KKR & Co. Inc.

(All Amounts in Thousands, Except Share and Per Share Data, and Except Where Noted)

1. ORGANIZATION

KKR & Co. Inc. (NYSE: KKR), through its subsidiaries (collectively, “KKR“), is a leading global investment firm that offers

alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment

returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in

its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit, and real assets

and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance

products under the management of The Global Atlantic Financial Group LLC (“TGAFG“ and, together with its insurance

companies and other subsidiaries, “Global Atlantic“).

KKR & Co. Inc. is the parent company of KKR Group Co. Inc., which in turn owns KKR Group Holdings Corp., which is the

general partner of KKR Group Partnership L.P. (“KKR Group Partnership“). KKR & Co. Inc. both indirectly controls KKR Group

Partnership and indirectly holds Class A partner interests in KKR Group Partnership (“KKR Group Partnership Units“)

representing economic interests in KKR's business. As of September 30, 2026, KKR & Co. Inc. held indirectly approximately

97.2% of the KKR Group Partnership Units. The remaining balance is held indirectly by KKR current and former employees

through restricted holdings units representing an ownership interest in KKR Group Partnership Units, which may be

exchanged for shares of common stock of KKR & Co. Inc. (“exchangeable securities“). As limited partner interests, these KKR

Group Partnership Units are non-voting and do not entitle anyone other than KKR to manage its business and affairs. KKR

Group Partnership also has outstanding limited partner interests that provide for a carry pool provided by KKR Associates

Holdings L.P. (“Associates Holdings“) and outstanding preferred units with economic terms that mirror the KKR & Co. Inc.

6.25% Series D Mandatory Convertible Preferred Stock (the “Series D Mandatory Convertible Preferred Stock”).

In this report, references to “KKR,“ refer to KKR & Co. Inc. and its subsidiaries, including Global Atlantic, unless the context

requires otherwise, especially in sections where “KKR“ is intended to refer to the asset management and strategic holdings

businesses only. References to our “funds,“ “vehicles“ or “investment vehicles“ refer to a wide array of investment funds,

vehicles, and accounts that are advised, managed or sponsored by one or more subsidiaries of KKR, including collateralized

loan obligations (“CLOs“), certain operating companies and business development companies (“BDCs“), unless the context

requires otherwise.

Reorganization Agreement

On October 8, 2021, KKR entered into a Reorganization Agreement (the “Reorganization Agreement“) with KKR Holdings

L.P. (“KKR Holdings“), KKR Management LLP (which holds the sole outstanding share of Series I preferred stock), Associates

Holdings, and the other parties thereto. Pursuant to the Reorganization Agreement, the parties agreed to undertake a series

of integrated transactions to effect a number of transformative structural and governance changes, some of which were

completed on May 31, 2022, and other changes to be completed in the future. On May 31, 2022, KKR completed the merger

transactions (“Reorganization Mergers“) contemplated by the Reorganization Agreement pursuant to which KKR acquired KKR

Holdings (which changed its name to KKR Group Holdings L.P.) and all of the KKR Group Partnership Units held by it.

Pursuant to the Reorganization Agreement, the following transactions will occur in the future on the Sunset Date (as

defined below):

i. the control of KKR & Co. Inc. by KKR Management LLP and the Series I Preferred Stock held by it will be eliminated,

ii. the voting rights for all common stock of KKR & Co. Inc., including with respect to the election of directors, will be

established on aone vote per share basis, and

iii. KKR will acquire control of Associates Holdings, the entity providing for the allocation of carry proceeds to KKR

employees, also known as the carry pool.

The “Sunset Date” will be the earlier of (i) December 31, 2026 and (ii) thesix-month anniversary of the first date on which

the death or permanent disability of both Mr. Henry Kravis and Mr. George Roberts (collectively, “Co-Founders“) has occurred

(or any earlier date consented to by KKR Management LLP in its sole discretion). In addition, KKR Management LLP agreed not

to transfer its ownership of the sole share of Series I Preferred Stock, and, the changes to occur effective on the Sunset Date

are unconditional commitments of the parties to the Reorganization Agreement.

Acquisition of Arctos

On May 4, 2026, KKR completed the previously announced acquisition of 100% of Arctos Management Company, LLC

(“Arctos”, and the acquisition, the “Arctos Acquisition”), an investment firm that provides strategic growth capital and

liquidity solutions to sports franchises and fund sponsors. See Note 25 “Acquisition” and Note 19 “Equity-based

Compensation” in our financial statements for further details on the transaction.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements of KKR & Co. Inc. have been prepared in accordance with accounting

principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions

to this Quarterly Report on Form 10-Q. The condensed consolidated financial statements (referred to hereafter as the

"financial statements"), including these notes, are unaudited and exclude some of the disclosures required in annual financial

statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that

the financial statements are presented fairly and that estimates made in preparing the financial statements are reasonable

and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be

expected for any other interim period or for the entire year. The consolidated balance sheet data as of December 31, 2025

were derived from audited financial statements included in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year

ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC“) on February 27, 2026 (our “Annual

Report”), and the financial statements should be read in conjunction with the audited financial statements included therein.

Additionally, in the accompanying financial statements, the condensed consolidated statements of financial condition are

referred to hereafter as the “consolidated statements of financial condition”; the condensed consolidated statements of

operations are referred to hereafter as the “consolidated statements of operations”; the condensed consolidated statements

of comprehensive income (loss) are referred to hereafter as the "consolidated statements of comprehensive income (loss)”;

the condensed consolidated statements of changes in equity are referred to hereafter as the “consolidated statements of

changes in equity”; and the condensed consolidated statements of cash flows are referred to hereafter as the “consolidated

statements of cash flows."

KKR consolidates the financial results of KKR Group Partnership and its consolidated entities, which include the accounts

of KKR's investment management and capital markets companies, the general partners of certain unconsolidated investment

funds, general partners of consolidated investment funds and their respective consolidated investment funds, Global

Atlantic’s insurance companies and certain other entities including CFEs.

The presentations in the consolidated statement of financial condition and consolidated statement of operations reflect

the significant industry diversification of KKR by its acquisition of Global Atlantic. Global Atlantic operates an insurance

business, and KKR operates an asset management business, which manages the operations of the Strategic Holdings segment

(see Note 21 “Segment Reporting” of our financial statements), each of which possess distinct characteristics. As a result, KKR

developed a two-tiered approach for the financial statements presentation, where Global Atlantic's insurance operations are

presented separately from KKR's asset management business. KKR believes that these separate presentations provide a more

informative view of the consolidated financial position and results of operations than traditional aggregated presentations

and that reporting Global Atlantic’s insurance operations separately is appropriate given, among other factors, the relative

significance of Global Atlantic’s policy liabilities, which are only obligations of the insurance companies that issued or assumed

them. If a traditional aggregate presentation were to be used, KKR would expect to eliminate or combine several identical or

similar captions, which would condense the presentations, but would also reduce the level of information presented. KKR also

believes that using a traditional aggregate presentation would result in no new line items compared to the two-tier

presentation included in the financial statements in this report.

In the ordinary course of business, KKR’s Asset Management business, Strategic Holdings business and Insurance business

enter into transactions with each other, which may include transactions pursuant to their investment management

agreements and certain financing arrangements. The borrowings from these financing arrangements are non-recourse to KKR

beyond the assets designated to support such borrowings. All of the investment management and financing arrangements

amongst KKR segments are eliminated in consolidation.

All intercompany transactions and balances have been eliminated. When the Insurance business makes an investment in

an entity consolidated by the Asset Management business, the investment is eliminated from the investment balance in the

Insurance tier in the presentation of the consolidated financial statements.

Certain prior period amounts in the accompanying notes have been reclassified to conform to the current period’s

presentation, including the realignment of prior period investment categories to the current year investment category

presentation within Notes 4, 7, 9, and 10. In addition, the equity-based compensation expense was previously presented by

segment, and in the current period, the expense is presented by grant category, within Note 19.

For a detailed discussion about KKR’s significant accounting policies and for further information on accounting updates

adopted in the prior year, see Note 2 to the financial statements in the Annual Report. Other than the items listed below,

during thenine months ended September 30, 2026, there were no significant updates to KKR’s significant accounting policies.

Effective beginning in the first quarter of 2026, the Company changed the presentation of certain operating expenses in

its consolidated statements of operations. Amounts previously presented separately as “Insurance Expenses” and “General,

Goodwill and Intangible Assets

Goodwill

Goodwill represents the excess of acquisition cost over the fair value of net tangible and intangible assets acquired in

connection with an acquisition. Goodwill is assessed for impairment annually in the third quarter of each fiscal year or more

frequently if circumstances indicate impairment may have occurred. Goodwill and Intangible Assets are recorded in Other

Assets in the accompanying consolidated statements of financial condition.

In accordance with GAAP, KKR has the option to either (i) perform a quantitative impairment test or (ii) first perform a

qualitative assessment (commonly known as "step zero") to determine whether it is more likely than not that the fair value of

a reporting unit is less than its carrying amount, in which case the quantitative test would then be performed. When

performing a quantitative impairment test, KKR compares the fair value of a reporting unit with its carrying amount, including

goodwill. If the fair value of the reporting unit is less than its carrying amount, the goodwill impairment loss is equal to the

excess of the carrying value over the fair value, limited to the carrying amount of goodwill allocated to that reporting unit. The

estimated fair values of the reporting units are derived based on valuation techniques KKR believes market participants would

use for each respective reporting unit. The estimated fair values are generally determined by utilizing a discounted cash flow

methodology and methodologies that incorporate market multiples of certain comparable companies.

KKR tests goodwill for impairment at the reporting unit level on an annual basis, or, when an event occurs or

circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

Goodwill was reallocated from the asset management reporting unit to the strategic holdings reporting unit in connection

with the creation of strategic holdings as a separate reporting unit. Goodwill recorded as a result of the acquisition of Global

Atlantic has been allocated to the insurance reporting unit, and goodwill recorded as a result of the acquisitions of KJRM,

Healthcare Royalty Management, LLC, Altavair, and Arctos has been allocated to the asset management reporting unit.

In the third quarter of 2026, KKR performed its annual impairment analysis for the goodwill recorded at the asset

management, strategic holdings and insurance reporting units. KKR elected to perform step zero for purposes of this analysis.

Factors considered in the qualitative assessment of goodwill at each reporting unit included macroeconomic conditions,

industry and market considerations, cost factors, current and projected financial performance, changes in management or

strategy, and market capitalization. Based on this assessment, no goodwill impairment charges were recorded.

Indefinite-lived intangible assets

With respect to its indefinite-lived intangible assets, KKR has the option to either (i) perform a quantitative impairment

test or (ii) first perform a qualitative assessment to determine whether it is more likely than not that the fair value of each

intangible asset is less than its carrying amount, in which case, the quantitative test would be performed.

In the third quarter of 2026, KKR performed its annual impairment analysis on its investment management contracts

recorded at its asset management business and on its insurance licenses in its insurance business, which were determined to

have indefinite useful lives and are not subject to amortization. KKR elected to perform a qualitative assessment for the

purposes of this analysis. Factors considered in the qualitative assessment included macroeconomic conditions, industry and

market considerations, cost factors, and current and projected financial performance, and legal, regulatory, contractual,

political, and business factors. Based upon this assessment, no impairment charges were recorded.

Finite-lived intangible assets

With respect to its finite-lived intangible assets, KKR performs a two-step test to assess whether events or circumstances

indicate that the carrying amount of an asset is not recoverable. If such events or circumstances are present, an impairment

loss is then recognized as the amount by which the carrying value of the asset exceeds its fair value.

In the third quarter of 2026, KKR performed an impairment assessment of the finite-lived intangible assets in its insurance

business by evaluating current events and circumstances, including market prices, expected use and useful lives of the assets,

changes in legal factors or business climate, cost factors, and operating or cash flows. Based on this assessment, no

impairment charges were recorded.

Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and

assumptions that affect the reported amounts of assets and liabilities, the recognition and disclosure of contingent assets and

liabilities at the date of the financial statements and the reported amounts of revenues, expenses, investment income (loss)

and income taxes during the reporting periods. Such estimates include but are not limited to (i) the valuation of investments

and financial instruments, (ii) the determination of the income tax provision, (iii) the impairment of goodwill and intangible

assets, (iv) the impairment of available-for-sale investments, (v) the valuation of insurance policy liabilities, including market

risk benefits, (vi) the valuation of embedded derivatives in policy liabilities and funds withheld, and (vii) the determination of

the allowance for loan losses.

Certain events particular to each industry and country or region in which the portfolio companies conduct their

operations, as well as general market, economic, political, geopolitical (including uncertainties resulting from changes to U.S.

and global tariff policies, escalating trade tensions, and impacts from the recent conflicts in the Middle East), and regulatory

conditions, and natural disasters and catastrophes, including public health crises, may have a significant negative impact on

KKR’s investments and profitability. Such events are beyond KKR’s control, and the likelihood that they may occur and the

effect on KKR's use of estimates cannot be predicted. Actual results could differ from those estimates, and such differences

could be material to the financial statements.

Adoption of New Accounting Pronouncements

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued ASU 2025–05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit

Losses for Accounts Receivable and Contract Assets” (“ASU 2025–05”). ASU 2025–05 simplifies the application of the current

expected credit loss model for current accounts receivable and current contract assets under ASC 606. KKR adopted this

accounting standard effective for the year ended December 31, 2026, and its adoption did not have a material impact on

KKR’s consolidated financial statements.

Future Application of Accounting Standards

Expense Disaggregation Disclosures

In November 2024, the FASB issued ASU 2024–03, “Income Statement—Reporting Comprehensive Income—Expense

Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024–03”). ASU 2024–03

requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and

interim basis including employee compensation, depreciation, and intangible asset amortization for each income statement

expense line item that contains those expenses. The update will be effective for annual periods beginning after December 15,

2026 and interim periods beginning after December 15, 2027. KKR is currently evaluating the impact of adopting this guidance

on its consolidated financial statements and disclosures.

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity

In May 2025, the FASB issued ASU 2025–03, “Business Combinations (Topic 805) and Consolidation (Topic 810):

Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“ASU 2025–03”). ASU 2025–03 requires

an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a

variable interest entity (“VIE”) that meets the definition of a business to consider certain factors to determine which entity is

the accounting acquirer. The update will be effective for annual periods and interim periods in annual reporting periods

beginning after December 15, 2026. KKR does not expect the adoption to have a material impact on its consolidated financial

statements or disclosures.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued ASU 2025–06, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic

350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025–06”). ASU 2025–06 eliminates

accounting consideration of software project development stages; requires capitalizing software costs when (i) management

has authorized and committed to funding the project and (ii) it is ‘probable’ the project will be completed and the software

used to perform its intended function (the ‘probable-to-complete’ threshold). ASU 2025–06 also enhances the guidance

around the ‘probable-to-complete’ threshold. The update will be effective for annual periods and interim periods in annual

reporting periods beginning after December 15, 2027. KKR is currently evaluating the impact of adopting this guidance on its

consolidated financial statements and disclosures.

Financial Instruments—Credit Losses (Topic 326): Purchased Loans

In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326) - Purchased Loans.

ASU 2025-08 expands the population of purchased financial assets subject to the gross-up approach in Topic 326. As a result

of this update, loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned” as defined in the

ASU will follow the gross-up approach at acquisition and the initial allowance for credit losses is added to the purchase price

to determine the amortized cost basis of the loans. The update is effective for fiscal years beginning after December 15, 2026,

including interim periods within those fiscal years, and is to be applied prospectively to loans acquired on or after adoption;

early adoption is permitted. KKR is currently evaluating the impact of adopting this guidance on its consolidated financial

statements and disclosures.

Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock

In April 2026, the FASB issued ASU 2026-01, “Equity: Measurement of Paid-in-Kind Dividends on Equity-Classified

Preferred Stock (Topic 505)” (“ASU 2026-01”), which requires that an issuer initially measure paid-in-kind (“PIK”) dividends on

equity-classified preferred stock on the basis of the PIK dividend rate stated in the preferred stock agreement. The

amendments in ASU 2026-01 are effective for annual and interim reporting periods beginning after December 15, 2026. KKR is

currently evaluating the impact of this guidance on its consolidated financial statements and disclosures.

Investment Companies with Equity Securities Subject to Contractual Sale Restrictions

In September 2026, the FASB issued ASU 2026–03, “Fair Value Measurement (Topic 820): Investment Companies with

Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2026–03”). ASU 2026–03 requires investment companies

within the scope of Topic 946 to consider contractual restrictions on the sale of equity securities in the fair value

measurement of those securities and to disclose the amount of the discount attributable to such contractual sale restrictions.

The update will be effective for annual periods beginning after December 15, 2027 and interim periods beginning after

December 15, 2027. KKR is currently evaluating the impact of adopting this guidance on its consolidated financial statements

and disclosures.

3. REVENUES – ASSET MANAGEMENT AND STRATEGIC HOLDINGS

For thethree and nine months ended September 30, 2026 and 2025, respectively, Asset Management and Strategic

Holdings revenues consisted of the following:

4. NET GAINS (LOSSES) FROM INVESTMENT ACTIVITIES – ASSET MANAGEMENT AND

STRATEGIC HOLDINGS

Net Gains (Losses) from Investment Activities in the consolidated statements of operations consist primarily of the

realized and unrealized gains and losses on investments (including foreign exchange gains and losses attributable to foreign

denominated investments and related activities), derivatives, and debt obligations, including those for which the fair value

option has been elected. Unrealized gains or losses result from changes in the fair value of these investments, derivatives, and

debt obligations during a period. Upon disposition of an investment, derivative, or debt obligation, previously recognized

unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

The following table summarizes total Net Gains (Losses) from Investment Activities:

(1)See Note 7 “Investments.”

(2)See Note 8 “Derivatives” and Note 14 “Other Assets and Accrued Expenses and Other Liabilities.”

(3)See Note 16 “Debt Obligations.”

(4)For thethree and nine months ended September 30, 2026 and 2025, net gains (losses) from Equity Method investments were$(32.5) million and$221.5

million, respectively, and$382.8 million and$805.3 million, respectively.

5. NET INVESTMENT INCOME – INSURANCE

Net investment income for our Insurance segment is comprised primarily of (i) interest income, including amortization of

premiums and accretion of discounts, (ii) dividend income from common and preferred stock, (iii) earnings from investments

accounted for under equity method accounting, and (iv) lease income on real assets.

The components of net investment income were as follows:

6. NET INVESTMENT-RELATED GAINS (LOSSES) – INSURANCE

Net investment-related gains (losses) from insurance operations primarily consist of (i) realized gains (losses) from the

disposal of investments, (ii) unrealized gains (losses) from investments held for trading, equity securities, real estate

investments accounted for under investment company accounting, and investments with fair value remeasurements

recognized in earnings as a result of the election of a fair-value option, (iii) unrealized gains (losses) on funds withheld

receivable and payable at interest, (iv) unrealized gains (losses) from derivatives (excluding certain derivatives designated as

hedge accounting instruments), and (v) allowances for credit losses, and other impairments of investments.

Net investment-related gains (losses) were as follows:

Allowance for Credit Losses

Available-For-Sale Fixed Maturity Securities

The table below presents a roll-forward of the allowance for credit losses recognized for fixed maturity securities held by

Global Atlantic:

Mortgage and Other Loan Receivables

Changes in the allowance for credit losses on mortgage and other loan receivables held by Global Atlantic are

summarized below:

Proceeds and Gross Gains and Losses from Voluntary Sales

The proceeds from voluntary sales and the gross gains and losses on those sales of available-for-sale (“AFS”) fixed

maturity securities were as follows:

7. INVESTMENTS

Investments consist of the following:

(1)On August 31, 2026, KKR announced a definitive agreement under which it will sell its interest in USI Insurance Services LLC, subject to certain closing

conditions.

(2)As of September 30, 2026, and December 31, 2025, investments of$10.0 billion and$11.5 billion were accounted for using the equity method of

accounting within the asset classes Private Equity, Credit, Real Assets, and Other.

(3)Amortized cost of$99.2 billion and$96.7 billion, net of credit loss allowances of$285.1 million and$288.7 million as of September 30, 2026, and

December 31, 2025, respectively.

(4)Amortized cost of$29.6 billion and$27.2 billion as of September 30, 2026, and December 31, 2025, respectively. Trading fixed maturity securities are

primarily held to back funds withheld payable at interest. The investment performance on these investments is ceded to third-party reinsurers.

(5)Net of accumulated depreciation of$833.9 million and$782.2 million as of September 30, 2026, and December 31, 2025, respectively.

(6)Real assets of$1.0 billion and$1.1 billion as of September 30, 2026 and December 31, 2025, respectively, and other investments of$787.4 million and

$855.0 million as of September 30, 2026, and December 31, 2025, respectively, are accounted for using the equity method of accounting. In addition,

Global Atlantic has investments that would otherwise require the equity method of accounting for which the fair value option has been elected. The

carrying amount of real assets and other investments for which the fair value option has been elected was$867.2 million and$615.9 million, respectively,

as of September 30, 2026, and the carrying amount of these investments was$730.7 million and$436.3 million, respectively, as of December 31, 2025.

Global Atlantic's maximum exposure to loss related to equity method investments, including those for which fair value has been elected, is limited to the

carrying value of these investments plus unfunded commitments of$401.7 million and$447.2 million as of September 30, 2026, and December 31, 2025,

respectively. Real assets includes$3.2 billion of certain investments held for sale as of September 30, 2026; the estimated fair value of these assets, less

costs to sell, exceeds their carrying value.

(7)Other investments include equity securities, limited partnership interests, investments in FHLB common stock, and other interests.

(8)From time to time, Global Atlantic makes investments with counterparties that are managed by or are affiliates of KKR. As of September 30, 2026, and

December 31, 2025, the carrying value reflects the elimination for the portion of applicable investments that are held in Asset Management and Strategic

Holdings consolidated investment vehicles and other entities.

As of September 30, 2026, and December 31, 2025, there were no investments which represented greater than 5% of

total investments.

Fixed Maturity Securities

The cost or amortized cost and fair value for AFS fixed maturity securities were as follows:

(1)Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment

gains (losses)) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit

impairment.

(2)Includes credit loss allowances on purchase-credit deteriorated fixed maturity securities of $(6.1) million.

(1)Represents the cumulative amount of credit impairments that have been recognized in the consolidated statements of operations (as net investment

gains (losses)) or that were recognized as a gross-up of the purchase price of PCD securities. Amount excludes unrealized losses related to non-credit

impairment.

(2)Includes credit loss allowances on purchase-credit deteriorated fixed maturity securities of$(5.8) million.

The maturity distribution for AFS fixed maturity securities is as follows:

Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay

obligations with or without call or prepayment penalties, or Global Atlantic may have the right to put or sell the obligations

back to the issuers. Structured securities are shown separately as they have periodic payments and are not due at a single

maturity.

Securities in a Continuous Unrealized Loss Position

The following tables provide information about AFS fixed maturity securities that have been continuously in an unrealized

loss position:

Unrealized gains and losses can be created by changing interest rates or several other factors, including changing credit

spreads. Global Atlantic had gross unrealized losses on below investment grade AFS fixed maturity securities of$277.8 million

and$279.7 million as of September 30, 2026, and December 31, 2025, respectively. The single largest unrealized loss on AFS

fixed maturity securities was$79.7 million and$43.8 million as of September 30, 2026, and December 31, 2025, respectively.

Global Atlantic had 6,696 and 4,294 securities in an unrealized loss position as of September 30, 2026, and December 31,

As of September 30, 2026, AFS fixed maturity securities in an unrealized loss position for 12 months or more consisted of

2,533 fixed maturity securities. AFS fixed maturity securities in an unrealized loss position for 12 months or more with an

allowance for credit losses had a fair value and gross unrealized losses of$1.1 billion and$130.8 million, respectively, as of

September 30, 2026. These fixed maturity securities primarily relate to Corporate, RMBS, and U.S. state, municipal and

political subdivisions fixed maturity securities, which have depressed values due primarily to an increase in interest rates since

the purchase of these securities. Unrealized losses were not recognized in net income on these fixed maturity securities since

Global Atlantic neither intends to sell the securities nor does it believe that it is more likely than not that it will be required to

sell these securities before recovery of their cost or amortized cost basis. For securities with significant declines in value,

individual security level analysis was performed utilizing underlying collateral default expectations, market data, and industry

analyst reports.

Mortgage and Other Loan Receivables

Mortgage and other loan receivables consist of the following:

(1)As of September 30, 2026, other loan receivables consisted primarily of business loans, renewable energy development loans, warehouse facility loans

backed by agricultural mortgages, and loans collateralized by aircraft of$320.3 million,$205.6 million,$139.6 million, and$108.5 million, respectively. As

of December 31, 2025, other loan receivables consisted primarily of business loans, warehouse facility loans backed by agricultural mortgages, renewable

energy development loans, loans collateralized by aircraft, and loans collateralized by residential mortgages, of$415.6 million,$368.5 million,$347.2

million,$245.7 million, and$200.2 million, respectively.

(2)Includes$12.6 billion and$11.2 billion of loans carried at fair value using the fair value option as of September 30, 2026, and December 31, 2025,

respectively. These loans had unpaid principal balances of$13.0 billion and$11.3 billion as of September 30, 2026, and December 31, 2025, respectively.

(3)Includes credit loss allowances on purchase-credit deteriorated mortgage and other loan receivables of$(34.3) million and$(41.6) million as of

September 30, 2026, and December 31, 2025, respectively.

The maturity distribution for residential and commercial mortgage loans was as follows as of September 30, 2026:

Actual maturities could differ from contractual maturities because borrowers may have the right to prepay (with or

without prepayment penalties) and loans may be refinanced.

Global Atlantic diversifies its mortgage loan portfolio by both geographic region and property type to reduce

concentration risk. The following tables present the mortgage loans by geographic region and property type:

As of September 30, 2026, and December 31, 2025, Global Atlantic had $695.6 million and$318.4 million of mortgage

loans that were 90 days or more past due or are in the process of foreclosure, respectively, and have been classified as non-

income producing (i.e., in a non-accrual status). Global Atlantic ceases accrual of interest on loans that are more than 90 days

past due or are in the process of foreclosure and recognizes income as cash is received.

Credit Quality Indicators

Mortgage and Consumer Loan Receivable Performance Status

The following table represents the portfolio of mortgage andconsumer loan receivables by origination year and

performance status as of September 30, 2026, and December 31, 2025:

Loan-to-Value Ratio on Mortgage Loans

The loan-to-value ratio is expressed as a percentage of the current amount of the loan relative to the value of the

underlying collateral. The following table summarizes Global Atlantic's loan-to-value ratios for its commercial mortgage loans

as of September 30, 2026, and December 31, 2025:

Changing economic conditions and updated assumptions affect Global Atlantic's assessment of the collectibility of

commercial mortgage loans. Changing vacancies and rents are incorporated into the analysis that Global Atlantic performs to

measure the allowance for credit losses. In addition, Global Atlantic continuously monitors its commercial mortgage loan

portfolio to identify risk. Areas of emphasis are properties that have exposure to specific geographic events or have

deteriorating credit.

The weighted average loan-to-value ratio for Global Atlantic's residential mortgage loans was 62% and 64% as of

September 30, 2026, and December 31, 2025, respectively.

Loan Modifications

Global Atlantic may modify the terms of a loan when the borrower is experiencing financial difficulties, as a means to

optimize recovery of amounts due on the loan. Modifications may involve temporary relief, such as payment forbearance for

a short period of time (where interest continues to accrue) or may involve more substantive changes to a loan. Changes to the

terms of a loan, pursuant to a modification agreement, are factored into the analysis of the loan’s expected credit losses,

under the allowance model applicable to the loan.

For commercial mortgage loans, modifications for borrowers experiencing financial difficulty are tailored for individual

loans and may include interest rate relief, maturity extensions or, less frequently, principal forgiveness. For both residential

mortgage loans and consumer loans, the most common modifications for borrowers experiencing financial difficulty, aside

from insignificant delays in payment, typically involve deferral of missed payments to the end of the loan term, interest rate

relief, or maturity extensions.

The tables below present the carrying value of loans to borrowers experiencing financial difficulty, for which

modifications have been granted during thenine months ended September 30, 2026 and 2025:

(1)Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension.

(2)Excludes loans that were modified during the year, but were repaid in full by year end.

(1)Includes modifications involving a combination of deferral of amounts due, interest rate relief, or maturity extension.

(2)Excludes loans that were modified during the year, but were repaid in full by year end.

All of the commercial mortgage loans that had a combination of modifications had both interest rate relief and maturity

extensions. For commercial mortgage loans granted interest rate relief, this relief may involve a change from a floating rate to

fixed, a decrease in fixed rate, or a decrease in spread. Interest rate relief provided during thenine months ended

September 30, 2026 and 2025, was at a weighted average rate of 7.7% and 4.2%, respectively. The maturity extensions for

commercial mortgage loans added a weighted-average of 1.3 years and 1.9 years to the life of the loans, for thenine months

ended September 30, 2026 and 2025, respectively. As of September 30, 2026, Global Atlantic has commitments to lend

additional funds of$84.1 million for the modified commercial mortgage loans disclosed above.

The table below presents the performance status of the loans modified during the twelve months ended September 30,

2026:

(1)Loans may have been modified more than once during the twelve months period; in this circumstance, the loan is only included once in this table.

Modified loans that were subsequently repaid are excluded.

Repurchase Agreement Transactions

As of September 30, 2026, and December 31, 2025, Global Atlantic participated in repurchase agreements with a notional

value of$589.4 million and$663.8 million, respectively. As collateral for these transactions, Global Atlantic typically posts AFS

fixed maturity securities and/or mortgage and other loan receivables, which are included in Insurance – Investments in the

consolidated statements of financial condition. The gross obligation for repurchase agreements is reported in Other Liabilities

in the consolidated statements of financial condition.

The carrying value of assets pledged for repurchase agreements by type of collateral and remaining contractual maturity

of the repurchase agreements as of September 30, 2026, and December 31, 2025 is presented in the following tables:

Other Pledges and Restrictions

Certain Global Atlantic subsidiaries are members of regional banks in the Federal Home Loan Banks (“FHLB”) system and

such membership requires the members to own stock in these FHLBs. Global Atlantic owns an aggregate of$153.9 million and

$122.0 million (accounted for at cost basis) of stock in FHLBs as of September 30, 2026, and December 31, 2025, respectively.

In addition, Global Atlantic insurance company subsidiaries have entered into funding agreements with the FHLB, which

require that Global Atlantic pledge eligible assets, such as fixed maturity securities and mortgage loans, as collateral. Assets

pledged as collateral for these funding agreements had a carrying value of $9.6 billion and$7.1 billion as of September 30,

2026, and December 31, 2025, respectively.

The capital stock ofone of Global Atlantic’s equity method investments has been pledged as collateral security for the

due payment and performance of the debt obligations of the investee. Global Atlantic’s investment subject to this pledge had

a carrying value of $829.7 million and$873.6 million as of September 30, 2026, and December 31, 2025, respectively.

Insurance – Statutory Deposits

As of September 30, 2026, and December 31, 2025, the carrying value of the assets on deposit with various state and U.S.

governmental authorities were$134.4 million and$145.1 million, respectively.

8. DERIVATIVES

Asset Management and Strategic Holdings

KKR and certain of its consolidated funds have entered into derivative transactions as part of the overall risk management

for their investment strategies. These derivative contracts are not designated as hedging instruments for accounting

purposes. Such contracts may include forward, swap, and option contracts related to foreign currencies and interest rates to

manage foreign exchange risk and interest rate risk arising from certain assets and liabilities. All derivatives are recognized in

Other Assets or Accrued Expenses and Other Liabilities and are presented on a gross basis in the consolidated statements of

financial condition and measured at fair value with changes in fair value recorded in Net Gains (Losses) from Investment

Activities in the accompanying consolidated statements of operations. KKR's derivative financial instruments contain credit

risk to the extent that its counterparties may be unable to meet the terms of the agreements. KKR attempts to reduce this risk

by limiting its counterparties to major financial institutions with strong credit ratings.

Insurance

Global Atlantic holds derivative instruments that are primarily used in its hedge program. Global Atlantic has established

a hedge program that seeks to mitigate economic impacts primarily from interest rate and equity price movements, while

taking into consideration accounting and capital impacts.

Global Atlantic hedges interest rate and equity market risks associated with its insurance liabilities, including fixed-

indexed annuities, indexed universal life policies, variable annuity policies, and variable universal life policies, among others.

For fixed-indexed annuities and indexed universal life policies, Global Atlantic generally seeks to use static hedges to offset

the exposure primarily created by changes in its embedded derivative balances. Global Atlantic generally purchases options

which replicate the crediting rate strategies, often in the form of call spreads. Call spreads are the purchase of a call option

matched by the sale of a different call option. For variable annuities and variable universal life policies, Global Atlantic

generally seeks to dynamically hedge its exposure to changes in the value of the guarantee it provides to policyholders. Doing

so requires the active trading of several financial instruments to respond to changes in market conditions. In addition, Global

Atlantic enters into inflation swaps to manage inflation risk associated with inflation-indexed preneed policies.

In the context of specific reinsurance transactions in the institutional channel or acquisitions, Global Atlantic may also

enter into hedges which are designed to limit short-term market risks to the economic value of the target assets. From time to

time, Global Atlantic also enters into hedges designed to mitigate interest rate and credit risk in investment income, interest

expense, and fair value of assets and liabilities. In addition, Global Atlantic enters into currency swaps and forwards to

manage any foreign exchange rate risks that may arise from investments and policy liabilities denominated in foreign

currencies.

Global Atlantic attempts to mitigate the risk of loss due to ineffectiveness under these derivative investments through a

regular monitoring process which evaluates the program’s effectiveness. Global Atlantic monitors its derivative activities by

reviewing portfolio activities and risk levels. Global Atlantic also oversees all derivative transactions to ensure that the types

of transactions entered into and the results obtained from those transactions are consistent with both Global Atlantic's risk

management strategy and its policies and procedures.

The restricted cash which was held in connection with open derivative transactions with exchange brokers was$31.1

million and$49.9 million as of September 30, 2026, and December 31, 2025, respectively.

Global Atlantic also has embedded derivatives related to reinsurance contracts that are accounted for on a modified

coinsurance and funds withheld basis. An embedded derivative exists because the arrangement exposes the reinsurer to

third-party credit risk. These embedded derivatives are included in funds withheld receivable and payable at interest in the

consolidated statements of financial condition.

Credit Risk

Global Atlantic may be exposed to credit-related losses in the event of nonperformance by its counterparties to

derivatives. Generally, the current credit exposure of Global Atlantic’s derivatives is limited to the positive fair value of

derivatives less any collateral received from the counterparty.

Global Atlantic manages the credit risk on its derivatives by entering into derivative transactions with highly rated

financial institutions and other creditworthy counterparties and, where feasible, by trading through central clearing

counterparties. Global Atlantic further manages its credit risk on derivatives via the use of master netting agreements, which

require the daily posting of collateral by the party in a liability position. Counterparty credit exposure and collateral values are

monitored regularly and measured against counterparty exposure limits. The provisions of derivative transactions may allow

for the termination and settlement of a transaction if there is a downgrade to Global Atlantic’s financial strength ratings

below a specified level.

The fair value and notional value of the derivative assets and liabilities were as follows:

(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was$72.8 million and the fair value of these embedded

derivatives related to liabilities was$4.6 billion as of September 30, 2026.

(2)Represents netting of derivative exposures covered by qualifying master netting agreements.

(1)Excludes embedded derivatives. The fair value of these embedded derivatives related to assets was$78.9 million and the fair value of these embedded

derivatives related to liabilities was$5.6 billion as of December 31, 2025.

(2)Represents netting of derivative exposures covered by qualifying master netting agreements.

Derivatives Designated as Accounting Hedges

Where Global Atlantic has derivative instruments that are designated and qualify as accounting hedges, these derivative

instruments receive hedge accounting.

Fair Value Hedges

Global Atlantic has designated foreign exchange derivative contracts, including forwards and swaps, to hedge the foreign

currency risk associated with foreign currency-denominated bonds in fair value hedges. These foreign currency-denominated

bonds are accounted for as AFS fixed maturity securities. Changes in the fair value of the hedged AFS fixed maturity securities

due to changes in spot exchange rates are reclassified from AOCI to earnings, which offsets the earnings impact of the spot

changes of the foreign exchange derivative contracts, both of which are recognized within investment-related gains (losses).

The effectiveness of these hedges is assessed using the spot method. Changes in the fair value of the foreign exchange

derivative contracts related to changes in the spot-forward difference are excluded from the assessment of hedge

effectiveness and are deferred in AOCI and recognized in earnings using a systematic and rational method over the life of the

foreign exchange derivative contracts. The amortized cost of the AFS fixed maturity securities in qualifying foreign exchange

fair value hedges was$6.3 billion and$3.7 billion as of September 30, 2026, and December 31, 2025, respectively.

Global Atlantic has designated foreign exchange swaps to hedge the foreign currency risk associated with certain policy

liabilities in fair value hedges. Changes in the fair value of the hedged policy liabilities due to changes in spot exchange rates

are recognized in earnings and are offset by the earnings impact of the spot changes of the foreign exchange swaps, both of

which are recognized within net policy benefits and claims. The effectiveness of these hedges is assessed using the spot

method. Changes in the fair value of the foreign exchange swaps related to changes in the spot-forward difference are

excluded from the assessment of hedge effectiveness and are deferred in AOCI and recognized in earnings using a systematic

and rational method over the life of the foreign exchange swaps. The carrying value of the policy liabilities in qualifying foreign

exchange fair value hedges was$1.6 billion andnil as of September 30, 2026, and December 31, 2025, respectively.

Global Atlantic has designated interest rate swaps to hedge the interest rate risk associated with certain debt and policy

liabilities. These fair value hedges generally qualify for the shortcut method of assessing hedge effectiveness. The following

table presents the financial statement classification, carrying amount, and cumulative fair value hedging adjustments for

qualifying hedged debt and policy liabilities:

(1)Includes$128.5 million and$154.6 million of hedging adjustments on discontinued hedging relationships as of September 30, 2026, and December 31,

Cash Flow Hedges

Global Atlantic has designated bond forwards to hedge the interest rate risk associated with the planned purchase of AFS

fixed maturity securities in cash flow hedges. These arrangements are hedging purchases through December 2036, and are

expected to affect earnings until 2057. Regression analysis is used to assess the effectiveness of these hedges.

As of September 30, 2026, and December 31, 2025, there was a cumulative gain (loss) of$(245.7) million and$(213.9)

million, respectively, on the currently designated bond forwards recorded in accumulated other comprehensive income (loss).

Amounts deferred in accumulated other comprehensive income (loss) are reclassified to net investment income following the

qualifying purchases of AFS securities, as an adjustment to the yield earned over the life of the purchased securities, using the

effective interest method.

Global Atlantic has designated interest rate swaps to hedge the interest rate risk associated with floating rate

investments, including AFS fixed maturity securities and commercial mortgage loans. Regression analysis is used to assess the

effectiveness of these hedges.

As of September 30, 2026, and December 31, 2025, there was a cumulative gain (loss) of$(74.3) million and$(22.3)

million on the currently designated interest rate swaps recorded in accumulated other comprehensive income (loss),

respectively. Amounts deferred in accumulated other comprehensive gain (loss) are reclassified to net investment income in

the same period during which the hedged investments affect earnings.

Global Atlantic has designated foreign exchange swaps to hedge the foreign exchange risk associated with certain policy

liabilities in cash flow hedges. The critical terms of the swaps match those of the hedged liabilities, such that the respective

hedging relationship is expected to be perfectly effective (pursuant to ASC 815-20-25-84).

As of September 30, 2026, there was a cumulative gain (loss) of $38.4 million on the currently designated foreign

exchange swaps recorded in accumulated other comprehensive loss. Amounts deferred in accumulated other comprehensive

loss are reclassified to net policy benefits and claims in the same period during which the hedged policy liabilities affect

earnings due to changes in spot foreign exchange rates. The amount reclassified from accumulated other comprehensive loss

for the swap designated in the hedge comprises changes in its fair value due to changes in spot exchange rates and an

allocated portion of its initial spot-forward difference.

For all cash flow hedges, Global Atlantic estimates that the amount of gains/losses in accumulated other comprehensive

income (loss) to be reclassified into earnings in the next 12 months will not be material.

Net Investment Hedges

Global Atlantic has designated cross currency swaps to hedge the foreign currency risk associated with certain foreign

currency-denominated equity method investments in net investment hedges. The effectiveness of these hedges is assessed

based on changes in spot rates.

Changes in the fair value of the swaps are recognized in other comprehensive income, consistent with the translation

adjustment for the hedged investment. The component comprising the difference between forward rates and spot rates is

amortized to net investment income over the life of the swaps. As of September 30, 2026, and December 31, 2025, the

cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income related to net

investment hedges was$(13.6) million and$(14.1) million, respectively.

Derivative Results

The following table presents the financial statement classification and amount of gains (losses) recognized on derivative

instruments and related hedged items, where applicable. None of the Asset Management and Strategic Holdings derivatives

are designated as hedge accounting instruments. The table below includes only derivatives held by Global Atlantic.

Collateral

The amount of Global Atlantic's net derivative assets and liabilities after consideration of collateral received or pledged

were as follows:

(1)Represents netting of derivative exposures covered by qualifying master netting agreements.

(1)Represents netting of derivative exposures covered by qualifying master netting agreements.

9. FAIR VALUE MEASUREMENTS

The following tables summarize the valuation of assets and liabilities measured and reported at fair value by the fair value

hierarchy. Investments classified as Equity Method – Other, for which the fair value option has not been elected, and Equity

Method – Capital Allocation-Based Income have been excluded from the tables below.

Assets, at fair value:

(1)Real assets and other investments excluded from the fair value hierarchy table include certain funds for which fair value is measured at net asset value per

share as a practical expedient. As of September 30, 2026, and December 31, 2025, the fair value of these real assets were $16.9 million and$25.3 million,

respectively, and other investments were$289.7 million and$334.7 million, respectively. These fund investments have strategies primarily focused on

real assets (primarily real estate) or other investments and are subject to certain restrictions on redemption. As of both September 30, 2026, and

December 31, 2025, there were$1.3 million of unfunded commitments associated with real assets, and as of September 30, 2026, and December 31,

2025, there were$1.3 million and $5.0 million associated with these other investments, respectively.

(2)Certain investments that are measured at fair value using NAV as a practical expedient under ASC 820 have not been categorized in the fair value

hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the

Consolidated Statements of Financial Condition. As of September 30, 2026, and December 31, 2025, the fair value of these assets is$3.4 billion and$0.4

billion, respectively.

(3)As of September 30, 2026, and December 31, 2025, the fair value of Equity Method investments is$1.0 billion and$2.3 billion, respectively.

(4)Represented net of derivative exposures covered by qualifying master netting agreements.

Liabilities, at fair value:

(1)These unfunded revolver commitments are valued using the same valuation methodologies as KKR's Level III credit investments.

(2)Represented net of derivative exposures covered by qualifying master netting agreements.

(3)Includes market risk benefit of $1.3 billion as of both September 30, 2026, and December 31, 2025, respectively.

The following tables summarize changes in assets and liabilities measured and reported at fair value for which Level III

inputs have been used to determine fair value for thethree and nine months ended September 30, 2026 and 2025,

(1)As of September 30, 2026, and December 31, 2025, the fair value of Equity Method investments is$0.9 billion and$2.1 billion, respectively.

Total realized and unrealized gains and losses recorded for Asset Management and Strategic Holdings – Level III assets

and liabilities are reported in Net Gains (Losses) from Investment Activities in the accompanying consolidated statements of

operations while Insurance – Level III assets and liabilities are reported in Net Investment Gains and Policy Benefits and Claims

in the accompanying consolidated statements of operations.

The following table presents additional information about valuation methodologies and significant unobservable inputs

used for the consolidated financial assets and liabilities that are measured and reported at fair value and categorized within

Level III as of September 30, 2026. Because input information includes only those items for which information is reasonably

available, balances shown below may not equal total amounts reported for such Level III assets and liabilities:

(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments,

market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has

determined that market participants would take these inputs into account when valuing the investments and debt obligations. “LTM” means last twelve

months, and “EBITDA” means earnings before interest, taxes, depreciation, and amortization.

(2)Inputs were weighted based on the fair value of the investments included in the range.

(3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to

the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these

inputs in isolation could result in significantly higher or lower fair value measurements.

(4)The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III

investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price. The opposite

would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price.

(5)The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III

investments if the discounted cash flow approach results in a higher valuation than the market comparables approach, transaction price and direct

income capitalization approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market

comparables approach, transaction price and direct income capitalization approach.

(6)The directional change from an increase in the weight ascribed to the transaction price or milestones would increase the fair value of the Level III

investments if the transaction price or milestones results in a higher valuation than the market comparables and discounted cash flow approach. The

opposite would be true if the transaction price or milestones results in a lower valuation than the market comparables approach and discounted cash flow

approach.

(7)The directional change from an increase in the weight ascribed to the direct income capitalization approach would increase the fair value of the Level III

investments if the direct income capitalization approach results in a higher valuation than the discounted cash flow approach. The opposite would be true

if the direct income capitalization approach results in a lower valuation than the discounted cash flow approach.

(8)Consists primarily of investments in common stock, preferred stock, warrants and options of companies that are not private equity, real assets, credit,

equity method - other, or investments of consolidated CFEs.

(9)The funds withheld receivable at interest has been excluded from the above table. As discussed in Note 12 –Reinsurance, the funds withheld receivable

at interest is created through funds withheld contracts. The assets supporting these receivables were held in trusts for the benefit of Global Atlantic.

Accordingly, the unobservable inputs utilized in the valuation of the embedded derivative are a component of the invested assets supporting the funds

withheld reinsurance agreements.

(1)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments,

market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. KKR has

determined that market participants would likely take these inputs into account when valuing the investments and debt obligations. “LTM” means last

twelve months, and “EBITDA” means earnings before interest, taxes, depreciation and amortization.

(2)Inputs were weighted based on the fair value of the investments included in the range.

(3)Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to

the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these

inputs in isolation could result in significantly higher or lower fair value measurements.

(4)The fair value of the embedded derivative component of the funds withheld payable at interest has been excluded from the above table. The investments

supporting the funds withheld payable at interest balance are held in a trust by Global Atlantic. Accordingly, the unobservable inputs utilized in the

valuation of the embedded derivative are a component of the investments supporting the reinsurance cession agreements.

In the table above, certain private equity investments may be valued at cost for a period of time after an acquisition as

the best indicator of fair value. In addition, certain valuations of private equity investments may be entirely or partially

derived by reference to observable valuation measures for a pending or consummated transaction.

The various unobservable inputs used to determine the Level III valuations may have similar or diverging impacts on

valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could

result in significantly higher or lower fair value measurements as noted in the table above.

Financial Instruments Not Carried At Fair Value

Asset Management and Strategic Holdings financial instruments are primarily measured at fair value on a recurring basis,

except as disclosed in Note 16 “Debt Obligations.”

The following tables present carrying amounts and fair values of the Insurance segment’s financial instruments which are

not carried at fair value as of September 30, 2026, and December 31, 2025:

10. FAIR VALUE OPTION

The following table summarizes the financial instruments for which the fair value option has been elected:

(1)As of September 30, 2026, and December 31, 2025, the fair value of Equity Method investments was$1.2 billion and$1.3 billion, respectively.

The following table presents the net realized and unrealized gains (losses) on financial instruments for which the fair

value option was elected:

(1)As of September 30, 2026, and December 31, 2025, the net gains (losses) of Equity Method investments was$(26.2) million and$41.7 million,

11. INSURANCE INTANGIBLE ASSETS AND LIABILITIES

The following reflects the reconciliation of the components of insurance intangible assets to the total balance reported in

the consolidated statements of financial condition as of September 30, 2026, and December 31, 2025:

Deferred Acquisition Costs

The following tables reflect the deferred acquisition costs roll-forward by product category for thenine months ended

September 30, 2026 and 2025:

Value of Business Acquired

The following tables reflect the value of business acquired, or “VOBA” asset roll-forward by product category for thenine

The following tables reflect the negative value of business acquired, or “negative VOBA” liability roll-forward by product

category for thenine months ended September 30, 2026 and 2025:

Deferred Sales Inducements

The following tables reflect the deferred sales inducements roll-forward by product category for thenine months ended

Unearned Revenue Reserves and Unearned Front-End Loads

The following tables reflect unearned revenue reserves and unearned front-end loads liability roll-forward by product

category for thenine months ended September 30, 2026 and 2025:

Significant inputs, judgments, assumptions for DAC and related amortization amounts

Global Atlantic considers surrender rates, mortality rates, and other relevant policy decrements in determining the

expected life of the contract; Global Atlantic reviews these assumptions at least annually, and more frequently if necessary.

As a part of Global Atlantic's annual assumption review for thenine months ended September 30, 2026 and 2025, Global

Atlantic concluded that there was no material change in relevant inputs, judgments, or assumptions requiring an update of

the amortization rate for DAC and related amortization amounts based on review of actual experience.

12. REINSURANCE

Global Atlantic maintains a number of reinsurance treaties with third parties whereby Global Atlantic assumes annuity

and life policies on a coinsurance, modified coinsurance or funds withheld basis. Global Atlantic also maintains other

reinsurance treaties including the cession of certain annuity, life and health policies.

The effects of all reinsurance agreements on the consolidated statements of financial condition were as follows:

(1)Reported within reinsurance recoverable within the consolidated statements of financial condition.

A key credit quality indicator is a counterparty’s A.M. Best financial strength rating. A.M. Best ratings are an independent

opinion of a reinsurer’s ability to meet ongoing obligations to policyholders. Global Atlantic mitigates counterparty credit risk

by requiring collateral and credit enhancements in various forms including engaging in funds withheld at interest and

modified coinsurance transactions. The following shows the amortized cost basis of Global Atlantic’s reinsurance recoverable

and funds withheld receivable at interest by credit quality indicator and any associated credit enhancements Global Atlantic

has obtained to mitigate counterparty credit risk: