FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities at fair value

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:

	March 31, 2021
	Level I		Level II		Level III			Total
Asset Management
Private Equity	$	2,224,510	$	2,045,965	$	17,063,809		$	21,334,284
Credit	—		2,306,865		9,385,881			11,692,746
Investments of Consolidated CFEs	—		19,163,155		—			19,163,155
Real Assets	—		228,073		6,879,217			7,107,290
Equity Method - Other	534,811		40,612		1,041,780			1,617,203
Other Investments	440,791		117,993		2,473,365			3,032,149
Total Investments	3,200,112		23,902,663		36,844,052			63,946,827
Foreign Exchange Contracts and Options	—		244,809		—			244,809
Other Derivatives	—		—		3,401		(1)	3,401
Total Assets at Fair Value - Asset Management	$	3,200,112	$	24,147,472	$	36,847,453		$	64,195,037
Insurance
AFS fixed maturity securities:
U.S. government and agencies	$	1,251,930	$	75,761	$	—		$	1,327,691
U.S. state, municipal and political subdivisions	—		4,588,645		—			4,588,645
Corporate	—		30,215,165		3,739,530			33,954,695
Structured securities	—		20,198,978		193,106			20,392,084
Total AFS fixed maturity securities	1,251,930		55,078,549		3,932,636			60,263,115
Trading fixed maturity securities:
U.S. government and agencies	159,557		78,237		—			237,794
U..S. state, municipal and political subdivisions	—		694,926		—			694,926
Corporate	—		7,475,680		726,078			8,201,758
Structured securities	—		1,470,744		22,533			1,493,277
Total trading fixed maturity securities	159,557		9,719,587		748,611			10,627,755
Equity securities	45,592		—		69,985			115,577
Mortgage and other loan receivables(2)	—		—		1,183,074			1,183,074
Other investments(3)	—		—		444,882			444,882
Funds withheld receivable at interest	—		—		55,883			55,883
Reinsurance recoverable	—		—		1,317,962			1,317,962
Derivative assets:
Equity market contracts	65,730		951,863		—			1,017,593
Interest rate contracts	14,772		72,897		—			87,669
Foreign currency contracts	—		6,801		—			6,801
Impact of netting(4)	(31,433)		(137,498)		—			(168,931)
Total derivative assets	49,069		894,063		—			943,132
Separate account assets	5,470,087		—		—			5,470,087
Total Assets at Fair Value - Insurance	$	6,976,235	$	65,692,199	$	7,753,033		$	80,421,467
Total Assets at Fair Value	$	10,176,347	$	89,839,671	$	44,600,486		$	144,616,504

	December 31, 2020
	Level I		Level II		Level III			Total
Asset Management
Private Equity	$	2,758,396	$	2,476,823	$	15,234,904		$	20,470,123
Credit	—		2,031,057		9,172,848			11,203,905
Investments of Consolidated CFEs	—		17,706,976		—			17,706,976
Real Assets	—		172,043		5,924,575			6,096,618
Equity Method - Other	485,988		7,254		1,014,378			1,507,620
Other Investments	434,481		88,760		2,341,981			2,865,222
Total Investments	3,678,865		22,482,913		33,688,686			59,850,464
Foreign Exchange Contracts and Options	—		250,398		—			250,398
Other Derivatives	442		729		6,668		(1)	7,839
Total Assets at Fair Value - Asset Management	$	3,679,307	$	22,734,040	$	33,695,354		$	60,108,701
Total Assets at Fair Value	$	3,679,307	$	22,734,040	$	33,695,354		$	60,108,701

(1)Includes derivative assets that were valued using a third-party valuation firm. The approach used to estimate the fair value of these derivative assets was generally the discounted cash flow method, which includes consideration of the current portfolio, projected portfolio construction, projected portfolio realizations, portfolio volatility (based on the volatility, correlation, and size of each underlying asset class), and the discounting of future cash flows to the reporting date.

(2)Includes related party balance of $575.6 million in Level 3 for mortgage and other loan receivables.

(3)Other investments excluded from the fair value hierarchy include certain real estate and private equity funds for which fair value is measured at net asset value per share as a practical expedient. As of March 31, 2021, the fair value of these investments was $113.5 million.

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

Liabilities, at fair value:

	March 31, 2021
	Level I		Level II		Level III			Total
Asset Management
Securities Sold Short	$	243,524	$	—	$	—		$	243,524
Foreign Exchange Contracts and Options	—		529,962		—			529,962
Unfunded Revolver Commitments	—		—		35,637		(1)	35,637
Other Derivatives	—		94,132		—			94,132
Debt Obligations of Consolidated CFEs	—		18,640,854		—			18,640,854
Total Liabilities at Fair Value - Asset Management	$	243,524	$	19,264,948	$	35,637		$	19,544,109
Insurance
Policy liabilities	$	—	$	—	$	565,642		$	565,642
Closed block policy liabilities	—		—		1,366,879			1,366,879
Funds withheld payable at interest	—		—		(313,230)			(313,230)
Derivative instruments payable:
Equity market contracts	17,100		134,229		—			151,329
Interest rate contracts	51,086		164,873		—			215,959
Foreign currency contracts	—		2,753		—			2,753
Credit contracts	—		1,669		—			1,669
Impact of netting(2)	(31,433)		(137,486)		—			(168,919)
Total derivative instruments payable	36,753		166,038		—			202,791
Embedded derivative – indexed universal life products	—		—		434,242			434,242
Embedded derivative – annuity products	—		—		984,910			984,910
Total Liabilities at Fair Value - Insurance	$	36,753	$	166,038	$	3,038,443		$	3,241,234
Total Liabilities at Fair Value	$	280,277	$	19,430,986	$	3,074,080		$	22,785,343

	December 31, 2020
	Level I		Level II		Level III			Total
Asset Management
Securities Sold Short	$	281,826	$	—	$	—		$	281,826
Foreign Exchange Contracts and Options	—		551,728		—			551,728
Unfunded Revolver Commitments	—		—		46,340		(1)	46,340
Other Derivatives	76,930		50,020		—			126,950
Debt Obligations of Consolidated CFEs	—		17,372,740		—			17,372,740
Total Liabilities at Fair Value - Asset Management	$	358,756	$	17,974,488	$	46,340		$	18,379,584
Total Liabilities at Fair Value	$	358,756	$	17,974,488	$	46,340		$	18,379,584

(1)These unfunded revolver commitments are classified as Level III within the fair value hierarchy and valued using the same valuation methodologies as KKR's Level III credit investments.

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

Summary of changes in assets and liabilities reported at fair value for which Level III inputs have been used to determine fair value

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 the three months ended March 31, 2021 and 2020, respectively except for financial instruments held by Global Atlantic and acquired by KKR on the GA Acquisition Date which represents activity for the two months beginning February 1, 2021. The format of the tables has been modified to include the insurance assets and liabilities and, as such, the prior period presentation has been modified accordingly.

	Three Months Ended March 31, 2021
	Balance, Beg. of Period		Transfers In / (Out) - Changes in Consolidation		Transfers In		Transfers Out		Net Purchases/Issuances/Sales/Settlements		Net Unrealized and Realized Gains (Losses)		Change in OCI		Balance, End of Period		Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date		Changes in Net Unrealized Gains (Losses) Included in OCI related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management
Private Equity	$	15,234,904	$	—	$	—	$	—	$	130,309	$	1,698,596	$	—	$	17,063,809	$	1,622,804	$	—
Credit	9,172,848		(1,021)		86,135		—		92,140		33,640		2,139		9,385,881		61,774		2,139
Real Assets	5,924,575		—		—		—		696,345		258,297		—		6,879,217		231,898		—
Equity Method - Other	1,014,378		—		—		—		(153,840)		181,242		—		1,041,780		180,258		—
Other Investments	2,341,981		(2,879)		—		(105,644)		63,054		176,853		—		2,473,365		214,879		—
Other Derivatives	6,668		—		—		—		3,574		(6,841)		—		3,401		(6,841)		—
Total Assets - Asset Management	33,695,354		(3,900)		86,135		(105,644)		831,582		2,341,787		2,139		36,847,453		2,304,772		2,139
Insurance
AFS fixed maturity securities:
Corporate fixed maturity securities	3,519,368		—		—		—		244,578		—		(24,416)		3,739,530		—		(22,210)
Structured securities	197,983		—		—		—		(1,692)		—		(3,185)		193,106		—		474
Total AFS fixed maturity securities	3,717,351		—		—		—		242,886		—		(27,601)		3,932,636		—		(21,736)
Trading fixed maturity securities:
Corporate fixed maturity securities	674,380		—		—		—		55,699		(4,001)		—		726,078		(3,600)		—
Structured securities	14,661		—		—		—		8,055		(183)		—		22,533		(222)		—
Total trading fixed maturity securities	689,041		—		—		—		63,754		(4,184)		—		748,611		(3,822)		—
Equity securities	66,660		—		—		—		—		3,325		—		69,985		3,325		—
Mortgage and other loan receivables	929,855		—		—		—		247,719		5,500		—		1,183,074		6,322		—
Other investments	443,824		—		—		—		—		1,058		—		444,882		6,092		—
Funds withheld receivable at interest	—		—		—		—		334		55,549		—		55,883		—		—
Reinsurance recoverable	—		—		—		—		—		1,317,962		—		1,317,962		—		—
Total Assets - Insurance	5,846,731		—		—		—		554,693		1,379,210		(27,601)		7,753,033		11,917		(21,736)
Total	$	39,542,085	$	(3,900)	$	86,135	$	(105,644)	$	1,386,275	$	3,720,997	$	(25,462)	$	44,600,486	$	2,316,689	$	(19,597)

	Three Months Ended March 31, 2020
	Balance, Beg. of Period		Transfers In / (Out) - Changes in Consolidation		Transfers In		Transfers Out		Net Purchases/Issuances/Sales/Settlements		Net Unrealized and Realized Gains (Losses)		Change in OCI		Balance, End of Period		Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Assets
Asset Management
Private Equity	$	9,871,682	$	—	$	—	$	—	$	114,099	$	(636,333)	$	—	$	9,349,448	$	(636,333)
Credit	9,217,759		—		—		—		567,020		(757,783)		(22,031)		9,004,965		(750,837)
Real Assets	3,567,944		—		—		—		(42,301)		(797,652)		—		2,727,991		(844,905)
Equity Method - Other	1,656,045		—		—		—		2,098		(305,797)		—		1,352,346		(305,797)
Other Investments	2,154,755		—		—		—		60,442		(537,580)		—		1,677,617		(528,523)
Other Derivatives	21,806		—		—		—		(1,360)		23,922		—		44,368		24,438
Total Assets - Asset Management	$	26,489,991	$	—	$	—	$	—	$	699,998	$	(3,011,223)	$	(22,031)	$	24,156,735	$	(3,041,957)

	Three Months Ended March 31, 2021										Three Months Ended March 31, 2020
	Purchases		Issuances		Sales		Settlements		Net Purchases/Issuances/Sales/Settlements		Purchases		Sales		Settlements		Net Purchases/Issuances/Sales/Settlements
Assets
Asset Management
Private Equity	$	221,344	$	—	$	(91,035)	$	—	$	130,309	$	114,099	$	—	$	—	$	114,099
Credit	1,120,791		—		(1,028,651)		—		92,140		1,227,138		(620,645)		(39,473)		567,020
Real Assets	924,320		—		(227,975)		—		696,345		168,640		(210,941)		—		(42,301)
Equity Method - Other	144		—		(153,984)		—		(153,840)		2,098		—		—		2,098
Other Investments	89,502		—		(26,448)		—		63,054		87,224		(26,782)		—		60,442
Other Derivatives	3,574		—		—		—		3,574		—		(1,360)		—		(1,360)
Total Assets - Asset Management	2,359,675		—		(1,528,093)		—		831,582		1,599,199		(859,728)		(39,473)		699,998
Insurance
AFS fixed maturity securities:
Corporate fixed maturity securities	$	287,638	—		$	(3,299)	$	(39,761)	244,578		—		—		—		—
Structured securities	10		—		—		(1,702)		(1,692)		—		—		—		—
Total AFS fixed maturity securities	287,648		—		(3,299)		(41,463)		242,886		—		—		—		—
Trading fixed maturity securities:
Corporate fixed maturity securities	57,451		—		—		(1,752)		55,699		—		—		—		—
Structured securities	8,110		—		—		(55)		8,055		—		—		—		—
Total trading fixed maturity securities	65,561		—		—		(1,807)		63,754		—		—		—		—
Mortgage and other loan receivables	254,995		—		(5,076)		(2,200)		247,719		—		—		—		—
Funds withheld receivable at interest	—		334		—		—		334		—		—		—		—
Total Assets - Insurance	608,204		334		(8,375)		(45,470)		554,693		—		—		—		—
Total	$	2,967,879	$	334	$	(1,536,468)	$	(45,470)	$	1,386,275	$	1,599,199	$	(859,728)	$	(39,473)	$	699,998

	Three Months Ended March 31, 2021
	Balance, Beg. of Period		Transfers In / (Out) - Changes in Consolidation		Transfers In		Transfers Out		Net Purchases/Sales/Settlements/Issuances		Net Unrealized and Realized Gains (Losses)		Change in OCI		Balance, End of Period		Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management
Unfunded Revolver Commitments	$	46,340	$	—	$	—	$	—	$	1,167	$	(11,870)	$	—	$	35,637	$	(11,870)
Total Liabilities - Asset Management	46,340		—		—		—		1,167		(11,870)		—		35,637		(11,870)
Insurance
Policy liabilities	$	637,800	$	—	$	—	$	—	$	—	$	(72,158)	$	—	$	565,642	$	—
Closed block policy liabilities	1,395,746		—		—		—		—		(25,982)		(2,885)		1,366,879		—
Funds withheld payable at interest	59,230		—		—		—		—		(372,460)		—		(313,230)		—
Embedded derivative – indexed universal life products	386,746		—		—		—		(931)		48,427		—		434,242		—
Embedded derivative – annuity products	1,024,601		—		—		—		44,809		(84,500)		—		984,910		—
Total Liabilities - Insurance	3,504,123		—		—		—		43,878		(506,673)		(2,885)		3,038,443		—
Total	$	3,550,463	$	—	$	—	$	—	$	45,045	$	(518,543)	$	(2,885)	$	3,074,080	$	(11,870)

	Three Months Ended March 31, 2020
	Balance, Beg. of Period		Transfers In / (Out) - Changes in Consolidation		Transfers In		Transfers Out		Net Purchases/Sales/Settlements/Issuances		Net Unrealized and Realized Gains (Losses)		Change in OCI		Balance, End of Period		Changes in Net Unrealized Gains (Losses) Included in Earnings related to Level III Assets and Liabilities still held as of the Reporting Date
Liabilities
Asset Management
Unfunded Revolver Commitments	$	75,842	$	—	$	—	$	—	$	(2,464)	$	(2,781)	$	—	$	70,597	$	(2,781)
Total Liabilities - Asset Management	$	75,842	$	—	$	—	$	—	$	(2,464)	$	(2,781)	$	—	$	70,597	$	(2,781)

	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Issuances		Settlements		Net settlements/Issuances		Issuances		Settlements		Net settlements/Issuances
Liabilities
Asset Management
Unfunded Revolver Commitments	$	1,167	$	—	$	1,167	$	—	$	(2,464)	$	(2,464)
Total Liabilities - Asset Management	1,167		—		1,167		—		(2,464)		(2,464)
Insurance
Embedded derivative – indexed universal life products	5,607		(6,538)		(931)		—		—		—
Embedded derivative – annuity products	44,809		—		44,809		—		—		—
Total Liabilities - Insurance	50,416		(6,538)		43,878		—		—		—
Total	$	51,583	$	(6,538)	$	45,045	$	—	$	(2,464)	$	(2,464)

Summary of valuation methodologies used for assets, measured at fair value and categorized within Level III

The following table presents additional information about valuation methodologies and significant unobservable inputs used for financial assets and liabilities that are measured and reported at fair value and categorized within Level III as of March 31, 2021. 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 3 assets and liabilities:

Level III Assets	Fair Value March 31, 2021		Valuation Methodologies	Unobservable Input(s) (1)	Weighted Average (2)	Range	Impact to  Valuation from an Increase in Input (3)
ASSET MANAGEMENT
Private Equity	$	17,063,809
Private Equity	$	14,016,147	Inputs to market comparables, discounted cash flow and transaction price	Illiquidity Discount	7.3%	5.0% - 15.0%	Decrease
				Weight Ascribed to Market Comparables	31.1%	0.0% - 50.0%	(4)
				Weight Ascribed to Discounted Cash Flow	68.0%	0.0% - 100.0%	(5)
				Weight Ascribed to Transaction Price	0.9%	0.0% - 75.0%	(6)
			Market comparables	Enterprise Value/LTM EBITDA Multiple	16.4x	8.8x - 29.3x	Increase
				Enterprise Value/Forward EBITDA Multiple	15.0x	8.3x - 20.1x	Increase
			Discounted cash flow	Weighted Average Cost of Capital	9.2%	4.4% - 17.6%	Decrease
				Enterprise Value/LTM EBITDA Exit Multiple	13.0x	6.0x - 18.0x	Increase
Growth Equity	$	3,047,662	Inputs to market comparables, discounted cash flow and milestones	Illiquidity Discount	12.5%	10.0% - 45.0%	Decrease
				Weight Ascribed to Market Comparables	20.0%	0.0% - 100.0%	(4)
				Weight Ascribed to Discounted Cash Flow	0.2%	0.0% - 50.0%	(5)
				Weight Ascribed to Milestones	79.8%	0.0% - 100.0%	(6)
			Scenario Weighting	Base	70.9%	50.0% - 80.0%	Increase
				Downside	9.6%	0.0% - 25.0%	Decrease
				Upside	19.5%	0.0% - 35.0%	Increase
Credit	$	9,385,881	Yield Analysis	Yield	5.6%	4.3% - 18.1%	Decrease
				Net Leverage	5.2x	0.2x - 22.0x	Decrease
				EBITDA Multiple	10.8x	0.8x - 30.0x	Increase
Real Assets	$	6,879,217
Energy	$	2,293,765	Inputs to market comparables and discounted cash flow	Weight Ascribed to Market Comparables	46.6%	0.0% - 50.0%	(4)
				Weight Ascribed to Discounted Cash Flow	53.4%	50.0% - 100.0%	(5)
			Market comparables	Enterprise Value/LTM EBITDA Multiple	7.7x	7.4x - 7.8x	Increase
				Enterprise Value/Forward EBITDA Multiple	6.2x	6.0x - 9.0x	Increase
			Discounted cash flow	Weighted Average Cost of Capital	11.4%	10.4% - 14.3%	Decrease
				Average Price Per BOE (8)	$37.05	$34.56 - $39.43	Increase
Infrastructure	$	1,305,548	Inputs to market comparables, discounted cash flow and transaction price	Illiquidity Discount	6.7%	5.0% - 10.0%	Decrease
				Weight Ascribed to Market Comparables	4.0%	0.0% - 25.0%	(4)
				Weight Ascribed to Discounted Cash Flow	20.0%	0.0% - 100.0%	(5)
				Weight Ascribed to Transaction Price	76.0%	0.0% - 100.0%	(6)
			Market comparables	Enterprise Value/Forward EBITDA Multiple	10.5x	10.5x - 10.5x	Increase
			Discounted cash flow	Weighted Average Cost of Capital	7.7%	6.6% - 8.3%	Decrease
				Enterprise Value/LTM EBITDA Exit Multiple	10.0x	10.0x - 10.0x	Increase
Real Estate	$	3,279,904	Inputs to direct income capitalization and discounted cash flow	Weight Ascribed to Direct Income Capitalization	15.6%	0.0% - 100.0%	(7)
				Weight Ascribed to Discounted Cash Flow	70.4%	0.0% - 100.0%	(5)
				Weight Ascribed to Transaction Price	14.0%	0.0% - 100.0%	(6)
			Direct income capitalization	Current Capitalization Rate	5.6%	3.8% - 7.9%	Decrease
			Discounted cash flow	Unlevered Discount Rate	6.6%	5.2% - 18.0%	Decrease

Level III Assets	Fair Value March 31, 2021			Valuation Methodologies	Unobservable Input(s) (1)	Weighted Average (2)	Range	Impact to  Valuation from an Increase in Input (3)
Equity Method - Other	$	1,041,780		Inputs to market comparables, discounted cash flow and transaction price	Illiquidity Discount	9.5%	5.0% - 15.0%	Decrease
					Weight Ascribed to Market Comparables	35.4%	0.0% - 60.0%	(4)
					Weight Ascribed to Discounted Cash Flow	29.2%	0.0% - 100.0%	(5)
					Weight Ascribed to Transaction Price	35.4%	0.0% - 100.0%	(6)
				Market comparables	Enterprise Value/LTM EBITDA Multiple	12.5x	7.4x - 23.7x	Increase
					Enterprise Value/Forward EBITDA Multiple	12.7x	6.0x - 21.0x	Increase
				Discounted cash flow	Weighted Average Cost of Capital	10.2%	6.2% - 18.1%	Decrease
					Enterprise Value/LTM EBITDA Exit Multiple	10.9x	6.0x - 15.0x	Increase
Other Investments	$	2,473,365	(9)	Inputs to market comparables, discounted cash flow and transaction price	Illiquidity Discount	10.2%	5.0% - 20.0%	Decrease
					Weight Ascribed to Market Comparables	29.7%	0.0% - 100.0%	(4)
					Weight Ascribed to Discounted Cash Flow	41.1%	0.0% - 100.0%	(5)
					Weight Ascribed to Transaction Price	29.2%	0.0% - 100.0%	(6)
				Market comparables	Enterprise Value/LTM EBITDA Multiple	12.4x	1.5x - 30.0x	Increase
					Enterprise Value/Forward EBITDA Multiple	12.5x	1.3x - 27.0x	Increase
				Discounted cash flow	Weighted Average Cost of Capital	13.6%	7.6% - 25.0%	Decrease
					Enterprise Value/LTM EBITDA Exit Multiple	9.2x	5.0x - 11.0x	Increase
INSURANCE
Corporate fixed maturity securities	$	1,824,106		Discounted cash flow	Discount Spread	2.16%	0.04% - 4.97%	Decrease
Structured securities	$	175,626		Discounted cash flow	Discount Spread	2.63%	2.20% - 5.90%	Decrease
					Constant Prepayment Rate	7.43%	5.00% - 15.00%	Increase/Decrease
					Constant Default Rate	1.15%	1.00% - 2.50%	Decrease
					Loss Severity		100%	Decrease
Equity securities	$	48,072		Discounted cash flow	Yield		17.50%	Decrease
Other investments	$	423,279		Direct capitalization	Current Capitalization Rate	5.52%	5.27% - 5.77%	Increase
					Vacancy rate		5.00%	Decrease
Funds withheld receivable at interest	$	55,883		Discounted cash flow	Duration/Weighted Average Life	10.14 years	0.0 years - 22.3 years	Increase
					Contractholder Persistency	6.38%	3.70% - 16.50%	Increase
					Nonperformance Risk		0.40% - 1.14%	Decrease
Reinsurance recoverable	$	1,317,962		Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.	Expense assumption		The average expense assumption is between $10.40 and $78.00 per policy, increased by inflation.	Increase
				Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.	Expense risk margin		9.42%	Decrease
					Cost of capital		3.69% - 9.88%	Increase
				Discounted cash flow	Mortality Rate		2.55%	Increase
					Surrender Rate		5.33%	Increase

(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. Management 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)The total energy fair value amount includes multiple investments (in multiple locations throughout North America) that are held in multiple investment funds and produce varying quantities of oil, condensate, natural gas liquids, and natural gas. Commodity price may be measured using a common volumetric equivalent where one barrel of oil equivalent ("BOE"), is determined using the ratio of six thousand cubic feet of natural gas to one barrel of oil, condensate or natural gas liquids. The price per BOE is provided to show the aggregate of all price inputs for the various investments over a common volumetric equivalent although the valuations for specific investments may use price inputs specific to the asset for purposes of our valuations. The discounted cash flows include forecasted production of liquids (oil, condensate, and natural gas liquids) and natural gas with a forecasted revenue ratio of approximately 84% liquids and 16% natural gas.

(9)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.

Level III Liabilities	Fair Value March 31, 2021		Valuation Methodologies	Unobservable Input(s) (1)	Weighted Average (2)	Range	Impact to  Valuation from an Increase in Input (3)
ASSET MANAGEMENT
Unfunded Revolver Commitments	$	35,637	Yield Analysis	Yield	6.2%	4.6% - 7.9%	Decrease
INSURANCE
Policy liabilities	$	565,642	Present value of best estimate liability cash flows. Unobservable inputs include a market participant view of the risk margin included in the discount rate which reflects the riskiness of the cash flows.	Risk Margin Rate		0.40% - 1.34%	Decrease
			Policyholder behavior is also a significant unobservable input, including surrender and mortality.	Surrender Rate		2.75% - 12.62%	Increase
				Mortality Rate		4.97% - 8.01%	Increase
Closed block policy liabilities	$	1,366,879	Present value of expenses paid from the open block plus the cost of capital held in support of the liabilities.	Expense assumption		The average expense assumption is between $10.40 and $78.00 per policy, increased by inflation.	Increase
			Nonperformance Risk			0.40% - 1.14%	Decrease
			Unobservable inputs are a market participant’s view of the expenses, a risk margin on the uncertainty of the level of expenses and a cost of capital on the capital held in support of the liabilities.	Expense Risk Margin		9.42%	Decrease
				Cost of Capital		3.69% - 9.88%	Increase
			Discounted cash flow	Mortality Rate		2.55%	Increase
				Surrender Rate		5.33%	Increase
Funds withheld payable at interest	$	(313,230)	Discounted cash flow	Duration/Weighted Average Life	10.31 years	0.0 years - 19.4 years	Decrease
				Contractholder Persistency	6.38%	3.70% - 16.50%	Decrease
				Nonperformance Risk		0.40% - 1.14%	Decrease
Embedded derivative – indexed universal life products	$	434,242	Policy persistency is a significant unobservable input.	Lapse Rate		3.57%	Decrease
				Mortality Rate		0.68%	Decrease
			Future costs for options used to hedge the contract obligations	Option Budge Assumption		3.55%	Increase
				Nonperformance Risk		0.40% - 1.14%	Decrease
Embedded derivative – annuity products	$	984,910	Policyholder behavior is a significant unobservable input, including utilization and lapse.	Utilization:
				Fixed-indexed annuity	3.92%		Decrease
				Variable annuity	4.05%	2.19% - 31.35%	Decrease
				Surrender Rate:
				Fixed-indexed annuity	10.21%		Decrease
				Variable annuity		4.12% - 39.66%	Decrease
				Mortality Rate
				Fixed-indexed annuity	1.82%		Decrease
				Variable annuity		1.27% - 7.51%	Decrease
			Future costs for options used to hedge the contract obligations	Option Budge Assumption:
				Fixed-indexed annuity	1.74%		Increase
				Variable annuity	n/a		Increase
				Nonperformance Risk		0.40% - 1.14%	Decrease

(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. Management 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.

Summary of financial instruments not carried at fair value

The following tables present carrying amounts and fair values of Global Atlantic’s financial instruments which are not carried at fair value as of March 31, 2021.

			Fair Value Hierarchy
As of March 31, 2021	Carrying Value		Level 1		Level 2		Level 3		Fair Value
($ in thousands)
Financial assets:
Insurance
Mortgage and other loan receivables	$	15,625,153	$	—	$	—	$	15,838,840	$	15,838,840
Policy loans	831,459		—		—		822,864		822,864
FHLB common stock and other investments	137,544		—		—		137,544		137,544
Funds withheld receivables at interest	3,038,954		—		3,038,954		—		3,038,954
Cash and cash equivalents	5,467,012		5,467,012		—		—		5,467,012
Restricted cash and cash equivalents	399,922		399,922		—		—		399,922
Total financial assets	$	25,500,044	$	5,866,934	$	3,038,954	$	16,799,248	$	25,705,136
Financial liabilities:
Insurance
Policy liabilities	$	19,680,466	$	—	$	18,017,494	$	—	$	18,017,494
Supplementary contracts without life contingencies	28,810		—		—		28,997		28,997
Funding agreements	3,171,978		—		658,921		2,562,203		3,221,124
Funds withheld payables at interest	13,759,393		—		13,759,393		—		13,759,393
Debt obligations	1,400,338		—		—		1,431,518		1,431,518
Securities sold under agreements to repurchase	300,729		—		300,729		—		300,729
Total financial liabilities	$	38,341,714	$	—	$	32,736,537	$	4,022,718	$	36,759,255