# EDGAR Filing Document

**Accession Number:** 0001948056
**File Stem:** 0001948056-26-000028
**Filing Date:** 2026-4
**Character Count:** 14885
**Document Hash:** 6e3ea7037e12bd81c703bfaf2364b55d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001948056-26-000028.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001948056-26-000028

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260421

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Infrastructure Conglomerate LLC
- **CENTRAL INDEX KEY:** 0001948056
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTORS, NEC [6799]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56484
- **FILM NUMBER:** 26880305

**BUSINESS ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 212-750-8300

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON YARDS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

?xml version='1.0' encoding='ASCII'? kkr-20260421

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): April 21, 2026**

**KKR Infrastructure Conglomerate LLC**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-56484** | **92-0477563** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **30 Hudson Yards, New York, NY** | | **10001** |
| (Address of principal executive offices) | | (Zip Code) |

---

**(212) 750-8300** 

Registrant's telephone number, including area code

**Not Applicable** 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None. | None. | None. |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☒

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 revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 8.01.&nbsp;&nbsp;&nbsp;&nbsp;Other Events**

**Transactional Net Asset Value**

On April 21, 2026, the manager of KKR Infrastructure Conglomerate LLC (the "Company") determined the transactional net asset value, being the price at which sales and repurchases of the Company's shares are made (the "Transactional Net Asset Value"), of the following classes of the Company's shares as of March 31, 2026:

---

| | |
|:---|:---|
| **Class** | **Transactional Net Asset Value per Share** |
| Class U Shares | $29.95 |
| Class R Shares | $29.98 |
| Class D Shares | $29.94 |
| Class I Shares | $29.96 |
| Class S Shares | $29.98 |
| Class F Shares | $31.62 |
| Class G Shares | $35.23 |
| Class H Shares | $35.23 |

---

As of March 31, 2026, no Class R-S, Class R-D and Class E shares were outstanding.

The Transactional Net Asset Value of the Company's shares is also available on its website at www.kinfra.com, but the contents of the website are not incorporated by reference in or otherwise a part of this Current Report on Form 8-K.

For additional information, and a comparison of Transactional Net Asset Value as of December 31, 2025, please see additional details included in Exhibit 99.1 to this Current Report on Form 8-K, which is incorporated herein by reference.

**Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](k-infrax202603xex991.htm)</u> | Net Asset Value as of March 31, 2026 and December 31, 2025 |
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL |

---

------

**Signatures**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | KKR INFRASTRUCTURE CONGLOMERATE LLC<br>/s/ Sung Bum Cho |
| Date: April 21, 2026 | Name: Sung Bum Cho |
| | Title: General Counsel & Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**Net Asset Value**

We calculate net asset value per share in accordance with valuation policies and procedures that have been approved by our board of directors. Our GAAP net asset value ("GAAP Net Asset Value") is our net asset value determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Our Transactional Net Asset Value is calculated by adjusting our GAAP Net Asset Value as of the relevant valuation date for (i) the recognition of the shareholder servicing fees and distribution fees on a monthly basis as such fees are accrued, (ii) the exclusion of tax liabilities of certain taxable subsidiaries through which the Company holds Infrastructure Assets that are contingent upon the expected manner of the divestment of the associated underlying Infrastructure Asset and are not expected to be recognized by the Company (although the current tax liabilities of any such taxable subsidiaries may be taken into account in determining the fair value of the associated underlying Infrastructure Assets) and (iii) effective January 1, 2026, the capitalization and amortization of certain financing and acquisition-related costs incurred in connection with the acquisition of certain assets (and thus recognized as a deduction to the Transactional Net Asset Value over time) over a period not exceeding ten years. The following table provides a breakdown of the major components of our Transactional Net Asset Value as of March 31, 2026 and December 31, 2025 ($ in thousands, except shares):

---

| | | |
|:---|:---|:---|
| **Components of Transactional Net Asset Value** | **March 31, 2026** | **December 31, 2025** |
| Investments at fair value (cost of $5,279,464 and $4,649,580, respectively) | $6208529 | $5572347 |
| Cash and cash equivalents | 1057908 | 980166 |
| Foreign currencies at fair value (cost of $8,868 and $183, respectively) | 8910 | 184 |
| Other assets | 103980 | 41426 |
| Other liabilities | (104540) | (92605) |
| Accrued performance participation allocation | (29991) | (19032) |
| Management fee payable | (8716) | (5795) |
| Accrued shareholder servicing fees and distribution fees <sup>(1)</sup> | (5396) | (5002) |
| **Transactional Net Asset Value** | $**7230684** | $**6471689** |
| **Number of outstanding shares** | **241120040** | **215892126** |

---

(1) Shareholder servicing fees apply only to Class S Shares, Class U Shares, Class D Shares, Class R-S Shares and Class R-D Shares. Distribution fees apply only to Class S Shares, Class R-S Shares and Class U Shares. For purposes of Transactional Net Asset Value, we recognize shareholder servicing fees and distribution fees as a reduction to Transactional Net Asset Value on a monthly basis as such fees are accrued. For purposes of GAAP Net Asset Value, we accrue the cost of the shareholder servicing fees and distribution fees, as applicable, for the estimated life of the shares as an offering cost at the time we sell Class S Shares, Class U Shares, Class D Shares and Class R-D Shares.

------

The following table provides a breakdown of our total Transactional Net Asset Value and our Transactional Net Asset Value per share by class as of March 31, 2026 ($ in thousands, except shares and per share data):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Transactional Net Asset Value Per Share** | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R Shares** | **Class D Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** | **Total** |
| Monthly Transactional Net Asset Value | $2328566 | $2350935 | $1417379 | $886823 | $144010 | $102969 | $1 | $1 | $7230684 |
| Number of outstanding shares | 77728630 | 78416326 | 47324412 | 29584219 | 4809476 | 3256897 | 40 | 40 | 241120040 |
| Transactional Net Asset Value per Share as of March 31, 2026 | $29.96 | $29.98 | $29.95 | $29.98 | $29.94 | $31.62 | $35.23 | $35.23 |  |

---

The following table provides a breakdown of our total Transactional Net Asset Value and our Transactional Net Asset Value per share by class as of December 31, 2025 ($ in thousands, except shares and per share data):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Transactional Net Asset Value Per Share** | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R Shares** | **Class D Shares** | **Class E Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** | **Total** |
| Monthly Transactional Net Asset Value | $1945574 | $2002444 | $1418628 | $893856 | $114231 | $1 | $96953 | $1 | $1 | $6471689 |
| Number of outstanding shares | 64941265 | 66822242 | 47404585 | 29830337 | 3815313 | 40 | 3078264 | 40 | 40 | 215892126 |
| Transactional Net Asset Value per Share as of December 31, 2025 | $29.96 | $29.97 | $29.93 | $29.96 | $29.94 | $31.50 | $31.50 | $34.74 | $34.74 |  |

---

------

**Reconciliation of Transactional Net Asset Value to GAAP Net Asset Value**

The following table reconciles GAAP Net Asset Value to our Transactional Net Asset Value as of March 31, 2026 and December 31, 2025 ($ in thousands):

---

| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of December 31, 2025** |
| GAAP Net Asset Value | $7009336 | $6259362 |
| Adjustment: |  |  |
| &nbsp;&nbsp;Accrued shareholder servicing fees and distribution fees <sup>(1)</sup> | 191860 | 199470 |
| &nbsp;&nbsp;Deferred tax liabilities of certain taxable subsidiaries <sup>(2)</sup> | 15107 | 12857 |
| &nbsp;&nbsp;Unamortized financing and acquisition-related costs <sup>(3)</sup> | 14381 |  |
| Transactional Net Asset Value | $7230684 | $6471689 |

---

(1) Represents an adjustment to reflect Shareholder servicing fees and distribution fees related to Class S Shares, Class U Shares and Class D Shares sold as they are accrued on a monthly basis.

(2) Represents an adjustment to exclude tax liabilities of certain taxable subsidiaries through which the Company holds Infrastructure Assets that are contingent upon the expected manner of the divestment of the associated underlying Infrastructure Asset and are not reasonably expected to be recognized by the Company.

(3) Represents unamortized financing and acquisition-related costs incurred in connection with the acquisition of certain assets over a period not exceeding ten years.

**Valuation Methodologies and Significant Inputs**

The following table presents additional information about valuation methodologies and significant inputs used for Infrastructure Assets that are valued at fair value as of March 31, 2026 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|<br>**Valuation Methodology & Inputs** |<br>**Unobservable Input(s)** <sup>(1)</sup> | **Weighted Average** <sup>(2)</sup> | **Range** | **Weighted Average** <sup>(2)</sup> | **Range** |
| Inputs to market comparables, discounted cash flow and transaction price/other | Weight Ascribed to Market Comparables | 1.7% | 0.0% - 25.0% | 1.9% | 0.0% - 50.0% |
|  | Weight Ascribed to Discounted Cash Flow | 88.4% | 0.0% - 100.0% | 94.2% | 0.0% - 100.0% |
|  | Weight Ascribed to Transaction Price/Other | 9.9% | 0.0% - 100.0% | 3.9% | 0.0% - 100.0% |
| Market Comparables | Enterprise Value / Forward EBITDA Multiple | 16.2x | 11.6x - 19.0x | 17.0x | 11.7x - 20.4x |
| Discounted Cash Flow | Weighted Average Cost of Capital <sup>(3)</sup> | 12.0% | 6.3% - 25.6% | 11.1% | 6.6% - 22.4% |
|  | Enterprise Value / EBITDA Exit Multiple <sup>(4)</sup> | 14.1x | 5.7x - 23.8x | 13.6x | 2.5x - 23.8x |

---

(1) In determining the 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. The Company's manager (the "Manager") has determined that market participants would take these inputs into account when valuing the investments.

(2) Inputs are weighted based on fair value of the investments included in the range.

(3) Inputs include unlevered discount rate for certain Infrastructure Assets.

(4) Inputs include exit multiple of net operating income rate for certain Infrastructure Assets.

The Manager is ultimately responsible for our net asset value calculations.

Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by our independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets. For example, assuming all other factors remain unchanged, the changes listed below would result in the following effects on our asset values as of March 31, 2026 and December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
|<br>**Input** | **Hypothetical Change** | **Infrastructure Asset Values** | **Hypothetical Change** | **Infrastructure Asset Values** |
| Weighted Average Cost of Capital <sup>(1)</sup> | 0.25% decrease | +2.46% | 0.25% decrease | +2.43% |
|  | 0.25% increase | -2.34% | 0.25% increase | -2.38% |

---

(1) Inputs include unlevered discount rate for certain Infrastructure Assets.

<br>