KKR & Co. Inc.

Reports
First Quarter 2023 Financial Results

May 8, 2023
KKR Reports First Quarter 2023 Financial Results
New York, May 8, 2023 – KKR & Co. Inc. (NYSE: KKR) today reported its first quarter 2023 results.

Conference Call
A conference call to discuss KKR's financial results will be held on May 8,
2023 at 12:00 p.m. ET. The conference call may be accessed by dialing +1 “Against a dynamic macroeconomic and
(877) 407-0312 (U.S. callers) or +1 (201) 389-0899 (non-U.S. callers); a
pass code is not required. Additionally, the conference call will be broadcast market backdrop, our first quarter
live over the Internet and may be accessed through the Investor Center
section of KKR's website at https://ir.kkr.com/events-presentations/. A financial results proved resilient
replay of the live broadcast will be available on KKR's website beginning
reflecting the breadth and strength of
approximately one hour after the live broadcast ends.
our firm. Over the last 12 months, 95%
About KKR of the new capital entrusted to us has
KKR is a leading global investment firm that offers alternative asset
been outside of our traditional private
management as well as capital markets and insurance solutions. KKR aims to
generate attractive investment returns by following a patient and disciplined equity funds reflecting our continued
investment approach, employing world-class people, and supporting growth
in its portfolio companies and communities. KKR sponsors investment funds diversification. In our experience,
that invest in private equity, credit and real assets and has strategic partners
that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life
volatility creates opportunity — with
and reinsurance products under the management of The Global Atlantic over $100 billion of dry powder ready
Financial Group. References to KKR’s investments may include the activities
of its sponsored funds and insurance subsidiaries. For additional information to deploy on behalf of our clients
about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at
www.kkr.com and on Twitter @KKR_Co.
globally, we remain very well
positioned.”

Joseph Y. Bae and Scott C. Nuttall

Co-Chief Executive Officers

i
KKR Reports First Quarter 2023 Financial Results
Legal Disclosures
This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business,
operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, “KKR”), which includes The Global Atlantic Financial Group LLC and its
subsidiaries (collectively, “Global Atlantic”) as of May 8, 2023. This presentation is not and shall not be construed as an offer to purchase or sell, or the
solicitation of an offer to purchase or sell any securities of KKR & Co. Inc. This presentation may not be distributed, referenced, quoted or linked by website,
in whole or in part, except as agreed to in writing by KKR & Co. Inc.
The statements contained in this presentation are made as of the date of this presentation (other than financial figures, which are as of quarter end), unless
another time is specified in relation to them, and access to this presentation at any given time shall not give rise to any implication that there has been no
change in the facts set forth in this presentation since that date.
This presentation contains certain forward-looking statements pertaining to KKR, including with respect to the investment funds, vehicles and accounts
managed by KKR and the insurance companies managed by Global Atlantic. Forward-looking statements relate to expectations, estimates, beliefs, projections,
future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these
forward-looking statements by the use of words such as "outlook," "believe," “think,” "expect," "potential," "continue," "may," "should," "seek,"
"approximately," "predict," "intend," "will," "plan," "estimate,“ "anticipate," the negative version of these words, other comparable words or other statements
that do not relate strictly to historical or factual matters. These forward-looking statements are based on KKR’s beliefs, assumptions and expectations, but
these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or within its control.
Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements.
Past performance is no guarantee of future results. All forward-looking statements speak only as of the date of this presentation. KKR does not undertake any
obligation to update any forward-looking statements to reflect circumstances or events that occur after the date of this presentation except as required by
law. Please see the Appendix for additional important information about forward looking statements, including the assumptions and risks concerning
projections and estimates of future performance.
This presentation includes certain non-GAAP measures, including after-tax distributable earnings (or DE), fee related earnings (or FRE), book value. These
non-GAAP measures are in addition to, and not a substitute for, measures of financial and operating performance prepared in accordance with U.S. GAAP.
While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of KKR’s business, they may not include
all items that are significant to an investor’s analysis of our financial results. Please see the Appendix for additional important information about the non-
GAAP measures presented herein and a reconciliation of non-GAAP measures to comparable GAAP measures.
Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be
considered when making a decision to purchase or sell any securities of KKR & Co. Inc., can be found in KKR & Co. Inc.’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023 and its other filings with the SEC, which are available at www.sec.gov.

Contact Information

Investor Relations Media

Craig Larson Kristi Huller
Phone: +1 (877) 610-4910 in U.S. / +1 (212) 230-9410 Phone: +1 (212) 750-8300
investor-relations@kkr.com media@kkr.com

ii
KKR & Co. Inc.
First Quarter Earnings
KKR’s First Quarter 2023 GAAP Results (Unaudited)
• GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $322.7 million for the
quarter. GAAP Stockholders’ Equity Per Outstanding Share of Common Stock was $21.54 at quarter end.

($ in thousands, except per share data) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Revenues

Asset Management $ (165,232) $ 1,126,034 $ 6,349,378 $ 1,612,384

Insurance 1,164,595 2,001,448 6,315,032 6,219,915

Total Revenues $ 999,363 $ 3,127,482 $ 12,664,410 $ 7,832,299

Expenses

Asset Management 536,486 811,508 4,504,396 2,490,507

Insurance 821,246 2,048,575 5,243,815 5,009,660

Total Expenses $ 1,357,732 $ 2,860,083 $ 9,748,211 $ 7,500,167

Total Investment Income (Loss) - Asset Management $ 1,647,408 $ 141,036 $ 7,594,588 $ (1,504,957)

Income Tax Expense (Benefit) 36,651 148,747 935,938 237,489

Redeemable Noncontrolling Interests (63) (7,303) 3,997 (4,448)

Noncontrolling Interests 1,244,987 (73,003) 6,589,427 (1,216,732)

Preferred Stock Dividends 17,250 17,250 97,306 69,000

Net Income (Loss) - KKR Common Stockholders $ (9,786) $$— 322,744 $ 2,884,119 $ (258,134)

Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock

Basic $ (0.02) $ 0.37 $ 4.92 $ (0.32)

Diluted $ (0.02) $ 0.36 $ 4.61 $ (0.32)

Weighted Average Shares of Common Stock Outstanding

Basic 592,202,835 861,108,510 586,074,705 815,810,479

Diluted 592,202,835 887,169,336 640,185,279 815,810,479

4Q'22 1Q'23

KKR & Co. Inc. Stockholders' Equity Per Outstanding Share of Common Stock $ 20.55 $ 21.54

Note: All figures in this presentation are as of March 31, 2023, unless otherwise specifically indicated. See Appendix for GAAP income statement and GAAP balance sheet. Totals may
not add due to rounding. As required under GAAP, for the quarter ended March 31, 2022 and for the last twelve months ended March 31, 2023, unvested shares of common
stock of KKR & Co. Inc. are excluded from the calculation of diluted earnings per share of common stock because inclusion of such unvested shares of common stock would be
antidilutive having the effect of decreasing the loss per share of common stock.

1
KKR’s First Quarter 2023 Highlights
• Fee Related Earnings (“FRE”) of $549 million ($0.62/adj. share) in the quarter, down
9% year-over-year
• FRE was $2.1 billion in the LTM ($2.38/adj. share), down 5% year-over-year
• After-tax Distributable Earnings (“DE”) of $719 million ($0.81/adj. share) in the
Financial Measures quarter, down 26% year-over-year
• DE was $3.3 billion in the LTM ($3.67/adj. share), down 23% year-over-year
• Book Value Per Adjusted Share (“BVPS”) of $27.65 at quarter end including $19.52
per adj. share of Net Cash and Total Investments

• Assets Under Management (“AUM”) of $510 billion, up 6% year-over-year

• Fee Paying Assets Under Management (“FPAUM”) of $416 billion, up 12% year-
over-year
Capital Metrics • Uncalled Commitments of $106 billion, down 7% year-over-year
• New Capital Raised of $12 billion in the quarter and $67 billion in the LTM
• Capital Invested of $10 billion in the quarter and $60 billion in the LTM

• Regular dividend of $0.165 per share of common stock was declared for the quarter,
up 6% on an annualized basis from the 2022 dividend
• Beginning this quarter: i) KKR's financial statements reflect the implementation of
long duration targeted improvements (LDTI) accounting changes at Global Atlantic; and
Corporate ii) KKR's Insurance Segment Operating earnings are shown on a pre-tax basis. Within
KKR's Segment Earnings, taxes attributable to KKR's Asset Management and Insurance
segments are both captured within the "Income Taxes on Operating Earnings" line item.
On May 3, 2023, KKR filed a Form 8-K with recast figures for 2021 and 2022 reflecting
both of these changes

Note: Adj. share refers to adjusted shares. See the Appendix for GAAP reconciliations, endnotes about Net Cash and Total Investments and other important
information. See page 26 for record and payment dates for common and preferred stock.

2
KKR’s First Quarter 2023 Segment Earnings

($ in thousands, except per share data) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Management Fees $ 624,928 $ 738,156 $ 2,256,628 $ 2,769,715

Transaction and Monitoring Fees, Net 306,038 142,179 1,174,602 612,074

Fee Related Performance Revenues 12,051 21,741 47,607 100,355

Fee Related Compensation (212,220) (203,094) (782,822) (760,609)

Other Operating Expenses (125,875) (150,404) (484,869) (610,528)

Fee Related Earnings $ 604,922 $ 548,578 $ 2,211,146 $ 2,111,007

Realized Performance Income 609,207 175,398 2,579,494 1,742,849

Realized Performance Income Compensation (383,635) (114,009) (1,512,826) (1,063,900)

Realized Investment Income 349,354 198,094 1,501,325 983,159

Realized Investment Income Compensation (52,403) (29,714) (225,206) (136,314)

Asset Management Segment Operating Earnings 1,127,445 778,347 4,553,933 3,636,801

Insurance Segment Operating Earnings 143,947 205,112 847,444 785,927

Distributable Operating Earnings 1,271,392 983,459 5,401,377 4,422,728

Interest Expense and Other (77,076) (91,126) (301,046) (352,439)

Income Taxes on Operating Earnings (220,279) (173,057) (868,964) (812,742)

After-tax Distributable Earnings $ 974,037 $ 719,276 $ 4,231,367 $ 3,257,547

Additional Financial Measures and Capital Metrics:

FRE per Adjusted Share $ 0.69 $ 0.62 $ 2.51 $ 2.38

After-tax DE per Adjusted Share $ 1.11 $ 0.81 $ 4.80 $ 3.67

Total Asset Management Segment Revenues $ 1,901,578 $ 1,275,568 $ 7,559,656 $ 6,208,152

Assets Under Management $ 479,032,000 $ 510,069,000 $ 479,032,000 $ 510,069,000

Fee Paying Assets Under Management $ 371,176,000 $ 415,871,000 $ 371,176,000 $ 415,871,000

Note: See Appendix for GAAP reconciliations, endnotes about taxes affecting After-tax Distributable Earnings and other important information.

3
Management Fees and Fee Related Earnings
Management Fees Fee Related Earnings Per Adjusted Share

• Increased by 23% to $2.8 billion in the LTM • Decreased 5% year-over-year driven primarily by
lower capital markets revenues reflecting reduced
• Growth has been driven by an increase in Fee issuance levels across global equity and leveraged
Paying AUM from organic capital raised loan markets

($ in millions)

$2.51
$2,770
$2,656
$2.38

$2,257

$2,071
64%
61%

61%

$1,442

58%

2020 2021 2022 LTM LTM LTM 1Q'22 LTM 1Q'23

1Q'22 1Q'23
FRE per adjusted share FRE margin

4
Assets Under Management
• AUM increased to $510 billion, up 6% year-over-year, with $12 billion of organic new capital raised in the
quarter and $67 billion in the LTM
• Fee Paying AUM of $416 billion, up 12% year-over-year, with $13 billion of organic new capital raised in the
quarter and $65 billion in the LTM
• Perpetual Capital reached $197 billion, up 19% year-over-year driven primarily by the organic growth of
Global Atlantic and the acquisition of KJRM. Perpetual capital represents 39% of AUM and 47% of FPAUM

AUM Fee Paying AUM Perpetual Capital

($ in billions) ($ in billions) ($ in billions)

$510 $416 $197

$479
$371 $165

1Q'22 1Q'23 1Q'22 1Q'23 1Q'22 1Q'23

Note: Perpetual capital is capital of indefinite duration, which may be reduced or terminated under certain conditions. See Appendix for endnotes about
perpetual capital and other important information.

5
Additional Capital Detail
• Dry Powder: Uncalled commitments of $106 billion are diversified across the firm’s strategies and are down 7%
year-over-year
• AUM Not Yet Paying Fees: At quarter end, there was $37 billion of committed capital with a weighted average
management fee rate of ~100 bps that becomes payable when the capital is invested or enters its investment
period, up 3% year-over-year
• Carry Eligible AUM: Of the $251 billion of carried interest eligible AUM, $170 billion is above cost and accruing
carry
• Performance Fee Eligible AUM: $316 billion, up 3% year-over-year

Performance Fee Eligible AUM Uncalled Commitments

($ in billions) ($ in billions)

$316 $115

$308 $106

1Q'22 1Q'23 1Q'22 1Q'23

Note: See Appendix for endnotes for additional information.

6
Fund Investment Performance
• Gross unrealized carried interest totals $4.5 billion as of March 31, 2023

Gross Return

1Q'23 LTM

Private Equity

Traditional Private Equity Portfolio 2% -9%

Real Assets

Opportunistic Real Estate Portfolio -3% -9%

Infrastructure Portfolio 7% 9%

Credit

Leveraged Credit Composite 4% 2%

Alternative Credit Composite 2% 2%

Note: Traditional Private Equity does not include Core or Growth. See Appendix for endnotes explaining composition of the portfolios and composites
presented on this page and for other important information. Past performance is no guarantee of future results.

7
Segment Detail
Asset Management Segment − Private Equity
• AUM: Remained flat quarter-over-quarter and decreased 5% year-over-year to $166 billion with organic new
capital raised of $0.3 billion in the quarter and $12 billion in the LTM
• Europe VI held its final close in 1Q bringing the total fund size, including employee commitments, to $8
billion, ~20% larger than its predecessor
• Realizations: Carried Interest in 1Q driven largely by Core Private Equity and realizations from the Growth
Equity portfolio
• Capital Invested: $3 billion in the quarter and $17 billion in the LTM. In 1Q, deployment was driven by
Traditional Private Equity and Core Private Equity across all geographies
• Performance: The Traditional PE portfolio declined 9% in the LTM

($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Management Fees $ 282,184 $ 316,341 $ 1,037,396 $ 1,222,620

Transaction and Monitoring Fees, Net 33,056 34,274 135,546 121,628

Fee Related Performance Revenues — — — —

Fee Related Revenues $ 315,240 $ 350,615 $ 1,172,942 $ 1,344,248

Carried Interest $ 579,767 $ 163,003 $ 2,057,585 $ 1,453,297

Incentive Fees 24,056 49 62,051 9,512

Realized Performance Income $ 603,823 $ 163,052 $ 2,119,636 $ 1,462,809

Capital Metrics:

Assets Under Management $ 174,406,000 $ 165,762,000 $ 174,406,000 $ 165,762,000

Fee Paying Assets Under Management $ 94,812,000 $ 102,323,000 $ 94,812,000 $ 102,323,000

Capital Invested $ 4,384,000 $ 2,863,000 $ 20,077,000 $ 17,304,000

Uncalled Commitments $ 70,362,000 $ 64,067,000 $ 70,362,000 $ 64,067,000

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Asset Management Segment − Real Assets
• AUM: Increased 2% quarter-over-quarter and 29% year-over-year to $121 billion with organic new capital
raised of $3 billion in the quarter and $21 billion in the LTM
• New capital raised in the quarter driven by multiple Real Estate equity and credit strategies
• Realizations: Carried Interest in 1Q driven by Global Infrastructure
• Capital Invested: $5 billion in the quarter and $23 billion in the LTM. In 1Q, deployment was driven primarily
by Infrastructure across both Europe and Asia, as well as Real Estate Credit and Asia Real Estate equity
• Performance: The Infrastructure portfolio appreciated 9% and the Opportunistic Real Estate portfolio declined
9% in the LTM

($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Management Fees $ 153,813 $ 193,365 $ 515,774 $ 719,442

Transaction and Monitoring Fees, Net 7,630 5,734 25,843 31,306

Fee Related Performance Revenues 2,317 3,704 9,833 52,570

Fee Related Revenues $ 163,760 $ 202,803 $ 551,450 $ 803,318

Carried Interest $ — $ 9,686 $ 93,834 $ 123,151

Incentive Fees — — — —

Realized Performance Income $ — $ 9,686 $ 93,834 $ 123,151

Capital Metrics:

Assets Under Management $ 93,807,000 $ 120,806,000 $ 93,807,000 $ 120,806,000

Fee Paying Assets Under Management $ 77,260,000 $ 105,727,000 $ 77,260,000 $ 105,727,000

Capital Invested $ 9,020,000 $ 4,666,000 $ 28,273,000 $ 23,490,000

Uncalled Commitments $ 33,123,000 $ 27,661,000 $ 33,123,000 $ 27,661,000

10
Asset Management Segment − Credit and Liquid Strategies
• AUM: Increased 2% quarter-over-quarter and 6% year-over-year to $224 billion with organic new capital
raised of $9 billion in the quarter and $34 billion in the LTM
• New capital raised in the quarter came from a diverse set of Leveraged Credit and Private Credit strategies
• Capital Invested: $2 billion in the quarter and $19 billion in the LTM. 1Q deployment was most active in
asset-based finance and direct lending
• Performance: The Leveraged Credit composite appreciated 2%, with the Alternative Credit composite up 2%
in the LTM

($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Management Fees $ 188,931 $ 228,450 $ 703,458 $ 827,653

Transaction and Monitoring Fees, Net 10,096 284 23,247 12,206

Fee Related Performance Revenues 9,734 18,037 37,774 47,785

Fee Related Revenues $ 208,761 $ 246,771 $ 764,479 $ 887,644

Carried Interest $ — $ — $ 15,336 $ 10,334

Incentive Fees 5,384 2,660 350,688 146,555

Realized Performance Income $ 5,384 $ 2,660 $ 366,024 $ 156,889

Capital Metrics:

Assets Under Management $ 210,819,000 $ 223,501,000 $ 210,819,000 $ 223,501,000

Fee Paying Assets Under Management $ 199,104,000 $ 207,821,000 $ 199,104,000 $ 207,821,000

Capital Invested $ 7,972,000 $ 2,238,000 $ 39,452,000 $ 19,008,000

Uncalled Commitments $ 11,351,000 $ 14,538,000 $ 11,351,000 $ 14,538,000

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Asset Management Segment − Capital Markets
• Transaction Fees: Totaled $102 million in the quarter and $447 million in the LTM
• 1Q fees by geography and transaction type:
• 45% originated in Europe with 41% and 14% from North America and Asia, respectively
• Core Private Equity was the largest fee generating strategy with 35% of total fees, followed by Traditional
Private Equity generating 32%
• Approximately half of transaction fees were equity focused

($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Transaction Fees $ 255,256 $ 101,887 $ 989,966 $ 446,934

Asset Management Segment − Principal Activities

• Realizations: Realized Investment Income of $198 million in the quarter and $983 million in the LTM
• Realizations in the quarter primarily driven by activity relating to Growth Equity
• Balance Sheet Investment Return: Flat in the quarter and down 5% in the LTM
• Embedded Gains: $4.6 billion of embedded unrealized gains on the balance sheet at quarter end

($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Net Realized Gains (Losses) $ 76,136 $ 91,907 $ 902,430 $ 546,055

Interest Income and Dividends 273,218 106,187 598,895 437,104

Realized Investment Income $ 349,354 $ 198,094 $ 1,501,325 $ 983,159

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Insurance Segment
• As detailed within a Form 8-K filed on May 3, 2023, KKR has restated its Insurance Segment results to reflect
the impacts of LDTI. All of the results below reflect these restated results. In addition, to enhance comparability
to other alternative asset managers, KKR now reports its Insurance Segment Operating Earnings on a pre-tax
basis
• Net Investment Income: Net Investment Income of $1,271 million in the quarter was driven primarily by an
increase in invested assets from new business growth and higher yields
• Global Atlantic AUM totals $142 billion, of which $109 billion is Credit AUM
• Net Cost of Insurance: Net Cost of Insurance totaled $751 million in the quarter, driven primarily by new
business growth and the associated higher funding costs

($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Net Investment Income $ 862,414 $ 1,271,255 $ 3,746,086 $ 4,521,085

Net Cost of Insurance (481,870) (750,612) (1,793,494) (2,563,875)

General, Administrative and Other (146,412) (196,714) (571,333) (688,576)

Pre-tax Operating Earnings 234,132 323,929 1,381,259 1,268,634

Pre-tax Operating Earnings Attributable to Noncontrolling Interests (90,185) (118,817) (533,815) (482,707)

Insurance Segment Operating Earnings $ 143,947 $ 205,112 $ 847,444 $ 785,927

Additional Financial Measures:

Global Atlantic Book Value $ 3,609,751 $ 4,391,813 $ 3,609,751 $ 4,391,813

Note: See Appendix for endnotes explaining certain terms. 1Q'23 Net Investment Income only included income related to asset/liability matching investment
strategies. 1Q'23 LTM Net Investment Income includes $73 million ($33 million of segment operating earnings), of realized gains and losses not related
to asset/liability matching investments strategies. 1Q'22 and 1Q'22 LTM Net Investment Income included $15 million ($7 million of segment operating
earnings), and $543 million ($307 million of segment operating earnings), respectively, of realized gains and losses not related to asset/liability
matching investments strategies.

13
Book Value
• Book Value Per Adjusted Share: Declined 4% year-over-year
• Net Cash and Total Investments of $19.52 per adjusted share at 1Q'23, compared to $22.42 at 1Q'22

• Total Cash and Investments: $25 billion at quarter end

• Global Atlantic Book Value: Reflects our 63% economic ownership

($ in millions, except per share data) 4Q'22 1Q'23 Book Value Per Adjusted Share

(+) Cash and Short-term Investments $ 3,257 $ 2,766

(+) Investments 17,628 17,955

$28.87 $28.66
(+) Net Unrealized Carried Interest 2,510 2,629 $27.27 $27.65

(+) Other Assets, Net 6,979 7,311

$23.09
(+) Global Atlantic Book Value 4,410 4,392

$19.24
(-) Debt Obligations - KKR 6,958 6,778
$15.57
(-) Debt Obligations - KFN 949 949

(-) Tax Liabilities, Net 1,649 1,771

(-) Other Liabilities 912 900

(-) Noncontrolling Interests 33 29

Book Value $ 24,284 $ 24,626

Book Value Per Adjusted Share $ 27.27 $ 27.65

4Q'18 4Q'19 4Q'20 4Q'21 4Q'22 1Q'22 1Q'23

Note: Total Cash and Investments is calculated as Cash and Short-term Investments, plus Investments and Global Atlantic Book Value. See Appendix for
GAAP reconciliations, endnotes about book value, investments and other important information.

14
Investments Detail
($ in millions) 1Q'23 Investment Holdings by Asset Class

Investments Fair Value Leveraged Credit

Traditional Private Equity $ 3,391 6% Alternative Credit
Infrastructure 5%
Core Private Equity 5,701 8% Other
Growth Equity 876 11%
Private Equity Total 9,968 Real Estate
10%
Energy 842

Real Estate 1,874

Infrastructure 1,363

Real Assets Total 4,079 Energy Traditional

5% Private Equity
Leveraged Credit 1,066
19%
Alternative Credit 900

Credit Total 1,966 Growth Equity

5%
Other 1,942

Total Investments $ 17,955

Core Private
Equity
32%

($ in millions) 1Q'23

Fair Value as % of
Top 5 Investments Fair Value
Total Investments
USI, Inc. $ 1,300 7%

PetVet Care Centers, LLC 1,143 6%

Heartland Dental, LLC 770 4%

Exact Holding B.V. 569 3%

Arnott's Biscuits Limited 469 3%

Top 5 Investments 4,251 24%

Other Investments 13,704 76%

Total Investments $ 17,955 100%

Note: Investments is a term used solely for purposes of financial presentation of a portion of KKR’s balance sheet. See Appendix for endnotes and other
important information.

15
Capital Detail
Duration of Capital
Strategic & Perpetual Capital Assets Under Management
($ in billions)
51% of AUM
is perpetual capital or long-dated
$258
strategic investor partnerships

$221 $61

9%
$56

39%

40%

$197
12%
$165

91% of AUM
is perpetual capital or has a duration of at
least 8 years at inception

1Q'22 1Q'23 Perpetual Capital

Long-Dated Strategic Investor Partnerships
Perpetual Capital 8+ Year Duration at Inception
Long-Dated Strategic Investor Partnerships Other

Note: Perpetual capital is capital of indefinite duration, which may be materially reduced or terminated under certain conditions. See Appendix for endnotes
and other important information.

17
Assets Under Management Rollforward

Three Months Ended March 31, 2023

Credit and Liquid

($ in millions) Private Equity Real Assets Total
Strategies

Beginning Balance $ 165,147 $ 118,592 $ 220,158 $ 503,897

New Capital Raised 349 2,613 8,715 11,677

(1)
Distributions and Other (1,227) (1,547) (6,558) (9,332)

Change in Value 1,493 1,148 1,186 3,827

Ending Balance $ 165,762 $ 120,806 $ 223,501 $ 510,069

Twelve Months Ended March 31, 2023

Credit and Liquid

($ in millions) Private Equity Real Assets Total
Strategies

Beginning Balance $ 174,406 $ 93,807 $ 210,819 $ 479,032

New Capital Raised 11,825 21,173 33,663 66,661

(2)
Acquisitions and Other — 13,779 7,997 21,776
(3)
Distributions and Other (14,611) (6,420) (22,229) (43,260)

Change in Value (5,858) (1,533) (6,749) (14,140)

Ending Balance $ 165,762 $ 120,806 $ 223,501 $ 510,069

(1) Includes $79 million of redemptions by fund investors in Real Assets and $2,533 million of redemptions by fund investors in Credit and Liquid Strategies.
(2) Reflects the AUM of KJRM at closing of $12,730 million within Real Assets and represents an adjustment reflecting a change in the fee base of Global
Atlantic's management fees from market value to book value.
(3) Includes $79 million of redemptions by fund investors in Real Assets and $6,630 million of redemptions by fund investors in Credit and Liquid Strategies.

18
Fee Paying Assets Under Management Rollforward

Three Months Ended March 31, 2023

Credit and Liquid

($ in millions) Private Equity Real Assets Total
Strategies

Beginning Balance $ 102,261 $ 103,532 $ 206,130 $ 411,923

New Capital Raised 1,407 3,434 8,496 13,337

(1)
Distributions and Other (1,401) (1,350) (7,761) (10,512)

Change in Value 56 111 956 1,123

Ending Balance $ 102,323 $ 105,727 $ 207,821 $ 415,871

Twelve Months Ended March 31, 2023

Credit and Liquid

($ in millions) Private Equity Real Assets Total
Strategies

Beginning Balance $ 94,812 $ 77,260 $ 199,104 $ 371,176

New Capital Raised 12,316 22,668 30,481 65,465

(2)
Acquisitions and Other — 13,779 7,997 21,776
(3)
Distributions and Other (3,996) (5,894) (23,364) (33,254)

Change in Value (809) (2,086) (6,397) (9,292)

Ending Balance $ 102,323 $ 105,727 $ 207,821 $ 415,871

(1) Includes $79 million of redemptions by fund investors in Real Assets and $2,533 million of redemptions by fund investors in Credit and Liquid Strategies.
(2) Reflects the FPAUM of KJRM at closing of $12,730 million within Real Assets and represents an adjustment reflecting a change in the fee base of Global Atlantic's
management fees from market value to book value.
(3) Includes net changes in fee base of certain Private Equity funds of $255 million and Real Assets funds of $1,125 million. Includes $79 million of
redemptions by fund investors in Real Assets and $6,630 million of redemptions by fund investors in Credit and Liquid Strategies.

19
Supplemental Information
Investment Vehicle Summary
Investment
Amount
Period

($ in millions) Percentage
Start End Uncalled Committed Remaining Remaining
Commitment Invested Realized
Date Date Commitments by General Cost Fair Value
Partner
PRIVATE EQUITY BUSINESS LINE

North America Fund XIII 8/2021 8/2027 $ 18,400 $ 12,250 3% $ 6,150 $ — $ 6,150 $ 6,572
Americas Fund XII 5/2017 5/2021 13,500 1,579 4% 12,419 5,788 11,042 17,941
North America Fund XI 11/2012 1/2017 8,718 156 3% 10,024 22,643 2,798 3,584
(1)
2006 Fund 9/2006 9/2012 17,642 247 2% 17,309 37,415 19 19
(1)
Millennium Fund 12/2002 12/2008 6,000 — 3% 6,000 14,123 — 6
European Fund VI 6/2022 6/2028 7,326 7,326 3% — — — —
European Fund V 7/2019 2/2022 6,327 1,025 2% 5,372 917 5,213 6,101
European Fund IV 2/2015 3/2019 3,512 5 6% 3,637 5,122 1,848 2,851
(1)
European Fund III 3/2008 3/2014 5,504 144 5% 5,360 10,625 590 81
(1)
European Fund II 11/2005 10/2008 5,751 — 2% 5,751 8,507 — 34
Asian Fund IV 7/2020 7/2026 14,735 9,768 4% 5,008 41 4,940 5,805
Asian Fund III 8/2017 7/2020 9,000 1,373 6% 8,057 5,031 6,787 11,043
Asian Fund II 10/2013 3/2017 5,825 — 1% 7,316 6,467 3,081 2,156
(1)
Asian Fund 7/2007 4/2013 3,983 — 3% 3,974 8,728 110 5
(1)
China Growth Fund 11/2010 11/2016 1,010 — 1% 1,010 1,065 322 170
Next Generation Technology Growth Fund III 11/2022 11/2028 2,524 2,524 8% — — — —
Next Generation Technology Growth Fund II 12/2019 5/2022 2,088 273 7% 2,012 496 1,812 2,417
Next Generation Technology Growth Fund 3/2016 12/2019 659 5 22% 668 1,036 322 899
Health Care Strategic Growth Fund II 5/2021 5/2027 3,789 3,331 4% 458 — 458 473
Health Care Strategic Growth Fund 12/2016 4/2021 1,331 225 11% 1,236 207 1,106 1,633
Global Impact Fund II 6/2022 6/2028 2,094 2,094 7% — — — —
Global Impact Fund 2/2019 3/2022 1,242 266 8% 1,150 324 1,010 1,506
Co-Investment Vehicles and Other Various Various 17,471 5,149 Various 12,593 7,980 8,853 11,012
Core Investment Vehicles Various Various 24,759 12,313 30% 13,070 872 12,712 21,343
(2)
Unallocated Commitments N/A N/A 3,914 3,914 Various — — — —

Total Private Equity $ 187,104 $ 63,967 $ 128,574 $ 137,387 $ 69,173 $ 95,651

Note: Past performance is no guarantee of future results. See Appendix for endnotes about investment period start and end dates.
(1) The “Invested” and “Realized” columns do not include the amounts of any realized investments that restored the unused capital commitments of the fund
investors, if any.
(2) Represents unallocated commitments from our strategic investor partnerships.

21
Investment Vehicle Summary (cont’d)
Investment
Amount
Period

($ in millions) Percentage
Start End Commitmen Uncalled Committed Remaining Remaining
Invested Realized
Date Date t Commitments by General Cost Fair Value
Partner
REAL ASSETS BUSINESS LINE

Energy Income and Growth Fund II 8/2018 8/2022 $ 994 $ — 20% $ 1,189 $ 229 $ 1,003 $ 1,586
Energy Income and Growth Fund 9/2013 6/2018 1,974 — 13% 1,974 1,061 1,001 520
(1)
Natural Resources Fund Various Various 887 — Various 887 132 171 37
Global Energy Opportunities Various Various 915 62 Various 520 190 319 185
Global Infrastructure Investors IV 8/2021 8/2027 16,564 9,688 2% 6,964 88 6,899 7,226
Global Infrastructure Investors III 7/2018 6/2021 7,161 1,197 4% 6,230 1,614 5,432 6,564
Global Infrastructure Investors II 12/2014 6/2018 3,039 127 4% 3,164 4,723 1,101 1,605
Global Infrastructure Investors 9/2010 10/2014 1,040 — 5% 1,050 2,228 — —
Asia Pacific Infrastructure Investors II 9/2022 9/2028 5,720 5,720 6% — — — —
Asia Pacific Infrastructure Investors 1/2020 9/2022 3,792 1,540 7% 2,536 450 2,275 2,648
(2)
Diversified Core Infrastructure Fund 12/2020 8,641 2,065 6% 6,616 244 6,616 6,878
Real Estate Partners Americas III 1/2021 1/2025 4,253 1,801 5% 2,529 190 2,431 2,356
Real Estate Partners Americas II 5/2017 12/2020 1,921 233 8% 1,924 2,489 606 653
Real Estate Partners Americas 5/2013 5/2017 1,229 135 16% 1,023 1,408 94 55
Real Estate Partners Europe II 3/2020 3/2024 2,055 755 10% 1,444 368 1,277 1,181
Real Estate Partners Europe 8/2015 12/2019 706 111 9% 673 707 231 258
Asia Real Estate Partners 7/2019 7/2023 1,682 990 15% 699 19 671 805
Real Estate Credit Opportunity Partners II 8/2019 6/2023 950 151 5% 821 140 821 804
Real Estate Credit Opportunity Partners 2/2017 4/2019 1,130 122 4% 1,008 440 1,008 1,009
(2)
Property Partners Americas 12/2019 2,569 46 19% 2,523 159 2,523 2,823
Co-Investment Vehicles & Other Various Various 6,234 2,045 Various 4,245 1,615 3,788 3,437

Total Real Assets $ 73,456 $ 26,788 $ 48,019 $ 18,494 $ 38,267 $ 40,630

Note: Past performance is no guarantee of future results. See Appendix for endnotes about investment period start and end dates.
(1) The “Invested” and “Realized” columns do not include the amounts of any realized investments that restored the unused capital commitments of the fund investors, if
any.
(2) Open ended fund.

22
Investment Vehicle Summary (cont’d) & Additional AUM Detail
Investment
Amount
Period

($ in millions) Percentage
Start End Uncalled Committed Remaining Remaining
Commitment Invested Realized
Date Date Commitments by General Cost Fair Value
Partner
(1)
CREDIT AND LIQUID STRATEGIES BUSINESS LINE

Dislocation Opportunities Fund 8/2019 11/2021 $ 2,967 $ 587 14% $ 2,380 $ 898 $ 1,842 $ 1,907
Special Situations Fund II 2/2015 3/2019 3,525 284 9% 3,241 2,278 1,449 1,346
Special Situations Fund 1/2013 1/2016 2,274 1 12% 2,273 1,775 600 410
Mezzanine Partners 7/2010 3/2015 1,023 33 4% 990 1,165 256 142
Asset-Based Finance Partners 10/2020 7/2025 2,059 1,295 7% 764 41 764 815
Private Credit Opportunities Partners II 12/2015 12/2020 2,245 412 2% 1,833 784 1,357 1,260
Lending Partners III 4/2017 11/2021 1,498 607 2% 891 611 741 757
Lending Partners II 6/2014 6/2017 1,336 157 4% 1,179 1,192 189 86
Lending Partners 12/2011 12/2014 460 40 15% 420 458 29 11
Lending Partners Europe II 5/2019 9/2023 837 158 7% 679 95 679 685
Lending Partners Europe 3/2015 3/2019 848 184 5% 662 391 313 234
Asia Credit 1/2021 5/2025 1,084 736 9% 348 2 348 387
Other Alternative Credit Vehicles Various Various 14,588 7,201 Various 7,541 5,953 3,806 3,898

Total Credit and Liquid Strategies $ 34,744 $ 11,695 $ 23,201 $ 15,643 $ 12,373 $ 11,938

Total Eligible To Receive Carried Interest $ 295,304 $ 102,450 $ 199,794 $ 171,524 $ 119,813 $ 148,219

($ in millions) Uncalled Commitments Remaining Fair Value Total

Carried Interest Eligible $ 102,450 $ 148,219 $ 250,669

Incentive Fee Eligible — 65,147 65,147
Total Performance Fee Eligible 102,450 213,366 315,816
Private Equity and Real Assets 973 41,942 42,915
Credit and Liquid Strategies 2,843 148,495 151,338
Total Assets Under Management $ 106,266 $ 403,803 $ 510,069

Note: Past performance is no guarantee of future results. See Appendix for endnotes about investment period start and end dates.
(1) The "Commitment" and "Uncalled Commitments" columns include income that is eligible to be reinvested if permitted under the terms of the investment vehicle
agreements.

23
Stock Summary
From December 31, 2022 through May 5, 2023, KKR used a total of approximately $32 million to retire equity awards representing 0.6
million shares that otherwise would have been issued to participants under KKR's equity incentive plans. During this period, retirements
were made at an average cost of $52.52 per share.

Common Stock Repurchase Activity

(1)
(Amounts in millions, except per share amounts) Inception to Date

Open Market Share Repurchases 61.9

(2)
Reduction of Shares for Retired Equity Awards 24.4

Total Repurchased Shares and Retired Equity Awards 86.3

Total Capital Used $2,237

Average Price Paid Per Share $25.90

Remaining Availability under Share Repurchase Plan $468

Adjusted Shares 2Q'22 3Q'22 4Q'22 1Q'23

(3)
Common Stock 859,833,444 859,833,444 861,110,478 861,104,000
(4)
Exchangeable Securities and Other 29,288,380 29,288,380 29,517,712 29,517,712
(5)
Adjusted Shares 889,121,824 889,121,824 890,628,190 890,621,712

(1) KKR & Co. Inc.'s initial repurchase authorization was announced on October 27, 2015. Information is through May 5, 2023.
(2) Refers to the retirement of equity awards issued pursuant to KKR & Co. Inc.’s equity incentive plans.
(3) Includes 8.5 million of KKR & Co. Inc. shares that were issued to the limited partners of KKR Holdings upon the completion of the Reorganization Mergers on May 31,
2022. Please see endnotes for more information about the Reorganization Mergers.
(4) Includes (i) the number of shares of common stock of KKR & Co. Inc. assumed to be issuable upon conversion of the Series C Mandatory Convertible Preferred Stock
and (ii) certain securities exchangeable into shares of common stock of KKR & Co. Inc.
(5) Amounts exclude unvested shares granted under the equity incentive plans.

24
Investments Detail – Core Private Equity
Growth in Balance Sheet Fair Value Background on Core Private Equity
($ in billions)
• Core Private Equity is a long duration investment strategy with a more
Cost modest risk return profile compared to traditional PE; we are seeking mid-
to-high teens gross IRRs in businesses that we believe can grow and
Embedded Gains
compound value for more than a decade
$5.7 $5.7 • Core Private Equity AUM totals $34 billion

$5.2 • KKR receives management fees on third party invested capital, with an
opportunity to earn annual performance income as well as capital markets
fees

Core Private Equity on the Balance Sheet

$3.2
• The chart to the left shows the Fair Value of KKR's Core Private Equity
balance sheet investments since 2018
$2.5
• The $5.7 billion of fair value compares to $2.7 billion of cost for a 2.1x
MOIC

• Since inception, KKR's balance sheet Core Private Equity

61% investments
have generated a 21% IRR
$1.4
• In the quarter and in the LTM, the Core Private Equity balance sheet
58%
portfolio was -1% and +4%, respectively

• Core Private Equity represents the largest allocation on KKR's balance sheet

$2.5 $2.7 $2.7 • 32% of balance sheet investments

$1.8 $2.0
$1.2 • Global portfolio comprised of 19 companies across multiple industries

2018 2019 2020 2021 2022 1Q'23

25
Dividends
The declaration and payment of any future dividends on preferred or common stock will be subject to the discretion of the board of directors of KKR & Co. Inc.
based on a number of factors, including KKR’s future financial performance and other considerations that the board deems relevant, the terms of KKR & Co.
Inc.'s certificate of incorporation and applicable law. There can be no assurance that future dividends will be made as intended or at all or that any particular
dividend policy for common stock will be maintained.

Common Stock
A dividend of $0.165 per share of common stock of KKR & Co. Inc. has been declared for the first quarter of 2023, which will be paid on June 6, 2023 to
holders of record of common stock as of the close of business on May 22, 2023.

Series C Mandatory Convertible Preferred Stock

A dividend of $0.75 per share of Series C Mandatory Convertible Preferred Stock has been declared and set aside for payment on June 15, 2023 to holders of
record of Series C Mandatory Convertible Preferred Stock as of the close of business on June 1, 2023.

26
Appendix
GAAP Condensed Consolidated Income Statement (Unaudited)
($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM
Revenues
Asset Management
Fees and Other $ 780,511 $ 677,016 $ 3,137,354 $ 2,718,132
Capital Allocation-Based Income (Loss) (945,743) 449,018 3,212,024 (1,105,748)
(165,232) 1,126,034 6,349,378 1,612,384
Insurance
Net Premiums 372,144 473,624 1,422,080 1,283,941
Policy Fees 313,782 313,802 1,251,917 1,261,741
Net Investment Income 812,605 1,300,697 3,213,447 4,606,338
Net Investment-Related Gains (Losses) (368,680) (123,833) 290,775 (1,073,643)
Other Income 34,744 37,158 136,813 141,538
1,164,595 2,001,448 6,315,032 6,219,915
Total Revenues $ 999,363 $ 3,127,482 $ 12,664,410 $ 7,832,299
Expenses
Asset Management
Compensation and Benefits 283,672 575,670 3,405,618 1,436,664
Occupancy and Related Charges 18,149 22,149 72,033 81,271
General, Administrative and Other 234,665 213,689 1,026,745 972,572
536,486 811,508 4,504,396 2,490,507
Insurance
Net Policy Benefits and Claims 513,178 1,527,054 4,107,226 3,372,114
Amortization of Policy Acquisition Costs 11,422 44,211 6,794 88,138
Interest Expense 13,219 40,261 64,208 114,224
Insurance Expenses 115,803 225,318 422,597 672,100
General, Administrative and Other 167,624 211,731 642,990 763,084
821,246 2,048,575 5,243,815 5,009,660
Total Expenses $ 1,357,732 $ 2,860,083 $ 9,748,211 $ 7,500,167
Investment Income (Loss) - Asset Management
Net Gains (Losses) from Investment Activities 914,261 (159,409) 5,938,984 (2,739,207)
Dividend Income 662,350 148,167 1,285,404 808,264
Interest Income 352,556 728,616 1,470,571 2,271,342
Interest Expense (281,759) (576,338) (1,100,371) (1,845,356)
Total Investment Income (Loss) $ 1,647,408 $ 141,036 $ 7,594,588 $ (1,504,957)
Income Tax Expense (Benefit) 36,651 148,747 935,938 237,489
Redeemable Noncontrolling Interests (63) (7,303) 3,997 (4,448)
Noncontrolling Interests 1,244,987 (73,003) 6,589,427 (1,216,732)
Preferred Stock Dividends 17,250 17,250 97,306 69,000
Net Income (Loss) - KKR Common Stockholders $ (9,786) $ 322,744 $ 2,884,119 $ (258,134)

28
GAAP Condensed Consolidated Balance Sheet (Unaudited)
($ in thousands) 4Q'22 1Q'23
Assets
Asset Management
Cash and Cash Equivalents $ 6,705,325 $ 5,576,121
Investments 92,375,463 97,949,918
Other Assets 7,114,360 7,057,818
106,195,148 110,583,857
Insurance
Cash and Cash Equivalents 6,118,231 3,713,382
Investments 124,199,176 129,401,394
Other Assets 38,834,081 38,911,956
169,151,488 172,026,732
Total Assets $ 275,346,636 $ 282,610,589

Liabilities and Equity

Asset Management
Debt Obligations 40,598,613 42,519,776
Other Liabilities 6,937,832 8,228,017
47,536,445 50,747,793
Insurance
Debt Obligations 2,128,166 2,157,283
Other Liabilities 170,311,335 172,582,137
172,439,501 174,739,420
Total Liabilities $ 219,975,946 $ 225,487,213

Redeemable Noncontrolling Interests 152,065 144,126

Stockholders' Equity
Stockholders' Equity - Series C Mandatory Convertible Preferred Stock 1,115,792 1,115,792
Stockholders' Equity - Common Stock 17,691,975 18,546,889
Noncontrolling Interests 36,410,858 37,316,569
Total Equity $ 55,218,625 $ 56,979,250

Total Liabilities and Equity $ 275,346,636 $ 282,610,589

29
Reconciliation of GAAP to Non-GAAP Shares (Unaudited)

1Q'22 2Q'22 3Q'22 4Q'22 1Q'23

GAAP Shares of Common Stock Outstanding 590,472,444 859,833,444 859,833,444 861,110,478 861,104,000

Adjustments:

KKR Holdings Units 258,726,163 — — — —

Exchangeable Securities and Other 28,199,255 29,288,380 29,288,380 29,517,712 29,517,712

Adjusted Shares 877,397,862 889,121,824 889,121,824 890,628,190 890,621,712

Unvested Shares of Common Stock and Exchangeable

(1) 39,551,313 35,294,649 35,300,207 35,457,274 35,317,288
Securities

1Q'22 1Q'23

Weighted Average GAAP Shares of Common Stock Outstanding - Basic 592,202,835 861,108,510

Adjustments:

Weighted Average KKR Holdings Units 258,726,163 —

Weighted Average Exchangeable Securities and Other 28,199,255 29,517,712

Weighted Average Adjusted Shares 879,128,253 890,626,222

(1) Excludes equity awards that have not met their market-price based vesting conditions.

30
Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Net Income (Loss) - KKR Common Stockholders $ (9,786) $ 322,744 $ 2,884,119 $ (258,134)
Preferred Stock Dividends 17,250 17,250 97,306 69,000
Net Income (Loss) Attributable to Noncontrolling Interests 1,244,924 (80,306) 6,593,424 (1,221,180)
Income Tax Expense (Benefit) 36,651 148,747 935,938 237,489
Income (Loss) Before Tax (GAAP) $ 1,289,039 $ 408,435 $ 10,510,787 $ (1,172,825)
Impact of Consolidation and Other (1,307,942) 93,511 (4,960,311) 1,007,026
(1)
Equity-based Compensation - KKR Holdings 19,821 — 164,670 100,013
Preferred Stock Dividends — — (10,860) —
Income Taxes on Operating Earnings (220,279) (173,057) (868,964) (812,742)
Asset Management Adjustments:
Unrealized (Gains) Losses 322,269 99,327 (951,367) 1,779,140
Unrealized Carried Interest 1,290,033 (202,659) (644,084) 2,738,667
Unrealized Carried Interest Compensation (Carry Pool) (513,987) 83,830 341,018 (1,155,579)
Strategic Corporate Related Charges 19,898 6,807 40,176 81,538
Equity-based Compensation 55,111 59,017 188,450 214,662
Equity-based Compensation - Performance based 57,953 67,273 121,627 248,249
(2)
Insurance Adjustments :
(2)
(Gains) Losses from Investments 129,032 131,114 291,367 381,729
(2)
Non-operating Changes in Policy Liabilities and Derivatives (192,201) 106,491 (91,782) (285,803)
(2)
Strategic Corporate Related Charges 3,079 — 15,924 12,136
(2)
Equity-based and Other Compensation 19,498 36,393 73,564 110,403
(2)
Amortization of Acquired Intangibles 2,713 2,794 11,152 10,933
After-tax Distributable Earnings $ 974,037 $ 719,276 $ 4,231,367 $ 3,257,547
Interest Expense 69,460 85,500 262,098 331,229
Preferred Stock Dividends — — 10,860 —
Net Income Attributable to Noncontrolling Interests 7,616 5,626 28,088 21,210
Income Taxes on Operating Earnings 220,279 173,057 868,964 812,742
Distributable Operating Earnings $ 1,271,392 $ 983,459 $ 5,401,377 $ 4,422,728
Insurance Segment Operating Earnings (143,947) (205,112) (847,444) (785,927)
Realized Performance Income (609,207) (175,398) (2,579,494) (1,742,849)
Realized Performance Income Compensation 383,635 114,009 1,512,826 1,063,900
Realized Investment Income (349,354) (198,094) (1,501,325) (983,159)
Realized Investment Income Compensation 52,403 29,714 225,206 136,314
Fee Related Earnings $ 604,922 $ 548,578 $ 2,211,146 $ 2,111,007

(1) Represents equity-based compensation expense in connection with non-dilutive share grants from outstanding units of KKR Holdings.
(2) Amounts represent the portion allocable to KKR.

31
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) (cont’d)

($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Fee Related Earnings $ 604,922 $ 548,578 $ 2,211,146 $ 2,111,007

Insurance Segment Operating Earnings 143,947 205,112 847,444 785,927

Realized Performance Income 609,207 175,398 2,579,494 1,742,849

Realized Performance Income Compensation (383,635) (114,009) (1,512,826) (1,063,900)

Realized Investment Income 349,354 198,094 1,501,325 983,159

Realized Investment Income Compensation (52,403) (29,714) (225,206) (136,314)

Depreciation and Amortization 7,565 10,434 27,341 36,678

Adjusted EBITDA $ 1,278,957 $ 993,893 $ 5,428,718 $ 4,459,406

($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Total GAAP Revenues $ 999,363 $ 3,127,482 $ 12,664,410 $ 7,832,299

Insurance GAAP Revenues (1,164,595) (2,001,448) (6,315,032) (6,219,915)

Impact of Consolidation and Other 189,750 154,848 838,441 737,625

Capital Allocation-Based Income (Loss) (GAAP) 945,743 (449,018) (3,212,024) 1,105,748

Realized Carried Interest 579,767 172,689 2,166,755 1,586,782

Realized Investment Income 349,354 198,094 1,501,325 983,159

Insurance Segment Management Fees 58,984 108,270 194,739 350,607

Capstone Fees (15,485) (19,805) (86,812) (90,985)

Expense Reimbursements (41,303) (15,544) (192,146) (77,168)

Total Asset Management Segment Revenues $ 1,901,578 $ 1,275,568 $ 7,559,656 $ 6,208,152

32
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) (cont’d)

($ in thousands, except share and per share amounts) 4Q'18 4Q'19 4Q'20 4Q'21 4Q'22 1Q'22 1Q'23

KKR & Co. Inc. Stockholders' Equity - Common Stock $ 8,167,056 $ 10,324,936 $ 12,118,472 $ 16,542,643 $ 17,691,975 $ 14,962,912 $ 18,546,889

Series C Mandatory Convertible Preferred Stock — — 1,115,792 1,115,792 1,115,792 1,115,792 1,115,792

Impact of Consolidation and Other 188,056 310,380 520,710 (1,048,569) 399,318 (997,841) 398,751

KKR Holdings and Exchangeable Securities 4,625,448 5,728,634 6,512,382 8,630,662 128,850 8,117,329 205,668

Accumulated Other Comprehensive Income and Other (Insurance) — — — 240,773 4,948,100 1,946,695 4,358,747

Book Value $12,980,560 $16,363,950 $20,267,356 $25,481,301 $24,284,035 $25,144,887 $24,625,847

Adjusted Shares 833,938,476 850,388,924 877,613,164 882,589,036 890,628,190 877,397,862 890,621,712

Book Value per Adjusted Share $ 15.57 $ 19.24 $ 23.09 $ 28.87 $ 27.27 $ 28.66 $ 27.65

33
KKR’s First Quarter 2023 Segment Earnings – Detailed View
($ in thousands) 1Q'22 1Q'23 1Q'22 LTM 1Q'23 LTM

Management Fees $ 624,928 $ 738,156 $ 2,256,628 $ 2,769,715

Transaction and Monitoring Fees, Net 306,038 142,179 1,174,602 612,074

Fee Related Performance Revenues 12,051 21,741 47,607 100,355

Fee Related Compensation (212,220) (203,094) (782,822) (760,609)

Other Operating Expenses (125,875) (150,404) (484,869) (610,528)

Fee Related Earnings 604,922 548,578 2,211,146 2,111,007

Realized Carried Interest 579,767 172,689 2,166,755 1,586,782

Incentive Fees 29,440 2,709 412,739 156,067

Realized Performance Income Compensation (383,635) (114,009) (1,512,826) (1,063,900)

225,572 61,389 1,066,668 678,949

Net Realized Gains (Losses) 76,136 91,907 902,430 546,055

Interest Income and Dividends 273,218 106,187 598,895 437,104

Realized Investment Income Compensation (52,403) (29,714) (225,206) (136,314)

296,951 168,380 1,276,119 846,845

Asset Management Segment Operating Earnings 1,127,445 778,347 4,553,933 3,636,801

Insurance Segment Operating Earnings 143,947 205,112 847,444 785,927

Distributable Operating Earnings 1,271,392 983,459 5,401,377 4,422,728

Interest Expense (69,460) (85,500) (262,098) (331,229)

Preferred Dividends — — (10,860) —

Net Income Attributable to Noncontrolling Interests (7,616) (5,626) (28,088) (21,210)

Income Taxes on Operating Earnings (220,279) (173,057) (868,964) (812,742)

After-tax Distributable Earnings $ 974,037 $ 719,276 $ 4,231,367 $ 3,257,547

34
Important Information − Endnotes
Notes to page 2 – KKR's First Quarter 2023 Highlights
• Net Cash and Total Investments is calculated as Cash and Short-term Investments, less Debt Obligations – KKR and KFN, plus Investments and Global
Atlantic Book Value. Please see the endnote for page 15 for information about the term "investments."
Notes to page 3 – KKR’s First Quarter 2023 Segment Earnings
• The amount of tax benefit from equity-based compensation for 1Q'23 and 1Q'22 was $13.7 million and $11.8 million, respectively, and for 1Q'23 LTM and
1Q'22 LTM was $67.3 million and $91.9 million, respectively. Its inclusion in After-tax Distributable Earnings had the effect of increasing this metric for
1Q'23 and 1Q'22 by 2% and 1%, respectively, and for 1Q'23 LTM and 1Q'22 LTM both by 2%.
Notes to page 5 – Assets Under Management
• Perpetual capital refers to a component of AUM that has an indefinite term and for which there is no predetermined requirement to return invested capital
to investors upon the realization of investments. Perpetual capital includes the AUM of our registered funds, certain unregistered funds, listed companies,
and insurance companies, and it excludes our traditional private equity funds, similarly structured investment funds, and hedge fund partnerships.
Investors should not view this component of our AUM as being permanent without exception, because it can be subject to material reductions and even
termination. Perpetual capital is subject to material reductions from changes in valuation and withdrawals by or payments to investors, clients and
policyholders (including through elections by investors to redeem their fund investments, periodic dividends, and payment obligations under insurance
policies and reinsurance agreements) as well as termination by a client of, or failure to renew, its investment management agreement with KKR.
Notes to page 6 – Additional Capital Detail
• KKR’s portion of Uncalled Commitments to its investment funds includes $6.5 billion, $2.0 billion and $1.2 billion to its Private Equity, Real Assets and
Credit and Liquid Strategies business lines, respectively.
Notes to page 7 – Fund Investment Performance
• Traditional Private Equity Portfolio refers to the portfolio of investments held by all KKR’s private equity flagship funds. This portfolio does not include
investments from KKR’s growth equity (including impact) funds or core investments.
• Opportunistic Real Estate Portfolio refers to the portfolio of investments held by KKR’s flagship opportunistic real estate equity funds. This portfolio does
not include investments from KKR's core plus real estate funds or real estate credit funds.
• Infrastructure Portfolio refers to the portfolio of investments held by KKR’s flagship core plus infrastructure equity funds. This portfolio does not include
investments from KKR’s core infrastructure fund, KKR Diversified Core Infrastructure.
• The Leveraged Credit Composite refers to the composite of certain investment portfolios made in KKR’s collateralized loan obligations and U.S. and
European leveraged credit strategies including leveraged loans, high-yield bonds and opportunistic credit.
• The Alternative Credit Composite refers to the composite of certain investment portfolios made in KKR's private credit strategy, including direct lending
(including our business development company), asset-based finance and junior capital, and in the Strategic Investments Group ("SIG") strategy. Funds
and separately managed accounts in liquidation or discontinued strategies are excluded.
• For a list of our carry paying funds, see the Investment Vehicle Summary on pages 21 to 23. See also “Important Information – Other Legal Disclosures”
regarding past performance and investment returns.

35
Important Information − Endnotes (cont’d)
Notes to page 13 – Insurance Segment
• Net investment income represents income earned on invested assets, net of investment-related expenses, including investment management fees paid to
KKR.
• Net cost of insurance represents the net cost of funding institutional and individual products – interest credited or incurred, benefits incurred, the
associated insurance expenses, net of any premiums, fees and other income earned.
Notes to page 14 – Book Value
• KKR owns 63.3% of Global Atlantic.
• Assuming that we had paid (i) 65% of the unrealized carried interest earned by the funds that allocate 40% and 43% to the carry pool and (ii) 15% of the
unrealized gains in our Principal Activities business line (in each case at the mid-point of the ranges above), our book value as of March 31, 2023 would
have been reduced by approximately $1.45 per adjusted share, compared to our reported book value of $27.65 per adjusted share on such date.
• Please see the endnote for page 15 for information about the term "investments."
Notes to page 15 – Investments Detail
• 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, broker-dealer and other businesses, including the general partner interests of KKR’s investment funds and the
Global Atlantic insurance companies. 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.
• Private Equity includes KKR private equity funds, co-investments alongside such KKR sponsored private equity funds, and other opportunistic investments.
Equity investments in other asset classes, such as core, growth, energy, real estate, infrastructure, leveraged credit and alternative credit appear in these
other asset classes.
• Top 5 Investments include the top five investments based on their fair values as of March 31, 2023. Top 5 Investments exclude (i) investments expected
to be syndicated, (ii) investments expected to be transferred in connection with a new fundraising, (iii) investments in funds and other entities that are
owned by one or more third parties and established for the purpose of making investments, and (iv) the portion of any investment that may be held
through collateralized loan obligations or levered multi-asset investment vehicles, if any. Accordingly, this list of Top 5 Investments should not be relied
upon as a substitute for the “Investment Holdings by Asset Class" pie chart on page 15 for information about the asset class exposure of KKR's balance
sheet. The investments in this list do not deduct fund or vehicle level debt, if any, incurred in connection with funding the investment. The fair value
figures include the co-investment and the limited partner and/or general partner interests held by KKR in the underlying investment, if applicable.

36
Important Information − Endnotes (cont’d)
Notes to page 17 – Duration of Capital
• Please see endnote for page 5 for information about the term "perpetual capital."
• "Other" in the chart primarily includes hedge fund partnerships and certain leveraged credit funds.
Notes to pages 21 to 23 – Investment Vehicle Summary
• The start date represents the start of the fund's investment period as defined in the fund's governing documents and may or may not be the same as the
date upon which management fees begin to accrue.
• The end date represents the end of the fund's investment period as defined in the fund's governing documents and is generally not the date upon which
management fees cease to accrue. For funds that initially charge management fees on the basis of committed capital, the end date is generally the date on
or after which the management fees begin to be calculated instead on the basis of invested capital and may, for certain funds, begin to be calculated using
a lower rate.
Notes to page 24 – Stock Summary
• On October 8, 2021, KKR & Co. Inc. entered into a Reorganization Agreement (the "Reorganization Agreement") pursuant to which 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 which will be completed in the future. On May 31, 2022, KKR & Co. Inc. completed the merger transactions ("Reorganization
Mergers") contemplated by the Reorganization Agreement.

37
Important Information – Non-GAAP and Other Measures
Non-GAAP and Segment Measures
The key non-GAAP and other operating and performance measures that follow are used by management in making operational and resource deployment
decisions as well as assessing the performance of KKR's business. They include certain financial measures that are calculated and presented using
methodologies other than in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP measures, including after-tax
distributable earnings (“DE”), distributable operating earnings, fee related earnings (“FRE”), total asset management segment revenues and book value, are
presented prior to giving effect to the allocation of income (loss) among KKR & Co. Inc. and holders of certain securities exchangeable into shares of common
stock of KKR & Co. Inc. and as such represent the entire KKR business in total. In addition, these non-GAAP measures are presented without giving effect to
the consolidation of the investment funds and collateralized financing entities (“CFEs”) that KKR manages.
We believe that providing these non-GAAP measures on a supplemental basis to our GAAP results is helpful to stockholders in assessing the overall
performance of KKR's business. These non-GAAP measures should not be considered as a substitute for financial measures calculated in accordance with
GAAP. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP,
where applicable, are included under the “Reconciliation of GAAP to Non-GAAP Measures" section of this Appendix.
We also caution readers that these non-GAAP 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.
• After-tax Distributable Earnings is a non-GAAP performance measure of KKR’s earnings, which is derived from KKR’s reported segment results. After-
tax distributable earnings 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. After-tax distributable earnings is equal to Distributable Operating Earnings less Interest Expense,
Net Income Attributable to Noncontrolling Interests and Income Taxes on Operating Earnings. Series C Mandatory Convertible Preferred Stock dividends
have been excluded from After-tax Distributable Earnings, because the definition of Adjusted Shares used to calculate After-tax Distributable Earnings per
Adjusted Share assumes that all shares of Series C Mandatory Convertible Preferred Stock have been converted to shares of common stock of KKR & Co.
Inc. Income Taxes on Operating Earnings represents the (i) amount of income taxes that would be paid assuming that all pre-tax Asset Management
distributable 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) the amount of income taxes on Insurance Segment Operating Earnings. Income taxes on
Insurance Segment 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. Income Taxes on Operating Earnings includes the benefit of tax
deductions arising from equity-based compensation, which reduces operating income taxes during the period. Equity based compensation expense is
excluded from After-tax Distributable Earnings, 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. If tax deductions from equity-based compensation were to be excluded from
Income Taxes on Operating Earnings, KKR’s After-tax Distributable Earnings 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 After-tax Distributable Earnings for the period. KKR makes these
adjustments when calculating After-tax Distributable Earnings 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, After-tax Distributable Earnings does not represent
and is not used to calculate actual dividends under KKR’s dividend policy, which is a fixed amount per period, and After-tax Distributable Earnings should
not be viewed as a measure of KKR’s liquidity.
.

38
Important Information – Non-GAAP and Other Measures (cont’d)
Non-GAAP and Segment Measures (cont’d)
• Book Value is a non-GAAP performance measure of the net assets of KKR and is used by management primarily in assessing the unrealized value of KKR’s
net assets 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., and (iii)
includes KKR’s ownership of the net assets of Global Atlantic. We believe this measure is useful to stockholders as it provides additional insight into the net
assets of KKR excluding those net assets that are allocated to investors in KKR’s investment funds and other noncontrolling interest holders. KKR's book
value includes the net impact of KKR's tax assets and liabilities as calculated under GAAP. Series C Mandatory Convertible Preferred Stock has been
included in book value, because the definition of adjusted shares used to calculate book value per adjusted share assumes that all shares of Series C
Mandatory Convertible Preferred Stock have been converted to shares of common stock of KKR & Co. Inc. To calculate Global Atlantic book value and to
make it more comparable with the corresponding metric presented by other publicly traded companies in Global Atlantic’s industry, Global Atlantic book
value excludes (i) accumulated other comprehensive income and (ii) accumulated change in fair value of reinsurance balances and related assets, net of
income tax.
• Distributable Operating Earnings is a non-GAAP 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.
Distributable Operating Earnings excludes: (i) equity-based compensation charges, (ii) amortization of acquired intangibles, (iii) strategic corporate related
charges and (iv) non-recurring items, if any. Strategic corporate related charges arise from corporate actions and consist primarily of (i) impairments, (ii)
transaction costs from strategic acquisitions, and (iii) depreciation on real estate that KKR owns and occupies. 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 KKR as the investment adviser for Global Atlantic insurance companies and (ii) interest income and expense based
on lending arrangements where one or more KKR subsidiaries borrow from a Global Atlantic insurance subsidiary. Inter-segment transactions are recorded
by each segment based on the definitive documents that contain arms' length terms and comply with applicable regulatory requirements. Distributable
Operating Earnings represents operating earnings of KKR’s Asset Management and Insurance segments.
• Asset Management Segment Operating Earnings is the segment profitability measure used to make operating decisions and to assess the
performance of the Asset Management segment 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 Operating
Earnings excludes the impact of: (i) unrealized gains (losses) on investments, (ii) unrealized carried interest, and (iii) related unrealized carried interest
compensation (i.e. the carry pool). Management fees earned by KKR as the adviser, manager or sponsor for its investment funds, vehicles and accounts,
including its Global Atlantic insurance companies, are included in Asset Management Segment Operating Earnings.
• Insurance Segment 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, (iii)
General, Administrative, and Other Expenses, and (iv) Net Income Attributable to Noncontrolling Interests. The non-operating adjustments made to derive
Insurance Segment Operating Earnings excludes the impact of: (i) investment gains (losses) which include realized gains (losses) related to asset/liability
matching investments 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 Segment Operating Earnings includes (i) realized gains and losses not related to asset/liability matching investments strategies and (ii) the
investment management costs that are earned by KKR as the investment adviser of the Global Atlantic insurance companies.

39
Important Information – Non-GAAP and Other Measures (cont’d)
Non-GAAP and Segment Measures (cont’d)
• Fee Related Earnings (“FRE”) is a performance measure used to assess the Asset Management segment’s generation of profits from revenues that are
measured and received on a recurring basis and are not dependent on future realization events. KKR believes this measure is useful to stockholders as it
provides additional insight into the profitability of KKR’s fee generating asset management and capital markets businesses and other recurring revenue
streams. FRE equals (i) Management Fees, including fees paid by the Insurance segment to the Asset Management segment and fees paid by certain
insurance co-investment 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 Incentive 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) 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.

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 net 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. KKR believes that this
performance measure is useful to stockholders as it provides additional insight into the realized revenues generated by KKR's asset management segment.

Other Terms and Capital Metrics

• Adjusted shares represents shares of common stock of KKR & Co. Inc. outstanding under GAAP adjusted to include (i) the number of shares of common
stock of KKR & Co. Inc. assumed to be issuable upon conversion of the Series C Mandatory Convertible Preferred Stock and (ii) certain securities
exchangeable into shares of common stock of KKR & Co. Inc. Weighted average adjusted shares is used in the calculation of After-tax Distributable
Earnings per Adjusted Share, and Adjusted Shares is used in the calculation of Book Value per Adjusted Share.
• Assets Under Management (“AUM”) represent the assets managed, 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.

40
Important Information – Non-GAAP and Other Measures (cont’d)
Other Measures and Terms (cont’d)
• Capital Invested is the aggregate amount of capital invested by (i) KKR’s investment funds and Global Atlantic insurance companies, (ii) KKR's Principal
Activities business line as a co-investment, if any, alongside KKR’s investment funds, and (iii) KKR's Principal Activities business line in connection with a
syndication transaction conducted by KKR's Capital Markets business line, if any. Capital invested is used as a measure of investment activity at KKR during
a given period. We believe this measure is useful to stockholders as it provides a measure of capital deployment across KKR’s business lines. Capital
invested includes investments made using investment financing arrangements like credit facilities, as applicable. Capital invested excludes (i) investments
in certain leveraged credit strategies, (ii) capital invested by KKR’s Principal Activities business line that is not a co-investment alongside KKR’s investment
funds, and (iii) capital invested by KKR’s Principal Activities business line that is not invested in connection with a syndication transaction by KKR’s Capital
Markets business line. Capital syndicated by KKR's Capital Markets business line to third parties other than KKR’s investment funds or Principal Activities
business line is not included in capital invested.
• Fee Paying AUM (“FPAUM”) represents only the AUM from which KKR is entitled to receive management fees. We believe this measure is useful to
stockholders as it provides additional insight into the capital base upon which KKR earns management fees. FPAUM is the sum of all of the individual fee
bases that are used to calculate 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 is the aggregate amount of unfunded capital commitments that KKR’s investment funds and carry-paying co-investment vehicles
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.

41
Important Information – Other Legal Disclosures
Website
From time to time, KKR may use its website as a channel of distribution of material company information. Financial and other important information regarding KKR is
routinely posted and accessible on the Investor Center for KKR & Co. Inc. at https://ir.kkr.com/. In addition, you may automatically receive email alerts and other
information about KKR by enrolling your email address at the “Email Alerts” area of the Investor Center on the website.

KKR Entities
Any discussion of specific KKR entities other than KKR & Co. Inc. is provided solely to demonstrate such entities’ role within the KKR organization and their contributions
to the business, operations and financial results of KKR & Co. Inc. Each KKR entity is responsible for its own financial, contractual and legal obligations.
Nothing in this presentation is intended to constitute, and shall not be construed as constituting, the provision of any tax, accounting, financial, investment, insurance,
regulatory, legal or other advice by KKR or its representatives. Without limiting the foregoing, this presentation is not and shall not be construed as an "advertisement"
for purposes of the Investment Advisers Act of 1940, as amended, or an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any security, service
or product of or by any KKR entity, including but not limited to any investment advice, any investment fund, vehicle or account, any capital markets service, or any
insurance product, including but not limited to (i) any investment funds, vehicles or accounts sponsored, advised or managed by (or any investment advice from)
Kohlberg Kravis Roberts & Co. L.P., KKR Credit Advisors (US) LLC, KKR 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 offered by, or other insurance-related vehicle sponsored or managed
by, Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, Forethought Life Insurance Company, Global Atlantic Re Limited or any
Global Atlantic insurance company.

Past Performance and Investment Returns

Past performance is not a guarantee of future results. Information about any fund or strategy and investments made by such fund or strategy, including past
performance of such fund, strategy or investment, is provided solely to illustrate KKR’s investment experience, and processes and strategies used by KKR in the past
with respect to such funds or strategies. The performance information relating to KKR’s historical investments is not intended to be indicative of any fund’s or strategy’s
future results or the future results of KKR. Certain funds or strategies are also relatively new and their limited historical results may not be indicative of results they will
experience over a longer period of time. There can be no assurance that any KKR entity (including any KKR investment fund, vehicle or account, the KKR balance sheet
or Global Atlantic insurance company) will achieve results comparable to any results included in this presentation, or that any investments made by KKR entity now, in
the past or in the future will be profitable, or that KKR entities will find investment opportunities similar to any presented in connection with this presentation. Actual
realized value of currently unrealized investments will depend on, among other factors, the value of the investments and market conditions at the time of disposition,
related transaction costs, and the timing and manner of sale, 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.

Estimates and Assumptions

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
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.

42
Important Information – Other Legal Disclosures (cont'd)
Forward Looking Statements

This presentation contains certain forward-looking statements pertaining to KKR, including investment funds, vehicles and accounts managed by KKR and the insurance
companies managed by Global Atlantic. 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,” 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 the
statements with respect to: the declaration and payment of dividends in future quarters; the timing, manner and volume of repurchase of shares of common stock of
KKR & Co. Inc.; the timing, manner and pricing of redemptions of preferred stock; future expectations related to Fee Related Earnings, After-tax Distributable Earnings,
Book Value, Asset Management (and Insurance) Segment Operating Earnings, Distributable Operating Earnings, and other measures and performance metrics; KKR’s
ability to grow its AUM, to deploy its capital, to realize currently unrealized investment returns and the time period over which such events may occur; KKR’s ability to
manage operations and investments of acquired companies; the effects of any acquisition on KKR’s operating results; expansion and growth opportunities and other
synergies resulting from acquisitions, reorganizations or strategic partnerships, including Global Atlantic and KJRM; the timing and expected impact to our business of
any new fund, investment vehicle or product launches; the ability of core private equity investments to generate earnings that compound over a long period of time; the
timing and completion of certain transactions contemplated by the Reorganization Agreement.

These forward-looking statements are based on KKR’s (including Global Atlantic’s and KJRM'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. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to dividends, stock repurchases, tax
assets, tax liabilities, AUM, FPAUM, After-tax Distributable Earnings, capital invested, uncalled commitments, cash and short-term investments, Fee Related Earnings,
adjusted EBITDA, book value, debt levels, outstanding shares of common stock of KKR & Co. Inc. and capital structure may vary materially from those expressed in the
forward-looking statements.

The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the
expected timeframes from acquisitions; unforeseen liabilities or integration and other costs of acquisitions and timing related thereto; changes in the business of our
acquisitions; distraction of management or other diversion of resources within KKR caused by acquisitions; retention of key employees from acquisitions; ability to
maintain business relationships following the acquisitions; the pandemic’s impact on the U.S. and global economies and governmental responses to the pandemic; the
volatility of the capital markets; failure to realize the benefits of or changes in business strategies including the ability to realize the anticipated synergies from
acquisitions, strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and
retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy;
underperformance of our investments and decreased ability to raise funds; compliance with applicable laws; changes to the consolidated subsidiaries of KKR; KKR’s
control of acquired companies; changes in Global Atlantic policyholders’ behaviors; any disruption in servicing Global Atlantic’s insurance policies; the use of estimates
and risk management in our businesses; the outcome of litigation and regulatory matters, as applicable; the degree and nature of KKR’s competition and changes to
accounting standards, such as the recent implementation of the new accounting standard for long-duration contracts such as life insurance and annuities.

These statements are subject to numerous risks, uncertainties and assumptions, including those listed in this Appendix 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, 2022, filed with the SEC on February 27, 2023, as such factors may be
updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as being
exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in KKR’s filings with the SEC.

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

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