KKR & Co.

“Many of the insurance products allow policyholders to withdraw their funds, also referred to as a surrender, under contractually-defined circumstances. We may be forced to sell investments at a loss in connection with these redemption or withdrawal requests, which are not always predictable and often driven by market and economic conditions that are not in our control.”

Annual report 2025A · The company itself

“We believe that competition for investors for our investment vehicles is based primarily on investment performance, investor liquidity and willingness to invest, investor perception of investment managers' drive, focus and alignment of interest, business reputation, duration of relationships, quality of services, pricing, fund terms including fees, and the relative attractiveness of the types of investments that have been or are to be made.”

Annual report 2025A · The company itself

“Several of our competitors have raised, or may raise, significant amounts of capital and have investment objectives that are similar to the investment objectives of our investment vehicles, which may create additional competition for investment opportunities. Some of these competitors may also have lower costs of capital and access to funding sources that are not available to us, which may create competitive advantages for them.”

Annual report 2025A · The company itself

“Parts of our earnings and cash flow are highly variable due to the nature of our business. Parts of our earnings are highly variable from quarter to quarter due to volatility of investment valuations, the investment returns by our funds and other investment vehicles, and the accrual and payment of carried interest and fees earned from our investment activities.”

Annual report 2025A · The company itself

“Investment performance is one of the most significant factors in our ability to raise capital. Poor investment performance for any reason, whether due to market conditions, valuations, pace of realizations, or other factors, including relative to portfolio benchmarks, fee levels, or our competitors’ performance, may also materially adversely affect our ability to fundraise.”

Annual report 2025A · The company itself

“Institutional investors that experience decreasing returns, liquidity pressures, increased volatility, funding shortfalls or difficulty maintaining target asset allocations may materially decrease or temporarily suspend making new investments in our investment funds or with alternate asset managers generally. Such concerns could be exhibited, in particular, by public pension funds, which have historically been among the largest investors in alternative assets. Pension funds have had and in the future may have funding problems that will likely be exacerbated by economic downturns.”

Annual report 2025A · The company itself

“Future results of our investments may be different than, and may not achieve the levels of, any of our historical returns. We have presented in this report certain information relating to our investment returns, such as net and gross internal rates of return (“IRR”), multiples of invested capital (“MOIC”) and realized and unrealized investment values for investment vehicles that we have sponsored, managed or operated. Historical returns of our investment vehicles should not be relied upon as indicative of the future results that you should expect from our investment vehicles and are not indicative of the future results of our insurance subsidiaries or our balance sheet assets.”

Annual report 2025A · The company itself

“Various conditions and events outside of our control that are difficult to quantify or predict may have a significant impact on the valuation of our investments. Global equity markets, which have been and are expected to continue to be volatile, significantly impact the valuation of our equity investments in portfolio companies. For our equity investments that are publicly listed and thus have readily observable market prices, equity markets around the world have a direct impact on valuation, because their values are determined by their listed prices in the public markets.”

Annual report 2025A · The company itself

“Periods of significant and sustained downturns in securities markets, increased equity volatility, reduced interest rates, or deviations in expected policyholder behavior could cause a number of different materially adverse impacts to us, including an increase in the valuation of our liabilities, the cost of providing policy benefits and required capital, and a reduction in the account balances of certain products, with a resulting reduction in fees earned on and profitability of such products.”

Annual report 2025A · The company itself

“During the year ended December 31, 2025, U.S. investment grade corporate bond spreads (BofA Merrill Lynch US Corporate Index) tightened by 3 basis points.”

Annual report 2025A · The company itself

“The non-investment grade credit indices were up during the year ended December 31, 2025, with the S&P/LSTA Leveraged Loan Index up 5.9% and the BofAML HY Master II Index up 8.5%.”

Annual report 2025A · The company itself

“The decrease in transaction and monitoring fees, net is primarily due to a lower level of transaction fees earned in our Capital Markets business line. The decrease in capital markets transaction fees was primarily due to a decrease in the size of capital markets transactions for the year ended December 31, 2025. Overall, we completed 404 capital markets transactions for the year ended December 31, 2025, of which 49 represented equity offerings and 355 represented debt offerings, as compared to 397 transactions for the year ended December 31, 2024, of which 56 represented equity offerings and 341 represented debt offerings.”

Annual report 2025A · The company itself

“Our exposure to market risks for KKR's asset management and strategic holdings businesses, on a GAAP basis, primarily relates to movements in one or more of the fair value of investments, including the effect that those movements have on our management fees, carried interest, and net gains from investment activities. Our exposure to market risks in our insurance segment, on a GAAP basis, primarily relates to the impact of movements in such market risks on our insurance segment’s assets, liabilities, and hedge program.”

Annual report 2025A · The company itself

“As of December 31, 2025, the net market risk liability balance totaled $1.3 billion. As of December 31, 2025, the liability balances for market risk benefits were $1.1 billion for fixed-indexed annuities and $197.5 million for variable and other annuities.”

Annual report 2025A · The company itself

“Changes in interest rates, future index credits, instrument-specific credit risk, projected withdrawal and surrender activity, and mortality on fixed-indexed annuity and interest-sensitive life products can have a significant impact on the value of the embedded derivative. Valuation of Embedded Derivatives – Fixed-Indexed Annuities Fixed-indexed annuity contracts allow the policyholder to elect a fixed interest rate of return or a market indexed strategy where interest credited is based on the performance of an index, such as the S&P 500 Index, or other indexes.”

Annual report 2025A · The company itself

“In the first quarter of 2024, we implemented strategic initiatives that included creating our Strategic Holdings business segment. We continue to believe that we will receive more stable recurring revenues in the future from the growth over time in dividend payments and earnings from companies included in our Strategic Holdings segment.”

Annual report 2025A · The company itself

“The individual markets products we offer are listed below. •Fixed-Rate and Fixed-Indexed Annuities. With an annuity product, the policyholder provides Global Atlantic a cash payment, in exchange for earning interest on a tax deferred basis and the ability based on contractual terms to take a lump sum or periodic withdrawals of their account value.”

Annual report 2025A · The company itself

“We have significant exposure to these markets through our CLO vehicles. In most cases, our CLO holdings are deeply subordinated, representing the CLO vehicle’s substantial leverage, which increases both the opportunity for higher returns as well as the magnitude of losses when compared to holders or investors that rank more senior to us in right of payment.”

Annual report 2025A · The company itself

“This segment primarily generates income from dividends from these businesses. Dividends are presented net of management fees paid to the Asset Management segment.”

Annual report 2025A · The company itself

“VARIABLE INTEREST ENTITIES Consolidated VIEs KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary. The consolidated VIEs are predominately CLOs and certain investment funds sponsored by KKR.”

Annual report 2025A · The company itself

“We also specifically depend on the services of various financial intermediaries (including banks, prime brokers, custodians, paying agents and escrow agents), counterparties, administrators and other agents, including to carry out certain credit, securities, derivatives and hedging transactions, subjecting us to the risk that one or more of these counterparties defaults, either voluntarily or involuntarily, on its performance under the applicable contract. We may enter into financial arrangements with a limited number of counterparties, which has the effect of concentrating the transaction volume (and related counterparty default risk) with these counterparties. If such a counterparty defaults, particularly a default by a major investment bank or a default by a counterparty that has a significant number of our contracts, we may be materially adversely affected.”

Annual report 2025A · The company itself

“In 2025, we announced changes to the management of our insurance business to originate longer-duration liabilities and assets, including investing more into non-yielding or lower-yield assets classes like private equity and real assets, expanding outside the United States, and raising more third-party co-investment insurance capital. We believe these changes will expand Global Atlantic’s competitive advantage and enable the generation of higher and more durable returns over the long term; however, our financial results could be adversely impacted in the near- and medium- term as we rotate into longer- duration liabilities and assets.”

Annual report 2025A · The company itself

“Our insurance business operates under the Global Atlantic brand. Global Atlantic is a leading retirement and life insurance company, with an over 20-year track record of providing a broad suite of protection, legacy, and savings products to customers and reinsurance solutions to clients across individual and institutional markets.”

Annual report 2025A · The company itself

“We utilize our balance sheet to support our insurance subsidiaries’ business and capital needs, underwrite commitments in our capital markets transactions, make capital commitments to our investment vehicles, and make acquisitions and other strategic investments for our Strategic Holdings segment. A significant portion of our balance sheet is dedicated to the ownership and operation of our insurance business, which is a capital-intensive, long-duration business.”

Annual report 2025A · The company itself

“We provide a broad range of capital markets services that include acting as an advisor or as an agent, principal, underwriter, syndicator, arranger or other form of intermediary in connection with securities transactions, debt or equity syndications, loan transactions, derivative transactions and other types of financings and financial arrangements.”

Annual report 2025A · The company itself

“We have significant exposure to these markets through our CLO vehicles. In most cases, our CLO holdings are deeply subordinated, representing the CLO vehicle’s substantial leverage, which increases both the opportunity for higher returns as well as the magnitude of losses when compared to holders or investors that rank more senior to us in right of payment.”

Annual report 2025A · The company itself

“Insurance Operating Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i) Net Investment Income, (ii) Net Cost of Insurance, and (iii) General, Administrative, and Other Expenses.”

Annual report 2025A · The company itself

“Third-party clients of our capital markets business include multi-national corporations, public and private companies, financial sponsors, mutual funds, pension funds, sovereign wealth funds, and hedge funds globally.”

Annual report 2025A · The company itself

“Our institutional investor base is diversified by type, including public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, foundations, and investment managers.”

Annual report 2025A · The company itself

“Global Atlantic uses third-party intermediaries to distribute its retirement and preneed business products to individuals.”

Annual report 2025A · The company itself

“In addition, if preferences for Global Atlantic’s individual or institutional products change or Global Atlantic is unable to offer competitive pricing and attractive terms, our revenues and results of operations may be materially and adversely impacted.”

Annual report 2025A · The company itself

“The market prices of securities may be volatile and are likely to fluctuate due to a number of factors beyond our control. These factors include actual or anticipated fluctuations in the quarterly and annual results of such companies or of other companies in the industries in which they operate, market perceptions concerning the availability of additional securities for sale, general economic, social or political developments, industry conditions, changes in government regulation, shortfalls in operating results from levels forecasted by securities analysts, the general state of the securities markets, and other material events, such as significant management changes, re-financings, acquisitions, and dispositions.”

Annual report 2025A · The company itself

“For a majority of Global Atlantic’s in-force policies, including its interest-sensitive life policies and most annuity contracts, the base policy reserve is equal to the account value. For these products, the account value represents Global Atlantic’s obligation to repay to the policyholder the amounts held with Global Atlantic on deposit.”

Annual report 2025A · The company itself

“Additional Liability for Annuitization, Death, or Other Insurance Benefits: No-Lapse Guarantees Global Atlantic has in-force interest-sensitive life contracts where it provides a secondary guarantee to the policyholder. The policy can remain in-force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met.”

Annual report 2025A · The company itself

“Accordingly, as part of the annual assumption review conducted during the year ended December 31, 2025, assumptions were updated for higher expected morbidity for certain long-term care related benefit riders, offset in part by an increase in expected fixed-indexed annuity activations, which resulted in a $6.0 million decrease to net income before taxes.”

Annual report 2025A · The company itself

“This segment primarily generates income from dividends from these businesses. Dividends are presented net of management fees paid to the Asset Management segment.”

Annual report 2025A · The company itself

“Artificial intelligence may increase competitive, operational, legal and regulatory risks to our businesses in ways that we cannot predict. The use of artificial intelligence by us and others, and the overall adoption of artificial intelligence throughout the world, may exacerbate or create new and unpredictable competitive, operational, legal and regulatory risks to our businesses. Any changes from the use of artificial intelligence could potentially disrupt, among other things, our business models, investment strategies, investment performance, operational processes, and our ability to identify and hire employees.”

Annual report 2025A · The company itself

“Such technology, analysis and modeling are highly complex and subject to limitations and risks that have the potential to adversely impact us to the extent that we rely on artificial intelligence. If the data we, or third parties whose services we rely on, use in connection with the development or deployment of artificial intelligence is incomplete, inadequate or biased in some way, the performance of our products, services, and businesses could suffer. Data in technology that uses artificial intelligence may contain a degree of inaccuracy and error, which could result in flawed algorithms in various models used in our businesses.”

Annual report 2025A · The company itself

“Our organizational documents do not limit our ability to enter into new lines of business, and we may expand into new investment strategies, geographic markets, businesses, types of investors and investment products. We seek to grow our businesses by, among other things, increasing AUM in existing businesses, pursuing new investment strategies (including investment opportunities in new asset classes), developing new types of investment structures and products (such as publicly listed vehicles, separately managed accounts and structured products), expanding into new geographic markets and businesses and seeking investments from investor bases we have traditionally not pursued, such as individual investors, which subject us to additional risk.”

Annual report 2025A · The company itself

“SEGMENT REPORTING KKR operates through three reportable segments which are presented below and reflect how its chief operating decisionmakers, who are the Co-Chief Executive Officers, allocate resources and assess performance: •Asset Management - The asset management business offers a broad range of investment management services to investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides capital markets services to portfolio companies and third parties. This reportable segment also reflects how its business lines operate collaboratively with predominantly a single expense pool.”

Annual report 2025A · The company itself

“VARIABLE INTEREST ENTITIES Consolidated VIEs KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary. The consolidated VIEs are predominately CLOs and certain investment funds sponsored by KKR.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, net investment gains (losses) were primarily generated in the following asset classes: •Private Equity (including core private equity), which were primarily impacted by overall positive operating performance of certain portfolio companies.”

Annual report 2025A · The company itself

“Strategic Holdings Operating Earnings currently consists of earnings derived from dividends that the firm receives from businesses acquired through the firm’s participation in our core private equity strategy.”

Annual report 2025A · The company itself

“Across these strategies, we provide financing and capital solutions to high-quality corporates and asset owners around the world, spanning both investment grade and non-investment grade opportunities.”

Annual report 2025A · The company itself

“Third-party clients of our capital markets business include multi-national corporations, public and private companies, financial sponsors, mutual funds, pension funds, sovereign wealth funds, and hedge funds globally.”

Annual report 2025A · The company itself

“SEGMENT REPORTING KKR operates through three reportable segments which are presented below and reflect how its chief operating decisionmakers, who are the Co-Chief Executive Officers, allocate resources and assess performance: •Asset Management - The asset management business offers a broad range of investment management services to investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides capital markets services to portfolio companies and third parties.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, $43.8 billion of capital was invested by our Credit and Liquid Strategies business line, as compared to $38.6 billion for the year ended December 31, 2024. The increase was driven primarily by a higher level of capital deployed across our private credit strategies, most notably direct lending. During the year ended December 31, 2025, 79% of capital deployed was in transactions in North America, 16% was in Europe, and 5% was in the Asia-Pacific region.”

Annual report 2025A · The company itself

“Over the same period, we scaled from being a U.S.-focused firm to a global operation with 36 offices around the world as of December 31, 2025.”

Annual report 2025A · The company itself

“We invest a significant portion of our AUM in the equity, debt, loans or other securities of issuers and in other assets that are based outside of the United States. Investing in companies or assets that are based or have significant operations in countries outside of the United States and, in particular, in emerging markets such as China and India, Eastern Europe, South and Southeast Asia, Latin America and Africa, involves risks and considerations that are not typically associated with investments in companies or assets established in the United States.”

Annual report 2025A · The company itself

“Our transaction fees are comprised of fees earned from North America, Europe, and the Asia-Pacific region. For the year ended December 31, 2025, approximately 54% of our transaction fees were generated outside of North America as compared to approximately 47% for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“The market values of real estate assets may be adversely affected by a number of factors, including national, regional and local economic conditions; construction quality, age and design; demographic factors; tenant demand, market occupancy and rental rate trends; and capitalization rates. Declining real estate values significantly increase the likelihood that we or our investment vehicles will incur losses on loans in the event of default because the value of our collateral may be insufficient to cover the costs on the loan.”

Annual report 2025A · The company itself

“These kinds of investments have historically consisted of corporate debt, structured products, transportation assets, infrastructure assets, and commercial and residential real estate loans and securities, amongst other asset classes.”

Annual report 2025A · The company itself

“The Insurance segment invests in U.S. mortgage loans, comprised of first lien and mezzanine commercial mortgage loans and first lien residential mortgage loans. For the commercial mortgage loan portfolio, the most prevalent property type is multi-family residential buildings, which represents approximately half of the portfolio as of both December 31, 2025, and December 31, 2024. Office and retail properties represent approximately 21% and 20% of the portfolio as of December 31, 2025 and December 31, 2024, respectively.”

Annual report 2025A · The company itself

“Our Real Assets business line represents $192 billion of AUM and $163 billion of FPAUM as of December 31, 2025, across infrastructure, real estate and energy. These strategies invest capital for long-term capital appreciation, current income generation, or both.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, $43.8 billion of capital was invested by our Credit and Liquid Strategies business line, as compared to $38.6 billion for the year ended December 31, 2024. The increase was driven primarily by a higher level of capital deployed across our private credit strategies, most notably direct lending. During the year ended December 31, 2025, 79% of capital deployed was in transactions in North America, 16% was in Europe, and 5% was in the Asia-Pacific region.”

Annual report 2025A · The company itself

“Over the same period, we scaled from being a U.S.-focused firm to a global operation with 36 offices around the world as of December 31, 2025.”

Annual report 2025A · The company itself

“Our transaction fees are comprised of fees earned from North America, Europe, and the Asia-Pacific region. For the year ended December 31, 2025, approximately 54% of our transaction fees were generated outside of North America as compared to approximately 47% for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“(financial services sector), and IVI- RMA Global, S.L. (health care sector) held through our consolidated core private equity vehicles.”

Annual report 2025A · The company itself

“These mark-to-market gains were partially offset by (i) mark-to-market losses primarily relating to our investment in PetVet Care Centers, LLC (healthcare sector) held through our consolidated core private equity vehicles, and OneStream, Inc.”

Annual report 2025A · The company itself

“•Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets.”

Annual report 2025A · The company itself

“Our institutional investor base is diversified by type, including public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, foundations, and investment managers.”

Annual report 2025A · The company itself

“Our institutional solutions include block and flow reinsurance, pension risk transfer (“PRT”), and funding agreements.”

Annual report 2025A · The company itself

“•Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, $43.8 billion of capital was invested by our Credit and Liquid Strategies business line, as compared to $38.6 billion for the year ended December 31, 2024. The increase was driven primarily by a higher level of capital deployed across our private credit strategies, most notably direct lending. During the year ended December 31, 2025, 79% of capital deployed was in transactions in North America, 16% was in Europe, and 5% was in the Asia-Pacific region.”

Annual report 2025A · The company itself

“Over the same period, we scaled from being a U.S.-focused firm to a global operation with 36 offices around the world as of December 31, 2025.”

Annual report 2025A · The company itself

“Our transaction fees are comprised of fees earned from North America, Europe, and the Asia-Pacific region. For the year ended December 31, 2025, approximately 54% of our transaction fees were generated outside of North America as compared to approximately 47% for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“Once exercised, living benefit features provide annuity policyholders with a minimum guaranteed stream of income for life. A policyholder’s annual income benefit is generally based on an annual withdrawal percentage multiplied by the benefit base.”

Annual report 2025A · The company itself

“We seek to reach individuals in the United States who are planning for or are already in retirement.”

Annual report 2025A · The company itself

“In addition to these uncalled commitments and funding obligations to KKR's investment funds and investment vehicles, KKR has entered into contractual commitments primarily with respect to underwriting transactions, debt financing, revolving credit facilities, and equity syndications in our Capital Markets business line. As of December 31, 2025, these capital markets commitments amounted to $1.0 billion.”

Annual report 2025A · The company itself

“SEGMENT REPORTING KKR operates through three reportable segments which are presented below and reflect how its chief operating decisionmakers, who are the Co-Chief Executive Officers, allocate resources and assess performance: •Asset Management - The asset management business offers a broad range of investment management services to investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides capital markets services to portfolio companies and third parties. This reportable segment also reflects how its business lines operate collaboratively with predominantly a single expense pool.”

Annual report 2025A · The company itself

“The effects of reinsurance on the consolidated statements of operations were as follows: Years Ended December 31, 2025 2024 2023 Net Premiums: Direct $1,822,474 $642,803 $118,535 Assumed 3,370,466 11,915,597 4,138,758 Ceded (1,795,754) (4,659,566) (2,281,618) $3,397,186 $7,898,834 $1,975,675 Years Ended December 31, 2025 2024 2023 Policy Fees: Direct $906,470 $917,684 $912,931 Assumed 1,099,104 1,111,998 442,085 Ceded (654,760) (651,996) (94,767) Net Policy Fees $1,350,814 $1,377,686 $1,260,249 Years Ended December 31, 2025 2024 2023 Net Policy Benefits and Claims: Direct $6,683,552 $4,047,792 $3,406,055 Assumed 8,249,333 15,949,420 5,922,927 Ceded (4,201,732) (6,703,930) (2,966,725) Net Policy Benefits and Claims $10,731,153 $13,293,282 $6,362,257 Global Atlantic holds collateral for, and provides collateral to, its reinsurance clients.”

Annual report 2025A · The company itself

“•Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets.”

Annual report 2025A · The company itself

“SEGMENT REPORTING KKR operates through three reportable segments which are presented below and reflect how its chief operating decisionmakers, who are the Co-Chief Executive Officers, allocate resources and assess performance: •Asset Management - The asset management business offers a broad range of investment management services to investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides capital markets services to portfolio companies and third parties.”

Annual report 2025A · The company itself

“•Core+ infrastructure seeks to generate attractive risk-adjusted returns with low volatility and downside protection by investing in infrastructure assets and businesses based in two geographic areas: (i) North America and Western Europe and (ii) Asia Pacific. •Core infrastructure focuses on investments with predominantly contracted or regulated cash flows in securities, properties, and other assets primarily in North America and Western Europe. •Climate Transition invests in infrastructure solutions to support energy transition globally.”

Annual report 2025A · The company itself

“•Core+ infrastructure seeks to generate attractive risk-adjusted returns with low volatility and downside protection by investing in infrastructure assets and businesses based in two geographic areas: (i) North America and Western Europe and (ii) Asia Pacific. •Core infrastructure focuses on investments with predominantly contracted or regulated cash flows in securities, properties, and other assets primarily in North America and Western Europe. •Climate Transition invests in infrastructure solutions to support energy transition globally.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, realized investment income was primarily comprised of (i) realized gains primarily from the sale of our investments in BridgeBio Pharma, Inc., ReliaQuest, LLC, BrightSpring Health Services (fka Pharmerica) (NASDAQ: BTSG), and Kokusai Electric Corporation, (ii) realized gains from the settlement of certain foreign exchange forward contracts, and (iii) interest income primarily from our investments in CLOs. Partially offsetting the realized gains were realized losses, the most significant of which were (i) a realized loss related to a structured multi-asset investment vehicle and (ii) realized losses from the sale of various revolving credit facilities by the Capital Markets business line.”

Annual report 2025A · The company itself

“Our annuity products are distributed primarily through a network of distribution partners, including over 250 banks and broker-dealers and approximately 200 independent marketing organizations. •Preneed Life.”

Annual report 2025A · The company itself

“•K-Series: The K-Series suite of vehicles are offered through various distribution channels to investors in the U.S. and other jurisdictions around the world. We have K-Series vehicles that operate or invest in private equity companies, infrastructure assets, credit investments, and real estate.”

Annual report 2025A · The company itself

“Global Atlantic uses third-party intermediaries to distribute its retirement and preneed business products to individuals. Global Atlantic’s distribution partners are not captive and may sell retirement and life insurance products of Global Atlantic’s competitors.”

Annual report 2025A · The company itself

“Our Real Assets business line represents $192 billion of AUM and $163 billion of FPAUM as of December 31, 2025, across infrastructure, real estate and energy. These strategies invest capital for long-term capital appreciation, current income generation, or both.”

Annual report 2025A · The company itself

“In February 2026, we announced an agreement to acquire Arctos Partners, an investment management firm that invests in professional sports teams and that provides strategic capital to other asset management firms.”

Annual report 2025A · The company itself

“Our Real Assets business line represents $192 billion of AUM and $163 billion of FPAUM as of December 31, 2025, across infrastructure, real estate and energy. These strategies invest capital for long-term capital appreciation, current income generation, or both.”

Annual report 2025A · The company itself

“Changes in applicable regulatory and legal requirements, including changes in their enforcement, could materially and adversely affect our business and our financial condition and results of operations.”

Annual report 2025A · The company itself

“Regulation as a Broker-Dealer KKR Capital Markets, LLC, one of our subsidiaries, is registered as a broker-dealer with the SEC under the Exchange Act and in 53 U.S. states and territories, and is a member of FINRA.”

Annual report 2025A · The company itself

“We are a global financial institution, and our business is subject to complex, extensive and evolving laws and regulations in the jurisdictions in which we operate around the world. Our asset management and capital markets businesses are generally governed by securities laws and regulations applicable to investment advisers, broker-dealers, and other financial services firms, including extensive regulatory requirements relating to registration, fiduciary obligations, disclosure, reporting, recordkeeping, supervision and compliance. In addition, our insurance business is subject to complex laws and extensive regulations applicable to insurance companies as well as regulations applicable to investment advisers, broker-dealers, and other financial services firms, including requirements relating to licensing, capital adequacy, investments, governance, policy terms, reporting and compliance.”

Annual report 2025A · The company itself

“Adverse regulatory actions may result in significant sanctions, liabilities, operational restrictions, litigation, reputational harm and other material and adverse impacts to our business. Our compliance with securities and insurance laws and regulations, as well as other laws and regulations applicable to our business, is subject to frequent examinations, inquiries and investigations by U.S. federal and state, as well as non-U.S., governmental agencies and regulatory authorities (including self-regulatory organizations) in the jurisdictions in which we operate.”

Annual report 2025A · The company itself

“For example, in Europe, we are an AIFM registered with the Central Bank of Ireland under the AIFMD, and in the United Kingdom, we are regulated by the FCA under the FSMA.”

Annual report 2025A · The company itself

“In addition, in Asia, we are a financial instruments business operator under the Financial Instruments and Exchange Act of Japan and a licensed asset manager and broker-dealer with the Securities and Futures Commission in Hong Kong, and we conduct fund management activities under license from the Monetary Authority of Singapore.”

Annual report 2025A · The company itself

“Any suspension, revocation, limitation, conditioning, or failure to obtain or renew licenses, registrations, authorizations, exemptions, or approvals applicable to any of our businesses, in the United States or in any other country in which we operate around the world, could restrict or prohibit our ability to conduct our business, require restructuring of business lines, limit products we offer, impede fundraising, restrict transaction activity, or otherwise materially adversely affect our business.”

Annual report 2025A · The company itself

“Our business operates within regulatory frameworks globally that distinguish among different types of financial activities, products, organizational structure, and other factors. These regulatory frameworks, including the scope, availability, and interpretation of exemptions, exclusions, and tailored regulatory requirements, are subject to change. If the regulatory framework applicable to our business were to change, we could become subject to additional or more comprehensive regulation in any one or more jurisdictions in which we operate, which may cause material and adverse impacts to our business.”

Annual report 2025A · The company itself

“For example, our private credit strategies and insurance-adjacent lending activities operate largely outside the traditional banking system and are subject to a complex and developing set of regulatory regimes, including securities, insurance, derivatives, banking, and financial stability laws. Although these activities are conducted through entities that are not regulated as banks, they have increasingly attracted regulatory attention due to their scale, growth, use of leverage, liquidity characteristics, interconnectedness with regulated financial institutions and potential relevance to broader financial markets. Regulatory authorities may adopt new or revised laws, regulations, guidance, or supervisory approaches applicable to these activities.”

Annual report 2025A · The company itself

“Moreover, given the scale and scope of our business and financial activities, regulators may evaluate our business and risk profile on a consolidated or group-wide basis rather than solely by reference to individual regulated entities. In the United States, the Financial Stability Oversight Council has authority to designate certain non-bank financial companies as systemically important financial institutions, which could subject a designated entity to enhanced supervision and regulation. Similarly, in the European Union and the United Kingdom, groups that engage in both insurance and investment activities may be subject to supplementary group-wide supervision under the Financial Conglomerates Directive and its UK equivalent.”

Annual report 2025A · The company itself

“If regulatory exemptions or exclusions on which we rely become unavailable, we may become subject to additional restrictive and costly regulatory requirements, regulatory action or liability. We regularly rely on exemptions, exclusions and other regulatory accommodations under U.S. and non-U.S. laws and regulations in conducting our asset management, capital markets and insurance businesses. The unavailability of these exemptions or exclusions for any reason, including changes in law, changes in regulatory interpretation, disqualifying events involving us, our affiliates, or associated persons, or changes in our business activities or organizational structure, may subject us or our investment vehicles to additional restrictive and costly regulatory compliance requirements, regulatory action or third-party claims, or other otherwise materially and adversely affect our business.”

Annual report 2025A · The company itself

“For example, in raising new funds or other investment vehicles in the United States, we typically rely on private placement exemptions from registration under the Securities Act, including Rule 506 of Regulation D. If we, our investment vehicles or any of the covered persons associated with our investment vehicles were to become subject to a disqualifying event, which includes a variety of criminal, regulatory and civil matters, one or more of our investment vehicles could lose the ability to raise capital in a Rule 506 private offering, which could materially impair our ability to raise capital for existing and new investment vehicles. The occurrence of a disqualifying event would also materially and adversely affect our ability to raise or syndicate capital for our transactions and for third parties and otherwise materially and adversely affect our ability to conduct our capital markets business, which depends on our ability to participate in unregistered securities offerings.”

Annual report 2025A · The company itself

“Distribution of financial products to individual investors subjects us to heightened regulatory, litigation, and reputational risks, which may materially adversely affect our business. As part of our growth strategy, we have distributed and expect to continue distributing certain of our investment and insurance products to individual investors.”

Annual report 2025A · The company itself

“For example, in the United States, the public offering and sale of securities to individual investors is subject to the antifraud and other investor protection provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and, where applicable, the Investment Company Act, which may subject issuers and their affiliates and control persons to heightened regulatory scrutiny and to claims by private plaintiffs alleging that such products were inappropriately marketed, inadequately disclosed, or otherwise offered or sold in violation of applicable securities laws.”

Annual report 2025A · The company itself

“In addition, various non-U.S. laws and regulations also govern the sale of financial products to individual investors, including, for example, Directive 2014/65/EU (MiFID II), Directive 2011/61/EU (AIFMD), and Regulation 2015/760/EU (ELTIF Regulation) which govern the sale of financial products to individual investors in the European Economic Area (the “EEA”). These EEA directives and regulations contain requirements for, among other things, marketing, investor suitability assessments, and conflicts of interest management, and certain of these requirements also apply to distributors, placement agents and other intermediaries that distribute our products to individual investors.”

Annual report 2025A · The company itself

“The distribution of our products to individual investors often occurs through third-party channels that we do not control. Although we conduct due diligence and establish onboarding and contractual arrangements with such distributors, we may not be able to effectively monitor or control how our products are marketed, recommended, or sold. As a result, we may be exposed to regulatory inquiries, enforcement actions, litigation, or reputational harm arising from allegations that our products were sold to investors for whom they were unsuitable or inadequately disclosed, even where such conduct was undertaken by third parties.”

Annual report 2025A · The company itself

“Regulations impacting the insurance industry and insurance companies owned by alternative asset managers may adversely affect our business. The NAIC and task forces and working groups appointed by it as well as individual U.S. state insurance regulators continue to consider various initiatives to change and modernize the solvency framework applicable to regulated insurance companies. These initiatives include enhancing the ability of state insurance regulators to effectively monitor the solvency and risks faced by an insurer within a larger group and when engaging in reinsurance transactions with other insurers.”

Annual report 2025A · The company itself

“As part of their efforts to address potential risks stemming from an insurance company’s relationship with alternative asset managers that may impact the insurance company’s risk profile, regulators have increased their scrutiny of certain structured investments held by insurance companies, the appropriateness of investment ratings and potential conflicts of interest (including affiliated investments), and potential misalignment of incentives. This growing scrutiny may increase the risk of regulatory actions against our insurance business and could result in new or amended regulations that limit our ability as an investment adviser, or make it more burdensome or costly, to enter into or amend existing investment management agreements with insurance companies and thereby grow our insurance strategy.”

Annual report 2025A · The company itself

“We often pursue complex investment opportunities, which may often involve substantial business, regulatory or legal complexities. Our tolerance for complexity presents significant risks, as such transactions can be more difficult, expensive and time consuming to finance and execute, and it can be more difficult to manage or realize value from these types of investments.”

Annual report 2025A · The company itself

“There is U.S. federal income tax risk associated with reinsurance transactions, intercompany transactions and distributions between U.S. companies and their non-U.S. affiliates, including from the Base Erosion and Anti-Abuse Tax (the “BEAT”) on certain U.S. companies that make deductible payments to related non-U.S. companies. While we have taken steps to mitigate the BEAT, there can be no assurance that these steps will be successful.”

Annual report 2025A · The company itself

“U.S. tax law changes could affect the products our insurance subsidiaries sell. Many such products benefit from taxfavored statuses under current U.S. federal and state income tax regimes.”

Annual report 2025A · The company itself

“Our insurance and reinsurance subsidiaries are highly regulated by, among others, insurance regulators in the United States and Bermuda, and changes in regulations affecting our insurance business may reduce Global Atlantic’s profitability and limit its growth.”

Annual report 2025A · The company itself

“The laws and regulations of the jurisdictions in which our insurance and reinsurance subsidiaries are domiciled or may be deemed commercially domiciled may require these companies to, among other things, maintain minimum levels of statutory capital, surplus and liquidity, meet solvency standards, submit to periodic examinations of their financial condition, restrict payments of dividends and distributions of capital, restrict our ability, in certain cases, to write insurance and reinsurance policies, make certain types of investments and distribute funds, and restrict the type and concentration of investments that can be made. For example, due to regulatory restrictions on the payment of dividends, our U.S. insurance subsidiaries may not declare a dividend in 2025 to the corporate parent companies of our insurance business without prior domiciliary state regulatory approval.”

Annual report 2025A · The company itself

“In addition, our U.S. insurers are required to be members of state guaranty associations. Guaranty associations subject insurers to assessments to pay policyholders in the event of another insurer’s insolvency. We cannot predict the amount, nature or timing of any future guaranty assessments.”

Annual report 2025A · The company itself

“Furthermore, as Global Atlantic seeks to expand its business outside of the U.S., it may become increasingly exposed to other applicable regulatory regimes in other jurisdictions, which may be extensive, complex and varied. As a result, any future overseas expansion of Global Atlantic’s business would subject us to additional regulatory risk, potential litigation, and increased compliance costs, and creates potential for additional liabilities and penalties.”

Annual report 2025A · The company itself

“In recent years, state insurance regulators have undertaken a review of the state-based insurance regulatory framework in the United States to bolster their ability to address concerns stemming from the increasing usage of offshore reinsurance transactions and expanding allocations to affiliated assets and alternative assets. In addition, some state legislatures have considered or enacted laws that alter, and in many cases increase, state authority to regulate insurance holding companies and insurance and reinsurance companies. Regulatory changes have the ability to impact other areas of Global Atlantic’s business as well, including access to liquidity or ability to write certain products.”

Annual report 2025A · The company itself

“Regulators also continue to propose or adopt sometimes conflicting or overlapping fiduciary rules, best interest standards and other similar laws and regulations applicable to the sale of retirement and life insurance products, which would generally require advisers providing investment recommendations to act in the client’s best interest or put the client’s interest ahead of their own interest. These new and proposed regulations may fundamentally adversely impact the way in which our insurance products are marketed and offered by its distribution partners.”

Annual report 2025A · The company itself

“Changes to SAP, the EBS Framework or capital models may be complex, require significant resources to implement and have an impact on our controls, which may be significant. Failure to implement or take appropriate or effective management actions in response to such changes may have a material adverse impact on us.”

Annual report 2025A · The company itself

“If our insurance business fails to mitigate the reserve strain associated with statutory accounting rules, it may result in a material adverse impact on our insurance subsidiaries’ capital positions or require increasing prices or reducing sales of certain insurance products. The application of certain statutory accounting rules for term life insurance policies with long-term premium guarantees and universal life policies with secondary guarantees requires Global Atlantic to maintain reserves at a level that exceeds what our insurance subsidiaries’ actuarial assumptions for the applicable business would otherwise require.”

Annual report 2025A · The company itself

“It is unclear what additional actions and regulatory changes will result from the continued scrutiny of captive reinsurers and reform efforts by the NAIC and other regulatory bodies. The NAIC is evaluating changes to accounting rules regarding surplus notes with linked assets, a structure used in certain captive reserve financing transactions. Further changes in such statutory accounting rules will likely make it difficult for Global Atlantic to establish new captive financing arrangements on a basis consistent with its current captives.”

Annual report 2025A · The company itself

“Certain of the reserve financing facilities Global Atlantic has put in place will mature prior to the run-off of the liabilities they support. As a result, Global Atlantic may be unable to implement actions to mitigate the strain of having redundant reserves or to maintain collateral support for its captives or existing third-party reinsurance arrangements to which one of our captive reinsurance subsidiaries is a party. If Global Atlantic is unable to continue to implement those actions or maintain existing collateral support, it may be required to increase statutory reserves, incur higher operating costs or tax costs, and the competitiveness, capital and financial position and results of operations of our insurance business may be materially and adversely affected.”

Annual report 2025A · The company itself

“We are party to agreements providing for various financial services and transactions that contain an element of risk in the event that the counterparties are unable to meet the terms of such agreements. In these agreements, we depend on these counterparties to make payment or otherwise perform.”

Annual report 2025A · The company itself

“In the United States, our Global Atlantic's insurance companies are subject to risk based capital ("RBC") standards and other minimum capital and surplus requirements imposed by state laws. The RBC formula is intended to measure the adequacy of the insurance company’s statutory surplus in relation to the risks inherent in its business.”

Annual report 2025A · The company itself

“Since 2022, as previously disclosed, KKR has been subject to investigations by the Antitrust Division of the DOJ (the “DOJ”) related to the accuracy and completeness of certain filings made by KKR pursuant to the premerger notification requirements under the Hart‐Scott‐Rodino Act of 1976 (“HSR”) for certain transactions in 2021 and 2022. On January 14, 2025, the DOJ filed a civil antitrust complaint (the “DOJ Complaint”) in the U.S. District Court for the Southern District of New York against KKR and various KKR-sponsored investment entities (the “KKR Defendants”) alleging violations of the HSR Act.”

Annual report 2025A · The company itself

“We require significant liquidity in order to support and grow our asset management and insurance businesses, conduct our investment activities, meet our capital markets underwriting commitments, satisfy our policyholder obligations and comply with regulatory requirements. We also have debt securities outstanding and indebtedness outstanding under various credit facilities.”

Annual report 2025A · The company itself

“Several of our competitors have raised, or may raise, significant amounts of capital and have investment objectives that are similar to the investment objectives of our investment vehicles, which may create additional competition for investment opportunities. Some of these competitors may also have lower costs of capital and access to funding sources that are not available to us, which may create competitive advantages for them.”

Annual report 2025A · The company itself

“Our ability to raise capital is also dependent on market and economic conditions and investor perception, including the general appeal of alternative asset investments or our financial products. Our ability to raise capital depends on numerous factors, many of which are beyond our control, including economic conditions, financial market volatility, regulatory developments, investor liquidity and competitive dynamics.”

Annual report 2025A · The company itself

“The credit markets can also impact the valuations of our equity investments in portfolio companies. For example, we typically use a discounted cash flow analysis as one of the methodologies in our valuation of illiquid assets process. If interest rates rise, then the assumed cost of capital for the equity investments in our portfolio companies would be expected to increase under the discounted cash flow analysis, and this effect would negatively impact their valuations if not offset by other factors.”

Annual report 2025A · The company itself

“The credit markets directly impact the valuations of the credit investments that we (especially our insurance subsidiaries) and our investment vehicles own. Interest income earned from debt investments with floating interest rates should increase if the applicable benchmark interest rate were to rise, and the reverse is true if the applicable benchmark interest rate were to decline. However, during periods of rising interest rates, the obligor of such floating rate debt may become less able to pay its debt obligations, which could have the effect of impairing the value of its debt obligations.”

Annual report 2025A · The company itself

“We and our investment vehicles typically use a significant amount of leverage as part of our investment strategy and regularly borrow a substantial amount of capital for operations and investments. With respect to our private equity and real assets businesses, if we are unable to obtain committed debt financing for potential acquisitions or can only obtain debt at an increased interest rate or on unfavorable terms, we may have difficulty completing otherwise profitable acquisitions or may generate lower profits, either of which could lead to a decrease in the investment income earned by us.”

Annual report 2025A · The company itself

“Our ability to generate returns on these assets would be reduced to the extent that changes in market conditions, including changes to interest rates, cause the cost of our financing to increase relative to the income that can be derived from the assets acquired or financed. Significant stress in the credit markets is likely to materially affect our business.”

Annual report 2025A · The company itself

“Our portfolio companies often incur debt in connection with our acquisition of it, and our portfolio companies regularly utilize the corporate debt markets to obtain financing for operations. To the extent that credit markets render such financing difficult to obtain or more expensive, this may negatively impact our performance (and in particular our insurance business) and the performance of such portfolio companies.”

Annual report 2025A · The company itself

“These CLO strategies and the value of the assets of such CLO vehicles are also sensitive to changes in interest rates because these strategies rely on borrowed money and because the value of the underlying portfolio loans can fall when interest rates rise. As a result of their use of large amounts of leverage, CLOs are at greater risk of suffering material losses.”

Annual report 2025A · The company itself

“Volatile market and economic conditions, including sustained increases or decreases in interest rates and other interest rate fluctuations, may adversely affect our insurance business. Global Atlantic’s business model depends on the performance of its investments to meet its policyholder liabilities.”

Annual report 2025A · The company itself

“In times of difficult market and economic conditions, Global Atlantic’s policyholders may choose to defer paying insurance premiums, stop paying insurance premiums altogether or surrender their policies, or there could be an elevated rate of defaults within certain of Global Atlantic’s investments.”

Annual report 2025A · The company itself

“Interest rate risk is a particularly significant market risk for our insurance business. Fluctuations in market interest rates can expose Global Atlantic to the risk of reduced income in respect of its investment portfolio, increases in the cost of acquiring or maintaining its insurance liabilities, increases in the cost of hedging, or other fluctuations in Global Atlantic’s financial, capital and operating profile.”

Annual report 2025A · The company itself

“Lower interest rates may reduce the demand for Global Atlantic’s insurance products, leading to lower sales, and may make the reinsurance solutions Global Atlantic is able to offer more expensive to potential clients. In a period of declining or lower interest rates, Global Atlantic’s investment earnings may decline because existing investments may prepay or refinance and new investments will likely bear lower interest rates, and Global Atlantic may not be able to fully offset the decline in investment earnings with lower liability costs on the products these investments support.”

Annual report 2025A · The company itself

“In 2025, the United States continued to experience economic growth while also continuing to experience inflation in excess of the U.S. Federal Reserve Board’s 2.0% target rate. The U.S. Federal Reserve Board lowered the target range for the federal funds rate three times in 2025, including two reductions in the fourth quarter, that brought the target range to 3.50-3.75%.”

Annual report 2025A · The company itself

“Real gross domestic product (“GDP”) growth in the Eurozone in 2025 was moderately positive. The European Central Bank lowered the deposit rate four times in the first half of 2025 to 2.00% as part of a broader easing cycle in response to downward revisions to inflation expectations.”

Annual report 2025A · The company itself

“In Asia, Japan’s economy reaccelerated in 2025, supported by resilient exports and consumer spending. The Bank of Japan continued its gradual monetary policy normalization during 2025, including an increase in its policy rate from 0.25% to 0.75%.”

Annual report 2025A · The company itself

“The following table sets forth information regarding KKR's insurance segment operating results for the years ended December 31, 2025 and 2024: ($ in thousands) Change $7,224,118 $6,328,822 $895,296 (5,229,343) (4,448,886) (780,457) (885,380) (865,390) (19,990) $1,109,395 $1,014,546 $94,849 Net investment income increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024, primarily due to (i) increased average assets under management from the cumulative impact of new business volume growth, and (ii) higher average portfolio yields. Net cost of insurance increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024, primarily due to (i) growth in reserves in the institutional and individual market channels as a result of the cumulative impact of new business volumes in the current year, and (ii) higher average funding costs due to higher crediting rates and the routine run-off of older business originated in a lower interest rate environment.”

Annual report 2025A · The company itself

“Insurance operating earnings increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024, primarily due to an increase in net investment income due to an increase in average assets under management and higher portfolio yields, and the favorable impact of the annual assumption review, partially offset by an increase in net cost of insurance due to the cumulative impact of new business volume growth and higher crediting rates.”

Annual report 2025A · The company itself

“Our exposure to market risks for KKR's asset management and strategic holdings businesses, on a GAAP basis, primarily relates to movements in one or more of the fair value of investments, including the effect that those movements have on our management fees, carried interest, and net gains from investment activities. Our exposure to market risks in our insurance segment, on a GAAP basis, primarily relates to the impact of movements in such market risks on our insurance segment’s assets, liabilities, and hedge program.”

Annual report 2025A · The company itself

“The fair value of investments may fluctuate in response to changes in the values of investments, foreign currency exchange rates, and interest rates. Additionally, interest rate movements can adversely impact the amount of interest income we receive on credit instruments bearing variable rates and could also impact the amount of interest that we pay on debt obligations bearing variable rates.”

Annual report 2025A · The company itself

“As of December 31, 2025, the net market risk liability balance totaled $1.3 billion. As of December 31, 2025, the liability balances for market risk benefits were $1.1 billion for fixed-indexed annuities and $197.5 million for variable and other annuities.”

Annual report 2025A · The company itself

“Changes in interest rates, future index credits, instrument-specific credit risk, projected withdrawal and surrender activity, and mortality on fixed-indexed annuity and interest-sensitive life products can have a significant impact on the value of the embedded derivative. Valuation of Embedded Derivatives – Fixed-Indexed Annuities Fixed-indexed annuity contracts allow the policyholder to elect a fixed interest rate of return or a market indexed strategy where interest credited is based on the performance of an index, such as the S&P 500 Index, or other indexes.”

Annual report 2025A · The company itself

“For the years ended December 31, 2025 and 2024, Global Atlantic recognized $(437.1) million and $238.1 million in other comprehensive income (loss) (gross of the impact of reinsurance), respectively, due to changes in the future policy benefits estimate from updating discount rates.”

Annual report 2025A · The company itself

“Global Atlantic reviews its assumptions at least annually, and more frequently if necessary. Accordingly, as part of the annual assumption review conducted during the year ended December 31, 2025, assumptions were updated for higher expected morbidity for certain long-term care related benefit riders, offset in part by an increase in expected fixed-indexed annuity activations, which resulted in a $6.0 million decrease to net income before taxes.”

Annual report 2025A · The company itself

“Global Atlantic primarily generates income by earning a spread between its investment income and the cost of policyholder benefits. •Strategic Holdings - The strategic holdings business acquires and manages interests in operating companies that are owned by KKR.”

Annual report 2025A · The company itself

“We and certain consolidated investment vehicles, including CLOs, hold credit investments that generate interest income based on variable interest rates. We are exposed to interest rate risk relating to investments that generate yield since a meaningful portion of credit investments held by us and our consolidated investment vehicles, including CLOs, earn income based on variable interest rates.”

Annual report 2025A · The company itself

“We and certain consolidated investment vehicles, including CLOs, have debt obligations that include revolving credit agreements, certain investment financing arrangements, and debt securities issued by CLO vehicles that accrue interest at variable rates. Changes in these rates would affect the amount of interest payments that our consolidated investment vehicles, including CLOs, would have to make.”

Annual report 2025A · The company itself

“The 2035 Notes bear interest at a rate of 5.100% per annum and will mature on August 7, 2035 unless earlier redeemed. Interest on the 2035 Notes accrues from August 7, 2025 and is payable semi-annually in arrears on February 7 and August 7 of each year, commencing on February 7, 2026 and ending on the maturity date.”

Annual report 2025A · The company itself

“The 2065 Notes bear interest at a rate of 6.875% per annum and will mature on June 1, 2065 unless earlier redeemed. Interest on the 2065 Notes accrues from May 28, 2025, and is payable quarterly in arrears on March 1, June 1, September 1, and December 1 of each year, commencing on September 1, 2025, and ending on the maturity date.”

Annual report 2025A · The company itself

“Our business is materially affected by market and economic conditions and events throughout the world, including conditions relating to interest rates, fiscal and monetary stimulus (and stimulus withdrawal), availability of credit, inflation rates, economic growth, changes in laws, trade barriers, commodity prices, foreign exchange rates and controls, and liquidity conditions in equity and debt capital markets.”

Annual report 2025A · The company itself

“Additionally, a decline in the pace, size, or value of investments by our investment vehicles would result in our receiving less revenue from fees. The transaction, management, and monitoring fees that we earn are driven in part by the pace at which our investment vehicles make investments and the size of those investments.”

Annual report 2025A · The company itself

“Our ability to raise capital is also dependent on market and economic conditions and investor perception, including the general appeal of alternative asset investments or our financial products. Our ability to raise capital depends on numerous factors, many of which are beyond our control, including economic conditions, financial market volatility, regulatory developments, investor liquidity and competitive dynamics.”

Annual report 2025A · The company itself

“Periods of significant and sustained downturns in securities markets, increased equity volatility, reduced interest rates, or deviations in expected policyholder behavior could cause a number of different materially adverse impacts to us, including an increase in the valuation of our liabilities, the cost of providing policy benefits and required capital, and a reduction in the account balances of certain products, with a resulting reduction in fees earned on and profitability of such products.”

Annual report 2025A · The company itself

“Our asset management, insurance, and strategic holdings segments are affected by the various market and economic conditions of the various countries and regions in which we operate. Market and economic conditions are expected to continue to have a substantial impact on our financial condition, results of operations, and our business in various ways that we are unable to control, including our ability to make new investments, the valuations of the investments we manage, the amount of investment proceeds we realize when we exit our investments, the timing for such realization activity, our ability to fundraise or to sell our various investment and insurance products and services, and the level of our capital markets activities, as discussed in the "Risk Factors" section of this report.”

Annual report 2025A · The company itself

“In Asia, Japan’s economy reaccelerated in 2025, supported by resilient exports and consumer spending. The Bank of Japan continued its gradual monetary policy normalization during 2025, including an increase in its policy rate from 0.25% to 0.75%.”

Annual report 2025A · The company itself

“In China, the economy grew in 2025 but continued to face significant headwinds, including weak domestic demand, ongoing contraction in the property sector, and uncertainty relating to ongoing trade tensions with the United States as discussed further below.”

Annual report 2025A · The company itself

“In the United States, real GDP expanded by 2.2% for the year ended December 31, 2025, compared to an expansion of 2.8% for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“Eurozone real GDP is estimated to have expanded by 1.4% for the year ended December 31, 2025, up from 0.9% expansion for the year ended December 31, 2024. In Japan, real GDP expanded by 1.1% for the year ended December 31, 2025, up from a 0.2% contraction for the year ended December 31, 2024.”

Annual report 2025A · The company itself

“The market prices of securities may be volatile and are likely to fluctuate due to a number of factors beyond our control. These factors include actual or anticipated fluctuations in the quarterly and annual results of such companies or of other companies in the industries in which they operate, market perceptions concerning the availability of additional securities for sale, general economic, social or political developments, industry conditions, changes in government regulation, shortfalls in operating results from levels forecasted by securities analysts, the general state of the securities markets, and other material events, such as significant management changes, re-financings, acquisitions, and dispositions.”

Annual report 2025A · The company itself

“Geopolitical developments, including the imposition of protectionist measures by countries such as sanctions, restrictions on foreign direct investment, trade barriers, tariffs, export controls and other governmental actions related to international trade agreements and policies that materially constrain cross-border flows of capital, goods, or data, may impact our investment activities and investments. In addition, other geopolitical developments such as political instability, civil unrest, and national and international security events (including the outbreak of war, military action, terrorist acts or other hostilities), can, and occasionally do, materially and adversely impact our ability to conduct our investment management and insurance businesses, in addition to our investments.”

Annual report 2025A · The company itself

“Compliance with financial crime laws is required throughout the lifecycle of our investments, including when we acquire investments, and exit or sell investments. In these contexts, we must assess whether funds paid or received in connection with an acquisition, financing, or disposition could be transferred, directly or indirectly, to persons or entities subject to sanctions or other restrictions. Limitations on our ability to obtain complete or reliable information regarding sellers, buyers, beneficial owners, intermediaries, or payment flows, or changes in applicable laws and regulations or sanctions regimes may require changes to transaction structures, reduce proceeds, or expose us to enforcement risk.”

Annual report 2025A · The company itself

“The valuations of our investments can be impacted by many other factors unrelated to market or economic conditions, including: •global, regional and local events outside of our control, including geopolitical events, natural disasters, and catastrophes; •climate-related risks, including the impacts of changes in the physical climate, such as extreme weather or temperature changes, which may damage physical assets as well as disrupt connectivity and supply chains, in addition to climate-related transition risks that may arise from exposure to the transition to a low-carbon economy through policy, regulatory, technology, market changes, differing perspectives of stakeholders regarding climate impacts, business trends, and changes in consumer behavior related to climate change and technology; and •developments in and adoption of artificial intelligence technologies, which may render existing products, services, or business models of the companies in which we invest to become obsolete, less competitive, or require significant and unanticipated additional investment to remain viable.”

Annual report 2025A · The company itself

“Government policies regarding certain regulations, such as antitrust law, national security or restrictions on foreign direct investment in certain of our portfolio companies or assets can also limit our and our investment vehicles’ exit opportunities. In addition, many of our investment vehicles have a finite term, and we may also be forced to dispose of investments sooner than otherwise desirable.”

Annual report 2025A · The company itself

“Several of our investment vehicles invest in emerging market countries that may not have established laws and regulations that are as stringent as those in more developed nations, or where existing laws and regulations may not be consistently enforced. Due diligence on investment opportunities in these jurisdictions is frequently more complicated because consistent and uniform commercial practices in such locations may not have developed.”

Annual report 2025A · The company itself

“Investing in companies or assets that are based or have significant operations in countries outside of the United States and, in particular, in emerging markets such as China and India, Eastern Europe, South and Southeast Asia, Latin America and Africa, involves risks and considerations that are not typically associated with investments in companies or assets established in the United States.”

Annual report 2025A · The company itself

“Beginning in March 2025 and continuing through the date of the filing of this report, the United States and countries around the world have experienced elevated levels of market volatility and uncertainty driven by, among other things, geopolitical and global trade concerns, including, the imposition of tariffs and threats of tariffs by the United States on certain of its trading partners since April 2025. This volatility and uncertainty adds to the various risks and uncertainties in the business environment in which we operate and may have various impacts, including on the valuations of certain of our and our investment vehicles' investments, the pace and volume of our capital market transactions, deployments, and realizations, and our fundraising activities.”

Annual report 2025A · The company itself

“Geopolitical developments, including the imposition of protectionist measures by countries such as sanctions, restrictions on foreign direct investment, trade barriers, tariffs, export controls and other governmental actions related to international trade agreements and policies that materially constrain cross-border flows of capital, goods, or data, may impact our investment activities and investments. In addition, other geopolitical developments such as political instability, civil unrest, and national and international security events (including the outbreak of war, military action, terrorist acts or other hostilities), can, and occasionally do, materially and adversely impact our ability to conduct our investment management and insurance businesses, in addition to our investments.”

Annual report 2025A · The company itself

“Various investment-related and competition laws may limit our investment opportunities and subject us to adverse regulatory consequences. As a global alternative asset manager with a broad investment platform, our ability to identify, pursue, and consummate attractive investment opportunities may be constrained by various investment-related and competition laws, including antitrust, merger control, foreign direct investment (“FDI”) and similar laws and regulations that aim to control investment activity in various jurisdictions around the world.”

Annual report 2025A · The company itself

“In many cases, the potential applicability of investment-related and competition laws may deter us from pursuing certain investment opportunities, limit our ability to finance existing functions, or require us to structure transactions in ways that are less attractive or less competitive, including by limiting ownership levels, governance rights, syndication arrangements, coinvestor participation, or exit alternatives. In addition, counterparties, sellers, financing sources, or co-investors may be unwilling to engage in transactions subject to extended or uncertain regulatory review, or may prefer bidders with simpler ownership structures or perceived lower regulatory risk, placing us at a competitive disadvantage.”

Annual report 2025A · The company itself

“Government policies regarding certain regulations, such as antitrust law, national security or restrictions on foreign direct investment in certain of our portfolio companies or assets can also limit our and our investment vehicles’ exit opportunities. In addition, many of our investment vehicles have a finite term, and we may also be forced to dispose of investments sooner than otherwise desirable.”

Annual report 2025A · The company itself

“Investing in companies or assets that are based or have significant operations in countries outside of the United States and, in particular, in emerging markets such as China and India, Eastern Europe, South and Southeast Asia, Latin America and Africa, involves risks and considerations that are not typically associated with investments in companies or assets established in the United States.”

Annual report 2025A · The company itself

“In China, the economy grew in 2025 but continued to face significant headwinds, including weak domestic demand, ongoing contraction in the property sector, and uncertainty relating to ongoing trade tensions with the United States as discussed further below.”

Annual report 2025A · The company itself

“Beginning in March 2025 and continuing through the date of the filing of this report, the United States and countries around the world have experienced elevated levels of market volatility and uncertainty driven by, among other things, geopolitical and global trade concerns, including, the imposition of tariffs and threats of tariffs by the United States on certain of its trading partners since April 2025. This volatility and uncertainty adds to the various risks and uncertainties in the business environment in which we operate and may have various impacts, including on the valuations of certain of our and our investment vehicles' investments, the pace and volume of our capital market transactions, deployments, and realizations, and our fundraising activities.”

Annual report 2025A · The company itself

“The primary objective of human capital management at KKR is to attract, develop, and retain exceptional talent by providing everyone with meaningful and well-understood careers with an emphasis on employee training and professional development. Where appropriate, we offer workshops, mentoring, and executive coaching to supplement on-the-job experiences and ongoing feedback and coaching to maximize performance.”

Annual report 2025A · The company itself

“Our Co-Founders, Co-Chief Executive Officers, employees, and other key personnel, including certain consultants and advisors, possess substantial experience and expertise and have strong business relationships with investors in our investment funds, other members of the business community and distributors of our investment vehicles and insurance products. As a result, the loss of key personnel could jeopardize our relationships with these individuals and entities, result in the reduction of AUM or investment opportunities, or render us unable to maintain operations and support growth of our businesses. The loss of services of key personnel could also harm our ability to maintain or grow AUM in existing investment vehicles or raise additional funds in the future.”

Annual report 2025A · The company itself

“To supplement base cash compensation, benefits, carry pool allocations, and equity-based compensation, we typically pay discretionary cash bonuses, which are included in Compensation and Benefits expense in the consolidated statements of operations, based principally on the level of (i) management fees and other fee related revenues (including incentive fees), (ii) realized performance income, which includes realized carried interest, and (iii) realized investment income earned during the year. The amounts paid as discretionary cash bonuses, if any, are at our sole discretion and vary from individual to individual and from period to period, including having no cash bonus.”

Annual report 2025A · The company itself

“Our ability to recruit, retain and motivate our employees and other key personnel is dependent on our ability to offer highly attractive incentive opportunities, benefits, and compensation, which frequently includes allocating a portion of the carried interest that we earn from our investment vehicles, which we refer to as the carry pool. There can be no assurance that the carry pool will have sufficient cash available to continue to make cash payments in the future, and fluctuations from the distributions generated from the carry pool could render the compensation that KKR separately pays to them to be less attractive.”

Annual report 2025A · The company itself

“Net cost of insurance for the year ended December 31, 2025, also reflects a $40.1 million favorable impact from the annual assumption review changes (as discussed above under —Consolidated Results of Operations (GAAP Basis)—Net Policy Benefits and Claims) due to (i) higher expected yield assumptions for certain interest-sensitive life products, and (ii) favorable expected surrender and persistency assumption changes for certain variable annuity and life insurance products offset in part by (i) higher mortality rate assumptions for certain life insurance products, and (ii) higher surrender rate assumptions for certain assumed annuity products. General, administrative and other expenses increased for the year ended December 31, 2025, as compared to the year ended December 31, 2024, primarily due to (i) an increase in cash compensation expenses, and (ii) higher interest expense primarily reflecting higher levels of borrowing.”

Annual report 2025A · The company itself

“Compensation and Benefits expense includes (i) base cash compensation consisting of salaries and wages, (ii) benefits, (iii) carry pool allocations, (iv) equity-based compensation, and (v) discretionary cash bonuses.”

Annual report 2025A · The company itself

“Conditions in commodity markets can also impact the valuations of our investments in a variety of ways, including through the direct or indirect impact on the cost of the inputs used in their operations, as well as the pricing and profitability of the products or services that they sell. The price of commodities has historically been subject to substantial volatility, which among other things, could be driven by economic, monetary, geopolitical or other factors. Further, if the operating partners for certain of our investments are unable to raise prices to offset increases in the cost of raw materials or other inputs, including the cost of energy and transportation, or if customers defer purchases of or seek substitutes for these products, these investments could experience lower operating income which may in turn reduce their valuation.”

Annual report 2025A · The company itself

“Global Atlantic also bears the risk that the companies that reinsure its mortality risk on a yearly renewable term increase the premiums they charge to levels Global Atlantic deems unacceptable. If that occurs, Global Atlantic will either need to pay such increased premiums, or alternatively, Global Atlantic will need to limit or potentially terminate reinsurance, which will increase the risks that Global Atlantic retains.”

Annual report 2025A · The company itself

“In 2025, the United States continued to experience economic growth while also continuing to experience inflation in excess of the U.S. Federal Reserve Board’s 2.0% target rate. The U.S. Federal Reserve Board lowered the target range for the federal funds rate three times in 2025, including two reductions in the fourth quarter, that brought the target range to 3.50-3.75%.”

Annual report 2025A · The company itself

“The U.S. core consumer price index rose 2.6% on a year-over-year basis as of December 31, 2025, down from 3.2% on a year-over-year basis as of December 31, 2024. Eurozone core inflation was 2.3% as of December 31, 2025, down from 2.7% as of December 31, 2024.”

Annual report 2025A · The company itself

“Global Atlantic primarily generates income by earning a spread between its investment income and the cost of policyholder benefits. •Strategic Holdings - The strategic holdings business acquires and manages interests in operating companies that are owned by KKR.”

Annual report 2025A · The company itself

“Our third-party service providers could experience, and have experienced, certain cyber incidents, and as a result, unauthorized individuals have gained access to our clients’, and could improperly gain access to our, confidential data through such third parties.”

Annual report 2025A · The company itself

“We continuously face various security threats on a regular basis, including ongoing cybersecurity threats to, and attacks on, our information technology infrastructure that are intended to gain access to our confidential information, destroy data or disable, degrade or sabotage our systems. The risk of a security breach or disruption has increased as the number, intensity, and sophistication of attempted attacks and intrusions from around the world have increased.”

Annual report 2025A · The company itself

“Privacy, data protection, cybersecurity and artificial intelligence laws may increase compliance costs and subject us to enforcement risks and reputational risks. Data privacy, data protection and cybersecurity have become priorities for regulators around the world, and rapidly evolving and changing laws and regulations, including with respect to artificial intelligence, may increase compliance and legal costs and expose us to enforcement risk, litigation, and reputational harm.”

Annual report 2025A · The company itself

“Our insurance business processes sensitive personal information of policyholders, which exposes it to heightened privacy and cybersecurity risk, and our insurance subsidiaries are subject to additional cybersecurity requirements, including the New York State Department of Financial Services (“NYSDFS”) cybersecurity regulation, which requires covered entities to maintain cybersecurity programs, conduct risk assessments, and satisfy certain incident reporting and governance requirements. In November 2023, the NYSDFS finalized amendments to its cybersecurity regulations that significantly expanded the NYSDFS’ regulation of data privacy matters.”

Annual report 2025A · The company itself

“We rely significantly on third parties whom we do not control for significant support and assistance with various aspects of our business, including for investment activities, accounting, record keeping, data processing, and other operations. These third parties include technology service providers, financial intermediaries and advisers, law firms, accountants, administrators, lenders, broker dealers, distribution agents, consultants, and other vendors. We generally have less control over the delivery of third-party services and, as a result, may face disruptions to our ability to operate our business as a result of interruptions of such services.”

Annual report 2025A · The company itself

“We rely heavily on the systems of third parties who provide technology services to us, including as part of our information technology infrastructure. Our data processing systems, communication lines and networks are often supported by third-party service providers, vendors, and intermediaries.”

Annual report 2025A · The company itself

“Our business depends on the effective execution of operational processes and the reliability of information technology systems, both those we operate and those provided by third parties. We rely on technology systems, including computer hardware, software systems, data processing systems, and other technology infrastructure that we own or that are provided and maintained by third party service providers.”

Annual report 2025A · The company itself

“We are also affected by natural disasters or catastrophes, such as public health crises, pandemics, epidemics, security events, and weather events, any of which could have an adverse impact on our ability to conduct our investment management and insurance businesses. Potential changes in climatic conditions, together with the response or failure to respond to these changes, could precipitate the frequency, severity, and impact of natural disasters or catastrophes.”

Annual report 2025A · The company itself

“The valuations of our investments can be impacted by many other factors unrelated to market or economic conditions, including: •global, regional and local events outside of our control, including geopolitical events, natural disasters, and catastrophes; •climate-related risks, including the impacts of changes in the physical climate, such as extreme weather or temperature changes, which may damage physical assets as well as disrupt connectivity and supply chains, in addition to climate-related transition risks that may arise from exposure to the transition to a low-carbon economy through policy, regulatory, technology, market changes, differing perspectives of stakeholders regarding climate impacts, business trends, and changes in consumer behavior related to climate change and technology; and •developments in and adoption of artificial intelligence technologies, which may render existing products, services, or business models of the companies in which we invest to become obsolete, less competitive, or require significant and unanticipated additional investment to remain viable.”

Annual report 2025A · The company itself

“We operate in a highly competitive industry. Our asset management business competes with other investment managers for both investors for our investment vehicles and for investment opportunities, including for our Strategic Holdings segment.”

Annual report 2025A · The company itself

“There are numerous funds focused on private equity, real assets, credit, and hedge fund strategies that compete for investor capital. Fund managers have also increasingly adopted investment strategies outside of their traditional focus. For example, traditional asset management firms have acquired alternative asset management firms, and hedge funds focused on credit and equity strategies have taken control positions in companies, while private equity funds have acquired minority equity or debt positions in publicly listed companies.”

Annual report 2025A · The company itself

“The fair value of investments may fluctuate in response to changes in the values of investments, foreign currency exchange rates, and interest rates. Additionally, interest rate movements can adversely impact the amount of interest income we receive on credit instruments bearing variable rates and could also impact the amount of interest that we pay on debt obligations bearing variable rates.”

Annual report 2025A · The company itself

“We are also affected by natural disasters or catastrophes, such as public health crises, pandemics, epidemics, security events, and weather events, any of which could have an adverse impact on our ability to conduct our investment management and insurance businesses. Potential changes in climatic conditions, together with the response or failure to respond to these changes, could precipitate the frequency, severity, and impact of natural disasters or catastrophes.”

Annual report 2025A · The company itself

“Some investors in our investment vehicles, stockholders, regulators and other stakeholders are focused on sustainability matters, such as climate change and environmental stewardship, human rights, support for local communities, corporate governance and transparency, or other environmental- or social-related areas. Certain investors and other stakeholder groups have also increased their activism and scrutiny of asset managers’ approaches to considering sustainability matters as part of their investment management decision-making, including by urging alternative asset managers to take (or refrain from taking) certain actions that could adversely impact the value of an investment and at times have conditioned future capital commitments on such actions.”

Annual report 2025A · The company itself

“Compliance with sustainability-related requirements often depends on collecting, measuring, and reporting information from portfolio companies and other third parties, which may be incomplete, inconsistent, or difficult to obtain. Sustainabilityrelated reporting is subject to evolving standards and methodologies and may require the use of assumptions or estimates that could later be challenged. Collecting, measuring, and reporting sustainability information can be costly, difficult, and time-consuming and may present operational, legal, and reputational risks.”

Annual report 2025A · The company itself

“We also prioritize physical, mental, and emotional health and wellness, and offer a variety of tools and resources to our employees so they can make informed health care decisions for themselves and their families.”

Annual report 2025A · The company itself

“In our insurance sales, even though conducted through a distribution partner, Global Atlantic is responsible under insurance regulations for the sales practices used by the distribution partner. In addition, even when the distribution partner conducts the review of whether a product is suitable for the individual, if such review is required, Global Atlantic is responsible under insurance regulations for the suitability review.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, the euro rose 13.4%, the British pound rose 7.7%, the Japanese yen rose 0.3%, and the Chinese renminbi rose 4.5%, respectively, relative to the U.S. dollar.”

Annual report 2025A · The company itself

“Our primary exposure to exchange rate risk relates to movements in the value of exchange rates between the U.S. dollar and other currencies in which our investments are denominated (including euros, British pounds, Japanese yen, among others), net of the impact of foreign exchange hedging strategies.”

Annual report 2025A · The company itself

“Foreign exchange rates can materially impact the valuations of our investments that are denominated in currencies other than the U.S. dollar. We make investments and receive capital commitments and have liabilities that are denominated in currencies other than the U.S. dollar. The appreciation or depreciation of the U.S. dollar is expected to contribute to a decrease or increase, respectively, in the U.S. dollar value of our non-U.S. investments to the extent unhedged.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, the euro rose 13.4%, the British pound rose 7.7%, the Japanese yen rose 0.3%, and the Chinese renminbi rose 4.5%, respectively, relative to the U.S. dollar.”

Annual report 2025A · The company itself

“These kinds of investments have historically consisted of corporate debt, structured products, transportation assets, infrastructure assets, and commercial and residential real estate loans and securities, amongst other asset classes.”

Annual report 2025A · The company itself

“The Insurance segment’s residential mortgage loan portfolio primarily includes mortgage loans backed by single family rental properties, prime loans, and re-performing loans that were purchased at a discount after they were modified and returned to performing status. The Insurance segment also extends financing to counterparties in the form of repurchase agreements secured by mortgage loans, including performing and non-performing mortgage loans.”

Annual report 2025A · The company itself

“These kinds of investments have historically consisted of corporate debt, structured products, transportation assets, infrastructure assets, and commercial and residential real estate loans and securities, amongst other asset classes.”

Annual report 2025A · The company itself

“We invest a significant portion of our AUM in the equity, debt, loans or other securities of issuers and in other assets that are based outside of the United States. Investing in companies or assets that are based or have significant operations in countries outside of the United States and, in particular, in emerging markets such as China and India, Eastern Europe, South and Southeast Asia, Latin America and Africa, involves risks and considerations that are not typically associated with investments in companies or assets established in the United States.”

Annual report 2025A · The company itself

“The U.S. unemployment rate was 4.4% as of December 31, 2025, up from 4.1% as of December 31, 2024.”

Annual report 2025A · The company itself

“During the year ended December 31, 2025, the 3-year forward price of WTI crude oil decreased approximately 7.6%, and the 3-year forward price of natural gas decreased from approximately $4.62 per MMBtu as of December 31, 2024 to $4.51 per MMBtu as of December 31, 2025.”

Annual report 2025A · The company itself

“During the year ended December 31, 2025, the 3-year forward price of WTI crude oil decreased approximately 7.6%, and the 3-year forward price of natural gas decreased from approximately $4.62 per MMBtu as of December 31, 2024 to $4.51 per MMBtu as of December 31, 2025.”

Annual report 2025A · The company itself