Risk Sleuth
KKR · 10-K filed 27 Feb 2026 · year to 31 Dec 2025

KKR

38 named things its latest annual report says its results depend on, each in the company's own words. 26 of them are also named by other companies we've read.

Suppliers

Third-party policy administrator (Global Atlantic)

depends onnamed as a risk
For example, in the past, Global Atlantic was the subject of policyholder and agent class action litigation matters and a number of regulatory matters stemming from service disruptions caused by a third-party administrator for certain Global Atlantic life insurance policies.Risk factors (Item 1A)

Partners and platforms

Banks, broker-dealers and independent marketing organizations (annuity distribution)

depends on · over 250 banks and broker-dealers and approximately 200 independent marketing organizationsnamed as a risk
Our annuity products are distributed primarily through a network of distribution partners, including over 250 banks and broker-dealers and approximately 200 independent marketing organizations.Business (Item 1)

Funeral homes

depends on · approximately 2,400 funeral homes
Our preneed life insurance products are distributed primarily through approximately 2,400 funeral homes.Business (Item 1)

Federal Home Loan Banks (FHLB)

depends onnamed as a risk
Access to FHLB loans is an important source of liquidity for our insurance business.Risk factors (Item 1A)

Also named by CFG, FCNCA, JPM

Capital Group

earns from
We also have a strategic partnership with Capital Group, a privately owned U.S. investment management firm, which provides access to KKR investment capabilities through Capital Group sponsored vehicles.Business (Item 1)

Other companies

Global Atlantic

operates in · $219 billionnamed as a risk
As of December 31, 2025, we managed $744 billion of assets under management, of which $219 billion comes from Global Atlantic.Business (Item 1)

Marshall Wace LLP

39.6% interest
This principally consists of a 39.6% interest in Marshall Wace LLP, a global alternative investment manager specializing in long/short equity products.Business (Item 1)

Crescent Energy Company

earns from · $6 billion
Energy AUM totals $6 billion as of December 31, 2025.Business (Item 1)

KJRM (Japanese REITs)

earns from · $12 billion
This includes $12 billion from the management of two publicly listed Japanese REITs through our subsidiary, KJRM.Business (Item 1)

Arctos Partners

named as a risk
The acquisition is subject to the satisfaction or waiver of certain regulatory and specified sports league approvals and other closing conditions.Risk factors (Item 1A)

Places

China

operates innamed as a risk
Investing in companies or assets that are based or have significant operations in countries outside of the United States and, in particular, in emerging markets such as China and India, Eastern Europe, South and Southeast Asia, Latin America and Africa, involves risks and considerations that are not typically associated with investments in companies or assets established in the United States.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Bermuda

operates innamed as a risk
The Bermuda Insurance Act prohibits our Bermuda insurance subsidiaries from declaring or paying any dividends during any financial year unless certain financial conditions are met or prior approval from the BMA is received.Business (Item 1)

Also named by AJG, APO, PGR, WTM

Massachusetts

operates in
Both Commonwealth Annuity and Life Insurance Company and First Allmerica Financial Life Insurance Company are organized and domiciled in the Commonwealth of Massachusetts; Accordia Life and Annuity Company ("Accordia") is organized and domiciled in the State of Iowa; and Forethought Life Insurance Company is organized and domiciled in the State of Indiana (together, these four companies constitute our "U.S. insurance subsidiaries").Business (Item 1)

Also named by AMRC, BRO, ES, OHI

Commodities and inputs

Euro, British pound and Japanese yen

exposed to its price · $186,175named as a risk
Our primary exposure to exchange rate risk relates to movements in the value of exchange rates between the U.S. dollar and other currencies in which our investments are denominated (including euros, British pounds, Japanese yen, among others), net of the impact of foreign exchange hedging strategies.Market risk (Item 7A)

Also named by KO

Collateralized loan obligations (CLOs)

exposed to its pricenamed as a risk
We have significant exposure to these markets through our CLO vehicles.Risk factors (Item 1A)

Also named by ABR, ARES, OBDC

Regulators

U.S. Securities and Exchange Commission (SEC)

subject tonamed as a risk
Our registered investment advisers are subject to periodic SEC examinations and other requirements under the Investment Advisers Act and related regulations primarily intended to benefit advisory clients.Business (Item 1)

Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more

Bermuda Monetary Authority (BMA)

subject tonamed as a risk
If any such updates materially increase the ECR, it could materially increase the amount of capital Global Atlantic is required to hold to meet its BSCR and BMA requirements.Risk factors (Item 1A)

Also named by AFL, AIG, APO, ARES, CAT, CB, CG, COIN and 8 more

FINRA

subject tonamed as a risk
As registered broker-dealers, KKR Capital Markets, LLC and Global Atlantic Distributors, LLC are subject to periodic SEC, state and FINRA examinations and reviews.Business (Item 1)

Also named by AJG, ARES, BGC, CBOE, CG, GLXY, JXN, LNC and 7 more

National Association of Insurance Commissioners (NAIC)

subject tonamed as a risk
The NAIC has recently adopted and is currently considering a variety of reforms to its RBC framework, which could increase the capital requirements for our US insurance subsidiaries.Risk factors (Item 1A)

Also named by ALL, ARES, BX, FNF, MET, OWL, PFG, PGR and 3 more

Central Bank of Ireland

subject tonamed as a risk
The AIFMD imposes various substantive regulatory requirements on AIFMs, including a subsidiary of ours, KKR Alternative Investment Management Unlimited Company, which is authorized as an AIFM by the Central Bank of Ireland.Business (Item 1)

Also named by BEN, BX, IBKR, MRSH, STT, TRV, XYZ

Financial Stability Oversight Council

subject tonamed as a risk
In the United States, the Financial Stability Oversight Council has authority to designate certain non-bank financial companies as systemically important financial institutions, which could subject a designated entity to enhanced supervision and regulation.Risk factors (Item 1A)

Also named by AIG, BX, GPN, ICE, JXN, MET, OWL

Committee on Foreign Investment in the United States (CFIUS)

subject tonamed as a risk
Our transactions are often subject to investment-related and competition laws that require pre-closing or post-closing notifications, approvals, or clearances in connection with our investment activities, including under U.S. antitrust laws and national-security-focused regimes such as the U.S. Foreign Investment Risk Review Modernization Act, pursuant to which the Committee on Foreign Investment in the United States may review, block, or impose conditions on investments by non-U.S. persons in U.S. businesses or real assets.Risk factors (Item 1A)

Also named by ARES, BAM, BX, CG, MP, QBTS, TMUS

Indiana Department of Insurance

subject tonamed as a risk
Additionally, the group-wide supervisor for our insurance business is the Indiana Department of Insurance.Risk factors (Item 1A)

Also named by LNC

UK Financial Conduct Authority (FCA)

subject to
We have several subsidiaries which are authorized and regulated by the FCA under the Financial Services and Markets Act 2000 ("FSMA").Business (Item 1)

Also named by CG, CME, EVR, HIG, HOOD, IBKR, IP, RITM and 1 more

Laws and programs

OECD Pillar Two

subject to · 15%named as a risk
The OECD finalized guidelines that recommend certain multinational enterprises to be subject to a minimum 15% tax rate (“Pillar Two”).Risk factors (Item 1A)

Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more

Bermuda corporate income tax

subject to · 15%named as a risk
The Bermuda corporate income tax is a flat minimum tax on 15% of reported financial profits and provides for various offsets and credits.Risk factors (Item 1A)

Also named by WTM

K-Series vehicles

earns from · $34 billionnamed as a risk
As of December 31, 2025, total K-Series AUM was $34 billion, which has grown significantly over the past three years.Business (Item 1)

Funding agreement backed notes (FABN) program

earns from · $8 billionnamed as a risk
As of December 31, 2025, Global Atlantic had $8 billion of funding agreements outstanding under the FABN program.Business (Item 1)

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk
The impact of the OBBBA and other potential changes are uncertain and could materially increase the amount of taxes we and our portfolio companies are required to pay and tax-related regulatory and compliance costs.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

Investment Company Act of 1940

subject tonamed as a risk
If any such entity were required to register as an investment company, the applicable restrictions on capital structure, leverage, transactions with affiliates, governance, and operations would make it impractical for the entity to operate its business as currently conducted and could materially and adversely affect our financial results and results of operations.Risk factors (Item 1A)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Investment Advisers Act of 1940

subject tonamed as a risk
The Investment Advisers Act generally grants the SEC broad administrative powers, including the power to limit or restrict an investment adviser from conducting advisory activities in the event it fails to comply with federal securities laws.Business (Item 1)

Also named by ABR, AMG, BAM, BEN, BX, CG, HTGC, MAIN and 3 more

ERISA

subject tonamed as a risk
However, if any of our investment vehicles or insurance subsidiaries were determined to hold plan assets for purposes of ERISA, or if an applicable exemption or exception were unavailable, we could become subject to the fiduciary responsibility and prohibited transaction provisions of ERISA and the Code, which could materially adversely affect our business.Risk factors (Item 1A)

Also named by BBSI, BLK, LNC, LPLA, MET, MRSH, STT, WHR

Internal Revenue Code Section 7874

subject tonamed as a risk
If for such periods GAFL were to be treated as a U.S. corporation for USFIT purposes, GAFL would be subject to substantial additional historic USFIT liability, which could adversely affect us.Risk factors (Item 1A)

Also named by QSR

Base Erosion and Anti-Abuse Tax (BEAT)

subject tonamed as a risk
While we have taken steps to mitigate the BEAT, there can be no assurance that these steps will be successful.Risk factors (Item 1A)

Also named by APO

Regulation D Rule 506

subject tonamed as a risk
If we, our investment vehicles or any of the covered persons associated with our investment vehicles were to become subject to a disqualifying event, which includes a variety of criminal, regulatory and civil matters, one or more of our investment vehicles could lose the ability to raise capital in a Rule 506 private offering, which could materially impair our ability to raise capital for existing and new investment vehicles.Risk factors (Item 1A)

Also named by BAM

NYSDFS cybersecurity regulation

subject tonamed as a risk
Our insurance business processes sensitive personal information of policyholders, which exposes it to heightened privacy and cybersecurity risk, and our insurance subsidiaries are subject to additional cybersecurity requirements, including the New York State Department of Financial Services (“NYSDFS”) cybersecurity regulation, which requires covered entities to maintain cybersecurity programs, conduct risk assessments, and satisfy certain incident reporting and governance requirements.Risk factors (Item 1A)

Also named by MTB

NAIC Regulation XXX and Actuarial Guideline XXXVIII (AG38)

subject tonamed as a risk
The application of both Regulation XXX and AG38 requires Global Atlantic to maintain statutory reserves which may be in excess of reserves required under GAAP.Business (Item 1)

EU Alternative Investment Fund Managers Directive (AIFMD)

subject to
In Europe, we operate in accordance with the EU Alternative Investment Fund Managers Directive (the “AIFMD”), which establishes a comprehensive regulatory and supervisory framework for alternative investment fund managers (“AIFMs”) that manage or market alternative investment funds in the EU.Business (Item 1)

Also named by BEN, BX