KKR & Co. Inc.KKR
KKR & Co. Inc. Debt Disclosure
DEBT OBLIGATIONS
KKR enters into credit agreements and issues debt for its general operating and investment purposes.
KKR's Asset Management and Strategic Holdings debt obligations consisted of the following:
December 31, 2025 | December 31, 2024 | |||||||||
By remaining maturity at period end date | Financing Available | Principal | Carrying Value | Fair Value | Financing Available | Principal | Carrying Value | Fair Value | ||
Revolving Credit Facilities: (1) | ||||||||||
Under 1 Year | $750,000 | $— | $— | $— | $750,000 | $— | $— | $— | ||
1-5 Years | 3,491,580 | — | — | — | 3,468,753 | — | — | — | ||
After 5 Years | — | — | — | — | — | — | — | — | ||
Subtotal | 4,241,580 | — | — | — | 4,218,753 | — | — | — | ||
KKR USD Senior Notes: (2)(3)(6)(8) | ||||||||||
Under 1 Year | — | — | — | — | — | — | — | — | ||
1-5 Years | — | 750,000 | 746,889 | 734,340 | — | 750,000 | 746,000 | 709,328 | ||
After 5 Years | — | 5,150,000 | 5,061,292 | 4,423,212 | — | 4,250,000 | 4,167,548 | 3,436,331 | ||
Subtotal | — | 5,900,000 | 5,808,181 | 5,157,552 | — | 5,000,000 | 4,913,548 | 4,145,659 | ||
KKR Yen Senior Notes: (2)(3)(6) | ||||||||||
Under 1 Year(9) | — | — | — | — | — | 31,788 | 31,762 | 31,766 | ||
1-5 Years | — | 844,873 | 842,356 | 830,188 | — | 830,314 | 826,986 | 823,390 | ||
After 5 Years | — | 582,605 | 576,434 | 511,264 | — | 591,902 | 584,999 | 570,285 | ||
Subtotal | — | 1,427,478 | 1,418,790 | 1,341,452 | — | 1,454,004 | 1,443,747 | 1,425,441 | ||
KKR Euro Senior Notes: (2)(3)(6) | ||||||||||
Under 1 Year | — | — | — | — | — | — | — | — | ||
1-5 Years | — | 763,538 | 760,278 | 725,033 | — | 673,366 | 669,325 | 634,836 | ||
After 5 Years | — | — | — | — | — | — | — | — | ||
Subtotal | — | 763,538 | 760,278 | 725,033 | — | 673,366 | 669,325 | 634,836 | ||
KKR Subordinated Notes: (2)(3)(7) | ||||||||||
Under 1 Year | — | — | — | — | — | — | — | — | ||
1-5 Years | — | — | — | — | — | — | — | — | ||
After 5 Years | — | 1,090,000 | 1,059,366 | 951,180 | — | 500,000 | 487,110 | 366,200 | ||
Subtotal | — | 1,090,000 | 1,059,366 | 951,180 | — | 500,000 | 487,110 | 366,200 | ||
KFN USD Senior Notes: (2)(3)(4) | ||||||||||
Under 1 Year | — | — | — | — | — | — | — | — | ||
1-5 Years | — | — | — | — | — | — | — | — | ||
After 5 Years | — | 190,000 | 188,459 | 194,534 | — | 690,000 | 684,730 | 608,237 | ||
Subtotal | — | 190,000 | 188,459 | 194,534 | — | 690,000 | 684,730 | 608,237 | ||
KFN Junior Subordinated Notes:(2)(4)(5) | ||||||||||
Under 1 Year | — | — | — | — | — | — | — | — | ||
1-5 Years | — | — | — | — | — | — | — | — | ||
After 5 Years | — | — | — | — | — | 258,517 | 240,136 | 211,909 | ||
Subtotal | — | — | — | — | — | 258,517 | 240,136 | 211,909 | ||
Total KKR & KFN Notes | 4,241,580 | 9,371,016 | 9,235,074 | 8,369,751 | 4,218,753 | 8,575,887 | 8,438,596 | 7,392,282 | ||
Other Debt Obligations: (1)(2)(8) | 6,356,060 | 40,612,665 | 39,882,670 | 39,860,877 | 5,628,669 | 37,697,802 | 37,495,324 | 37,409,158 | ||
Total | $10,597,640 | $49,983,681 | $49,117,744 | $48,230,628 | $9,847,422 | $46,273,689 | $45,933,920 | $44,801,440 | ||
(1)Financing available is reduced by the dollar amounts specified in any issued letters of credit.
(2)Carrying value includes: (i) unamortized note discount (net of premium), as applicable and (ii) unamortized debt issuance costs, as applicable. Financing
costs related to the issuance of the notes have been deducted from the note liability and are being amortized over the life of the notes.
(3)Interest rates of the notes are fixed and the weighted average interest rates are the following:
December 31, 2025 | December 31, 2024 | |
KKR USD Senior Notes | 4.37% | 4.23% |
KKR Yen Senior Notes | 1.69% | 1.67% |
KKR Euro Senior Notes | 1.63% | 1.63% |
KKR Subordinated Notes | 5.84% | 4.63% |
KFN USD Senior Notes | 5.27% | 5.44% |
(4)These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit
investments.
(5)As of December 31, 2025, the floating-rate notes were fully repaid. The interest rates on the notes were floating, with a weighted average interest rate of
7.3% and a weighted average maturity of 11.8 years as of December 31, 2024.
(6)The notes are classified as Level II within the fair value hierarchy and fair value is determined by third party broker quotes.
(7)The notes are classified as Level I within the fair value hierarchy and fair value is determined by quoted prices in active markets since the debt is publicly
listed.
(8)As of December 31, 2025 and December 31, 2024, the principal value, carrying value and fair value reflects the elimination for the portion of applicable
debt obligations that are held by Global Atlantic.
(9)On March 21, 2025, the ¥5.0 billion 0.764% Senior Notes due 2025 matured and the principal and accrued interest were paid in full.
Redemption of KFN 5.500% Senior Notes Due 2032
On August 19, 2025, KKR Financial Holdings LLC, a wholly-owned KKR subsidiary ("KFN"), fully redeemed all of its
$500,000,000 aggregate principal amount outstanding 5.500% Senior Notes due 2032 at a redemption price equal to 100% of
the principal amount thereof plus accrued and unpaid interest thereon, which amounted to approximately $510.6 million.
KKR Issued 5.100% Senior Notes Due 2035
On August 7, 2025, KKR & Co. Inc. completed the offering of $900,000,000 aggregate principal amount of its 5.100%
Senior Notes due 2035 (the “2035 Notes”). The 2035 Notes are guaranteed by KKR Group Partnership L.P. The 2035 Notes
were issued pursuant to an indenture (the “2035 Notes Base Indenture”) dated May 28, 2025 between KKR & Co. Inc. and The
Bank of New York Mellon Trust Company, N.A., as trustee (the “2035 Notes Trustee”), as supplemented by a second
supplemental indenture, dated August 7, 2025 (the “2035 Notes Second Supplemental Indenture” and, together with the
2035 Notes Base Indenture, the “2035 Notes Indenture”), among KKR & Co. Inc., KKR Group Partnership L.P., and the 2035
Notes Trustee.
The 2035 Notes bear interest at a rate of 5.100% per annum and will mature on August 7, 2035 unless earlier redeemed.
Interest on the 2035 Notes accrues from August 7, 2025 and is payable semi-annually in arrears on February 7 and August 7 of
each year, commencing on February 7, 2026 and ending on the maturity date. The 2035 Notes are unsecured and
unsubordinated obligations of KKR & Co. Inc. The 2035 Notes are fully and unconditionally guaranteed, on an unsubordinated
unsecured basis, by KKR Group Partnership L.P.
The 2035 Notes Indenture includes covenants, including limitations on KKR & Co. Inc.’s and KKR Group Partnership L.P.’s
ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of
their subsidiaries or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2035 Notes
Indenture also provides for events of default and further provides that the 2035 Notes Trustee or the holders of not less than
25% in aggregate principal amount of the outstanding 2035 Notes may declare the 2035 Notes immediately due and payable
upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the
case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the 2035 Notes and
any accrued and unpaid interest on the 2035 Notes automatically become due and payable. Prior to May 7, 2035, the 2035
Notes may be redeemed at KKR & Co. Inc.’s option in whole or in part, at any time and from time to time, at the make-whole
redemption price set forth in the 2035 Notes. On or after May 7, 2035, the 2035 Notes may be redeemed at KKR & Co. Inc.’s
option in whole or in part, at any time and from time to time, at par plus any accrued and unpaid interest on the 2035 Notes
redeemed to, but not including, the date of redemption. If a change of control repurchase event (as defined in the 2035 Notes
Indenture) occurs, KKR & Co. Inc. must offer to repurchase the 2035 Notes at a repurchase price in cash equal to 101% of the
aggregate principal amount of the 2035 Notes repurchased plus any accrued and unpaid interest on the 2035 Notes
repurchased to, but not including, the date of repurchase.
KKR Issued 6.875% Subordinated Notes Due 2065
On May 28, 2025, KKR & Co. Inc. completed the offering of $590,000,000 aggregate principal amount of its 6.875%
Subordinated Notes due 2065 (the “2065 Notes”), including $40,000,000 principal amount of 2065 Notes issued pursuant to
the partial exercise by the underwriters of the 2065 Notes of their 30-day option to purchase up to an additional $82,500,000
principal amount of 2065 Notes to cover over-allotments. The 2065 Notes are guaranteed by KKR Group Partnership L.P. The
2065 Notes were issued pursuant to an indenture (the “2065 Base Indenture”) dated May 28, 2025, between KKR & Co. Inc.
and The Bank of New York Mellon Trust Company, N.A., as trustee (the “2065 Notes Trustee”), as supplemented by a first
supplemental indenture, dated May 28, 2025, (the “2065 First Supplemental Indenture” and, together with the 2065 Base
Indenture, the “2065 Notes Indenture”), among KKR & Co. Inc., KKR Group Partnership L.P., and the 2065 Notes Trustee.
The 2065 Notes bear interest at a rate of 6.875% per annum and will mature on June 1, 2065 unless earlier redeemed.
Interest on the 2065 Notes accrues from May 28, 2025, and is payable quarterly in arrears on March 1, June 1, September 1,
and December 1 of each year, commencing on September 1, 2025, and ending on the maturity date. The 2065 Notes are
unsecured and subordinated obligations of KKR & Co. Inc. The 2065 Notes are fully and unconditionally guaranteed, on a
subordinated unsecured basis, by KKR Group Partnership L.P.
The 2065 Notes Indenture includes covenants, including limitations on KKR & Co. Inc.’s and KKR Group Partnership L.P.’s
ability to, subject to exceptions, incur indebtedness secured by liens on voting stock or profit participating equity interests of
their subsidiaries or merge, consolidate or sell, transfer or convey all or substantially all of their assets. The 2065 Notes
Indenture also provides for events of default and further provides that the 2065 Notes Trustee or the holders of not less than
25% in aggregate principal amount of the outstanding 2065 Notes may declare the 2065 Notes immediately due and payable
upon the occurrence and during the continuance of any event of default after expiration of any applicable grace period. In the
case of specified events of bankruptcy, insolvency, receivership or reorganization, the principal amount of the 2065 Notes and
any accrued and unpaid interest on the 2065 Notes automatically become due and payable. On or after June 1, 2030, the
2065 Notes may be redeemed at KKR & Co. Inc.’s option in whole or in part, at any time and from time to time, at par plus any
accrued and unpaid interest to, but excluding, the date of redemption; provided that if the 2065 Notes are not redeemed in
whole, at least $25 million aggregate principal amount of the 2065 Notes must remain outstanding after giving effect to such
redemption. If a “tax redemption event” (as set forth in the 2065 Notes Indenture) occurs, the 2065 Notes may be redeemed,
in whole, but not in part, within 120 days of the occurrence of such tax redemption event at a redemption price equal to their
principal amount plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the 2065 Notes may
be redeemed, in whole, but not in part, at any time prior to June 1, 2030, within 90 days of the occurrence of a rating agency
event (as set forth in the 2065 Notes Indenture), at a redemption price equal to 102% of their principal amount plus any
accrued and unpaid interest to, but excluding, the date of redemption.
KCM 364-Day Revolving Credit Facility
On April 2, 2025, KKR Capital Markets Holdings L.P. and certain other capital markets subsidiaries (the "KCM Borrowers")
replaced their existing 364-day revolving credit agreement with a new 364-day revolving credit agreement (the "KCM 364-Day
Revolving Credit Facility”) with Mizuho Bank, Ltd., as administrative agent, and one or more lenders party thereto. The KCM
364-Day Revolving Credit Facility replaced the prior 364-day revolving credit facility, dated as of April 4, 2024, between the
KCM Borrowers and the administrative agent, and one or more lenders party to the prior facility, which was terminated
according to its terms on April 2, 2025. The KCM 364-Day Revolving Credit Facility provides for revolving borrowings up to
$750 million, expires on April 1, 2026, and ranks pari passu with the existing $750 million 5-year revolving credit facility
provided by them for KKR's capital markets business (the "KCM Five-Year Revolving Credit Facility"). If a borrowing is made
under the KCM 364-Day Revolving Credit Agreement, the interest rate will vary depending on the type of drawdown
requested. As with the KCM Five-Year Revolving Credit Facility, borrowings under the KCM 364-Day Revolving Credit Facility
may only be used for KKR’s capital markets business. This facility’s only obligors are entities involved in KKR’s capital markets
business, and its liabilities are non-recourse to other parts of KKR’s business. The KCM 364-Day Revolving Credit Facility
contains customary representations and warranties, events of default, and affirmative and negative covenants, including a
financial covenant providing for a maximum debt to equity ratio for the KCM Borrowers, which are substantially similar to
those found in the KCM Five-Year Revolving Credit Facility. The KCM Borrowers' obligations under the KCM 364-Day Revolving
Credit Facility are secured by certain assets of the KCM Borrowers, including a pledge of equity interests of certain subsidiaries
of the KCM Borrowers.
Other Asset Management and Strategic Holdings Debt Obligations
Certain of KKR's consolidated investment funds have entered into financing arrangements with financial institutions,
generally to provide liquidity to such investment funds. These financing arrangements are generally not direct obligations of
the general partners of KKR's investment funds (beyond KKR's capital interest) or its management companies. Such
borrowings have varying maturities and bear interest at floating rates. Borrowings are generally secured by the investment
purchased with the proceeds of the borrowing and/or the uncalled capital commitment of each respective fund. When an
investment vehicle borrows, the proceeds are available only for use by that investment vehicle and are not available for the
benefit of other investment vehicles or KKR. Collateral within each investment vehicle is also available only against borrowings
by that investment vehicle and not against the borrowings of other investment vehicles or KKR.
In certain other cases, investments and other assets held directly by majority-owned consolidated levered investment
vehicles and other entities have been funded with borrowings that are collateralized by the investments and assets they own.
These borrowings are non-recourse to KKR beyond the investments or assets serving as collateral or the capital that KKR has
committed to fund such investment vehicles. Such borrowings have varying maturities and generally bear interest at fixed
rates.
In addition, consolidated CFEs issue debt securities to third-party investors which are collateralized by assets held by the
CFE. Debt securities issued by CFEs are supported solely by the assets held at the CFEs and are not collateralized by assets of
any other KKR entity. CFEs also may have warehouse facilities with banks to provide liquidity to the CFE. The CFE's debt
obligations are non-recourse to KKR beyond the assets of the CFE.
As of December 31, 2025, other debt obligations consisted of the following:
Financing Available | Principal | Carrying Value(1) | Fair Value | Weighted Average Interest Rate | Weighted Average Remaining Maturity in Years | ||||||
Financing Facilities of Consolidated Funds and Other | $6,356,060 | $9,678,441 | $9,654,785 | $9,632,992 | 5.2% | 5.1 | |||||
Debt Obligations of Consolidated CFEs | — | 30,934,224 | 30,227,885 | 30,227,885 | (2) | 10.6 | |||||
$6,356,060 | $40,612,665 | $39,882,670 | $39,860,877 |
(1)Includes borrowings collateralized by fund investments, fund co-investments, and other assets held by levered investment vehicles of $3.3 billion.
(2)The senior notes of the consolidated CFEs had a weighted average interest rate of 5.1%. The subordinated notes of the consolidated CLOs do not have
contractual interest rates but instead receive a pro rata amount of the net distributions from the excess cash flows of the respective CLO vehicle.
Accordingly, weighted average borrowing rates for the subordinated notes are based on cash distributions during the period, if any.
Debt obligations of consolidated CLOs are collateralized by assets held by each respective CLO vehicle and assets of one
CLO vehicle may not be used to satisfy the liabilities of another. As of December 31, 2025, the fair value of the consolidated
CLO assets was $34.3 billion. This collateral consisted of Cash and Cash Equivalents, Investments, and Other Assets.
Global Atlantic's debt obligations consisted of the following:
December 31, 2025 | December 31, 2024 | |||||||||
By Remaining Maturity at Period End Date | Financing Available | Principal | Carrying Value(1) | Fair Value(2) | Financing Available | Principal | Carrying Value(1) | Fair Value(2) | ||
Revolving Credit Facilities: | ||||||||||
Under 1 Year | $— | $— | $— | $— | $— | $— | $— | $— | ||
1-5 Years | 1,000,000 | — | — | — | 1,000,000 | — | — | — | ||
After 5 Years | — | — | — | — | — | — | — | — | ||
Subtotal | 1,000,000 | — | — | — | 1,000,000 | — | — | — | ||
Senior Notes: (4) | ||||||||||
Under 1 Year | — | — | — | — | — | — | — | — | ||
1-5 Years | — | 500,000 | 478,361 | 492,650 | — | 500,000 | 459,138 | 474,250 | ||
After 5 Years | — | 2,050,000 | 1,944,982 | 2,098,205 | — | 2,050,000 | 1,854,183 | 2,040,505 | ||
Subtotal | — | 2,550,000 | 2,423,343 | 2,590,855 | — | 2,550,000 | 2,313,321 | 2,514,755 | ||
Subordinated Notes: (4) | ||||||||||
Under 1 Year | — | — | — | — | — | — | — | — | ||
1-5 Years | — | — | — | — | — | — | — | — | ||
After 5 Years | — | 1,223,741 | 1,199,664 | 1,249,395 | — | 1,350,000 | 1,329,615 | 1,353,975 | ||
Subtotal | — | 1,223,741 | 1,199,664 | 1,249,395 | — | 1,350,000 | 1,329,615 | 1,353,975 | ||
Debt Obligations of Consolidated Special Purpose Vehicles(3) | 142,600 | 197,400 | 197,400 | 197,400 | 269,600 | 70,400 | 70,400 | 70,394 | ||
Total | $1,142,600 | $3,971,141 | $3,820,407 | $4,037,650 | $1,269,600 | $3,970,400 | $3,713,336 | $3,939,124 | ||
(1)Carrying value of debt as of December 31, 2025 and 2024, includes purchase accounting adjustments of $26.9 million and $34.1 million, respectively, net
debt issuance costs of $(54.2) million and $(57.9) million, respectively, and cumulative fair value loss on hedged debt obligations of $(123.5) million and
$(233.2) million, respectively. The amortization of the purchase accounting adjustments was $7.1 million, $6.1 million, and $3.1 million for the years
ended December 31, 2025, 2024, and 2023, respectively.
(2)These debt obligations are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit
investments.
(3)These debt obligations primarily include debt obligations of consolidated co-investment vehicles that are not guaranteed by KKR or Global Atlantic.
(4)Interest rates of the notes are fixed and the weighted average interest rates are the following:
December 31, 2025 | December 31, 2024 | |
Senior Notes | 5.67% | 5.67% |
Subordinated Notes | 7.54% | 6.14% |
Tender offer of Global Atlantic 4.70% Subordinated Debentures due 2051
On November 17, 2025, Global Atlantic (Fin) Company ("GA FinCo") commenced an at-par cash tender offer for its then
outstanding $750 million aggregate principal amount of 4.70% subordinated debentures due 2051. Upon close of the tender
offer on November 21, 2025, Global Atlantic accepted $726 million aggregate principal amount of such debentured that had
been offered for purchase.
Issuance of Global Atlantic 7.25% Subordinated Debentures due 2056
On November 26, 2025, GA FinCo issued $600 million aggregate principal amount of 7.25% fixed-to-fixed rate
subordinated debentures maturing on March 1, 2056. The subordinated debentures were issued pursuant to the
Subordinated Indenture, dated as of July 6, 2021, among GA FinCo, as issuer, Global Atlantic Limited (Delaware) (formerly
known as Global Atlantic Financial Limited, "GALD"), as guarantor, and U.S. Bank National Association, as trustee, as
supplemented by the Third Supplemental Indenture, dated as of November 26, 2025.
The subordinated debentures will bear interest (i) from, and including, November 26, 2025 to, but not including, the
initial interest reset date of March 1, 2031 at an annual rate of 7.25% and (ii) from and including March 1, 2031, during each
interest reset period, at an annual rate equal to the five-year Treasury rate as of the most recent reset interest determination
date, plus 3.55% provided, that the interest rate during any interest reset period will not reset below 7.25% (which equals the
initial interest rate on the Debentures). Interest on the subordinated debentures is payable semi-annually in arrears on March
1 and September 1 of each year, commencing on March 1, 2026, and on the maturity date.
GA FinCo has the right on one or more occasions to defer the payment of interest on the subordinated debentures due
2056 for up to consecutive years. During an optional deferral period, interest will continue to accrue at the interest rate
on the subordinated debentures due 2056, compounded semi-annually as of each interest payment date, and certain
restrictions are placed on GA FinCo and GALD including with respect to making payments on any indebtedness or guarantees
ranking on parity with or junior to the subordinated indentures.
GA FinCo may elect to redeem the subordinated debentures due 2056 either in whole at any time or in part from time to
time during the three-month period prior to, and including, March 1, 2031, or after the initial interest reset date, on any
interest payment date, in each case at 100% of the principal amount of the subordinated debentures being redeemed, plus
accrued and unpaid interest (including compounded interest, if any) to, but excluding, the redemption date. GA FinCo also has
certain redemption rights related to tax, rating agency and capital events.
Global Atlantic Insurance Operating Company Revolving Credit Facility
On January 16, 2026, subsequent to the end of the period, Global Atlantic Limited (Delaware) and GA FinCo (together, the
“GA Guarantors”) and certain direct and indirect insurance company subsidiaries of the Guarantors (such insurance company
subsidiaries, the “GA OpCo Borrowers”, and together with the Guarantors, the “GA OpCo Credit Parties”) entered into a credit
agreement (the “GA OpCo Credit Agreement”) with Wells Fargo Bank, N.A., as administrative agent (the “GA Administrative
Agent”) and other lenders from time to time party thereto.
The GA OpCo Credit Agreement provides the GA OpCo Borrowers with an unsecured revolving credit facility (the “GA
OpCo Credit Facility”) in an aggregate principal amount of $3.00 billion as of January 16, 2026, with the option to request an
increase in the facility amount of up to an additional $500 million, for an aggregate principal amount of $3.50 billion, subject
to certain conditions, including obtaining new or increased commitments from new or existing lenders. The GA OpCo Credit
Facility is a 364-day facility, scheduled to mature on January 15, 2027, which may from time to time be extended for
additional 364-day periods at the GA OpCo Borrowers’ option, subject to the consent of the applicable lenders, and the GA
OpCo Borrowers may prepay, terminate or reduce the commitments under the GA OpCo Credit Facility at any time without
penalty. Borrowings under the GA OpCo Credit Facility are available for general corporate purposes including working capital.
Interest on borrowings under the GA OpCo Credit Facility will be based on either (i) the term Secured Overnight Financing
Rate (SOFR), plus a margin based on a corporate ratings-based grid ranging from 1.10% to 1.375%, or (ii) an alternate base
rate, plus a margin based on a corporate ratings-based grid ranging from 0.10% to 0.375%.
Certain other terms of the GA OpCo Credit Agreement include: (i) financial covenants that require GALD and certain of its
consolidated subsidiaries not to exceed a specified debt-to-total-capitalization ratio and to satisfy a net worth threshold; (ii)
customary representations, affirmative covenants and certain negative covenants; and (iii) customary events of default, upon
the occurrence of which the lenders will have the ability to accelerate all outstanding loans under the GA OpCo Credit Facility
and terminate the commitments.
Debt Covenants
Borrowings of KKR (including Global Atlantic) contain various debt covenants. These covenants do not, in management's
opinion, materially restrict KKR's operating business or investment strategies as of December 31, 2025. KKR (including Global
Atlantic) was in compliance with such debt covenants in all material respects as of December 31, 2025.
Scheduled principal payments for Asset Management and Strategic Holdings debt obligations as of December 31, 2025 are as follows: | |||||||
Revolving Credit Facilities | Notes Issued | Other Debt Obligations | Total | ||||
2026 | — | — | 798,866 | 798,866 | |||
2027 | — | 232,276 | 2,395,891 | 2,628,167 | |||
2028 | — | 285,240 | 1,016,862 | 1,302,102 | |||
2029 | — | 1,829,408 | 276,957 | 2,106,365 | |||
2030 | — | 11,487 | 798,103 | 809,590 | |||
Thereafter | — | 7,012,605 | 35,325,986 | 42,338,591 | |||
$— | $9,371,016 | $40,612,665 | $49,983,681 | ||||
Scheduled principal payments for Insurance debt obligations as of December 31, 2025 are as follows: | |||||||
Revolving Credit Facilities | Notes Issued | Other Debt Obligations | Total | ||||
2026 | $— | $— | $— | $— | |||
2027 | — | — | 197,400 | 197,400 | |||
2028 | — | — | — | — | |||
2029 | — | 500,000 | — | 500,000 | |||
2030 | — | — | — | — | |||
Thereafter | — | 3,273,741 | — | 3,273,741 | |||
$— | $3,773,741 | $197,400 | $3,971,141 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 18, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 26, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.