KKR & Co Inc 2025年度报告

WASHINGTON, D.C. 20549 Form10-K ☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934. For thefiscal year ended December 31, 2025 or (Exact name of Registrant as specified in its charter) 30 Hudson YardsNew York, New York 10001Telephone: (212) 750-8300(Address, zip code, and telephone number, includingarea code, of registrant's principal executive office.)Securities registered pursuant to Section12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.YesNoIndicate by check mark if the registrant is not required tofile reports pursuant to Section13 or Section15(d) of the Act.YesNo Indicate by check mark whether the registrant (1)hasfiled all reports required to befiled by Section13 and 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (or forsuch shorter periods that the registrant was required tofile such reports), and (2)has been subject to suchfiling requirements for the past 90 days.YesNoIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).YesNoIndicate by check mark whether the registrant is a large acceleratedfiler, an acceleratedfiler, a non-acceleratedfiler, smaller reporting company, or an emerging growth company. See the definitions of "large acceleratedfiler," "acceleratedfiler," "smaller reporting company," and "emerging growth company" in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accountingstandards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant hasfiled a report on and attestation to its management’s assessment of the effectiveness of its internal control overfinancial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether thefinancial statements of the registrant included in thefiling reflect the correction of an error to previously issuedfinancial statements. □Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒The aggregate market value of common stock of the registrant held by non-affiliates as of June30, 2025, was approximately $91.1 billion. As of February24, 2026, the registrant had891,550,894 shares of common stock outstanding. DOCUMENTS INCORPORATED BY REFERENCENone Table of Contents KKR&CO.INC. FORM10-K For the Year Ended December 31, 2025 PageNo.PART IItem 1.Business8Item 1A.Risk Factors31Item 1B.Unresolved StaffComments80Item 1C.Cybersecurity80Item 2.Properties81Item 3.Legal Proceedings81Item 4.Mine Safety Disclosures81 Item 5.Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity82Item 6.[Reserved]83Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations84Item 7A.Quantitative and Qualitative Disclosures About Market Risk145Item 8.Financial Statements and Supplementary Data155Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure295Item 9A.Controls and Procedures295Item 9B.Other Information296Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections296 Item 10.Directors, Executive Officers and Corporate Governance297Item 11.Executive Compensation305Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters317Item 13.Certain Relationships and Related Transactions, and Director Independence319Item 14.Principal Accountant Fees and Services326 Item 15.Exhibits and Financial Statement Schedules327Item 16.Form 10-K Summary339 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, asamended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"),which reflect our current views with respect to, among other things, our operations andfinancial performance. You canidentify 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,"