KKRKKR & Co.

KKR & Co. Inc. Reports Third Quarter 2026 Financial Results November 9, 2026

i For the second consecutive quarter, KKR is reporting record Fee Related
Earnings, Total Operating Earnings and Adjusted Net Income per share, both on a
quarterly and trailing twelve-month basis. We continue to monetize investments
and return capital to our clients at record levels. In 2026, we expect to return
more than $40 billion to our clients, exceeding our previous annual record by
more than 50%. Conference Call A conference call to discuss KKR's financial
results will be held on November 9, 2026 at 10:00 a.m. ET. The conference call
may be accessed by dialing +1 (877) 407-0312 (U.S. callers) or +1 (201) 389-0899
(non-U.S. callers); a pass code is not required. Additionally, the conference
call will be broadcast live over the Internet and may be accessed through the
Investor Center section of KKR's website at https://ir.kkr.com/events-
presentations/. A replay of the live broadcast will be available on KKR's
website beginning approximately one hour after the live broadcast ends. About
KKR KKR is a leading global investment firm that offers alternative asset
management as well as capital markets and insurance solutions. KKR aims to
generate attractive investment returns by following a patient and disciplined
investment approach, employing world-class people, and supporting growth in its
portfolio companies and communities. KKR sponsors investment funds that invest
in private equity, credit and real assets and has strategic partners that manage
hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance
products under the management of The Global Atlantic Financial Group. References
to KKR’s investments may include the activities of its sponsored funds and
insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE:
KKR), please visit KKR's website at www.kkr.com. For additional information
about Global Atlantic Financial Group, please visit Global Atlantic Financial
Group's website at www.globalatlantic.com. New York, November 9, 2026 – KKR &
Co. Inc. (NYSE: KKR) today reported its third quarter 2026 results. KKR Reports
Third Quarter 2026 Financial Results Joseph Y. Bae and Scott C. Nuttall Co-Chief
Executive Officers

ii KKR Reports Third Quarter 2026 Financial Results Investor Relations Craig
Larson Phone: +1 (877) 610-4910 in U.S. / +1 (212) 230-9410 investor-
relations@kkr.com Media Kristi Huller Phone: +1 (212) 750-8300 media@kkr.com
Legal Disclosures This presentation has been prepared by KKR & Co. Inc. solely
for informational purposes for its public stockholders in connection with
evaluating the business, operations and financial results of KKR & Co. Inc. and
its subsidiaries (collectively, “KKR”), which includes The Global Atlantic
Financial Group LLC and its subsidiaries (collectively, “Global Atlantic” or
“GA”), unless the context requires otherwise. This presentation is not, and
shall not be construed, as an offer to purchase or sell, or the solicitation of
an offer to purchase or sell any securities of KKR in any jurisdiction in which
such offer, solicitation or sale would be unlawful. This presentation may not be
distributed, referenced, quoted or linked by website, in whole or in part,
except as agreed to in writing by KKR & Co. Inc. The statements contained in
this presentation are made as of the date of this presentation, other than
financial figures, which are as of September 30, 2026, unless another time is
specified in relation to such statements or financial figures, and access to
this presentation at any given time shall not give rise to any implication that
there has been no change in the facts set forth in this presentation since such
date. This presentation contains certain forward-looking statements pertaining
to KKR, including with respect to the investment funds, and vehicles and
accounts managed by KKR and the Global Atlantic insurance companies. Forward-
looking statements relate to expectations, estimates, beliefs, projections,
future plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. You can identify
these forward-looking statements by the use of words such as “opportunity,”
“outlook,” “believe,” “think,” “expect,” “feel,” “potential,” “continue,” “may,”
“should,” “seek,” “approximately,” “predict,” “intend,” “will,” “plan,”
“estimate,” “anticipate,” “visibility,” “positioned,” “path to,” “conviction,”
the negative version of these words, other comparable words or other statements
that do not relate strictly to historical or factual matters. These forward-
looking statements are based on KKR’s beliefs, assumptions and expectations, but
these beliefs, assumptions and expectations can change as a result of many
possible events or factors, not all of which are known to KKR or within its
control. Due to various risks and uncertainties, actual events or results may
differ materially from those reflected or contemplated in such forward-looking
statements. Past performance is no guarantee of future results. All forward-
looking statements speak only as of the date of this presentation. KKR does not
undertake any obligation to update any forward-looking statements to reflect
circumstances or events that occur after the date of this presentation except as
required by law. Please see the Appendix for additional important information
about forward-looking statements, including the assumptions and risks concerning
projections and estimates of future performance. This presentation includes
certain non-GAAP measures, including adjusted net income (“ANI”), total segment
earnings, total investing earnings, total operating earnings (“TOE”), fee
related earnings (“FRE”), strategic holdings operating earnings, and total asset
management segment revenues. These non-GAAP measures are in addition to, and not
a substitute for, measures of financial and operating performance prepared in
accordance with U.S. GAAP. While we believe that providing these non-GAAP
measures is helpful to investors in assessing the overall performance of KKR’s
business, they may not include all items that are significant to an investor’s
analysis of our financial results. Please see the Appendix for additional
important information about the non-GAAP measures presented herein. Please see
the Appendix for other important information. In addition, information about
factors affecting KKR, including a description of risks that should be
considered when making a decision to purchase or sell any securities of KKR, can
be found in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year
ended December 31, 2025, filed with the SEC on February 27, 2026, and its other
filings with the SEC, which are available at www.sec.gov. From time to time, we
may use our website as a channel of distribution of material information.
Financial and other material information regarding KKR is routinely posted on
and accessible at www.kkr.com. Financial and other material information
regarding Global Atlantic is routinely posted on and accessible at
www.globalatlantic.com. Information on these websites are not incorporated by
reference herein and are not a part of this presentation. Contact Information

KKR & Co. Inc. Third Quarter Earnings

1 Third Quarter 2026 GAAP Results (Unaudited) GAAP Net Income (Loss)
Attributable to KKR & Co. Inc. Common Stockholders was $1.1 billion for the
quarter and $2.1 billion YTD ($ in thousands, except share data) 3Q'25 3Q'26
3Q'25 YTD 3Q'26 YTD Revenues Asset Management and Strategic Holdings $ 1,744,002
$ 1,761,785 $ 5,625,083 $ 5,993,303 Insurance 3,781,973 2,801,894 8,099,918
8,614,250 Total Revenues $ 5,525,975 $ 4,563,679 $ 13,725,001 $ 14,607,553
Expenses Asset Management and Strategic Holdings $ 1,400,471 $ 1,105,587 $
4,504,605 $ 4,256,096 Insurance 3,623,800 2,611,403 9,097,065 8,737,288 Total
Expenses $ 5,024,271 $ 3,716,990 $ 13,601,670 $ 12,993,384 Total Investment
Income (Loss) - Asset Management and Strategic Holdings $ 1,697,857 $ 663,763 $
4,376,065 $ 1,733,157 Income Tax Expense (Benefit) 359,739 272,543 620,612
704,033 Redeemable Noncontrolling Interests 34,058 4,091 110,727 57,360
Noncontrolling Interests 905,407 72,212 2,543,501 318,616 Preferred Stock
Dividends 40,430 40,430 78,166 121,289 Net Income (Loss) - KKR Common
Stockholders $ 859,927 $ 1,121,176 $ 1,146,390 $ 2,146,028 Net Income (Loss)
Attributable to KKR & Co. Inc. Per Share of Common Stock Basic $ 0.97 $ 1.25 $
1.27 $ 2.40 Diluted $ 0.90 $ 1.19 $ 1.19 $ 2.26 Weighted Average Shares of
Common Stock Outstanding Basic 890,961,714 897,534,193 889,984,777 894,778,408
Diluted 955,751,429 943,613,509 955,793,116 947,790,326 Note: See Appendix for
detailed GAAP income statement. Totals may not sum due to rounding in this
presentation.

2 • Share Repurchase Program: From June 30th through November 4th, KKR used $567
million to repurchase and retire 6.2 million shares at an average price per
share of $92. In addition, on November 6th, KKR approved an increase to its
share repurchase program by $500 million • Regular dividend of $0.195 per share
of common stock was declared for the quarter • Sale of USI Insurance Services
(“USI”): On August 31st, KKR announced the sale of USI, its inaugural Core
Private Equity investment, which is expected to close in the fourth quarter of
2026. Subject to closing, KKR expects to generate approximately $2.0 billion of
ANI, or over $2.00 ANI per share in its 4Q'26 results Capital Metrics Third
Quarter 2026 Highlights • Fee Related Earnings (“FRE”) of $1.3 billion
($1.42/adj. share) in the quarter, up 27% year- over-year • FRE was $4.5 billion
in the LTM ($4.96/adj. share), up 26% year-over-year • Total Operating Earnings
(“TOE”) of $1.7 billion ($1.88/adj. share) in the quarter, up 25% year-over-year
• TOE was $5.9 billion in the LTM ($6.46/adj. share), up 23% year-over-year •
Insurance Operating Earnings of $230 million in the quarter included a charge of
$26 million related to GA's annual actuarial assumption review and other related
items. Excluding this impact, Insurance Operating Earnings would have been $257
million • Adjusted Net Income (“ANI”) of $1.6 billion ($1.78/adj. share) in the
quarter, up 29% year- over-year • ANI was $5.4 billion in the LTM ($5.92/adj.
share), up 18% year-over-year • The per share figures referenced above — across
FRE, TOE and ANI — are all record figures for KKR as a public company on both a
quarterly and LTM basis • Assets Under Management (“AUM”) of $804 billion, up
11% year-over-year • Fee Paying Assets Under Management (“FPAUM”) of $648
billion, up 11% year-over-year • New Capital Raised of $25 billion in the
quarter and $116 billion in the LTM • Capital Invested of $20 billion in the
quarter and $98 billion in the LTM Note: Adj. share refers to adjusted shares.
See the Appendix for GAAP reconciliations and other important information. See
page 29 for record and payment dates for common and mandatory convertible
preferred stock. The sale of USI is subject to closing conditions, and there can
be no assurance as to whether or when the transaction will be completed.
Statements about the impact of USI are forward- looking statements. See Appendix
for important information regarding cautionary factors about forward-looking
statements. Financial Measures Corporate

3 Third Quarter 2026 Segment Earnings ($ in thousands, except per share data)
3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Management Fees $ 1,063,553 $ 1,201,108 $
2,976,650 $ 3,643,576 Transaction and Monitoring Fees, Net 328,124 327,864
823,882 801,842 Fee Related Performance Revenues 73,177 326,347 148,191 604,808
Fee Related Compensation (256,350) (324,680) (691,027) (883,913) Other Operating
Expenses (175,568) (214,669) (515,403) (619,820) Fee Related Earnings $
1,032,936 $ 1,315,970 $ 2,742,293 $ 3,546,493 Insurance Operating Earnings $
304,653 $ 230,273 $ 841,357 $ 778,823 Strategic Holdings Operating Earnings $
57,663 $ 191,574 $ 118,270 $ 276,906 Total Operating Earnings $ 1,395,252 $
1,737,817 $ 3,701,920 $ 4,602,222 Net Realized Performance Income 232,665
150,578 429,968 559,653 Net Realized Investment Income 73,632 198,884 389,793
493,825 Total Investing Earnings $ 306,297 $ 349,462 $ 819,761 $ 1,053,478 Total
Segment Earnings $ 1,701,549 $ 2,087,279 $ 4,521,681 $ 5,655,700 Interest
Expense, Net and Other (102,789) (129,956) (287,866) (393,804) Income Taxes on
Adjusted Earnings (325,158) (311,830) (862,875) (874,170) Adjusted Net Income $
1,273,602 $ 1,645,493 $ 3,370,940 $ 4,387,726 Adjusted Per Share Measures: FRE
per Adjusted Share $ 1.15 $ 1.42 $ 3.05 $ 3.88 TOE per Adjusted Share $ 1.55 $
1.88 $ 4.12 $ 5.04 ANI per Adjusted Share $ 1.41 $ 1.78 $ 3.75 $ 4.80 Note: See
Appendix for GAAP reconciliations, endnotes about taxes affecting Adjusted Net
Income and other important information.

4 Total Operating Earnings ($ in billions) $4.8 $5.9 3Q'25 LTM 3Q'26 LTM Total
Operating Earnings • Total Operating Earnings – the sum of Fee Related Earnings,
Insurance Operating Earnings and Strategic Holdings Operating Earnings –
represents the more durable and recurring portion of KKR's total segment
earnings • TOE increased 23% over the last 12 months primarily driven by the
growth in Fee Related Earnings. Over time, we expect Strategic Holdings
Operating Earnings to contribute more meaningfully to Total Operating Earnings
$1.4 $1.7 3Q'25 3Q'26 Total Segment Earnings $7.0 3Q'26 LTM ($ in billions)
Insurance Operating Earnings Fee Related Earnings Total Investing Earnings
Strategic Holdings Operating Earnings $5.9 84% of segment earnings are from the
more durable and recurring portions of total segment earnings

Asset Management

6 Asset Management Segment ($ in thousands, except per share data) 3Q'25 3Q'26
3Q'25 YTD 3Q'26 YTD Management Fees $ 1,063,553 $ 1,201,108 $ 2,976,650 $
3,643,576 Transaction and Monitoring Fees, Net 328,124 327,864 823,882 801,842
Fee Related Performance Revenues 73,177 326,347 148,191 604,808 Fee Related
Compensation (256,350) (324,680) (691,027) (883,913) Other Operating Expenses
(175,568) (214,669) (515,403) (619,820) Fee Related Earnings $ 1,032,936 $
1,315,970 $ 2,742,293 $ 3,546,493 Realized Performance Income 930,659 602,315
1,697,429 2,205,814 Realized Performance Income Compensation (697,994) (451,737)
(1,267,461) (1,646,161) Net Realized Performance Income $ 232,665 $ 150,578 $
429,968 $ 559,653 Realized Investment Income 4,436 150,171 376,391 461,790
Realized Investment Income Compensation (665) (22,526) (56,459) (69,269) Net
Realized Investment Income $ 3,771 $ 127,645 $ 319,932 $ 392,521 Total Investing
Earnings $ 236,436 $ 278,223 $ 749,900 $ 952,174 Asset Management Segment
Earnings $ 1,269,372 $ 1,594,193 $ 3,492,193 $ 4,498,667 Additional Financial
Measures and Capital Metrics: FRE per Adjusted Share $ 1.15 $ 1.42 $ 3.05 $ 3.88
Total Asset Management Segment Revenues $ 2,399,949 $ 2,607,805 $ 6,022,543 $
7,717,830 Assets Under Management $ 723,190,000 $ 804,388,000 $ 723,190,000 $
804,388,000 Fee Paying Assets Under Management $ 585,045,000 $ 647,887,000 $
585,045,000 $ 647,887,000 New Capital Raised (AUM) $ 42,614,000 $ 25,171,000 $
101,140,000 $ 87,246,000 Capital Invested $ 26,100,000 $ 20,132,000 $ 62,775,000
$ 66,063,000 Uncalled Commitments $ 125,776,000 $ 145,638,000 $ 125,776,000 $
145,638,000 Note: Beginning in 2Q'26, KKR has reported realized performance fees
from its K-Series Private Equity vehicles in Fee Related Performance Revenues.
Historically, these realized performance fees were included within Realized
Performance Income. See Appendix for further information, as well as GAAP
reconciliations, and other important information.

7 • Increased 24% year-over-year driven primarily by the growth in management
fees and fee related performance revenues Management Fees and Fee Related
Earnings Management Fees Fee Related Earnings Per Adjusted Share • Increased by
23% to $4.8 billion in the LTM • Growth has primarily been driven by an increase
in Fee Paying AUM from organic new capital raised ($ in billions) $3.99 $4.96
69% 70% FRE per adjusted share FRE margin 3Q'25 LTM 3Q'26 LTM $3.0 $3.5 $4.1
$3.9 $4.8 2023 2024 2025 3Q'25 LTM 3Q'26 LTM

8 Assets Under Management • AUM of $804 billion, up 11% year-over-year, with $25
billion of organic new capital raised in the quarter and $116 billion in the LTM
• K-Series AUM totaled $45 billion across asset classes compared to $29 billion
a year prior • Fee Paying AUM of $648 billion, up 11% year-over-year, with $25
billion of organic new capital raised in the quarter and $113 billion in the LTM
• Perpetual Capital of $344 billion, up 11% year-over-year driven primarily by
the organic growth of Global Atlantic and inflows into and appreciation of our
K-Series vehicles. Perpetual capital represents 43% of AUM and 50% of FPAUM AUM
Fee Paying AUM Perpetual Capital ($ in billions) ($ in billions) ($ in billions)
$723 $804 3Q'25 3Q'26 $585 $648 3Q'25 3Q'26 $309 $344 3Q'25 3Q'26 Note:
Perpetual capital is capital of indefinite duration, which may be reduced or
terminated under certain conditions. See Appendix for endnotes about perpetual
capital and other important information.

9 $428 $493 3Q'25 3Q'26 Additional Capital Detail • Dry Powder: Uncalled
commitments of $146 billion remain diversified across the firm’s investment
strategies • AUM Not Yet Paying Fees: At quarter end, there was $75 billion of
committed capital with a weighted average management fee rate of approximately
90 bps that becomes payable when the capital is either invested or enters its
investment period • Carry Eligible AUM: Of the $415 billion of carried interest
eligible AUM, $332 billion is above cost and accruing carry • Performance Fee
Eligible AUM: $493 billion, up 15% year-over-year Performance Fee Eligible AUM
Uncalled Commitments ($ in billions) ($ in billions) $126 $146 3Q'25 3Q'26 Note:
See Appendix for endnotes for additional information relating to uncalled
commitments.

10 Gross unrealized carried interest totals $9.7 billion as of September 30,
2026 Fund Investment Performance Private Equity Real Assets Infrastructure
Portfolio Opportunistic Real Estate Portfolio Credit Alternative Credit
Composite Traditional Private Equity Portfolio Leveraged Credit Composite 3Q'26
(2)% LTM Gross Return (2)% 7%0% 4%3% 9%4% 4%1% Note: Traditional private equity
does not include core or growth. See Appendix for endnotes explaining
composition of the portfolios and composites presented on this page and for
other important information. Past performance is no guarantee of future results.

11 • AUM: Increased 1% quarter-over-quarter and 15% year-over-year to $256
billion with organic new capital raised of $4 billion in the quarter and $18
billion YTD • New capital raised in the quarter was primarily driven by K-Series
Private Equity, Asian Fund V and Arctos Sports Fund III • Realizations: Carried
Interest drivers in 3Q included public and private realization events across
global impact and traditional private equity • Capital Invested: $3 billion in
the quarter and $11 billion YTD. In 3Q, deployment was primarily driven by
traditional private equity in North America • Performance: The traditional
private equity portfolio appreciated 7% in the LTM Asset Management Segment −
Private Equity ($ in thousands) 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Management Fees
$ 394,380 $ 466,113 $ 1,101,266 $ 1,417,258 Transaction and Monitoring Fees, Net
30,327 15,944 69,661 66,659 Fee Related Performance Revenues — 219,743 — 388,549
Fee Related Revenues $ 424,707 $ 701,800 $ 1,170,927 $ 1,872,466 Realized
Performance Income $ 702,475 $ 489,681 $ 1,392,027 $ 2,014,062 Capital Metrics:
Assets Under Management $ 222,189,000 $ 256,092,000 $ 222,189,000 $ 256,092,000
Fee Paying Assets Under Management $ 149,729,000 $ 170,602,000 $ 149,729,000 $
170,602,000 New Capital Raised (AUM) $ 5,473,000 $ 4,064,000 $ 21,959,000 $
18,319,000 Capital Invested $ 5,971,000 $ 3,311,000 $ 15,187,000 $ 10,719,000
Uncalled Commitments $ 54,493,000 $ 64,794,000 $ 54,493,000 $ 64,794,000 Note:
See Appendix for endnotes about our private equity business line and other
important information. During the nine months ended September 30, 2026, $71
million of management fees were earned on new capital raised that were
retroactive to the start of the relevant fund's investment period.

12 Asset Management Segment − Real Assets • AUM: Flat quarter-over-quarter and
increased 14% year-over-year to $212 billion with organic new capital raised of
$7 billion in the quarter and $30 billion YTD • New capital raised in the
quarter was widespread and included infrastructure funds globally across
multiple strategies, including K-Series Infrastructure, Helix Digital
Infrastructure, core infrastructure, Asia Infrastructure III and Global
Infrastructure V • Global Infrastructure V held its final close in August,
bringing total commitments to $19.2 billion. The fund is KKR's largest
infrastructure fund raised to date • Realizations: Carried Interest in 3Q was
driven by infrastructure • Capital Invested: $8 billion in the quarter and $24
billion YTD. In 3Q, deployment was primarily driven by core infrastructure and
real estate equity in North America • Performance: The infrastructure portfolio
appreciated 9% and the opportunistic real estate portfolio declined 2% in the
LTM ($ in thousands) 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Management Fees $ 350,225 $
394,904 $ 941,197 $ 1,196,196 Transaction and Monitoring Fees, Net 20,290 21,628
39,516 38,867 Fee Related Performance Revenues 55,373 100,168 93,196 185,535 Fee
Related Revenues $ 425,888 $ 516,700 $ 1,073,909 $ 1,420,598 Realized
Performance Income $ 197,593 $ 103,083 $ 234,364 $ 148,256 Capital Metrics:
Assets Under Management $ 186,335,000 $ 211,719,000 $ 186,335,000 $ 211,719,000
Fee Paying Assets Under Management $ 155,739,000 $ 176,485,000 $ 155,739,000 $
176,485,000 New Capital Raised (AUM) $ 10,286,000 $ 6,704,000 $ 23,747,000 $
30,176,000 Capital Invested $ 9,368,000 $ 8,395,000 $ 19,214,000 $ 23,984,000
Uncalled Commitments $ 38,287,000 $ 47,695,000 $ 38,287,000 $ 47,695,000 Note:
During the three and nine months ended September 30, 2026, $17 million and $109
million of management fees were earned on new capital raised that were
retroactive to the start of the relevant fund's investment period, respectively.

13 • AUM: Increased 2% quarter-over-quarter and 7% year-over-year to $337
billion with organic new capital raised of $14 billion in the quarter and $39
billion YTD • New capital raised in the quarter was primarily driven by inflows
at Global Atlantic, as well as activity within private credit and strategic
investments • AUM comprised of: $148 billion of leveraged credit, $91 billion of
asset-based finance, $49 billion of corporate private credit (including $39
billion of direct lending), $13 billion of strategic investments and $37 billion
of liquid strategies • Realizations: Performance Income in 3Q was driven by a
diverse set of strategies • Capital Invested: $8 billion in the quarter and $31
billion YTD. In 3Q, deployment was most active in asset-based finance •
Performance: The leveraged credit and alternative credit composites both
appreciated 4% in the LTM ($ in thousands) 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD
Management Fees $ 318,948 $ 340,091 $ 934,187 $ 1,030,122 Transaction and
Monitoring Fees, Net 1,738 663 10,024 4,793 Fee Related Performance Revenues
17,804 6,436 54,995 30,724 Fee Related Revenues $ 338,490 $ 347,190 $ 999,206 $
1,065,639 Realized Performance Income $ 30,591 $ 9,551 $ 71,038 $ 43,496 Capital
Metrics: Assets Under Management $ 314,666,000 $ 336,577,000 $ 314,666,000 $
336,577,000 Fee Paying Assets Under Management $ 279,577,000 $ 300,800,000 $
279,577,000 $ 300,800,000 New Capital Raised (AUM) $ 26,855,000 $ 14,403,000 $
55,434,000 $ 38,751,000 Capital Invested $ 10,761,000 $ 8,426,000 $ 28,374,000 $
31,360,000 Uncalled Commitments $ 32,996,000 $ 33,149,000 $ 32,996,000 $
33,149,000 Asset Management Segment − Credit and Liquid Strategies

14 • Transaction Fees: Totaled $290 million in the quarter and $692 million YTD
• Approximately 70% of transaction fees were originated in North America in the
quarter • Capital markets transaction fees were diversified by source in the
quarter: infrastructure, traditional private equity and third-party •
Approximately 80% of transaction fees were debt product focused in the quarter
Asset Management Segment − Capital Markets • All financial results exclude
Strategic Holdings • Realizations: Realized Investment Income of $150 million in
the quarter and $462 million YTD • Embedded Gains: $2.4 billion of embedded
unrealized gains on the balance sheet at quarter end Asset Management Segment −
Principal Activities ($ in thousands) 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD
Transaction Fees $ 275,769 $ 289,629 $ 704,681 $ 691,523 ($ in thousands) 3Q'25
3Q'26 3Q'25 YTD 3Q'26 YTD Realized Investment Income $ 4,436 $ 150,171 $ 376,391
$ 461,790

Insurance

16 • Insurance Operating Earnings: $230 million for the quarter, including a
charge of $26 million related to GA's annual actuarial assumption review and
other related items. 3Q'25 Insurance Operating Earnings of $305 million included
a benefit of $41 million related to the annual actuarial assumption review.
Excluding these impacts, Insurance Operating Earnings would have been $257
million and $264 million, respectively • Net Investment Income: Net Investment
Income of $1.9 billion in the quarter primarily reflects growth in the
investment portfolio attributable to net inflows and higher average portfolio
yields • Net Cost of Insurance: Net Cost of Insurance of $1.6 billion in the
quarter primarily reflects business growth, higher funding costs, and the
routine run off of older business that was originated in a lower cost
environment • Highlights: • Global Atlantic AUM totals $223 billion, of which
$170 billion is Credit AUM. Ivy and other sponsored reinsurance vehicles total
$63 billion of the $223 billion • Inflows in the quarter were primarily driven
by individual markets annuity sales, funding agreements and institutional flow
business Insurance Segment ($ in thousands) 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Net
Investment Income $ 1,835,025 $ 1,946,621 $ 5,352,893 $ 5,801,220 Net Cost of
Insurance (1,353,141) (1,551,282) (3,968,104) (4,473,503) General,
Administrative and Other (177,231) (165,066) (543,432) (548,894) Insurance
Operating Earnings $ 304,653 $ 230,273 $ 841,357 $ 778,823 Additional Financial
Measure: Global Atlantic Book Value $ 10,390,207 $ 11,984,661 $ 10,390,207 $
11,984,661 Note: See Appendix for endnotes explaining certain prior period
information that has been recast to conform to the current period presentation.
This reclassification had no impact on Insurance Operating Earnings.

17 $1.8 $1.9 $1.1 $1.0 LTM 3Q'25 LTM 3Q'26 $212 $223 $156 $160 $56 $63 3Q'25
3Q'26 Total Insurance Economics(1) Global Atlantic AUM and Total Insurance
Economics Management Fees Paid by Insurance Segment (Included in FRE) Insurance
Operating Earnings Global Atlantic-related Capital Markets Fees (Included in
FRE) Ivy and Related Sidecar Fees (Included in FRE) Note: See Appendix for
endnotes for additional information about total insurance economics. (1) Total
Insurance Economics is a non-GAAP measure presented to show the broader impact
of Global Atlantic across KKR. It is not a measure of the profitability of the
Insurance segment, and it is not a substitute for, and should not be considered
in isolation from Insurance Operating Earnings or any measure calculated in
accordance with GAAP. Total Insurance Economics equals Insurance Operating
Earnings plus certain economics that are included in the results of the Asset
Management segment — specifically Management Fees Paid by the Insurance Segment,
Ivy and Related Sidecar Fees, and Global Atlantic-related Capital Markets Fees
(each net of FRE compensation expense). A reconciliation of Total Insurance
Economics to the most directly comparable GAAP measure is provided in the
Appendix. Insurance Operating Earnings in all periods do not reflect mark-to-
market appreciation of investments in the Global Atlantic portfolio Global
Atlantic AUM Ivy and other sponsored reinsurance vehicles Global Atlantic ($ in
billions) ($ in billions) +6%

Strategic Holdings

19 • Strategic Holdings Segment Earnings: Driven by dividends from our Strategic
Holdings businesses • Highlights: • KKR's share of 2Q'26 LTM Adjusted Revenues
is $4.5 billion and 2Q'26 LTM Adjusted EBITDA is $1.1 billion across a scaled
and diversified portfolio Strategic Holdings Segment ($ in thousands) 3Q'25
3Q'26 3Q'25 YTD 3Q'26 YTD Dividends, Net $ 57,663 $ 191,574 $ 118,270 $ 276,906
Strategic Holdings Operating Earnings $ 57,663 $ 191,574 $ 118,270 $ 276,906 Net
Realized Investment Income $ 69,861 $ 71,239 $ 69,861 $ 101,304 Strategic
Holdings Segment Earnings $ 127,524 $ 262,813 $ 188,131 $ 378,210 LTM Adjusted
EBITDA by Geography (KKR's Share) LTM Adjusted EBITDA by Industry (KKR's Share)
Americas 66% Europe 28% Asia Pacific 6% Business Services 35% Consumer 26%
Health Care 17% TMT 16% Infrastructure 3% Note: See Appendix for endnotes for
additional information relating to LTM Adjusted Revenues and LTM Adjusted
EBITDA. Industrials 3%

Supplemental Information

21 $14 $10 $15 $26 $21 $13 $21 $24 $41 2018 2019 2020 2021 2022 2023 2024 2025
3Q'26 YTD A Record $40+ Billion to be Returned to Clients in 2026 Note: Amounts
returned or distributed to clients represents distributions of realized proceeds
by carry-paying funds, as well as certain separately managed accounts and other
investment vehicles, across Private Equity, Real Assets and Credit, which
includes the pro rata portion allocable to the general partners of such funds.
The record amount to be returned to clients in 2026 is a forward-looking
statement and is an expectation based on various estimates and assumptions;
there is no guarantee that our expectation will be realized as presented. See
Appendix for important information and cautionary factors about forward-looking
statements. Distributions to Our Private Equity, Real Assets & Credit Fund
Clients Record Capital Return Driving Growth in Monetization Revenue Expected 4Q
Activity ($ in billions) Fee Related Performance Revenues Gross Realized
Investment Income Gross Realized Performance Income ($ in billions) $2.3 $3.4
3Q'25 YTD 3Q'26 YTD +47% $31 2021 to 2025 Annual Average = $21 billion

22 Duration of Capital Growth in 15+ Year Duration & Perpetual Capital Assets
Under Management ($ in billions) $375 $431 $309 $344 $66 $87 3Q'25 3Q'26 93% of
AUM is perpetual capital or has a duration of at least 8 years at inception 54%
of AUM is perpetual or has a duration of at least 15 years at inception 15+ Year
Duration at Inception Perpetual Capital Other 8-15 Year Duration at Inception 7%
43% 11% 39% 15+ Year Duration at Inception Perpetual Capital Note: Perpetual
capital is capital of indefinite duration, which may be materially reduced or
terminated under certain conditions. See Appendix for endnotes and other
important information.

23 Assets Under Management Rollforward Nine Months Ended September 30, 2026 ($
in millions) Private Equity Real Assets Credit and Liquid Strategies Total
Beginning Balance $ 229,374 $ 192,480 $ 322,004 $ 743,858 New Capital Raised
18,319 30,176 38,751 87,246 Acquisitions(1) 15,996 — — 15,996 Distributions and
Other (20,471) (15,475) (28,383) (64,329) Change in Value 12,874 4,538 4,205
21,617 Ending Balance $ 256,092 $ 211,719 $ 336,577 $ 804,388 ($ in millions)
Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance
$ 254,736 $ 210,919 $ 330,832 $ 796,487 New Capital Raised 4,064 6,704 14,403
25,171 Distributions and Other (5,423) (8,865) (8,468) (22,756) Change in Value
2,715 2,961 (190) 5,486 Ending Balance $ 256,092 $ 211,719 $ 336,577 $ 804,388
Three Months Ended September 30, 2026 Note: See Appendix for endnotes about
acquisitions, distributions, redemptions and other important information. (1)
Represents AUM of Arctos as of the date of the closing of the Arctos
acquisition.

24 Fee Paying Assets Under Management Rollforward ($ in millions) Private Equity
Real Assets Credit and Liquid Strategies Total Beginning Balance $ 168,137 $
175,298 $ 294,968 $ 638,403 New Capital Raised 4,328 6,596 14,400 25,324
Distributions and Other (2,395) (6,996) (8,134) (17,525) Change in Value 532
1,587 (434) 1,685 Ending Balance $ 170,602 $ 176,485 $ 300,800 $ 647,887 ($ in
millions) Private Equity Real Assets Credit and Liquid Strategies Total
Beginning Balance $ 151,239 $ 163,451 $ 289,454 $ 604,144 New Capital Raised
18,326 23,848 38,183 80,357 Acquisitions(1) 10,084 — — 10,084 Distributions and
Other (10,194) (12,172) (30,535) (52,901) Change in Value 1,147 1,358 3,698
6,203 Ending Balance $ 170,602 $ 176,485 $ 300,800 $ 647,887 Nine Months Ended
September 30, 2026 Three Months Ended September 30, 2026 Note: See Appendix for
endnotes about acquisitions, distributions, redemptions and other important
information. (1) Represents FPAUM of Arctos as of the date of the closing of the
Arctos acquisition.

25 Investment Vehicle Summary - Asset Management ($ in millions) Investment
Period Amount Start Date End Date Commitment Uncalled Commitments Invested
Realized Remaining Cost Remaining Fair Value PRIVATE EQUITY BUSINESS LINE North
America Fund XIV 8/2025 4/2031 $ 21,893 $ 19,147 $ 2,746 $ — $ 2,746 $ 3,844
North America Fund XIII 8/2021 4/2025 18,400 1,216 17,487 566 16,986 25,427
Americas Fund XII 5/2017 5/2021 13,500 1,168 12,979 22,518 7,114 12,996 North
America Fund XI 11/2012 1/2017 8,718 48 10,203 25,152 1,050 1,103 2006 Fund(1)
9/2006 9/2012 17,642 — 17,309 37,423 — — Millennium Fund(1) 12/2002 12/2008
6,000 — 6,000 14,129 — — Ascendant Fund 6/2022 6/2028 4,328 2,192 2,136 — 2,136
2,619 European Fund VI 6/2022 6/2028 7,514 1,846 5,726 315 4,494 6,687 European
Fund V 7/2019 2/2022 6,377 500 6,000 3,444 4,222 5,880 European Fund IV 2/2015
3/2019 3,513 16 3,649 5,726 1,621 2,296 European Fund III(1) 3/2008 3/2014 5,506
— 5,360 10,648 — — European Fund II(1) 11/2005 10/2008 5,751 — 5,751 8,533 — —
Asian Fund IV 7/2020 6/2026 14,735 3,166 12,824 4,967 11,750 16,496 Asian Fund
III 8/2017 7/2020 9,000 1,200 8,343 12,580 4,190 7,997 Asian Fund II 10/2013
3/2017 5,825 — 7,507 6,723 1,270 828 Asian Fund(1) 7/2007 4/2013 3,983 — 3,974
8,728 — — Next Generation Technology Growth Fund III 11/2022 3/2026 2,740 346
2,394 — 2,394 2,956 Next Generation Technology Growth Fund II 12/2019 5/2022
2,088 26 2,298 1,846 1,637 2,502 Next Generation Technology Growth Fund 3/2016
12/2019 659 5 672 1,661 163 487 Health Care Strategic Growth Fund II 5/2021
5/2027 3,789 1,346 2,443 157 2,287 3,825 Health Care Strategic Growth Fund
12/2016 4/2021 1,331 85 1,411 1,112 914 1,654 Global Impact Fund II 6/2022
6/2028 2,716 1,184 1,757 2,409 1,204 1,473 Global Impact Fund 2/2019 3/2022
1,242 185 1,240 916 884 1,243 Co-Investment Vehicles and Other Various Various
55,610 11,911 44,592 19,981 33,669 41,377 Core Investors II 8/2022 8/2027 11,814
7,963 3,852 284 3,852 4,659 Core Investors I 2/2018 8/2022 8,500 23 10,622 3,681
8,279 15,875 Other Core Vehicles Various Various 7,911 1,172 6,815 3,277 6,286
10,382 Arctos Keystone Fund I & Affiliated Funds Various Various 6,506 5,327
1,411 83 1,328 1,514 Arctos Sports Partners Fund II & Affiliated Funds Various
Various 4,220 2,013 2,354 177 2,177 3,551 Arctos Sports Partners Fund I &
Affiliated Funds Various Various 2,919 509 2,768 557 2,267 5,657 Unallocated
Commitments(2) N/A N/A 2,089 2,089 — — — — Total Private Equity $ 266,819 $
64,683 $ 212,623 $ 197,593 $ 124,920 $ 183,328 Note: Past performance is no
guarantee of future results. See Appendix for endnotes about investment period
start and end dates. (1) The “Invested" and “Realized” columns do not include
the amounts of any realized investments that restored the unused capital
commitments of the fund investors, if any. (2) Represents unallocated
commitments from certain of our strategic investor partnerships.

26 Note: Past performance is no guarantee of future results. See Appendix for
endnotes about investment period start and end dates. (1) Open ended fund. (2)
Includes an Asia-focused vehicle with different fund terms. (3) Represents
unallocated commitments from certain of our strategic investor partnerships. (4)
Third anniversary of the fund's final closing date. Investment Vehicle Summary -
Asset Management (cont’d) ($ in millions) Investment Period Amount Start Date
End Date Commitment Uncalled Commitments Invested Realized Remaining Cost
Remaining Fair Value REAL ASSETS BUSINESS LINE Global Infrastructure Investors V
7/2024 7/2030 $ 19,150 $ 15,460 $ 3,805 $ 114 $ 3,805 $ 4,282 Global
Infrastructure Investors IV 8/2021 6/2024 16,606 2,023 15,302 5,710 12,110
16,872 Global Infrastructure Investors III 7/2018 6/2021 7,174 440 7,100 7,193
2,631 3,492 Global Infrastructure Investors II 12/2014 6/2018 3,040 130 3,169
5,789 560 1,046 Global Infrastructure Investors 9/2010 10/2014 1,040 — 1,050
2,228 — — Asia Pacific Infrastructure Investors III 12/2025 12/2031 6,554 6,554
— — — — Asia Pacific Infrastructure Investors II 9/2022 9/2028 6,348 2,015 4,735
1,071 3,868 5,600 Asia Pacific Infrastructure Investors 1/2020 9/2022 3,792 536
3,618 2,760 1,972 2,821 Diversified Core Infrastructure Fund 12/2020 (1) 15,559
1,024 14,538 2,033 14,388 15,915 Global Climate Transition Fund(2) 7/2024 7/2030
3,562 3,562 — — — — Real Estate Partners Americas IV 11/2024 11/2028 2,602 1,741
862 12 832 1,008 Real Estate Partners Americas III 1/2021 9/2024 4,253 496 4,006
389 3,738 4,118 Real Estate Partners Americas II 5/2017 12/2020 1,921 116 1,989
3,105 137 42 Real Estate Partners Americas 5/2013 5/2017 1,229 15 1,024 1,446 —
— Real Estate Partners Europe III 7/2024 7/2028 775 452 331 60 298 307 Real
Estate Partners Europe II 3/2020 12/2023 2,066 202 2,069 656 1,578 1,332 Real
Estate Partners Europe 8/2015 12/2019 709 98 695 813 125 56 Asia Real Estate
Partners II 10/2023 10/2027 789 620 309 223 156 191 Asia Real Estate Partners
7/2019 7/2023 1,682 349 1,386 723 875 703 Property Partners Americas 12/2019 (1)
2,571 46 2,525 179 2,525 2,319 Real Estate Credit Opportunity Partners II 8/2019
6/2023 950 — 976 671 707 716 Real Estate Credit Opportunity Partners 2/2017
4/2019 1,130 122 1,008 735 964 964 Opportunistic Real Estate Credit Fund III
5/2026 (4) 1,300 1,300 — — — — Opportunistic Real Estate Credit Fund II 6/2023
6/2026 607 142 465 55 444 480 Energy Related Vehicles Various Various 4,357 35
4,497 2,676 883 1,599 Co-Investment Vehicles & Other Various Various 29,633
8,229 21,531 5,415 19,064 20,487 Unallocated Commitments(3) N/A N/A 1,364 1,364
— — — — Total Real Assets $ 140,763 $ 47,071 $ 96,990 $ 44,056 $ 71,660 $ 84,350

27 Investment Vehicle Summary - Asset Management (cont’d) ($ in millions)
Uncalled Commitments Remaining Fair Value Total Carried Interest Eligible $
129,142 $ 285,647 $ 414,789 Incentive Fee Eligible 1,030 77,011 78,041 Total
Performance Fee Eligible 130,172 362,658 492,830 Private Equity and Real Assets
735 70,914 71,649 Credit and Liquid Strategies 14,731 225,178 239,909 Total
Assets Under Management $ 145,638 $ 658,750 $ 804,388 ($ in millions) Investment
Period Amount Start Date End Date Commitment Uncalled Commitments Invested
Realized Remaining Cost Remaining Fair Value CREDIT AND LIQUID STRATEGIES
BUSINESS LINE(1) Opportunities Fund II 11/2021 1/2026 $ 2,324 $ 581 $ 1,743 $
434 $ 1,501 $ 1,910 Dislocation Opportunities Fund 8/2019 11/2021 2,790 223
2,567 2,069 1,130 1,187 Special Situations Fund II 2/2015 3/2019 3,525 284 3,241
2,767 547 469 Special Situations Fund 1/2013 1/2016 2,274 1 2,273 1,899 94 135
Mezzanine Partners 7/2010 3/2015 1,023 33 990 1,166 184 2 Asset-Based Finance
Partners II 3/2024 3/2028 5,571 4,242 1,329 69 1,329 1,446 Asset-Based Finance
Partners 10/2020 7/2025 2,059 351 1,708 919 1,310 1,398 Private Credit
Opportunities Partners II 12/2015 12/2020 2,245 150 2,095 1,127 1,297 978
Lending Partners IV 3/2022 9/2026 1,150 295 855 246 855 873 Lending Partners III
4/2017 11/2021 1,498 540 958 1,258 390 323 Lending Partners II 6/2014 6/2017
1,336 157 1,179 1,276 — 3 Lending Partners 12/2011 12/2014 460 — 420 471 — —
Lending Partners Europe II 5/2019 9/2023 837 140 697 813 192 215 Lending
Partners Europe 3/2015 3/2019 848 184 662 632 53 44 Asia Credit Opportunities II
2/2025 12/2028 1,795 1,480 315 — 315 338 Asia Credit Opportunities 1/2021 5/2025
1,084 191 893 384 707 818 Other Alternative Credit Vehicles Various Various
20,391 8,536 11,787 7,779 6,028 7,830 Total Credit and Liquid Strategies $
51,210 $ 17,388 $ 33,712 $ 23,309 $ 15,932 $ 17,969 Total Eligible To Receive
Carried Interest $ 458,792 $ 129,142 $ 343,325 $ 264,958 $ 212,512 $ 285,647
Note: Past performance is no guarantee of future results. See Appendix for
endnotes about investment period start and end dates. (1) The “Commitment” and
“Uncalled Commitments” columns include income that is eligible to be reinvested
if permitted under the terms of the investment vehicle agreements.

28 Note: See Appendix for GAAP reconciliations, endnotes about investments and
other important information. (1) Only includes debt issued or guaranteed by KKR
& Co. Inc. Does not include Global Atlantic or other debt. (2) Net unrealized
carried interest would be $2.4 billion assuming a 75% compensation accrual
(using the mid-point of the guided range) on gross unrealized carried interest.
(3) Cash and short-term investments excludes Global Atlantic. Strong Financial
Profile ($ in millions) 3Q'26 Cash and Short-term Investments(3) $ 5,385
Investments - Asset Management Segment 8,902 Cash and Investments $ 14,287
Outstanding Debt (at par)(1) 9,337 Net Cash and Investments $ 4,950 Asset
Management Investment Holdings by Asset Class (Fair Value) Private Equity 41%
Growth 9% Real Estate 14% Leveraged Credit 5% Energy 4% Alternative Credit 10%
Infrastructure 7% Other 10% • Embedded Gains (Unrealized) in Asset Management
total $2.4 billion • Gross Unrealized Carried Interest totals $9.7 billion(2)
Key Asset Management Highlights - Third Quarter 2026 • KKR & Co. Inc. is 'A'
rated by both S&P and Fitch • Average maturity of debt is approximately 15 years
with an after-tax weighted average fixed coupon of 3%(1) • Debt capacity
includes a $3 billion undrawn revolving credit facility Net Cash and Investments

29 Dividends & Other Corporate Information Dividends The declaration and payment
of any future dividends on common stock or preferred stock will be subject to
the discretion of the Board of Directors of KKR & Co. Inc. based on a number of
factors, including KKR’s future financial performance and other considerations
that the Board deems relevant, the terms of KKR & Co. Inc.'s certificate of
incorporation and applicable law. There can be no assurance that future
dividends will be made as intended or at all or that any particular dividend
policy for common stock or preferred stock will be maintained. Common Stock A
dividend of $0.195 per share of common stock of KKR & Co. Inc. has been declared
for the third quarter of 2026, which will be paid on December 3, 2026 to holders
of record of common stock as of the close of business on November 19, 2026.
Mandatory Preferred Convertible Stock A dividend of $0.78125 per share of Series
D Mandatory Convertible Preferred Stock has been declared and set aside for
payment on December 1, 2026 to holders of record of Series D Mandatory
Convertible Preferred Stock as of the close of business on November 15, 2026.

30 Note: In September 2026, the share repurchase plan increased by $500 million
pursuant to the terms of the previously approved increase to the share
repurchase plan capacity announced in March 2026. As of November 4, 2026, there
was $33 million of remaining availability. On November 6, 2026, KKR approved
another increase to the share repurchase plan capacity by $500 million. (1) KKR
& Co. Inc.'s initial repurchase authorization was announced on October 27, 2015.
Information is through November 4, 2026. (2) Refers to the retirement of equity
grants issued pursuant to KKR & Co. Inc.’s equity incentive plan. (3) Includes
certain securities exchangeable into shares of common stock of KKR & Co. Inc.
(4) Excludes the potential dilutive impact of: (i) any conversion of the Series
D Mandatory Convertible Preferred Stock (expected no later than March 1, 2028)
and (ii) unvested shares of common stock and exchangeable securities. (5)
Includes the $500 million increase to the share repurchase plan capacity
approved on November 6, 2026. Stock Summary From December 31, 2025 through
November 4, 2026, KKR used a total of $906 million under the share repurchase
plan to retire equity grants and repurchase shares representing 9.9 million
shares in aggregate. During this period, retirements and share repurchases were
made at an average cost of $91.65 per share Common Stock Repurchase Activity
(Amounts in millions, except per share amounts) Inception to Date(1) Open Market
Share Repurchases 75.9 Reduction of Shares for Retired Equity Grants(2) 28.2
Total Repurchased Shares and Retired Equity Grants 104.1 Total Capital Used
$3,672 Average Price Paid Per Share $35.28 Remaining Availability under Share
Repurchase Plan(5) $533 Adjusted Shares 4Q'25 3Q'26 Common Stock Outstanding
891,451,844 896,288,263 Exchangeable Securities(3) 9,623,541 25,926,685 Adjusted
Shares(4) 901,075,385 922,214,948

Appendix

32 GAAP Condensed Consolidated Income Statement (Unaudited) ($ in thousands)
3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Revenues Asset Management and Strategic Holdings
Fees and Other $ 1,105,238 $ 1,185,866 $ 2,916,482 $ 3,553,150 Capital
Allocation-Based Income (Loss) 638,764 575,919 2,708,601 2,440,153 1,744,002
1,761,785 5,625,083 5,993,303 Insurance Net Premiums 1,059,610 651,204 2,113,216
1,910,210 Policy Fees 339,735 339,722 1,013,182 1,005,185 Net Investment Income
1,969,779 2,074,141 5,616,405 6,102,327 Net Investment-Related Gains (Losses)
351,800 (323,495) (845,386) (597,602) Other Income 61,049 60,322 202,501 194,130
3,781,973 2,801,894 8,099,918 8,614,250 Total Revenues $ 5,525,975 $ 4,563,679 $
13,725,001 $ 14,607,553 Expenses Asset Management and Strategic Holdings
Compensation and Benefits $ 954,983 $ 754,198 $ 3,365,683 $ 2,995,435 Occupancy
and Related Charges 30,597 35,814 99,702 113,115 General, Administrative and
Other 414,891 315,575 1,039,220 1,147,546 1,400,471 1,105,587 4,504,605
4,256,096 Insurance Net Policy Benefits and Claims 3,075,361 2,123,867 7,575,360
7,312,417 Amortization of Policy Acquisition Costs 86,962 69,356 265,733 302,601
Interest Expense 72,064 76,391 212,465 224,905 Policy and Other Operating
Expense 389,413 341,789 1,043,507 897,365 3,623,800 2,611,403 9,097,065
8,737,288 Total Expenses $ 5,024,271 $ 3,716,990 $ 13,601,670 $ 12,993,384
Investment Income (Loss) - Asset Management and Strategic Holdings Net Gains
(Losses) from Investment Activities 1,197,827 (229,379) 3,032,152 251,496
Dividend Income 416,233 781,833 1,026,266 1,276,906 Interest Income 806,711
749,092 2,402,451 2,223,476 Interest Expense (722,914) (637,783) (2,084,804)
(2,018,721) Total Investment Income (Loss) $ 1,697,857 $ 663,763 $ 4,376,065 $
1,733,157 Income Tax Expense (Benefit) 359,739 272,543 620,612 704,033
Redeemable Noncontrolling Interests 34,058 4,091 110,727 57,360 Noncontrolling
Interests 905,407 72,212 2,543,501 318,616 Preferred Stock Dividends 40,430
40,430 78,166 121,289 Net Income (Loss) - KKR Common Stockholders $ 859,927 $
1,121,176 $ 1,146,390 $ 2,146,028 Note: See Appendix for endnotes explaining
certain prior period information that has been recast to conform to the current
period presentation. This reclassification had no impact on Net Income - KKR
Common Stockholders. See End Notes for more information.

33 Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 3Q'25 3Q'26 3Q'25 YTD
3Q'26 YTD Weighted Average GAAP Shares of Common Stock Outstanding - Basic
890,961,714 897,534,193 889,984,777 894,778,408 Adjustments: Weighted Average
Exchangeable Securities 9,563,161 25,977,585 9,042,584 19,201,209 Weighted
Average Adjusted Shares(1) 900,524,875 923,511,778 899,027,361 913,979,617 3Q'25
4Q'25 1Q'26 2Q'26 3Q'26 GAAP Shares of Common Stock Outstanding 890,970,061
891,451,844 889,413,785 897,776,609 896,288,263 Adjustments: Exchangeable
Securities 9,554,374 9,623,541 10,663,888 25,954,902 25,926,685 Adjusted
Shares(1) 900,524,435 901,075,385 900,077,673 923,731,511 922,214,948 Unvested
Shares of Common Stock and Exchangeable Securities(2)(3) 69,164,275 70,057,645
68,574,289 52,391,409 52,216,772 (1) Excludes the potential dilutive impact of:
(i) any conversion of the Series D Mandatory Convertible Preferred Stock
(expected no later than March 1, 2028) and (ii) unvested shares of common stock
and exchangeable securities. (2) Excludes the potential dilutive impact of any
conversion of the Series D Mandatory Convertible Preferred Stock. As of
September 30, 2026, this represents 21.4 million shares that is expected to
convert no later than March 1, 2028. (3) Excludes equity grants that have not
met their market-price or performance-based vesting conditions.

34 Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands)
3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD 3Q'25 LTM 3Q'26 LTM Net Income (Loss) - KKR
Common Stockholders $ 859,927 $ 1,121,176 $ 1,146,390 $ 2,146,028 $ 2,271,945 $
3,251,505 Preferred Stock Dividends 40,430 40,430 78,166 121,289 78,166 161,719
Net Income (Loss) Attributable to Noncontrolling Interests 939,465 76,303
2,654,228 375,976 2,912,956 1,496,697 Income Tax Expense (Benefit) 359,739
272,543 620,612 704,033 878,942 1,037,169 Income (Loss) Before Tax (GAAP) $
2,199,561 $ 1,510,452 $ 4,499,396 $ 3,347,326 $ 6,142,009 $ 5,947,090 Impact of
Consolidation and Other (928,301) 82,123 (2,825,266) (238,351) (2,920,333)
(1,433,264) Preferred Stock Dividends (40,430) (40,430) (78,166) (121,289)
(78,166) (161,719) Income Taxes on Adjusted Earnings (325,158) (311,830)
(862,875) (874,170) (1,102,212) (1,119,359) Asset Management Adjustments:
Unrealized (Gains) Losses (76,839) 234,747 560,252 540,488 271,910 541,128
Unrealized Carried Interest 235,801 386,450 (1,001,818) 389,146 (957,421)
(749,783) Unrealized Carried Interest Compensation (188,642) (309,171) 801,297
(318,116) 751,519 447,415 Transaction-related and Non-operating Items 47,409
236,431 68,725 353,124 37,035 380,688 Equity-based Compensation – Time Based
63,287 58,270 205,314 184,689 277,871 247,442 Equity-based Compensation – Market
Condition 88,437 117,832 259,548 325,491 345,130 414,791 Amortization of
Acquired Intangibles 715 12,695 715 25,382 715 26,454 Strategic Holdings
Adjustments: Unrealized (Gains) Losses (57,019) (349,192) (442,731) (284,058)
(756,864) (587,579) Insurance Adjustments: (Gains) Losses from Investments
166,098 67,124 1,815,122 1,034,128 2,028,517 1,307,693 Non-Operating Changes
from Policy Liabilities and Derivatives 34,377 (82,882) 261,466 (97,923) 365,466
(39,918) Transaction-related and Non-operating Items 21,120 9,501 23,314 33,872
24,250 52,908 Equity-based Compensation 28,487 19,452 72,550 65,467 107,867
93,052 Amortization of Acquired Intangibles 4,699 3,921 14,097 22,520 18,796
27,219 Adjusted Net Income $ 1,273,602 $ 1,645,493 $ 3,370,940 $ 4,387,726 $
4,556,089 $ 5,394,258 Interest Expense, Net 56,692 85,508 184,221 260,974
255,985 334,478 Preferred Stock Dividends 40,430 40,430 91,643 121,289 91,643
161,719 Income (Loss) Attributable to Noncontrolling Interests 5,667 4,018
12,002 11,541 15,896 14,541 Income Taxes on Adjusted Earnings 325,158 311,830
862,875 874,170 1,102,212 1,119,359 Total Segment Earnings $ 1,701,549 $
2,087,279 $ 4,521,681 $ 5,655,700 $ 6,021,825 $ 7,024,355 Net Realized
Performance Income (232,665) (150,578) (429,968) (559,653) (735,993) (621,421)
Net Realized Investment Income (73,632) (198,884) (389,793) (493,825) (483,143)
(516,828) Total Operating Earnings $ 1,395,252 $ 1,737,817 $ 3,701,920 $
4,602,222 $ 4,802,689 $ 5,886,106 Strategic Holdings Operating Earnings (57,663)
(191,574) (118,270) (276,906) (126,081) (320,732) Insurance Operating Earnings
(304,653) (230,273) (841,357) (778,823) (1,091,330) (1,046,861) Fee Related
Earnings $ 1,032,936 $ 1,315,970 $ 2,742,293 $ 3,546,493 $ 3,585,278 $ 4,518,513
Note: See Appendix for endnotes regarding important additional information
relating to Transaction-related and Non-operating Items.

35 ($ in thousands) 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Total Operating Earnings $
1,395,252 $ 1,737,817 $ 3,701,920 $ 4,602,222 Total Investing Earnings 306,297
349,462 819,761 1,053,478 Depreciation and Amortization 19,589 24,455 47,033
65,357 Adjusted EBITDA $ 1,721,138 $ 2,111,734 $ 4,568,714 $ 5,721,057
Depreciation and Amortization (19,589) (24,455) (47,033) (65,357) Total
Investing Earnings (306,297) (349,462) (819,761) (1,053,478) Strategic Holdings
Operating Earnings (57,663) (191,574) (118,270) (276,906) Fee Related Earnings
(1,032,936) (1,315,970) (2,742,293) (3,546,493) Insurance Operating Earnings $
304,653 $ 230,273 $ 841,357 $ 778,823 Management Fees, Net Paid by Insurance
Segment 140,465 141,916 408,703 431,376 Ivy and Related Sidecar Fees, Net 43,062
61,437 122,909 187,015 Global Atlantic-related Capital Markets Fees, Net 24,445
46,720 43,824 80,537 Total Insurance Economics $ 512,625 $ 480,346 $ 1,416,793 $
1,477,751 Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in
thousands) 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Total GAAP Revenues $ 5,525,975 $
4,563,679 $ 13,725,001 $ 14,607,553 Insurance GAAP Revenues (3,781,973)
(2,801,894) (8,099,918) (8,614,250) Impact of Consolidation and Other 288,484
635,647 759,736 1,296,145 Capital Allocation-Based (Income) Loss (GAAP)
(638,764) (575,919) (2,708,601) (2,440,153) Realized Carried Interest - Asset
Management Segment (Performance Income) 883,458 533,843 1,616,480 2,090,407
Realized Investment Income - Asset Management Segment 4,436 150,171 376,391
461,790 Insurance Segment Fees 170,260 172,020 495,398 522,880 Strategic
Holdings Segment Fees 22,188 23,475 39,465 50,726 Capstone Fees (27,327)
(35,255) (72,919) (91,691) Expense Reimbursements (46,788) (57,962) (108,490)
(165,577) Total Asset Management Segment Revenues $ 2,399,949 $ 2,607,805 $
6,022,543 $ 7,717,830

36 Reconciliation of GAAP to Non-GAAP Measures (Unaudited) ($ in thousands)
3Q'26 KKR & Co. Inc. Stockholders' Equity - Common Stock - GAAP $ 27,715,202
Asset Management and Strategic Holdings Net Assets and Other(1) (22,228,313)
Accumulated Other Comprehensive (Income) Loss and Other (Insurance)(2) 6,447,470
Accumulated Unrealized (Gains) Losses on Loans carried at Fair Value
(Insurance)(2) 50,302 Global Atlantic Book Value $ 11,984,661 ($ in thousands)
3Q'26 Cash and Cash Equivalents - Asset Management and Strategic Holdings - GAAP
$ 9,717,261 Impact of Consolidation and Other(3) (4,673,552) Short-term
Investments 341,683 Cash and Short-term Investments $ 5,385,392 ($ in thousands)
3Q'26 Investments - Asset Management and Strategic Holdings - GAAP $ 127,772,673
Impact of Consolidation and Other(3) (118,528,678) Short-term Investments
(341,683) Investments - Asset Management Segment $ 8,902,312 ($ in thousands)
3Q'26 Debt Obligations - Asset Management and Strategic Holdings - GAAP $
49,306,739 Impact of Consolidation and Other(3) (40,066,265) Unamortized
Discount/Premium and Deferred Financing Costs 96,491 Outstanding Debt (at par) $
9,336,965 (1) This adjustment represents the net assets allocated to the Asset
Management and Strategic Holdings segments. (2) To calculate Global Atlantic
book value and to make it more comparable with the corresponding metric
presented by other publicly traded companies in Global Atlantic’s industry,
Global Atlantic book value excludes (i) accumulated unrealized (gains) losses on
loans carried at fair value, (ii) accumulated other comprehensive income, and
(iii) accumulated change in fair value of reinsurance balances and related
assets, net of income tax. (3) The purpose of these adjustments is to present
these non-GAAP measures without giving effect to the consolidation of the
investment vehicles and collateralized financing entities that KKR manages. We
believe that providing these non-GAAP measures on a supplemental basis to our
GAAP results is helpful to equity holders in assessing the overall financial
condition of KKR.

37 Notes to Page 10 – Fund Investment Performance • Traditional private equity
portfolio refers to the portfolio of investments held by all of KKR’s private
equity flagship funds. This portfolio does not include investments from KKR’s
growth equity or core private equity funds. • Opportunistic real estate
portfolio refers to the portfolio of investments held by KKR’s flagship
opportunistic real estate equity funds. This portfolio does not include
investments from KKR's core plus real estate funds or real estate credit funds.
• Infrastructure portfolio refers to the portfolio of investments held by KKR’s
flagship core plus infrastructure funds. This portfolio does not include
investments from KKR’s core infrastructure fund, KKR Diversified Core
Infrastructure or the Global Climate fund. • The leveraged credit composite
refers to the composite of certain investment portfolios made in KKR’s
collateralized loan obligations and U.S. and European leveraged credit
strategies including leveraged loans and high-yield bonds. A corporate credit
investment in our Leveraged Credit strategy is typically the debt of a corporate
borrower that we acquired through a syndicated offering arranged by a third
party or traded through a secondary market transaction. • The alternative credit
composite refers to the composite of certain investment portfolios made in KKR's
(i) private credit strategy, which includes corporate private credit that is
privately originated and negotiated directly with a corporate borrower and
asset-based finance and (ii) Strategic Investments Group ("SIG") strategy. Funds
and separately managed accounts in liquidation or discontinued strategies are
excluded. • For a list of our carry paying funds, see the Investment Vehicle
Summary on pages 25 to 27. See also “Important Information – Other Legal
Disclosures” regarding past performance and investment returns. Note to Page 11
– Asset Management Segment – Private Equity • Except as otherwise noted, amounts
referencing the private equity business line, such as AUM, include amounts
related to core private equity, including KKR's participation through the
Strategic Holdings segment. Notes to All Pages • All figures in this
presentation are as of September 30, 2026, unless otherwise specifically
indicated. • References to LTM means last twelve months. Notes to Page 3 – Third
Quarter 2026 Segment Earnings • The amount of tax benefit from equity-based
compensation for 3Q'26 and 3Q'25 was $55.6 million and $32.2 million,
respectively, and for 3Q'26 YTD and 3Q'25 YTD was $132.4 million and $92.2
million, respectively. Its inclusion in Adjusted Net Income had the effect of
increasing this metric for 3Q'26 and 3Q'25 both by 3%, and for 3Q'26 YTD and
3Q'25 YTD both by 3%. • For 3Q'26 and 3Q'26 YTD, performance revenues from its
K-Series Private Equity vehicles of approximately $220 million and $380 million
were reported in fee related performance revenues in fee related earnings,
respectively. For 3Q'25 and 3Q'25 YTD, performance revenues from its K-Series
Private Equity vehicles of approximately $150 million and $230 million were
reported in net realized performance income, respectively. This change in
classification reflects how management currently manages the business and aligns
KKR's presentation with the prevailing classification disclosed by other
publicly listed alternative asset managers, which we believe should enhance
comparability for investors. KKR has not recast prior-period amounts, as the
impact of the reclassification is not material to previously reported results.
Additionally, the change in classification had no impact on total segment
revenues, total segment earnings, consolidated GAAP net income, or Adjusted Net
Income. Investors should consider this reclassification when comparing fee
related performance revenues and net realized performance income across periods.
Note to Page 8 – Assets Under Management • Perpetual capital refers to a
component of AUM that meets two conditions: (i) it has an indefinite term and
(ii) there is no predetermined requirement to return invested capital to
investors upon the realization of investments. This AUM includes the capital of
our evergreen products, which include investment vehicles registered under the
Investment Company Act, certain unregistered investment vehicles like our
K-Series offered to individual investors, and listed companies like Crescent
Energy, as well as the capital of our insurance companies. It excludes CLOs and
hedge funds. This AUM is subject to the risk of material reduction, including
through withdrawals, redemptions, periodic payments such as dividends, required
distributions, payment obligations under insurance policies and reinsurance
agreements, valuation changes, and termination of investment management
agreements. Note to Page 9 – Additional Capital Detail • KKR’s portion of
Uncalled Commitments to its investment funds and other vehicles includes $10.8
billion across Private Equity, Real Assets and Credit and Liquid Strategies
business lines. Important Information − Endnotes

38 Notes to Page 16 – Insurance Segment • Net investment income represents
income earned on invested assets, net of investment-related expenses, including
investment management fees paid to KKR. • Net cost of insurance represents the
net cost of funding institutional and individual products – interest credited or
incurred, benefits incurred, the associated insurance expenses, net of any
premiums, fees and other income earned. • Effective beginning in the first
quarter of 2026, the information regularly provided to management for the
Insurance Segment was changed to reclassify certain operating expenses from
General, Administrative and Other to Net Cost of Insurance. Prior period segment
information has been recast to conform to the current period presentation. This
reclassification had no impact on Insurance Operating Earnings. Notes to Page 17
– Global Atlantic AUM and Total Insurance Economics • Total insurance economics
represents the total contribution of our insurance business to KKR. We believe
this measure may be helpful for our shareholders to understand the total
contribution of our insurance business to KKR, including those economics that
inure to our asset management business. It is comprised of (i) Insurance
Operating Earnings and (ii) Asset Management Fees, Net of Compensation, related
to the insurance business that are earned by our Asset Management Segment. •
Management Fees Paid by the Insurance Segment are fees paid by the Insurance
segment to the Asset Management segment for the investment management of Global
Atlantic’s AUM. Ivy and Related Sidecar Fees are fees paid by third parties to
KKR for the investment management of the assets in the Ivy and other reinsurance
vehicles. Global Atlantic-Related Capital Markets Fees represent capital markets
transaction fees earned by KKR in transactions that Global Atlantic either
anchored or facilitated. Notes to Page 19 – Strategic Holdings Segment • The
adjusted revenue and adjusted EBITDA information represents the measures
management currently uses to monitor the operating performance of the businesses
that are carried on a fair value basis with dividends recognized in Strategic
Holdings Operating Earnings. • The Capital Invested for the Strategic Holdings
segment is included in the Private Equity and Real Assets business lines within
the Asset Management segment. • EBITDA is shown based on the geographic location
of the businesses' headquarters. • Adjusted Revenue and EBITDA represents KKR’s
look-through ownership percentage for each of these companies in the aggregate
as a result of the firm's investments in these companies through its
participation in our core private equity strategy or other fund strategies
multiplied by the adjusted revenue and EBITDA of each portfolio company,
respectively. Non-U.S. dollar businesses have been converted at the period-
ending foreign exchange rate. Important Information − Endnotes (cont’d) Notes to
Page 22 – Duration of Capital • Please see endnote on page 8 for information
about the term "perpetual capital." • "Other" in the chart primarily includes
(i) hedge fund partnerships and (ii) certain leveraged credit funds and
separately managed accounts. Notes to Page 23 – Assets Under Management
Rollforward • For the three months ended September 30, 2026, Distributions and
Other includes $175 million of redemptions by fund investors in Private Equity,
$170 million of redemptions by fund investors in Real Assets, and $1,811 million
of redemptions by fund investors in Credit and Liquid Strategies. • For the nine
months ended September 30, 2026, Distributions and Other includes $512 million
of redemptions by fund investors in Private Equity, $484 million of redemptions
by fund investors in Real Assets, and $5,998 million of redemptions by fund
investors in Credit and Liquid Strategies. Notes to Page 24 – Fee Paying Assets
Under Management Rollforward • For the three months ended September 30, 2026,
Distributions and Other includes $175 million of redemptions by fund investors
in Private Equity, $170 million of redemptions by fund investors in Real Assets,
and $1,811 million of redemptions by fund investors in Credit and Liquid
Strategies. • For the nine months ended September 30, 2026, Distributions and
Other includes net changes in fee base of certain Private Equity funds of $2,412
million, $512 million of redemptions by fund investors in Private Equity, $484
million of redemptions by fund investors in Real Assets, and $5,998 million of
redemptions by fund investors in Credit and Liquid Strategies.

39 Notes to Pages 25 to 27 – Investment Vehicle Summary – Asset Management • The
start date represents the start of the fund's investment period as defined in
the fund's governing documents and may or may not be the same as the date upon
which management fees begin to accrue. • The end date represents the end of the
fund's investment period as defined in the fund's governing documents and is
generally not the date upon which management fees cease to accrue. For funds
that initially charge management fees on the basis of committed capital, the end
date is generally the date on or after which the management fees begin to be
calculated instead on the basis of invested capital and may, for certain funds,
begin to be calculated using a lower rate. • This table includes investment
vehicles which are not investment funds. The terms investments and investment
vehicles are terms used solely for purposes of financial presentation. Notes to
Page 28 – Strong Financial Profile • The Investment amounts do not include KKR's
ownership of the Global Atlantic insurance companies through KKR's Insurance
segment or KKR's participation in the core private equity strategy or other fund
strategies through KKR's Strategic Holdings segment. • The term “investments”
has been presented solely for purposes of demonstrating the financial
performance of certain assets contained on KKR’s balance sheet, including
majority ownership of subsidiaries that operate KKR’s asset management,
insurance businesses, broker-dealer and other businesses, including the general
partner interests of KKR’s investment funds. • Private equity includes KKR's
traditional private equity funds, co-investments alongside such KKR sponsored
private equity funds, and other opportunistic investments. Equity investments in
other asset classes, such as growth equity, real estate, infrastructure, energy,
leveraged credit and alternative credit appear in these other asset classes.
Important Information − Endnotes (cont’d) Note to Page 32 – GAAP Condensed
Consolidated Income Statement (Unaudited) • Effective beginning in the first
quarter of 2026, the Company changed the presentation of certain operating
expenses in its Consolidated Statements of Operations. Amounts previously
presented separately as Insurance Expenses and General, administrative and Other
are now presented in a single line item, Policy and Other Operating Expense.
Prior-period amounts have been reclassified to conform to the current-period
presentation. This change in presentation had no impact on previously reported
total expenses, income before taxes, and net income attributable to KKR. Note to
Page 34 – Reconciliation of GAAP to Non-GAAP Measures • For 3Q'26, Transaction-
related and Non-operating items includes (i) $185 million related to
transaction-related costs and other corporate actions, which includes a $230
million impairment charge taken on one of our asset management partnerships,
accounted for under the equity method of accounting, partially offset by $75
million related to the release of a contingent reserve, (ii) $14 million of
costs associated with certain integration and restructuring costs across our
Asset Management and Insurance businesses and (iii) $47 million of acquisition-
related stock consideration and other.

40 Important Information − Non-GAAP and Other Measures from ANI, because (i) KKR
believes that the cost of equity grants to employees does not contribute to the
earnings potentially available for distributions to its equity holders or
reinvestment into its business and (ii) excluding this expense makes KKR’s
reporting metric more comparable to the corresponding metric presented by other
publicly traded companies in KKR’s industry, which KKR believes enhances an
investor’s ability to compare KKR’s performance to these other companies. Income
Taxes on Adjusted Earnings includes the benefit of tax deductions arising from
equity-based compensation, which reduces Income Taxes on Adjusted Earnings
during the period. If tax deductions from equity-based compensation were to be
excluded from Income Taxes on Adjusted Earnings, KKR’s ANI would be lower and
KKR’s effective tax rate would appear to be higher, even though a lower amount
of income taxes would have actually been paid or payable during the period. KKR
separately discloses the amount of tax deduction from equity-based compensation
for the period reported and the effect of its inclusion in ANI for the period.
KKR makes these adjustments when calculating ANI in order to more accurately
reflect the net realized earnings that are expected to be or become available
for distribution to KKR’s equity holders or reinvestment into KKR’s business.
However, ANI does not represent and is not used to calculate actual dividends
under KKR’s dividend policy, which is a fixed amount per period, and ANI should
not be viewed as a measure of KKR’s liquidity. • Total Segment Earnings is a
performance measure that KKR believes is useful to stockholders as it provides a
supplemental measure of our operating performance without taking into account
items that KKR does not believe arise from or relate directly to KKR's
operations. Total Segment Earnings excludes: (i) equity-based compensation
charges, (ii) amortization of acquired intangibles, and (iii) transaction-
related and non- operating items, if any. Transaction-related and non-operating
items primarily arise from corporate actions, which consist of: (i) impairments,
(ii) transaction costs from acquisitions, including any acquisition-related
stock consideration, (iii) depreciation on real estate that KKR owns and
occupies, (iv) contingent liabilities, net of any recoveries, (v) certain
integration, restructuring, and other non-operating expenses, and (vi) other
gains or charges that affect period-to-period comparability and are not
reflective of KKR's ongoing operational performance. Inter-segment transactions
are not eliminated from segment results when management considers those
transactions in assessing the results of the respective segments. These
transactions include (i) management fees earned by our Asset Management segment
as the investment adviser for Global Atlantic insurance companies, (ii)
management and performance fees earned by our Asset Management segment for
acquiring and managing the companies included in our Strategic Holdings segment,
and (iii) interest income and expense based on lending arrangements where our
Asset Management segment borrows from our Insurance segment. All these inter-
segment transactions are recorded by each segment based on the applicable
governing agreements. Additionally, due to the integrated nature of our segment
operations and as part of our strategic capital allocation decisions,
intersegment asset transfers have and may continue to occur. In these cases in
segment reporting, the assets are transferred at their fair value, and no
realization is recognized at the time of transfer. Earnings are recognized upon
realization events and transactions with third parties. Total Segment Earnings
represents the total segment earnings of KKR’s Asset Management, Insurance and
Strategic Holdings segments. Non-GAAP and Segment Measures The key non-GAAP and
other operating and performance measures that follow are used by management in
making operational and resource deployment decisions as well as in assessing the
performance of KKR's business. They include certain financial measures that are
calculated and presented using methodologies other than in accordance with U.S.
generally accepted accounting principles (“GAAP”). These non-GAAP measures,
including adjusted net income (“ANI”), total segment earnings, total investing
earnings, total operating earnings (“TOE”), fee related earnings (“FRE”),
strategic holdings operating earnings, and total asset management segment
revenues, are presented prior to giving effect to the allocation of income
(loss) among KKR & Co. Inc. and holders of certain securities exchangeable into
shares of common stock of KKR & Co. Inc. and, as such, represent the entire KKR
business in total. In addition, these non-GAAP measures are presented without
giving effect to the consolidation of the investment vehicles and collateralized
financing entities (“CFEs”) that KKR manages. These measures described above
have the definitions given to them below. We believe that providing these non-
GAAP measures on a supplemental basis to our GAAP results is helpful to
stockholders in assessing the overall performance of KKR's business. These non-
GAAP measures should not be considered as a substitute for financial measures
calculated in accordance with GAAP. “Non-operating adjustments” as used in these
non- GAAP definitions refers to adjustments made which are not adjustments or
exclusions of normal, recurring cash operating expenses necessary for business
operations. Reconciliations of these non-GAAP measures to the most directly
comparable financial measures calculated and presented in accordance with GAAP,
where applicable, are included under the “Reconciliation of GAAP to Non-GAAP
Measures" section of this Appendix. We also caution readers that these non-GAAP
measures may differ from the calculations made by other investment managers, and
as a result, may not be directly comparable to similarly titled measures
presented by other investment managers. • Adjusted Net Income is a performance
measure of KKR’s earnings, which is derived from KKR’s reported segment results.
ANI is used to assess the performance of KKR’s business operations and measures
the earnings potentially available for distribution to its equity holders or
reinvestment into its business. ANI is equal to Total Segment Earnings less
Interest Expense, Net and Other and Income Taxes on Adjusted Earnings. Interest
Expense, Net and Other includes (i) interest expense on debt obligations not
attributable to any particular segment and (ii) cumulative dividend expense on
the Series D Mandatory Convertible Preferred Stock, net of interest income
earned on cash and short-term investments. Income Taxes on Adjusted Earnings
represents the amount of income taxes that would be paid assuming that all
adjusted earnings were allocated to KKR & Co. Inc. and taxed at the same
effective rate, which assumes that all securities exchangeable into shares of
common stock of KKR & Co. Inc. were exchanged. The economic assumptions and
methodologies that impact Income taxes on Adjusted Earnings are similar to those
used in calculating the current income tax provision under U.S. GAAP. Equity
based compensation expense is excluded

41 Non-GAAP and Segment Measures (cont’d) • Asset Management Segment Earnings is
the segment profitability measure used to make operating decisions and to assess
the performance of the Asset Management segment. This measure is presented
before income taxes and is comprised of: (i) Fee Related Earnings, (ii) Realized
Performance Income, (iii) Realized Performance Income Compensation, (iv)
Realized Investment Income, and (v) Realized Investment Income Compensation.
Asset Management Segment Earnings excludes the impact of: (i) unrealized gains
(losses) on investments, (ii) unrealized carried interest, and (iii) unrealized
carried interest compensation. Management fees earned by KKR as the adviser,
manager or sponsor for its investment funds, vehicles and accounts, including
its Global Atlantic insurance companies and Strategic Holdings segment, are
included in Asset Management Segment Earnings. • Insurance Operating Earnings is
the segment profitability measure used to make operating decisions and to assess
the performance of the Insurance segment. This measure is presented before
income taxes and is comprised of: (i) Net Investment Income, (ii) Net Cost of
Insurance, and (iii) General, Administrative, and Other Expenses. Insurance
Operating Earnings excludes the impact of: (i) investment gains (losses) which
include realized gains (losses) related to asset/liability matching investment
strategies and unrealized investment gains (losses) and (ii) non-operating
changes in policy liabilities and derivatives which includes (a) changes in the
fair value of market risk benefits and other policy liabilities measured at fair
value and related benefit payments, (b) fees attributed to guaranteed benefits,
(c) derivatives used to manage the risks associated with policy liabilities, and
(d) losses at contract issuance on payout annuities. Insurance Operating
Earnings includes (i) realized gains and losses not related to asset/ liability
matching investment strategies and (ii) the investment management costs that are
earned by our Asset Management segment as the investment adviser of the Global
Atlantic insurance companies. • Strategic Holdings Segment Earnings is the
segment profitability measure used to make operating decisions and to assess the
performance of the Strategic Holdings segment. This measure is presented before
income taxes and is comprised of: Dividends, Net and Net Realized Investment
Income. Strategic Holdings Segment Earnings excludes the impact of unrealized
gains (losses) on investments. Strategic Holdings Segment Earnings includes
management fees and performance fee expenses that are earned by the Asset
Management segment. • Fee Related Earnings is a performance measure used to
assess the Asset Management segment’s generation of earnings from revenues that
are measured and received on a more recurring basis as compared to KKR’s
investing earnings. KKR believes this measure is useful to stockholders as it
provides additional insight into the profitability of our fee generating asset
management and capital markets businesses. FRE equals (i) Management Fees,
including fees paid by the Insurance and Strategic Holdings segments to the
Asset Management segment and fees paid by Ivy vehicles and other Important
Information − Non-GAAP and Other Measures (cont’d) reinsurance vehicles, (ii)
Transaction and Monitoring Fees, Net and (iii) Fee Related Performance Revenues,
less (x) Fee Related Compensation, and (y) Other Operating Expenses. • Fee
Related Performance Revenues refers to the realized portion of performance fees
from certain AUM that has an indefinite term and for which there is no immediate
requirement to return invested capital to investors upon the realization of
investments. Fee related performance revenues consists of performance fees (i)
expected to be received from our investment funds, vehicles and accounts on a
recurring basis, and (ii) that are not dependent on a realization event
involving investments held by the investment fund, vehicle or account. • Fee
Related Compensation refers to the compensation expense, excluding equity- based
compensation, paid from (i) Management Fees, (ii) Transaction and Monitoring
Fees, Net, and (iii) Fee Related Performance Revenues. • Other Operating
Expenses represents the sum of (i) occupancy and related charges and (ii) other
operating expenses. • Strategic Holdings Operating Earnings is a performance
measure used to assess the firm’s earnings from companies and businesses
reported through its Strategic Holdings segment. Strategic Holdings Operating
Earnings currently consists of earnings derived from dividends that the firm
receives from businesses acquired through the firm’s participation in our core
private equity strategy. Strategic Holdings Operating Earnings currently equals
dividends less management fees that are earned by our Asset Management segment.
This measure is used by management to assess the Strategic Holdings segment’s
generation of earnings from revenues that are measured and received on a more
recurring basis than, and are not dependent on, realizations from investment
activities. • Total Operating Earnings is a performance measure that represents
the sum of (i) FRE, (ii) Insurance Operating Earnings, and (iii) Strategic
Holdings Operating Earnings. KKR believes this measure is useful to stockholders
as it provides additional insight into the profitability of the most recurring
forms of earnings from each of KKR’s segments as compared to investing earnings.
• Total Investing Earnings is a performance measure that represents the sum of
(i) Net Realized Performance Income and (ii) Net Realized Investment Income. KKR
believes this measure is useful to stockholders as it provides additional
insight into the earnings of KKR’s segments from the realization of investments.

42 Non-GAAP and Segment Measures (cont’d) • Total Asset Management Segment
Revenues is a performance measure that represents the realized revenues of the
Asset Management segment (which excludes unrealized carried interest and
unrealized gains (losses) on investments) and is the sum of (i) Management Fees,
(ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance
Revenues, (iv) Realized Performance Income, and (v) Realized Investment Income.
Asset Management Segment Revenues excludes Realized Investment Income earned
based on the performance of businesses presented in the Strategic Holdings
segment. KKR believes that this performance measure is useful to stockholders as
it provides additional insight into all forms of realized revenues generated by
our Asset Management segment. Other Terms and Capital Metrics • Adjusted shares
represents shares of common stock of KKR & Co. Inc. outstanding under GAAP
adjusted to include certain vested securities exchangeable into shares of common
stock of KKR & Co. Inc. Adjusted shares excludes the potential dilutive impact
of: (i) any conversion of the Series D Mandatory Convertible Preferred Stock and
(ii) unvested shares of common stock and exchangeable securities. • Assets Under
Management (“AUM”) represent the assets managed (including core private equity),
advised or sponsored by KKR from which KKR is entitled to receive management
fees or performance income (currently or upon a future event), general partner
capital, and assets managed, advised or sponsored by our strategic BDC
partnership and the hedge fund and other managers in which KKR holds an
ownership interest. We believe this measure is useful to stockholders as it
provides additional insight into the capital raising activities of KKR and its
hedge fund and other managers and the overall activity in their investment funds
and other managed or sponsored capital. KKR calculates the amount of AUM as of
any date as the sum of: (i) the fair value of the investments of KKR's
investment funds and certain co-investment vehicles; (ii) uncalled capital
commitments from these funds, including uncalled capital commitments from which
KKR is currently not earning management fees or performance income; (iii) the
asset value of the Global Atlantic insurance companies; (iv) the par value of
outstanding CLOs; (v) KKR's pro rata portion of the AUM of hedge fund and other
managers in which KKR holds an ownership interest; (vi) all of the AUM of KKR's
strategic BDC partnership; (vii) the acquisition cost of invested assets of
certain non-US real estate investment trusts and (viii) the value of other
assets managed or sponsored by KKR. The pro rata portion of the AUM of hedge
fund and other managers is calculated based on KKR’s percentage ownership
interest in such entities multiplied by such entity’s respective AUM. KKR's
definition of AUM (i) is not based on any definition of AUM that may be set
forth in the governing documents of the investment funds, vehicles, accounts or
other entities whose capital is included in this definition, (ii) includes
assets for which KKR does not act as an investment adviser, and (iii) is not
calculated pursuant to any regulatory definitions. Important Information − Non-
GAAP and Other Measures (cont’d) • Capital Invested is the aggregate amount of
capital invested by (i) KKR’s investment funds (including core private equity)
and Global Atlantic insurance companies, (ii) KKR's Principal Activities
business line as a co-investment, if any, alongside KKR’s investment funds, and
(iii) KKR's Principal Activities business line in connection with a syndication
transaction conducted by KKR's Capital Markets business line, if any. Capital
invested is used as a measure of investment activity at KKR during a given
period. We believe this measure is useful to stockholders as it provides a
measure of capital deployment across KKR’s business lines. Capital invested
includes investments made using investment financing arrangements like credit
facilities, as applicable. Capital invested excludes (i) investments in certain
leveraged credit strategies, (ii) capital invested by KKR’s Principal Activities
business line that is not a co-investment alongside KKR’s investment funds, and
(iii) capital invested by KKR’s Principal Activities business line that is not
invested in connection with a syndication transaction by KKR’s Capital Markets
business line. Capital syndicated by KKR's Capital Markets business line to
third parties other than KKR’s investment funds or Principal Activities business
line is not included in capital invested. • Fee Paying AUM (“FPAUM”) represents
only the AUM from which KKR is entitled to receive management fees. We believe
this measure is useful to stockholders as it provides additional insight into
the capital base upon which KKR earns management fees. FPAUM is the sum of all
of the individual fee bases that are used to calculate management fees and
differs from AUM in the following respects: (i) assets and commitments from
which KKR is not entitled to receive a management fee are excluded (e.g., assets
and commitments with respect to which it is entitled to receive only performance
income or is otherwise not currently entitled to receive a management fee) and
(ii) certain assets, primarily in its private equity funds, are reflected based
on capital commitments and invested capital as opposed to fair value because
fees are not impacted by changes in the fair value of underlying investments. •
Uncalled Commitments is the aggregate amount of unfunded capital commitments
that KKR’s investment funds and carry-paying co-investment vehicles (including
core private equity) have received from fund investors to contribute capital to
fund future investments, and the amount of uncalled commitments is not reduced
by capital invested using borrowings under an investment fund’s subscription
facility until capital is called from our fund investors. We believe this
measure is useful to stockholders as it provides additional insight into the
amount of capital that is available to KKR’s investment funds and carry paying
co-investment vehicles to make future investments. Uncalled commitments are not
reduced for investments completed using fund-level investment financing
arrangements or investments we have committed to make but remain unfunded at the
reporting date.

43 Website From time to time, KKR may use its website as a channel of
distribution of material company information. Financial and other important
information regarding KKR is routinely posted and accessible on the Investor
Center for KKR & Co. Inc. at https://ir.kkr.com/. Information on these websites
are not incorporated by reference herein and are not a part of this
presentation. In addition, you may automatically receive email alerts and other
information about KKR by enrolling your email address at the “Email Alerts” area
of the Investor Center on the website. KKR Entities Any discussion of specific
KKR entities other than KKR & Co. Inc. is provided solely to demonstrate such
entities’ role within the KKR organization and their contributions to the
business, operations and financial results of KKR & Co. Inc. Each KKR entity is
responsible for its own financial, contractual and legal obligations. Nothing in
this presentation is intended to constitute, and shall not be construed as
constituting, the provision of any tax, accounting, financial, investment,
insurance, regulatory, legal or other advice by KKR or its representatives.
Without limiting the foregoing, this presentation is not and shall not be
construed as an "advertisement" for purposes of the Investment Advisers Act of
1940, as amended, or an offer to purchase or sell, or the solicitation of an
offer to purchase or sell, any security, service or product of or by any KKR
entity, including but not limited to any investment advice, any investment fund,
vehicle or account, any capital markets service, or any insurance product,
including but not limited to (i) any investment funds, vehicles or accounts
sponsored, advised or managed by (or any investment advice from) Kohlberg Kravis
Roberts & Co. L.P., KKR Credit Advisors (US) LLC, KKR Registered Advisor LLC,
KKR Credit Advisors (Ireland) Unlimited Company, KKR Credit Advisors (Singapore)
Pte. Ltd., KKR Credit Advisors (EMEA) LLP, KKR Alternative Investment Management
Unlimited Company or other subsidiary, (ii) any capital markets services by KKR
Capital Markets LLC (“KCM”) or any KCM affiliate outside the United States, or
(iii) any insurance product or reinsurance offered by Accordia Life and Annuity
Company, Commonwealth Annuity and Life Insurance Company, First Allmerica
Financial Life Insurance Company, Forethought Life Insurance Company, Global
Atlantic Re Limited, Global Atlantic Assurance Limited or any other Global
Atlantic owned or sponsored insurance company, or any investment or insurance
product or reinsurance offered by any insurance-related vehicle sponsored or
managed by Global Atlantic. Each KKR entity is responsible for its own
financial, contractual and legal obligations. This presentation has been
prepared solely for informational purposes. This presentation is not intended to
make, and does not make, any financial or investment recommendation or otherwise
promote a product or service of KCM or any of its affiliates. Important
Information − Other Legal Disclosures Past Performance and Investment Returns
Past performance is not a guarantee of future results. Information about any
fund or strategy and investments made by such fund or strategy, including past
performance of such fund, strategy or investment, is provided solely to
illustrate KKR’s investment experience, and processes and strategies used by KKR
in the past with respect to such funds or strategies. The performance
information relating to KKR’s historical investments is not intended to be
indicative of any fund’s or strategy’s future results or the future results of
KKR. Certain funds or strategies are also relatively new and their limited
historical results may not be indicative of results they will experience over a
longer period of time. There can be no assurance that any KKR entity (including
any KKR investment fund, vehicle or account, the KKR balance sheet, the
Strategic Holdings segment, or Global Atlantic insurance company) will achieve
results comparable to any results included in this presentation, or that any
investments made by a KKR entity now, in the past or in the future will be
profitable, or that KKR entities will find investment opportunities similar to
any presented in connection with this presentation. Actual realized value of
currently unrealized investments will depend on, among other factors, the value
of the investments and market conditions at the time of disposition, related
transaction costs, the timing and manner of sale, and many of the risks
described in the forward-looking statements section of this Appendix, all of
which may differ from the assumptions and circumstances on which the currently
unrealized valuations are based. Accordingly, the actual realized values of
unrealized investments may differ materially from the values indicated herein.

44 Important Information − Other Legal Disclosures (cont’d) Expected dividend
amounts and earnings in the business segment Strategic Holdings may be
materially less than our current expectations or not materialize at all, and the
volatility of employee compensation as a result of the modification of our
compensation framework could impact our ability to hire, retain, and motivate
our employees whom we are dependent on. These forward-looking statements are
based on KKR’s beliefs, assumptions and expectations, taking into account all
information currently available to it. These beliefs, assumptions and
expectations can change as a result of many possible events or factors, not all
of which are known to KKR or are within its control. The use of words such as
“unconstrained,” “consistent,” "trends," "dominant" or comparable words or other
statements is not a guarantee of future performance or that any other statements
to which these apply are guaranteed to occur. If a change occurs, forward-
looking statements made as part of this presentation may vary materially from
those expressed in the applicable forward-looking statements. These forward-
looking statements include target, goal, hypothetical or estimated results,
projections and other comparable phrases and concepts are hypothetical in nature
and are shown for illustrative, informational purposes only. Except as otherwise
specifically stated, this information is not intended to forecast or predict
future events, but rather to show the hypothetical estimates calculated using
the specific assumptions presented herein. It does not reflect any actual
results, which may differ materially. Certain of the forward-looking information
has been made for illustrative purposes and may not materialize. No
representation or warranty is made as to the reasonableness of the assumptions
made or that all assumptions used in calculating the target, goal, hypothetical
or estimated results have been stated or fully considered. Changes in the
assumptions may have a material impact on the target, goal, hypothetical or
estimated results presented. Target, goal, hypothetical or estimated results or
projections may not materialize. These statements are subject to numerous risks,
uncertainties and assumptions, including those listed here in the above and
below paragraphs and described under the section entitled “Risk Factors” in KKR
& Co. Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025,
filed with the SEC on February 27, 2026, as such factors may be updated from
time to time in our periodic filings with the SEC, which are accessible on the
SEC’s website at www.sec.gov. These factors should not be construed as being
exhaustive and should be read in conjunction with the other cautionary
statements that are included in this presentation and in KKR & Co. Inc.’s
filings with the SEC. All forward-looking statements speak only as of the date
of this presentation. KKR does not undertake any obligation to update any
forward-looking statements to reflect circumstances or events that occur after
the date on which such statements were made except as required by law. Forward
Looking Statements This presentation contains certain forward-looking statements
pertaining to KKR, including investment funds, vehicles and accounts managed by
KKR, Global Atlantic, and Arctos. You can identify these forward-looking
statements by the use of words such as “opportunity,” “outlook,” “believe,”
“think,” “expect,” “feel,” “potential,” “continue,” “may,” “should,” “seek,”
“approximately,” “predict,” “intend,” “will,” “plan,” “estimate,” “anticipate,”
“visibility,” “positioned,” “path to,” “conviction”, the negative version of
these words, other comparable words or other statements that do not relate
strictly to historical or factual matters. Forward-looking statements relate to
expectations, estimates, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning matters that are
not historical facts, including but, not limited to, any statements with respect
to: statements regarding KKR’s business, financial condition, liquidity and
results of operations, including Capital Invested, uncalled commitments, cash
and short-term investments, and levels of indebtedness; the potential for future
business growth; outstanding shares of common stock of KKR & Co. Inc. and its
capital structure; non-GAAP and segment measures and performance metrics,
including AUM, FPAUM, ANI, TOE, Book Value, Total Segment Earnings, FRE,
Insurance Operating Earnings, Strategic Holdings Operating Earnings, and Total
Investing Earnings; the declaration and payment of dividends on capital stock of
KKR & Co. Inc.; the timing, manner and volume of repurchase of shares of common
stock of KKR & Co. Inc.; our statements regarding the potential of, and future
financial results from, KKR’s Strategic Holdings segment (including expectations
about dividend payments and earnings from companies and businesses in the
Strategic Holdings segment in the future, the future growth of such companies
and businesses, and the potential for compounding earnings over a long period of
time from such segment); KKR’s ability to grow its AUM, to deploy capital, to
realize unrealized investment appreciation, and the time period over which such
events may occur; KKR’s ability to manage the investments in and operations of
acquired companies and businesses; the effects of any transactional activity on
KKR’s operating results, including pending sales of investments; expansion and
growth opportunities and other synergies resulting from acquisitions of
companies (including the acquisition and integration of Arctos Partners and
businesses in our Strategic Holdings segment), internal reorganizations or
strategic partnerships with third parties; the timing and expected impact to our
business of any new investment fund, vehicle or product launches; the timing and
completion of certain transactions contemplated by the Reorganization Agreement
entered into on October 8, 2021 by KKR & Co. Inc. pursuant to which the parties
agreed to undertake a series of integrated transactions to effect a number of
transformative structural and governance changes in the future; the
implementation or execution of, or results from, any strategic initiatives
(including efforts to distribute financial products to private wealth investors,
the modification of our compensation framework announced on November 29, 2023,
which decreased the targeted percentage of compensation from fee related
revenues and increased the targeted percentage from realized carried interest
and certain incentive fees, and our insurance business’s strategic initiatives
to invest more into non-yielding or lower-yielding asset classes like private
equity and real assets, expand outside the United States, and raise more third-
party co-investment insurance capital).

45 • risks related to our insurance activities, including risks involving:
operating in highly competitive markets; identifying and managing significant
growth opportunities for our insurance business; our ability to source
successful reinsurance transactions; volatility in market and economic
conditions; disruptions to our third-party distribution network for our
insurance products; differences in assumptions and estimates used for our
insurance business from our actual results; possible downgrades to financial
strength or credit ratings of our insurance subsidiaries; ceding business to
reinsurers as well as business ceded to us; changes in tax laws applicable to
our insurance subsidiaries; comprehensive regulations (and potential changes in,
and additions to, such regulations) applicable to our insurance business;
capital regulations applicable to our insurance subsidiaries, regulatory and
reputational considerations under the Bermuda insurance, and reinsurance
regulatory, framework; and a failure to comply with statutory accounting rules;
• risks related to the acquisition of Arctos, including risks that the
acquisition may not achieve its intended results; and • risks related to our
organizational structure, including risks involving: the Series I preferred
stockholder’s significant voting power, and potential conflicts of interest with
the Series I preferred stockholder, until the Sunset Date; exemptions as a
“controlled company” from New York Stock Exchange corporate governance
requirements; provisions in our charter limiting the duties and liability of the
Series I preferred stockholder; the exclusive forum provision included in our
charter; limitations on our ability to pay periodic dividends; potential
application of restrictions under the Investment Company Act of 1940; actions
taken to implement the reorganization transactions that must occur by the Sunset
Date; and anti-takeover provisions in our organizational documents. Forward
Looking Statements (cont'd) Without limiting the statements made in the prior
paragraphs, the following risks, among others, could cause actual results to
vary from the forward-looking statements: • risks related to our business,
including risks involving: difficult market and economic conditions;
geopolitical events, natural disasters and other similar events not within our
control; the loss of, or misconduct by, our key personnel; our reliance on third
parties in the operation of our business; disruptions in our technology
infrastructure or the occurrence of other operational errors; effective
management of our balance sheet; management of, and access to, adequate sources
of liquidity; our capital markets activities; financial and enterprise risks;
legal claims, litigations, investigations and negative publicity; expansion into
new businesses, strategic opportunities, and investment strategies; operating in
a highly competitive industry; variability in earnings and cash flow; contingent
obligations to return carried interest; raising third-party capital for our
investment vehicles, insurance business and transactions; raising capital from
institutional investors; the sale of financial products to individual investors;
possible reductions or other changes to perpetual capital; actions of our
portfolio companies; changes in tax laws; impact of artificial intelligence;
cybersecurity failures and data security breaches; and sustainability matters; •
risks related to regulatory matters, including risks involving: compliance with
complex, extensive and evolving laws; adverse regulatory actions; our regulatory
registrations or licenses; changes in the regulatory frameworks applicable to
our business; availability of regulatory exemptions or exclusions; distributing
financial products to individual investors; regulations impacting the insurance
industry and insurance companies owned by alternative asset managers; laws and
regulations applicable to our extensive global investment activities; compliance
with investment-related and competition laws; compliance with financial crime
laws; compliance with ERISA exemptions; sustainability- related laws and
disclosure requirements; and privacy, data protection, cybersecurity, and
artificial intelligence laws; • risks related to our investment activities,
including risks involving: historical returns not being indicative of future
results; conditions and events not in our control that may significantly impact
valuations of our investments; investments in illiquid assets and uncertainty in
valuations of illiquid investments; investments that involve unique business,
regulatory, legal, tax or other complexities; use of leverage in investment
activities; limitations in the due diligence process; investments in real
assets, including real estate, infrastructure and energy assets; investments in
companies and assets outside of the United States; conflicts of interest arising
from our investment activities; and our third- party investors failing to fund
their capital calls; Important Information − Other Legal Disclosures (cont’d)