As of December 31, 2020, Global Atlantic served over two million policyholders. Past performance is no guarantee of any future result. It is designed to measure the broad high-yield market, including lower-rated securities. 22Table of Contents Alternative Credit. Ltd. and KKR Credit Advisors (Singapore) Pte. Many of our employees hold interests in our business through KKR Holdings. Operational risks may disrupt our businesses, result in losses or limit our growth. Cyber-security has become a top priority for regulators around the world. Other Financial Markets Regulation. Underwriting, syndicating and securities placement activities expose us to risks. In addition, the cost of repairing or replacing damaged assets could be considerable. Moreover, we have significant capital of our own committed in such large investments. Moreover, these risks may be exacerbated for funds of funds. We are not aware of any issue that would cause the IRS to challenge a tax basis increase. Global Atlantic\'s investments are typically in longer-duration assets. Consumer preferences regarding annuities and life insurance are subject to change. Developing an effective framework for assessing and managing risks is complex. In addition, Global Atlantic analyzes customer data to better manage its business. The EBS Framework is now embedded in the BMA\'s legislative and regulatory regime. Furthermore, additional impairments and allowance provisions may be taken in the future. Those securities may decline in value during the term of the repurchase agreements. NAIC designation for certain investments depends on the applicable NRSRO rating.
