Cautionary Statement

“KKR” means Kohlberg Kravis Roberts & Co. L.P. and its corporate affiliates that operate KKR’s legacy asset management business, which includes its capital markets subsidiaries but does not include The Global Atlantic Financial Group LLC or its subsidiaries (“Global Atlantic”) or any other subsidiaries of KKR & Co. Inc., including KJR Management and its subsidiaries (“KJRM”). “KKR” includes the investment funds, vehicles, and accounts advised by KKR, as the context requires, but does not include the portfolio companies owned by KKR’s investment funds, vehicles and accounts. References to KKR & Co. Inc. in this report refer to KKR & Co. Inc. and its subsidiaries, as the context requires. “We” and “our” refer to KKR & Co. Inc., KKR or Global Atlantic, as the context requires. For further information on the scope of KKR’s Responsible Investment Policy, see the publicly available Responsible Investment Policy at www.kkr.com. Notwithstanding the foregoing or any other statements made in this report, including the particular defined terms used throughout, the disclosures in this report do not purport to be applicable to, or derived from, all of the legal entities, business units, activities or operations constituting KKR & Co. Inc., KKR or Global Atlantic, as defined.  

Certain key non-GAAP and other operating and performance measures that were used by management in making operational and resource deployment decisions as well as assessing the performance of KKR & Co. Inc.’s business for the year ended December 31, 2025 are included in this report. This includes certain financial measures that are calculated and presented using methodologies other than in accordance with U.S. generally accepted accounting principles (“GAAP”). We believe that providing these non-GAAP measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall performance of KKR’s business. These non-GAAP measures are in addition to, and not a substitute for, measures of financial and operating performance prepared in accordance with U.S. GAAP. We also caution readers that these non-GAAP financial measures may differ from the calculations made by other investment managers, and as a result, may not be directly comparable to similarly titled financial measures presented by other investment managers. While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of KKR’s business, they may not include all items that are significant to an investor’s analysis of our financial results. Please see the 2025 10-K for definitions ascribed to our key non-GAAP and other operating and performance measures, a reconciliation of non-GAAP measures to comparable GAAP measures, cautionary disclosures relating to forward-looking statements, and other important information about KKR. 

This report documents activities and includes financial and performance data which are as of December 31, 2025, unless otherwise noted. This report is dated June 23, 2026 and speaks only as of such date, unless otherwise stated, and access to this report at any given time shall not give rise to any implication that there has been no change in the facts set forth in this report since such date. This report is not, and shall not be construed, as an offer to purchase or sell, or the solicitation of an offer to purchase or sell any securities in any jurisdiction.  

Past Performance and Investment Returns 

Past performance is not a guarantee of future results. Information about any fund or strategy and investments made by such fund or strategy, including past performance of such fund, strategy or investment, is provided solely to illustrate KKR’s investment experience, and processes and strategies used by KKR in the past with respect to such funds or strategies. The performance information relating to KKR’s historical investments is not intended to be indicative of any fund’s or strategy’s future results or the future results of KKR. Certain funds or strategies are also relatively new and their limited historical results may not be indicative of results they will experience over a longer period of time. There can be no assurance that any KKR entity (including any KKR investment fund, vehicle or account, or Global Atlantic) will achieve results comparable to any results included in this report, or that any investments made by a KKR entity now, in the past or in the future will be profitable, or that KKR entities will find investment opportunities similar to any presented in connection with this report. Actual realized value of currently unrealized investments will depend on, among other factors, the value of the investments and market conditions at the time of disposition, related transaction costs, the timing and manner of sale, and many of the risks described in the forward-looking statements section of this Cautionary Statement, all of which may differ from the assumptions and circumstances on which the currently unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. 

Third Party Sources and Other Information 

Certain information presented in this report has been developed internally or obtained from sources believed to be reliable; however, KKR does not give any representation or warranty as to the accuracy, adequacy, timeliness or completeness of such information, and assumes no responsibility for independent verification of such information. 

Forward-Looking Statements 

This report contains certain forward-looking statements pertaining to KKR, including investment funds, vehicles and accounts managed by KKR and Global Atlantic. You can identify these forward-looking statements by the use of words such as “opportunity,” “outlook,” “believe,” “think,” “expect,” “potential,” “continue,” “may,”  “seek,” “approximately,” “predict,” “intend,” “will,” “plan,” “estimate,”  “visibility,” “positioned,” “path to,” “conviction”, the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but, not limited to, any statements with respect to: statements regarding KKR’s business, financial condition, and operations; the potential for future business growth; non-GAAP and segment measures and performance metrics; KKR’s ability to grow its AUM, to deploy capital, to realize unrealized investment appreciation, and the time period over which such events may occur; KKR’s ability to manage the investments in and operations of acquired companies and businesses; the effects of any transactional activity on KKR’s operating results, including pending sales of investments; expansion and growth opportunities and other synergies resulting from acquisitions of companies (including the acquisition and integration of Global Atlantic), 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. 

These forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. The use of words such as “consistent,” “trends,” or comparable words or other statements is not a guarantee of future performance or that any other statements to which these apply are guaranteed to occur. If a change occurs, forward-looking statements made as part of this report may vary materially from those expressed in the applicable forward-looking statements. 

These forward-looking statements include target, goal, hypothetical or estimated results, projections and other comparable phrases and concepts are hypothetical in nature and are shown for illustrative, informational purposes only. Except as otherwise specifically stated, this information is not intended to forecast or predict future events, but rather to show the hypothetical estimates calculated using the specific assumptions presented herein. It does not reflect any actual results, which may differ materially. Certain of the forward-looking information has been made for illustrative purposes and may not materialize. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in calculating the target, goal, hypothetical or estimated results have been stated or fully considered. Changes in the assumptions may have a material impact on the target, goal, hypothetical or estimated results presented. Target, goal, hypothetical or estimated results or projections may not materialize. 

These statements are subject to numerous risks, uncertainties and assumptions, including those listed here in the above paragraphs and described under the section entitled “Risk Factors” in KKR & Co. Inc.’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as being exhaustive and should be read in conjunction with the other cautionary statements that are included in this report and in KKR & Co. Inc.’s filings with the SEC. 

All forward-looking statements speak only as of the date of this report. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. 

KKR Entities

Nothing in this report is intended to constitute, and shall not be construed as constituting, the provision of any tax, accounting, financial, investment, insurance, regulatory, legal or other advice by KKR, KKR & Co. Inc., or its representatives. Without limiting the foregoing, this report is not and shall not be construed as an “advertisement” for purposes of the Investment Advisers Act of 1940, as amended, or an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any security, service or product of or by any KKR or KKR & Co. Inc. entity, including but not limited to any investment advice, any investment fund, vehicle or account, any capital markets service, or any insurance product, including but not limited to (i) any investment funds, vehicles or accounts sponsored, advised or managed by (or any investment advice from) Kohlberg Kravis Roberts & Co. L.P., KKR Credit Advisors (US) LLC, KKR Credit Advisors (Ireland) or other subsidiary, (ii) any capital markets services by KKR Capital Markets LLC (“KCM”) or any KCM affiliate outside the United States, or (iii) any insurance product or reinsurance offered by Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, First Allmerica Financial Life Insurance Company, Forethought Life Insurance Company, Global Atlantic Re Limited, Global Atlantic Assurance Limited or any other Global Atlantic owned or sponsored insurance company, or any investment or insurance product or reinsurance offered by any insurance-related vehicle sponsored or managed by Global Atlantic.

Each KKR and KKR & Co. Inc. entity is responsible for its own financial, contractual and legal obligations. This report has been prepared solely for informational purposes. This report is not intended to make, and does not make, any financial or investment recommendation or otherwise promote a product or service of KCM or any of its affiliates.

Sustainability  

The United Nations Sustainability Development Goals (“SDGs”) are aspirational in nature. Investors should not place undue reliance on KKR’s application of the SDGs, as such application is subject to change at any time and in KKR’s sole discretion. Further, statistics and metrics relating to our sustainability matters, including greenhouse gas (“GHG”) metrics, are estimates and may be based on assumptions or developing standards (including KKR’s internal standards and policies) and, as a result, may be hypothetical in nature and may vary materially. Such statistics and metrics, including those relating to our financed emissions and the number of portfolio companies associated with such emissions, are subject to change in the future. 

KKR’s sustainability initiatives, policies, and procedures are subject to KKR’s fiduciary or similar duties and applicable legal, regulatory, and contractual requirements. There can be no assurance that KKR’s policies and procedures as described in this report, including policies and procedures related to sustainability or the application of sustainability-related criteria or reviews to the investment process, including any scorecard, will continue; such policies and procedures could change, even materially, or may not be applied to a particular investment at KKR’s discretion, based on cost, timing, or other considerations. The degree of influence that sustainability checklists and scorecards in certain strategies have on the investment process varies based on the applicable investment strategy and may otherwise vary on a case-to-case basis. The actual investment process used for any particular investment may differ materially from the process described herein. There is no guarantee that KKR will remain a signatory, supporter, or member of any Sustainability, Impact, or Responsible Investment initiatives or other similar industry frameworks.  

Statements about sustainability initiatives or practices related to portfolio companies do not apply in every instance and depend on factors including, but not limited to, the relevance or implementation status of a sustainability initiative, to or within, the portfolio company; the nature and/or extent of investment in, ownership of or, control or influence exercised by KKR with respect to the portfolio company; and other factors as determined by investment teams, corporate groups, asset management teams, portfolio operations teams, companies, investments, and/or businesses on a case-by-case basis. Sustainability factors are only some of the many factors KKR considers in evaluating an investment, and there is no guarantee that consideration of sustainability factors will enhance long-term value and financial returns for investors. To the extent KKR engages with portfolio companies on sustainability-related practices and potential enhancements thereto, there is no guarantee that such engagements will improve the financial performance or risk profile of the investment. In addition, the act of identifying and evaluating material sustainability factors is subjective by nature, and there is no guarantee that the criteria utilized or judgment exercised by KKR will correlate with the perceived material sustainability risks, views, internal policies or preferred practices of investors, other asset managers or with market trends. 

Case studies presented herein are for illustrative purposes only, and have been selected in order to provide examples illustrating KKR’s application of its sustainability policies and procedures with respect to its portfolio investments and do not purport to be a complete list thereof. Certain information was provided by third parties, including KKR’s portfolio investments, and in certain cases has not been updated through the date hereof. The specific investments/portfolio companies identified are not representative of all of investments purchased, sold or recommended by KKR, and it should not be assumed that the investment in the companies identified was or will be profitable. This Report does not represent the full depth of information discussed and analyzed with respect to the applicable investments and does not contain the full set of considerations evaluated. Investments of the type presented herein may not be included in any future fund sponsored by KKR and there is no guarantee that KKR will employ the same techniques with any future investment strategy. Case studies are selected to reflect a representative mix of investments across strategies. The selection aims to maintain balanced geographic representation and highlight a range of sustainability topics, while prioritizing investments not recently featured in prior reports.

Descriptions of any sustainability or impact achievements or improved practices or outcomes are not necessarily intended to indicate that KKR has substantially contributed to such achievements, practices, or outcomes. For instance, KKR’s sustainability efforts may have been one of many factors contributing to the success described in each of the selected case studies. Further, the receipt of any awards or designations by KKR, KKR & Co. Inc., or the portfolio companies described herein is no assurance that KKR’s investment objectives have been achieved or successful. Further, such awards are not, and should not be deemed to be, a recommendation or evaluation of KKR’s investment management business. Any such awards or designations presented herein are the opinion of the respective parties conferring the award or designation and not of KKR, KKR & Co. Inc., or the portfolio company. KKR, KKR & Co. Inc., or the portfolio company may have paid a fee to participate in such awards or assessments. The receipt of compensation influences, and is likely to present a potential material conflict of interest, relating to any granted award or designation. There can be no assurance that other providers or surveys would reach the same conclusions. 

Certain information contained herein relating to any goals, targets, intentions, or expectations, including with respect to net-zero targets and related timelines, is subject to change, and no assurance can be given that such goals targets, intentions, or expectations will be met. Further, the information included herein does not imply that KKR sets any greenhouse gas emissions-related goals, targets, intentions, or expectations, including with respect to net-zero targets and related timelines. These statements are subject to numerous risks, uncertainties and assumptions.  

In this report, we are not using such terms as “material” or “materiality” as they are used under the securities or other laws of the U.S. or any other jurisdiction, or as they are used in the context of financial statements and financial reporting. Materiality, for purposes of this report should not, therefore, be read as equating to any use of the word in other KKR reporting or statements. “Material” sustainability issues are defined as those issues that KKR, in its sole discretion, determines to have — or have the potential to have — a substantial impact on an organization’s ability to create or preserve economic value. Any discussion of sustainability-related topics that are potentially material to a portfolio company refers only to the materiality of such topic to a portfolio company and does not imply or indicate that such topic is material to KKR or KKR & Co. Inc.