Q1 2022 Earnings Release

KKR & Co. Inc. Reports

First Quarter 2022 Financial Results

May 3, 2022

New York, May 3, 2022 -KKR & Co. Inc. (NYSE: KKR) today reported its first quarter 2022 results.

Conference Call

A conference call to discuss KKR's financial results will be held on May 3,2022 at 10:00 a.m. ET. The conference call may be accessed by dialing +1 (877) 407-0312 (U.S. callers) or +1 (201) 389-0899 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR's website athttps://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR's website beginning approximately one hour after the live broadcast ends.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website atwww.kkr.comand on Twitter @KKR_Co.

"Our results for the first quarter demonstrate the strength and durability of KKR's business model. Fee Related Earnings per share are as high as we have ever reported alongside strong year-over-year growth across our other financial and operating metrics. Additionally, our limited partners entrusted us with $26 billion of new capital in the quarter, and $132 billion over the last 12 months, with Assets Under Management rising 30% on an organic basis over the last year to $479 billion. We continue to see strong fundamentals and momentum for our business."

Joseph Y. Bae and Scott C. NuttallCo-Chief Executive Officers

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Legal Disclosures

This presentation has been prepared by KKR & Co. Inc. solely for informational purposes for its public stockholders in connection with evaluating the business, operations and financial results of KKR & Co. Inc. and its subsidiaries (collectively, "KKR"), which includes The Global Atlantic Financial Group LLC and its subsidiaries (collectively, "Global Atlantic") as of February 1, 2021. This presentation is not and shall not be construed as an offer to purchase or sell, or the solicitation of an offer to purchase or sell any securities of KKR & Co. Inc. This presentation may not be distributed, referenced, quoted or linked by website, in whole or in part, except as agreed to in writing by KKR & Co. Inc.

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

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

This presentation includes certain non-GAAP and other operating and performance measures, including after-tax distributable earnings (or DE), fee related earnings (or FRE), book value, adjusted shares, and assets under management (or AUM). These non-GAAP measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with U.S. GAAP. While we believe that providing these non-GAAP measures is helpful to investors in assessing the overall performance of KKR's business, they may not include all items that are significant to an investor's analysis of our financial results. Please see the Appendix for additional important information about the non-GAAP and other operating and performance measures presented herein and a reconciliation of non-GAAP measures to comparable GAAP measures.

Please see the Appendix for other important information. In addition, information about factors affecting KKR, including a description of risks that should be considered when making a decision to purchase or sell any securities of KKR & Co. Inc., can be found in KKR & Co. Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 28, 2022 and its other filings with the SEC, which are available atwww.sec.gov.

Contact Information

KKR & Co. Inc.

First Quarter Earnings

KKR's First Quarter 2022 GAAP Results (Unaudited)

• •GAAP Net Income (Loss) Attributable to KKR & Co. Inc. Common Stockholders was $(73.8) million for the quarter. GAAP Stockholders' Equity Per Outstanding Share of Common Stock was $24.72 at quarter end.

($ in thousands, except per share data)

Revenues

Asset Management $ 3,177,958

Insurance 1,385,048

Total Revenues

Expenses

Asset Management 1,488,994

Insurance 1,607,551

Total Expenses

Total Investment Income (Loss) - Asset Management

Income Tax Expense (Benefit)

Redeemable Noncontrolling Interests

Noncontrolling Interests

Preferred Stock Dividends

Net Income (Loss) - KKR Common Stockholders

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

Basic $ 2.85

Diluted $ 2.68

Weighted Average Shares of Common Stock Outstanding

Basic 576,727,967

Diluted 620,888,491

$

(165,232)

$

$

$ 4,563,006

$

1,004,017

9,795,402

$

12,677,159

4Q'21

1Q'22

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

$

27.64

$

24.72

Note: All figures in this presentation are as of March 31, 2022, unless otherwise specifically indicated. 1Q'21 results only include the results of Global Atlantic for the two months beginning on February 1, 2021; comparability to prior and future periods may be limited. See Appendix for GAAP income statement and GAAP balance sheet. Totals may not add due to rounding. As required under GAAP, for the quarter ended March 31, 2022, unvested shares of common stock are excluded from the calculation of diluted earnings per share of common stock because inclusion of such unvested shares of common stock would be antidilutive having the effect of decreasing the loss per share of common stock.

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Disclaimer

KKR & Co. Inc. published this content on 03 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2022 10:53:26 UTC.