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  4. [10-Q] KKR & Co. Inc. Quarterly Earnings Report

[10-Q] KKR & Co. Inc. Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
 Form 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2025 
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the Transition period from           to           . 
Commission File Number 001-34820
kkrlogoa16.jpg
KKR & CO. INC.
(Exact name of Registrant as specified in its charter) 
Delaware 88-1203639
(State or other Jurisdiction of
Incorporation or Organization)		 (I.R.S. Employer
Identification Number)
  30 Hudson Yards
New York, New York 10001
Telephone: (212) 750-8300
(Address, zip code, and telephone number, including
area code, of registrant's principal executive office.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock
KKRNew York Stock Exchange
6.25% Series D Mandatory Convertible Preferred StockKKR PR DNew York Stock Exchange
4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLCKKRSNew York Stock Exchange
6.875% Subordinated Notes due 2065KKRTNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer ☐
Non-accelerated filer ☐Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 6, 2025, there were 891,353,410 shares of common stock of the registrant outstanding.

Table of Contents

KKR & CO. INC.
FORM 10-Q
For the Quarterly Period Ended September 30, 2025
TABLE OF CONTENTS
  Page
 
PART I — FINANCIAL INFORMATION
 
   
Item 1.
Financial Statements
Unaudited Condensed Consolidated Financial Statements
Condensed Consolidated Statements of Financial Condition (Unaudited) as of September 30, 2025 and December 31, 2024
6
Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024
10
  
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024
12
Condensed Consolidated Statements of Changes in Equity (Unaudited) for the Three and Nine Months Ended September 30, 2025 and 2024
13
Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2025 and 2024
15
Notes to Financial Statements (Unaudited)
18
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
111
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
202
  
Item 4.
Controls and Procedures
202
                                                                                                                         
PART II — OTHER INFORMATION
  
Item 1.
Legal Proceedings
203
  
Item 1A.
Risk Factors
203
 
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
203
 
Item 3.
Defaults Upon Senior Securities
204
  
Item 4.
Mine Safety Disclosures
204
  
Item 5.
Other Information
204
  
Item 6.
Exhibits
205
SIGNATURES
206

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
  This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," “visibility”, “positioned”, “path to”, “conviction”, the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. Without limiting the foregoing, forward-looking statements may include statements regarding KKR’s business, financial condition, liquidity and results of operations, including capital invested, uncalled commitments, cash and short-term investments, and levels of indebtedness; the potential for future business growth; outstanding shares of common stock of KKR & Co. Inc. and its capital structure; non-GAAP and segment measures and performance metrics, including assets under management (“AUM”), fee paying assets under management (“FPAUM”), Adjusted Net Income, Total Operating Earnings, Total Segment Earnings, Fee Related Earnings ("FRE"), Insurance Operating Earnings, Strategic Holdings Operating Earnings, Total Investing Earnings, and Total Segment Earnings; the declaration and payment of dividends on capital stock of KKR & Co. Inc.; the timing, manner and volume of repurchase of shares of common stock of KKR & Co. Inc.; our statements regarding the potential of, and future financial results from, KKR’s Strategic Holdings segment (including expectations about dividend payments from companies and businesses in the Strategic Holdings segment in the future, the future growth of such companies and businesses, the potential for compounding earnings over a longer period of time from such segment, and the belief that such segment is an unconstrained business line); KKR’s ability to grow its AUM, to deploy capital, to realize unrealized investment appreciation, and the time period over which such events may occur; KKR’s ability to manage the investments in and operations of acquired companies and businesses; the effects of any transactional activity on KKR’s operating results, including pending sales of investments; expansion and growth opportunities and other synergies resulting from acquisitions of companies (including the acquisition of Global Atlantic and businesses in our Strategic Holdings segment), internal reorganizations or strategic partnerships with third parties; the timing and expected impact to our business of any new investment fund, vehicle or product launches; the timing and completion of certain transactions contemplated by the Reorganization Agreement entered into on October 8, 2021 by KKR & Co. Inc; the implementation or execution of, or results from, any strategic initiatives, including efforts to access individual investors; and 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 incentive fees. Forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements or cause the anticipated benefits and synergies from transactions to not be realized. We believe these factors include those described in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 (our "Annual Report"). These factors should be read in conjunction with the other cautionary statements that are included in this report and in our other filings with the U.S. Securities and Exchange Commission ("SEC"). We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

CERTAIN TERMS USED IN THIS REPORT
In this report, references to "KKR," "we," "us," and "our" refer to KKR & Co. Inc. and its subsidiaries, including The Global Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic"), unless the context requires otherwise.
References to the “Series I preferred stockholder” or “KKR Management” are to KKR Management LLP, the holder of the sole outstanding share of our Series I preferred stock. References to our “senior principals” are to our senior employees who hold interests in the Series I preferred stockholder, including Mr. Henry Kravis and Mr. George Roberts (our "Co-Founders"). References to "principals" are to our current and former employees who formerly held interests ("KKR Holdings Units") in KKR Holdings L.P. ("KKR Holdings"), which we acquired on May 31, 2022, pursuant to the Reorganization Agreement, as discussed below. References to “carry pool participants” are to our current and former employees who hold interests in our “carry pool,” which refers to the carried interest generated by KKR’s business that is allocated to KKR Associates Holdings L.P. (“Associates Holdings”), in which carry pool participants are limited partners. Associates Holdings is currently not a subsidiary of KKR & Co. Inc.
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KKR Group Partnership L.P. ("KKR Group Partnership") is the intermediate holding company that owns the entirety of KKR’s business. Unless otherwise indicated, references to equity interests in KKR’s business, or to percentage interests in KKR’s business, reflect the aggregate equity interests in KKR Group Partnership, and are net of amounts that have been allocated to carry pool participants and any other holders of minority interests in KKR Group Partnership. References to “KKR Group Partnership” for periods prior to January 1, 2020 refer to KKR Fund Holdings L.P., KKR Management Holdings L.P. and KKR International Holdings L.P., collectively, which were combined on that date to form KKR Group Partnership. References to a “KKR Group Partnership Unit” refer to (i) one Class A partner interest in each of KKR Fund Holdings L.P., KKR Management Holdings L.P. and KKR International Holdings L.P., collectively, for periods prior to January 1, 2020, and (ii) one Class A partner interest in KKR Group Partnership for periods on and after January 1, 2020. “Exchangeable securities” refers to securities that have the right to acquire KKR Group Partnership Units and to exchange them for our shares of common stock. As of the date of this report, our only outstanding exchangeable securities are (i) restricted holdings units issued through KKR Holdings II L.P. ("KKR Holdings II"), which are issued under the Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (the "2019 Equity Incentive Plan"), and (ii) restricted holdings units issued through KKR Holdings III L.P. ("KKR Holdings III"), which are not issued under the 2019 Equity Incentive Plan. In the future, we may issue securities other than restricted holdings units that may constitute exchangeable securities.
On October 8, 2021, KKR entered into a Reorganization Agreement (the "Reorganization Agreement") with KKR Holdings, KKR Management, Associates Holdings, and the other parties thereto. Pursuant to the Reorganization Agreement, the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural and governance changes, including (a) the acquisition by KKR of KKR Holdings and all of the KKR Group Partnership Units held by it (which as noted below was completed), (b) the future elimination of voting control by KKR Management and the Series I preferred stock held by it, (c) the future establishment of voting rights for all common stock on a one vote per share basis, including with respect to the election of directors, and (d) the future control of the carry pool by KKR. On May 31, 2022, KKR completed the acquisition of KKR Holdings and the 258.3 million KKR Group Partnership Units held by it, and in exchange KKR issued and delivered 266.8 million shares of common stock to our principals. On the "Sunset Date" (which will occur no later than December 31, 2026), KKR will cancel the Series I preferred stock, establish voting rights for all common stock on a one vote per share basis, and acquire control of the carry pool. For more information about the Reorganization Agreement, see Note 1 "Organization" in our financial statements included in this report.
KKR’s asset management business is conducted by Kohlberg Kravis Roberts & Co. L.P. and various other subsidiaries of KKR & Co. Inc. other than Global Atlantic. KKR’s insurance business is operated by Global Atlantic, which KKR acquired a majority controlling interest in on February 1, 2021 ("2021 GA Acquisition"). On January 2, 2024, KKR acquired the remaining minority interests of Global Atlantic held by third party co-investors and Global Atlantic employees in exchange for cash and securities exchangeable for shares of KKR & Co. Inc. common stock (the “2024 GA Acquisition”). As of January 2, 2024, KKR owns 100.0% of Global Atlantic. KJR Management ("KJRM") is a Japanese real estate asset manager, which KKR acquired on April 28, 2022.
References to our "funds," "vehicles," or "investment vehicles" refer to a wide array of investment funds, vehicles, and accounts that are advised, managed, or sponsored by one or more subsidiaries of KKR, including collateralized loan obligations ("CLOs") and business development companies (each, a "BDC"), unless the context requires otherwise. These references do not include the investment funds, vehicles, or accounts of any hedge fund partnership or any other third-party asset manager with which we have formed a strategic partnership or have acquired a minority ownership interest. Unless the context requires otherwise, references to “fund investors” or "investors in our investment vehicles" refers to the third-party investors in these funds and investment vehicles. References to “strategic investor partnerships” refers to separately managed accounts with certain investors, which typically have investment periods longer than our traditional funds and typically provide for investments across different investment strategies. References to “hedge fund partnerships” refers to strategic partnerships with third-party hedge fund managers in which KKR owns a minority stake.
Unless otherwise indicated, references in this report to our outstanding common stock on a fully exchanged and diluted basis reflect (i) actual shares of common stock outstanding, (ii) shares of common stock issuable pursuant to equity awards actually granted pursuant to the 2019 Equity Incentive Plan, and (iii) shares of common stock issuable from exchangeable securities, including vested partnership interests in KKR Holdings III L.P. Our outstanding common stock on a fully exchanged and diluted basis does not include shares of common stock available for issuance pursuant to the 2019 Equity Incentive Plan for which equity awards have not yet been granted.
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In this report, the term "GAAP" refers to accounting principles generally accepted in the United States of America. We disclose certain financial measures in this report that are calculated and presented using methodologies other than in accordance with GAAP, including Adjusted Net Income, Total Asset Management Segment Revenues, Total Segment Earnings, Total Investing Earnings, Total Operating Earnings, FRE, and Strategic Holdings Operating Earnings. We believe that providing these performance measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall performance of KKR's businesses. These non-GAAP financial measures should not be considered as a substitute for similar financial measures calculated in accordance with GAAP. We caution readers that these non-GAAP financial measures may differ from the calculations of other investment managers, and as a result, may not be comparable to similar measures presented by other investment managers. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, where applicable, are included under "Management's Discussion and Analysis of Financial Condition and Results of Operations—Segment Balance Sheet Measures—Reconciliations to GAAP Measures." This report also uses the terms AUM, FPAUM, and capital invested. You should note that our calculations of these and other operating metrics may differ from the calculations of other investment managers and, as a result, may not be comparable to similar metrics presented by other investment managers. These non-GAAP and operating metrics are defined in the section "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Segment and Non-GAAP Performance Measures—Other Terms and Capital Metrics."
The use of any defined term in this report to mean more than one entity, person, security, or other item collectively is solely for convenience of reference and in no way implies that such entities, persons, securities, or other items are one indistinguishable group. For example, notwithstanding the use of the defined terms "KKR," "we" and "our" in this report to refer to KKR & Co. Inc. and its subsidiaries, each subsidiary of KKR & Co. Inc. is a standalone legal entity that is separate and distinct from KKR & Co. Inc. and any of its other subsidiaries. Any KKR entity (including any Global Atlantic entity) referenced herein is responsible for its own financial, contractual, and legal obligations. Additionally, references to "including" are for the purpose of illustration and shall be read to mean "including without limitation" unless the context explicitly requires otherwise.
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
September 30, 2025December 31, 2024
Assets  
Asset Management and Strategic Holdings
Cash and Cash Equivalents$13,561,041 $8,535,048 
Restricted Cash and Cash Equivalents54,489 138,948 
Investments118,617,813 106,453,051 
Due from Affiliates2,079,123 1,856,045 
Other Assets6,129,090 5,534,286 
140,441,556 122,517,378 
Insurance
Cash and Cash Equivalents$9,120,816 $6,343,445 
Restricted Cash and Cash Equivalents150,143 350,512 
Investments186,499,370 170,144,744 
Reinsurance Recoverable46,541,460 45,270,625 
Insurance Intangible Assets5,590,682 5,198,943 
Other Assets6,230,487 6,292,704 
Separate Account Assets3,906,414 3,981,060 
258,039,372 237,582,033 
Total Assets$398,480,928 $360,099,411 
Liabilities and Equity  
Asset Management and Strategic Holdings
Debt Obligations$49,232,778 $45,933,920 
Due to Affiliates424,369 524,516 
Accrued Expenses and Other Liabilities14,798,038 11,448,503 
64,455,185 57,906,939 
Insurance
Policy Liabilities (market risk benefit liabilities: $1,299,001 and $1,002,236, as of September 30, 2025 and December 31, 2024, respectively.)
$200,507,307 $185,205,366 
Debt Obligations3,885,967 3,713,336 
Funds Withheld Payable at Interest45,371,908 43,961,910 
Accrued Expenses and Other Liabilities3,496,226 2,186,962 
Reinsurance Liabilities1,455,966 1,159,146 
Separate Account Liabilities3,906,414 3,981,060 
258,623,788 240,207,780 
Total Liabilities323,078,973 298,114,719 
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September 30, 2025December 31, 2024
Commitments and Contingencies (See Note 24)
Redeemable Noncontrolling Interests (See Note 23)$2,360,396 $1,585,177 
Stockholders' Equity  
Series D Mandatory Convertible Preferred Stock, $0.01 par value. 51,750,000 and 0 shares, issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.
2,543,404 — 
Series I Preferred Stock, $0.01 par value. 1 share authorized, 1 share issued and outstanding as of September 30, 2025 and December 31, 2024.
— — 
Common Stock, $0.01 par value. 3,500,000,000 shares authorized, 890,970,061 and 888,232,174 shares, issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.
8,910 8,882 
Additional Paid-In Capital18,877,610 18,406,718 
Retained Earnings12,943,836 12,282,513 
Accumulated Other Comprehensive Income (Loss) ("AOCI")(4,624,558)(7,046,545)
Total KKR & Co. Inc. Stockholders' Equity29,749,202 23,651,568 
Noncontrolling Interests (See Note 22)43,292,357 36,747,947 
Total Equity73,041,559 60,399,515 
Total Liabilities and Equity$398,480,928 $360,099,411 

See notes to financial statements.
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (CONTINUED)
(Amounts in Thousands)
 
The following presents the portion of the consolidated balances provided in the consolidated statements of financial condition attributable to consolidated variable interest entities ("VIEs"). As of September 30, 2025 and December 31, 2024, KKR's consolidated VIEs consist primarily of (i) certain collateralized financing entities ("CFEs") including those CFEs holding collateralized loan obligations ("CLOs"), (ii) certain investment funds, and (iii) certain VIEs formed by Global Atlantic. The noteholders, creditors, and equity holders of these VIEs have no recourse to the assets of any other KKR entity.
With respect to consolidated CFEs and certain investment funds, the following assets may only be used to settle obligations of these consolidated VIEs and the following liabilities are only the obligations of these consolidated VIEs and not generally to KKR. Additionally, KKR has no right to the benefits from, nor does KKR bear the risks associated with, the assets held by these VIEs beyond KKR's beneficial interest therein and any income generated from the VIEs. There are neither explicit arrangements nor does KKR hold implicit variable interests that would require KKR to provide any material ongoing financial support to the consolidated VIEs, beyond amounts previously committed to them, if any.
With respect to certain other VIEs consolidated by Global Atlantic, Global Atlantic has formed certain VIEs to either (i) hold investments, including fixed maturity securities, consumer and other loans, renewable energy, transportation, and real estate, or (ii) to conduct certain reinsurance activities with third party commitments. These VIEs issue beneficial interests primarily to Global Atlantic’s insurance companies.
September 30, 2025
 Consolidated CFEsConsolidated Funds and Other Investment VehiclesOther
VIEs		Total
Assets 
Asset Management and Strategic Holdings
Cash and Cash Equivalents$3,140,721 $2,411,081 $— $5,551,802 
Restricted Cash and Cash Equivalents— 22,222 — 22,222 
Investments30,344,034 69,972,350 — 100,316,384 
Other Assets593,028 316,780 — 909,808 
34,077,783 72,722,433 — 106,800,216 
Insurance
Cash and Cash Equivalents— — 1,626,211 1,626,211 
Investments— — 29,634,574 29,634,574 
Other Assets— — 977,464 977,464 
— — 32,238,249 32,238,249 
Total Assets$34,077,783 $72,722,433 $32,238,249 $139,038,465 
  
Liabilities 
Asset Management and Strategic Holdings
Debt Obligations$30,028,712 $6,621,826 $— $36,650,538 
Accrued Expenses and Other Liabilities2,445,659 1,046,679 — 3,492,338 
32,474,371 7,668,505 — 40,142,876 
Insurance
Debt Obligations— — 134,800 134,800 
Accrued Expenses and Other Liabilities— — 786,577 786,577 
— — 921,377 921,377 
Total Liabilities$32,474,371 $7,668,505 $921,377 $41,064,253 
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December 31, 2024
 Consolidated CFEsConsolidated Funds and Other Investment VehiclesOther
VIEs		Total
Assets 
Asset Management and Strategic Holdings
Cash and Cash Equivalents$2,945,010 $1,319,779 $— $4,264,789 
Restricted Cash and Cash Equivalents— 115,467 — 115,467 
Investments27,488,538 60,366,652 — 87,855,190 
Other Assets333,653 601,547 — 935,200 
30,767,201 62,403,445 — 93,170,646 
Insurance
Cash and Cash Equivalents— — 853,240 853,240 
Investments— — 27,649,919 27,649,919 
Other Assets— — 763,982 763,982 
— — 29,267,141 29,267,141 
Total Assets$30,767,201 $62,403,445 $29,267,141 $122,437,787 
Liabilities 
Asset Management and Strategic Holdings
Debt Obligations$27,150,809 $7,555,057 $— $34,705,866 
Accrued Expenses and Other Liabilities2,244,253 231,411 — 2,475,664 
29,395,062 7,786,468 — 37,181,530 
Insurance
Debt Obligations— — 70,400 70,400 
Accrued Expenses and Other Liabilities— — 495,814 495,814 
— — 566,214 566,214 
Total Liabilities$29,395,062 $7,786,468 $566,214 $37,747,744 

See notes to financial statements.
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Revenues
Asset Management and Strategic Holdings
Fees and Other $1,105,238 $1,105,666 $2,916,482 $2,621,516 
Capital Allocation-Based Income (Loss)638,764 1,163,424 2,708,601 3,164,491 
1,744,002 2,269,090 5,625,083 5,786,007 
Insurance
Net Premiums1,059,610 621,218 2,113,216 7,593,534 
Policy Fees339,735 375,371 1,013,182 1,038,218 
Net Investment Income1,969,779 1,701,826 5,616,405 4,802,226 
Net Investment-Related Gains (Losses)351,800 (235,971)(845,386)(780,077)
Other Income61,049 60,162 202,501 180,436 
3,781,973 2,522,606 8,099,918 12,834,337 
Total Revenues5,525,975 4,791,696 13,725,001 18,620,344 
Expenses
Asset Management and Strategic Holdings
Compensation and Benefits954,983 1,374,840 3,365,683 3,586,453 
Occupancy and Related Charges30,597 35,837 99,702 82,683 
General, Administrative and Other414,891 367,666 1,039,220 950,136 
1,400,471 1,778,343 4,504,605 4,619,272 
Insurance
Net Policy Benefits and Claims (including market risk benefit (gain) loss of $34,370 and $244,897, and $54,469 and $(35,501), for the three and nine months ended September 30, 2025 and 2024, respectively; remeasurement (gain) loss on policy liabilities: $(106,152) and $(63,900), and $(74,645) and $(74,645), for the three and nine months ended September 30, 2025 and 2024, respectively.)
3,075,361 2,421,695 7,575,360 11,881,924 
Amortization of Policy Acquisition Costs86,962 49,360 265,733 78,416 
Interest Expense72,064 78,508 212,465 198,825 
Insurance Expenses185,787 211,148 449,900 655,338 
General, Administrative and Other203,626 206,951 593,607 571,503 
3,623,800 2,967,662 9,097,065 13,386,006 
Total Expenses5,024,271 4,746,005 13,601,670 18,005,278 
Investment Income (Loss) - Asset Management and Strategic Holdings
Net Gains (Losses) from Investment Activities1,197,827 1,314,626 3,032,152 2,345,455 
Dividend Income416,233 151,260 1,026,266 867,666 
Interest Income806,711 854,927 2,402,451 2,648,890 
Interest Expense(722,914)(721,940)(2,084,804)(2,259,257)
Total Investment Income (Loss)1,697,857 1,598,873 4,376,065 3,602,754 
Income (Loss) Before Taxes2,199,561 1,644,564 4,499,396 4,217,820 
Income Tax Expense (Benefit)359,739 209,896 620,612 696,066 
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Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Net Income (Loss)1,839,822 1,434,668 3,878,784 3,521,754 
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests 34,058 (4,798)110,727 57,546 
Net Income (Loss) Attributable to Noncontrolling Interests905,407 838,916 2,543,501 1,513,518 
Net Income (Loss) Attributable to KKR & Co. Inc.900,357 600,550 1,224,556 1,950,690 
Series D Mandatory Convertible Preferred Stock Dividends40,430 — 78,166 — 
Net Income (Loss) Attributable to KKR & Co. Inc.
Common Stockholders		$859,927 $600,550 $1,146,390 $1,950,690 
Net Income (Loss) Attributable to KKR & Co. Inc.
Per Share of Common Stock
Basic$0.97 $0.68 $1.27 $2.20 
Diluted$0.90 $0.64 $1.19 $2.09 
Weighted Average Shares of Common Stock Outstanding
Basic890,961,714 887,444,991 889,984,777 886,618,138 
Diluted955,751,429 941,967,479 955,793,116 933,079,377 


See notes to financial statements.
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(Amounts in Thousands)
 Three Months Ended September 30,Nine Months Ended
September 30, 2025
 2025202420252024
Net Income (Loss) $1,839,822 $1,434,668 $3,878,784 $3,521,754 
Other Comprehensive Income (Loss), Net of Tax:
Unrealized Gains (Losses) on Available-For-Sale Securities and Other897,811 2,327,041 2,689,115 1,699,218 
Net effect of changes in discount rates and instrument-specific credit risk on policy liabilities(265,784)(687,406)(543,668)(414,922)
Foreign Currency Translation Adjustments(52,479)181,643 250,508 (19,338)
Comprehensive Income (Loss)2,419,370 3,255,946 6,274,739 4,786,712 
Comprehensive Income (Loss)
Attributable to Redeemable Noncontrolling Interests		34,058 (4,798)110,727 57,546 
Comprehensive Income (Loss)
Attributable to Noncontrolling Interests		887,435 828,439 2,530,482 1,498,203 
Comprehensive Income (Loss) Attributable to KKR & Co. Inc.$1,497,877 $2,432,305 $3,633,530 $3,230,963 

 
See notes to financial statements.
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(Amounts in Thousands, Except Share and Per Share Data)
Three Months Ended
September 30, 2025		Nine Months Ended
September 30, 2025
AmountsSharesAmountsShares
Series D Mandatory Convertible Preferred Stock
Beginning of Period$2,543,404 51,750,000 $— — 
Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs)— — 2,543,404 51,750,000 
End of Period2,543,404 51,750,000 2,543,404 51,750,000 
Series I Preferred Stock
Beginning of Period— 1 — 1 
End of Period— 1 — 1 
Common Stock
Beginning of Period8,909 890,938,778 8,882 888,232,174 
Net Delivery of Common Stock (Equity Incentive Plans)— 13,105 24 2,453,538 
Repurchases of Common Stock— — — (36,411)
Clawback of Transfer Restricted Shares— (623)— (2,505)
Exchange of KKR Restricted Holdings Units1 18,801 4 315,207 
Private Placement Share Issuance— — — 8,058 
End of Period8,910 890,970,061 8,910 890,970,061 
Additional Paid-In Capital
Beginning of Period18,640,161 18,406,718 
Net Delivery of Common Stock (Equity Incentive Plans)(1,208)(108,005)
Repurchases of Common Stock— (3,362)
Equity-Based Compensation (Non-Cash Contribution)77,884 236,868 
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)159,600 339,476 
Tax Effects of Changes in Ownership and Other1,173 5,915 
End of Period18,877,610 18,877,610 
Retained Earnings
Beginning of Period 12,248,728 12,282,513 
Net Income (Loss) Attributable to KKR & Co. Inc.900,357 1,224,556 
Series D Mandatory Convertible Preferred Stock Dividends ($0.78125 and $1.510450 per share)
(40,430)(78,166)
Common Stock Dividends ($0.185 and $0.545 per share)
(164,819)(485,067)
End of Period12,943,836 12,943,836 
Accumulated Other Comprehensive Income (Loss) (net of tax)
Beginning of Period(5,221,973)(7,046,545)
Other Comprehensive Income (Loss)597,520 2,408,974 
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)(105)13,013 
End of Period(4,624,558)(4,624,558)
Total KKR & Co. Inc. Stockholders' Equity29,749,202 29,749,202 
Noncontrolling Interests (See Note 22)43,292,357 43,292,357 
Total Equity$73,041,559 $73,041,559 
Redeemable Noncontrolling Interests (See Note 23)$2,360,396 $2,360,396 
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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Amounts in Thousands, Except Share and Per Share Data)
Three Months Ended
September 30, 2024		Nine Months Ended
September 30, 2024
AmountsSharesAmountsShares
Series I Preferred Stock
Beginning of Period$— 1 $— 1 
End of Period— 1 — 1 
Common Stock
Beginning of Period8,874 887,439,098 8,850 885,005,588 
Net Delivery of Common Stock (Equity Incentive Plans)— 1,562 24 2,378,037 
Private Placement Share Issuance— — — 5,379 
Exchange of KKR Restricted Holdings Units— 8,333 — 69,714 
Clawback of Transfer Restricted Shares— — — (9,725)
End of Period8,874 887,448,993 8,874 887,448,993 
Additional Paid-In Capital
Beginning of Period18,133,336 17,549,157 
Net Delivery of Common Stock (Equity Incentive Plans)(84)(93,054)
Compensation Modification — 226,011 
Compensation Modification - Issuance of Holdings III Units — (53,623)
2024 GA Acquisition - Issuance of Holdings III Units (See Note 1)— (40,789)
Equity-Based Compensation (Non-Cash Contribution)77,590 233,849 
Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition— 128,194 
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)56,131 317,228 
Tax Effects of Changes in Ownership and Other15 15 
End of Period18,266,988 18,266,988 
Retained Earnings
Beginning of Period10,867,154 9,818,336 
Net Income (Loss) Attributable to KKR & Co. Inc.600,550 1,950,690 
Common Stock Dividends ($0.175 and $0.52 per share)
(155,306)(456,628)
End of Period11,312,398 11,312,398 
Accumulated Other Comprehensive Income (Loss) (net of tax)
Beginning of Period(7,336,261)(4,517,649)
Other Comprehensive Income (Loss)1,831,755 1,280,273 
Change in KKR & Co. Inc.'s Ownership Interest - 2024 GA Acquisition— (2,297,494)
Change in KKR & Co. Inc.'s Ownership Interest (See Note 22)(69)30,295 
End of Period(5,504,575)(5,504,575)
Total KKR & Co. Inc. Stockholders' Equity24,083,685 24,083,685 
Noncontrolling Interests (See Note 22)36,392,617 36,392,617 
Total Equity$60,476,302 $60,476,302 
Redeemable Noncontrolling Interests (See Note 23)$1,322,308 $1,322,308 
See notes to financial statements.

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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in Thousands)
 Nine Months Ended September 30,
20252024
Operating Activities
Net Income (Loss)$3,878,784 $3,521,754 
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided (Used) by Operating Activities:
Equity-Based Compensation539,430 552,987 
Net Realized (Gains) Losses - Asset Management and Strategic Holdings(601,284)(285,679)
Change in Unrealized (Gains) Losses - Asset Management and Strategic Holdings(2,430,868)(2,059,776)
Capital Allocation-Based (Income) Loss - Asset Management and Strategic Holdings(2,708,601)(3,164,491)
Net Investment and Policy Liability-Related (Gains) Losses - Insurance2,680,580 2,545,702 
Net Accretion and Amortization(118,789)(88,832)
Interest Credited to Policyholder Account Balances (net of Policy Fees) - Insurance3,623,516 3,003,466 
Other Non-Cash Amounts418,631 230,758 
Cash Flows Due to Changes in Operating Assets and Liabilities:
Reinsurance Transactions and Acquisitions, Net of Cash Provided - Insurance326,018 1,012,179 
Change in Premiums, Notes Receivable and Reinsurance Recoverable, Net of Reinsurance Premiums Payable - Insurance 568,128 308,395 
Change in Deferred Policy Acquisition Costs - Insurance (785,208)(608,967)
Change in Policy Liabilities and Accruals, Net - Insurance 847,023 (288,359)
Change in Consolidation (145)77,255 
Change in Due from / to Affiliates(293,707)(565,869)
Change in Other Assets(639,394)(1,126,868)
Change in Accrued Expenses and Other Liabilities2,077,410 3,172,423 
Investments Purchased - Asset Management and Strategic Holdings(28,347,134)(33,483,469)
Proceeds from Investments - Asset Management and Strategic Holdings26,343,701 34,008,924 
Net Cash Provided (Used) by Operating Activities5,378,091 6,761,533 
Investing Activities
Acquisitions, Net (146,273)— 
Purchases of Fixed Assets(126,929)(88,369)
Investments Purchased - Insurance(69,675,125)(60,261,313)
Proceeds from Investments - Insurance 57,887,810 43,527,269 
Other Investing Activities, Net 17,178 27,721 
Net Cash Provided (Used) by Investing Activities(12,043,339)(16,794,692)
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 Nine Months Ended September 30,
20252024
Financing Activities
Series D Mandatory Convertible Preferred Stock Dividends(78,166)— 
Common Stock Dividends(485,067)(456,628)
Distributions to Redeemable Noncontrolling Interests(25,607)(20,432)
Contributions from Redeemable Noncontrolling Interests707,908 671,530 
Distributions to Noncontrolling Interests(3,138,509)(6,767,940)
Contributions from Noncontrolling Interests4,782,434 5,942,333 
Issuance of Series D Mandatory Convertible Preferred Stock (net of issuance costs)2,543,404 — 
2024 GA Acquisition - Cash consideration (See Note 1)— (2,622,230)
Net Delivery of Common Stock (Equity Incentive Plans) (107,981)(93,030)
Repurchases of Common Stock(3,362)— 
Proceeds from Debt Obligations19,981,021 21,191,234 
Repayment of Debt Obligations(17,828,186)(18,770,321)
Financing Costs Paid(28,912)(18,282)
Additions to Contractholder Deposit Funds - Insurance23,952,574 23,011,953 
Withdrawals from Contractholder Deposit Funds - Insurance(16,370,422)(16,764,510)
Reinsurance Transactions, Net of Cash Provided - Insurance— 47,821 
Other Financing Activity, Net - Insurance120,345 (1,168,914)
Net Cash Provided (Used) by Financing Activities14,021,474 4,182,584 
Effect of exchange rate changes on cash, cash equivalents and restricted cash162,310 4,894 
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash$7,518,536 $(5,845,681)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period15,367,953 20,808,120 
Cash, Cash Equivalents and Restricted Cash, End of Period$22,886,489 $14,962,439 
Cash, Cash Equivalents and Restricted Cash are comprised of the following:
Beginning of the Period
Asset Management and Strategic Holdings
Cash and Cash Equivalents$8,535,048 $8,393,892 
Restricted Cash and Cash Equivalents138,948 116,599 
Total Asset Management and Strategic Holdings8,673,996 8,510,491 
Insurance
Cash and Cash Equivalents$6,343,445 $11,954,675 
Restricted Cash and Cash Equivalents350,512 342,954 
Total Insurance6,693,957 12,297,629 
Cash, Cash Equivalents and Restricted Cash, Beginning of Period$15,367,953 $20,808,120 
End of the Period
Asset Management and Strategic Holdings
Cash and Cash Equivalents$13,561,041 $8,602,477 
Restricted Cash and Cash Equivalents54,489 114,285 
  Total Asset Management and Strategic Holdings13,615,530 8,716,762 
Insurance
Cash and Cash Equivalents$9,120,816 $5,857,308 
Restricted Cash and Cash Equivalents150,143 388,369 
  Total Insurance9,270,959 6,245,677 
Cash, Cash Equivalents and Restricted Cash, End of Period$22,886,489 $14,962,439 
 

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KKR & CO. INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
(Amounts in Thousands)
 Nine Months Ended September 30,
 20252024
Supplemental Disclosures of Cash Flow Information  
Payments for Interest$1,941,763 $2,145,165 
Payments for Income Taxes$894,707 $482,665 
Payments for Operating Lease Liabilities$48,457 $48,366 
Supplemental Disclosures of Non-Cash Investing and Financing Activities
Non-Cash Contribution from Noncontrolling Interests$28,538 $34,317 
Non-Cash Distribution to Redeemable Noncontrolling Interests$(17,809)$— 
Non-Cash Repayment of Debt Obligations$(100,000)$— 
Debt Obligations - Net Gains (Losses), Translation and Other$(1,568,133)$(432,918)
Investments Acquired through Reinsurance Agreements$— $11,393,248 
Contractholder Deposit Funds Acquired through Reinsurance Agreements$— $2,047,850 
Change in Consolidation
Investments - Asset Management and Strategic Holdings$2,391,477 $(81,971)
Other Assets$(2,147)$12,084 
Debt Obligations$— $(1,063,374)
Accrued Expenses and Other Liabilities$(19)$5,952 
Noncontrolling Interests$2,391,392 $1,163,105 
 
See notes to financial statements.

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KKR & CO. INC.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(All Amounts in Thousands, Except Share and Per Share Data, and Except Where Noted)

1. ORGANIZATION
KKR & Co. Inc. (NYSE: KKR), through its subsidiaries (collectively, "KKR"), is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit, and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of The Global Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic").
KKR & Co. Inc. is the parent company of KKR Group Co. Inc., which in turn owns KKR Group Holdings Corp., which is the general partner of KKR Group Partnership L.P. ("KKR Group Partnership"). KKR & Co. Inc. both indirectly controls KKR Group Partnership and indirectly holds Class A partner interests in KKR Group Partnership ("KKR Group Partnership Units") representing economic interests in KKR's business. As of September 30, 2025, KKR & Co. Inc. held indirectly approximately 98.9% of the KKR Group Partnership Units. The remaining balance is held indirectly by KKR current and former employees through restricted holdings units representing an ownership interest in KKR Group Partnership Units, which may be exchanged for shares of common stock of KKR & Co. Inc. ("exchangeable securities"). As limited partner interests, these KKR Group Partnership Units are non-voting and do not entitle anyone other than KKR to manage its business and affairs. KKR Group Partnership also has outstanding limited partner interests that provide for a carry pool provided by KKR Associates Holdings L.P. ("Associates Holdings") and outstanding preferred units with economic terms that mirror the KKR & Co. Inc. 6.25% Series D Mandatory Convertible Preferred Stock (the “Series D Mandatory Convertible Preferred Stock”).
On January 2, 2024, KKR acquired the remaining minority interests of Global Atlantic held by third party co-investors and Global Atlantic employees in exchange for cash and securities exchangeable for shares of KKR & Co. Inc. common stock (the “2024 GA Acquisition”). The purchase price paid by KKR was approximately $2.6 billion in cash and $41 million in securities exchangeable for shares of KKR & Co. Inc. common stock. Global Atlantic was consolidated prior to January 2, 2024 and consequently, this transaction was accounted for as an equity transaction. At the time of the 2024 GA Acquisition, the carrying value of the noncontrolling interests held by third party co-investors and Global Atlantic employees in Global Atlantic was lower than the purchase price paid by KKR, which was determined by excluding unrealized losses on its available-for-sale portfolio and consistent with the calculation of the purchase price paid by KKR to acquire Global Atlantic in 2021. As such, this transaction resulted in a decrease in KKR & Co. Inc. Stockholders’ Equity.
In this report, references to "KKR," refer to KKR & Co. Inc. and its subsidiaries, including The Global Atlantic Financial Group LLC ("TGAFG" and, together with its insurance companies and other subsidiaries, "Global Atlantic"), unless the context requires otherwise, especially in sections where "KKR" is intended to refer to the asset management and strategic holdings businesses only. References in these financial statements to "principals" are to KKR's current and former employees who held interests in KKR's business through KKR Holdings prior to the Reorganization Mergers (as defined below). References to our "funds," "vehicles" or "investment vehicles" refer to a wide array of investment funds, vehicles, and accounts that are advised, managed or sponsored by one or more subsidiaries of KKR, including collateralized loan obligations ("CLOs") and business development companies (each, a "BDC"), unless the context requires otherwise.
Reorganization Agreement
On October 8, 2021, KKR entered into a Reorganization Agreement (the "Reorganization Agreement") with KKR Holdings L.P. ("KKR Holdings"), KKR Management LLP (which holds the sole outstanding share of Series I preferred stock), Associates Holdings, and the other parties thereto. Pursuant to the Reorganization Agreement, the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural and governance changes, some of which were completed on May 31, 2022, and other changes to be completed in the future. On May 31, 2022, KKR completed the merger transactions ("Reorganization Mergers") contemplated by the Reorganization Agreement pursuant to which KKR acquired KKR Holdings (which changed its name to KKR Group Holdings L.P.) and all of the KKR Group Partnership Units held by it.
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Pursuant to the Reorganization Agreement, the following transactions will occur in the future on the Sunset Date (as defined below):
i.the control of KKR & Co. Inc. by KKR Management LLP and the Series I Preferred Stock held by it will be eliminated,
ii.the voting rights for all common stock of KKR & Co. Inc., including with respect to the election of directors, will be established on a one vote per share basis, and
iii.KKR will acquire control of Associates Holdings, the entity providing for the allocation of carry proceeds to KKR employees, also known as the carry pool.
The “Sunset Date” will be the earlier of (i) December 31, 2026 and (ii) the six-month anniversary of the first date on which the death or permanent disability of both Mr. Henry Kravis and Mr. George Roberts (collectively, "Co-Founders") has occurred (or any earlier date consented to by KKR Management LLP in its sole discretion). In addition, KKR Management LLP agreed not to transfer its ownership of the sole share of Series I Preferred Stock, and, the changes to occur effective on the Sunset Date are unconditional commitments of the parties to the Reorganization Agreement.
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited financial statements of KKR & Co. Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to this Quarterly Report on Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the "financial statements"), including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the financial statements are presented fairly and that estimates made in preparing the financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The consolidated balance sheet data as of December 31, 2024 were derived from audited financial statements included in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on February 28, 2025 (our "Annual Report"), and the financial statements should be read in conjunction with the audited financial statements included therein. Additionally, in the accompanying financial statements, the condensed consolidated statements of financial condition are referred to hereafter as the "consolidated statements of financial condition"; the condensed consolidated statements of operations are referred to hereafter as the "consolidated statements of operations"; the condensed consolidated statements of comprehensive income (loss) are referred to hereafter as the "consolidated statements of comprehensive income (loss)"; the condensed consolidated statements of changes in equity are referred to hereafter as the "consolidated statements of changes in equity"; and the condensed consolidated statements of cash flows are referred to hereafter as the "consolidated statements of cash flows."
KKR consolidates the financial results of KKR Group Partnership and its consolidated entities, which include the accounts of KKR's investment management and capital markets companies, the general partners of certain unconsolidated investment funds, general partners of consolidated investment funds and their respective consolidated investment funds, Global Atlantic’s insurance companies and certain other entities including CFEs.
The presentations in the consolidated statement of financial condition and consolidated statement of operations reflect the significant industry diversification of KKR by its acquisition of Global Atlantic. Global Atlantic operates an insurance business, and KKR operates an asset management business, which manages the operations of the Strategic Holdings segment (see Note 21 "Segment Reporting" of our financial statements), each of which possess distinct characteristics. As a result, KKR developed a two-tiered approach for the financial statements presentation, where Global Atlantic's insurance operations are presented separately from KKR's asset management business. KKR believes that these separate presentations provide a more informative view of the consolidated financial position and results of operations than traditional aggregated presentations and that reporting Global Atlantic’s insurance operations separately is appropriate given, among other factors, the relative significance of Global Atlantic’s policy liabilities, which are only obligations of the insurance companies that issued or assumed them. If a traditional aggregate presentation were to be used, KKR would expect to eliminate or combine several identical or similar captions, which would condense the presentations, but would also reduce the level of information presented. KKR also believes that using a traditional aggregate presentation would result in no new line items compared to the two-tier presentation included in the financial statements in this report.
In the ordinary course of business, KKR’s Asset Management business, Strategic Holdings business and Insurance business enter into transactions with each other, which may include transactions pursuant to their investment management agreements and certain financing arrangements. The borrowings from these financing arrangements are non-recourse to KKR beyond the assets designated to support such borrowings. All of the investment management and financing arrangements amongst KKR segments are eliminated in consolidation.
All intercompany transactions and balances have been eliminated. When the Insurance business makes an investment in an entity consolidated by the Asset Management business, the investment is eliminated from the investment balance in the Insurance tier in the presentation of the consolidated financial statements.
For a detailed discussion about KKR’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2 to the financial statements in the Annual Report. Other than the items listed below, during the nine months ended September 30, 2025, there were no significant updates to KKR’s significant accounting policies.

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Goodwill and Intangible Assets
Goodwill represents the excess of acquisition cost over the fair value of net tangible and intangible assets acquired in connection with an acquisition. Goodwill is assessed for impairment annually in the third quarter of each fiscal year or more frequently if circumstances indicate impairment may have occurred. Goodwill and Intangible Assets are recorded in Other Assets in the accompanying consolidated statements of financial condition.
In accordance with GAAP, KKR has the option to either (i) perform a quantitative impairment test or (ii) first perform a qualitative assessment (commonly known as "step zero") to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, in which case the quantitative test would then be performed. When performing a quantitative impairment test, KKR compares the fair value of a reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, the goodwill impairment loss is equal to the excess of the carrying value over the fair value, limited to the carrying amount of goodwill allocated to that reporting unit. The estimated fair values of the reporting units are derived based on valuation techniques KKR believes market participants would use for each respective reporting unit. The estimated fair values are generally determined by utilizing a discounted cash flow methodology and methodologies that incorporate market multiples of certain comparable companies.
KKR tests goodwill for impairment at the reporting unit level, which is generally at the level of or one level below its reportable segments, on an annual basis, or, when an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
Goodwill recorded as a result of the acquisition of Global Atlantic has been allocated to the insurance segment, and goodwill recorded as a result of the acquisitions of KJR Management ("KJRM") and HealthCare Royalty Management, LLC has been allocated to the asset management segment.
During the three months ended September 30, 2025, KKR performed its annual impairment analysis for the goodwill recorded at the asset management, strategic holdings and insurance reporting units.
KKR elected to perform step zero for the purposes of its impairment analysis for the goodwill recorded at its reporting units. Based upon these assessments, no goodwill impairment charges were recorded. Factors considered in the qualitative assessment included macroeconomic conditions, industry and market considerations, cost factors, current and projected financial performance, changes in management or strategy and market capitalization.
Additionally, during the three months ended September 30, 2025, KKR performed its annual impairment analysis on investment management contracts recorded at KKR’s asset management business, which were determined to have indefinite useful lives and are not subject to amortization. KKR elected to perform a qualitative assessment for the purposes of its impairment analysis. Based upon this assessment, no impairment charges were recorded. Factors considered in the qualitative assessment included macroeconomic conditions, industry and market considerations, cost factors, and current and projected financial performance.
Use of Estimates
The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the recognition and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, investment income (loss) and income taxes during the reporting periods. Such estimates include but are not limited to (i) the valuation of investments and financial instruments, (ii) the determination of the income tax provision, (iii) the impairment of goodwill and intangible assets, (iv) the impairment of available-for-sale investments, (v) the valuation of insurance policy liabilities, including market risk benefits, (vi) the valuation of embedded derivatives in policy liabilities and funds withheld, (vii) the determination of the allowance for loan losses, and (viii) amortization of deferred revenues and expenses associated with the insurance business.
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Certain events particular to each industry and country or region in which the portfolio companies conduct their operations, as well as general market, economic, political, geopolitical (including uncertainties resulting from changes to U.S. and global tariff policies and escalating trade tensions), and regulatory conditions, and natural disasters and catastrophes, including public health crises, may have a significant negative impact on KKR’s investments and profitability. Such events are beyond KKR’s control, and the likelihood that they may occur and the effect on KKR's use of estimates cannot be predicted. Actual results could differ from those estimates, and such differences could be material to the financial statements.
Adoption of new accounting pronouncements
Scope Application of Profits Interest and Similar Awards
In March 2024, the FASB issued ASU 2024–01, “Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards” (“ASU 2024–01”). ASU 2024–01 amends the guidance in Accounting Standard Codification 718 (“ASC 718”) by adding an illustrative example to demonstrate and clarify how to apply the scope guidance to determine whether profits interests and similar awards should be accounted for as a share-based payment arrangement under ASC 718 or another standard. KKR adopted this accounting standard effective for the reporting period ended March 31, 2025, and its adoption did not have a material impact on KKR’s consolidated financial statements.
Future application of accounting standards
Income Tax Disclosure Improvements
In December 2023, the FASB issued ASU 2023–09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023–09"). ASU 2023–09 intends to enhance the transparency and decision usefulness of income tax disclosures, requiring disaggregated information about an entity’s effective tax rate reconciliation as well as income taxes paid. The guidance is effective for KKR’s annual period ending December 31, 2025. KKR is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
Expense Disaggregation Disclosures
In November 2024, the FASB issued ASU 2024–03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024–03”). ASU 2024–03 requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including employee compensation, depreciation, and intangible asset amortization for each income statement expense line item that contains those expenses. The update will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. KKR is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
In May 2025, the FASB issued ASU 2025–03, “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“ASU 2025–03”). ASU 2025–03 requires an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business to consider factors to determine which entity is the accounting acquirer. The update will be effective for annual periods and interim periods in annual reporting periods beginning after December 15, 2026. KKR does not expect the adoption to have a material impact on its consolidated financial statements or disclosures.
Measurement of Credit Losses for Accounts Receivable and Contract Assets
In July 2025, the FASB issued ASU 2025–05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025–05”). ASU 2025–05 simplifies the application of the current expected credit loss model for current accounts receivable and current contract assets under ASC 606. The update will be effective for annual periods and interim periods in annual reporting periods beginning after December 15, 2025. Early adoption is permitted. KKR is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.
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Targeted Improvements to the Accounting for Internal-Use Software
In September 2025, the FASB issued ASU 2025–06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025–06”). ASU 2025–06 eliminates accounting consideration of software project development stages; requires to begin capitalizing software costs when (1) management has authorized and committed to funding the project and (2) it is ‘probable’ the project will be completed and the software used to perform its intended function (the ‘probable-to-complete’ threshold). ASU 2025–06 also enhances the guidance around the ‘probable-to-complete’ threshold. The update will be effective for annual periods and interim periods in annual reporting periods beginning after December 15, 2027. KKR is currently evaluating the impact of adopting this guidance on its consolidated financial statements and disclosures.

3. REVENUES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS
For the three and nine months ended September 30, 2025 and 2024, respectively, Asset Management and Strategic Holdings revenues consisted of the following:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Management Fees$668,524 $521,573 $1,793,039 $1,478,403 
Fee Credits(211,382)(257,974)(482,364)(435,476)
Transaction Fees516,783 732,129 1,250,321 1,267,204 
Monitoring Fees55,601 43,622 157,362 135,902 
Incentive Fees1,597 4,386 16,715 38,215 
Expense Reimbursements46,788 32,789 108,490 68,050 
Consulting Fees27,327 29,141 72,919 69,218 
Fees and Other1,105,238 1,105,666 2,916,482 2,621,516 
Carried Interest621,925 1,071,164 2,490,708 2,856,414 
General Partner Capital Interest16,839 92,260 217,893 308,077 
Total Capital Allocation-Based Income (Loss)638,764 1,163,424 2,708,601 3,164,491 
Total Revenues $1,744,002 $2,269,090 $5,625,083 $5,786,007 

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4. NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES - ASSET MANAGEMENT AND STRATEGIC HOLDINGS
Net Gains (Losses) from Investment Activities in the consolidated statements of operations consist primarily of the realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign denominated investments and related activities) and other financial instruments, including those for which the fair value option has been elected. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments during a period. Upon disposition of an investment or financial instrument, previously recognized unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.
The following table summarizes total Net Gains (Losses) from Investment Activities:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
Net Realized Gains (Losses)Net Unrealized Gains (Losses)TotalNet Realized Gains (Losses)Net Unrealized Gains (Losses)Total
Private Equity (1)
$233,324 $269,503 $502,827 $(100,037)$1,606,607 $1,506,570 
Credit (1)
12,608 4,162 16,770 (6,697)16,244 9,547 
Investments of Consolidated CFEs (1)
(27,899)(53,156)(81,055)(71,668)46,225 (25,443)
Real Assets (1)
3,504 (22,287)(18,783)342,196 (239,711)102,485 
Equity Method - Other (1)
153,812 67,657 221,469 84,461 261,934 346,395 
Other Investments (1)
(44,070)215,571 171,501 20,529 100,905 121,434 
Foreign Exchange Forward Contracts and Options (2)
(9,894)260,138 250,244 1,576 (440,759)(439,183)
Securities Sold Short (2)
(3,838)(9,715)(13,553)(7,171)(5,406)(12,577)
Other Derivatives (2)
(7,509)(3,093)(10,602)(17,283)(2,074)(19,357)
Debt Obligations and Other (3)
397 158,612 159,009 6,623 (281,868)(275,245)
Net Gains (Losses) From Investment Activities$310,435 $887,392 $1,197,827 $252,529 $1,062,097 $1,314,626 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
Net Realized Gains (Losses)Net Unrealized Gains (Losses)TotalNet Realized Gains (Losses)Net Unrealized Gains (Losses)Total
Private Equity (1)
$803,496 $2,471,176 $3,274,672 $(75,157)$2,053,432 $1,978,275 
Credit (1)
(73,774)204,621 130,847 61,597 (142,345)(80,748)
Investments of Consolidated CFEs (1)
(220,067)(292,795)(512,862)(68,378)54,177 (14,201)
Real Assets (1)
(37,432)227,173 189,741 291,310 (234,798)56,512 
Equity Method - Other (1)
287,230 518,109 805,339 288,450 405,124 693,574 
Other Investments (1)
(176,368)549,973 373,605 (250,458)361,342 110,884 
Foreign Exchange Forward Contracts and Options (2)
11,719 (1,371,847)(1,360,128)59,414 (225,344)(165,930)
Securities Sold Short (2)
(5,119)(16,766)(21,885)(23,920)5,285 (18,635)
Other Derivatives (2)
(13,831)(5,785)(19,616)(24,780)6,694 (18,086)
Debt Obligations and Other (3)
25,430 147,009 172,439 27,601 (223,791)(196,190)
Net Gains (Losses) From Investment Activities$601,284 $2,430,868 $3,032,152 $285,679 $2,059,776 $2,345,455 
(1)See Note 7 "Investments."
(2)See Note 8 "Derivatives" and Note 14 "Other Assets and Accrued Expenses and Other Liabilities."
(3)See Note 16 "Debt Obligations."
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5. NET INVESTMENT INCOME - INSURANCE
Net investment income for Global Atlantic is comprised primarily of (i) interest income, including amortization of premiums and accretion of discounts, (ii) dividend income from common and preferred stock, (iii) earnings from investments accounted for under equity method accounting, and (iv) lease income on real assets.
The components of net investment income were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Fixed Maturity Securities$1,616,087 $1,428,699 $4,563,551 $4,173,336 
Mortgage and Other Loan Receivables772,962 725,463 2,328,834 1,914,700 
Real Assets258,087 236,440 766,197 547,781 
Short-Term and Other Investment Income164,244 131,573 431,236 398,629 
Income Assumed from Funds Withheld Receivable at Interest24,149 20,717 56,403 61,433 
Policy Loans20,524 20,180 60,480 64,260 
Income Ceded to Funds Withheld Payable at Interest(640,938)(640,254)(1,896,783)(1,746,618)
Total Investment Income (Losses)2,215,115 1,922,818 6,309,918 5,413,521 
Less Investment Expenses:
Investment Management and Administration154,713 146,693 436,961 379,015 
Real Asset Depreciation and Maintenance63,667 51,797 186,904 151,716 
Interest Expense on Derivative Collateral and Repurchase Agreements26,956 22,502 69,648 80,564 
Net Investment Income $1,969,779 $1,701,826 $5,616,405 $4,802,226 
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6. NET INVESTMENT-RELATED GAINS (LOSSES) - INSURANCE
Net investment-related gains (losses) from insurance operations primarily consist of (i) realized gains (losses) from the disposal of investments, (ii) unrealized gains (losses) from investments held for trading, equity securities, real estate investments accounted for under investment company accounting, and investments with fair value remeasurements recognized in earnings as a result of the election of a fair-value option, (iii) unrealized gains (losses) on funds withheld receivable and payable at interest, (iv) unrealized gains (losses) from derivatives (excluding certain derivatives designated as hedge accounting instruments), and (v) allowances for credit losses, and other impairments of investments.
Net investment-related gains (losses) were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Realized Gains (Losses) on Available-For-Sale Fixed Maturity Securities$(50,492)$(285,352)$(1,577,554)$(387,975)
Credit Loss Allowances on Available-For-Sale Securities(10,641)(59,195)(93,933)(50,455)
Credit Loss Allowances on Mortgage and Other Loan Receivables(60,074)(92,293)(80,273)(263,749)
Credit Loss Allowances on Unfunded Commitments(3,647)(1,663)(1,318)25,598 
Unrealized Gains (Losses) on Fixed Maturity Securities Classified as Trading381,315 1,056,483 601,424 471,647 
Unrealized Gains (Losses) on Other Investments Recognized Under the Fair-Value Option and Equity Investments62,059 14,127 63,774 (10,100)
Unrealized Gains (Losses) on Real Assets31,867 (20,041)45,126 (179,759)
Realized Gains (Losses) on Real Assets362 (286)17,757 6,787 
Net Gains (Losses) on Derivative Instruments78,082 (877,533)(55,706)(451,747)
Realized Gains (Losses) on Funds Withheld at Interest Payable Portfolio(35,391)(20,158)80,417 50,147 
Realized Gains (Losses) on Funds Withheld at Interest Receivable Portfolio(4,004)(24,194)(67,488)(47,242)
Foreign Exchange Gains (Losses) on Non-USD Denominated Investments(42,550)77,046 223,227 56,929 
Other Realized Gains (Losses)4,914 (2,912)(839)(158)
Net Investment-Related Gains (Losses)$351,800 $(235,971)$(845,386)$(780,077)
Allowance for Credit Losses
Available-For-Sale Fixed Maturity Securities
The table below presents a roll-forward of the allowance for credit losses recognized for fixed maturity securities held by Global Atlantic:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
CorporateStructuredTotalCorporateStructuredTotal
Balance, as of Beginning of Period$83,041 $186,615 $269,656 $64,610 $150,604 $215,214 
Initial Credit Loss Allowance Recognized on Securities with No Previously Recognized Allowance6,335 892 7,227 19,132 292 19,424 
Accretion of Initial Credit Loss Allowance on PCD Securities— 188 188 — 125 125 
Reductions Due to Sales (or Maturities, Pay Downs or Prepayments) During the Period of Securities with a Previously Recognized Credit Loss Allowance(65)(5,873)(5,938)(38)(3,145)(3,183)
Net Additions / Reductions for Securities with a Previously Recognized Credit Loss Allowance5,247 (1,833)3,414 105 39,666 39,771 
Balances Charged Off(19,931)— (19,931)(22,840)— (22,840)
Balance, as of End of Period$74,627 $179,989 $254,616 $60,969 $187,542 $248,511 
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Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
CorporateStructuredTotalCorporateStructuredTotal
Balance, as of Beginning of Period$99,616 $175,706 $275,322 $49,008 $219,704 $268,712 
Initial Credit Loss Allowance Recognized on Securities with No Previously Recognized Allowance43,965 20,716 64,681 41,475 1,552 43,027 
Accretion of Initial Credit Loss Allowance on PCD Securities— 610 610 — 440 440 
Reductions Due to Sales (or Maturities, Pay Downs or Prepayments) During the Period of Securities with a Previously Recognized Credit Loss Allowance(939)(31,368)(32,307)(278)(11,972)(12,250)
Net Additions / Reductions for Securities with a Previously Recognized Credit Loss Allowance14,927 14,325 29,252 17,233 (9,805)7,428 
Balances Charged Off(82,942)— (82,942)(46,469)(12,377)(58,846)
Balance, as of End of Period$74,627 $179,989 $254,616 $60,969 $187,542 $248,511 
Mortgage and Other Loan Receivables
Changes in the allowance for credit losses on mortgage and other loan receivables held by Global Atlantic are summarized below:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
Commercial Mortgage LoansResidential Mortgage LoansConsumer and Other Loan ReceivablesTotalCommercial Mortgage LoansResidential Mortgage LoansConsumer and Other Loan ReceivablesTotal
Balance, as of Beginning of Period$335,792 $84,594 $154,103 $574,489 $308,367 $90,234 $202,655 $601,256 
Net Provision (Release)31,494 12,859 15,721 60,074 64,482 8,263 19,548 92,293 
Charge-Offs(47)(1,984)(33,657)(35,688)(44,487)(2,334)(34,932)(81,753)
Recoveries of Amounts Previously Charged-Off— — 5,519 5,519 3,564 — 5,884 9,448 
Balance, as of End of Period$367,239 $95,469 $141,686 $604,394 $331,926 $96,163 $193,155 $621,244 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
Commercial Mortgage LoansResidential Mortgage LoansConsumer and Other Loan ReceivablesTotalCommercial Mortgage LoansResidential Mortgage LoansConsumer and Other Loan ReceivablesTotal
Balance, as of Beginning of Period$326,057 $107,245 $181,106 $614,408 $319,631 $107,204 $175,608 $602,443 
Net Provision (Release)41,544 (7,809)46,538 80,273 151,822 (5,925)117,852 263,749 
Charge-Offs(362)(3,967)(103,815)(108,144)(143,091)(5,116)(117,496)(265,703)
Recoveries of Amounts Previously Charged-Off— — 17,857 17,857 3,564 — 17,191 20,755 
Balance, as of End of Period$367,239 $95,469 $141,686 $604,394 $331,926 $96,163 $193,155 $621,244 
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Proceeds and Gross Gains and Losses from Voluntary Sales
The proceeds from voluntary sales and the gross gains and losses on those sales of available-for-sale ("AFS") fixed maturity securities were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
AFS Fixed Maturity Securities:
Proceeds from Voluntary Sales$6,717,608 $6,975,389 $26,701,685 $15,934,858 
Gross Gains$64,750 $51,468 $103,832 $95,192 
Gross Losses$(108,584)$(334,092)$(1,626,845)$(453,105)
7. INVESTMENTS
Investments consist of the following:
 September 30, 2025December 31, 2024
Asset Management and Strategic Holdings
Private Equity$41,131,383 $34,462,952 
Credit7,276,203 8,054,581 
Investments of Consolidated CFEs30,344,034 27,488,538 
Real Assets13,855,922 13,222,738 
Equity Method - Other9,812,856 8,333,527 
Equity Method - Capital Allocation-Based Income10,679,020 9,798,370 
Other Investments5,518,395 5,092,344 
Investments – Asset Management and Strategic Holdings$118,617,813 $106,453,051 
Insurance
Fixed Maturity Securities, Available-For-Sale, at Fair Value(1)
$88,422,435 $76,259,956 
Mortgage and Other Loan Receivables52,407,457 52,751,077 
Fixed Maturity Securities, Trading, at Fair Value(2)
22,983,199 21,419,241 
Real Assets(3)(4)
14,654,231 14,078,498 
Other Investments(4)(5)
3,996,126 1,475,156 
Funds Withheld Receivable at Interest2,384,103 2,537,858 
Policy Loans1,651,819 1,622,958 
Investments – Insurance(6)
$186,499,370 $170,144,744 
Total Investments$305,117,183 $276,597,795 
(1)Amortized cost of $94.5 billion and $85.6 billion, net of credit loss allowances of $254.6 million and $275.3 million as of September 30, 2025 and December 31, 2024, respectively.
(2)Amortized cost of $24.8 billion and $23.8 billion as of September 30, 2025 and December 31, 2024, respectively. Trading fixed maturity securities are primarily held to back funds withheld payable at interest. The investment performance on these investments is ceded to third-party reinsurers.
(3)Net of accumulated depreciation of $738.0 million and $623.1 million as of September 30, 2025 and December 31, 2024, respectively.
(4)Real assets of $1.0 billion as of both September 30, 2025 and December 31, 2024, and other investments of $856.2 million and $682.9 million as of September 30, 2025 and December 31, 2024, respectively, are accounted for using the equity method of accounting. In addition, Global Atlantic has investments that would otherwise require the equity method of accounting for which the fair value option has been elected. The carrying amount of real assets and other investments for which the fair value option has been elected was $728.9 million and $437.9 million, respectively, as of September 30, 2025, and the carrying amount of these investments was $471.5 million and $4.8 million, respectively, as of December 31, 2024. Global Atlantic's maximum exposure to loss related to equity method investments, including those which fair value has been elected, is limited to the carrying value of these investments plus unfunded commitments of $31.9 million and $23.0 million as of September 30, 2025 and December 31, 2024, respectively.
(5)Other investments include equity securities, limited partnership interests, investments in FHLB common stock, and other interests.
(6)From time to time, Global Atlantic makes investments with counterparties that are managed by or are affiliates of KKR. As of September 30, 2025 and December 31, 2024, the carrying value reflects the elimination for the portion of applicable investments that are held in Asset Management and Strategic Holdings consolidated investment vehicles and other entities.
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As of September 30, 2025 and December 31, 2024, there were no investments which represented greater than 5% of total investments.

Fixed Maturity Securities
The cost or amortized cost and fair value for AFS fixed maturity securities were as follows:
Cost or Amortized Cost
Allowance for Credit Losses (1)(2)
Gross UnrealizedFair Value
As of September 30, 2025GainsLosses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies$523,163 $— $959 $(107,425)$416,697 
U.S. State, Municipal and Political Subdivisions3,400,773 — 5,315 (762,711)2,643,377 
Corporate58,168,561 (74,627)634,177 (5,391,823)53,336,288 
Residential Mortgage-Backed Securities, or “RMBS”12,514,312 (111,992)135,474 (269,362)12,268,432 
Commercial Mortgage-Backed Securities, or “CMBS”8,416,931 (56,566)69,405 (185,800)8,243,970 
Collateralized Bond Obligations, or “CBOs”179,076 — — (7,486)171,590 
CLOs5,512,822 (4,394)35,055 (22,436)5,521,047 
Asset-Backed Securities, or “ABSs”5,795,901 (7,037)70,848 (38,678)5,821,034 
Total AFS Fixed Maturity Securities$94,511,539 $(254,616)$951,233 $(6,785,721)$88,422,435 
(1)Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment gains (losses)) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment.
(2)Includes credit loss allowances on purchase-credit deteriorated fixed maturity securities of $(5.7) million.
Cost or Amortized Cost
Allowance for Credit Losses (1)(2)
Gross UnrealizedFair Value
As of December 31, 2024GainsLosses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies$2,576,106 $— $227 $(184,926)$2,391,407 
U.S. State, Municipal and Political Subdivisions4,774,108 — 5,290 (1,009,937)3,769,461 
Corporate48,862,650 (99,616)119,998 (6,943,765)41,939,267 
RMBS10,964,553 (115,810)54,319 (624,040)10,279,022 
CMBS8,387,194 (44,024)28,702 (381,505)7,990,367 
CBOs2,487,066 (1,190)— (79,644)2,406,232 
CLOs4,106,046 (6,620)24,177 (22,265)4,101,338 
ABSs3,455,133 (8,062)23,255 (87,464)3,382,862 
Total AFS Fixed Maturity Securities$85,612,856 $(275,322)$255,968 $(9,333,546)$76,259,956 
(1)Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment gains (losses)) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit impairment.
(2)Includes credit loss allowances on purchase-credit deteriorated fixed maturity securities of $(9.2) million.
Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, or Global Atlantic may have the right to put or sell the obligations back to the issuers. Structured securities are shown separately as they have periodic payments and are not due at a single maturity.

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The maturity distribution for AFS fixed maturity securities is as follows:
As of September 30, 2025Cost or
Amortized Cost (Net of Allowance)		Fair Value
Due in One Year or Less$1,028,490 $1,015,454 
Due After One Year Through Five Years12,096,346 11,997,548 
Due After Five Years Through Ten Years15,326,381 15,510,901 
Due After Ten Years33,566,653 27,872,459 
Subtotal62,017,870 56,396,362 
RMBS12,402,320 12,268,432 
CMBS8,360,365 8,243,970 
CBOs179,076 171,590 
CLOs5,508,428 5,521,047 
ABSs5,788,864 5,821,034 
Total AFS Fixed Maturity Securities$94,256,923 $88,422,435 
Securities in a Continuous Unrealized Loss Position
The following tables provide information about AFS fixed maturity securities that have been continuously in an unrealized loss position:
Less Than 12 Months12 Months or MoreTotal
As of September 30, 2025Fair
Value		Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies$34,398 $(4,241)$287,104 $(103,184)$321,502 $(107,425)
U.S. State, Municipal and Political Subdivisions95,144 (6,547)2,368,762 (756,164)2,463,906 (762,711)
Corporate7,721,353 (280,776)15,565,357 (5,111,047)23,286,710 (5,391,823)
RMBS985,352 (17,966)2,755,767 (251,396)3,741,119 (269,362)
CMBS564,455 (8,588)1,699,765 (177,212)2,264,220 (185,800)
CBOs20,800 (1,101)150,790 (6,385)171,590 (7,486)
CLOs331,390 (5,062)213,363 (17,374)544,753 (22,436)
ABSs844,679 (6,315)620,151 (32,363)1,464,830 (38,678)
Total AFS Fixed Maturity Securities in a Continuous Loss Position$10,597,571 $(330,596)$23,661,059 $(6,455,125)$34,258,630 $(6,785,721)
Less Than 12 Months12 Months or MoreTotal
As of December 31, 2024Fair
Value		Unrealized LossesFair
Value		Unrealized LossesFair
Value		Unrealized Losses
AFS Fixed Maturity Securities Portfolio by Type:
U.S. Government and Agencies$2,150,669 $(110,280)$203,661 $(74,646)$2,354,330 $(184,926)
U.S. State, Municipal and Political Subdivisions251,191 (4,816)3,305,469 (1,005,121)3,556,660 (1,009,937)
Corporate12,959,540 (457,706)18,491,535 (6,486,059)31,451,075 (6,943,765)
RMBS2,436,204 (62,488)3,998,635 (561,552)6,434,839 (624,040)
CMBS1,006,250 (4,683)3,737,990 (376,822)4,744,240 (381,505)
CBOs1,158 (81)2,405,075 (79,563)2,406,233 (79,644)
CLOs274,025 (1,630)293,008 (20,635)567,033 (22,265)
ABSs739,370 (5,581)1,309,477 (81,883)2,048,847 (87,464)
Total AFS Fixed Maturity Securities in a Continuous Loss Position$19,818,407 $(647,265)$33,744,850 $(8,686,281)$53,563,257 $(9,333,546)
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Unrealized gains and losses can be created by changing interest rates or several other factors, including changing credit spreads. Global Atlantic had gross unrealized losses on below investment grade AFS fixed maturity securities of $303.3 million and $557.4 million as of September 30, 2025 and December 31, 2024, respectively. The single largest unrealized loss on AFS fixed maturity securities was $44.2 million and $54.4 million as of September 30, 2025 and December 31, 2024, respectively. Global Atlantic had 4,122 and 5,966 securities in an unrealized loss position as of September 30, 2025 and December 31, 2024, respectively.
As of September 30, 2025, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of 2,931 fixed maturity securities. AFS fixed maturity securities in an unrealized loss position for 12 months or more with an allowance for credit losses had a fair value and gross unrealized losses of $1.6 billion and $146.9 million, respectively, as of September 30, 2025. These fixed maturity securities primarily relate to Corporate, RMBS, and U.S. state, municipal and political subdivisions fixed maturity securities, which have depressed values due primarily to an increase in interest rates since the purchase of these securities. Unrealized losses were not recognized in net income on these fixed maturity securities since Global Atlantic neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to sell these securities before recovery of their cost or amortized cost basis. For securities with significant declines in value, individual security level analysis was performed utilizing underlying collateral default expectations, market data, and industry analyst reports.
Mortgage and Other Loan Receivables
Mortgage and other loan receivables consist of the following:
September 30, 2025December 31, 2024
Commercial Mortgage Loans(1)
$25,277,579 $25,263,148 
Residential Mortgage Loans(1)
22,086,294 21,581,616 
Consumer Loans(1)
4,168,358 4,848,208 
Other Loan Receivables(1)(2)
1,479,620 1,672,513 
Total Mortgage and Other Loan Receivables$53,011,851 $53,365,485 
Allowance for Credit Losses(3)
(604,394)(614,408)
Total Mortgage and Other Loan Receivables, Net of Allowance for Credit Losses$52,407,457 $52,751,077 
(1)Includes $6.9 billion and $1.6 billion of loans carried at fair value using the fair value option as of September 30, 2025 and December 31, 2024, respectively. These loans had unpaid principal balances of $7.0 billion and $1.8 billion as of September 30, 2025 and December 31, 2024, respectively.
(2)As of September 30, 2025, other loan receivables consisted primarily of warehouse facility loans backed by agricultural mortgages, business loans, loans collateralized by aircraft, loans collateralized by residential mortgages, and renewable energy development loans of $423.6 million, $385.7 million, $257.9 million, $200.0 million, and $190.3 million, respectively. As of December 31, 2024, other loan receivables consisted primarily of renewable energy development loans, warehouse facility loans backed by agricultural mortgages, loans collateralized by aircraft, and loans collateralized by residential mortgages of $547.2 million, $503.0 million, $271.2 million, and $200.0 million, respectively.
(3)Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of $(58.2) million and $(72.2) million as of September 30, 2025 and December 31, 2024, respectively.

The maturity distribution for residential and commercial mortgage loans was as follows as of September 30, 2025:
YearsResidentialCommercialTotal Mortgage Loans
Remainder of 2025$15 $749,705 $749,720 
2026382,532 8,169,896 8,552,428 
2027502,646 8,192,727 8,695,373 
2028118,527 2,530,021 2,648,548 
20299,688 1,495,465 1,505,153 
2030209,185 554,834 764,019 
Thereafter20,863,701 3,584,931 24,448,632 
Total$22,086,294 $25,277,579 $47,363,873 
Actual maturities could differ from contractual maturities because borrowers may have the right to prepay (with or without prepayment penalties) and loans may be refinanced.
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Global Atlantic diversifies its mortgage loan portfolio by both geographic region and property type to reduce concentration risk. The following tables present the mortgage loans by geographic region and property type:
Mortgage Loans – Carrying Value by Geographic RegionSeptember 30, 2025December 31, 2024
South Atlantic$12,959,586 27.4 %$13,215,065 28.2 %
Pacific11,423,008 24.1 %11,739,093 25.1 %
Middle Atlantic6,239,966 13.2 %5,841,960 12.5 %
West South Central5,294,291 11.2 %5,395,952 11.5 %
Mountain4,106,916 8.7 %4,001,411 8.5 %
New England1,769,566 3.7 %1,679,335 3.6 %
East North Central1,533,775 3.2 %1,505,688 3.2 %
East South Central1,016,250 2.1 %986,070 2.1 %
West North Central434,336 0.9 %455,503 1.0 %
Foreign and Other Regions2,586,179 5.5 %2,024,687 4.3 %
Total by Geographic Region$47,363,873 100.0 %$46,844,764 100.0 %
Mortgage Loans – Carrying Value by Property TypeSeptember 30, 2025December 31, 2024
Residential$22,086,294 46.6 %$21,581,616 46.1 %
Multi-Family13,031,360 27.5 %12,793,478 27.3 %
Industrial5,802,839 12.3 %6,357,311 13.6 %
Office Building4,313,520 9.1 %4,468,303 9.5 %
Other Property Types1,519,670 3.2 %804,743 1.7 %
Retail473,921 1.0 %504,812 1.1 %
Warehouse136,269 0.3 %334,501 0.7 %
Total by Property Type$47,363,873 100.0 %$46,844,764 100.0 %
As of September 30, 2025 and December 31, 2024, Global Atlantic had $367.9 million and $406.9 million of mortgage loans that were 90 days or more past due or are in the process of foreclosure, respectively, and have been classified as non-income producing (i.e., in a non-accrual status). Global Atlantic ceases accrual of interest on loans that are more than 90 days past due or are in the process of foreclosure and recognizes income as cash is received.
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Credit Quality Indicators
Mortgage and Consumer Loan Receivable Performance Status
The following table represents the portfolio of mortgage and consumer loan receivables by origination year and performance status as of September 30, 2025 and December 31, 2024:
By Year of Origination
Performance Status as of September 30, 2025
20252024202320222021PriorTotal
Commercial Mortgage Loans
Gross Charge-Offs for the Nine Months Ended September 30, 2025
$— $— $— $— $— $(362)$(362)
Current$1,336,928 $4,996,900 $3,358,892 $5,350,801 $6,041,229 $4,024,410 $25,109,160 
30 to 59 Days Past Due— — — — — — — 
60 to 89 Days Past Due— — — — — — — 
90 Days or More Past Due or in Process of Foreclosure— — — — 106,257 62,162 168,419 
Total Commercial Mortgage Loans$1,336,928 $4,996,900 $3,358,892 $5,350,801 $6,147,486 $4,086,572 $25,277,579 
Residential Mortgage Loans
Gross Charge-Offs for the Nine Months Ended September 30, 2025$— $(1,110)$(713)$(1,263)$(198)$(683)$(3,967)
Current$3,459,601 $6,936,041 $3,258,001 $1,738,806 $3,727,643 $2,312,598 $21,432,690 
30 to 59 Days Past Due34,380 111,046 72,956 23,377 31,998 80,291 354,048 
60 to 89 Days Past Due2,396 39,355 25,575 7,655 10,291 14,759 100,031 
90 Days or More Past Due or in Process of Foreclosure— 84,062 28,032 20,879 41,736 24,816 199,525 
Total Residential Mortgage Loans$3,496,377 $7,170,504 $3,384,564 $1,790,717 $3,811,668 $2,432,464 $22,086,294 
Consumer Loans
Gross Charge-Offs for the Nine Months Ended September 30, 2025$(60)$(5,366)$(11,000)$(14,361)$(41,827)$(30,901)$(103,515)
Current$32,930 $411,521 $411,387 $642,017 $1,188,435 $1,378,029 $4,064,319 
30 to 59 Days Past Due226 2,517 4,805 6,132 17,018 19,921 50,619 
60 to 89 Days Past Due88 1,064 1,909 3,192 8,105 9,718 24,076 
90 Days or More Past Due or in Process of Foreclosure458 2,136 4,306 5,052 7,869 9,523 29,344 
Total Consumer Loans$33,702 $417,238 $422,407 $656,393 $1,221,427 $1,417,191 $4,168,358 
Total Mortgage and Consumer Loan Receivables$4,867,007 $12,584,642 $7,165,863 $7,797,911 $11,180,581 $7,936,227 $51,532,231 
    
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By Year of Origination
Performance Status as of December 31, 2024
20242023202220212020PriorTotal
Commercial Mortgage Loans
Gross Charge-Offs for the Year Ended December 31, 2024
$— $— $(20,387)$(80,798)$(10,695)$(51,598)$(163,478)
Current$4,626,771 $3,575,323 $6,012,774 $6,414,939 $559,931 $3,899,288 $25,089,026 
30 to 59 Days Past Due— — — — — — — 
60 to 89 Days Past Due— — — — — 42,335 42,335 
90 Days or More Past Due or in Process of Foreclosure— — — 96,787 — 35,000 131,787 
Total Commercial Mortgage Loans$4,626,771 $3,575,323 $6,012,774 $6,511,726 $559,931 $3,976,623 $25,263,148 
Residential Mortgage Loans
Gross Charge-Offs for the Year Ended December 31, 2024$(15)$(7)$(1,308)$(2,565)$(524)$(697)$(5,116)
Current$8,277,782 $3,958,884 $1,948,869 $4,010,265 $1,192,287 $1,470,411 $20,858,498 
30 to 59 Days Past Due67,924 89,078 64,113 39,326 6,140 90,891 357,472 
60 to 89 Days Past Due20,388 24,336 10,303 11,554 325 23,597 90,503 
90 Days or More Past Due or in Process of Foreclosure9,550 42,672 36,404 64,990 9,235 112,292 275,143 
Total Residential Mortgage Loans$8,375,644 $4,114,970 $2,059,689 $4,126,135 $1,207,987 $1,697,191 $21,581,616 
Consumer Loans
Gross Charge-Offs for the Year Ended December 31, 2024$(1,345)$(6,896)$(22,614)$(73,814)$(19,872)$(29,251)$(153,792)
Current$592,705 $454,890 $691,198 $1,394,197 $566,071 $1,050,090 $4,749,151 
30 to 59 Days Past Due860 2,444 3,433 22,069 4,090 14,816 47,712 
60 to 89 Days Past Due517 1,194 2,178 10,399 2,299 7,874 24,461 
90 Days or More Past Due or in Process of Foreclosure278 2,317 3,351 9,656 2,650 8,632 26,884 
Total Consumer Loans$594,360 $460,845 $700,160 $1,436,321 $575,110 $1,081,412 $4,848,208 
Total Mortgage and Consumer Loan Receivables$13,596,775 $8,151,138 $8,772,623 $12,074,182 $2,343,028 $6,755,226 $51,692,972 
Loan-to-Value Ratio on Mortgage Loans
The loan-to-value ratio is expressed as a percentage of the current amount of the loan relative to the value of the underlying collateral. The following table summarizes Global Atlantic's loan-to-value ratios for its commercial mortgage loans as of September 30, 2025 and December 31, 2024:
Loan-to-Value as of September 30, 2025, by Year of Origination
Carrying Value Loan-to-Value 70% and LessCarrying Value Loan-to-Value 71% - 90%Carrying Value Loan-to-Value Over 90%Total Carrying Value
2025$1,150,049 $186,879 $— $1,336,928 
20244,846,449 150,451 — 4,996,900 
20233,358,892 — — 3,358,892 
20225,018,961 297,724 34,116 5,350,801 
20214,698,253 1,287,066 162,167 6,147,486 
2020525,067 — 34,999 560,066 
Prior3,177,455 106,920 242,131 3,526,506 
Total Commercial Mortgage Loans$22,775,126 $2,029,040 $473,413 $25,277,579 
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Loan-to-Value as of December 31, 2024, by Year of Origination
Carrying Value Loan-to-Value 70% and LessCarrying Value Loan-to-Value 71% - 90%Carrying Value Loan-to-Value Over 90%Total Carrying Value
2024$4,487,814 $138,957 $— $4,626,771 
20233,575,323 — — 3,575,323 
20225,646,922 365,852 — 6,012,774 
20214,931,730 1,429,694 150,302 6,511,726 
2020433,377 91,524 35,030 559,931 
20191,145,297 54,501 39,308 1,239,106 
Prior2,538,853 53,510 145,154 2,737,517 
Total Commercial Mortgage Loans$22,759,316 $2,134,038 $369,794 $25,263,148 
Changing economic conditions and updated assumptions affect Global Atlantic's assessment of the collectibility of commercial mortgage loans. Changing vacancies and rents are incorporated into the analysis that Global Atlantic performs to measure the allowance for credit losses. In addition, Global Atlantic continuously monitors its commercial mortgage loan portfolio to identify risk. Areas of emphasis are properties that have exposure to specific geographic events or have deteriorating credit.
The weighted average loan-to-value ratio for Global Atlantic's residential mortgage loans was 63% as of both September 30, 2025 and December 31, 2024.
Loan Modifications
Global Atlantic may modify the terms of a loan when the borrower is experiencing financial difficulties, as a means to optimize recovery of amounts due on the loan. Modifications may involve temporary relief, such as payment forbearance for a short period of time (where interest continues to accrue) or may involve more substantive changes to a loan. Changes to the terms of a loan, pursuant to a modification agreement, are factored into the analysis of the loan’s expected credit losses, under the allowance model applicable to the loan.
For commercial mortgage loans, modifications for borrowers experiencing financial difficulty are tailored for individual loans and may include interest rate relief, maturity extensions or, less frequently, principal forgiveness. For both residential mortgage loans and consumer loans, the most common modifications for borrowers experiencing financial difficulty, aside from insignificant delays in payment, typically involve deferral of missed payments to the end of the loan term, interest rate relief, or maturity extensions.
The tables below present the carrying value of loans to borrowers experiencing financial difficulty, for which modifications have been granted during the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30, 2025 by Loan Type
Deferral of Amounts DueInterest Rate ReliefMaturity Extension
Combination(1)
TotalPercentage of Total Carrying Value Outstanding
Commercial Mortgage Loans$— $190,374 $38,019 $68,859 $297,252 1.18 %
Residential Mortgage Loans443 — — 2,385 2,828 0.01 %
Consumer Loans6,705 431 17,460 19,675 44,271 1.06 %
Total$7,148 $190,805 $55,479 $90,919 $344,351 
(1)Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension.
Nine Months Ended September 30, 2024 by Loan Type
Deferral of Amounts DueInterest Rate ReliefMaturity Extension
Combination(1)
TotalPercentage of Total Carrying Value Outstanding
Commercial Mortgage Loans$— $— $— $184,085 $184,085 0.74 %
Residential Mortgage Loans4,061 — — 10,909 14,970 0.07 %
Consumer Loans2,161 778 27,268 45,525 75,732 1.58 %
Total$6,222 $778 $27,268 $240,519 $274,787 
(1)Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension.
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All of the commercial mortgage loans that had a combination of modifications had both interest rate relief and maturity extensions. For commercial mortgage loans granted interest rate relief, this relief generally involved either a change from a floating rate or a decrease in fixed rate to a weighted average rate of 4.2% and 4.7% for the nine months ended September 30, 2025 and 2024, respectively. The maturity extensions for commercial mortgage loans added a weighted-average of 1.9 years and 3.7 years to the life of the loans, for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, Global Atlantic has commitments to lend additional funds of $16.9 million for the modified commercial mortgage loans disclosed above.
The table below presents the performance status of the loans modified during the twelve months ended September 30, 2025:
Performance Status as of September 30, 2025 by Loan Type
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past Due or in Process of ForeclosureTotal
Commercial Mortgage Loans$505,198 $— $— $— $505,198 
Residential Mortgage Loans3,254 467 1,317 131 5,169 
Consumer Loans37,806 9,168 4,372 3,209 54,555 
Total(1)
$546,258 $9,635 $5,689 $3,340 $564,922 
(1)Loans may have been modified more than once during the twelve months period; in this circumstance, the loan is only included once in this table. Modified loans that were subsequently repaid are excluded.
Repurchase Agreement Transactions
As of September 30, 2025 and December 31, 2024, Global Atlantic participated in repurchase agreements with a notional value of $384.7 million and $261.4 million, respectively. As collateral for these transactions, Global Atlantic typically posts AFS fixed maturity securities and/or mortgage and other loan receivables, which are included in Insurance – Investments in the consolidated statements of financial condition. The gross obligation for repurchase agreements is reported in Other Liabilities in the consolidated statements of financial condition.
The carrying value of assets pledged for repurchase agreements by type of collateral and remaining contractual maturity of the repurchase agreements as of September 30, 2025 and December 31, 2024 is presented in the following tables:
As of September 30, 2025Overnight<30 Days30 - 90 Days> 90 DaysTotal
Residential Mortgage Loans$— $3,324 $114,981 $289,477 $407,782 
Total Assets Pledged$— $3,324 $114,981 $289,477 $407,782 
As of December 31, 2024Overnight<30 Days30 - 90 Days> 90 DaysTotal
Residential Mortgage Loans$— $4,266 $71,170 $195,691 $271,127 
Total Assets Pledged$— $4,266 $71,170 $195,691 $271,127 
Other Pledges and Restrictions
Certain Global Atlantic subsidiaries are members of regional banks in the Federal Home Loan Banks ("FHLB") system and such membership requires the members to own stock in these FHLBs. Global Atlantic owns an aggregate of $125.2 million and $117.8 million (accounted for at cost basis) of stock in FHLBs as of September 30, 2025 and December 31, 2024, respectively. In addition, Global Atlantic insurance company subsidiaries have entered into funding agreements with the FHLB, which require that Global Atlantic pledge eligible assets, such as fixed maturity securities and mortgage loans, as collateral. Assets pledged as collateral for these funding agreements had a carrying value of $7.0 billion and $4.6 billion as of September 30, 2025 and December 31, 2024, respectively.
The capital stock of one of Global Atlantic’s equity method investments has been pledged as collateral security for the due payment and performance of the debt obligations of the investee. Global Atlantic’s investment subject to this pledge had a carrying value of $852.6 million and $834.4 million as of September 30, 2025 and December 31, 2024, respectively.
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Insurance – Statutory Deposits
As of September 30, 2025 and December 31, 2024, the carrying value of the assets on deposit with various state and U.S. governmental authorities were $145.6 million and $141.1 million, respectively.
8. DERIVATIVES
Asset Management and Strategic Holdings
KKR and certain of its consolidated funds have entered into derivative transactions as part of the overall risk management for their investment strategies. These derivative contracts are not designated as hedging instruments for accounting purposes. Such contracts may include forward, swap, and option contracts related to foreign currencies and interest rates to manage foreign exchange risk and interest rate risk arising from certain assets and liabilities. All derivatives are recognized in Other Assets or Accrued Expenses and Other Liabilities and are presented on a gross basis in the consolidated statements of financial condition and measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. KKR's derivative financial instruments contain credit risk to the extent that its counterparties may be unable to meet the terms of the agreements. KKR attempts to reduce this risk by limiting its counterparties to major financial institutions with strong credit ratings.
Insurance
Global Atlantic holds derivative instruments that are primarily used in its hedge program. Global Atlantic has established a hedge program that seeks to mitigate economic impacts primarily from interest rate and equity price movements, while taking into consideration accounting and capital impacts.
Global Atlantic hedges interest rate and equity market risks associated with its insurance liabilities including fixed-indexed annuities, indexed universal life policies, variable annuity policies, and variable universal life policies, among others. For fixed-indexed annuities and indexed universal life policies, Global Atlantic generally seeks to use static hedges to offset the exposure primarily created by changes in its embedded derivative balances. Global Atlantic generally purchases options which replicate the crediting rate strategies, often in the form of call spreads. Call spreads are the purchase of a call option matched by the sale of a different call option. For variable annuities and variable universal life policies, Global Atlantic generally seeks to dynamically hedge its exposure to changes in the value of the guarantee it provides to policyholders. Doing so requires the active trading of several financial instruments to respond to changes in market conditions. In addition, Global Atlantic enters into inflation swaps to manage inflation risk associated with inflation-indexed preneed policies.
In the context of specific reinsurance transactions in the institutional channel or acquisitions, Global Atlantic may also enter into hedges which are designed to limit short-term market risks to the economic value of the target assets. From time to time, Global Atlantic also enters into hedges designed to mitigate interest rate and credit risk in investment income, interest expense, and fair value of assets and liabilities. In addition, Global Atlantic enters into currency swaps and forwards to manage any foreign exchange rate risks that may arise from investments and policy liabilities denominated in foreign currencies.
Global Atlantic attempts to mitigate the risk of loss due to ineffectiveness under these derivative investments through a regular monitoring process which evaluates the program’s effectiveness. Global Atlantic monitors its derivative activities by reviewing portfolio activities and risk levels. Global Atlantic also oversees all derivative transactions to ensure that the types of transactions entered into and the results obtained from those transactions are consistent with both Global Atlantic's risk management strategy and its policies and procedures.
The restricted cash which was held in connection with open derivative transactions with exchange brokers was $45.2 million and $135.7 million as of September 30, 2025 and December 31, 2024, respectively.
Global Atlantic also has embedded derivatives related to reinsurance contracts that are accounted for on a modified coinsurance and funds withheld basis. An embedded derivative exists because the arrangement exposes the reinsurer to third-party credit risk. These embedded derivatives are included in funds withheld receivable and payable at interest in the consolidated statements of financial condition.
Credit Risk
Global Atlantic may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of Global Atlantic’s derivatives is limited to the positive fair value of derivatives less any collateral received from the counterparty.
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Global Atlantic manages the credit risk on its derivatives by entering into derivative transactions with highly rated financial institutions and other creditworthy counterparties and, where feasible, by trading through central clearing counterparties. Global Atlantic further manages its credit risk on derivatives via the use of master netting agreements, which require the daily posting of collateral by the party in a liability position. Counterparty credit exposure and collateral values are monitored regularly and measured against counterparty exposure limits. The provisions of derivative transactions may allow for the termination and settlement of a transaction if there is a downgrade to Global Atlantic’s financial strength ratings below a specified level.
The fair value and notional value of the derivative assets and liabilities were as follows:
As of September 30, 2025Notional
Value		Derivative
Assets		Derivative
Liabilities
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options$23,588,731 $150,652 $1,132,403 
Other Derivatives290,000 8,439 — 
Total Asset Management and Strategic Holdings$23,878,731 $159,091 $1,132,403 
Insurance
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate Contracts$12,502,865 $79,319 $341,583 
Foreign Currency Contracts5,783,612 15,004 113,003 
Total Derivatives Designated as Hedge Accounting Instruments$18,286,477 $94,323 $454,586 
Derivatives Not Designated as Hedge Accounting Instruments:
Equity Market Contracts$41,230,774 $2,602,742 $127,332 
Interest Rate Contracts16,475,776 275,881 350,921 
Foreign Currency Contracts3,674,451 76,590 313,702 
Other Contracts2,955 781 11,268 
Total Derivatives Not Designated as Hedge Accounting Instruments$61,383,956 $2,955,994 $803,223 
Counterparty Netting(2)
— (689,949)(689,949)
Cash Collateral— (2,073,041)(86,770)
Total Insurance(1)
$79,670,433 $287,327 $481,090 
Fair Value Included Within Total Assets and Liabilities$103,549,164 $446,418 $1,613,493 
(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $87.3 million and the fair value of these embedded derivatives related to liabilities was $5.4 billion as of September 30, 2025.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.
As of December 31, 2024
Notional
Value		Derivative
Assets		Derivative
Liabilities
Asset Management and Strategic Holdings
Foreign Exchange Contracts and Options$19,452,993 $511,513 $131,339 
Other Derivatives455,500 8,444 — 
Total Asset Management and Strategic Holdings$19,908,493 $519,957 $131,339 
Insurance
Derivatives Designated as Hedge Accounting Instruments:
Interest Rate Contracts$15,490,742 $41,578 $511,118 
Foreign Currency Contracts2,541,093 66,774 28,878 
Total Derivatives Designated as Hedge Accounting Instruments$18,031,835 $108,352 $539,996 
Derivatives Not Designated as Hedge Accounting Instruments:
Equity Market Contracts$37,151,092 $1,921,164 $143,049 
Interest Rate Contracts29,211,430 206,222 561,452 
Foreign Currency Contracts2,887,035 108,929 54,679 
Other Contracts61,508 1,895 194 
Total Derivatives Not Designated as Hedge Accounting Instruments$69,311,065 $2,238,210 $759,374 
Counterparty Netting(2)
— (648,549)(648,549)
Cash Collateral— (1,636,662)(261,634)
Total Insurance(1)
$87,342,900 $61,351 $389,187 
Fair Value Included Within Total Assets and Liabilities$107,251,393 $581,308 $520,526 
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(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was $125.9 million and the fair value of these embedded derivatives related to liabilities was $3.2 billion as of December 31, 2024.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.
Derivatives Designated as Accounting Hedges
Where Global Atlantic has derivative instruments that are designated and qualify as accounting hedges, these derivative instruments receive hedge accounting.
Fair Value Hedges
Global Atlantic has designated foreign exchange derivative contracts, including forwards and swaps, to hedge the foreign currency risk associated with foreign currency-denominated bonds in fair value hedges. These foreign currency-denominated bonds are accounted for as AFS fixed maturity securities. Changes in the fair value of the hedged AFS fixed maturity securities due to changes in spot exchange rates are reclassified from AOCI to earnings, which offsets the earnings impact of the spot changes of the foreign exchange derivative contracts, both of which are recognized within investment-related gains (losses). The effectiveness of these hedges is assessed using the spot method. Changes in the fair value of the foreign exchange derivative contracts related to changes in the spot-forward difference are excluded from the assessment of hedge effectiveness and are deferred in AOCI and recognized in earnings using a systematic and rational method over the life of the foreign exchange derivative contracts. The amortized cost of the AFS fixed maturity securities in qualifying foreign exchange fair value hedges was $3.5 billion and $2.1 billion as of September 30, 2025 and December 31, 2024, respectively.
Global Atlantic has designated interest rate swaps to hedge the interest rate risk associated with certain debt and policy liabilities. These fair value hedges generally qualify for the shortcut method of assessing hedge effectiveness. The following table presents the financial statement classification, carrying amount, and cumulative fair value hedging adjustments for qualifying hedged debt and policy liabilities:
As of September 30, 2025As of December 31, 2024
Carrying Amount of Hedged Liabilities
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities(1)        
Carrying Amount of Hedged Liabilities
Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of Hedged Liabilities(1)        
Debt$2,982,382 $(121,829)$2,279,261 $(233,202)
Policy Liabilities3,635,242 (111,155)4,453,766 (204,435)
(1)Includes $163.6 million and $193.3 million of hedging adjustments on discontinued hedging relationships as of September 30, 2025 and December 31, 2024, respectively.
Cash Flow Hedges
Global Atlantic has designated bond forwards to hedge the interest rate risk associated with the planned purchase of AFS fixed maturity securities in cash flow hedges. These arrangements are hedging purchases through January 2030 and are expected to affect earnings until 2057. Regression analysis is used to assess the effectiveness of these hedges.
As of September 30, 2025 and December 31, 2024, there was a cumulative gain (loss) of $(190.0) million and $(249.7) million, respectively, on the currently designated bond forwards recorded in accumulated other comprehensive income (loss). Amounts deferred in accumulated other comprehensive income (loss) are reclassified to net investment income following the qualifying purchases of AFS securities, as an adjustment to the yield earned over the life of the purchased securities, using the effective interest method.
Global Atlantic has designated interest rate swaps to hedge the interest rate risk associated with floating rate investments, including AFS fixed maturity securities and commercial mortgage loans. Regression analysis is used to assess the effectiveness of these hedges.
As of September 30, 2025 and December 31, 2024, there was a cumulative gain (loss) of $(23.2) million and $(60.8) million on the currently designated interest rate swaps recorded in accumulated other comprehensive income (loss), respectively. Amounts deferred in accumulated other comprehensive gain (loss) are reclassified to net investment income in the same period during which the hedged investments affect earnings.
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Global Atlantic has designated foreign exchange swaps to hedge the foreign exchange risk associated with certain policy liabilities in cash flow hedges. The critical terms of the swaps match those of the hedged liabilities, such that the respective hedging relationship is expected to be perfectly effective (pursuant to ASC 815-20-25-84).
As of September 30, 2025, there was a cumulative gain (loss) of $(9.5) million on the currently designated foreign exchange swaps recorded in accumulated other comprehensive loss. Amounts deferred in accumulated other comprehensive loss are reclassified to net policy benefits and claims in the same period during which the hedged policy liabilities affect earnings due to changes in spot foreign exchange rates. The amount reclassified from accumulated other comprehensive loss for the swap designated in the hedge comprises changes in its fair value due to changes in spot exchange rates and an allocated portion of its initial spot-forward difference.
For all cash flow hedges, Global Atlantic estimates that the amount of gains/losses in accumulated other comprehensive income (loss) to be reclassified into earnings in the next 12 months will not be material.
Net Investment Hedges
Global Atlantic has designated cross currency swaps to hedge the foreign currency risk associated with certain foreign currency-denominated equity method investments in net investment hedges. The effectiveness of these hedges is assessed based on changes in spot rates.
Changes in the fair value of the swaps are recognized in other comprehensive income, consistent with the translation adjustment for the hedged investment. The component comprising the difference between forward rates and spot rates is amortized to net investment income over the life of the swaps. As of September 30, 2025 and December 31, 2024, the cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income related to net investment hedges was $(20.0) million and $(25.3) million, respectively.
Derivative Results
The following table presents the financial statement classification and amount of gains (losses) recognized on derivative instruments and related hedged items, where applicable. None of the Asset Management and Strategic Holdings derivatives are designated as hedge accounting instruments. The table below includes only derivatives held by Global Atlantic.
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Three Months Ended September 30, 2025
Net Investment-Related Gains (Losses)Net Investment IncomeNet Policy Benefits and ClaimsInterest ExpenseChange in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts$— $— $(4,146)$(4,407)$— 
Foreign Currency Contracts18,422 1,479 — — 4,995 
Total Gains (Losses) on Derivatives Designated as Hedge Instruments$18,422 $1,479 $(4,146)$(4,407)$4,995 
Gains (Losses) on Hedged Items:
Interest Rate Contracts$— $— $4,146 $4,407 $— 
Foreign Currency Contracts(13,557)— — — — 
Total Gains (Losses) on Hedged Items$(13,557)$— $4,146 $4,407 $— 
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts$4,269 $— $— $— $— 
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness$4,269 $— $— $— $— 
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items$9,134 $1,479 $— $— $4,995 
Cash Flow Hedges
Foreign Currency Contracts$— $— $(22,180)$— $984 
Interest Rate Contracts— (2,304)— — 40,440 
Total Gains (Losses) on Cash Flow Hedges$— $(2,304)$(22,180)$— $41,424 
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments$— $781 $— $— $14,659 
Total Gains (Losses) on Net Investment Hedges$— $781 $— $— $14,659 
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable$(30,797)$— $— $— $— 
Embedded Derivatives - Funds Withheld Payable(453,627)— — — — 
Equity Index Options466,343 — — — — 
Equity Futures Contracts(39,386)— — — — 
Interest Rate Contracts30,581 — — — — 
Foreign Exchange and Other Derivative Contracts95,834 — — — — 
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities$68,948 $— $— $— $— 
Total$78,082 $(44)$(22,180)$— $61,078 
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Three Months Ended September 30, 2024
Net Investment-Related Gains (Losses)Net Investment IncomeNet Policy Benefits and ClaimsInterest ExpenseChange in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts$— $— $55,641 $96,672 $— 
Foreign Currency Contracts(91,222)683 — — 15,275 
Total Gains (Losses) on Derivatives Designated as Hedge Instruments$(91,222)$683 $55,641 $96,672 $15,275 
Gains (Losses) on Hedged Items:
Interest Rate Contracts$— $— $(55,641)$(96,672)$— 
Foreign Currency Contracts88,474 — — — — 
Total Gains (Losses) on Hedged Items$88,474 $— $(55,641)$(96,672)$— 
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts$1,321 $— $— $— $— 
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness$1,321 $— $— $— $— 
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items$(1,427)$683 $— $— $15,275 
Cash Flow Hedges
Interest Rate Contracts$887 $(3,215)$— $— $79,725 
Total Gains (Losses) on Cash Flow Hedges$887 $(3,215)$— $— $79,725 
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments$(106)$405 $— $— $(4,149)
Total Gains (Losses) on Net Investment Hedges$(106)$405 $— $— $(4,149)
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable$(19,012)$— $— $— $— 
Embedded Derivatives - Funds Withheld Payable(1,305,338)— — — — 
Equity Index Options231,926 — — — — 
Equity Futures Contracts(25,426)— — — — 
Interest Rate Contracts324,733 — — — — 
Foreign Exchange and Other Derivative Contracts(83,770)— — — — 
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities$(876,887)$— $— $— $— 
Total$(877,533)$(2,127)$— $— $90,851 
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Nine Months Ended September 30, 2025
Net Investment-Related Gains (Losses)Net Investment IncomeNet Policy Benefits and ClaimsInterest ExpenseChange in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts$— $— $27,364 $77,167 $— 
Foreign Currency Contracts(267,159)3,038 — — 17,331 
Total Gains (Losses) on Derivatives Designated as Hedge Instruments$(267,159)$3,038 $27,364 $77,167 $17,331 
Gains (Losses) on Hedged Items:
Interest Rate Contracts$— $— $(27,364)$(77,167)$— 
Foreign Currency Contracts261,744 — — — — 
Total Gains (Losses) on Hedged Items$261,744 $— $(27,364)$(77,167)$— 
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts$16,600 $— $— $— $— 
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness$16,600 $— $— $— $— 
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items$11,185 $3,038 $— $— $17,331 
Cash Flow Hedges
Foreign Currency Contracts$— $— $(11,981)$— $(9,547)
Interest Rate Contracts— (4,248)— — 97,322 
Total Gains (Losses) on Cash Flow Hedges$— $(4,248)$(11,981)$— $87,775 
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments$— $1,622 $— $— $5,382 
Total Gains (Losses) on Net Investment Hedges$— $1,622 $— $— $5,382 
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable$(38,612)$— $— $— $— 
Embedded Derivatives - Funds Withheld Payable(652,789)— — — — 
Equity Index Options760,717 — — — — 
Equity Futures Contracts(45,502)— — — — 
Interest Rate Contracts136,767 — — — — 
Foreign Exchange and Other Derivative Contracts(227,472)— — — — 
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities$(66,891)$— $— $— $— 
Total$(55,706)$412 $(11,981)$— $110,488 
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Nine Months Ended September 30, 2024
Net Investment-Related Gains (Losses)Net Investment IncomeNet Policy Benefits and ClaimsInterest ExpenseChange in AOCI
Derivatives Designated as Hedge Accounting Instruments:
Fair Value Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments:
Interest Rate Contracts$— $— $(28,122)$14,469 $— 
Foreign Currency Contracts(34,237)2,678 — — 8,857 
Total Gains (Losses) on Derivatives Designated as Hedge Instruments$(34,237)$2,678 $(28,122)$14,469 $8,857 
Gains (Losses) on Hedged Items:
Interest Rate Contracts$— $— $28,122 $(14,469)$— 
Foreign Currency Contracts33,784 — — — — 
Total Gains (Losses) on Hedged Items$33,784 $— $28,122 $(14,469)$— 
Amortization for Gains (Losses) Excluded from Assessment of Effectiveness:
Foreign Currency Contracts$14,035 $— $— $— $— 
Total Amortization for Gains (Losses) Excluded from Assessment of Effectiveness$14,035 $— $— $— $— 
Total Gains (Losses) on Fair Value Hedges, Net of Hedged Items$13,582 $2,678 $— $— $8,857 
Cash Flow Hedges
Interest Rate Contracts$— $(4,935)$— $— $29,971 
Total Gains (Losses) on Cash Flow Hedges$— $(4,935)$— $— $29,971 
Net Investment Hedges
Gains (Losses) on Derivatives Designated as Hedge Instruments$— $405 $— $— $(13,402)
Total Gains (Losses) on Net Investment Hedges$— $405 $— $— $(13,402)
Derivatives Not Designated as Hedge Accounting Instruments:
Insurance
Embedded Derivatives - Funds Withheld Receivable$6,592 $— $— $— $— 
Embedded Derivatives - Funds Withheld Payable(852,165)— — — — 
Equity Index Options580,358 — — — — 
Equity Futures Contracts(96,312)— — — — 
Interest Rate Contracts(42,280)— — — — 
Foreign Exchange and Other Derivative Contracts(61,522)— — — — 
Total Gains (Losses) on Derivatives Not Designated as Hedge Accounting Instruments from Insurance Activities$(465,329)$— $— $— $— 
Total$(451,747)$(1,852)$— $— $25,426 






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Collateral
The amount of Global Atlantic's net derivative assets and liabilities after consideration of collateral received or pledged were as follows:
As of September 30, 2025Gross Amount Recognized
Gross Amounts Offset in the Statements of Financial Condition(1)
Net Amounts Presented in the Statements of Financial ConditionCollateral (Received) / PledgedNet Amount After Collateral
Derivative Assets (Excluding Embedded Derivatives)$3,050,317 $(2,762,990)$287,327 $(382,708)$(95,381)
Derivative Liabilities (Excluding Embedded Derivatives)$1,257,809 $(776,719)$481,090 $753,046 $(271,956)
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.
As of December 31, 2024Gross Amount Recognized
Gross Amounts Offset in the Statements of Financial Condition(1)
Net Amounts Presented in the Statements of Financial ConditionCollateral (Received) / PledgedNet Amount After Collateral
Derivative Assets (Excluding Embedded Derivatives)$2,346,562 $(2,285,211)$61,351 $(157,782)$(96,431)
Derivative Liabilities (Excluding Embedded Derivatives)$1,299,370 $(910,183)$389,187 $504,665 $(115,478)
(1)Represents netting of derivative exposures covered by qualifying master netting agreements.
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9. FAIR VALUE MEASUREMENTS
The following tables summarize the valuation of assets and liabilities measured and reported at fair value by the fair value hierarchy. Investments classified as Equity Method - Other, for which the fair value option has not been elected, and Equity Method - Capital Allocation-Based Income have been excluded from the tables below.
Assets, at fair value:
 September 30, 2025
 Level ILevel IILevel IIITotal
Asset Management and Strategic Holdings
Private Equity$793,375 $291,311 $40,046,697 $41,131,383 
Credit— 3,207,807 4,068,396 7,276,203 
Investments of Consolidated CFEs— 30,344,034 — 30,344,034 
Real Assets240,007 71,020 13,544,895 13,855,922 
Equity Method - Other109,645 46,313 1,490,486 1,646,444 
Other Investments155,262 155,150 5,207,983 5,518,395 
Total Investments$1,298,289 $34,115,635 $64,358,457 $99,772,381 
Foreign Exchange Contracts and Options— 150,652 — 150,652 
Other Derivatives3 8,436 — 8,439 
Total Assets at Fair Value - Asset Management and Strategic Holdings$1,298,292 $34,274,723 $64,358,457 $99,931,472 
Insurance
AFS Fixed Maturity Securities:
U.S. Government and Agencies$— $416,697 $— $416,697 
U.S. State, Municipal and Political Subdivisions— 2,643,377 — 2,643,377 
Corporate— 40,698,428 12,637,860 53,336,288 
Structured Securities— 28,351,033 3,675,040 32,026,073 
Total AFS Fixed Maturity Securities$— $72,109,535 $16,312,900 $88,422,435 
Trading Fixed Maturity Securities:
U.S. Government and Agencies$— $572,557 $— $572,557 
U.S. State, Municipal and Political Subdivisions— 279,711 — 279,711 
Corporate— 12,156,625 2,200,810 14,357,435 
Structured Securities— 6,913,996 859,500 7,773,496 
Total Trading Fixed Maturity Securities$— $19,922,889 $3,060,310 $22,983,199 
Mortgage and Other Loan Receivables— — 6,913,681 6,913,681 
Real Assets— — 8,650,395 
(1)
8,650,395 
Other Investments1,665,620 499,604 514,579 
(1)
2,679,803 
Funds Withheld Receivable at Interest— — 87,275 87,275 
Reinsurance Recoverable— — 937,784 937,784 
Derivative Assets:
Equity Market Contracts957 2,601,785 — 2,602,742 
Interest Rate Contracts— 355,200 — 355,200 
Other Contracts— 781 — 781 
Foreign Currency Contracts— 91,594 — 91,594 
Counterparty Netting and Cash Collateral3,275 (2,766,265)— 
(2)
(2,762,990)
Total Derivative Assets$4,232 $283,095 $— $287,327 
Separate Account Assets3,906,414 — — 3,906,414 
Total Assets at Fair Value - Insurance$5,576,266 $92,815,123 $36,476,924 $134,868,313 
Total Assets at Fair Value$6,874,558 $127,089,846 $100,835,381 $234,799,785 
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 December 31, 2024
 Level ILevel IILevel IIITotal
Asset Management and Strategic Holdings
Private Equity$816,229 $523,274 $33,123,449 $34,462,952 
Credit— 3,249,173 4,805,408 8,054,581 
Investments of Consolidated CFEs— 27,488,538 — 27,488,538 
Real Assets436,546 261,902 12,524,290 13,222,738 
Equity Method - Other162,950 264,284 1,405,300 1,832,534 
Other Investments179,102 64,391 4,848,851 5,092,344 
Total Investments$1,594,827 $31,851,562 $56,707,298 $90,153,687 
Foreign Exchange Contracts and Options— 511,513 — 511,513 
Other Derivatives42 8,402 — 8,444 
Total Assets at Fair Value - Asset Management and Strategic Holdings$1,594,869 $32,371,477 $56,707,298 $90,673,644 
Insurance
AFS Fixed Maturity Securities:
U.S. Government and Agencies$— $2,391,407 $— $2,391,407 
U.S. State, Municipal and Political Subdivisions— 3,769,461 — 3,769,461 
Corporate— 32,585,117 9,354,150 41,939,267 
Structured Securities— 25,851,177 2,308,644 28,159,821 
Total AFS Fixed Maturity Securities$— $64,597,162 $11,662,794 $76,259,956 
Trading Fixed Maturity Securities:
U.S. Government and Agencies$— $2,425,469 $— $2,425,469 
U.S. State, Municipal and Political Subdivisions— 380,175 — 380,175 
Corporate— 10,132,588 1,322,304 11,454,892 
Structured Securities— 6,399,502 759,203 7,158,705 
Total Trading Fixed Maturity Securities$— $19,337,734 $2,081,507 $21,419,241 
Mortgage and Other Loan Receivables— — 1,611,109 1,611,109 
Real Assets— — 8,121,139 
(1)
8,121,139 
Other Investments207,281 269,250 103,823 
(1)
580,354 
Funds Withheld Receivable at Interest— — 125,887 125,887 
Reinsurance Recoverable— — 940,731 940,731 
Derivative Assets:
Equity Market Contracts5,475 1,915,689 — 1,921,164 
Interest Rate Contracts— 247,800 — 247,800 
Other Contracts— 1,895 — 1,895 
Foreign Currency Contracts— 175,703 — 175,703 
Counterparty Netting and Cash Collateral(159)(2,285,052)— 
(2)
(2,285,211)
Total Derivative Assets$5,316 $56,035 $— $61,351 
Separate Account Assets3,981,060 — — 3,981,060 
Total Assets at Fair Value - Insurance$4,193,657 $84,260,181 $24,646,990 $113,100,828 
Total Assets at Fair Value$5,788,526 $116,631,658 $81,354,288 $203,774,472 
(1)Real assets and other investments excluded from the fair value hierarchy table include certain funds for which fair value is measured at net asset value per share as a practical expedient. As of September 30, 2025 and December 31, 2024, the fair value of these real assets were $25.2 million and $34.5 million, respectively, and other investments were $335.0 million and $4.3 million, respectively. These fund investments have strategies primarily focused on real assets (primarily real estate) or other investments and are subject to certain restrictions on redemption. As of both September 30, 2025 and December 31, 2024, there were $1.3 million of unfunded commitments associated with real assets, and as of September 30, 2025 and December 31, 2024, $1.3 million and $1.5 million associated with these other investments, respectively.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.



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Liabilities, at fair value:
 September 30, 2025
 Level ILevel IILevel IIITotal
Asset Management and Strategic Holdings
Securities Sold Short$139,289 $— $— $139,289 
Foreign Exchange Contracts and Options— 1,132,403 — 1,132,403 
Unfunded Revolver Commitments— — 105,970 
(1)
105,970 
Debt Obligations of Consolidated CFEs— 30,028,712 — 30,028,712 
Total Liabilities at Fair Value - Asset Management and Strategic Holdings$139,289 $31,161,115 $105,970 $31,406,374 
Insurance
Policy Liabilities (Including Market Risk Benefits)$— $— $1,567,383 
(3)
$1,567,383 
Closed Block Policy Liabilities— — 988,782 988,782 
Funds Withheld Payable at Interest— — (2,144,755)(2,144,755)
Derivative Instruments Payable:
Equity Market Contracts1,833 125,499 — 127,332 
Interest Rate Contracts1,231 691,273 — 692,504 
Foreign Currency Contracts— 426,705 — 426,705 
Other Contracts— 11,268 — 11,268 
Counterparty Netting and Cash Collateral3,275 (779,994)— 
(2)
(776,719)
Total Derivative Instruments Payable$6,339 $474,751 $— $481,090 
Embedded Derivative – Interest-Sensitive Life Products
— — 481,506 481,506 
Embedded Derivative – Annuity Products— — 7,093,583 7,093,583 
Total Liabilities at Fair Value - Insurance$6,339 $474,751 $7,986,499 $8,467,589 
Total Liabilities at Fair Value$145,628 $31,635,866 $8,092,469 $39,873,963 
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Table of Contents
 December 31, 2024
 Level ILevel IILevel IIITotal
Asset Management and Strategic Holdings
Securities Sold Short$109,168 $— $— $109,168 
Foreign Exchange Contracts and Options— 131,339 — 131,339 
Unfunded Revolver Commitments— — 96,848 
(1)
96,848 
Debt Obligations of Consolidated CFEs— 27,150,809 — 27,150,809 
Total Liabilities at Fair Value - Asset Management and Strategic Holdings$109,168 $27,282,148 $96,848 $27,488,164 
Insurance
Policy Liabilities (Including Market Risk Benefits)$— $— $1,279,794 
(3)
$1,279,794 
Closed Block Policy Liabilities— — 988,320 988,320 
Funds Withheld Payable at Interest— — (2,797,544)(2,797,544)
Derivative Instruments Payable:
Equity Market Contracts508 142,541 — 143,049 
Interest Rate Contracts89 1,072,481 — 1,072,570 
Foreign Currency Contracts— 83,557 — 83,557 
Other Contracts— 194 — 194 
Counterparty Netting and Cash Collateral(159)(910,024)— 
(2)
(910,183)
Total Derivative Instruments Payable$438 $388,749 $— $389,187 
Embedded Derivative – Interest-Sensitive Life Products
— — 491,818 491,818 
Embedded Derivative – Annuity Products— — 5,481,063 5,481,063 
Total Liabilities at Fair Value - Insurance$438 $388,749 $5,443,451 $5,832,638 
Total Liabilities at Fair Value$109,606 $27,670,897 $5,540,299 $33,320,802 
(1)These unfunded revolver commitments are valued using the same valuation methodologies as KKR's Level III credit investments.
(2)Represents netting of derivative exposures covered by qualifying master netting agreements.
(3)Includes market risk benefit of $1.3 billion and $1.0 billion as of September 30, 2025 and December 31, 2024, respectively.













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The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level III inputs have been used to determine fair value for the three and nine months ended September 30, 2025 and 2024, respectively.
Three Months Ended September 30, 2025
Balance, Beg. of PeriodTransfers In / (Out) - Changes in ConsolidationTransfers
In		Transfers OutNet Purchases/Issuances/Sales/SettlementsNet Unrealized and Realized Gains (Losses)Change in OCIBalance, End of PeriodChanges in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management and Strategic Holdings
Private Equity$39,138,019 $— $— $— $391,235 $517,443 $— $40,046,697 $548,535 $— 
Credit 4,345,315 — 48,211 — (305,453)(19,677)— 4,068,396 (20,682)— 
Real Assets12,994,699 — — — 574,187 (23,991)— 13,544,895 (22,922)— 
Equity Method - Other1,433,136 — — (14,136)59,839 11,647 — 1,490,486 5,741 — 
Other Investments5,086,240 — — — 35,945 85,798 — 5,207,983 61,132 — 
  Total Assets - Asset Management and Strategic Holdings$62,997,409 $— $48,211 $(14,136)$755,753 $571,220 $— $64,358,457 $571,804 $— 
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities$11,517,266 $— $32,142 $(3,450)$1,044,952 $(23,755)$70,705 $12,637,860 $— $71,990 
Structured Securities2,888,312 — 8,594 (76,262)804,908 10,743 38,745 3,675,040 — 36,336 
Total AFS Fixed Maturity Securities14,405,578 — 40,736 (79,712)1,849,860 (13,012)109,450 16,312,900 — 108,326 
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities1,877,883 — — (1,201)308,690 15,438 — 2,200,810 16,783 — 
Structured Securities831,590 — — (24,982)41,029 11,863 — 859,500 7,736 — 
Total Trading Fixed Maturity Securities2,709,473 — — (26,183)349,719 27,301 — 3,060,310 24,519 — 
Mortgage and Other Loan Receivables4,946,666 — — — 1,893,920 73,095 — 6,913,681 60,916 — 
Real Assets8,516,372 — — — 92,211 41,812 — 8,650,395 4,213 — 
Other Investments105,969 — — — 351,004 57,606 — 514,579 62,594 — 
Funds Withheld Receivable at Interest118,072 — — — — (30,797)— 87,275 — — 
Reinsurance Recoverable935,444 — — — 510 1,830 — 937,784 — — 
Total Assets - Insurance$31,737,574 $— $40,736 $(105,895)$4,537,224 $157,835 $109,450 $36,476,924 $152,242 $108,326 
Total$94,734,983 $— $88,947 $(120,031)$5,292,977 $729,055 $109,450 $100,835,381 $724,046 $108,326 
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Nine Months Ended September 30, 2025
Balance, Beg. of PeriodTransfers In / (Out) - Changes in ConsolidationTransfers
In		Transfers OutNet Purchases/Issuances/Sales/SettlementsNet Unrealized and Realized Gains (Losses)Change in OCIBalance, End of PeriodChanges in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting DateChanges in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management and Strategic Holdings
Private Equity$33,123,449 $2,267,409 $— $— $1,618,561 $3,037,278 $— $40,046,697 $2,988,395 $— 
Credit4,805,408 — 48,211 — (791,154)5,931 — 4,068,396 37,318 — 
Real Assets12,524,290 — — — 665,999 354,606 — 13,544,895 386,122 — 
Equity Method - Other1,405,300 — — (14,136)72,705 26,617 — 1,490,486 883 — 
Other Investments4,848,851 — 29,648 (24,594)79,925 274,153 — 5,207,983 257,743 — 
Total Assets - Asset Management and Strategic Holdings$56,707,298 $2,267,409 $77,859 $(38,730)$1,646,036 $3,698,585 $— $64,358,457 $3,670,461 $— 
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities$9,354,150 $— $366,857 $(8,653)$2,712,086 $148,303 $65,117 $12,637,860 $— $28,683 
Structured Securities2,308,644 — 8,594 (79,817)1,371,649 19,658 46,312 3,675,040 — 39,730 
Total AFS Fixed Maturity Securities$11,662,794 $— $375,451 $(88,470)$4,083,735 $167,961 $111,429 $16,312,900 $— $68,413 
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities1,322,304 — 102,821 (1,835)847,535 (70,015)— 2,200,810 (59,554)— 
Structured Securities759,203 — — (24,982)118,823 6,456 — 859,500 234 — 
Total Trading Fixed Maturity Securities$2,081,507 $— $102,821 $(26,817)$966,358 $(63,559)$— $3,060,310 $(59,320)$— 
Mortgage and Other Loan Receivables1,611,109 — — — 5,165,400 137,172 — 6,913,681 92,026 — 
Real Assets8,121,139 — — — 450,290 78,966 — 8,650,395 68,337 — 
Other Investments103,823 — — — 365,259 45,497 — 514,579 26,046 — 
Funds Withheld Receivable at Interest125,887 — — — — (38,612)— 87,275 — — 
Reinsurance Recoverable940,731 — — — (4,576)1,629 — 937,784 — — 
Total Assets - Insurance$24,646,990 $— $478,272 $(115,287)$11,026,466 $329,054 $111,429 $36,476,924 $127,089 $68,413 
Total$81,354,288 $2,267,409 $556,131 $(154,017)$12,672,502 $4,027,639 $111,429 $100,835,381 $3,797,550 $68,413 
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Three Months Ended September 30, 2024
Balance, Beg. of PeriodTransfers In / (Out) - Changes in ConsolidationTransfers InTransfers OutNet Purchases/Issuances/Sales/SettlementsNet Unrealized and Realized Gains (Losses)Change in OCIBalance, End of PeriodChanges in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting DateChanges in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management and Strategic Holdings
Private Equity$32,816,612 $(1,064,234)$— $(412,552)$334,095 $1,304,744 $— $32,978,665 $1,237,010 $— 
Credit4,817,048 — 26,833 — (124,520)(61,168)— 4,658,193 55,711 — 
Real Assets12,782,172 — — — (168,204)126,474 — 12,740,442 101,569 — 
Equity Method - Other1,506,572 — — (60,900)(33,923)13,487 — 1,425,236 13,376 — 
Other Investments4,519,889 — — — 176,142 109,305 — 4,805,336 100,744 — 
Total Assets - Asset Management and Strategic Holdings$56,442,293 $(1,064,234)$26,833 $(473,452)$183,590 $1,492,842 $— $56,607,872 $1,508,410 $— 
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities$8,685,083 $— $— $— $266,708 $53,500 $36,783 $9,042,074 $— $36,914 
Structured Securities2,101,668 — — — 91,634 10,103 37,926 2,241,331 — 37,932 
Total AFS Fixed Maturity Securities$10,786,751 $— $— $— $358,342 $63,603 $74,709 $11,283,405 $— $74,846 
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities910,400 — — — 36,047 15,547 — 961,994 15,504 — 
Structured Securities600,422 — — — (27,151)15,455 — 588,726 16,253 — 
Total Trading Fixed Maturity Securities$1,510,822 $— $— $— $8,896 $31,002 $— $1,550,720 $31,757 $— 
Mortgage and Other Loan Receivables603,200 — — — (18,795)11,970 — 596,375 11,872 — 
Real Assets7,460,079 — — — 561,737 (2,915)— 8,018,901 (8,113)— 
Other Investments104,743 — — — 518 (2,565)— 102,696 (2,564)— 
Funds Withheld Receivable at Interest114,265 — — — — (19,012)— 95,253 — — 
Reinsurance Recoverable926,695 — — — (1,640)30,286 — 955,341 — — 
Total Assets - Insurance$21,506,555 $— $— $— $909,058 $112,369 $74,709 $22,602,691 $32,952 $74,846 
Total$77,948,848 $(1,064,234)$26,833 $(473,452)$1,092,648 $1,605,211 $74,709 $79,210,563 $1,541,362 $74,846 
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Nine Months Ended September 30, 2024
Balance, Beg. of PeriodTransfers In / (Out) - Changes in ConsolidationTransfers InTransfers OutNet Purchases/Issuances/Sales/SettlementsNet Unrealized and Realized Gains (Losses)Change in OCIBalance, End of PeriodChanges in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting DateChanges in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management and Strategic Holdings
Private Equity$30,921,574 $(1,064,234)$9,042 $(412,552)$1,319,902 $2,204,933 $— $32,978,665 $2,138,873 $— 
Credit5,452,916 151,713 174,905 (105,080)(844,989)(171,272)— 4,658,193 (36,417)— 
Real Assets11,295,633 934,530 — — 322,565 187,714 — 12,740,442 87,385 — 
Equity Method - Other1,537,962 — — (62,977)(33,980)(15,769)— 1,425,236 (17,486)— 
Other Investments4,265,768 — — (8,106)422,279 125,218 177 4,805,336 122,196 177 
Total Assets - Asset Management and Strategic Holdings$53,473,853 $22,009 $183,947 $(588,715)$1,185,777 $2,330,824 $177 $56,607,872 $2,294,551 $177 
Insurance
AFS Fixed Maturity Securities: 
Corporate Fixed Maturity Securities$8,571,003 $— $— $(301)$333,979 $(7,408)$144,801 $9,042,074 $— $86,625 
Structured Securities1,830,000 — 95,965 — 227,532 25,338 62,496 2,241,331 — 64,049 
Total AFS Fixed Maturity Securities$10,401,003 $— $95,965 $(301)$561,511 $17,930 $207,297 $11,283,405 $— $150,674 
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities656,923 — 1,416 — 244,628 59,027 — 961,994 21,991 — 
Structured Securities593,238 — 106,805 — (151,768)40,451 — 588,726 25,446 — 
Total Trading Fixed Maturity Securities$1,250,161 $— $108,221 $— $92,860 $99,478 $— $1,550,720 $47,437 $— 
Mortgage and Other Loan Receivables697,402 — — — (117,920)16,893 — 596,375 19,760 — 
Real Assets4,815,265 — — — 3,328,425 (124,789)— 8,018,901 (117,389)— 
Other Investments126,008 — — — 13,511 (36,823)— 102,696 (47,376)— 
Funds Withheld Receivable at Interest88,661 — — — — 6,592 — 95,253 — — 
Reinsurance Recoverable926,035 — — — (7,989)37,295 — 955,341 — — 
Total Assets - Insurance$18,304,535 $— $204,186 $(301)$3,870,398 $16,576 $207,297 $22,602,691 $(97,568)$150,674 
Total$71,778,388 $22,009 $388,133 $(589,016)$5,056,175 $2,347,400 $207,474 $79,210,563 $2,196,983 $150,851 
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Three Months Ended September 30, 2025Three Months Ended September 30, 2024
PurchasesIssuancesSalesSettlementsNet Purchases/ Issuances/ Sales/ SettlementsPurchasesIssuancesSalesSettlementsNet Purchases/ Issuances/ Sales/ Settlements
Assets
Asset Management and Strategic Holdings
Private Equity$1,146,209 $— $(754,974)$— $391,235 $537,627 $— $(203,532)$— $334,095 
Credit 217,147 — (472,103)(50,497)(305,453)229,527 — (354,047)— (124,520)
Real Assets762,792 — (188,605)— 574,187 844,660 — (1,012,864)— (168,204)
Equity Method - Other109,834 — (49,995)— 59,839 1,002 — (34,925)— (33,923)
Other Investments215,437 — (164,061)(15,431)35,945 1,032,365 — (856,223)— 176,142 
  Total Assets - Asset Management and Strategic Holdings$2,451,419 $— $(1,629,738)$(65,928)$755,753 $2,645,181 $— $(2,461,591)$— $183,590 
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities$1,977,362 $— $(686,920)$(245,490)$1,044,952 $1,347,498 $— $(522,817)$(557,973)$266,708 
Structured Securities1,202,934 — (2,900)(395,126)804,908 249,404 — — (157,770)91,634 
Total AFS Fixed Maturity Securities3,180,296 — (689,820)(640,616)1,849,860 $1,596,902 $— $(522,817)$(715,743)$358,342 
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities314,721 — (44)(5,987)308,690 72,013 — (1,227)(34,739)36,047 
Structured Securities143,531 — — (102,502)41,029 17,271 — — (44,422)(27,151)
Total Trading Fixed Maturity Securities458,252 — (44)(108,489)349,719 $89,284 $— $(1,227)$(79,161)$8,896 
Mortgage and Other Loan Receivables3,008,847 — (990,173)(124,754)1,893,920 — — — (18,795)(18,795)
Real Assets105,735 — (13,524)— 92,211 648,543 — (4,073)(82,733)561,737 
Other Investments351,004 — — — 351,004 518 — — — 518 
Reinsurance Recoverable— — — 510 510 — — — (1,640)(1,640)
  Total Assets - Insurance$7,104,134 $— $(1,693,561)$(873,349)$4,537,224 $2,335,247 $— $(528,117)$(898,072)$909,058 
Total$9,555,553 $— $(3,323,299)$(939,277)$5,292,977 $4,980,428 $— $(2,989,708)$(898,072)$1,092,648 
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Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
PurchasesIssuancesSalesSettlementsNet Purchases/Issuances/Sales/SettlementsPurchasesIssuancesSalesSettlementsNet Purchases/ Issuances/ Sales/ Settlements
Assets
Asset Management and Strategic Holdings
Private Equity$2,694,603 $— $(1,076,042)$— $1,618,561 $1,858,430 $— $(538,528)$— $1,319,902 
Credit 834,742 — (1,420,388)(205,508)(791,154)742,877 — (1,237,596)(350,270)(844,989)
Real Assets1,063,436 — (397,437)— 665,999 1,726,310 — (1,403,745)— 322,565 
Equity Method - Other185,078 — (112,373)— 72,705 4,084 — (38,064)— (33,980)
Other Investments512,989 — (392,598)(40,466)79,925 2,288,618 — (1,801,569)(64,770)422,279 
Total Assets - Asset Management and Strategic Holdings$5,290,848 $— $(3,398,838)$(245,974)$1,646,036 $6,620,319 $— $(5,019,502)$(415,040)$1,185,777 
Insurance
AFS Fixed Maturity Securities:
Corporate Fixed Maturity Securities$5,103,610 $— $(945,198)$(1,446,326)$2,712,086 $3,519,683 $— $(1,193,197)$(1,992,507)$333,979 
Structured Securities2,181,504 — (68,814)(741,041)1,371,649 591,942 — (10,349)(354,061)227,532 
Total AFS Fixed Maturity Securities7,285,114 — (1,014,012)(2,187,367)4,083,735 $4,111,625 $— $(1,203,546)$(2,346,568)$561,511 
Trading Fixed Maturity Securities:
Corporate Fixed Maturity Securities1,255,004 — (365,527)(41,942)847,535 839,978 — (224,710)(370,640)244,628 
Structured Securities298,797 — (6,345)(173,629)118,823 124,887 — (204,425)(72,230)(151,768)
Total Trading Fixed Maturity Securities1,553,801 — (371,872)(215,571)966,358 $964,865 $— $(429,135)$(442,870)$92,860 
Mortgage and Other Loan Receivables7,485,655 — (2,076,768)(243,487)5,165,400 1,795 — — (119,715)(117,920)
Real Assets482,780 — (32,490)— 450,290 3,422,997 — (11,839)(82,733)3,328,425 
Other Investments394,805 — (29,546)— 365,259 13,511 — — — 13,511 
Reinsurance Recoverable— — — (4,576)(4,576)— — — (7,989)(7,989)
Total Assets - Insurance$17,202,155 $— $(3,524,688)$(2,651,001)$11,026,466 $8,514,793 $— $(1,644,520)$(2,999,875)$3,870,398 
Total$22,493,003 $— $(6,923,526)$(2,896,975)$12,672,502 $15,135,112 $— $(6,664,022)$(3,414,915)$5,056,175 
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Three Months Ended September 30, 2025
Balance, Beg. of PeriodTransfers In / (Out) - Changes in ConsolidationTransfers InTransfers OutNet Purchases/Sales/Settlements/IssuancesNet Unrealized and Realized Gains (Losses)Change in OCIBalance, End of PeriodChanges in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments$98,523 $— $— $— $— $7,447 $— $105,970 $7,447 
Total Liabilities - Asset Management and Strategic Holdings$98,523 $— $— $— $— $7,447 $— $105,970 $7,447 
Insurance
Policy Liabilities$1,497,255 $— $— $— $25,585 $5,191 $39,352 $1,567,383 $— 
Closed Block Policy Liabilities983,915 — — — 8,026 (1,336)(1,823)988,782 — 
Funds Withheld Payable at Interest(2,598,382)— — — — 453,627 — (2,144,755)— 
Embedded Derivative – Interest-Sensitive
Life Products		476,654 — — — (38,720)43,572 — 481,506 — 
Embedded Derivative – Annuity Products6,420,201 — — — 168,647 504,735 — 7,093,583 — 
Total Liabilities - Insurance$6,779,643 $— $— $— $163,538 $1,005,789 $37,529 $7,986,499 $— 
Total$6,878,166 $— $— $— $163,538 $1,013,236 $37,529 $8,092,469 $7,447 
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Nine Months Ended September 30, 2025
Balance, Beg. of PeriodTransfers In / (Out) - Changes in ConsolidationTransfers InTransfers OutNet Purchases/Sales/Settlements/IssuancesNet Unrealized and Realized Gains (Losses)Change in OCIBalance, End of PeriodChanges in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments$96,848 $— $— $— $— $9,122 $— $105,970 $9,122 
Total Liabilities - Asset Management and Strategic Holdings$96,848 $— $— $— $— $9,122 $— $105,970 $9,122 
Insurance
Policy Liabilities$1,279,794 $— $— $— $67,715 $167,822 $52,052 $1,567,383 $— 
Closed Block Policy Liabilities988,320 — — — 4,638 (2,061)(2,115)988,782 — 
Funds Withheld Payable at Interest(2,797,544)— — — — 652,789 — (2,144,755)— 
Embedded Derivative – Interest-Sensitive Life Products491,818 — — — (101,260)90,948 — 481,506 — 
Embedded Derivative – Annuity Products5,481,063 — — — 605,263 1,007,257 — 7,093,583 — 
Total Liabilities - Insurance$5,443,451 $— $— $— $576,356 $1,916,755 $49,937 $7,986,499 $— 
Total$5,540,299 $— $— $— $576,356 $1,925,877 $49,937 $8,092,469 $9,122 

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Three Months Ended September 30, 2024
Balance, Beg. of PeriodTransfers In / (Out) - Changes in ConsolidationTransfers InTransfers OutNet Purchases/Sales/Settlements/IssuancesNet Unrealized and Realized Gains (Losses)Change in OCIBalance, End of PeriodChanges in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments$98,327 $— $— $— $— $5,599 $— $103,926 $5,599 
Total Liabilities - Asset Management and Strategic Holdings$98,327 $— $— $— $— $5,599 $— $103,926 $5,599 
Insurance
Policy Liabilities$1,320,498 $— $— $— $19,896 $50,366 $38,711 $1,429,471 $— 
Closed Block Policy Liabilities970,844 — — — (3,789)32,187 1,507 1,000,749 — 
Funds Withheld Payable at Interest(2,900,476)— — — — 1,305,338 — (1,595,138)— 
Embedded Derivative – Interest-Sensitive
Life Products		495,342 — — — (25,069)42,201 — 512,474 — 
Embedded Derivative – Annuity Products4,478,104 — — — 337,312 428,959 — 5,244,375 — 
Total Liabilities - Insurance$4,364,312 $— $— $— $328,350 $1,859,051 $40,218 $6,591,931 $— 
Total$4,462,639 $— $— $— $328,350 $1,864,650 $40,218 $6,695,857 $5,599 
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Nine Months Ended September 30, 2024
Balance, Beg. of PeriodTransfers In / (Out) - Changes in ConsolidationTransfers InTransfers OutNet Purchases/Sales/Settlements/IssuancesNet Unrealized and Realized Gains (Losses)Change in OCIBalance, End of PeriodChanges in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management and Strategic Holdings
Unfunded Revolver Commitments$94,683 $— $— $— $— $9,243 $— $103,926 $9,243 
Total Liabilities - Asset Management and Strategic Holdings$94,683 $— $— $— $— $9,243 $— $103,926 $9,243 
Insurance
Policy Liabilities$1,474,970 $— $— $— $28,174 $(103,360)$29,687 $1,429,471 $— 
Closed Block Policy Liabilities968,554 — — — 1,126 32,776 (1,707)1,000,749 — 
Funds Withheld Payable at Interest(2,447,303)— — — — 852,165 — (1,595,138)— 
Embedded Derivative – Interest-Sensitive Life Products458,302 — — — (71,974)126,146 — 512,474 — 
Embedded Derivative – Annuity Products3,587,371 — — — 931,981 725,023 — 5,244,375 — 
Total Liabilities - Insurance$4,041,894 $— $— $— $889,307 $1,632,750 $27,980 $6,591,931 $— 
Total$4,136,577 $— $— $— $889,307 $1,641,993 $27,980 $6,695,857 $9,243 

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Three Months Ended September 30, 2025Three Months Ended September 30, 2024
IssuancesSettlementsNet Issuances/SettlementsIssuancesSettlementsNet Issuances/Settlements
Liabilities
Insurance
Policy Liabilities$29,851 $(4,266)$25,585 $23,505 $(3,609)$19,896 
Closed Block Policy Liabilities4,638 3,388 8,026 — (3,789)(3,789)
Embedded Derivative – Interest-Sensitive Life Products— (38,720)(38,720)— (25,069)(25,069)
Embedded Derivative – Annuity Products265,088 (96,441)168,647 409,892 (72,580)337,312 
Total Liabilities - Insurance$299,577 $(136,039)$163,538 $433,397 $(105,047)$328,350 
Total$299,577 $(136,039)$163,538 $433,397 $(105,047)$328,350 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
IssuancesSettlementsNet Issuances/SettlementsIssuancesSettlementsNet Issuances/Settlements
Liabilities
Insurance
Policy Liabilities$80,114 $(12,399)$67,715 $38,754 $(10,580)$28,174 
Closed Block Policy Liabilities4,638 — 4,638 1,126 — 1,126 
Embedded Derivative – Interest-Sensitive Life Products— (101,260)(101,260)— (71,974)(71,974)
Embedded Derivative – Annuity Products858,663 (253,400)605,263 1,125,910 (193,929)931,981 
Total Liabilities - Insurance$943,415 $(367,059)$576,356 $1,165,790 $(276,483)$889,307 
Total$943,415 $(367,059)$576,356 $1,165,790 $(276,483)$889,307 
Total realized and unrealized gains and losses recorded for Asset Management and Strategic Holdings - Level III assets and liabilities are reported in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations while Insurance - Level III assets and liabilities are reported in Net Investment Gains and Policy Benefits and Claims in the accompanying consolidated statements of operations.
The following table presents additional information about valuation methodologies and significant unobservable inputs used for the consolidated financial assets and liabilities that are measured and reported at fair value and categorized within Level III as of September 30, 2025. Because input information includes only those items for which information is reasonably available, balances shown below may not equal total amounts reported for such Level III assets and liabilities:

Level III AssetsFair Value September 30, 2025Valuation
Methodologies & Inputs
Unobservable Input(s) (1)
Weighted
Average (2)
Range
Impact to
 Valuation
from an
Increase in
Input (3)
ASSET MANAGEMENT AND STRATEGIC HOLDINGS    
Private Equity$40,046,697 
Private Equity$37,062,967 Inputs to market comparables, discounted cash flow and transaction price Illiquidity Discount5.8%
5.0% - 20.0%
 Decrease
 Weight Ascribed to Market Comparables28.7%
0.0% - 100.0%
 (4)
  Weight Ascribed to Discounted Cash Flow67.6%
0.0% - 100.0%
 (5)
  Weight Ascribed to Transaction Price3.7%
0.0% - 100.0%
 (6)
  Market comparablesEnterprise Value/LTM EBITDA Multiple17.4x
5.7x - 27.8x
 Increase
Enterprise Value/Forward EBITDA Multiple15.6x
6.7x - 26.1x
 Increase
  Discounted cash flowWeighted Average Cost of Capital9.7%
6.0% - 14.2%
 Decrease
  Enterprise Value/EBITDA Exit Multiple14.6x
7.0x - 27.6x
 Increase
Growth Equity$2,983,730 Inputs to market comparables, discounted cash flow and milestones Illiquidity Discount10.0%
10.0% - 15.0%
Decrease
Weight Ascribed to Market Comparables35.8%
0.0% - 100.0%
(4)
Weight Ascribed to Discounted Cash Flow3.6%
0.0% - 60.0%
(5)
Weight Ascribed to Transaction Price23.8%
0.0% - 100.0%
(6)
Weight Ascribed to Milestones 36.8%
0.0% - 100.0%
(6)
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Scenario WeightingBase73.3%
50.0% - 80.0%
Increase
Downside13.5%
0.0% - 50.0%
Decrease
Upside13.2%
0.0% - 30.0%
Increase
Market ComparablesEnterprise Value/Revenues Multiple7.2x
2.3x - 26.4x
Increase
Credit $4,068,396 Yield AnalysisYield10.4%
2.8% - 21.5%
 Decrease
Net Leverage6.6x
2.9x -18.6x
Decrease
EBITDA Multiple12.8x
6.3x - 31.0x
Increase
Real Assets$13,544,895       
Energy$1,312,529 Inputs to market comparables, discounted cash flow and transaction priceWeight Ascribed to Market Comparables46.1%
0.0% - 50.0%
(4)
Weight Ascribed to Discounted Cash Flow53.9%
50.0% - 100.0%
(5)
Market comparablesEnterprise Value/LTM EBITDA Multiple4.0x
4.0x - 4.0x
Increase
Enterprise Value/Forward EBITDA Multiple7.6x
4.5x- 8.5x
Increase
Discounted cash flowWeighted Average Cost of Capital12.0%
10.7% - 12.6%
 Decrease
Average Price Per BOE (8)$42.40
$41.05 - $45.25
Increase
Infrastructure
$1,064,351 Inputs to market comparables, discounted cash flow and transaction priceIlliquidity Discount6.7%
5.0% - 10.0%
 Decrease
Weight Ascribed to Market Comparables11.3%
0.0% - 25.0%
(4)
Weight Ascribed to Discounted Cash Flow88.7%
75.0% - 100.0%
 (5)
Market comparablesEnterprise Value/LTM EBITDA Multiple12.2x
12.2x - 12.2x
Increase
Enterprise Value/Forward EBITDA Multiple18.6x
11.4x - 21.0x
Increase
Discounted cash flowWeighted Average Cost of Capital6.9%
6.2% - 7.8%
Decrease
Enterprise Value/EBITDA Exit Multiple16.1x
10.0x - 22.0x
Increase
Real Estate$11,168,015 Inputs to direct income capitalization, discounted cash flow and transaction priceWeight Ascribed to Direct Income Capitalization7.8%
0.0% - 100.0%
 (7)
  Weight Ascribed to Discounted Cash Flow86.0%
0.0% - 100.0%
 (5)
Weight Ascribed to Transaction Price6.2%
0.0% - 100.0%
(6)
  Direct income capitalizationCurrent Capitalization Rate5.3%
2.4% - 7.1%
 Decrease
Discounted cash flowExit Capitalization Rate5.7%
3.1% - 8.8%
Decrease
  Unlevered Discount Rate7.2%
2.8% - 11.3%
 Decrease
Equity Method - Other$1,490,486 Inputs to market comparables, discounted cash flow and transaction priceIlliquidity Discount6.7%
5.0% - 10.0%
 Decrease
Weight Ascribed to Market Comparables47.2%
0.0% - 100.0%
 (4)
  Weight Ascribed to Discounted Cash Flow47.8%
0.0% - 75.0%
 (5)
  Weight Ascribed to Transaction Price5.0%
0.0% - 100.0%
 (6)
  Market comparablesEnterprise Value/LTM EBITDA Multiple14.7x
4.0x - 20.9x
 Increase
Enterprise Value/Forward EBITDA Multiple14.0x
4.5x - 18.8x
 Increase
  Discounted cash flowWeighted Average Cost of Capital9.4%
7.2% - 15.1%
 Decrease
  Enterprise Value/EBITDA Exit Multiple11.7x
9.5x - 17.5x
 Increase
Other Investments$5,207,983 (9)Inputs to market comparables, discounted cash flow and transaction priceIlliquidity Discount9.0%
5.0% - 15.0%
 Decrease
Weight Ascribed to Market Comparables40.3%
0.0% - 100.0%
 (4)
Weight Ascribed to Discounted Cash Flow46.2%
0.0% - 100.0%
 (5)
Weight Ascribed to Transaction Price13.5%
0.0% - 100.0%
 (6)
Market comparablesEnterprise Value/LTM EBITDA Multiple11.8x
3.3x - 19.0x
 Increase
Enterprise Value/Forward EBITDA Multiple12.3x
4.0x - 16.3x
 Increase
Discounted cash flowWeighted Average Cost of Capital12.6%
3.4% - 40.6%
 Decrease
Enterprise Value/EBITDA Exit Multiple11.1x
8.3x - 15.3x
 Increase
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INSURANCE(10)
Corporate Fixed Maturity Securities$14,838,670 Discounted cash flowDiscount Spread2.3%
0.3% - 5.5%
Decrease
Structured Securities$4,534,540 Discounted cash flowDiscount Spread2.1%
1.4% - 5.3%
Decrease
Mortgage and Other Loan Receivables$6,913,681 Discounted cash flowDiscount Spread2.7%
0.6% - 4.5%
Decrease
Real Assets$8,650,395 Discounted cash flowDiscount Rate7.3%
6.5% - 8.2%
Decrease
Terminal Capitalization Rate5.8%
5.0% - 7.3%
Decrease
Reinsurance Recoverable$937,784 Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.Expense Assumption$17.1
The average expense assumption is between $8.2 and $78.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%.
Increase
Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.Expense Risk Margin
9.4%
Decrease
Cost of Capital9.5%
3.7% - 13.9%
Increase
Discounted cash flowMortality Rate
5.7%
Increase
Surrender Rate
2.0%
Increase
(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has determined that market participants would take these inputs into account when valuing the investments and debt obligations. "LTM" means last twelve months, and "EBITDA" means earnings before interest, taxes, depreciation, and amortization.
(2)Inputs were weighted based on the fair value of the investments included in the range.
(3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
(4)The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price.
(5)The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach, transaction price and direct income capitalization approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach, transaction price and direct income capitalization approach.
(6)The directional change from an increase in the weight ascribed to the transaction price or milestones would increase the fair value of the Level III investments if the transaction price or milestones results in a higher valuation than the market comparables and discounted cash flow approach. The opposite would be true if the transaction price or milestones results in a lower valuation than the market comparables approach and discounted cash flow approach.
(7)The directional change from an increase in the weight ascribed to the direct income capitalization approach would increase the fair value of the Level III investments if the direct income capitalization approach results in a higher valuation than the discounted cash flow approach. The opposite would be true if the direct income capitalization approach results in a lower valuation than the discounted cash flow approach.
(8)The total energy fair value amount includes multiple investments (in multiple locations throughout North America) that are held in different investment funds and produce varying quantities of oil, condensate, natural gas liquids, and natural gas. Commodity price may be measured using a common volumetric equivalent where one barrel of oil equivalent ("BOE") is determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or natural gas liquids. The price per BOE is provided to show the aggregate of all price inputs for the various investments over a common volumetric equivalent although the valuations for specific investments may use price inputs specific to the asset for purposes of our valuations. The discounted cash flows include forecasted production of liquids (oil, condensate, and natural gas liquids) and natural gas with a forecasted revenue ratio of approximately 86% liquids and 14% natural gas.
(9)Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit, equity method - other, or investments of consolidated CFEs.
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(10)The funds withheld receivable at interest has been excluded from the above table. As discussed in Note 12 – Reinsurance, the funds withheld receivable at interest is created through funds withheld contracts. The assets supporting these receivables were held in trusts for the benefit of Global Atlantic. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the funds withheld reinsurance agreements.

Level III LiabilitiesFair Value September 30, 2025Valuation
Methodologies
Unobservable Input(s) (1)
Weighted
Average (2)
Range
Impact to
 Valuation
from an
Increase in
Input (3)
ASSET MANAGEMENT AND STRATEGIC HOLDINGS
Unfunded Revolver Commitments$105,970 Yield AnalysisYield6.7%
0.1% - 15.2%
Decrease
INSURANCE(4)
Policy Liabilities
$1,567,383 Policy liabilities under fair value option:
Present value of best estimate liability cash flows. Unobservable inputs include a market participant view of the risk margin included in the discount rate which reflects the variability of the cash flows.Risk Margin Rate0.5%
0.4% - 0.7%
Decrease
Policyholder behavior is also a significant unobservable input, including lapse, surrender and mortality.Surrender Rate6.4%
4.1% - 7.9%
Decrease
Mortality Rate4.9%
3.5% - 9.2%
Increase
Market risk benefit:
Fair value using a non-option and option valuation approach
Instrument-specific Credit Risk (10 and 30 Year)
0.5% / 0.6%
Decrease
Policyholder behavior is also a significant unobservable input, including lapse, surrender, and mortality.Mortality Rate2.6%
0.5% - 27.8%
Decrease
Surrender Rate3.8%
0.1% - 33.9%
Decrease
Closed Block Policy Liabilities$988,782 Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.Expense Assumption$17.1
The average expense assumption is between $8.2 and $78.0 per policy, increased by inflation. The annual inflation rate was increased by 2.5%.
Increase
Instrument-Specific Credit Risk
0.5%
0.4% - 0.6%
Decrease
Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.Expense Risk Margin
9.4%
Decrease
Cost of Capital9.5%
3.7% - 13.9%
Increase
Discounted cash flowMortality Rate
5.7%
Increase
Surrender Rate
2.0%
Increase
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Level III LiabilitiesFair Value September 30, 2025Valuation
Methodologies
Unobservable Input(s) (1)
Weighted
Average (2)
Range
Impact to
 Valuation
from an
Increase in
Input (3)
Embedded Derivative – Interest-Sensitive Life Products
$481,506 Policy persistency is a significant unobservable input.Lapse Rate
3.3%
Decrease
Mortality Rate
0.9%
Decrease
Future costs for options used to hedge the contract obligationsOption Budget Assumption
3.5%
Increase
Instrument-Specific Credit Risk
0.5%
0.4% - 0.6%
Decrease
Embedded Derivative – Annuity Products$7,093,583 Policyholder behavior is a significant unobservable input, including utilization and lapse.Utilization:
Fixed-Indexed Annuity96.5%Increase
Surrender Rate:
Retail FIA13.4%Increase
Institutional FIA19.9%Decrease
Mortality Rate:
Retail FIA2.8%Decrease
Institutional FIA1.7%Decrease
Future costs for options used to hedge the contract obligationsOption Budget Assumption:
Retail FIA3.1%Increase
Institutional FIA3.9%Increase
Instrument-Specific Credit Risk
0.5%
0.4% - 0.6%
Decrease
(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has determined that market participants would likely take these inputs into account when valuing the investments and debt obligations. "LTM" means last twelve months, and "EBITDA" means earnings before interest, taxes, depreciation and amortization.
(2)Inputs were weighted based on the fair value of the investments included in the range.
(3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
(4)The fair value of the embedded derivative component of the funds withheld payable at interest has been excluded from the above table. The investments supporting the funds withheld payable at interest balance are held in a trust by Global Atlantic. Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the investments supporting the reinsurance cession agreements.
In the table above, certain private equity investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. In addition, certain valuations of private equity investments may be entirely or partially derived by reference to observable valuation measures for a pending or consummated transaction.
The various unobservable inputs used to determine the Level III valuations may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurements as noted in the table above.
Financial Instruments Not Carried At Fair Value
Asset management and strategic holdings financial instruments are primarily measured at fair value on a recurring basis, except as disclosed in Note 16 "Debt Obligations."
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The following tables present carrying amounts and fair values of Global Atlantic’s financial instruments which are not carried at fair value as of September 30, 2025 and December 31, 2024:
Fair Value Hierarchy
As of September 30, 2025Carrying ValueLevel ILevel IILevel IIIFair Value
($ in thousands)
Financial Assets:
Insurance
Mortgage and Other Loan Receivables$45,493,776 $— $— $44,637,574 $44,637,574 
Policy Loans1,651,819 — — 1,628,129 1,628,129 
FHLB Common Stock and Other Investments166,174 — — 166,174 166,174 
Funds Withheld Receivables at Interest2,296,828 — 2,296,828 — 2,296,828 
Cash and Cash Equivalents9,120,816 9,120,816 — — 9,120,816 
Restricted Cash and Cash Equivalents150,143 150,143 — — 150,143 
Total Financial Assets$58,879,556 $9,270,959 $2,296,828 $46,431,877 $57,999,664 
Financial Liabilities:
Insurance
Policy Liabilities – Policyholder Account Balances$66,657,464 $— $52,050,401 $12,524,050 $64,574,451 
Funds Withheld Payables at Interest47,516,663 — 47,516,663 — 47,516,663 
Debt Obligations3,885,967 — — 3,989,292 3,989,292 
Securities Sold Under Agreements to Repurchase385,238 — 385,238 — 385,238 
Total Financial Liabilities$118,445,332 $— $99,952,302 $16,513,342 $116,465,644 
Fair Value Hierarchy
As of December 31, 2024Carrying ValueLevel ILevel IILevel IIIFair Value
($ in thousands)
Financial Assets:
Insurance
Mortgage and Other Loan Receivables$51,139,968 $— $— $49,542,913 $49,542,913 
Policy Loans1,622,958 — — 1,557,776 1,557,776 
FHLB Common Stock and Other Investments166,919 — — 166,919 166,919 
Funds Withheld Receivables at Interest2,411,971 — 2,411,971 — 2,411,971 
Cash and Cash Equivalents6,343,445 6,343,445 — — 6,343,445 
Restricted Cash and Cash Equivalents350,512 350,512 — — 350,512 
Total Financial Assets$62,035,773 $6,693,957 $2,411,971 $51,267,608 $60,373,536 
Financial Liabilities:
Insurance
Policy Liabilities – Policyholder Account Balances$59,880,083 $— $51,914,709 $7,088,877 $59,003,586 
Funds Withheld Payables at Interest46,759,454 — 46,759,454 — 46,759,454 
Debt Obligations3,713,336 — — 3,682,060 3,682,060 
Securities Sold Under Agreements to Repurchase261,396 — 261,396 — 261,396 
Total Financial Liabilities$110,614,269 $— $98,935,559 $10,770,937 $109,706,496 
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10. FAIR VALUE OPTION
The following table summarizes the financial instruments for which the fair value option has been elected:
 September 30, 2025December 31, 2024
Assets
Asset Management and Strategic Holdings
Credit$728,664 $1,310,984 
Investments of Consolidated CFEs30,344,034 27,488,538 
Real Assets58,506 55,087 
Equity Method - Other1,646,444 1,832,534 
Other Investments235,107 110,979 
  Total Asset Management and Strategic Holdings$33,012,755 $30,798,122 
Insurance
Fixed Maturity Securities$307,268 $100,162 
Mortgage and Other Loan Receivables6,913,681 1,611,109 
Real Assets728,888 471,498 
Other Investments717,610 47,944 
Reinsurance Recoverable937,784 940,731 
  Total Insurance$9,605,231 $3,171,444 
     Total Assets$42,617,986 $33,969,566 
Liabilities
Asset Management and Strategic Holdings
Debt Obligations of Consolidated CFEs$30,028,712 $27,150,809 
  Total Asset Management and Strategic Holdings$30,028,712 $27,150,809 
Insurance
Policy Liabilities$1,257,164 $1,265,878 
  Total Insurance$1,257,164 $1,265,878 
     Total Liabilities$31,285,876 $28,416,687 

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The following table presents the net realized and unrealized gains (losses) on financial instruments for which the fair value option was elected:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
 Net Realized
Gains (Losses)		Net Unrealized
Gains (Losses)		TotalNet Realized
Gains (Losses)		Net Unrealized
Gains (Losses)		Total
Assets
Asset Management and
Strategic Holdings
Credit$3,249 $1,794 $5,043 $(18,806)$34,420 $15,614 
Investments of Consolidated CFEs(27,899)(53,156)(81,055)(71,668)46,225 (25,443)
Real Assets— 129 129 — 2,159 2,159 
Equity Method - Other18,102 (25,603)(7,501)13,625 64,920 78,545 
Other Investments— 195 195 187 (1,956)(1,769)
   Total Asset Management and Strategic Holdings$(6,548)$(76,641)$(83,189)$(76,662)$145,768 $69,106 
Insurance
Fixed Maturity Securities$4 $(7,486)$(7,482)$— $— $— 
Mortgage and Other Loan Receivables— 61,701 61,701 — 12,273 12,273 
Real Assets— 4,080 4,080 — 3,251 3,251 
Other Investments— (8,143)(8,143)— (532)(532)
   Total Insurance$4 $50,152 $50,156 $— $14,992 $14,992 
Total Assets$(6,544)$(26,489)$(33,033)$(76,662)$160,760 $84,098 
Liabilities
Asset Management and
Strategic Holdings
Debt Obligations of Consolidated CFEs$(4,301)$74,456 $70,155 $(1,625)$(38,405)$(40,030)
   Total Asset Management and Strategic Holdings$(4,301)$74,456 $70,155 $(1,625)$(38,405)$(40,030)
Insurance
Policy Liabilities$— $6,809 $6,809 $— $(14,163)$(14,163)
   Total Insurance$— $6,809 $6,809 $— $(14,163)$(14,163)
Total Liabilities$(4,301)$81,265 $76,964 $(1,625)$(52,568)$(54,193)
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Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
Net Realized
Gains (Losses)		Net Unrealized
Gains (Losses)		TotalNet Realized
Gains (Losses)		Net Unrealized
Gains (Losses)		Total
Assets
Asset Management and
Strategic Holdings
Credit$3,976 $8,622 $12,598 $(19,346)$32,454 $13,108 
Investments of Consolidated CFEs(220,067)(292,795)(512,862)(68,378)54,177 (14,201)
Real Assets— 3,419 3,419 — 307 307 
Equity Method - Other52,826 (27,953)24,873 36,132 (109,483)(73,351)
Other Investments6,945 (3,024)3,921 69 (1,093)(1,024)
   Total Asset Management and Strategic Holdings$(156,320)$(311,731)$(468,051)$(51,523)$(23,638)$(75,161)
Insurance
Fixed Maturity Securities$4 $(82,242)$(82,238)$— $— $— 
Mortgage and Other Loan Receivables— 100,501 100,501 — 20,722 20,722 
Real Assets— 2,938 2,938 10,072 (46,479)(36,407)
Other Investments— (42,923)(42,923)— (13,875)(13,875)
   Total Insurance$4 $(21,726)$(21,722)$10,072 $(39,632)$(29,560)
Total Assets$(156,316)$(333,457)$(489,773)$(41,451)$(63,270)$(104,721)
Liabilities
Asset Management and
Strategic Holdings
Debt Obligations of Consolidated CFEs$(8,246)$347,077 $338,831 $(5,149)$(28,114)$(33,263)
   Total Asset Management and Strategic Holdings$(8,246)$347,077 $338,831 $(5,149)$(28,114)$(33,263)
Insurance
Policy Liabilities$— $9,910 $9,910 $— $43,535 $43,535 
   Total Insurance$— $9,910 $9,910 $— $43,535 $43,535 
Total Liabilities$(8,246)$356,987 $348,741 $(5,149)$15,421 $10,272 
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11. INSURANCE INTANGIBLE ASSETS AND LIABILITIES
The following reflects the reconciliation of the components of insurance intangible assets to the total balance reported in the consolidated statements of financial condition as of September 30, 2025 and December 31, 2024:
September 30,December 31,
20252024
Deferred Acquisition Costs, or "DAC"$2,224,790 $1,731,076 
Value of Business Acquired1,101,239 1,165,193 
Cost-of-Reinsurance Intangibles2,264,653 2,302,674 
Total Insurance Intangible Assets$5,590,682 $5,198,943 
Deferred Acquisition Costs
The following tables reflect the deferred acquisition costs roll-forward by product category for the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30, 2025
Fixed Rate AnnuitiesFixed Indexed AnnuitiesInterest Sensitive LifeOtherTotal
Balance, as of the Beginning of the Period$463,393 $787,585 $131,143 $348,955 $1,731,076 
Capitalizations133,575 300,860 6,368 292,155 732,958 
Amortization Expense(92,966)(107,745)(6,365)(32,168)(239,244)
Balance, as of the End of the Period$504,002 $980,700 $131,146 $608,942 $2,224,790 

Nine Months Ended September 30, 2024
Fixed Rate AnnuitiesFixed Indexed AnnuitiesInterest Sensitive LifeOtherTotal
Balance, as of the Beginning of the Period$373,863 $481,970 $132,079 $166,785 $1,154,697 
Capitalizations178,589 292,109 6,266 112,252 589,216 
Amortization Expense(78,606)(67,183)(6,486)(13,849)(166,124)
Balance, as of the End of the Period$473,846 $706,896 $131,859 $265,188 $1,577,789 
Value of Business Acquired
The following tables reflect the value of business acquired, or “VOBA” asset roll-forward by product category for the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30, 2025
Fixed Rate AnnuitiesFixed Indexed AnnuitiesInterest Sensitive LifeVariable AnnuitiesOtherTotal
Balance, as of the Beginning of the Period$41,235 $578,162 $249,412 $224,347 $72,037 $1,165,193 
Amortization Expense(2,630)(32,138)(9,683)(14,810)(4,693)(63,954)
Balance, as of the End of the Period$38,605 $546,024 $239,729 $209,537 $67,344 $1,101,239 

Nine Months Ended September 30, 2024
Fixed Rate AnnuitiesFixed Indexed AnnuitiesInterest Sensitive LifeVariable AnnuitiesOtherTotal
Balance, as of the Beginning of the Period$44,922 $621,372 $262,942 $245,042 $78,706 $1,252,984 
Amortization Expense(2,784)(32,223)(10,212)(15,491)(5,040)(65,750)
Balance, as of the End of the Period$42,138 $589,149 $252,730 $229,551 $73,666 $1,187,234 

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The following tables reflect the negative value of business acquired, or “negative VOBA” liability roll-forward by product category for the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30, 2025
Fixed Rate AnnuitiesFixed Indexed AnnuitiesInterest Sensitive LifeVariable AnnuitiesOtherTotal
Balance, as of the Beginning of the Period$44,432 $75,255 $391,816 $85,182 $169,623 $766,308 
Amortization Expense(10,093)(17,457)(22,414)(4,914)(9,458)(64,336)
Balance, as of the End of the Period$34,339 $57,798 $369,402 $80,268 $160,165 $701,972 

Nine Months Ended September 30, 2024
Fixed Rate AnnuitiesFixed Indexed AnnuitiesInterest Sensitive LifeVariable AnnuitiesOtherTotal
Balance, as of the Beginning of the Period$65,966 $106,538 $421,213 $91,295 $182,920 $867,932 
Amortization Expense(17,221)(24,518)(22,349)(4,622)(10,053)(78,763)
Balance, as of the End of the Period$48,745 $82,020 $398,864 $86,673 $172,867 $789,169 

Unearned Revenue Reserves and Unearned Front-End Loads
The following tables reflect unearned revenue reserves and unearned front-end loads liability roll-forward by product category for the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30,
20252024
Preneed
Balance, as of the Beginning of the Period$230,790 $178,053 
Deferral52,114 52,210 
Amortized to Income during the Period(15,221)(12,010)
Balance, as of the End of the Period$267,683 $218,253 
Significant inputs, judgments, assumptions for DAC and related amortization amounts
Global Atlantic considers surrender rates, mortality rates, and other relevant policy decrements in determining the expected life of the contract. As a part of Global Atlantic's actual experience update for the nine months ended September 30, 2025 and 2024, Global Atlantic concluded that there was no material change in relevant inputs, judgments, or assumptions requiring an update of the amortization rate for DAC and related amortization amounts.
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12. REINSURANCE
Global Atlantic maintains a number of reinsurance treaties with third parties whereby Global Atlantic assumes annuity and life policies on a coinsurance, modified coinsurance or funds withheld basis. Global Atlantic also maintains other reinsurance treaties including the cession of certain annuity, life and health policies.
The effects of all reinsurance agreements on the consolidated statements of financial condition were as follows:
September 30, 2025December 31, 2024
Policy Liabilities:
Direct$96,095,774 $84,062,566 
Assumed104,411,533 101,142,800 
Total Policy Liabilities200,507,307 185,205,366 
Ceded(1)
(46,274,804)(45,006,124)
Net Policy Liabilities$154,232,503 $140,199,242 
(1)Reported within reinsurance recoverable within the consolidated statements of financial condition.
A key credit quality indicator is a counterparty’s A.M. Best financial strength rating. A.M. Best ratings are an independent opinion of a reinsurer’s ability to meet ongoing obligations to policyholders. Global Atlantic mitigates counterparty credit risk by requiring collateral and credit enhancements in various forms including engaging in funds withheld at interest and modified coinsurance transactions. The following shows the amortized cost basis of Global Atlantic’s reinsurance recoverable and funds withheld receivable at interest by credit quality indicator and any associated credit enhancements Global Atlantic has obtained to mitigate counterparty credit risk:
As of September 30, 2025 As of December 31, 2024
A.M. Best Rating(1)
Reinsurance Recoverable and Funds Withheld Receivable at Interest
Credit Enhancements(2)
Net Reinsurance Credit Exposure(3)
Reinsurance Recoverable and Funds Withheld Receivable at Interest
Credit Enhancements(2)
Net Reinsurance Credit Exposure(3)
A++$21,598 $— $21,598 $26,854 $— $26,854 
A+1,697,530 — 1,697,530 1,731,697 — 1,731,697 
A2,087,021 — 2,087,021 2,143,893 — 2,143,893 
A-3,722,965 3,266,974 455,991 3,926,161 3,477,840 448,321 
B++1,188 — 1,188 600 — 600 
B+— — — — — — 
B— — — — — — 
B-— — — — — — 
C++/C+— — — (231)— — 
Not Rated or Private Rating(4)
41,395,261 42,104,934 — 39,979,509 40,484,070 — 
Total$48,925,563 $45,371,908 $4,263,328 $47,808,483 $43,961,910 $4,351,365 
(1)Ratings are periodically updated (at least annually) as A.M. Best issues new ratings.
(2)Credit enhancements primarily include funds withheld payable at interest.
(3)Includes credit loss allowance of $23.8 million and $16.4 million as of September 30, 2025 and December 31, 2024, respectively, held against reinsurance recoverable and funds withheld receivable at interest.
(4)Includes $41.4 billion and $40.0 billion as of September 30, 2025 and December 31, 2024, respectively, associated with cessions to co-investment vehicles ("Ivy and other co-investment vehicles") that participate in qualifying reinsurance transactions sourced by Global Atlantic.
As of September 30, 2025 and December 31, 2024, Global Atlantic had $2.4 billion and $2.5 billion of funds withheld receivable at interest with six counterparties related to modified coinsurance and funds withheld contracts, respectively. The assets supporting the funds withheld receivable at interest balance are held in trusts for the benefit of Global Atlantic.
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The effects of reinsurance on the consolidated statements of operations were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net Premiums:
Direct$563,605 $128,276 $1,147,721 $293,649 
Assumed993,657 893,449 2,039,150 11,625,814 
Ceded(497,652)(400,507)(1,073,655)(4,325,929)
Net Premiums$1,059,610 $621,218 $2,113,216 $7,593,534 

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Policy Fees:
Direct$225,119 $235,567 $678,108 $691,415 
Assumed286,748 377,621 827,568 816,592 
Ceded(172,132)(237,817)(492,494)(469,789)
Net Policy Fees$339,735 $375,371 $1,013,182 $1,038,218 

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net Policy Benefits and Claims:
Direct$1,986,409 $1,340,829 $4,764,035 $3,137,429 
Assumed2,237,390 2,162,227 5,676,301 14,544,107 
Ceded(1,148,438)(1,081,361)(2,864,976)(5,799,612)
Net Policy Benefits and Claims$3,075,361 $2,421,695 $7,575,360 $11,881,924 

Global Atlantic holds collateral for, and provides collateral to, its reinsurance clients. Global Atlantic held $47.4 billion and $46.6 billion, respectively, of collateral in the form of funds withheld payable at interest on behalf of its reinsurers as of September 30, 2025 and December 31, 2024. As of both September 30, 2025 and December 31, 2024, reinsurers held collateral of $1.1 billion on behalf of Global Atlantic. A significant portion of the collateral that Global Atlantic provides to its reinsurance clients is provided in the form of assets held in a trust for the benefit of the counterparty. As of September 30, 2025 and December 31, 2024, these trusts held in excess of the $103.2 billion and $100.2 billion of assets they are required to hold in order to support reserves of $100.3 billion and $96.9 billion, respectively. Of the cash held in trust, Global Atlantic classified $82.3 million and $185.8 million as restricted as of September 30, 2025 and December 31, 2024, respectively.
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13. NET INCOME (LOSS) ATTRIBUTABLE TO KKR & CO. INC. PER SHARE OF COMMON STOCK
For the three and nine months ended September 30, 2025 and 2024, basic and diluted Net Income (Loss) attributable to KKR & Co. Inc. per share of common stock were calculated as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Net Income (Loss) Attributable to KKR & Co. Inc.
Common Stockholders		$859,927$600,550 $1,146,390$1,950,690 
(-) Accumulated Series D Mandatory Convertible Preferred Dividend (1)
— — 13,477— 
Net Income (Loss) Available to KKR & Co. Inc.
Common Stockholders - Basic		$859,927 $600,550 $1,132,913 $1,950,690 
(+) Series D Mandatory Convertible Preferred Dividend (if dilutive)(2)
— — — — 
Net Income (Loss) Available to KKR & Co. Inc.
Common Stockholders - Diluted		$859,927 $600,550 $1,132,913 $1,950,690 
Basic Net Income (Loss) Per Share of Common Stock  
Weighted Average Shares of Common Stock Outstanding - Basic890,961,714 887,444,991 889,984,777 886,618,138 
Net Income (Loss) Attributable to KKR & Co. Inc.
Per Share of Common Stock - Basic		$0.97 $0.68 $1.27 $2.20 
Diluted Net Income (Loss) Per Share of Common Stock 
Weighted Average Shares of Common Stock Outstanding - Basic890,961,714 887,444,991 889,984,777 886,618,138 
Incremental Common Shares:
Assumed vesting of dilutive equity awards (3)
64,789,715 54,522,488 65,808,339 46,461,239 
Assumed conversion of Series D Mandatory Convertible Preferred Stock (2)
— — — — 
Weighted Average Shares of Common Stock Outstanding - Diluted955,751,429 941,967,479 955,793,116 933,079,377 
Net Income (Loss) Attributable to KKR & Co. Inc.
Per Share of Common Stock - Diluted		$0.90 $0.64 $1.19 $2.09 
(1)For the nine months ended September 30, 2025, Net Income (Loss) Available to KKR & Co. Inc. Common Stockholders - Basic reflects the accumulated undeclared dividends on Series D Mandatory Convertible Preferred Stock of $13.5 million.
(2)For the three and nine months ended September 30, 2025, the impact of Series D Mandatory Convertible Preferred Stock calculated under the if-converted method was not dilutive.
(3)For the three and nine months ended September 30, 2025 and 2024, Weighted Average Shares of Common Stock Outstanding – Diluted includes unvested equity awards, including certain equity awards that have met their market price-based vesting condition but have not satisfied their service-based vesting condition. Vesting of these equity awards dilute equity holders of KKR Group Partnership, including KKR & Co. Inc. and holders of exchangeable securities pro rata in accordance with their respective ownership interests in KKR Group Partnership.


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Exchangeable Securities
For the three and nine months ended September 30, 2025 and 2024, vested restricted holdings units (as defined in Note 19 "Equity Based Compensation") have been excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted since the exchange of these units would not dilute KKR & Co. Inc.’s ownership interests in KKR Group Partnership. See Note 1 "Organization" in our financial statements.
 Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Weighted Average Vested Restricted Holdings Units9,563,161 7,000,723 9,042,584 6,584,764 
Market Condition Awards
For the three and nine months ended September 30, 2024, 16.6 million and 25.3 million, respectively, of unvested equity awards that are subject to market price based and service-based vesting conditions were excluded from the calculation of Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock - Diluted since the market price based vesting condition was not satisfied. See Note 19 "Equity Based Compensation" in our financial statements.
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14. OTHER ASSETS AND ACCRUED EXPENSES AND OTHER LIABILITIES
Other Assets consist of the following:
 September 30, 2025December 31, 2024
Asset Management and Strategic Holdings
Unsettled Investment Sales (1)
$554,999 $293,379 
Receivables267,992 259,644 
Due from Broker (2)
128,492 97,524 
Deferred Tax Assets, net56,872 50,627 
Interest Receivable267,366 264,680 
Fixed Assets, net (3)
967,458 902,896 
Foreign Exchange Contracts and Options (4)
150,652 511,513 
Goodwill (5)(6)
544,871 509,561 
Intangible Assets (6)(7)
1,701,537 1,457,871 
Derivative Assets8,439 8,444 
Prepaid Taxes274,062 167,751 
Prepaid Expenses87,273 57,629 
Operating Lease Right of Use Assets (8)
719,311 701,274 
Deferred Financing Costs17,967 19,594 
Other381,799 231,899 
Total Asset Management and Strategic Holdings $6,129,090 $5,534,286 
Insurance
Deferred Tax Assets, net$2,605,301 $2,788,672 
Accrued Investment Income1,646,933 1,475,704 
Goodwill509,972 509,972 
Intangible Assets and Deferred Sales Inducements(9)
379,995 343,657 
Premiums and Other Account Receivables323,649 254,992 
Other310,542 276,104 
Derivative Assets287,327 61,351 
Operating Lease Right of Use Assets(8)
158,691 165,204 
Prepaid Taxes4,070 273,197 
Market Risk Benefit Assets2,426 2,319 
Unsettled Investment Sales(1) and Derivative Collateral Receivables
1,581 141,532 
Total Insurance$6,230,487 $6,292,704 
Total Other Assets$12,359,577 $11,826,990 
(1)Primarily includes amounts due from third parties for investments sold for which cash settlement has not occurred.
(2)Represents amounts held at clearing brokers resulting from securities transactions.
(3)Net of accumulated depreciation and amortization of $369.8 million and $326.0 million as of September 30, 2025 and December 31, 2024, respectively. Depreciation and amortization expense of $22.1 million and $18.4 million for the three months ended September 30, 2025, and 2024, respectively, and $60.3 million and $54.3 million, for the nine months ended September 30, 2025 and 2024, respectively, are included in General, Administrative and Other in the accompanying consolidated statements of operations. Additionally, KKR’s fixed assets are predominantly located in the United States.
(4)Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments.
(5)As of September 30, 2025, the carrying value of goodwill is recorded and assessed for impairment at the reporting unit. As of September 30, 2025, there are approximately $(56.2) million of cumulative foreign currency translation adjustments included in AOCI related to the goodwill recorded as result of the acquisition of KJRM.
(6)KKR acquired HealthCare Royalty Management, LLC on July 30, 2025, and recognized goodwill of $8.6 million allocated to the Asset Management segment, intangibles assets of $141.6 million, and noncontrolling interests of $28.3 million.
(7)As of September 30, 2025, there are approximately $(191.7) million of cumulative foreign currency translation adjustments included in AOCI related to the intangible assets recorded as result of the acquisition of KJRM.
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(8)For Asset Management, non-cancelable operating leases consist of leases for office space in North America, Europe, Asia, and Australia. KKR is the lessee under the terms of the operating leases. The operating lease cost was $21.5 million and $25.8 million for the three months ended September 30, 2025, and 2024, respectively, and $75.1 million and $59.0 million for the nine months ended September 30, 2025 and 2024, respectively. For Insurance, non-cancelable operating leases consist of leases for office space and land in North America. For the three months ended September 30, 2025 and 2024, the operating lease cost was $4.6 million and $5.0 million, respectively, and for the nine months ended September 30, 2025 and 2024, the operating lease cost was $14.7 million and $14.9 million, respectively.
(9)The definite life intangible assets are amortized using the straight-line method over the useful life of the assets which is an average of 11.0 years. The indefinite life intangible assets are not subject to amortization. The amortization expense of definite life intangible assets was $4.7 million and $4.7 million for the three months ended September 30, 2025 and 2024, respectively, and $14.1 million and $13.5 million for the nine months ended September 30, 2025 and 2024, respectively.

Accrued Expenses and Other Liabilities consist of the following:
 September 30, 2025December 31, 2024
Asset Management and Strategic Holdings
Amounts Payable to Carry Pool (1)
$5,771,773 $4,170,773 
Unsettled Investment Purchases (2)
2,222,829 2,081,970 
Securities Sold Short (3) 
139,289 109,168 
Accrued Compensation and Benefits370,808 130,717 
Interest Payable451,888 467,324 
Foreign Exchange Contracts and Options (4)
1,132,403 131,339 
Accounts Payable and Accrued Expenses615,642 425,731 
Taxes Payable77,200 91,398 
Uncertain Tax Positions 45,065 42,054 
Unfunded Revolver Commitments105,970 96,848 
Operating Lease Liabilities (5)
767,269 722,241 
Deferred Tax Liabilities, net 2,953,778 2,840,342 
Other Liabilities144,124 138,598 
Total Asset Management and Strategic Holdings$14,798,038 $11,448,503 
Insurance
Unsettled Investment Purchases(2) and Derivative Collateral Liabilities
$1,311,675 $347,121 
Accrued Expenses586,027 562,226 
Derivative Liabilities481,090 389,187 
Securities Sold Under Agreements to Repurchase385,238 261,396 
Insurance Operations Balances in Course of Settlement250,990 190,775 
Operating Lease Liabilities(5)
177,729 185,547 
Accrued Employee Related Expenses146,079 107,049 
Interest Payable71,945 40,315 
Tax Payable to Former Parent Company45,813 49,477 
Other Tax Related Liabilities21,658 22,455 
Accounts and Commissions Payable17,982 31,414 
Total Insurance$3,496,226 $2,186,962 
Total Accrued Expenses and Other Liabilities$18,294,264 $13,635,465 
(1)Represents the amount of carried interest payable to current and former KKR employees arising from KKR's investment funds and co-investment vehicles that provide for carried interest.
(2)Primarily includes amounts owed to third parties for investment purchases for which cash settlement has not occurred.
(3)Represents the obligations of KKR to deliver a specified security at a future point in time. Such securities are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments.
(4)Represents derivative financial instruments used to manage foreign exchange risk arising from certain foreign currency denominated investments. Such instruments are measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of operations. See Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements for the net changes in fair value associated with these instruments.
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(5)For Asset Management, operating leases for office space have remaining lease terms that range from approximately 1 year to 16 years, some of which include options to extend the leases from 2 years to 10 years. The weighted average remaining lease terms were 12.3 years and 13.1 years as of September 30, 2025 and December 31, 2024, respectively. The weighted average discount rates were 3.8% and 3.7% as of September 30, 2025 and December 31, 2024, respectively. For Insurance, operating leases for office space have remaining lease terms that range from approximately 2 years to 10 years, some of which include options to extend the leases for up to 10 years. The weighted average remaining lease terms were 7.0 years and 7.4 years as of September 30, 2025 and December 31, 2024, respectively. The weighted average discount rates were 4.8% and 4.7% as of September 30, 2025 and December 31, 2024, respectively. The weighted average remaining lease terms for land were 41.9 years and 42.8 years as of September 30, 2025 and December 31, 2024, respectively. For Asset Management and Strategic Holdings and Insurance, non-cash right of use assets obtained in exchange for new operating lease liabilities were $68.8 million and $155.2 million for the three and nine months ended September 30, 2025, respectively. For Asset Management and Strategic Holdings and Insurance, there were no non-cash right of use assets obtained in exchange for new operating lease liabilities for the three and nine ended September 30, 2024.

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15. VARIABLE INTEREST ENTITIES
Consolidated VIEs
KKR consolidates certain VIEs in which it is determined that KKR is the primary beneficiary. The consolidated VIEs are predominately CLOs and certain investment funds sponsored by KKR. The primary purpose of these VIEs is to provide strategy specific investment opportunities to earn investment gains, current income or both in exchange for management fees and performance income. KKR's investment strategies differ for these VIEs; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and performance income. KKR does not provide performance guarantees and has no other financial obligation to provide funding to these consolidated VIEs, beyond amounts previously committed, if any. Furthermore, KKR consolidates certain VIEs that are formed by Global Atlantic to either (i) hold investments, including fixed maturity securities, consumer and other loans, renewable energy, transportation and real estate, or (ii) to conduct certain reinsurance activities with third party commitments.
Unconsolidated VIEs
KKR holds variable interests in certain VIEs which are not consolidated as it has been determined that KKR is not the primary beneficiary. VIEs that are not consolidated predominantly include certain investment funds sponsored by KKR as well as certain investment partnerships where Global Atlantic retains an economic interest. KKR's investment strategies differ by investment fund; however, the fundamental risks have similar characteristics, including loss of invested capital and loss of management fees and performance income. KKR's maximum exposure to loss as a result of its investments in the unconsolidated investment funds is the carrying value of such investments, including KKR's capital interest and any unrealized carried interest. Accordingly, disaggregation of KKR's involvement by type of unconsolidated investment fund would not provide more useful information. For these unconsolidated investment funds in which KKR is the sponsor, KKR may have an obligation as general partner to provide commitments to such investment funds. As of September 30, 2025, KKR's commitments to these unconsolidated investment funds were $2.7 billion. KKR generally has not provided any financial support other than its obligated amount as of September 30, 2025. Additionally, Global Atlantic has unfunded commitments of $31.9 million as of September 30, 2025.
As of September 30, 2025 and December 31, 2024, the maximum exposure to loss, before allocations to the carry pool and noncontrolling interests, if any, for those VIEs in which KKR is determined not to be the primary beneficiary but in which it has a variable interest is as follows:
Asset Management and Strategic Holdings September 30, 2025December 31, 2024
Investments $10,679,020 $9,798,370 
Due from (to) Affiliates, net1,700,237 1,437,525 
Maximum Exposure to Loss $12,379,257 $11,235,895 
Insurance
Real Assets$95,231 $124,910 
Other Investments705,804 664,951 
Maximum Exposure to Loss $801,035 $789,861 
Total Maximum Exposure to Loss$13,180,292 $12,025,756 
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16. DEBT OBLIGATIONS
KKR enters into credit agreements and issues debt for its general operating and investment purposes.
KKR's Asset Management and Strategic Holdings debt obligations consisted of the following:
 September 30, 2025 December 31, 2024
By remaining maturity at
period end date		Financing AvailablePrincipalCarrying Value Fair 
Value		 Financing AvailablePrincipalCarrying ValueFair 
Value
Revolving Credit Facilities: (1)
Under 1 Year$750,000 $— $— $— $750,000 $— $— $— 
1-5 Years3,490,836 — — —3,468,753 — — —
After 5 Years— — — —— — — —
Subtotal4,240,836 — — — 4,218,753 — — — 
KKR USD Senior Notes: (2)(3)(6)(8)
Under 1 Year— — — — — — — — 
1-5 Years— 750,000 746,666 736,673 — 750,000 746,000 709,328 
After 5 Years— 5,150,000 5,059,905 4,473,674 — 4,250,000 4,167,548 3,436,331 
Subtotal— 5,900,000 5,806,571 5,210,347 — 5,000,000 4,913,548 4,145,659 
KKR Yen Senior Notes: (2)(3)(6)
Under 1 Year(10)
— — — — — 31,788 31,762 31,766 
1-5 Years— 895,018 892,251 879,379 — 830,314 826,986 823,390 
After 5 Years— 617,186 610,879 561,709 — 591,902 584,999 570,285 
Subtotal— 1,512,204 1,503,130 1,441,088 — 1,454,004 1,443,747 1,425,441 
KKR Euro Senior Notes: (2)(3)(6)
Under 1 Year— — — — — — — — 
1-5 Years— 762,821 759,321 728,365 — 673,366 669,325 634,836 
After 5 Years— — — — — — — — 
Subtotal— 762,821 759,321 728,365 — 673,366 669,325 634,836 
KKR Subordinated Notes: (2)(3)(7)
Under 1 Year— — — — — — — — 
1-5 Years— — — — — — — — 
After 5 Years— 1,090,000 1,059,163 975,968 — 500,000 487,110 366,200 
Subtotal— 1,090,000 1,059,163 975,968 — 500,000 487,110 366,200 
KFN USD Senior Notes: (2)(3)(4)(9)
Under 1 Year— — — — — — — — 
1-5 Years— — — — — — — — 
After 5 Years— 190,000 188,406 188,454 — 690,000 684,730 608,237 
Subtotal— 190,000 188,406 188,454 — 690,000 684,730 608,237 
KFN Junior Subordinated Notes:(2)(4)(5)(9)
Under 1 Year— — — — — — — — 
1-5 Years— — — — — — — — 
After 5 Years— 197,500 197,500 191,741 — 258,517 240,136 211,909 
Subtotal— 197,500 197,500 191,741 — 258,517 240,136 211,909 
Total KKR & KFN Notes4,240,836 9,652,525 9,514,091 8,735,963 4,218,753 8,575,887 8,438,596 7,392,282 
Other Debt Obligations: (1)(2)(8)
6,176,054 40,375,412 39,718,687 39,681,855 5,628,669 37,697,802 37,495,324 37,409,158 
Total$10,416,890 $50,027,937 $49,232,778 $48,417,818 $9,847,422 $46,273,689 $45,933,920 $44,801,440 


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(1)Financing available is reduced by the dollar amounts specified in any issued letters of credit.
(2)Carrying value includes: (i) unamortized note discount (net of premium), as applicable and (ii) unamortized debt issuance costs, as applicable. Financing costs related to the issuance of the notes have been deducted from the note liability and are being amortized over the life of the notes.
(3)Interest rates of the notes are fixed and the weighted average interest rates are the following:
September 30, 2025December 31, 2024
KKR USD Senior Notes4.37%4.23%
KKR Yen Senior Notes1.69%1.67%
KKR Euro Senior Notes1.63%1.63%
KKR Subordinated Notes5.84%4.63%
KFN USD Senior Notes5.27%5.44%
(4)These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.
(5)Interest rates of the notes are floating and the weighted average interest rate is 7.0% and 7.3% and the weighted average years to maturity is 11.0 years and 11.8 years as of September 30, 2025 and December 31, 2024, respectively.
(6)The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes.
(7)The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly listed.
(8)As of September 30, 2025 and December 31, 2024, the principal value, carrying value and fair value reflects the elimination for the portion of applicable debt obligations that are held by Global Atlantic.
(9)KKR consolidates and reports debt obligations of KKR Financial Holdings LLC, a KKR subsidiary ("KFN"). On October 30, 2025, subsequent to the end of the quarter, KFN fully redeemed all of its outstanding $197.5 million aggregate principal amount of Junior Subordinated Notes at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon (“Junior Subordinated Notes Redemptions”). The trusts previously established by KFN that held all such Junior Subordinated Notes then fully redeemed all of their interests in these securities.
(10)On March 21, 2025, the ¥5.0 billion 0.764% Senior Notes due 2025 matured and the principal and accrued interest were paid in full.
Redemption of KFN 5.500% Senior Notes Due 2032
On August 19, 2025, KFN fully redeemed all of its $500,000,000 aggregate principal amount outstanding 5.500% Senior Notes due 2032 at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon, which amounted to approximately $510.6 million.
KKR Issued 5.100% Senior Notes Due 2035
On August 7, 2025, KKR & Co. Inc. completed the offering of $900,000,000 aggregate principal amount of its 5.100% Senior Notes due 2035 (the “2035 Notes”). The 2035 Notes are guaranteed by KKR Group Partnership L.P., a subsidiary of KKR & Co. Inc. (the “2035 Notes Guarantor”). The 2035 Notes were issued pursuant to an indenture (the “2035 Notes Base Indenture”) dated May 28, 2025 between KKR & Co. Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (the “2035 Notes Trustee”), as supplemented by a second supplemental indenture, dated August 7, 2025 (the “2035 Notes Second Supplemental Indenture” and, together with the 2035 Notes Base Indenture, the “2035 Notes Indenture”), among KKR & Co. Inc., the 2035 Notes Guarantor and the 2035 Notes Trustee.
The 2035 Notes bear interest at a rate of 5.100% per annum and will mature on August 7, 2035 unless earlier redeemed. Interest on the 2035 Notes accrues from August 7, 2025 and is payable semi-annually in arrears on February 7 and August 7 of each year, commencing on February 7, 2026 and ending on the maturity date. The 2035 Notes are unsecured and unsubordinated obligations of KKR & Co. Inc. The 2035 Notes are fully and unconditionally guaranteed (the “2035 Notes Guarantee”), on an unsubordinated unsecured basis, by the 2035 Notes Guarantor.
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The 2035 Notes Indenture includes covenants, including limitations on KKR & Co. Inc.’s and the 2035 Notes Guarantor’s ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2035 Notes Indenture also provides for events of default and further provides that the 2035 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the outstanding 2035 Notes may declare the 2035 Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the 2035 Notes and any accrued and unpaid interest on the 2035 Notes automatically become due and payable. Prior to May 7, 2035, the 2035 Notes may be redeemed at KKR & Co. Inc.’s option in whole or in part, at any time and from time to time, at the make-whole redemption price set forth in the 2035 Notes. On or after May 7, 2035, the 2035 Notes may be redeemed at KKR & Co. Inc.’s option in whole or in part, at any time and from time to time, at par plus any accrued and unpaid interest on the 2035 Notes redeemed to, but not including, the date of redemption. If a change of control repurchase event (as defined in the 2035 Notes Indenture) occurs, KKR & Co. Inc. must offer to repurchase the 2035 Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the 2035 Notes repurchased plus any accrued and unpaid interest on the 2035 Notes repurchased to, but not including, the date of repurchase.
KKR Issued 6.875% Subordinated Notes Due 2065
On May 28, 2025, KKR & Co. Inc. completed the offering of $590,000,000 aggregate principal amount of its 6.875% Subordinated Notes due 2065 (the “2065 Notes”), including $40,000,000 principal amount of 2065 Notes issued pursuant to the partial exercise by the underwriters of the 2065 Notes of their 30-day option to purchase up to an additional $82,500,000 principal amount of 2065 Notes to cover over-allotments. The 2065 Notes are guaranteed by KKR Group Partnership L.P., a subsidiary of KKR & Co. Inc. (the “2065 Notes Guarantor”). The 2065 Notes were issued pursuant to an indenture (the “2065 Base Indenture”) dated May 28, 2025, between KKR & Co. Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (the “2065 Notes Trustee”), as supplemented by a first supplemental indenture, dated May 28, 2025, (the “2065 First Supplemental Indenture” and, together with the 2065 Base Indenture, the “2065 Notes Indenture”), among KKR & Co. Inc., the 2065 Notes Guarantor and the 2065 Notes Trustee.
The 2065 Notes bear interest at a rate of 6.875% per annum and will mature on June 1, 2065 unless earlier redeemed. Interest on the 2065 Notes accrues from May 28, 2025, and is payable quarterly in arrears on March 1, June 1, September 1, and December 1 of each year, commencing on September 1, 2025, and ending on the maturity date. The 2065 Notes are unsecured and subordinated obligations of KKR & Co. Inc. The 2065 Notes are fully and unconditionally guaranteed (the “2065 Notes Guarantee”), on a subordinated unsecured basis, by the 2065 Notes Guarantor.
The 2065 Notes Indenture includes covenants, including limitations on KKR & Co. Inc.’s and the 2065 Notes Guarantor’s ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of their subsidiaries or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2065 Notes Indenture also provides for events of default and further provides that the 2065 Notes Trustee or the holders of not less than 25% in aggregate principal amount of the outstanding 2065 Notes may declare the 2065 Notes immediately due and payable upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the 2065 Notes and any accrued and unpaid interest on the 2065 Notes automatically become due and payable. On or after June 1, 2030, the 2065 Notes may be redeemed at KKR & Co. Inc.’s option in whole or in part, at any time and from time to time, at par plus any accrued and unpaid interest to, but excluding, the date of redemption; provided that if the 2065 Notes are not redeemed in whole, at least $25 million aggregate principal amount of the 2065 Notes must remain outstanding after giving effect to such redemption. If a “tax redemption event” (as set forth in the 2065 Notes Indenture) occurs, the 2065 Notes may be redeemed, in whole, but not in part, within 120 days of the occurrence of such tax redemption event at a redemption price equal to their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the 2065 Notes may be redeemed, in whole, but not in part, at any time prior to June 1, 2030, within 90 days of the occurrence of a rating agency event (as set forth in the 2065 Notes Indenture), at a redemption price equal to 102% of their principal amount plus any accrued and unpaid interest to, but excluding, the date of redemption.
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KCM 364-Day Revolving Credit Facility
On April 2, 2025, KKR Capital Markets Holdings L.P. and certain other capital markets subsidiaries (the "KCM Borrowers") replaced their existing 364-day revolving credit agreement with a new 364-day revolving credit agreement (the "KCM 364-Day Revolving Credit Facility”) with Mizuho Bank, Ltd., as administrative agent, and one or more lenders party thereto. The KCM 364-Day Revolving Credit Facility replaced the prior 364-day revolving credit facility, dated as of April 4, 2024, between the KCM Borrowers and the administrative agent, and one or more lenders party to the prior facility, which was terminated according to its terms on April 2, 2025. The KCM 364-Day Revolving Credit Facility provides for revolving borrowings up to $750 million, expires on April 1, 2026, and ranks pari passu with the existing $750 million 5-year revolving credit facility provided by them for KKR's capital markets business (the "KCM Five-Year Revolving Credit Facility"). If a borrowing is made under the KCM 364-Day Revolving Credit Agreement, the interest rate will vary depending on the type of drawdown requested. As with the KCM Five-Year Revolving Credit Facility, borrowings under the KCM 364-Day Revolving Credit Facility may only be used for KKR’s capital markets business. This facility’s only obligors are entities involved in KKR’s capital markets business, and its liabilities are non-recourse to other parts of KKR’s business. The KCM 364-Day Revolving Credit Facility contains customary representations and warranties, events of default, and affirmative and negative covenants, including a financial covenant providing for a maximum debt to equity ratio for the KCM Borrowers, which are substantially similar to those found in the KCM Five-Year Revolving Credit Facility. The KCM Borrowers' obligations under the KCM 364-Day Revolving Credit Facility are secured by certain assets of the KCM Borrowers, including a pledge of equity interests of certain subsidiaries of the KCM Borrowers.
Other Asset Management and Strategic Holdings Debt Obligations
Certain of KKR's consolidated investment funds have entered into financing arrangements with financial institutions, generally to provide liquidity to such investment funds. These financing arrangements are generally not direct obligations of the general partners of KKR's investment funds (beyond KKR's capital interest) or its management companies. Such borrowings have varying maturities and bear interest at floating rates. Borrowings are generally secured by the investment purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. When an investment vehicle borrows, the proceeds are available only for use by that investment vehicle and are not available for the benefit of other investment vehicles or KKR. Collateral within each investment vehicle is also available only against borrowings by that investment vehicle and not against the borrowings of other investment vehicles or KKR.
In certain other cases, investments and other assets held directly by majority-owned consolidated levered investment vehicles and other entities have been funded with borrowings that are collateralized by the investments and assets they own. These borrowings are non-recourse to KKR beyond the investments or assets serving as collateral or the capital that KKR has committed to fund such investment vehicles. Such borrowings have varying maturities and generally bear interest at fixed rates.
In addition, consolidated CFEs issue debt securities to third-party investors which are collateralized by assets held by the CFE. Debt securities issued by CFEs are supported solely by the assets held at the CFEs and are not collateralized by assets of any other KKR entity. CFEs also may have warehouse facilities with banks to provide liquidity to the CFE. The CFE's debt obligations are non-recourse to KKR beyond the assets of the CFE.
As of September 30, 2025, other debt obligations consisted of the following:
Financing AvailablePrincipal
Carrying Value(1)
Fair ValueWeighted
Average
Interest Rate		Weighted Average Remaining Maturity in Years
Financing Facilities of Consolidated Funds and Other
$6,176,054 $9,706,544 $9,689,975 $9,653,143 5.4%5.1
Debt Obligations of Consolidated CFEs — 30,668,868 30,028,712 30,028,712 
(2)
10.5
 $6,176,054 $40,375,412 $39,718,687 $39,681,855  
(1)Includes borrowings collateralized by fund investments, fund co-investments, and other assets held by levered investment vehicles of $3.7 billion.
(2)The senior notes of the consolidated CFEs had a weighted average interest rate of 5.4%. The subordinated notes of the consolidated CLOs do not have contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle. Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any.

Debt obligations of consolidated CLOs are collateralized by assets held by each respective CLO vehicle and assets of one CLO vehicle may not be used to satisfy the liabilities of another. As of September 30, 2025, the fair value of the consolidated CLO assets was $34.1 billion. This collateral consisted of Cash and Cash Equivalents, Investments, and Other Assets.
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Global Atlantic's debt obligations consisted of the following:
 September 30, 2025 December 31, 2024
By Remaining Maturity at
Period End Date		Financing AvailablePrincipal
Carrying Value(1)
Fair Value(2)
 Financing AvailablePrincipal
Carrying Value(1)
Fair Value(2)
Revolving Credit Facilities:
Under 1 Year$— $— $— $— $— $— $— $— 
1-5 Years1,000,000 — — —1,000,000 — — —
After 5 Years— — — —— — — —
Subtotal1,000,000 — — — 1,000,000 — — — 
Senior Notes: (4)
Under 1 Year— — — — — — — — 
1-5 Years— 500,000 477,362 492,750 — 500,000 459,138 474,250 
After 5 Years— 2,050,000 1,944,764 2,135,780 — 2,050,000 1,854,183 2,040,505 
Subtotal— 2,550,000 2,422,126 2,628,530 — 2,550,000 2,313,321 2,514,755 
Subordinated Notes: (4)
Under 1 Year— — — — — — — — 
1-5 Years— — — — — — — — 
After 5 Years— 1,350,000 1,329,041 1,374,796 — 1,350,000 1,329,615 1,353,975 
Subtotal— 1,350,000 1,329,041 1,374,796 — 1,350,000 1,329,615 1,353,975 
Debt Obligations of Consolidated Special Purpose Vehicles(3)
205,200 134,800 134,800 134,800 269,600 70,400 70,400 70,394 
Total$1,205,200 $4,034,800 $3,885,967 $4,138,126 $1,269,600 $3,970,400 $3,713,336 $3,939,124 
    
(1)Carrying value of debt as of September 30, 2025 and December 31, 2024, includes purchase accounting adjustments of $28.7 million and $34.1 million, respectively, net debt issuance costs of $(55.7) million and $(57.9) million, respectively, and cumulative fair value loss on hedged debt obligations of $(121.8) million and $(233.2) million, respectively. The amortization of the purchase accounting adjustments was $1.8 million for both the three months ended September 30, 2025 and 2024, and $5.3 million and $4.3 million for the nine months ended September 30, 2025 and 2024, respectively.
(2)These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.
(3)These debt obligations primarily include debt obligations of consolidated co-investment vehicles that are not guaranteed by KKR or Global Atlantic.
(4)Interest rates of the notes are fixed and the weighted average interest rates are the following:
September 30, 2025December 31, 2024
Senior Notes5.67%5.67%
Subordinated Notes6.14%6.14%
Debt Covenants
Borrowings of KKR (including Global Atlantic) contain various debt covenants. These covenants do not, in management's opinion, materially restrict KKR's operating business or investment strategies as of September 30, 2025. KKR (including Global Atlantic) was in compliance with such debt covenants in all material respects as of September 30, 2025.
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17. POLICY LIABILITIES
The following reflects the reconciliation of the components of policy liabilities to the total balance reported in the consolidated statements of financial condition as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Policyholders’ Account Balances$148,275,087 $137,881,796 
Liability for Future Policy Benefits29,194,290 26,795,091 
Additional Liability for Annuitization, Death, or Other Insurance Benefits7,814,817 7,491,915 
Market Risk Benefit Liability1,299,001 1,002,236 
Other Policy-Related Liabilities(1)
13,924,112 12,034,328 
Total Policy Liabilities$200,507,307 $185,205,366 
(1)Other policy-related liabilities as of September 30, 2025 and December 31, 2024 primarily consist of embedded derivatives associated with contractholder deposit funds ($7.6 billion and $6.0 billion, respectively), cost-of-reinsurance liabilities ($3.2 billion and $3.1 billion, respectively), policy liabilities accounted under a fair value option (both $1.2 billion), negative VOBA ($702.0 million and $766.3 million, respectively) and outstanding claims ($350.2 million and $303.8 million, respectively).
Policyholders’ Account Balances
The following reflects the policyholders’ account balances roll-forward for the nine months ended September 30, 2025 and 2024, and the policyholders’ account balances weighted average interest rates, net amount at risk, and cash surrender value as of those dates:
Nine Months Ended September 30, 2025
Fixed Rate AnnuitiesFixed Indexed AnnuitiesInterest Sensitive LifeFunding Agreements
Other(1)
Total
Balance as of Beginning of Period$65,086,617 $33,718,335 $22,175,897 $7,158,103 $9,742,844 $137,881,796 
Issuances and Premiums Received10,019,518 5,539,111 855,580 7,206,376 329,376 23,949,961 
Benefit Payments, Surrenders, and Withdrawals(8,511,761)(3,566,093)(1,289,058)(2,250,465)(1,026,056)(16,643,433)
Interest(2)
2,070,799 741,542 543,915 276,733 255,812 3,888,801 
Other Activity(3)
(264,020)820 (685,697)83,167 63,692 (802,038)
Balance as of End of Period$68,401,153 $36,433,715 $21,600,637 $12,473,914 $9,365,668 $148,275,087 
Less: Reinsurance Recoverable(12,439,042)(3,084,797)(7,352,641)— (3,307,345)(26,183,825)
Balance as of End of Period, Net of Reinsurance Recoverable$55,962,111 $33,348,918 $14,247,996 $12,473,914 $6,058,323 $122,091,262 
Average Interest Rate4.40 %2.93 %3.27 %4.25 %3.30 %3.79 %
Net Amount at Risk, Gross of Reinsurance(4)
$— $— $106,742,136 $— $1,136,298 $107,878,434 
Cash Surrender Value(5)
$52,947,191 $37,813,895 $13,677,449 $— $4,364,099 $108,802,634 
(1)“Other” consists of activity related to payout annuities without life contingencies, preneed, variable annuities, and life products.
(2)Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance, including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements, and other associated reserves.
(3) “Other activity” includes policy charges, fees and commissions, transfers, assumption changes, fair value changes, and the impact of hedge fair value adjustments.
(4)Net amount at risk represents the difference between the face value of the insurance policy and the reserve accumulated under that same policy.
(5)Cash surrender values are reported net of any applicable surrender charges, net of reinsurance.
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Nine Months Ended September 30, 2024
Fixed Rate AnnuitiesFixed Indexed AnnuitiesInterest Sensitive LifeFunding Agreements
Other(1)
Total
Balance as of Beginning of Period$56,762,736 $30,168,445 $21,969,053 $7,015,998 $9,271,122 $125,187,354 
Issuances and Premiums Received13,924,032 6,120,454 1,712,807 1,773,969 1,523,900 25,055,162 
Benefit Payments, Surrenders, and Withdrawals(8,265,350)(4,080,626)(1,089,002)(2,373,374)(1,182,147)(16,990,499)
Interest(2)
1,667,342 549,373 539,900 211,621 254,998 3,223,234 
Other Activity(3)
(313,286)80,432 (832,586)95,765 74,207 (895,468)
Balance as of End of Period$63,775,474 $32,838,078 $22,300,172 $6,723,979 $9,942,080 $135,579,783 
Less: Reinsurance Recoverable(11,675,265)(3,103,296)(7,555,530)— (3,644,612)(25,978,703)
Balance as of End of Period, Net of Reinsurance Recoverable$52,100,209 $29,734,782 $14,744,642 $6,723,979 $6,297,468 $109,601,080 
Average Interest Rate3.98 %2.66 %3.29 %4.11 %3.31 %3.50 %
Net Amount at Risk, Gross of Reinsurance(4)
$— $— $113,736,372 $— $1,148,025 $114,884,397 
Cash Surrender Value(5)
$48,733,309 $32,359,977 $14,005,363 $— $4,506,174 $99,604,823 
(1)“Other” consists of activity related to payout annuities without life contingencies, preneed, variable annuities, and life products.
(2)Interest includes interest credited to policyholders’ account values, and interest accreted in other components of the policyholder account balance, including investment-type contract values, host amounts for contractholder deposits with embedded derivatives, funding agreements, and other associated reserves.
(3)“Other activity” includes policy charges, fees and commissions, transfers, assumption changes, fair value changes, and the impact of hedge fair value adjustments.
(4)Net amount at risk represents the difference between the face value of the insurance policy and the reserve accumulated under that same policy.
(5)Cash surrender values are reported net of any applicable surrender charges, net of reinsurance.
The following table presents the account values by range of guaranteed minimum crediting rates and the related range of differences, in basis points, between rates being credited to policyholders and the respective guaranteed minimums. Account values, as disclosed below, differ from policyholder account balances as they exclude balances associated with index credits, contractholder deposit fund host balances, funding agreements, and other associated reserves. In addition, policyholder account balances include discounts and premiums on assumed business which are not reflected in account values.
As of September 30, 2025
Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:
Range of Guaranteed Minimum Crediting Rates:At Guaranteed Minimum
1 - 49 bps Above Guaranteed Minimum
50 - 99 bps Above Guaranteed Minimum
100 - 150 bps Above Guaranteed Minimum
Greater Than 150 bps Above Guaranteed Minimum
Total
Less Than 1.00%
$2,726,608 $120,583 $378,690 $482,983 $32,349,725 $36,058,589 
1.00% - 1.99%
1,168,348 572,347 697,639 1,818,314 13,069,409 17,326,057 
2.00% - 2.99%
825,922 32,849 55,462 97,152 5,298,683 6,310,068 
3.00% - 4.00%
10,764,704 767,835 481,571 1,302,021 2,990,510 16,306,641 
Greater Than 4.00%
12,411,842 1,286,178 62,035 6,373 — 13,766,428 
Total$27,897,424 $2,779,792 $1,675,397 $3,706,843 $53,708,327 $89,767,783 
Percentage of Total31 %3 %2 %4 %60 %100 %
As of December 31, 2024
Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:
Range of Guaranteed Minimum Crediting Rates:At Guaranteed Minimum
1 - 49 bps Above Guaranteed Minimum
50 - 99 bps Above Guaranteed Minimum
100 - 150 bps Above Guaranteed Minimum
Greater Than 150 bps Above Guaranteed Minimum
Total
Less Than 1.00%
$3,479,329 $36,286 $357,440 $740,947 $32,674,542 $37,288,544 
1.00% - 1.99%
1,304,845 738,935 805,357 1,867,453 10,903,160 15,619,750 
2.00% - 2.99%
769,182 36,663 56,798 697,085 3,671,581 5,231,309 
3.00% - 4.00%
10,302,787 1,619,059 474,803 1,253,515 1,478,389 15,128,553 
Greater Than 4.00%
11,785,696 1,353,687 76,806 7,020 — 13,223,209 
Total$27,641,839 $3,784,630 $1,771,204 $4,566,020 $48,727,672 $86,491,365 
Percentage of Total32 %4 %2 %5 %57 %100 %
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Liability for Future Policy Benefits
The following tables summarize the balances of, and changes in, the liability for future policy benefits for traditional and limited-payment contracts for the nine months ended September 30, 2025 and 2024:
Nine Months Ended
September 30, 2025September 30, 2024
Payout Annuities(1)
Other(2)
Total
Payout Annuities(1)
Other(2)
Total
Present Value of Expected Net Premiums
Balance as of Beginning of Period$— $(1,399,211)$(1,399,211)$— $(208,370)$(208,370)
Balance at Original Discount Rate$— $(1,444,663)$(1,444,663)$— $(241,058)$(241,058)
Effect of Actual Variances from Expected Experience— (67,898)(67,898)— (100,965)(100,965)
Adjusted Beginning of Period Balance— (1,512,561)(1,512,561)— (342,023)(342,023)
Issuances— (218,906)(218,906)— (1,178,303)(1,178,303)
Interest— (52,665)(52,665)— (32,446)(32,446)
Net Premiums Collected— 238,490 238,490 — 118,970 118,970 
Ending Balance at Original Discount Rate— (1,545,642)(1,545,642)— (1,433,802)(1,433,802)
Effect of Changes in Discount Rate Assumptions— 5,939 5,939 — 1,729 1,729 
Balance as of End of Period$— $(1,539,703)$(1,539,703)$— $(1,432,073)$(1,432,073)
Present Value of Expected Future Policy Benefits
Balance as of Beginning of Period$19,067,478 $9,126,824 $28,194,302 $17,427,353 $604,767 $18,032,120 
Balance at Original Discount Rate$22,116,114 $9,336,911 $31,453,025 $20,040,000 $701,655 $20,741,655 
Effect of Changes in Cash Flow Assumptions(33,743)— (33,743)(28,430)— (28,430)
Effect of Actual Variances from Expected Experience12,680 (8,112)4,568 8,066 (36,177)(28,111)
Adjusted Beginning of Period Balance22,095,051 9,328,799 31,423,850 20,019,636 665,478 20,685,114 
Issuances2,454,644 337,989 2,792,633 2,885,218 8,910,288 11,795,506 
Interest564,777 338,130 902,907 467,604 231,123 698,727 
Benefit Payments(1,478,486)(673,229)(2,151,715)(1,395,141)(455,771)(1,850,912)
Ending Balance at Original Discount Rate23,635,986 9,331,689 32,967,675 21,977,317 9,351,118 31,328,435 
Effect of Changes in Discount Rate Assumptions(2,281,076)47,394 (2,233,682)(2,073,656)284,179 (1,789,477)
Balance as of End of Period21,354,910 9,379,083 30,733,993 19,903,661 9,635,297 29,538,958 
Net Liability for Future Policy Benefits21,354,910 7,839,380 29,194,290 19,903,661 8,203,224 28,106,885 
Less: Reinsurance Recoverable(3)
(9,978,306)(6,081,515)(16,059,821)(10,072,105)(6,373,295)(16,445,400)
Net Liability for Future Policy Benefits, Net of Reinsurance Recoverables$11,376,604 $1,757,865 $13,134,469 $9,831,556 $1,829,929 $11,661,485 
(1)Payout annuities generally only have a single premium received at contract inception. As a result, the liability for future policy benefits generally would not reflect a present value for future premiums for payout annuities.
(2)“Other” consists of activity related to long-term care insurance, variable annuities, traditional life insurance, preneed insurance, and fixed-rate annuity products. Mortality and morbidity risks associated with the long-term care insurance have been ceded to a third-party reinsurer.
(3)Reinsurance recoverables associated with the liability for future policy benefits is net of the effect of changes in discount rate assumptions of $444.0 million and $395.5 million for the nine months ended September 30, 2025 and 2024, respectively.
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The following table summarizes the amount of gross premiums related to traditional and limited-payment contracts recognized in the consolidated statements of operations for the nine months ended September 30, 2025 and 2024:
Gross Premiums
Nine Months Ended September 30,
20252024
Payout Annuities$2,533,179 $3,113,638 
Other623,429 8,771,185 
Total Products$3,156,608 $11,884,823 
The following table reflects the weighted-average duration and weighted-average interest rates of the future policy benefit liability as of September 30, 2025 and December 31, 2024:
As of September 30, 2025As of December 31, 2024
Payout AnnuitiesOtherPayout AnnuitiesOther
Weighted-Average Interest Rates, Original Discount Rate4.11 %5.24 %3.81 %4.89 %
Weighted-Average Interest Rates, Current Discount Rate5.11 %5.07 %5.44 %5.51 %
Weighted-Average Liability Duration (Years, Current Rates)8.308.648.459.46
The following reflects the undiscounted ending balance of expected future gross premiums and expected future benefits and payments for traditional and limited-payment contracts, as of September 30, 2025 and December 31, 2024:
As of September 30, 2025As of December 31, 2024
Payout AnnuitiesOtherPayout AnnuitiesOther
Expected Future Benefit Payments, Undiscounted$36,450,389 $16,375,237 $33,415,451 $16,509,005 
Expected Future Benefit Payments, Discounted (Original Discount Rate)23,635,986 9,331,689 22,116,114 9,336,911 
Expected Future Benefit Payments, Discounted (Current Discount Rate)21,354,910 9,379,083 19,067,478 9,126,824 
Expected Future Gross Premiums, Undiscounted— 2,306,412 — 2,072,528 
Expected Future Gross Premiums, Discounted (Original Discount Rate)— 1,824,825 — 1,614,118 
Expected Future Gross Premiums, Discounted (Current Discount Rate)— 1,801,706 — 1,567,542 
Significant Inputs, Judgments, and Assumptions used in Measuring Future Policyholder Benefits
Significant policyholder behavior and other assumption inputs to the calculation of the liability for future policy benefits include discount rates, mortality and, for life insurance, lapse rates. Global Atlantic reviews its assumptions at least annually, and more frequently if necessary. Accordingly, as part of the annual assumption review conducted during the nine months ended September 30, 2025 and 2024, assumptions were revised for an increase in expected mortality on certain payout annuities and pension risk transfer products, which resulted in a $33.7 million and $28.4 million increase, respectively, to net income before taxes.
For the nine months ended September 30, 2025 and 2024, Global Atlantic recognized $(494.7) million and $(463.9) million in other comprehensive income (loss) (gross of the impact of reinsurance), respectively, due to changes in the future policy benefits estimate from updating discount rates. During the nine months ended September 30, 2025 and 2024, there were no changes to the methods used to determine the discount rates.
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Additional Liability for Annuitization, Death, or Other Insurance Benefits
The following tables reflect the additional liability for annuitization, death, or other insurance benefits roll-forward for the nine months ended September 30, 2025 and 2024:
Nine Months Ended September 30,
20252024
Balance as of Beginning of Period$7,630,210 $7,251,266 
Effect of Changes in Cash Flow Assumptions4,508 (7,760)
Effect of Changes in Experience(90,836)(30,523)
Adjusted Balance as of Beginning of Period7,543,882 7,212,983 
Issuances17,346 17,695 
Assessments523,912 517,859 
Benefits Paid(400,780)(383,297)
Interest189,973 179,790 
Balance as of End of Period7,874,333 7,545,030 
Less: Impact of Unrealized Investment Gains and Losses59,516 125,689 
Less: Reinsurance Recoverable, End of Period1,714,561 1,540,118 
Balance, End of Period, Net of Reinsurance Recoverable and Impact of Unrealized Investment Gains and Losses$6,100,256 $5,879,223 
The additional liability for annuitization, death, or other insurance benefits relates primarily to secondary guarantees on certain interest-sensitive life products, and preneed insurance.
The following reflects the amount of gross assessments recognized for the additional liability for annuitization, death, or other insurance benefits in the consolidated statements of operations for the nine months ended September 30, 2025 and 2024:
Gross Assessments
Nine Months Ended September 30,
20252024
Total Amount Recognized Within Revenue in the Consolidated Statements of Operations$506,730 $530,138 
The following reflects the weighted average duration and weighted average interest rate for the additional liability for annuitization, death, or other insurance benefits as of September 30, 2025 and December 31, 2024:
As of
September 30, 2025December 31, 2024
Weighted-Average Interest, Current Discount Rate3.30 %3.29 %
Weighted-Average Liability Duration (Years)25.2626.51
Significant Inputs, Judgments, and Assumptions used in Measuring the Additional Liabilities for Annuitization, Death, or Other Insurance Benefits
Significant policyholder behavior assumption inputs to the calculation of the additional liability for annuitization, death, or other insurance benefits include mortality, lapse rates, investment yields and interest margin. Global Atlantic reviews its assumptions at least annually, and more frequently if necessary. Accordingly, as part of the annual assumption review conducted during the nine months ended September 30, 2025, assumptions for higher mortality, lapse rates, and investment yields were updated, which resulted in a $4.5 million increase to net income before taxes. During the nine months ended September 30, 2024, assumptions for lapse rates, investment yields, and interest margin were updated, which resulted in a $7.8 million decrease to net income before taxes.
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Market Risk Benefits
The following table presents the balances of, and changes in, market risk benefits:
Nine Months Ended
September 30, 2025September 30, 2024
Fixed-Indexed AnnuityVariable- and Other AnnuitiesTotalFixed-Indexed AnnuityVariable- and Other AnnuitiesTotal
Balance as of Beginning of Period$815,981 $183,936 $999,917 $868,268 $252,683 $1,120,951 
Balance as of Beginning of Period, Before Impact of Changes in Instrument-Specific Credit Risk$716,544 $150,107 $866,651 $790,616 $225,593 $1,016,209 
Issuances81,142 (1,028)80,114 38,762 (8)38,754 
Interest30,220 6,341 36,561 32,306 7,800 40,106 
Attributed Fees Collected87,436 65,539 152,975 78,896 67,198 146,094 
Benefit Payments(6,330)(6,069)(12,399)(5,279)(5,301)(10,580)
Effect of Changes in Interest Rates31,261 28,250 59,511 (25,023)(2,924)(27,947)
Effect of Changes in Equity Markets(36,982)(41,795)(78,777)(28,621)(75,864)(104,485)
Effect of Actual Experience Different from Assumptions4,113 (2,471)1,642 23,108 (11,710)11,398 
Effect of Changes in Other Future Expected Assumptions47,662 (42,817)4,845 (126,523)(2,145)(128,668)
Balance as of End of Period Before Impact of Changes in Instrument-Specific Credit Risk955,066 156,057 1,111,123 778,242 202,639 980,881 
Effect of Changes in Instrument-Specific Credit Risk144,555 40,897 185,452 98,839 35,777 134,616 
Balance as of End of Period1,099,621 196,954 1,296,575 877,081 238,416 1,115,497 
Less: Reinsurance Recoverable as of the End of the Period— (10,945)(10,945)— (13,312)(13,312)
Balance as of End of Period, Net of Reinsurance Recoverable$1,099,621 $186,009 $1,285,630 $877,081 $225,104 $1,102,185 
Net Amount at Risk$5,192,937 $1,240,207 $6,433,144 $4,535,978 $1,226,221 $5,762,199 
Weighted-average Attained Age of Contract holders (Years)717171717071

The following reflects the reconciliation of the market risk benefits reflected in the preceding table to the amounts reported in an asset and liability position, respectively, in the consolidated statements of financial condition as of September 30, 2025 and December 31, 2024:
As of September 30, 2025As of December 31, 2024
AssetLiabilityNetAssetLiabilityNet
Fixed-Indexed Annuities$576 $1,100,197 $(1,099,621)$2,319 $818,300 $(815,981)
Variable- and Other Annuities1,850 198,804 (196,954)— 183,936 (183,936)
Total$2,426 $1,299,001 $(1,296,575)$2,319 $1,002,236 $(999,917)

Significant Inputs, Judgments, and Assumptions Used in Measuring Market Risk Benefits
Significant policyholder behavior and other assumption inputs to the calculation of the market risk benefits include interest rates, instrument-specific credit risk, mortality rates, surrender rates, and utilization rates. Global Atlantic reviews its assumptions at least annually, and more frequently if necessary. Accordingly, as part of the annual assumption review conducted during the nine months ended September 30, 2025, assumptions were updated for higher expected morbidity for certain long-term care related benefit riders, offset in part by an increase in expected fixed-indexed annuity activations, which resulted in a $4.8 million decrease to net income before taxes. During the nine months ended September 30, 2024, assumptions for fixed-indexed annuities mortality, surrenders, and utilization, and variable annuity activations were updated, which resulted in a $128.7 million increase to net income before taxes.
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Separate Account Liabilities
Separate account assets and liabilities consist of investment accounts established and maintained by Global Atlantic for certain variable annuity and interest-sensitive life insurance contracts. Some of these contracts include minimum guarantees such as GMDBs and GMWBs that guarantee a minimum payment to the policyholder.
The assets that support these variable annuity and interest-sensitive life insurance contracts are measured at fair value and are reported as separate account assets on the consolidated statements of financial condition. An equivalent amount is reported as separate account liabilities. Market risk benefit assets and liabilities for minimum guarantees are valued and presented separately from separate account assets and separate account liabilities. For more information on market risk benefits see “—Market risk benefits” in this footnote. Policy charges assessed against the policyholders for mortality, administration and other services are included in “Policy fees” in the consolidated statements of operations.
The following table presents the balances of and changes in separate account liabilities:
Nine Months Ended
September 30, 2025September 30, 2024
Variable AnnuitiesInterest-Sensitive LifeTotalVariable AnnuitiesInterest-Sensitive LifeTotal
Balance as of Beginning of Period$3,400,617 $580,443 $3,981,060 $3,565,029 $541,971 $4,107,000 
Premiums and Deposits16,685 8,757 25,442 18,817 9,544 28,361 
Surrenders, Withdrawals and Benefit Payments(364,698)(14,244)(378,942)(414,727)(18,600)(433,327)
Investment Performance312,178 75,396 387,574 463,798 88,738 552,536 
Other(77,671)(31,049)(108,720)(86,983)(33,414)(120,397)
Balance as of End of Period$3,287,111 $619,303 $3,906,414 $3,545,934 $588,239 $4,134,173 
Cash Surrender Value as of End of Period(1)
$3,287,111 $619,303 $3,906,414 $3,545,934 $588,239 $4,134,173 
(1)Cash surrender value attributed to the separate accounts does not reflect the impact of surrender charges; surrender charges are attributed to policyholder account balances recorded in the general account.
The following table presents the aggregate fair value of assets, by major investment asset type, supporting separate accounts:
September 30, 2025December 31, 2024
Asset Type:
Managed Volatility Equity/Fixed Income Blended Fund$1,803,021 $1,930,973 
Equity1,758,881 1,685,944 
Fixed Income140,288 146,475 
Money Market203,686 217,086 
Alternative538 582 
Total Assets Supporting Separate Account Liabilities$3,906,414 $3,981,060 
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18. INCOME TAXES
KKR & Co. Inc. is a domestic corporation for U.S. federal income tax purposes and is subject to U.S. federal, state and local income taxes at the corporate level on its share of taxable income. In addition, KKR Group Partnership and certain of its subsidiaries operate as partnerships for U.S. federal tax purposes but as taxable entities for certain state, local or non-U.S. tax purposes. Moreover, certain corporate subsidiaries of KKR, including certain subsidiaries of Global Atlantic, are domestic corporations for U.S. federal income tax purposes and are subject to U.S. federal, state, and local income taxes.
For the three months ended September 30, 2025 and 2024, the effective tax rates for KKR & Co. Inc. were 16.4% and 12.8%, respectively, and for the nine months ended September 30, 2025 and 2024, the effective tax rates were 13.8% and 16.5%, respectively. The effective tax rate differs from the 21% U.S. federal income tax rate primarily due to the portion of the reported net income (loss) before taxes not being attributable to KKR but rather being attributable to (i) third-party limited partner interests in consolidated investment funds and (ii) exchangeable securities representing ownership interests in KKR Group Partnership until they are exchanged for common stock of KKR & Co. Inc.
Each reporting period, KKR assesses all available positive and negative evidence to estimate whether sufficient future taxable income will be generated to realize existing deferred tax assets. Global Atlantic continues to maintain that its deferred tax assets are more likely than not to be realized and, therefore, no valuation allowance is needed. It is reasonably possible that prolonged market volatility may negatively affect Global Atlantic's operating results and its ability to execute on its tax planning strategies and may warrant the establishment of a valuation allowance on a portion of its deferred tax assets within the next 12 months.

On July 4, 2025, the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was enacted. The OBBBA amended and extended certain provisions of the provisions of the 2017 Tax Cuts and Jobs Act. At this time, KKR does not believe the OBBBA will have a material impact on KKR’s income taxes but continues to monitor the issuance of additional guidance from the U.S. Treasury and the U.S. Internal Revenue Service.
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19. EQUITY-BASED COMPENSATION
The following table summarizes the expense associated with equity-based compensation in connection with KKR equity incentive awards for the three and nine months ended September 30, 2025 and 2024, respectively.
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
Asset Management(1)
$153,743 $149,575 $466,880 $453,505 
Insurance28,487 35,093 72,550 99,482 
Total$182,230 $184,668 $539,430 $552,987 
(1)For both the three and nine months ended September 30, 2025, KKR recorded acquisition-related stock consideration of $2.0 million.
KKR Equity Incentive Awards
Under KKR's equity incentive plans, KKR is permitted to grant equity awards representing ownership interests in KKR & Co. Inc. common stock. On March 29, 2019, the Amended and Restated KKR & Co. Inc. 2019 Equity Incentive Plan (the "2019 Equity Incentive Plan") became effective. Following the effectiveness of the 2019 Equity Incentive Plan, KKR no longer makes further grants under the Amended and Restated KKR & Co. Inc. 2010 Equity Incentive Plan (the "2010 Equity Incentive Plan" and, together with the 2019 Equity Incentive Plan, our "Equity Incentive Plans"), and the 2019 Equity Incentive Plan became KKR's only plan for providing new equity awards by KKR & Co. Inc. Outstanding awards under the 2010 Equity Incentive Plan will remain outstanding, unchanged and subject to the terms of the 2010 Equity Incentive Plan and their respective equity award agreements, until the vesting, expiration or lapse of such awards in accordance with their terms. The total number of equity awards representing shares of common stock that may be issued under the 2019 Equity Incentive Plan is equivalent to 15% of the aggregate number of the shares of common stock and KKR Group Partnership Units (excluding KKR Group Partnership Units held by KKR & Co. Inc. or its wholly-owned subsidiaries), subject to annual adjustment. As of September 30, 2025, 54,585,234 shares may be issued under the 2019 Equity Incentive Plan. KKR has also issued equity grants in the form of restricted holdings units through KKR Holdings III L.P. ("KKR Holdings III"), which are not issued under the 2019 Equity Incentive Plan and are currently held by certain current and former KKR employees. Equity awards granted generally consist of (i) restricted stock units that convert into shares of common stock of KKR & Co. Inc. (or cash equivalent) upon vesting and (ii) restricted holdings units that are exchangeable into shares of common stock of KKR & Co. Inc. upon vesting and certain other conditions, including those described below.
Service-Vesting Awards
KKR grants restricted stock units and restricted holdings units that are subject to service-based vesting, typically over a three to five-year period from the date of grant (referred to hereafter as "Service-Vesting Awards"). In certain cases, these Service-Vesting Awards may have a percentage of the award that vests immediately upon grant, and certain Service-Vesting Awards may have vesting periods longer than five years. Additionally, some but not all Service-Vesting Awards are subject to transfer restrictions and/or minimum retained ownership requirements. Generally, the transfer restriction period, if applicable, lasts for (i) one year with respect to one-half of the awards vesting on any vesting date and (ii) two years with respect to the other one-half of the awards vesting on such vesting date. While providing services to KKR, some but not all of these awards are also subject to minimum retained ownership rules requiring the award recipient to continuously hold shares of common stock equivalents equal to at least 15% of their cumulatively vested awards that have or had the minimum retained ownership requirement. Holders of the Service-Vesting Awards do not participate in dividends until such awards have met their vesting requirements.
Expense associated with the vesting of these Service-Vesting Awards is based on the closing price of KKR & Co. Inc. common stock on the date of grant, discounted for the lack of participation rights in the expected dividends on unvested equity awards. Expense is recognized on a straight line basis over the life of the award and assumes a forfeiture rate of up to 7% annually based upon expected turnover by class of recipient.
As of September 30, 2025, there was approximately $687 million of total estimated unrecognized expense related to unvested Service-Vesting Awards, which is expected to be recognized over the weighted average remaining requisite service period of 2.5 years.
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A summary of the status of unvested Service-Vesting Awards from January 1, 2025, through September 30, 2025, is presented below:
 Shares Weighted
Average Grant
Date Fair Value
Balance, January 1, 202521,105,890 $64.65 
Granted562,276 132.38 
Vested(5,720,334)58.41 
Forfeitures(837,459)73.82 
Balance, September 30, 202515,110,373 $69.02 

Market Condition Awards
KKR also grants restricted stock units and restricted holdings units that are subject to both a service-based vesting condition and a market price based vesting condition (referred to hereafter as "Market Condition Awards"). The following is a discussion of the Market Condition Awards, excluding the Co-CEO Awards (as defined and discussed below).
The number of Market Condition Awards (other than the Co-CEO awards) that will vest depend upon (i) the market price of KKR common stock reaching certain price targets that range from $45.00 to $140.00 and (ii) the employee being employed by KKR on a certain date, which typically ranges from five to six years from the date of grant (with exceptions for involuntary termination without cause, death and permanent disability). The market price vesting condition is met when the average closing price of KKR common stock during 20 consecutive trading days meets or exceeds the stock price targets. Holders of the Market Condition Awards do not participate in dividends until such awards have met both their service-based and market price based vesting requirements. Additionally, these awards are subject to additional transfer restrictions and minimum retained ownership requirements after vesting.
Due to the existence of the service requirement, the vesting period for these Market Condition Awards (other than the Co-CEO awards) is explicit, and as such, compensation expense will be recognized on (i) a straight-line basis over the period from the date of grant through the date the award recipient is required to be employed by KKR and (ii) assumes a forfeiture rate of up to 7% annually based upon expected turnover. The fair value of the awards granted are based on a Monte Carlo simulation valuation model. In addition, the grant date fair value assumes that holders of the Market Condition Awards will not participate in dividends until such awards have met all of their vesting requirements.
Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of these Market Condition Awards:

Weighted
Average		Range
Grant Date Fair Value$30.62
$19.87 - $79.94
Closing KKR share price as of valuation date$51.74
$37.93 - $98.62
Risk Free Rate2.21%
0.41% - 4.41%
Volatility30.04%
28.00% - 38.00%
Dividend Yield1.27%
0.71% - 1.53%
Expected Cost of Equity10.74%
9.13% - 11.80%
As of September 30, 2025, there was approximately $409 million of total estimated unrecognized expense related to these unvested Market Condition Awards, which is expected to be recognized over the weighted average remaining requisite service period of 1.8 years.
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A summary of the status of unvested Market Condition Awards from January 1, 2025 through September 30, 2025 is presented below:
 SharesWeighted
Average Grant
Date Fair Value
Balance, January 1, 202538,019,023 $31.33 
Granted— — 
Vested(20,156)34.09 
Forfeitures(504,275)44.80 
Balance, September 30, 202537,494,592 $31.15 

As of September 30, 2025, all of the Market Condition awards have met their market price based vesting condition. These Market Condition awards remain unvested until their service conditions (as described above) are satisfied.
Co-CEO Awards
On December 9, 2021, the Board of Directors approved grants of 7.5 million restricted holdings units to each of KKR’s Co-Chief Executive Officers that are subject to both a service-based vesting condition and a market price based vesting condition (referred to hereafter as "Co-CEOs Awards"). For both Co-Chief Executive Officers, 20% of the Co-CEOs Awards are eligible to vest at each of the following KKR common stock prices targets: $95.80, $105.80, $115.80, $125.80 and $135.80. The market price based vesting condition is met when the average closing price of KKR common stock during 20 consecutive trading days meets or exceeds the stock price targets. In addition to the market price based vesting conditions, in order for the award to vest, the Co-Chief Executive Officer is required to be employed by KKR on December 31, 2026 (with exceptions for involuntary termination without cause, death and permanent disability).
These awards will be automatically canceled and forfeited upon the earlier of a Co-Chief Executive Officer’s termination of service (except for involuntary termination without cause, death or permanent disability) or the failure to meet the market price based vesting condition by December 31, 2028 (for which continued service is required if the market price vesting condition is met after December 31, 2026). Co-CEO Awards do not participate in dividends until such awards have met both their service-based and market price based vesting requirements. Additionally, these awards are subject to additional transfer restrictions and minimum retained ownership requirements after vesting.
Due to the existence of the service requirement, the vesting period for these Co-CEO Awards is explicit, and as such, compensation expense will be recognized on a straight-line basis over the period from the date of grant through December 31, 2026 given the derived service period is less than the explicit service period. The fair value of the awards granted are based on a Monte Carlo simulation valuation model. In addition, the grant date fair value assumes that these Co-CEO Awards will not participate in dividends until such awards have met all of their vesting requirements.
Below is a summary of the grant date fair value based on the Monte Carlo simulation valuation model and the significant assumptions used to estimate the grant date fair value of these Co-CEO Awards:
Grant Date Fair Value$48.91
Closing KKR share price as of valuation date$75.76
Risk Free Rate1.42 %
Volatility28.0 %
Dividend Yield0.77 %
Expected Cost of Equity9.36 %
As of September 30, 2025, there was approximately $181 million of total estimated unrecognized expense related to these unvested Co-CEO Awards, which is expected to be recognized ratably from October 1, 2025, to December 31, 2026. As of September 30, 2025, all Co-CEO Awards have met their market price based vesting condition. The Co-CEO Awards remain unvested until their service conditions (as described above) are satisfied.

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20. RELATED PARTY TRANSACTIONS
Due from Affiliates consists of:
 September 30, 2025December 31, 2024
Amounts Due From Unconsolidated Investment Funds$1,769,102 $1,583,090 
Amounts Due From Portfolio Companies310,021 272,955 
Due From Affiliates$2,079,123 $1,856,045 
Due to Affiliates consists of:
 September 30, 2025December 31, 2024
Amounts Due to Current and Former Employees Under the Tax Receivable Agreement $355,504 $378,951 
Amounts Due to Unconsolidated Investment Funds68,865 145,565 
Due to Affiliates$424,369 $524,516 

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21. SEGMENT REPORTING
KKR operates through three reportable segments which are presented below and reflect how its chief operating decision-makers, who are the Co-Chief Executive Officers, allocate resources and assess performance:
•Asset Management - The asset management business offers a broad range of investment management services to investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides capital markets services to portfolio companies and third parties. This reportable segment also reflects how its business lines operate collaboratively with predominantly a single expense pool.
•Insurance - The insurance business is operated by Global Atlantic, which is a leading U.S. retirement and life insurance company that provides a broad suite of protection, legacy and savings products and reinsurance solutions to clients across individual and institutional markets. Global Atlantic primarily generates income by earning a spread between its investment income and the cost of policyholder benefits.
•Strategic Holdings - The strategic holdings business currently represents KKR's participation in its core private equity strategy. This segment primarily generates income from dividends from these businesses. Dividends are presented net of management fees paid to the Asset Management segment. If KKR were to sell a portion or all of a business reported in Strategic Holdings, the realized gain or loss would be presented as realized investment income, net of a performance fee paid to the Asset Management segment.
KKR’s segment profitability measures used to make operating decisions and assess performance across KKR’s reportable segments is presented prior to giving effect to the allocation of income (loss) among KKR & Co. Inc. and holders of any exchangeable securities, and the consolidation of the investment funds, vehicles and accounts that KKR advises, manages or sponsors (including CFEs). For each segment, the chief operating decision makers use the key measure of segment earnings to allocate resources to that segment in the annual budget and forecasting process. KKR's segment profitability measures excludes: (i) equity-based compensation charges, (ii) amortization of acquired intangibles, and (iii) transaction-related and non-operating items, if any. Transaction-related and non-operating items arise from corporate actions, which consist of: (i) impairments, (ii) transaction costs from acquisitions, including any acquisition-related stock consideration, (iii) depreciation on real estate that KKR owns and occupies, (iv) contingent liabilities, net of any recoveries, (v) certain integration, restructuring, and other non-operating expenses, and (vi) other gains or charges that affect period-to-period comparability and are not reflective of KKR's ongoing operational performance.
Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the respective segments. These transactions include (i) management fees earned by the Asset Management segment as the investment adviser for Global Atlantic insurance companies, (ii) management and performance fees earned by the Asset Management segment from the Strategic Holdings segment, and (iii) interest income and expense based on lending arrangements where the Asset Management segment borrows from the Insurance segment. All these inter-segment transactions are recorded by each segment based on the applicable governing agreements. Additionally, due to the integrated nature of our segment operations and as part of our strategic capital allocation decisions, 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 gain or loss is recognized at the time of transfer. Earnings are recognized upon realization events and transactions with third parties. Total Segment Earnings represents the total segment earnings of KKR’s Asset Management, Insurance, and Strategic Holdings segments:
•Asset Management Segment Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Asset Management segment. This measure is presented before income taxes and is comprised of: (i) Fee Related Earnings, (ii) Realized Performance Income, (iii) Realized Performance Income Compensation, (iv) Realized Investment Income, and (v) Realized Investment Income Compensation. Asset Management Segment Earnings excludes the impact of: (i) unrealized gains (losses) on investments, (ii) unrealized carried interest, and (iii) unrealized carried interest compensation. Management fees earned by KKR as the adviser, manager or sponsor for its investment funds, vehicles and accounts, including its Global Atlantic insurance companies and Strategic Holdings segment, are included in Asset Management Segment Earnings.
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•Insurance Operating Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i) Net Investment Income, (ii) Net Cost of Insurance, and (iii) General, Administrative, and Other Expenses. Insurance Operating Earnings excludes the impact of: (i) investment gains (losses) which include realized gains (losses) related to asset/liability matching investment strategies and unrealized investment gains (losses) and (ii) non-operating changes in policy liabilities and derivatives which includes (a) changes in the fair value of market risk benefits and other policy liabilities measured at fair value and related benefit payments, (b) fees attributed to guaranteed benefits, (c) derivatives used to manage the risks associated with policy liabilities, and (d) losses at contract issuance on payout annuities. Insurance Operating Earnings includes (i) realized gains and losses not related to asset/liability matching investment strategies and (ii) the investment management costs that are earned by our Asset Management segment as the investment adviser of the Global Atlantic insurance companies.
•Strategic Holdings Segment Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Strategic Holdings segment. This measure is presented before income taxes and is comprised of: Dividends, Net and Net Realized Investment Income. Strategic Holdings Segment Earnings excludes the impact of unrealized gains (losses) on investments. Strategic Holdings Segment Earnings includes management fees and performance fee expenses that are earned by the Asset Management segment.
KKR disclosed all the segment expenses under the significant expense principle for each reportable segment. There are no expenses to be disclosed in the other segment category, because segment revenues minus segment expenses equals the segment measure of profit of each reportable segment.


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Segment Presentation
The following tables set forth information regarding KKR's segment results:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Asset Management
Management Fees (1)(2)
$1,063,553 $892,629 $2,976,650 $2,555,263 
Transaction and Monitoring Fees, Net328,124 467,145 823,882 842,087 
Fee Related Performance Revenues73,177 56,655 148,191 112,901 
Fee Related Compensation(256,350)(247,875)(691,027)(614,294)
Other Operating Expenses(175,568)(167,881)(515,403)(471,146)
Fee Related Earnings1,032,936 1,000,673 2,742,293 2,424,811 
Realized Performance Income930,659 391,920 1,697,429 1,145,774 
Realized Performance Income Compensation(697,994)(289,994)(1,267,461)(843,011)
Realized Investment Income (3)
4,436 151,546 376,391 424,845 
Realized Investment Income Compensation(665)(22,732)(56,459)(63,725)
Asset Management Segment Earnings$1,269,372 $1,231,413 $3,492,193 $3,088,694 
Insurance
Net Investment Income (1) (4)
$1,835,025 $1,636,300 $5,352,893 $4,660,765 
Net Cost of Insurance(1,305,073)(1,166,891)(3,823,676)(3,240,834)
General, Administrative and Other(225,299)(230,889)(687,860)(655,358)
Insurance Operating Earnings$304,653 $238,520 $841,357 $764,573 
Strategic Holdings
Dividends, Net (2)
$57,663 $6,828 $118,270 $68,400 
  Strategic Holdings Operating Earnings57,663 6,828 118,270 68,400 
Net Realized Investment Income(3)
69,861 87,693 69,861 87,693 
Strategic Holdings Segment Earnings$127,524 $94,521 $188,131 $156,093 
Total Segment Earnings$1,701,549 $1,564,454 $4,521,681 $4,009,360 
(1) Includes intersegment management fees of $170.2 million and $144.9 million earned by the Asset Management segment from the Insurance segment for the three months ended September 30, 2025 and 2024, respectively, and $495.4 million and $384.4 million for the nine months ended September 30, 2025 and 2024, respectively.
(2) Includes intersegment management fees of $9.9 million and $8.2 million earned by the Asset Management segment from the Strategic Holdings segment for the three months ended September 30, 2025 and 2024, respectively, and $27.1 million and $23.9 million for the nine months ended September 30, 2025 and 2024, respectively.
(3) Includes intersegment performances fees of $12.3 million earned by the Asset Management segment from the Strategic Holdings segment for the three and nine months ended September 30, 2025 and $15.5 million for the three and nine months ended September 30, 2024.
(4) Includes intersegment interest expense of $6.6 million and $2.1 million for the three months ended September 30, 2025 and 2024, respectively, and $14.3 million and $7.4 million for the nine months ended September 30, 2025 and 2024, respectively.
As of September 30,
20252024
Segment Assets:
  Asset Management$28,439,790 $27,264,016 
  Insurance265,634,247 244,991,087 
  Strategic Holdings10,210,569 7,290,413 
Total Segment Assets$304,284,606 $279,545,516 
Three Months Ended September 30,Nine Months Ended September 30,
Non-Cash Expenses Excluded from Segment Earnings2025202420252024
Equity Based Compensation
  Asset Management$153,743 $149,575 $466,880 $453,505 
  Insurance 28,487 35,093 72,550 99,482 
Total Non-Cash Expenses $182,230 $184,668 $539,430 $552,987 

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Reconciliations of Total Segment Amounts
The following tables reconcile Segment Revenues, Expenses, Earnings, and Assets to their equivalent GAAP measure:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total GAAP Revenues$5,525,975 $4,791,696 $13,725,001 $18,620,344 
Impact of Consolidation and Other332,965 335,048 850,991 865,898 
Asset Management Adjustments:
Capital Allocation-Based Income (Loss) (GAAP)(638,764)(1,163,424)(2,708,601)(3,164,491)
Realized Carried Interest883,458 336,016 1,616,480 1,044,843 
Realized Investment Income4,436 151,546 376,391 424,845 
Capstone Fees(27,327)(29,141)(72,919)(69,218)
Expense Reimbursements(46,788)(32,789)(108,490)(68,050)
Strategic Holdings Adjustments:
Realized Investment Income and Dividends149,712 118,162 210,319 195,400 
Insurance Adjustments:
Net Premiums(1,059,610)(621,218)(2,113,216)(7,593,534)
Policy Fees(339,735)(375,371)(1,013,182)(1,038,218)
Other Income(61,049)(60,162)(202,501)(180,436)
(Gains) Losses from Investments(1)
201,731 687,170 1,638,988 1,254,170 
Non-Operating Changes in Policy Liabilities and Derivatives(562,506)(446,817)(635,694)(393,825)
Total Segment Revenues (2)
$4,362,498 $3,690,716 $11,563,567 $9,897,728 
(1)Includes gains and losses on funds withheld receivables and payables embedded derivatives.
(2)Total Segment Revenues is comprised of (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv) Realized Performance Income, (v) Realized Investment Income, (vi) Net Investment Income, and (vii) Dividends, Net.

Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Total GAAP Expenses$5,024,271 $4,746,005 $13,601,670 $18,005,278 
Impact of Consolidation and Other(229,803)(100,968)(564,266)(290,929)
Asset Management Adjustments:
Equity-based Compensation(151,724)(149,575)(464,861)(453,505)
Unrealized Carried Interest Compensation188,642 (644,881)(801,297)(1,555,336)
Amortization of Intangibles(715)— (715)— 
Transaction-related and Non-operating Items(47,409)(90,716)(68,725)(153,699)
Reimbursable Expenses(46,788)(32,789)(108,490)(68,050)
Capstone Expenses(23,285)(20,226)(68,307)(57,821)
Insurance Adjustments:
Net Premiums(1,059,610)(621,218)(2,113,216)(7,593,534)
Policy Fees(339,735)(375,371)(1,013,182)(1,038,218)
Other Income(61,049)(60,162)(202,501)(180,436)
Non-Operating Changes in Policy Liabilities(537,540)(464,653)(1,044,263)(592,985)
Equity-Based Compensation (28,487)(35,093)(72,550)(99,482)
Amortization of Intangibles(4,699)(4,412)(14,097)(13,236)
Transaction-Related and Non-Operating Items(21,120)(19,679)(23,314)(19,679)
Total Segment Expenses (1)
$2,660,949 $2,126,262 $7,041,886 $5,888,368 
(1)Total Segment Expenses is comprised of (i) Fee Related Compensation, (ii) Realized Performance Income Compensation, (iii) Realized Investment Income Compensation, (iv) Net Cost of Insurance, (v) General, Administrative and Other, and (vi) Other Operating Expenses.

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Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Income (Loss) Before Tax (GAAP)$2,199,561 $1,644,564 $4,499,396 $4,217,820 
Impact of Consolidation and Other (922,634)(823,034)(2,799,787)(1,161,554)
Interest Expense, Net56,692 80,709 184,221 230,617 
Asset Management Adjustments:
Unrealized (Gains) Losses(76,839)89,805 560,252 (385,448)
Unrealized Carried Interest235,801 (850,638)(1,001,818)(1,987,597)
Unrealized Carried Interest Compensation (188,642)644,881 801,297 1,555,336 
Transaction-related and Non-operating Items(1)
47,409 90,716 68,725 153,699 
Equity-based Compensation63,287 66,549 205,314 206,861 
Equity-based Compensation - Performance based88,437 83,026 259,548 246,644 
Amortization of Acquired Intangibles715 — 715 — 
Strategic Holdings Adjustments:
Unrealized (Gains) Losses(57,019)(226,319)(442,731)(644,285)
Insurance Adjustments:
(Gains) Losses from Investments(2)
166,098 692,422 1,815,122 1,251,953 
Non-Operating Changes in Policy Liabilities and Derivatives34,377 12,589 261,466 192,917 
Transaction-Related and Non-Operating Items(1)
21,120 19,679 23,314 19,679 
Equity-Based Compensation28,487 35,093 72,550 99,482 
Amortization of Acquired Intangibles4,699 4,412 14,097 13,236 
Total Segment Earnings$1,701,549 $1,564,454 $4,521,681 $4,009,360 
(1)For the three months ended September 30, 2025, Transaction-related and Other Non-operating items includes (i) $44 million related to transaction-related costs and other corporate actions, and (ii) $24 million of costs associated with certain integration, restructuring, and other non-operating expenses across our Asset Management and Insurance businesses.
(2)Includes gains and losses on funds withheld receivables and payables embedded derivatives.
As of
September 30, 2025September 30, 2024
Total GAAP Assets$398,480,928 $360,655,876 
Impact of Consolidation and Reclassifications(88,424,549)(76,399,555)
Carry Pool Reclassifications(5,771,773)(4,710,805)
Total Segment Assets$304,284,606 $279,545,516 
22. EQUITY
Stockholders' Equity
Common Stock
The common stock of KKR & Co. Inc. is entitled to vote as provided by its certificate of incorporation, Delaware General Corporation Law and the rules of the New York Stock Exchange ("NYSE"). Subject to preferences that apply to any shares of preferred stock outstanding at the time on which dividends are payable, the holders of common stock are entitled to receive dividends out of funds legally available if the Board of Directors, in its discretion, determines to declare dividends and then only at the times and in the amounts that the Board of Directors may determine. The common stock is not entitled to preemptive rights and is not subject to conversion, redemption or sinking fund provisions.
Series I Preferred Stock
Except for any distribution required by Delaware law to be made upon a dissolution event, the holders of Series I preferred stock do not have any economic rights to receive dividends. Series I preferred stock is entitled to vote on various matters that may be submitted to vote of the stockholders and the other matters as set forth in the certificate of incorporation. Upon a dissolution event, each holder of Series I preferred stock will be entitled to a payment equal to $0.01 per share of Series I preferred stock. The Series I preferred stock will be eliminated on the Sunset Date (as defined in Note 1 "Organization"), which is scheduled to occur not later than December 31, 2026.
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Series D Mandatory Convertible Preferred Stock
On March 7, 2025, KKR & Co. Inc. issued 51,750,000 shares, or $2.59 billion aggregate liquidation preference, of Series D Mandatory Convertible Preferred Stock.
Subject to certain exceptions, so long as any share of Series D Mandatory Convertible Preferred Stock remains outstanding, no dividend or distributions will be declared or paid on shares of KKR & Co. Inc.’s common stock, par value $0.01 per share, or any other class or series of stock ranking junior to the Series D Mandatory Convertible Preferred Stock, and no common stock or any other class or series of stock ranking junior to the Series D Mandatory Convertible Preferred Stock will be purchased, redeemed, or otherwise acquired for consideration by KKR & Co. Inc. or any of its subsidiaries unless, in each case, all accumulated and unpaid dividends for all preceding dividend periods have been declared and paid in cash, shares of common stock or a combination thereof, or a sufficient sum of cash or number of shares of common stock has been set aside for the payment of such dividends, on all outstanding shares of Series D Mandatory Convertible Preferred Stock. In addition, when dividends on shares of the Series D Mandatory Convertible Preferred Stock (i) have not been declared and paid in full on any dividend payment date (or, in the case of any parity stock having dividend payment dates different from such dividend payment dates on a dividend payment date falling within a regular dividend period related to such dividend payment date), or (ii) have been declared but a sum of cash or number of shares of Common Stock sufficient for payment thereof has not been set aside for the benefit of the holders thereof on the applicable regular record date, no dividends may be declared or paid on any parity stock unless dividends are declared on the shares of Series D Mandatory Convertible Preferred Stock such that the respective amounts of such dividends declared on the shares of Series D Mandatory Convertible Preferred Stock and such shares of parity stock shall be allocated pro rata among the holders of the shares of Series D Mandatory Convertible Preferred Stock and the holders of any shares of parity stock then outstanding.
Unless converted earlier, each share of the Series D Mandatory Convertible Preferred Stock will automatically convert on the mandatory conversion date, which is expected to be March 1, 2028, into between 0.3312 shares and 0.4140 shares of common stock, in each case, subject to customary anti-dilution adjustments described in the certificate of designations setting forth the terms of the Series D Mandatory Convertible Preferred Stock. The number of shares of common stock issuable upon conversion will be determined based on the average volume weighted average price per share of common stock over the 20 consecutive trading day period beginning on, and including, the 21st scheduled trading day immediately prior to March 1, 2028.
Dividends on the Series D Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by KKR & Co. Inc.’s board of directors, or an authorized committee thereof, at an annual rate of 6.25% on the liquidation preference of $50.00 per share of Series D Mandatory Convertible Preferred Stock, and may be paid in cash or, subject to certain limitations, in shares of common stock or, subject to certain limitations, any combination of cash and shares of common stock. If declared, dividends on the Series D Mandatory Convertible Preferred Stock will be payable quarterly on March 1, June 1, September 1 and December 1 of each year to, and including, March 1, 2028, commencing on June 1, 2025.
Upon KKR & Co. Inc.’s voluntary or involuntary liquidation, winding-up or dissolution, each holder of the Series D Mandatory Convertible Preferred Stock will be entitled to receive a liquidation preference in the amount of $50.00 per share of Series D Mandatory Convertible Preferred Stock, plus an amount equal to accumulated and unpaid dividends on such shares, whether or not declared, to, but excluding, the date fixed for liquidation, winding-up or dissolution, such amount to be paid out of KKR & Co. Inc.’s assets legally available for distribution to its stockholders after satisfaction of debt and other liabilities owed to KKR & Co. Inc.’s creditors and holders of shares of its stock ranking senior to the Series D Mandatory Convertible Preferred Stock and before any payment or distribution is made to holders of any stock ranking junior to the Series D Mandatory Convertible Preferred Stock, including, without limitation, Common Stock.
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Share Repurchase Program
Under KKR's repurchase program, shares of common stock of KKR & Co. Inc. may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. In addition to the repurchases of common stock, the repurchase program will be used for the retirement (by cash settlement or the payment of tax withholding amounts upon net settlement) of equity awards granted pursuant to our 2019 Equity Incentive Plan representing the right to receive common stock. KKR expects that the program will be in effect until the maximum approved dollar amount has been used. The program does not require KKR to repurchase or retire any specific number of shares of common stock or equity awards, respectively, and the program may be suspended, extended, modified or discontinued at any time. In April 2024, the share repurchase program was amended such that when the remaining available amount under the share repurchase program becomes $50 million or less, the total available amount under the share repurchase program will automatically add an additional $500 million to the then remaining available amount of $50 million or less (the “Share Repurchase Program Increase Threshold”). The Share Repurchase Program Increase Threshold was reached during the three months period ending June 30, 2025, which automatically added an additional $500 million to the then remaining available amount. As of October 31, 2025, there was approximately $440 million remaining under the program. Any additional increases to this remaining available amount would require a separate approval by the Board of Directors of KKR & Co. Inc. The repurchase program does not have an expiration date.
The following table presents the shares of KKR & Co. Inc. common stock that have been repurchased or equity awards retired under the repurchase program:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Shares of common stock repurchased— — 36,411 — 
Equity awards for common stock retired 8,333 696 930,468 924,559 
Change in KKR & Co. Inc.'s Ownership Interest
Vesting of restricted holdings units results in a change in ownership in KKR Group Partnership, while KKR retains a controlling interest, and is accounted for as an equity transaction between the controlling and noncontrolling interests.
Noncontrolling Interests
Noncontrolling interests in consolidated entities represent the non-redeemable ownership interests in KKR that are held primarily by:
(i)third party fund investors in KKR's consolidated funds and certain other entities;
(ii)third parties in KKR's Capital Markets business line;
(iii)certain current and former employees who hold exchangeable securities; and
(iv)third-party investors in certain of Global Atlantic's consolidated entities.
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The following table presents the balances of, and changes in, Noncontrolling Interests:
Three Months Ended September 30,
 20252024
Balance at the beginning of the period $40,755,618 $35,565,377 
Net Income (Loss) Attributable to Noncontrolling Interests 905,407 838,916 
Other Comprehensive Income (Loss), net of tax (17,972)(10,477)
Equity-Based Compensation (Non Cash Contribution)104,346 107,078 
Change in KKR & Co. Inc.'s Ownership Interest(159,495)(54,299)
Capital Contributions2,885,584 2,580,370 
Capital Distributions(1,209,444)(2,729,479)
Changes in Consolidation— 95,131 
Impact of Acquisition - HealthCare Royalty Management, LLC (1)
28,313 — 
Balance at the end of the period$43,292,357 $36,392,617 
    
Nine Months Ended September 30,
 20252024
Balance at the beginning of the period$36,747,947 $34,904,791 
Net Income (Loss) Attributable to Noncontrolling Interests 2,543,501 1,513,518 
Other Comprehensive Income (Loss), net of tax (13,019)(15,315)
Compensation Modification - Issuance of Holdings III Units— 53,623 
Equity-Based Compensation (Non-Cash Contribution)302,562 319,137 
2024 GA Acquisition - Cash consideration (See Note 1)— (2,622,230)
2024 GA Acquisition - Issuance of Holdings III Units (See Note 1)— 40,789 
Change in KKR & Co. Inc.'s Ownership - 2024 GA Acquisition— 2,169,300 
Change in KKR & Co. Inc.'s Ownership Interest(352,489)(342,811)
Capital Contributions4,782,659 5,976,650 
Capital Distributions(3,138,509)(6,767,940)
Changes in Consolidation2,391,392 1,163,105 
Impact of Acquisition - HealthCare Royalty Management, LLC (1)
28,313 — 
Balance at the end of the period$43,292,357 $36,392,617 

(1)Represents noncontrolling interests in HealthCare Royalty Management, LLC as of the acquisition date.

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23. REDEEMABLE NONCONTROLLING INTERESTS
Redeemable noncontrolling interests primarily represents noncontrolling interests of certain KKR investment funds and vehicles that are subject to periodic redemption by fund investors following the expiration of a specified period of time, or may be withdrawn subject to a redemption fee during the period when capital may not be otherwise withdrawn. Consolidated fund investor's interests subject to redemption as described above are presented as Redeemable Noncontrolling Interests in the accompanying consolidated statements of financial condition and presented as Net Income (Loss) Attributable to Redeemable Noncontrolling Interests in the accompanying consolidated statements of operations. When redeemable amounts become legally payable to fund investors, they are classified as a liability and included in Accounts Payable, Accrued Expenses, and Other Liabilities in the accompanying consolidated statements of financial condition.
The following table presents the balances of, and changes in, Redeemable Noncontrolling Interests:
Three Months Ended September 30,
20252024
Balance at the beginning of the period$1,993,598 $1,291,487 
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests34,058 (4,798)
Capital Contributions343,279 47,409 
Capital Distributions(10,539)(10,027)
Change in KKR & Co. Inc.'s Ownership Interest— (1,763)
Balance at the end of the period$2,360,396 $1,322,308 
Nine Months Ended September 30,
20252024
Balance at the beginning of the period$1,585,177 $615,427 
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests110,727 57,546 
Capital Contributions707,908 671,530 
Capital Distributions(43,416)(20,432)
Change in KKR & Co. Inc.'s Ownership Interest— (1,763)
Balance at the end of the period$2,360,396 $1,322,308 
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24. COMMITMENTS AND CONTINGENCIES
Funding Commitments and Others
As of September 30, 2025, KKR had unfunded commitments consisting of $10.4 billion to its investment funds and vehicles. These unfunded commitments also include funding requirements to levered investment vehicles and structured transactions to fund or otherwise be liable for a portion of the vehicle's investment losses and/or to provide the vehicle with liquidity upon certain termination events.
In addition to these uncalled commitments and funding obligations to KKR's investment funds and vehicles, KKR has entered into contractual commitments primarily with respect to underwriting transactions, debt financing, revolving credit facilities, and syndications in KKR's Capital Markets business line. As of September 30, 2025, these capital markets commitments amounted to $0.5 billion. Whether these amounts are actually funded, in whole or in part, depends on the contractual terms of such capital markets commitments, including the satisfaction or waiver of any conditions to closing or funding. KKR's capital markets business has arrangements with third parties, which are expected to reduce KKR's risk under certain circumstances when underwriting certain debt transactions. As a result, our unfunded capital markets commitments as of September 30, 2025, have been reduced to reflect the amount expected to be funded by such third parties. As of September 30, 2025, KKR's capital markets business line has entered into such arrangements representing a total notional amount of $5.0 billion.
Global Atlantic has commitments to purchase or fund investments of $5.5 billion as of September 30, 2025. These commitments include those related to mortgage loans, other lending facilities, and real assets. For those commitments that represent a contractual obligation to extend credit, Global Atlantic has recorded a liability of $19.3 million for current expected credit losses as of September 30, 2025.
In addition, Global Atlantic has entered into agreements to purchase loans. Global Atlantic's obligations under these agreements are subject to change, curtailment, and cancellation based on various provisions including repricing mechanics, due diligence reviews, and performance or pool quality, among other factors.
Global Atlantic has certain contingent funding obligations related to development-stage renewable energy projects in the amount of $322.2 million as of September 30, 2025, with expiration dates occurring between March 2026 and September 2027. For accounting purposes, these contingent funding obligations are considered guarantees of the obligations of the development-stage renewable energy projects.
Non-cancelable Operating Leases
KKR's non-cancelable operating leases consist of leases of office space around the world. There are no material rent holidays, contingent rent, rent concessions, or leasehold improvement incentives associated with any of these property leases. In addition to base rentals, certain lease agreements are subject to escalation provisions and rent expense is recognized on a straight‑line basis over the term of the lease agreement. Global Atlantic also enters into land leases for its consolidated investments in renewable energy.
Contingent Repayment Guarantees
The partnership documents governing KKR's carry-paying investment funds and vehicles generally include a "clawback" provision that, if triggered, may give rise to a contingent obligation requiring the general partner to return amounts to the fund for distribution to the fund investors at the end of the life of the fund. Under a clawback obligation, upon the liquidation of a fund, the general partner is required to return, typically on an after-tax basis, previously distributed carry to the extent that, due to the diminished performance of later investments, the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, including the effects of any performance thresholds. KKR has guaranteed its general partners' clawback obligations.
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As of September 30, 2025, approximately $514 million of carried interest was subject to this clawback obligation, assuming that all applicable carry-paying investment funds were liquidated at their September 30, 2025 fair values. Although KKR would be required to remit the entire amount to fund investors that are entitled to receive the clawback payment, KKR would be entitled to seek reimbursement of approximately $210 million of that amount from Associates Holdings, which is not a KKR subsidiary. As of September 30, 2025, Associates Holdings had access to cash reserves sufficient to reimburse the full $210 million that would be due to KKR. If the investments in all carry-paying funds were to be liquidated at zero value, a possibility that management views to be remote, the clawback obligation would have been approximately $5.8 billion as of September 30, 2025. KKR will acquire control of Associates Holdings when a subsidiary of KKR becomes its general partner upon the closing of the transactions contemplated to occur on the Sunset Date (as defined in Note 1 "Organization"), which will occur not later than December 31, 2026.
Carried interest is recognized in the consolidated statements of operations based on the contractual conditions set forth in the agreements governing the fund as if the fund were terminated and liquidated at the reporting date and the fund's investments were realized at the then estimated fair values. Amounts earned pursuant to carried interest are earned by the general partner of those funds to the extent that cumulative investment returns are positive and where applicable, preferred return thresholds have been met. If these investment amounts earned decrease or turn negative in subsequent periods, recognized carried interest will be reversed and to the extent that the aggregate amount of carry distributions received by the general partner during the term of the fund exceed the amount to which the general partner was ultimately entitled, and a clawback obligation would be recorded. For funds that are consolidated, this clawback obligation, if any, is reflected as an increase in noncontrolling interests in the consolidated statements of financial condition. For funds that are not consolidated, this clawback obligation, if any, is reflected as a reduction of KKR's investment balance as this is where carried interest is initially recorded.
Indemnifications and Other Guarantees
KKR may incur contingent liabilities for claims that may be made against it in the future. KKR enters into contracts that contain a variety of representations, warranties and covenants, including indemnifications. KKR (including KFN) and certain of KKR's investment funds have provided and provide certain credit support, such as indemnities and guarantees, relating to a variety of matters, including non-recourse carve-out guarantees for fraud, willful misconduct and other wrongful acts in connection with the financing of (i) certain real estate investments that we have made, including KKR's corporate real estate, and (ii) certain investment vehicles that KKR manages or sponsors.
KKR also has provided, and provides, credit support in connection with its businesses, including:
i.to certain of its subsidiaries' obligations in connection with a limited number of investment vehicles that KKR manages,

ii.in connection with repayment and funding obligations to third-party lenders on behalf of certain employees, excluding its executive officers, in connection with their personal investments in KKR investment funds and a levered multi-asset investment vehicle,

iii.through a contingent guarantee of a subsidiary’s loan repayment obligations, which does not become effective unless and until its loan becomes accelerated due to certain specified events of default involving the investment vehicles managed by KJRM,

iv.the obligations of our subsidiaries' funding obligations to our investment vehicles, and

v.certain of our investment vehicles to fund or otherwise be liable for a portion of their investment losses and/or to provide them with liquidity upon certain termination events.

In addition, KKR has agreed to tender to one of its consolidated investment vehicles up to a fixed number of shares that KKR owns in it if the net asset value of such shares is less than an agreed upon value on June 1, 2027.
KKR may also become liable for certain fees payable to sellers of businesses or assets if a transaction does not close, subject to certain conditions, if any, specified in the acquisition agreements for such businesses or assets.
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In addition, the Global Atlantic business was formerly owned by The Goldman Sachs Group, Inc. (together with its subsidiaries, "Goldman Sachs"). In connection with the separation of Global Atlantic from Goldman Sachs in 2013, Global Atlantic entered into a tax benefit payment agreement with Goldman Sachs. Under the tax benefit payment agreement, Global Atlantic (Fin) Company ("GA FinCo"), a Delaware corporation and wholly-owned indirect subsidiary of TGAFG, the holding company for the Global Atlantic business, is obligated to make annual payments out of available cash, guaranteed by a Global Atlantic entity, to Goldman Sachs over an approximately 25-year period. As of September 30, 2025, the present value of the remaining amount to be paid is $45.8 million. Although these payments are subordinated and deferrable, deferral of these payments would result in restrictions on distributions by GA FinCo.
Unless otherwise stated above, KKR's maximum exposure under the arrangements described under this section “—Indemnifications and Other Guarantees” are currently unknown as there are no stated or notional amounts included in these arrangements and KKR's liabilities for these matters would require a claim to be made against KKR in the future.
Legal Proceedings
From time to time, KKR (including Global Atlantic) is involved in various legal proceedings, requests for information, lawsuits, arbitration, and claims incidental to the conduct of KKR's businesses. KKR's businesses are also subject to extensive regulation, which may result in regulatory or other legal proceedings against them. Moreover, in the ordinary course of business, KKR is and can be the defendant or the plaintiff in numerous lawsuits with respect to acquisitions, bankruptcy, insolvency and other events. Such lawsuits may involve claims, or may be resolved on terms, that adversely affect the value of certain investments owned by KKR's funds and Global Atlantic's insurance companies.
Kentucky Matter
In December 2017, KKR & Co. L.P. (which is now KKR Group Co. Inc.) and its then Co-Chief Executive Officers, Henry Kravis and George Roberts, were named as defendants in a lawsuit filed in Kentucky state court (the “2017 Action”) alleging, among other things, the violation of fiduciary and other duties in connection with certain separately managed accounts that Prisma Capital Partners LP, a former subsidiary of KKR, manages for the Kentucky Retirement Systems. Also named as defendants in the lawsuit are certain current and former trustees and officers of the Kentucky Retirement Systems, Prisma Capital Partners LP, and various other service providers to the Kentucky Retirement Systems and their related persons. The 2017 Action was dismissed at the direction of the Supreme Court of Kentucky for lack of Kentucky constitutional standing. This dismissal became final on February 16, 2024.
On July 21, 2020, the Office of the Attorney General, on behalf of the Commonwealth of Kentucky (the "Kentucky AG"), filed a new lawsuit in the same Kentucky state court (the “2020 AG Action”) making essentially the same allegations as those raised in the 2017 Action, including against what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Messrs. Kravis and Roberts. On May 1, 2024, the trial court denied motions to dismiss the 2020 AG Action filed by KKR & Co. Inc. and Messrs. Kravis and Roberts.
On April 8, 2024, after receiving permission from the Kentucky trial court in the 2020 AG Action, the Kentucky AG amended its complaint in the 2020 AG Action to add a claim for breach of contract. The Kentucky AG also filed an action (the "2024 AG Action") substantially identical to the 2020 AG Action, including the new claim for breach of contract. On April 23, 2024, KKR & Co. Inc., Messrs. Kravis and Roberts and other defendants moved to strike the Kentucky AG's amended complaint in the 2020 AG Action, to stay consideration of the breach of contract claim and the 2024 AG Action until after the trial court's ruling on the motions to dismiss the 2020 AG Action, and to deny a motion by the Kentucky AG to consolidate the 2020 AG Action and the 2024 AG Action. These motions were denied, and the trial court consolidated the 2020 AG Action with the 2024 AG Action. On June 17, 2024, KKR & Co. Inc., Messrs. Kravis and Roberts and other defendants filed new motions to dismiss the consolidated 2020 AG Action and 2024 AG Action.
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In January 2021, some of the attorneys for the plaintiffs in the 2017 Action filed a new lawsuit on behalf of a new set of plaintiffs, who claim to be “Tier 3” members of Kentucky Retirement Systems (the “Tier 3 Plaintiffs”), alleging substantially the same allegations as in the 2017 Action. On July 9, 2021, the Tier 3 Plaintiffs served an amended complaint, which purports to assert, on behalf of a class of beneficiaries of Kentucky Retirement Systems, direct claims for breach of fiduciary duty and civil violations under the Racketeer Influenced and Corrupt Organizations Act (“RICO”). This complaint was removed to the U.S. District Court for the Eastern District of Kentucky, which has entered an order staying this case until the completion of the 2020 AG Action. On August 20, 2021, the Tier 3 Plaintiffs and other individual plaintiffs filed a second complaint in Kentucky state court (the “Second Tier 3 Action”), purportedly on behalf of Kentucky Retirement Systems’ funds, alleging the same claims against what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Messrs. Kravis and Roberts as in the July 9th amended complaint but without the RICO or class action allegations. On May 1, 2024, the trial court denied motions to dismiss the Second Tier 3 Action filed by KKR & Co. Inc. and Messrs. Kravis and Roberts. On July 3, 2024, KKR & Co. Inc., Messrs. Kravis and Roberts and other defendants filed a writ of prohibition asking the Kentucky Court of Appeals to order the trial court to dismiss the Second Tier 3 Action. On November 12, 2024, the Court of Appeals denied the request for a writ of prohibition. Defendants have appealed that denial by petitioning the Kentucky Supreme Court for a writ of prohibition. The Second Tier 3 Action is stayed pending the outcome of this petition.
On March 24, 2022, in a separate declaratory judgment action brought by the Commonwealth of Kentucky regarding the enforceability of certain indemnification provisions available to what was then KKR & Co. Inc. (now KKR Group Co. Inc.) and Prisma Capital Partners LP, the Kentucky state court concluded that it has personal jurisdiction over KKR & Co. Inc. in that action, and that the indemnification provisions violated the Kentucky Constitution and were therefore unenforceable. On December 1, 2023, the Kentucky Court of Appeals reversed the trial court’s summary judgment on the issue of personal jurisdiction over KKR & Co. Inc., but affirmed the trial court’s rulings that the indemnification provisions violated the Kentucky Constitution and were unenforceable. On February 5, 2024, the Kentucky Court of Appeals denied the petitions of KKR & Co. Inc. and others for rehearing. On April 8, 2024, KKR & Co. Inc. and other defendants in the declaratory judgment case filed motions with the Supreme Court of Kentucky for discretionary review of the Court of Appeals' December 1, 2023 decision. On August 14, 2024, the Kentucky Supreme Court granted discretionary review in the Kentucky AG’s declaratory judgment case of both personal jurisdiction over KKR & Co. Inc. and the enforceability and constitutionality of the indemnification provisions.
On January 8, 2025, KKR, Messrs. Kravis and Roberts, Prisma Capital Partners L.P., and certain other defendants entered into an agreement with the Commonwealth of Kentucky, Kentucky Public Pensions Authority, County Employees Retirement System and Kentucky Retirement Systems (the “KPPA Entities”) to settle the 2020 AG Action and the 2024 AG Action. On May 12, 2025, the Kentucky trial court entered an order declining to enter the parties’ jointly proposed order approving the settlement. Because the receipt of the court’s approval was a contractual condition to the settlement becoming final, the settlement agreement terminated. KKR, Messrs. Kravis and Roberts, Prisma Capital Partners L.P., and the other defendants that were party to the settlement agreement continue to deny any liability, wrongdoing, or damage, maintain that the settlement was not an admission of any fault, liability, wrongdoing or damage, and maintain that they entered into the settlement solely to avoid further legal expense, inconvenience, and the distraction of burdensome and protracted litigation. KKR intends to continue to vigorously defend against all claims against KKR and Messrs. Kravis and Roberts.
Shareholder Derivative Litigation
On July 30, 2024, a shareholder derivative complaint was filed in Delaware Chancery Court and was subsequently amended on August 7, 2024 and further amended on August 19, 2025. The operative complaint claims, among other matters, that the Co-Founders and various current and former executive officers and directors of KKR & Co. Inc. breached fiduciary duties and wasted corporate assets in connection with transactions contemplated by the Reorganization Agreement pursuant to which, among other things, the Co-Founders, certain current and former executive officers, and other senior executives of KKR received common stock from KKR. The suit seeks to recover on behalf of KKR & Co. Inc. a cancellation of shares issued in the reorganization, monetary damages, injunctive relief, restitution, and other remedies. KKR & Co. Inc. and other defendants filed a motion to dismiss the first amended complaint on December 19, 2024 and filed a motion to dismiss the second amended complaint on October 6, 2025.
Regulatory Matters
KKR currently is, and expects to continue to become from time to time, subject to various examinations, inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings, or the imposition of fines, penalties, or other remedies, against KKR and its personnel. KKR is subject to periodic examinations of its regulated businesses by various U.S. and non-U.S. governmental and regulatory agencies, including but not limited to the Securities and Exchange
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Commission ("SEC"), Financial Industry Regulatory Authority ("FINRA"), the U.K. Financial Conduct Authority, Central Bank of Ireland, Monetary Authority of Singapore, U.S. state insurance regulatory authorities, and the Bermuda Monetary Authority. KKR may also become subject to civil, criminal, administrative, or other inquiries or investigations (through a request for information, civil investigative demand, subpoena or otherwise) by any of the foregoing governmental and regulatory agencies as well as by any other U.S. or non-U.S. governmental or regulatory agency, including but not limited to the SEC, U.S. Department of Justice ("DOJ"), U.S. state attorney generals, and similar non-U.S. governmental or regulatory agencies.
Since 2022, as previously disclosed, KKR has been subject to investigations by the Antitrust Division of the DOJ (the “DOJ”) related to the accuracy and completeness of certain filings made by KKR pursuant to the premerger notification requirements under the Hart‐Scott‐Rodino Act of 1976 (“HSR”) for certain transactions in 2021 and 2022. On January 14, 2025, the DOJ filed a civil antitrust complaint (the “DOJ Complaint”) in the U.S. District Court for the Southern District of New York against KKR and various KKR-sponsored investment entities (the “KKR Defendants”) alleging violations of the HSR Act. The DOJ Complaint requests various relief for the alleged violations of the HSR Act by the KKR Defendants, including civil penalties in an amount to be determined and various equitable relief, including potential disgorgement and injunctive relief against future violations of the HSR Act. On January 14, 2025, KKR filed a complaint (the “KKR Complaint”) in the U.S. District Court for the District of Columbia against Doha Mekki in her official capacity as Acting Assistant Attorney General of the United States for the Antitrust Division, the DOJ, the Federal Trade Commission (“FTC”), and the United States of America pertaining to the HSR-related investigations conducted by the DOJ. On January 16, 2025, KKR voluntarily dismissed the KKR Complaint filed in the U.S. District Court for the District of Columbia and re-filed it in the U.S. District Court for the Southern District of New York as related to the DOJ Complaint. The KKR Complaint requests various forms of relief, including declaratory judgments that: (i) KKR did not violate the HSR Act; (ii) the DOJ’s and FTC’s interpretations of the HSR Act are unconstitutionally vague; and (iii) the DOJ seeks an excessive fine in violation of the U.S. Constitution. KKR intends to vigorously defend against the DOJ Complaint and filed a motion to dismiss the DOJ Complaint on April 17, 2025. The DOJ filed its motion to dismiss the KKR Complaint on April 23, 2025, and KKR and the DOJ agreed to dismiss one count of the KKR Complaint and to stay the rest of the DOJ’s motion to dismiss pending resolution of KKR’s motion to dismiss the DOJ Complaint. While the DOJ Complaint is currently stayed as a result of the U.S. government shutdown, the DOJ has continued its investigations into certain of KKR’s past HSR filings, and KKR continues to cooperate in connection with these investigations. The DOJ may initiate additional civil or criminal proceedings or take other actions against KKR, its employees or portfolio companies, which could include further antitrust investigations into past HSR filings or transactions or other purported violations of law. There can be no certainty as to the possible outcome of the DOJ Complaint, the KKR Complaint, the DOJ’s investigations, or such other proceedings or other actions, any of which could result in a range of adverse financial and non‐financial consequences to KKR. Even in the event that the parties are able to settle the pending litigation, it is possible that any such settlement could involve significant monetary penalties and/or other possible remedial measures. In addition, KKR is currently, and may from time to time become, subject to other investigations by the Antitrust Division of the DOJ and other U.S. or non-U.S. governmental authorities related to antitrust matters, including the European Commission’s investigation relating to the acquisition of certain infrastructure assets of Telecom Italia S.p.A. and FiberCop S.p.A. KKR is currently cooperating in connection with these other investigations.
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Loss Contingencies
KKR establishes an accrued liability for legal or regulatory proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. KKR includes in its financial statements the amount of any reserve for regulatory, litigation and related matters that Global Atlantic includes in its financial statements. No loss contingency is recorded for matters where such losses are either not probable or reasonably estimable (or both) at the time of determination. Such matters also have the possibility of resulting in losses in excess of any amounts accrued. To the extent KKR can in any particular period estimate an aggregate range of reasonably possible losses, these decisions involve significant judgment given that it is inherently difficult to determine whether any loss for a matter is probable or even possible or to estimate the amount of any loss in many legal, governmental and regulatory matters.
Estimating an accrued liability or a reasonably possible loss involves significant judgment due to many uncertainties, including among others: (i) the proceeding may be in early stages; (ii) damages sought may be unspecified, unsupportable, unexplained or uncertain; (iii) discovery may not have been started or is incomplete; (iv) there may be uncertainty as to the outcome of pending appeals or motions; (v) there may be significant factual issues to be resolved; (vi) there may be novel legal issues or unsettled legal theories to be presented or a large number of parties; or (vii) the proceeding relates to a regulatory examination, inquiry, or investigation. It is not possible to predict the ultimate outcome of all pending litigations, arbitrations, claims, and governmental or regulatory examinations, inquiries, investigations and proceedings, and some of the matters discussed above seek or may seek potentially large or indeterminate relief. Consequently, management is unable as of the date of filing of this report to estimate an amount or range of reasonably possible losses related to matters pending against KKR. In addition, any amounts accrued as loss contingencies or disclosed as reasonably possible losses may be, in part or in whole, subject to insurance or other payments such as contributions and indemnity, which may reduce any ultimate loss.
As of the date of filing this report, management does not believe, based on currently available information, that the outcomes of the matters pending against KKR will have a material adverse effect upon its financial statements. However, given the potentially large and/or indeterminate relief sought or that may be sought in certain of these matters and the inherent unpredictability of litigations, arbitrations, claims, and governmental or regulatory examinations, inquiries, investigations and proceedings, it is possible that an adverse outcome in certain matters could have a material adverse effect on KKR's financial results in any future period. In addition, there can be no assurance that material losses will not be incurred from claims that have not yet been asserted or those where potential losses have not yet been determined to be probable or possible and reasonably estimable.
Other Financing Arrangements
Global Atlantic has financing arrangements with unaffiliated third parties to support the reserves of its affiliated special purpose reinsurers. Total fees associated with these financing arrangements were $4.3 million and $3.2 million for the three months ended September 30, 2025 and 2024, respectively, and $13.4 million and $13.3 million for the nine months ended September 30, 2025 and 2024, respectively, and are included in insurance expenses in the consolidated statements of operations. As of September 30, 2025 and December 31, 2024, the total capacity of the financing arrangements with third parties was $2.5 billion and $2.4 billion, respectively.
Other than the matters disclosed above, there were no outstanding or unpaid balances from the financing arrangements with unaffiliated third parties as of both September 30, 2025 and December 31, 2024.
25. SUBSEQUENT EVENTS
A dividend of $0.185 per share of common stock of KKR & Co. Inc. has been declared and was announced on November 7, 2025. This dividend will be paid on December 2, 2025 to common stockholders of record as of the close of business on November 17, 2025.
A dividend of $0.78125 per share of Series D Mandatory Convertible Preferred Stock has been declared and was announced on November 7, 2025 and set aside for payment. This dividend will be paid on December 1, 2025 to holders of record of Series D Mandatory Convertible Preferred Stock as of the close of business on November 15, 2025.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements of KKR & Co. Inc., together with its consolidated subsidiaries, and the related notes included elsewhere in this report and our Annual Report, including the audited consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. In addition, this discussion and analysis contains forward-looking statements and involves numerous risks and uncertainties, including those described under "Cautionary Note Regarding Forward-looking Statements" and "Business Environment" in this report and our Annual Report and "Risk Factors" in our Annual Report, and our other filings with the SEC. Actual results may differ materially from those contained in any forward-looking statements.
The unaudited condensed consolidated financial statements and the related notes included elsewhere in this report are hereafter referred to as the "financial statements." Additionally, the condensed consolidated statements of financial condition are referred to herein as the "consolidated statements of financial condition"; the condensed consolidated statements of operations are referred to herein as the "consolidated statements of operations"; the condensed consolidated statements of comprehensive income (loss) are referred to herein as the "consolidated statements of comprehensive income (loss)"; the condensed consolidated statements of changes in equity are referred to herein as the "consolidated statements of changes in equity"; and the condensed consolidated statements of cash flows are referred to herein as the "consolidated statements of cash flows."
Overview
We are a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. We aim to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in our portfolio companies and communities. We sponsor funds that invest in private equity, credit, and real assets and have strategic partners that manage hedge funds. Our insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic.
Our asset management business offers a broad range of investment management services to fund investors around the world. Throughout our history, we have consistently been a leader in the private equity industry, having completed more than 810 private equity investments in portfolio companies with a total transaction value in excess of $820 billion as of September 30, 2025. Since the inception of our firm in 1976, we have expanded our investment strategies and product offerings from traditional private equity to areas such as leveraged credit, alternative credit, infrastructure, energy, real estate, growth equity (including technology, health care, and impact strategies), and core private equity. We also provide capital markets services for our firm, our portfolio companies, and third parties. Our balance sheet provides a significant source of capital for the growth and expansion of our business, which has allowed us to further align our interests with those of our investment vehicle investors. Building on these efforts and leveraging our industry expertise and intellectual capital have allowed us to capitalize on a broader range of the opportunities we source.
Our insurance business is operated by our wholly-owned subsidiary Global Atlantic, which is a leading retirement and life insurance company that provides a broad suite of protection, legacy and savings products, and reinsurance solutions to clients across individual and institutional markets. Global Atlantic primarily offers individuals fixed-rate annuities, fixed-indexed annuities, and targeted life products through a network of banks, broker-dealers, and independent marketing organizations. Global Atlantic provides its institutional clients customized reinsurance solutions, including block, flow, and pension risk transfer, as well as funding agreements. Global Atlantic primarily generates income by earning a spread between its investment income and the cost of policyholder benefits. As of September 30, 2025, Global Atlantic served over three and a half million policyholders.
Our Strategic Holdings business is currently comprised of the firm’s ownership in the businesses we acquired through our participation in our core private equity strategy. In our core private equity strategy, our objective is to acquire and manage controlling interests in operating companies, which we intend to hold over a longer period of time and that we believe have a lower anticipated risk profile than our investments in businesses acquired through our traditional private equity strategy. As of September 30, 2025, our Strategic Holdings segment consisted of our ownership stakes in 17 companies that we acquired through our core private equity strategy.
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Asset Management
Our asset management business offers a broad range of investment management services to fund investors around the world. In our asset management business, we have five business lines: (1) Private Equity, (2) Real Assets, (3) Credit and Liquid Strategies, (4) Capital Markets, and (5) Principal Activities. In addition to the overviews of each of these business lines provided in this report, please also refer to our Annual Report. As an asset management firm, we earn fees, including management fees and incentive fees, and carried interest for providing investment management and other services to our investment vehicles, CLOs, managed accounts, portfolio companies, and certain operating companies, and we generate transaction fees from capital markets transactions. We earn additional investment income by investing our own capital alongside investors in our investment vehicles and from other assets on our balance sheet. Carried interest we receive from our funds and certain other investment vehicles entitles us to a specified percentage of investment gains that are generated on third-party capital that is invested. On July 30, 2025, KKR acquired a majority ownership stake in HealthCare Royalty Management, LLC, a biopharma royalty acquisition company, which manages approximately $3 billion of assets and which is reported in growth equity within our Private Equity business line.
Private Equity
Through our Private Equity business line, we manage and sponsor a group of private equity investment vehicles that invest capital for long-term appreciation, either through controlling ownership of a company or strategic non-controlling minority positions. In addition to our traditional private equity funds that invest in large and mid-sized companies, we sponsor funds that invest in core private equity and growth equity, which includes technology, health care, and impact strategies. Our Private Equity business line includes separately managed accounts that invest in multiple strategies, which may include our credit and real assets strategies, as well as our private equity strategies. These funds and accounts are managed by Kohlberg Kravis Roberts & Co. L.P., an SEC-registered investment adviser. As of September 30, 2025, our Private Equity business line had $222.2 billion of AUM, consisting of $160.4 billion in traditional private equity, $40.2 billion in core private equity and $21.6 billion in growth equity, which includes $4.5 billion of impact investments.
The table below presents information as of September 30, 2025, relating to our current private equity and other investment vehicles reported in our Private Equity business line for which we have the ability to earn carried interest. This data does not reflect acquisitions or disposals of investments, changes in investment values, or distributions occurring after September 30, 2025.
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 Investment PeriodAmount ($ in millions)
 
Start
Date(1)
End
Date (2)
Commitment (3)
Uncalled
Commitments		InvestedRealized
Remaining
Cost (4)
Remaining
Fair Value		Gross Accrued Carried Interest
Private Equity Business Line        
North America Fund XIV4/20254/2031$17,466 $17,466 $— $— $— $— $— 
North America Fund XIII8/20214/202518,400 3,167 15,536 327 15,123 20,707 860 
Americas Fund XII5/20175/202113,500 1,381 12,751 14,776 9,138 19,038 1,683 
North America Fund XI11/20121/20178,718 48 10,203 23,541 1,861 3,098 237 
2006 Fund (5)
9/20069/201217,642 — 17,309 37,423 — — — 
Millennium Fund (5)
12/200212/20086,000 — 6,000 14,129 — — — 
Ascendant Fund6/20226/20284,328 2,673 1,655 — 1,655 1,784 3 
European Fund VI6/20226/20287,536 3,050 4,486 — 4,486 4,666 — 
European Fund V7/20192/20226,382 534 5,970 2,909 4,528 6,768 416 
European Fund IV2/20153/20193,513 17 3,648 5,726 1,621 2,412 138 
European Fund III (5)
3/20083/20145,506 — 5,360 10,647 — — — 
European Fund II (5)
11/200510/20085,751 — 5,751 8,533 — — — 
Asian Fund IV7/20207/202614,735 6,360 9,549 3,948 8,683 13,329 868 
Asian Fund III8/20177/20209,000 1,262 8,268 9,317 5,602 10,500 975 
Asian Fund II10/20133/20175,825 — 7,499 6,706 1,283 774 (346)
Asian Fund (5)
7/20074/20133,983 — 3,974 8,728 — — — 
Next Generation Technology Growth Fund III11/202211/20282,740 1,079 1,661 — 1,661 1,845 — 
Next Generation Technology Growth Fund II12/20195/20222,088 55 2,269 1,846 1,610 2,513 160 
Next Generation Technology Growth Fund3/201612/2019659 3 671 1,314 241 802 59 
Health Care Strategic Growth Fund II5/20215/20273,789 1,658 2,131 — 2,131 2,742 59 
Health Care Strategic Growth Fund12/20164/20211,331 65 1,396 554 1,065 2,053 164 
Global Impact Fund II6/20226/20282,715 1,526 1,189 — 1,189 1,182 — 
Global Impact Fund2/20193/20221,242 214 1,211 638 950 1,540 113 
Co-Investment Vehicles and OtherVariousVarious38,124 3,422 35,452 16,134 26,574 32,772 1,507 
Core Investors II8/20228/202711,814 7,978 3,838 108 3,838 4,565 8 
Core Investors I2/20188/20228,500 23 9,924 1,658 8,443 17,350 47 
Other Core VehiclesVariousVarious7,436 1,178 6,335 2,078 5,722 9,130 26 
Unallocated Commitments (6)
N/AN/A1,281 1,281 — — — — — 
Total Private Equity  $230,004 $54,440 $184,036 $171,040 $107,404 $159,570 $6,977 
(1)The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the date upon which management fees begin to accrue.
(2)The end date represents the end of the fund's investment period as defined in the fund's governing documents and is generally not the date upon which management fees cease to accrue. For funds that initially charge management fees on the basis of committed capital, the end date is generally the date on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated using a lower rate.
(3)The commitment represents the aggregate capital commitments to the fund, including capital commitments by third-party fund investors and the general partner. Foreign currency commitments have been converted into U.S. dollars based on the exchange rate that prevailed on September 30, 2025.
(4)The remaining cost represents the initial investment of the general partner and limited partners, reduced for returns of capital.
(5)The "Invested" and "Realized" columns do not include the amounts of any realized investments that restored the unused capital commitments of the fund investors, if any.
(6)"Unallocated Commitments" represent commitments received from our strategic investor partnerships that have yet to be allocated to a particular investment strategy.
Real Assets
Through our Real Assets business line, we manage and sponsor a group of real assets funds and accounts that invest capital in infrastructure, real estate, or energy. These funds and accounts are managed by Kohlberg Kravis Roberts & Co. L.P. or one of its subsidiaries. As of September 30, 2025, our Real Assets business line had $186.3 billion of AUM, consisting of $95.2 billion in infrastructure, $84.6 billion in real estate (of which $44.1 billion is real estate credit and $40.5 billion is real estate equity), $5.1 billion in energy, and $1.4 billion of unallocated commitments from a strategic investment partnership.
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The table below presents information as of September 30, 2025, relating to our current real asset and other investment vehicles reported in our Real Assets business line for which we have the ability to earn carried interest. This data does not reflect acquisitions or disposals of investments, changes in investment values, or distributions occurring after September 30, 2025.
 Investment PeriodAmount ($ in millions)
 
Start
Date (1)
End
Date (2)
Commitment (3)
Uncalled
Commitments		InvestedRealized
Remaining
Cost (4)
Remaining
Fair Value		Gross Accrued Carried Interest
Real Assets Business Line
Global Infrastructure Investors V7/20247/2030$15,044 $15,044 $— $— $— $— $— 
Global Infrastructure Investors IV8/20216/202416,612 2,672 14,310 1,546 13,667 18,041 886 
Global Infrastructure Investors III7/20186/20217,174 861 6,677 5,552 3,459 5,192 255 
Global Infrastructure Investors II12/20146/20183,040 133 3,167 5,723 560 985 47 
Global Infrastructure Investors9/201010/20141,040 — 1,050 2,228 — — — 
Asia Pacific Infrastructure Investors III(5)(6)3,003 3,003 — — — — — 
Asia Pacific Infrastructure Investors II9/20229/20286,348 3,152 3,434 261 3,202 4,305 193 
Asia Pacific Infrastructure Investors1/20209/20223,792 594 3,561 2,239 2,231 2,982 170 
Diversified Core Infrastructure Fund12/2020(7)12,773 1,253 11,768 1,393 11,689 12,874 — 
Global Climate Transition Fund(8)
7/20247/20302,945 2,945 — — — — — 
Real Estate Partners Americas IV11/202411/20282,136 2,136 — — — — — 
Real Estate Partners Americas III1/20219/20244,253 551 3,932 343 3,685 4,151 — 
Real Estate Partners Americas II5/201712/20201,921 132 1,973 2,816 350 280 (4)
Real Estate Partners Americas5/20135/20171,229 15 1,024 1,444 — — (4)
Real Estate Partners Europe II3/202012/20232,067 275 1,996 489 1,677 1,692 — 
Real Estate Partners Europe8/201512/2019710 97 692 802 177 154 (18)
Asia Real Estate Partners7/20197/20231,682 359 1,369 470 1,010 1,096 — 
Property Partners Americas12/2019(7)2,571 46 2,525 159 2,525 2,279 — 
Real Estate Credit Opportunity Partners II8/20196/2023950 — 976 417 895 905 28 
Real Estate Credit Opportunity Partners2/20174/20191,130 122 1,008 655 1,008 1,004 5 
Energy Related VehiclesVariousVarious4,357 62 4,169 2,211 1,030 1,471 45 
Co-Investment Vehicles and OtherVariousVarious16,609 2,283 14,394 3,745 12,518 13,580 51 
Unallocated Commitments(9)
N/AN/A1,360 1,360 — — — — — 
Total Real Assets$112,746 $37,095 $78,025 $32,493 $59,683 $70,991 $1,654 
(1)The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the date upon which management fees begin to accrue.
(2)The end date represents the end of the fund's investment period as defined in the fund's governing documents and is generally not the date upon which management fees cease to accrue. For funds that initially charge management fees on the basis of committed capital, the end date is generally the date on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated using a lower rate.
(3)The commitment represents the aggregate capital commitments to the fund, including capital commitments by third-party fund investors and the general partner. Foreign currency commitments have been converted into U.S. dollars based on the exchange rate that prevailed on September 30, 2025.
(4)The remaining cost represents the initial investment of the general partner and limited partners, reduced for returns of capital.
(5)Starts upon the date of the close of the first investment.
(6)Six years after the start of the investment period.
(7)Open-ended fund.
(8)Includes another climate strategy vehicle with different investment vehicle terms.
(9)"Unallocated Commitments" represent commitments received from our strategic investor partnerships that have yet to be allocated to a particular investment strategy.

Private Equity and Real Asset Performance
The table below presents information as of September 30, 2025, relating to the historical performance of certain of our Private Equity and Real Assets investment vehicles since inception, which we believe illustrates the benefits of our investment approach. This data does not reflect additional capital raised since September 30, 2025, or acquisitions or disposals of investments, changes in investment values, or distributions occurring after that date. The information presented below is not intended to be representative of any past or future performance for any particular period other than the period presented below. Past performance is no guarantee of future results.
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Private Equity and Real Assets Business Lines 
Investment Funds and Other Vehicles
Commitment (2)
Invested
Realized (4)
UnrealizedTotal Value
Gross
IRR (5)
Net
IRR (5)
Gross Multiple of Invested
Capital (5)
($ in millions) 
Total Investments        
Legacy Funds (1)
        
1976 Fund$31 $31 $537 $— $537 39.5 %35.5 %17.1 
1980 Fund357 357 1,828 — 1,828 29.0 %25.8 %5.1 
1982 Fund328 328 1,291 — 1,291 48.1 %39.2 %3.9 
1984 Fund1,000 1,000 5,964 — 5,964 34.5 %28.9 %6.0 
1986 Fund672 672 9,081 — 9,081 34.4 %28.9 %13.5 
1987 Fund6,130 6,130 14,949 — 14,949 12.1 %8.9 %2.4 
1993 Fund1,946 1,946 4,143 — 4,143 23.6 %16.8 %2.1 
1996 Fund6,012 6,012 12,477 — 12,477 18.0 %13.3 %2.1 
Subtotal - Legacy Funds16,475 16,475 50,269 — 50,269 26.1 %19.9 %3.1 
Included Funds      
European Fund (1999)3,085 3,085 8,758 — 8,758 26.9 %20.2 %2.8 
Millennium Fund (2002)6,000 6,000 14,129 — 14,129 22.0 %16.1 %2.4 
European Fund II (2005)5,751 5,751 8,533 — 8,533 6.1 %4.5 %1.5 
2006 Fund (2006)17,642 17,309 37,423 — 37,423 11.9 %9.3 %2.2 
Asian Fund (2007)3,983 3,974 8,728 — 8,728 18.9 %13.7 %2.2 
European Fund III (2008)5,506 5,360 10,647 — 10,647 16.4 %11.2 %2.0 
E2 Investors (Annex Fund) (2009)196 196 200 — 200 0.6 %0.5 %1.0 
China Growth Fund (2010)1,010 1,010 1,166 — 1,166 3.7 %— %1.2 
Natural Resources Fund (2010)887 887 168 — 168 (24.3)%(25.9)%0.2 
Global Infrastructure Investors (2010) 1,040 1,050 2,228 — 2,228 17.6 %15.6 %2.1 
North America Fund XI (2012) 8,718 10,203 23,541 3,098 26,639 23.4 %18.9 %2.6 
Asian Fund II (2013) 5,825 7,499 6,706 774 7,480 (0.1)%(1.5)%1.0 
Real Estate Partners Americas (2013) 1,229 1,024 1,444 — 1,444 15.8 %10.9 %1.4 
Energy Income and Growth Fund (2013) 1,589 1,589 1,221 — 1,221 (6.2)%(8.6)%0.8 
Global Infrastructure Investors II (2014)3,040 3,167 5,723 985 6,708 19.4 %16.7 %2.1 
European Fund IV (2015) 3,513 3,648 5,726 2,412 8,138 21.4 %16.3 %2.2 
Real Estate Partners Europe (2015) 710 692 802 154 956 10.7 %7.9 %1.4 
Next Generation Technology Growth Fund (2016)659 671 1,314 802 2,116 27.9 %23.7 %3.2 
Health Care Strategic Growth Fund (2016)1,331 1,396 554 2,053 2,607 17.0 %12.1 %1.9 
Americas Fund XII (2017)13,500 12,751 14,776 19,038 33,814 24.0 %19.9 %2.7 
Real Estate Credit Opportunity Partners (2017)1,130 1,008 655 1,004 1,659 9.1 %7.8 %1.6 
Core Investment Vehicles (2017) 27,750 20,097 3,844 31,045 34,889 15.8 %14.8 %1.7 
Asian Fund III (2017)9,000 8,268 9,317 10,500 19,817 24.3 %19.0 %2.4 
Real Estate Partners Americas II (2017)1,921 1,973 2,816 280 3,096 23.6 %19.1 %1.6 
Global Infrastructure Investors III (2018)7,174 6,677 5,552 5,192 10,744 13.6 %10.7 %1.6 
Global Impact Fund (2019)1,242 1,211 638 1,540 2,178 17.7 %13.0 %1.8 
European Fund V (2019) 6,382 5,970 2,909 6,768 9,677 13.8 %10.9 %1.6 
Energy Income and Growth Fund II (2018)994 1,199 602 1,313 1,915 12.7 %11.1 %1.6 
Asia Real Estate Partners (2019)1,682 1,369 470 1,096 1,566 5.2 %2.0 %1.1 
Next Generation Technology Growth Fund II (2019)2,088 2,269 1,846 2,513 4,359 20.5 %16.3 %1.9 
Real Estate Credit Opportunity Partners II (2019)950 976 417 905 1,322 10.1 %7.8 %1.4 
Asia Pacific Infrastructure Investors (2020) 3,792 3,561 2,239 2,982 5,221 15.9 %11.8 %1.5 
Asian Fund IV (2020)14,735 9,549 3,948 13,329 17,277 25.6 %19.2 %1.8 
Real Estate Partners Europe II (2020)2,067 1,996 489 1,692 2,181 3.5 %1.3 %1.1 
Real Estate Partners Americas III (2021)4,253 3,932 343 4,151 4,494 5.4 %3.5 %1.1 
Health Care Strategic Growth Fund II (2021)3,789 2,131 — 2,742 2,742 16.7 %8.4 %1.3 
North America Fund XIII (2021)18,400 15,536 327 20,707 21,034 15.9 %11.8 %1.4 
Global Infrastructure Investors IV (2022)16,612 14,310 1,546 18,041 19,587 14.8 %11.4 %1.4 
Asia Pacific Infrastructure Investors II (2022) 6,348 3,434 261 4,305 4,566 32.7 %22.9 %1.3 
Ascendant Fund (2022)4,328 1,655 — 1,784 1,784 9.2 %(1.6)%1.1 
Next Generation Technology Growth Fund III (2022) 2,740 1,661 — 1,845 1,845 11.3 %2.4 %1.1 
European Fund VI (2023)7,536 4,486 — 4,666 4,666 3.3 %(1.1)%1.0 
Global Impact Fund II (2023) (3)
2,715 1,189 — 1,182 1,182 — — — 
Global Infrastructure Investors V (2024) (3)
15,044 — — — — — — — 
Global Climate Transition Fund (2024) (3)
2,945 — — — — — — — 
Real Estate Partners Americas IV (2024) (3)
2,136 — — — — — — — 
North America Fund XIV (2025)(3)
17,466 — — — — — — — 
Asia Pacific Infrastructure Investors III (2025)(3)
3,003 — — — — — — — 
Subtotal - Included Funds273,436 201,719 192,006 168,898 360,904 15.9 %12.2 %1.8 
All Funds$289,911 $218,194 $242,275 $168,898 $411,173 25.5 %18.6 %1.9 
(1)These funds were not contributed to KKR as part of the acquisition of the assets and liabilities of KKR & Co. (Guernsey) L.P. (formerly known as KKR Private Equity Investors, L.P.) on October 1, 2009.
(2)Where commitments are not U.S. dollar-denominated, such amounts have been converted into U.S. dollars based on the exchange rate prevailing on September 30, 2025.
(3)The gross IRR, net IRR and gross multiple of invested capital are calculated for our investment funds that made their first investment at least 24 months prior to September 30, 2025. We therefore have not calculated gross IRRs, net IRRs and gross multiples of invested capital with respect to these funds.
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(4)An investment is considered realized when it has been disposed of or has otherwise generated disposition proceeds or current income that has been distributed by the relevant fund.
(5)IRRs measure the aggregate annual compounded returns generated by a fund's investments over a holding period. Net IRRs are calculated after giving effect to the allocation of realized and unrealized carried interest and the payment of any applicable management fees and organizational expenses. Gross IRRs are calculated before giving effect to the allocation of realized and unrealized carried interest and the payment of any applicable management fees and organizational expenses.
The gross multiples of invested capital measure the aggregate value generated by a fund's investments in absolute terms. Each multiple of invested capital is calculated by adding together the total realized and unrealized values of a fund's investments and dividing by the total amount of capital invested by the fund. Such amounts do not give effect to the allocation of realized and unrealized carried interest or the payment of any applicable management fees or organizational expenses.
KKR's Private Equity and Real Assets funds may utilize third-party financing facilities to provide liquidity to such funds. The above net and gross IRRs are calculated from the time capital contributions are due from fund investors to the time fund investors receive a related distribution from the fund, and the use of such financing facilities generally decreases the amount of time that would otherwise be used to calculate IRRs, which tends to increase IRRs when fair value grows over time and decrease IRRs when fair value decreases over time. KKR's Private Equity and Real Assets funds also generally provide in certain circumstances, which vary depending on the relevant fund documents, for a portion of capital returned to investors to be restored to unused commitments as recycled capital. For KKR's Private Equity and Real Assets funds that have a preferred return, we take into account recycled capital in the calculation of IRRs and multiples of invested capital because the calculation of the preferred return includes the effect of recycled capital. For KKR's Private Equity and Real Assets funds that do not have a preferred return, we do not take recycled capital into account in the calculation of IRRs and multiples of invested capital. The inclusion of recycled capital generally causes invested and realized amounts to be higher and IRRs and multiples of invested capital to be lower than had recycled capital not been included. The inclusion of recycled capital would reduce the composite net IRR of all Included Funds by 0.1% and the composite net IRR of all Legacy Funds by 0.5% and would reduce the composite multiple of invested capital of Included Funds by less than 0.1 and the composite multiple of invested capital of Legacy Funds by 0.4.
For more information, see "Risk Factors—Risks Related to Our Investment Activities—Future results of our investments may be different than, and may not achieve the levels of, any of our historical returns" in our Annual Report.
Credit and Liquid Strategies
Through our Credit and Liquid Strategies business line, we report our credit and hedge funds platforms on a combined basis. As of September 30, 2025, our Credit and Liquid Strategies business line had $314.7 billion of AUM, comprised of $142.9 billion of assets managed in our leveraged credit strategies, $84.0 billion of assets in asset-based finance, $47.4 billion in direct lending, $7.7 billion of assets managed in our SIG strategy, and $32.7 billion of assets managed through our hedge fund platform, which we refer to as the liquid strategies component of our credit and liquid strategies business. Asset-based finance and direct lending together represent our private credit strategy. We manage $160.1 billion of credit investments for our Global Atlantic insurance companies. Our BDCs have approximately $16.5 billion in assets under management, which is reflected in the AUM of our credit strategies above. We report all of the assets under management of our BDCs in our AUM, but we report only a pro rata portion of the assets under management of our hedge fund partnerships based on our percentage ownership in them.
Credit
Our credit platform invests capital in a broad range of corporate debt and collateral-backed investments across asset classes and capital structures. Our credit strategies are primarily managed by KKR Credit Advisors (US) LLC, which is an SEC-registered investment adviser, KKR Credit Advisors (Ireland) Unlimited Company, which is regulated by the Central Bank of Ireland (“CBI”), KKR Credit Advisors (EMEA) LLP, which is regulated by the United Kingdom ("UK") Financial Conduct Authority (the "FCA"), and KKR Credit Advisors (Singapore) Pte. Ltd., which is regulated by the Monetary Authority of Singapore and an SEC-registered investment adviser. We also jointly own with a third party FS/KKR Advisor, LLC, an investment adviser registered with the SEC that provides investment advisory services to certain registered investment companies, including FS KKR Capital Corp. (NYSE: FSK), a publicly listed BDC, KKR FS Income Trust, a privately-offered BDC and KKR FS Income Trust Select, a privately-offered BDC.
Our credit business pursues a variety of investment strategies in leveraged credit and alternative credit.
Leveraged Credit. Our leveraged credit strategies seek to primarily invest in assets such as leveraged loans (including revolving credit facilities), high yield bonds, and structured credit (including CLOs and asset-backed securities). Within leveraged credit, we manage both single-asset class and multi-asset class pools of capital. Our opportunistic credit strategy seeks to deploy capital across investment themes that seek to take advantage of credit market dislocations and relative value opportunities spanning, asset types and liquidity profiles. Our multi-asset credit strategy seeks to dynamically allocate across public liquid credit asset types in a broadly diversified strategy.
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Alternative Credit. Our alternative credit strategy consists of our (i) private credit strategies and (ii) investments overseen by our credit platform’s strategic investments group (“SIG”):
•Private Credit. Our private credit strategies focus on privately or directly originated and negotiated transactions. These strategies include direct lending typically in the senior part of a company’s capital structure, junior mezzanine debt, and asset-based finance. Through our direct lending strategy, we seek to make investments in primarily senior debt financings for middle-market companies. Through our junior mezzanine debt strategy, investments typically consist of subordinated debt, which generates a current yield, coupled with marginal equity exposure for additional upside potential. Our asset-based finance strategy focuses on multi-sector investments secured by portfolios of financial assets, including loans backed by hard assets across the risk-return spectrum. We also own 18 captive origination platforms that are dedicated to sourcing and structuring asset-based financial assets, hard assets, and contractual cash flows.
•Strategic Investments Group. This strategy seeks to provide strategic capital solutions to high quality, mid-to-large cap companies and assets. The strategy pursues investment capital solutions in corporate credit where we believe market volatility or other investment themes have created the opportunity to invest opportunistically across the capital structure and through market cycles to generate outsized returns, and which may include investment terms intended to offer various levels of downside-protection. These investment opportunities may include debt (senior and junior), preferred equity, convertible debt, and structured equity. These investments may include non-control-oriented opportunities, a variety of capital solutions for third-party investment vehicles, balance sheet optimization capital solutions, strategic partner capital, and other event-driven investments in debt or equity.
Hedge Fund Platform
Our hedge fund platform consists of strategic partnerships with third-party hedge fund managers in which KKR owns a minority stake. This principally consists of a 39.6% interest in Marshall Wace LLP (together with its affiliates, "Marshall Wace"), a global alternative investment manager specializing in long/short equity products.
The table below presents information as of September 30, 2025, relating to our current credit investment vehicles reported in our Credit and Liquid Strategies business line for which we have the ability to earn carried interest. This data does not reflect acquisitions or disposals of investments, changes in investment values, or distributions occurring after September 30, 2025.
 Investment PeriodAmount ($ in millions)
 
Start
Date (1)
End
Date (2)
Commitment (3)
Uncalled
Commitments		InvestedRealized
Remaining
Cost (4)
Remaining
Fair Value		Gross Accrued Carried Interest
Credit and Liquid Strategies Business Line
Opportunities Fund II11/20211/2026$2,412 $1,007 $1,405 $88 $1,405 $1,779 $54 
Dislocation Opportunities Fund8/201911/20212,967 298 2,670 1,916 1,421 1,497 84 
Special Situations Fund II2/20153/20193,525 284 3,241 2,651 615 659 — 
Special Situations Fund1/20131/20162,274 1 2,273 1,899 94 136 — 
Mezzanine Partners7/20103/20151,023 33 990 1,166 184 3 (20)
Asset-Based Finance Partners II3/20243/20285,571 4,921 650 — 650 687 — 
Asset-Based Finance Partners10/20207/20252,059 532 1,527 345 1,527 1,689 72 
Private Credit Opportunities Partners II12/201512/20202,245 250 1,995 1,011 1,250 1,177 — 
Lending Partners IV3/20229/20261,150 288 862 162 862 889 13 
Lending Partners III4/201711/20211,498 540 958 1,231 415 366 37 
Lending Partners II6/20146/20171,336 157 1,179 1,261 71 17 — 
Lending Partners12/201112/2014460 40 420 458 23 8 — 
Lending Partners Europe II5/20199/2023837 173 664 717 233 272 9 
Lending Partners Europe3/20153/2019848 184 662 595 97 84 — 
Asia Credit Opportunities1/20215/20251,084 296 788 183 699 874 37 
Other Alternative Credit VehiclesVariousVarious18,508 8,786 9,978 7,103 4,990 6,413 6 
Total Credit and Liquid Strategies$47,797 $17,790 $30,262 $20,786 $14,536 $16,550 $292 
(1)The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the date upon which management fees begin to accrue.
(2)The end date represents the end of the fund's investment period as defined in the fund's governing documents and is generally not the date upon which management fees cease to accrue. For funds that initially charge management fees on the basis of committed capital, the end date is generally the date on or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated using a lower rate.
(3)The commitment represents the aggregate capital commitments to the fund, including capital commitments by third-party fund investors and the general partner. Foreign currency commitments have been converted into U.S. dollars based on the foreign exchange rate that prevailed on September 30, 2025.
(4)The remaining cost represents the initial investment of the general partner and limited partners, reduced for returns of capital.
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The following table presents information regarding larger leveraged credit strategies managed by KKR from inception to September 30, 2025. The information presented below is not intended to be representative of any past or future performance for any particular period other than the period presented below. Past performance is no guarantee of any future result.
Leveraged Credit StrategyInception DateGross
Returns		Net
Returns
Benchmark (1)
Benchmark
Gross
Returns
Multi-Asset Credit Composite
Jul 20087.20 %6.51 %
50% S&P/LSTA Loan Index, 50% BoAML HY Master II Index (2)
5.90%
Opportunistic Credit (3)
May 200810.51 %9.00 %
50% S&P/LSTA Loan Index, 50% BoAML HY Master II Index (3)
6.07%
Bank Loans Apr 20115.89 %5.32 %
S&P/LSTA Loan Index (4)
4.93%
High-Yield Apr 20116.35 %5.77 %
BoAML HY Master II Index (5)
5.74%
European Leveraged Loans (6)
Sep 20094.95 %4.43 %
CS Inst West European Leveraged Loan Index (7)
4.05%
European Credit Opportunities (6)
Sept 20076.80 %5.57 %
S&P European Leveraged Loans (All Loans) (8)
4.50%
 
(1)The benchmarks referred to herein include the S&P/LSTA Leveraged Loan Index (the "S&P/LSTA Loan Index"), S&P/LSTA U.S. B/BB Ratings Loan Index (the "S&P/LSTA BB-B Loan Index"), the Bank of America Merrill Lynch High Yield Master II Index (the "BoAML HY Master II Index"), the BofA Merrill Lynch BB-B US High Yield Index (the "BoAML HY BB-B Constrained"), the Credit Suisse Institutional Western European Leveraged Loan Index (the "CS Inst West European Leveraged Loan Index"), and S&P European Leveraged Loans (All Loans). The S&P/LSTA Loan Index is a daily tradable index for the U.S. loan market that seeks to mirror the market-weighted performance of the largest institutional loans that meet certain criteria. The BoAML HY Master II Index is an index for high-yield corporate bonds. It is designed to measure the broad high-yield market, including lower-rated securities. The CS Inst West European Leveraged Loan Index contains only institutional loan facilities priced above 90, excluding TL and TLa facilities and loans rated CC, C or are in default. The S&P European Leveraged Loan Index reflects the market-weighted performance of institutional leveraged loan portfolios investing in European credits. While the returns of our leveraged credit strategies reflect the reinvestment of income and dividends, none of the indices presented in the chart above reflect such reinvestment, which has the effect of increasing the reported relative performance of these strategies as compared to the indices. Furthermore, these indices are not subject to management fees, incentive allocations, or expenses.
(2)Performance is based on a blended composite of Bank Loans, High Yield, and Structured Credit strategy accounts. The benchmark used for purposes of comparison for the Multi-Asset Credit Composite strategy is based on 65% S&P/LSTA Loan Index and 35% BoAML HY Master II Index to May 2022, and 50% S&P/LSTA Loan Index, 50% BoAML HY Master II Index, from June 2022.
(3)The Opportunistic Credit strategy invests in high-yield securities and corporate loans with no preset allocation. The benchmark used for purposes of comparison for the Opportunistic Credit strategy presented herein is based on 50% S&P/LSTA Loan Index and 50% BoAML HY Master II Index. Funds within this strategy may utilize third-party financing facilities to enhance investment returns. In cases where financing facilities are used, the amounts drawn on the facility are deducted from the assets of the fund in the calculation of net asset value, which tends to increase returns when net asset value grows over time and decrease returns when net asset value decreases over time.
(4)Performance is based on a composite of portfolios that primarily invest in leveraged loans. The benchmark used for purposes of comparison for the Bank Loans strategy is based on the S&P/LSTA Loan Index.
(5)Performance is based on a composite of portfolios that primarily invest in high-yield securities. The benchmark used for purposes of comparison for the High Yield strategy is based on the BoAML HY Master II Index.
(6)The returns presented are calculated based on local currency.
(7)Performance is based on a composite of portfolios that primarily invest in higher quality leveraged loans. The benchmark used for purposes of comparison for the European Leveraged Loans strategy is based on the CS Inst West European Leveraged Loan Index.
(8)Performance is based on a composite of portfolios that primarily invest in European institutional leveraged loans. The benchmark used for purposes of comparison for the European Credit Opportunities strategy is based on the S&P European Leveraged Loans (All Loans) Index.
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The following table presents information regarding our alternative credit investment funds where investors have capital commitments from inception to September 30, 2025. The information presented below is not intended to be representative of any past or future performance for any particular period other than the period presented below. Past performance is no guarantee of any future result.
  AmountFair Value 
of Investments		   
Credit and Liquid Strategies 
Investment Funds		Investment Period Start Date Commitment
Invested (1)
Realized (1)
UnrealizedTotal
Value
Gross
IRR (2)
Net
IRR (2)
Multiple of
Invested
Capital (3)
($ in Millions)
Opportunities Fund II
Nov 2021
$2,412 $1,405 $88 $1,779 $1,867 22.4 %17.3 %1.3 
Dislocation Opportunities Fund
Aug 2019
2,967 2,670 1,916 1,497 3,413 9.8 %7.6 %1.3 
Special Situations Fund II
Feb 2015
3,525 3,241 2,651 659 3,310 0.5 %(1.3)%1.0 
Special Situations Fund
Jan 2013
2,274 2,273 1,899 136 2,035 (2.4)%(4.1)%0.9 
Mezzanine Partners
July 2010
1,023 990 1,166 3 1,169 6.5 %2.7 %1.2 
Asset-Based Finance Partners II
Mar 2024
5,571 650 — 687 687 N/AN/A
N/A
Asset-Based Finance Partners
Oct 2020
2,059 1,527 345 1,689 2,034 15.0 %11.3 %1.3 
Private Credit Opportunities Partners IIDec 20152,245 1,995 1,011 1,177 2,188 2.2 %0.5 %1.1 
Lending Partners IV
Mar 2022
1,150 862 162 889 1,051 16.9 %13.3 %1.2 
Lending Partners IIIApr 20171,498 958 1,231 366 1,597 14.2 %11.6 %1.7 
Lending Partners IIJun 20141,336 1,179 1,261 17 1,278 2.8 %1.4 %1.1 
Lending PartnersDec 2011460 420 458 8 466 3.2 %1.6 %1.1 
Lending Partners Europe II
May 2019
837 664 717 272 989 16.9 %13.5 %1.5 
Lending Partners EuropeMar 2015848 662 595 84 679 0.9 %(1.0)%1.0 
Asia Credit Opportunities
Jan 2021
1,084 788 183 874 1,057 15.7 %11.9 %1.3 
Other Alternative Credit Investment Vehicles
Various18,508 9,978 7,103 6,413 13,516 N/AN/AN/A
All Funds $47,797 $30,262 $20,786 $16,550 $37,336   
(1)Recycled capital is excluded from the amounts invested and realized.
(2)These credit funds utilize third-party financing facilities to provide liquidity to such funds, and in such event IRRs are calculated from the time capital contributions are due from fund investors to the time fund investors receive a related distribution from the fund. The use of such financing facilities generally decreases the amount of invested capital that would otherwise be used to calculate IRRs, which tends to increase IRRs when fair value grows over time and decrease IRRs when fair value decreases over time. IRRs measure the aggregate annual compounded returns generated by a fund's investments over a holding period and are calculated taking into account recycled capital. Net IRRs presented are calculated after giving effect to the allocation of realized and unrealized carried interest and the payment of any applicable management fees and organizational expenses. Gross IRRs are calculated before giving effect to the allocation of carried interest and the payment of any applicable management fees and organizational expenses.
(3)The multiples of invested capital measure the aggregate value generated by a fund's investments in absolute terms. Each multiple of invested capital is calculated by adding together the total realized and unrealized values of a fund's investments and dividing by the total amount of capital invested by the investors. The use of financing facilities generally decreases the amount of invested capital that would otherwise be used to calculate multiples of invested capital, which tends to increase multiples when fair value grows over time and decrease multiples when fair value decreases over time. Such amounts do not give effect to the allocation of any realized and unrealized returns on a fund's investments to the fund's general partner pursuant to a carried interest or the payment of any applicable management fees and are calculated without taking into account recycled capital.

For additional information regarding impact of market conditions on the value and performance of our investments, see "Risk Factors—Risks Related to Our Business—Difficult market and economic conditions can, and periodically do, materially and adversely affect KKR." and "Risk Factors—Risks Related to Our Investment Activities—Future results of our investments may be different than, and may not achieve the levels of, any of our historical returns" in our Annual Report.
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The table below presents information as of September 30, 2025, based on the investment funds or other investment vehicles or accounts offered by our Credit and Liquid Strategies business line. Our funds, investment vehicles, and accounts have been sorted based upon their primary investment strategies. However, the AUM and FPAUM presented for each line in the table includes certain investments from non-primary investment strategies, which are permitted by their investment mandates, for purposes of presenting the fees and other terms for such funds, investment vehicles, and accounts.
($ in millions)AUMFPAUMTypical 
Management
Fee Rate		Incentive Fee /
Carried
Interest		Preferred
Return		Duration
of Capital
Leveraged Credit:      
Leveraged Credit SMAs/Funds (1)
$110,948 $102,426 
0.15% - 1.30%
Various (2)
Various (2)
Subject to redemptions
CLOs32,293 32,293 
0.40% - 0.50%
Various (2)
Various (2)
10-14 Years (3)
Total Leveraged Credit143,241 134,719     
Alternative Credit: (4)
Private Credit (1)
114,970 92,092 
0.25% - 1.50% (5)
10.00 - 20.00%
5.00 - 8.00%
8-15 Years (3)
SIG7,306 3,617 
0.50% - 1.75%
10.00 - 20.00%
7.00 - 12.00%
7-15 Years (3)
Total Alternative Credit122,276 95,709 
Hedge Funds (6)
32,687 32,687 
0.50% - 2.00%
Various (2)
Various (2)
Subject to redemptions
BDCs (7)
16,462 16,462 
0.60% - 0.75%
8.75% - 10.00%
7.00%Indefinite
Total$314,666 $279,577     
(1)Includes credit investments we manage for our Global Atlantic insurance companies. This capital is perpetual in nature, not subject to an incentive fee or carried interest, and does not require a preferred return.
(2)Certain funds and CLOs are subject to a performance fee in which the manager or general partner of the funds share up to 20% of the net profits earned by investors in excess of performance hurdles (generally tied to a benchmark or index) and subject to a provision requiring the funds and investment vehicles to regain prior losses before any performance fee is earned.
(3)Duration of capital is measured from inception. Inception dates for CLOs were between 2013 and 2025 and for separately managed accounts and funds investing in alternative credit strategies from 2009 through 2025.
(4)Our alternative credit funds generally have investment periods of two to five years and our newer alternative credit funds generally earn management fees on invested capital throughout their lifecycle.
(5)Lower fees on uninvested capital in certain investment vehicles.
(6)Hedge Funds represent KKR's pro rata portion of AUM and FPAUM of our hedge fund partnerships.
(7)Represents FSK, KKR FS Income Trust, and KKR FS Income Trust Select. We report all of the assets under management of these BDCs in our AUM and FPAUM.
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Capital Markets
Our Capital Markets business line is comprised of our global capital markets business, which serves our firm, including our insurance business, our portfolio companies, and third-party clients by developing and implementing both traditional and non-traditional capital solutions for investments or companies seeking financing. These services include arranging debt and equity financing, placing and underwriting securities offerings, and providing other types of capital markets services that result in the firm receiving fees, including underwriting, placement, transaction and syndication fees, commissions, underwriting discounts, interest payments and other compensation, which may be payable in cash or securities, in respect of the activities described above. Third-party clients of our capital markets business include multi-national corporations, public and private companies, financial sponsors, mutual funds, pension funds, sovereign wealth funds, and hedge funds globally. Our capital markets business provides these clients with differentiated access to capital through our distribution platform.
Our capital markets business underwrites credit facilities and arranges loan syndications and participations. When we are sole or lead arrangers of a credit facility, we may advance amounts to the borrower on behalf of other lenders, subject to repayment. When we underwrite an offering of securities on a firm commitment basis, we commit to buy and sell an issue of securities and generate revenue by purchasing the securities at a discount or for a fee. When we act in an agency capacity or best efforts basis, we generate revenue for arranging financing or placing securities with capital markets investors. We may also provide issuers with capital markets advice on capital structuring, access to markets, marketing considerations, securities pricing, and other aspects of capital markets transactions in exchange for a fee. Our capital markets business also provides syndication services in respect of co-investments in transactions participated in by KKR, our funds, Global Atlantic, and third-party clients, which may entitle the firm to receive syndication fees, management fees, and/or a carried interest.
The capital markets business has a global footprint, with local presence and licenses to carry out certain broker-dealer activities in various countries in North America, Europe, Asia-Pacific, and the Middle East. Our flagship capital markets subsidiaries include KKR Capital Markets LLC, which is an SEC-registered broker-dealer and a member of FINRA, KKR Capital Markets (Ireland) Limited, which is authorized and regulated by the Central Bank of Ireland, KKR Capital Markets Partners LLP, which is authorized and regulated by the Financial Conduct Authority, KKR Capital Markets Japan Limited, a Type I and Type II Financial Instruments Business Operator (broker dealer) under the Financial Instruments and Exchange Act of Japan, KKR Capital Markets Asia Limited, a Hong Kong licensed asset manager and broker-dealer licensed by the Securities and Futures Commission in Hong Kong to carry on dealing in securities, advising on securities and asset management regulated activities, and KKR Capital Markets Asia II Limited, a Hong Kong licensed broker-dealer licensed by the Securities and Futures Commission in Hong Kong to carry on dealing in securities and advising on securities.
Principal Activities
Through our Principal Activities business line, we manage certain of the firm’s assets and deploy capital to support and grow our Private Equity, Real Assets, and Credit and Liquid Strategies business lines.
Typically, the funds in our Private Equity, Real Assets, and Credit and Liquid Strategies business lines contractually require us, as general partner of the funds, to make sizable capital commitments. We believe making general partner commitments assists us in raising new funds from limited partners by demonstrating our conviction in a given fund’s strategy. Our commitments to fund capital also occurs where we are the holder of the subordinated notes or the equity tranche of investment vehicles that we sponsor, including structured transactions. We also use our balance sheet to bridge investment activity during fundraising and, for example, by funding investments for new funds. We also use our own capital to bridge capital selectively for our funds’ investments or finance strategic transactions, although the financial results of an acquired business may be reported in our other business lines.
Our Principal Activities business line also provides the required capital to fund the various commitments of our Capital Markets business line when underwriting or syndicating securities, or when providing term loan commitments for transactions involving our portfolio companies and for third parties. Our Principal Activities business line also holds assets that are utilized to satisfy regulatory requirements for our Capital Markets business line and risk retention requirements for certain investment vehicles.
We also make opportunistic investments through our Principal Activities business line, which include co-investments alongside our Private Equity, Real Assets, and Credit and Liquid Strategies funds, as well as Principal Activities investments that do not involve our Private Equity, Real Assets, or Credit and Liquid Strategies funds.
We endeavor to use our balance sheet strategically and opportunistically to generate an attractive risk-adjusted return on equity in a manner that is consistent with our fiduciary duties, in compliance with applicable laws, and consistent with our one firm approach.
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The chart below presents the holdings of our Principal Activities business line by asset class as of September 30, 2025, excluding our ownership of businesses reported through our Strategic Holdings segment.
Holdings by Asset Class (1)
2479
(1)General partner commitments to our funds are included in the various asset classes shown above. Assets and revenues of other asset managers with which KKR has formed strategic partnerships where KKR does not hold more than 50% ownership interest are not included in our Principal Activities business line but are reported in the financial results of our other business lines.
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Insurance
Our insurance business is operated by Global Atlantic, which operates as a separate business with its existing brands and management team. KKR acquired a majority controlling interest in Global Atlantic on February 1, 2021 and the remainder of Global Atlantic on January 2, 2024. Since the first quarter of 2021, we have presented Global Atlantic's financial results as a separate reportable segment.
Global Atlantic is a leading retirement and life insurance company that provides a broad suite of protection, legacy and savings products to customers and reinsurance solutions to clients across individual and institutional markets. Global Atlantic focuses on target markets that it believes support issuing products that have attractive risk and return characteristics. These markets allow Global Atlantic to leverage its strength in distribution and to deploy shareholder capital opportunistically across various market environments.
Global Atlantic offers individual customers fixed-rate annuities, fixed-indexed annuities, and preneed life insurance products primarily through a network of banks, broker-dealers, and independent marketing organizations. Global Atlantic provides its institutional clients customized reinsurance solutions, including block, flow, and pension risk transfer ("PRT") transactions, as well as funding agreements. Global Atlantic’s assets generally increase when individual market sales and reinsurance transactions exceed run-off of in-force policies. Global Atlantic primarily generates income by earning a spread on assets under management, as the difference between its net investment income and the cost of policyholder benefits. Global Atlantic also earns fees paid by policyholders on certain types of contracts and fees paid by third-party investors, which are reported in the asset management segment. As of September 30, 2025, Global Atlantic served over three and a half million policyholders.
Global Atlantic also sponsors co-investment vehicles ("Ivy and other co-investment vehicles") that provide third-party capital to support Global Atlantic’s business. Ivy and other co-investment vehicles participate alongside Global Atlantic, primarily in certain block, flow, PRT, and other reinsurance transactions that Global Atlantic enters into during the vehicles’ respective investment periods. Ivy and other co-investment vehicles generally are not consolidated into our financial statements. As of September 30, 2025, third parties have committed capital to Ivy and other co-investment vehicles of approximately $7.8 billion, of which $3.3 billion has been deployed. On July 30, 2025, Global Atlantic announced an additional $2 billion commitment to a co-investment vehicle that, subject to regulatory approvals, is expected to access certain insurance, reinsurance, and strategic transactions of Global Atlantic.
In addition to the overview of our insurance business operated by Global Atlantic provided in this report, please also refer to our Annual Report. The following table represents Global Atlantic’s new business volumes by business and product for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
($ in millions)
Individual Channel:
Fixed-Rate Annuities$1,497 $1,987 $4,642 $7,122 
Fixed-Indexed Annuities1,784 2,194 5,280 5,214 
Variable Annuities4 5 15 15 
Total Retirement Products(1)
$3,285 $4,186 $9,937 $12,351 
Preneed Life296 220 837 352 
Institutional Channel:
Block— — — 11,881 
Flow3,279 2,283 8,188 9,292 
Pension Risk Transfer605 365 938 804 
Funding Agreements3,895 878 6,136 1,773 
Total Institutional Channel(2)(3)
$7,779 $3,526 $15,262 $23,750 
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(1)New business volumes in individual markets are referred to as sales. In Global Atlantic's individual market channel, sales of annuities include all money paid into new and existing contracts. Individual market channel sales of life insurance products are based on commissionable premium and individual market channel sales for preneed life are based on the face amount of insurance. Life insurance product sales do not include the recurring premiums that policyholders may pay over time.
(2)Block reinsurance transactions may be episodic and volumes may fluctuate. Similarly, certain funding agreements are subject to capital markets conditions and volumes may fluctuate. Flow and pension risk transfer new business volumes typically occur throughout the year.
(3)New business volumes from Global Atlantic’s institutional market channel are based on the assets assumed, net of any ceding commission, and are gross of any retrocessions to investment vehicles that participate in qualifying reinsurance transactions sourced by Global Atlantic and to other third party reinsurers.
The table below represents a breakdown of Global Atlantic’s policy liabilities by business and product type as of September 30, 2025, separated by reserves originated through its individual and institutional markets.
Reserves as of September 30, 2025
Individual Market
Institutional Market(3)
TotalCededTotal, netPercentage of Total
($ in thousands, except percentages, if applicable)
Fixed-Rate Annuities(1)
$29,955,736 $38,565,461 $68,521,197 $(10,827,261)$57,693,936 33.5 %
Fixed-Indexed Annuities(1)
33,386,531 11,298,761 44,685,292 (5,025,118)39,660,174 21.9 %
Payout Annuities(1)
618,634 24,340,347 24,958,981 (12,142,359)12,816,622 12.2 %
Variable Annuities2,147,233 5,206,093 7,353,326 (2,065,208)5,288,118 3.6 %
Interest Sensitive Life(1)
13,587,707 18,884,858 32,472,565 (8,623,723)23,848,842 15.9 %
Other Life Insurance(2)
4,145,356 4,145,879 8,291,235 (2,865,381)5,425,854 4.1 %
Funding Agreements— 12,473,915 12,473,915 — 12,473,915 6.1 %
Closed Block and Other Corporate Products— 1,034,878 1,034,878 (970,694)64,184 0.5 %
Other(4)
— 4,622,332 4,622,332 (3,755,060)867,272 2.2 %
Total Reserves$83,841,197 $120,572,524 $204,413,721 $(46,274,804)$158,138,917 100.0 %
Total General Account$81,960,278 $118,547,029 $200,507,307 $(46,274,804)$154,232,503 98.1 %
Total Separate Account1,880,919 2,025,495 3,906,414 — 3,906,414 1.9 %
Total Reserves$83,841,197 $120,572,524 $204,413,721 $(46,274,804)$158,138,917 100.0 %
(1)As of September 30, 2025, 83% of the account value in Global Atlantic's general account associated with its fixed-rate and fixed-indexed annuity products, and 38% of account value in its general account associated with universal life products was protected by surrender charges.
(2)"Other life products” includes universal life, term and whole life insurance products.
(3)Institutional market reserves are sourced using customized reinsurance solutions such as block, flow and PRT. As of September 30, 2025, reserves sourced through block, flow and PRT transactions were $60.5 billion, $37.4 billion and $7.1 billion, respectively.
(4)“Other” includes long-term care insurance where Global Atlantic has ceded mortality and morbidity risk to a third-party reinsurance company.
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Strategic Holdings
Our Strategic Holdings segment is primarily comprised of the firm’s ownership in the businesses we acquired through our participation in our core private equity strategy. In our core private equity strategy, our objective is to acquire and manage controlling interests in operating companies, which we intend to hold over a longer period of time and that we believe have a lower anticipated risk profile than our investments in businesses acquired through our traditional private equity strategy. Our core private equity portfolio companies are generally expected to be more stable and typically have lower leverage over our holding period than our traditional private equity portfolio companies. We have acquired assets in our Strategic Holdings segment that are not part of the core private equity strategy, and our Strategic Holdings segment is not limited to a specific industry or constrained to any investment strategy that we may manage for our investment funds or vehicles.
As of September 30, 2025, our Strategic Holdings segment consisted of our ownership stakes in 17 companies that we acquired through our core private equity strategy. Based on certain information made available to management as of September 30, 2025, approximately 68% of these companies are based in the Americas, 27% in Europe, and 5% in the Asia-Pacific (based on the geographic location of their headquarters). In addition, based on such information, these companies are primarily engaged in the following business sectors: approximately 36% in Business Services, 28% in Consumer, 17% in Healthcare, 13% in technology-media-telecommunications (TMT), and 6% in Infrastructure. We currently expect our Strategic Holdings segment to generate income from the receipt of dividends from our ownership stakes in these businesses, and if any ownership stake were to be sold, we would recognize realized investment income from such sale.
The fees and carried interest paid by the third party investors in our core private equity funds continues to be reported in our Asset Management segment and are not reported in our Strategic Holdings segment. Our Asset Management segment charges a quarterly management fee based on invested capital in our Strategic Holdings segment. Additionally, our Asset Management segment charges a performance fee from the sale of our interests in the companies included in our Strategic Holdings segment. The management and performance fees are charged in order to represent the cost of providing advisory services by our Asset Management segment rather than determining the allocable costs borne by our Asset Management segment to support our Strategic Holdings segment.
Business Environment
Our asset management, insurance, and strategic holdings segments are affected by the various market and economic conditions of the various countries and regions in which we operate. Market and economic conditions are expected to continue to have a substantial impact on our financial condition, results of operations, and our business in various ways that we are unable to control, including our ability to make new investments, the valuations of the investments we manage, the amount of investment proceeds we realize when we exit our investments, the timing for such realization activity, our ability to fundraise or to sell our various investment and insurance products and services, and the level of our capital markets activities, as discussed in the "Risk Factors" section of our Annual Report.
The United States, during the three months ended September 30, 2025, experienced an expansion in economic growth while also continuing to experience inflation in excess of the U.S. Federal Reserve Board’s target rate. The U.S. Federal Reserve Board decided to lower the target range to a range of 4.00% to 4.25% for the federal funds rate noting softening labor market conditions as a primary consideration in deciding to lower the target range despite inflation exceeding its target.
Real gross domestic product (“GDP”) growth in the Eurozone during the three months ended September 30, 2025 was moderately positive. In Europe during the three months ended September 30, 2025, the European Central Bank maintained interest rates at the same level as prior quarter, leaving the deposit rate unchanged at 2.0% as Eurozone core inflation accelerated compared to the prior quarter and remained slightly above the European Central Bank’s 2% inflation target.
In Asia, Japan’s economy is expected to have experienced negative growth in the third quarter of 2025 driven by an expected slowdown in consumer spending and export volumes. The Bank of Japan kept interest rates flat during the three months ended September 30, 2025, leaving its policy rate at 0.50%. In China, the economy grew during the three months ended September 30, 2025 but continued to experience divergent economic conditions and headwinds as Chinese growth remains subject to various headwinds including in the property sector and uncertainty relating to a potential trade war with the United States as discussed further below.
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Several key economic indicators in the United States and in other countries and regions in which we operate include:
•GDP. In the United States, real GDP is estimated to have expanded at an annualized rate of 2.8% for the three months ended September 30, 2025, compared to an annualized expansion of 3.8% for the three months ended June 30, 2025. Eurozone real GDP expanded at an annualized rate of 0.8% for the three months ended September 30, 2025, up from an annualized 0.4% expansion for the three months ended June 30, 2025. In Japan, real GDP is estimated to have contracted at an annualized rate of 1.1% for the three months ended September 30, 2025, down from a 2.2% annualized expansion for the three months ended June 30, 2025. Real GDP in China expanded at an annualized rate of 4.4% for the three months ended September 30, 2025, compared to an annualized expansion of 4.0% reported for the three months ended June 30, 2025.
•Interest Rates. The target federal funds rate set by the U.S. Federal Reserve Board was 4.125% as of September 30, 2025, down from 4.375% as of June 30, 2025. The benchmark short-term interest rate set by the European Central Bank was 2.0% as of September 30, 2025 unchanged from 2.0% as of June 30, 2025. The benchmark short-term interest rate set by the Bank of Japan was 0.50% as of September 30, 2025 with no change as compared with the rate as of June 30, 2025. The benchmark interest rate set by The People’s Bank of China was 3.0% as of September 30, 2025, unchanged from 3.0% as of June 30, 2025.
•Inflation. The U.S. core consumer price index rose 3.1% on a year-over-year basis as of September 30, 2025, up from 2.9% on a year-over-year basis as of June 30, 2025. Eurozone core inflation was 2.4% as of September 30, 2025, up from 2.3% as of June 30, 2025. In Japan, core inflation rose 1.6% on a year-over-year basis as of September 30, 2025, flat from 1.6% on a year-over-year basis as of June 30, 2025. Core inflation in China was 1.0% on a year-over-year basis as of September 30, 2025, up from 0.7% as of June 30, 2025.
•Unemployment. The U.S. unemployment rate is estimated to have been 4.3% as of September 30, 2025, up from 4.1% as of June 30, 2025. Eurozone unemployment was 6.3% as of September 30, 2025, flat from 6.3% as of June 30, 2025. The unemployment rate in Japan was 2.6% as of September 30, 2025, up from 2.5% as of June 30, 2025. The unemployment rate in China was 5.2% as of September 30, 2025, flat from 5.2% as of June 30, 2025.
Several key financial market indicators in the United States and in other countries and regions in which we operate include:
•Equity Markets. For the three months ended September 30, 2025, the S&P 500 was up 8.1%, the MSCI Europe Index was up 4.6%, the MSCI Asia Index was up 9.4% and the MSCI World Index was up 7.4% on a total return basis including dividends. Equity market volatility as evidenced by the Chicago Board Options Exchange Market Volatility Index (VIX), a measure of volatility, ended at 16.3 as of September 30, 2025, decreasing from 16.7 as of June 30, 2025.
•Credit Markets. During the three months ended September 30, 2025, U.S. investment grade corporate bond spreads (BofA Merrill Lynch US Corporate Index) tightened by 10 basis points. The non-investment grade credit indices were up during the three months ended September 30, 2025 with the S&P/LSTA Leveraged Loan Index up 1.8% and the BofAML HY Master II Index up 2.4%. During the three months ended September 30, 2025, the 10-year government bond yields fell 8 basis points in the United States, rose 10 basis points in Germany, rose 22 basis points in Japan, rose 21 basis points in the UK and rose 21 basis points in China.
•Commodity Markets. During the three months ended September 30, 2025, the 3-year forward price of WTI crude oil increased approximately 0.5%, and the 3-year forward price of natural gas increased from approximately $3.25 per MMBtu as of June 30, 2025 to $3.63 per MMBtu as of September 30, 2025. The Japan spot LNG import price increased to approximately $11.68 per MMBtu as of September 30, 2025 from approximately $11.48 per MMBtu as of June 30, 2025.
•Foreign Exchange Rates. For the three months ended September 30, 2025, the euro fell 0.4%, the British pound fell 2.1%, the Japanese yen fell 2.6%, and the Chinese renminbi rose 0.6%, respectively, relative to the U.S. dollar.
Beginning in March 2025 and continuing through the date of the filing of this report, the United States and countries around the world have experienced elevated levels of market volatility and uncertainty driven principally by geopolitical and global trade concerns, including, in particular, the announcements of the imposition of tariffs by the United States on certain of its trading partners since April 2025 and certain retaliation by such trade partners. This volatility and uncertainty adds to the various risks and uncertainties in the business environment in which we operate and may have various impacts, including on the valuations of certain of our and our investment vehicles' investments, the pace and volume of our capital market transactions, deployments, and realizations, and our fundraising activities.
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Other Trends, Uncertainties and Risks Related to Our Business
Please refer to the "Risk Factors" section of our Annual Report for important additional detail regarding risks, uncertainties, and other conditions that could have a material favorable or unfavorable impact on our businesses, including the impact of market and economic conditions on valuations of investments and the impact of competition we face. These risks, uncertainties, and other conditions should be read in conjunction with this Business Environment section and the entire Risk Factor section of our Annual Report. In particular, see "Risk Factors—Risks Related to Our Business—Geopolitical developments and other local and global events outside of our control can materially and adversely impact KKR”, "Risk Factors—Risks Related to Our Investment Activities—Our valuation methodologies for certain assets can be subjective, and the fair value of assets established pursuant to such subjective methodologies is uncertain and may never be realized”, “Risk Factors—Risks Related to Our Investment Activities—Various market and economic conditions and events outside of our control that are difficult to quantify or predict may have a significant impact on the valuation of our investments and, therefore, on our financial results”, and "Risk Factors—Risks Related to Our Business—The investment management and insurance businesses are intensely competitive."

Basis of Accounting and Key Financial Measures under GAAP
We manage our business using certain financial measures and key operating metrics since we believe these metrics measure the productivity of our operating activities. We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). See Note 2 “ Summary of Significant Accounting Policies” in our financial statements and “—Critical Accounting Policies and Estimates” contained in this section below. Our key Segment and non-GAAP financial measures and operating metrics are discussed below.
Key Segment and Non-GAAP Performance Measures
The following key segment and non-GAAP performance measures are used by management in making operational and resource deployment decisions as well as assessing the performance of KKR's business. They include certain financial measures that are calculated and presented using methodologies other than in accordance with GAAP. These performance measures as described below are presented prior to giving effect to the allocation of income (loss) between KKR & Co. Inc. and holders of exchangeable securities and as such represent the entire KKR business in total. In addition, these performance measures are presented without giving effect to the consolidation of certain investment funds and collateralized financing entities ("CFEs") that KKR manages.
We believe that providing these segment and non-GAAP performance measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall performance of KKR's business. These non-GAAP measures should not be considered as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP, where applicable are included under "—Segment Balance Sheet Measures—Reconciliations to GAAP Measures."
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Adjusted Net Income
Adjusted Net Income ("ANI") is a performance measure of KKR’s earnings, which is derived from KKR’s reported segment results. ANI is used to assess the performance of KKR’s business operations and measures the earnings potentially available for distribution to its equity holders or reinvestment into its business. ANI is equal to Total Segment Earnings less Interest Expense, Net and Other and Income Taxes on Adjusted Earnings. Interest Expense, Net and Other includes interest expense on debt obligations not attributable to any particular segment and the cumulative dividend expense for 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 (i) amount of income taxes that would be paid assuming that all pre-tax Asset Management and Strategic Holdings segment 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 and (ii) amount of income taxes on Insurance Operating Earnings. Income taxes on Insurance Operating Earnings represent the total current and deferred tax expense or benefit on income before taxes adjusted to eliminate the impact of the tax expense or benefit associated with the non-operating adjustments. Equity based compensation expense is excluded from ANI, because (i) KKR believes that the cost of equity awards granted to employees does not contribute to the earnings potentially available for distributions to its equity holders or reinvestment into its business and (ii) excluding this expense makes KKR’s reporting metric more comparable to the corresponding metric presented by other publicly traded companies in KKR’s industry, which KKR believes enhances an investor’s ability to compare KKR’s performance to these other companies. Income Taxes on Adjusted Earnings includes the benefit of tax deductions arising from equity-based compensation, which reduces Income Taxes on Adjusted Earnings during the period. If tax deductions from equity-based compensation were to be excluded from Income Taxes on Adjusted Earnings, KKR’s ANI would be lower and KKR’s effective tax rate would appear to be higher, even though a lower amount of income taxes would have actually been paid or payable during the period. KKR separately discloses the amount of tax deduction from equity-based compensation for the period reported and the effect of its inclusion in ANI for the period. KKR makes these adjustments when calculating ANI in order to more accurately reflect the net realized earnings that are expected to be or become available for distribution to KKR’s equity holders or reinvestment into KKR’s business. However, ANI does not represent and is not used to calculate actual dividends under KKR’s dividend policy, which is a fixed amount per period, and ANI should not be viewed as a measure of KKR’s liquidity.
Total Segment Earnings
Total Segment Earnings is a performance measure that KKR believes is useful to stockholders as it provides a supplemental measure of our operating performance without taking into account items that KKR does not believe arise from or relate directly to KKR's operations. Total Segment Earnings excludes: (i) equity-based compensation charges, (ii) amortization of acquired intangibles, and (iii) transaction-related and non-operating items, if any. Transaction-related and non-operating items primarily arise from corporate actions, which consist of: (i) impairments, (ii) transaction costs from acquisitions, including any acquisition-related stock consideration, (iii) depreciation on real estate that KKR owns and occupies, (iv) contingent liabilities, net of any recoveries, (v) certain integration, restructuring, and other non-operating expenses, and (vi) other gains or charges that affect period-to-period comparability and are not reflective of KKR's ongoing operational performance. Inter-segment transactions are not eliminated from segment results when management considers those transactions in assessing the results of the respective segments. These transactions include (i) management fees earned by our Asset Management segment as the investment adviser for Global Atlantic insurance companies, (ii) management and performance fees earned by our Asset Management segment for acquiring and managing the companies included in our Strategic Holdings segment, and (iii) interest income and expense based on lending arrangements where our Asset Management segment borrows from our Insurance segment. All these inter-segment transactions are recorded by each segment based on the applicable governing agreements. Additionally, due to the integrated nature of our segment operations and as part of our strategic capital allocation decisions, 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.

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Asset Management Segment Earnings
Asset management segment earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Asset Management segment. This measure is presented before income taxes and is comprised of: (i) Fee Related Earnings, (ii) Realized Performance Income, (iii) Realized Performance Income Compensation, (iv) Realized Investment Income, and (v) Realized Investment Income Compensation. Asset Management Segment Earnings excludes the impact of: (i) unrealized gains (losses) on investments, (ii) unrealized carried interest, and (iii) unrealized carried interest compensation. Management fees earned by KKR as the adviser, manager or sponsor for its investment funds, vehicles and accounts, including its Global Atlantic insurance companies and Strategic Holdings segment, are included in Asset Management Segment Earnings.
Insurance Operating Earnings
Insurance Operating Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Insurance segment. This measure is presented before income taxes and is comprised of: (i) Net Investment Income, (ii) Net Cost of Insurance, and (iii) General, Administrative, and Other Expenses. Insurance Operating Earnings excludes the impact of: (i) investment gains (losses) which include realized gains (losses) related to asset/liability matching investment strategies and unrealized investment gains (losses) and (ii) non-operating changes in policy liabilities and derivatives which includes (a) changes in the fair value of market risk benefits and other policy liabilities measured at fair value and related benefit payments, (b) fees attributed to guaranteed benefits, (c) derivatives used to manage the risks associated with policy liabilities, and (d) losses at contract issuance on payout annuities. Insurance Operating Earnings includes (i) realized gains and losses not related to asset/liability matching investment strategies and (ii) the investment management costs that are earned by our Asset Management segment as the investment adviser of the Global Atlantic insurance companies.
Strategic Holdings Segment Earnings
Strategic Holdings Segment Earnings is the segment profitability measure used to make operating decisions and to assess the performance of the Strategic Holdings segment. This measure is presented before income taxes and is comprised of: Dividends, Net and Net Realized Investment Income. Strategic Holdings Segment Earnings excludes the impact of unrealized gains (losses) on investments. Strategic Holdings Segment Earnings includes management fees and performance fee expenses that are earned by the Asset Management segment.
Fee Related Earnings
Fee related earnings is a performance measure used to assess the Asset Management segment’s generation of earnings from revenues that are measured and received on a more recurring basis as compared to KKR’s investing earnings. KKR believes this measure is useful to stockholders as it provides additional insight into the profitability of our fee generating asset management and capital markets businesses. FRE equals (i) Management Fees, including fees paid by the Insurance and Strategic Holdings segments to the Asset Management segment and fees paid by Ivy vehicles and other reinsurance vehicles, (ii) Transaction and Monitoring Fees, Net and (iii) Fee Related Performance Revenues, less (x) Fee Related Compensation, and (y) Other Operating Expenses.
Fee Related Performance Revenues refers to the realized portion of performance fees from certain AUM that has an indefinite term and for which there is no immediate requirement to return invested capital to investors upon the realization of investments. Fee related performance revenues consists of performance fees (i) expected to be received from our investment funds, vehicles and accounts on a recurring basis, and (ii) that are not dependent on a realization event involving investments held by the investment fund, vehicle or account.
Fee Related Compensation refers to the compensation expense, excluding equity-based compensation, paid from (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, and (iii) Fee Related Performance Revenues.
Other Operating Expenses represents the sum of (i) occupancy and related charges and (ii) other operating expenses.
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Strategic Holdings Operating Earnings
Strategic Holdings Operating Earnings is a performance measure used to assess the firm’s earnings from companies and businesses reported through its Strategic Holdings segment. Strategic Holdings Operating Earnings currently consists of earnings derived from dividends that the firm receives from businesses acquired through the firm’s participation in our core private equity strategy. Strategic Holdings Operating Earnings currently equals dividends less management fees that are earned by our Asset Management segment. This measure is used by management to assess the Strategic Holdings segment’s generation of earnings from revenues that are measured and received on a more recurring basis than, and are not dependent on, realizations from investment activities.
Total Operating Earnings
Total Operating Earnings is a performance measure that represents the sum of (i) FRE, (ii) Insurance Operating Earnings, and (iii) Strategic Holdings Operating Earnings. KKR believes this measure is useful to stockholders as it provides additional insight into the profitability of the most recurring forms of earnings from each of KKR’s segments as compared to investing earnings.
Total Investing Earnings
Total Investing Earnings is a performance measure that represents the sum of (i) Net Realized Performance Income and (ii) Net Realized Investment Income. KKR believes this measure is useful to stockholders as it provides additional insight into the earnings of KKR’s segments from the realization of investments.
Total Asset Management Segment Revenues
Total Asset Management Segment Revenues is a performance measure that represents the realized revenues of the Asset Management segment (which excludes unrealized carried interest and unrealized gains (losses) on investments) and is the sum of (i) Management Fees, (ii) Transaction and Monitoring Fees, Net, (iii) Fee Related Performance Revenues, (iv) Realized Performance Income, and (v) Realized Investment Income. Asset Management Segment Revenues excludes Realized Investment Income earned based on the performance of businesses presented in the Strategic Holdings segment. KKR believes that this performance measure is useful to stockholders as it provides additional insight into all forms of realized revenues generated by our Asset Management segment.
Key Operating and Capital Metrics
Assets Under Management
Assets under management represent the assets managed (including core private equity), advised or sponsored by KKR from which KKR is entitled to receive management fees or performance income (currently or upon a future event), general partner capital, and assets managed, advised or sponsored by our strategic BDC partnership and the hedge fund and other managers in which KKR holds an ownership interest. We believe this measure is useful to stockholders as it provides additional insight into the capital raising activities of KKR and its hedge fund and other managers and the overall activity in their investment funds and other managed or sponsored capital. KKR calculates the amount of AUM as of any date as the sum of: (i) the fair value of the investments of KKR's investment funds and certain co-investment vehicles; (ii) uncalled capital commitments from these funds, including uncalled capital commitments from which KKR is currently not earning management fees or performance income; (iii) the asset value of the Global Atlantic insurance companies; (iv) the par value of outstanding CLOs; (v) KKR's pro rata portion of the AUM of hedge fund and other managers in which KKR holds an ownership interest; (vi) all of the AUM of KKR's strategic BDC partnership; (vii) the acquisition cost of invested assets of certain non-US real estate investment trusts and (viii) the value of other assets managed or sponsored by KKR. The pro rata portion of the AUM of hedge fund and other managers is calculated based on KKR’s percentage ownership interest in such entities multiplied by such entity’s respective AUM. KKR's definition of AUM (i) is not based on any definition of AUM that may be set forth in the governing documents of the investment funds, vehicles, accounts or other entities whose capital is included in this definition, (ii) includes assets for which KKR does not act as an investment adviser, and (iii) is not calculated pursuant to any regulatory definitions.
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Capital Invested
Capital invested is the aggregate amount of capital invested by (i) KKR’s investment funds (including core private equity) and Global Atlantic insurance companies, (ii) KKR's Principal Activities business line as a co-investment, if any, alongside KKR’s investment funds, and (iii) KKR's Principal Activities business line in connection with a syndication transaction conducted by KKR's Capital Markets business line, if any. Capital invested is used as a measure of investment activity at KKR during a given period. We believe this measure is useful to stockholders as it provides a measure of capital deployment across KKR’s business lines. Capital invested includes investments made using investment financing arrangements like credit facilities, as applicable. Capital invested excludes (i) investments in certain leveraged credit strategies, (ii) capital invested by KKR’s Principal Activities business line that is not a co-investment alongside KKR’s investment funds, and (iii) capital invested by KKR’s Principal Activities business line that is not invested in connection with a syndication transaction by KKR’s Capital Markets business line. Capital syndicated by KKR's Capital Markets business line to third parties other than KKR’s investment funds or Principal Activities business line is not included in capital invested.
Fee Paying AUM
Fee paying AUM represents only the AUM from which KKR is entitled to receive management fees. We believe this measure is useful to stockholders as it provides additional insight into the capital base upon which KKR earns management fees. FPAUM is the sum of all of the individual fee bases that are used to calculate KKR's and its hedge fund and BDC partnership management fees and differs from AUM in the following respects: (i) assets and commitments from which KKR is not entitled to receive a management fee are excluded (e.g., assets and commitments with respect to which it is entitled to receive only performance income or is otherwise not currently entitled to receive a management fee) and (ii) certain assets, primarily in its private equity funds, are reflected based on capital commitments and invested capital as opposed to fair value because fees are not impacted by changes in the fair value of underlying investments.
Uncalled Commitments
Uncalled commitments is the aggregate amount of unfunded capital commitments that KKR’s investment funds and carry-paying co-investment vehicles (including core private equity) have received from partners to contribute capital to fund future investments, and the amount of uncalled commitments is not reduced by capital invested using borrowings under an investment fund’s subscription facility until capital is called from our fund investors. We believe this measure is useful to stockholders as it provides additional insight into the amount of capital that is available to KKR’s investment funds and carry paying co-investment vehicles to make future investments. Uncalled commitments are not reduced for investments completed using fund-level investment financing arrangements or investments we have committed to make but remain unfunded at the reporting date.
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Condensed Consolidated Results of Operations (GAAP Basis - Unaudited)
The following is a discussion of our consolidated results of operations on a GAAP basis for the three months ended September 30, 2025 and 2024. You should read this discussion in conjunction with the financial statements and related notes included elsewhere in this report. For a more detailed discussion of the factors that affected our segment results in these periods, see "—Analysis of Segment Operating Results." See "Risk Factors" in our Annual Report and "—Business Environment" for more information about risks, uncertainties, and other market and economic conditions that may impact our business, financial performance, operating results and valuations.
 Three Months Ended
 September 30, 2025September 30, 2024Change
 ($ in thousands)
Revenues  
Asset Management and Strategic Holdings
Fees and Other$1,105,238 $1,105,666 $(428)
Capital Allocation-Based Income (Loss)638,764 1,163,424 (524,660)
1,744,002 2,269,090 (525,088)
Insurance
Net Premiums1,059,610 621,218 438,392 
Policy Fees339,735 375,371 (35,636)
Net Investment Income1,969,779 1,701,826 267,953 
Net Investment-Related Gains (Losses)351,800 (235,971)587,771 
Other Income61,049 60,162 887 
3,781,973 2,522,606 1,259,367 
Total Revenues5,525,975 4,791,696 734,279 
Expenses
Asset Management and Strategic Holdings
Compensation and Benefits954,983 1,374,840 (419,857)
Occupancy and Related Charges30,597 35,837 (5,240)
General, Administrative and Other414,891 367,666 47,225 
1,400,471 1,778,343 (377,872)
Insurance
Net Policy Benefits and Claims (including market risk benefit (gain) loss of $34,370 and $54,469, respectively; remeasurement (gain) loss on policy liabilities: $(106,152) and $(74,645), respectively.)
3,075,361 2,421,695 653,666 
Amortization of Policy Acquisition Costs86,962 49,360 37,602 
Interest Expense72,064 78,508 (6,444)
Insurance Expenses185,787 211,148 (25,361)
General, Administrative and Other203,626 206,951 (3,325)
3,623,800 2,967,662 656,138 
Total Expenses5,024,271 4,746,005 278,266 
Investment Income (Loss) - Asset Management and Strategic Holdings
Net Gains (Losses) from Investment Activities1,197,827 1,314,626 (116,799)
Dividend Income416,233 151,260 264,973 
Interest Income806,711 854,927 (48,216)
Interest Expense(722,914)(721,940)(974)
Total Investment Income (Loss)1,697,857 1,598,873 98,984 
Income (Loss) Before Taxes2,199,561 1,644,564 554,997 
Income Tax Expense (Benefit)359,739 209,896 149,843 
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Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Net Income (Loss)1,839,822 1,434,668 405,154 
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests34,058 (4,798)38,856 
Net Income (Loss) Attributable to Noncontrolling Interests905,407 838,916 66,491 
Net Income (Loss) Attributable to KKR & Co. Inc.900,357 600,550 299,807 
Series D Mandatory Convertible Preferred Stock Dividends40,430 — 40,430 
Net Income (Loss) Attributable to KKR & Co. Inc.
Common Stockholders		$859,927 $600,550 $259,377 
Condensed Consolidated Results of Operations (GAAP Basis - Unaudited) - Asset Management and Strategic Holdings
Revenues
For the three months ended September 30, 2025 and 2024, revenues consisted of the following:
 Three Months Ended
 September 30, 2025September 30, 2024Change
($ in thousands)
Management Fees$668,524 $521,573 $146,951 
Fee Credits(211,382)(257,974)46,592 
Transaction Fees516,783 732,129 (215,346)
Monitoring Fees55,601 43,622 11,979 
Incentive Fees1,597 4,386 (2,789)
Expense Reimbursements46,788 32,789 13,999 
Consulting Fees27,327 29,141 (1,814)
Total Fees and Other1,105,238 1,105,666 (428)
Carried Interest621,925 1,071,164 (449,239)
General Partner Capital Interest16,839 92,260 (75,421)
Total Capital Allocation-Based Income (Loss)638,764 1,163,424 (524,660)
Total Revenues $1,744,002 $2,269,090 $(525,088)
Fees and Other
Total Fees and Other for the three months ended September 30, 2025, decreased compared to the three months ended September 30, 2024, primarily as a result of a decrease in transaction fees, which were partially offset by an increase in management fees.
For a more detailed discussion of the factors that affected our transaction fees during the period, see "—Analysis of Asset Management Segment Operating Results."
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The increase in management fees was primarily attributable to (i) management fees commencing at North America Fund XIV in the second quarter of 2025, (ii) management fees earned on new capital raised over the past twelve months at Global Infrastructure Investors V and management fees earned on new capital raised that were retroactive to the start of the fund’s investment period, and (iii) management fees earned on new capital raised over the past twelve months by our private equity and infrastructure K-Series vehicles. The increase was partially offset by (i) a lower level of management fees earned from Ascendant (our U.S. middle market traditional private equity strategy fund) due to management fees earned on new capital raised in the third quarter of 2024 that were retroactive to the start of the fund’s investment period and no such retroactive fees were earned for the three months ended September 30, 2025, (ii) a decrease in management fees earned from North America Fund XIII as a result of entering its post-investment period in the second quarter of 2025 and now paying fees based on invested capital rather than committed capital, and (iii) no management fees earned from Asian Fund II in the current period due to the termination of management fees in the fourth quarter of 2024.
Management fees due from consolidated investment funds and other investment vehicles are eliminated upon consolidation under GAAP. However, because these amounts are funded by, and earned from, noncontrolling interests, upon consolidation under GAAP, KKR's allocated share of the net income from the consolidated investment funds and other investment vehicles is increased by the amount of fees that are eliminated. Accordingly, net income (loss) attributable to KKR would be unchanged if such investment funds and other investment vehicles were not consolidated. For a more detailed discussion on the factors that affect our management fees during the period, see "—Analysis of Asset Management Segment Operating Results."
Fee credits decreased compared to the prior period as a result of a lower level of transaction fees in our Private Equity, Real Assets and Credit and Liquid Strategies business lines. Fee credits owed to consolidated investment funds and other investment vehicles are eliminated upon consolidation under GAAP. However, because these amounts are owed to noncontrolling interests, upon consolidation under GAAP, KKR's allocated share of the net income from the consolidated investment funds and other investment vehicles is decreased by the amount of fee credits that are eliminated. Accordingly, net income (loss) attributable to KKR would be unchanged if such investment funds and other investment vehicles were not consolidated. Transaction and monitoring fees earned from our portfolio companies are not eliminated upon consolidation because those fees are earned from companies which are not consolidated. Furthermore, transaction fees earned in our capital markets business are not shared with fund investors. Accordingly, certain transaction fees are reflected in our revenues without a corresponding fee credit.
Capital Allocation-Based Income (Loss)
Capital Allocation-Based Income (Loss) for the three months ended September 30, 2025, was positive primarily due to the net appreciation of the underlying investments at our unconsolidated carry earning investment funds, most notably North America Fund XIII, our private equity and infrastructure K-Series vehicles, and Global Infrastructure Investors IV. Capital Allocation-Based Income (Loss) for the three months ended September 30, 2024, was positive primarily due to the net appreciation of the underlying investments at our unconsolidated carry earning investment funds, most notably Americas Fund XII, North America Fund XIII, and Global Infrastructure Investors IV.
KKR calculates the carried interest that would be due to KKR for each investment fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of the reporting date, irrespective of whether such amounts have been realized. Since the fair value of the underlying investments varies between reporting periods, it is necessary to make adjustments to the amounts recorded as carried interest to reflect either (a) positive performance, resulting in an increase in the carried interest allocated to the general partner or (b) negative performance that would cause the amount due to KKR to be less than the amount previously recognized, resulting in a negative adjustment to carried interest allocated to the general partner. In each case, it is necessary to calculate the carried interest on cumulative results compared to the carried interest recorded to date and to make the required positive or negative adjustments.
Investment Income (Loss)
Net Gains (Losses) from Investment Activities for the three months ended September 30, 2025
The net gains from investment activities for the three months ended September 30, 2025, were comprised of net realized gains of $310.4 million and net unrealized gains of $887.4 million.
Investment gains and losses relating to our general partner capital interest in our unconsolidated funds are not reflected in our discussion and analysis of Net Gains (Losses) from Investment Activities. Our economics associated with these gains and losses are reflected in Capital Allocation-Based Income (Loss) as described above.
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Realized Gains and Losses from Investment Activities
For the three months ended September 30, 2025, net realized gains related primarily to realized gains from the sales of CyrusOne Inc. (infrastructure: telecommunications infrastructure sector), and Refresco Group B.V. (infrastructure). Partially offsetting these realized gains were (i) realized losses on certain investments held in our consolidated credit funds, and (ii) realized losses from certain investments held in consolidated CLOs.
Unrealized Gains and Losses from Investment Activities
For the three months ended September 30, 2025, net unrealized gains were driven by (i) mark-to-market gains primarily relating to Heartland Dental LLC (healthcare sector), Headlands Research, Inc. (healthcare sector), and BridgeBio Pharma, Inc. (NASDAQ: BBIO), (ii) unrealized gains on certain foreign exchange forward contracts, and (iii) the reversal of previously recognized unrealized losses relating to the realization activity described above. The unrealized gains were partially offset by (i) mark-to-market losses relating to OneStream, Inc. (NASDAQ: OS) and PetVet Care Centers, LLC (health care sector) and (ii) the reversal of previously recognized unrealized gains relating to the realization activity described above.
The factors that affect each investment strategy vary depending on the nature of the asset class and the valuation methodology employed. For the three months ended September 30, 2025, net gains were primarily generated in the following asset classes:
•Private Equity (including core private equity), which were primarily impacted by overall positive operating performance of certain portfolio companies. Changes in market multiples varied across regions / sectors used in the market comparables methodology for the valuation of Level III investments; and
•Infrastructure, which primarily benefited from the overall positive operating performance of certain infrastructure assets, partially offset by slightly higher cost of capital assumptions. Changes in market multiples varied across regions / sectors used in the market comparables methodology for the valuation of Level III investments.
See "Risk Factors" in our Annual Report and "—Business Environment" for more information about risks, uncertainties, and other market and economic conditions that may impact our business, financial performance, operating results and valuation.
Net Gains (Losses) from Investment Activities for the three months ended September 30, 2024
The net gains from investment activities for the three months ended September 30, 2024 were comprised of net realized gains of $252.5 million and net unrealized gains of $1,062.1 million.
Realized Gains and Losses from Investment Activities
For the three months ended September 30, 2024, net realized gains related primarily to realized gains from the sale of FiberCop S.p.A. (infrastructure: telecommunications infrastructure sector), BridgeBio Pharma, Inc. and Gamma Biosciences L.P. (healthcare sector). Partially offsetting these realized gains were realized losses on our investments in Unzer GmbH (financial services sector) and Qoo10 SG (technology sector).
Unrealized Gains and Losses from Investment Activities
For the three months ended September 30, 2024, net unrealized gains were driven by (i) mark-to-market gains primarily relating to OneStream, Inc., Exact Holding B.V. (technology sector), and April SA (financial services sector) and (ii) the reversal of previously recognized unrealized losses relating to the realized losses described above. These unrealized gains were partially offset by (i) unrealized losses on certain foreign exchange derivative contracts, (ii) mark-to-market losses at certain of our consolidated credit funds, and (iii) the reversal of previously recognized unrealized gains relating to the realization activity described above.
The factors that affect each investment strategy vary depending on the nature of the asset class and the valuation methodology employed. For the three months ended September 30, 2024, net gains were primarily generated in the following asset classes:
•Private equity (including core private equity), which were primarily impacted by (i) overall positive operating performance of its portfolio companies, and (ii) the positive returns of global equity markets and the related increase of market multiples used in the market comparables methodology for the valuation of Level III investments; and
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•Infrastructure, which primarily benefited from the positive operating performance of certain infrastructure assets and, to a lesser extent, by the positive returns of global equity markets and the related increase of market multiples used in the market comparables methodology for the valuation of Level III investments.
For a discussion of other factors that affected KKR's realized investment income, see "—Analysis of Asset Management Segment Operating Results." For additional information about net gains (losses) from investment activities, see Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements.
Dividend Income
During the three months ended September 30, 2025, dividend income was primarily from (i) our investment in 1-800 Contacts Inc. held through our consolidated core vehicles and (ii) various investments in certain of our consolidated opportunistic real estate equity funds. During the three months ended September 30, 2024, dividend income was primarily from (i) certain of our consolidated opportunistic real estate equity funds and (ii) our investments in Exact Holding B.V., Arnott's Biscuits Limited (consumer products sector) and Atlantic Aviation FBO Inc. (infrastructure: transportation sector), each held through our consolidated core investment vehicles.
Significant dividends from portfolio companies and consolidated funds are generally not recurring quarterly dividends, and while they may occur in the future, their size and frequency are variable. For a discussion of other factors that affected KKR's dividend income, see "—Analysis of Asset Management Segment Operating Results."
Interest Income
The decrease in interest income during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily due to the impact of lower market interest rates during the current period on floating rate credit investments held in consolidated CLOs and certain of our consolidated private credit funds. The decrease was partially offset by the impact of closing CLOs that are consolidated subsequent to September 30, 2024. For a discussion of other factors that affected KKR's interest income, see "—Analysis of Asset Management Segment Operating Results."
Interest Expense
The increase in interest expense during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily due to (i) the impact of closing CLOs that were consolidated subsequent to September 30, 2024, and (ii) an increase in the amount of borrowings outstanding. The increase was partially offset by the impact of lower market interest rates during the current period on floating rate debt obligations held in consolidated CLOs and at certain consolidated funds and other investment vehicles. For a discussion of other factors that affected KKR's interest expense, see "—Key Segment and Non-GAAP Performance Measures."
Expenses
Compensation and Benefits Expense
The decrease in compensation and benefits expense during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily due to a lower level of accrued carried interest compensation driven by a lower level of carried interest income earned in the current period, partially offset by accrued discretionary cash compensation resulting from a higher level of asset management fee related segment revenues in the current period.
Occupancy and Related Charges
The decrease in occupancy and related charges during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily due to a prior period accelerated rent payment for one of our office leases that did not recur in the current period, partially offset by the commencement of new office leases subsequent to September 30, 2024.
General, Administrative and Other
The increase in general, administrative and other expenses during the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily due to a higher level of issuance costs from newly formed consolidated CLOs in the current period, expenses reimbursable from our unconsolidated investment funds and corporate general administrative costs, partially offset by a prior year legal accrual that did not recur in the current period.
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Condensed Consolidated Results of Operations (GAAP Basis - Unaudited) - Insurance
Revenues
For the three months ended September 30, 2025 and 2024, revenues consisted of the following:
 Three Months Ended
 September 30, 2025September 30, 2024Change
($ in thousands)
Net Premiums$1,059,610 $621,218 $438,392 
Policy Fees339,735 375,371 (35,636)
Net Investment Income1,969,779 1,701,826 267,953 
Net Investment-Related Gains (Losses)351,800 (235,971)587,771 
Other Income61,049 60,162 887 
Total Insurance Revenues$3,781,973 $2,522,606 $1,259,367 
Net Premiums
Net premiums increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to an increase in new premiums earned on direct pension risk transfer and preneed insurance products with life contingencies or morbidity risk. Initial premiums on new business are generally offset by a comparable change in policy reserves reported within net policy benefits and claims (as discussed below under “Expenses—Net policy benefits and claims”).
Net Investment Income
Net investment income increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to (i) increased average assets under management due to growth in assets as a result of the cumulative impact of Global Atlantic's institutional market and individual market channels sales growth in the current and preceding quarters, and (ii) higher average portfolio yields.
Net Investment-Related Gains (Losses)
The components of net investment-related gains (losses) were as follows:
 Three Months Ended
 September 30, 2025September 30, 2024Change
($ in thousands)
Equity Index Options$466,343 $231,926 $234,417 
Funds Withheld Payable Embedded Derivatives(453,627)(1,305,338)851,711 
Funds Withheld Receivable Embedded Derivatives(30,797)(19,012)(11,785)
Foreign Exchange and Other Derivative Contracts104,968 (84,416)189,384 
Interest Rate Contracts30,581 324,733 (294,152)
Equity Futures Contracts(39,386)(25,426)(13,960)
Net Gains (Losses) on Derivative Instruments78,082 (877,533)955,615 
Net Other Investment Gains (Losses)273,718 641,562 (367,844)
Net Investment-Related Gains (Losses)$351,800 $(235,971)$587,771 
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Net Gains (Losses) on Derivative Instruments
The increase in the fair value of embedded derivatives on funds withheld at interest payable for the three months ended September 30, 2025 was primarily driven by the change in fair value of the underlying investments in the funds withheld at interest payable portfolio, which is primarily comprised of certain fixed maturity securities (designated as trading for accounting purposes), mortgage and other loan receivables, and real asset investments. The underlying investments in the funds withheld at interest payable portfolio increased in value during both the three months ended September 30, 2025 and 2024, resulting in a smaller loss on the related embedded derivative. The increase in fair value of the underlying investments were primarily due to a decrease in market interest rates during both three months ended September 30, 2025, and three months ended September 30, 2024, with a smaller relative increase in market interest rates during the three months ended September 30, 2024.
The increase in the fair value of equity index options was primarily driven by the performance of the underlying indices. Global Atlantic purchases equity index options to hedge the market risk of embedded derivatives in indexed universal life and fixed-indexed annuity products (the change in which is accounted for in net policy benefits and claims). The majority of Global Atlantic's equity index options are based on the S&P 500 Index, which had a comparatively larger increase during the three months ended September 30, 2025, than during the three months ended September 30, 2024, and an increase in the notional amount of equity market contracts outstanding.
The increase in the fair value of foreign exchange and other derivative contracts was primarily driven by foreign exchange gains due to the appreciation of the U.S. dollar (primarily against the euro, British pound, and Canadian dollar) during the three months ended September 30, 2025.
The decrease in the fair value of interest rate contracts was primarily driven by a smaller decrease in market interest rates during the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, resulting in a comparatively smaller gain on interest rate contracts for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.
Net Other Investment Gains (Losses)
The components of net other investment gains (losses) were as follows:
 Three Months Ended
 September 30, 2025September 30, 2024Change
($ in thousands)
Realized Gains (Losses) on Investments Not Supporting Asset-Liability Matching Strategies$8,710 $6,626 $2,084 
Realized Gains (Losses) on Available-for-Sale Fixed Maturity Securities(50,492)(285,352)234,860 
Realized Gains (Losses) on Funds Withheld at Interest Receivable Portfolio(4,004)(24,194)20,190 
Unrealized Gains (Losses) on Fixed Maturity Securities Classified as Trading381,315 1,056,483 (675,168)
Unrealized Gains (Losses) on Real Assets31,867 (20,041)51,908 
Realized Gains (Losses) on Funds Withheld at Interest Payable Portfolio(35,391)(20,158)(15,233)
Unrealized Gains (Losses) on Other Investments Accounted Under a Fair-Value Option and Equity Investments62,059 14,127 47,932 
Credit Loss Allowances(74,362)(153,151)78,789 
Realized Gains (Losses) on Real Assets362 (286)648 
Foreign Exchange Gains (Losses) on Non-USD Denominated Investments(42,550)77,046 (119,596)
Other(3,796)(9,538)5,742 
Net Other Investment-Related Gains (Losses)$273,718 $641,562 $(367,844)
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The decrease in net other investment-related gains for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, was primarily due to (i) a decrease in unrealized gains on fixed maturity securities classified as trading primarily as a result of a smaller decrease in market interest rates during the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, and (ii) increases in foreign exchange losses on non-USD denominated investments due to the appreciation of the U.S. dollar against the euro and British pound.
Partially offsetting these decreases in net other investment-related gains were a decrease in realized losses on available-for-sale fixed maturity securities due to low yield trades in the prior period.
Expenses
Net Policy Benefits and Claims
Net policy benefits and claims increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024 primarily due to (i) an increase in new business volumes from direct pension risk transfer and preneed insurance business (with life contingencies or morbidity risk) and higher average funding costs due to higher crediting rates and the ordinary-course run-off of older business originated in a low interest rate environment.
These increases were partially offset by (i) a smaller change in the value of embedded derivatives in Global Atlantic’s fixed indexed annuity products, as a result of the increase equity market gains for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024 (as discussed above under "—Consolidated Results of Operations (GAAP Basis)—Revenues—Net investment-related gains (losses)". Global Atlantic purchases equity index options in order to hedge this risk, the fair value changes of which are accounted for in gains (losses) on derivative instruments, and generally offsets the change in embedded derivative fair value reported in net policy benefits and claims), and (ii) the favorable impacts related to the assumption review described below.
The assumptions on which reserves, deferred revenue and expenses are based are intended to represent an estimate of the benefits that are expected to be payable to, and fees or premiums that are expected to be collectible from, policyholders in future periods. Global Atlantic reviews the adequacy of its reserves, deferred revenue and expenses, and the assumptions underlying those items at least annually, usually in the third quarter, referred to as an “assumption review.” As Global Atlantic analyzes its assumptions, to the extent Global Atlantic chooses to update one or more of those assumptions, there may be an “unlocking” impact. Generally, favorable unlocking means the change in assumptions required a reduction in reserves, or in deferred revenue liabilities, and unfavorable unlocking means the change in assumptions required an increase in reserves or in deferred revenue liabilities, or a reduction in deferred expenses.
For the three months ended September 30, 2025, there was a net favorable assumption review impact of $106.2 million on net policy benefits and claims, which was primarily due to (i) higher expected yield assumptions for certain interest-sensitive life products, (ii) favorable expected surrender and persistency assumption changes for certain income annuity, variable annuity, and life insurance products, and (iii) a decrease in expected morbidity assumptions on long-term care riders for certain fixed annuity products, offset in part by (i) higher mortality rate assumptions for certain life insurance products, and (ii) higher surrender rate assumptions for certain assumed annuity products.
For the three months ended September 30, 2024, the net favorable assumption review impact of $74.6 million on income before taxes was primarily due to (i) higher assumed mortality rates for guaranteed income riders on income fixed-indexed annuities, and (ii) higher assumed interest rate margins on certain interest-sensitive life products due to higher reinvestment rates and flat crediting rates. These favorable impacts were partially offset by (i) lower assumed surrender rates on interest-sensitive life products without secondary guarantees, (ii) an increase in the option budget assumptions for certain fixed-indexed annuities and interest sensitive life products, and (iii) higher surrender rate assumption for certain assumed flow annuity business.
Amortization of Policy Acquisition Costs
Amortization of policy acquisition costs increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to (i) the remeasurement of the policy liabilities associated with certain cost-of-reinsurance asset intangibles during the three months ended September 30, 2024, and (ii) an increase in deferred acquisition costs amortization for the three months ended September 30, 2025 associated with new business volumes generated from individual retirement annuities and preneed insurance.
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Interest Expense
Interest expense decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to a decrease in market interest rates as compared against the comparable prior year quarter.
Insurance Expenses
Insurance expenses decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to a decrease in commission expenses as a result of lower new business volumes in the institutional markets channel.
General, Administrative, and Other
General, administrative and other decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to increased employee compensation expenses.
Other Condensed Consolidated Results of Operations (GAAP Basis - Unaudited)
Income Tax Expense (Benefit)
Income tax expense increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily driven by the higher level of income before taxes attributable to KKR common stockholders. As reported in Note 18 “Income Taxes” KKR’s effective tax rate is 16%. If you are to exclude the reported net income (loss) before taxes not attributable to KKR common stockholders, KKR’s effective tax rate would be 28%. For a discussion of factors that impacted KKR's tax provision, see Note 18 "Income Taxes" in our financial statements included elsewhere in this report.
Net Income (Loss) Attributable to Noncontrolling Interests
Net income (loss) attributable to noncontrolling interests for the three months ended September 30, 2025, relates primarily to net income (loss) attributable to (i) third-party limited partner interests in consolidated investment funds and other investment vehicles and (ii) exchangeable securities representing ownership interests in KKR Group Partnership until they are exchanged for common stock of KKR & Co. Inc. Net income (loss) attributable to noncontrolling interests increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily related to a higher level of net gains from investment activities at our consolidated investment funds and other investment vehicles.
Net Income (Loss) Attributable to KKR & Co. Inc.
Net income (loss) attributable to KKR & Co. Inc. increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to a higher level of management fees and investment-related net gains attributable to KKR & Co. Inc. from our asset management and strategic holdings operations and a lower level of realized investment losses on available-for-sale fixed maturity securities in our insurance business. These increases were partially offset by a lower level of capital allocation-based income and higher level of income taxes in the current period.
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Condensed Consolidated Results of Operations (GAAP Basis - Unaudited)
The following is a discussion of our consolidated results of operations on a GAAP basis for the nine months ended September 30, 2025 and 2024. You should read this discussion in conjunction with the financial statements and related notes included elsewhere in this report. For a more detailed discussion of the factors that affected our segment results in these periods, see "—Analysis of Segment Operating Results." See "Risk Factors" in our Annual Report and "—Business Environment" for more information about risks, uncertainties, and other market and economic conditions that may impact our business, financial performance, operating results and valuations.
 Nine Months Ended
 September 30, 2025September 30, 2024Change
 ($ in thousands)
Revenues  
Asset Management and Strategic Holdings
Fees and Other$2,916,482 $2,621,516 $294,966 
Capital Allocation-Based Income (Loss)2,708,601 3,164,491 (455,890)
5,625,083 5,786,007 (160,924)
Insurance
Net Premiums2,113,216 7,593,534 (5,480,318)
Policy Fees1,013,182 1,038,218 (25,036)
Net Investment Income5,616,405 4,802,226 814,179 
Net Investment-Related Gains (Losses)(845,386)(780,077)(65,309)
Other Income202,501 180,436 22,065 
8,099,918 12,834,337 (4,734,419)
Total Revenues13,725,001 18,620,344 (4,895,343)
Expenses
Asset Management and Strategic Holdings
Compensation and Benefits3,365,683 3,586,453 (220,770)
Occupancy and Related Charges99,702 82,683 17,019 
General, Administrative and Other1,039,220 950,136 89,084 
4,504,605 4,619,272 (114,667)
Insurance
Net Policy Benefits and Claims (including market risk benefit (gain) loss of $244,897 and $(35,501), respectively; remeasurement (gain) loss on policy liabilities: $(63,900) and $(74,645), respectively.)
7,575,360 11,881,924 (4,306,564)
Amortization of Policy Acquisition Costs265,733 78,416 187,317 
Interest Expense212,465 198,825 13,640 
Insurance Expenses449,900 655,338 (205,438)
General, Administrative and Other593,607 571,503 22,104 
9,097,065 13,386,006 (4,288,941)
Total Expenses13,601,670 18,005,278 (4,403,608)
Investment Income (Loss) - Asset Management and Strategic Holdings
Net Gains (Losses) from Investment Activities3,032,152 2,345,455 686,697 
Dividend Income1,026,266 867,666 158,600 
Interest Income2,402,451 2,648,890 (246,439)
Interest Expense(2,084,804)(2,259,257)174,453 
Total Investment Income (Loss)4,376,065 3,602,754 773,311 
Income (Loss) Before Taxes4,499,396 4,217,820 281,576 
Income Tax Expense (Benefit)620,612 696,066 (75,454)
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Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Net Income (Loss)3,878,784 3,521,754 357,030 
Net Income (Loss) Attributable to Redeemable Noncontrolling Interests110,727 57,546 53,181 
Net Income (Loss) Attributable to Noncontrolling Interests2,543,501 1,513,518 1,029,983 
Net Income (Loss) Attributable to KKR & Co. Inc.1,224,556 1,950,690 (726,134)
Series D Mandatory Convertible Preferred Stock Dividends78,166 — 78,166 
Net Income (Loss) Attributable to KKR & Co. Inc.
Common Stockholders		$1,146,390 $1,950,690 $(804,300)
Consolidated Results of Operations (GAAP Basis) - Asset Management and Strategic Holdings
Revenues
For the nine months ended September 30, 2025 and 2024, revenues consisted of the following:
 Nine Months Ended
 September 30, 2025September 30, 2024Change
($ in thousands)
Management Fees$1,793,039 $1,478,403 $314,636 
Fee Credits(482,364)(435,476)(46,888)
Transaction Fees1,250,321 1,267,204 (16,883)
Monitoring Fees157,362 135,902 21,460 
Incentive Fees16,715 38,215 (21,500)
Expense Reimbursements108,490 68,050 40,440 
Consulting Fees72,919 69,218 3,701 
Total Fees and Other2,916,482 2,621,516 294,966 
Carried Interest2,490,708 2,856,414 (365,706)
General Partner Capital Interest217,893 308,077 (90,184)
Total Capital Allocation-Based Income (Loss)2,708,601 3,164,491 (455,890)
Total Revenues $5,625,083 $5,786,007 $(160,924)
Fees and Other
Total Fees and Other for the nine months ended September 30, 2025, increased compared to the nine months ended September 30, 2024, primarily as a result of an increase in management fees, which were partially offset by an increase in fee credits and a decrease in Capital Markets transaction fees.
For a more detailed discussion of the factors that affected our transaction fees during the period, see "—Analysis of Asset Management Segment Operating Results."
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The increase in management fees was primarily attributable to (i) management fees commencing at Global Infrastructure Investors V in the third quarter of 2024 and management fees earned on new capital raised that were retroactive to the start of the fund’s investment period, (ii) management fees earned on new capital raised over the past twelve months by our private equity and infrastructure K-Series vehicles, and (iii) management fees commencing at North America Fund XIV in the second quarter of 2025. The increase was partially offset by (i) a lower level of management fees earned from Ascendant (our U.S. middle market traditional private equity strategy fund) due to management fees earned on new capital raised during the nine months ended September 30, 2024 that were retroactive to the start of the fund’s investment period and no such retroactive fees were earned for the nine months ended September 30, 2025, (ii) a decrease in management fees earned from North America Fund XIII as a result of entering its post-investment period in the second quarter of 2025, and (iii) no management fees earned from Asian Fund II in the current period due to the termination of management fees in the fourth quarter of 2024.
Management fees due from consolidated investment funds and other investment vehicles are eliminated upon consolidation under GAAP. However, because these amounts are funded by, and earned from, noncontrolling interests, upon consolidation under GAAP, KKR's allocated share of the net income from the consolidated investment funds and other investment vehicles is increased by the amount of fees that are eliminated. Accordingly, net income (loss) attributable to KKR would be unchanged if such investment funds and other investment vehicles were not consolidated. For a more detailed discussion on the factors that affect our management fees during the period, see "—Analysis of Asset Management Segment Operating Results."
Fee credits increased compared to the prior period as a result of a higher level of transaction fees in our Private Equity business line. Fee credits owed to consolidated investment funds and other investment vehicles are eliminated upon consolidation under GAAP. However, because these amounts are owed to noncontrolling interests, upon consolidation under GAAP, KKR's allocated share of the net income from the consolidated investment funds is decreased by the amount of fee credits that are eliminated. Accordingly, net income (loss) attributable to KKR would be unchanged if such investment funds and other investment vehicles were not consolidated. Transaction and monitoring fees earned from KKR portfolio companies are not eliminated upon consolidation because those fees are earned from companies which are not consolidated. Furthermore, transaction fees earned in our capital markets business are not shared with fund investors. Accordingly, certain transaction fees are reflected in our revenues without a corresponding fee credit.
Capital Allocation-Based Income (Loss)
Capital Allocation-Based Income (Loss) for the nine months ended September 30, 2025, was positive primarily due to the net appreciation of the underlying investments in many of our unconsolidated carry-earning investment vehicles, most notably Asian Fund IV, North America Fund XIII and our private equity and infrastructure K-Series vehicles. Capital Allocation-Based Income (Loss) for the nine months ended September 30, 2024, was positive primarily due to the net appreciation of the underlying investments in many of our unconsolidated carry-earning investment funds, most notably Americas Fund XII, North America Fund XIII, and Global Infrastructure Investors IV.
KKR calculates the carried interest that would be due to KKR for each investment fund, pursuant to the fund agreements, as if the fair value of the underlying investments were realized as of the reporting date, irrespective of whether such amounts have been realized. Since the fair value of the underlying investments varies between reporting periods, it is necessary to make adjustments to the amounts recorded as carried interest to reflect either (a) positive performance, resulting in an increase in the carried interest allocated to the general partner or (b) negative performance that would cause the amount due to KKR to be less than the amount previously recognized, resulting in a negative adjustment to carried interest allocated to the general partner. In each case, it is necessary to calculate the carried interest on cumulative results compared to the carried interest recorded to date and to make the required positive or negative adjustments.
Investment Income (Loss)
Net Gains (Losses) from Investment Activities for the nine months ended September 30, 2025
The net gains from investment activities for the nine months ended September 30, 2025, were comprised of net realized gains of $601.3 million and net unrealized gains of $2,430.9 million.
Investment gains and losses relating to our general partner capital interest in our unconsolidated funds are not reflected in our discussion and analysis of Net Gains (Losses) from Investment Activities. Our economics associated with these gains and losses are reflected in Capital Allocation-Based Income (Loss) as described above.
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Realized Gains and Losses from Investment Activities
For the nine months ended September 30, 2025, net realized gains related primarily to realized gains on the sales of BridgeBio Pharma, Inc., CyrusOne Inc., and The Citation Group. Partially offsetting these realized gains were (i) realized losses on certain investments held in consolidated CLOs and (ii) realized losses on our investments in Selecta Group HoldCo. (consumer products sector) and investments held in one of our consolidated opportunistic real estate equity funds.
Unrealized Gains and Losses from Investment Activities
For the nine months ended September 30, 2025, net unrealized gains were driven by mark-to-market gains primarily relating to our investment in Exact Holding B.V., USI, Inc. (financial services sector), and IVI-RMA. These unrealized gains were partially offset by (i) unrealized losses on certain foreign exchange forward contracts, (ii) mark-to-market losses primarily relating to our investments in PetVet Care Centers, LLC, and OneStream, Inc., (iii) the reversal of previously recognized unrealized gains relating to the realization activity described above, and (iv) unrealized losses on certain investments held in consolidated CLOs.
The factors that affect each investment strategy vary depending on the nature of the asset class and the valuation methodology employed. For the nine months ended September 30, 2025, net gains were primarily generated in the following asset classes:
•Private Equity (including core private equity), which were primarily impacted by overall positive operating performance of certain portfolio companies. Changes in market multiples varied across regions / sectors used in the market comparables methodology for the valuation of Level III investments; and
•Infrastructure, which primarily benefited from the overall positive operating performance of certain infrastructure assets, partially offset by slightly higher cost of capital assumptions. Changes in market multiples varied across regions / sectors used in the market comparables methodology for the valuation of Level III investments.
See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results, and valuation.
Net Gains (Losses) from Investment Activities for the nine months ended September 30, 2024
The net gains from investment activities for the nine months ended September 30, 2024, were comprised of net realized gains of $285.7 million and net unrealized gains of $2,059.8 million.
Realized Gains and Losses from Investment Activities
For the nine months ended September 30, 2024, net realized gains related primarily to the (i) realized gains on the sale of FiberCop S.p.A.and BridgeBio Pharma, Inc. and (ii) realized gains on certain foreign exchange forward contracts. Partially offsetting these realized gains were (i) realized losses on our investments in Unzer GmbH, Qoo10 SG, and Telepizza SAU (consumer products sector) and (ii) realized losses from the distribution of certain assets to third-party fund investors in certain of our consolidated energy funds.
Unrealized Gains and Losses from Investment Activities
For the nine months ended September 30, 2024, net unrealized gains were driven primarily by mark-to-market gains primarily relating to our investments in Exact Holding B.V., OneStream, Inc. and USI, Inc. These unrealized gains were partially offset by (i) mark-to-market losses primarily relating to our investment in Accell Group N.V. (consumer products sector), (ii) the reversal of previously recognized unrealized gains relating to the realization activity described above, and (iii) unrealized losses on certain foreign exchange forward contracts.
The factors that affect each investment strategy vary depending on the nature of the asset class and the valuation methodology employed. For the nine months ended September 30, 2024, net gains were primarily generated in the following asset classes:
•Private Equity (including core private equity), which were primarily impacted by (i) overall positive operating performance of its portfolio companies, and (ii) the positive returns of global equity markets and the related increase of market multiples used in the market comparables methodology for the valuation of Level III investments; and
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•Infrastructure, which primarily benefited from the positive operating performance of certain infrastructure assets and to a lesser extent by the positive returns of global equity markets and the related increase of market multiples used in the market comparables methodology for the valuation of Level III investments.
For a discussion of other factors that affected KKR's realized investment income, see "—Analysis of Asset Management Segment Operating Results." For additional information about net gains (losses) from investment activities, see Note 4 "Net Gains (Losses) from Investment Activities - Asset Management and Strategic Holdings" in our financial statements.
Dividend Income
During the nine months ended September 30, 2025, dividend income was primarily from (i) our investments in 1-800 Contacts Inc., April SA, and Atlantic Aviation FBO Inc., all held through our consolidated core vehicles and (ii) various investments in certain of our consolidated opportunistic real estate equity funds. During the nine months ended September 30, 2024, dividend income was primarily from (i) our investments in 1-800 Contacts Inc., Exact Holding B.V., Viridor Limited (infrastructure: energy and energy transition sector), and FiberCop S.p.A., held through our consolidated core investment vehicles, (ii) our investment in MásOrange (telecommunications sector), held through our consolidated European Fund V, and (iii) certain of our consolidated opportunistic real estate equity funds.
Significant dividends from portfolio companies and consolidated funds are generally not recurring quarterly dividends, and while they may occur in the future, their size and frequency are variable. For a discussion of other factors that affected KKR's dividend income, see "—Analysis of Asset Management Segment Operating Results."
Interest Income
The decrease in interest income during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily due to the impact of lower market interest rates during the current period on floating rate credit investments held in consolidated CLOs and certain of our consolidated private credit funds. The decrease was partially offset by the impact of closing CLOs that are consolidated subsequent to September 30, 2024. For a discussion of other factors that affected KKR's interest income, see "—Analysis of Asset Management Segment Operating Results."
Interest Expense
The decrease in interest expense during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily due to the impact of lower market interest rates during the current period on floating rate debt obligations held in consolidated CLOs and at certain consolidated funds and other investment vehicles. The decrease was partially offset by (i) the impact of closing CLOs that were consolidated subsequent to September 30, 2024, and (ii) an increase in the amount of borrowings outstanding. For a discussion of other factors that affected KKR's interest expense, see "—Key Segment and Non-GAAP Performance Measures."
Expenses
Compensation and Benefits
The decrease in compensation and benefits during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily due to a lower level of accrued carried interest compensation driven by a lower level of carried interest income earned in the current period, partially offset by accrued discretionary cash compensation resulting from a higher level of asset management fee related segment revenues in the current period.
Occupancy and Related Charges
The increase in occupancy and related charges during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily due to the commencement of new office leases subsequent to September 30, 2024.
General, Administrative and Other
The increase in general, administrative and other expenses during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily due to a higher level of expenses reimbursable from our unconsolidated investment funds, a higher level of issuance costs from newly formed consolidated CLOs in the current period, and corporate general administrative costs, partially offset by a prior year legal accrual that did not recur in the current period.
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Condensed Consolidated Results of Operations (GAAP Basis - Unaudited) - Insurance
Revenues
For the nine months ended September 30, 2025 and 2024, revenues consisted of the following:
 Nine Months Ended
 September 30, 2025September 30, 2024Change
($ in thousands)
Net Premiums$2,113,216 $7,593,534 $(5,480,318)
Policy Fees1,013,182 1,038,218 (25,036)
Net Investment Income5,616,405 4,802,226 814,179 
Net Investment-Related Gains (Losses)(845,386)(780,077)(65,309)
Other Income202,501 180,436 22,065 
Total Insurance Revenues$8,099,918 $12,834,337 $(4,734,419)
Net Premiums
Net premiums decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to a decrease in initial premiums assumed from fewer reinsurance transactions with life contingencies or morbidity risk during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024. Offsetting these decreases in part were increases from new premiums earned on direct pension risk transfer and preneed insurance products with life contingencies or morbidity risk. Initial premiums from new business are generally offset by a comparable change in policy reserves reported within net policy benefits and claims (as discussed below under “Expenses—Net policy benefits and claims”).
Net Investment Income
Net investment income increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to (i) increased average assets under management due to growth in assets in the institutional and individual market channels as a result of the cumulative impact of new business volumes in the current and preceding quarters, and (ii) higher average portfolio yields.
Net Investment-Related Gains (Losses)
The components of net investment-related gains (losses) were as follows:
 Nine Months Ended
 September 30, 2025September 30, 2024Change
($ in thousands)
Equity Index Options$760,717 $580,358 $180,359 
Interest Rate Contracts136,767 (42,280)179,047 
Equity Futures Contracts(45,502)(96,312)50,810 
Foreign Exchange and Other Derivative Contracts(216,287)(47,940)(168,347)
Funds Withheld Payable Embedded Derivatives(652,789)(852,165)199,376 
Funds Withheld Receivable Embedded Derivatives(38,612)6,592 (45,204)
Net Gains (Losses) on Derivative Instruments(55,706)(451,747)396,041 
Net Other Investment Gains (Losses)(789,680)(328,330)(461,350)
Net Investment-Related Gains (Losses)$(845,386)$(780,077)$(65,309)
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Net Gains (Losses) on Derivative Instruments
The increase in the fair value of embedded derivatives on funds withheld at interest payable for the nine months ended September 30, 2025 was primarily driven by the change in fair value of the underlying investments in the funds withheld at interest payable portfolio, which is primarily comprised of fixed maturity securities (designated as trading for accounting purposes), mortgage and other loan receivables, and real asset investments. The underlying investments in the funds withheld at interest payable portfolio increased in value during both the nine months ended September 30, 2025 and 2024, resulting in a loss on the related embedded derivative. The increase in fair value of the underlying investments was primarily due to a decrease in market interest rates during both the nine months ended September 30, 2025, and 2024, with a smaller relative increase in market interest rates during the prior period.
The increase in the fair value of equity index options was primarily driven by the performance of the underlying indices. Global Atlantic purchases equity index options to hedge the market risk of embedded derivatives in indexed universal life and fixed-indexed annuity products (the change in which is accounted for in net policy benefits and claims). The majority of Global Atlantic's equity index options are based on the S&P 500 Index, which increased during both the nine months ended September 30, 2025 and 2024, and an increase in the notional amount of equity market contracts outstanding.
The increase in the fair value of interest rate contracts was primarily driven by a decrease in market interest rates during the nine months ended September 30, 2025, as compared to an increase in market interest rates during the nine months ended September 30, 2024, resulting in a gain on interest rate contracts for the nine months ended September 30, 2025, as compared to a loss on interest rate contracts for the nine months ended September 30, 2024.
The decrease in the fair value of foreign exchange and other derivative contracts was primarily driven by a decrease due to depreciation of the U.S. dollar against the euro and British pound during the nine months ended September 30, 2025.
Net Other Investment Gains (Losses)
The components of net other investment gains (losses) were as follows:
 Nine Months Ended
 September 30, 2025September 30, 2024Change
($ in thousands)
Realized Gains (Losses) on Investments Not Supporting Asset-Liability Matching Strategies$43,015 $16,698 $26,317 
Realized Gains (Losses) on Available-for-Sale Fixed Maturity Securities(1,577,554)(387,975)(1,189,579)
Credit Loss Allowances(175,524)(288,606)113,082 
Unrealized Gains (Losses) on Fixed Maturity Securities Classified as Trading601,424 471,647 129,777 
Unrealized Gains (Losses) on Other Investments Accounted Under a Fair-Value Option and Equity Investments63,774 (10,100)73,874 
Unrealized Gains (Losses) on Real Assets45,126 (179,759)224,885 
Realized Gains (Losses) on Real Assets17,757 6,787 10,970 
Realized Gains (Losses) on Funds Withheld at Interest Payable Portfolio80,417 50,147 30,270 
Realized Gains (Losses) on Funds Withheld at Interest Receivable Portfolio(67,488)(47,242)(20,246)
Foreign Exchange Gains (Losses) on Non-USD Denominated Investments223,227 56,929 166,298 
Other(43,854)(16,856)(26,998)
Net Other Investment-Related Gains (Losses)$(789,680)$(328,330)$(461,350)
The increase in net other investment-related losses for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, was primarily due to an increase in realized losses on available-for-sale fixed maturity securities due to low yield trades in the prior period.
Offsetting these increases in net other investment-related losses in part were (i) an increase in unrealized gains on real assets, and (ii) an increase in foreign exchange gains on non-USD denominated investments due to the greater foreign exchange volatility as a result of the depreciation of the U.S. dollar against the euro and British pound during the nine months ended September 30, 2025.
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Expenses
Net Policy Benefits and Claims
Net policy benefits and claims decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to (i) lower initial reserves assumed related to new reinsurance transactions with life contingencies or morbidity risk in the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, (ii) favorable impacts related to the assumption review described below, and (iii) the change in the value of embedded derivatives in Global Atlantic’s fixed indexed annuity products as a result of an increase in equity market gains for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024 (as discussed above under "—Consolidated Results of Operations (GAAP Basis)—Revenues—Net investment-related gains (losses)". Global Atlantic purchases equity index options in order to hedge this risk, the fair value changes of which are accounted for in gains (losses) on derivative instruments, and generally offsets the change in embedded derivative fair value reported in net policy benefits and claims).

These decreases were partially offset by (i) higher average funding costs due to higher crediting rates and the ordinary-course run-off of older business originated in a low interest rate environment, (ii) new reserves established related to new business originated with life or morbidity risks associated with preneed insurance and direct pension risk transfer products, and (iii) an increase in market risk benefits losses due to a decrease in market interest rates for the nine months ended September 30, 2025, as compared to an increase in market interest rates for the nine months ended September 30, 2024.
The assumptions on which reserves, deferred revenue and expenses are based are intended to represent an estimate of the benefits that are expected to be payable to, and fees or premiums that are expected to be collectible from, policyholders in future periods. Global Atlantic reviews the adequacy of its reserves, deferred revenue and expenses, and the assumptions underlying those items at least annually, usually in the third quarter, referred to as an “assumption review.” As Global Atlantic analyzes its assumptions, to the extent Global Atlantic chooses to update one or more of those assumptions, there may be an “unlocking” impact. Generally, favorable unlocking means the change in assumptions required a reduction in reserves, or in deferred revenue liabilities, and unfavorable unlocking means the change in assumptions required an increase in reserves or in deferred revenue liabilities, or a reduction in deferred expenses.
For the nine months ended September 30, 2025, there was a net favorable assumption review impact of $63.9 million on net policy benefits and claims, which was primarily due to (i) higher expected yield assumptions for certain interest-sensitive life products, (ii) favorable expected surrender and persistency assumption changes for certain income annuity, variable annuity, and life insurance products, and (iii) a decrease in expected morbidity assumptions on long-term care riders for certain fixed annuity products, offset in part by (i) higher mortality rate assumptions for certain life insurance products, (ii) a change in the activation assumption related to certain benefit riders on fixed-indexed annuities, and (iii) higher surrender rate assumptions for certain assumed annuity products.
For the nine months ended September 30, 2024, there was a net favorable assumption review impact of $74.6 million on net policy benefits and claim, which was primarily due to (i) higher assumed mortality rates for guaranteed income riders on fixed-indexed annuities, and (ii) higher assumed interest rate margins on certain interest-sensitive life products due to an increase in assumed reinvestment rates and flat crediting rates. These favorable impacts were partially offset by (i) lower assumed surrender rates on interest-sensitive life products without secondary guarantees, (ii) an increase in the option budget assumptions for certain fixed-indexed annuities and interest sensitive life products, and (iii) higher surrender rate assumption for certain assumed flow annuity business.
Amortization of Policy Acquisition Costs
Amortization of policy acquisition costs increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to (i) the remeasurement of the policy liabilities associated with certain cost-of-reinsurance asset intangibles during the nine months ended September 30, 2024, resulting in an increase in the cost-of-reinsurance asset and a decrease in amortization in the comparative nine month period, and (ii) an increase in deferred acquisition costs amortization for the nine months ended September 30, 2025 associated with new business volumes generated from individual retirement annuities and preneed insurance in preceding periods.
Interest Expense
Interest expense increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to an increase in total debt outstanding.
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Insurance Expenses
Insurance expenses decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to a decrease in commission expenses as a result of the lower new business volumes in the institutional markets channel.
General, Administrative and Other
General, administrative and other increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to increased employee compensation expenses.
Other Condensed Consolidated Results of Operations (GAAP Basis - Unaudited)
Income Tax Expense (Benefit)
Income tax expense decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily driven by the lower level of income before taxes attributable to KKR common stockholders. For a discussion of factors that impacted KKR's tax provision, see Note 18 "Income Taxes" in our financial statements included elsewhere in this report.
Net Income (Loss) Attributable to Noncontrolling Interests
Net income (loss) attributable to noncontrolling interests for the nine months ended September 30, 2025 relates primarily to net income (loss) attributable to (i) third-party limited partner interests in consolidated investment funds and other investment vehicles and (ii) exchangeable securities representing ownership interests in KKR Group Partnership until they are exchanged for common stock of KKR & Co. Inc. Net income (loss) attributable to noncontrolling interests increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily related to a higher level of net gains from investment activities at our consolidated investment funds and other investment vehicles.
Net Income (Loss) Attributable to KKR & Co. Inc. 
Net income (loss) attributable to KKR & Co. Inc. decreased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primary due to a higher level of realized investment losses on available-for-sale fixed maturity securities in our insurance business, which were partially offset by a higher level of investment-related net gains attributable to KKR & Co. Inc. from our asset management and strategic holdings operations and a higher level of asset management fee related income in the current period.
Condensed Consolidated Statements of Financial Condition (GAAP Basis - Unaudited)
Please see our condensed consolidated statements of financial condition on a GAAP basis as of September 30, 2025 and December 31, 2024 in our financial statements included in this report.
KKR & Co. Inc. Stockholders’ Equity - Common Stock increased from December 31, 2024 primarily due to unrealized gains on available-for sale-securities from Global Atlantic that are recorded in other comprehensive income and net income attributable to KKR & Co. Inc. common stockholders, which were partially offset by dividends to common and preferred stockholders.
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Condensed Consolidated Statements of Cash Flows (GAAP Basis - Unaudited)
The following is a discussion of our consolidated cash flows for the nine months ended September 30, 2025 and 2024. You should read this discussion in conjunction with the financial statements and related notes included elsewhere in this report.
The consolidated statements of cash flows include the cash flows of our consolidated entities, which include certain consolidated investment funds, CLOs and certain variable interest entities formed by Global Atlantic notwithstanding the fact that we may hold only a minority economic interest in those investment funds and CFEs. The assets of our consolidated investment funds and CFEs, on a gross basis, can be substantially larger than the assets of our business and, accordingly, could have a substantial effect on the cash flows reflected in our consolidated statements of cash flows. The primary cash flow activities of our consolidated funds and CFEs involve: (i) capital contributions from fund investors; (ii) using the capital of fund investors to make investments; (iii) financing certain investments with indebtedness; (iv) generating cash flows through the realization of investments; and (v) distributing cash flows from the realization of investments to fund investors. Because our consolidated investment funds are treated as investment companies for accounting purposes, certain of these cash flow amounts are included in our cash flows from operations.
Net Cash Provided (Used) by Operating Activities
Our net cash provided (used) by operating activities was $5.4 billion and $6.8 billion during the nine months ended September 30, 2025 and 2024, respectively. Our operating activities primarily included: (i) investments purchased (asset management and strategic holdings), net of proceeds from investments (asset management and strategic holdings) of $(2.0) billion and $0.5 billion during the nine months ended September 30, 2025 and 2024, respectively, (ii) net realized gains (losses) on investments (asset management and strategic holdings) of $0.6 billion and $0.3 billion during the nine months ended September 30, 2025 and 2024, respectively, (iii) change in unrealized gains (losses) on investments (asset management and strategic holdings) of $2.4 billion and $2.1 billion during the nine months ended September 30, 2025 and 2024, respectively, (iv) capital allocation-based income (loss) (asset management and strategic holdings) of $2.7 billion and $3.2 billion during the nine months ended September 30, 2025 and 2024, respectively, (v) net investment and policy liability-related gains (losses) (insurance) of $(2.7) billion and $(2.5) billion during the nine months ended September 30, 2025 and 2024, respectively, and (vi) interest credited to policyholder account balances (net of policy fees) (insurance) of $3.6 billion and $3.0 billion during the nine months ended September 30, 2025 and 2024, respectively. Investment funds are investment companies under GAAP and reflect their investments and other financial instruments at fair value.
Net Cash Provided (Used) by Investing Activities
Our net cash provided (used) by investing activities was $(12.0) billion and $(16.8) billion during the nine months ended September 30, 2025 and 2024, respectively. Our investing activities primarily included: (i) investments purchased (insurance), net of proceeds from investments (insurance), of $(11.8) billion and $(16.7) billion during the nine months ended September 30, 2025 and 2024, respectively, (ii) acquisitions, net of cash acquired, of $(146.3) million during the nine months ended September 30, 2025, and (iii) the purchase of fixed assets of $(126.9) million and $(88.4) million during the nine months ended September 30, 2025 and 2024, respectively.
Net Cash Provided (Used) by Financing Activities
Our net cash provided (used) by financing activities was $14.0 billion and $4.2 billion during the nine months ended September 30, 2025 and 2024, respectively. Our financing activities primarily included: (i) contributions from, net of distributions to, our noncontrolling and redeemable noncontrolling interests of $2.3 billion and $(174.5) million during the nine months ended September 30, 2025 and 2024, respectively, (ii) proceeds received, net of repayment of debt obligations, of $2.2 billion and $2.4 billion during the nine months ended September 30, 2025 and 2024, respectively, (iii) proceeds from the issuance of Series D Mandatory Convertible Preferred Stock (net of issuance cost) of $2.5 billion during the nine months ended September 30, 2025, (iv) additions to, net of withdrawals from, contractholder deposit funds (insurance) of $7.6 billion and $6.2 billion during the nine months ended September 30, 2025 and 2024, respectively, (v) cash consideration for the 2024 GA Acquisition of $(2.6) billion during the nine months ended September 30, 2024, (vi) reinsurance transactions, net of cash provided (insurance) of $47.8 million during the nine months ended September 30, 2024, (vii) common stock dividends of $(485.1) million and $(456.6) million during the nine months ended September 30, 2025 and 2024, respectively, and (viii) Series D Mandatory Convertible Preferred Stock Dividends of $(78.2) million during the nine months ended September 30, 2025.
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Analysis of Segment Operating Results
The following is a discussion of the results of our business on a segment basis for the three and nine months ended September 30, 2025 and 2024. You should read this discussion in conjunction with the information included under "—Analysis of Non-GAAP Performance Measures" and the financial statements and related notes included elsewhere in this report. See "Risk Factors" in our Annual Report and "—Business Environment" for more information about factors that may impact our business, financial performance, operating results, and valuations.
Analysis of Asset Management Segment Operating Results
The following tables set forth information regarding KKR's asset management segment operating results for the three months ended September 30, 2025 and 2024:
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Management Fees$1,063,553 $892,629 $170,924 
Transaction and Monitoring Fees, Net328,124 467,145 (139,021)
Fee Related Performance Revenues73,177 56,655 16,522 
Fee Related Compensation(256,350)(247,875)(8,475)
Other Operating Expenses(175,568)(167,881)(7,687)
Fee Related Earnings1,032,936 1,000,673 32,263 
Realized Performance Income930,659 391,920 538,739 
Realized Performance Income Compensation(697,994)(289,994)(408,000)
Realized Investment Income4,436 151,546 (147,110)
Realized Investment Income Compensation(665)(22,732)22,067 
Asset Management Segment Earnings$1,269,372 $1,231,413 $37,959 
Management Fees
The following table presents management fees by business line:
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Management Fees
Private Equity$394,380 $346,675 $47,705 
Real Assets350,225 265,912 84,313 
Credit and Liquid Strategies318,948 280,042 38,906 
Total Management Fees$1,063,553 $892,629 $170,924 
The increase in Private Equity management fees was primarily attributable to (i) management fees commencing at North America Fund XIV in the second quarter of 2025 and (ii) management fees earned on new capital raised over the past twelve months at our private equity K-Series vehicles, net of certain revenue sharing arrangements. The increase was partially offset by (i) a lower level of management fees earned from Ascendant (our U.S. middle market traditional private equity strategy fund) due to management fees earned on new capital raised in the third quarter of 2024 that were retroactive to the start of the fund’s investment period and no such retroactive fees were earned for the three months ended September 30, 2025, (ii) a decrease in management fees earned from North America Fund XIII as a result of entering its post-investment period in the second quarter of 2025, and now paying fees based on invested capital rather than committed capital, and (iii) a lower level of management fees from Americas Fund XII due to a step-down in the management fee rate. During the three months ended September 30, 2025, approximately $5.0 million of management fees were earned on new capital raised that were retroactive to the start of the relevant fund's investment period.

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The increase in Real Assets management fees was primarily attributable to (i) a higher level of management fees earned from Global Infrastructure Investors V, primarily due to management fees earned on new capital raised in the third quarter of 2025 that was retroactive to the start of the fund’s investment period as well as new capital raised over the past twelve months, (ii) management fees earned on new capital raised over the past twelve months at our infrastructure K-Series vehicles, net of certain revenue sharing arrangements, and (iii) a higher level of management fees earned at Diversified Core Infrastructure Fund due to an increase in its fee base from capital inflows and investment appreciation year over year. The increase was partially offset by a decrease in management fees earned from Global Infrastructure Investors III due to a decrease in invested capital subsequent to the third quarter of 2024. During the three months ended September 30, 2025, approximately $38.9 million of management fees were earned on new capital raised that is retroactive to the start of the relevant fund's investment period.
The increase in Credit and Liquid Strategies management fees was primarily attributable to (i) a higher level of management fees earned from Global Atlantic primarily due to the growth in assets from inflows, (ii) an increase in capital invested in certain alternative credit strategy accounts, which resulted in an increase in its fee base, and (iii) a higher level of management fees earned from CLOs from new issuances in both the US and Europe over the past twelve months.
Transaction and Monitoring Fees, Net
The following table presents transaction and monitoring fees, net by business line:
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Transaction and Monitoring Fees, Net
Private Equity$30,327 $29,306 $1,021 
Real Assets20,290 11,631 8,659 
Credit and Liquid Strategies1,738 2,559 (821)
Capital Markets275,769 423,649 (147,880)
Total Transaction and Monitoring Fees, Net$328,124 $467,145 $(139,021)
Our Private Equity, Real Assets, and Credit and Liquid Strategies business lines earn transaction and monitoring fees from portfolio companies, and under the terms of the management agreements with certain of our investment funds, we are required to share all or a portion of such fees with our fund investors. For most of our investment funds, transaction and monitoring fees are credited against fund management fees up to 100% of the amount of the transaction and monitoring fees attributable to that investment fund, which results in a decrease of our transaction and monitoring fees. Our Capital Markets business line earns transaction fees, which are generally not shared with fund investors.
The decrease in transaction and monitoring fees, net is primarily due to a lower level of transaction fees earned in our Capital Markets business line. The decrease in Capital Markets business line transaction fees was primarily due to a decrease in the size of capital markets transactions for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Overall, we completed 114 capital markets transactions for the three months ended September 30, 2025, of which 18 represented equity offerings and 96 represented debt offerings, as compared to 101 capital markets transactions for the three months ended September 30, 2024, of which 19 represented equity offerings and 82 represented debt offerings. We earn fees in connection with underwriting, syndication, and other capital markets services. While each of the capital markets transactions that we undertake in this business line is separately negotiated, our fee rates are generally higher with respect to underwriting or syndicating equity offerings than with respect to debt offerings, and the amount of fees that we earn for similar transactions generally correlates with overall transaction sizes.
Our capital markets fees are generated in connection with activity involving our private equity, real assets, and credit business lines as well as from third-party companies. For the three months ended September 30, 2025, approximately 16% of our transaction fees in our Capital Markets business line were earned from unaffiliated third parties as compared to 10% for the three months ended September 30, 2024. Our transaction fees are comprised of fees earned in North America, Europe, and the Asia-Pacific region. For the three months ended September 30, 2025, approximately 41% of our transaction fees were generated outside of North America as compared to approximately 48% for the three months ended September 30, 2024. Our Capital Markets business line is dependent on the overall capital markets environment, which is influenced by equity prices, credit spreads, and volatility. Our Capital Markets business line does not generate monitoring fees.
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See "—Analysis of Asset Management Segment Operating Results—Capital Invested" for more information about capital invested by business line. See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results, and valuations.
Fee Related Performance Revenues
The following table presents fee related performance revenues by business line:
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Fee Related Performance Revenues
Private Equity$— $— $— 
Real Assets55,373 34,387 20,986 
Credit and Liquid Strategies17,804 22,268 (4,464)
Total Fee Related Performance Revenues$73,177 $56,655 $16,522 
Fee related performance revenues represent performance fees that are (i) expected to be received from our investment funds, investment vehicles, and accounts on a more recurring basis and (ii) not dependent on a realization event involving investments held by the investment fund, vehicle, or account.
These performance fees are primarily earned from (i) FSK in our Credit and Liquid Strategies business line and (ii) KKR Real Estate Select Trust Inc. ("KREST") (our registered closed-end real estate equity fund), KKR Real Estate Finance Trust Inc. ("KREF") (our real estate credit investment trust), KJR Management ("KJRM") (our Japanese real estate investment trust asset manager), and our infrastructure K-Series vehicles in our Real Assets business line.
The increase in fee related performance revenues for the three months ended September 30, 2025 compared to the prior period was primarily due to a higher level of performance revenues being earned from one of our infrastructure K-Series vehicles in our Real Assets business line.
Fee Related Compensation
The increase in fee related compensation for the three months ended September 30, 2025 compared to the prior period was primarily due to a higher level of compensation recorded in connection with the higher level of fee related revenues.
Other Operating Expenses
The increase in other operating expenses for the three months ended September 30, 2025 compared to the prior period was primarily due to a higher level of information technology-related and general and administrative costs.
Fee Related Earnings
The increase in fee related earnings for the three months ended September 30, 2025 compared to the prior period was primarily due to (i) a higher level of management fees across our Private Equity, Real Assets, and Credit and Liquid Strategies business lines and (ii) a higher level of fee related performance revenues earned in our Real Assets business line, partially offset by (i) a lower level of transaction fees earned in our Capital Markets business line, (ii) a higher level of fee related compensation, and (iii) a higher level of other operating expenses, as described above.
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Realized Performance Income
The following table presents realized performance income by business line:
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Realized Performance Income
Private Equity$702,475 $283,626 $418,849 
Real Assets197,593 93,354 104,239 
Credit and Liquid Strategies30,591 14,940 15,651 
Total Realized Performance Income$930,659 $391,920 $538,739 
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Private Equity
Asian Fund IV$357,526 $— $357,526 
Private Equity K-Series152,303 54,601 97,702 
Americas Fund XII55,824 — 55,824 
Strategic Holdings Segment12,328 15,475 (3,147)
Asian Fund III— 219,679 (219,679)
Strategic Investor Partnerships
109,226 109,226 
Other15,268 (6,129)21,397 
Total Realized Performance Income$702,475 $283,626 $418,849 
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Real Assets
Asia Pacific Infrastructure Investors$110,000 $— $110,000 
Global Infrastructure Investors III68,025 77,194 (9,169)
Real Estate Partners Americas II— 9,684 (9,684)
Strategic Investor Partnerships
19,568 — 19,568 
Other— 6,476 (6,476)
Total Realized Performance Income$197,593 $93,354 $104,239 
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Credit and Liquid Strategies
Lending Partners III$2,628 $— $2,628 
Alternative Credit Vehicles and Other Funds1,011 2,971 (1,960)
Other26,952 11,969 14,983 
Total Realized Performance Income$30,591 $14,940 $15,651 
Realized performance income includes (i) realized carried interest from our carry earning funds and (ii) incentive fees not included in Fee Related Performance Revenues. Incentive fees consist primarily of performance fees earned from (i) our hedge fund partnerships, (ii) investment management agreements with KKR sponsored investment vehicles, and (iii) investment management agreements to provide KKR’s investment strategies to funds managed by a UK investment fund manager.
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Realized performance income in our Private Equity business line for the three months ended September 30, 2025 consisted primarily of (i) realized proceeds from the sale of our investment in Seiyu Group held by Asian Fund IV and (ii) performance income from one of our private equity K-Series vehicles.
Realized performance income in our Private Equity business line for the three months ended September 30, 2024 consisted primarily of (i) realized proceeds from the sale of our investment in Kokusai Electric Corporation (TYO: 6525) held by Asian Fund III and (ii) performance income from one of our private equity K-Series vehicles and our Strategic Holdings segment.
Realized performance income in our Real Assets business line for the three months ended September 30, 2025 consisted primarily of realized proceeds from the sale of our investment in Pinnacle Towers (infrastructure: telecommunications infrastructure sector) held by Asia Pacific Infrastructure Investors and Metronet held by Global Infrastructure Investors III.
Realized performance income in our Real Assets business line for the three months ended September 30, 2024 consisted primarily of realized proceeds from the sale of our investment in FiberCop S.p.A. held by Global Infrastructure Investors III.
Realized performance income in our Credit and Liquid Strategies business line for the three months ended September 30, 2025 consisted primarily of realized proceeds at Lending Partners III and certain other alternative credit funds.
Realized performance income in our Credit and Liquid Strategies business line for the three months ended September 30, 2024 consisted primarily of performance fees earned from Marshall Wace and certain leveraged credit investment funds.
Realized Performance Income Compensation
The increase in realized performance income compensation for the three months ended September 30, 2025 compared to the prior period was primarily due to a higher level of compensation recorded in connection with the higher level of realized performance income.
Realized Investment Income
The following table presents realized investment income in our Principal Activities business line:
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Total Realized Investment Income$4,436 $151,546 $(147,110)
The decrease in realized investment income is primarily due to net realized losses and a lower level of interest income and dividends. The amount of realized investment income depends on the transaction activity of our funds and Asset Management segment balance sheet, which can vary from period to period.
For the three months ended September 30, 2025, realized investment income was primarily comprised of (i) interest income primarily from our investment in CLOs and (ii) realized gains from the sale of our investments in Kokusai Electric Corporation and Metronet Holdings, LLC (infrastructure: telecommunications infrastructure sector). Offsetting these realized gains were realized losses, the most significant of which were (i) a realized loss related to a structured multi-asset investment vehicle and (ii) realized losses from the sale of various revolving credit facilities.
For the three months ended September 30, 2024, realized investment income was primarily comprised of (i) interest income primarily from our investment in CLOs, (ii) realized gains primarily from the sale of our investments in Kokusai Electric Corporation and BridgeBio Pharma, Inc., and (iii) dividend income primarily from our investments in Crescent Energy Company (NYSE: CRGY) (“Crescent”) and KREST. Partially offsetting these realized gains were realized losses, the most significant of which were (i) a realized loss on our private equity investment, Qoo10 SG and (ii) realized losses from the sales of various revolving credit facilities.
Realized investment income includes the net income (loss) from KKR Capstone. For the three months ended September 30, 2025, total fees attributable to KKR Capstone were $27.3 million and total expenses attributable to KKR Capstone were $23.3 million. For KKR Capstone-related adjustments in reconciling segment revenues and expenses to GAAP revenues and expenses see Footnote 21 "Segment Reporting" in our financial statements.
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Realized Investment Income Compensation
The decrease in realized investment income compensation for the three months ended September 30, 2025 compared to the prior period is primarily due to a lower level of compensation recorded in connection with the lower level of realized investment income.
Operating and Capital Metrics
The following tables present our key Asset Management segment operating and capital metrics:
As of
September 30, 2025June 30, 2025Change
($ in millions)
Assets Under Management$723,190 $685,806 $37,384 
Fee Paying Assets Under Management$585,045 $556,247 $28,798 
Uncalled Commitments$125,776 $115,145 $10,631 
Three Months Ended
September 30, 2025September 30, 2024Change
($ in millions)
Capital Invested$26,100 $24,094 $2,006 
Assets Under Management
Private Equity
The following table reflects the changes in the AUM of our Private Equity business line from June 30, 2025 to September 30, 2025:
 ($ in millions)
June 30, 2025$214,576 
New Capital Raised5,473 
Acquisitions(1)
3,214 
Distributions and Other(4,588)
Redemptions(53)
Change in Value3,567 
September 30, 2025$222,189 
(1)Reflects the AUM of investment funds sponsored (or managed) by HealthCare Royalty Management, LLC at closing.
AUM of our Private Equity business line was $222.2 billion at September 30, 2025, an increase of $7.6 billion, compared to $214.6 billion at June 30, 2025.
The increase was primarily attributable to (i) investment funds sponsored (or managed) by HealthCare Royalty Management, LLC, which we acquired on July 30, 2025, (ii) new capital raised from our private equity K-Series vehicles and North America Fund XIV, and (iii) appreciation in investment value primarily from North America Fund XIII, our core private equity strategy, and our private equity K-Series vehicles. Partially offsetting the increase were distributions to fund investors primarily as a result of realized proceeds, most notably from Asian Fund IV, Asian Fund III, and North America Fund XI.
For the three months ended September 30, 2025, the value of our traditional private equity investment portfolio increased 2%. This was comprised of a 3% increase in value of our privately held investments and a 4% decrease in share prices of publicly held investments. For the three months ended September 30, 2025, the value of our growth equity and core private equity investment portfolio both increased 2%.
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The most significant increases in the value of our privately held investments were increases in Omnissa, LLC (technology sector), Global Medical Response, Inc. (healthcare sector), and Internet Brands, Inc. (technology sector). These increases were partially offset by decreases in the value of certain other privately held investments, the most significant of which were PetVet Care Centers, LLC, Kareway Health (healthcare sector), and NetSPI, LLC (technology sector). The increased valuations of our privately held investments, in the aggregate, generally related to individual company performance and an increase in the value of market comparables for investments that had an increase in value during the current period. The decreased valuations of our privately held investments, in the aggregate, generally related to an unfavorable business outlook by the companies that had a decrease in value during the current period. See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results, and valuations.
The most significant decreases in share prices of our publicly held investments were decreases in OneStream, Inc., NIQ Global Intelligence PLC (NYSE: NIQ), and Gambol Pet Group Co. Ltd. (SHE: 301498). These decreases were partially offset by increases in share prices of other publicly held investments, the most significant of which were BrightSpring Health Services Inc. (NASDAQ: BTSG) and ZJLD Group, Inc. (HKG: 6979). The prices of publicly held companies may experience volatile changes following the reporting period. See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors, such as volatility, that may impact our business, financial performance, operating results and valuations.
Real Assets
The following table reflects the changes in the AUM of our Real Assets business line from June 30, 2025 to September 30, 2025:
 ($ in millions)
June 30, 2025$179,447 
New Capital Raised10,286 
Distributions and Other(5,347)
Redemptions(91)
Change in Value2,040 
September 30, 2025$186,335 
AUM of our Real Assets business line was $186.3 billion at September 30, 2025, an increase of $6.9 billion, compared to $179.4 billion at June 30, 2025.
The increase was primarily attributable to (i) new capital raised from Global Infrastructure Investors V and our infrastructure K-Series vehicles, (ii) assets managed by KJRM, and, to a lesser extent, (iii) the appreciation in investment value from Global Infrastructure Investors IV. Partially offsetting the increase were (i) distributions to fund investors as a result of realized proceeds, most notably from one of our infrastructure co-investment vehicles and Global Infrastructure Investors III, and (ii) payments to Global Atlantic policyholders.
For the three months ended September 30, 2025, the value of our infrastructure portfolio increased 3% and our real estate equity investment portfolio remained flat.
The most significant increases in value across our Real Assets portfolio were increases in the values of Atlantic Aviation FBO Inc., Nxera (infrastructure: power and utilities sector), and CyrusOne Inc. These increases were partially offset by decreases in value across our real assets portfolio, the most significant of which was Depot Connect International (infrastructure: transportation sector). The increased valuations across our real assets portfolio, in the aggregate, generally related to individual company or asset performance. The decreased valuations across our real assets portfolio, in the aggregate, generally related to an unfavorable performance outlook. See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results, and valuations.
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Credit and Liquid Strategies
The following table reflects the changes in the AUM of our Credit and Liquid Strategies business line from June 30, 2025 to September 30, 2025: 
 ($ in millions)
June 30, 2025$291,783 
New Capital Raised26,855 
Distributions and Other(5,715)
Redemptions(1,742)
Change in Value3,485 
September 30, 2025$314,666 
AUM of our Credit and Liquid Strategies business line was $314.7 billion at September 30, 2025, an increase of $22.9 billion, compared to $291.8 billion at June 30, 2025.
The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows and various private credit investment funds, (ii) the issuance of CLOs, and, to a lesser extent, (iii) investment value appreciation across our leveraged credit and private credit investment funds, and on assets managed by Marshall Wace. Partially offsetting the increase were (i) payments to Global Atlantic policyholders, (ii) distributions to, and redemptions from, fund investors at certain private and leveraged credit funds, and (iii) redemptions at Marshall Wace.
See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results and valuations.
Fee Paying Assets Under Management
Private Equity
The following table reflects the changes in the FPAUM of our Private Equity business line from June 30, 2025 to September 30, 2025:
 ($ in millions)
June 30, 2025$141,222 
New Capital Raised6,510 
Acquisitions(1)
3,214 
Distributions and Other(1,768)
Redemptions(53)
Change in Value604 
September 30, 2025$149,729 
(1)Reflects the FPAUM of investment funds sponsored (or managed) by HealthCare Royalty Management, LLC at closing.
FPAUM of our Private Equity business line was $149.7 billion at September 30, 2025, an increase of $8.5 billion, compared to $141.2 billion at June 30, 2025.
The increase was primarily attributable to (i) investment funds sponsored (or managed) by HealthCare Royalty Management, LLC, which we acquired on July 30, 2025 and (ii) new capital raised from our private equity K-Series vehicles and North America Fund XIV. Partially offsetting the increase was distributions to fund investors primarily as a result of realized proceeds, most notably from Asian Fund III, Americas Fund XII, and North America Fund XI.
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Uncalled capital commitments from private equity funds and other investment vehicles from which KKR is currently not earning management fees amounted to approximately $17.9 billion at September 30, 2025, which includes capital commitments reserved for follow-on investments for funds that have completed their investment periods. This capital will generally begin to earn management fees upon deployment of the capital or upon the commencement of the fund's investment period. The average annual management fee rate associated with this capital is approximately 1.0%. The date on which we begin to earn fees (as specified above) is not guaranteed to occur and may not occur for an extended period of time. If and when such management fees are earned, a portion of existing FPAUM may cease paying fees or pay lower fees, thus offsetting a portion of any new management fees earned.
Real Assets
The following table reflects the changes in the FPAUM of our Real Assets business line from June 30, 2025 to September 30, 2025:
 ($ in millions)
June 30, 2025$150,497 
New Capital Raised9,110 
Distributions and Other(4,156)
Redemptions(91)
Change in Value379 
September 30, 2025$155,739 
FPAUM of our Real Assets business line was $155.7 billion at September 30, 2025, an increase of $5.2 billion, compared to $150.5 billion at June 30, 2025.
The increase was primarily attributable to (i) new capital raised from Global Infrastructure Investors V and our infrastructure K-Series vehicles and (ii) assets managed by KJRM. Partially offsetting the increase were (i) payments to Global Atlantic policyholders and (ii) distributions to fund investors as a result of realized proceeds, most notably from one of our infrastructure co-investment vehicles and Global Infrastructure Investors III.
Uncalled capital commitments from real assets investment funds and other investment vehicles from which KKR is currently not earning management fees amounted to approximately $15.7 billion at September 30, 2025, which includes capital commitments reserved for follow-on investments for funds that have completed their investment periods. This capital will generally begin to earn management fees upon deployment of the capital or upon the commencement of the fund's investment period. The average annual management fee rate associated with this capital is approximately 1.2%. The date on which we begin to earn fees (as specified above) is not guaranteed to occur and may not occur for an extended period of time. If and when such management fees are earned, a portion of existing FPAUM may cease paying fees or pay lower fees, thus offsetting a portion of any new management fees earned.
Credit and Liquid Strategies
The following table reflects the changes in the FPAUM of our Credit and Liquid Strategies business line from June 30, 2025 to September 30, 2025: 
 ($ in millions)
June 30, 2025$264,528 
New Capital Raised20,123 
Distributions and Other(6,121)
Redemptions(1,742)
Change in Value2,789 
September 30, 2025$279,577 
FPAUM of our Credit and Liquid Strategies business line was $279.6 billion at September 30, 2025, an increase of $15.0 billion, compared to $264.5 billion at June 30, 2025.
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The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows, (ii) deployment at various private credit investment funds, (iii) the issuance of CLOs, and, to a lesser extent, (iv) investment value appreciation on assets managed by Marshall Wace. Partially offsetting the increase were (i) payments to Global Atlantic policyholders, (ii) distributions to, and redemptions from, fund investors at certain private and leveraged credit funds, and (iii) redemptions at Marshall Wace.
Uncalled capital commitments from credit investment funds from which KKR is currently not earning management fees amounted to approximately $30.5 billion at September 30, 2025, which includes capital commitments reserved for follow-on investments for funds that have completed their investment periods. This capital will generally begin to earn management fees upon deployment of the capital or upon the commencement of the fund's investment period. The average annual management fee rate associated with this capital is approximately 0.5%. The date on which we begin to earn fees is not guaranteed to occur and may not occur for an extended period of time. If and when such management fees are earned, a portion of existing FPAUM may cease paying fees or pay lower fees, thus offsetting a portion of any new management fees earned.
See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results and valuations.
Uncalled Commitments
Private Equity
As of September 30, 2025, our Private Equity business line had $54.5 billion of remaining uncalled commitments that could be called for investments in new transactions as compared to $55.2 billion as of June 30, 2025. The decrease was primarily attributable to capital called from fund investors to make investments during the period, which was partially offset by new capital commitments from fund investors.
Real Assets
As of September 30, 2025, our Real Assets business line had $38.3 billion of remaining uncalled commitments that could be called for investments in new transactions as compared to $33.9 billion as of June 30, 2025. The increase was primarily attributable to new capital commitments from fund investors, which was partially offset by capital called from fund investors to make investments during the period.
Credit and Liquid Strategies
As of September 30, 2025, our Credit and Liquid Strategies business line had $33.0 billion of remaining uncalled commitments that could be called for investments in new transactions as compared to $26.0 billion as of June 30, 2025. The increase was primarily attributable to new capital commitments from fund investors, which was partially offset by capital called from fund investors to make investments during the period.
Capital Invested
Private Equity
For the three months ended September 30, 2025 and September 30, 2024, our Private Equity business line had $6.0 billion of capital invested. The $1.6 billion increase in capital invested in our core private equity strategy was fully offset by a $1.0 billion decrease in capital invested in our traditional private equity strategy, and a $0.6 billion decrease in our growth equity strategy. During the three months ended September 30, 2025, 42% of capital deployed in private equity (including core and growth equity investments which includes impact investments) was in transactions in the Asia-Pacific region, 29% was in Europe, and 29% was in North America. The number of large private equity investments made in any quarterly or year-to-date period is volatile and, consequently, a significant amount of capital invested in one period or a few periods may not be indicative of a similar level of capital deployment in future periods.
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Real Assets
For the three months ended September 30, 2025, our Real Assets business line had $9.4 billion of capital invested as compared to $7.8 billion for the three months ended September 30, 2024. The increase was driven primarily by a $2.1 billion increase in capital invested in our infrastructure strategy, which was partially offset by a $0.5 billion decrease in capital invested in our energy strategy. During the three months ended September 30, 2025, 54% of capital deployed in real assets was in transactions in North America, 24% was in the Asia-Pacific region, and 22% was in Europe. The number of large real assets investments made in any quarterly or year-to-date period is volatile and, consequently, a significant amount of capital invested in one period or a few periods may not be indicative of a similar level of capital deployment in future periods.
Credit and Liquid Strategies
For the three months ended September 30, 2025, our Credit and Liquid Strategies business line had $10.8 billion of capital invested as compared to $10.2 billion for the three months ended September 30, 2024. The increase was driven primarily by a higher level of capital deployed across our private credit strategies, most notably asset-based finance. During the three months ended September 30, 2025, 84% of capital deployed was in transactions in North America, 15% was in Europe, and 1% was in the Asia-Pacific region.
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Analysis of Insurance Segment Operating Results
The following table sets forth information regarding KKR's insurance segment operating results for the three months ended September 30, 2025 and 2024:
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Net Investment Income$1,835,025 $1,636,300 $198,725 
Net Cost of Insurance(1,305,073)(1,166,891)(138,182)
General, Administrative and Other(225,299)(230,889)5,590 
Insurance Operating Earnings$304,653 $238,520 $66,133 
Net Investment Income
Net investment income increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to (i) increased average assets under management from the cumulative impact of new business volume growth, and (ii) higher average portfolio yields.
Net Cost of Insurance
Net cost of insurance increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to (i) growth in reserves in the institutional and individual market channels as a result of the cumulative impact of new business volumes in the current and preceding quarters, and (ii) higher average funding costs due to higher crediting rates and the routine run-off of older business originated in a lower interest rate environment.
Net cost of insurance for the three months ended September 30, 2025, primarily reflects a $41.0 million favorable impact from annual assumption review changes (as discussed above under —Consolidated Results of Operations (GAAP Basis)—Net Policy Benefits and Claims) due to (i) higher expected yield assumptions for certain interest-sensitive life products, and (ii) favorable expected surrender and persistency assumption changes for certain variable annuity and life insurance products, offset in part by (i) higher mortality rate assumptions for certain life insurance products, and (ii) higher surrender rate assumptions for certain assumed annuity products.
General, Administrative and Other Expenses
General, administrative and other expenses decreased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to a decrease in interest expenses as a result of a decrease in market interest rates as compared against the comparable prior year quarter.
Insurance Operating Earnings
Insurance operating earnings increased for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024, primarily due to an increase in net investment income due to an increase in average assets under management and higher portfolio yields and the favorable impact of assumption review, all partially offset by an increase in net cost of insurance due to the cumulative impact of new business volume growth and higher crediting rates.
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Analysis of Strategic Holdings Segment Operating Results
The following table sets forth information regarding KKR's strategic holdings segment operating results for the three months ended September 30, 2025 and 2024:
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Dividends, Net$57,663 $6,828 $50,835 
Strategic Holdings Operating Earnings57,663 6,828 50,835 
Net Realized Investment Income69,861 87,693 (17,832)
Strategic Holdings Segment Earnings$127,524 $94,521 $33,003 
Dividends, Net
For the three months ended September 30, 2025, dividends, net were comprised of dividend income from 1-800 Contacts. For the three months ended September 30, 2024, dividends, net were comprised of dividend income from Exact Holding B.V., Arnott's Biscuits Limited and Atlantic Aviation FBO Inc. Dividends earned in our Strategic Holdings segment are reduced by a management fee charged by our Asset Management segment. For the three months ended September 30, 2025, the management fee was $9.9 million and for the three months ended September 30, 2024, the management fee was $8.2 million.
Net Realized Investment Income
For the three months ended September 30, 2025, net realized investment income was comprised of realized gains from the sale of CyrusOne Inc., and Refresco Group B.V. For the three months ended September 30, 2024, net realized investment income was comprised of a realized gain from the sale of FiberCop S.p.A. Realized investment income earned in our Strategic Holdings segment is reduced by a contractual performance fee charged by our Asset Management segment. For the three months ended September 30, 2025 the performance fee was $12.3 million and for the three months ended September 30, 2024 the performance fee was $15.5 million.
Strategic Holdings Segment Earnings
Strategic Holdings segment earnings for the three months ended September 30, 2025, was higher compared to the prior period primarily due to the higher level of dividends from companies owned by KKR through our participation in the core private equity strategy, partially offset by a lower level of net realized investment income.
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Analysis of Non-GAAP Performance Measures
The following is a discussion of our Non-GAAP performance measures for the three months ended September 30, 2025 and 2024:
Three Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Fee Related Earnings$1,032,936 $1,000,673 $32,263 
Insurance Operating Earnings304,653 238,520 66,133 
Strategic Holdings Operating Earnings57,663 6,828 50,835 
Total Operating Earnings1,395,252 1,246,021 149,231 
Net Realized Performance Income232,665 101,926 130,739 
Net Realized Investment Income73,632 216,507 (142,875)
Total Investing Earnings306,297 318,433 (12,136)
Total Segment Earnings1,701,549 1,564,454 137,095 
Interest Expense, Net and Other(102,789)(88,101)(14,688)
Income Taxes on Adjusted Earnings(325,158)(294,850)(30,308)
Adjusted Net Income$1,273,602 $1,181,503 $92,099 
Total Operating Earnings
The increase in total operating earnings for the three months ended September 30, 2025 compared to the prior period was primarily due to a higher level of fee related earnings, insurance operating earnings, and strategic holdings operating earnings. For a discussion of fee related earnings, insurance operating earnings, and strategic holdings operating earnings, see "—Analysis of Asset Management Segment Operating Results", "—Analysis of Insurance Segment Operating Results", and "—Analysis of Strategic Holdings Segment Operating Results."
Total Investing Earnings
The decrease in total investing earnings for the three months ended September 30, 2025 compared to the prior period was primarily due to a lower level of net realized investment income partially offset by a higher level of net realized performance income. For a discussion of net realized performance income and net realized investment income, see "—Analysis of Asset Management Segment Operating Results" and "—Analysis of Strategic Holdings Segment Operating Results."
Total Segment Earnings
The increase in total segment earnings for the three months ended September 30, 2025 compared to the prior period was primarily due to a higher level of total operating earnings.
Adjusted Net Income
The increase in adjusted net income for the three months ended September 30, 2025 compared to the prior period was primarily due to a higher level of total segment earnings, partially offset by an increase in income taxes on adjusted earnings and interest expense, net and other.
Income Taxes on Adjusted Earnings
The increase in income taxes on adjusted earnings for the three months ended September 30, 2025 compared to the prior period was primarily due to a higher level of total segment earnings.
For the three months ended September 30, 2025 and 2024, the amount of tax benefit from equity-based compensation included in income taxes on adjusted earnings was $32.2 million and $35.3 million, respectively. The inclusion of the tax benefit from equity-based compensation in Adjusted Net Income had the effect of increasing this measure by 3%, for both the three months ended September 30, 2025 and 2024.
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Analysis of Asset Management Segment Operating Results
The following tables set forth information regarding KKR's asset management segment operating results for the nine months ended September 30, 2025 and 2024.
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Management Fees$2,976,650 $2,555,263 $421,387 
Transaction and Monitoring Fees, Net823,882 842,087 (18,205)
Fee Related Performance Revenues148,191 112,901 35,290 
Fee Related Compensation(691,027)(614,294)(76,733)
Other Operating Expenses(515,403)(471,146)(44,257)
Fee Related Earnings2,742,293 2,424,811 317,482 
Realized Performance Income1,697,429 1,145,774 551,655 
Realized Performance Income Compensation(1,267,461)(843,011)(424,450)
Realized Investment Income376,391 424,845 (48,454)
Realized Investment Income Compensation(56,459)(63,725)7,266 
Asset Management Segment Earnings$3,492,193 $3,088,694 $403,499 
Management Fees
The following table presents management fees by business line:
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Management Fees
Private Equity$1,101,266 $1,039,810 $61,456 
Real Assets941,197 716,084 225,113 
Credit and Liquid Strategies934,187 799,369 134,818 
Total Management Fees$2,976,650 $2,555,263 $421,387 
The increase in Private Equity management fees was primarily attributable to (i) management fees commencing at North America Fund XIV in the second quarter of 2025 and (ii) management fees earned on new capital raised over the past twelve months at our private equity K-Series vehicles, net of certain revenue sharing arrangements. The increase was partially offset by (i) a lower level of management fees earned from Ascendant (our U.S. middle market traditional private equity strategy fund) due to management fees earned on new capital raised during the nine months ended September 30, 2024 that were retroactive to the start of the fund’s investment period and no such retroactive fees were earned for the nine months ended September 30, 2025, (ii) a decrease in management fees earned from North America Fund XIII as a result of entering its post-investment period in the second quarter of 2025, and now paying fees based on invested capital rather than committed capital, and (iii) no management fees earned from Asian Fund II in the current period due to the termination of management fees in the fourth quarter of 2024. During the nine months ended September 30, 2025, approximately $5.0 million of management fees were earned on new capital raised that were retroactive to the start of the relevant fund’s investment period.
The increase in Real Assets management fees was primarily attributable to (i) management fees commencing at Global Infrastructure Investors V in the third quarter of 2024, (ii) a higher level of management fees earned from Global Atlantic primarily due to the growth in assets from inflows, and (iii) management fees earned on new capital raised over the past twelve months at our infrastructure K-Series vehicles, net of certain revenue sharing arrangements. The increase was partially offset by (i) a decrease in management fees earned from Global Infrastructure Investors III due to a decrease in invested capital subsequent to the third quarter of 2024 and (ii) a decrease in management fees earned from Global Infrastructure Investors IV as a result of entering its post-investment period in the third quarter of 2024, and now paying fees based on invested capital rather than committed capital. During the nine months ended September 30, 2025, approximately $56.6 million of management fees were earned on new capital raised that is retroactive to the start of the relevant fund's investment period.
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The increase in Credit and Liquid Strategies management fees was primarily attributable to (i) a higher level of management fees earned from Global Atlantic primarily due to the growth in assets from inflows, (ii) an increase in capital invested in certain alternative credit strategy accounts, which resulted in an increase in its fee base, and (iii) a higher level of management fees earned from CLOs from new issuances in both the US and Europe over the past twelve months.
Transaction and Monitoring Fees, Net
The following table presents transaction and monitoring fees, net by business line:
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Transaction and Monitoring Fees, Net
Private Equity$69,661 $61,751 $7,910 
Real Assets39,516 40,756 (1,240)
Credit and Liquid Strategies10,024 8,113 1,911 
Capital Markets704,681 731,467 (26,786)
Total Transaction and Monitoring Fees, Net$823,882 $842,087 $(18,205)
Our Private Equity, Real Assets, and Credit and Liquid Strategies business lines earn transaction and monitoring fees from portfolio companies, and under the terms of the management agreements with certain of our investment funds, we are required to share all or a portion of such fees with our fund investors. For most of our investment funds, transaction and monitoring fees are credited against fund management fees up to 100% of the amount of the transaction and monitoring fees attributable to that investment fund, which results in a decrease of our monitoring and transaction fees. Our Capital Markets business line earns transaction fees, which are generally not shared with fund investors.
The decrease in transaction and monitoring fees, net is primarily due to a lower level of transaction fees earned in our Capital Markets business line. The decrease in capital markets transaction fees was primarily due to a decrease in the size of capital markets transactions for the nine months ended September 30, 2025. Overall, we completed 318 capital markets transactions for the nine months ended September 30, 2025, of which 40 represented equity offerings and 278 represented debt offerings, as compared to 285 transactions for the nine months ended September 30, 2024, of which 43 represented equity offerings and 242 represented debt offerings. We earn fees in connection with underwriting, syndication, and other capital markets services. While each of the capital markets transactions that we undertake in this business line is separately negotiated, our fee rates are generally higher with respect to underwriting or syndicating equity offerings than with respect to debt offerings, and the amount of fees that we earn for similar transactions generally correlates with overall transaction sizes.
Our capital markets fees are generated in connection with activity involving our private equity, real assets, and credit business lines as well as from third-party companies. For the nine months ended September 30, 2025, approximately 18% of our transaction fees in our Capital Markets business line were earned from unaffiliated third parties as compared to approximately 15% for the nine months ended September 30, 2024. Our transaction fees are comprised of fees earned from North America, Europe, and the Asia-Pacific region. For the nine months ended September 30, 2025, approximately 51% of our transaction fees were generated outside of North America as compared to approximately 42% for the nine months ended September 30, 2024. Our Capital Markets business line is dependent on the overall capital markets environment, which is influenced by equity prices, credit spreads, and volatility. Our Capital Markets business line does not generate monitoring fees.
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Fee Related Performance Revenues
The following table presents fee related performance revenues by business line:
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Fee Related Performance Revenues
Private Equity$— $— $— 
Real Assets93,196 51,993 41,203 
Credit and Liquid Strategies54,995 60,908 (5,913)
Total Fee Related Performance Revenues$148,191 $112,901 $35,290 
Fee related performance revenues represent performance fees that are (i) expected to be received from our investment funds, investment vehicles and accounts on a more recurring basis and (ii) not dependent on a realization event involving investments held by the investment fund, vehicle or account.
The increase in fee related performance revenues for the nine months ended September 30, 2025 compared to the prior period was primarily due to a higher level of performance revenues being earned from our infrastructure K-Series vehicles in our Real Assets business line.
Fee Related Compensation
The increase in fee related compensation for the nine months ended September 30, 2025 compared to the prior period was primarily due to a higher level of compensation recorded in connection with the higher level of fee related revenues.
Other Operating Expenses
The increase in other operating expenses for the nine months ended September 30, 2025 compared to the prior period was primarily due to a higher level of occupancy related and general and administrative costs.
Fee Related Earnings
The increase in fee related earnings for the nine months ended September 30, 2025 compared to the prior period was primarily due to (i) a higher level of management fees across our Private Equity, Real Assets, and Credit and Liquid Strategies business lines and (ii) a higher level of fee related performance revenues earned in our Real Assets business line, partially offset by a (i) higher level of fee related compensation and other operating expenses and (ii) a lower level of transaction fees earned in our Capital Markets business line, as described above.
Realized Performance Income
The following table presents realized performance income by business line:
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Realized Performance Income
Private Equity$1,392,027 $876,866 $515,161 
Real Assets234,364 218,320 16,044 
Credit and Liquid Strategies71,038 50,588 20,450 
Total Realized Performance Income$1,697,429 $1,145,774 $551,655 
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Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Private Equity
Core Investment Vehicles$187,886 $65,846 $122,040 
Next Generation Technology Growth Fund II162,679 — 162,679 
European Fund V89,459 32,864 56,595 
Private Equity K-Series232,979 87,077 145,902 
Strategic Investor Partnerships187,341 — 187,341 
Americas Fund XII84,662 398,493 (313,831)
Asian Fund IV357,526 — 357,526 
North America Fund XI— 10,948 (10,948)
Next Generation Technology Growth Fund— 6,954 (6,954)
Asian Fund III— 226,400 (226,400)
2006 Fund— 961 (961)
Strategic Holdings Segment12,328 15,475 (3,147)
Global Impact Fund13,215 — 13,215 
Other63,952 31,848 32,104 
Total Realized Performance Income$1,392,027 $876,866 $515,161 
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Real Assets
Global Infrastructure Investors III$92,209 $201,536 $(109,327)
Asia Pacific Infrastructure Investors110,000 — 110,000 
Real Estate Partners Americas II— 10,308 (10,308)
Global Infrastructure Investors II8,744 — 8,744 
Other23,411 6,476 16,935 
Total Realized Performance Income$234,364 $218,320 $16,044 
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Credit and Liquid Strategies
Lending Partners III$9,962 $— $9,962 
Alternative Credit Vehicles and Other Funds17,467 15,512 1,955 
Other43,609 35,076 8,533 
Total Realized Performance Income$71,038 $50,588 $20,450 
Realized performance income in our Private Equity business line for the nine months ended September 30, 2025 consisted primarily of (i) realized proceeds from the sale of our investments in Seiyu Group held by Asian Fund IV, ReliaQuest, LLC (technology sector) held by Next Generation Technology Growth Fund II, The Citation Group held by both European Fund V and Global Impact Fund, and BrightSpring Health Services Inc. held by Americas Fund XII and (ii) performance income from our core investment vehicles and our private equity K-Series vehicles.
Realized performance income in our Private Equity business line for the nine months ended September 30, 2024 consisted primarily of (i) realized proceeds from the sale of our investment in AppLovin Corporation (NASDAQ: APP) held by Americas Fund XII and Kokusai Electric Corporation held by Asian Fund III and (ii) performance income from our core investment vehicles and our private equity K-Series vehicles.
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Realized performance income in our Real Assets business line for the nine months ended September 30, 2025 consisted primarily of realized proceeds from the sale of our investments in Pinnacle Towers held by Asia Pacific Infrastructure Investors, Metronet Holdings, LLC and NEP Renewables II, LLC (infrastructure: energy and energy transition sector) held by Global Infrastructure Investors III, and Q-Park N.V. (infrastructure: transportation sector) held by Global Infrastructure Investors II.
Realized performance income in our Real Assets business line for the nine months ended September 30, 2024 consisted primarily of realized proceeds from the sale of our investment in FiberCop S.p.A. and ADNOC Oil Pipelines (infrastructure: midstream sector), both held by Global Infrastructure Investors III.
Realized performance income in our Credit & Liquid Strategies business line for the nine months ended September 30, 2025 consisted primarily of realized proceeds at Lending Partners III and certain other alternative credit funds.
Realized performance income in our Credit and Liquid Strategies business line for the nine months ended September 30, 2024 consisted primarily of performance fees earned from our subadvisory agreement with a UK investment fund manager, Marshall Wace, and certain leveraged credit investment funds.
Realized Performance Income Compensation
The increase in realized performance income compensation for the nine months ended September 30, 2025 compared to the prior period was primarily due to a higher level of compensation recorded in connection with the higher level of realized performance income.
Realized Investment Income
The following table presents realized investment income from our Principal Activities business line:
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Total Realized Investment Income$376,391 $424,845 $(48,454)
The decrease in realized investment income is primarily due to a lower level of net realized gains and interest income and dividends. The amount of realized investment income depends on the transaction activity of our funds and Asset Management segment balance sheet, which can vary from period to period.
For the nine months ended September 30, 2025, realized investment income was primarily comprised of (i) realized gains primarily from the sale of our investments in BridgeBio Pharma, Inc., ReliaQuest, LLC and Kokusai Electric Corporation, (ii) realized gains from the settlement of certain foreign exchange forward contracts, and (iii) interest income primarily from our investments in CLOs. Partially offsetting the realized gains were realized losses, the most significant of which were (i) a realized loss related to a structured multi-asset investment vehicle and (ii) realized losses from the sale of various revolving credit facilities.
For the nine months ended September 30, 2024, net realized gains were comprised of (i) interest income primarily from our investments in CLOs, (ii) realized gains primarily from the sale of our investments in AppLovin Corporation, Kokusai Electric Corporation, BridgeBio Inc. and Darktrace Limited (LSE: DARK), and (iii) dividend income primarily from our investments in Crescent and KREST. Partially offsetting these realized gains were realized losses, the most significant of which were (i) realized losses from the sales of various revolving credit facilities, (ii) a realized loss on our infrastructure investment, Indus Towers Limited (NSE: INDUSTOW), and (iii) a realized loss on our private equity investment, Acteon Group Ltd. (energy sector).
Realized investment income includes the net income (loss) from KKR Capstone. For the nine months ended September 30, 2025, total fees attributable to KKR Capstone were $72.9 million and total expenses attributable to KKR Capstone were $68.3 million. For KKR Capstone-related adjustments in reconciling asset management segment revenues to GAAP revenues see "—Segment Balance Sheet Measures—Reconciliations to GAAP Measures."
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As of the date of this filing, we have transactions that are pending or that have closed after September 30, 2025 that are expected to result in realized performance income and realized investment income of at least $800 million, which is expected to be realized between the fourth quarter of 2025 and first quarter of 2026. Approximately 45% of the realizations are driven by revenues that correspond to a 10-20% compensation rate. We expect this realized performance income and realized investment income to be reduced by $346 million as a result of an Asian Fund II clawback obligation that we expect to realize in the fourth quarter of 2025. On a net basis, after giving effect to carried interest distributions already recouped from current and former employees, we expect the clawback obligation to reduce fourth quarter 2025 net realized performance income by $210 million. See “—Liquidity—Sources of Liquidity” for additional information. Some of these transactions are not complete, and are subject to the satisfaction of closing conditions, including regulatory approvals; therefore, there can be no assurance if or when such transactions will be completed. In addition, we may realize gains or losses based on transactions or other events that occur after the date of filing this report, which could impact, positively or negatively, the total amount of our realized performance income and realized investment income. Therefore, no assurance can be given for what our actual realized performance income and realized investment income between the fourth quarter of 2025 and first quarter of 2026 or future periods will be.
Realized Investment Income Compensation
The decrease in realized investment income compensation for the nine months ended September 30, 2025 compared to the prior period is primarily due to a lower level of compensation recorded in connection with the lower level of realized investment income.
Operating and Capital Metrics
The following tables present our key asset management segment operating and capital metrics:
As of
September 30, 2025December 31, 2024Change
($ in millions)
Assets Under Management$723,190 $637,572 $85,618 
Fee Paying Assets Under Management$585,045 $511,963 $73,082 
Uncalled Commitments$125,776 $109,555 $16,221 
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in millions)
Capital Invested$62,775 $60,931 $1,844 
Assets Under Management
Private Equity
The following table reflects the changes in the AUM of our Private Equity business line from December 31, 2024 to September 30, 2025:
 ($ in millions)
December 31, 2024$195,358 
New Capital Raised21,959 
Acquisitions (1)
3,214 
Distributions and Other(12,467)
Redemptions(68)
Change in Value14,193 
September 30, 2025$222,189 
(1)Reflects the AUM of investment funds sponsored (or managed) by HealthCare Royalty Management, LLC at closing.
AUM of our Private Equity business line was $222.2 billion at September 30, 2025, an increase of $26.8 billion, compared to $195.4 billion at December 31, 2024.
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The increase was primarily attributable to (i) investment funds sponsored (or managed) by HealthCare Royalty Management, LLC, which we acquired on July 30, 2025, (ii) new capital raised from North America Fund XIV and our private equity K-Series vehicles, and, to a lesser extent, (iii) appreciation in investment value primarily from Asian Fund IV, North America Fund XIII, and our core private equity strategy. Partially offsetting the increase were (i) the release of capital commitments related to one of our strategic partnerships, and (ii) distributions to fund investors primarily as a result of realized proceeds, most notably from Asian Fund IV and Asian Fund III.
For the nine months ended September 30, 2025, the value of our traditional private equity investment portfolio increased by 11%. This was comprised of a 10% increase in share prices of publicly held investments and a 11% increase in value of our privately held investments. For the nine months ended September 30, 2025, the value of our growth equity investment portfolio increased 9%, and the value of our core private equity investment portfolio increased 4%.
The most significant increases in the value of our privately held investments were increases in Seiyu Group, Omnissa, LLC, and IVI-RMA Global, S.L. (health care sector). These increases in value of our privately held investments were partially offset by decreases in the value of certain other privately held investments, the most significant of which were PetVet Care Centers, LLC, Goodpack Limited, and Magneti Marelli CK Holdings Co., Ltd. (industrials sector). The increased valuations of our privately held investments, in the aggregate, generally related to (i) individual company performance, (ii) an increase in the value of market comparables for investments that had an increase in value during the current period, and (iii) with respect to Seiyu Group, an increase in valuation reflecting an agreement to exit the investment, which was executed in the third quarter of 2025. The decreased valuations of our privately held investments, in the aggregate, generally related to an unfavorable business outlook by the companies that had a decrease in value during the current period. See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results, and valuations.
The most significant increases in share prices of our publicly held investments were increases in BrightSpring Health Services Inc., Kokusai Electric Corporation, and Hyundai Marine Solutions (KRX: 443060). These increases were partially offset by decreases in share prices of other publicly held investments, the most significant of which were OneStream, Inc., J.B. Chemicals and Pharmaceuticals Limited (NSE: JBCP) and Henry Schein, Inc. (NASDAQ: HSIC). The prices of publicly held companies may experience volatile changes following the reporting period. See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors, such as volatility, that may impact our business, financial performance, operating results and valuations.
Real Assets
The following table reflects the changes in the AUM of our Real Assets business line from December 31, 2024 to September 30, 2025:
 ($ in millions)
December 31, 2024$165,969 
New Capital Raised23,747 
Distributions and Other(11,162)
Redemptions(220)
Change in Value8,001 
September 30, 2025$186,335 
AUM of our Real Assets business line was $186.3 billion at September 30, 2025, an increase of $20.3 billion, compared to $166.0 billion at December 31, 2024.
The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows invested in real estate, our infrastructure K-Series vehicles, and Global Infrastructure Investors V, and, to a lesser extent, (ii) appreciation in investment value from Global Infrastructure Investors IV and the Diversified Core Infrastructure Fund, and (iii) the increase in value of the assets managed by KJRM primarily due to the impact of the currency appreciation of the Japanese yen. Partially offsetting the increase were (i) payments to Global Atlantic policyholders and (ii) distributions to fund investors as a result of realized proceeds, most notably from Global Infrastructure Investors III and one of our infrastructure co-investments.
For the nine months ended September 30, 2025, the value of our infrastructure investment portfolio increased 10% and the value of our opportunistic real estate equity investment portfolio increased by 5%.
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The most significant increases in value across our Real Assets portfolio were increases in the values of Atlantic Aviation FBO Inc., Refresco Group B.V., and FiberCop S.p.A. These increases in value across our real assets portfolio were partially offset by decreases in value across our real assets portfolio, the most significant of which was Depot Connect International and Crescent. The increased valuations across our real assets portfolio, in the aggregate, generally related to individual company or asset performance. The decreased valuations across our real assets portfolio, in the aggregate, generally related to an unfavorable business outlook by the companies that had a decrease in value during the current period. See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results, and valuations.
Credit and Liquid Strategies
The following table reflects the changes in the AUM of our Credit and Liquid Strategies business line from December 31, 2024 to September 30, 2025:
 ($ in millions)
December 31, 2024$276,245 
New Capital Raised55,434 
Distributions and Other(19,414)
Redemptions(4,809)
Change in Value7,210 
September 30, 2025$314,666 
AUM of our Credit and Liquid Strategies business line totaled $314.7 billion at September 30, 2025, an increase of $38.5 billion compared to AUM of $276.2 billion at December 31, 2024.
The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows and various private credit and leveraged credit investment funds, (ii) the issuance of CLOs, and, to a lesser extent, (iii) investment value appreciation across our leveraged credit and private credit investment funds, and on assets managed by Marshall Wace. Partially offsetting the increase were (i) payments to Global Atlantic policyholders, (ii) distributions to, and redemptions from, fund investors at certain private and leveraged credit funds, and (iii) redemptions at Marshall Wace.
See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results and valuations.
Fee Paying Assets Under Management
Private Equity
The following table reflects the changes in the FPAUM of our Private Equity business line from December 31, 2024 to September 30, 2025:
 ($ in millions)
December 31, 2024$119,598 
New Capital Raised29,788 
Acquisitions (1)
3,214 
Distributions and Other(3,808)
Redemptions(68)
Net Changes in Fee Base of Certain Funds (1,281)
Change in Value2,286 
September 30, 2025$149,729 
(1)Reflects the FPAUM of investment funds sponsored (or managed) by HealthCare Royalty Management, LLC at closing.
FPAUM of our Private Equity business line was $149.7 billion at September 30, 2025, an increase of $30.1 billion, compared to $119.6 billion at December 31, 2024.
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The increase was primarily attributable to (i) investment funds sponsored (or managed) by HealthCare Royalty Management, LLC, which we acquired on July 30, 2025, (ii) management fees commencing at North America Fund XIV in the second quarter of 2025, (iii) and new capital raised from our private equity K-Series vehicles, our core private equity strategy, and assets we manage and earn fees from in our Strategic Holdings segment. Partially offsetting the increase was (i) a change in fee base for North America Fund XIII as a result of the fund entering its post-investment period, during which we earn fees on invested capital rather than committed capital and (ii) distributions to fund investors primarily as a result of realized proceeds, most notably from Asian Fund III and Americas Fund XII.
Real Assets
The following table reflects the changes in the FPAUM of our Real Assets business line from December 31, 2024 to September 30, 2025:
 ($ in millions)
December 31, 2024$139,681 
New Capital Raised21,838 
Distributions and Other(8,860)
Redemptions(220)
Change in Value3,300 
September 30, 2025$155,739 
FPAUM of our Real Assets business line was $155.7 billion at September 30, 2025, an increase of $16.0 billion, compared to $139.7 billion at December 31, 2024.
The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows invested in real estate, our infrastructure K-Series vehicles, and Global Infrastructure Investors V, and, to a lesser extent, (ii) the increase in value of the assets managed by KJRM primarily due to the impact of the currency appreciation of the Japanese yen, and (iii) appreciation in investment value from the Diversified Core Infrastructure Fund. Partially offsetting the increase were (i) payments to Global Atlantic policyholders and (ii) distributions to fund investors as a result of realized proceeds, most notably from one of our infrastructure co-investments and Global Infrastructure Investors III.
Credit and Liquid Strategies
The following table reflects the changes in the FPAUM of our Credit and Liquid Strategies business line from December 31, 2024 to September 30, 2025:
 ($ in millions)
December 31, 2024$252,684 
New Capital Raised45,240 
Distributions and Other(19,664)
Redemptions(4,809)
Change in Value6,126 
September 30, 2025$279,577 
FPAUM of our Credit and Liquid Strategies business line was $279.6 billion at September 30, 2025, an increase of $26.9 billion compared to $252.7 billion at December 31, 2024.
The increase was primarily attributable to (i) new capital raised from Global Atlantic inflows and deployment at various private credit and leveraged credit investment funds, (ii) the issuance of CLOs, and, to a lesser extent, (iii) investment value appreciation on assets managed by Marshall Wace. Partially offsetting the increase were (i) payments to Global Atlantic policyholders, (ii) distributions to, and redemptions from, fund investors at certain private and leveraged credit funds, and (iii) redemptions at Marshall Wace.
See "Risk Factors" in our Annual Report and "—Business Environment" for more information about the factors that may impact our business, financial performance, operating results and valuations.
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Uncalled Commitments
Private Equity
As of September 30, 2025, our Private Equity business line had $54.5 billion of remaining uncalled commitments that could be called for investments in new transactions as compared to $54.9 billion as of December 31, 2024. The decrease was primarily attributable (i) the release of capital commitments related to one of our strategic investor partnerships and (ii) capital called from fund investors to make investments during the period, largely offset by new capital commitments from fund investors.
Real Assets
As of September 30, 2025, our Real Assets business line had $38.3 billion of remaining uncalled commitments that could be called for investments in new transactions as compared to $33.3 billion as of December 31, 2024. The increase was primarily attributable to new capital commitments from fund investors, which was partially offset by capital called from fund investors to make investments during the period.
Credit and Liquid Strategies
As of September 30, 2025, our Credit and Liquid Strategies business line had $33.0 billion of remaining uncalled commitments that could be called for investments in new transactions as compared to $21.4 billion as of December 31, 2024. The increase was primarily attributable to new capital commitments from fund investors, which was partially offset by capital called from fund investors to make investments during the period.
Capital Invested
Private Equity
For the nine months ended September 30, 2025, $15.2 billion of capital was invested by our Private Equity business line, as compared to $9.8 billion for the nine months ended September 30, 2024. The increase was driven primarily by a $3.9 billion increase in capital invested in our core private equity strategy and a $1.4 billion increase in capital invested in our traditional private equity strategy. During the nine months ended September 30, 2025, 47% of capital deployed in private equity was in transactions in North America, 29% was in Europe, and 24% was in the Asia-Pacific region. The number of large private equity investments made in any quarterly or year-to-date period is volatile and, consequently, a significant amount of capital invested in one period or a few periods may not be indicative of a similar level of capital deployment in future periods.
Real Assets
For the nine months ended September 30, 2025, $19.2 billion of capital was invested by our Real Assets business line, as compared to $21.5 billion for the nine months ended September 30, 2024. The decrease was driven primarily by a $5.5 billion decrease in capital invested in our real estate strategy, partially offset by a $2.9 billion increase in capital invested in our infrastructure strategy. During the nine months ended September 30, 2025, 51% of capital deployed in real assets was in transactions in North America, 28% was in Europe, and 21% was in the Asia-Pacific region. The number of large real assets investments made in any quarterly or year-to-date period is volatile and, consequently, a significant amount of capital invested in one period or a few periods may not be indicative of a similar level of capital deployment in future periods.
Credit and Liquid Strategies
For the nine months ended September 30, 2025, $28.4 billion of capital was invested by our Credit and Liquid Strategies business line, as compared to $29.6 billion for the nine months ended September 30, 2024. The decrease was driven primarily by a lower level of capital deployed across our private credit strategies, most notably asset-based finance. During the nine months ended September 30, 2025, 84% of capital deployed was in transactions in North America, 14% was in Europe, and 2% was in the Asia-Pacific region.
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Analysis of Insurance Segment Operating Results
The following table sets forth information regarding KKR's insurance segment operating results for the nine months ended September 30, 2025 and 2024:
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Net Investment Income$5,352,893 $4,660,765 $692,128 
Net Cost of Insurance(3,823,676)(3,240,834)(582,842)
General, Administrative and Other(687,860)(655,358)(32,502)
Insurance Operating Earnings$841,357 $764,573 $76,784 
Net Investment Income
Net investment income increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to (i) increased average assets under management from the cumulative impact of new business volume growth, and (ii) higher average portfolio yields.
Net Cost of Insurance
Net cost of insurance increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to (i) growth in reserves in the institutional and individual market channels as a result of the cumulative impact of new business volumes in the current and preceding quarters, and (ii) higher average funding costs due to higher crediting rates and the routine run-off of older business originated in a lower interest rate environment.
Net cost of insurance for the nine months ended September 30, 2025, primarily reflects a $41.0 million favorable impact from annual assumption review changes recognized during the third quarter (as discussed above under —Consolidated Results of Operations (GAAP Basis)—Net Policy Benefits and Claims) due to (i) higher expected yield assumptions for certain interest-sensitive life products, and (ii) favorable expected surrender and persistency assumption changes for certain variable annuity and life insurance products offset in part by (i) higher mortality rate assumptions for certain life insurance products, and (ii) higher surrender rate assumptions for certain assumed annuity products.
General, Administrative and Other Expenses
General, administrative and other expenses increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to (i) an increase in cash compensation expenses, and (ii) higher interest expense primarily reflecting higher levels of borrowing.
Insurance Operating Earnings
Insurance operating earnings increased for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024, primarily due to an increase in net investment income due to an increase in average assets under management and higher portfolio yields, and the favorable impact of assumption review, partially offset by an increase in net cost of insurance due to the cumulative impact of new business volume growth and higher crediting rates.
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Analysis of Strategic Holdings Segment Operating Results
The following table sets forth information regarding KKR's strategic holdings segment operating results for the nine months ended September 30, 2025 and 2024:
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Dividends, Net$118,270 $68,400 $49,870 
Strategic Holdings Operating Earnings118,270 68,400 49,870 
Net Realized Investment Income69,861 87,693 (17,832)
Strategic Holdings Segment Earnings$188,131 $156,093 $32,038 
Dividends, Net
For the nine months ended September 30, 2025, dividends, net were comprised of dividend income from 1-800 Contacts, April S.A., Atlantic Aviation FBO Inc. and ERM Worldwide Group Limited (services sector). For the nine months ended September 30, 2024, dividends, net were comprised of dividend income from 1-800 Contacts Inc., Exact Holdings B.V., Viridor Limited, FiberCop S.p.A., Arnott's Biscuits Limited and Atlantic Aviation FBO Inc. For the nine months ended September 30, 2025, the management fee was $27.1 million and for the nine months ended September 30, 2024, the management fee was $23.9 million.
Net Realized Investment Income
For the nine months ended September 30, 2025, net realized investment income was comprised of realized gains from the sale of CyrusOne Inc. and Refresco Group B.V. For the nine months ended September 30, 2024 net realized investment income was comprised of a realized gain from the sale of FiberCop S.p.A. Realized investment income earned in our Strategic Holdings segment is reduced by a contractual performance fee charged by our Asset Management segment. For the nine months ended September 30, 2025, the performance fee was $12.3 million and for the nine months ended September 30, 2024, the performance fee was $15.5 million.
Strategic Holdings Segment Earnings
Strategic Holdings segment earnings for the nine months ended September 30, 2025, was higher compared to the prior period primarily due to a higher level of dividends from companies owned by KKR through our participation in the core private equity strategy, partially offset by a lower level of net realized investment income.
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Analysis of Non-GAAP Performance Measures
The following is a discussion of our Non-GAAP performance measures for the nine months ended September 30, 2025 and 2024:
Nine Months Ended
September 30, 2025September 30, 2024Change
($ in thousands)
Fee Related Earnings$2,742,293 $2,424,811 $317,482 
Insurance Operating Earnings841,357 764,573 76,784 
Strategic Holdings Operating Earnings118,270 68,400 49,870 
Total Operating Earnings3,701,920 3,257,784 444,136 
Net Realized Performance Income429,968 302,763 127,205 
Net Realized Investment Income389,793 448,813 (59,020)
Total Investing Earnings819,761 751,576 68,185 
Total Segment Earnings4,521,681 4,009,360 512,321 
Interest Expense, Net and Other(287,866)(242,783)(45,083)
Income Taxes on Adjusted Earnings(862,875)(749,460)(113,415)
Adjusted Net Income$3,370,940 $3,017,117 $353,823 
Total Operating Earnings
The increase in total operating earnings for the nine months ended September 30, 2025 compared to the prior period was primarily due to a higher level of fee related earnings and insurance operating earnings, and strategic holdings operating earnings. For a discussion of fee related earnings, insurance operating earnings, and strategic holdings operating earnings, see "—Analysis of Asset Management Segment Operating Results", "—Analysis of Insurance Segment Operating Results", and "—Analysis of Strategic Holdings Segment Operating Results."
Total Investing Earnings
The increase in total investing earnings for the nine months ended September 30, 2025 compared to the prior period was primarily due to a higher level of net realized performance income, partially offset by a lower level of net realized investment income. For a discussion of net realized performance income and net realized investment income, see "—Analysis of Asset Management Segment Operating Results" and "—Analysis of Strategic Holdings Segment Operating Results."
Total Segment Earnings
The increase in total segment earnings for the nine months ended September 30, 2025 compared to the prior period was primarily due to an increase in total operating earnings and, to a lesser extent, total investing earnings.
Adjusted Net Income
The increase in adjusted net income for the nine months ended September 30, 2025 compared to the prior period was primarily due to a higher level of total segment earnings, partially offset by an increase in income taxes on adjusted earnings and interest expense, net and other.
Income Taxes on Adjusted Earnings
The increase in income taxes on adjusted earnings for the nine months ended September 30, 2025 compared to the prior period was primarily due to a higher level of total segment earnings.
For the nine months ended September 30, 2025 and 2024, the amount of the tax benefit from equity-based compensation included in income taxes on adjusted earnings was $92.2 million and $90.9 million, respectively. The inclusion of the tax benefit from equity-based compensation in Adjusted Net Income had the effect of increasing this measure by 3% for both the nine months ended September 30, 2025 and 2024.
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Segment Balance Sheet Measures
Asset Management Investment Portfolio
We report our investments in our core private equity strategy in our Strategic Holdings segment and therefore the investments that we hold on our balance sheet as reported in the Asset Management segment exclude such investments. To the extent our investments are realized at values above or below their cost in future periods, adjusted net income would be positively or negatively affected by the amount of any such gain or loss, respectively, during the period in which the realization event occurs.
Our investments in the Asset Management segment by asset class as of September 30, 2025 are as follows:
As of September 30, 2025
($ in thousands)
Asset Management Segment Investments (1)
CostFair ValueFair Value as a Percentage of
Total Asset Management Investments
Traditional Private Equity$1,337,428 $3,269,285 36.5 %
Growth Equity205,213 904,940 10.1 %
Private Equity Total1,542,641 4,174,225 46.6 %
Real Estate1,420,529 1,236,427 13.8 %
Energy561,950 550,411 6.2 %
Infrastructure213,530 477,063 5.3 %
Real Assets Total2,196,009 2,263,901 25.3 %
Leveraged Credit1,133,026 1,100,270 12.3 %
Alternative Credit467,659 584,015 6.5 %
Credit Total1,600,685 1,684,285 18.8 %
Other859,920 826,878 9.3 %
Total Asset Management Segment Investments$6,199,255 $8,949,289 100.0 %
(1)Investments is a term used solely for purposes of financial presentation of a portion of KKR's balance sheet and includes majority ownership of subsidiaries that operate KKR's asset management and insurance businesses, including the general partner interests of KKR's investment funds. Investments presented are principally the assets measured at fair value that are held by KKR's asset management segment, which, among other things, does not include the underlying investments held by Global Atlantic and Marshall Wace. This table excludes investments in our Strategic Holdings and Insurance segments, about which additional information is available at Footnote 21 "Segment Reporting" in our financial statements.

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Global Atlantic's Investment Portfolio
As of September 30, 2025, 93%, and 88% of Global Atlantic's available-for-sale ("AFS") fixed maturity securities were considered investment grade under ratings from the Securities Valuation Office of the NAIC and NRSROs, respectively. As of December 31, 2024, 95%, and 88% of Global Atlantic's AFS fixed maturity securities were considered investment grade under ratings from NAIC and NRSROs, respectively. Securities where a rating by a NRSRO was not available are considered investment grade if they have a NAIC designation of “1” or “2.” The three largest asset categories in Global Atlantic's AFS fixed maturity security portfolio as of September 30, 2025, were Corporate securities, residential mortgage-backed securities ("RMBS"), and CMBS, comprising 29%, 7%, and 4% of Global Atlantic's investment portfolio, respectively. Within these categories, 91%, 99%, and 94% of Global Atlantic's Corporate, RMBS, and CMBS securities, respectively, were investment grade according to NAIC ratings, and 91%, 84%, and 61% of its Corporate, RMBS, and CMBS securities, respectively, were investment grade according to NRSRO ratings as of September 30, 2025. The three largest asset categories in Global Atlantic's AFS fixed maturity security portfolio as of December 31, 2024, were Corporate, RMBS, and CMBS securities, comprising 25%, 6%, and 5% of Global Atlantic's investment portfolio, respectively. Within these categories, 94%, 96%, and 90% of Global Atlantic's Corporate, RMBS, and CMBS securities, respectively, were investment grade according to NAIC ratings, and 94%, 74%, and 59% of its Corporate, RMBS, and CMBS securities, respectively, were investment grade according to NRSRO ratings as of December 31, 2024. NRSRO and NAIC ratings have different methodologies. Global Atlantic believes the NAIC ratings methodology, which considers the likelihood of recovery of amortized cost as opposed to the recovery of all contractual payments including the principal at par, as the more appropriate way to view the ratings quality of its AFS fixed maturity portfolio since a large portion of its holdings were purchased at a significant discount to par value. The portion of Global Atlantic's investment portfolio consisting of floating rate assets was 28% and 25% as of September 30, 2025 and December 31, 2024, respectively.
Within the funds withheld receivable at interest portfolio, 97% of the fixed maturity securities were investment grade by NAIC designation as of both September 30, 2025 and December 31, 2024.
Trading fixed maturity securities primarily back funds withheld payable at interest where the investment performance is ceded to reinsurers under the terms of the respective reinsurance agreements.
Credit Quality of AFS Fixed Maturity Securities
The Securities Valuation Office of the NAIC evaluates the AFS fixed maturity security investments of insurers for regulatory reporting and capital assessment purposes and assigns securities to one of six credit quality categories called “NAIC designations.” Using an internally developed rating is permitted by the NAIC if no rating is available. These designations are generally similar to the credit quality designations of NRSROs for marketable fixed maturity securities, except for certain structured securities as described below. NAIC designations of “1,” highest quality, and “2,” high quality, include fixed maturity securities generally considered investment grade by NRSROs. NAIC designations “3” through “6” include fixed maturity securities generally considered below investment grade by NRSROs.
Consistent with the NAIC Process and Procedures Manual, a NRSRO rating was assigned based on the following criteria: (1) the equivalent S&P rating where the security is rated by one NRSRO; (2) the equivalent S&P rating of the lowest NRSRO when the security is rated by two NRSROs; and (3) the equivalent S&P rating of the second lowest NRSRO if the security is rated by three or more NRSROs. If the lowest two NRSROs’ ratings are equal, then such rating will be the assigned rating. NRSROs’ ratings available for the periods presented were S&P, Fitch, Moody’s, DBRS, Inc., and Kroll Bond Rating Agency, Inc. If no rating is available from a rating agency, then an internally developed rating is used.
Substantially all of the AFS fixed maturity securities portfolio, 93% and 95% as of September 30, 2025 and December 31, 2024, respectively, was invested in investment grade assets with a NAIC rating of 1 or 2.
The portion of the AFS fixed maturity securities portfolio that was considered below investment grade by NAIC designation was 7% and 5% as of September 30, 2025, and December 31, 2024, respectively. Pursuant to Global Atlantic's investment guidelines, Global Atlantic actively monitors the percentage of its portfolio that is held in investments rated NAIC 3 or lower and must obtain an additional approval from Global Atlantic's management investment committee before making a significant investment in an asset rated NAIC 3 or lower.
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Corporate Fixed Maturity Securities
Global Atlantic maintains a diversified portfolio of corporate fixed maturity securities across industries and issuers. As of September 30, 2025 and December 31, 2024, 60% and 55% of the AFS fixed maturity securities portfolio was invested in corporate fixed maturity securities, respectively. As of September 30, 2025 and December 31, 2024, approximately 6% and 5% of the portfolio is denominated in foreign currency, respectively.
As of September 30, 2025 and December 31, 2024, 91% and 94% of the total fair value of corporate fixed maturity securities is rated NAIC investment grade, respectively, and 91% and 94% is rated NRSROs investment grade, respectively.
Residential Mortgage-Backed Securities
As of September 30, 2025 and December 31, 2024, 14% and 13% of the AFS fixed maturity securities portfolio was invested in RMBS, respectively. RMBS are securities constructed from pools of residential mortgages and backed by payments from those pools. Excluding limitations on access to lending and other extraordinary economic conditions, Global Atlantic would expect prepayments of principal on the underlying loans to accelerate with decreases in market interest rates and diminish with increases in market interest rates.
The NAIC designations for RMBS, including prime, sub-prime, alt-A, and adjustable rate mortgages with variable payment options ("Option ARM"), are based upon a comparison of the bond’s amortized cost to the NAIC’s loss expectation for each security. Accordingly, an investment in the same security at a lower cost may result in a higher quality NAIC designation in recognition of the lower likelihood the investment would result in a realized loss. Prime residential mortgage lending includes loans to the most creditworthy borrowers with high quality credit profiles. Alt-A is a classification of mortgage loans where the risk profile of the borrower is between prime and sub-prime, which also includes certain non-qualified mortgages. Sub-prime mortgage lending is the business of originating residential mortgage loans to borrowers with weaker credit profiles.
As of September 30, 2025 and December 31, 2024, 91% and 84% of RMBS securities that are below investment grade as rated by the NRSRO, carry an NAIC 1 ("highest quality") designation, respectively.
As of September 30, 2025, Alt-A, Agency, Option ARM, Prime and Sub-prime represent 36%, 34%, 10%, 8% and 5% of the total RMBS portfolio ($12.3 billion), respectively. As of December 31, 2024, Alt-A, Agency, Option ARM, Sub-prime, and Re-Performing represent 44%, 20%, 15%, 8%, and 6% of the total RMBS portfolio ($10.3 billion), respectively.
Unrealized Gains and Losses for AFS Fixed Maturity Securities
Global Atlantic's investments in AFS fixed maturity securities are reported at fair value with changes in fair value recorded in other comprehensive income as unrealized gains or losses, net of taxes and offsets. Unrealized gains and losses can be created by changes in interest rates or by changes in credit spreads.
As of September 30, 2025 and December 31, 2024, Global Atlantic had gross unrealized losses on below investment grade AFS fixed maturity securities of $333.5 million and $584.3 million based on NRSRO ratings, and $163.0 million and $245.6 million based on NAIC ratings, respectively. As of September 30, 2025, unrealized losses were not recognized in net income on these fixed maturity securities since Global Atlantic neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to sell these securities before recovery of their cost or amortized cost basis.
Credit Quality of Mortgage and Other Loan Receivables
Mortgage and other loan receivables consist of commercial and residential mortgage loans, consumer loans, and other loan receivables. As of September 30, 2025 and December 31, 2024, 28% and 31% of Global Atlantic's total investments consisted of mortgage and other loan receivables, respectively.
Global Atlantic invests in U.S. mortgage loans, comprised of first lien and mezzanine commercial mortgage loans and first lien residential mortgage loans. For Global Atlantic’s commercial mortgage loan portfolio, the most prevalent property type is multi-family residential buildings, which represents approximately half of the portfolio as of both September 30, 2025 and December 31, 2024. Office and retail properties represent approximately 19% and 20% of the portfolio as of September 30, 2025 and December 31, 2024, respectively.
Global Atlantic's commercial mortgage loans are assigned NAIC designations, with designations “CM1” and “CM2” considered to be investment grade. As of September 30, 2025 and December 31, 2024, 92% and 91% of the commercial mortgage loan portfolio were rated investment grade based on NAIC designation, respectively. The payment status of over 99% of the commercial mortgage loan portfolio is current as of both September 30, 2025 and December 31, 2024.
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The loan-to-value ratio is expressed as a percentage of the current amount of the loan relative to the value of the underlying collateral. As of both September 30, 2025 and December 31, 2024, approximately 90% of the commercial mortgage loans have a loan-to-value ratio of 70% or less, and as of September 30, 2025 and December 31, 2024, 2% and 1% have loan-to-value ratio over 90%, respectively.
Changing economic conditions and updated assumptions affect Global Atlantic’s assessment of the collectibility of commercial mortgage loans. Changing vacancies and rents are incorporated into the analysis that Global Atlantic performs to measure the allowance for credit losses. In addition, Global Atlantic continuously monitors its commercial mortgage loan portfolio to identify risk. Areas of emphasis are properties that have exposure to specific geographic events or have deteriorating credit.
As of September 30, 2025, the payment status of 97% of the residential mortgage loan portfolio is current, and approximately $199.5 million is 90 days or more past due or in process of foreclosure (representing 1% of the total residential mortgage portfolio). As of December 31, 2024, the payment status of 97% of the residential mortgage loan portfolio was current and approximately $275.1 million were 90 days or more past due or in process of foreclosure (representing 1% of the total residential mortgage portfolio).
The weighted average loan-to-value ratio for residential mortgage loans was 63% as of both September 30, 2025 and December 31, 2024.
Global Atlantic's residential mortgage loan portfolio primarily includes mortgage loans backed by single family rental properties, prime loans, and re-performing loans that were purchased at a discount after they were modified and returned to performing status. Global Atlantic has also extended financing to counterparties in the form of repurchase agreements secured by mortgage loans, including performing and non-performing mortgage loans.
Global Atlantic’s consumer loan portfolio is primarily comprised of home improvement loans, residential solar loans, student loans, and auto loans. As of September 30, 2025, 98% of the consumer loan portfolio is in current status and approximately $29.3 million is 90 days or more past due or in process of foreclosure (representing 1% of the total consumer loan portfolio).
Additional Information
To provide supplemental information to stockholders about the net assets of KKR on a segment basis, KKR’s book value was $32.2 billion as of September 30, 2025, which included cash and short-term investments of $7.6 billion. KKR's book value includes its net investment in Global Atlantic, investments in the Asset Management and Strategic Holdings segments, and the net impact of certain other assets and liabilities, including income taxes. KKR's book value excludes the net assets allocable to investors in KKR’s investment funds and other noncontrolling interest holders. From January 1, 2025 through September 30, 2025, the Asset Management segment transferred $1.1 billion of investments to the Insurance segment for which no gain or loss was recognized.


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Reconciliations to GAAP Measures
Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders
Three Months EndedNine Months Ended
 September 30, 2025September 30, 2024September 30, 2025September 30, 2024
 ($ in thousands)
Net Income (Loss) - KKR Common Stockholders (GAAP)$859,927 $600,550 $1,146,390 $1,950,690 
Preferred Stock Dividends 40,430 — 78,166 — 
Net Income (Loss) Attributable to Noncontrolling Interests939,465 834,118 2,654,228 1,571,064 
Income Tax Expense (Benefit)359,739 209,896 620,612 696,066 
Income (Loss) Before Tax (GAAP)$2,199,561 $1,644,564 $4,499,396 $4,217,820 
Impact of Consolidation and Other (928,301)(830,426)(2,825,266)(1,173,720)
Preferred Stock Dividends(40,430)— (78,166)— 
Income Taxes on Adjusted Earnings(325,158)(294,850)(862,875)(749,460)
Asset Management Adjustments:
Unrealized (Gains) Losses (76,839)89,805 560,252 (385,448)
Unrealized Carried Interest235,801 (850,638)(1,001,818)(1,987,597)
Unrealized Carried Interest Compensation (188,642)644,881 801,297 1,555,336 
Transaction-related and Non-operating Items(1)
47,409 90,716 68,725 153,699 
Equity-based Compensation63,287 66,549 205,314 206,861 
Equity-based Compensation - Performance based88,437 83,026 259,548 246,644 
Amortization of Acquired Intangibles
715 — 715 — 
Strategic Holdings Adjustments:
Unrealized (Gains) Losses(57,019)(226,319)(442,731)(644,285)
Insurance Adjustments:
(Gains) Losses from Investments166,098 692,422 1,815,122 1,251,953 
Non-Operating Changes in Policy Liabilities and Derivatives34,377 12,589 261,466 192,917 
Transaction-Related and Non-Operating Items(1)
21,120 19,679 23,314 19,679 
Equity-Based Compensation28,487 35,093 72,550 99,482 
Amortization of Acquired Intangibles4,699 4,412 14,097 13,236 
Adjusted Net Income$1,273,602 $1,181,503 $3,370,940 $3,017,117 
Interest Expense, Net56,692 80,709 184,221 230,617 
Preferred Stock Dividends40,430 — 91,643 — 
Net Income Attributable to Noncontrolling Interests5,667 7,392 12,002 12,166 
Income Taxes on Adjusted Earnings325,158 294,850 862,875 749,460 
Total Segment Earnings$1,701,549 $1,564,454 $4,521,681 $4,009,360 
Net Realized Performance Income(232,665)(101,926)(429,968)(302,763)
Net Realized Investment Income(73,632)(216,507)(389,793)(448,813)
Total Operating Earnings$1,395,252 $1,246,021 $3,701,920 $3,257,784 
Total Investing Earnings306,297 318,433 819,761 751,576 
Depreciation and Amortization19,589 13,013 47,033 38,065 
Adjusted EBITDA$1,721,138 $1,577,467 $4,568,714 $4,047,425 
(1)For the three months ended September 30, 2025, Transaction-related and Other Non-operating items includes (i) $44 million related to transaction-related costs and other corporate actions, and (ii) $24 million of costs associated with certain integration, restructuring, and other non-operating expenses across our Asset Management and Insurance businesses.
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KKR & Co. Inc. Stockholders' Equity - Common Stock
As of
September 30, 2025
($ in thousands)
KKR & Co. Inc. Stockholders' Equity - Common Stock (GAAP)$27,205,798 
Impact of Consolidation and Other470,931 
Exchangeable Securities319,653 
Accumulated Other Comprehensive Income (Loss) (AOCI) and Other (Insurance)4,242,357 
Accumulated Unrealized (Gains) Losses on Loans carried at Fair Value (Insurance)(70,372)
KKR Book Value(1)
$32,168,367 

Cash and Cash Equivalents - Asset Management and Strategic Holdings
As of
September 30, 2025
($ in thousands)
Cash and Cash Equivalents - Asset Management and Strategic Holdings (GAAP)$13,561,041 
Impact of Consolidation and Other(6,215,911)
Short-term Investments232,494 
Cash and Short-term Investments$7,577,624 

Investments - Asset Management and Strategic Holdings
As of
September 30, 2025
($ in thousands)
Investments - Asset Management and Strategic Holdings (GAAP)$118,617,813 
Impact of Consolidation and Other(109,436,030)
Short-term Investments(232,494)
Investments - Asset Management Segment$8,949,289 
(1)Book Value is a non-GAAP performance measure, which provides additional insight into the net assets of KKR presented on a basis that (i) excludes the net assets that are allocated to investors in KKR’s investment funds and other noncontrolling interest holders, (ii) includes the net assets that are attributable to certain securities exchangeable into shares of common stock of KKR & Co. Inc., (iii) includes the net investment in Global Atlantic, investments in the Asset Management and Strategic Holdings segments, and (iv) includes the net impact of certain other assets and liabilities, including the net impact of KKR's tax assets and liabilities as calculated under GAAP. Book Value excludes the dilutive impact of the conversion of any of KKR & Co. Inc.’s Series D Mandatory Convertible Preferred Stock. If all outstanding shares of the Series D Mandatory Convertible Preferred Stock were converted into KKR & Co. Inc. common stock as of September 30, 2025, our Book Value would have increased by $2.5 billion and our common stock outstanding would have increased by 18.2 million shares.
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Liquidity
We manage our liquidity and capital requirements by (a) focusing on our cash flows before the consolidation of our funds and CFEs and the effect of changes in short term assets and liabilities, which we anticipate will be settled for cash within one year, and (b) seeking to maintain access to sufficient liquidity through various sources. The overall liquidity framework and cash management approach of our insurance business are also based on seeking to build an investment portfolio that is cash flow matched, providing cash inflows from insurance assets that meet our insurance companies' expected cash outflows to pay their liabilities. Our primary cash flow activities typically involve (i) generating cash flow from operations; (ii) generating income from investment activities, by investing in investments that generate yield (namely interest and dividends), as well as through the sale of investments and other assets; (iii) funding capital commitments that we have made to, and advancing capital to, our funds and CLOs; (iv) developing and funding new investment strategies, investment products, and other growth initiatives, including acquisitions of other investments, assets, and businesses; (v) underwriting and funding capital commitments in our capital markets business; (vi) distributing cash flow to our stockholders and any holders of our preferred stock, if any; and (vii) paying borrowings, interest payments, and repayments under credit agreements, our senior and subordinated notes, and other borrowing arrangements. See "—Liquidity," "—Liquidity Needs," and "—Dividends and Stock Repurchases."
See "Risk Factors" in our Annual Report and "—Business Environment" for more information on factors that may impact our business, financial performance, operating results, and valuations.
Sources of Liquidity
Our primary sources of liquidity consist of amounts received from: (i) our operating activities, including the fees earned from our funds, portfolio companies, and capital markets transactions; (ii) realizations on carried interest from our investment funds; (iii) interest and dividends from investments that generate yield, including our investments in CLOs; (iv) in our insurance business, cash inflows in respect of new premiums, policyholder deposits, reinsurance transactions, and funding agreements, including through memberships in FHLBs; (v) realizations on and sales of investments and other assets, including the transfers of investments or other assets for fund formations (including CLOs and other investment vehicles); and (vi) borrowings, including advances under our revolving credit facilities, debt offerings, repurchase agreements, and other borrowing arrangements. In addition, we may generate cash proceeds from issuances of our or our subsidiaries' equity securities. We have access to funding under various credit facilities, other borrowing arrangements and other sources of liquidity that we have entered into with major financial institutions or which we receive from the capital markets. For a discussion of our debt obligations, including our debt securities, revolving credit agreements and loans, see Note 16 "Debt Obligations" in our financial statements.
Many of our investment funds like our private equity and real assets funds provide for carried interest. With respect to our carry-paying investment funds, carried interest is eligible to be distributed to the general partner of the fund only after all of the following are met: (i) a realization event has occurred (e.g., sale of a portfolio company, dividend, etc.); (ii) the vehicle has achieved positive overall investment returns since its inception, in excess of performance hurdles where applicable, and is accruing carried interest; and (iii) with respect to investments with a fair value below cost, cost has been returned to fund investors in an amount sufficient to reduce remaining cost to the investments' fair value. Even after all of the preceding conditions are met, the general partner of the fund may, in its sole discretion, decide to defer the distribution of carried interest to it to a later date. In addition, these funds generally include what is called a “clawback” provision, which provides that the general partner must return any carried interest that is paid in excess of what the general partner is entitled to receive at the end of the term of the fund, as discussed further below.
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As of September 30, 2025, certain of our investment funds had met the first and second criteria, as described above, but did not meet the third criteria. In these cases, carried interest accrues on the consolidated statement of operations, but will not be distributed in cash to us as the general partner of an investment fund upon a realization event. For a fund that has a fair value above cost, overall, and is otherwise accruing carried interest, but has one or more investments where fair value is below cost, the shortfall between cost and fair value for such investments is referred to as a "netting hole." When netting holes are present, realized gains on individual investments that would otherwise allow the general partner to receive carried interest distributions are instead used to return invested capital to our funds' limited partners in an amount equal to the netting hole. Once netting holes have been filled with either (a) return of capital equal to the netting hole for those investments where fair value is below cost or (b) increases in the fair value of those investments where fair value is below cost, then realized carried interest will be distributed to the general partner upon a realization event. A fund that is in a position to pay cash carry refers to a fund for which carried interest is expected to be paid to the general partner upon the next material realization event, which includes funds with no netting holes as well as funds with a netting hole that is sufficiently small in size such that the next material realization event would be expected to result in the payment of carried interest. Strategic investor partnerships with fund investors may require netting across the various funds in which they invest, which may reduce the carried interest we otherwise would have earned if such fund investors were to have invested in our funds without the existence of the strategic investor partnership. As of September 30, 2025, netting holes in excess of $50 million existed at North America Fund XI and Health Care Strategic Growth Fund II in the amounts of $550 million and $53 million, respectively. The remaining unrealized gains in each of these funds as of September 30, 2025 is in excess of these netting holes. In accordance with the criteria set forth above, other funds currently have and may in the future develop netting holes, and netting holes for those and other funds may otherwise increase or decrease in the future.
If the investment fund has distributed carried interest but subsequently does not have sufficient value to provide for the distribution of carried interest at the end of the life of the investment fund, the general partner is typically required to return previously distributed carried interest to the fund investors. Current and former employees who received distributions of carried interest subject to clawback would be required to return the amount of such distributions to KKR. However, it is KKR’s obligation to return carried interest subject to clawback to the fund investors. As of September 30, 2025, approximately $514 million of previously distributed carried interest, in aggregate, was subject to a clawback obligation, assuming that all applicable carry-paying investment funds were liquidated at their fair value as of September 30, 2025. The Asian Fund II clawback obligation as of the date of this report comprises $346 million of this amount and is expected to be realized in the fourth quarter of 2025. On a net basis, after giving effect to carried interest distributions already recouped from current and former employees, we expect the Asian Fund II clawback obligation to reduce fourth quarter 2025 net realized performance income by $210 million. The remaining clawback obligation of $168 million relates to clawback obligations of carry-paying investment funds other than Asian Fund II. As of September 30, 2025, Asian Fund II is the only investment fund subject to a clawback obligation in excess of $50 million that has not already reduced net realized performance income. As of September 30, 2025, $103 million of the $168 million has already reduced gross realized performance income in prior periods. See Note 24 "Commitments and Contingencies—Contingent Repayment Guarantees" in our financial statements included elsewhere in this report for further information. See also the negative amounts included in the Carried Interest column in the table included in this Item 2 in “Asset Management—Private Equity” for further information on clawback obligations.
Liquidity Needs
We expect that our primary liquidity needs will consist of cash required to meet various obligations, including, without limitation, to:
•continue to support and grow our asset management business, including seeding new investment strategies, supporting capital commitments made by our investment vehicles to existing and future funds, co-investments and any net capital requirements of our capital markets companies and otherwise supporting the investment vehicles that we sponsor;
•continue to support and grow our insurance business;
•continue to support and grow our strategic holdings business;
•grow and expand our businesses generally, including by acquiring or launching new, complementary, or adjacent businesses;
•warehouse investments in portfolio companies or other investments for the benefit of one or more of our funds, accounts or CLOs or other investment vehicles pending the contribution of committed capital by the fund investors in such investment vehicles, and advancing capital to them for operational or other needs;
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•service debt obligations including the payment of obligations at maturity, on interest payment dates or upon redemption, as well as any contingent liabilities, including from litigation, that may give rise to future cash payments, including funding requirements to levered investment vehicles or structured transactions;
•fund cash operating expenses and contingencies, including for litigation matters and guarantees;
•pay corporate income taxes and other taxes;
•pay policyholders and amounts in our insurance business related to investment, reinvestment, reinsurance, or funding agreement activity;
•pay amounts that may become due under our tax receivable agreement;
•pay cash dividends in accordance with our dividend policy for our common stock or the terms of our preferred stock, if any;
•underwrite commitments, advance loan proceeds, and fund syndication commitments within our capital markets business;
•post or return collateral in respect of derivative contracts;
•acquire other assets (including businesses, investments, and other assets) for our businesses, some of which may be required to satisfy regulatory requirements for our capital markets business or risk retention requirements for CLOs (to the extent they may apply);
•address capital needs of regulated subsidiaries as well as non-regulated subsidiaries; and
•repurchase shares of our common stock or retire equity awards pursuant to the share repurchase program or repurchase or redeem other securities issued by us.
For a discussion of KKR's share repurchase program, see Note 22 "Equity" in our financial statements.
Capital Commitments
The agreements governing our active investment funds generally require the general partners of the funds to make minimum capital commitments to such funds, which generally range from 2% to 8% of a fund's total capital commitments at final closing, but may be greater for certain funds (i) where we are pursuing newer strategies, (ii) where third party investor demand is limited, and (iii) where a larger commitment is consistent with the asset allocation strategy in our Principal Activities business line, and in our Strategic Holdings segment.
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As of September 30, 2025, KKR had unfunded commitments consisting of $10.4 billion to its investment funds and other investment vehicles across Private Equity, Real Assets, and Credit and Liquid Strategies business lines. These unfunded commitments include $2.7 billion of uncalled capital commitments to certain investment vehicles in connection with investments in the core private equity strategy. These unfunded commitments also include funding requirements to levered investment vehicles and structured transactions to fund or otherwise be liable for a portion of the vehicle's investment losses and/or to provide the vehicle with liquidity upon certain termination events.
In addition to these uncalled commitments and funding obligations to KKR's investment funds and investment vehicles, KKR has entered into contractual commitments primarily with respect to underwriting transactions, debt financing, revolving credit facilities, and equity syndications in our Capital Markets business line. As of September 30, 2025, these capital markets commitments amounted to $0.5 billion. Whether these amounts are actually funded, in whole or in part, depends on the contractual terms of such capital markets commitments, including the satisfaction or waiver of any conditions to closing or funding. From time to time, we fund these various capital markets commitments noted above in our capital markets business by drawing all or substantially all of our availability for borrowings under our available credit facilities available for our Capital Markets business line. We generally expect these borrowings by our capital markets business to be repaid promptly as these commitments are syndicated to third parties or otherwise fulfilled or terminated, although we may in some instances elect to retain a portion of the commitments for our own investment. Additionally, KKR's capital markets business has arrangements with third parties, which are expected to reduce KKR's risk under certain circumstances when underwriting certain debt transactions. As a result, our unfunded capital markets commitments as of September 30, 2025 have been reduced to reflect the amount expected to be funded by such third parties. As of September 30, 2025, KKR's capital markets business line has entered into such arrangements representing a total notional amount of $5.0 billion. For more information about our Capital Markets business line's risks, see "Risk Factors—Risks Related to Our Business—Our capital markets activities expose us to material risks" in our Annual Report.
Tax Receivable Agreement
On May 30, 2022, KKR terminated the tax receivable agreement with KKR Holdings other than with respect to exchanges of KKR Holdings Units completed prior to such date. As of September 30, 2025, an undiscounted payable of $355.5 million has been recorded in due to affiliates in the financial statements representing management's best estimate of the amounts currently expected to be owed for certain exchanges of KKR Holdings Units that took place prior to the termination of the tax receivable agreement. As of September 30, 2025, $129.4 million of cumulative cash payments have been made under the tax receivable agreement since inception.
Dividends and Stock Repurchases
A dividend of $0.185 per share of our common stock has been declared and will be paid on December 2, 2025 to holders of record of our common stock as of the close of business on November 17, 2025.
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, 2025 to holders of record of Series D Mandatory Convertible Preferred Stock as of the close of business on November 15, 2025.
When KKR & Co. Inc. receives distributions from KKR Group Partnership, holders of exchangeable securities receive their pro rata share of such distributions from KKR Group Partnership.
The declaration and payment of dividends to our common or preferred stockholders will be at the sole discretion of our Board of Directors, and our dividend policy may be changed at any time. We announced on February 4, 2025 that our current dividend policy will be to pay dividends to holders of our common stock in an annual aggregate amount of $0.74 per share (or a quarterly dividend of $0.185 per share) beginning with the dividend announced with the results for the three months ended March 31, 2025. The declaration of dividends is subject to the discretion of our Board of Directors based on a number of factors, including KKR’s future financial performance and other considerations that the Board of Directors deems relevant, and compliance with the terms of KKR & Co. Inc.'s certificate of incorporation and applicable law. For U.S. federal income tax purposes, any dividends we pay (including dividends on our preferred stock) generally will be treated as qualified dividend income for U.S. individual stockholders to the extent paid out of our current or accumulated earnings and profits, as determined for U.S. federal income tax purposes. There can be no assurance that future dividends will be made as intended or at all or that any particular dividend policy for our common stock or our preferred stock will be maintained. Furthermore, the declaration and payment of distributions by KKR Group Partnership and our other subsidiaries may also be subject to legal, contractual and regulatory restrictions, including restrictions contained in our debt agreements.
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Since 2015, KKR has repurchased, or retired equity awards representing, a total of 94.2 million shares of common stock for $2.8 billion, which equates to an average price of $29.36 per share. For further information, see "Part II—Item 2—Unregistered Sales of Equity Securities and Use of Proceeds."
Contractual Obligations, Commitments and Contingencies
In the ordinary course of business, we and our consolidated funds and CFEs enter into contractual arrangements that may require future cash payments. Contractual arrangements include (1) commitments to fund the purchase of investments or other assets (including obligations to fund capital commitments as the general partner of our investment funds) or to fund collateral for derivative transactions or otherwise, (2) obligations arising under our senior notes, subordinated notes, and other indebtedness, (3) commitments by our capital markets business to underwrite transactions or to lend capital, (4) obligations arising under insurance policies written, (5) other contractual obligations, including servicing agreements with third-party administrators for insurance policy administration, and (6) commitments to fund the business, operations or investments of our subsidiaries. In addition, we may incur contingent liabilities for claims that may be made against us in the future. For more information about these contingent liabilities, please see Note 24 "Commitments and Contingencies" in our financial statements.
Off Balance Sheet Arrangements
We do not have any off-balance sheet financings or liabilities other than contractual commitments and other legal contingencies incurred in the normal course of our business.
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Critical Accounting Policies and Estimates
The preparation of our financial statements in accordance with GAAP requires our management to make estimates and judgments that affect the reported amounts of assets and liabilities, the recognition and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses, investment income (loss) and income taxes during the reporting periods. Such estimates include but are not limited to (i) the valuation of investments and financial instruments, (ii) the determination of the income tax provision, (iii) the impairment of goodwill and intangible assets, (iv) the impairment of available-for-sale investments, (v) the valuation of insurance policy liabilities, including market risk benefits, (vi) the valuation of embedded derivatives in policy liabilities and funds withheld, (vii) the determination of the allowance for loan losses, and (viii) amortization of deferred revenues and expenses associated with the insurance business. Our management bases these estimates and judgments on available information, historical experience and other assumptions that we believe are reasonable under the circumstances. However, these estimates, judgments and assumptions are often subjective and may be impacted negatively based on changing circumstances or changes in our analyses. If actual amounts are ultimately different from those estimated, judged or assumed, revisions are included in the financial statements in the period in which the actual amounts become known. We believe our critical accounting policies could potentially produce materially different results if we were to change underlying estimates, judgments or assumptions.
For a further discussion about our critical accounting policies, see Note 2 "Summary of Significant Accounting Policies" in our financial statements included in this report.
Basis of Accounting
We consolidate the financial results of KKR Group Partnership and its consolidated entities, which include the accounts of our investment advisers, broker-dealers, Global Atlantic’s insurance companies, the general partners of certain unconsolidated investment funds, general partners of consolidated investment funds and their respective consolidated investment funds, and certain other entities including CFEs.
When an entity is consolidated, we reflect the accounts of the consolidated entity, including its assets, liabilities, revenues, expenses, investment income, cash flows, and other amounts, on a gross basis. While the consolidation of an investment fund or entity does not have an effect on the amounts of Net Income Attributable to KKR or KKR's stockholders' equity that KKR reports, the consolidation does significantly impact the financial statement presentation under GAAP. This is due to the fact that the accounts of the consolidated entities are reflected on a gross basis while the allocable share of those amounts that are attributable to third parties are reflected as single line items. The single line items in which the accounts attributable to third parties are recorded are presented as noncontrolling interests on the consolidated statements of financial condition and net income (loss) attributable to noncontrolling interests on the consolidated statements of operations.
The presentations in the consolidated statement of financial condition and consolidated statement of operations reflect the significant industry diversification of KKR by its acquisition of Global Atlantic. Global Atlantic operates an insurance business, and KKR operates an asset management business, which manages the operations of the newly-formed Strategic Holdings segment (see Note 21 "Segment Reporting") in our financial statements included in this report, each of which possess distinct characteristics. As a result, KKR developed a two-tiered approach for the financial statements presentation, where Global Atlantic's insurance operations are presented separately from KKR's asset management business. KKR believes that these separate presentations provide a more informative view of the consolidated financial position and results of operations than traditional aggregated presentations and that reporting Global Atlantic’s insurance operations separately is appropriate given, among other factors, the relative significance of Global Atlantic’s policy liabilities, which are not obligations of KKR (other than the insurance companies that issued them). If a traditional aggregate presentation were to be used, KKR would expect to eliminate or combine several identical or similar captions, which would condense the presentations, but would also reduce the level of information presented. KKR also believes that using a traditional aggregate presentation would result in no new line items compared to the two-tier presentation included in the financial statements in this report.
In the ordinary course of business, KKR’s Asset Management, Strategic Holdings, and Insurance businesses enter into transactions with each other, which may include transactions pursuant to their investment management agreements and financing arrangements. The borrowings from these financing arrangements are non-recourse to KKR beyond the assets pledged to support such borrowings. All the investment management and financing arrangements amongst KKR segments are eliminated in consolidation.
All intercompany transactions and balances have been eliminated.
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Consolidation
KKR consolidates all entities that it controls either through a majority voting interest or as the primary beneficiary of variable interest entities (“VIEs”). The following discussion is intended to provide supplemental information about how the application of consolidation principles impact our financial results, and management’s process for implementing those principles including areas of significant judgment. For a detailed description of our accounting policy on consolidation, see Note 2 "Summary of Significant Accounting Policies" in our financial statements included in this report.
As part of its consolidation procedures, KKR evaluates: (1) whether it holds a variable interest in an entity, (2) whether the entity is a VIE, and (3) whether the KKR’s involvement would make it the primary beneficiary. The determination that KKR holds a controlling financial interest in an investment vehicle significantly changes the presentation of our consolidated financial statements.
The assessment of whether we consolidate an investment vehicle we manage requires the application of significant judgment. These judgments are applied both at the time we become involved with an investment vehicle and on an ongoing basis and include, but are not limited to:
•Determining whether our management fees, carried interests, or incentive fees represent variable interests - We make judgments as to whether the fees we earn are commensurate with the level of effort required for those fees and at market rates. In making this judgment, we consider, among other things, the extent of third party investment in the entity and the terms of any other interests we hold in the VIE.
•Determining whether a legal entity qualifies as a VIE - For those entities where KKR holds a variable interest, management determines whether each of these entities qualifies as a VIE and, if so, whether or not KKR is the primary beneficiary. The assessment of whether the entity is a VIE is generally performed qualitatively, which requires judgment. These judgments include: (a) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the economic performance of the entity, (c) determining whether two or more parties’ equity interests should be aggregated, and (d) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities. Under the voting interest entity model, KKR consolidates those entities it controls through a majority voting interest.
•Concluding whether KKR has an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE - As there is no explicit threshold in GAAP to define “potentially significant,” we must apply judgment and evaluate both quantitative and qualitative factors to conclude whether this threshold is met.
Changes to these judgments could result in a change in the consolidation conclusion for a legal entity.
Fair Value Measurements
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions.
GAAP establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Investments and other financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:
Level I
Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.
Level II
Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies.
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Level III
Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. The valuation of our Level III investments at September 30, 2025 represents management's best estimate of the amounts that we would anticipate realizing on the sale of these investments in an orderly transaction at such date.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Level III Valuation Methodologies
Our investments and financial instruments are impacted by various economic conditions and events outside of our control that are difficult to quantify or predict, which may have a significant impact on the valuation of our investments and, therefore, on the carried interest and investment income we realize. Additionally, a change in interest rates could have a significant impact on valuations.
There is inherent uncertainty involved in the valuation of Level III investments, and there is no assurance that, upon liquidation, KKR will realize the values reflected in our valuations. Our valuations may differ significantly from the values that would have been used had an active market for the investments existed, and it is reasonably possible that the difference could be material. See "Risk Factors" in our Annual Report and "—Business Environment" for more information on factors that may impact our business, financial performance, operating results, and valuations.
Key unobservable inputs that have a significant impact on our Level III valuations as described above are included in Note 9 "Fair Value Measurements" in our financial statements.
Across the total Level III private equity investment portfolio (including core private equity investments) held directly and through both consolidated and unconsolidated investment vehicles in our Asset Management segment, the overall weights ascribed to a market comparables valuation methodology, the discounted cash flow valuation methodology, and a valuation methodology based on pending sales for this portfolio of Level III private equity investments (including core private equity investments) were 41%, 53%, and 6%, respectively, as of September 30, 2025.
Across the total Level III real assets investment portfolio held directly and through both consolidated and unconsolidated investment vehicles in our Asset Management segment, the overall weights ascribed to a market comparables valuation methodology, the discounted cash flow valuation methodology, the direct income capitalization valuation methodology, and a valuation methodology based on pending sales for this portfolio of Level III real assets investments were 4%, 92%, 2%, and 2%, respectively, as of September 30, 2025.


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Level III Valuation Process
The valuation process involved for Level III measurements is completed on a quarterly basis and is designed to subject the valuation of Level III investments to an appropriate level of consistency, oversight, and review.
For private equity and real asset investments classified as Level III, investment professionals prepare preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable companies, and other factors. KKR begins its procedures to determine the fair values of its Level III assets approximately one month prior to the end of a reporting period, and KKR follows additional procedures to ensure that its determinations of fair value for its Level III assets are appropriate as of the relevant reporting date. These preliminary valuations are reviewed by an independent valuation firm engaged by KKR to perform certain procedures in order to assess the reasonableness of KKR's valuations annually for all Level III private equity and real asset investments and quarterly for investments other than certain investments, which have values less than preset value thresholds and which in the aggregate comprise less than 1% of the total value of KKR's Level III private equity and real asset investments. The valuations of certain real asset investments are determined solely by independent valuation firms without the preparation of preliminary valuations by our investment professionals, and instead such independent valuation firms rely on valuation information available to it as a broker or valuation firm. For credit investments, an independent valuation firm is generally engaged by KKR to assist with the valuations of most investments classified as Level III. The valuation firm either provides a value, provides a valuation range from which KKR's investment professionals select a point in the range to determine the valuation, or performs certain procedures in order to assess the reasonableness of KKR's valuations. After reflecting any input from the independent valuation firm, the valuation proposals are submitted for review and approval by KKR's valuation committees. As of September 30, 2025, less than 5% of the total value of our Level III credit investments were not valued with the engagement of an independent valuation firm.
For Level III investments in Asset Management and Strategic Holdings, KKR has a Global Valuation Committee that is responsible for coordinating and implementing the firm's valuation process to ensure consistency in the application of valuation principles across portfolio investments and between periods. The Global Valuation Committee is assisted by the asset class-specific valuation committees that exist for private equity (including core equity investments and certain impact investments), growth equity (including certain impact investments), real estate, energy, infrastructure, and credit. The asset class-specific valuation committees are responsible for the review and approval of all preliminary Level III valuations in their respective asset classes on a quarterly basis. The members of these valuation committees are comprised of investment professionals, including the heads of each respective strategy, and professionals from business operations functions such as legal, compliance, and finance, who are not primarily responsible for the management of the investments. All Level III valuations for investments in Asset Management and Strategic Holdings are also subject to approval by the Global Valuation Committee, which is comprised of senior employees including investment professionals and professionals from business operations functions, and includes KKR's Chief Financial Officer, Chief Operating Officer, Chief Legal Officer and General Counsel, and Chief Compliance Officer. Once Level III valuations are approved by the Global Valuation Committee, a presentation of such valuations is provided to the Audit Committee of the Board of Directors of KKR & Co. Inc. and then to the Board of Directors.
Level III investments held by Global Atlantic are valued using either pricing services, broker-dealers, third-party asset managers, or internal models. Global Atlantic's valuation committee performs a quantitative and qualitative analysis over all pricing sources used to verify that it represents a reasonable estimate of fair value. As of September 30, 2025, less than 5% of the total value of Global Atlantic's Level III investments were not valued with the engagement of an independent valuation firm. Once Level III valuations are approved by the Global Atlantic Valuation Committee, these valuations are presented to the Global Valuation Committee, and then a presentation of such valuations is provided to the Audit Committee of the Board of Directors of KKR & Co. Inc. and then to the Board of Directors.
As of September 30, 2025, upon completion by, where applicable, independent valuation firms of certain limited procedures requested to be performed by them on certain Level III investments, the independent valuation firms concluded that the fair values, as determined by KKR (including Global Atlantic), of those investments reviewed by them were reasonable. The limited procedures did not involve an audit, review, compilation or any other form of examination or attestation under generally accepted auditing standards and were not conducted on all Level III investments. We are responsible for determining the fair value of investments in good faith, and the limited procedures performed by an independent valuation firm are supplementary to the inquiries and procedures that we are required to undertake to determine the fair value of the commensurate investments.
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As described above, Level II and Level III investments were valued using internal models with significant unobservable inputs, and our determinations of the fair values of these investments may differ materially from the values that would have resulted if readily observable inputs had existed. Additional external factors may cause those values, and the values of investments for which readily observable inputs exist, to increase or decrease over time, which may create volatility in our earnings and the amounts of assets and stockholders' equity that we report from time to time.
Changes in the fair value of investments impacts the amount of carried interest that is recognized as well as the amount of investment income that is recognized for investments held directly in Asset Management, Strategic Holdings, and through our consolidated funds as described below. We estimate that an immediate 10% decrease in the fair value of investments held directly and through consolidated investment funds generally would result in a commensurate change in the amount of net gains (losses) from investment activities for investments held directly and through investment funds and a more significant impact to the amount of carried interest recognized, regardless of whether the investment was valued using observable market prices or management estimates with significant unobservable pricing inputs. With respect to consolidated investment funds, the impact that the consequential decrease in investment income would have on net income attributable to KKR would generally be significantly less than the amount described above, given that a majority of the change in fair value of our consolidated funds would be attributable to noncontrolling interests and therefore we are only impacted to the extent of our carried interest and our ownership in the consolidated investment funds and investment vehicles. With respect to Insurance, a decrease in investment income for certain assets where investment gains and losses are recognized through the statement of operations would impact KKR only to the extent of our economic ownership interest in Global Atlantic.
As of September 30, 2025, there were no investments (including in our Strategic Holdings segment) which represented greater than 5% of total investments on a GAAP basis. Our investment income on a GAAP basis and our asset management segment assets can be impacted by volatility in the public markets. See "Risk Factors" in our Annual Report and "—Business Environment" for a discussion of factors that may impact the valuations of our investments, financial results, operating results, and valuations, and "—Segment Balance Sheet Measures" for additional information regarding our largest holdings on a segment basis.
Business Combinations
KKR accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date.
Management’s determination of fair value of assets acquired and liabilities assumed at the acquisition date is based on the best information available in the circumstances and may incorporate management’s own assumptions and involve a significant degree of judgment. We use our best estimates and assumptions to accurately assign fair value to the tangible and identifiable intangible assets acquired and liabilities assumed at the acquisition date as well as the useful lives of those acquired intangible assets. Examples of critical estimates in valuing certain of the intangible assets we have acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates, and income tax rates. Our estimates for future cash flows are based on historical data, various internal estimates and certain external sources, and are based on assumptions that are consistent with the plans and estimates we are using to manage the underlying assets acquired. We estimate the useful lives of the intangible assets based on the expected period over which we anticipate generating economic benefit from the asset. We base our estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Unanticipated events and circumstances may occur that could affect the accuracy or validity of such assumptions, estimates or actual result.
Income Taxes
Significant judgment is required in estimating the provision for (benefit from) income taxes, current and deferred tax balances (including valuation allowance), accrued interest or penalties, and uncertain tax positions. In evaluating these judgments, we consider, among other items, projections of taxable income (including the character of such income), beginning with historic results and incorporating assumptions of the amount of future pretax operating income. These assumptions about future taxable income require significant judgment and are consistent with the plans and estimates that KKR uses to manage its business. Revisions in estimates or actual costs of a tax assessment may ultimately be materially different from the recorded accruals and unrecognized tax benefits, if any. Please see Note 18 "Income Taxes" in our financial statements in this report for further details.
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Critical Accounting Policies and Estimates - Asset Management and Strategic Holdings
Revenues
Fees and Other
Fees and other consist primarily of (i) management and incentive fees from providing investment management services to unconsolidated funds, CLOs, other investment vehicles, and separately managed accounts; (ii) transaction fees earned in connection with successful investment transactions and from capital markets activities; (iii) monitoring fees from providing services to portfolio companies; (iv) expense reimbursements from certain investment funds and portfolio companies; and (v) consulting fees. These fees are based on the contractual terms of the governing agreements and are recognized when earned, which coincides with the period during which the related services are performed and in the case of transaction fees, upon closing of the transaction. Monitoring fees may provide for a termination payment following an initial public offering or change of control. These termination payments are recognized in the period when the related transaction closes.
Transaction fee calculations and management fee calculations based on committed capital or invested capital typically do not require discretion and therefore do not require the use of significant estimates or judgments. Management fee calculations based on net asset value depend on the fair value of the underlying investments within the investment vehicles. Estimates and assumptions are made when determining the fair value of the underlying investments within the funds and could vary depending on the valuation methodology that is used as well as economic conditions.
Capital Allocation-Based Income (Loss)
Capital allocation-based income (loss) is earned from those arrangements whereby KKR serves as general partner and includes income or loss from KKR's capital interest as well as "carried interest" which entitles KKR to a disproportionate allocation of investment income or loss from an investment fund's limited partners.
Carried interest is recognized upon appreciation of the funds’ investment values above certain return hurdles set forth in their partnership agreement. KKR recognizes revenues attributable to capital allocation-based income based upon the amount that would be due pursuant to the fund partnership agreement at each period end as if the funds were terminated at that date. Accordingly, the amount recognized reflects KKR’s share of the gains and losses of the associated funds’ underlying investments measured at their then-current fair values relative to the fair values as of the end of the prior period. Because of the inherent uncertainty in measuring the fair value of investments in the absence of observable market prices as previously discussed, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is reasonably possible that the difference could be material.
Expenses
Compensation and Benefits
Compensation and Benefits expense includes (i) base cash compensation consisting of salaries and wages, (ii) benefits, (iii) carry pool allocations, (iv) equity-based compensation, and (v) discretionary cash bonuses.
To supplement base cash compensation, benefits, carry pool allocations, and equity-based compensation, we typically pay discretionary cash bonuses, which are included in Compensation and Benefits expense in the consolidated statements of operations, based principally on the level of (i) management fees and other fee revenues (including incentive fees), (ii) realized carried interest, and (iii) realized investment income earned during the year. The amounts paid as discretionary cash bonuses, if any, are at our sole discretion and vary from individual to individual and from period to period, including having no cash bonus. We accrue discretionary cash bonuses when payment becomes probable and reasonably estimable which is generally in the period when we make the decision to pay discretionary cash bonuses and is based upon a number of factors, including the recognition of fee revenues, realized carried interest, realized investment income, and other factors determined during the year.
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Beginning in 2021, we expect to pay our employees by assigning a percentage range to each component of asset management segment revenues. Prior to January 1, 2024, based on the current components and blend of our asset management segment revenues on an annual basis, we expected to use approximately: (i) 20‐25% of fee related revenues, (ii) 60‐70% of realized carried interest and incentive fees not included in fee related performance revenues or earned from our hedge fund partnerships, and (iii) 10‐20% of realized investment income and hedge fund partnership incentive fees, to pay our asset management employees. Beginning in January 2024, we expect to use approximately: (i) 15%-20% of fee related revenues, (ii) 70%-80% of realized carried interest and incentive fees not included in fee related performance revenues or earned from our hedge fund partnerships, and (iii) 10%-20% of realized investment income and hedge fund partnership incentive fees, to pay our asset management employees. Because these ranges are applied to applicable asset management segment revenue components independently, and on an annual basis, the amount paid as a percentage of total asset management segment revenue will vary and will, for example, likely be higher in a period with relatively higher realized carried interest and lower in a period with relatively lower realized carried interest. We decide whether to pay a discretionary cash bonus and determine the percentage of applicable revenue components to pay compensation only upon the occurrence of the realization event. There is no contractual or other binding obligation that requires us to pay a discretionary cash bonus to the asset management employees, except in limited circumstances.
Carry Pool Allocation
With respect to our funds that provide for carried interest, we allocate a portion of the realized and unrealized carried interest that we earn to Associates Holdings, which we refer to as the carry pool, from which our asset management employees and certain other carry pool participants are eligible to receive a carried interest allocation. The allocation is determined based upon a fixed arrangement between Associates Holdings and us, and we do not exercise discretion on whether to make an allocation to the carry pool upon a realization event. We refer to the portion of carried interest that we allocate to the carry pool as the carry pool percentage.
As of December 31, 2023, the carry pool percentage was fixed at 40%, 43%, or 65% by investment fund, depending on the fund’s vintage. For funds that closed after December 31, 2020 but before December 31, 2023, the carry pool percentage was fixed at 65%. For funds that closed after June 30, 2017 but before December 31, 2020, the carry pool percentage was fixed at 43%, and the carry pool percentage was fixed at 40% for older funds that contributed to KKR's carry pool. Effective January 2, 2024, KKR is authorized to apply a carry pool percentage in excess of these fixed percentages of up to 80% for all funds.
This increase to the carry pool percentage was approved by a majority of KKR's independent directors, and the carry pool percentage may not be increased above 80% without the further approval of a majority of KKR's independent directors. For funds that closed after December 31, 2023, the carry pool percentage is fixed at 80%. For funds that closed prior to December 31, 2023, the carry pool percentage is calculated at a fixed percentage of 40%, 43%, or 65% (depending on the fund’s vintage) for carried interest realized up to a high water mark, which was established based on the unrealized carried interest balance that existed on January 2, 2024, plus an additional percentage amount up to 80% based on a formulaic allocation, only if the unrealized carried interest balance at any period end exceeds the high water mark. This imposes a limitation of the carry pool allocation for such funds based on the amount of cumulative unrealized carried interest income earned subsequent to December 31, 2023.
For funds that closed before December 31, 2023, if the cumulative carried interest subsequent to December 31, 2023 is not sufficient to fund this formulaic allocation, the allocation of earnings reverts to the carry pool percentage in effect before this modification. As such, upon modification of the carry pool percentage effective on January 2, 2024, the cumulative unrealized carried interest was not sufficient to fund the additional formulaic allocation percentage in excess of the pre-existing 40%, 43%, and 65% carry pool percentages, and therefore no incremental expense was recognized as of such date. The carry pool percentage applicable for all funds that closed prior to December 31, 2023 will not be less than their applicable carry pool percentages of 40%, 43%, or 65% prior to December 31, 2023, and will not be more than 80%. The intent of this modification is that for all funds that closed prior to January 2, 2024, upon the final liquidation of each fund, realized carried interest distributed will equal the historical fund carry pool allocations up to the high water mark and only distributions of realized carried interest in excess of the high water mark will be distributed at 80 percent if and only if the unrealized carried interest balance at any period end exceeds the high water mark. Under no circumstance would a distribution of carried interest exceed 80% of the total allocable carried interest at any time.
KKR accounts for the carry pool as a compensatory profit-sharing arrangement in Accrued Expenses and Other Liabilities within the accompanying consolidated statements of financial condition in conjunction with the related carried interest income and it is recorded as compensation expense. The liability that is recorded in each period reflects the legal entitlement of Associates Holdings at each point in time should the total unrealized carried interest be realized at the value recorded at each reporting date. Upon a reversal of carried interest income, the related carry pool allocation, if any, is also reversed. Accordingly, such compensation expense is subject to both positive and negative adjustments.
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On the Sunset Date (which will not be later than December 31, 2026), KKR will acquire control of Associates Holdings and will commence making decisions regarding the allocation of the carry proceeds pursuant to the limited partnership agreement of Associates Holdings. Until the Sunset Date, our Co-Founders will continue to make decisions regarding the allocation of the carry proceeds to themselves and others, pursuant to the limited partnership agreement of Associates Holdings, provided that any allocation of carry proceeds to the Co-Founders will be on a percentage basis consistent with past practice. For additional information about the Sunset Date and the Reorganization Agreement, see Note 1 "Organization" in our financial statements included in this report.
Equity-based Compensation
In addition to the cash-based compensation and carry pool allocations as described above, employees receive equity awards under our Equity Incentive Plans, most of which are subject to service-based vesting typically over a three to five-year period from the date of grant, and some of which are also subject to the achievement of market-based conditions. Certain of these awards are subject to post-vesting transfer restrictions and minimum retained ownership requirements.
Compensation expense relating to the issuance of equity-based awards is measured at fair value on the grant date. In determining the aggregate fair value of any award grants, we make judgments as to the grant-date fair value, particularly for certain restricted units with a vesting condition based upon market conditions, whose grant date fair values are based on a probability distributed Monte-Carlo simulation. See Note 19 "Equity Based Compensation,” in our financial statements included in this report for further discussion and activity of these awards.
Investment Income (Loss) - Net Gains (Losses) from Investment Activities
Net gains (losses) from investment activities consist of realized and unrealized gains and losses arising from our investment activities as well as income earned from certain equity method investments. Fluctuations in net gains (losses) from investment activities between reporting periods is driven primarily by changes in the fair value of our investment portfolio as well as the realization of investments. The fair value of, as well as the ability to recognize gains from, our investments is significantly impacted by the global financial markets, which, in turn, affects the net gains (losses) from investment activities recognized in any given period. Upon the disposition of an investment, previously recognized unrealized gains and losses are reversed and an offsetting realized gain or loss is recognized in the current period. Since our investments are carried at fair value, fluctuations between periods could be significant due to changes to the inputs to our valuation process over time. For a further discussion of our fair value measurements and fair value of investments, see above "—Critical Accounting Policies and Estimates—Fair Value Measurements."
Critical Accounting Policies and Estimates – Insurance
Policy Liabilities
Policy liabilities, or collectively, “reserves,” are the portion of past premiums or assessments received that are set aside to meet future policy and contract obligations as they become due. Interest accrues on the reserves and on future premiums, which may also be available to pay for future obligations. Global Atlantic establishes reserves to pay future policy benefits, claims, and certain expenses for its life policies and annuity contracts.
Global Atlantic’s reserves are estimated based on models that include many actuarial assumptions and projections. These assumptions and projections, which are inherently uncertain, involve significant judgment, including assumptions as to the levels and/or timing of premiums, benefits, claims, expenses, interest credits, investment results (including equity market returns), mortality, longevity, and persistency.
The assumptions on which reserves are based are intended to represent an estimation of experience for the period that policy benefits are payable. Global Atlantic reviews the adequacy of its reserves and the assumptions underlying those reserves at least annually. Global Atlantic cannot, however, determine with precision the amount or the timing of actual benefit payments. If actual experience is better than or equal to the assumptions, then reserves would be adequate to provide for future benefits and expenses. If experience is worse than the assumptions, additional reserves may be required to meet future policy and contract obligations. This would result in a charge to Global Atlantic's net income during the period in which excess benefits are paid or an increase in reserves occurs.
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For a majority of Global Atlantic’s in-force policies, including its interest-sensitive life policies and most annuity contracts, the base policy reserve is equal to the account value. For these products, the account value represents Global Atlantic’s obligation to repay to the policyholder the amounts held with Global Atlantic on deposit. However, there are several significant blocks of business where policy reserves, in addition to the account value, are explicitly calculated, including variable annuities, fixed-indexed annuities, interest-sensitive life products (including those with secondary guarantees), and preneed policies.
Market Risk Benefits
Market risk benefits are contracts or contract features that both provide protection to the policyholder from other-than-nominal capital market risk and expose Global Atlantic to other-than-nominal capital market risk. Market risk benefits include certain contract features on fixed annuity and variable annuity products, including minimum guarantees to policyholders, such as guaranteed minimum death benefits ("GMDBs"), guaranteed minimum withdrawal benefits ("GMWBs"), and long-term care benefits (which are capped at the return of account value plus one or two times the account value).
Some of Global Atlantic's variable annuity and fixed-indexed annuity contracts contain a GMDB feature that provides a guarantee that the benefit received at death will be no less than a prescribed minimum amount, even if the account balance is reduced to zero. This amount is based on either the net deposits paid into the contract, the net deposits accumulated at a specified rate, the highest historical account value on a contract anniversary, or sometimes a combination of these values. If the GMDB is higher than the current account value at the time of death, Global Atlantic incurs a cost equal to the difference.
Global Atlantic issues fixed-indexed annuity and variable annuity contracts with a guaranteed minimum withdrawal feature. GMWB are an optional benefit where the contract owner is entitled to withdraw a maximum amount of their benefit base each year.
Once exercised, living benefit features provide annuity policyholders with a minimum guaranteed stream of income for life. A policyholder’s annual income benefit is generally based on an annual withdrawal percentage multiplied by the benefit base. The benefit base is defined in the policy and is generally the initial premium, reduced by any partial withdrawals and increased by a defined percentage, formula, or index credits. Any living benefit payments are first deducted from the account value. Global Atlantic is responsible for paying any excess guaranteed living benefits still owed after the account value has reached zero.
The ultimate cost of these benefits will depend on the level of market returns and the level of contractual guarantees, as well as policyholder behavior, including surrenders, withdrawals, and benefit utilization. For Global Atlantic's fixed-indexed annuity products, costs also include certain non-guaranteed terms that impact the ultimate cost, such as caps on crediting rates that Global Atlantic can, in its discretion, reset annually.
See Note 17 “Policy Liabilities” in our financial statements for additional information.
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As of September 30, 2025, the net market risk liability balance totaled $1.3 billion. As of September 30, 2025, the liability balances for market risk benefits were $1.1 billion for fixed-indexed annuities and $186.0 million for variable and other annuities. The increase (decrease) to the net market risk benefit liability balance as a result of hypothetical changes in interest rates, instrument-specific credit risk, equity market prices, expected mortality, and expected surrenders are summarized in the table below. This sensitivity considers the direct effect of such changes only and not changes in any other assumptions used in or items considered in the measurement of such balances.
As of September 30, 2025
Fixed-Indexed AnnuityOther
($ in thousands)
Balance$1,099,621 $186,009 
Hypothetical Change:
+50 bps Interest Rates(148,822)(38,217)
-50 bps Interest Rates165,705 42,221 
+50 bps Instrument-specific Credit Risk(149,402)(19,764)
-50 bps Instrument-specific Credit Risk165,615 21,565 
+10% Equity Market Prices(63,278)(41,550)
-10% Equity Market Prices49,326 46,733 
95% of Expected Mortality60,505 4,309 
105% of Expected Mortality(56,872)(3,743)
90% of Expected Surrenders30,398 1,644 
110% of Expected Surrenders(28,939)(1,611)
Note: Hypothetical changes to the market risk benefits liability balance do not reflect the impact of related hedges.
Policy Liabilities Accounted for Under a Fair Value Option
Variable annuity contracts offered and assumed by Global Atlantic provide the contractholder with a GMDB. The liabilities for these benefits are included in policy liabilities. Global Atlantic elected the fair value option to measure the liability for certain of these variable annuity contracts valued at $268.4 million as of September 30, 2025. Fair value is calculated as the present value of the estimated death benefits less the present value of the GMDB fees, using 1,000 risk neutral scenarios. Global Atlantic discounts the cash flows using the U.S. Treasury rates plus an adjustment for instrument-specific credit risk in the consolidated statement of financial condition. The change in the liabilities for these benefits is included in policy benefits and claims in the consolidated statement of operations.
As of September 30, 2025, variable annuities accounted for using the fair value option totaled $268.4 million. The increase (decrease) in the reserves for variable annuities accounted for using the fair value option as a result of hypothetical changes in interest rates, instrument-specific credit risk, equity market prices, expected mortality, and expected surrenders are summarized in the table below. This sensitivity considers the direct effect of such changes only and not changes in any other assumptions used in or items considered in the measurement of such balances.
As of September 30, 2025
Variable Annuities
($ in thousands)
Balance$268,382 
Hypothetical Change:
+50 bps Interest Rates(17,950)
-50 bps Interest Rates19,428 
+50 bps Instrument-specific Credit Risk(11,060)
-50 bps Instrument-specific Credit Risk11,454 
+10% Equity Market Prices(13,347)
-10% Equity Market Prices15,973 
95% of Expected Mortality(4,817)
105% of Expected Mortality4,602 
90% of Expected Surrenders337 
110% of Expected Surrenders(349)
Note: Hypothetical changes to the liability balances do not reflect the impact of related hedges.
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Liability for Future Policyholder Benefits
A liability for future policy benefits, which is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue is recognized. The liability is estimated using current assumptions that include mortality, morbidity, lapses, and expenses. These current assumptions are based on judgments that consider Global Atlantic’s historical experience, industry data, and other factors, and are updated quarterly and the current period change in the liability is recognized as a separate component of benefit expense in the consolidated income statement.
As of September 30, 2025, the liability for future policy benefits totaled $13.1 billion, net of reinsurance, split between $11.4 billion associated with payout annuity products, and $1.8 billion of life and other insurance products (including assumed long-term care insurance where Global Atlantic retroceded mortality and morbidity risks to a third-party reinsurer). The increase (decrease) as a result of hypothetical changes in interest rates, credit spreads, expected mortality, and expected surrenders and lapses are summarized in the table below. This sensitivity considers the direct effect of such changes only and not changes in any other assumptions used in or items considered in the measurement of such balances.
As of September 30, 2025
Payout AnnuitiesOther
($ in thousands)
Balance$11,376,604 $1,757,865 
Hypothetical Change:
+50 bps Interest Rates(195,969)(394,067)
-50 bps Interest Rates210,176 424,057 
+50 bps Credit Spreads(161,885)(278,606)
-50 bps Credit Spreads167,673 289,816 
95% of Expected Mortality(1)
74,871 38,438 
105% of Expected Mortality(1)
(71,139)(36,578)
90% of Expected Surrenders/Lapses— (10,116)
110% of Expected Surrenders/Lapses— 9,152 
Note: Hypothetical changes to the liability for future policy benefits balance do not reflect the impact of related hedges.
(1)Includes decrements for terminations of disability insurance.
Additional Liability for Annuitization, Death, or Other Insurance Benefits: No-Lapse Guarantees
Global Atlantic has in-force interest-sensitive life contracts where it provides a secondary guarantee to the policyholder. The policy can remain in-force, even if the base policy account value is zero, as long as contractual secondary guarantee requirements have been met. The primary risk to Global Atlantic is that the premium collected under these policies, together with the investment return Global Atlantic earns on that premium, is ultimately insufficient to pay the policyholder’s benefits and the expenses associated with issuing and administering these policies. Global Atlantic holds an additional reserve in connection with these guarantees.
The additional reserves related to interest-sensitive life products with secondary guarantees are calculated using methods similar to those described above under “—Critical Accounting Policies and Estimates – Insurance—Policy Liabilities—Market Risk Benefits.” The costs related to these secondary guarantees are recognized over the life of the contracts through the accrual and subsequent release of a reserve which is revalued each period. The reserve is calculated based on assessments, over a range of economic scenarios to incorporate the variability in the obligation that may occur under different environments. The change in the reserve is included in policy benefits and claims in the consolidated statements of operations.
As of September 30, 2025, the additional liability balance of primarily interest-sensitive life totaled $6.1 billion, net of reinsurance. The increase (decrease) to the additional liability balance, as a result of hypothetical changes in interest rates, equity market prices, annual equity growth, expected mortality, and expected surrenders are summarized in the table below. This sensitivity considers the direct effect of such changes only and not changes in any other assumptions used in or items considered in the measurement of the interest-sensitive life no-lapse guarantee liability balance.
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As of September 30, 2025
Interest-Sensitive Life
($ in thousands)
Balance$6,100,256 
Hypothetical Change:
+50 bps Interest Rates1,700 
-50 bps Interest Rates(1,700)
+10% Equity Market Prices(1,700)
-10% Equity Market Prices900 
1% Lower Annual Equity Growth6,700 
95% of Expected Mortality(48,800)
105% of Expected Mortality48,300 
90% of Expected Surrenders21,700 
110% of Expected Surrenders(21,300)
Note: Hypothetical changes to the interest-sensitive life additional liability for annuitization, death, or other insurance benefits balance do not reflect the impact of related hedges.

Embedded Derivatives in Policy Liabilities and Funds Withheld
Global Atlantic's fixed-indexed annuity, variable annuity, and indexed universal life products contain equity-indexed features, which are considered embedded derivatives and are required to be measured at fair value.
Global Atlantic calculates the embedded derivative as the present value of future projected benefits in excess of the projected guaranteed benefits, using an option budget as the indexed account value growth rate. In addition, the fair value of the embedded derivative is reduced to reflect instrument specific credit risk on Global Atlantic's obligation (that is, Global Atlantic's own credit risk).
Changes in interest rates, future index credits, instrument-specific credit risk, projected withdrawal and surrender activity, and mortality on fixed-indexed annuity and interest-sensitive life products can have a significant impact on the value of the embedded derivative.
Valuation of Embedded Derivatives – Fixed-Indexed Annuities
Fixed-indexed annuity contracts allow the policyholder to elect a fixed interest rate of return or a market indexed strategy where interest credited is based on the performance of an index, such as the S&P 500 Index, or other indexes. The market indexed strategy is an embedded derivative, similar to a call option. The fair value of the embedded derivative is computed as the present value of benefits attributable to the excess of the projected policy contract values over the projected minimum guaranteed contract values. The projections of policy contract values are based on assumptions for future policy growth, which include assumptions for expected index credits, future equity option costs, volatility, interest rates, and policyholder behavior. The projections of minimum guaranteed contract values include the same assumptions for policyholder behavior as are used to project policy contract values. The embedded derivative cash flows are discounted using a risk-free interest rate increased by instrument-specific credit risk tied to Global Atlantic's own credit rating.
Valuation of Embedded Derivatives – Interest-Sensitive Life Products
Interest-sensitive life products allow a policyholder’s account value to grow based on the performance of certain equity indexes, which results in an embedded derivative similar to a call option. The embedded derivative related to the index is bifurcated from the host contract and measured at fair value. The valuation of the embedded derivative is the present value of future projected benefits in excess of the projected guaranteed benefits, using the option budget as the indexed account value growth rate and the guaranteed interest rate as the guaranteed account value growth rate. Present values are based on discount rate curves determined at the valuation date or issue date as well as assumed lapse and mortality rates. The discount rate equals the forecast treasury rate increased by instrument-specific credit risk tied to Global Atlantic’s own credit rating. Changes in discount rates and other assumptions such as spreads and/or option budgets can have a substantial impact on the embedded derivative.
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Valuation of Embedded Derivatives in Modified Coinsurance or Funds Withheld
Global Atlantic's reinsurance agreements include modified coinsurance and coinsurance with funds withheld arrangements that include terms that require payment by the ceding company of a principal amount plus a return that is based on a proportion of the ceding company’s return on a designated portfolio of assets. Because the return on the funds withheld receivable or payable is not clearly and closely related to the host insurance contract, these contracts are deemed to contain embedded derivatives, which are measured at fair value. Global Atlantic is exposed to both the interest rate and credit risk of the assets. Changes in discount rates and other assumptions can have a significant impact on this embedded derivative. The fair value of the embedded derivatives is included in the funds withheld receivable at interest and funds withheld payable at interest line items on our consolidated statement of financial condition. The change in the fair value of the embedded derivatives is recorded in net investment-related gains (losses) in the consolidated statement of operations.
As of September 30, 2025, the embedded derivative liability balance totaled $7.1 billion for fixed-indexed annuities, and $481.5 million for interest-sensitive life. The increase (decrease) to the embedded derivatives on fixed-indexed annuity and indexed universal life as a result of hypothetical changes in interest rates, credit spreads, and equity market prices are summarized in the table below. This sensitivity considers the direct effect of such changes only and not changes in any other assumptions used in or items considered in the measurement of such balances.
As of September 30, 2025
Fixed-Indexed AnnuitiesInterest Sensitive Life
($ in thousands)
Balance$7,093,583 $481,506 
Hypothetical Change:
+50 bps Interest Rates(116,460)(4,600)
-50 bps Interest Rates122,216 4,800 
+50 bps Credit Spreads(145,273)(4,600)
-50 bps Credit Spreads150,668 4,800 
+10% Equity Market Prices682,076 32,500 
-10% Equity Market Prices(726,000)(72,100)
Note: Hypothetical changes to the market risk benefits liability balance do not reflect the impact of related hedges.

As of September 30, 2025, the embedded derivative balance for modified coinsurance or funds withheld arrangements was a $2.2 billion net asset ($87.3 million in funds withheld receivables at interest, and $(2.1) billion in funds withheld payable at interest). The increase (decrease) to the embedded derivatives on fixed-indexed annuity and interest-sensitive life products as a result of hypothetical changes in interest rates and investment credit spreads are summarized in the table below. This sensitivity considers the direct effect of such changes only and not changes in any other assumptions used in or items considered in the measurement of such balances.
As of September 30, 2025
Embedded Derivative on Funds Withheld ReceivableEmbedded Derivative on Funds Withheld Payable
($ in thousands)
Balance$87,275 $(2,144,755)
Hypothetical Change:
+50 bps Interest Rates(5,908)(1,303,951)
-50 bps Interest Rates9,564 1,382,798 
+50 bps Investment Credit Spreads(32,335)(1,355,144)
-50 bps Investment Credit Spreads32,335 1,443,990 
Note: Hypothetical changes to the funds withheld receivable and payable embedded derivative balances do not reflect the impact of related hedges or trading assets which back the funds withheld at interest.

Recently Issued Accounting Pronouncements
For a full discussion of recently issued accounting pronouncements, see Note 2 "Summary of Significant Accounting Policies" in our financial statements included in this report.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Except for the item disclosed below, there was no material change to our market risks during the three months ended September 30, 2025. For a discussion of our market risks in general, please refer to our Annual Report on Form 10-K for the year ended December 31, 2024. In addition, for a discussion of current risks, uncertainties, and other market and economic conditions, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Business Environment."
Insurance Segment Market Risks
Sensitivities
Interest rate risk
Effect of interest rate sensitivity
In the table below, we estimate the impact of a 50 basis point increase/(decrease) in interest rates, for a parallel shift in the yield curve, from levels as of September 30, 2025, and December 31, 2024, to Global Atlantic's AOCI.
September 30, 2025December 31, 2024
Hypothetical changeHypothetical change
+50 Basis points-50 Basis points+50 Basis points-50 Basis points
($ in thousands)
Total estimated AOCI sensitivity (point in time)$(1,397,098)$1,485,152 $(1,142,278)$1,225,303 
The estimated point in time impact is primarily driven by a (i) net (decrease)/increase in the value of Global Atlantic's available-for-sale fixed maturity securities which are carried at fair value with unrealized gains and losses, (ii) the effect of changes in the discount rates used to measure traditional and limited-payment long duration insurance contracts, and (iii) the effect on additional insurance liabilities when unrealized gains and losses are included in the investment margin while calculating the present value of expected assessments for the benefit ratio; all of which are reported in AOCI. The estimated changes include the related income tax impacts.
The effect of interest rate sensitivity on AOCI increased from December 31, 2024, primarily as a result of the overall increase in market value of the available-for-sale fixed maturity security portfolio due to a decrease in market interest rates and positive net inflows into Global Atlantic’s available-for-sale fixed maturity securities portfolio.
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that the information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and such information is accumulated and communicated to management, including the Co-Chief Executive Officers and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired control objectives.
We carried out an evaluation, under the supervision and with the participation of our management, including the Co-Chief Executive Officers and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2025. Based upon that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that, as of September 30, 2025, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) of the Exchange Act) occurred during the three months ended September 30, 2025, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II — OTHER INFORMATION
ITEM 1.  LEGAL PROCEEDINGS.
For a discussion of KKR's legal proceedings, see the section entitled "Legal Proceedings" appearing in Note 24 "Commitments and Contingencies" in our financial statements included elsewhere in this report, which is incorporated herein by reference.
ITEM 1A.  RISK FACTORS.
Other than as set forth in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Business Environment" in this report, there were no material changes to the risk factors disclosed in our Annual Report.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Share Repurchases in the Three Months Ended September 30, 2025
Under our current share repurchase program, KKR is authorized to repurchase its common stock from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing, manner, price and amount of any common stock repurchases will be determined by KKR in its discretion and will depend on a variety of factors, including legal requirements, price and economic and market conditions. KKR expects that the program, which has no expiration date, will continue to be in effect until the maximum approved dollar amount has been used. The program does not require KKR to repurchase any specific number of shares of common stock, and the program may be suspended, extended, modified or discontinued at any time. In addition to the repurchases of common stock described above, the repurchase program is used for the retirement (by cash settlement or the payment of tax withholding amounts upon net settlement) of equity awards issued pursuant to our Equity Incentive Plan representing the right to receive shares of common stock.
As of October 31, 2025, there is approximately $440 million remaining under KKR's share repurchase program.
The table below sets forth the information with respect to repurchases made by or on behalf of KKR & Co. Inc. or any "affiliated purchaser" (as defined in Rule 10b-18(a)(3) under the Exchange Act) of our common stock for the periods presented. During the three months ended September 30, 2025, no shares of common stock were repurchased, and 8,333 equity awards were retired.
Issuer Purchases of Common Stock
(amounts in thousands, except share and per share amounts)
Total Number of Shares Purchased Average Price Paid Per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1)
Month #1
(July 1, 2025 to July 31, 2025)		— $— — $458,664 
Month #2
(August 1, 2025 to August 31, 2025)		— $— — $457,697 
Month #3
(September 1, 2025 to September 30, 2025)
— $— — $457,482 
Total through September 30, 2025
— — $457,482 
(1)As previously announced in April 2024, the share repurchase program was amended such that when the remaining available amount under the share repurchase program becomes $50 million or less (the “Share Repurchase Program Increase Threshold”), the total available amount under the share repurchase program would automatically add an additional $500 million to the then remaining available amount of $50 million or less. The Share Repurchase Program Increase Threshold was reached during the three months ended June 30, 2025, and the share repurchase program total available amount increased by $500 million. Any additional increases to this remaining available amount would require a separate approval by the Board of Directors of KKR & Co. Inc.

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Unregistered Sales of Equity in the Three Months Ended September 30, 2025
On July 30, 2025, and September 29, 2025, in connection with our acquisition of a majority ownership stake in HealthCare Royalty Management, LLC, a biopharma royalty acquisition company, we issued an aggregate of 0.4 million restricted holdings units through KKR Holdings III (“Holdings III Units”) as partial consideration for the transaction. Holdings III Units may be exchanged for shares of KKR common stock on a one-for-one basis, subject to applicable vesting and certain other conditions. The Holdings III Units were issued pursuant to Section 4(a)(2) of the Securities Act, exempting issuances by an issuer not involving a public offering.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
Not applicable.
ITEM 4.  MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5. OTHER INFORMATION.
Not applicable.

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ITEM 6. EXHIBITS.
The following is a list of all exhibits filed or furnished as part of this report:
Exhibit No. Description of Exhibit
3.1
Second Amended and Restated Certificate of Incorporation of KKR & Co. Inc. (incorporated by reference to Exhibit 3.1 to the KKR & Co. Inc. Current Report on Form 8-K filed on August 9, 2024).
3.2
Second Amended and Restated Bylaws of KKR & Co. Inc. (incorporated by reference to Exhibit 3.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on August 9, 2024).
4.1
Second Supplemental Indenture dated as of August 7, 2025 among the Issuer, the 2035 Notes Guarantor and the 2035 Notes Trustee (incorporated by reference to Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on August 7, 2025).
4.2
Form of 5.100% Senior Note due 2035 (included within Exhibit 4.2 to the KKR & Co. Inc. Current Report on Form 8-K filed on August 7, 2025).
22.1
Subsidiary Guarantor and Subsidiary Issuer of Guaranteed Securities.
31.1 
Certification of Co-Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.
31.2 
Certification of Co-Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3 
Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 
Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 
Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3 
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101 Interactive data files pursuant to Rule 405 of Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Financial Condition as of September 30, 2025 and December 31, 2024, (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and September 30, 2024, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and September 30, 2024; (iv) the Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2025 and September 30, 2024, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024, and (vi) the Notes to the Condensed Consolidated Financial Statements.
104Cover page interactive data file, formatted in Inline XBRL and contained in Exhibit 101.
The registrant hereby agrees to furnish to the SEC at its request copies of long-term debt instruments defining the rights of holders of outstanding long-term debt that are not required to be filed herewith.
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
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SIGNATURES 
Pursuant to requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 KKR & CO. INC.
  
  
 By:/s/ ROBERT H. LEWIN
  Robert H. Lewin
  Chief Financial Officer
  (principal financial and accounting officer)
   
DATE:November 7, 2025  

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