KKR & Co. Inc. (Form: 8-K, Received: 08/02/2022 06:51:05)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

______________

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 2, 2022

KKR & CO. INC.

(Exact name of registrant as specified in its charter)

Delaware

001-34820

88-1203639

(State or other jurisdiction
of incorporation)

(Commission
File Number)

(IRS Employer
Identification No.)

30 Hudson Yards

New York, NY 10001

Telephone: (212) 750-8300

(Address, zip code, and telephone number, including

area code, of registrant's principal executive office.)

NOT APPLICABLE
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐						Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐						Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐						Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐						Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock	KKR	New York Stock Exchange
6.00% Series C Mandatory Convertible Preferred Stock	KKR PR C	New York Stock Exchange
4.625% Subordinated Notes due 2061 of KKR Group Finance Co. IX LLC	KKRS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


☐						Emerging growth company


☐						If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On August 2, 2022, KKR & Co. Inc. issued an earnings release announcing its financial results for the quarter and six months ended June 30, 2022.

The earnings release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 and the exhibit furnished by this Current Report shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.			Description
Exhibit 99.1			Earnings release of KKR & Co. Inc., dated August 2, 2022, announcing its results for the quarter and six months ended June 30, 2022 (This exhibit is furnished and not filed)
Exhibit 104			Cover Page Interactive Data File, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		KKR & CO. INC.
Date:	August 2, 2022	By: /s/ Robert H. Lewin Name: Robert H. Lewin Title: Chief Financial Officer

KKR & Co. Inc. Reports Second Quarter 2022 Financial Results August 2, 2022

i New York, August 2, 2022 – KKR & Co. Inc. (NYSE: KKR) today reported its second quarter 2022 results. Conference Call A conference call to discuss KKR's financial results will be held on August 2, 2022 at 10:00 a.m. ET. The conference call may be accessed by dialing +1 (877) 407-0312 (U.S. callers) or +1 (201) 389-0899 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR's website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR's website beginning approximately one hour after the live broadcast ends. About KKR KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co. “Our business momentum continues — we raised $25 billion of new capital in the second quarter and $52 billion in the first half. We also continue to grow and diversify — Real Assets AUM has increased over 50% to $114 billion over the last 12 months. With solid business fundamentals and a record $115 billion of dry powder, we continue to be well positioned against a complex backdrop.” Joseph Y. Bae and Scott C. Nuttall Co-Chief Executive Officers KKR Reports Second Quarter 2022 Financial Results

ii 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 February 1, 2021. 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 and other operating and performance measures, including after-tax distributable earnings (or DE), fee related earnings (or FRE), book value, adjusted shares, and assets under management (or AUM). These non-GAAP measures are in addition to, and not a substitute for, measures of financial 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 and other operating and performance 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, 2021, filed with the SEC on February 28, 2022 and its other filings with the SEC, which are available at www.sec.gov. Contact Information Investor Relations Craig Larson Phone: +1 (877) 610-4910 in U.S. / +1 (212) 230-9410 investor-relations@kkr.com Media Kristi Huller Phone: +1 (212) 750-8300 media@kkr.com KKR Reports Second Quarter 2022 Financial Results

KKR & Co. Inc. Second Quarter Earnings

1 • GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $(827.9) million for the quarter. GAAP Stockholders’ Equity Per Outstanding Share of Common Stock was $20.88 at quarter end. Note: All figures in this presentation are as of June 30, 2022, unless otherwise specifically indicated. YTD 2Q'21 results only include the results of Global Atlantic for the five months beginning on February 1, 2021; comparability to prior and future periods may be limited. See Appendix for GAAP income statement and GAAP balance sheet. Totals may not add due to rounding. As required under GAAP, for the quarter and six months ended June 30, 2022, unvested shares of common stock of KKR & Co. Inc. are excluded from the calculation of diluted earnings per share of common stock because inclusion of such unvested shares of common stock would be antidilutive having the effect of decreasing the loss per share of common stock. ($ in thousands, except per share data) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Revenues Asset Management $ 2,200,919 $ (308,210) $ 5,378,877 $ (473,442) Insurance 935,262 638,280 2,320,310 1,807,529 Total Revenues $ 3,136,181 $ 330,070 $ 7,699,187 $ 1,334,087 Expenses Asset Management 1,355,370 523,569 2,844,364 1,060,055 Insurance 636,342 288,724 2,243,893 1,304,227 Total Expenses $ 1,991,712 $ 812,293 $ 5,088,257 $ 2,364,282 Total Investment Income (Loss) - Asset Management $ 3,462,072 $ (1,675,291) $ 6,349,717 $ (27,883) Income Tax Expense (Benefit) 343,667 (153,104) 782,406 (156,270) Redeemable Noncontrolling Interests 1,337 8 1,337 (55) Noncontrolling Interests 2,946,262 (1,193,734) 5,191,793 (34,549) Preferred Stock Dividends 37,603 17,250 63,194 34,500 Net Income (Loss) - KKR Common Stockholders $ 1,277,672 $ — $ (827,934) $ 2,921,917 $ (901,704) Net Income (Loss) Attributable to KKR & Co. Inc. Per Share of Common Stock Basic $ 2.19 $ (1.22) $ 5.04 $ (1.42) Diluted $ 2.05 $ (1.22) $ 4.73 $ (1.42) Weighted Average Shares of Common Stock Outstanding Basic 582,398,367 680,747,047 579,578,831 636,719,538 Diluted 630,390,360 680,747,047 625,668,629 636,719,538 4Q'21 2Q'22 KKR & Co. Inc. Stockholders' Equity Per Outstanding Share of Common Stock $ 27.64 $ 20.88 KKR’s Second Quarter 2022 GAAP Results (Unaudited)

2 Financial Measures • Fee Related Earnings (“FRE”) of $461 million ($0.52/adj. share) in the quarter, down 2% year-over-year • FRE was $2.2 billion in the LTM ($2.50/adj. share), up 40% year-over-year • After-tax Distributable Earnings (“DE”) of $840 million ($0.95/adj. share) in the quarter, down 9% year-over-year • DE was $4.1 billion in the LTM ($4.69/adj. share), up 60% year-over-year • Book Value Per Adjusted Share (“BVPS”) of $26.78 at quarter end including $19.31 per adj. share of Net Cash and Total Investments Capital Metrics • Assets Under Management (“AUM”) of $491 billion, up 14% year-over-year • Fee Paying Assets Under Management (“FPAUM”) of $384 billion, up 20% year- over-year • Uncalled Commitments of $115 billion, up 3% year-over-year • New Capital Raised of $25 billion in the quarter and $99 billion in the LTM • Capital Invested of $19 billion in the quarter and $88 billion in the LTM Corporate • Regular dividend of $0.155 per share of common stock was declared for the quarter • The previously announced acquisition of KJR Management ("KJRM") closed on April 28. KJRM is one of the largest real estate asset managers in Japan • Completed part of the previously announced series of corporate changes on May 31. These changes simplified the corporate structure, and future changes will increase the rights of common stockholders KKR’s Second Quarter 2022 Highlights Note: 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. Adj. share refers to adjusted shares. See the Appendix for GAAP reconciliations and other important information. See page 26 for record and payment dates for common and preferred stock. See Supplemental Historical Financial Information – Private Equity & Real Assets Business Lines, available on the Investor Relations page of the KKR website, for information regarding changes to certain asset management segment business lines.

3 Note: See Appendix for GAAP reconciliations, endnotes about taxes affecting After-tax Distributable Earnings and other important information. ($ in thousands, except per share data) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Management Fees $ 480,122 $ 654,927 $ 919,862 $ 1,279,855 Transaction and Monitoring Fees, Net 259,761 107,301 395,438 413,339 Fee Related Performance Revenues 14,567 9,999 24,863 22,050 Fee Related Compensation (169,751) (173,748) (301,536) (385,968) Other Operating Expenses (114,550) (137,244) (204,711) (263,119) Fee Related Earnings $ 470,149 $ 461,235 $ 833,916 $ 1,066,157 Realized Performance Income 618,310 730,858 789,619 1,340,065 Realized Performance Income Compensation (413,024) (474,428) (523,010) (858,063) Realized Investment Income 368,863 276,888 830,136 626,242 Realized Investment Income Compensation (55,330) (41,533) (124,521) (93,936) Asset Management Segment Operating Earnings 988,968 953,020 1,806,140 2,080,465 Insurance Segment Operating Earnings 127,520 137,053 190,785 253,041 Distributable Operating Earnings 1,116,488 1,090,073 1,996,925 2,333,506 Interest Expense, Preferred Dividends and Other (77,864) (81,154) (146,942) (158,230) Income Taxes Paid (113,049) (169,118) (264,169) (366,960) After-tax Distributable Earnings $ 925,575 $ 839,801 $ 1,585,814 $ 1,808,316 Additional Financial Measures and Capital Metrics: FRE per Adjusted Share $ 0.53 $ 0.52 $ 0.95 $ 1.21 After-tax DE per Adjusted Share $ 1.05 $ 0.95 $ 1.80 $ 2.05 Total Asset Management Segment Revenues $ 1,741,623 $ 1,779,973 $ 2,959,918 $ 3,681,551 Assets Under Management $ 428,947,500 $ 490,692,000 $ 428,947,500 $ 490,692,000 Fee Paying Assets Under Management $ 319,344,200 $ 384,470,000 $ 319,344,200 $ 384,470,000 KKR’s Second Quarter 2022 Segment Earnings

4 Management Fees and Fee Related Earnings Fee Related Earnings Per Adjusted ShareManagement Fees • Increased by 44% to $2.4 billion in the LTM • Growth has been driven by an increase in Fee Paying AUM from organic capital raised ($ in millions) • Grew 39% in the LTM driven by the 44% increase in management fees over the period • FRE margin increased from 61% to 63% $1,249 $1,442 $2,071 $1,688 $2,431 2019 2020 2021 LTM 2Q'21 LTM 2Q'22 58% 61% $1.80 $2.50 61% 63% FRE per adjusted share FRE margin LTM 2Q'21 LTM 2Q'22

5 Assets Under Management • AUM increased to $491 billion, up 14% year-over-year, with $25 billion of organic new capital raised in the quarter and $99 billion in the LTM • Fee Paying AUM of $384 billion, up 20% year-over-year, with $17 billion of organic new capital raised in the quarter and $99 billion in the LTM • Perpetual Capital reached $176 billion, up 35% year-over-year driven primarily by the growth of Global Atlantic and the acquisition of KJRM. Perpetual capital represents 36% of AUM and 44% of FPAUM AUM Fee Paying AUM Perpetual Capital ($ in billions) ($ in billions) ($ in billions) 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. $429 $491 2Q'21 2Q'22 $319 $384 2Q'21 2Q'22 $130 $176 2Q'21 2Q'22

6 Additional Capital Detail Uncalled Commitments ($ in billions) • Dry Powder: Uncalled commitments of $115 billion are diversified across the firm’s strategies and are up 3% year-over-year • AUM Not Yet Paying Fees: At quarter end, there was $44 billion of committed capital with a weighted average management fee rate of over 100bps that becomes payable when the capital is invested or enters its investment period, up 6% year-over-year • Carry Eligible AUM: Of the $253 billion of carried interest eligible AUM, $170 billion is above cost and accruing carry • Performance Fee Eligible AUM: $321 billion, up 13% year-over-year Note: See Appendix for endnotes for additional information. $112 $115 2Q'21 2Q'22 Total Performance Fee Eligible AUM ($ in billions) $284 $321 2Q'21 2Q'22

7 2Q'22 8% Private Equity Real Assets Opportunistic Real Estate Portfolio Infrastructure Portfolio Credit Alternative Credit Composite • Gross unrealized carried interest totals $5.7 billion as of June 30, 2022 Traditional Private Equity Portfolio LTM Gross Return -1% 4%-7% 6%-1% 23%1% Note: Traditional Private Equity does not include Core or Growth. The credit composites were revised to incorporate a larger percentage of AUM. 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. Leveraged Credit Composite -5%-6% Fund Investment Performance

Segment Detail

9 Private Equity Growth in Private Equity & Real Assets Assets Under Management Management Fees • Given the increasing breadth and scale of KKR's Real Assets strategies, we have split our Private Markets business line into two new business lines: • Private Equity • Real Assets • Private Equity encompasses our Traditional Private Equity, Core Private Equity and Growth Equity strategies • Real Assets encompasses our Infrastructure, Real Estate and Energy strategies ($ in millions) $800 $977 $1,404 $1,136 $1,696 $600 $714 $967 $816 $1,115 $200 $263 $437 $320 $580 2019 2020 2021 LTM 2Q'21 LTM 2Q'22 $14 $19 $39 $25 $54 $10 $14 $18 $15 $22$4 $5 $21 $10 $32 2019 2020 2021 LTM 2Q'21 LTM 2Q'22 Capital Invested ($ in billions) $119 $149 $257 $234 $285 $92 $113 $174 $160 $172 $28 $35 $83 $73 $114 2019 2020 2021 2Q'21 2Q'22 ($ in billions) Real Assets

10 Asset Management Segment − Private Equity • AUM: Decreased 2% quarter-over-quarter and increased 7% year-over-year to $172 billion with organic new capital raised of $8 billion in the quarter and $15 billion YTD • Driven by diverse capital raising across Traditional Private Equity and Growth • Realizations: Carried Interest in 2Q driven largely by the monetization of Internet Brands, as well as multiple public position exits across Traditional Private Equity • Capital Invested: $6 billion in the quarter and $10 billion YTD. In 2Q, deployment was driven by Traditional Private Equity • Appreciation: Driven by strong performance in private holdings, the Traditional Private Equity portfolio appreciated 4% in the LTM ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Management Fees $ 221,192 $ 299,099 $ 433,018 $ 581,283 Transaction and Monitoring Fees, Net 33,087 16,809 53,075 49,865 Fee Related Performance Revenues — — — — Fee Related Revenues $ 254,279 $ 315,908 $ 486,093 $ 631,148 Carried Interest $ 547,699 $ 634,146 $ 709,363 $ 1,213,913 Incentive Fees — — 1,276 24,056 Realized Performance Income $ 547,699 $ 634,146 $ 710,639 $ 1,237,969 Capital Metrics: Assets Under Management $ 160,085,900 $ 171,541,000 $ 160,085,900 $ 171,541,000 Fee Paying Assets Under Management $ 82,864,700 $ 98,316,000 $ 82,864,700 $ 98,316,000 Capital Invested $ 3,608,000 $ 5,700,000 $ 5,492,000 $ 10,084,000 Uncalled Commitments $ 64,024,800 $ 70,984,000 $ 64,024,800 $ 70,984,000

11 Asset Management Segment − Real Assets • AUM: Increased 21% quarter-over-quarter and 55% year-over-year to $114 billion with organic new capital raised of $11 billion in the quarter and $21 billion YTD • Asia Infrastructure II currently totals $4 billion, already larger than its predecessor • The closing of the KJRM acquisition added $13 billion of additional AUM and FPAUM • Realizations: Carried Interest in 2Q driven largely by the realization of multiple Opportunistic Real Estate assets • Capital Invested: $8 billion in the quarter and $17 billion YTD. In 2Q, deployment was driven by Real Estate Credit, Real Estate Equity and Core Infrastructure • Appreciation: The Opportunistic Real Estate portfolio appreciated 23% and the Infrastructure portfolio appreciated 8% in the LTM ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Management Fees $ 97,105 $ 161,707 $ 172,246 $ 315,520 Transaction and Monitoring Fees, Net 4,579 1,569 7,053 9,199 Fee Related Performance Revenues 1,701 1,108 3,253 3,425 Fee Related Revenues $ 103,385 $ 164,384 $ 182,552 $ 328,144 Carried Interest $ 42,535 $ 85,310 $ 46,013 $ 85,310 Incentive Fees — — — — Realized Performance Income $ 42,535 $ 85,310 $ 46,013 $ 85,310 Capital Metrics: Assets Under Management $ 73,489,400 $ 113,789,000 $ 73,489,400 $ 113,789,000 Fee Paying Assets Under Management $ 52,071,600 $ 93,258,000 $ 52,071,600 $ 93,258,000 Capital Invested $ 4,644,000 $ 8,085,000 $ 6,756,000 $ 17,105,000 Uncalled Commitments $ 38,111,300 $ 31,863,000 $ 38,111,300 $ 31,863,000

12 • AUM: Decreased 3% quarter-over-quarter and increased 5% year-over-year to $205 billion with organic new capital raised of $6 billion in the quarter and $15 billion YTD • New capital raised during the quarter includes a diverse range of strategies, most notably CLO issuance and private credit • Capital Invested: $5 billion in the quarter and $13 billion YTD. 2Q deployment was most active in North America • Appreciation: The Leveraged Credit composite declined 5%, with the Alternative Credit composite up 6% in the LTM Asset Management Segment − Credit and Liquid Strategies ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Management Fees $ 161,825 $ 194,121 $ 314,598 $ 383,052 Transaction and Monitoring Fees, Net 3,142 4,322 4,172 14,418 Fee Related Performance Revenues 12,866 8,891 21,610 18,625 Fee Related Revenues $ 177,833 $ 207,334 $ 340,380 $ 416,095 Carried Interest $ 15,336 $ 4,153 $ 15,336 $ 4,153 Incentive Fees 12,740 7,249 17,631 12,633 Realized Performance Income $ 28,076 $ 11,402 $ 32,967 $ 16,786 Capital Metrics: Assets Under Management $ 195,372,200 $ 205,362,000 $ 195,372,200 $ 205,362,000 Fee Paying Assets Under Management $ 184,407,900 $ 192,896,000 $ 184,407,900 $ 192,896,000 Capital Invested $ 10,274,100 $ 4,866,000 $ 13,169,700 $ 12,838,000 Uncalled Commitments $ 9,994,100 $ 12,453,000 $ 9,994,100 $ 12,453,000

13 • Transaction Fees: Totaled $85 million in the quarter as activity was negatively impacted by volatility across global markets, alongside a decrease in fee generating investment activity. YTD fees totaled $340 million • 2Q fees were diversified by geography and transaction type • 53% came from North American transactions with 47% from Europe and Asia • Traditional Private Equity was the largest fee generating strategy with 33% of total fees, followed by third party clients generating 25% of fees • 83% of transaction fees were debt product focused Asset Management Segment − Capital Markets • Realizations: Realized Investment Income of $277 million in the quarter and $626 million YTD • Realizations in the quarter primarily driven by activity relating to Traditional Private Equity and Real Estate investments • Balance Sheet Investment Return: Down 5% in the quarter and up 1% in the LTM • Embedded Gains: $5.1 billion of embedded unrealized gains on the balance sheet at quarter end Asset Management Segment − Principal Activities ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Transaction Fees $ 218,953 $ 84,601 $ 331,138 $ 339,857 ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Net Realized Gains (Losses) $ 263,353 $ 196,408 $ 636,473 $ 272,544 Interest Income and Dividends 105,510 80,480 193,663 353,698 Realized Investment Income $ 368,863 $ 276,888 $ 830,136 $ 626,242

14 Note: KKR’s 2Q'21 YTD results only include the results of Global Atlantic for the five months beginning on February 1, 2021; comparability to prior and future periods may be limited. See Appendix for endnotes explaining certain terms. 2Q'22 and 2Q'22 YTD Net Investment Income includes $45 million ($16 million of segment operating earnings) and $60 million ($22 million of segment operating earnings), respectively, of realized gains and losses not related to asset/liability matching investments strategies. 2Q'21 and 2Q'21 YTD Net Investment Income both included $47 million ($17 million of segment operating earnings), respectively, of realized gains and losses not related to asset/liability matching investments strategies • Net Investment Income: Net Investment Income of $964 million in the quarter was driven primarily by an increase in invested assets from new business growth and higher yields on floating rate investments due to higher market interest rates. Variable investment income from realized gains on the sales of residential property investments was an additional driver • Global Atlantic AUM totals $119 billion, including $91 billion of Credit AUM • Net Cost of Insurance: Net Cost of Insurance totaled $529 million in the quarter, driven primarily by stable liability performance across in-force and higher funding costs on new business Insurance Segment ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Net Investment Income $ 759,503 $ 964,396 $ 1,205,401 $ 1,826,810 Net Cost of Insurance (389,932) (528,572) (640,151) (1,022,221) General, Administrative and Other (123,347) (165,551) (198,836) (311,553) Pre-tax Insurance Operating Earnings 246,224 270,273 366,414 493,036 Income Taxes (37,476) (47,353) (54,102) (81,459) Net Income Attributable to Noncontrolling Interests (81,228) (85,867) (121,527) (158,536) Insurance Segment Operating Earnings $ 127,520 $ 137,053 $ 190,785 $ 253,041 Additional Financial Measures: Global Atlantic Book Value 3,128,362 3,487,964 3,128,362 3,487,964

15 • Book Value Per Adjusted Share: Declined 1% year-over-year • Net Cash and Total Investments, of $19.31 per adjusted share at 2Q'22, compared to $20.51 at 2Q'21 • Total Cash and Investments: $25 billion at quarter end • Global Atlantic Book Value: Reflects our ~61% economic ownership Book Value Book Value Per Adjusted Share Note: Total Cash and Investments is calculated as Cash and Short-term Investments, plus Investments and Global Atlantic Book Value. See Appendix for GAAP reconciliations, endnotes about book value, investments and other important information. ($ in millions, except per share data) 4Q'21 2Q'22 (+) Cash and Short-term Investments $ 4,869 $ 4,392 (+) Investments 17,764 17,159 (+) Net Unrealized Carried Interest 4,967 3,295 (+) Other Assets, Net 4,706 6,612 (+) Global Atlantic Book Value 3,372 3,488 (-) Debt Obligations - KKR 5,836 6,921 (-) Debt Obligations - KFN 949 949 (-) Tax Liabilities, Net 2,697 1,899 (-) Other Liabilities 775 1,339 (-) Noncontrolling Interests 33 30 Book Value $ 25,389 $ 23,808 Book Value Per Adjusted Share $ 28.77 $ 26.78 $14.20 $15.57 $19.24 $23.09 $28.77 $27.03 $26.78 4Q'17 4Q'18 4Q'19 4Q'20 4Q'21 2Q'21 2Q'22

16 Investments Detail Investment Holdings by Asset Class 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. ($ in millions) 2Q'22 Investments Fair Value Traditional Private Equity $ 3,564 Core Private Equity 5,353 Growth Equity 726 Private Equity Total 9,643 Energy 1,001 Real Estate 2,182 Infrastructure 1,018 Real Assets Total 4,201 Leveraged Credit 1,095 Alternative Credit 881 Credit Total 1,976 Other 1,339 Total Investments $ 17,159 ($ in millions) 2Q'22 Top 5 Investments Fair Value Fair Value as % of Total Investments PetVet Care Centers, LLC $ 1,216 7% USI, Inc. 1,094 6% Heartland Dental, LLC 834 5% Fiserv, Inc. 467 3% Exact Holding B.V. 456 3% Top 5 Investments 4,067 24% Other Investments 13,092 76% Total Investments $ 17,159 100% Traditional Private Equity 21% Core Private Equity 31% Growth Equity 4% Energy 6% Real Estate 13% Infrastructure 6% Leveraged Credit 6% Alternative Credit 5% Other 8%

Capital Detail

18 Assets Under Management Note: Perpetual capital is capital of indefinite duration, which may be materially reduced or terminated under certain conditions. See Appendix for endnotes about it and other important information. Duration of Capital Growth in Strategic & Perpetual Capital 90% of AUM is perpetual capital or has a duration of at least 8 years at inception Perpetual Capital Long-Dated Strategic Investor Partnerships 8+ Year Duration at Inception Other 48% of AUM is perpetual capital or long-dated strategic investor partnerships ($ in billions) $183 $236 $130 $176 $53 $60 2Q'21 2Q'22 Perpetual Capital Long-Dated Strategic Investor Partnerships 36% 12% 42% 10%

19 Six Months Ended June 30, 2022 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 173,745 $ 83,303 $ 213,507 $ 470,555 New Capital Raised 14,888 21,226 15,411 51,525 Acquisitions(1) — 12,730 — 12,730 Distributions and Other(3) (8,032) (3,178) (10,283) (21,493) Change in Value (9,060) (292) (13,273) (22,625) Ending Balance $ 171,541 $ 113,789 $ 205,362 $ 490,692 Assets Under Management Rollforward (1) Reflects the AUM of KJRM at closing. (2) Includes $735 million of redemptions by fund investors in Credit and Liquid Strategies. (3) Includes $2,668 million of redemptions by fund investors in Credit and Liquid Strategies. Three Months Ended June 30, 2022 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 174,406 $ 93,807 $ 210,819 $ 479,032 New Capital Raised 8,277 10,542 6,476 25,295 Acquisitions(1) — 12,730 — 12,730 Distributions and Other(2) (5,245) (1,682) (4,070) (10,997) Change in Value (5,897) (1,608) (7,863) (15,368) Ending Balance $ 171,541 $ 113,789 $ 205,362 $ 490,692

20 Fee Paying Assets Under Management Rollforward (1) Reflects the FPAUM of KJRM at closing. (2) Includes net changes in fee base of certain Private Equity funds of $255 million. Includes $735 million of redemptions by fund investors in Credit and Liquid Strategies. (3) Includes net changes in fee base of certain Private Equity funds of $1,573 million. Includes $2,668 million of redemptions by fund investors in Credit and Liquid Strategies. Three Months Ended June 30, 2022 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 94,812 $ 77,260 $ 199,104 $ 371,176 New Capital Raised 5,311 5,981 5,335 16,627 Acquisitions(1) — 12,730 — 12,730 Distributions and Other(2) (1,177) (1,007) (4,169) (6,353) Change in Value (630) (1,706) (7,374) (9,710) Ending Balance $ 98,316 $ 93,258 $ 192,896 $ 384,470 Six Months Ended June 30, 2022 ($ in millions) Private Equity Real Assets Credit and Liquid Strategies Total Beginning Balance $ 87,890 $ 66,965 $ 202,534 $ 357,389 New Capital Raised 15,137 19,062 12,780 46,979 Acquisitions(1) — 12,730 — 12,730 Distributions and Other(3) (4,042) (2,273) (9,693) (16,008) Change in Value (669) (3,226) (12,725) (16,620) Ending Balance $ 98,316 $ 93,258 $ 192,896 $ 384,470

Supplemental Information

22 Investment Vehicle Summary (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. ($ in millions) Investment Period Amount Start Date End Date Commitment Uncalled Commitments Percentage Committed by General Partner Invested Realized Remaining Cost Remaining Fair Value PRIVATE EQUITY BUSINESS LINE North America Fund XIII 6/2021 6/2027 $ 18,400 $ 15,335 3% $ 3,065 $ — $ 3,065 $ 3,096 Americas Fund XII 1/2017 6/2021 13,500 1,706 4% 12,292 4,948 11,219 20,105 North America Fund XI 9/2012 1/2017 8,718 408 3% 9,769 20,199 2,957 6,197 2006 Fund(1) 9/2006 9/2012 17,642 247 2% 17,309 35,557 1,274 1,708 Millennium Fund(1) 12/2002 12/2008 6,000 — 3% 6,000 14,123 — 6 European Fund VI 3/2022 3/2028 7,120 7,120 11% — — — — European Fund V 3/2019 3/2022 6,328 1,604 2% 4,793 782 4,640 5,395 European Fund IV 12/2014 3/2019 3,513 64 6% 3,577 5,122 1,799 2,473 European Fund III(1) 3/2008 3/2014 5,509 145 5% 5,360 10,604 669 129 European Fund II(1) 11/2005 10/2008 5,751 — 2% 5,751 8,507 — 34 Asian Fund IV 7/2020 7/2026 14,735 11,353 4% 3,423 41 3,402 3,635 Asian Fund III 4/2017 7/2020 9,000 2,000 6% 7,404 4,199 6,438 11,949 Asian Fund II 4/2013 4/2017 5,825 34 1% 6,839 5,946 3,794 2,778 Asian Fund(1) 7/2007 4/2013 3,983 — 3% 3,974 8,728 110 22 China Growth Fund(1) 11/2010 11/2016 1,010 — 1% 1,010 1,056 330 243 Next Generation Technology Growth Fund II 12/2019 5/2022 2,088 597 7% 1,688 259 1,544 2,210 Next Generation Technology Growth Fund 3/2016 12/2019 659 4 22% 666 834 359 1,050 Health Care Strategic Growth Fund II 5/2021 5/2027 3,789 3,657 4% 132 — 132 154 Health Care Strategic Growth Fund 12/2016 5/2021 1,331 380 11% 1,081 196 972 1,472 Global Impact Fund II 6/2022 6/2028 1,312 1,312 11% — — — — Global Impact Fund 2/2019 3/2022 1,242 350 8% 1,042 168 939 1,466 Co-Investment Vehicles and Other Various Various 18,161 6,550 Various 11,746 7,648 8,302 10,723 Core Investment Vehicles Various Various 24,657 13,729 31% 11,627 712 11,323 18,525 Unallocated Commitments(2) 4,320 4,320 Various — — — — Total Private Equity $ 184,593 $ 70,915 $ 118,548 $ 129,629 $ 63,268 $ 93,370

23 Investment Vehicle Summary (cont’d) (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) Upon first investment of the fund. (3) Six years from first investment date. (4) Open ended fund. ($ in millions) Investment Period Amount Start Date End Date Commitment Uncalled Commitments Percentage Committed by General Partner Invested Realized Remaining Cost Remaining Fair Value REAL ASSETS BUSINESS LINE Energy Income and Growth Fund II 6/2018 3/2022 $ 994 $ — 20% $ 1,187 $ 193 $ 1,024 $ 1,835 Energy Income and Growth Fund 9/2013 6/2018 1,974 — 13% 1,974 956 1,134 716 Natural Resources Fund(1) Various Various 887 — Various 887 123 191 48 Global Energy Opportunities Various Various 915 62 Various 519 169 323 213 Global Infrastructure Investors IV 6/2021 6/2027 16,603 13,717 2% 2,886 — 2,886 3,053 Global Infrastructure Investors III 6/2018 6/2021 7,164 1,667 4% 5,764 1,241 5,137 5,634 Global Infrastructure Investors II 10/2014 6/2018 3,039 123 4% 3,163 4,246 1,281 1,767 Global Infrastructure Investors 9/2011 10/2014 1,040 — 5% 1,050 2,228 — — Asia Pacific Infrastructure Investors II (2) (3) 4,122 4,122 9% — — — — Asia Pacific Infrastructure Investors 1/2020 1/2026 3,792 2,036 7% 2,041 323 1,848 1,952 Diversified Core Infrastructure Fund 12/2020 (4) 7,636 3,127 7% 4,519 100 4,509 4,609 Real Estate Partners Americas III 12/2020 1/2025 4,253 2,065 5% 2,214 92 2,173 2,490 Real Estate Partners Americas II 5/2017 12/2020 1,921 265 8% 1,892 2,446 588 820 Real Estate Partners Americas 5/2013 5/2017 1,229 139 16% 1,020 1,405 111 61 Real Estate Partners Europe II 12/2019 4/2024 2,065 806 10% 1,326 184 1,237 1,432 Real Estate Partners Europe 9/2015 12/2019 707 131 9% 654 609 285 334 Asia Real Estate Partners 6/2019 6/2023 1,682 1,280 15% 405 7 388 561 Real Estate Credit Opportunity Partners II 4/2019 6/2022 950 413 5% 560 102 560 564 Real Estate Credit Opportunity Partners 2/2017 4/2019 1,130 122 4% 1,008 371 1,008 1,039 Property Partners Americas 12/2019 (4) 2,488 266 20% 2,222 110 2,222 3,117 Co-Investment Vehicles & Other Various Various 5,681 1,422 Various 4,320 1,670 3,737 3,858 Total Real Assets $ 70,272 $ 31,763 $ 39,611 $ 16,575 $ 30,642 $ 34,103

24 Investment Vehicle Summary (cont’d) & Additional AUM Detail (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. ($ in millions) Investment Period Amount Start Date End Date Commitment Uncalled Commitments Percentage Committed by General Partner Invested Realized Remaining Cost Remaining Fair Value CREDIT AND LIQUID STRATEGIES BUSINESS LINE(1) Dislocation Opportunities Fund 5/2020 11/2021 $ 2,967 $ 681 14% $ 2,286 $ 538 $ 2,034 $ 2,080 Special Situations Fund II 2/2015 3/2019 3,525 284 9% 3,241 2,068 1,616 1,863 Special Situations Fund 1/2013 1/2016 2,274 1 12% 2,273 1,700 652 390 Mezzanine Partners 7/2010 3/2015 1,023 33 4% 990 1,157 265 131 Asset-Based Finance Partners 8/2020 7/2025 1,959 1,959 7% — — — — Private Credit Opportunities Partners II 12/2015 12/2020 2,245 507 2% 1,738 674 1,354 1,375 Lending Partners III 4/2017 11/2021 1,498 757 2% 741 356 741 796 Lending Partners II 6/2014 6/2017 1,336 157 4% 1,179 1,149 333 131 Lending Partners 12/2011 12/2014 460 41 15% 419 451 86 19 Lending Partners Europe II 6/2019 9/2023 837 286 7% 551 52 551 552 Lending Partners Europe 3/2015 3/2019 848 184 5% 662 379 314 249 Asia Credit 12/2020 5/2025 1,084 813 9% 271 — 271 280 Other Alternative Credit Vehicles Various Various 13,056 5,651 Various 6,654 4,800 3,877 3,947 Total Credit and Liquid Strategies $ 33,112 $ 11,354 $ 21,005 $ 13,324 $ 12,094 $ 11,813 Total Eligible To Receive Carried Interest $ 287,977 $ 114,032 $ 179,164 $ 159,528 $ 106,004 $ 139,286 ($ in millions) Uncalled Commitments Remaining Fair Value Total Carried Interest Eligible $ 114,032 $ 139,286 $ 253,318 Incentive Fee Eligible — 67,593 67,593 Total Performance Fee Eligible 114,032 206,879 320,911 Private Equity and Real Assets 169 37,710 37,879 Credit and Liquid Strategies 1,099 130,803 131,902 Total Assets Under Management $ 115,300 $ 375,392 $ 490,692

25 Stock Summary (1) KKR & Co. Inc.'s initial repurchase authorization was announced on October 27, 2015. Information is through July 29, 2022. (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 (refer to slide 26 for further information) on May 31, 2022. (4) On May 31, 2022, upon the completion of the Reorganization Mergers, all outstanding KKR Holdings units were exchanged for shares of common stock of KKR & Co. Inc. (5) 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. (6) Amounts exclude unvested shares granted under the equity incentive plans. From December 31, 2021 through July 29, 2022, KKR used a total of approximately $381 million to repurchase 5.2 million shares in the open market and 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, open market purchases and retirements were made at an average cost of $65.92 per share. Common Stock Repurchase Activity (Amounts in millions, except per share amounts) Inception to Date(1) Open Market Share Repurchases 61.9 Reduction of Shares for Retired Equity Awards(2) 23.1 Total Repurchased Shares and Retired Equity Awards 85.0 Total Capital Used $2,174 Average Price Paid Per Share $25.57 Remaining Availability under Current Share Repurchase Plan $108 Adjusted Shares 3Q'21 4Q'21 1Q'22 2Q'22 Common Stock(3) 583,026,679 595,663,618 590,472,444 859,833,444 KKR Holdings Units(4) 271,027,751 258,726,163 258,726,163 — Exchangeable Securities and Other(5) 28,045,089 28,199,255 28,199,255 29,288,380 Adjusted Shares(6) 882,099,519 882,589,036 877,397,862 889,121,824

26 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 $0.155 per share of common stock of KKR & Co. Inc. has been declared for the second quarter of 2022, which will be paid on August 30, 2022 to holders of record of common stock as of the close of business on August 15, 2022. 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 September 15, 2022 to holders of record of Series C Mandatory Convertible Preferred Stock as of the close of business on September 1, 2022. 2032 Senior Notes In the second quarter, KKR issued $750 million of 4.850% Senior Notes due 2032 through its finance subsidiaries. These notes are unsecured and unsubordinated obligations of KKR. The notes are guaranteed by the KKR & Co. Inc. and KKR Group Partnership. The use of net proceeds from the offering will be used for general corporate purposes. Reorganization On May 31, 2022, KKR consummated the merger transactions (“Reorganization Mergers”) contemplated by the previously announced Reorganization Agreement, dated October 8, 2021 (“Reorganization Agreement”). Pursuant to the Reorganization Mergers, among other things, (i) KKR acquired KKR Holdings L.P. and the 30% of the KKR business previously held by it and (ii) issued to the former limited partners of KKR Holdings L.P. one share of KKR common stock for each outstanding unit of KKR Holdings L.P. and an additional 8.5 million shares of KKR common stock. Pursuant to the Reorganization Agreement, (i) the future establishment of voting rights for all common stock on a one vote per share basis, including with respect to the election of directors, and (ii) the future control of the carry pool by KKR will be completed not later than December 31, 2026. Other Corporate Information

Appendix

28 GAAP Condensed Consolidated Income Statement (Unaudited) ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Revenues Asset Management Fees and Other $ 675,526 $ 615,264 $ 1,168,837 $ 1,395,775 Capital Allocation-Based Income (Loss) 1,525,393 (923,474) 4,210,040 (1,869,217) 2,200,919 (308,210) 5,378,877 (473,442) Insurance Net Premiums (452,133) (225,502) 724,009 146,642 Policy Fees 312,262 325,707 513,945 644,143 Net Investment Income 716,497 931,889 1,161,278 1,744,494 Net Investment-Related Gains (Losses) 326,558 (426,326) (129,144) (795,006) Other Income 32,078 32,512 50,222 67,256 935,262 638,280 2,320,310 1,807,529 Total Revenues $ 3,136,181 $ 330,070 $ 7,699,187 $ 1,334,087 Expenses Asset Management Compensation and Benefits 1,099,423 250,876 2,406,220 534,548 Occupancy and Related Charges 18,651 18,861 33,851 37,010 General, Administrative and Other 237,296 253,832 404,293 488,497 1,355,370 523,569 2,844,364 1,060,055 Insurance Net Policy Benefits and Claims 411,199 (45,407) 1,896,517 680,653 Amortization of Policy Acquisition Costs (20,031) 13,204 (40,509) 5,471 Interest Expense 11,373 18,970 22,045 32,189 Insurance Expenses 100,973 131,065 153,057 247,808 General, Administrative and Other 132,828 170,892 212,783 338,106 636,342 288,724 2,243,893 1,304,227 Total Expenses $ 1,991,712 $ 812,293 $ 5,088,257 $ 2,364,282 Investment Income (Loss) - Asset Management Net Gains (Losses) from Investment Activities 3,220,053 (1,885,469) 5,916,253 (971,208) Dividend Income 125,821 147,355 201,567 809,705 Interest Income 381,254 391,549 748,709 744,105 Interest Expense (265,056) (328,726) (516,812) (610,485) Total Investment Income (Loss) $ 3,462,072 $ (1,675,291) $ 6,349,717 $ (27,883) Income Tax Expense (Benefit) 343,667 (153,104) 782,406 (156,270) Redeemable Noncontrolling Interests 1,337 8 1,337 (55) Noncontrolling Interests 2,946,262 (1,193,734) 5,191,793 (34,549) Preferred Stock Dividends 37,603 17,250 63,194 34,500 Net Income (Loss) - KKR Common Stockholders $ 1,277,672 $ (827,934) $ 2,921,917 $ (901,704)

29 GAAP Condensed Consolidated Balance Sheet (Unaudited) ($ in thousands) 4Q'21 2Q'22 Assets Asset Management Cash and Cash Equivalents $ 6,699,668 $ 6,720,983 Investments 88,775,514 88,191,528 Other Assets 4,244,894 6,520,792 99,720,076 101,433,303 Insurance Cash and Cash Equivalents 3,391,934 5,130,193 Investments 123,763,675 119,507,782 Other Assets 37,409,755 40,003,820 164,565,364 164,641,795 Total Assets $ 264,285,440 $ 266,075,098 Liabilities and Equity Asset Management Debt Obligations 36,669,755 37,177,474 Other Liabilities 8,359,619 7,905,447 45,029,374 45,082,921 Insurance Debt Obligations 1,908,006 1,975,473 Other Liabilities 159,208,840 166,198,313 161,116,846 168,173,786 Total Liabilities $ 206,146,220 $ 213,256,707 Redeemable Noncontrolling Interests 82,491 81,167 Stockholders' Equity Stockholders' Equity - Series C Mandatory Convertible Preferred Stock 1,115,792 1,115,792 Stockholders' Equity - Series I and II Preferred Stock, Common Stock 16,466,372 17,956,891 Noncontrolling Interests 40,474,565 33,664,541 Total Equity $ 58,056,729 $ 52,737,224 Total Liabilities and Equity $ 264,285,440 $ 266,075,098

30 Reconciliation of GAAP to Non-GAAP Shares (Unaudited) 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 GAAP Shares of Common Stock Outstanding 583,030,973 583,026,679 595,663,618 590,472,444 859,833,444 Adjustments: KKR Holdings Units 271,027,751 271,027,751 258,726,163 258,726,163 — Exchangeable Securities and Other 28,045,089 28,045,089 28,199,255 28,199,255 29,288,380 Adjusted Shares 882,103,813 882,099,519 882,589,036 877,397,862 889,121,824 Unvested Shares of Common Stock and Exchangeable Securities(1) 30,110,513 36,140,502 39,000,561 39,551,313 35,294,649 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Weighted Average GAAP Shares of Common Stock Outstanding - Basic 582,398,367 680,747,047 579,578,831 636,719,538 Adjustments: Weighted Average KKR Holdings Units 272,287,730 173,365,106 273,511,107 215,809,830 Weighted Average Exchangeable Securities and Other 28,045,089 29,276,441 27,903,253 28,740,824 Weighted Average Adjusted Shares 882,731,186 883,388,594 880,993,191 881,270,192 (1) Excludes equity awards that have not met their market-price based vesting conditions.

31 Reconciliation of GAAP to Non-GAAP Measures (Unaudited) (1) Represents equity-based compensation expense in connection with non-dilutive share grants from outstanding units of KKR Holdings. (2) For 2Q'22, YTD 2Q'22, and LTM 2Q'22, strategic corporate transaction-related charges include a $40.7 million realized loss from foreign exchange derivatives that were entered in connection with the acquisition of KJRM and that were settled upon closing. (3) Amounts include the portion allocable to noncontrolling interests (~39%). ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD 2Q'21 LTM 2Q'22 LTM Net Income (Loss) - KKR Common Stockholders $ 1,277,672 $ (827,934) $ 2,921,917 $ (901,704) $ 5,458,108 $ 737,208 Preferred Stock Dividends 37,603 17,250 63,194 34,500 103,067 76,953 Net Income Attributable to Noncontrolling Interests 2,947,599 (1,193,726) 5,193,130 (34,604) 10,011,452 2,400,969 Income Tax Expense (Benefit) 343,667 (153,104) 782,406 (156,270) 1,545,918 414,594 Income (Loss) Before Tax (GAAP) $ 4,606,541 $ (2,157,514) $ 8,960,647 $ (1,058,078) $ 17,118,545 $ 3,629,724 Impact of Consolidation and Other (2,143,586) 961,840 (3,522,153) (278,096) (6,624,906) (1,945,402) Equity-based Compensation - KKR Holdings(1) 10,536 80,513 26,970 100,334 65,915 234,647 Preferred Stock Dividends (8,341) — (16,682) — (33,364) (2,519) Income Taxes Paid (113,049) (169,118) (264,169) (366,960) (406,769) (790,363) Asset Management Adjustments: Net Unrealized (Gains) Losses (975,378) 1,178,759 (2,292,022) 1,501,028 (5,096,712) 1,202,770 Unrealized Carried Interest (851,976) 1,561,367 (2,960,994) 2,851,400 (5,213,710) 1,769,259 Unrealized Carried Interest Compensation (Carry Pool) 373,091 (646,239) 1,269,998 (1,160,226) 2,213,982 (678,312) Strategic Corporate Transaction-Related Charges(2) 5,260 50,306 10,135 70,204 30,208 85,222 Equity-based Compensation 43,947 50,582 93,708 105,693 242,309 195,085 Equity-based Compensation - Performance based 17,495 59,831 32,051 117,784 38,909 163,963 Insurance Adjustments(3): Net (Gains) Losses from Investments and Derivatives (30,152) (114,183) 259,083 (65,448) 259,083 334,444 Strategic Corporate Transaction-Related Charges 7,197 4,700 12,016 9,707 12,016 23,402 Equity-based and Other Compensation 16,564 21,898 23,975 53,609 23,975 124,978 Amortization of Acquired Intangibles 4,902 4,412 7,353 8,824 7,353 17,647 Income Taxes (37,476) (47,353) (54,102) (81,459) (54,102) (226,452) After-tax Distributable Earnings $ 925,575 $ 839,801 $ 1,585,814 $ 1,808,316 $ 2,582,732 $ 4,138,093 Interest Expense 64,109 76,619 121,654 146,079 234,473 274,608 Preferred Stock Dividends 8,341 — 16,682 — 33,364 2,519 Net Income Attributable to Noncontrolling Interests 5,414 4,535 8,606 12,151 14,357 27,209 Income Taxes Paid 113,049 169,118 264,169 366,960 406,769 790,363 Distributable Operating Earnings $ 1,116,488 $ 1,090,073 $ 1,996,925 $ 2,333,506 $ 3,271,695 $ 5,232,792 Insurance Segment Operating Earnings (127,520) (137,053) (190,785) (253,041) (190,785) (714,807) Realized Performance Income (618,310) (730,858) (789,619) (1,340,065) (1,245,320) (2,692,042) Realized Performance Income Compensation 413,024 474,428 523,010 858,063 778,213 1,574,230 Realized Investment Income (368,863) (276,888) (830,136) (626,242) (1,239,306) (1,409,350) Realized Investment Income Compensation 55,330 41,533 124,521 93,936 202,508 211,409 Fee Related Earnings $ 470,149 $ 461,235 $ 833,916 $ 1,066,157 $ 1,577,005 $ 2,202,232

32 Reconciliation of GAAP to Non-GAAP Measures (Unaudited) (cont’d) ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Fee Related Earnings $ 470,149 $ 461,235 $ 833,916 $ 1,066,157 Insurance Segment Operating Earnings 127,520 137,053 190,785 253,041 Realized Performance Income 618,310 730,858 789,619 1,340,065 Realized Performance Income Compensation (413,024) (474,428) (523,010) (858,063) Realized Investment Income 368,863 276,888 830,136 626,242 Realized Investment Income Compensation (55,330) (41,533) (124,521) (93,936) Depreciation and Amortization 6,029 7,801 12,193 15,366 Adjusted EBITDA $ 1,122,517 $ 1,097,874 $ 2,009,118 $ 2,348,872 ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Total GAAP Revenues $ 3,136,181 $ 330,070 $ 7,699,187 $ 1,334,087 Insurance GAAP Revenues (935,262) (638,280) (2,320,310) (1,807,529) Impact of Consolidation and Other 133,840 139,977 257,288 329,727 Capital Allocation-Based Income (Loss) (GAAP) (1,525,393) 923,474 (4,210,040) 1,869,217 Realized Carried Interest 605,570 723,609 770,712 1,303,376 Realized Investment Income 368,863 276,888 830,136 626,242 Insurance Segment Management Fees 38,908 69,321 61,838 128,305 Capstone Fees (21,028) (19,510) (41,108) (34,995) Expense Reimbursements (60,056) (25,576) (87,785) (66,879) Total Asset Management Segment Revenues $ 1,741,623 $ 1,779,973 $ 2,959,918 $ 3,681,551

33 Reconciliation of GAAP to Non-GAAP Measures (Unaudited) (cont’d) ($ in thousands) 4Q'17 4Q'18 4Q'19 4Q'20 4Q'21 2Q'21 2Q'22 KKR & Co. Inc. Stockholders' Equity - Series I and II Preferred Stock, Common Stock $ 6,703,382 $ 8,167,056 $ 10,324,936 $ 12,118,472 $ 16,466,372 $ 14,803,001 $ 17,956,891 Series C Mandatory Convertible Preferred Stock — — — 1,115,792 1,115,792 1,115,792 1,115,792 Impact of Consolidation and Other 196,742 188,056 310,380 520,710 (1,048,569) (218,392) 344,300 KKR Holdings and Exchangeable Securities 4,844,271 4,625,448 5,728,634 6,512,382 8,595,510 8,033,308 122,074 Accumulated Other Comprehensive Income and Other (Insurance) — — — — 259,777 111,044 4,270,094 Equity Impact of KKR Management Holdings Corp. (70,486) — — — — — — Book Value $ 11,673,909 $ 12,980,560 $ 16,363,950 $ 20,267,356 $ 25,388,882 $ 23,844,753 $ 23,809,151 Adjusted Shares 822,146,070 833,938,476 850,388,924 877,613,164 882,589,036 882,103,813 889,121,824 Book Value per Adjusted Share $ 14.20 $ 15.57 $ 19.24 $ 23.09 $ 28.77 $ 27.03 $ 26.78

34 KKR’s Second Quarter 2022 Segment Earnings – Detailed View Note: KKR’s 2Q’21 YTD results only include the results of Global Atlantic for the five months beginning on February 1, 2021. ($ in thousands) 2Q'21 2Q'22 2Q'21 YTD 2Q'22 YTD Management Fees $ 480,122 $ 654,927 $ 919,862 $ 1,279,855 Transaction and Monitoring Fees, Net 259,761 107,301 395,438 413,339 Fee Related Performance Revenues 14,567 9,999 24,863 22,050 Fee Related Compensation (169,751) (173,748) (301,536) (385,968) Other Operating Expenses (114,550) (137,244) (204,711) (263,119) Fee Related Earnings 470,149 461,235 833,916 1,066,157 Realized Carried Interest 605,570 723,609 770,712 1,303,376 Incentive Fees 12,740 7,249 18,907 36,689 Realized Performance Income Compensation (413,024) (474,428) (523,010) (858,063) 205,286 256,430 266,609 482,002 Net Realized Gains (Losses) 263,353 196,408 636,473 272,544 Interest Income and Dividends 105,510 80,480 193,663 353,698 Realized Investment Income Compensation (55,330) (41,533) (124,521) (93,936) 313,533 235,355 705,615 532,306 Asset Management Segment Operating Earnings 988,968 953,020 1,806,140 2,080,465 Insurance Segment Operating Earnings 127,520 137,053 190,785 253,041 Distributable Operating Earnings 1,116,488 1,090,073 1,996,925 2,333,506 Interest Expense (64,109) (76,619) (121,654) (146,079) Preferred Dividends (8,341) — (16,682) — Net Income Attributable to Noncontrolling Interests (5,414) (4,535) (8,606) (12,151) Income Taxes Paid (113,049) (169,118) (264,169) (366,960) After-tax Distributable Earnings $ 925,575 $ 839,801 $ 1,585,814 $ 1,808,316

35 Notes to page 3 – KKR’s Second Quarter 2022 Segment Earnings • The amount of tax benefit from equity-based compensation for 2Q'22 and 2Q'21 was $15.9 million and $55.2 million, respectively, and for 2Q'22 YTD and 2Q'21 YTD was $27.7 million and $98.2 million, respectively. Its inclusion in After-tax Distributable Earnings had the effect of increasing this metric for 2Q'22 and 2Q'21 by 2% and 6%, respectively, and for 2Q'22 YTD and 2Q'21 YTD by 2% and 6%, respectively. 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 $8.0 billion, $1.8 billion and $1.1 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 that have been investing for at least two years. 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 that have been investing for at least two years, including KKR Real Estate Partners Americas II, KKR Real Estate Partners Europe II and Asia Real Estate Partners. This portfolio does not include investments from KKR's core plus real estate fund or real estate credit funds. • Infrastructure Portfolio refers to the portfolio of investments held by KKR’s flagship core plus infrastructure equity funds that have been investing for at least two years, including Asia Pacific Infrastructure. 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 22 to 24. See also “Important Information – Other Legal Disclosures” regarding past performance and investment returns. Important Information − Endnotes

36 Notes to page 14 – 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 15 – Book Value • KKR owns 61.5% 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 June 30, 2022 would have been reduced by approximately $1.74 per adjusted share, compared to our reported book value of $26.78 per adjusted share on such date. • Please see the endnote for page 16 for information about the term "investments." Notes to page 16 – 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 June 30, 2022. 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 16 for information about the asset class exposure of KKR's balance sheet. 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. Notes to page 18 – Duration of Capital • Please see endnote for page 5 for information about the term "perpetual capital." • "Other" in the chart includes hedge fund partnerships and certain leveraged credit funds. Important Information − Endnotes (cont’d)

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 Paid. 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 Paid represents the amount of income taxes that would be paid assuming that all pre-tax 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. Income Taxes Paid includes the benefit of tax deductions arising from equity-based compensation, which reduces income taxes paid or payable 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 Paid, 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) deconsolidates KKR’s investment funds and CFEs that KKR manages, (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 prepared under GAAP. Prior to the Reorganization Mergers, KKR's book value included the implied amount of (1) tax assets and liabilities attributable to KKR Holdings L.P. as if it was subject to corporate income taxes and (2) the recognition of deferred tax liabilities relating to certain assets of KKR Group Partnership L.P. that was expected to occur upon the completion of the Reorganization Mergers by and among KKR & Co. Inc., KKR Holdings L.P. and the other parties thereto. 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 deferred acquisition costs and 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 transaction-related charges and (iv) non-recurring items, if any. Strategic corporate transaction-related items arise from corporate actions and consist primarily of (i) impairments, (ii) non-monetary gains or losses on divestitures, (iii) transaction costs from strategic acquisitions, and (iv) 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, which are comprised of the following: • 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 carried interest, (ii) net unrealized gains (losses) on investments, and (iii) related unrealized carried interest compensation. Management fees earned by KKR as the adviser, manager or sponsor for its investment funds, vehicles and accounts, including its Global Atlantic insurance companies, 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 and is comprised of: (i) Net Investment Income, (ii) Net Cost of Insurance, (iii) General, Administrative, and Other Expenses, (iv) Income Taxes, and (v) Net Income Attributable to Noncontrolling Interests. The non-operating adjustments made to derive Insurance Segment Operating Earnings excludes the impact of: (i) realized (gains) losses related to asset/liability matching investments strategies, (ii) unrealized investment (gains) losses, (iii) changes in the fair value of derivatives, embedded derivatives, and fair value liabilities for fixed-indexed annuities, indexed universal life contracts and variable annuities, and (iv) the associated income tax effects of all exclusions from Insurance Segment Operating Earnings except for equity- based compensation expense. Insurance Segment Operating Earnings includes (i) realized gains and losses not related to asset/liability matching investments strategies and (ii) the investment management fee expenses 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 the Global Atlantic insurance companies; (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 fair value of investments in KKR's co-investment vehicles; (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 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. 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 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 Forward Looking Statements This presentation contains certain forward-looking statements pertaining to KKR (including Global Atlantic and KJRM), 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, 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 Global Atlantic’s and KJRM's investments; operation of Global Atlantic and KJRM following the closing of KKR’s acquisitions of each; the Global Atlantic and KJRM acquisitions' effects on KKR’s operating results; expansion and growth opportunities and other synergies resulting from the Global Atlantic and KJRM acquisitions and other acquisitions, reorganizations or strategic partnerships. 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 (including Global Atlantic and KJRM) 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, 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 the acquisition of Global Atlantic and KJRM; unforeseen liabilities or integration and other costs of the Global Atlantic and KJRM acquisitions and timing related thereto; changes in Global Atlantic’s or KJRM's business; distraction of KKR’s, Global Atlantic’s and KJRM's management or other diversion of resources within each company caused by the acquisitions; retention of key Global Atlantic and KJRM employees; Global Atlantic’s and KJRM's ability to maintain business relationships following the acquisitions; the severity and duration of the COVID-19 pandemic; the pandemic’s impact on the U.S. and global economies; foreign, federal, state and local governmental responses to the pandemic; the volatility of the capital markets; failure to realize the benefits of or changes in KKR’s, Global Atlantic’s and KJRM's business strategies including the ability to realize the anticipated synergies from acquisitions (including the Global Atlantic and KJRM 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 KKR’s, Global Atlantic’s and KJRM's investments and decreased ability to raise funds; KKR’s, Global Atlantic’s and KJRM's compliance with laws applicable to their respective businesses; changes to Global Atlantic and KJRM as consolidated subsidiaries of KKR; ability of KKR to manage Global Atlantic’s and KJRM's investments; KKR’s control of Global Atlantic and KJRM; changes in Global Atlantic policyholders’ behaviors; any disruption in servicing Global Atlantic’s insurance policies; the use of estimates and risk management in KKR’s, Global Atlantic’s and KJRM's business; outcome of KKR’s, Global Atlantic’s and KJRM's litigation and regulatory matters, as applicable; and the degree and nature of KKR’s, Global Atlantic’s and KJRM's competition. 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, 2021, filed with the SEC on February 28, 2022, 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. Important Information – Other Legal Disclosures (cont'd)

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