 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

The change in units outstanding for the years or periods ended December 31, 2025 and 2024 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | <br>**Share Class\*\*** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** |
|  1290 VT CONVERTIBLE SECURITIES | CLASS IB | 4 | (2) | 2 | 3 | (2) | 1 |
|  1290 VT DOUBLELINE OPPORTUNISTIC BOND | CLASS IB | 7 | (2) | 5 | 12 | (7) | 5 |
|  1290 VT EQUITY INCOME | CLASS IB | 4 | (26) | (22) | 1 | (2) | (1) |
|  1290 VT GAMCO MERGERS & ACQUISITIONS | CLASS IB | 2 | (2) |  | 3 | (2) | 1 |
|  1290 VT GAMCO SMALL COMPANY VALUE | CLASS IB | 27 | (17) | 10 | 22 | (7) | 15 |
|  1290 VT MULTI-ALTERNATIVE STRATEGIES | CLASS IB |  |  |  | 1 |  | 1 |
|  1290 VT NATURAL RESOURCES | CLASS IB | 2 | (2) |  | 4 | (2) | 2 |
|  1290 VT REAL ESTATE | CLASS IB | 6 | (1) | 5 | 6 | (1) | 5 |
|  1290 VT SMALL CAP VALUE | CLASS IB | 6 | (2) | 4 | 7 | (2) | 5 |
|  1290 VT SMARTBETA EQUITY ESG | CLASS IB | 10 | (3) | 7 | 5 | (2) | 3 |
|  1290 VT SOCIALLY RESPONSIBLE | CLASS IB | 2 | (1) | 1 | 3 | (1) | 2 |
|  AB VPS DISCOVERY VALUE PORTFOLIO | CLASS B | 1 |  | 1 | 1 |  | 1 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> ASSET ALLOCATION FUND | CLASS 4 | 21 | (4) | 17 | 16 | (3) | 13 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> GLOBAL SMALL CAPITALIZATION FUND | CLASS 4 | 16 | (4) | 12 | 15 | (3) | 12 |
|  AMERICAN FUNDS INSURANCE SERIES<sup>®</sup> NEW WORLD FUND<sup>®</sup> | CLASS 4 | 22 | (10) | 12 | 13 | (5) | 8 |
|  BLACKROCK GLOBAL ALLOCATION V.I. FUND | CLASS III | 10 | (2) | 8 | 6 | (1) | 5 |
|  BNY MELLON STOCK INDEX FUND, INC. | INITIAL SHARES | 54 | (71) | (17) | 114 | (196) | (82) |
|  EQ/400 MANAGED VOLATILITY | CLASS IB | 1 | (1) |  | 1 | (1) |  |
|  EQ/500 MANAGED VOLATILITY | CLASS IB | 1 | (4) | (3) | 1 | (1) |  |
|  EQ/2000 MANAGED VOLATILITY | CLASS IB |  | (1) | (1) |  | (1) | (1) |
|  EQ/AB SMALL CAP GROWTH | CLASS IB | 15 | (5) | 10 | 17 | (4) | 13 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | <br>**Share Class\*\*** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** |
|  EQ/AGGRESSIVE ALLOCATION | CLASS IB | 28 | (11) | 17 | 31 | (11) | 20 |
|  EQ/ALL ASSET GROWTH ALLOCATION | CLASS IB | 18 | (8) | 10 | 14 | (8) | 6 |
|  EQ/AMERICAN CENTURY MID CAP VALUE | CLASS IB | 18 | (6) | 12 | 17 | (5) | 12 |
|  EQ/BALANCED STRATEGY | CLASS IB | 6 | (14) | (8) | 7 | (17) | (10) |
|  EQ/CAPITAL GROUP RESEARCH | CLASS IB | 1 | (2) | (1) | 1 | (1) |  |
|  EQ/CLEARBRIDGE LARGE CAP GROWTH ESG | CLASS IB | 5 | (3) | 2 | 5 | (4) | 1 |
|  EQ/COMMON STOCK INDEX | CLASS IA | 3 | (3) |  | 6 | (17) | (11) |
|  EQ/COMMON STOCK INDEX | CLASS IB | 93 | (24) | 69 | 102 | (24) | 78 |
|  EQ/CONSERVATIVE ALLOCATION | CLASS IB | 5 | (3) | 2 | 3 | (3) |  |
|  EQ/CONSERVATIVE GROWTH STRATEGY | CLASS IB | 2 | (5) | (3) | 2 | (4) | (2) |
|  EQ/CONSERVATIVE STRATEGY | CLASS IB | 2 | (3) | (1) | 1 | (1) |  |
|  EQ/CONSERVATIVE-PLUS ALLOCATION | CLASS IB | 7 | (5) | 2 | 7 | (5) | 2 |
|  EQ/CORE BOND INDEX | CLASS IB | 70 | (37) | 33 | 185 | (218) | (33) |
|  EQ/CORE PLUS BOND | CLASS IB | 23 | (14) | 9 | 29 | (10) | 19 |
|  EQ/EMERGING MARKETS EQUITY PLUS | CLASS IB | 6 | (2) | 4 | 7 | (2) | 5 |
|  EQ/EQUITY 500 INDEX | CLASS IB | 262 | (35) | 227 | 264 | (29) | 235 |
|  EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP | CLASS IB | 3 | (2) | 1 | 2 | (3) | (1) |
|  EQ/FIDELITY INSTITUTIONAL AM<sup>®</sup> LARGE CAP | CLASS K | 1 | (21) | (20) | 13 | (1) | 12 |
|  EQ/FRANKLIN RISING DIVIDENDS | CLASS IB | 20 | (5) | 15 | 21 | (5) | 16 |
|  EQ/GLOBAL EQUITY MANAGED VOLATILITY | CLASS IB |  | (2) | (2) | 1 | (2) | (1) |
|  EQ/GOLDMAN SACHS MID CAP VALUE | CLASS IB | 7 | (4) | 3 | 8 | (2) | 6 |
|  EQ/GROWTH STRATEGY | CLASS IB | 10 | (16) | (6) | 9 | (16) | (7) |
|  EQ/INTERMEDIATE CORPORATE BOND | CLASS IB | 2 |  | 2 |  |  |  |
|  EQ/INTERMEDIATE GOVERNMENT BOND | CLASS IA | 123 | (107) | 16 | 310 | (76) | 234 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | <br>**Share Class\*\*** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** |
|  EQ/INTERMEDIATE GOVERNMENT BOND | CLASS IB | 15 | (4) | 11 | 15 | (3) | 12 |
|  EQ/INTERNATIONAL CORE MANAGED VOLATILITY | CLASS IB | 5 | (4) | 1 | 5 | (3) | 2 |
|  EQ/INTERNATIONAL EQUITY INDEX | CLASS IA | 63 | (100) | (37) | 22 | (83) | (61) |
|  EQ/INTERNATIONAL EQUITY INDEX | CLASS IB | 44 | (14) | 30 | 58 | (16) | 42 |
|  EQ/INTERNATIONAL MANAGED VOLATILITY | CLASS IB | 1 | (2) | (1) | 1 | (1) |  |
|  EQ/INTERNATIONAL VALUE MANAGED VOLATILITY | CLASS IB | 5 | (6) | (1) | 3 | (3) |  |
|  EQ/INVESCO COMSTOCK | CLASS IB | 8 | (1) | 7 | 5 | (2) | 3 |
|  EQ/INVESCO GLOBAL | CLASS IB | 4 | (2) | 2 | 6 | (2) | 4 |
|  EQ/INVESCO GLOBAL REAL ASSETS | CLASS IB | 10 | (6) | 4 | 9 | (4) | 5 |
|  EQ/JANUS ENTERPRISE | CLASS IB | 11 | (5) | 6 | 5 | (3) | 2 |
|  EQ/JPMORGAN GROWTH STOCK | CLASS IB | 25 | (11) | 14 | 29 | (11) | 18 |
|  EQ/JPMORGAN VALUE OPPORTUNITIES | CLASS IB | 43 | (9) | 34 | 30 | (5) | 25 |
|  EQ/LARGE CAP CORE MANAGED VOLATILITY | CLASS IB | 2 | (2) |  | 4 | (2) | 2 |
|  EQ/LARGE CAP GROWTH INDEX | CLASS IB | 32 | (10) | 22 | 31 | (9) | 22 |
|  EQ/LARGE CAP GROWTH MANAGED VOLATILITY | CLASS IB | 3 | (2) | 1 | 5 | (5) |  |
|  EQ/LARGE CAP VALUE INDEX | CLASS IB | 26 | (8) | 18 | 22 | (7) | 15 |
|  EQ/LARGE CAP VALUE MANAGED VOLATILITY | CLASS IB | 1 | (2) | (1) | 1 | (2) | (1) |
|  EQ/LAZARD EMERGING MARKETS EQUITY | CLASS IB | 4 | (9) | (5) | 7 | (8) | (1) |
|  EQ/LONG-TERM BOND | CLASS IB | 2 |  | 2 | 2 |  | 2 |
|  EQ/LOOMIS SAYLES GROWTH | CLASS IB | 11 | (4) | 7 | 10 | (6) | 4 |
|  EQ/MFS INTERNATIONAL GROWTH | CLASS IB | 69 | (40) | 29 | 37 | (61) | (24) |
|  EQ/MFS INTERNATIONAL INTRINSIC VALUE | CLASS IB | 22 | (12) | 10 | 26 | (8) | 18 |
|  EQ/MFS MID CAP FOCUSED GROWTH | CLASS IB | 16 | (4) | 12 | 13 | (3) | 10 |
|  EQ/MFS TECHNOLOGY | CLASS IB | 53 | (19) | 34 | 51 | (19) | 32 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | <br>**Share Class\*\*** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** |
|  EQ/MFS UTILITIES SERIES | CLASS IB | 4 |  | 4 | 2 | (1) | 1 |
|  EQ/MFS UTILITIES SERIES | CLASS K |  |  |  |  |  |  |
|  EQ/MID CAP INDEX | CLASS IB | 39 | (5) | 34 | 30 | (7) | 23 |
|  EQ/MID CAP VALUE MANAGED VOLATILITY | CLASS IB | 3 | (2) | 1 | 5 | (3) | 2 |
|  EQ/MODERATE ALLOCATION | CLASS IB | 38 | (31) | 7 | 59 | (17) | 42 |
|  EQ/MODERATE GROWTH STRATEGY | CLASS IB | 15 | (41) | (26) | 14 | (29) | (15) |
|  EQ/MODERATE-PLUS ALLOCATION | CLASS IB | 85 | (40) | 45 | 78 | (35) | 43 |
|  EQ/MONEY MARKET | CLASS IA | 178 | (181) | (3) | 110 | (125) | (15) |
|  EQ/MONEY MARKET | CLASS IB | 377 | (382) | (5) | 389 | (418) | (29) |
|  EQ/MORGAN STANLEY SMALL CAP GROWTH | CLASS IB | 19 | (9) | 10 | 15 | (9) | 6 |
|  EQ/PIMCO GLOBAL REAL RETURN | CLASS IB | 3 | (1) | 2 | 3 | (1) | 2 |
|  EQ/PIMCO REAL RETURN | CLASS IB | 22 | (7) | 15 | 19 | (5) | 14 |
|  EQ/PIMCO TOTAL RETURN ESG | CLASS IB | 24 | (19) | 5 | 32 | (13) | 19 |
|  EQ/PIMCO ULTRA SHORT BOND | CLASS IB | 403 | (531) | (128) | 201 | (308) | (107) |
|  EQ/QUALITY BOND PLUS | CLASS IA |  |  |  |  |  |  |
|  EQ/QUALITY BOND PLUS | CLASS IB | 2 | (2) |  | 2 | (1) | 1 |
|  EQ/SMALL COMPANY INDEX | CLASS IB | 34 | (17) | 17 | 39 | (22) | 17 |
|  EQ/T. ROWE PRICE HEALTH SCIENCES | CLASS IB | 13 | (3) | 10 | 13 | (2) | 11 |
|  EQ/VALUE EQUITY | CLASS IB | 6 | (5) | 1 | 6 | (4) | 2 |
|  EQ/WELLINGTON ENERGY | CLASS IB | 4 | (5) | (1) | 6 | (6) |  |
|  EQUITABLE CONSERVATIVE GROWTH MF/ETF | CLASS IB | 7 | (11) | (4) | 9 | (7) | 2 |
|  EQUITABLE GROWTH MF/ETF | CLASS IB | 4 |  | 4 | 1 |  | 1 |
|  EQUITABLE MODERATE GROWTH MF/ETF | CLASS IB | 8 | (3) | 5 | 2 |  | 2 |
|  FIDELITY<sup>®</sup> VIP ASSET MANAGER 50% | INITIAL CLASS |  |  |  |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Share Class\*\***  | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** |
|  FIDELITY<sup>®</sup> VIP ASSET MANAGER 70% | SERVICE CLASS 2 | 6 | (1) | 5 | 5 | (1) | 4 |
|  FIDELITY<sup>®</sup> VIP GROWTH & INCOME PORTFOLIO | INITIAL CLASS |  |  |  |  |  |  |
|  FIDELITY<sup>®</sup> VIP MID CAP PORTFOLIO | SERVICE CLASS 2 | 12 | (4) | 8 | 10 | (2) | 8 |
|  FIDELITY<sup>®</sup> VIP VALUE PORTFOLIO | SERVICE CLASS 2 | 11 | (2) | 9 | 4 |  | 4 |
|  FRANKLIN INCOME VIP FUND | CLASS 2 |  | (2) | (2) | 1 | (1) |  |
|  FRANKLIN SMALL CAP VALUE VIP FUND | CLASS 2 | 9 | (3) | 6 | 9 | (2) | 7 |
|  INVESCO V.I. DIVERSIFIED DIVIDEND FUND | SERIES I |  |  |  |  |  |  |
|  INVESCO V.I. DIVERSIFIED DIVIDEND FUND | SERIES II | 5 | (1) | 4 | 1 | (1) |  |
|  INVESCO V.I. GLOBAL CORE EQUITY FUND | SERIES I |  |  |  |  |  |  |
|  INVESCO V.I. HEALTH CARE FUND | SERIES I |  |  |  |  |  |  |
|  INVESCO V.I. TECHNOLOGY FUND | SERIES I |  |  |  |  |  |  |
|  JANUS HENDERSON BALANCED PORTFOLIO | SERVICE SHARES | 20 | (3) | 17 | 15 | (3) | 12 |
|  JANUS HENDERSON ENTERPRISE PORTFOLIO | INSTITUTIONAL SHARES | 10 | (16) | (6) | 32 | (44) | (12) |
|  JANUS HENDERSON GLOBAL RESEARCH PORTFOLIO | INSTITUTIONAL SHARES |  |  |  |  |  |  |
|  JANUS HENDERSON MID CAP VALUE PORTFOLIO | SERVICE SHARES | 12 | (15) | (3) | 2 | (16) | (14) |
|  JANUS HENDERSON OVERSEAS PORTFOLIO | INSTITUTIONAL SHARES |  |  |  | 9 | (9) |  |
|  LORD ABBETT SERIES FUND — BOND DEBENTURE PORTFOLIO | VC SHARES | 14 | (6) | 8 | 27 | (2) | 25 |
|  MFS<sup>®</sup> MASSACHUSETTS INVESTORS GROWTH STOCK PORTFOLIO | SERVICE CLASS | 1 | (1) |  |  | (1) | (1) |
|  MORGAN STANLEY VARIABLE INSURANCE FUND INC. EMERGING MARKETS DEBT PORTFOLIO | CLASS I |  |  |  |  |  |  |
|  MULTIMANAGER AGGRESSIVE EQUITY | CLASS IB | 6 | (6) |  | 9 | (4) | 5 |
|  MULTIMANAGER CORE BOND | CLASS IB | 173 | (101) | 72 | 291 | (278) | 13 |
|  MULTIMANAGER TECHNOLOGY | CLASS IB | 17 | (10) | 7 | 21 | (5) | 16 |
|  NOMURA VIP HIGH INCOME SERIES | SERVICE CLASS | 29 | (15) | 14 | 36 | (6) | 30 |

---

The accompanying notes are an integral part of these financial statements.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**STATEMENTS OF CHANGES IN NET ASSETS (Concluded)** 

**FOR THE YEARS OR PERIODS ENDED DECEMBER 31, 2025 AND 2024** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | <br>**Share Class\*\*** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** | **Units<br>Issued<br>(000's)** | **Units<br>Redeemed<br>(000's)** | **Net<br>Increase**<br> **(Decrease)<br>(000's)** |
|  PIMCO COMMODITYREALRETURN<sup>®</sup> STRATEGY PORTFOLIO | ADVISOR CLASS | 6 | (5) | 1 | 9 | (5) | 4 |
| T. ROWE PRICE BLUE CHIP GROWTH PORTFOLIO | CLASS II | 6 | (2) | 4 | 9 | (2) | 7 |
| T. ROWE PRICE EQUITY INCOME PORTFOLIO | CLASS II | 7 | (3) | 4 | 4 | (4) |  |
| T. ROWE PRICE MID-CAP GROWTH PORTFOLIO | CLASS II | 2 |  | 2 | 3 |  | 3 |
|  TARGET 2025 ALLOCATION | CLASS IB |  |  |  | 1 | (2) | (1) |
|  TARGET 2035 ALLOCATION | CLASS IB | 1 | (1) |  | 3 | (1) | 2 |
|  TARGET 2045 ALLOCATION | CLASS IB | 3 | (1) | 2 | 2 | (1) | 1 |
|  TARGET 2055 ALLOCATION | CLASS IB | 4 | (2) | 2 | 4 | (4) |  |
|  TEMPLETON DEVELOPING MARKETS VIP FUND | CLASS 2 | 10 | (5) | 5 | 7 | (3) | 4 |
|  TEMPLETON GLOBAL BOND VIP FUND | CLASS 2 | 21 | (10) | 11 | 24 | (6) | 18 |
|  VANECK VIP EMERGING MARKETS BOND FUND | INITIAL CLASS |  |  |  |  |  |  |
|  VANECK VIP EMERGING MARKETS FUND | INITIAL CLASS |  |  |  |  |  |  |
|  VANECK VIP GLOBAL RESOURCES FUND | CLASS S | 4 | (6) | (2) | 6 | (4) | 2 |
|  VANECK VIP GLOBAL RESOURCES FUND | INITIAL CLASS | 3 | (4) | (1) | 3 | (15) | (12) |

---

The accompanying notes are an integral part of these financial statements.

\*\* Share class reflects the share class of the Portfolio in which the units of the Variable Investment Option are invested, as further described in Note 6 of these financial statements.

The — on the Units Issued and Units Redeemed section may represent no units issued and units redeemed or units issued and units redeemed of less than 500.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements** 

**December 31, 2025** 

**1.** Organization

Equitable America Variable Account K (the "Account") was established by Equitable Financial Life Insurance Company of America ("Equitable America") in 2013. Equitable America changed its name effective December 13, 2019, and the Account changed its name subsequent to December 31, 2019. Equitable America is an Arizona stock life insurance company. On October 1, 2013, Equitable America entered into a reinsurance agreement with Protective Life Insurance Company ("Protective Life") to reinsure an in-force book of life insurance and annuity policies written primarily prior to 2004.

The Account operates as a unit investment trust, a type of investment company, and is registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 (the "1940 Act"). The Account follows the investment company and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of accounting principles generally accepted in the United States of America ("GAAP"). The Account has Variable Investment Options, each of which invest in shares of a mutual fund portfolio of AB Variable Products Series Fund, Inc., AIM Variable Insurance Funds (Invesco Variable Insurance Funds), American Funds Insurance Series<sup>®</sup>, Blackrock Variable Series Funds, Inc., BNY Mellon Investment Adviser, Inc., EQ Advisors Trust ("EQAT"), Fidelity<sup>®</sup> Variable Insurance Products, Franklin Templeton Variable Insurance Products, Ivy Variable Insurance Portfolios, Janus Aspen Series, Lord Abbett Series Fund, Inc., MFS<sup>®</sup> Variable Insurance Trust, PIMCO Variable Insurance Trust, T. Rowe Price Equity Series, Inc., The Universal Institutional Funds, Inc., and Van Eck VIP Trust (collectively, "the Trusts"). The Trusts are registered under the 1940 Act as open-ended, investment management companies that sell shares of a portfolio ("Portfolio") of a mutual fund to separate accounts of insurance companies. Each Portfolio of the Trusts has separate investment objectives. These financial statements and notes are those of the Variable Investment Options of the Account.

The Account consists of the Variable Investment Options listed below.

**<u>AB Variable Products Series Fund, Inc.\*</u>**

• AB VPS Discovery Value Portfolio

**<u>AIM Variable Insurance Funds (Invesco</u>**

**<u>Variable Insurance Funds)</u>**

• Invesco V.I. Diversified Dividend Fund

• Invesco V.I. Global Core Equity Fund

• Invesco V.I. Health Care Fund

• Invesco V.I. Technology Fund

**<u>American Funds Insurance Series<sup>®</sup></u>**

• American Funds Insurance Series <sup>®</sup> Asset Allocation Fund

• American Funds Insurance Series <sup>®</sup> Global Small Capitalization Fund

• American Funds Insurance Series <sup>®</sup> New World Fund <sup>®</sup>

**<u>Blackrock Variable Series Funds, Inc.</u>**

• BlackRock Global Allocation V.I. Fund

**<u>BNY Mellon Investment Adviser, Inc.</u>**

• BNY Mellon Stock Index Fund, Inc.

**<u>EQ Advisors Trust\*</u>**

• 1290 VT Convertible Securities

• 1290 VT DoubleLine Opportunistic Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 1290 VT Equity Income

• 1290 VT GAMCO Mergers & Acquisitions

• 1290 VT GAMCO Small Company Value

• 1290 VT Multi-Alternative Strategies

• 1290 VT Natural Resources

• 1290 VT Real Estate

• 1290 VT Small Cap Value

• 1290 VT SmartBeta Equity ESG

• 1290 VT Socially Responsible

• EQ/400 Managed Volatility

• EQ/500 Managed Volatility

• EQ/2000 Managed Volatility

• EQ/AB Small Cap Growth

• EQ/Aggressive Allocation

• EQ/All Asset Growth Allocation

• EQ/American Century Mid Cap Value

• EQ/Balanced Strategy

• EQ/Capital Group Research

• EQ/ClearBridge Large Cap Growth ESG

• EQ/Common Stock Index

• EQ/Conservative Allocation

• EQ/Conservative Growth Strategy

• EQ/Conservative Strategy

• EQ/Conservative-Plus Allocation

• EQ/Core Bond Index

• EQ/Core Plus Bond

• EQ/Emerging Markets Equity PLUS

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**1.** Organization (Continued)

• EQ/Equity 500 Index

• EQ/Fidelity Institutional AM <sup>®</sup> Large Cap

• EQ/Franklin Rising Dividends

• EQ/Global Equity Managed Volatility

• EQ/Goldman Sachs Mid Cap Value

• EQ/Growth Strategy

• EQ/Intermediate Corporate Bond

• EQ/Intermediate Government Bond

• EQ/International Core Managed Volatility

• EQ/International Equity Index

• EQ/International Managed Volatility

• EQ/International Value Managed Volatility

• EQ/Invesco Comstock

• EQ/Invesco Global

• EQ/Invesco Global Real Assets

• EQ/Janus Enterprise

• EQ/JPMorgan Growth Stock

• EQ/JPMorgan Value Opportunities

• EQ/Large Cap Core Managed Volatility

• EQ/Large Cap Growth Index

• EQ/Large Cap Growth Managed Volatility

• EQ/Large Cap Value Index

• EQ/Large Cap Value Managed Volatility

• EQ/Lazard Emerging Markets Equity

• EQ/Long-Term Bond

• EQ/Loomis Sayles Growth

• EQ/MFS International Growth

• EQ/MFS International Intrinsic Value

• EQ/MFS Mid Cap Focused Growth

• EQ/MFS Technology

• EQ/MFS Utilities Series

• EQ/Mid Cap Index

• EQ/Mid Cap Value Managed Volatility

• EQ/Moderate Allocation

• EQ/Moderate Growth Strategy

• EQ/Moderate-Plus Allocation

• EQ/Money Market

• EQ/Morgan Stanley Small Cap Growth

• EQ/PIMCO Global Real Return

• EQ/PIMCO Real Return

• EQ/PIMCO Total Return ESG

• EQ/PIMCO Ultra Short Bond

• EQ/Quality Bond PLUS

• EQ/Small Company Index

• EQ/T. Rowe Price Health Sciences

• EQ/Value Equity

• EQ/Wellington Energy

• Equitable Conservative Growth MF/ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Equitable Growth MF/ETF

• Equitable Moderate Growth MF/ETF

• Multimanager Aggressive Equity

• Multimanager Core Bond

• Multimanager Technology

• Target 2025 Allocation

• Target 2035 Allocation

• Target 2045 Allocation

• Target 2055 Allocation

**<u>Fidelity<sup>®</sup> Variable Insurance Products</u>**

• Fidelity <sup>®</sup> VIP Asset Manager 50%<sup>(1)</sup>

• Fidelity <sup>®</sup> VIP Asset Manager 70%<sup>(2)</sup>

• Fidelity <sup>®</sup> VIP Growth & Income Portfolio

• Fidelity <sup>®</sup> VIP Mid Cap Portfolio

• Fidelity <sup>®</sup> VIP Value Portfolio

**<u>Franklin Templeton Variable Insurance Products</u>**

• Franklin Income VIP Fund

• Franklin Small Cap Value VIP Fund

• Templeton Developing Markets VIP Fund

• Templeton Global Bond VIP Fund

**<u>IVY Variable Insurance Portfolios</u>**

• Nomura VIP High Income Series<sup>(3)</sup>

**<u>Janus Aspen Series</u>**

• Janus Henderson Balanced Portfolio

• Janus Henderson Enterprise Portfolio

• Janus Henderson Global Research Portfolio

• Janus Henderson Mid Cap Value Portfolio

• Janus Henderson Overseas Portfolio

**<u>Lord Abbett Series Fund, Inc.</u>**

• Lord Abbett Series Fund — Bond Debenture Portfolio

**<u>MFS<sup>®</sup> Variable Insurance Trust</u>**

• MFS <sup>®</sup> Massachusetts Investors Growth Stock Portfolio

**<u>PIMCO Variable Insurance Trust</u>**

• PIMCO CommodityRealReturn <sup>®</sup> Strategy Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>T. Rowe Price Equity Series, Inc.</u>**

• T. Rowe Price Blue Chip Growth Portfolio

• T. Rowe Price Equity Income Portfolio

• T. Rowe Price Mid-Cap Growth Portfolio

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**1.** Organization (Concluded)

**<u>The Universal Institutional Funds, Inc.</u>**

• Morgan Stanley Variable Insurance Fund Inc.

• Emerging Markets Debt Portfolio

**<u>Van Eck VIP Trust</u>**

• VanEck VIP Emerging Markets Bond Fund

• VanEck VIP Emerging Markets Fund

• VanEck VIP Global Resources Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Formerly known as Fidelity <sup>®</sup> VIP Asset Manager Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Formerly known as Fidelity <sup>®</sup> VIP Asset Manager: Growth Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Formerly known as Macquarie VIP High Income Series.

\* An affiliate of Equitable America providing advisory and other services to one or more Portfolios of this Trust, as further described in Note 6 of these financial statements.

The Account is used to support MONY Corporate Sponsored Variable Universal Life (CSVUL), Incentive Life Legacy<sup>®</sup>, Incentive Life Legacy<sup>®</sup> II, Incentive Life Legacy<sup>®</sup> III, VUL Legacy<sup>SM</sup>, Incentive Life Optimizer<sup>®</sup> III, VUL Optimizer<sup>SM</sup> and Equitable Advantage (collectively, the "Variable Life Policies"). These policies are issued by Equitable America, which is a wholly-owned subsidiary of Equitable Holdings, Inc.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from Equitable America's other assets and liabilities. All Contracts are issued by Equitable America. The assets of the Account are the property of Equitable America. However, the portion of the Account's assets attributable to the Contracts will not be chargeable with liabilities arising out of any other business Equitable America may conduct.

The amount retained by Equitable America in the Account arises primarily from (1) contributions from Equitable America and (2) that portion, determined ratably, of the Account's investment results applicable to those assets in the Account in excess of the net assets, attributable to accumulation of units. Amounts retained by Equitable America are not subject to charges for mortality and expense charges and administrative charges. Amounts retained by Equitable America in the Account may be transferred at any time by Equitable America to its General Account ("General Account").

Each of the Variable Investment Options of the Account bears indirect exposure to the market, credit, and liquidity risks of the Portfolio in which it invests. These financial statements and footnotes should be read in conjunction with the financial statements and footnotes of the Portfolios of the Trusts, which are distributed by Equitable America to the Contractowners of the Variable Investment Options of the Account.

In the normal course of business, Equitable America may have agreements to indemnify another party under given circumstances. The maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not been, made against the Variable Investment Options of the Account. Based on experience, the risk of material loss is expected to be remote.

**2.** Significant Accounting Policies

The accompanying financial statements are prepared in conformity with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

*Investments:* 

Investments are made in shares of the Portfolios and the fair values of investments are the reported net asset values per share of the respective Portfolios. The net asset value is determined by the Trusts using the fair value of the underlying assets of the Portfolio less liabilities.

*Investment Transactions and Investment Income:* 

Investment transactions are recorded on the trade date. Dividend income and net realized gain distributions from the Portfolios are recorded and automatically reinvested on the ex-dividend date. Net realized gain (loss) on investments are gains and losses on redemptions of investments in the Portfolios (determined on the identified cost basis).

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**2.** Significant Accounting Policies (Concluded)

*Due to and Due from:* 

Receivable/payable for policy-related transactions represent amounts due to/from Equitable America's General Account primarily related to premiums, surrenders, death benefits and amounts transferred among various Portfolios by Contractowners. Receivable/payable for shares of the Portfolios sold/purchased represent unsettled trades.

*Contract Payments and Transfers:* 

Payments received from Contractowners represent Contractowner contributions under the Variable Life Policies reduced by deductions and charges, including premium charges, as applicable, and state premium taxes. Contractowners may allocate amounts in their individual accounts to the Variable Investment Options, to the guaranteed interest account of Equitable America's General Account, and/or index fund options of Separate Account LIO, if available.

Transfers between Variable Investment Options including the guaranteed interest account with market value adjustment, net, are amounts that Contractowners have directed to be moved among Portfolios, including permitted transfers to and from the guaranteed interest account, and/or index fund options of Separate Account LIO, if available. The net assets of any Variable Investment Option may not be less than the aggregate value of the Contractowner accounts allocated to that Variable Investment Option. Equitable America is required by state insurance law to set aside additional assets in Equitable America's General Account to provide for other policy benefits. Equitable America's General Account is subject to creditor rights.

Redemptions for contract benefits and terminations are payments to Contractowners and beneficiaries made under the terms of the Variable Life Policies, and amounts that Contractowners have requested to be withdrawn and paid to them. Withdrawal charges, if any, are included in Redemptions for contract benefits and terminations to the extent that such charges apply to the contracts. Administrative charges, if any, are included in Contract maintenance charges to the extent that such charges apply to the contracts.

*Income Tax:* 

The operations of the Account are included in the federal income tax return of Equitable America, which is taxed as a life insurance company under the provisions of the Internal Revenue Code. No federal income tax based on net income, or realized and unrealized capital gains, is currently applicable to the Variable Life Policies participating in the Account by reasons of applicable provisions of the Internal Revenue Code, and no federal income tax payable by Equitable America is expected to affect the unit values of Variable Life Policies participating in the Account. Accordingly, no provision for income taxes is required. However, Equitable America retains the right to charge for any federal income tax, which is attributable to the Account, if the law is changed.

**3.** Fair Value Disclosures

Under GAAP, fair value is the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value, and identifies three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices that are publicly available for identical assets in active markets. Level 1 fair values generally are supported by market transactions that occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets, quoted prices in markets that are not active, and inputs to model-derived valuations that are directly observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs supported by little or no market activity and often requiring significant judgment or estimation, such as an entity's own assumptions about the cash flows or other significant components of value that market participants would use in pricing the asset or liability.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**3.** Fair Value Disclosures (Concluded)

All investments of each Variable Investment Option of the Account have been classified as Level 1. There were no transfers between level 1, level 2 and level 3 during the year.

**4.** Segment Reporting

Equitable America has identified its President and the President of Equitable Investment Management Group, LLC ("EIMG") as the Chief Operating Decision Makers ("CODM") assessing performance and making decisions about resource allocation for the Separate Account. The Separate Account is comprised of multiple subaccounts; each subaccount represents a variable investment option. As an investment company, the Separate Account engages in a single line of business, which typically involves managing funds that are segregated from the general assets of the Separate Account's parent company. The Separate Account is used for products such as variable annuities and life insurance policies, where contractholders can choose from various investment options across different asset classes, which allow contractholders to diversify their portfolios according to their risk tolerance and investment goals.

The CODM determined that each variable investment option makes up one operating segment of the Separate Account. The Separate Account's variable investment options are pre-determined in accordance with the terms of the prospectus. The financial information provided and reviewed by the CODM is consistent with those presented within the Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets, and Financial Highlights.

**5.** Purchases and Sales of Portfolios

The cost of purchases and proceeds from sales of Portfolios for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  1290 VT Convertible Securities | $671741 | $400837 |
|  1290 VT DoubleLine Opportunistic Bond | 909326 | 206393 |
|  1290 VT Equity Income | 1521599 | 2194683 |
|  1290 VT GAMCO Mergers & Acquisitions | 692598 | 474358 |
|  1290 VT GAMCO Small Company Value | 14730572 | 5911941 |
|  1290 VT Multi-Alternative Strategies | 65704 | 21218 |
|  1290 VT Natural Resources | 410750 | 262418 |
|  1290 VT Real Estate | 600946 | 107281 |
|  1290 VT Small Cap Value | 2162204 | 436439 |
|  1290 VT SmartBeta Equity ESG | 2923313 | 750492 |
|  1290 VT Socially Responsible | 935408 | 366077 |
|  AB VPS Discovery Value Portfolio | 138917 | 33314 |
|  American Funds Insurance Series<sup>®</sup> Asset Allocation Fund | 3241292 | 535451 |
|  American Funds Insurance Series<sup>®</sup> Global Small Capitalization Fund | 2602421 | 733374 |
|  American Funds Insurance Series<sup>®</sup> New World Fund<sup>®</sup> | 4301781 | 1862680 |
|  BlackRock Global Allocation V.I. Fund | 1532038 | 251484 |
|  BNY Mellon Stock Index Fund, Inc. | 7620289 | 7340006 |
|  EQ/400 Managed Volatility | 371787 | 273313 |
|  EQ/500 Managed Volatility | 1346929 | 2032272 |
|  EQ/2000 Managed Volatility | 243296 | 477687 |
|  EQ/AB Small Cap Growth | 6624193 | 2092672 |
|  EQ/Aggressive Allocation | 12182270 | 3515081 |
|  EQ/All Asset Growth Allocation | 5087769 | 1697635 |
|  EQ/American Century Mid Cap Value | 7027953 | 1971830 |
|  EQ/Balanced Strategy | 5377118 | 3232099 |
|  EQ/Capital Group Research | 1728017 | 1309825 |
|  EQ/ClearBridge Large Cap Growth ESG | 3634896 | 1440133 |
|  EQ/Common Stock Index | 41571934 | 9326766 |
|  EQ/Conservative Allocation | 743803 | 436816 |
|  EQ/Conservative Growth Strategy | 1339911 | 973987 |
|  EQ/Conservative Strategy | 347196 | 422723 |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**5.** Purchases and Sales of Portfolios (Continued)

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  EQ/Conservative-Plus Allocation | $1630207 | $890297 |
|  EQ/Core Bond Index | 7099845 | 1855580 |
|  EQ/Core Plus Bond | 4250890 | 2182510 |
|  EQ/Emerging Markets Equity PLUS | 822428 | 217583 |
|  EQ/Equity 500 Index | 87075293 | 16271370 |
|  EQ/Fidelity Institutional AM<sup>®</sup> Large Cap | 3741788 | 3571676 |
|  EQ/Franklin Rising Dividends | 6159578 | 1717331 |
|  EQ/Global Equity Managed Volatility | 1515642 | 1118911 |
|  EQ/Goldman Sachs Mid Cap Value | 2550189 | 897447 |
|  EQ/Growth Strategy | 12373245 | 4812959 |
|  EQ/Intermediate Corporate Bond | 264295 | 27326 |
|  EQ/Intermediate Government Bond | 4619842 | 2647936 |
|  EQ/International Core Managed Volatility | 1688604 | 856501 |
|  EQ/International Equity Index | 11640727 | 5473365 |
|  EQ/International Managed Volatility | 232758 | 494864 |
|  EQ/International Value Managed Volatility | 1421239 | 1312556 |
|  EQ/Invesco Comstock | 3229120 | 528914 |
|  EQ/Invesco Global | 1299309 | 324054 |
|  EQ/Invesco Global Real Assets | 2607697 | 1197392 |
|  EQ/Janus Enterprise | 4548577 | 1485630 |
|  EQ/JPMorgan Growth Stock | 20187242 | 5411822 |
|  EQ/JPMorgan Value Opportunities | 16045518 | 3237179 |
|  EQ/Large Cap Core Managed Volatility | 1916723 | 553568 |
|  EQ/Large Cap Growth Index | 15869164 | 4392535 |
|  EQ/Large Cap Growth Managed Volatility | 4936910 | 1821976 |
|  EQ/Large Cap Value Index | 7052628 | 1752172 |
|  EQ/Large Cap Value Managed Volatility | 1537214 | 890434 |
|  EQ/Lazard Emerging Markets Equity | 2496748 | 1640127 |
|  EQ/Long-Term Bond | 363678 | 42102 |
|  EQ/Loomis Sayles Growth | 6064330 | 2648040 |
|  EQ/MFS International Growth | 11834420 | 3515702 |
|  EQ/MFS International Intrinsic Value | 8380371 | 3699457 |
|  EQ/MFS Mid Cap Focused Growth | 7905217 | 1723966 |
|  EQ/MFS Technology | 13095803 | 3824646 |
|  EQ/MFS Utilities Series | 612800 | 57297 |
|  EQ/Mid Cap Index | 12300765 | 1702858 |
|  EQ/Mid Cap Value Managed Volatility | 1653002 | 648567 |
|  EQ/Moderate Allocation | 12122298 | 6737956 |
|  EQ/Moderate Growth Strategy | 19315735 | 10811311 |
|  EQ/Moderate-Plus Allocation | 31360599 | 10131213 |
|  EQ/Money Market | 54489951 | 49903182 |
|  EQ/Morgan Stanley Small Cap Growth | 3492742 | 1709654 |
|  EQ/PIMCO Global Real Return | 348826 | 99163 |
|  EQ/PIMCO Real Return | 3437333 | 944227 |
|  EQ/PIMCO Total Return ESG | 4333089 | 2587718 |
|  EQ/PIMCO Ultra Short Bond | 8960308 | 10044894 |
|  EQ/Quality Bond PLUS | 529805 | 415657 |
|  EQ/Small Company Index | 7345543 | 2012108 |
|  EQ/T. Rowe Price Health Sciences | 1992054 | 415351 |
|  EQ/Value Equity | 2876899 | 1959520 |
|  EQ/Wellington Energy | 579797 | 541836 |
|  Equitable Conservative Growth MF/ETF | 2214158 | 2030407 |
|  Equitable Growth MF/ETF | 534654 | 47312 |
|  Equitable Moderate Growth MF/ETF | 1071457 | 363433 |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**5.** Purchases and Sales of Portfolios (Concluded)

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Fidelity<sup>®</sup> VIP Asset Manager 50% | $496 | $115 |
|  Fidelity<sup>®</sup> VIP Asset Manager 70% | 800381 | 99961 |
|  Fidelity<sup>®</sup> VIP Growth & Income Portfolio | 2675768 | 16320377 |
|  Fidelity<sup>®</sup> VIP Mid Cap Portfolio | 5060229 | 1213401 |
|  Fidelity<sup>®</sup> VIP Value Portfolio | 1696862 | 256332 |
|  Franklin Income VIP Fund | 29503 | 67242 |
|  Franklin Small Cap Value VIP Fund | 2983921 | 710392 |
|  Invesco V.I. Diversified Dividend Fund | 657221 | 101968 |
|  Invesco V.I. Global Core Equity Fund | 74 | 47 |
|  Invesco V.I. Health Care Fund | 4560 | 2022 |
|  Invesco V.I. Technology Fund | 12930 | 2793 |
|  Janus Henderson Balanced Portfolio | 2964740 | 389090 |
|  Janus Henderson Enterprise Portfolio | 770683 | 786063 |
|  Janus Henderson Global Research Portfolio | 3720 | 266 |
|  Janus Henderson Mid Cap Value Portfolio | 968366 | 784799 |
|  Janus Henderson Overseas Portfolio | 8069 | 13577 |
|  Lord Abbett Series Fund — Bond Debenture Portfolio | 2035845 | 695544 |
|  MFS<sup>®</sup> Massachusetts Investors Growth Stock Portfolio | 965898 | 616454 |
|  Morgan Stanley Variable Insurance Fund Inc. Emerging Markets Debt Portfolio | 14138 | 1143 |
|  Multimanager Aggressive Equity | 5688436 | 2444678 |
|  Multimanager Core Bond | 3841245 | 2099546 |
|  Multimanager Technology | 15367136 | 6018945 |
|  Nomura VIP High Income Series | 5872332 | 2254705 |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | 965342 | 638869 |
| T. Rowe Price Blue Chip Growth Portfolio | 1797348 | 440789 |
| T. Rowe Price Equity Income Portfolio | 2201960 | 859822 |
| T. Rowe Price Mid-Cap Growth Portfolio | 390864 | 48315 |
|  Target 2025 Allocation | 121647 | 58913 |
|  Target 2035 Allocation | 364006 | 157998 |
|  Target 2045 Allocation | 783879 | 206264 |
|  Target 2055 Allocation | 1133437 | 403609 |
|  Templeton Developing Markets VIP Fund | 1983166 | 901873 |
|  Templeton Global Bond VIP Fund | 2085991 | 1105779 |
|  VanEck VIP Emerging Markets Bond Fund | 4166 | 1585 |
|  VanEck VIP Emerging Markets Fund | 171 | 70 |
|  VanEck VIP Global Resources Fund | 772329 | 885324 |

---

**6.** Expenses and Related Party Transactions

*Investment Manager and Advisors:* 

The assets in each Variable Investment Option are invested in shares of a corresponding Portfolio of the Trusts. Shares are offered by the Portfolios at net asset value. Shares in which the Variable Investment Options invest are categorized by the share class of the Portfolio. EQAT issues Class IA, Class IB and Class K shares. All share classes issued by EQAT are subject to fees for investment management, administration and other Portfolio expenses. Class IA and Class IB are also subject to distribution fees imposed under distribution plans ("Distribution Plans") and adopted by EQAT in the manner prescribed under Rule 12b-1 under the 1940 Act. The Distribution Plans provide that EQAT, on behalf of each related Portfolio, may charge a maximum annual distribution fee ("12b-1 fee") of 0.25% of the average daily net assets of a Portfolio attributable to its Class IA and Class IB shares. The class-specific expenses attributable to the investment in each share class of the Portfolios in which the Variable Investment Options invest are borne by the specific unit classes of the Variable Investment Options to which the investments are attributable.

EQAT on behalf of each Portfolio, have entered into distribution agreements with Equitable Distributors, LLC ("Equitable

Distributors"), and EIMG, affiliates of Equitable America. The Distribution Plans provide that Equitable Distributors will be entitled to receive a maximum 12b-1 fee as described above.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**6.** Expenses and Related Party Transactions (Concluded)

EIMG, serves as investment adviser of the Portfolios of EQAT. EIMG either (1) directly manages the Portfolios or (2) contracts with and oversees the activities of the investment sub-advisers with respect to the Portfolios. EIMG receives management fees for services performed in its capacity as investment adviser of the Portfolios of EQAT and pays fees to the sub-advisers for sub-advisory services to the respective Portfolios. Equitable Investment Management, LLC ("EIM"), an affiliate of Equitable America, serves as administrator of the Portfolios of EQAT. As the administrator, EIM either (1) carries out its responsibilities directly or (2) through sub-contracting with third-party providers. EIM receives administrative fees for services performed in its capacity as administrator of the Portfolios of EQAT. Expenses of the Portfolios of EQAT generally vary, depending on net asset levels for individual Portfolios, and range from a low annual rate of 0.54% to a high of 2.74% (after waivers, reimbursements, fees paid indirectly and including indirect expenses, as applicable) of the average daily net assets of the Portfolios of EQAT. Since these fees and expenses are reflected in the net asset value of the shares of the Portfolios and the total returns of the Variable Investment Options, they are not included in the expenses or expense ratios of the Variable Investment Options.

Equitable America, Equitable Advisors, LLC ("Equitable Advisors") or Equitable Distributors may directly or indirectly receive 12b-1 fees and additional payments from certain unaffiliated Portfolios, their advisers, sub-advisers, distributors or affiliates, for providing certain administrative, marketing, distribution and/or shareholder support services in connection with the Variable Investment Options' investment in the Portfolios. These fees and payments range from 0.00% to 0.60% of the unaffiliated Portfolios' average daily net assets. Equitable Advisors or Equitable Distributors may also receive payments from the advisers or sub-advisers of the unaffiliated Portfolios or their affiliates for certain distribution services, including expenses for sales meetings or seminar sponsorships that may relate to the policies and/ or the advisers' respective Portfolios.

AllianceBernstein L.P. ("AllianceBernstein") serves as an investment sub-advisor for a number of Portfolios in EQAT including 1290 VT Natural Resources, 1290 VT Real Estate, EQ/AB Small Cap Growth, EQ/Common Stock Index, EQ/Equity 500 Index, EQ/Intermediate Corporate Bond, EQ/International Equity Index, EQ/Large Cap Growth Index, EQ/Large Cap Value Index, EQ/Long-Term Bond, EQ/Mid Cap Index and EQ/Small Company Index, as well as a portion of EQ/Emerging Markets Equity PLUS, EQ/Large Cap Value Managed Volatility, EQ/Quality Bond PLUS, Multimanager Aggressive Equity and Multimanager Technology. AllianceBernstein is a limited partnership, which is indirectly majority-owned by Equitable Holdings, Inc.

*Contract Distribution and Principal Underwriter:* 

Equitable Advisors and Equitable Distributors are distributors and principal underwriters of the Variable Life Policies and the Accounts. They are both registered with the SEC as broker-dealers and are members of the Financial Industry Regulatory Authority ("FINRA").

The Variable Life Policies are sold by financial professionals who are registered representatives of Equitable Advisors and licensed insurance agents of Equitable Network, LLC ("Equitable Network"), or its subsidiaries (affiliates of Equitable America). Equitable Network receives commissions under its General Sales Agreement with Equitable America and its

Networking Agreement with Equitable Advisors. Equitable Advisors receives service related payments under its Supervisory and Distribution Agreement with Equitable America. The financial professionals are compensated on a commission basis by Equitable Network. The Variable Life Policies are also sold through licensed insurance agents (both affiliated and unaffiliated with Equitable America) and their affiliated broker-dealers (who are registered with the SEC and are members of the FINRA) that have entered into selling agreements with Equitable Distributors. The licensed insurance agents who sell Equitable America policies for these companies are appointed agents of Equitable America, and are registered representatives of the broker- dealers under contracts with Equitable Distributors.

Equitable Financial Life Insurance Company, an affiliate of Equitable America, serves as the transfer agent for EQAT.

**7.** Contractowner Charges

The table below lists the current fees deducted from either the Variable Investment Option assessed as a redemption of units or as a percentage of premium paid. Actual charges amounts may vary or may be zero depending on the terms of the various policies. These charges are reflected as part of "Contractowners Transactions" in the Statement of Changes in Net Assets.

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**7.** Contractowner Charges (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Charges** | **When charge**<br> **is deducted** | **Amount deducted** | **How deducted** |
| Premium Charge | From each premium | 0% to 19% | Deducted from each premium payment and is netted against "Payments received from Contractowners" |
| Mortality & Expense Risk Charge | Monthly | 0% to 1.75% | Unit liquidation from account value |
| Administrative Charge | Monthly | $0 to $20 A charge between $0.03 and $1.82 per $1,000 of the initial base policy face amount and any face amount increase above the previous highest face amount is also deducted at the beginning of each policy month in the first ten policy years and for ten years following a face amount increase. | Unit liquidation from account value |
| Cost of Insurance | Monthly | Varies as per policy | Unit liquidation from account value |
| Transfer Charge | Upon transfer (Equitable America does not currently assess this charge, but reserves the right to impose a transfer charge) | $0 to $25 | Unit liquidation from account value |
| Partial Surrender Charge | Upon a partial surrender under the Policy | Varies as per policy | Unit liquidation from account value |
| Surrender Charge | At time of full policy surrender | Varies as per policy | Unit liquidation from account value |
| Reinstatement Fee | At the time the Policy is reinstated | Current Charge — $150 | Unit liquidation from account value |
| Loan Interest Rate Spread | Annually on each contract date anniversary after a loan is taken or on loan termination | 0% to 1.60% depending on the policy year | Unit liquidation from account value |
| Illustration Projection Report Charge | At time of transaction | $0 to $25 | Charges for this service must be paid using funds outside of policy |
| Charge for State and Local Tax Expense | At time of transaction | 0% to 5% | Deduct from premium |
| Charge for Federal Tax Expense | At time of transaction | Current Charge — 1.25% | Deduct from premium |
| Riders | Monthly (while the rider is in effect) | Charge per $1,000 of rider benefit amount or a percentage of all other monthly charges, depending on the rider. | Unit liquidation from account value |

---

The VUL Legacy, VUL Optimizer, Equitable Advantage, VUL Incentive Life Protect and VUL Optimizer, Series 166 policies have an expense reduction in the calculation of the daily unit values of each Variable Investment Option of the Account (the "Investment Expense Reduction"). The Investment Expense Reduction for each Variable Investment Option will be determined based upon the Net Total Annual Portfolio Operating Expenses of each Variable Investment Option's corresponding Portfolio. The Net Total Annual Portfolio Operating Expense is defined as the total annual portfolio

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**7.** Contractowner Charges (Concluded)

operating expense after the application of any contractual expense limitation arrangements that are in place for more than one year. The Investment Expense Reduction for each Variable Investment Option will be initially determined and then annually updated, based upon the Net Total Annual Portfolio Operating Expense of each Variable Investment Option's corresponding Portfolio either (1) as shown in the annual Portfolio prospectuses dated on or about May 1st of each calendar year, for existing Portfolios which are effective as of that date; or (2) as shown in the initial effective Portfolio prospectuses, for new portfolios that become effective after that date, as applicable. The Investment Expense Reduction will be calculated based upon which of these three ranges that the Net Total Annual Portfolio Operating Expense falls into; (1) less than 0.80%, (2) 0.80% through 1.15%, (3) or greater than 1.15%. The Investment Expense Reduction will be the amount equal to the greater of 0.15% and any excess of the Net Total Annual Portfolio Operating Expense over 0.40%, the amount equal to the greater of 0.15% and any excess of the Net Total Annual Portfolio Operating Expense over 0.80%, or 0.15%, respectively. In no event will the Annual Investment Expense Reduction exceed the Net Total Annual Portfolio Operating Expenses if the Net Total Annual Operating Expenses, before the Investment Expense Reduction, are below 1.15%. These ranges and formula amounts will not change while the policy remains in effect.

For policies with the Market Stabilizer Option, there is an additional charge ranging from 0.40% to 1.40% of any policy account value allocated to each segment of the Market Stabilizer Option on a current basis. The guaranteed maximum charge associated with the Market Stabilizer Option ranges from 1.60% to 2.40%. The current percentage charge for Market Stabilizer Option is lower than the guaranteed charge.

For policies with the Market Stabilizer Option II, there is an additional charge of 0.40% of any policy account value allocated to each segment of the Market Stabilizer Option II on a current basis. The guaranteed maximum charge associated with the Market Stabilizer Option II is 1.65%.

**8.** Financial Highlights

Shown below is accumulation unit value information for units outstanding, investment income ratio and total return at the period indicated.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
| **<u>1290 VT Convertible Securities (Class IB)</u>** | **<u>1290 VT Convertible Securities (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 19 | $3952 | $178.54 | $242.41 | 1.56% | 15.76% | 15.94% |
| 2024 | 17 | $3210 | $153.99 | $209.40 | 1.92% | 9.78% | 9.95% |
| 2023 | 16 | $2650 | $140.06 | $190.74 | 2.69% | 13.68% | 13.85% |
| 2022 | 14 | $2051 | $123.02 | $167.79 | 1.32% | (20.92)% | (20.75)% |
| 2021 | 10 | $1946 | $155.23 | $212.19 | 14.09% | 1.00% | 1.35% |
| **<u>1290 VT DoubleLine Opportunistic Bond (Class IB)</u>** | **<u>1290 VT DoubleLine Opportunistic Bond (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 41 | $4625 | $109.60 | $115.58 | 4.78% | 7.24% | 7.41% |
| 2024 | 36 | $3829 | $102.04 | $107.78 | 4.79% | 2.84% | 2.99% |
| 2023 | 31 | $3161 | $99.08 | $104.80 | 4.84% | 6.54% | 6.70% |
| 2022 | 24 | $2274 | $92.86 | $98.37 | 3.53% | (13.39)% | (13.26)% |
| 2021 | 16 | $1796 | $107.06 | $113.58 | 2.59% | (0.44)% | (0.29)% |
|  **<u>1290 VT Equity Income (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 19 | $6220 | $65.37 | $460.94 | 1.87% | 12.94% | 13.11% |
| 2024 | 41 | $6693 | $57.88 | $408.14 | 2.07% | 9.80% | 9.96% |
| 2023 | 15 | $4727 | $147.82 | $371.71 | 2.10% | 5.41% | 5.57% |
| 2022 | 14 | $4366 | $140.02 | $352.63 | 1.60% | 3.07% | 3.22% |
| 2021 | 12 | $4014 | $135.65 | $342.13 | 1.54% | 26.39% | 26.57% |
|  **<u>1290 VT GAMCO Mergers & Acquisitions (Class IB)</u>** | **<u>1290 VT GAMCO Mergers & Acquisitions (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 19 | $4435 | $149.01 | $282.71 | 3.01% | 15.92% | 16.09% |
| 2024 | 19 | $3865 | $128.36 | $243.89 | 1.89% | 9.05% | 9.22% |
| 2023 | 18 | $3473 | $117.52 | $223.64 | 1.94% | 9.52% | 9.68% |
| 2022 | 16 | $2963 | $107.15 | $204.20 | 0.33% | (6.02)% | (5.88)% |
| 2021 | 16 | $3212 | $113.84 | $217.29 | 0.70% | 11.39% | 11.55% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
|  **<u>1290 VT GAMCO Small Company Value (Class IB)</u>** | **<u>1290 VT GAMCO Small Company Value (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 186 | $93254 | $187.81 | $855.75 | 0.66% | 12.82% | 13.11% |
| 2024 | 176 | $80077 | $166.46 | $758.48 | 0.62% | 11.58% | 11.86% |
| 2023 | 161 | $70077 | $149.19 | $679.77 | 0.65% | 21.05% | 21.05% |
| 2022 | 153 | $57422 | $123.25 | $561.57 | 0.55% | (10.68)% | (10.68)% |
| 2021 | 133 | $61572 | $137.98 | $628.70 | 0.66% | 25.14% | 25.14% |
|  **<u>1290 VT Multi-Alternative Strategies (Class IB)</u>** | **<u>1290 VT Multi-Alternative Strategies (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 2 | $241 | $113.21 | $113.21 | 2.09% | 13.54% | 13.54% |
| 2024 | 2 | $175 | $99.71 | $99.71 | 2.73% | 9.32% | 9.32% |
| 2023 | 1 | $118 | $91.21 | $91.21 | 2.07% | 5.21% | 5.21% |
| 2022 | 1 | $97 | $86.69 | $86.69 | 2.79% | (11.21)% | (11.21)% |
| 2021 |  | $37 | $97.64 | $97.64 | 17.94% | (2.91)% | (2.91)% |
|  **<u>1290 VT Natural Resources (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 17 | $3143 | $183.89 | $183.89 | 2.96% | 28.19% | 28.19% |
| 2024 | 17 | $2394 | $143.45 | $143.45 | 3.03% | (5.36)% | (5.36)% |
| 2023 | 15 | $2256 | $151.57 | $151.57 | 3.67% | 1.23% | 1.23% |
| 2022 | 14 | $2081 | $149.73 | $149.73 | 4.38% | 32.69% | 32.69% |
| 2021 | 7 | $757 | $112.84 | $112.84 | 6.96% | 30.18% | 30.18% |
|  **<u>1290 VT Real Estate (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 19 | $1830 | $98.60 | $98.60 | 3.10% | 9.82% | 9.82% |
| 2024 | 14 | $1240 | $89.78 | $89.78 | 3.73% | 0.99% | 0.99% |
| 2023 | 9 | $827 | $88.90 | $88.90 | 3.73% | 9.64% | 9.64% |
| 2022 | 5 | $418 | $81.08 | $81.08 | 0.29% | (24.93)% | (24.93)% |
| 2021 | 1 | $58 | $108.01 | $108.01 | 7.69% | 7.81% | 7.81% |
|  **<u>1290 VT Small Cap Value (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 32 | $7117 | $205.40 | $256.24 | 1.33% | 6.09% | 6.25% |
| 2024 | 28 | $5804 | $193.32 | $241.54 | 1.57% | 20.81% | 21.07% |
| 2023 | 23 | $4163 | $159.68 | $199.94 | 1.27% | 5.74% | 6.11% |
| 2022 | 19 | $3322 | $150.49 | $189.09 | 0.48% | 0.09% | 0.44% |
| 2021 | 14 | $2630 | $149.83 | $188.92 | 1.24% | 38.57% | 39.05% |
|  **<u>1290 VT SmartBeta Equity ESG (Class IB)</u>** | **<u>1290 VT SmartBeta Equity ESG (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 41 | $9514 | $200.84 | $271.14 | 0.84% | 13.98% | 14.31% |
| 2024 | 34 | $7095 | $175.69 | $237.89 | 0.98% | 16.37% | 16.72% |
| 2023 | 31 | $5512 | $150.52 | $204.43 | 1.49% | 16.56% | 16.91% |
| 2022 | 25 | $3868 | $128.75 | $175.39 | 1.78% | (14.56)% | (14.31)% |
| 2021 | 12 | $2114 | $150.25 | $205.29 | 1.55% | 23.09% | 23.48% |
|  **<u>1290 VT Socially Responsible (Class IB)</u>** | **<u>1290 VT Socially Responsible (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 16 | $5038 | $53.33 | $592.29 | 0.39% | 17.22% | 17.39% |
| 2024 | 15 | $4114 | $45.49 | $505.30 | 0.48% | 21.66% | 21.86% |
| 2023 | 13 | $3049 | $176.41 | $415.28 | 0.83% | 27.50% | 27.69% |
| 2022 | 10 | $2029 | $138.15 | $325.71 | 0.72% | (22.11)% | (22.00)% |
| 2021 | 8 | $2091 | $177.11 | $418.17 | 0.66% | 30.31% | 30.51% |
|  **<u>AB VPS Discovery Value Portfolio (Class B)</u>** | **<u>AB VPS Discovery Value Portfolio (Class B)</u>** |  |  |  |  |  |  |
| 2025 | 3 | $322 | $128.07 | $128.07 | 0.63% | 2.90% | 2.90% |
| 2024 | 2 | $238 | $124.46 | $124.46 | 0.59% | 10.01% | 10.01% |
| 2023 | 1 | $132 | $113.14 | $113.14 | 0.82% | 17.16% | 17.16% |
| 2022 |  | $33 | $96.57 | $96.57 | 0.03% | (1.24)% | (1.24)% |
|  **<u>American Funds Insurance Series<sup>®</sup> Asset Allocation Fund (Class 4)</u>** |  |  |  |  |  |  |  |
| 2025 | 50 | $6958 | $140.07 | $140.07 | 2.12% | 15.94% | 15.94% |
| 2024 | 33 | $3929 | $120.81 | $120.81 | 2.34% | 16.29% | 16.29% |
| 2023 | 20 | $2075 | $103.89 | $103.89 | 2.40% | 14.20% | 14.20% |
| 2022 | 11 | $973 | $90.97 | $90.97 | 2.48% | (13.53)% | (13.53)% |
| 2021 | 2 | $255 | $105.21 | $105.21 | 2.80% | 4.55% | 4.55% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
|  **<u>American Funds Insurance Series<sup>®</sup> Global Small Capitalization Fund (Class 4)</u>** |  |  |  |  |  |  |  |
| 2025 | 76 | $13598 | $149.71 | $224.83 | 0.22% | 14.33% | 14.65% |
| 2024 | 64 | $10389 | $130.58 | $196.65 | 0.83% | 2.12% | 2.27% |
| 2023 | 52 | $8512 | $127.68 | $192.57 | 0.03% | 15.78% | 16.04% |
| 2022 | 43 | $6157 | $110.03 | $166.32 | 0.00% | (29.69)% | (29.49)% |
| 2021 | 31 | $6631 | $156.05 | $236.55 | 0.00% | 6.43% | 6.58% |
|  **<u>American Funds Insurance Series<sup>®</sup> New World Fund<sup>®</sup> (Class 4)</u>** |  |  |  |  |  |  |  |
| 2025 | 85 | $16770 | $181.22 | $224.26 | 0.99% | 27.92% | 28.27% |
| 2024 | 73 | $11555 | $141.28 | $175.31 | 1.23% | 6.33% | 6.62% |
| 2023 | 65 | $9686 | $132.51 | $164.87 | 1.31% | 15.67% | 15.98% |
| 2022 | 57 | $7388 | $114.25 | $142.53 | 1.17% | (22.25)% | (22.03)% |
| 2021 | 44 | $7580 | $146.54 | $183.33 | 0.72% | 4.63% | 4.93% |
|  **<u>BlackRock Global Allocation V.I. Fund (Class III)</u>** |  |  |  |  |  |  |  |
| 2025 | 26 | $3169 | $124.13 | $124.13 | 5.26% | 19.77% | 19.77% |
| 2024 | 18 | $1889 | $103.64 | $103.64 | 1.75% | 9.16% | 9.16% |
| 2023 | 13 | $1239 | $94.94 | $94.94 | 3.24% | 12.73% | 12.73% |
| 2022 | 7 | $628 | $84.22 | $84.22 | 0.00% | (15.91)% | (15.91)% |
| 2021 | 2 | $205 | $100.15 | $100.15 | 0.89% | (0.31)% | (0.31)% |
|  **<u>BNY Mellon Stock Index Fund, Inc. (Initial shares)</u>** |  |  |  |  |  |  |  |
| 2025 | 280 | $31938 | $113.95 | $113.95 | 1.05% | 17.52% | 17.52% |
| 2024 | 297 | $28783 | $96.96 | $96.96 | 1.13% | 24.66% | 24.66% |
| 2023 | 379 | $29464 | $77.78 | $77.78 | 1.42% | 25.94% | 25.94% |
| 2022 | 390 | $24058 | $61.76 | $61.76 | 1.34% | (18.32)% | (18.32)% |
| 2021 | 439 | $33218 | $75.61 | $75.61 | 1.13% | 28.41% | 28.41% |
|  **<u>EQ/400 Managed Volatility (Class IB)</u>** | **<u>EQ/400 Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 5 | $1933 | $382.67 | $382.67 | 0.92% | 3.31% | 3.31% |
| 2024 | 5 | $1940 | $370.41 | $370.41 | 1.10% | 12.89% | 12.89% |
| 2023 | 5 | $1619 | $328.13 | $328.13 | 1.19% | 15.44% | 15.44% |
| 2022 | 5 | $1378 | $284.25 | $284.25 | 0.77% | (15.51)% | (15.51)% |
| 2021 | 5 | $1630 | $336.44 | $336.44 | 0.40% | 23.67% | 23.67% |
|  **<u>EQ/500 Managed Volatility (Class IB)</u>** | **<u>EQ/500 Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 13 | $7430 | $584.70 | $584.70 | 0.70% | 13.35% | 13.35% |
| 2024 | 16 | $8185 | $515.84 | $515.84 | 1.11% | 23.91% | 23.91% |
| 2023 | 16 | $6738 | $416.30 | $416.30 | 1.14% | 25.24% | 25.24% |
| 2022 | 16 | $5481 | $332.39 | $332.39 | 0.82% | (19.99)% | (19.99)% |
| 2021 | 17 | $7161 | $415.44 | $415.44 | 0.58% | 27.61% | 27.61% |
| **<u>EQ/2000 Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 7 | $&nbsp;&nbsp;&nbsp;&nbsp;2361 | $329.77 | $329.77 | 0.91% | 9.31% | 9.31% |
| 2024 | 8 | $&nbsp;&nbsp;&nbsp;&nbsp;2480 | $301.69 | $301.69 | 1.41% | 10.67% | 10.67% |
| 2023 | 9 | $&nbsp;&nbsp;&nbsp;&nbsp;2340 | $272.60 | $272.60 | 1.31% | 15.98% | 15.98% |
| 2022 | 9 | $&nbsp;&nbsp;&nbsp;&nbsp;2076 | $235.04 | $235.04 | 0.77% | (22.40)% | (22.40)% |
| 2021 | 8 | $&nbsp;&nbsp;&nbsp;&nbsp;2533 | $302.90 | $302.90 | 0.39% | 13.93% | 13.93% |
| **<u>EQ/AB Small Cap Growth (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 101 | $35744 | $63.54 | $859.66 | 0.16% | 9.23% | 9.41% |
| 2024 | 91 | $31559 | $58.17 | $786.93 | 0.31% | 13.91% | 14.08% |
| 2023 | 78 | $25994 | $140.66 | $690.82 | 0.30% | 17.73% | 17.90% |
| 2022 | 64 | $19988 | $119.30 | $586.80 | 0.20% | (28.46)% | (28.35)% |
| 2021 | 35 | $18647 | $166.51 | $820.23 | 0.00% | 12.92% | 13.09% |
| **<u>EQ/Aggressive Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 211 | $66923 | $187.82 | $492.31 | 1.50% | 12.94% | 13.11% |
| 2024 | 194 | $57401 | $166.05 | $435.90 | 2.26% | 13.73% | 13.98% |
| 2023 | 174 | $48805 | $145.68 | $383.26 | 1.42% | 18.44% | 18.84% |
| 2022 | 157 | $40036 | $122.58 | $323.60 | 0.92% | (18.36)% | (18.13)% |
| 2021 | 136 | $46561 | $149.73 | $396.36 | 4.30% | 17.18% | 17.36% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
| **<u>EQ/All Asset Growth Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 115 | $27636 | $37.70 | $290.34 | 2.33% | 17.20% | 17.37% |
| 2024 | 105 | $22215 | $32.16 | $247.74 | 2.42% | 11.16% | 11.34% |
| 2023 | 99 | $19143 | $28.93 | $222.85 | 2.03% | 14.16% | 14.17% |
| 2022 | 85 | $15132 | $25.34 | $195.21 | 1.38% | (14.48)% | (14.47)% |
| 2021 | 75 | $16142 | $29.63 | $228.24 | 4.09% | 10.89% | 10.93% |
| **<u>EQ/American Century Mid Cap Value (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 120 | $36034 | $173.58 | $429.48 | 1.57% | 8.73% | 8.94% |
| 2024 | 108 | $31188 | $159.33 | $394.99 | 1.93% | 8.34% | 8.56% |
| 2023 | 96 | $26918 | $146.77 | $364.60 | 1.79% | 6.00% | 6.21% |
| 2022 | 84 | $23324 | $138.19 | $343.97 | 2.95% | (1.49)% | (1.29)% |
| 2021 | 76 | $22886 | $140.00 | $349.17 | 1.22% | 23.00% | 23.25% |
| **<u>EQ/Balanced Strategy (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 188 | $47449 | $252.39 | $252.39 | 2.33% | 10.07% | 10.07% |
| 2024 | 196 | $44836 | $229.29 | $229.29 | 2.67% | 9.14% | 9.14% |
| 2023 | 206 | $43365 | $210.08 | $210.08 | 1.56% | 13.23% | 13.23% |
| 2022 | 210 | $39029 | $185.54 | $185.54 | 0.94% | (15.57)% | (15.57)% |
| 2021 | 215 | $47265 | $219.75 | $219.75 | 1.83% | 9.49% | 9.49% |
| **<u>EQ/Capital Group Research (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 14 | $12500 | $70.68 | $1001.87 | 0.45% | 19.83% | 19.84% |
| 2024 | 15 | $10998 | $58.98 | $836.08 | 1.68% | 29.85% | 29.87% |
| 2023 | 13 | $&nbsp;&nbsp;&nbsp;&nbsp;8627 | $643.79 | $643.79 | 0.35% | 22.99% | 22.99% |
| 2022 | 14 | $&nbsp;&nbsp;&nbsp;&nbsp;7114 | $523.46 | $523.46 | 0.17% | (18.98)% | (18.98)% |
| 2021 | 13 | $&nbsp;&nbsp;&nbsp;&nbsp;8547 | $646.08 | $646.08 | 0.00% | 23.06% | 23.06% |
| **<u>EQ/ClearBridge Large Cap Growth ESG (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 42 | $21148 | $244.85 | $765.67 | 0.00% | 7.69% | 7.90% |
| 2024 | 40 | $19708 | $226.92 | $711.01 | 0.00% | 26.76% | 27.01% |
| 2023 | 39 | $16010 | $178.66 | $560.93 | 0.00% | 45.88% | 46.17% |
| 2022 | 37 | $11306 | $122.23 | $384.52 | 0.00% | (32.12)% | (31.98)% |
| 2021 | 31 | $15508 | $179.70 | $566.44 | 0.00% | 21.72% | 21.98% |
| **<u>EQ/Common Stock Index (Class IA)</u>** |  |  |  |  |  |  |  |
| 2025 | 13 | $1175 | $93.07 | $93.07 | 0.66% | 16.29% | 16.29% |
| 2024 | 13 | $&nbsp;&nbsp;&nbsp;&nbsp;1050 | $80.03 | $80.03 | 0.81% | 23.09% | 23.09% |
| 2023 | 24 | $&nbsp;&nbsp;&nbsp;&nbsp;1581 | $65.02 | $65.02 | 1.21% | 25.13% | 25.13% |
| 2022 | 29 | $&nbsp;&nbsp;&nbsp;&nbsp;1496 | $51.96 | $51.96 | 0.85% | (19.49)% | (19.49)% |
| 2021 | 30 | $&nbsp;&nbsp;&nbsp;&nbsp;1911 | $64.54 | $64.54 | 0.77% | 24.91% | 24.91% |
| **<u>EQ/Common Stock Index (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 675 | $240195 | $247.72 | $594.63 | 0.66% | 16.29% | 16.61% |
| 2024 | 606 | $192960 | $212.44 | $511.34 | 0.81% | 23.07% | 23.41% |
| 2023 | 528 | $143494 | $172.14 | $415.48 | 1.21% | 25.13% | 25.48% |
| 2022 | 428 | $100380 | $137.19 | $332.03 | 0.85% | (19.49)% | (19.26)% |
| 2021 | 327 | $106836 | $169.92 | $412.42 | 0.77% | 24.93% | 25.28% |
| **<u>EQ/Conservative Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 28 | $4642 | $122.86 | $203.11 | 3.17% | 7.49% | 7.72% |
| 2024 | 26 | $4260 | $114.06 | $188.95 | 3.15% | 4.63% | 4.84% |
| 2023 | 26 | $4066 | $108.79 | $180.59 | 2.39% | 7.95% | 8.16% |
| 2022 | 26 | $4055 | $100.58 | $167.29 | 1.36% | (12.59)% | (12.42)% |
| 2021 | 26 | $4753 | $114.85 | $191.39 | 1.59% | 2.70% | 2.93% |
| **<u>EQ/Conservative Growth Strategy (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 55 | $12102 | $219.80 | $219.80 | 2.52% | 9.36% | 9.36% |
| 2024 | 58 | $11605 | $200.98 | $200.98 | 2.81% | 7.63% | 7.63% |
| 2023 | 60 | $11128 | $186.73 | $186.73 | 1.63% | 11.58% | 11.58% |
| 2022 | 59 | $9835 | $167.35 | $167.35 | 0.96% | (14.52)% | (14.52)% |
| 2021 | 60 | $11753 | $195.77 | $195.77 | 1.53% | 7.09% | 7.09% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
| **<u>EQ/Conservative Strategy (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 17 | $2767 | $165.45 | $165.45 | 2.87% | 7.84% | 7.84% |
| 2024 | 18 | $2789 | $153.42 | $153.42 | 3.09% | 4.80% | 4.80% |
| 2023 | 18 | $2616 | $146.40 | $146.40 | 1.67% | 8.28% | 8.28% |
| 2022 | 19 | $2561 | $135.20 | $135.20 | 1.00% | (12.27)% | (12.27)% |
| 2021 | 20 | $3062 | $154.11 | $154.11 | 1.09% | 2.46% | 2.46% |
| **<u>EQ/Conservative-Plus Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 51 | $10420 | $139.34 | $261.39 | 2.60% | 9.03% | 9.19% |
| 2024 | 49 | $9577 | $127.61 | $239.75 | 2.85% | 7.03% | 7.24% |
| 2023 | 47 | $8756 | $119.00 | $224.01 | 2.11% | 10.93% | 11.24% |
| 2022 | 44 | $7724 | $106.98 | $201.94 | 1.32% | (14.55)% | (14.31)% |
| 2021 | 40 | $8702 | $124.85 | $236.33 | 2.26% | 6.73% | 7.05% |
| **<u>EQ/Core Bond Index (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 340 | $32585 | $18.35 | $164.13 | 3.25% | 6.38% | 6.64% |
| 2024 | 307 | $26468 | $17.25 | $154.26 | 2.63% | 2.42% | 2.67% |
| 2023 | 159 | $19464 | $102.37 | $150.61 | 2.35% | 4.56% | 4.82% |
| 2022 | 116 | $14113 | $97.66 | $144.04 | 1.74% | (8.74)% | (8.52)% |
| 2021 | 94 | $13106 | $106.75 | $157.84 | 1.62% | (2.10)% | (1.84)% |
| **<u>EQ/Core Plus Bond (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 159 | $24400 | $119.65 | $171.06 | 5.35% | 8.61% | 8.76% |
| 2024 | 150 | $21681 | $110.01 | $157.50 | 5.33% | (0.67)% | (0.52)% |
| 2023 | 131 | $19557 | $110.59 | $158.57 | 2.45% | 4.52% | 4.69% |
| 2022 | 121 | $17692 | $105.64 | $151.71 | 5.23% | (12.94)% | 2.90% |
| 2021 | 45 | $7925 | $174.25 | $174.25 | 1.77% | (1.68)% | (1.68)% |
| **<u>EQ/Emerging Markets Equity PLUS (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 23 | $3740 | $161.78 | $161.78 | 2.45% | 33.66% | 33.66% |
| 2024 | 19 | $2354 | $121.04 | $121.04 | 2.58% | 4.13% | 4.13% |
| 2023 | 14 | $1612 | $116.24 | $116.24 | 2.93% | 10.53% | 10.53% |
| 2022 | 10 | $1001 | $105.17 | $105.17 | 2.55% | (17.46)% | (17.46)% |
| 2021 | 5 | $636 | $127.41 | $127.41 | 1.79% | (0.43)% | (0.43)% |
| **<u>EQ/Equity 500 Index (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 1311 | $472100 | $257.17 | $691.27 | 0.80% | 17.23% | 17.41% |
| 2024 | 1084 | $351006 | $219.04 | $589.67 | 0.96% | 24.31% | 24.50% |
| 2023 | 849 | $238999 | $175.93 | $474.34 | 1.20% | 25.57% | 25.76% |
| 2022 | 658 | $162555 | $139.89 | $377.74 | 1.16% | (18.54)% | (18.42)% |
| 2021 | 485 | $165008 | $171.47 | $463.70 | 0.94% | 27.97% | 28.17% |
|  **<u>EQ/Fidelity Institutional AM<sup>®</sup> Large Cap (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 35 | $23334 | $671.42 | $671.42 | 0.36% | 18.35% | 18.35% |
| 2024 | 34 | $19342 | $567.33 | $567.33 | 0.44% | 24.51% | 24.51% |
| 2023 | 35 | $15811 | $455.65 | $455.65 | 0.50% | 31.38% | 31.38% |
| 2022 | 37 | $12761 | $346.81 | $346.81 | 0.53% | (21.06)% | (21.06)% |
| 2021 | 36 | $15962 | $439.35 | $439.35 | 0.43% | 25.22% | 25.22% |
|  **<u>EQ/Fidelity Institutional AM<sup>®</sup> Large Cap (Class K)</u>** |  |  |  |  |  |  |  |
| 2025 | 32 | $3380 | $107.24 | $107.24 | 0.36% | 18.64% | 18.64% |
| 2024 | 52 | $4671 | $90.39 | $90.39 | 0.44% | 24.81% | 24.81% |
| 2023 | 40 | $2898 | $72.42 | $72.42 | 0.50% | 31.72% | 31.72% |
| 2022 | 28 | $1527 | $54.98 | $54.98 | 0.53% | (20.87)% | (20.87)% |
| 2021 | 40 | $2802 | $69.48 | $69.48 | 0.43% | 25.53% | 25.53% |
|  **<u>EQ/Franklin Rising Dividends (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 110 | $35703 | $203.21 | $551.74 | 0.80% | 11.83% | 12.00% |
| 2024 | 95 | $29240 | $181.44 | $493.37 | 0.93% | 10.79% | 10.96% |
| 2023 | 79 | $23636 | $163.52 | $445.33 | 1.16% | 12.13% | 12.29% |
| 2022 | 68 | $19459 | $145.62 | $397.15 | 0.80% | (10.61)% | (10.48)% |
| 2021 | 57 | $19704 | $162.66 | $444.30 | 0.72% | 26.78% | 26.97% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
|  **<u>EQ/Global Equity Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 19 | $12768 | $661.06 | $661.06 | 0.83% | 19.13% | 19.13% |
| 2024 | 21 | $11603 | $554.89 | $554.89 | 1.26% | 12.62% | 12.62% |
| 2023 | 22 | $10828 | $492.69 | $492.69 | 0.89% | 21.33% | 21.33% |
| 2022 | 23 | $9441 | $406.07 | $406.07 | 0.35% | (20.94)% | (20.94)% |
| 2021 | 23 | $11855 | $513.65 | $513.65 | 0.91% | 15.89% | 15.89% |
|  **<u>EQ/Goldman Sachs Mid Cap Value (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 47 | $11926 | $195.45 | $410.52 | 1.08% | 9.21% | 9.52% |
| 2024 | 44 | $10304 | $178.46 | $375.91 | 0.85% | 11.91% | 12.24% |
| 2023 | 38 | $8182 | $159.00 | $335.90 | 0.83% | 11.23% | 11.55% |
| 2022 | 29 | $5945 | $142.54 | $302.00 | 0.70% | (10.61)% | (10.35)% |
| 2021 | 20 | $5176 | $159.00 | $337.85 | 0.29% | 30.50% | 30.89% |
|  **<u>EQ/Growth Strategy (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 283 | $94138 | $332.10 | $332.10 | 1.90% | 11.46% | 11.46% |
| 2024 | 289 | $86164 | $297.95 | $297.95 | 2.43% | 12.39% | 12.39% |
| 2023 | 296 | $78527 | $265.11 | $265.11 | 1.43% | 16.50% | 16.50% |
| 2022 | 295 | $67021 | $227.56 | $227.56 | 0.88% | (17.44)% | (17.44)% |
| 2021 | 288 | $79363 | $275.62 | $275.62 | 2.33% | 14.33% | 14.33% |
|  **<u>EQ/Intermediate Corporate Bond (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 2 | $262 | $115.77 | $115.77 | 9.92% | 9.28% | 9.28% |
| 2024 |  | $32 | $105.94 | $105.94 | 13.09% | 4.35% | 4.35% |
|  **<u>EQ/Intermediate Government Bond (Class IA)</u>** |  |  |  |  |  |  |  |
| 2025 | 418 | $8480 | $20.29 | $20.29 | 3.25% | 5.51% | 5.51% |
| 2024 | 402 | $7724 | $19.23 | $19.23 | 3.46% | 2.40% | 2.40% |
| 2023 | 168 | $3159 | $18.78 | $18.78 | 2.76% | 3.87% | 3.87% |
| 2022 | 191 | $3448 | $18.08 | $18.08 | 0.96% | (7.61)% | (7.61)% |
| 2021 | 208 | $4070 | $19.57 | $19.57 | 0.72% | (2.15)% | (2.15)% |
|  **<u>EQ/Intermediate Government Bond (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 41 | $4999 | $103.95 | $188.27 | 3.25% | 5.59% | 5.83% |
| 2024 | 30 | $3530 | $98.22 | $178.30 | 3.46% | 2.39% | 2.65% |
| 2023 | 18 | $2241 | $95.68 | $174.12 | 2.76% | 3.87% | 4.12% |
| 2022 | 14 | $1736 | $91.89 | $167.63 | 0.96% | (7.64)% | (7.41)% |
| 2021 | 11 | $1593 | $99.24 | $181.50 | 0.72% | (2.13)% | (0.93)% |
|  **<u>EQ/International Core Managed Volatility (Class IB)</u>** | **<u>EQ/International Core Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 32 | $8375 | $174.25 | $292.93 | 1.42% | 26.06% | 26.39% |
| 2024 | 31 | $6527 | $137.87 | $232.37 | 2.22% | 3.28% | 3.56% |
| 2023 | 29 | $6196 | $133.13 | $224.98 | 1.76% | 16.78% | 17.11% |
| 2022 | 31 | $5630 | $113.68 | $192.66 | 1.31% | (14.12)% | (13.88)% |
| 2021 | 29 | $6206 | $132.00 | $224.33 | 2.43% | 10.03% | 10.31% |
|  **<u>EQ/International Equity Index (Class IA)</u>** |  |  |  |  |  |  |  |
| 2025 | 247 | $6767 | $27.39 | $27.39 | 3.90% | 31.49% | 31.49% |
| 2024 | 284 | $5918 | $20.83 | $20.83 | 3.15% | 4.88% | 4.88% |
| 2023 | 345 | $6845 | $19.86 | $19.86 | 3.17% | 19.06% | 19.06% |
| 2022 | 332 | $5545 | $16.68 | $16.68 | 2.71% | (11.93)% | (11.93)% |
| 2021 | 332 | $6279 | $18.94 | $18.94 | 3.48% | 10.95% | 10.95% |
|  **<u>EQ/International Equity Index (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 244 | $52850 | $187.09 | $277.12 | 3.90% | 31.50% | 31.92% |
| 2024 | 214 | $35839 | $141.82 | $210.74 | 3.15% | 4.87% | 5.22% |
| 2023 | 172 | $28516 | $134.79 | $200.96 | 3.17% | 19.06% | 19.49% |
| 2022 | 135 | $19486 | $112.80 | $168.79 | 2.71% | (11.91)% | (11.56)% |
| 2021 | 106 | $18215 | $127.55 | $191.60 | 3.48% | 10.95% | 11.38% |
|  **<u>EQ/International Managed Volatility (Class IB)</u>** | **<u>EQ/International Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 10 | $2145 | $222.13 | $222.13 | 2.04% | 25.89% | 25.89% |
| 2024 | 11 | $2025 | $176.45 | $176.45 | 2.65% | 2.67% | 2.67% |
| 2023 | 11 | $1965 | $171.86 | $171.86 | 2.30% | 16.90% | 16.90% |
| 2022 | 12 | $1710 | $147.02 | $147.02 | 1.15% | (14.99)% | (14.99)% |
| 2021 | 11 | $1928 | $172.95 | $172.95 | 3.24% | 10.65% | 10.65% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
|  **<u>EQ/International Value Managed Volatility (Class IB)</u>** | **<u>EQ/International Value Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 32 | $7692 | $31.99 | $302.67 | 2.24% | 26.69% | 27.00% |
| 2024 | 33 | $6453 | $25.25 | $238.88 | 2.43% | 1.43% | 1.68% |
| 2023 | 30 | $6307 | $132.30 | $235.51 | 2.18% | 18.59% | 18.92% |
| 2022 | 29 | $5232 | $111.25 | $198.59 | 1.59% | (13.66)% | (13.42)% |
| 2021 | 27 | $5746 | $128.50 | $230.00 | 2.28% | 10.32% | 10.59% |
|  **<u>EQ/Invesco Comstock (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 33 | $12149 | $226.92 | $537.35 | 1.42% | 16.92% | 17.16% |
| 2024 | 26 | $8892 | $193.68 | $459.57 | 1.54% | 14.85% | 15.08% |
| 2023 | 23 | $7380 | $168.30 | $400.14 | 1.63% | 12.00% | 12.22% |
| 2022 | 22 | $6754 | $149.97 | $357.27 | 1.64% | 0.50% | 0.71% |
| 2021 | 19 | $6390 | $148.92 | $355.48 | 1.17% | 33.00% | 33.27% |
|  **<u>EQ/Invesco Global (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 21 | $4328 | $205.08 | $205.08 | 0.00% | 15.77% | 15.77% |
| 2024 | 19 | $3333 | $177.15 | $177.15 | 0.00% | 16.17% | 16.17% |
| 2023 | 15 | $2223 | $152.49 | $152.49 | 0.00% | 34.31% | 34.31% |
| 2022 | 11 | $1276 | $113.54 | $113.54 | 0.00% | (31.79)% | (31.79)% |
| 2021 | 5 | $845 | $166.45 | $166.45 | 0.00% | 15.48% | 15.48% |
|  **<u>EQ/Invesco Global Real Assets (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 68 | $14357 | $133.17 | $249.68 | 2.63% | 15.96% | 16.14% |
| 2024 | 64 | $11909 | $114.66 | $215.31 | 2.39% | 0.24% | 0.46% |
| 2023 | 59 | $11172 | $114.14 | $214.79 | 2.32% | 10.13% | 10.44% |
| 2022 | 53 | $9455 | $103.35 | $195.03 | 1.68% | (9.00)% | (8.86)% |
| 2021 | 49 | $9888 | $113.40 | $214.31 | 3.21% | 21.00% | 21.18% |
| **<u>EQ/Janus Enterprise (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 58 | $24592 | $80.17 | $653.75 | 0.00% | 8.06% | 8.32% |
| 2024 | 52 | $21876 | $74.19 | $605.01 | 0.01% | 14.14% | 14.43% |
| 2023 | 49 | $19179 | $151.07 | $530.05 | 0.03% | 17.02% | 17.31% |
| 2022 | 45 | $15872 | $128.78 | $452.97 | 0.00% | (16.58)% | (16.38)% |
| 2021 | 39 | $18213 | $154.01 | $543.01 | 0.10% | 16.84% | 17.14% |
| **<u>EQ/JPMorgan Growth Stock (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 212 | $88947 | $95.90 | $824.08 | 0.00% | 14.75% | 14.94% |
| 2024 | 198 | $76003 | $83.57 | $718.15 | 0.00% | 33.78% | 34.01% |
| 2023 | 180 | $54047 | $62.47 | $536.81 | 0.00% | 46.32% | 46.33% |
| 2022 | 153 | $33946 | $42.69 | $366.87 | 0.00% | (38.65)% | (38.64)% |
| 2021 | 107 | $44306 | $69.58 | $597.87 | 0.00% | 13.83% | 13.84% |
| **<u>EQ/JPMorgan Value Opportunities (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 160 | $59945 | $43.05 | $845.82 | 1.16% | 15.41% | 15.59% |
| 2024 | 126 | $44775 | $37.30 | $732.90 | 1.26% | 15.43% | 15.61% |
| 2023 | 101 | $34004 | $174.13 | $634.95 | 1.55% | 10.92% | 11.09% |
| 2022 | 74 | $25697 | $156.74 | $572.46 | 1.24% | 0.23% | 0.39% |
| 2021 | 48 | $19172 | $156.13 | $571.15 | 0.77% | 23.20% | 23.42% |
| **<u>EQ/Large Cap Core Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 21 | $8482 | $233.82 | $572.28 | 0.82% | 10.87% | 11.04% |
| 2024 | 21 | $7450 | $210.57 | $516.15 | 1.04% | 23.63% | 23.82% |
| 2023 | 19 | $5808 | $170.06 | $417.48 | 1.77% | 23.94% | 24.12% |
| 2022 | 19 | $4738 | $137.01 | $336.84 | 0.01% | (18.40)% | (18.27)% |
| 2021 | 15 | $5188 | $167.64 | $412.78 | 0.41% | 27.32% | 27.51% |
| **<u>EQ/Large Cap Growth Index (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 162 | $69691 | $22.57 | $804.95 | 0.00% | 17.73% | 18.11% |
| 2024 | 140 | $53573 | $19.17 | $683.70 | 0.04% | 32.33% | 32.76% |
| 2023 | 118 | $35950 | $14.48 | $516.68 | 0.26% | 41.54% | 41.58% |
| 2022 | 93 | $21567 | $10.23 | $364.94 | 0.26% | (29.55)% | (5.97)% |
| 2021 | 65 | $26122 | $200.83 | $518.00 | 0.05% | 26.73% | 27.15% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
| **<u>EQ/Large Cap Growth Managed Volatility (Class IB)</u>** | **<u>EQ/Large Cap Growth Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |
| 2025 | 32 | $24349 | $83.62 | $1316.64 | 0.10% | 11.06% | 11.24% |
| 2024 | 31 | $22154 | $75.29 | $1185.45 | 0.35% | 30.10% | 30.31% |
| 2023 | 30 | $17658 | $181.19 | $911.10 | 0.43% | 38.98% | 39.18% |
| 2022 | 26 | $12552 | $130.18 | $655.55 | 0.07% | (30.59)% | (30.49)% |
| 2021 | 22 | $17887 | $187.27 | $944.45 | 0.00% | 24.38% | 24.56% |
| **<u>EQ/Large Cap Value Index (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 143 | $31207 | $191.68 | $265.12 | 1.34% | 15.00% | 15.39% |
| 2024 | 125 | $24148 | $166.11 | $230.54 | 1.59% | 13.54% | 13.93% |
| 2023 | 110 | $19012 | $145.80 | $203.04 | 1.79% | 10.73% | 11.10% |
| 2022 | 90 | $14476 | $131.23 | $183.36 | 1.64% | (8.23)% | (7.92)% |
| 2021 | 67 | $12566 | $142.51 | $199.80 | 1.37% | 24.28% | 24.71% |
| **<u>EQ/Large Cap Value Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 28 | $12269 | $55.85 | $451.26 | 1.37% | 10.62% | 10.64% |
| 2024 | 29 | $11594 | $50.49 | $407.88 | 1.58% | 14.13% | 14.15% |
| 2023 | 29 | $10266 | $357.37 | $357.37 | 1.64% | 13.97% | 13.97% |
| 2022 | 30 | $9345 | $313.57 | $313.57 | 1.29% | (11.60)% | (11.60)% |
| 2021 | 31 | $10925 | $354.70 | $354.70 | 0.97% | 24.82% | 24.82% |
| **<u>EQ/Lazard Emerging Markets Equity (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 104 | $22121 | $211.84 | $211.84 | 4.08% | 42.03% | 42.03% |
| 2024 | 109 | $16195 | $149.15 | $149.15 | 4.05% | 7.34% | 7.34% |
| 2023 | 110 | $15233 | $138.95 | $138.95 | 3.99% | 21.72% | 21.72% |
| 2022 | 112 | $12831 | $114.16 | $114.16 | 4.24% | (14.89)% | (14.89)% |
| 2021 | 109 | $14653 | $134.14 | $134.14 | 2.79% | 5.86% | 5.86% |
| **<u>EQ/Long-Term Bond (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 4 | $487 | $110.16 | $110.16 | 5.36% | 6.08% | 6.08% |
| 2024 | 2 | $165 | $103.85 | $103.85 | 21.01% | 1.24% | 1.24% |
| **<u>EQ/Loomis Sayles Growth (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 62 | $34097 | $77.76 | $1051.40 | 0.00% | 13.09% | 13.38% |
| 2024 | 55 | $29341 | $68.76 | $929.66 | 0.00% | 33.77% | 34.10% |
| 2023 | 51 | $21887 | $51.40 | $694.98 | 0.00% | 43.74% | 43.74% |
| 2022 | 46 | $14640 | $35.76 | $483.50 | 0.00% | (27.99)% | (27.99)% |
| 2021 | 39 | $18531 | $49.66 | $671.39 | 0.00% | 16.18% | 16.19% |
| **<u>EQ/MFS International Growth (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 315 | $54707 | $44.23 | $461.56 | 1.01% | 20.95% | 21.31% |
| 2024 | 286 | $42234 | $36.57 | $381.62 | 0.78% | 8.77% | 9.10% |
| 2023 | 310 | $37729 | $33.62 | $350.83 | 1.33% | 14.38% | 14.39% |
| 2022 | 275 | $29744 | $29.39 | $306.72 | 1.10% | (15.19)% | (15.18)% |
| 2021 | 223 | $23472 | $34.65 | $361.65 | 0.25% | 9.41% | 9.43% |
| **<u>EQ/MFS International Intrinsic Value (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 201 | $61980 | $188.18 | $420.22 | 1.36% | 32.94% | 33.40% |
| 2024 | 191 | $45883 | $141.06 | $316.10 | 1.51% | 7.00% | 7.38% |
| 2023 | 173 | $40251 | $131.37 | $295.43 | 1.34% | 17.35% | 17.76% |
| 2022 | 156 | $32360 | $111.56 | $251.75 | 0.45% | (23.80)% | (23.54)% |
| 2021 | 126 | $36789 | $145.90 | $330.40 | 0.39% | 10.24% | 10.62% |
| **<u>EQ/MFS Mid Cap Focused Growth (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 99 | $31651 | $188.68 | $526.49 | 0.00% | 5.60% | 5.91% |
| 2024 | 87 | $27887 | $178.15 | $498.59 | 0.00% | 14.49% | 14.84% |
| 2023 | 77 | $22811 | $155.13 | $435.49 | 0.00% | 22.32% | 22.68% |
| 2022 | 67 | $17114 | $126.45 | $356.03 | 0.00% | (27.06)% | (26.84)% |
| 2021 | 54 | $20594 | $172.83 | $488.09 | 0.00% | 18.87% | 19.23% |
| **<u>EQ/MFS Technology (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 228 | $47471 | $174.05 | $236.03 | 0.00% | 16.25% | 16.62% |
| 2024 | 194 | $35803 | $149.25 | $203.04 | 0.00% | 36.06% | 36.53% |
| 2023 | 162 | $22789 | $109.32 | $149.23 | 0.00% | 54.12% | 54.63% |
| 2022 | 141 | $13163 | $70.70 | $96.83 | 0.00% | (36.29)% | (36.09)% |
| 2021 | 125 | $18808 | $110.63 | $151.99 | 0.00% | 8.96% | 13.78% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
| **<u>EQ/MFS Utilities Series (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 11 | $1559 | $138.37 | $138.37 | 2.99% | 14.93% | 14.93% |
| 2024 | 7 | $897 | $120.39 | $120.39 | 1.76% | 11.51% | 11.51% |
| 2023 | 6 | $603 | $107.96 | $107.96 | 2.66% | (2.12)% | (2.12)% |
| 2022 | 3 | $336 | $110.30 | $110.30 | 7.39% | 0.69% | 0.69% |
| 2021 | 1 | $74 | $109.54 | $109.54 | 1.95% | 9.35% | 9.35% |
| **<u>EQ/MFS Utilities Series (Class K)</u>** |  |  |  |  |  |  |  |
| 2025 | 1 | $67 | $103.91 | $103.91 | 2.99% | 14.96% | 14.96% |
| 2024 | 1 | $58 | $90.39 | $90.39 | 1.76% | 11.51% | 11.51% |
| 2023 | 1 | $52 | $81.06 | $81.06 | 2.66% | (2.13)% | (2.13)% |
| 2022 | 1 | $64 | $82.82 | $82.82 | 7.39% | 0.69% | 0.69% |
| 2021 | 1 | $64 | $82.25 | $82.25 | 1.95% | 14.19% | 14.19% |
| **<u>EQ/Mid Cap Index (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 173 | $49525 | $189.05 | $546.97 | 0.95% | 6.83% | 7.09% |
| 2024 | 139 | $39146 | $176.53 | $511.98 | 0.95% | 13.19% | 13.48% |
| 2023 | 116 | $31058 | $155.56 | $452.31 | 1.12% | 15.75% | 16.05% |
| 2022 | 91 | $23167 | $134.04 | $390.76 | 1.06% | (13.61)% | (13.37)% |
| 2021 | 67 | $22831 | $154.72 | $452.31 | 0.69% | 23.88% | 24.27% |
| **<u>EQ/Mid Cap Value Managed Volatility (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 35 | $10241 | $46.66 | $665.79 | 1.22% | 4.95% | 5.13% |
| 2024 | 34 | $9585 | $44.46 | $634.35 | 1.43% | 11.67% | 11.86% |
| 2023 | 22 | $8054 | $144.41 | $568.08 | 1.52% | 13.19% | 13.36% |
| 2022 | 19 | $6953 | $127.39 | $501.87 | 0.96% | (14.57)% | (14.43)% |
| 2021 | 16 | $7771 | $148.88 | $587.46 | 0.59% | 27.40% | 27.61% |
| **<u>EQ/Moderate Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 368 | $78566 | $147.79 | $305.06 | 2.44% | 10.21% | 10.54% |
| 2024 | 361 | $72033 | $133.70 | $276.79 | 2.83% | 7.91% | 8.24% |
| 2023 | 319 | $62538 | $123.52 | $256.49 | 2.05% | 12.35% | 12.66% |
| 2022 | 283 | $52245 | $109.64 | $228.29 | 1.35% | (15.47)% | (15.24)% |
| 2021 | 235 | $55983 | $129.35 | $270.06 | 2.77% | 8.42% | 8.72% |
| **<u>EQ/Moderate Growth Strategy (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 552 | $159980 | $290.04 | $290.04 | 2.11% | 10.82% | 10.82% |
| 2024 | 578 | $151283 | $261.73 | $261.73 | 2.57% | 10.75% | 10.75% |
| 2023 | 593 | $140212 | $236.32 | $236.32 | 1.50% | 14.86% | 14.86% |
| 2022 | 584 | $120129 | $205.74 | $205.74 | 0.92% | (16.48)% | (16.48)% |
| 2021 | 580 | $142848 | $246.34 | $246.34 | 2.06% | 11.88% | 11.88% |
| **<u>EQ/Moderate-Plus Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 666 | $181195 | $26.08 | $397.15 | 2.02% | 11.50% | 11.86% |
| 2024 | 621 | $158473 | $23.39 | $356.18 | 2.51% | 10.75% | 11.13% |
| 2023 | 576 | $139912 | $135.16 | $321.54 | 1.70% | 15.33% | 15.69% |
| 2022 | 532 | $118496 | $116.83 | $278.81 | 1.13% | (17.06)% | (16.79)% |
| 2021 | 450 | $132628 | $140.41 | $336.15 | 3.63% | 12.68% | 13.03% |
| **<u>EQ/Money Market (Class IA)</u>** |  |  |  |  |  |  |  |
| 2025 | 2 | $25 | $13.56 | $13.56 | 3.57% | 3.59% | 3.59% |
| 2024 | 5 | $63 | $13.09 | $13.09 | 4.51% | 4.72% | 4.72% |
| 2023 | 20 | $249 | $12.50 | $12.50 | 4.38% | 4.43% | 4.43% |
| 2022 | 155 | $1860 | $11.97 | $11.97 | 1.12% | 1.10% | 1.10% |
| 2021 | 88 | $1042 | $11.84 | $11.84 | 0.00% | 0.17% | 0.17% |
| **<u>EQ/Money Market (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 205 | $27109 | $118.19 | $156.11 | 3.57% | 3.65% | 3.95% |
| 2024 | 210 | $26795 | $113.70 | $150.61 | 4.51% | 4.68% | 4.98% |
| 2023 | 239 | $28686 | $108.31 | $143.88 | 4.38% | 4.45% | 4.76% |
| 2022 | 165 | $19457 | $103.39 | $137.75 | 1.12% | 1.09% | 1.40% |
| 2021 | 163 | $19403 | $101.96 | $136.26 | 0.00% | 0.18% | 0.49% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
| **<u>EQ/Morgan Stanley Small Cap Growth (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 100 | $18769 | $16.85 | $210.07 | 0.30% | 7.39% | 7.77% |
| 2024 | 90 | $15721 | $15.69 | $194.93 | 0.01% | 20.69% | 21.16% |
| 2023 | 84 | $11925 | $13.00 | $160.89 | 0.00% | 34.44% | 34.78% |
| 2022 | 74 | $7233 | $9.67 | $119.37 | 0.01% | (44.17)% | (44.04)% |
| 2021 | 53 | $9034 | $17.32 | $213.33 | 0.00% | 2.73% | 3.12% |
| **<u>EQ/PIMCO Global Real Return (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 13 | $1415 | $107.49 | $107.49 | 1.47% | 5.68% | 5.68% |
| 2024 | 11 | $1117 | $101.71 | $101.71 | 0.56% | (0.15)% | (0.15)% |
| 2023 | 9 | $963 | $101.86 | $101.86 | 1.63% | 4.29% | 4.29% |
| 2022 | 7 | $681 | $97.67 | $97.67 | 12.24% | (16.03)% | (16.03)% |
| 2021 | 4 | $470 | $116.31 | $116.31 | 19.90% | 4.19% | 4.19% |
| **<u>EQ/PIMCO Real Return (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 114 | $16336 | $122.75 | $158.12 | 3.36% | 7.93% | 8.09% |
| 2024 | 99 | $13249 | $113.56 | $146.50 | 4.02% | 1.93% | 2.08% |
| 2023 | 85 | $11253 | $111.25 | $143.73 | 1.28% | 3.59% | 3.83% |
| 2022 | 73 | $9549 | $107.15 | $138.75 | 6.37% | (11.40)% | (11.14)% |
| 2021 | 63 | $9536 | $120.58 | $156.60 | 4.13% | 5.32% | 5.48% |
| **<u>EQ/PIMCO Total Return ESG (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 204 | $28047 | $113.09 | $152.18 | 4.41% | 8.67% | 9.00% |
| 2024 | 199 | $25267 | $103.75 | $140.04 | 4.54% | 2.00% | 2.23% |
| 2023 | 180 | $22794 | $101.49 | $137.29 | 2.80% | 5.64% | 6.03% |
| 2022 | 167 | $20278 | $95.72 | $129.96 | 3.31% | (14.00)% | (13.70)% |
| 2021 | 149 | $21433 | $110.92 | $151.12 | 1.85% | (1.42)% | (1.14)% |
| **<u>EQ/PIMCO Ultra Short Bond (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 111 | $11634 | $17.52 | $148.90 | 2.94% | 4.47% | 4.64% |
| 2024 | 239 | $12488 | $16.77 | $142.51 | 3.94% | 5.80% | 6.00% |
| 2023 | 59 | $7512 | $107.99 | $134.65 | 3.80% | 5.63% | 5.79% |
| 2022 | 51 | $6278 | $102.08 | $127.47 | 1.26% | (0.61)% | (0.46)% |
| 2021 | 47 | $5962 | $102.55 | $128.25 | 0.42% | (0.45)% | (0.27)% |
| **<u>EQ/Quality Bond PLUS (Class IA)</u>** |  |  |  |  |  |  |  |
| 2025 | 1 | $11 | $12.89 | $12.89 | 3.55% | 6.35% | 6.35% |
| 2024 | 1 | $11 | $12.12 | $12.12 | 3.18% | 1.76% | 1.76% |
| 2023 | 1 | $11 | $11.91 | $11.91 | 2.15% | 4.20% | 4.20% |
| 2022 | 1 | $12 | $11.43 | $11.43 | 0.69% | (10.21)% | (10.21)% |
| 2021 | 1 | $16 | $12.73 | $12.73 | 0.82% | (2.15)% | (2.15)% |
| **<u>EQ/Quality Bond PLUS (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 20 | $3892 | $192.57 | $192.57 | 3.55% | 6.27% | 6.27% |
| 2024 | 20 | $3681 | $181.20 | $181.20 | 3.18% | 1.77% | 1.77% |
| 2023 | 19 | $3349 | $178.04 | $178.04 | 2.15% | 4.23% | 4.23% |
| 2022 | 19 | $3274 | $170.82 | $170.82 | 0.69% | (10.21)% | (10.21)% |
| 2021 | 19 | $3583 | $190.25 | $190.25 | 0.82% | (2.11)% | (2.11)% |
| **<u>EQ/Small Company Index (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 187 | $43092 | $37.22 | $671.95 | 0.92% | 12.58% | 12.85% |
| 2024 | 170 | $34646 | $33.06 | $596.81 | 1.37% | 11.12% | 11.38% |
| 2023 | 95 | $25616 | $144.80 | $537.10 | 1.28% | 16.80% | 17.07% |
| 2022 | 68 | $18389 | $123.69 | $459.83 | 0.98% | (19.81)% | (19.63)% |
| 2021 | 48 | $19277 | $153.91 | $573.46 | 0.71% | 15.06% | 15.33% |
| **<u>EQ/T. Rowe Price Health Sciences (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 57 | $9992 | $176.24 | $176.24 | 0.00% | 19.40% | 19.40% |
| 2024 | 47 | $6963 | $147.61 | $147.61 | 0.00% | 1.73% | 1.73% |
| 2023 | 36 | $5180 | $145.10 | $145.10 | 0.00% | 4.13% | 4.13% |
| 2022 | 26 | $3688 | $139.34 | $139.34 | 0.00% | (13.25)% | (13.25)% |
| 2021 | 16 | $2542 | $160.63 | $160.63 | 0.00% | 9.67% | 9.67% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
| **<u>EQ/Value Equity (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 57 | $30741 | $172.96 | $911.47 | 1.49% | 11.01% | 11.18% |
| 2024 | 56 | $27922 | $155.57 | $821.06 | 0.98% | 7.23% | 7.40% |
| 2023 | 54 | $26282 | $144.85 | $765.67 | 1.21% | 19.52% | 19.70% |
| 2022 | 47 | $21264 | $121.01 | $640.62 | 1.09% | (15.11)% | (14.99)% |
| 2021 | 41 | $24192 | $142.34 | $754.65 | 0.71% | 25.37% | 25.55% |
| **<u>EQ/Wellington Energy (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 51 | $5371 | $104.72 | $104.72 | 2.60% | 12.29% | 12.29% |
| 2024 | 52 | $4868 | $93.26 | $93.26 | 2.85% | 6.56% | 6.56% |
| 2023 | 52 | $4575 | $87.52 | $87.52 | 3.12% | 6.03% | 6.03% |
| 2022 | 60 | $4918 | $82.54 | $82.54 | 4.23% | 32.40% | 32.40% |
| 2021 | 56 | $3508 | $62.34 | $62.34 | 3.44% | 35.58% | 35.58% |
| **<u>Equitable Conservative Growth MF/ETF (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 60 | $11586 | $156.30 | $200.86 | 3.62% | 12.03% | 12.37% |
| 2024 | 64 | $10999 | $139.09 | $179.29 | 3.19% | 7.23% | 7.55% |
| 2023 | 62 | $10202 | $129.33 | $167.20 | 2.70% | 9.91% | 10.19% |
| 2022 | 62 | $9245 | $117.37 | $152.12 | 1.78% | (12.45)% | (12.32)% |
| **<u>Equitable Growth MF/ETF (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 5 | $664 | $128.56 | $128.56 | 2.17% | 14.77% | 14.77% |
| 2024 | 1 | $139 | $112.02 | $112.02 | 3.42% | 8.06% | 8.06% |
| **<u>Equitable Moderate Growth MF/ETF (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 7 | $927 | $125.35 | $125.35 | 4.17% | 13.72% | 13.72% |
| 2024 | 2 | $189 | $110.23 | $110.23 | 8.23% | 6.57% | 6.57% |
| **<u>Fidelity<sup>®</sup> VIP Asset Manager 50% (Initial Class)</u>** |  |  |  |  |  |  |  |
| 2025 |  | $5 | $38.68 | $38.68 | 2.62% | 14.98% | 14.98% |
| 2024 |  | $5 | $33.64 | $33.64 | 2.51% | 8.48% | 8.48% |
| 2023 |  | $4 | $31.01 | $31.01 | 2.40% | 12.97% | 12.97% |
| 2022 |  | $4 | $27.45 | $27.45 | 1.18% | (14.94)% | (14.94)% |
| 2021 |  | $14 | $32.27 | $32.27 | 1.48% | 9.91% | 9.91% |
| **<u>Fidelity<sup>®</sup> VIP Asset Manager 70% (Service Class 2)</u>** |  |  |  |  |  |  |  |
| 2025 | 16 | $2130 | $133.43 | $133.43 | 2.23% | 18.13% | 18.13% |
| 2024 | 11 | $1250 | $112.95 | $112.95 | 2.20% | 10.72% | 10.72% |
| 2023 | 7 | $729 | $102.01 | $102.01 | 2.23% | 16.22% | 16.22% |
| 2022 | 4 | $391 | $87.77 | $87.77 | 2.37% | (16.92)% | (16.92)% |
| 2021 | 2 | $244 | $105.65 | $105.65 | 4.72% | 4.83% | 4.83% |
|  **<u>Fidelity<sup>®</sup> VIP Growth & Income Portfolio (Initial Class)</u>** |  |  |  |  |  |  |  |
| 2025 | 4 | $268 | $71.13 | $71.13 | 0.04% | 21.49% | 21.49% |
| 2024 | 4 | $223 | $58.55 | $58.55 | 1.35% | 22.23% | 22.23% |
| 2023 | 4 | $182 | $47.90 | $47.90 | 1.64% | 18.71% | 18.71% |
| 2022 | 7 | $297 | $40.35 | $40.35 | 1.55% | (4.95)% | (4.95)% |
| 2021 | 16 | $689 | $42.45 | $42.45 | 2.44% | 25.93% | 25.93% |
| **<u>Fidelity<sup>®</sup> VIP Mid Cap Portfolio (Service Class 2)</u>** |  |  |  |  |  |  |  |
| 2025 | 68 | $20869 | $205.98 | $437.58 | 0.27% | 11.49% | 11.65% |
| 2024 | 60 | $17125 | $184.48 | $392.49 | 0.37% | 17.18% | 17.35% |
| 2023 | 52 | $13414 | $157.20 | $334.96 | 0.41% | 14.80% | 14.97% |
| 2022 | 46 | $10896 | $136.73 | $291.77 | 0.29% | (14.97)% | (14.84)% |
| 2021 | 38 | $11492 | $160.55 | $343.13 | 0.39% | 25.31% | 25.49% |
| **<u>Fidelity<sup>®</sup> VIP Value Portfolio (Service Class 2)</u>** |  |  |  |  |  |  |  |
| 2025 | 21 | $3033 | $146.91 | $146.91 | 1.57% | 11.12% | 11.12% |
| 2024 | 12 | $1550 | $132.21 | $132.21 | 1.39% | 11.25% | 11.25% |
| 2023 | 8 | $895 | $118.84 | $118.84 | 1.40% | 19.65% | 19.65% |
| 2022 | 4 | $412 | $99.32 | $99.32 | 2.20% | (4.15)% | (4.15)% |
| 2021 | 1 | $68 | $103.62 | $103.62 | 4.04% | 3.35% | 3.35% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
| **<u>Franklin Income VIP Fund (Class 2)</u>** |  |  |  |  |  |  |  |
| 2025 | 12 | $321 | $27.77 | $27.77 | 4.70% | 12.57% | 12.57% |
| 2024 | 14 | $340 | $24.67 | $24.67 | 5.19% | 7.21% | 7.21% |
| 2023 | 14 | $316 | $23.01 | $23.01 | 5.12% | 8.64% | 8.64% |
| 2022 | 15 | $318 | $21.18 | $21.18 | 4.66% | (5.49)% | (5.49)% |
| 2021 | 17 | $387 | $22.41 | $22.41 | 4.65% | 16.78% | 16.78% |
| **<u>Franklin Small Cap Value VIP Fund (Class 2)</u>** |  |  |  |  |  |  |  |
| 2025 | 44 | $11083 | $188.16 | $393.76 | 1.07% | 7.66% | 7.82% |
| 2024 | 38 | $8889 | $174.52 | $365.76 | 0.91% | 11.70% | 11.87% |
| 2023 | 31 | $6891 | $156.00 | $327.44 | 0.52% | 12.75% | 12.91% |
| 2022 | 22 | $4786 | $138.16 | $290.42 | 0.93% | (10.06)% | (9.93)% |
| 2021 | 14 | $3683 | $153.39 | $322.92 | 1.02% | 25.37% | 25.55% |
| **<u>Invesco V.I. Diversified Dividend Fund (Series I)</u>** |  |  |  |  |  |  |  |
| 2025 |  | $7 | $28.10 | $28.10 | 1.69% | 15.73% | 15.73% |
| 2024 |  | $6 | $24.28 | $24.28 | 1.90% | 13.25% | 13.25% |
| 2023 |  | $5 | $21.44 | $21.44 | 2.07% | 9.00% | 9.00% |
| 2022 | 1 | $16 | $19.67 | $19.67 | 2.94% | (1.65)% | (1.65)% |
| 2021 | 1 | $17 | $20.00 | $20.00 | 2.32% | 18.91% | 18.91% |
| **<u>Invesco V.I. Diversified Dividend Fund (Series II)</u>** |  |  |  |  |  |  |  |
| 2025 | 8 | $1122 | $143.61 | $143.61 | 1.69% | 15.61% | 15.61% |
| 2024 | 4 | $535 | $124.22 | $124.22 | 1.90% | 13.13% | 13.13% |
| 2023 | 4 | $445 | $109.80 | $109.80 | 2.07% | 8.93% | 8.93% |
| 2022 | 3 | $288 | $100.80 | $100.80 | 2.94% | (1.77)% | (1.77)% |
| 2021 |  | $28 | $102.62 | $102.62 | 2.32% | 2.30% | 2.30% |
| **<u>Invesco V.I. Global Core Equity Fund (Series I)</u>** |  |  |  |  |  |  |  |
| 2025 |  | $1 | $35.30 | $35.30 | 1.43% | 15.55% | 15.55% |
| 2024 |  | $— | $30.55 | $30.55 | 0.83% | 16.87% | 16.87% |
| 2023 |  | $1 | $26.14 | $26.14 | 0.57% | 21.69% | 21.69% |
| 2022 |  | $1 | $21.48 | $21.48 | 0.28% | (21.86)% | (21.86)% |
| 2021 |  | $1 | $27.49 | $27.49 | 0.93% | 15.99% | 15.99% |
| **<u>Invesco V.I. Health Care Fund (Series I)</u>** |  |  |  |  |  |  |  |
| 2025 | 1 | $62 | $58.94 | $58.94 | 0.00% | 15.32% | 15.32% |
| 2024 | 1 | $54 | $51.11 | $51.11 | 0.00% | 4.18% | 4.18% |
| 2023 | 1 | $51 | $49.06 | $49.06 | 0.00% | 3.02% | 3.02% |
| 2022 | 1 | $62 | $47.62 | $47.62 | 0.00% | (13.32)% | (13.32)% |
| 2021 | 1 | $72 | $54.94 | $54.94 | 0.21% | 12.31% | 12.31% |
| **<u>Invesco V.I. Technology Fund (Series I)</u>** |  |  |  |  |  |  |  |
| 2025 | 1 | $101 | $100.15 | $100.15 | 0.00% | 20.47% | 20.47% |
| 2024 | 1 | $84 | $83.13 | $83.13 | 0.00% | 34.28% | 34.28% |
| 2023 | 1 | $62 | $61.91 | $61.91 | 0.00% | 46.92% | 46.92% |
| 2022 | 1 | $43 | $42.14 | $42.14 | 0.00% | (39.95)% | (39.95)% |
| 2021 | 1 | $72 | $70.17 | $70.17 | 0.00% | 14.41% | 14.41% |
|  **<u>Janus Henderson Balanced Portfolio (Service Shares)</u>** |  |  |  |  |  |  |  |
| 2025 | 60 | $8537 | $141.64 | $141.64 | 1.82% | 15.00% | 15.00% |
| 2024 | 43 | $5309 | $123.17 | $123.17 | 1.92% | 15.32% | 15.32% |
| 2023 | 31 | $3350 | $106.81 | $106.81 | 2.21% | 15.31% | 15.31% |
| 2022 | 13 | $1214 | $92.63 | $92.63 | 1.35% | (16.49)% | (16.49)% |
| 2021 | 3 | $323 | $110.92 | $110.92 | 0.54% | 10.11% | 10.11% |
|  **<u>Janus Henderson Enterprise Portfolio (Institutional Shares)</u>** |  |  |  |  |  |  |  |
| 2025 | 73 | $3810 | $52.16 | $52.16 | 0.20% | 7.66% | 7.66% |
| 2024 | 79 | $3846 | $48.45 | $48.45 | 0.89% | 15.60% | 15.60% |
| 2023 | 91 | $3802 | $41.91 | $41.91 | 0.15% | 18.09% | 18.09% |
| 2022 | 95 | $3385 | $35.49 | $35.49 | 0.20% | (15.94)% | (15.94)% |
| 2021 | 91 | $3852 | $42.22 | $42.22 | 0.36% | 16.82% | 16.82% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
|  **<u>Janus Henderson Global Research Portfolio (Institutional Shares)</u>** |  |  |  |  |  |  |  |
| 2025 |  | $16 | $41.60 | $41.60 | 0.58% | 20.90% | 20.90% |
| 2024 |  | $14 | $34.41 | $34.41 | 0.76% | 23.60% | 23.60% |
| 2023 |  | $11 | $27.84 | $27.84 | 0.94% | 26.78% | 26.78% |
| 2022 |  | $9 | $21.96 | $21.96 | 0.99% | (19.41)% | (19.41)% |
| 2021 | 1 | $17 | $27.25 | $27.25 | 0.52% | 18.07% | 18.07% |
|  **<u>Janus Henderson Mid Cap Value Portfolio (Service Shares)</u>** |  |  |  |  |  |  |  |
| 2025 | 55 | $3074 | $55.98 | $55.98 | 0.67% | 6.28% | 6.28% |
| 2024 | 58 | $3030 | $52.67 | $52.67 | 0.84% | 12.81% | 12.81% |
| 2023 | 72 | $3355 | $46.69 | $46.69 | 0.98% | 11.11% | 11.11% |
| 2022 | 71 | $2983 | $42.02 | $42.02 | 1.13% | (5.78)% | (5.78)% |
| 2021 | 79 | $3508 | $44.60 | $44.60 | 0.43% | 19.44% | 19.44% |
|  **<u>Janus Henderson Overseas Portfolio (Institutional Shares)</u>** |  |  |  |  |  |  |  |
| 2025 | 4 | $185 | $43.31 | $43.31 | 1.46% | 28.90% | 28.90% |
| 2024 | 4 | $151 | $33.60 | $33.60 | 1.72% | 5.83% | 5.83% |
| 2023 | 4 | $121 | $31.75 | $31.75 | 1.23% | 10.86% | 10.86% |
| 2022 | 10 | $278 | $28.64 | $28.64 | 1.83% | (8.59)% | (8.59)% |
| 2021 | 9 | $277 | $31.33 | $31.33 | 1.18% | 13.56% | 13.56% |
|  **<u>Lord Abbett Series Fund — Bond Debenture Portfolio (VC Shares)</u>** |  |  |  |  |  |  |  |
| 2025 | 60 | $7448 | $125.12 | $125.12 | 6.54% | 8.52% | 8.52% |
| 2024 | 52 | $6005 | $115.30 | $115.30 | 6.96% | 6.88% | 6.88% |
| 2023 | 27 | $2956 | $107.88 | $107.88 | 6.74% | 6.72% | 6.72% |
| 2022 | 16 | $1644 | $101.09 | $101.09 | 5.75% | (12.67)% | (12.67)% |
| 2021 | 9 | $996 | $115.76 | $115.76 | 5.03% | 3.43% | 3.43% |
|  **<u>MFS<sup>®</sup> Massachusetts Investors Growth Stock Portfolio (Service Class)</u>** |  |  |  |  |  |  |  |
| 2025 | 7 | $4597 | $660.31 | $660.31 | 0.02% | 9.61% | 9.61% |
| 2024 | 7 | $4487 | $602.44 | $602.44 | 0.13% | 15.98% | 15.98% |
| 2023 | 8 | $4234 | $519.43 | $519.43 | 0.05% | 23.70% | 23.70% |
| 2022 | 7 | $2983 | $419.90 | $419.90 | 0.00% | (19.45)% | (19.45)% |
| 2021 | 8 | $4211 | $521.27 | $521.27 | 0.03% | 25.66% | 25.66% |
|  **<u>Morgan Stanley Variable Insurance Fund Inc. Emerging Markets Debt Portfolio (Class I)</u>** |  |  |  |  |  |  |  |
| 2025 | 2 | $93 | $42.64 | $42.64 | 14.47% | 15.31% | 15.31% |
| 2024 | 2 | $80 | $36.98 | $36.98 | 10.31% | 11.25% | 11.25% |
| 2023 | 2 | $71 | $33.24 | $33.24 | 8.45% | 11.84% | 11.84% |
| 2022 | 3 | $75 | $29.72 | $29.72 | 6.93% | (18.75)% | (18.75)% |
| 2021 | 3 | $118 | $36.58 | $36.58 | 5.13% | (2.01)% | (2.01)% |
| **<u>Multimanager Aggressive Equity (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 46 | $20640 | $272.53 | $632.59 | 0.25% | 16.30% | 16.55% |
| 2024 | 46 | $17876 | $233.84 | $543.91 | 0.44% | 30.85% | 31.11% |
| 2023 | 41 | $13256 | $178.35 | $415.66 | 0.41% | 38.30% | 38.55% |
| 2022 | 38 | $9079 | $128.73 | $300.56 | 0.00% | (32.17)% | (32.06)% |
| 2021 | 31 | $11809 | $189.48 | $443.08 | 0.00% | 20.50% | 20.72% |
| **<u>Multimanager Core Bond (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 746 | $17836 | $16.39 | $207.02 | 3.53% | 7.09% | 7.12% |
| 2024 | 674 | $15564 | $15.30 | $193.31 | 3.54% | 1.97% | 2.00% |
| 2023 | 28 | $5315 | $189.57 | $189.57 | 2.93% | 5.09% | 5.09% |
| 2022 | 29 | $5162 | $180.39 | $180.39 | 2.33% | (12.73)% | (12.73)% |
| 2021 | 29 | $5910 | $206.71 | $206.71 | 1.45% | (1.43)% | (1.43)% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
| **<u>Multimanager Technology (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 121 | $76458 | $312.45 | $2235.00 | 0.00% | 25.89% | 26.08% |
| 2024 | 114 | $59914 | $247.82 | $1775.35 | 0.00% | 26.09% | 26.28% |
| 2023 | 98 | $45219 | $196.25 | $1408.01 | 0.00% | 49.54% | 49.77% |
| 2022 | 76 | $26961 | $131.03 | $941.54 | 0.00% | (37.30)% | (37.20)% |
| 2021 | 48 | $35076 | $208.66 | $1501.58 | 0.00% | 20.82% | 21.00% |
| **<u>Nomura VIP High Income Series (Service Class)</u>** |  |  |  |  |  |  |  |
| 2025 | 194 | $29741 | $132.66 | $169.43 | 6.41% | 7.17% | 7.34% |
| 2024 | 180 | $25966 | $123.59 | $158.10 | 6.25% | 6.19% | 6.37% |
| 2023 | 150 | $20634 | $116.19 | $148.88 | 6.20% | 11.75% | 11.91% |
| 2022 | 128 | $15988 | $103.82 | $133.22 | 6.41% | (10.97)% | (10.82)% |
| 2021 | 111 | $15934 | $116.42 | $149.63 | 5.69% | 6.06% | 6.23% |
|  **<u>PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Advisor Class)</u>** |  |  |  |  |  |  |  |
| 2025 | 52 | $6829 | $115.83 | $179.07 | 2.73% | 18.65% | 18.84% |
| 2024 | 51 | $5613 | $97.62 | $150.68 | 2.10% | 3.97% | 4.12% |
| 2023 | 47 | $4881 | $93.89 | $144.72 | 15.89% | (7.93)% | (7.77)% |
| 2022 | 50 | $5547 | $101.98 | $156.91 | 20.09% | 8.66% | 8.88% |
| 2021 | 40 | $3888 | $93.85 | $144.11 | 4.20% | 33.10% | 33.31% |
| **<u>T. Rowe Price Blue Chip Growth Portfolio (Class II)</u>** |  |  |  |  |  |  |  |
| 2025 | 17 | $4234 | $247.12 | $247.12 | 0.00% | 18.67% | 18.67% |
| 2024 | 13 | $2614 | $208.25 | $208.25 | 0.00% | 35.44% | 35.44% |
| 2023 | 6 | $933 | $153.76 | $153.76 | 0.00% | 49.25% | 49.25% |
| 2022 |  | $13 | $103.02 | $103.02 | 0.00% | (4.60)% | (4.60)% |
| **<u>T. Rowe Price Equity Income Portfolio (Class II)</u>** |  |  |  |  |  |  |  |
| 2025 | 29 | $7888 | $191.48 | $405.19 | 1.46% | 14.07% | 14.28% |
| 2024 | 25 | $6464 | $167.55 | $355.20 | 1.62% | 11.38% | 11.60% |
| 2023 | 25 | $5944 | $150.14 | $318.91 | 1.91% | 9.31% | 9.52% |
| 2022 | 23 | $5155 | $137.09 | $291.74 | 1.65% | (3.59)% | (3.40)% |
| 2021 | 22 | $5608 | $141.92 | $302.59 | 1.41% | 25.21% | 25.45% |
| **<u>T. Rowe Price Mid-Cap Growth Portfolio (Class II)</u>** |  |  |  |  |  |  |  |
| 2025 | 6 | $795 | $143.18 | $143.18 | 0.00% | 3.59% | 3.59% |
| 2024 | 4 | $537 | $138.22 | $138.22 | 0.00% | 9.35% | 9.35% |
| 2023 | 1 | $151 | $126.40 | $126.40 | 0.00% | 19.98% | 19.98% |
| **<u>Target 2025 Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 5 | $903 | $192.52 | $192.52 | 2.82% | 13.08% | 13.08% |
| 2024 | 5 | $821 | $170.25 | $170.25 | 2.47% | 8.69% | 8.69% |
| 2023 | 6 | $943 | $156.64 | $156.64 | 2.16% | 13.63% | 13.63% |
| 2022 | 5 | $728 | $137.85 | $137.85 | 1.63% | (15.24)% | (15.24)% |
| 2021 | 7 | $1096 | $162.64 | $162.64 | 2.10% | 10.74% | 10.74% |
| **<u>Target 2035 Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 15 | $3342 | $221.23 | $221.23 | 2.23% | 15.71% | 15.71% |
| 2024 | 15 | $2841 | $191.20 | $191.20 | 2.19% | 11.49% | 11.49% |
| 2023 | 13 | $2282 | $171.50 | $171.50 | 1.77% | 16.53% | 16.53% |
| 2022 | 13 | $1881 | $147.17 | $147.17 | 1.35% | (16.29)% | (16.29)% |
| 2021 | 14 | $2387 | $175.81 | $175.81 | 1.98% | 14.07% | 14.07% |
|  **<u>Target 2045 Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 16 | $3810 | $239.06 | $239.06 | 2.06% | 16.80% | 16.80% |
| 2024 | 14 | $2893 | $204.68 | $204.68 | 1.85% | 12.97% | 12.97% |
| 2023 | 13 | $2407 | $181.18 | $181.18 | 1.55% | 18.12% | 18.12% |
| 2022 | 14 | $2159 | $153.38 | $153.38 | 1.37% | (16.78)% | (16.78)% |
| 2021 | 12 | $2245 | $184.30 | $184.30 | 2.01% | 16.31% | 16.31% |
|  **<u>Target 2055 Allocation (Class IB)</u>** |  |  |  |  |  |  |  |
| 2025 | 26 | $6744 | $261.75 | $261.75 | 1.65% | 17.89% | 17.89% |
| 2024 | 24 | $5280 | $222.03 | $222.03 | 1.46% | 14.32% | 14.32% |
| 2023 | 24 | $4736 | $194.22 | $194.22 | 1.56% | 19.83% | 19.83% |
| 2022 | 21 | $3380 | $162.08 | $162.08 | 1.13% | (17.56)% | (17.56)% |
| 2021 | 20 | $3946 | $196.61 | $196.61 | 2.11% | 18.26% | 18.26% |

---

------

**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Continued)** 

**December 31, 2025** 

**8.** Financial Highlights (Concluded)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **At the year ended** | **At the year ended** | **At the year ended** | **At the year ended** | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Unit Values** | **Unit Values** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Total Return Ratio\*\*\*** | **Total Return Ratio\*\*\*** |
|  | **Units**<br> **Outstanding**<br> **(000's)\*** | **Accumulation**<br>**Unit Values**<br>**(000's)\*** | **Lowest** | **Highest** | **Investment**<br>**Income**<br>**Ratio\*\*** | **Lowest** | **Highest** |
|  **<u>Templeton Developing Markets VIP Fund (Class 2)</u>** |  |  |  |  |  |  |  |
| 2025 | 48 | $9518 | $179.97 | $212.30 | 0.53% | 46.26% | 46.48% |
| 2024 | 43 | $5819 | $122.86 | $145.15 | 3.92% | 7.67% | 7.84% |
| 2023 | 39 | $4995 | $113.93 | $134.81 | 2.05% | 12.62% | 12.79% |
| 2022 | 37 | $4244 | $101.01 | $119.70 | 2.59% | (21.98)% | (21.87)% |
| 2021 | 30 | $4416 | $129.28 | $153.43 | 0.86% | (5.74)% | (5.60)% |
|  **<u>Templeton Global Bond VIP Fund (Class 2)</u>** | **<u>Templeton Global Bond VIP Fund (Class 2)</u>** |  |  |  |  |  |  |
| 2025 | 149 | $16360 | $92.58 | $117.00 | 0.00% | 15.73% | 16.13% |
| 2024 | 138 | $13246 | $79.72 | $101.10 | 0.00% | (11.37)% | (11.05)% |
| 2023 | 120 | $13158 | $89.62 | $114.07 | 0.00% | 2.89% | 3.26% |
| 2022 | 108 | $11616 | $86.79 | $110.87 | 0.00% | (4.95)% | (4.62)% |
| 2021 | 101 | $11509 | $90.99 | $116.64 | 0.00% | (4.99)% | (4.66)% |
|  **<u>VanEck VIP Emerging Markets Bond Fund (Initial Class)</u>** |  |  |  |  |  |  |  |
| 2025 | 1 | $40 | $31.49 | $31.49 | 5.32% | 18.52% | 18.52% |
| 2024 | 1 | $33 | $26.57 | $26.57 | 7.33% | 2.75% | 2.75% |
| 2023 | 1 | $31 | $25.86 | $25.86 | 4.03% | 11.42% | 11.42% |
| 2022 | 2 | $40 | $23.21 | $23.21 | 4.53% | (6.94)% | (6.94)% |
| 2021 | 2 | $43 | $24.94 | $24.94 | 5.14% | (4.04)% | (4.04)% |
|  **<u>VanEck VIP Emerging Markets Fund (Initial Class)</u>** | **<u>VanEck VIP Emerging Markets Fund (Initial Class)</u>** |  |  |  |  |  |  |
| 2025 |  | $3 | $38.01 | $38.01 | 0.73% | 29.95% | 29.95% |
| 2024 |  | $2 | $29.25 | $29.25 | 1.68% | 1.21% | 1.21% |
| 2023 |  | $2 | $28.90 | $28.90 | 2.22% | 9.76% | 9.76% |
| 2022 | 1 | $15 | $26.33 | $26.33 | 0.28% | (24.38)% | (24.38)% |
| 2021 | 1 | $19 | $34.82 | $34.82 | 0.92% | (11.87)% | (11.87)% |
|  **<u>VanEck VIP Global Resources Fund (Class S)</u>** | **<u>VanEck VIP Global Resources Fund (Class S)</u>** |  |  |  |  |  |  |
| 2025 | 39 | $5024 | $129.05 | $135.37 | 2.40% | 36.17% | 36.37% |
| 2024 | 41 | $3862 | $94.77 | $99.27 | 2.32% | (3.09)% | (2.93)% |
| 2023 | 39 | $3840 | $97.79 | $102.27 | 2.59% | (3.84)% | (3.70)% |
| 2022 | 41 | $4158 | $101.69 | $106.20 | 1.62% | 8.12% | 8.29% |
| 2021 | 40 | $3763 | $94.05 | $94.05 | 0.34% | 18.68% | 18.68% |
|  **<u>VanEck VIP Global Resources Fund (Initial Class)</u>** | **<u>VanEck VIP Global Resources Fund (Initial Class)</u>** |  |  |  |  |  |  |
| 2025 | 11 | $658 | $60.02 | $60.02 | 2.40% | 36.47% | 36.47% |
| 2024 | 12 | $522 | $43.98 | $43.98 | 2.32% | (2.83)% | (2.83)% |
| 2023 | 24 | $1067 | $45.26 | $45.26 | 2.59% | (3.58)% | (3.58)% |
| 2022 | 27 | $1264 | $46.94 | $46.94 | 1.62% | 8.38% | 8.38% |
| 2021 | 28 | $1215 | $43.31 | $43.31 | 0.34% | 18.92% | 18.92% |

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\* Variable Investment Options where Units Outstanding and Accumulation Unit Values are less than 500 and $500, respectively, are denoted by a —.

\*\* This ratio represents the amount of dividend income, excluding distributions from net realized gains, received by the Variable Investment Option from the Portfolio, divided by the average daily net assets. This ratio excludes those expenses, such as asset charges, that result in direct reductions in the unit values. The recognition of dividend income by the Variable Investment Option is affected by the timing of the declaration of dividends by the Portfolio in which the Variable Investment Option invests. For those Variable Investment Options with less than a year of operations, this ratio is not annualized but calculated from the effective date through the end of the reporting period.

\*\*\* This ratio represents the total return for the periods indicated, including changes in the value of the Portfolio, and expenses assessed through the reduction of unit value. This ratio does not include any expenses, such as premiums and withdrawal charges, as applicable, or expenses assessed through the redemption of units. The total return would have been lower had such expenses been included in the calculation. The total return is calculated for each period indicated from the effective date through the end of the reporting period. For those Variable Investment Options with less than a year of operations, the total return is not annualized but calculated from the effective date through the end of the reporting period.

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**EQUITABLE AMERICA VARIABLE ACCOUNT K** 

**Notes to Financial Statements (Concluded)** 

**December 31, 2025** 

9. Subsequent Events

All material subsequent transactions and events have been evaluated for the period from December 31, 2025 through April 9, 2026, the date on which the financial statements were issued. Except as noted below, there were no transactions or events that require adjustment to or disclosure in the accompanying financial statements.

Equitable America is an indirect, wholly-owned subsidiary of Equitable Holdings, Inc. On March 26, 2026, Equitable Holdings, Inc., a Delaware corporation ("Equitable"), entered into an Agreement and Plan of Merger (the "Merger Agreement"), by and among Equitable, Corebridge Financial, Inc., a Delaware corporation ("Corebridge"), Mountain Holding, Inc., a newly formed Delaware corporation and wholly-owned subsidiary of Corebridge ("HoldCo"), Marcy Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of HoldCo ("Equitable Merger Sub"), and Palisade Holding, Inc., a newly formed Delaware corporation and a wholly-owned subsidiary of HoldCo ("Corebridge Merger Sub").

Equitable and Corebridge have agreed, subject to the terms and conditions of the Merger Agreement, to effect an all stock merger transaction to combine their respective businesses by: (a) Corebridge Merger Sub merging with and into Corebridge, with Corebridge surviving such merger as a wholly-owned subsidiary of HoldCo (the "Corebridge Merger"), (b) immediately following the consummation of the Corebridge Merger, Equitable Merger Sub merging with and into Equitable, with Equitable surviving such merger as a wholly-owned subsidiary of HoldCo (the "Equitable Merger" and, together with the Corebridge Merger, the "Mergers"), and (c) as of the closing of the Mergers (the "Closing"), changing the name of HoldCo to "Equitable Holdings, Inc.".

The Merger Agreement and the consummation of the transactions contemplated by the Merger Agreement have been unanimously approved by the boards of directors of both companies. The transaction is expected to close by year-end of 2026, subject to customary closing conditions, including the receipt of required regulatory approvals and approval of shareholders of both Corebridge and Equitable.