KKR & Co. Inc.

Investor Presentation • Oct 7, 2025

KKR & Co. Inc. Asset-Based Finance Overview

O C T O B E R 9 , 2 0 2 5

Legal Disclosures

This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, "KKR"), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, "Global Atlantic" or "GA"), unless the context requires otherwise. This presentation is not, and shall not be construed, as an offer to purchase or sell, or the solicitation of an offer to purchase or sell any securities of KKR in any jurisdiction in which such offer, solicitation or sale would be unlawful. This presentation may not be distributed, referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by KKR & Co. Inc.

The statements contained in this presentation are made as of the date of this presentation, other than financial figures, which are as of June 30, 2025, unless another time is specified in relation to such statements or financial figures, and access to this presentation at any given time shall not give rise to any implication that there has been no change in the facts set forth in this presentation since such date.

This presentation contains certain forward-looking statements pertaining to KKR, including with respect to the investment funds, and vehicles and accounts managed by KKR and the Global Atlantic insurance companies. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "opportunity," "outlook," "believe," "think," "expect," "feel," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," "visibility," "positioned," "path to," "conviction," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. These forward-looking statements are based on KKR's beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or within its control. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Past performance is no guarantee of future results. All forward-looking statements speak only as of the date of this presentation. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date of this presentation except as required by law. Please see the Appendix for additional important information about forward-looking statements, including the assumptions and risks concerning projections and estimates of future performance.

This presentation includes certain non-GAAP measures, including adjusted net income ("ANI"), total segment earnings, total investing earnings, total operating earnings ("TOE"), fee related earnings ("FRE"), strategic holdings operating earnings, and total asset management segment revenues. These non-GAAP measures are in addition to, and not a substitute for, measures of financial and operating performance prepared in accordance with U.S. GAAP. While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of KKR's business, they may not include all items that are significant to an investor's analysis of our financial results. Please see the Appendix for additional important information about the non-GAAP measures presented herein.

Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be considered when making a decision to purchase or sell any securities of KKR, can be found in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025, and its other filings with the SEC, which are available at www.sec.gov.

From time to time, we may use our website as a channel of distribution of material information. Financial and other material information regarding KKR is routinely posted on and accessible at www.kkr.com. Financial and other material information regarding Global Atlantic is routinely posted on and accessible at www.globalatlantic.com. Information on these websites are not incorporated by reference herein and are not a part of this presentation.

Welcome

Craig Larson

KKR

Partner, Head of Investor Relations

Today's Agenda

TOPIC	PRESENTER
Welcome	Craig Larson	KKR Partner, Head of Investor Relations
Asset-Based Finance Overview	Daniel Pietrzak	KKR Partner, Global Head of Private Credit
Corporate Partnerships: Harley-Davidson Case Study	David Viney Steve Sun	Harley-Davidson Treasurer KKR Director, Asset-Based Finance – Head of Consumer & Specialty Finance
The Proprietary Edge of Origination Platforms	Varun Khanna Matt Hoesley Robert Gallagher	KKR Partner, Co-Head of Asset-Based Finance Altavair Chief Commercial Officer Activate Capital Chief Executive Office
Fireside Chat: Evolution of ABF in Client Portfolios	Nolan O'Neill Kate Bizga	Mercer Head of US Fixed Income Manager Research KKR Managing Director, Global Co-Head of Consultant Relations
Question & Answer Session	Daniel Pietrzak	KKR Partner, Global Head of Private Credit

Asset-Based Finance Overview

Daniel Pietrzak

KKR

Partner, Global Head of Private Credit

Our Platform

KKR Credit & Markets: Business Overview

\$261bn

Credit Assets Under Management

~250⁽¹⁾ PROFESSIONALS ACROSS 12 CITIES IN 10 COUNTRIES

Leveraged Credit

\$134bn

ASSETS UNDER MANAGEMENT

Leveraged Loans

High Yield Bonds

Multi-Asset Credit

Private Credit

\$120bn

ASSETS UNDER MANAGEMENT

Senior Direct Lending

Junior Debt

Asset-Based Finance

Asset-Based Finance: \$75 billion

Corporate Credit: \$45 billion

Strategic Investments

\$8bn

ASSETS UNDER MANAGEMENT

Capital Solutions

Opportunistic

Capital Markets

CUMULATIVE DEBT & EQUITY FINANCING

Debt Capital Markets | Equity Capital Markets | Structured Capital Markets | Co-Invest & Partnerships

Iote: See Appendix endnotes for footnote references.

The Evolution of Private Credit to Asset-Based Finance

Disintermediation of traditional commercial and investment banks post the Global Financial Crisis ("GFC") has been critical to the growth of Private Credit, beginning with direct lending and has since moved to asset-based finance ("ABF")

Subsequently, lending activity decreased and the number of banks declined, catalyzing the growth of private debt markets 2 This shut out creditworthy borrowers, increasing the demand for capital, first in corporate credit and increasingly in asset-based finance 3 Post-GFC, banks have been forced to de-lever and central banks levied higher capital charges 1

U.S. Commercial Banks have been Steadily Declining Post-GFC… (1)

Note: See Appendix endnotes for footnote references.

…While Private Credit AUM has Grown, Driven by Direct Lending (2)

The Evolution of Private Credit to Asset-Based Finance (cont'd)

Part two of bank disintermediation has been in asset-based finance, which is currently seeing a similar pattern to what we witnessed in the development in direct lending, however, we believe there is a much larger addressable market for private ABF than exists in corporate credit

4

Ongoing regulation has caused further tightening and a reduction in lending, creating opportunities for private ABF capital

5

With ABF capital raising in early-stage growth and a large, expanding opportunity set, we see the current capital supply and demand imbalance as compelling for private ABF investing

The global ABF market is projected to grow to \$9.2 trillion by 2029 \$5.2 \$6.1 \$9.2 \$0.0 \$2.0 \$4.0 \$6.0 \$8.0 \$10.0 Q2 2022 Today 2029 Forecast Dollars (\$T) North America Europe Asia Pacific & ROW Private ABF is Growing Rapidly…(1)

Note: See Appendix endnotes for footnote references.

The Growth of KKR's Asset-Based Finance Platform

Today, KKR's Asset-Based Finance platform spans more than \$75 billion of assets across our dedicated funds, our wealth vehicles, Global Atlantic and separately managed accounts

\$2bn AUM

• Began deploying capital into ABF from our BDC platform

Fund Launch

• Launched Asset-Based Finance Partners ("ABFP"), our first dedicated pool of capital for ABF
• 20 dedicated ABF professionals

Continued Fund Growth

• Launched ABFP II in 2023. ABFP II held its final close in July 2025, with \$5.6 billion in total commitments, with an additional ~\$1 billion of SMA capital totaling \$6.5 billion

2016 2020

2017-2019 2021-Today

Initial Growth

• Expanded capital base to include certain institutional funds and SMAs
• 15 dedicated Asset-Based Finance investment team members

Platform Expansion

• KKR acquires Global Atlantic
• Acquisition helps strengthen and broaden pools of capital toward ABF's investment grade / non-rated investment activity
• Launched Asset-Based Income Fund, an evergreen High Grade ABF Fund, in 2023
• Today, there are 50+ professionals with direct involvement in the ABF effort, managing \$62 billion of high grade capital and \$13 billion of opportunistic capital

Large & Global Investment Team

~100 KKR Global Private Credit Investment Professionals

50+

Professionals with direct involvement in ABF

24

Years of Average Experience of ABF Leadership Team

ABF Team Leadership

Daniel Pietrzak
Partner
Head of Private Credit (New York)
28 Years Experience

Varun Khanna
Partner
Co-Head of ABF (London)
22 Years of Experience

Avi Korn

Managing Director

Co-Head of ABF (New York)

25 Years of Experience

Chris Mellia

Managing Director

Co-Head of ABF (New York)

22 Years Experience

Managing Directors

Kristy Gilbert

Managing Director (New York)
22 Years Experience

Anirban GhoshManaging Director (London)
17 Years Experience

Lauren HoardManaging Director (New York)
17 Years of Experience

Vaibhav Piplapure
Managing Director (London)
26 Years Experience

Lei TieManaging Director (New York)
20 Years Experience

Investment Team

• Patrick Clancy | Director
• Thomas De Angelis | Director
• Zhu Gong | Director
• Erich Heintzen | Director

• Han Kim | Director

• Samuel Mencoff | Director

• Alonso Perez | Director
• Giovanni Spingardi | Director
• Andrew Sowa | Director

• Steve Sun | Director

• Johnnie Stein | Director

• Alicia Winick | Director
• Edoardo Canzonieri | Principal
• Jim Jannicelli | Principal

• Olivia Jin | Principal

• David Nassirian | Principal

• Dan Renna | Principal
• Blake Rodriguez | Principal
• Catherine Yu | Principal
• 7 Associates & 3 Analysts

Additional Dedicated ABF Resources

10

Asset & Portfolio Management Professionals 5

KKR Capital Markets Professionals 3

Legal & Structuring Professionals

We Employ a Multi-Sector Investment Approach to ABF

01 Consumer/Mortgage Finance

Focus on financing seasoned originators with strong track records in secured lending (mortgages & autos) to more prime segments

Auto lending

Solar residential loans

Consumer loans

Secured NPLs

Mortgages

• Resi-Bridge loans

03 Contractual Cash Flows

Portfolio diversifiers due to low correlation with other segments of the economy and corporate balance sheets

Intellectual property

Risk transfer transactions

Insurance financing

Royalties

02 Commercial Finance

Given ongoing macroeconomic concerns, we are focused on lending to SMEs secured by essential assets such as equipment & receivables

• Development loans

Factoring

• Equipment leases

Trade finance

04 Hard Assets

Assets that tend to perform well in inflationary environments

Aircraft leasing

Railcars

Containers

Single family rental

Sectors Not in Focus for KKR ABF:

CLO Equity

Emerging Markets

High-Cost Consumer Loans

Litigation Finance

Payday Lending

KKR's ABF Strategies Invest Across the Risk/Return Spectrum

KKR has scaled and flexible pools of capital that invest across the capital stack, creating synergies in sourcing and underwriting. As a one stop solutions provider, this helps increase our relevance to the market and borrowers

Strategy:

Investment grade and investment grade-like financings, as well as purchasing whole loans which can then be securitized and primarily financed by investment grade bonds

Strategy Benefits:

Alternative to traditional fixed income investments due to access to private ABF market, with similar ratings, but with privately negotiated structures

Target Return Profile(1):

150-200bps gross excess spread over similarly rated and similar duration IG corporates

Strategy:

ABF investments that derive returns from recurring, often contractual cash flows, of large, diversified pools of underlying hard and financial assets

Strategy Benefits:

Non-corporate exposure to collateral-backed private credit, diversifying private corporate credit portfolios

Target Return Profile(1):

Mid-teens gross returns

Note: See Appendix endnotes for footnote references and important information.

Proprietary Sourcing: Captive Origination Platforms

Our 19(1) origination and servicing platforms add scale to KKR investment team and greater certainty and control over originations

Number of Platforms by Asset Type(1)

Other

Note: Data as of December 2024, unless otherwise noted. AUM represents each platform's assets, not KKR's AUM. See Appendix endnotes for footnote references.

ABF's Role as a Strategic Partner to Banks and Corporates is Expanding

Bank Partnerships: Private ABF as Bank Solutions Providers

Rather than acting as a replacement, private capital providers and banks are looking for ways to partner in a symbiotic relationship

Capital Optimization

• Banks are increasingly turning to ABF as a strategic tool to optimize balance sheets and enhance capital efficiency
• Evolving from corporate to collateral-backed opportunities similar to the development of the private ABF market

Portfolio Purchases

• Banks are selling entire loan portfolios to unlock capital or exit noncore businesses
• Looking for scaled, flexible partners like ABF for one-stop solutions

Corporate Partnerships: Capital-Heavy to Capital-Light

• Companies are reducing capital-intensive assets to minimize cyclicality and focus on resilient business lines
• Sale-leasebacks and off-balance-sheet structures are in high demand as financing strategies evolve

• These market shifts create investment opportunities with attractive income and risk-adjusted returns

0 500 1,000 1,500 2,000 2,500 World Capital vs. Non-Capital Intensive \$ Price Return Indexed to 100 Capital Intensive Non Capital Intensive Capital-Light Companies Are Breaking Out

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024

Note: See Appendix endnotes for source references.

KKR Opportunistic (ABFP) Strategy Overview

Opportunistic Strategy Overview

Strategy Overview

• Private ABF investments which derive returns from recurring, often contractual cash flows of large, diversified pools of underlying hard and financial assets
• The majority of ABFP deals are proprietary or incumbent transactions reflecting KKR's sourcing advantage and deep counterparty relationships
• Sourcing investments through one of our three primary opportunistic investment types structured financings, portfolio acquisitions, and platform investments & associated cash flows – with the goal of seeking attractive opportunities and risk-adjusted returns

ABFP II	July 2025 Final Close Date	>3x Larger than Predecessor Fund	45% and 26% Investors that are new to KKR Credit and new to KKR, respectively(1)	\$6.5 billion Total Raised for Strategy	15 Number of Investments
Opportunistic ABF Platform	2016 KKR's First ABF Investment	\$12.4 billion Total Capital Invested	\$8.4 billion Realized Proceeds	0.01% Annualized loss rate from realized investments with MOIC <1.0x	94 Number of Investments

Note: Past performance is no guarantee of future results. See Appendix endnotes for footnote references and important information.

Our Opportunistic Investment Types

We typically invest through one of three investment types with the goal of optimizing the opportunity and seeking attractive risk-adjusted return

Investment Type Description

Illustrative Transactions

Portfolio Acquisitions

• Direct acquisition of, or investment in, portfolios of assets
• Programmatic origination or aggregation of assets under forward flow arrangements
• US / Europe focused opportunity set, with potential to invest globally

Platform Investments and Associated Asset Flows

• Platform Investments capture asset origination in certain sectors in a differentiated manner, often via a long-term captive strategic partnership with an origination and/or servicing platform

Structured Investments

• Examples include private mezzanine ABS investments and risk transfer transactions
• Unique origination and sourcing, considering asset class footprint

Evolving Markets and Expanding Opportunities with Private Investment Grade

What is "Private" Investment Grade?

Private Investment Grade refers to privately negotiated loans or debt securities issued by high-quality IG borrowers. The opportunity spans corporates, asset-based finance, infrastructure and real estate, offering scale and diversification

What types of assets are included in Private IG?

Note: See Appendix endnotes for source references and important information.

Connecting Capital to an Expanded IG Opportunity Set

KKR identifies relative value across the full investment grade spectrum; combining public and private channels to structure solutions that deliver enhanced diversification, yield, and duration matching

Increasing Customization, Decreasing Liquidity

High Grade Asset-Based Finance Overview

Strategy Overview

• Private ABF investments comprising of investment-grade and investment-grade-like financings that are senior capital provided to a company or a portfolio backed by a pool of financial or hard assets, or private securitizations via pooling of financial assets
• Offers sector diversification and yield pickup, with lower volatility than traditional investment grade investments
• KKR's strategy also purchases whole loans that can be securitized and primarily financed by investment-grade bonds, positioning the portfolio with lower-risk exposure

High Grade ABF Scale

\$62 billion

High Grade ABF AUM

\$5 billion

3 rd Party Managed Capital Raised in LTM Period(3)

11

3 rd Party Separately Managed Accounts

~300%

Growth YoY in Third Party Managed Capital(3)

Note: Past performance is no guarantee of future results. See Appendix endnotes for references and important information.

High Grade Asset-Based Finance Investment Types

Investment Grade Financings

• Lending to companies or portfolios backed by financial or hard assets
• Often structured as private securitizations
• Examples:
  • Senior facility for auto lender
  • Repo facility for mortgage originator
  • Music catalog securitization
  • Solar or student loanbacked deals

Corporate Partnerships: Harley-Davidson Case Study

David Viney

Harley-Davidson Treasurer

Steve Sun

KKR

Director, Asset-Based Finance – Head of Consumer & Specialty Finance

The Proprietary Edge of Origination Platforms

Varun Khanna

KKR

Partner, Co-Head of Asset-Based Finance

Matt Hoesley

Altavair Chief Commercial Officer

Robert Gallagher

Activate Capital Chief Executive Officer

Activate: The Leading Provider of Residential Property Development Finance in Ireland

• 70+ developments funded to date
• €2.3bn customer loan advances since inception
• €552mm customer loan commitments as of June 2024

Established in 2015 Funding scaled production of single / multi-family housing

• 21,000+ unit capacity on sites funded
• > 50 units annual production capacity sites a key focus

Conduit for significant capital investment into homebuilding sector

• €11.5bn permanent debt capital required
• €2.4bn aggregate investor commitments

Transaction KPIs

• 0 impairments since inception
• c.\$880mm / c.\$220mm current transaction size / KKR investment
• c.60% / c.75% collateral LTD / attachment point

Sample Projects

Note: Data as of September 30, 2025, unless otherwise noted. Past performance is no guarantee of future results.

Our Customers are Ireland's Leading Housebuilders

Note: Data as of September 30, 2025, unless otherwise noted.

Altavair Overview

Established in 2003, Altavair is a leading fullservice aircraft asset manager and lender. In 2018, Altavair formed a long-term strategic partnership with KKR, where Altavair deploys and manages capital from KKR-related funds, creating a global portfolio of leased commercial aircraft assets

Over 20 Years

of successful investing experience

\$4.9 billion AUM

across 120+ commercial assets

50+ aviation professionals

based out of four global offices

Multi-asset expertise

commercial aircraft and engines

70+ airline customers

across all major markets

KKR

\$2.6 billion in committed capital

Note: Data as of September 30, 2025, unless otherwise noted.

Opportunistic Multi-Strategy Investment Approach

Flexible and committed pool of capital allows Altavair to identify and transact on opportunities across the cycle

Multi-strategy Origination Model Driving Growth

• Primary new-technology SLB opportunities
• Secondary SLB opportunities across both new and current generation assets

Secondary Trading / M&A • Carve out attractive large-

• Sale and Leaseback On and off lease lessor trading
• Airline trading and transition management
• Lessor M&A opportunities

Customized Capital Solutions

• scale asset tranches within airline portfolios
• Agreements with OEMs
• Freighter Conversions

Note: Data as of September 30, 2025, unless otherwise noted.

Active Management Across the Deal

We bring an innovative mindset to all deal origination, asset management and divestment activities, underpinned by market insight and integrity

• Deep experience of originating and executing deals across multiple channels
• Rigorous investment screening and selection process

321

Aircraft Acquired

\$14.8+ billion

Deployed

Value-add Activities

• Strong track record of creating value through innovative asset management strategies
• Higher number of "touches" results in additional value, beyond the contracted lease cashflow and metal value of the asset, allowing Altavair to achieve enhanced returns for its investors

419

"Touches" (Deal Value Enhancement Activities)

1.2

Average # of "touches" per aircraft during the hold period

Lease Origination	138	Redelivery	24
Lease Extension	56	Metal Arbitrage	26
Refinance	58	Freight Conversion	37
New Lessee Transition	48	Engine Servicing	8
Forward Sale	24

• Deep relationships across the aviation investor base, to effectively market and manage the divestment process, maximizing returns

260

Aircraft Sales to

49

Counterparties

Note: Data as of September 30, 2025, unless otherwise noted. See Appendix endnotes for footnote references.

Fireside Chat: Evolution of ABF in Client Portfolios

Nolan O'Neill

Mercer Head of US Fixed Income Manager Research

Kate Bizga

KKR

Managing Director, Global Co-Head of Consultant Relations

Question & Answer Session

Daniel Pietrzak

KKR

Partner, Global Head of Private Credit

Appendix

Harley-Davidson Strategic Partnership Overview

Transaction Overview:

• In July 2025, Harley-Davidson announced a landmark transaction with Strategic Partners KKR and PIMCO to transition Harley-Davidson Financial Services ("HDFS") from capital-heavy to capital-light, a key theme in KKR's Asset-Based Finance business
• Harley-Davidson ("H-D") (NYSE: HOG) is an iconic American motorcycle manufacturer founded in 1903, and headquartered in Milwaukee, Wisconsin
• Harley-Davidson Motor Company ("HDMC") designs, manufactures, and sells Harley-Davidson motorcycles, parts, accessories and apparel. HDFS finances wholesale and retail purchases of new and used Harley-Davidson motorcycles
• This transformative transaction further supports KKR's position as a strategic partner of choice for HDFS and numerous other blue-chip consumer finance businesses

book value multiple

acquired by each Strategic Partner, at a 1.75x post-transaction

Strategic Rationale:

Demonstrate HDFS Value: The loan purchase transactions will be at a premium to par, commensurate with the high-quality nature of HDFS' loan originations. The common equity valuation will be at a significant premium to book value, reinforcing the strategic value and earnings potential of HDFS. The transactions in aggregate unlock \$1.25bn in discretionary cash (~40% of current H-D market capitalization) available to support share repurchases, debt reduction and reinvestment in HDMC

Enhance Long Term Strategic Value: Approximately two-thirds of HDFS' loan originations will be purchased annually by the Strategic Partners for at least 5 years, creating funding stability, reduced leverage and reduced market exposure for HDFS. The transaction also creates new 3rd party servicing fee revenues for HDFS over the life of each loan, increasing earnings and return-on-equity. Consumer credit risk is largely shifted from HDFS to the Strategic Partners, further derisking HDFS

Maintain Control Over HDFS: H-D continues to retain full control and strategic value of HDFS, maintaining the full range of products and services provided to H-D's customers and dealers. The combination of asset purchase and common equity transactions create meaningful economic and strategic alignment for all parties including opportunities for future value creation such as new products, programs and partnerships

Important Information – Endnotes

Note to Page 7 – KKR Credit & Markets: Business Overview

(1) Inclusive of all KKR Credit and KKR Capital Markets investment professionals. Doesn't include Credit team members of the Portfolio Monitoring Unit.

Notes to Page 8 – The Evolution of Private Credit to Asset-Based Finance

• (1) Source: FDIC, as of December 31, 2024. Represents the FDIC-Insured Commercial Banks (Number of Institutions Reporting).
• (2) Source: Preqin 2025 Global Report: Private Debt.

Notes to Page 9 – The Evolution of Private Credit to Asset-Based Finance (cont'd)

• (1) Integer Advisors and KKR Credit research estimates based on latest available data as of March 31, 2024, sourced from country-specific official / trade bodies as well as company reports. Represents the private financial assets originated and held by non-banks based globally, related to household (including mortgages) and business credit. Excludes loans securitized or sold to government agencies and assets acquired in the capital markets or through other secondary / syndicated channels.
• (2) Source: Bloomberg Barclays Global Index (IG Corporate, Corporate High Yield, Leveraged Loan) as of December 31, 2024, KBRA DLD (US Direct Lending) as of January 31, 2025.

Note to Page 13 – KKR's ABF Strategies Invest Across the Risk/Return Spectrum

(1) Target returns are hypothetical in nature and are shown for illustrative, informational purposes only. This material is not intended to forecast or predict future events, but rather to indicate the returns for the strategies listed.

Notes to Page 14 – Proprietary Sourcing: Captive Origination Platforms

• (1) Platform count includes the addition of the September 2025 platform investment, New Day. It is included in the Consumer asset type. The additional metrics on the page do not include New Day.
• (2) Inception to date as of June 2025.

Notes to Page 15 – ABF's Role as a Strategic Partner to Banks and Corporates is Expanding

• Source: Datastream, Worldscope, Goldman Sachs Global Investment Research.
• Note: Capital-intensive: Electricity, Industrial Materials, Automobiles and Parts, Gas, Water and Multi-utilities, Industrial Metals and Mining, Telecommunications Service Providers, Leisure Goods, Construction and Materials, Oil Equipment and Services. Non-capital-intensive: Technology Hardware and Equipment, Medical Equipment and Services, Pharmaceuticals and Biotechnology, Household Goods and Home Construction, Beverages, Food Producers, Retailers, Tobacco, Software and Computer Services, Personal Goods. Capital intensity is typically based on: Assets / Employee, Assets / Net Income, and CAPEX / Net Income.

Notes to Page 17 – Opportunistic Strategy Overview

• (1) As of July 29, 2025.
• Calculation of Gross IRR: Unless otherwise indicated, internal rates of return ("IRRs") measure the aggregate annual compounded returns generated by an investment vehicle's investments over a holding period, including, in many cases, where an investment has not yet been exited and the holding period end date is not yet known. As a result, an investment's future final IRR calculated after the exact holding period is known may differ, perhaps materially, from the IRR that is shown before the investment is exited. Such amounts are calculated before giving effect to the allocation of carried interest and the payment of any applicable management fees and organizational expenses.
• Calculation of Gross MOIC: Unless otherwise indicated, gross multiples of invested capital ("MOIC") measure the aggregate value generated by an investment vehicle's investments in absolute terms. Each MOIC is calculated by adding together the total realized and unrealized values of an investment vehicle and dividing by the total amount of capital invested by the investment vehicle. Such amounts do not give effect to the allocation of realized and unrealized carried interest or the payment of any applicable management fees or organizational expenses.

Important Information – Endnotes (cont'd)

Note to Page 20 – What is "Private" Investment Grade?

• Source: SIFMA, Bank of International Settlements (BIS), World Federation of Exchanges. Data as of July 2025. US only.

Note to Page 21 – Connecting Capital to an Expanded IG Opportunity Set

(1) Target returns are gross and unlevered. Private IG Corporate Credit reflects precedent Private Placement transactions.

Notes to Page 22 – High Grade Asset-Based Finance Overview

• (1) Includes GA legacy experience for team members who continue to invest in high grade ABF today.
• (2) IG Corporate Benchmark is 3-5 Year IG Corporate Credit (C2A0).
• (3) Based on High Grade ABF SMA commitment amounts from September 30, 2024, to September 30, 2025.

Notes to Page 30 – Active Management Across the Deal

• (1) Number of aircraft acquired excludes aircraft originated by financial sponsor that were subsequently transferred to Altavair for servicing.
• (2) Other includes aircraft originated by financial sponsors that were subsequently transferred to Altavair for servicing.

Important Information – Other Legal Disclosures

Past Performance and Investment Returns

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

Third Party Sources and Other Information

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

Forward-Looking Statements

This presentation contains certain forward-looking statements pertaining to KKR, including investment funds, vehicles and accounts managed by KKR and Global Atlantic. You can identify these forward-looking statements by the use of words such as "opportunity," "outlook," "believe," "think," "expect," "feel," "potential," "continue," "may," "should," "seek," "approximately," "predict," "intend," "will," "plan," "estimate," "anticipate," "visibility," "positioned," "path to," "conviction", the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but, not limited to, any statements with respect to: statements regarding KKR's business, financial condition, liquidity and results of operations, including Capital Invested, uncalled commitments, cash and short-term investments, and levels of indebtedness; the potential for future business growth; outstanding shares of common stock of KKR & Co. Inc. and its capital structure; non-GAAP and segment measures and performance metrics, including AUM, FPAUM, ANI, TOE, Book Value, Total Segment Earnings, FRE, Insurance Operating Earnings, Strategic Holdings Operating Earnings, Total Investing Earnings, and Total Segment Earnings; the declaration and payment of dividends on capital stock of KKR & Co. Inc.; the timing, manner and volume of repurchase of shares of capital stock of KKR & Co. Inc.; our statements regarding the potential of, and future financial results from, KKR's Strategic Holdings segment (including expectations about dividend payments from companies and businesses in the Strategic Holdings segment in the future, the future growth of such companies and businesses, the potential for compounding earnings over a long period of time from such segment, and the belief that such segment is an unconstrained business line); KKR's ability to grow its AUM, to deploy capital, to realize unrealized investment appreciation, and the time period over which such events may occur; KKR's ability to manage the investments in and operations of acquired companies and businesses; the effects of any transactional activity on KKR's operating results, including pending sales of investments; expansion and growth opportunities and other synergies resulting from acquisitions of companies (including the acquisition and integration of Global Atlantic and businesses in our Strategic Holdings segment), internal reorganizations or strategic partnerships with third parties; the timing and expected impact to our business of any new investment fund, vehicle or product launches; the timing and completion of certain transactions contemplated by the Reorganization Agreement entered into on October 8, 2021 by KKR & Co. Inc. pursuant to which the parties agreed to undertake a series of integrated transactions to effect a number of transformative structural and governance changes in the future; the implementation or execution of, or results from, any strategic initiatives (including efforts to access private wealth investors and the modification of our compensation framework announced on November 29, 2023, which decreased the targeted percentage of compensation from fee related revenues and increased the targeted percentage from realized carried interest and incentive fees).

Important Information – Other Legal Disclosures (cont'd)

Expected dividend amounts and investment returns in the business segment Strategic Holdings may be materially less than our current expectations or not materialize at all, and the volatility of employee compensation as a result of the modification of our compensation framework could impact our ability to hire, retain, and motivate our employees whom we are dependent on.

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

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

These statements are subject to numerous risks, uncertainties and assumptions, including those listed here in the above and below paragraphs and described under the section entitled "Risk Factors" in KKR & Co. Inc.'s Annual Report on Form 10‐K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as being exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in KKR & Co. Inc.'s filings with the SEC.

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

Without limiting the statements made in the prior paragraphs, the following risks, among others, could cause actual results to vary from the forward-looking statements:

• risks related to our business, including: future business growth and various assumptions about the ability to capitalize on growth opportunities and future business performance, the assumptions and estimates used in any forward-looking statements made herein, including relating to New Capital Raised, Assets Under Management, Fee Related Earnings per share, Total Operating Earnings per share, Adjusted Net Income per share, Strategic Holdings Operating Earnings, the timing and amounts generated by the monetization of investments held by KKR or its investment vehicles, difficult market and economic conditions; geopolitical developments and other local and global events, including uncertainties resulting from changes to U.S. and global tariff policies and escalating trade tensions; disruptions caused by natural disasters and catastrophes; our liquidity requirements and sources of liquidity; assets we refer to as "perpetual capital" being subject to material reduction; high variability in earnings and cash flow; "clawback" provisions in our governing agreements; inability to raise additional or successor funds successfully; increasing focus by stakeholders on sustainability matters; intense competition in the investment management and insurance industries; changes in relevant tax laws, regulations and treaties or adverse interpretations by tax authorities; recruiting, retaining and motivating our employees and other key personnel; our reliance on third-party service providers; cybersecurity failures and data security breaches; the unpredictable impact of artificial intelligence, rapidly developing and changing global privacy laws; expansion into new investment strategies, geographic markets, businesses and types of investors; failure to manage existing balance sheet commitments; extensive regulation of our businesses (including compliance with applicable laws); litigation and negative publicity; ineffective risk management activities;

Important Information – Other Legal Disclosures (cont'd)

• risks related to our investment activities, including risks involving: historical returns not being indicative of future results; valuation methodologies for establishing the fair value of certain assets can be subjective; the impact on valuations by market and economic conditions; changes in debt or equity markets; dependence on significant leverage in our investments; exposures to, and investments in, leveraged companies or companies experiencing financial or business difficulties; concentration of investments by type of issuer, geographic region, asset types, or otherwise; investments in relatively illiquid assets; investments in real assets; investments in emerging and less established companies; investments in companies that are based outside of the United States; and investors in certain of our investment vehicles are entitled to redeem their investments in these vehicles on a periodic basis;
• risks related to our insurance activities, including risks involving: possibility of not achieving the intended benefit of the Global Atlantic acquisitions (including a failure to realize anticipated benefits within the expected timeframes or a failure to integrate into our operations and management systems and controls); volatile market and economic conditions including sustained periods of low or high interest rates; difference between policyholder behavior estimates, reserve assumptions and actual claims experience; estimates used in preparation of financial statements and models for insurance products; our ability to execute Global Atlantic's growth strategies successfully; Global Atlantic's actual or perceived financial strength and ratings of Global Atlantic and its subsidiaries; business Global Atlantic reinsures and business it cedes to reinsurers; changes in accounting standards applicable to insurance companies; volatility in our insurance business's net income under GAAP; reinsurance assets held in trust, which limit Global Atlantic's ability to invest those assets; determination of the amount of impairments and allowances for credit losses; triggering a recapture event under reinsurance agreements where Global Atlantic's clients may recapture some or all of the assumed business; liquidity risks from Global Atlantic's membership in Federal Home Loan Banks and repurchase and reverse repurchase transactions that subject Global Atlantic to liquidity risks; changes in relevant tax laws, regulations or treaties; regulations, including those related to capital requirements, that apply to Global Atlantic; Bermuda insurance subsidiaries possibly being subject to additional licensing requirements; and not being able to mitigate the reserve strain associated with statutory accounting rules; and
• risks related to our organizational structure, including risks involving: our status as a controlled

company; declining common stock price due to the large number of shares eligible for future sale and issuable as grants or in acquisitions; ability to issue preferred stock may cause the price of our common stock to decline; our right to repurchase all outstanding shares of common stock under specified circumstances; limitations on our ability to pay periodic dividends; our obligations to make payments to our principals pursuant to a tax receivable agreement; potential application of restrictions under the Investment Company Act of 1940; and reorganizations undertaken by us.

Important Information – Other Legal Disclosures (cont'd)

Website

From time to time, KKR may use its website as a channel of distribution of material company information. Financial and other important information regarding KKR is routinely posted and accessible on the Investor Center for KKR & Co. Inc. at https://ir.kkr.com/. Information on these websites are not incorporated by reference herein and are not a part of this presentation. In addition, you may automatically receive email alerts and other information about KKR by enrolling your email address at the "Email Alerts" area of the Investor Center on the website.

KKR Entities

Any discussion of specific KKR entities other than KKR & Co. Inc. is provided solely to demonstrate such entities' role within the KKR organization and their contributions to the business, operations and financial results of KKR & Co. Inc. Each KKR entity is responsible for its own financial, contractual and legal obligations.

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

Each KKR entity is responsible for its own financial, contractual and legal obligations. This

presentation has been prepared solely for informational purposes. This presentation is not intended to make, and does not make, any financial or investment recommendation or otherwise promote a product or service of KCM or any of its affiliates.