# EDGAR Filing Document

**Accession Number:** 0002012839
**File Stem:** 0001628280-26-019903
**Filing Date:** 2026-3
**Character Count:** 684436
**Document Hash:** 2e991e3e9c381766cce58d72c00aee3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-019903.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001628280-26-019903

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260319

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KKR Enhanced US Direct Lending Fund-L Inc.
- **CENTRAL INDEX KEY:** 0002012839

**ORGANIZATION NAME:**
- **EIN:** 996101395
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01724
- **FILM NUMBER:** 26775460

**BUSINESS ADDRESS:**
- **STREET 1:** 555 CALIFORNIA STREET, 50TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104
- **BUSINESS PHONE:** 415-315-3620

**MAIL ADDRESS:**
- **STREET 1:** 555 CALIFORNIA STREET, 50TH FLOOR
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KKR Enhanced US Direct Lending Fund-L
- **DATE OF NAME CHANGE:** 20240221

?xml version='1.0' encoding='ASCII'? ebdc-20251231

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549**

**______________________________________________**

**FORM 10-K**

**_________________________________________________**

---

| | |
|:---|:---|
| ⌧ | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| | **FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025** |
| ◻ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**COMMISSION FILE NUMBER: 000-56639**

**_________________________________________________**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**(Exact name of registrant as specified in its charter)** 

**_________________________________________________**

---

| | |
|:---|:---|
| **Delaware** | **99-6101395** |
| **(State of Organization)** | **(I.R.S. Employer Identification Number)** |
| **555 California Street**<br>**50th Floor** <br>**San Francisco, CA** | **94104** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (415) 315-3620** 

**_______________________________________**

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

---

| | | |
|:---|:---|:---|
| **N/A** | **N/A** | **N/A** |
| (Title of class) | (Trading Symbol(s)) | (Name of exchange on which registered) |

---

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

**Common Shares of Beneficial Interest, par value $0.001 per share**

**_______________________________________**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ◻ No ⌧

Indicate by check mark if the registrant is not required to file reports pursuant to Section 14 or Section 15(d) of the Act. Yes ◻ No ⌧

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing 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 Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). &nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ◻ | Accelerated filer | ◻ |
| Non-accelerated filer | ⌧ | Smaller reporting company | ◻ |
| | | Emerging growth company | ⌧ |

---

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. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial 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 officers during the relevant recovery period pursuant to § 240.10D-1(b). ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ◻ No ⌧

There is currently no established public market for the registrant's common shares of beneficial interest, $0.001 par value per share ("Common Shares").

The number of shares of the Registrant's Common Shares outstanding as of March 19, 2026 was 693,238.

**_________________________________________________**

**Documents Incorporated by Reference: None**

**Auditor Firm ID: 34 Auditor Name: Deloitte & Touche LLP Auditor Location: San Francisco, California**

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**Table of Contents**

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| | | |
|:---|:---|:---|
| | | **<u>Page</u>** |
| **[PART I](#i3b435beb33e04b719232007b97c50862_13)** | | |
| [Item 1.](#i3b435beb33e04b719232007b97c50862_16) | <u>[Business](#i3b435beb33e04b719232007b97c50862_16)</u> | <u>[1](#i3b435beb33e04b719232007b97c50862_16)</u> |
| [Item 1A.](#i3b435beb33e04b719232007b97c50862_19) | <u>[Risk Factors](#i3b435beb33e04b719232007b97c50862_19)</u> | <u>[23](#i3b435beb33e04b719232007b97c50862_19)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19) 1B. | <u>[Unresolved Staff Comments](#i3b435beb33e04b719232007b97c50862_22)</u> | <u>[51](#i3b435beb33e04b719232007b97c50862_22)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[1C.](#i3b435beb33e04b719232007b97c50862_25) | <u>[Cybersecurity](#i3b435beb33e04b719232007b97c50862_25)</u> | <u>[51](#i3b435beb33e04b719232007b97c50862_25)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[2.](#i3b435beb33e04b719232007b97c50862_28) | <u>[Properties](#i3b435beb33e04b719232007b97c50862_28)</u> | <u>[52](#i3b435beb33e04b719232007b97c50862_28)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[3.](#i3b435beb33e04b719232007b97c50862_31) | <u>[Legal Proceedings](#i3b435beb33e04b719232007b97c50862_31)</u> | <u>[52](#i3b435beb33e04b719232007b97c50862_31)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[4.](#i3b435beb33e04b719232007b97c50862_34) | <u>[Mine Safety Disclosures](#i3b435beb33e04b719232007b97c50862_34)</u> | <u>[52](#i3b435beb33e04b719232007b97c50862_34)</u> |
| **[PART II](#i3b435beb33e04b719232007b97c50862_37)** |  |  |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[5.](#i3b435beb33e04b719232007b97c50862_40) | <u>[Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](#i3b435beb33e04b719232007b97c50862_40)</u> | <u>[53](#i3b435beb33e04b719232007b97c50862_40)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19) 6. | <u>[Reserved](#i3b435beb33e04b719232007b97c50862_43)</u> | <u>[55](#i3b435beb33e04b719232007b97c50862_43)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[7.](#i3b435beb33e04b719232007b97c50862_46) | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i3b435beb33e04b719232007b97c50862_46)</u> | <u>[56](#i3b435beb33e04b719232007b97c50862_46)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[7A.](#i3b435beb33e04b719232007b97c50862_73) | <u>[Quantitative and Qualitative Disclosures about Market Risk](#i3b435beb33e04b719232007b97c50862_73)</u> | <u>[66](#i3b435beb33e04b719232007b97c50862_73)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[8.](#i3b435beb33e04b719232007b97c50862_76) | <u>[Financial Statements and Supplementary Data](#i3b435beb33e04b719232007b97c50862_76)</u> | <u>[68](#i3b435beb33e04b719232007b97c50862_76)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[9.](#i3b435beb33e04b719232007b97c50862_136) | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i3b435beb33e04b719232007b97c50862_136)</u> | <u>[113](#i3b435beb33e04b719232007b97c50862_136)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[9A.](#i3b435beb33e04b719232007b97c50862_139) | <u>[Controls and Procedures](#i3b435beb33e04b719232007b97c50862_139)</u> | <u>[113](#i3b435beb33e04b719232007b97c50862_139)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[9B.](#i3b435beb33e04b719232007b97c50862_142) | <u>[Other Information](#i3b435beb33e04b719232007b97c50862_142)</u> | <u>[114](#i3b435beb33e04b719232007b97c50862_142)</u> |
| **[PART III](#i3b435beb33e04b719232007b97c50862_148)** |  |  |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[10.](#i3b435beb33e04b719232007b97c50862_151) | <u>[Directors, Executive Officers and Corporate Governance](#i3b435beb33e04b719232007b97c50862_151)</u> | <u>[115](#i3b435beb33e04b719232007b97c50862_151)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[11.](#i3b435beb33e04b719232007b97c50862_154) | <u>[Executive Compensation](#i3b435beb33e04b719232007b97c50862_154)</u> | <u>[118](#i3b435beb33e04b719232007b97c50862_154)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[12.](#i3b435beb33e04b719232007b97c50862_157) | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](#i3b435beb33e04b719232007b97c50862_157)</u> | <u>[119](#i3b435beb33e04b719232007b97c50862_157)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[13.](#i3b435beb33e04b719232007b97c50862_160) | <u>[Certain Relationships and Related Transactions and Director Independence](#i3b435beb33e04b719232007b97c50862_160)</u> | <u>[119](#i3b435beb33e04b719232007b97c50862_160)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[14.](#i3b435beb33e04b719232007b97c50862_163) | <u>[Principal Accountants Fees and Services](#i3b435beb33e04b719232007b97c50862_163)</u> | <u>[123](#i3b435beb33e04b719232007b97c50862_163)</u> |
| **[PART IV](#i3b435beb33e04b719232007b97c50862_166)** |  |  |
| [Item](#i3b435beb33e04b719232007b97c50862_19)[15.](#i3b435beb33e04b719232007b97c50862_169) | <u>[Exhibits and Financial Statement Schedules](#i3b435beb33e04b719232007b97c50862_169)</u> | <u>[124](#i3b435beb33e04b719232007b97c50862_169)</u> |
| [Item](#i3b435beb33e04b719232007b97c50862_19) 16. | <u>[Form 10-K Summary](#i3b435beb33e04b719232007b97c50862_172)</u> | <u>[126](#i3b435beb33e04b719232007b97c50862_172)</u> |
|  | <u>[SIGNATURES](#i3b435beb33e04b719232007b97c50862_175)</u> | <u>[127](#i3b435beb33e04b719232007b97c50862_175)</u> |

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**Forward-Looking Statements** 

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. We are externally managed by KKR Credit Advisors (US) LLC (the "Adviser"), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and a subsidiary of KKR & Co. Inc. (together with the Adviser and its other affiliates, "KKR"). Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," "potential," "predicts," and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk associated with possible disruptions in our operations or the economy generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the general interest rate environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with our Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy and its effect on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the use of borrowed money to finance a portion of our investments and the availability of equity and debt capital on favorable terms or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources, financing sources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing and amount of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our Adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our Adviser and its affiliates to attract and retain highly talented professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to qualify and maintain our qualification as a business development company ("BDC") and as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact on our business of U.S. and international financial reform legislation, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of changes in tax laws and regulations and interpretations thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risks, uncertainties and other factors we identify under "Item 1A. Risk Factors" and elsewhere in this report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this report should not be regarded as a representation by us that our plans and objectives will be achieved. This report contains forward-looking statements, which may relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those described or identified in the section entitled "Item 1A. Risk Factors" and elsewhere in this report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

or through reports that we may file with the SEC in the future, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**Part I**

**Item 1. Business.** 

**The Company** 

KKR Enhanced US Direct Lending Fund-L Inc., or the Company, which may also be referred to as "we," "us," or "our," was formed on December 22, 2023, as a Delaware statutory trust and converted into a Delaware corporation on April 19, 2024. We were organized to invest primarily in U.S. middle market companies that have EBITDA (as defined below) of $50 million or above.

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act") on April 19, 2024 (the "BDC Election Date"). In addition, we have elected to be treated as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and expect to maintain our qualification as a RIC annually thereafter. As a BDC and a RIC, we must comply with certain regulatory requirements. See "Item 1. Business – Regulation as a BDC" and "Item 1. Business – Certain U.S. Federal Income Tax Considerations."

Prior to the BDC Election Date and our conversion into a Delaware corporation, we purchased assets from KKR affiliates with initial subscription proceeds from our initial shareholder and with borrowings from our credit facilities. In addition, prior to the BDC Election Date, we conducted our investment activities and operations pursuant to the exclusion from the definition of an "investment company" in Section 3(c)(7) of the 1940 Act. We intend to be a non-exchange traded, perpetual-life BDC, which is a BDC whose shares of beneficial interest are not listed for trading on a stock exchange or other securities market. We use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose shares of beneficial interest are intended to be sold by the BDC on a continuous basis at a price equal to the BDC's monthly net asset value ("<u>NAV</u>") per share. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of the Company being a forced seller of assets in market downturns compared to non-perpetual funds. While we may consider a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event, and we are not obligated by our certificate of trust, our declaration of trust (as amended, restated, or modified from time to time, the "<u>Declaration of Trust</u>"), or our bylaws (as amended, restated, or modified from time to time, the "<u>Bylaws</u>" and, collectively, with our certificate of trust and the Declaration of Trust, as each may be amended from time to time, the "<u>Organizational Documents</u>") or otherwise to effect a liquidity event at any time.

We may conduct periodic repurchase offers at NAV per share as of the applicable valuation date at such times as may be determined by our Board of Directors (the "Board" or the "Board of Directors") in its sole discretion. However, no assurance can be given that repurchases will occur or that any Common Shares properly tendered will be repurchased by the Company. See "Item 1. Business – Repurchases of Shares."

**The Adviser** 

We are externally managed by the Adviser. Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser manages our day-to-day operations and provides us with investment advisory services pursuant to the terms of an investment advisory agreement (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Adviser manages the Company's investment portfolio, directs purchases and sales of portfolio securities and reports thereon to the Company's officers and directors regularly. The Adviser (or its affiliates) also provides the office space, facilities, equipment and personnel necessary to perform the following services for the Company: SEC compliance, including record keeping, reporting requirements and registration statements and proxies; supervision of Company operations, including coordination of functions of the transfer agent, custodian, accountants, counsel and other parties performing services or operational functions for the Company; and certain administrative and clerical services, including certain accounting services and maintenance of certain books and records.

Launched in 2004, the Adviser is a subsidiary of KKR & Co. Inc., a leading global investment firm with an over 49-year history of leadership, innovation and investment excellence. The Adviser is a leading manager of non-investment grade debt and public equities. The Adviser was formed as a limited liability company under the laws of the State of Delaware on June 24, 2004 and is a registered investment adviser under the Advisers Act. The Adviser currently serves as an investment adviser of certain unregistered private investment companies and registered investment companies and may in the future serve as an investment adviser of other registered and unregistered investment companies.

The Adviser also serves as administrator to the Company (in such capacity, the "Administrator"). Under the terms of the administration agreement (the "Administration Agreement"), the Administrator is responsible for generally managing the administrative affairs of the Company. The Administrator has also entered into a sub-administration agreement with The Bank of New York Mellon.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

The Adviser is a Delaware limited liability company, located at 555 California Street, 50th Floor, San Francisco, CA 94104. The management of our investment portfolio is the responsibility of the Adviser's Investment Committee, which is currently comprised of senior personnel of KKR. See "Item 10. Directors, Executive Officers, and Corporate Governance – Portfolio Management" for more information regarding the Adviser's Investment Committee.

**About KKR**

KKR operates with a single culture that rewards investment discipline, creativity, determination and patience and the sharing of information, resources, expertise and best practices across offices and asset classes, subject to well-defined information sharing policies and compliance procedures. Its investment professionals provide access to an established platform for evaluating investments, managing risk and focusing on opportunities that seek to generate attractive returns with appropriate levels of risk. This platform allows for intensive due diligence to filter investment opportunities and help select investments that offer the most favorable risk/reward characteristics. Because KKR believes that deep industry knowledge is integral to sourcing deals and creating value for investors, KKR's investment professionals are organized in industry-specific teams. These teams conduct their own primary research, develop views on industry themes and trends and proactively work to identify companies in which to invest, often on an exclusive basis. KKR believes the industry-specific team approach allows investment teams to become experts within their sectors and build strong relationships with companies needing capital, while covering the full corporate credit space.

Founded in 1976, KKR is a leading global investment firm with approximately 5,043 people, including approximately 980 investment professionals. It operates an integrated global platform for sourcing and executing investments across multiple industries, asset classes and geographies. KKR is a long-term fundamental investor focused on producing attractive risk-adjusted returns for its clients. As of December 31, 2025, KKR had approximately $744 billion in AUM.

**Private Offering of Common Shares**

We expect to conduct a continuous private offering of our Common Shares (the "Private Offering") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. In connection with the Private Offering, we have entered into, and expect to continue to enter into, subscription agreements with investors (each, a "Subscription Agreement"). An investor will make a capital contribution pursuant to a Subscription Agreement and will become a common shareholder in the Company bound by the terms of our Organizational Documents.

The minimum initial investment in Common Shares offered in the Private Offering is $25,000.

Each prospective investor in the Private Offering will be required to represent that it (i) is an "accredited investor" as defined in Rule 501(a) of Regulation D (an "accredited investor") under the Securities Act or, in the case of offers and sales outside of the United States to a prospective investor that is not an accredited investor, is not a "U.S. person" in accordance with Regulation S under the Securities Act, and (ii) is acquiring the Common Shares purchased by it for investment and not with a view to resale or distribution. Prior to the BDC Election Date, subscriptions were accepted only from persons who were also "qualified purchasers" under the 1940 Act.

We will endeavor to take all reasonable actions to avoid interruptions in the continuous Private Offering. Although the Common Shares in the Private Offering are being sold under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act, there can be no assurance that we will not need to suspend our Private Offering for various reasons, including but not limited to regulatory review from the SEC and various state regulators, to the extent applicable. Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act.

Investors may generally sell, offer for sale, agree to sell, exchange, transfer, assign, pledge, hypothecate, grant any option to purchase or otherwise dispose of or agree to dispose of, in any case whether directly or indirectly (each, a "Transfer") their Common Shares provided that the transferee, as applicable, satisfies applicable eligibility and/or suitability requirements and the Transfer is otherwise made in accordance with applicable securities, tax, anti-money laundering and other applicable laws and compliance with the terms of the Subscription Agreement. No Transfer will be effectuated except by registration of the Transfer on the Company's books. Each transferee must agree to be bound by the restrictions set forth in the Subscription Agreement and all other obligations as an investor in the Company.

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Following an initial public offering ("IPO") or other listing of the Common Shares on a national securities exchange (an "Exchange Listing"), investors may be restricted from selling or transferring their Common Shares for a certain period of time by applicable securities laws or contractually by a lock-up agreement with the underwriters of the IPO or otherwise.

**Repurchases of Shares**

We do not currently intend to list Common Shares for trading on any securities exchange or any other trading market in the near future. In recognition that a secondary market for the Common Shares likely will not exist, we expect to conduct periodic repurchase offers at such times as may be determined by the Board in its sole discretion. We expect to set the price of our tender offers using the NAV per share for each applicable class as of the last day of such tender offer.

However, in any given period, we may or may not recommend to the Board that we conduct a tender offer. For example, if adverse market conditions cause our investments to trade at depressed prices or if the Adviser believes that conducting a tender offer would impose an undue burden on shareholders who do not tender compared to the benefits of giving shareholders the opportunity to sell all or a portion of their Common Shares at NAV, we may choose not to conduct a tender offer. Regardless of the recommendation of the Adviser, the Board may or may not determine to cause us to conduct a tender offer for any given period.

There may be periods in which no tender offer is made, and it is possible that no tender offers will be conducted by us at all. If a tender offer is not made, shareholders may not be able to sell their Common Shares as it is unlikely that a secondary market for the Common Shares will develop or, if a secondary market does develop, shareholders may be able to sell their Common Shares only at substantial discounts from NAV. If we do conduct tender offers, we may be required to borrow or sell our more liquid, higher quality portfolio securities to purchase Common Shares that are tendered, which may increase risks for remaining shareholders and increase fund expenses as a percent of assets. We are designed primarily for long-term investors, and an investment in the Common Shares should be considered illiquid.

We may but do not expect to make a tender offer for our Common Shares during the first three years of operations following effectiveness of our Registration Statement on Form 10.

In a tender offer, we repurchase outstanding Common Shares at the NAV per share on the last day of the offer. Although we are not required to sell portfolio investments to fund tender offers, we may do so. We may borrow money to finance the repurchase of Common Shares pursuant to any tender offers. However, there can be no assurance that we will be able to obtain such financing for tender offers if we attempt to do so. Moreover, if our portfolio does not provide adequate liquidity to fund tender offers in cash, we may extend the last day of any tender offer or choose to pay all or a portion of the amounts due by an in-kind distribution of securities. Although tender offers generally would be beneficial to shareholders by providing them with some ability to sell their Common Shares at NAV, the acquisition of Common Shares by us will decrease the total assets of the Company. Tender offers are, therefore, likely to increase our expense ratio, may result in untimely sales of portfolio securities and/or may limit our ability to participate in new investment opportunities. To the extent we maintain a cash position to satisfy our repurchases, we would not be fully invested, which may reduce our investment performance. Furthermore, to the extent the we borrow to finance the making of tender offers by us, interest on such borrowings reduces our net investment income. In order to fund repurchase requests, we may sell our more liquid, higher quality portfolio securities to purchase Common Shares that are tendered, which may increase risks for remaining shareholders and increase fund expenses. Consummating a tender offer may require us to liquidate portfolio securities, and realize gains or losses, at a time when the Adviser would otherwise consider it disadvantageous to do so.

It is the Board's policy, which may be changed by the Board, not to purchase Common Shares pursuant to a tender offer if (1) such purchases would impair our status as a regulated investment company; (2) we would not be able to liquidate portfolio securities in a manner that is orderly and consistent with our investment objective and policies in order to purchase Common Shares tendered pursuant to the tender offer; or (3) there is, in the Board's judgment, any (a) legal action or proceeding instituted or threatened challenging the tender offer or otherwise materially adversely affecting us, (b) declaration of a banking moratorium by Federal or state authorities or any suspension of payment by banks in the United States or New York State, which is material to us, (c) limitation imposed by Federal or state authorities on the extension of credit by lending institutions, (d) commencement or escalation of war, armed hostilities, acts of terrorism, natural and environmental disasters, public health crises or other international or national calamity directly or indirectly involving the United States that in the sole determination of the Board is material to us, (e) a material increase or decrease in our estimated NAV from our estimated NAV as of the commencement of the tender offer or (f) other events or conditions that would have a material adverse effect on us or our shareholders if Common Shares tendered pursuant to the tender offer were purchased. Thus, there can be no assurance that the Board will proceed with any tender offer. The Board may modify these conditions in light of circumstances existing at the time. We may not purchase Common Shares to the extent such purchases would result in the asset coverage with respect to any borrowing being reduced below the asset coverage requirement set forth in the 1940 Act. Accordingly, in order to purchase all Common Shares tendered, we may have to repay all or part of any then outstanding borrowing to maintain the required asset coverage. In addition, the amount of

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Common Shares for which we make any particular tender offer may be limited for the reasons set forth above or in respect of other concerns related to our portfolio or the impact of the tender offer on those shareholders who do not sell their Common Shares in the tender offer.

Each tender offer would be made and shareholders would be notified in accordance with the requirements of the Exchange Act and the 1940 Act, either by publication or mailing or both. The tender offer documents will contain information prescribed by such laws and the rules and regulations promulgated thereunder. The repurchase of tendered Common Shares by us is a taxable event to shareholders.

See "Item 1. Business – Certain U.S. Federal Income Tax Considerations." Selected securities dealers or other financial intermediaries may charge a processing fee to confirm a repurchase of Common Shares pursuant to a tender offer.

We will assume all fees and expenses related to a repurchase of Common Shares. If a shareholder tenders a number of Common Shares that would cause the aggregate NAV of the shareholder's holdings to fall below the required minimum, we reserve the right to reduce the amount to be repurchased from the shareholder so that the required minimum balance is maintained. We may also repurchase all of such a shareholder's Common Shares.

Our NAV per share may change materially from the date a tender offer is mailed to the tender valuation date (or any later valuation date if the tender offer is extended), and to the effective date of repurchase, and it also may change materially shortly after a tender is completed. The method by which we calculate our NAV is discussed under "Item 1. Business – Determination of Net Asset Value."

**Investment Objective and Strategy** 

***Overview***

Our investment objective is to generate current income. When identifying prospective portfolio companies, we focus primarily on the attributes set forth below under "Item 1. Business – Investment Strategy," which we believe will help us generate higher total returns with an acceptable level of risk.

We seek to meet our investment objective by investing primarily in U.S. middle market companies that have earnings before interest, taxes, depreciation and amortization ("EBITDA") of $50 million or above. We intend, under normal circumstances, to invest at least 80% of our net assets (plus the amount of our borrowings for investment purposes) in a portfolio of loans to companies having their principal place of business in the United States.

We will focus on direct originated transactions and proprietary or limited syndicated transactions with third-party intermediaries including investment banks. We will seek to invest primarily in a portfolio of direct lending investments.

We define direct originations as any investment where the Adviser or its affiliates negotiates the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These directly originated transactions include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions. See "Item 1. Business - Investment Selection and Process for Direct Lending Investments."

We may make non-controlling equity investments and investments in equity and equity-linked securities. We may invest without limit in subordinated debt (including second lien), including mezzanine and payment-in-kind ("PIK") debt and common stock, preferred stock, convertible stock, warrants and other securities and instruments issued in connection with debt investments. We may also invest in broadly syndicated corporate debt and investments relating to the financing of hard assets, in each case to the extent the Adviser considers that such investments offer comparable risk and return profiles to the investments primarily targeted by us.

In addition, we expect to invest in traded credit, primarily for liquidity management purposes (as the Adviser determines necessary or advisable), including, without limitation, in anticipation of the making of investments, in connection with the issuance of Shares, anticipated withdrawals and distributions and the repayment of principal of existing investments. Traded credit strategies are directed at investing in syndicated bank loans, high-yield bonds, and other traded credit instruments such as structured credit.

While we will focus mainly on investment opportunities in the United States, we could also invest in companies in developed countries outside the United States, subject to the limitations described herein. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt was originated and directly negotiated by the Adviser with our co-investment affiliates. From time to time, we may co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser with our co-

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investment affiliates. We do not intend to invest in portfolio companies or other issuers that are affiliated with KKR (as defined below).

We may invest in loans and securities with any maturity or duration. Our debt investments may be rated by an accepted nationally recognized statistical rating organization ("NRSRO") and, in such case, generally will carry a rating below investment grade (rated lower than "Baa3" by Moody's or lower than "BBB-" by S&P). We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by a by an NRSRO.

We intend to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the maximum amount permitted by the 1940 Act. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt. We may also use leverage by issuing preferred shares or by using reverse repurchase agreements or similar transactions.

In determining whether to borrow money or issue debt, the Adviser will analyze, as applicable, the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by us. See "Item 1A. Risk Factors - Leverage Risk."

We may enter into interest rate, foreign exchange or other derivative agreements, including swaps, futures, forwards and options, to hedge interest rate, currency, credit or other risks. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. We will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy employed by us will be successful.

Our investment strategies are not fundamental and may be changed by the Board without shareholder approval. Our 80% investment policy with respect to loans to companies having their principal place of business in the United States may only be changed with 60 days' prior notice to shareholders.

Our investments are subject to a number of risks. See "Item 1A. Risk Factors".

**The Investment Process**

Our investment program will be implemented by a team (the "Private Corporate Credit Investment Team") led by the Global Head of Private Credit, Daniel Pietrzak. KKR's Private Credit investment philosophy is an important differentiator to how it sources proprietary deals, identifies and underwrites risk and actively manages the portfolio during the life of the assets.

***Sourcing Capabilities***

Leveraging the broader KKR network resources, the Private Corporate Credit Investment Team maintains a wide-ranging network of relationships with public and private companies, other investment managers, individual investors, entrepreneurs and financial institutions throughout the world. KKR's global network of professional relationships includes board members, CEOs and other officers of large companies, co-investors, advisory institutions and other intermediaries and service providers. The Private Corporate Credit Investment Team adds to these relationships with direct relationships with senior executives in private equity firms, financial advisors, lawyers, turn-around advisors, insolvency practitioners, administrators and other key intermediaries in the debt markets. This network provides access to exclusive investment opportunities, valuable knowledge sources that support the team's due diligence activities and other significant resources that support the team when negotiating, structuring, consummating and exiting investments. As a result of these relationships, KKR expects to have access to a substantial flow of proprietary investment opportunities from the broader KKR platform.

KKR's proprietary origination channels are a key pillar of its differentiated investment process. Its market presence can grant access to proprietary deal flow, where often KKR receives the first call from sponsors who know the types of transactions KKR targets and in which it is likely to invest through its Private Credit platform. Furthermore, the Private Corporate Credit Investment Team has developed strong relationships with a broad network of financial intermediaries including smaller investment and commercial banks.

KKR employs a holistic approach toward origination that is focused on partnering with high quality borrowers and sponsors and serving as a solutions provider for their capital needs. KKR strives to understand the goals of borrowers and to structure appropriate financing solutions that are tailored to meet their specific objectives.

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KKR believes this flexibility provides it with a competitive advantage in sourcing and completing investments for its pools of capital, given that it allows it to cast a wide net for originating attractive opportunities and strengthens its relationships with borrowers and sponsors alike. See "Item 1A. Risk Factors - Conflicts of Interest Risk" and "Item 13. Certain Relationships and Related Transactions, and Director Independence - Certain Relationships and Related Transactions" below.

***Underwriting and Capital Preservation***

Our strategies incorporate KKR's fundamentally driven credit investment philosophy, which is based on deep credit underwriting and rigorous financial analysis. KKR's investment approach has been designed to take advantage of the experience of KKR and the Private Corporate Credit Investment Team in private equity and credit underwriting and to incorporate valuable characteristics of both processes.

KKR's Private Corporate Credit Investment Team targets larger businesses operating in defensive sectors, with solid credit fundamentals and high cash flow conversion as KKR believes that this leads to better risk adjusted investment performance prospects through the cycle. These companies are typically market leaders in their field, with strong market positioning. KKR's underwriting process and hands-on approach to portfolio management and monitoring are robust and consistent. The Private Corporate Credit Investment Team is comprised of a team of credit specialists with deep experience investing up and down the capital structure, and across cycles. In addition, through KKR's One-Firm culture, KKR can bring the broader resources of the firm into the credit underwriting process.

The type of due diligence and underwriting performed on each investment opportunity by the Private Corporate Credit Investment Team is evaluated on a case-by-case basis. Common forms of due diligence include, but are not limited to, channel checks (including talking to members of relevant KKR private equity, Capstone (as defined below), Global Macro and Public Affairs teams), meetings with borrower management and/or sponsors, the review of a company's historical financials, the review of a quality of earnings report and, if relevant, the review of other third-party reports that could include, but are not limited to, environmental, tax, legal, regulatory and commercial matters. KKR uses external counsel on every transaction to help consider and negotiate structure and documentation, treating each new investment opportunity as a unique opportunity and tailoring the diligence performed accordingly. In addition, there are in-house desk lawyers on the investment team which assist in this process.

All private credit investments are subject to majority approval of the members of the relevant investment committee for the strategy ("Investment Committee" or "IC").

The Investment Committee generally meets twice per week (or as needed on an ad hoc basis) to discuss new investment opportunities and requires the Private Corporate Credit Investment Team to provide detailed fundamental credit memorandum(s) (each, an "IC Memo") for each potential investment. Each IC Memo includes a comprehensive stress test with a challenged downside scenario analysis. Potential investments can come to the Investment Committee numerous times depending on their timing, nature and complexity. Each potential investment opportunity will have been screened by at least one Portfolio Manager prior to the production of any IC materials.

***Active Portfolio Management***

Capital preservation is a critical element of KKR's approach to managing our credit assets and generating attractive investment returns. Each corporate private credit investment is formally reviewed by KKR's portfolio management committee (the "Portfolio Management Committee") in meetings held at least once a quarter. During these meetings, members of the Private Corporate Credit Investment Team will present an updated report on each investment. The Private Corporate Credit Investment Team will be supported by a dedicated Portfolio Monitoring Unit. This unit undertakes detailed periodic monitoring and reporting of credit metrics, which in turn will assist the Private Corporate Credit Investment Team in periodically reviewing and re-underwriting the credit attractiveness of each investment.

Notably, privately originated corporate credit investments often provide an informational advantage over investments in syndicated debt instruments. Given the private, negotiated nature of these investments, lenders are generally able to access borrower performance reporting which, when combined with other negotiated terms in these arrangements, can enable lenders to identify early signs of credit deterioration. KKR's teams are expected to often have close relationships with the borrower's management and Private Equity Sponsor teams. These relationships allow KKR to maintain an active dialogue with companies throughout the life of a deal rather than relying solely on periodic financial reporting and information.

This information is summarized and provided to KKR's Portfolio Management Team in real-time in addition to information provided during quarterly Portfolio Management Committee meetings. This rapid sharing of information allows the team to quickly identify any opportunities or issues arising with any underlying borrower.

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In addition to acting as a partner to borrowers when making an initial corporate private credit investment, KKR believes it can add significant value to a borrower post-investment as part of its ongoing portfolio management function. For example, KKR has the ability to leverage its resources to help a borrower optimize its entire capital structure and maximize financing efficiency. Furthermore, if an investment shows signs of credit deterioration through adverse operational developments, KKR has the ability to leverage the operational expertise of the team at KKR Capstone to assist the borrower in implementing operational improvements. In addition to the operational capabilities of KKR Capstone, KKR could also leverage the restructuring expertise of its dedicated Global Workout & Restructuring Team. KKR believes that its access to such expertise can help to differentiate us from other lenders in this market and better protect investments made by us.

***Investment Selection and Process for Direct Lending Investments***

We will seek to invest primarily in a portfolio of direct lending investments, which includes directly originated high yield debt investments, convertible securities, asset-backed securities, zero coupon and PIK debt securities, investment grade debt securities, mezzanine investments, and traded credit. In addition, the Company may invest in broadly syndicated loans indirectly by acquiring participation interests in all or a portion of a loan, or may have a participation or derivative interest in (as opposed to direct ownership of) payments in respect of other targeted investments and any related collateral or an indirect interest (for example, through a swap or other derivative instrument) in such a participation or derivative interest.

The Adviser uses KKR's global network of resources, due diligence skills, intellectual capital and experience in seeking to achieve the Company's investment objective. KKR's private corporate credit investment team (the "KKR Credit Team") seeks to conduct deep due diligence (including, among other things, an evaluation of the quality of cash flows of the underlying investment, strengths and weaknesses in a borrower's cost structure, cost structure relative to competitors and quality of suppliers) on each investment, with a focus on investing in debt instruments of companies where it believes KKR has a competitive advantage or a differentiated view. We can invest without limit in originated loans. We can originate loans of any maturity or duration to borrowers located both within the United States and outside the United States. For more information about KKR's credit underwriting and due diligence process, see "Item 1. Business - Underwriting and Capital Preservation."

**Sustainability Policy**

The Adviser generally integrates sustainability considerations alongside traditional factors in the investment decision-making process that it, in its sole discretion, determines have-or have the potential to have-a substantial impact on an organization's ability to create or preserve economic value. The Adviser applies proprietary criteria to assess potential financial and reputational risks to issuers.

While the Adviser may consider sustainability factors when making an investment decision in the same way it considers other business-relevant topics that it considers most significant for maximizing and protecting value, the Company does not pursue a sustainability-based investment strategy or limit its investments to those that meet specific sustainability criteria or standards. Any reference in this annual report to sustainability-related considerations is not intended to qualify the Company's focus on seeking investments that it believes will generate attractive risk-adjusted returns, and sustainability is not a principal investment strategy of the Company.

**Investment Advisory Agreement**

Pursuant to the Advisory Agreement, the Adviser receives an annual fee, payable monthly by the Company, in an amount equal to 1.25% of the Company's month end net assets (the "Management Fee"). The Management Fee is an expense paid out of the Company's assets. The Management Fee is paid monthly in arrears within 30 days of the calculation of the Company's NAV for each month.

The Adviser has agreed to reduce its Management Fee to an annual rate of 0.00% of the Company's month end net assets (the "Management Fee Waiver").The Management Fee Waiver may be terminated only upon 60 days' notice by the Board or the Adviser.

In addition to the fees paid to the Adviser, the Company pays all fees, costs and expenses fairly allocable to the Company, related to the activities, business, operations or actual or potential investments of the Company, including without limitation: (a) fees, costs and expenses of outside counsel, accountants, auditors, appraisers, valuation experts, rating agencies, consultants, administrators, custodians, depositaries, directors and other similar outside advisors and service providers (including servicing companies in which KKR or its affiliates or eligible partners, members, managing directors, directors, officers or employees of KKR, the Adviser or their respective affiliates (collectively, "KKR Personnel") have an interest) with respect to the Company and its potential and actual investments (including allocable compensation and expenses of senior advisors, executive advisors, industry advisors and technical consultants and allocable fees and expenses of all or any of KKR Capstone Americas LLC, KKR Capstone EMEA LLP, KKR Capstone EMEA (International) LLP,

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KKR Capstone Asia Limited and their Capstone-branded subsidiaries, which employ operating professionals dedicated to supporting KKR deal teams and portfolio companies (collectively, "Capstone") related to the Company's activities), and including the cost of any valuation of, or any fairness opinion relating to, any investment or other asset or liability or potential transaction, of the Company; (b) fees, costs and expenses of identifying, sourcing, investigating (and conducting diligence with respect to), evaluating, structuring, consummating, registering, holding, rating, monitoring or disposing potential and actual portfolio investments, including (i) brokerage commissions, clearing and settlement charges, investment banking fees, bank charges, custodial fees, placement, syndication and solicitation fees, arranger fees, expenses relating to short sales, sales commissions, and other investment, execution, closing and administrative fees, costs and expenses, (ii) any travel-related costs and expenses incurred in connection therewith (including costs and expenses of accommodations and meals, costs and expenses related to attending trade association meetings, conferences or similar meetings for purposes of evaluating actual or potential investment opportunities, and with respect to travel on non-commercial aircraft, costs of travel at a comparable business class commercial airline rate) including any such expenses incurred in connection with attendance at meetings of relevant investment committees and portfolio management committees, (iii) expenses associated with portfolio and risk management including hedging transactions and related costs, (iv) fees, costs and expenses incurred in the organization, operation, administration, restructuring or dissolution, liquidation and termination of any entities through which the Company makes investments (including costs associated with establishing and maintaining a permanent residence in certain jurisdictions, such as employee compensation and benefits, allocable rent and other overhead of entities established to manage or administer such entities including entities in which KKR or its affiliates have an interest); and (v) fees, costs and expenses of outside counsel, accountants, auditors, consultants (including Capstone) and other similar advisors and service providers incurred in connection with designing, implementing and monitoring participation by portfolio companies or other issuers in compliance and operational "best practices" programs and initiatives; (c) any taxes, fees or other governmental charges levied against the Company or on its income or assets or in connection with its business or operations including the business or operations of any entities through which the Company invests and preparation expenses in connection with such governmental charges (which includes the preparation and filing of any forms, schedules, filings, information or other documents necessary to avoid the imposition of withholding or other taxes pursuant to any applicable tax reporting obligation and report of foreign bank and financial accounts) or to otherwise comply with applicable tax reporting obligations; (d) fees, costs and expenses incurred in connection with any audit, examination, investigation or other proceeding by any taxing authority or incurred in connection with any governmental or regulatory inquiry, investigation or proceeding, in each case, involving or otherwise applicable to the Company, including the amount of any judgments, settlements, remediation or fines paid in connection therewith, excluding, for the avoidance of doubt, any fine or penalty paid by the Adviser or its affiliates to a governmental body of competent jurisdiction on the basis of a finding that the Adviser or such affiliate has breached a fiduciary duty to the Company (for the avoidance of doubt, the foregoing does not include any fine or penalty related to activities taken by the Adviser or its affiliates on behalf of the Company); (e) expenses of the Board and its members (including (i) travel, accommodation, meal, event, entertainment and other similar fees, costs and expenses in connection with any meetings of the Board and (ii) the fees, costs and expenses of any legal counsel or other advisors retained by, or at the direction or for the benefit of, the Board); (f) fees, costs and expenses of holding any annual or other shareholder meeting; (g) the portion fairly allocable to the Company of fees, costs and expenses incurred in connection with legal, regulatory and tax services provided on behalf of the Company, its investments and portfolio companies and compliance with U.S. federal, state, or local law, or other non-U.S. law or other law and regulation relating to the Company's activities (including expenses relating to the preparation and filing of regulatory filings of the Company); and expenses and fees incurred in connection with establishing, implementing, monitoring and/or measuring the impact of any sustainability policies and programs, including all fees, costs, and expenses incurred in connection with reporting on such sustainability policies and programs or otherwise evaluating the Company's or its portfolio investments' or prospective portfolio investments' achievement of any sustainability objectives; (h) fees, costs and expenses associated with the Company's administration, including in relation to receiving capital from and making distributions to shareholders, the administration of assets, financial planning and treasury activities, the representation of the Company, the preparation and delivery of all Company financial statements, tax returns, distribution notices, other reports and notices and other required or requested information provided to shareholders (including the fees, costs and expenses of any other third-party administrator that provides accounting and administrative services to the Company), fees, costs and expenses incurred to audit such reports, provide access to such reports or information (including through a website or other portal) and any other operational, secretarial or postage expenses relating thereto or arising in connection with the distribution thereof (and including, in each case, technology development and support with respect to such activities and other administrative support therefor), and allocable compensation and overhead of KKR Personnel engaged in the aforementioned activities and KKR Personnel providing oversight of any third-party administrator engaged in the aforementioned activities; (i) principal, interest on and fees, costs and expenses relating to or arising out of all borrowings made by the Company, including fees, costs and expenses incurred in connection with the negotiation and establishment of the relevant credit facility, other indebtedness, guarantee, line of credit, loan commitment, letter of credit, equity commitment letter, hedging guarantee or similar credit support or other indebtedness involving the Company or any investment or relevant arrangements with respect to such borrowings or related to securing the same by mortgage, pledge, or other encumbrance and the fees, costs and expense of any amendments or modifications of such arrangements, and other fees, costs and expenses in respect of derivative contracts (including any payments under, and any margin expenses relating to, such derivative contracts or any posting of margin or

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collateral with respect to such derivative contracts); (j) fees, costs and expenses relating to a default (but only to the extent not paid or otherwise borne by the defaulting shareholder); (k) fees, costs and expenses relating to a transfer of shares (but only to the extent not paid or otherwise borne by the relevant transferring shareholder and/or the transferee); (l) fees, costs and expenses related to procuring, developing, implementing or maintaining information technology, data subscription and license-based services, research publications, materials, equipment and services, computer software or hardware and electronic equipment used in connection with providing services to the Company (including reporting as described herein), in connection with identifying, investigating (and conducting diligence with respect to) or evaluating, structuring, consummating (including license fees and maintenance costs for workflow technology that facilitates the closing of investments by, among other things, managing allocations, conflicts of interest and compliance with law, all in accordance with policies and procedures established by KKR and its affiliates), holding, monitoring, or disposing of potential and actual investments, or in connection with obtaining or performing research related to potential or actual investments, industries, sectors, geographies or other relevant market, economic, geopolitical or similar data or trends, including risk analysis software; (m) premiums and fees for insurance for the benefit of, or allocated to, the Company (including directors' and officers' liability, errors and omissions or other similar insurance policies, and any other insurance for coverage of liabilities incurred in connection with the activities of, or on behalf of, the Company) including an allocable portion of the premiums and fees for one or more "umbrella" policies that cover the Company and, to the extent applicable, costs of ERISA fidelity bonds, if applicable; (n) expenses of any actual or potential litigation or other dispute related to the Company or any actual or potential investment or portfolio company (including expenses incurred in connection with the investigation, prosecution, defense, judgment or settlement of litigation and the appointment of any agent for service of process on behalf of the Company or the shareholders) and other extraordinary expenses related to the Company or actual or potential investment or portfolio company (including fees, costs and expenses that are classified as extraordinary expenses under generally accepted accounting principles in the United States ("GAAP") (or such other accounting standards as are otherwise required)) excluding for the avoidance of doubt, any expenses with respect to which an indemnitee would not be entitled to indemnification or advancement; (o) fees, costs and expenses required under or otherwise related to the Company's indemnification obligations, including advancement of any such fees, costs or expenses to persons entitled to such indemnification, or other matters that are the subject of indemnification or contribution; (p) fees, costs and expenses incurred in connection with dissolving, liquidating and terminating the Company; (q) all other costs and expenses of the Company in connection with the activities, business or operation of the Company and its potential and actual investments; (r) in the case of each of the foregoing items in this definition, all similar items in connection with any other investor fund vehicle, feeder fund, portfolio companies or entities through which the Company makes any investment, to the extent not otherwise paid or borne by such other fund vehicle, feeder fund, portfolio companies or entities; and (s) all other costs and expenses of the Company in connection with the business or operation of the Company and its investments, including organizational and offering expenses. For the avoidance of doubt, fund expenses may include any of the fees, costs, expenses and other liabilities described above incurred in connection with services provided, or other activities engaged in, by the Adviser and its affiliates, in addition to third parties. In determining the amount of fund expenses that may be fairly allocable to the Company and to any other fund advised by the Adviser or its affiliates that participate in investments with the Company, the Adviser will allocate such fund expenses in a manner that is consistent with an allocation methodology established by the Adviser and its affiliates.

**Administration Agreement** 

The Adviser also serves as Administrator to the Company. Under the Administration Agreement, the Administrator is responsible for generally managing the administrative affairs of the Company. The Administrator has also entered into a sub-administration agreement with The Bank of New York Mellon.

**Determination of Net Asset Value** 

NAV per share is determined as of 4:00 p.m. ET on the last business day of each month and at such other times as the Adviser shall determine. We calculate NAV per share by subtracting liabilities from the total assets of the Company and dividing the result by the total number of outstanding Common Shares. Our assets and liabilities are valued in accordance with the principles set forth herein.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers or pricing services. Short-term investments having a maturity of 60 days or less are generally valued at amortized cost. Securities and other assets for which market quotes are not readily available are valued at fair value using good faith methods. The Board has designated the Adviser as our valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair valuation determinations for the Company with respect to all Company investments and/or other assets. In circumstances where market quotes are not readily available, securities may not be priced on the basis of quotes from the primary market in which they are traded, but rather may be valued at fair value, as determined in good faith, pursuant to procedures adopted by the Board. Fair value pricing may require subjective determinations about the value of a security.

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Domestic and foreign fixed-income instruments and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services using data reflecting the earlier closing of the principal markets for those securities. Bank loans, including first lien, senior secured loans ("Senior Loans"), are valued by using readily available market quotations or another commercially reasonable method selected by an independent, third-party pricing services, or, if such independent, third-party valuations are not available, by using broker quotations. Senior secured adjustable, variable or floating rate loans for which an active secondary market exists to a reliable degree will be valued at the mid price in the market for such loans, as provided by a loan pricing service. Directly originated loans are valued on an individual loan level. In doing so, the Adviser may engage an independent, third-party valuation agent, and fair valuation of such loans will be performed using inputs that incorporate borrower level data, including significant events affecting the issuer or collateral and market developments. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. The value of swaps, including credit default swaps, total return swaps and interest rate swaps will be determined by obtaining at least one dealer quotation (including information from counterparties) or valuations from third-party pricing services. If no quotations or valuations are available, or if such quotations or valuations are believed to be unreliable, swaps will be fair valued pursuant to procedures adopted by the Board.

We will normally use pricing data for domestic or foreign equity securities received shortly after the close of the primary securities exchange on which such securities trade and does not normally take into account trading, clearances or settlements that take place after the close of the exchange.

If events materially affecting the price of foreign portfolio securities occur between the time when their price was last determined on such foreign securities exchange or market and the time when our NAV was last calculated (for example, movements in certain U.S. securities indices which demonstrate strong correlation to movements in certain foreign securities markets), such securities may be valued at their fair value as determined in good faith in accordance with procedures adopted by the Board. For purposes of calculating NAV, all assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars at prevailing exchange rates as may be determined in good faith pursuant to procedures adopted by the Board. Although our policy is intended to result in a calculation of our NAV that fairly reflects security values as of the time of pricing, we cannot ensure that fair values would accurately reflect the price that we could obtain for a security if we were to dispose of that security as of the time of pricing (for instances, in a forced or distressed sale). The prices used by us may differ from the value that would be realized if the securities were sold.

**Non-Exchange Traded, Perpetual-Life BDC** 

We intend to be a non-exchange traded, perpetual-life BDC, which is a BDC whose shares of beneficial interest are not listed for trading on a stock exchange or other securities market. We use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose shares of beneficial interest are intended to be sold by the BDC on a continuous basis at a price equal to the BDC's monthly NAV per share. In our perpetual-life structure, we expect to conduct periodic repurchase offers at NAV per share as of the applicable valuation date at such times as may be determined by our Board in its sole discretion, but we are not obligated to do so. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of the Company being a forced seller of assets in market downturns compared to non-perpetual funds. While we may consider a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event, and we are not obligated by our Organizational Documents or otherwise to effect a liquidity event at any time.

**Emerging Growth Company** 

We are an "emerging growth company," as defined by the JOBS Act. As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies. For so long as we remain an emerging growth company, we will not be required to, among other things, have an auditor attestation report on our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act.

In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. This means that an emerging growth company can delay adopting certain accounting standards until such standards are otherwise applicable to private companies.

We will remain an emerging growth company until the earliest of:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the last day of our fiscal year in which the fifth anniversary of the date of the first sale of our common equity securities pursuant to an effective registration statement occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the end of the fiscal year in which our total annual gross revenues first equal or exceed $1.235 billion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we have, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 31 of the fiscal year in which we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act.

We do not believe that being an emerging growth company will have a significant impact on our business or the Private Offering. As stated above, we have elected to opt-in to the extended transition period for complying with new or revised accounting standards available to emerging growth companies. Also, because we are not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as our Common Shares are not traded on a securities exchange, we will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once we are no longer an emerging growth company. In addition, so long as we are externally managed by the Adviser and we do not directly compensate our executive officers, or reimburse the Adviser or its affiliates for the salaries, bonuses, benefits and severance payments for persons who also serve as one of our executive officers or as an executive officer of the Adviser, we do not expect to include disclosures relating to executive compensation in our periodic reports or proxy statements and, as a result, do not expect to be required to seek shareholder approval of executive compensation and golden parachute compensation arrangements pursuant to Section 14A(a) and (b) of the Exchange Act.

**Employees** 

We do not currently have any employees and do not expect to have any employees. Each of our executive officers described under "Item 10. Directors, Executive Officers, and Corporate Governance" is a principal, officer or employee of the Adviser or its affiliates, which manages and oversees our investment operations. In the future, the Adviser may directly retain personnel based upon its needs.

**Regulation as a BDC** 

We have elected to be treated as a BDC under the 1940 Act and have elected to be treated as a RIC under Subchapter M of the Code. The 1940 Act contains prohibitions and restrictions relating to transactions between BDCs and their affiliates, principal underwriters and affiliates of those affiliates or underwriters, as described below. A BDC must be organized in the United States for the purpose of investing in or lending to primarily private companies and making significant managerial assistance available to them.

The 1940 Act also requires that a majority of our Board consist of persons other than "interested persons," as that term is defined in the 1940 Act. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a majority of our outstanding voting securities. The 1940 Act defines "a majority of the outstanding voting securities" as the lesser of (i) 67% or more of the voting securities present at a meeting if the holders of more than 50% of our outstanding voting securities are present or represented by proxy or (ii) 50% of our outstanding voting securities.

We will also generally not be able to issue and sell our Common Shares at a price per share, after deducting underwriting commissions and discounts, that is below our NAV per share. We may, however, sell our Common Shares, or warrants, options or rights to acquire our Common Shares, at a price below the then-current NAV of our Common Shares if the Board determines that such sale is in our best interests and the best interests of our shareholders, and our shareholders approve such sale. In addition, we may generally issue new shares of our Common Shares at a price below NAV per share in rights offerings to existing shareholders, in payment of dividends and in certain other limited circumstances.

The following discussion is a general summary of the material prohibitions and descriptions governing BDCs generally. It does not purport to be a complete description of all of the laws and regulations affecting BDCs.

***Qualifying Assets***

Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as "Qualifying Assets," unless, at the time the acquisition is made, Qualifying Assets represent at least 70% of the company's total assets. The principal categories of Qualifying Assets relevant to our business are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an Eligible Portfolio Company (as defined below), or from any person who is, or has been during the preceding 13 months, an affiliated person of an Eligible Portfolio Company,

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or from any other person, subject to such rules as may be prescribed by the SEC. An "Eligible Portfolio Company" is defined in the 1940 Act as any issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not an investment company (other than a small business investment company wholly owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated person who is a director of the Eligible Portfolio Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Securities of any Eligible Portfolio Company controlled by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Securities of an Eligible Portfolio Company purchased from any person in a private transaction if there is no ready market for such securities and the Company already owns 60% of the outstanding equity of the Eligible Portfolio Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.

In addition, a BDC must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

***Significant Managerial Assistance***

A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. However, in order to count portfolio securities as Qualifying Assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its directors, officers or employees, offers to provide and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company through monitoring of portfolio company operations, selective participation in board and management meetings, consulting with and advising a portfolio company's officers or other organizational or financial guidance.

***Temporary Investments***

Pending investment in other types of Qualifying Assets, as described above, our investments can consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to herein, collectively, as temporary investments, so that 70% of our assets would be Qualifying Assets.

***Warrants***

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Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase shares that it may have outstanding at any time. In particular, the amount of shares that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase shares cannot exceed 25% of the BDC's total outstanding shares.

***Leverage***

As a BDC, the Company will generally be required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of the Company's borrowings and any preferred shares that it may issue in the future, of at least 150%. If this ratio were to fall below 150%, the Company could not incur additional debt and could be required to sell a portion of its investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on the Company's operations and investment activities. Moreover, the Company's ability to make distributions to you may be significantly restricted or it may not be able to make any such distributions whatsoever. The amount of leverage that the Company will employ will be subject to oversight by the Board of Directors, a majority of whom are not "interested persons" of the Company or the Adviser as defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors") with no material interests in such transactions.

***Codes of Ethics and Insider Trading Policies and Procedures***

We and the Adviser have each adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act that establish procedures for personal investments and restrict certain personal securities transactions. Personnel subject to these codes may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. Our insider trading policies are included in our code of ethics. In addition, the code of ethics is available on the EDGAR Database on the SEC's website at http://www.sec.gov. You may also obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.

***Affiliated Transactions***

We may be prohibited under the 1940 Act from conducting certain transactions with our affiliates without the prior approval of a majority of our Directors who are not interested persons. In an order dated January 5, 2021, the SEC granted exemptive relief to the Adviser and certain affiliates (the "Co-Investment Exemptive Order") that permits us, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser, with our co-investment affiliates. Under the terms of the Co-Investment Exemptive Order, a "required majority" (as defined in Section 57(o) of the 1940 Act) of our Independent Directors must make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching of us or our shareholders on the part of any person concerned and (2) the transaction is consistent with the interests of our shareholders and is consistent with our investment objective and strategy and any criteria established by our Board of Directors. We and our affiliates may in the future apply for, and may be granted, additional, amended or superseding exemptive relief permitting us to co-invest with our affiliates, subject to the conditions set forth in the relevant exemptive order.

***Proxy Voting Policy and Proxy Voting Record***

The Board has delegated the day-to-day responsibility to the Adviser to vote our proxies. The Adviser will vote proxies according to the proxy voting policies and procedures ("Proxy Policy") currently in effect as of the date of this report. These guidelines are reviewed periodically by the Adviser as well as the Board, and, accordingly, are subject to change.

*Proxy Policies*

The Adviser will have the responsibility of voting proxies and corporate actions that it receives on behalf of the Company. Proxy proposals received by the Adviser and designated in its Proxy Policy as "For" or "Against" will be voted by the Adviser in accordance with the Proxy Policy. Proxy proposals received by the Adviser and designated in the Proxy Policy as "Case by Case" (or not addressed in the Proxy Policy) and all corporate actions will be reviewed by the Adviser and voted in the best interest of us. Notwithstanding the foregoing, the Adviser may vote a proxy contrary to the Proxy Policy if the Adviser, with the assistance of the analyst who is in charge of the issuer, determines that such action is in the best interest of us. In the event that the Adviser votes contrary to the Proxy Policy or with respect to "Case by Case" issues, the Adviser, with the assistance of the analyst who is in charge of the issuer, will document the basis for the Adviser's decision.

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In addition, the Adviser may choose not to vote proxies or corporate actions in certain situations, such as: (i) where we have informed the Adviser that we wish to retain the right to vote the proxy or corporate action; (ii) where the Adviser deems the cost of voting would exceed any anticipated benefit to us; or (iii) where a proxy or corporate action is received by the Adviser for a security it no longer manages on behalf of us. The Adviser with the assistance of the analyst who is in charge of the issuer will document for the basis of the Adviser's decision not to vote.

The Adviser may occasionally be subject to conflicts of interest in the voting of proxies due to business or personal relationships it maintains with persons having an interest in the outcome of certain votes. The Adviser, its affiliates and/or its employees may also occasionally have business or personal relationships with the proponents of proxy proposals, participants in proxy contests, corporate directors and officers or candidates for directorships. If at any time, the Adviser becomes aware of an existing or potential conflict of interest relating to a particular proxy proposal, the Adviser's Conflicts Committee ("Conflicts Committee"), or its designee, must be notified. Provided the Conflicts Committee has determined that a conflict or potential for a conflict exists, the proxy must be voted in alignment with the recommendation set forth by Institutional Shareholder Services Inc. Appropriate documentation will be maintained by the Conflicts Committee.

*Proxy Voting Records*

Information on how the Company voted proxies (if any) relating to portfolio securities during the most recent 12-month period will be available without charge by calling toll-free (866) 514-4499 or on the SEC's website at <u>http://www.sec.gov</u>.

***Sarbanes-Oxley Act of 2002***

The Sarbanes-Oxley Act imposes a wide variety of regulatory requirements on publicly held companies and their insiders. Many of these requirements affect us. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-14 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer will be required to certify the accuracy of the financial statements contained in our periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 307 of Regulation S-K, our periodic reports will be required to disclose our conclusions about the effectiveness of our disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 13a-15 under the Exchange Act, our management will be required to prepare an annual report regarding its assessment of our internal control over financial reporting after we have been subject to the reporting requirements of the Exchange Act for a specified period of time and, starting from the date on which we cease to be an emerging growth company under the JOBS Act, must obtain an audit of the effectiveness of internal control over financial reporting performed by our independent registered public accounting firm should we become an accelerated filer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 308 of Regulation S-K and Rule 13a-15 under the Exchange Act, our periodic reports must disclose whether there were significant changes in our internal control over financial reporting or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires us to review our then-current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated under such act. We continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we comply with that act.

***Other***

We will be periodically examined by the SEC for compliance with the 1940 Act and be subject to the periodic reporting and related requirements of the 1934 Act.

We are also required to provide and maintain a bond issued by a reputable fidelity insurance company to protect against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

We are also required to designate a chief compliance officer and to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

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Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statement and amendments to those reports will be available to the public, free of charge, on the SEC's public EDGAR website shortly after we file any such document electronically with, or furnish it to, the SEC.

**Conflicts of Interest**

The Adviser will experience conflicts of interest in connection with the management of the Company, including, but not limited to, those discussed below. Dealing with conflicts of interest is complex and difficult, and new and different types of conflicts may subsequently arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The members, officers and other personnel of the Adviser allocate their time, resources and other services between the Company and other investment and business activities in which they are involved, including other funds, investment vehicles and accounts managed by KKR. The Adviser intends to devote such time as shall be necessary to conduct the Company's business affairs in an appropriate manner. However, the Adviser will continue to devote the time, resources and other services necessary to managing its other investment and business activities, and the Adviser is not precluded from conducting activities unrelated to the Company. Substantial time will be spent by such members, officers and personnel monitoring the investments of other funds, investment vehicles and accounts managed by KKR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser will, at times, compete with certain of its affiliates, including other entities it manages, for investments for the Company, subjecting the Adviser to certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending acquisitions on the Company's behalf. The Adviser will receive advisory and other fees from the other entities it manages, and due to fee-offset provisions contained in the management agreements for such entities, the fees, at times, will not be proportionate to such entities' investment accounts for any given transaction and the Adviser will have an incentive to favor entities from which it receives higher fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company has adopted the Adviser's allocation policy, which is designed to fairly and equitably distribute investment opportunities over time among funds or pools of capital managed by the Adviser, which may include proprietary accounts, including investment or co-investment vehicles established for personnel of KKR or its affiliates. The Adviser's allocation policy provides that once an investment has been approved and is deemed to be in the Company's best interest, the Company will receive a pro rata share of the investment based on capital available for investment in the asset class being allocated. Determinations as to the amount of capital available for investment are based on such factors as: the amount of cash on-hand, existing commitments and reserves, the targeted leverage level, the targeted asset mix and diversification requirements, other investment policies and restrictions and limitations imposed by applicable laws, rules, regulations or interpretations. The outcome of this determination will result in the allocation of all, some or none of an investment opportunity to the Company. In addition, subject to applicable law, affiliates of the Adviser will, from time to time, invest in one of the Company's portfolio companies and hold a different class of securities than the Company. To the extent that an affiliate of the Adviser holds a different class of securities than the Company, its interests might not be aligned with the Company's. Notwithstanding the foregoing, the Adviser will act in the best interest of the Company in accordance with its fiduciary duty to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The appropriate allocation among the Company and other KKR funds and accounts of expenses and fees generated in the course of evaluating and making investments often will not be clear, especially where more than one KKR fund or account participates. The Adviser will determine, in its sole discretion, the appropriate allocation of investment-related expenses, including broken deal expenses incurred in respect of unconsummated investments and expenses more generally relating to a particular investment strategy, among the funds and accounts participating or that would have participated in such investments or that otherwise participate in the relevant investment strategy, as applicable, which could result in the Company bearing more or less of these expenses than other participants or potential participants in the relevant investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The compensation payable by the Company to the Adviser will be approved by the Board consistent with the exercise of the requisite standard of care applicable to directors under state law. Such compensation is payable, in most cases, regardless of the quality of the assets acquired, the services provided to the Company or whether the Company makes distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser and its affiliates will, at times, provide a broad range of financial services to companies in which the Company invests, in compliance with applicable law, and will generally be paid fees for such services. In addition, affiliates of the Adviser could act as an underwriter or placement agent in connection with an offering of securities by one of the companies in the Company's portfolio. Any compensation received by the Adviser and its affiliates for providing these services will not be shared with the Company and could be received before the

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Company realizes a return on its investment. The Adviser will face conflicts of interest with respect to services performed for these companies, on the one hand, and investments recommended to the Company, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KKR engages in a broad range of business activities and invests in portfolio companies and other issuers whose operations could be substantially similar to the issuers of the Company's portfolio investments. The performance and operation of such competing businesses could conflict with and adversely affect the performance and operation of the issuers of the Company's portfolio investments and could adversely affect the prices and availability of business opportunities or transactions available to these issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From time to time, to the extent consistent with the 1940 Act and the rules and regulations promulgated thereunder, or with exemptive relief the Company receives from the SEC, if any, the Company and other clients for which the Adviser provides investment management services or carries on investment activities (including, among others, clients that are employee benefit plans subject to ERISA and related regulations) will make investments at different levels of an investment entity's capital structure or otherwise in different classes of an issuer's securities. These investments inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities held by the Company and such other clients, including in the case of financial distress of the investment entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KKR and the Adviser sponsor and advise, and expect in the future to sponsor and advise, a broad range of investment funds, vehicles and other accounts, including proprietary vehicles, that make investments worldwide. KKR will, from time to time, also make investments for its own account, including, for example, through investment and co-investment vehicles established for KKR Personnel. The Adviser and its affiliates are not restricted from forming additional investment funds, from entering into other investment advisory relationships (including, among others, relationships with clients that are employee benefit plans subject to ERISA and related regulations) or from engaging in other business activities, even to the extent such activities are in competition with the Company and/or involve substantial time and resources of the Adviser. For example, the Adviser could invest, on behalf of an affiliated fund, in a company that is a competitor of one of the Company's portfolio companies or that is a service provider, supplier, customer or other counterparty with respect to one of the Company's portfolio companies or the Adviser could, on behalf of other entities it manages, acquire assets originated by, or provide financing to, portfolio companies and other issuers in which the Company invests. In providing advice and recommendations to, or with respect to, such investments and in dealing in such investments on behalf of such other affiliated fund, to the extent permitted by law, the Adviser or its affiliates will not take into consideration the interests of the Company and its portfolio investments and issuers thereof. Accordingly, such advice, recommendations and dealings will result in conflicts of interest for the Adviser. In addition, the Adviser's ability to effectively implement the Company's investment strategies will be limited to the extent that contractual obligations relating to these permitted activities restrict the Adviser's ability to engage in transactions that it would otherwise be interested in pursuing. Affiliates of the Adviser, whose primary business includes the origination of investments, engage in investment advisory business with accounts that compete with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser and its affiliates will, from time to time, give advice and recommend securities to other clients that differs from, or is contrary to, advice given to or securities recommended or bought for the Company even though their investment objectives are similar to the Company's.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent not restricted by confidentiality requirements or applicable law, the Adviser will, from time to time, apply experience and information gained in providing services to the Company's portfolio companies in providing services to competing companies invested in by affiliates' other clients, which could have adverse consequences for the Company or its portfolio investments. In addition, in providing services in respect of such portfolio companies and other issuers of portfolio investments, the Adviser or its affiliates will, from time to time, come into possession of information that it is prohibited from acting on (including on behalf of the Company) or disclosing as a result of applicable confidentiality requirements or applicable law, even though such action or disclosure would be in the interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a registered investment company, the Company will be limited in its ability to invest in any investment in which the Adviser or its affiliates' other clients have an investment. The Company will also be limited in its ability to co-invest with the Adviser or one or more of its affiliates. Some of these co-investments would only be permitted pursuant to an exemptive order from the SEC. On January 5, 2021, the SEC issued an exemptive order granting exemptive relief that expanded the Company's ability to co-invest with certain of its affiliates in privately negotiated transactions subject to the conditions specified in the exemptive order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 1, 2021, KKR acquired control of Global Atlantic Financial Group Limited ("Global Atlantic"), a retirement and life insurance company. At the closing of the transaction, Global Atlantic became a wholly-owned

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subsidiary of KKR. On January 2, 2024, KKR acquired the remaining minority interests of Global Atlantic held by third party co-investors and Global Atlantic employees in exchange for cash and securities exchangeable for shares of KKR & Co. Inc. common stock. As of January 2, 2024, KKR owns 100.0% of Global Atlantic. KKR, including the Adviser, serves as Global Atlantic's investment manager. KKR, including the Adviser, generally expects to treat any Global Atlantic account as a client account for the purposes of allocating investment opportunities and related fees and expenses. Certain Global Atlantic accounts may co-invest alongside the Company in some or all investments in the Company's Private Credit Strategy. Due to the limited nature of many Private Credit investment opportunities, the Adviser expects that participation by Global Atlantic accounts in co-investment transactions will generally reduce the allocations otherwise available to other co-investing accounts, including the Company. The establishment of Global Atlantic accounts investing directly in the Private Credit Strategy investments will create a conflict of interest in that KKR will be incentivized to allocate more attractive investments and scarce investment opportunities to these proprietary entities and accounts rather than to the Company. To mitigate this conflict, KKR will allocate investment opportunities in a manner that is consistent with an allocation methodology established by KKR and its affiliates (including the Adviser), as described above, in a manner designed to ensure allocations of such opportunities are made on a fair and equitable basis over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company depends to a significant extent on the Adviser's access to the investment professionals and senior management of KKR and the information and deal flow generated by the KKR investment professionals and senior management during the normal course of their investment and portfolio management activities. The senior management and the investment professionals of the Adviser source, evaluate, analyze and monitor the Company's investments. The Company's future success will depend on the continued service of the senior management team and investment professionals of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's relationship with other advisory clients and with KKR could create a conflict of interest to the extent the Adviser becomes aware of inside information concerning investments or potential investment targets. KKR has adopted information-sharing policies and procedures which address both (i) the handling of confidential information and (ii) the information barrier that exists between the public and private sides of KKR. KKR has compliance functions to administer KKR's information-sharing policies and procedures and monitor potential conflicts of interest. The Company cannot assure its investors, however, that these procedures and practices will be effective. Although the Company plans to leverage KKR's firm-wide resources to help source, conduct due diligence on, structure, syndicate and create value for the Company's investments (to the extent permitted by applicable law), KKR's information-sharing policies and procedures referenced above, as well as certain legal, contractual and tax constraints, could significantly limit KKR's ability to do so. For example, from time to time KKR's personnel will be in possession of material non-public information with respect to the Company's investments or potential investments, and as a result, such professionals will be restricted by KKR's information-sharing policies or by law or contract, from sharing such information with the KKR professionals responsible for making the Company's investment decisions, even where the disclosure of such information would be in the best interest of the Company or would otherwise influence the decisions taken by such investment professionals with respect to such investment or potential investment. In addition, this conflict and these procedures and practices could limit the freedom of the Adviser to enter into or exit from potentially profitable investments for the Company which could have an adverse effect on the Company's results of operations. Conversely, the Adviser could pursue investments for the Company without obtaining access to confidential information otherwise in its or KKR's possession, which information, if reviewed, might otherwise impact the Adviser's judgment with respect to such investments. Accordingly, as a result of such restrictions, the investment activities of KKR's other businesses will differ from, or be inconsistent with, the interests of and activities that are undertaken for the Company and there can be no assurance that the Company will be able to fully leverage all of the available resources and industry expertise of KKR's other businesses. Additionally, there will be circumstances in which one or more individuals associated with the Adviser will be precluded from providing services to the Company because of certain confidential information available to those individuals or to other parts of KKR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the Adviser's businesses and the participation by its employees in creditors' committees, steering committees or boards of directors of portfolio companies will, from time to time, result in the Adviser receiving material non-public information from time to time with respect to publicly held companies or otherwise becoming an "insider" with respect to such companies. With limited exceptions, KKR does not establish information barriers between its internal investment teams. Trading by KKR on the basis of such information, or improperly disclosing such information, could be restricted pursuant to applicable law and/or internal policies and procedures adopted by KKR to promote compliance with applicable law. Accordingly, the possession of "inside information" or "insider" status with respect to such an issuer by KKR or KKR Personnel could, including where an appropriate information barrier does not exist between the relevant investment professionals or has been "crossed" by such professionals, significantly restrict the ability of the Adviser to deal in the securities of that issuer on behalf of the Company, which could adversely impact the Company, including by preventing the execution of an otherwise advisable purchase or sale transaction in a particular security until such information ceases to be regarded as

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material non-public information, which could have an adverse effect on the overall performance of such investment. In addition, affiliates of KKR in possession of such information could be prevented from disclosing such information to the Adviser, even where the disclosure of such information would be in the interests of the Company. From time to time, the Adviser will also be subject to contractual "stand-still" obligations and/or confidentiality obligations that restrict its ability to trade in certain securities on behalf of the Company. In certain circumstances, the Company or the Adviser will engage an independent agent to dispose of securities of issuers in which KKR could be deemed to have material non-public information on behalf of the Company. Such independent agent could dispose of the relevant securities for a price that is lower than the Adviser's valuation of such securities which could take into account the material non-public information known to KKR in respect of the relevant issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser could develop new businesses such as providing investment banking, advisory and other services to corporations, financial sponsors, management or other persons. Such services could relate to transactions that could give rise to investment opportunities that are suitable for the Company. In such case, the Adviser's client would typically require the Adviser to act exclusively on its behalf, thereby precluding the Company from participating in such investment opportunities. The Adviser would not be obligated to decline any such engagements in order to make an investment opportunity available to the Company. In addition, the Adviser could come into the possession of information through these new businesses that limits the Company's ability to engage in potential transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 1940 Act limits the Company's ability to invest in, or hold securities of, companies that are controlled by funds managed by KKR. Any such investments could create conflicts of interest between the Company, the Adviser and KKR. The Adviser will also have, or enter into, advisory relationships with other advisory clients (including, among others, employee benefit plans subject to ERISA and related regulations) that could lead to circumstances in which a conflict of interest between the Adviser's advisory clients could exist or develop. In addition, to the extent that another client of the Adviser or KKR holds a different class of securities than the Company, the interest of such client and the Company might not be aligned. As a result of these conflicts and restrictions, the Adviser could be unable to implement the Company's investment strategies as effectively as it could have in the absence of such conflicts or restrictions. In order to avoid these conflicts and restrictions, the Adviser could choose to exit these investments prematurely and, as a result, the Company would forgo any future positive returns associated with such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain other KKR client accounts or proprietary accounts have investment objectives, programs, strategies and positions that are similar to, or conflict with, those of the Company, or compete with, or have interests adverse to, the Company. This type of conflict could affect the prices and availability of the securities or interests in which the Company invests. KKR will, from time to time, give advice or take action with respect to the investments held by, and transactions of, other KKR client accounts or proprietary accounts that could be different from or otherwise inconsistent with the advice given or timing or nature of any action taken with respect to the investments held by, and timing or nature of any action taken with respect to the investments held by, and transactions of, the Company. Such different advice and/or inconsistent actions could be due to a variety of reasons, including, without limitation, the differences between the investment objective, program, strategy and tax treatment of the other KKR client accounts or proprietary accounts and the Company or the regulatory status of other KKR client accounts and any related restrictions or obligations imposed on KKR as a fiduciary thereof. Such advice and actions could adversely impact the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• KKR, for its own account or for the account of other KKR clients, could enter into real estate-related transactions with Company portfolio companies. Such transactions could include, for example, buying or selling real estate assets, acquiring or entering into leasing arrangements or amending such arrangements or transferring options or rights of first refusal to acquire real estate assets. Such transactions, which do not involve securities, are not governed by restrictions on principal transactions and cross transactions but are subject to specific policies and procedures established by KKR to manage related conflicts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 1940 Act prohibits the Company from participating in certain transactions with certain of its affiliates including an Adviser-affiliated broker-dealer. The Company generally is prohibited, for example, from buying or selling any securities from or to another client of the Adviser or of KKR. The 1940 Act also prohibits certain "joint" transactions with certain of the Company's affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction involves jointness) or transactions in which a broker-dealer affiliated with the Adviser participates as principal with the Company. If a person acquires more than 25% of the Company's voting securities, the Company will generally be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons. Similar restrictions limit the Company's ability to transact business with its officers or directors or their affiliates. The SEC has interpreted the 1940 Act

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rules governing transactions with affiliates to prohibit certain "joint transactions" involving entities that share a common investment adviser. As a result of these restrictions, the scope of investment opportunities that would otherwise be available to the Company will be limited. These investment opportunities will generally be made available to other funds, vehicles and accounts advised by the Adviser that are not subject to similar restrictions under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's shareholders are based in a wide variety of jurisdictions and take a wide variety of forms. Accordingly, they could have conflicting regulatory, legal, investment, tax and other interests with respect to their investments in the Company. The conflicting interests of individual shareholders relate to or arise from, among other things, the nature of investments made by the Company, the selection, structuring, acquisition and management of investments, the timing of disposition of investments, internal investment policies of the shareholders and their target risk/return profiles. As a consequence, conflicts of interest could arise in connection with decisions made by the Adviser, including with respect to the nature or structuring of investments, which could be more beneficial for one shareholder than for another shareholder, especially with respect to shareholders' individual tax situations. In addition, the Company could make investments that have a negative impact on related investments made by the Company in separate transactions. In selecting and structuring investments appropriate for the Company, the Adviser will consider the investment and tax objectives of the Company and its shareholders as a whole, not the investment, tax or other objectives of any shareholder individually.

Each of the Adviser and the other investment advisers and/or investment managers affiliated with KKR will deal with conflicts of interest using its best judgment, but in its sole discretion. When conflicts arise between the Company and another affiliated fund, the Adviser will represent the interests of the Company and the other participating affiliated adviser will represent the interests of the affiliated fund it sponsors, manages or advises. In resolving conflicts, the Adviser and the other affiliated advisers will consider various factors, including applicable restrictions under the 1940 Act, the interests of the funds and accounts they advise in the context of both the immediate issue at hand and the longer term course of dealing among the Company and the other affiliated fund. As with all conflicts involving the Company, the Adviser's determination as to which factors are relevant and the resolution of such conflicts will be made in the Adviser's sole discretion except as required by the 1940 Act or by the governing documents of the Company. Although the Adviser has established procedures and policies addressing conflicts of interest, there can be no assurance that the Adviser will be able to resolve all conflicts in a manner that is favorable to the Company.

**Certain U.S. Federal Income Tax Considerations**

The discussion below provides general tax information related to an investment in Shares of the Company. Because tax laws are complex and often change, shareholders should consult their tax advisors about the tax consequences of an investment in the Company. Unless otherwise noted, the following tax discussion applies only to U.S. shareholders that hold the Shares as capital assets. A U.S. shareholder is an individual who is a citizen or resident of the United States, a U.S. corporation, a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source.

The Company has elected to be treated, and intends to qualify each taxable year, as a RIC under Subchapter M of the Code. To qualify under Subchapter M for the favorable tax treatment accorded to RICs, the Company must, among other things: (1) distribute to its shareholders in each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code, but without regard to the deduction for dividends paid) and its net tax-exempt income; (2) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gain from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or foreign currencies; and (b) net income derived from interests in certain publicly traded partnerships that are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above (each, a "Qualified Publicly Traded Partnership"); and (3) diversify its holdings so that, at the end of each quarter of each taxable year of the Company (a) at least 50% of the value of the Company's total assets is represented by cash, cash items, U.S. government securities and securities of other RICs, and other securities, with these other securities limited, with respect to any one issuer, to an amount not greater in value than 5% of the value of the Company's total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Company's total assets is represented by the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II) any two or more issuers that the Company controls and that are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) any one or more Qualified Publicly Traded Partnerships. As a RIC, the Company generally will not be subject to U.S. federal income tax on its investment company taxable income and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its shareholders. Dividends on the Shares in amounts representing substantially all of the net investment income, if any, earned each year will be paid at least

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annually at the Company's discretion. The Company intends to pay dividends representing substantially all of the net capital gains, if any, it earns each year at least annually.

If the Company failed to qualify for the favorable tax treatment accorded to RICs in any taxable year, the Company would be subject to U.S. federal income tax at the regular corporate rate on its taxable income, even if such income were distributed to its shareholders, and all distributions out of earnings and profits would be taxed to shareholders as ordinary dividend income (including distributions of net capital gain). Such distributions generally would be eligible (i) to be treated as "qualified dividend income" in the case of individual and other non-corporate shareholders and (ii) for the dividends received deduction in the case of corporate shareholders. In addition, the Company could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

A RIC that fails to distribute, by the close of each calendar year, an amount at least equal to the sum of 98% of its ordinary taxable income for such calendar year and 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 of such calendar year, plus any shortfalls from any prior year's required distribution, is liable for a 4% excise tax on the portion of the undistributed amounts of such income that are less than the required distributions. For these purposes, the Company will be deemed to have distributed any income or gain on which it paid U.S. federal income tax.

Certain of the Company's investments are expected to be subject to special U.S. federal income tax provisions that may, among other things, (1) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (2) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (3) convert an ordinary loss or a deduction into a capital loss, the deductibility of which is more limited, (4) adversely affect when a purchase or sale of stock or securities is deemed to occur, (5) adversely alter the intended characterization of certain complex financial transactions, and (6) cause the Company to recognize income or gain without a corresponding receipt of cash (referred to as "phantom income"). For example, with respect to phantom income, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount ("OID") (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with equity or warrants) or debt obligations that are acquired with market discount in respect of which an election has been made to accrue such market discount on a current basis, the Company must include in income each year a portion of the OID or market discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Company in the same taxable year. The Company may also have to include in income other amounts that it has not yet received in cash, such as PIK interest and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as equity or warrants. Because any OID or other amounts accrued will be included in the Company's investment company taxable income for the year of accrual, the Company may be required to make a distribution to its shareholders in order to satisfy the annual distribution requirement, even though it will not have received any corresponding cash amount. Moreover, there may be uncertainty as to the appropriate treatment of certain of the Company's investments for U.S. federal income tax purposes. In particular, the U.S. federal income tax treatment of investments in debt securities that are rated below investment grade is uncertain in various respects.

Distributions to shareholders by the Company of ordinary income (including "market discount" realized by the Company on the sale of debt securities), and of net short-term capital gains, if any, realized by the Company will generally be taxable to shareholders as ordinary income to the extent such distributions are paid out of the Company's current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as "capital gain dividends" will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned Shares of the Company. A distribution of an amount in excess of the Company's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder's basis in his or her Shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her Shares, the excess will be treated by the shareholder as gain from a sale or exchange of the Shares. Distributions paid by the Company generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.

Under applicable Treasury Regulations, certain distributions reported by a Company as section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Code section 163(j). Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that a Company is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Company's business interest income over the sum of the Company's (i) business interest expense and (ii) other deductions properly allocable to the Company's business interest income.

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Although dividends generally will be treated as distributed when paid, dividends declared in October, November or December, payable to shareholders of record on a specified date in one of those months, and paid during the following January, will be treated as having been distributed by the Company (and received by shareholders) on December 31 of the year in which declared.

The Company does not expect to be treated as a "publicly offered regulated investment company." For any period that the Company does not qualify as a "publicly offered regulated investment company," as defined in the Code, shareholders will be taxed as though they received a distribution of some of the Company's expenses. A "publicly offered regulated investment company" is a RIC whose shares are either (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. If the Company is not a publicly offered RIC for any period, a non-corporate U.S. shareholder's allocable portion of its affected expenses, including the management fees, will be treated as an additional distribution to the shareholder and will not be deductible by such non-corporate shareholder.

In general, the sale or other disposition of shares (except pursuant to a repurchase by the Company, as described below) will result in capital gain or loss to shareholders. A holder's gain or loss generally will be a long-term capital gain or loss if the shares have been held for more than one year. Present law taxes both long- and short-term capital gains of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, however, long-term capital gains are currently eligible for reduced rates of taxation. Losses realized by a holder on the sale or exchange of shares held for six months or less are treated as long-term capital losses to the extent of any distribution of long-term capital gain received (or amounts designated as undistributed capital gains) with respect to such shares. In addition, no loss will be allowed on the sale or other disposition of shares if the owner acquires (including pursuant to the Plan) or enters into a contract or option to acquire securities that are substantially identical to such shares within 30 days before or after the disposition. In such case, the basis of the securities acquired will be adjusted to reflect the disallowed loss.

From time to time, the Company may offer to repurchase its outstanding Shares. Shareholders who tender all Shares held, or considered to be held, by them will be treated as having sold their Shares and generally will realize a capital gain or loss. If a shareholder tenders fewer than all of its Shares or fewer than all Shares tendered are repurchased, such shareholder may be treated as having received a taxable dividend upon the tender of its Shares. In such a case, there is a risk that non-tendering shareholders, and shareholders who tender some but not all of their Shares or fewer than all of whose Shares are repurchased, in each case whose percentage interests in the Company increase as a result of such tender, will be treated as having received a taxable distribution from the Company. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming Shares of the Company.

The Company may be required to withhold from all distributions and redemption proceeds payable to U.S. shareholders who fail to provide the Company with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the Internal Revenue Service that they are subject to backup withholding. Certain shareholders specified in the Code generally are exempt from such backup withholding. This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the Internal Revenue Service.

If a shareholder (other than a partnership) is not a U.S. shareholder (other than such a shareholder whose ownership of Shares is effectively connected with a U.S. trade or business), certain dividends received by such shareholder from the Company may be subject to U.S. federal withholding tax. To the extent that Company distributions consist of ordinary dividends that are subject to withholding, the applicable withholding agent will generally be required to withhold U.S. federal income tax at the rate of 30% (or such lower rate as may be determined in accordance with any applicable treaty). However, dividends paid by the Company that are "interest-related dividends" or "short-term capital gain dividends" will generally be exempt from such withholding, in each case to the extent the Company properly reports such dividends to shareholders. For these purposes, interest-related dividends and short-term capital gain dividends generally represent distributions of interest or short-term capital gains that would not have been subject to U.S. federal withholding tax at the source if they had been received directly by a non-U.S. shareholder, and that satisfy certain other requirements. No assurance can be given as to what percentage of the Company's distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be reported as such by the Company. In the case of stock held through an intermediary, the intermediary may withhold U.S. federal income tax even if the Company reports the payment as an interest-related dividend or short-term capital gain dividend. To qualify for this exemption from withholding, a non-U.S. shareholder must comply with applicable certification requirements relating to its non-U.S. tax residency status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY (and any required attachments) or IRS Form W-8EXP, or an acceptable substitute or successor form). In such a scenario, tax withheld by the intermediary would generally be refundable, but would require the non-U.S. shareholder to obtain a

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U.S. taxpayer identification number and to file a U.S. income tax return to claim the refund. Net capital gain dividends (that is, distributions of the excess of net long-term capital gain over net short-term capital loss) distributed by the Company to a non-U.S. shareholder will not be subject to U.S. federal withholding tax.

The Company may be required to withhold from distributions to a non-U.S. shareholder that are otherwise exempt from U.S. federal withholding tax (or taxable at an applicable reduced treaty rate) unless the non-U.S. shareholder certifies his or her foreign status under penalties of perjury or otherwise establishes an exemption.

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% United States federal withholding tax may apply to any dividends that the Company pays to (i) a "foreign financial institution" (as specifically defined in the Code), whether such foreign financial institution is the beneficial owner or an intermediary, unless such foreign financial institution agrees to verify, report and disclose its United States "account" holders (as specifically defined in the Code) and meets certain other specified requirements or (ii) a non-financial foreign entity, whether such non-financial foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner of the payment does not have any substantial United States owners or provides the name, address and taxpayer identification number of each such substantial United States owner and certain other specified requirements are met. In certain cases, the relevant foreign financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with, these rules. In addition, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. You should consult your own tax advisor regarding FATCA and whether it may be relevant to your ownership and disposition of Shares.

The foregoing tax discussion is for general information only. The provisions of the Code and regulations thereunder presently in effect as they directly govern the taxation of the Company and its shareholders are subject to change by legislative or administrative action, and any such change may be retroactive with respect to the Company's transactions. The foregoing does not represent a detailed description of the U.S. federal income tax considerations relevant to special classes of taxpayers including, without limitation, financial institutions, insurance companies, investors in pass-through entities, U.S. shareholders whose "functional currency" is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold shares as a position in a "straddle," "hedge" or as part of a "constructive sale" for U.S. federal income tax purposes. In addition, this discussion does not address the application of the Medicare tax on net investment income or the U.S. federal alternative minimum tax.

Shareholders are advised to consult with their own tax advisors for more detailed information concerning federal income tax matters.

**Other Taxation** 

Shareholders may be subject to state, local and foreign taxes on their distributions from the Company. Shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Company.

**Change in Tax Laws** 

Each prospective investor should be aware that tax laws and regulations are changing on an ongoing basis, and such laws and/or regulations may be changed with retroactive effect. Moreover, the interpretation and/or application of tax laws and regulations by certain tax authorities may not be clear, consistent or transparent. Uncertainty in the tax law may require the Company to accrue potential tax liabilities even in situations in which the Company and/or shareholders do not expect to be ultimately subject to such tax liabilities. In that regard, accounting standards and/or related tax reporting obligations may change, giving rise to additional accrual and/or other obligations.

**Developments in the tax laws of the United States or other jurisdictions could have a material effect on the tax consequences to shareholder, to the Company, and/or the Company's direct and indirect subsidiaries, and shareholders may be required to provide certain additional information to the Company (which may be provided to the IRS or other taxing authorities) and may be subject to other adverse consequences as a result of such change in tax laws. In the event of any such change in tax law, each shareholder is urged to consult its own advisors.** 

**Available Information**

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We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Exchange Act. This information is available free of charge from the EDGAR database on the SEC's website at www.sec.gov.

**Item 1A. Risk Factors.**

*Investing in our Common Shares involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in our Common Shares specifically, as well as those factors generally associated with an investment in a company with investment objectives, investment policies, capital structure or markets similar to ours. In addition to the other information contained in this report, you should consider carefully the following information before making an investment in our Common Shares. The risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such cases, the NAV of our Common Shares could decline, and you may lose all or part of your investment*.

**Summary of Risk Factors** 

The following is a summary of the principal risk factors associated with an investment in our securities. Further details regarding each risk included in the below summary list can be found further below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a relatively new company and have a limited operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to achieve our investment objective depends on the Adviser's ability to manage and support our investment process and if the Advisory Agreement were to be terminated, or if the Adviser loses any members of its senior management team, our ability to achieve our investment objective could be significantly harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in our Common Shares involves a high degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment in our Common Shares will have limited liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to risks associated with changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to general credit risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although we expect to conduct periodic repurchase offers as determined by the Board in its sole discretion, there can be no assurance that repurchases will occur or that any Common Shares properly tendered will be repurchased by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A lack of liquidity in certain of our investments may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a risk that investors in our Common Shares may not receive distributions or that our distributions may decrease over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There may be conflicts of interest related to obligations the Adviser's senior management and investment teams have to our affiliates and to other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because our business model depends to a significant extent upon relationships with private equity sponsors, investment banks and commercial banks, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are highly dependent on communications and information systems. System failures, breaches or cyber-attacks could significantly disrupt our business, which could have a material adverse effect on our results of operations and cash flows and negatively affect our ability to make distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in middle-market companies involves a number of significant risks, any one of which could have a material adverse effect on our operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When we use leverage, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Leverage may also adversely affect the return on our assets, reduce cash available for distribution to our shareholders and result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Common Shares may be subject to certain restrictions on transferability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may incur significant costs as a result of being an Exchange Act reporting company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to various regulations as a BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not acquire any assets other than "qualifying assets" unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are uncertain of our future sources for funding our future capital needs and if we cannot obtain debt or equity financing on acceptable terms, or at all, our ability to acquire investments and to expand our operations will be adversely affected.

***Risk of Limited Operating History*.** The Company is a non-diversified, closed-end management investment company that has elected to be regulated as a BDC and has a limited operating history. As a result, prospective investors have no significant track record or history on which to base their investment decision. The Company is subject to the business risks and uncertainties associated with recently formed businesses, including the risk that we will not achieve our investment objectives and the value of a shareholder's investment could decline substantially or become worthless. While we believe that the past professional experiences of the Adviser's investment team, including investment and financial experience of the Adviser's senior management, will increase the likelihood that the Adviser will be able to manage the Company successfully, there can be no assurance that this will be the case.

***Investment and Market Risk.*** An investment in the Company involves a considerable amount of risk. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to his or her investment objectives and personal situation and (ii) consider factors such as his or her personal net worth, income, age, risk tolerance and liquidity needs. The value of the loans and fixed-income instruments, short positions and other securities and derivative instruments owned by the Company will fluctuate, sometimes rapidly and unpredictably, and such investment is subject to investment risk, including the possible loss of the entire principal amount invested. At any point in time, an investment in Shares could be worth less than the original amount invested, even after taking into account distributions paid by the Company and the ability of shareholders to reinvest dividends.

The Company is materially affected by market, economic and political conditions and events, such as natural and environmental disasters, geopolitical events, military conflicts, epidemics and pandemics, wars, supply chain disruptions, economic sanctions, globally and in the jurisdictions and sectors in which it invests or operates, including factors affecting interest rates, the availability of credit, currency exchange rates, sanctions, tariffs and trade barriers. For example, the conflict between Russia and Ukraine, rapid and unpredictable interest rate changes, heightened inflation, supply chain disruptions, geopolitical risks, economic sanctions, volatility in the banking and financial sectors as well as responses to government actions or interventions have disrupted global economies and financial markets, and their prolonged economic impact is uncertain. Market, economic and political conditions and events are outside the Adviser's control and could adversely affect the Company's operations and performance and the liquidity and value of the Company's investments and reduce the ability of the Company to make attractive new investments.

Ongoing events in the subprime mortgage market and other areas of the fixed income markets have caused and can continue to cause significant dislocations, illiquidity and volatility in the leveraged loan and bond markets, as well as in the wider global financial markets. To the extent portfolio companies and other issuers of the Company's portfolio investments participate in or have exposure to such markets, the results of their operations could be adversely affected. In addition, to the extent that such economic and market events and conditions reoccur, this would have a further adverse impact on the availability of credit to businesses generally. Global economic conditions could adversely impact the financial resources and credit quality of corporate and other borrowers in which the Company invests and result in the inability of such borrowers to make principal and interest payments on, or refinance, outstanding debt when due. In the event of such

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defaults, the Company could suffer a partial or total loss of their investment in such borrowers, which would, in turn, have an adverse effect on the Company's returns. Such economic and market events and conditions also could restrict the ability of the Company to sell or liquidate investments at favorable times or for favorable prices (although such events and conditions would not necessarily foreclose the Company's ability to hold such investments until maturity). It is possible that the value of the Company's investments will not generate expected current proceeds or appreciate as anticipated and could suffer a loss. Trends and historical events do not imply, forecast or predict future events and past performance is not necessarily indicative of future results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by the Adviser will prove correct, and actual events and circumstances can vary significantly.

The Company will, from time to time, be subject to risk arising from a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution could cause a series of defaults by the other institutions. This is sometimes referred to as "systemic risk" and could adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges, with which the Company interacts.

***Illiquid and Long-Term Investments Risk.*** Investment in the Company requires a long-term commitment, with no certainty of return. A significant portion of the Company's investments generally are in private, illiquid securities, which are typically subject to restrictions on resale. There can be no assurance that the Company will be able to generate returns for shareholders, that the returns will be commensurate with the risks of investing in the type of transactions and issuers described herein or that the Adviser's methodology for evaluating risk-adjusted return profiles for investments will achieve its objective. In some cases, the Company will be legally, contractually or otherwise prohibited from selling certain investments for a period of time or otherwise be restricted from disposing of them, and illiquidity could also result from the absence of an established market for certain investments. The realizable value of an illiquid investment, at any given time, could be less than its intrinsic value. In addition, it is anticipated that certain types of investments made by the Company will require a substantial length of time to liquidate. As a result, from time to time, the Company will be unable to realize its investment objective by sale or other disposition at attractive prices or will otherwise be unable to complete any exit strategy.

The return of capital and the realization of gains, if any, from an investment by the Company generally will occur only upon the partial or complete repayment or disposition of such investment, as to which there can be no certainty. The Company's investments are speculative in nature and there can be no assurance that current income received by the Company will be sufficient to service the Company's debt or that any investor will receive a return of his or her invested capital or any distribution from the Company. While an investment can be sold or repaid at any time, this will occur typically a number of years after the investment is made, and investors should expect that they will not receive a return of their capital for a long period of time even if the Company's investments prove successful.

Certain investments by the Company could be in securities that are or become publicly traded and are therefore subject to the risks inherent in investing in public companies (including new issues of securities). These factors are outside the Adviser's control and could adversely affect the liquidity and value of the Company's investments and reduce the ability of the Company to make attractive new investments. In addition, in some cases the Company could be prohibited by contract or other limitations from selling such securities for a period so that the Company is unable to take advantage of favorable market prices. The Company will likely not have the same access to information in connection with investments in public companies, either when investigating a potential investment or after making an investment, as with investments in private companies. Furthermore, it can be expected from time to time that the Company will be limited in its ability to make investments, and to sell existing investments, in public or private companies because KKR could be deemed to have material, non-public information regarding the issuers of those securities or as a result of other internal policies. Accordingly, there can be no assurance that the Company will be able to make investments in public companies that the Adviser otherwise deems appropriate or, if it does, as to the amount it will so invest. Moreover, the inability to sell investments in public or private companies in these circumstances could materially adversely affect the investment results of the Company. The Company also invests in securities exempt from registration pursuant to Rule 144A under the Securities Act, which investment is likely to raise many of the same issues and risks discussed above. It is possible that the Adviser, in its sole discretion, will decline to receive material nonpublic information in respect of a public company in which the Company has invested that would otherwise be available to it to avoid being restricted from trading in securities issued by such public company or to avoid the Adviser or its affiliates being so restricted on behalf of other funds, vehicles or accounts sponsored, managed or advised by KKR or any of its affiliates. See "Item 13. Certain Relationships and Related Transactions, and Director Independence - Certain Relationships and Related Transactions."

***First Lien, Senior Secured Loans and Senior Secured Bonds Risk.*** Senior Loans hold the most senior position in the capital structure of a borrower. Senior Loans in most circumstances are fully collateralized by assets of the borrower. Thus, they are generally repaid before unsecured bank loans, corporate bonds, subordinated debt, trade creditors and preferred or common stockholders. Substantial increases in interest rates could cause an increase in loan defaults as borrowers might lack resources to meet higher debt service requirements. The value of the Company's assets could also be affected by other

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uncertainties such as economic developments affecting the market for senior secured term loans or affecting borrowers generally. Moreover, the security for the Company's investments in secured debt might not be recognized for a variety of reasons, including the failure to make required filings by lenders, trustees or other responsible parties and, as a result, the Company might not have priority over other creditors as anticipated.

Senior Loans usually include restrictive covenants, which must be maintained by the borrower. The Company will, from time to time, have an obligation with respect to certain senior secured term loan investments to make additional loans upon demand by the borrower. Such instruments, unlike certain bonds, usually do not have call protection. This means that such interests, although having a stated term, can be prepaid, often without penalty. The rate of such prepayments will be affected by, among other things, general business and economic conditions, as well as the financial status of the borrower. Prepayment would cause the actual duration of a Senior Loan to be shorter than its stated maturity.

Senior Loans typically are secured by pledges of collateral from the borrower in the form of tangible and intangible assets. In some instances, the Company invests in Senior Loans that are secured only by stock of the borrower or its subsidiaries or affiliates. The value of the collateral could decline below the principal amount of the senior secured term loans subsequent to an investment by the Company.

Senior Loans generally are not registered with the SEC or any state securities commission and are not listed on any national securities exchange. There is less readily available or reliable information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act or registered under the Exchange Act. No active trading market exists for some Senior Loans, and some Senior Loans are subject to restrictions on resale. A secondary market could be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which could impair the Company's ability to realize full value and thus cause a material decline in the Company's NAV. In addition, at times, the Company will not be able to readily dispose of its Senior Loans at prices that approximate those at which the Company could sell such loans if they were more widely traded and, as a result of such illiquidity, the Company will, from time to time, have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. During periods of limited supply and liquidity of Senior Loans, the Company's yield could be lower. See "Item 1A. Risk Factors - Below Investment Grade Instruments Risk."

If legislation or government regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans for investment by the Company will be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain borrowers. This would increase the risk of default.

***Subordinated and Unsecured or Partially Secured Loans Risk.*** The Company will, from time to time, invest in unsecured loans and secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan could have a claim on the same collateral pool as the first lien or it could be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than Senior Loans of the same borrower.

***Fixed-Income Instruments Risk.*** The Company invests in loans and other types of fixed-income instruments and securities. Such investments are secured, partially secured or unsecured, can be unrated and, whether or not rated, can have speculative characteristics. The market price of the Company's investments changes in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall and vice versa. In typical interest rate environments, the prices of longer-term fixed-income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. These risks are more pronounced in a changing interest rate environment. Most high yield investments pay a fixed rate of interest and are therefore vulnerable to inflation risk.

From time to time, the obligor of a fixed-income instrument will not be able or willing to pay interest or to repay principal when due in accordance with the terms of the associated agreement. An obligor's willingness and ability to pay interest or to repay principal due in a timely manner will be affected by, among other factors, its cash flow. Commercial bank lenders could be able to contest payments to the holders of other debt obligations of the same obligor in the event of default under their commercial bank loan agreements.

***Interest Rate Risk.*** The Company's investments expose the Company to interest rate risks, meaning that changes in prevailing market interest rates could negatively affect the value of such investments. Factors that can affect market interest rates include, without limitation, inflation, slow or stagnant economic growth or recession, unemployment, money supply, international disorders and instability in U.S. and non-U.S. financial markets. In addition, changes in fiscal, economic,

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monetary and other policies or measures have in the past, and may in the future, cause or exacerbate the risks associated with changing interest rates. The Company expects that it will periodically experience imbalances in the interest rate sensitivities of its assets and liabilities and the relationships of various interest rates to each other. In a changing interest rate environment, the Adviser might not be able to manage this risk effectively. If the Adviser is unable to manage interest rate risk effectively, the Company's performance could be adversely affected.

***Credit Risk.*** The Company's debt investments are subject to the risk of non-payment of scheduled interest or principal by the borrowers with respect to such investments. Such non-payment would likely result in a reduction of income to the Company and a reduction in the value of the debt investments experiencing non-payment.

The Company will, from time to time, invest in investments that the Adviser believes are secured by specific collateral, the value of which exceeds the principal amount of the investments at the time of initial investment. There can be no assurance, though, that the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of a borrower, the Company could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing an investment. Under certain circumstances, collateral securing an investment will be released without the consent of the Company. The Company, from time to time, also invests in high yield instruments and other unsecured investments, each of which involves a higher degree of risk than Senior Loans. The Company's right to payment and its security interest, if any, could be subordinated to the payment rights and security interests of more senior creditors. Certain of these investments will have an interest-only payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In this case, a portfolio company's ability to repay the principal of an investment could be dependent upon a liquidity event or the long-term success of the company, the occurrence of which is uncertain.

Companies in which the Company invests could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment or an economic downturn. As a result, companies that the Company expected to be stable could operate, or expect to operate, at a loss or have significant variations in operating results, could require substantial additional capital to support their operations or maintain their competitive position or could otherwise have a weak financial condition or be experiencing financial distress.

***Risk of Investments in Companies in Regulated Industries.*** Certain industries are heavily regulated. To the extent that the Company makes investments in industries that are subject to greater amounts of regulation than other industries generally, these portfolio companies would pose additional risks relative to investments in other companies. Changes in applicable laws or regulations, or in the interpretations of these laws and regulations, could result in increased compliance costs or the need for additional capital expenditures. If a portfolio company fails to comply with these requirements, it could also be subject to civil or criminal liability and the imposition of fines. Portfolio companies also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on such issuer. Governments have considerable discretion in implementing regulations that could impact a portfolio company's business, and governments could be influenced by political considerations and make decisions that adversely affect a portfolio company's business. Additionally, certain portfolio companies could have a unionized workforce or employees who are covered by a collective bargaining agreement, which could subject any such issuer's activities and labor relations matters to complex laws and regulations relating thereto. Moreover, a portfolio company's operations and profitability could suffer if it experiences labor relations problems. Upon the expiration of any such portfolio company's collective bargaining agreements, it could be unable to negotiate new collective bargaining agreements on terms favorable to it, and its business operations at one or more of its facilities could be interrupted as a result of labor disputes or difficulties and delays in the process of renegotiating its collective bargaining agreements. A work stoppage at one or more of any such portfolio company's facilities could have a material adverse effect on its business, results of operations and financial condition. Any such problems additionally could bring scrutiny and attention to the Company itself, which could adversely affect the Company's ability to implement its investment objective.

***Risks Associated with Investments in Original Issue Discount and Payment-In-Kind Instruments.*** To the extent that the Company invests in OID or PIK instruments and the accretion of OID or PIK interest income constitutes a portion of the Company's income, the Company will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest rates on PIK loans are higher to reflect the time-value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments, and PIK instruments generally represent a significantly higher credit risk than coupon loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID and PIK instruments may have unreliable valuations because the accruals require judgments about ultimate collectability of the deferred payments and the value of any associated collateral;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an election to defer PIK interest payments by adding them to the principal on such instruments increases our future investment income which increases our net assets and, as such, increases the Adviser's future management fees which, thus, increases the Adviser's future income incentive fees at a compounding rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market prices of OID and PIK instruments and other zero-coupon instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. While PIK instruments are usually less volatile than zero-coupon debt instruments, PIK instruments are generally more volatile than cash pay securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• even if the conditions for income accrual under GAAP are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for accounting purposes, cash distributions to investors representing OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by investors, the 1940 Act does not require that investors be given notice of this fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the required recognition of OID or PIK interest for U.S. federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of our investment company taxable income that may require cash distributions to shareholders in order to maintain our ability to maintain tax treatment as a RIC for U.S. federal income tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

***Prepayment Risk.*** Prepayment risk occurs when a debt investment held by the Company can be repaid in whole or in part prior to its maturity. The amount of pre-payable obligations in which the Company invests from time to time will be affected by general business conditions, market interest rates, borrowers' financial conditions and competitive conditions among lenders. In a period of declining interest rates, borrowers are more likely to prepay investments more quickly than anticipated, reducing the yield to maturity and the average life of the relevant investment. Moreover, when the Company reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest that is lower than the rate on the security that was prepaid. To the extent that the Company purchases the relevant investment at a premium, prepayments could result in a loss to the extent of the premium paid. If the Company buys such investments at a discount, both scheduled payments and unscheduled prepayments will increase current and total returns and unscheduled prepayments will also accelerate the recognition of income which could be taxable as ordinary income to shareholders. In a period of rising interest rates, prepayments of investments could occur at a slower than expected rate, creating maturity extension risk. This particular risk could effectively change an investment that was considered short- or intermediate-term at the time of purchase into a longer-term investment. Because the value of longer-term investments generally fluctuates more widely in response to changes in interest rates than shorter-term investments, maturity extension risk could increase the volatility of the Company. When interest rates decline, the value of an investment with prepayment features might not increase as much as that of other fixed-income instruments, and, as noted above, changes in market rates of interest could accelerate or delay prepayments and thus affect maturities.

***Traded Credit Strategy Risk.*** If there is a downturn or other loss in value in respect of the traded credit strategy, it is possible that the Adviser will not be able to execute the strategy effectively, including that the Company could realize a loss and have less capital to deploy into the Company's primary investment opportunities. The Company may also be forced to sell or otherwise dispose of traded credit instruments at inopportune times or prices in order to meet applicable investment guidelines from time to time.

***Derivatives Risk.*** The Company's derivative investments have risks similar to its underlying asset and may have additional risks, including the imperfect correlation between the value of such instruments and the underlying asset, rate or index, which creates the possibility that the loss on such instruments will be greater than the gain in the value of the underlying asset, rate or index in the Company's portfolio; the loss of principal, including the potential loss of amounts greater than the initial amount invested in the derivative instrument; the possible default of the other party to the transaction; illiquidity of the derivative investments; risks arising from margin and settlement obligation requirements; and risks arising from mispricing or valuation complexity. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Company could experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding or may not recover at all. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically

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be terminated at its fair market value. If the Company is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Company will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. Certain derivatives may give rise to a form of leverage, which magnifies the potential for gain and the risk of loss.

The counterparty risk for cleared derivative transactions is generally lower than for uncleared OTC derivatives because generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties' performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Company. Exchange trading will generally increase market transparency and liquidity but could cause the Company to incur increased expenses. In addition, depending on the size of the Company and other factors, the margin required under the rules of a clearing house and by a clearing member could be in excess of the collateral required to be posted by the Company to support its obligations under a similar OTC derivative transaction. However, the CFTC and other applicable regulators have adopted rules imposing certain margin requirements, including minimums, on uncleared OTC derivative transactions which could result in the Company and its counterparties posting higher margin amounts for uncleared OTC derivative transactions.

Certain of the derivative investments in which the Company invests will, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. In addition, amounts paid by the Company as premiums and cash or other assets held in margin accounts with respect to the Company's derivative investments would not be available to the Company for other investment purposes, which could result in lost opportunities for gain.

OTC derivatives generally are more difficult to purchase, sell or value than other investments. Although both OTC and exchange-traded derivatives markets can experience a lack of liquidity, OTC non-standardized derivative transactions are generally less liquid than exchange-traded instruments. The illiquidity of the derivatives markets can be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract could be adversely affected by "daily price fluctuation limits" established by the exchanges which limit the amount of fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not possible to close an open derivative position entered into by the Company, the Company would continue to be required to make cash payments of variation (or mark-to-market) margin in the event of adverse price movements. In such a situation, if the Company has insufficient cash, it could have to sell portfolio securities to meet settlement obligation and variation margin requirements at a time when it is disadvantageous to do so. The absence of liquidity generally would also make it more difficult for the Company to ascertain a market value for such instruments. The inability to close derivatives transactions positions also could have an adverse impact on the Company's ability to effectively hedge its portfolio. OTC derivatives that are not cleared are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Company. If a counterparty were to default on its obligations, the Company's contractual remedies against such counterparty could be subject to bankruptcy and insolvency laws, which could affect the Company's rights as a creditor (e.g., the Company might not receive the net amount of payments that it is contractually entitled to receive). In addition, the use of certain derivatives could cause the Company to realize higher amounts of income or short-term capital gains (generally taxed at ordinary income tax rates).

Derivatives transactions also are subject to operational risk, including from documentation issues, settlement issues, system failures, inadequate controls, and human error, and legal risk, including risk of insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.

The derivatives markets have become subject to comprehensive statutes, regulations and margin requirements. In particular, in the United States the Dodd-Frank Act regulates the OTC derivatives market by, among other things, requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. Rulemaking proposed or implemented under the Dodd-Frank Act could potentially limit or completely restrict the ability of the Company to use these instruments as a part of its investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which the Company engages in derivative transactions could also prevent the Company from using these instruments or affect the pricing or other factors relating to these instruments, or could change availability of certain investments.

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Regulation of the derivatives market presents additional risks to the Company and may limit the ability of the Company to use, and the availability or performance, of such instruments. For instance, under Rule 18f-4, a fund's derivatives exposure is limited through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. However, subject to certain conditions, funds that do not invest heavily in derivatives may be deemed limited derivatives users and would not be subject to the full requirements of Rule 18f-4. Rule 18f-4 could limit the Company's ability to engage in certain derivatives and other transactions and/or increase the costs of the Company's investments and the costs of doing business.

The Company's investments in regulated derivatives instruments, such as swaps, futures, forwards and options, will be subject to maximum position limits established by the CFTC and U.S. and foreign futures exchanges. Under the exchange rules all accounts owned or managed by advisers, such as the Adviser, their principals and affiliates would be combined for position limit purposes. In order to comply with the position limits established by the CFTC and the relevant exchanges, the Adviser could in the future reduce the size of positions that would otherwise be taken for the Company or not trade in certain markets on behalf of the Company in order to avoid exceeding such limits. A violation of position limits by the Adviser could lead to regulatory action resulting in mandatory liquidation of certain positions held by the Adviser on behalf of the Company. In addition, in October 2020, the CFTC adopted amendments to its position limits rules that establish certain new and amended position limits for 25 specified physical commodity futures and related options contracts traded on exchanges, other futures contracts and related options directly or indirectly linked to such 25 specified contracts, and any OTC transactions that are economically equivalent to the 25 specified contracts. The Adviser will need to consider whether the exposure created under these contracts might exceed the new and amended limits in anticipation of the applicable compliance dates, and the limits may constrain the ability of the Company to use such contracts. The amendments also modify the bona fide hedging exemption for which certain swap dealers are currently eligible, which could limit the amount of speculative OTC transaction capacity each such swap dealer would have available for the Company prior to the applicable compliance date. There can be no assurance that the Adviser will liquidate positions held on behalf of all the Adviser's accounts in a proportionate manner or at favorable prices, which could result in substantial losses to the Company. Such policies could affect the nature and extent of derivatives use by the Company.

***Repurchase Agreements Risk.*** Subject to its investment objective and policies, the Company will, from time to time, invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Company of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Company will sell the securities back to the institution at a fixed time in the future. The Company does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Company could experience both delays in liquidating the underlying securities and losses, including (i) possible decline in the value of the underlying security during the period in which the Company seeks to enforce its rights thereto; (ii) possible lack of access to income on the underlying security during this period; and (iii) expenses of enforcing its rights. In addition, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Company generally seeks to liquidate such collateral. However, the exercise of the Company's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Company could suffer a loss.

***Reverse Repurchase Agreements and Dollar Rolls Risk.*** The use of reverse repurchase agreements and dollar rolls involve many of the same risks involved in the use of leverage, as the proceeds from reverse repurchase agreements and dollar rolls generally will be invested in additional securities. There is a risk that the market value of the securities acquired in the reverse repurchase agreement or dollar roll will decline below the price of the securities that the Company has sold but remains obligated to repurchase. In addition, there is a risk that the market value of the securities retained by the Company will decline. If the buyer of securities under a reverse repurchase agreement or dollar roll were to file for bankruptcy or experience insolvency, the Company could be adversely affected. Also, in entering into reverse repurchase agreements, the Company would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements and dollar roll transactions, the Company's NAV will decline, and, in some cases, the Company could be worse off than if it had not used such instruments.

***Swap Risk.*** The Company, from time to time, also invests in credit default swaps, total return swaps, interest rate swaps and other types of swaps. Such transactions are subject to market risk, leverage risk, liquidity risk, risk of default by the other party to the transaction, known as "counterparty risk," regulatory risk, operational risk, legal risk, and risk of imperfect correlation between the value of such instruments and the underlying assets and could involve commissions or other costs. See "Item 1A. Risk Factors – Derivatives Risk." The Company may pay fees or incur costs each time it enters into, amends or terminates a swap agreement. When buying protection under a credit default swap, the risk of market loss with respect to the swap generally is limited to the net amount of payments that the Company is contractually obligated to make. However, when selling protection under a swap, the risk of loss is often the notional value of the underlying asset,

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which can result in a loss substantially greater than the amount invested in the swap itself. As a seller, the Company would be incurring a form of leverage.

The Dodd-Frank Act and related regulatory developments ultimately will require the clearing and exchange-trading of many OTC derivative instruments that the CFTC and SEC defined as "swaps." Mandatory exchange-trading and clearing will occur on a phased-in basis based on the type of market participant and CFTC determination of contracts for central clearing. The Adviser will continue to monitor these developments, particularly to the extent regulatory changes affect the Company's ability to enter into swap agreements.

The swap market has matured in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid; however there is no guarantee that the swap market will continue to provide liquidity, and it could be subject to liquidity risk, which exists when a particular swap is difficult to purchase or sell. The absence of liquidity could also make it more difficult for the Company to ascertain a market value for such instruments. The inability to close derivative positions also could have an adverse impact on the Company's ability to effectively hedge its portfolio. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Company may be less favorable than it would have been if these investment techniques were not used. In a total return swap, the Company pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying loans or debt securities. The Company bears the risk of default on the underlying loans or debt securities, based on the notional amount of the swap and, therefore, incurs a form of leverage. The Company would typically have to post collateral to cover this potential obligation.

***Options and Futures Risk.*** The Company will, from time to time, use options and futures contracts and so-called "synthetic" options or other derivatives written by broker-dealers or other permissible financial intermediaries. Options transactions can be effected on securities exchanges or in the OTC market. When options are purchased OTC, the Company's portfolio bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options can also be illiquid, and in such cases, the Company could have difficulty closing out its position. OTC options can also include options on baskets of specific securities. Options and futures also are subject to derivatives risks more generally. See "Item 1A. Risk Factors – Derivatives Risk."

The Company will, from time to time, purchase call and put options on specific securities and write and sell covered or uncovered call and put options for hedging purposes in pursuing its investment objective. A put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security at a stated exercise price, typically at any time prior to the expiration of the option for American options or only at expiration for European options. A call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security at a stated exercise price, typically at any time prior to the expiration of the option. A covered call option is a call option with respect to which the seller of the option owns the underlying security. The sale of such an option exposes the seller during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or to possible continued holding of a security that might otherwise have been sold to protect against depreciation in the market price of the security.

The Company might close out a position when writing options by purchasing an option on the same underlying security with the same exercise price and expiration date as the option that it has previously written on the security. In such a case, the Company will realize a profit or loss if the amount paid to purchase an option is less or more than the amount received from the sale of the option.

Engaging in transactions in futures contracts and options involves risk of loss to the Company. No assurance can be given that a liquid market will exist for any particular futures contract or option at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading can be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, preventing prompt liquidation of futures positions and potentially subjecting the Company to substantial losses.

A market could become unavailable if one or more exchanges were to stop trading options or it could become unavailable with respect to options on a particular underlying security if the exchanges stopped trading options on that security. In addition, a market could become temporarily unavailable if unusual events (e.g., volume exceeds clearing capability) were to interrupt normal exchange operations. If an options market were to become illiquid or otherwise unavailable, an option holder would be able to realize profits or limit losses only by exercising and an options seller or writer would remain obligated until it is assigned an exercise or until the option expires.

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If trading is interrupted in an underlying security, the trading of options on that security is usually halted as well. Holders and writers of options will then be unable to close out their positions until options trading resumes, and they could be faced with considerable losses if the security reopens at a substantially different price. Even if options trading is halted, holders of options will generally be able to exercise them. However, if trading has also been halted in the underlying security, option holders face the risk of exercising options without knowing the security's current market value. If exercises do occur when trading of the underlying security is halted, the party required to deliver the underlying security could be unable to obtain it, which could necessitate a postponed settlement and/or the fixing of cash settlement prices.

***Counterparty and Prime Brokerage Risk.*** Certain Company investments will be exposed to the credit risk of the counterparties with which, or the dealers, brokers and exchanges through which, the Company deals, whether in exchange-traded or OTC transactions. Changes in the credit quality of the companies that serve as the Company's prime brokers or counterparties with respect to derivatives or other transactions supported by another party's credit will affect the value of those instruments. Certain entities that have served as prime brokers or counterparties in the markets for these transactions have recently incurred significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower quality credit investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced such entities' capital and called into question their continued ability to perform their obligations under such transactions. By using derivatives, swaps or other transactions, the Company assumes the risk that its counterparties could experience similar financial hardships.

The Company will be subject to the risk of loss of Company assets on deposit or being settled or cleared with a broker in the event of the broker's bankruptcy, the bankruptcy of any clearing broker through which the broker executes and clears transactions on behalf of the Company, the bankruptcy of an exchange clearing house or the bankruptcy of any other counterparty. If a prime broker or counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Company could experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding; if the Company's claim is unsecured, the Company will be treated as a general creditor of such prime broker or counterparty and will not have any claim with respect to the underlying security. In the case of any such bankruptcy, the Company might recover, even in respect of property specifically traceable to the Company, only a pro rata share of all property available for distribution to all of the counterparty's customers and counterparties. Such an amount could be less than the amounts owed to the Company. It is possible that the Company will obtain only a limited recovery or no recovery in such circumstances. Such events would have an adverse effect on the NAV of the Company. Certain counterparties have general custody of, or title to, the Company's assets (including, without limitation, the custodian). The failure of any such counterparty could result in adverse consequences to the NAV of the Company.

***Lender Liability Risk.*** A number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of its investments, the Company will, from time to time, be subject to allegations of lender liability.

In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (i) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower; (ii) engages in other inequitable conduct to the detriment of such other creditors; (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors; or (iv) uses its influence as a stockholder to dominate or control a borrower to the detriment of other creditors of such borrower, a court might elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination."

Because affiliates of, or persons related to, the Adviser will, at times, hold equity or other interests in obligors of the Company, the Company could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

***Risk of Borrower Fraud; Covenant-Lite Loans; Breach of Covenant.*** The Company seeks to obtain structural, covenant and other contractual protections with respect to the terms of its investments as determined appropriate under the circumstances. There can be no assurance that such attempts to provide downside protection with respect to its investments will achieve their desired effect and potential investors should regard an investment in the Company as being speculative and having a high degree of risk. Some of the loans that the Company originates or acquires could be "covenant-lite" loans, which possess fewer covenants that protect lenders than other loans or no such covenants whatsoever. Investments in covenant-lite loans will be particularly sensitive to the risks associated with loan investments. The Company can invest without limit in covenant-lite loans. Of paramount concern in originating or acquiring the financing contemplated by the Company is the possibility of material misrepresentation or omission on the part of borrower or other credit support

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providers or breach of covenant by such parties. Such inaccuracy or incompleteness or breach of covenants could adversely affect the valuation of the collateral underlying the loans or the ability of the Company to perfect or effectuate a lien on the collateral securing the loan or otherwise realize on the investment. The Company relies upon the accuracy and completeness of representations made by borrowers to the extent reasonable but cannot guarantee such accuracy or completeness.

***Below Investment Grade Instruments Risk.*** The Company may invest without limit in debt securities and instruments that are rated below investment grade by recognized rating agencies or will be unrated and face ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer's failure to make timely interest and principal payments. Below investment grade securities (sometimes referred to as "junk" securities) could be considered speculative investments. Such securities and instruments are generally not exchange-traded and, as a result, trade in the OTC marketplace, which is less transparent than the exchange-traded marketplace. Investments in high yield instruments create exposure to a substantial degree of credit risk and interest rate risk. The market values of certain of these lower-rated and unrated debt investments could reflect individual corporate developments to a greater extent and tend to be more sensitive to economic conditions than those of higher-rated investments, which react primarily to fluctuations in the general level of interest rates. Companies that issue such securities are often highly leveraged and might not have available to them more traditional methods of financing. General economic recession or a major decline in the demand for products and services in which the borrower operates would likely have a materially adverse impact on the value of such securities and the ability of the issuers of such securities to repay principal and interest thereon, thereby increasing the incidence of default of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, could also decrease the value and liquidity of these high yield debt investments.

***Rating Agency Risk.*** Ratings agencies such as S&P, Fitch, Moody's or other NRSROs provide ratings on debt securities based on their analyses of information they deem relevant. Ratings are opinions or judgments of the credit quality of an issuer and may prove to be inaccurate. In addition, there may be a delay between events or circumstances adversely affecting the ability of an issuer to pay interest and/or repay principal and an NRSRO's decision to downgrade a security. Further, a rating agency may have a conflict of interest with respect to a security for which it assigns a particular rating if, for example, the issuer or sponsor of the security pays the rating agency for the analysis of its security, which could affect the reliability of the rating.

Because such credit ratings of the ratings agencies may not always reflect current conditions and events, the Adviser may supplement such credit ratings with its own independent and ongoing review of credit quality. Because of this, the Company's performance may depend in part on the Adviser's own credit analysis.

***Stressed and Distressed Investments Risk.*** The Company may, from time to time, invest in securities and other obligations of companies that are in significant financial or business distress, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments could result in significant returns for the Company, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. There is no assurance that the Company will correctly evaluate the value of the assets collateralizing the Company's investments or the prospects for a successful reorganization or similar action in respect of any company. In any reorganization or liquidation proceeding relating to a company in which the Company invests, the Company could lose its entire investment, could be required to accept cash or securities with a value less than the Company's original investment and/or could be required to accept payment over an extended period of time. Troubled company investments and other distressed asset-based investments require active monitoring.

***Risk of Investments in Highly Leveraged Companies.*** The Company's investments are expected to include investments in issuers whose capital structures have significant leverage (including substantial leverage senior to the Company's investments, a considerable portion of which could be secured and/or could be at floating interest rates). Such investments are inherently more sensitive to declines in revenues, competitive pressures and increases in expenses and interest rates. The leveraged capital structure of such issuers will increase their exposure to adverse economic factors, such as downturns in the economy or deterioration in the condition of the issuers or their industries, and such companies could be subject to restrictive financial and operating covenants in more senior debt instruments and contracts that adversely impact the Company's investments. This leverage could result in more serious adverse consequences to such companies (including their overall profitability or solvency) in the event these factors or events occur than would be the case for less leveraged companies. If an issuer of the Company's portfolio investments cannot generate adequate cash flow to meet debt obligations, the issuer could default on its loan agreements or be forced into bankruptcy resulting in a restructuring of the company's capital structure or liquidation of the company. Furthermore, to the extent issuers in which the Company is invested have become insolvent, the Company could determine, in cooperation with other debtholders or on its own, to engage, at the Company's expense, in whole or in part, counsel and other advisors in connection therewith. In addition to leverage in the capital structure of the issuer, the Company can incur leverage. See "Item 1A. Risk Factors - Leverage Risk."

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***Risk of Distressed Debt, Litigation, Bankruptcy and Other Proceedings.*** The Company will, from time to time, be invested in debt securities and other obligations of companies that are experiencing significant financial or business distress. Investments in distressed securities involve a material risk of involving the Company in a related litigation. Such litigation can be time-consuming and expensive and can frequently lead to unpredicted delays or losses. Litigation expenses, including payments pursuant to settlements or judgments, generally will be borne by the Company.

From time to time, the Adviser will make investments for the Company in companies involved in bankruptcy proceedings. There are a number of significant risks when investing in companies involved in bankruptcy proceedings, and many events in a bankruptcy are the product of contested matters and adversary proceedings which are beyond the control of the creditors. A bankruptcy filing could have adverse and permanent effects on a company. Further, if the proceeding is converted to a liquidation, the liquidation value of the company might not equal the liquidation value that was believed to exist at the time of the investment. In addition, the duration of a bankruptcy proceeding is difficult to predict. A creditor's return on investment can be impacted adversely by delays while the plan of reorganization is being negotiated, approved by the creditors and confirmed by the bankruptcy court, and until it ultimately becomes effective. Certain claims, such as claims for taxes, wages and certain trade claims, could have priority by law over the claims of certain creditors and administrative costs in connection with a bankruptcy proceeding are frequently high and will be paid out of the debtor's estate prior to any return to creditors.

Certain investments of the Company could be subject to federal bankruptcy law and state fraudulent transfer laws, which vary from state to state, if the debt obligations relating to such investments were issued with the intent of hindering, delaying or defrauding creditors or, in certain circumstances, if the issuer receives less than reasonably equivalent value or fair consideration in return for issuing such debt obligations. If the debt is used for a buyout of shareholders, this risk is greater than if the debt proceeds are used for day-to-day operations or organic growth. If a court were to find that the issuance of the debt obligations was a fraudulent transfer or conveyance, the court could void or otherwise refuse to recognize the payment obligations under the debt obligations or the collateral supporting such obligations, further subordinate the debt obligations or the liens supporting such obligations to other existing and future indebtedness of the issuer or require the Company to repay any amounts received by it with respect to the debt obligations or collateral. In the event of a finding that a fraudulent transfer or conveyance occurred, the Company might not receive any repayment on the debt obligations.

Under certain circumstances, payments to the Company could be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings could be adversely affected by statutes relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the court's discretionary power to disallow, subordinate or disenfranchise particular claims or recharacterize investments made in the form of debt as equity contributions.

Under the Bankruptcy Code, a lender that has inappropriately exercised control of the management and policies of a company that is a debtor under the Bankruptcy Code could have its claims against the company subordinated or disallowed or could be found liable for damages suffered by parties as a result of such actions. Such claims could also be disallowed or subordinated to the claims of other creditors if the lender (e.g., the Company) (i) is found to have engaged in other inequitable conduct resulting in harm to other parties, (ii) intentionally takes action that results in the undercapitalization of a borrower, (iii) engages in fraud with respect to, or makes misrepresentations to other creditors, or (iv) uses its influence as a shareholder to dominate or control a borrower to the detriment of other creditors of such borrower. The lender's investment could also be recharacterized or treated as equity if it is deemed to be a contribution to capital, or if the lender attempts to control the outcome of the business affairs of a company prior to its filing under the Bankruptcy Code. While the Company attempts to avoid taking the types of action that would lead to the subordination, disallowance and liability described above, there can be no assurance that such claims will not be asserted or that the Company will be able successfully to defend against them.

From time to time, the Company seeks to place its representatives on the boards of certain companies in which the Company has invested. The Company could also invest in companies in which KKR and/or other KKR clients or accounts will have representatives on the boards of such companies. While such representation could enable the Company to enhance the sale value of its debt investments in a company, such involvement (and/or an equity stake by the Company, KKR or other KKR clients or accounts in such company) could also prevent the Company from freely disposing of its debt investments and could subject the Company to additional liability or result in recharacterization of the Company's debt investments as equity. The Company attempts to balance the advantages and disadvantages of such representation when deciding whether and how to exercise its rights with respect to such companies, but the exercise of such rights could produce adverse consequences in particular situations.

Insofar as the Company's portfolio includes obligations of non-U.S. obligors, the laws of certain foreign jurisdictions could provide for avoidance remedies under factual circumstances similar to those described above or under different

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circumstances, with consequences that might or might not be analogous to those described above under U.S. federal or state laws. Changes in bankruptcy laws (including U.S. federal and state laws and applicable non-U.S. laws) could adversely impact the Company's securities.

***Convertible Securities Risk.*** Convertible securities are bonds, debentures, notes, preferred stocks or other securities that can be converted into or exchanged for a specified amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles its holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields than common stocks, but lower yields than comparable non-convertible securities; (ii) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics; and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases.

The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also could have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security will be increasingly influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income instrument. Generally, the amount of the premium decreases as the convertible security approaches maturity. Although under normal market conditions longer-term convertible debt securities have greater yields than do shorter-term convertible debt securities of similar quality, they are subject to greater price fluctuations.

***Risk of Non-Controlling Equity Investments; Investments in Equity Securities; Investments and Joint Ventures with Third Parties.*** While the Company intends to invest primarily in debt investments, it will, from time to time, also make non-controlling equity investments and investments in equity and equity-linked securities. The value of equity securities, including common stock, preferred stock and convertible stock, will fluctuate in response to factors affecting the particular company, as well as broader market and economic conditions. Prices of equity securities fluctuate for many reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuer occur. Moreover, in the event of a company's bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stockholders and are likely to have varying types of priority over holders of preferred and convertible stock. These risks could increase fluctuations in the Company's NAV. If the Company's investments in equity securities are incidental to the Company's investments in loans or fixed-income instruments, the Company frequently could possess material non-public information about a borrower or issuer as a result of its ownership of a loan or fixed-income instrument of a borrower or issuer. Because of prohibitions on trading in securities while in possession of material non-public information, the Company might be unable to enter into a transaction in a security of the borrower or issuer when it would otherwise be advantageous to do so.

The Company also could be exposed to risks that issuers will not fulfill contractual obligations such as, in the case of convertible instruments or private placements, delivering marketable common stock upon conversions of convertible instruments and registering restricted securities for public resale. With respect to non-controlling equity investments, the Company could have a limited ability to protect its position in such investments.

From time to time, the Company will also co-invest with third parties through partnerships, joint ventures or other entities, thereby acquiring jointly-controlled or non-controlling interests in certain investments in conjunction with participation by one or more third parties in such investment. As a co-investor, the Company could have interests or objectives that are inconsistent with those of the third-party partners or co-venturers. Although the Company might not have full control over these investments and, therefore, could have a limited ability to protect its position therein, the Adviser expects that appropriate rights will be negotiated to protect the Company's interests. Nevertheless, such investments can involve risks not present in investments where a third party is not involved, including the possibility that a third-party partner or co-venturer could have financial difficulties resulting in a negative impact on such investment, could have economic or business interests or goals which are inconsistent with those of the Company, or could be in a position to take (or block) action in a manner contrary to the Company's investment objective or the increased possibility of default by, diminished liquidity or insolvency of, the third party, due to a sustained or general economic downturn. Third-party partners or co-venturers could opt to liquidate an investment at a time during which such liquidation is not optimal for the Company. In addition, the Company could in certain circumstances be liable for the actions of its third-party partners or co-venturers. In

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those circumstances where such third parties involve a management group, such third parties could receive compensation arrangements relating to such investments, including incentive compensation arrangements.

***U.S. Government Debt Securities Risk.*** U.S. government debt securities generally do not involve the credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from other securities. Like other debt securities, however, the values of U.S. government securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Company's NAV. Since the magnitude of these fluctuations will generally be greater at times when the Company's average maturity is longer, under certain market conditions the Company will for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities. In 2008, FHFA placed Fannie Mae and Freddie Mac into conservatorship. As conservator, FHFA succeeded to all rights, titles, powers and privileges of Fannie Mae and Freddie Mac and of any stockholder, officer or director of Fannie Mae and Freddie Mac and the assets of Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are continuing to operate as going concerns while in conservatorship and each remains liable for all of its respective obligations, including guaranty obligations, associated with its mortgage-backed securities. There is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not lose value or default. Any Company investments issued by Federal Home Loan Banks and Fannie Mae could ultimately lose value.

***LIBOR Replacement Risk and Floating Rate Benchmark Risk.*** The London Interbank Offered Rate ("LIBOR") was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of LIBOR settings has ceased, and regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. As a result of legislative mechanisms and industry-wide efforts to replace LIBOR with alternative floating-rate benchmarks, LIBOR has been replaced in many loans, notes, derivatives and other instruments or investments.

Although the transition process away from LIBOR has become generally well-defined, there remains uncertainty regarding the nature of alternative floating rate benchmarks, the continued utilization of synthetic LIBOR and the remaining work to be done in connection with the LIBOR transition. LIBOR's replacement could lead to significant short-term and long-term uncertainty and market instability. Developments around LIBOR's replacement or the adoption of alternative floating rate benchmarks, including the Secured Overnight Financing Rate ("SOFR"), reference rates based on SOFR, the Euro InterBank Offered Rate ("EURIBOR"), and the Sterling Overnight Index Average ("SONIA"), could negatively impact financial markets in general and present heightened risks, including with respect to the Company's investments. No single alternative floating rate benchmark has replaced LIBOR and no alternative floating rate benchmark (including SOFR, reference rates based on SOFR, EURIBOR, and SONIA) perform in the same way that LIBOR did, which may further impact the Company's investments. As a result of this uncertainty and developments relating to the transition process, the Company and its investments may be adversely affected.

***Sustainability Risks*** The Adviser will assess sustainability-related risks on an investment-by-investment basis. The likely impacts of sustainability-related risks on the returns of the Company will depend on the Company's exposure to investments that are vulnerable to sustainability-related risks and the magnitude of the sustainability-related risks. The nature and scope of the Adviser's sustainability-related diligence, if any, will vary depending on the investment opportunity but may include a review of, among other things, environmental management, social management, sponsor reputation, financial controls, committed management, organizational structure and litigation issues. The negative impacts of sustainability-related risks on the Company may be mitigated by the Adviser's approach to integrating sustainability-related risks in its investment decision-making. However, there is no guarantee that these measures will mitigate or prevent sustainability-related risks from materializing in respect of the Company.

The likely impact on the returns of the Company from an actual or potential significant decline in the value of an investment due to a sustainability-related event or condition will vary and depend on several factors including, but not limited to, the type, extent, complexity and duration of the event or condition, prevailing market conditions and the existence of any mitigating factors.

The sustainability information used to evaluate sustainability-related risks may be provided by third-party sources and is based on backward-looking analysis. The subjective nature of non-financial sustainability criteria means a wide variety of outcomes are possible. The data may not adequately address significant sustainability factors. The risk analysis is also dependent on companies disclosing relevant data and the availability of this data can be limited. Selecting and evaluating sustainability factors is subjective by nature, and there is no guarantee that the criteria utilized or judgment exercised by our Adviser or a third-party sustainability specialist (if any) will reflect the beliefs, values, internal policies or preferred practices of any particular investor or align with the beliefs or values or preferred practices of other asset managers or with

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market trends. Further, sustainability considerations are continuously evolving, including from an assessment, regulatory and compliance standpoint, and our Adviser may not accurately or fully anticipate such evolution.

Although we view our sustainable investing approach as a tool for value creation and value protection, different stakeholder groups have divergent views on the merits of integrating sustainability considerations into the investment process. Increasing governmental, investor and societal attention to sustainability-related matters, including expanding mandatory and voluntary reporting, diligence, and disclosure on topics such as climate change, human capital, labor and risk oversight, could expand the nature, scope, and complexity of matters that we are required to control, assess and report. These factors may alter the environment in which we do business and may increase the ongoing costs of compliance and adversely impact our results of operations and cash flows. If we are unable to adequately address such sustainability-related matters or we fail or are perceived to fail to comply with all laws, regulations, policies and related interpretations, it could negatively impact our reputation and our business results.

**Increasing scrutiny from stakeholders and regulators with respect to sustainability matters may impose additional costs and expose us to additional risks.**

***Legal and Regulatory Risk.*** Legal and regulatory changes could occur that would materially adversely affect the Company. The regulation of the U.S. and non-U.S. securities and futures markets and investment funds such as the Company has undergone substantial change in recent years, and such change could continue.

For example, the Dodd-Frank Act contains changes to the existing regulatory structure in the United States and is intended to establish rigorous oversight standards to protect the U.S. economy and American consumers, investors and businesses, including provisions that would significantly alter the regulation of commodity interests and comprehensively regulate the OTC derivatives markets for the first time in the United States. The Dodd-Frank Act and the rules that have been or will be promulgated thereunder by relevant regulators could negatively impact the ability of the Company to meet its investment objective either through limits or requirements imposed on it or upon its counterparties. The implementation of the Dodd-Frank Act will occur over a period of time, and it is unknown in what form, when and in what order significant regulatory initiatives will be implemented or the impact any such implemented regulations will have on the Company, the markets or instruments in which the Company invests or the counterparties with which the Company conducts business. The effect of the Dodd-Frank Act or other regulatory change on the Company, while impossible to predict, could be substantial, adverse and potentially limit or completely restrict the ability of the Company to implement its investment strategy or increase the costs of using certain instruments or make them less effective. In addition, the practice of short selling has been the subject of numerous temporary restrictions, and similar restrictions could be promulgated at any time. Such restrictions could adversely affect the returns of the Company.

***Event Driven Investing Risk.*** The Company will, from time to time, invest in companies in expectation of a specific event or catalyst, which could be external (e.g., a macro event impacting relevant markets) or an event that is idiosyncratic to the company (e.g., a future capital markets event). Such event-driven investing requires the investor to make predictions about (i) the likelihood that an event will occur and (ii) the impact such event will have on the value of the Company's investment in the relevant company. If the event fails to occur or it does not have the effect foreseen, losses can result. For example, the adoption of new business strategies or completion of asset dispositions or debt reduction programs by a company might not be valued as highly by the market as the Adviser had anticipated, resulting in losses. In addition, a company could announce a plan of restructuring which promises to enhance value and fail to implement it, resulting in losses to investors. In liquidations and other forms of corporate reorganization, the risk exists that the reorganization either will be unsuccessful, will be delayed or will result in a distribution of cash or a new security, the value of which will be less than the purchase price to the Company of the investment in respect of which such distribution was made.

***Valuation Risk.*** The valuation of the Company's investments generally carries more risk than that of common stock. Uncertainties in the conditions of the financial markets, unreliable reference data, lack of transparency and inconsistency of valuation models and processes could lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Company. As a result, the Company will, from time to time, be subject to the risk that when an investment is sold in the market, the amount received by the Company is less than the value of such investment carried on the Company's books. In addition, when an investor purchases or tenders Shares, the investor may receive fewer or more Shares or lower or higher tender proceeds than they would have received if the instruments had not been fair valued or if the Company had employed an alternative valuation method. It is expected that most of the Company's investments will not have readily available market quotations, which will require the Company to fair value, in accordance with the Company's valuation policies, such investments on the valuation date. Fair value pricing is based on subjective judgments. In addition, the Company may engage third-party valuation agents to assist in valuing certain investments. An investment may not have a readily ascertainable market value and accordingly, could potentially make it difficult to determine a fair value of an investment and may yield an inaccurate valuation. Further, because of the Adviser's knowledge of the investment, the valuation agent may take into account the Adviser's input even where such input may not be accurate or the determination thereof involved a conflict of interest.

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***Liquidity Risk.*** The Company intends to invest without limit in securities that, at the time of investment, are illiquid. The Company, from time to time, also invests in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Company's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities.

Illiquid and restricted securities can be difficult to dispose of at a fair price at the times when the Company believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which could adversely affect the price that the Company pays for or recovers upon the sale of such securities. Illiquid and restricted securities are also more difficult to value, especially in challenging markets, and the Adviser's judgment will play a greater role in the valuation process. Investment of the Company's assets in illiquid and restricted securities could restrict the Company's ability to take advantage of market opportunities. In order to dispose of an unregistered security, the Company, where it has contractual rights to do so, could have to cause such security to be registered. A considerable period could elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Company to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the securities. In either case, the Company would bear market risks during that period.

Some loans and fixed-income instruments are not readily marketable and could be subject to restrictions on resale. Loans and fixed-income instruments might not be listed on any national securities exchange and no active trading market might exist for certain of the loans and fixed-income instruments in which the Company invests. Where a secondary market exists, the market for some loans and fixed-income instruments could be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. In addition, events occurring subsequent to an investment by the Company, including, for example, withdrawals, changes in market, political or other relevant circumstances, could cause some loans and fixed-income instruments that were liquid at the time of acquisition to become illiquid or otherwise cause the Company's concentration in illiquid investments to increase.

***Distributions Risk.*** The Company may not achieve investment results that will allow it to make a specified or stable level of cash distributions and its distributions may decrease over time. In addition, due to the asset coverage test applicable to the Company as a BDC, the Company may be limited in its ability to make distributions.

The amount of any distributions the Company may make is uncertain. The Company's distributions may exceed its earnings, particularly during the period before it has substantially invested the net proceeds from its continuous offering of Common Shares. Therefore, portions of the distributions that the Company makes may represent a return of capital to you that will reduce your tax basis in your shares and reduce the amount of funds the Company has for investment in targeted assets.

The Company may fund its cash distributions to holders of Common Shares or preferred shares from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies and fee and expense reimbursement waivers from the Adviser, if any. The Company's ability to pay distributions might be adversely affected by, among other things, the impact of one or more of the risk factors described in this report. In addition, the inability to satisfy the asset coverage test applicable to the Company as a BDC may limit the Company's ability to pay distributions. All distributions are and will be paid at the discretion of the Board of Directors and will depend on the Company's earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations and such other factors as the Board of Directors may deem relevant from time to time. The Company cannot assure you that it will continue to pay distributions to its shareholders in the future. In the event that the Company encounters delays in locating suitable investment opportunities, the Company may pay all or a substantial portion of distributions from the proceeds of its continuous offering of Common Shares or from borrowings or sources other than cash flow from operations in anticipation of future cash flow, which may constitute a return of your capital. To the extent the Company makes distributions to holders of Common Shares or preferred shares that includes a return of capital, such portion of the distribution would constitute a return of your investment, rather than a return of earnings or gains derived from the Company's investment activities, that would reduce your tax basis in the Company's Shares, which may result in increased tax liability to shareholders when they sell such shares.

***Risk that the Company May Have Difficulty Paying Distributions and the Tax Character of Any Distributions is Uncertain.*** The Company generally intends to distribute substantially all of its available earnings annually by paying distributions on a monthly basis, as determined by the Board in its discretion. The Company cannot assure investors that it will achieve investment results that will allow it to make a specified level of cash distributions (particularly during the early stages of the Company's operations) or year-to-year increases in cash distributions. The Company's ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this report. Due to

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the asset coverage test applicable to the Company under the 1940 Act as a BDC, the Company may be limited in its ability to make distributions. In addition, for so long as the Company's credit facilities are outstanding, the Company anticipates that it may be required by each such facility's terms to use all payments of interest and principal that it receives from its current investments as well as any proceeds received from the sale of its current investments to repay amounts outstanding thereunder, which could adversely affect the Company's ability to make distributions.

Furthermore, the tax treatment and characterization of the Company's distributions may vary significantly from time to time due to the nature of its investments. The ultimate tax characterization of the Company's distributions made during a taxable year may not finally be determined until after the end of that taxable year. The Company may make distributions during a taxable year that exceed its investment company taxable income and net capital gains for that taxable year. In such a situation, the amount by which the Company's total distributions exceed investment company taxable income and net capital gains generally would be treated as a return of capital up to the amount of a shareholder's tax basis in the shares, with any amounts exceeding such tax basis treated as a gain from the sale or exchange of such shares. A return of capital generally is a return of a shareholder's investment rather than a return of earnings or gains derived from the Company's investment activities. Moreover, the Company may pay all or a substantial portion of its distributions from the proceeds of the sale of the Company's Shares or from borrowings or sources other than cash flow from operations in anticipation of future cash flow, which may constitute a return of shareholders' capital and will reduce such shareholders' tax basis in the Company's Shares, which may result in increased tax liability to shareholders when they sell such shares.

***Realized Losses Risk.*** As a BDC, the Company will be required to carry its investments at market value or, if no market value is ascertainable, at the fair value as determined pursuant to policies adopted by the Adviser and subject to the oversight of the Board of Directors. Decreases in the market value or fair value of the Company's investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in the Company's portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to the Company with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of the Company's income available for distribution in future periods. In addition, decreases in the market value or fair value of the Company's investments will reduce its NAV.

***Inflation/Deflation Risk.*** Inflation risk is the risk that the intrinsic value of certain assets or income from the Company's investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Shares and distributions on the Shares can decline.

Deflation risk is the risk that prices throughout the economy decline over time—the opposite of inflation. Deflation could have an adverse effect on the creditworthiness of issuers and could make issuer defaults more likely, which could result in a decline in the value of the Company's portfolio.

***Investment Funds Risk.*** The Company may invest in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities which would be required to register as investment companies but for an exclusion under Sections 3(c)(1) and 3(c)(7) of the 1940 Act. The Company's investments in private funds are subject to substantial risks. Investments in such private investment funds expose the Company to the risks associated with the businesses of such funds or entities as well as such private investment funds' portfolio companies. These private investment funds may or may not be registered investment companies and, thus, may not be subject to protections afforded by the 1940 Act, covering, among other areas, liquidity requirements, governance by an independent board, affiliated transaction restrictions, leverage limitations, public disclosure requirements and custody requirements.

The Company relies primarily on information provided by managers of private investment funds in valuing its investments in such funds. There is a risk that inaccurate valuations provided by managers of private investment funds could adversely affect the value of the Company's Shares. In addition, there can be no assurance that a manager of a private investment fund will provide advance notice of any material change in such private investment fund's investment program or policies and thus, the Company's investment portfolio may be subject to additional risks which may not be promptly identified by the Adviser. Moreover, the Company may not be able to withdraw its investments in certain private investment funds promptly after the Company makes a decision to do so, which may result in a loss to the Company and adversely affect its investment returns.

Investments in the securities of private investment funds may also involve duplication of advisory fees and certain other expenses. Shareholders of the Company bear a pro rata portion of the Company's advisory fees and other expenses, and also indirectly bear a pro rata portion of the advisory fees, performance-based allocations and other expenses borne by the Company as an investor in private investment funds. In addition, the purchase of the shares of some private investment funds requires the payment of sales loads and (in the case of closed-end investment companies) sometimes substantial premiums above the value of such investment companies' portfolio securities. In addition, certain private investment funds may subject the Company to liquidity risk.

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***Risk that the Company will be Unable to Raise Substantial Funds.*** If the Company is unable to raise substantial funds, then the Company will be more limited in the number and type of investments it may make, its expenses may be higher relative to its total assets, and the value of your investment in the Company may be reduced in the event the Company's assets under-perform. Amounts that the Company raises may not be sufficient for it to purchase a broad portfolio of investments. To the extent that less than the maximum number of Common Shares is subscribed for, the opportunity for the Company to purchase a broad portfolio of investments may be decreased and the returns achieved on those investments may be reduced as a result of allocating all of the Company's expenses among a smaller capital base. If the Company is unable to raise substantial funds, it may not achieve certain economies of scale and its expenses may represent a larger proportion of its total assets.

***Conflicts of Interest Risk.*** The Adviser will experience conflicts of interest in connection with the management of the Company, relating to the allocation of the Adviser's time and resources between the Company and other investment activities; the allocation of investment opportunities by the Adviser and its affiliates; compensation to the Adviser; services provided by the Adviser and its affiliates to issuers in which the Company invests; investments by the Company and other clients of the Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds by the Adviser; differing recommendations given by the Adviser to the Company versus other clients; and the Adviser's use of information gained from issuers in the Company's portfolio to aid investments by other clients, subject to applicable law.

In addition, the Adviser's investment professionals will, from time to time, acquire confidential or material, non-public information concerning an entity in which the Company has invested, or propose to invest, and the possession of such information generally will limit the Adviser's ability to buy or sell particular securities of such entity on behalf of the Company, thereby limiting the investment opportunities or exit strategies available to the Company. In addition, holdings in the securities of an issuer by the Adviser or its affiliates will affect the ability of the Company to make certain acquisitions of, or enter into certain transactions with, such issuer. From time to time, broker-dealers and investment advisers affiliated with the Adviser will also acquire confidential or material non-public information concerning entities in which the Company has invested or proposes to invest, which could restrict the Adviser's ability to buy or sell (or otherwise transact in) securities of such entities, thus limiting investment opportunities or exit strategies available to the Company. See "Item 13. Certain Relationships and Related Transactions, and Director Independence - Certain Relationships and Related Transactions."

***Risk of Uncertain Tax Treatment.*** The Company will, from time to time, invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments present special tax issues for the Company. U.S. federal income tax rules are not entirely clear about issues such as when the Company will cease to accrue interest, OID or market discount, when and to what extent deductions can be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues are addressed by the Company to the extent necessary in order to seek to ensure that it distributes sufficient income to ensure that it does not become subject to U.S. federal income or excise tax.

***Risk of Complex Transactions/Contingent Liabilities/Guarantees and Indemnities.*** The Adviser pursues certain complex investment opportunities for the Company, which could involve substantial business, regulatory or legal complexity. Such complexity presents risks, as such transactions can be more difficult, expensive and time-consuming to finance and execute; it can be more difficult to manage or realize value from the assets acquired in such transactions; and such transactions sometimes entail a higher level of regulatory scrutiny or a greater risk of contingent liabilities. Additionally, in connection with certain transactions, the Company is required to make representations about the business and financial affairs of a portfolio company, provide guarantees in respect of payments by portfolio companies and other third parties and provide indemnities against losses caused by portfolio companies and other third parties. The Company will, from time to time, also be required to indemnify the purchasers of such investment to the extent that any such representations are inaccurate. These arrangements could result in the incurrence of contingent liabilities by the Company, even after the disposition of an investment and ultimately in material losses.

***Risk of Availability of Investment Opportunities; Competition.*** The activity of identifying, completing and realizing the types of investment opportunities targeted by the Adviser for the Company is highly competitive and involves a significant degree of uncertainty.

The Company competes for investment opportunities with other investment companies and private investment vehicles, as well as the public debt markets, individuals and financial institutions, including investment banks, commercial banks and insurance companies, business development companies, strategic industry acquirers, hedge funds and other institutional investors, investing directly or through affiliates. Over the past several years, a number of such investment vehicles have been formed (and many such existing entities have grown in size). Additional entities with similar investment objectives could be formed in the future by other unrelated parties. It is possible that competition for appropriate investment opportunities could increase, thus reducing the number of opportunities available to the Company. Such supply-side

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competition could adversely affect the terms upon which investments can be made by the Company. Moreover, transaction sponsors unaffiliated with the Company or KKR could be reluctant to present investment opportunities to the Company because of its affiliation with KKR. Furthermore, many of the Company's competitors are not subject to the regulatory restrictions that the 1940 Act imposes on BDCs or the source of income, asset diversification and distribution requirements the Company must satisfy to qualify and maintain its qualification as a RIC. There can be no assurance that the Adviser will be able to locate and complete investments which satisfy the Company's primary investment objective or to realize upon their values.

***Dependence on Key Personnel Risk.*** The Adviser depends on the efforts, skills, reputations and business contacts of its key personnel, the information and deal flow they and others generate during the normal course of their activities and the synergies among the diverse fields of expertise and knowledge held by the Adviser's professionals. The loss of the services of any of them could have a material adverse effect on the Company and could harm the Adviser's ability to manage the Company.

The Adviser's principals and other key personnel possess substantial experience and expertise and have strong business relationships with members of the business community. The loss of these personnel could jeopardize the Adviser's relationships with members of the business community and could result in fewer investment opportunities for the Company. For example, if any of the Adviser's principals were to join or form a competing firm, the Company's results and financial condition could suffer.

***Material Risks of Significant Methods of Analysis.*** The Adviser seeks to conduct reasonable and appropriate due diligence based on the facts and circumstances applicable to each investment. When conducting due diligence and making an assessment regarding an investment for the Company, the Adviser relies on available resources, including information provided by the target of the investment and, in some circumstances, third-party investigations. As a result, the due diligence process can at times be subjective with respect to companies for which only limited information is available. Accordingly, the Adviser cannot be certain that due diligence investigations with respect to any investment opportunity for the Company will reveal or highlight all relevant facts (including fraud) that could be necessary or helpful in evaluating such investment opportunity, or that its due diligence investigations will result in investments for the Company being successful. There can be no assurance that the projected results of an investment opportunity will be achieved for the Company, and actual results could vary significantly from the projections. General economic, natural, and other conditions, which are not predictable, can have an adverse impact on the reliability of such projections. Assumptions or projections about asset lives; the stability, growth, or predictability of costs; demand; or revenues generated by an investment or other factors associated therewith could, due to various risks and uncertainties including those described herein, differ materially from actual results.

***Market Developments Risk.*** Periods of market volatility remain, and could continue to occur in the future, in response to various political, social and economic events both within and outside of the United States. Instability in the credit markets could make it more difficult for a number of issuers of debt securities to obtain financing or refinancing for their investment or lending activities or operations. In particular, because of volatile conditions in the credit markets, issuers of debt securities could be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities they issue.

For example, certain borrowers could, due to macroeconomic conditions, be unable to repay secured loans. A borrower's failure to satisfy financial or operating covenants imposed by lenders could lead to defaults and, potentially, termination of the secured loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the borrower's ability to meet its obligations under its debt securities. The Company will, from time to time, incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting borrower. In addition, if one of the borrowers were to commence bankruptcy proceedings, even though the Company will have structured its interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize the Company's debt holding and subordinate all or a portion of its claim to that of other creditors. Adverse economic conditions also could decrease the value of collateral securing some of the Company's loans and the value of its equity investments. A recession could lead to financial losses in our portfolio and a decrease in revenues, net income and the value of the Company's assets.

These developments could increase the volatility of the value of securities owned by the Company. These developments also could make it more difficult for the Company to accurately value its securities or to sell its securities on a timely basis. These developments also could adversely affect the broader economy, which in turn could adversely affect the ability of issuers of securities owned by the Company to make payments of principal and interest when due, leading to lower credit ratings of the issuer and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Company and adversely affect the NAV of the Shares.

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***Banking Sector and Financial Markets Instability.*** In early 2023, bank closures in the United States and Europe caused uncertainty for financial services companies—especially in the banking sector, and U.S. middle market banks in particular—and fear of instability in the global financial system generally. Many financial institutions experienced volatile stock prices and significant losses in their equity value, and there is concern that depositors have withdrawn, or could withdraw in the future, significant sums from their accounts at these institutions (each, a "Distress Event"). As a result, U.S. governmental agencies (including the U.S. Federal Deposit Insurance Corporation (the "FDIC") and the U.S. Federal Reserve Board) intervened directly and indirectly to protect the uninsured depositors of banks that closed or who experienced a significant Distress Event. There is a risk that other financial institutions could undergo Distress Events as a result of contagion disconnected from market fundamentals or for other reasons, and it is unclear what steps regulators would take, if any, in the event of further bank closures or continuing (or increasing) market distress.

Banks and other financial institutions, including those that could undergo Distress Events could provide credit facilities and/or other forms of financing to the Company or its portfolio companies. There can be no assurance that such financial institutions will honor their obligations as creditors or that another financial institution would be willing and able to provide replacement financing or similar capabilities and on similar terms.

If a financial institution closes, whether as a result of a Distress Event or otherwise, there is no guarantee that its uninsured depositors, which could include the Company and/or its portfolio companies, will be made whole or, even if made whole, that such deposits will become available for withdrawal in short order. Pursuant to statute, U.S. bank accounts are insured by the FDIC in an amount up to $250,000. While the U.S. government has considered raising that limit, there can be no guarantee that such limit will be increased. As a consequence, for example, if a Distress Event occurs, the Company or portfolio companies could be delayed or prevented from accessing a portion or all of their bank accounts or making required payments under their debt or other contractual obligations.

Distress Events could have a potentially adverse effect on the ability of the Adviser to manage the Company and its investments, and on the ability of the Adviser, the Company and any portfolio company to maintain operations, which in each case could result in significant losses and in unconsummated investment acquisitions and dispositions. Such losses could include: a loss of funds; an obligation to pay fees and expenses in the event the Company is not able to close a transaction (whether due to the inability to draw capital on a credit line provided by a financial institution experiencing a Distress Event, the inability of the Company to access capital contributions or otherwise); the inability of the Company to acquire or dispose of investments, or acquire or dispose of such investments at prices that the Adviser believes reflect the fair value of such investments; and the inability of portfolio companies to make payroll, fulfill obligations or maintain operations. If a Distress Event leads to a loss of access to a financial institution's services, it is also possible that the Company or a portfolio company will incur additional expenses or delays in putting in place alternative arrangements or that such alternative arrangements will be less favorable than those formerly in place (with respect to economic terms, service levels, access to capital, or otherwise). Although the Adviser expects to exercise contractual remedies under agreements with financial institutions in the event of a Distress Event, there can be no assurance that such remedies will be successful or avoid losses or delays. The Company and its portfolio companies are subject to similar risks if any financial institution utilized by investors in the Company or by suppliers, vendors, service providers or other counterparties of the Company or a portfolio company becomes subject to a Distress Event, which could have a material adverse effect on the Company.

Many financial institutions require, as a condition to using their services (including lending services), that the Adviser and/or the Company maintain all or a set amount or percentage of their respective accounts or assets with the financial institution, which heightens the risks associated with a Distress Event with respect to such financial institutions. Although the Adviser seeks to do business with financial institutions that it believes are creditworthy and capable of fulfilling their respective obligations to the Company, the Adviser is under no obligation to use a minimum number of financial institutions with respect to the Company or to maintain account balances at or below the relevant insured amounts.

Uncertainty caused by recent bank failures—and general concern regarding the financial health and outlook for other financial institutions—could have an overall negative effect on banking systems and financial markets generally. The recent developments could also have other implications for broader economic and monetary policy, including interest rate policy. For the foregoing reasons, there can be no assurances that conditions in the banking sector and in global financial markets will not worsen and/or adversely affect the Company or one or more of its portfolio investments or its overall performance.

***Market Disruptions from Natural Disasters or Geopolitical Risks.*** Political instability, the ongoing epidemics of infectious diseases in certain parts of the world, terrorist attacks in the United States and around the world, natural disasters, social and political discord, debt crises (such as the Greek crisis), sovereign debt downgrades, or the exit or potential exit of one or more countries from the EU (such as the UK) or the European Economic and Monetary Union, among others, could result in market volatility, could have long term effects on the United States and worldwide financial

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markets, and could cause further economic uncertainties in the United States and worldwide. The Company cannot predict the effects of natural disasters or geopolitical events in the future on the economy and securities markets.

***Risk of Government Intervention in the Financial Markets.*** During the global financial crisis, the U.S. government took a number of actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. The U.S. government took certain similar actions during the COVID-19 outbreak. Federal, state, and other governments, their regulatory agencies or self-regulatory organizations could take additional actions that affect the regulation of the securities in which the Company invests, or the issuers of such securities, in ways that are unforeseeable. Borrowers under secured loans held by the Company could seek protection under the bankruptcy laws. Legislation or regulation could also change the way in which the Company itself is regulated. Such legislation or regulation could limit or preclude the Company's ability to achieve its investment objective. The Adviser monitors developments and seeks to manage the Company's portfolio in a manner consistent with achieving the Company's investment objective, but there can be no assurance that it will be successful in doing so.

***Portfolio Turnover Risk.*** The Company's annual portfolio turnover rate could vary greatly from year to year, as well as within a given year. Portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Company. High portfolio turnover could result in the realization of net short-term capital gains by the Company which, when distributed to shareholders, will be taxable as ordinary income. A high portfolio turnover could increase the Company's current and accumulated earnings and profits, resulting in a greater portion of the Company's distributions being treated as a dividend to the shareholders. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Company.

***Duration Risk.*** Duration is the sensitivity, expressed in years, of the price of a fixed income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes than securities with shorter durations. Duration differs from maturity in that it considers potential changes to interest rates, a security's coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

***Risks Relating to Company's RIC Status.*** To qualify and remain eligible for the special tax treatment accorded to RICs and their shareholders under the Code, the Company must meet certain source-of-income, asset diversification and annual distribution requirements. Very generally, in order to qualify as a RIC, the Company must derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in stock or other securities and currencies. The Company must also meet certain asset diversification requirements at the end of each quarter of each of its taxable years. Failure to meet these diversification requirements on the last day of a quarter could result in the Company having to dispose of certain investments quickly in order to prevent the loss of RIC status. Any such dispositions could be made at disadvantageous prices or times and could result in substantial losses to the Company. In addition, in order to be eligible for the special tax treatment accorded RICs, the Company must meet the annual distribution requirement, requiring it to distribute with respect to each taxable year at least 90% of the sum of its "investment company taxable income" (generally its taxable ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any) and its net tax-exempt income (if any) to its shareholders. See "Item 1. Business - Certain U.S. Federal Income Tax Considerations."

***Risk that the Company will be subject to Corporate-Level Income Tax if the Company is Unable to Qualify as a RIC Under Subchapter M of the Code or to Satisfy RIC Distribution Requirements.*** To obtain and maintain RIC tax treatment under Subchapter M of the Code, the Company must, among other things, meet annual distribution, income source and asset diversification requirements.

The Company must satisfy these tests on an ongoing basis in order to maintain RIC tax treatment, and may be required to make distributions to shareholders at times when it would be more advantageous to invest cash in the Company's existing or other investments, or when the Company does not have funds readily available for distribution. Compliance with the RIC tax requirements may hinder the Company's ability to operate solely on the basis of maximizing profits and the value of the Company's shareholders' investments. Also, the rules applicable to the Company's qualification as a RIC are complex, with many areas of uncertainty. If the Company fails to qualify for or maintain RIC tax treatment for any reason and is subject to corporate income tax, the resulting corporate taxes could substantially reduce the Company's net assets, the amount of income available for distribution and the amount of the Company's distributions. Such a failure may have a material adverse effect on the Company and on any investment in the Company. The Code provides certain forms of relief from RIC disqualification due to failures of income source and asset diversification requirements, although the Company could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions in order to re-qualify as a RIC. We cannot assure you that the Company would qualify for any such relief should the Company fail either the income source or asset diversification requirements.

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***Risk that the Company may have Difficulty Paying its Required Distributions if the Company Recognizes Income Before or Without Receiving Cash Representing Such Income.*** The characterization of distributions to shareholders is determined in accordance with federal income tax rules, which may differ from GAAP due to temporary and permanent differences in the recognition of income and expenses. For federal income tax purposes, the Company may be required to recognize taxable income in circumstances in which the Company does not receive a corresponding payment in cash. For example, if the Company holds debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), the Company must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Company in the same taxable year. The Company may also have to include in income other amounts that the Company has not yet received in cash, such as deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock, or interest income from investments that have been classified as non-accrual for financial reporting purposes. The Company anticipates that a portion of its income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Further, the Company may elect to amortize market discount and include such amounts in its taxable income in the current year, instead of upon disposition, as an election not to do so would limit its ability to deduct interest expenses for tax purposes.

Because any original issue discount or other amounts accrued will be included in the Company's investment company taxable income for the year of the accrual, the Company may be required to make a distribution to its shareholders in order to satisfy the annual distribution requirement, even though the Company will not have received any corresponding cash amount. As a result, the Company may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. The Company may have to sell some of its investments at times and/or at prices it would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Company is not able to obtain cash from other sources, it may not qualify for or maintain RIC tax treatment and thus it may become subject to corporate-level income tax.

Furthermore, the Company may invest in the equity securities of non-U.S. corporations (or other non-U.S. entities classified as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury Regulations as "passive foreign investment companies" and/or "controlled foreign corporations." The rules relating to investment in these types of non-U.S. entities are designed to ensure that U.S. taxpayers are either, in effect, taxed currently (or on an accelerated basis with respect to corporate level events) or taxed at increased tax rates at distribution or disposition. In certain circumstances, these rules also could require the Company to recognize taxable income or gains where the Company does not receive a corresponding payment in cash and, unless the income and gains are related to the Company's business of investing in stocks and securities, all or a portion of such taxable income and gains may not be considered qualifying income for purposes of the RIC income source requirements.

***Some of the Company's Investments May be Subject to Corporate-Level Income Tax.*** The Company may invest in certain debt and equity investments through taxable subsidiaries that are wholly owned or primarily controlled by the Company and primarily engage in investment activities in securities or other assets. The taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. The Company may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

With respect to any wholly-owned subsidiary of the Company, the Company will comply with the provisions of the 1940 Act governing capital structure and leverage on an aggregate basis with such subsidiary. In addition, the Adviser will comply with the provisions of the 1940 Act relating to investment advisory contracts as an investment adviser to any such subsidiary under Section 2(a)(20) of the 1940 Act by virtue of the fact that the subsidiary is a wholly-owned subsidiary of the Company and is governed under the same advisory agreement. Any subsidiary will also comply with the provisions relating to affiliated transactions and custody of the 1940 Act. Any subsidiary's custodian will be The Bank of New York Mellon.

***The Company's Portfolio Investments May Present Special Tax Issues.*** The Company expects to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments and certain equity securities may present special tax issues for the Company. U.S. federal income tax rules are not entirely clear about issues such as when the Company may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless debt in equity securities, how payments received on obligations in default should be allocated between principal and interest income, as well as whether exchanges of debt instruments in a bankruptcy or workout context are taxable. Such matters could cause the Company to recognize taxable income for U.S. federal income tax purposes, even in the absence of cash or economic gain, and require the Company to make taxable distributions to its shareholders to maintain its RIC status or preclude the imposition of either U.S. federal corporate income or excise taxation. Additionally, because such taxable income may not be matched by corresponding cash received by the Company, the Company may be required to borrow

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money or dispose of other investments to be able to make distributions to its shareholders. These and other issues will be considered by the Company, to the extent determined necessary, in order that the Company minimizes the level of any U.S. federal income or excise tax that it would otherwise incur.

***Risk that If the Company is Not Treated as a "Publicly Offered Regulated Investment Company," as Defined in the Code, U.S. Shareholders that are Individuals, Trusts or Estates will be Taxed as Though They Received a Distribution of Some of the Company's Expenses.*** The Company does not expect to be treated as a "publicly offered regulated investment company." If the Company is not treated as a "publicly offered regulated investment company," each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend for U.S. federal income tax purposes from the Company in the amount of such U.S. shareholder's allocable share of the management fees paid to the Adviser and certain of the Company's other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. Miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate.

***Risk that Legislative or Regulatory Tax Changes Could Adversely Affect Investors.*** At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of the Company or its shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in the Company's Shares or the value or the resale potential of the Company's investments.

***Cybersecurity Risks.*** Increased reliance on internet-based programs and applications to conduct transactions and store data creates growing operational and security risks. Targeted cyber-attacks or accidental events can lead to breaches in computer and data systems security, and subsequent unauthorized access to sensitive transactional and personal information held or maintained by KKR, its affiliates, and third-party service providers or counterparties. Any breaches that occur could result in a failure to maintain the security, confidentiality, or privacy of sensitive data, including personal information relating to investors and the beneficial owners of investors, and could lead to theft, data corruption, or overall disruption in operational systems. Criminals could use data taken in breaches in identity theft, obtaining loans or payments under false identities and other crimes that have the potential to affect the value of assets in which the Company invests. These risks have the potential to disrupt KKR's ability to engage in transactions, cause direct financial loss and reputational damage or lead to violations of applicable laws related to data and privacy protection and consumer protection. Cybersecurity risks also necessitate ongoing prevention and compliance costs.

***Artificial Intelligence and Machine Learning Developments Risk.*** Technological advances in artificial intelligence and machine learning technology (collectively, "Machine Learning Technology"), including the release of applications like OpenAI's ChatGPT, pose risks to KKR, the Company and the Company's portfolio companies. While KKR may utilize Machine Learning Technology in connection with its business and investment activities, KKR continues to evaluate and adjust internal policies governing use of Machine Learning Technology by its personnel. Notwithstanding any such policies, KKR personnel, senior advisors, industry advisors, executives and other associated persons of the KKR group or any KKR affiliates could, unbeknownst to KKR, utilize Machine Learning Technology in contravention of such policies. KKR, the Company and the Company's portfolio companies could be further exposed to the risks of Machine Learning Technology if third-party service providers or any counterparties, whether or not known to KKR, also use Machine Learning Technology in their business activities. KKR will not be in the position to control the manner in which third-party products are developed or maintained or the manner in which third-party services are provided.

There is also a risk that Machine Learning Technology may be misused or misappropriated by third parties engaged by KKR. For example, a user may input confidential information, including material non-public information or personally identifiable information, into Machine Learning Technology, resulting in such information becoming a part of a dataset that is accessible by third-party technology applications and users, including KKR's competitors. If KKR or third-party developers whose Machine Learning Technology KKR utilizes do not have sufficient rights to use the data or other material relied upon by such developers, KKR also may incur liability through the alleged violation of applicable laws and regulations, third-party intellectual property, data privacy, or other rights, or contractual obligations. Further, KKR may not be able to control how third-party Machine Learning Technology that KKR chooses to use are developed or maintained, or how data KKR inputs is used or disclosed, even where KKR has sought contractual protections with respect to these matters. The misuse or misappropriation of KKR data, unavoidable deficiencies in the practices associated with data collection, training Machine Learning Technology on large data sets, and big data analytics and difficulties validating data, could have an adverse impact on KKR's reputation and could subject KKR, the Company and the Company's portfolio companies to legal and regulatory investigations or actions or create competitive risk.

Independent of its context of use, Machine Learning Technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that Machine Learning Technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and

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error – potentially materially so – and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of Machine Learning Technology. To the extent that KKR, the Company or the Company's portfolio companies are exposed to the risks of Machine Learning Technology use, any such inaccuracies or errors could have adverse impacts on KKR, the Company or the Company's portfolio companies.

Machine Learning Technology and its applications, including in the financial sector, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments.

***Private and Middle Market Companies Risk.*** The Company will invest primarily in the debt of private middle-market U.S. companies, which involve a number of particular risks that might not exist in the case of large public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these companies could have limited financial resources and limited access to additional financing, which could increase the risk of their defaulting on their obligations, leaving creditors dependent on any guarantees or collateral they have obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these companies frequently have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there will not be as much information publicly available about these companies as would be available for public companies and such information might not be of the same quality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• these companies are more likely to depend on the management talents and efforts of a small group of persons; as a result, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on these companies' ability to meet their obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the frequency and volume of the trading of these companies generally is substantially less than is typical of larger companies and as such it could be more difficult for the Company to exit the investment in the company at its then fair value.

***Risks Arising from Purchases of Debt on a Secondary Basis.*** The Company will, from time to time, invest in loans and debt securities acquired on a secondary basis. The Company is unlikely to be able to negotiate the terms of such debt as part of its acquisition and, as a result, these investments might not include some of the covenants and protections the Company would generally seek. Even if such covenants and protections are included in the investments held by the Company, the terms of the investments could provide portfolio companies substantial flexibility in determining compliance with such covenants. In addition, the terms on which debt is traded on the secondary market could represent a combination of the general state of the market for such investments and either favorable or unfavorable assessments of particular investments by the sellers thereof.

***Loan Origination Risk.*** The Company or the Adviser may be required to obtain various state licenses in order to, among other things, originate commercial loans. Applying for and obtaining required licenses can be costly and take several months. There is no assurance that all of the necessary licenses will be obtained on a timely basis. Furthermore, there are various information and other requirements in order to obtain and maintain these licenses, and there is no assurance that such requirements will be satisfied. Failure to obtain or maintain licenses might restrict investment options and have other adverse consequences.

***Zero Coupon and PIK Bonds Risk.*** Because investors in zero coupon or PIK bonds receive no cash prior to the maturity or cash payment date applicable thereto, an investment in such securities generally has a greater potential for complete loss of principal and/or return than an investment in debt securities that make periodic interest payments. Such investments are more vulnerable to the creditworthiness of the issuer and any other parties upon which performance relies.

***Non-Diversified Company Risk***. The Company is a "non-diversified" investment company for purposes of the 1940 Act, which means that the Company is not subject to limitations under the 1940 Act on the percentage of its assets that may be invested in the securities of any one issuer. The Company's NAV may therefore be subject to greater volatility than that of an investment company that is subject to such a limitation on diversification.

***Leverage Risk*.** Use of leverage creates an opportunity for increased income and return for shareholders but, at the same time, creates risks, including the likelihood of greater volatility in the NAV and market price of, and distributions on, the Shares. Increases and decreases in the value of the Company's portfolio will be magnified if the Company uses leverage. Leverage can magnify interest rate risk, which is the risk that the prices of portfolio securities will fall (or rise) if market interest rates for those types of securities rise (or fall). As a result, leverage can cause greater changes in the Company's NAV, which will be borne entirely by the shareholders.

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As a BDC, the Company will generally be required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of the Company's borrowings and any preferred shares that it may issue in the future, of at least 150%. If this ratio were to fall below 150%, the Company could not incur additional debt and could be required to sell a portion of its investments to repay some debt when it is disadvantageous to do so. This could have a material adverse effect on the Company's operations and investment activities. Moreover, the Company's ability to make distributions to you may be significantly restricted or it may not be able to make any such distributions whatsoever. The amount of leverage that the Company will employ will be subject to oversight by the Board of Directors, a majority of whom will be Independent Directors with no material interests in such transactions.

The Company may also enter into derivative and similar transactions for hedging or investment purposes that may represent a form of economic leverage and will create risks. The potential loss on derivative instruments can be substantial relative to the initial investment therein. The SEC rule related to the use of derivatives, reverse repurchase agreements and certain other transactions by registered investment companies requires the Company to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to value-at-risk ("VaR") leverage limits and derivatives risk management program and reporting requirements. Generally, these requirements apply unless the Company satisfies a "limited derivatives users" exception. When the Company trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Company's asset coverage ratio as discussed below or treat all such transactions as derivatives transactions. The Company will calculate any leverage it incurs and satisfy any asset coverage requirements in compliance with SEC rules with respect to the use of derivatives. The SEC also provided guidance in connection with the new rule regarding the use of securities lending collateral that may limit the Company's securities lending activities. In addition, the Company is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that (i) the Company intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). The Company may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Company treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Furthermore, under the rule, the Company will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Company reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. These requirements may limit the ability of the Company to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. These requirements may increase the costs of the Company's investments and the costs of doing business.

***Limitations on Transfer and Liquidity Risks*.** No shareholder will be permitted to transfer its Shares without the consent of the Company. The transferability of Shares will be subject to certain restrictions contained in the Declaration of Trust and will be affected by restrictions imposed under applicable securities laws. No market currently exists for the Shares, and the Company contemplates that one will not develop. Shareholders do not have the right to require the Company to redeem their Shares during the life of the Company.

***Certain Investors Will be Subject to Exchange Act Filing Requirements.*** Because the Common Shares will be registered under the Exchange Act, ownership information for any person who beneficially owns 5% or more of the Common Shares will have to be disclosed in a Schedule 13G or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, the Company's shareholders who choose to reinvest their dividends may see their percentage stake in the Company increased to more than 5%, thus triggering this filing requirement. Each shareholder is responsible for determining their filing obligations and preparing the filings. In addition, the Company's shareholders who hold more than 10% of a class of our shares may be subject to Section 16(b) of the Exchange Act, which recaptures for the benefit of the Company profits from the purchase and sale of registered stock (and securities convertible or exchangeable into such registered stock) within a six-month period.

***As an SEC-Reporting Company, the Company is Subject to Regulations Not Applicable to Private Companies, such as Provisions of the Sarbanes-Oxley Act. Efforts to Comply with such Regulations Will Involve Significant Expenditures, and Non-Compliance with such Regulations May Adversely Affect the Company.*** As an SEC-reporting company, the Company is subject to the Sarbanes-Oxley Act, and the related rules and regulations promulgated by the SEC. The Company's management is required to report on the Company's internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. The Company is required to review on an annual basis its internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in the Company's internal control over financial reporting. As a relatively new company, developing and maintaining an effective system of internal controls

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may require significant expenditures, which may negatively impact the Company's financial performance and its ability to make distributions. This process also will result in a diversion of the Company's management's time and attention. The Company cannot be certain of when its evaluation, testing and remediation actions will be completed or the impact of the same on its operations. In addition, the Company may be unable to ensure that the process is effective or that its internal controls over financial reporting are or will be effective in a timely manner. In the event that the Company is unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, the Company may be adversely affected.

The Company is not required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404, and will not be required to comply with all of those requirements until it has been subject to the reporting requirements of the Exchange Act for a specified period of time or the date it is no longer an emerging growth company under the JOBS Act. Accordingly, the Company's internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that it will eventually be required to meet. The Company is in the process of addressing its internal controls over financial reporting and is establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Company.

The Company's independent registered public accounting firm will not be required to formally attest to the effectiveness of the Company's internal control over financial reporting until the later of the year following the Company's first annual report required to be filed with the SEC, or the date the Company is no longer an emerging growth company under the JOBS Act. Because the Company does not currently have comprehensive documentation of its internal controls and has not yet tested its internal controls in accordance with Section 404, the Company cannot conclude in accordance with Section 404 that it does not have a material weakness in its internal controls or a combination of significant deficiencies that could result in the conclusion that the Company has a material weakness in its internal controls.

***The Company is an "Emerging Growth Company" under the JOBS Act, and it Cannot be Certain if the Reduced Disclosure Requirements Applicable to Emerging Growth Companies will Make its Common Shares Less Attractive to Investors.*** For so long as the Company remains an "emerging growth company," it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. The Company cannot predict if investors will find its Common Shares less attractive because the Company will rely on some or all of these exemptions. If some investors find the Company's Common Shares less attractive as a result, there may be a less active market for an investment in the Common Shares.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate the Company since its financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence.

***Repurchase Risks.*** Although it is expected that the Company will offer to repurchase Shares from time to time, no assurances can be given that the Company will do so. In addition, there is no guarantee the Adviser will make a recommendation to repurchase Shares or what amount of Shares the Adviser will recommend to repurchase. In addition, the Board may decide not to follow such recommendation. The Company is not required to repurchase Shares and may be less likely to do so depending on the Company's portfolio or during periods of abnormal market conditions. There can be no assurance that a shareholder who requests the repurchase of its Shares will have such Shares repurchased. In connection with any repurchase, to the extent shareholders tender Shares representing, in the aggregate, a percentage of Company assets that is greater than the percentage set out in the offer, the portion of their Shares repurchased from each such shareholder will be pro-rated downward. In that case, shareholders will have to wait until the next repurchase offer, if any, to make another repurchase request. As a result, shareholders could be unable to liquidate all or a given percentage of their investment in the Company during a particular repurchase offer. Some shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular tender offer, thereby increasing the likelihood that proration will occur. Between the date specified in the notice describing the terms of the repurchase offer (the "Notice Due Date") and the date on which the NAV for tendered Shares is determined, the Company is subject to market and other risks and the NAV of Shares tendered in a repurchase offer could decline. In addition, the repurchase of Shares by the Company is generally a taxable event to shareholders.

Repurchase offers and the need to fund repurchase obligations affect the ability of the Company to be fully invested or force the Company to maintain a higher percentage of its assets in liquid investments, which could harm the Company's

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investment performance. Moreover, it is possible that diminution in the size of the Company through repurchases will result in an increased expense ratio for shareholders who do not tender their Shares for repurchase, will result in untimely sales of portfolio securities (with associated imputed transaction costs, which could be significant) and will limit the ability of the Company to participate in new investment opportunities or to achieve its investment objective. If at any time cash and other liquid assets held by the Company are not sufficient to meet the Company's repurchase obligations, the Company intends, if necessary, to sell investments. The Company, at its discretion, may choose to satisfy all or any portion of the amounts due to a shareholder in connection with any tender offer through an in-kind distribution of its assets. In addition, if the Company borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing the Company's expenses and reducing any net investment income.

***Failure to Maintain the Company's Status as a BDC Would Reduce its Operating Flexibility.*** The Company has elected to be treated as a BDC under the 1940 Act. If the Company does not remain a BDC, it might be regulated as a closed-end investment company under the 1940 Act, which would subject the Company to substantially more regulatory restrictions under the 1940 Act and correspondingly decrease its operating flexibility.

***The Company is Uncertain of its Future Sources for Funding its Future Capital Needs and if the Company Cannot Obtain Debt or Equity Financing on Acceptable Terms, or at all, its Ability to Acquire Investments and to Expand its Operations will be Adversely Affected.*** The Company intends to use the net proceeds from the Private Offering to (1) make investments in accordance with the Company's investment strategy and policies, (2) reduce borrowings and repay indebtedness incurred under various financing agreements the Company may enter into, (3) fund repurchases under the Company's share repurchase program, and (4) for general corporate purposes, including paying operating expenses and other various fees and expenses such as management fees. Any working capital reserves the Company maintains may not be sufficient for investment purposes, and the Company may require debt or additional equity financing in the future to operate. The Company may also need to access the capital markets to refinance debt obligations to the extent maturing obligations are not repaid with cash flows from operations. In order to maintain RIC tax treatment, the Company must distribute distributions to its shareholders each tax year on a timely basis generally of an amount at least equal to 90% of its investment company taxable income, determined without regard to any deduction for distributions paid, and the amounts of such distributions will therefore not be available to fund investment originations or to repay maturing debt. In addition, with certain limited exceptions, the Company is only allowed to borrow amounts or issue debt securities or preferred stock, which we refer to collectively as "senior securities," such that the Company's asset coverage, as calculated pursuant to the 1940 Act, equals at least 150% immediately after such borrowing, which, in certain circumstances, may restrict the Company's ability to borrow or issue debt securities or preferred stock. In the event that the Company develops a need for additional capital in the future for investments or for any other reason, and it cannot obtain debt or equity financing on acceptable terms, or at all, the Company's ability to acquire investments and to expand its operations will be adversely affected. As a result, the Company would be less able to allocate its portfolio among various issuers and industries and achieve its investment objective, which may negatively impact the Company's results of operations and reduce its ability to make distributions to its shareholders.

***The Requirement that the Company Invests a Sufficient Portion of its Assets in Qualifying Assets Could Preclude the Company from Investing in Accordance with its Current Business Strategy; Conversely, the Failure to Invest a Sufficient Portion of the Company's Assets in Qualifying Assets Could Result in its Failure to Maintain its Status as a BDC.*** As a BDC, the Company may not acquire any assets other than "qualifying assets," as listed in Section 55(a) of the 1940 Act, unless, at the time of and after giving effect to such acquisition, at least 70% of its total assets are qualifying assets. Therefore, the Company may be precluded from investing in what it believes are attractive investments if such investments are not qualifying assets. Similarly, these rules could prevent the Company from making additional investments in existing portfolio companies, which could result in the dilution of the Company's position, or could require it to dispose of investments at an inopportune time to comply with the 1940 Act. If the Company were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments. Conversely, if the Company fails to invest a sufficient portion of its assets in qualifying assets, it could lose its status as a BDC, which would subject the Company to substantially more regulatory restrictions and significantly decrease its operating flexibility.

***Regulations Governing the Company's Operation as a BDC and a RIC will Affect its Ability to Raise, and the Way in Which it Raises, Additional Capital or Borrow for Investment Purposes, Which may Have a Negative Effect on the Company's Growth.*** As a result of the annual distribution requirement to qualify as a RIC, the Company may need to periodically access the capital markets to raise cash to fund new investments. The Company may issue "senior securities," as defined under the 1940 Act, including issuing additional series of preferred shares, borrowing money from banks or other financial institutions or issuing debt securities only in amounts such that the Company's asset coverage meets the threshold set forth in the 1940 Act immediately after each such issuance. Under the provisions of the 1940 Act, the Company is currently permitted to issue "senior securities" only in amounts such that its asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. For purposes of the 1940 Act, "asset coverage" means the ratio of (1) the total assets of a BDC, less all liabilities and indebtedness not represented by senior securities, to

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(2) the aggregate amount of senior securities representing indebtedness (plus, in the case of senior securities represented by preferred stock, the aggregate involuntary liquidation preference of such BDC's preferred stock). The Company's ability to issue different types of securities is also limited. Under the 1940 Act, any preferred shares the Company issues will constitute a "senior security" for purposes of the 150% asset coverage test. Compliance with these requirements may unfavorably limit the Company's investment opportunities and reduce its ability in comparison to other companies to profit from favorable spreads between the rates at which it can borrow and the rates at which it can lend. As a BDC, therefore, the Company intends to continuously issue equity at a rate more frequent than its privately-owned competitors, which may lead to greater shareholder dilution.

The Company expects to borrow for investment purposes. If the value of the Company's assets declines, it may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit it from paying distributions and could prevent it from qualifying or maintaining its qualification as a RIC. If the Company cannot satisfy the asset coverage test, it may be required to sell a portion of its investments and, depending on the nature of its debt financing, repay a portion of its indebtedness at a time when such sales may be disadvantageous.

In the absence of an event of default, no person or entity from which the Company borrows money has a veto right or voting power over the Company's ability to set policy, make investment decisions or adopt investment strategies. The Company's preferred shares are another form of leverage and rank "senior" to the Common Shares in the Company's capital structure. Preferred shareholders have separate voting rights on certain matters and might have other rights, preferences or privileges more favorable than those of holders of the Common Shares, and the issuance of preferred shares could have the effect of delaying, deferring or preventing a transaction or a change of control that might involve a premium price for holders of the Common Shares or otherwise be in the best interest of holders of the Common Shares. Holders of the Common Shares will directly or indirectly bear all of the costs associated with offering and servicing any preferred shares that the Company issues. In addition, any interests of preferred shareholders may not necessarily align with the interests of holders of the Common Shares and the rights of holders of shares of preferred shares to receive distributions would be senior to those of holders of shares of Common Shares. The Company does not anticipate issuing any additional series of preferred shares in the next 12 months.

Under the 1940 Act, the Company is generally prohibited from issuing or selling its shares at a price per share, after deducting selling commissions, that is below the Company's NAV per share, which may be a disadvantage as compared with other public companies. The Company may, however, sell its shares, or warrants, options or rights to acquire its shares, at a price below the current NAV of the Company's Shares if the Board of Directors, including the Independent Directors, determine that such sale is in the Company's best interests and the best interests of its shareholders, and the Company's shareholders, as well as those shareholders that are not affiliated with the Company, approve such sale. In any such case, the price at which the Company's securities are to be issued and sold may not be less than a price that, in the determination of the Board of Directors, closely approximates the fair value of such securities. If the Company raises additional funds by issuing Common Shares or senior securities convertible into, or exchangeable for, Common Shares, then the percentage ownership of the Company's shareholders at that time will decrease, and holders of Common Shares might experience dilution.

***The Company's Ability to Enter into Transactions with its Affiliates is Restricted.*** The Company is prohibited under the 1940 Act from participating in certain transactions with certain of its affiliates without the prior approval of a majority of the Directors who are not interested persons. Any person that owns, directly or indirectly, 5% or more of the Company's outstanding voting securities will be the Company's affiliate for purposes of the 1940 Act, and the Company will generally be prohibited from buying or selling any securities from or to such affiliate, absent the prior approval of the Board of Directors. The 1940 Act also prohibits certain "joint" transactions with certain of the Company's affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of a majority of the Directors who are not interested persons. The Co-Investment Exemptive Order from the SEC permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser, with the Company's co-investment affiliates. If a person acquires more than 25% of the Company's voting securities, the Company will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons to the extent not covered by the exemptive relief, absent the prior approval of the SEC. Similar restrictions limit the Company's ability to transact business with its officers or Directors or their respective affiliates. As a result of these restrictions, the Company may be prohibited from buying or selling any security from or to any portfolio company of a fund managed by the Adviser without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to the Company.

***The Company is a Non-Diversified Investment Company Within the Meaning of the 1940 Act, and Therefore it is Not Limited with Respect to the Proportion of its Assets that May be Invested in Securities of a Single Issuer.*** The Company is classified as a non-diversified investment company within the meaning of the 1940 Act, which means that the Company not limited by the 1940 Act with respect to the proportion of its assets that it may invest in securities of a single issuer.

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Under the 1940 Act, a "diversified" investment company is required to invest at least 75% of the value of its total assets in cash and cash items, government securities, securities of other investment companies and other securities limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of such company and no more than 10% of the outstanding voting securities of such issuer. As a non-diversified investment company, the Company is not subject to this requirement. To the extent that the Company assumes large positions in the securities of a small number of issuers, or within a particular industry, the Company's NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. The Company may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company or to a general downturn in the economy. However, the Company will be subject to the diversification requirements applicable to RICs under Subchapter M of the Code.

***The NAV of the Company's Shares May Fluctuate Significantly.*** The NAV and liquidity, if any, of the market for the Company's Shares may be significantly affected by numerous factors, some of which are beyond the Company's control and may not be directly related to the Company's operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of RIC or BDC status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of our portfolio of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income or any increase in losses from levels expected by investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of either of our adviser or certain of its respective key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source.

**Item 1B. Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

**Cybersecurity Governance**

The Company is managed by the Adviser. As an indirect subsidiary of KKR, the Adviser is subject to and participates in KKR's processes for assessing, identifying, and managing risks from cybersecurity threats, as detailed below.

KKR's Chief Information Security Officer (the "KKR CISO") leads an information security team (the "KKR information security team") whose responsibilities include securing data from unauthorized use or access. The cybersecurity strategy and program at KKR's asset management business includes, among other things, annual employee training about cybersecurity risks and new employee onboarding about KKR's security policies.

Prior to joining KKR, KKR's CISO was the CISO at another large financial institution where he was responsible for their global information security program. KKR's CISO also has prior experience in various information security roles, including security architecture, application security, engineering and operations. He holds a Bachelor of Science in computer science from the New York University Polytechnic School of Engineering, is a Certified Information Systems Security Professional (CISSP) and holds a Series 99 – Operations Professional Exam certification.

The KKR CISO is a member of KKR's Operational Risk Committee. The Operational Risk Committee is comprised of senior employees from across KKR's asset management business and operating functions. The committee focuses on significant operating and business risks, which includes among others, regulatory, cybersecurity, operational, geopolitical, and reputational risks, and is responsible for ensuring risks are identified, assessed, managed and mitigated effectively in the cybersecurity risk management environment for KKR's asset management business, which includes identifying and monitoring KKR's technology risks, including those related to information security, business disruption, fraud and privacy

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related risks, and also promoting cybersecurity awareness at KKR. The Operational Risk Committee reports to KKR's Risk and Operations Committee, which is comprised of senior employees from across KKR's asset management and insurance businesses and operating functions. KKR's Risk and Operations Committee includes KKR's Chief Financial Officer, Chief Legal Officer, General Counsel, and Chief Compliance Officer. At least annually, management will present to the Audit Committee and the Risk Committee of KKR's Board of Directors on various topics relating to KKR's technology risks, including KKR's cybersecurity program, the current cybersecurity threat landscape, and risk management.

**Cybersecurity Risk Management and Strategy**

KKR's asset management business has a cybersecurity incident response plan, which was developed taking into account industry standard guidance provided by institutes such as the National Institute of Standards and Technology. This plan is a key component of the cybersecurity program, which is generally incorporated within our enterprise risk management framework. The KKR CISO and KKR's Chief Compliance Officer co-chair a cybersecurity incident response team ("KKR CIRT"), which aims to manage and mitigate the risk and impact of cybersecurity breach events at KKR's asset management business, including those arising from third-party service providers, including those providers that have access to KKR's customer and employee data. Cybersecurity considerations affect the selection and oversight of our third-party service providers. We perform cybersecurity-related diligence on third parties that have access to our systems, data or facilities.

In addition to the KKR CISO and KKR's Chief Compliance Officer, the KKR CIRT includes members of KKR's legal, technology, compliance, risk, public affairs, human capital and finance groups. KKR has established a notification decision framework to determine when the KKR CIRT will provide notifications regarding certain cybersecurity incidents, with different severity thresholds triggering notifications to different recipient groups, including the Risk and Operations Committee, senior members of management, and KKR's Board of Directors and its committees.

The KKR information security team undertakes a variety of measures to monitor and manage the cybersecurity risks of KKR's asset management business. Our technology platforms and applications are designed to enable us to monitor user and network behavior at KKR's asset management business, identify threats using certain analytics, and mitigate attacks across various layers of the enterprise. The KKR information security team conducts regular internal and external audits with third-party cybersecurity experts to identify and evaluate potential weaknesses in our cybersecurity systems. In addition, the KKR information security team conducts periodic phishing simulations, as well as periodic employee training on KKR's security policies and controls and provides other security trainings as part of new employee onboarding.

As of the date of this Annual Report on Form 10-K, we do not believe that our business strategy, results of operations or financial conditions have been materially affected by any cybersecurity incidents for the period covered by this report. However, institutions like KKR, as well as KKR's employees, service providers and other third parties, have experienced information security and cybersecurity attacks in the past and will likely continue to be the target of increasingly sophisticated cyber actors. For a discussion of how risks from cybersecurity threats may affect us, see "Item 1A. Risk Factor - Cybersecurity Risks."

**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Properties.**

We do not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 555 California Street, 50th Floor, San Francisco, California, 94104. We believe that our office facilities are suitable and adequate for our business as it is presently conducted.

**Item 3. Legal Proceedings.** 

Neither we, the Adviser, nor our subsidiaries are currently subject to any material pending legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

**Item 4. Mine Safety Disclosures.** 

Not applicable.

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**Part II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.**

**Market Information**

Our Common Shares are offered and sold in private offerings exempt from registration under the Securities Act under Section 4(a)(2) and/or Regulation D thereunder or Regulation S under the Securities Act. There is no public market for our Common Shares currently, nor can we give any assurance that one will develop.

Because Common Shares are being acquired by investors in one or more transactions "not involving a public offering," they are "restricted securities" and may be required to be held indefinitely. Investors may generally Transfer their Common Shares provided that the transferee, as applicable, satisfies applicable eligibility and/or suitability requirements and the Transfer is otherwise made in accordance with applicable securities, tax, anti-money laundering and other applicable laws and compliance with the terms of the Subscription Agreement. No Transfer will be effectuated except by registration of the Transfer on our books. Each transferee will be required to execute a Subscription Agreement pursuant to which they will agree to be bound by these restrictions and the other restrictions imposed on the Common Shares and to execute such other instruments or certifications as are reasonably required by us. Accordingly, investors must be willing to bear the economic risk of investment in the Common Shares until we are liquidated.

**Holders**

As of March 19, 2026, we had 1 record holder of our Common Shares.

**Distributions**

Subject to applicable legal restrictions and the sole discretion of the Board, we intend to declare and pay regular monthly cash distributions. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. As a result, our distribution rates and payment frequency may vary from time to time.

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See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - RIC Status and Distributions" and Note 3 to our consolidated financial statements contained in this annual report on Form 10-K for additional information regarding our distributions, including certain related tax considerations.

The following table reflects the distributions per share that we have declared on our Common Shares during the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| January 31, 2025 | January 31, 2025 | February 28, 2025 | $10.99 | $4102 |
| February 28, 2025 | February 28, 2025 | March 31, 2025 | 10.86 | 4309 |
| March 31, 2025 | March 31, 2025 | April 30, 2025 | 10.02 | 4207 |
| April 30, 2025 | April 30, 2025 | May 31, 2025 | 12.87 | 5954 |
| May 31, 2025 | May 31, 2025 | June 30, 2025 | 10.58 | 4937 |
| June 30, 2025 | June 30, 2025 | July 31, 2025 | 6.99 | 3262 |
| July 31, 2025 | July 31, 2025 | August 29, 2025 | 15.09 | 7405 |
| August 29, 2025 | August 29, 2025 | September 30, 2025 | 10.55 | 5212 |
| September 30, 2025 | September 30, 2025 | October 31, 2025 | 11.11 | 5565 |
| October 31, 2025 | October 31, 2025 | November 28, 2025 | 9.59 | 5313 |
| November 28, 2025 | November 28, 2025 | December 31, 2025 | 10.24 | 5729 |
| December 31, 2025 | December 31, 2025 | January 30, 2026 | 12.24 | 7504 |
| **Total** |  |  | $131.13 | $63499 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| June 27, 2024 | June 30, 2024 | July 31, 2024 | $29.73 | $6651 |
| September 30, 2024 | September 30, 2024 | October 31, 2024 | 38.26 | 11379 |
| October 31, 2024 | October 31, 2024 | November 29, 2024 | 11.28 | 3629 |
| November 27, 2024 | November 29, 2024 | December 31, 2024 | 14.25 | 4738 |
| December 31, 2024 | December 31, 2024 | January 31, 2025 | 13.13 | 4525 |
| **Total** |  |  | $106.65 | $30922 |

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**Sales of Unregistered Equity Securities**

For the year ended December 31, 2025, we issued and sold an aggregate of 313,153 Common Shares pursuant to the subscription agreement entered into by and between KKR Enhanced US Direct Lending Fund-L Holdings L.P. (the "Subscriber") and us. As of December 31, 2025, the Subscriber holds all of the outstanding Common Shares issued by us and was our only shareholder. The Common Shares were issued and sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act.

The below table sets forth the total Common Shares issued in the Private Offering during the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
|<br>**Subscriptions**<sup>(1)</sup> | **Share** | **Amount** | **Share** | **Amount** |
| Common Shares Sold | 313153 | $324629 | 373355 | $380398 |
| **Total** | 313153 | $324629 | 373355 | $380398 |

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**Share Repurchase Program**

We did not repurchase any of our securities during the fiscal year ended December 31, 2025.

**Item 6. Reserved.** 

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

**(in thousands, except share and per share amounts and percentages)**

The information in this section contains forward-looking statements that involve risks and uncertainties. Please see "Item 1A. Risk Factors" and "Forward-Looking Statements" above for a discussion of the uncertainties, risks and assumptions associated with these statements. You should read the following discussion in conjunction with the consolidated financial statements and related notes and other financial information appearing elsewhere in this annual report on Form 10-K.

The following discussion is designed to provide a better understanding of our financial statements, including a brief discussion of our business, key factors that impacted our performance and a summary of our operating results. The following discussion should be read in conjunction with the consolidated financial statements and the notes thereto included or incorporated by reference in Item 7 of this annual report on Form 10-K. Historical results and percentage relationships among any amounts in the financial statements are not necessarily indicative of trends in operating results for any future periods.

**Overview** 

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. We are externally managed by the Adviser, which manages our day-to-day operations and provides us with investment advisory and administrative services pursuant to the terms of the Investment Advisory Agreement and the Administration Agreement. The Adviser is registered as an investment adviser with the SEC. We were formed as a Delaware statutory trust on December 22, 2023 and converted into a Delaware corporation on April 19, 2024. After the conversion, we also elected to be treated for U.S. federal income tax purposes, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code.

The Adviser oversees (subject to the oversight of the Board, a majority of whom are Independent Directors) the management of our operations and is responsible for making investment decisions with respect to our portfolio pursuant to the terms of the Investment Advisory Agreement. For the services it provides to us, the Adviser receives an annual fee, payable monthly by us, in an amount equal to 1.25% of our month end net assets. The Adviser has agreed to reduce its management fee to an annual rate of 0.00% of our month end net assets. The Management Fee Waiver may be terminated only upon 60 days' notice by the Board or the Adviser.

We are conducting the continuous Private Offering of our Common Shares in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act.

*Investments* 

Our level of investment activity can and is expected to vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments we make.

*Revenues* 

We plan to principally generate revenues in the form of interest income on the debt investments we hold, as well as dividends and other distributions on the equity or other securities we hold. In addition, we plan to generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, monitoring fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees.

*Expenses* 

Our primary operating expenses will include interest expense from financing arrangements and other indebtedness and other expenses necessary for our operations. The Adviser has agreed to waive its Management Fee through at least December 31, 2025. See "Item 8. Financial Statements - Note 4 - Agreements and Related Party Transactions" for additional information.

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**Portfolio Investment Activity**

*Total Portfolio Activity*

The following table presents certain selected information regarding our portfolio investment activity for the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024:

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| | | |
|:---|:---|:---|
| **Net Investment Activity** | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
| Purchases | $757050 | $792156 |
| Paid-in-kind interest | 3145 | 993 |
| Sales and Repayments | (213936) | (43543) |
| Net Investment Activity | $546259 | $749606 |

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The following table summarizes the composition of our investment portfolio at cost and fair value as of December 31, 2025 and December 31, 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **Percentage of Portfolio** | **Cost** | **Fair Value** | **Percentage of Portfolio** |
| Senior Secured Loans - First Lien | $1295967 | $1303361 | 95.6% | $751121 | $759122 | 97.4% |
| Subordinated Debt | 743 | 743 | 0.1% |  |  | —% |
| Equity | 2459 | 942 | 0.1% |  |  | —% |
| Money Market Fund | 56856 | 56856 | 4.2% | 20295 | 20295 | 2.6% |
| Total | $1356025 | $1361902 | 100.0% | $771416 | $779417 | 100.0% |

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The following table presents certain selected information regarding the composition of our investment portfolio as of December 31, 2025 and December 31, 2024:

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Number of Portfolio Companies | 86 | 68 |
| % Variable Rate Debt Investments (based on fair value)<sup>(1)(4)</sup> | 99.9% | 99.6% |
| % of Investments on Non-Accrual (based on fair value) | 0.1% | 0.4% |
| Weighted Average Annual Yield on Accruing Debt Investments<sup>(1)(2)(3)</sup> | 8.8% | 9.8% |
| Weighted Average Annual Yield on All Debt Investments<sup>(1)(4)</sup> | 8.9% | 9.8% |

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__________________

(1)"Debt Investments" means investments that pay or are expected to pay a stated interest rate, stated dividend rate or other similar stated return.

(2)The Weighted Average Annual Yield on Accruing Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each accruing Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each accruing Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of December 31, 2025 and December 31, 2024:, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of December 31, 2025 and December 31, 2024:.

(3)Does not include investments on non-accrual status.

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(4)The Weighted Average Annual Yield on All Debt Investments is computed as (i) the sum of (a) the stated annual interest rate, dividend rate or other similar stated return of each Debt Investment, multiplied by its par amount, adjusted to U.S. dollars and for any partial income accrual when necessary, as of the end of the applicable reporting period, plus (b) the annual amortization of the purchase or original issue discount or premium of each Debt Investment; divided by (ii) the total amortized cost of Debt Investments included in the calculated group as of the end of the applicable reporting period. Stated annual interest rate for floating rate Debt Investments assumes the greater of (a) the respective base rate in effect as of December 31, 2025 and December 31, 2024, and (b) the stated base rate floor. The base rate utilized in this calculation may not be indicative of the base rates for specific contracts as of December 31, 2025 and December 31, 2024.

For the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024, our total returns based on NAV were 12.22% and 14.27%, respectively. See footnote 3 to the table included in Note 10 - Financial Highlights to our consolidated financial statements included herein for information regarding the calculation of our total return based on NAV.

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*Portfolio Composition by Industry Classification*

The table below describes investments, excluding money market funds, by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of December 31, 2025 and December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Industry Classification** | **Fair Value** | **Percentage of Portfolio** | **Fair Value** | **Percentage of Portfolio** |
| Systems Software | $152163 | 11.6% | $56010 | 7.4% |
| Diversified Support Services | 132155 | 10.1% | 77480 | 10.2% |
| Construction & Engineering | 114715 | 8.8% | 34508 | 4.5% |
| Application Software | 112126 | 8.6% | 53495 | 7.0% |
| Insurance Brokers | 73174 | 5.6% | 79933 | 10.5% |
| Environmental & Facilities Services | 67565 | 5.2% | 20561 | 2.7% |
| Health Care Services | 65059 | 5.0% | 61845 | 8.1% |
| Asset Management & Custody Banks | 49242 | 3.8% | 5090 | 0.7% |
| Air Freight & Logistics | 48106 | 3.7% | 50560 | 6.7% |
| Specialized Consumer Services | 45702 | 3.5% | 38449 | 5.1% |
| Aerospace & Defense | 37649 | 2.9% | 1419 | 0.2% |
| Health Care Technology | 35850 | 2.7% | 29234 | 3.9% |
| Electrical Components & Equipment | 35545 | 2.7% | 21954 | 2.9% |
| Health Care Supplies | 32358 | 2.5% |  | —% |
| Property & Casualty Insurance | 29809 | 2.3% | 29449 | 3.9% |
| Consumer Finance | 28755 | 2.2% | 16057 | 2.1% |
| Interactive Media & Services | 22923 | 1.8% | 2009 | 0.3% |
| Research & Consulting Services | 22586 | 1.7% | 16941 | 2.2% |
| Trading Companies & Distributors | 21726 | 1.7% | 20930 | 2.8% |
| Publishing | 20944 | 1.6% | 21307 | 2.8% |
| Leisure Facilities | 19251 | 1.5% |  | —% |
| Education Services | 16666 | 1.3% | 12448 | 1.6% |
| Cargo Ground Transportation | 15015 | 1.2% | 14482 | 1.9% |
| Human Resource & Employment Services | 13824 | 1.1% | 13991 | 1.8% |
| Commercial & Residential Mortgage Finance | 12294 | 0.9% | 6932 | 0.9% |
| Health Care Equipment | 10663 | 0.8% | 11135 | 1.5% |
| Personal Care Products | 7886 | 0.6% | 12576 | 1.7% |
| Internet Services & Infrastructure | 7685 | 0.6% |  | —% |
| Highways & Railtracks | 5696 | 0.4% |  | —% |
| Diversified Financial Services | 5570 | 0.4% | 5821 | 0.8% |
| Health Care Facilities | 5010 | 0.4% | 5059 | 0.7% |
| Food Distributors | 4520 | 0.3% | 4646 | 0.6% |
| Hotels, Resorts & Cruise Lines | 4462 | 0.3% | 4493 | 0.6% |
| Construction Machinery & Heavy Transportation Equipment | 4192 | 0.3% | 4167 | 0.5% |
| IT Consulting & Other Services | 2610 | 0.2% | 4343 | 0.6% |
| Electronic Equipment & Instruments | 970 | 0.1% | 916 | 0.1% |
| Real Estate Services |  | —% | 2567 | 0.3% |
| **Total** | $**1305046** | **100.0%** | $**759122** | **100.0%** |

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**Results of Operations**

*Revenues* 

Our investment income for the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
| | **Amount** | **Percentage of Total Income** | **Amount** | **Percentage of Total Income** |
| Interest income | $88406 | 89.9% | $44593 | 89.8% |
| Interest income - PIK | 3145 | 3.2% | 993 | 2.0% |
| Fee income | 6793 | 6.9% | 4060 | 8.2% |
| Total investment income | $98344 | 100.0% | $49646 | 100.0% |

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The level of interest income and other income we received was primarily driven by our deployment of capital. We expect the dollar amount of interest that we earn to increase as the size of our investment portfolio increases.

The increase in interest and PIK income for the year ended December 31, 2025 compared to the period from the Company's commencement of operations to December 31, 2024 is primarily due to less active days in the latter period and the increase in the size of our investment portfolio. The change in fee income is primarily related to changes in deal activity during the respective periods.

*Expenses*

Our operating expenses for the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
| Interest expense | $33018 | $18095 |
| Management fee | 6608 | 2742 |
| Professional fees | 2167 | 1365 |
| Administration and custody fees | 436 | 246 |
| Directors' fees | 75 | 56 |
| Other expenses | 249 | 189 |
| Total operating expenses | 42553 | 22693 |
| &nbsp;&nbsp;Less: Fees waived by the Adviser | (6608) | (2742) |
| Net operating expenses | $35945 | $19951 |

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Interest expense, among other things, is the main driver of net operating expenses, which may increase or decrease depending on investment activities, changes in amounts outstanding under our financing arrangement and benchmark interest rates such as SOFR, among other factors.

The increase in expenses for the year ended December 31, 2025 compared to the period from the Company's commencement of operations to December 31, 2024 is primarily due to less active days in the latter period, an increase in the size of our investment portfolio, which increased the acceleration of our operational activity during the year ended December 31, 2025, and the incurrence of additional borrowings under the Citibank Credit Facility and BNP Credit Facility (each as defined below), which increased interest expense.

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*Net Investment Income*

Our net investment income totaled $62,399 and $29,695 for the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024, respectively. Our net investment income during the year ended December 31, 2025 was primarily attributed to interest and fee income, which is offset by the interest expense discussed above. The increase in net investment income for the year ended December 31, 2025 compared to the period from the Company's commencement of operations to December 31, 2024 is primarily due to less active days in the latter period and an increase in interest and fee income earned due to increased size of our investment portfolio, which is offset by the interest expense discussed above.

*Net Realized Gains or Losses* 

Our net realized gains (losses) on investments and foreign currency for the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024, respectively, were as follows:

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| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
| Net realized gains (losses) on investments and foreign currencies | $755 | $537 |
| Total net realized gains (losses) | $755 | $537 |

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Our realized gains (losses) on investments for the year ended December 31, 2025 and period from the Company's commencement of operations to December 31, 2024 were derived from the acceleration of OID from repayment activities and the sale of investments.

*Net Change in Unrealized Appreciation (Depreciation)*

Our net change in unrealized appreciation (depreciation) on investments and foreign currency for the year ended December 31, 2025 and period from the Company's commencement of operations to December 31, 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
| Net change in unrealized appreciation (depreciation) on investments and foreign currencies | $(3206) | $8058 |
| Benefit (provision) for income taxes | 256 | (948) |
| Total net change in unrealized appreciation (depreciation) | $(2950) | $7110 |

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Our net change in unrealized appreciation in our investments for the year ended December 31, 2025 was primarily due to depreciation in market value of several specific assets in the portfolio, offset by a reduction in our existing tax provision resulting in a net income tax benefit. Our net change in unrealized appreciation in our investments for the period from the Company's commencement of operations to December 31, 2024 was primarily due to appreciation in market value of several specific assets in the portfolio, offset by a provision for income taxes that was derived from a transaction prior to our conversion from a statutory trust to a corporation and election to be treated as a business development company and subsequent activities.

**Financial Condition, Liquidity and Capital Resources**

*Overview* 

We intend to generate cash primarily from the net proceeds from the Private Offering and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also

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fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of the Private Offering. Our primary use of cash will be investments in portfolio companies, payments of our expenses, payment of cash distributions to our shareholders and repurchases of our Common Shares under our share repurchase program.

As of December 31, 2025 and December 31, 2024, we had received capital subscriptions of $324,629 and $380,398, respectively, from the investors in the Private Offering.

As of December 31, 2025, we had $62,407 in cash and cash equivalents, which we held in custodial accounts and money market fund accounts with financial institutions. As of December 31, 2025, we had aggregate unfunded commitments of $288,831. We maintain sufficient cash on hand, available borrowings and liquid securities to fund such unfunded commitments should the need arise.

*Financing Arrangements*

We intend to utilize leverage to finance our investments. The amount of leverage that we employ will be subject to the restrictions of the 1940 Act and the supervision of our Board of Directors. At the time of any proposed borrowing, the amount of leverage we employ will also depend on our Adviser's assessment of market and other factors.

We may establish credit facilities in addition to the Citibank Credit Facility and BNP Credit Facility (each as defined below) or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over a specified reference rate. We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets (and the ability to enforce the payment thereof) and may ask us to comply with positive or negative covenants that could have an effect on our operations.

On April 1, 2024, KKR Enhanced US EVDL Funding LLC ("KKR Funding I"), a wholly-owned subsidiary of the Company, entered into a secured revolving credit facility agreement (as amended, restated, supplemented or otherwise modified from time, the "Citibank Credit Facility") with Citibank, N.A. ("Citibank"), as lender, to borrow up to $500.0 million. In the absence of any events of default, the borrowing and repayment period will terminate on April 1, 2027. Subsequent to this period, outstanding borrowings are subject to periodic mandatory repayments through the final maturity date of March 30, 2029.

The Citibank Credit Facility accrues interest based on the Secured Overnight Financing Rate, or a base rate applicable to each currency's borrowing, plus a spread of 1.85%. Commitment fees accrue at a rate of 0.50%, 1.25%, or 1.50%, depending on the utilization levels. The Citibank Credit Facility contains certain financial, collateral, and operating covenants that require the maintenance of ratios and benchmarks throughout the borrowing period. As of December 31, 2025, the Company was in compliance with these covenants. The fair value of the Citibank Credit Facility approximates its carrying value due to variable interest rates that periodically reset to market rates. The fair value was determined using Level 2 inputs in the fair value hierarchy.

On October 7, 2024, KKR Funding I entered into Amendment No. 1 to the Citibank Credit Facility, amending the spread from 2.65% to 2.15%. No other material terms were altered as a result of this amendment.

On March 31, 2025, KKR Funding I entered into Amendment No. 2 to the Citibank Credit Facility, amending the spread from 2.15% to 1.85% and increasing the maximum commitment fees from 1.25% to 1.50%. No other material terms were altered as a result of this amendment.

On December 18, 2025, KKR Funding I entered into a commitment adjustment notice (the "Commitment Adjustment Notice") pursuant to the Citibank Credit Facility. The Commitment Adjustment Notice provides for an increase in Citibank's commitment by $100 million, thereby bringing aggregate commitments of the lenders under the Citibank Credit Facility from $500 million to $600 million. The accordion feature in the Citibank Credit Facility allows KKR Funding I to increase the total size of the facility to a maximum aggregate commitment of $1.25 billion.

On April 11, 2025, KKR Enhanced US EvDL Funding II LLC ("KKR Funding II"), a wholly-owned subsidiary of the Company, entered into a revolving credit facility (as amended, restated, supplemented or otherwise modified from time, the "BNP Credit Facility") with BNP Paribas, as administrative agent, to borrow up to $200.0 million. The revolving period during which KKR Funding II is permitted to borrow, repay and re-borrow advances will terminate on April 11, 2028. Any

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amounts borrowed under the BNP Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on April 11, 2030.

Borrowings under the BNP Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowing (which, for U.S. dollar-denominated borrowings, is three-month term SOFR, subject to a floor of 0% per annum), plus an applicable margin of 1.85% per annum. From and after April 11, 2028, the applicable margin will be 2.35% per annum. In addition, during the revolving period, KKR Funding II will pay a non-usage fee on the unused commitments under the facility ranging from 0.50% per annum to 1.00% per annum depending on utilization levels. The fair value of the BNP Credit Facility approximates its carrying value due to variable interest rates that periodically reset to market rates. The fair value was determined using Level 2 inputs in the fair value hierarchy.

On December 18, 2025, KKR Funding II entered into Amendment No. 1 to the BNP Credit Facility increasing the borrowing limit to $300.0 million. No other material terms were altered as a result of this amendment.

The following table presents summary information with respect to our outstanding financing arrangements as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Debt Obligations**<sup>(1)</sup> | **Type of Debt** | **Rate** | **Amount Outstanding**<sup>(2)</sup> | **Amount<br>Available** | **Maturity Date** |
| Citibank Credit Facility | Revolving Credit Facility | SOFR+1.85% | $496230 | $103770 | March 30, 2029 |
| BNP Credit Facility | Revolving Credit Facility | SOFR+1.85% | $230000 | $70000 | April 11, 2030 |
| **Total** |  |  | $**726230** | $**173770** |  |

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(1)The carrying amount outstanding under the relevant facility approximates its fair value.

(2)Amount includes borrowings in GBP and EUR, which have been converted to U.S dollars at exchange rates as of December 31, 2025 to reflect total amount outstanding in U.S. dollars.

See Note 7 - Debt Obligations to our consolidated financial statements included herein for additional information regarding our financing arrangements.

**RIC Status and Distributions** 

We have elected to be treated for U.S. federal income tax purposes, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code. In order to qualify for RIC tax treatment, we must, among other things, make distributions of an amount at least equal to 90% of our investment company taxable income, determined without regard to any deduction for distributions paid, each tax year. As long as the distributions are declared by the later of the fifteenth day of the tenth month following the close of a tax year or the due date of the tax return for such tax year, including extensions, distributions paid up to twelve months after the current tax year can be carried back to the prior tax year for determining the distributions paid in such tax year. We intend to make sufficient distributions to our shareholders to qualify for and maintain our RIC tax status each tax year. We are also subject to a 4% nondeductible federal excise tax on certain undistributed income unless we make distributions in a timely manner to our shareholders generally of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income, which is the excess of capital gains in excess of capital losses, or "capital gain net income" (adjusted for certain ordinary losses), for the one-year period ending October 31 of that calendar year and (3) any net ordinary income and capital gain net income for the preceding years that were not distributed during such years and on which we paid no U.S. federal income tax. Any distribution declared by us during October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been paid by us, as well as received by our shareholders, on December 31 of the calendar year in which the distribution was declared. We can offer no assurance that we will achieve results that will permit us to pay any cash distributions.

Subject to applicable legal restrictions, and to the extent that we have taxable income available, we intend to make distributions to holders of our Common Shares. We intend to make monthly distributions to holders of the Common Shares and such distributions are recorded on the record date. All such distributions will be paid at the discretion of the Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

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During certain periods, our distributions may exceed our earnings. As a result, it is possible that a portion of the distributions we make may represent a return of capital. A return of capital generally is a return of a shareholder's investment rather than a return of earnings or gains derived from our investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions will be mailed to our shareholders.

We intend to continue to make our regular distributions in the form of cash, out of assets legally available for distribution, except for those shareholders who have elected to receive their distributions in the form of additional Common Shares.

The following table reflects the cash distributions per share that we have declared on our Common Shares during the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| January 31, 2025 | January 31, 2025 | February 28, 2025 | $10.99 | $4102 |
| February 28, 2025 | February 28, 2025 | March 31, 2025 | 10.86 | 4309 |
| March 31, 2025 | March 31, 2025 | April 30, 2025 | 10.02 | 4207 |
| April 30, 2025 | April 30, 2025 | May 31, 2025 | 12.87 | 5954 |
| May 31, 2025 | May 31, 2025 | June 30, 2025 | 10.58 | 4937 |
| June 30, 2025 | June 30, 2025 | July 31, 2025 | 6.99 | 3262 |
| July 31, 2025 | July 31, 2025 | August 29, 2025 | 15.09 | 7405 |
| August 29, 2025 | August 29, 2025 | September 30, 2025 | 10.55 | 5212 |
| September 30, 2025 | September 30, 2025 | October 31, 2025 | 11.11 | 5565 |
| October 31, 2025 | October 31, 2025 | November 28, 2025 | 9.59 | 5313 |
| November 28, 2025 | November 28, 2025 | December 31, 2025 | 10.24 | 5729 |
| December 31, 2025 | December 31, 2025 | January 30, 2026 | 12.24 | 7504 |
| **Total** |  |  | $131.13 | $63499 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| June 27, 2024 | June 30, 2024 | July 31, 2024 | $29.73 | $6651 |
| September 30, 2024 | September 30, 2024 | October 31, 2024 | 38.26 | 11379 |
| October 31, 2024 | October 31, 2024 | November 29, 2024 | 11.28 | 3629 |
| November 27, 2024 | November 29, 2024 | December 31, 2024 | 14.25 | 4738 |
| December 31, 2024 | December 31, 2024 | January 31, 2025 | 13.13 | 4525 |
| **Total** |  |  | $106.65 | $30922 |

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See Note 3 to our consolidated financial statements included herein for additional information regarding our distributions.

**Recent Developments** 

Subsequent events after the reporting date have been evaluated through the date the consolidated financial statements were issued. The Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

**Critical Accounting Policies and Estimates**

Our financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management utilizes available information, which includes our history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other

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companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses. Understanding our accounting policies and the extent to which we use management judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in Note 2 - Summary of Significant Accounting Policies to our consolidated financial statements herein.

Critical accounting policies are those that require the application of management's most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. We will evaluate our critical accounting estimates and judgments required by our policies on an ongoing basis and update them as necessary based on changing conditions. We have identified one of our accounting policies, valuation of portfolio investments, specifically the valuation of Level 3 investments, as critical because it involves significant judgments and assumptions about highly complex and inherently uncertain matters, and the use of reasonably different estimates and assumptions could have a material impact on our reported results of operations or financial condition.

As we execute our operating plans, we will describe additional critical accounting policies in the notes to our future financial statements in addition to those discussed below and in the notes to the consolidated financial statements included herein.

*Fair Value Measurements*

We are required to report our investments for which current market values are not readily available at fair value. We value our investments in accordance with FASB ASC 820-10, Fair Value Measurements and Disclosures ("ASC 820"), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 2 - Summary of Significant Accounting Policies to our consolidated financial statements included in this report for more information on how we value our investments.

Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith pursuant to procedures adopted by the Adviser and overseen by the Board in accordance with the Adviser's valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. See "Item 1. Business - Determination of Net Asset Value."

**Distributions**

Dividends on the Common Shares in amounts representing substantially all of the net investment income, if any, earned each year will be paid at least annually at our discretion. Payments will vary in amount, depending on investment income received and expenses of operation. There can be no assurance that we will have substantial income or pay dividends. We are not a suitable investment for any investor who requires regular dividend income. We intend to pay dividends representing substantially all of the net investment income and net capital gains, if any, we earn each year at least annually. See "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities - Distributions."

**Income Taxes**

We have elected to be treated as a BDC under the 1940 Act. We also elected to be treated for U.S. federal income tax purposes, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code. So long as we maintain our status as a RIC, we generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute at least annually to our shareholders as dividends. Rather, any tax liability related to income earned and distributed by us would represent obligations of our investors and would not be reflected in our financial statements.

We evaluate tax positions taken or expected to be taken in the course of preparing our financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax

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positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, we must distribute to our shareholders, for each taxable year, at least 90% of the sum of (i) our investment company taxable income for that year (without regard to the deduction for dividends paid), which is generally our ordinary income plus the excess, if any, of our realized net short-term capital gains over our realized net long-term capital losses and (ii) our net tax-exempt income (if any).

In addition, based on the excise tax distribution requirements, we are subject to a 4% nondeductible federal excise tax on undistributed income unless we distribute in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of our ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by us that is subject to corporate income tax is considered to have been distributed.

**Contractual Obligations**

We have entered into certain contracts under which we may have material future commitments. We have entered into each of the Investment Advisory Agreement and the Administration Agreement with the Adviser to provide us with investment advisory services and administrative services. Payments for investment advisory services under the Investment Advisory Agreement and reimbursements made under the Administration Agreement. If any of our contractual obligations are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Investment Advisory Agreement and our Administration Agreement.

Under our organizational documents, our officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to us. In the normal course of business, we enter into contracts that contain a variety of representations that provide general indemnifications. Our maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against us. However, based on experience, we expect the risk of loss to be remote.

**Off-Balance Sheet Arrangements**

We may become a party to financial instruments with off-balance sheet risk in the normal course of our business to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet.

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of December 31, 2025, we believed that we had adequate financial resources to satisfy our unfunded commitments of $288,831.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

*Interest Rate Risk*

We are subject to financial market risks, including changes in interest rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to any variable rate investments we hold and to declines in the value of any fixed rate investments we hold. However, many of our variable rate investments provide for an interest rate floor, which may prevent our interest income from increasing until benchmark interest rates increase beyond a threshold amount. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings.

The following table shows the effect over a twelve-month period of changes in interest rates on our interest income, interest expense and net interest income assuming no changes in the composition of our investment portfolio, including the accrual status of our investments, and our financing arrangements in effect as of December 31, 2025 (dollar amounts are presented in thousands):

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Basis Point Change in Interest Rates** | **Increase (Decrease) in Interest Income**<sup>(1)</sup> | **Increase (Decrease) in Interest Expense**<sup>(2)</sup> | **Increase (Decrease) in Net Interest Income** | **Percentage Change in Total Net Interest Income** |
| Down 250 basis points | $(31328) | $(18156) | $(13172) | (18.4)% |
| Down 200 basis points | (25062) | (14525) | (10537) | (14.7)% |
| Down 150 basis points | (18797) | (10893) | (7904) | (11.0)% |
| Down 100 basis points | (12531) | (7262) | (5269) | (7.4)% |
| Down 50 basis points | (6266) | (3631) | (2635) | (3.7)% |
| Up 50 basis points | 6266 | 3631 | 2635 | 3.7% |
| Up 100 basis points | 12531 | 7262 | 5269 | 7.4% |
| Up 150 basis points | 18797 | 10893 | 7904 | 11.0% |
| Up 200 basis points | 25062 | 14525 | 10537 | 14.7% |
| Up 250 basis points | 31328 | 18156 | 13172 | 18.4% |

---

_______________

<sup>(1)</sup> Assumes no defaults or prepayments by portfolio companies over the next twelve months.

<sup>(2)</sup> Assumes current debt outstanding as of December 31, 2025, and no changes over the next twelve months.

We expect that our long-term investments will be financed primarily with equity and debt. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. During the year ended December 31, 2025, we did not engage in interest rate hedging activities.

*Foreign Currency Risk*

From time to time, we may make investments that are denominated in a foreign currency that are subject to the effects of exchange rate movements between the foreign currency of each such investment and the U.S. dollar, which may affect future fair values and cash flows, as well as amounts translated into U.S. dollars for inclusion in our consolidated financial statements. We may use derivative instruments from time to time, including foreign currency forward contracts and cross currency swaps, to manage the impact of fluctuations in foreign currency exchange rates. In addition, we may have the ability to borrow in foreign currencies under any credit facilities or enter into other financing arrangements, which provides a natural hedge with regard to changes in exchange rates between the foreign currencies and U.S. dollar and reduces our exposure to foreign exchange rate differences. We expect to typically be a net receiver of these foreign currencies as related for our international investment positions, and, as a result, our investments denominated in foreign currencies, to the extent not hedged, are expected to benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**Item 8. Financial Statements and Supplementary Data.** 

**Index to Consolidated Financial Statements**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm](#i3b435beb33e04b719232007b97c50862_79)</u> | <u>[69](#i3b435beb33e04b719232007b97c50862_79)</u> |
| <u>[Consolidated Statements of Assets and Liabilities as of](#i3b435beb33e04b719232007b97c50862_82)[Dec](#i3b435beb33e04b719232007b97c50862_82)[ember](#i3b435beb33e04b719232007b97c50862_82)[31, 2025 and](#i3b435beb33e04b719232007b97c50862_82)[December 31, 2024](#i3b435beb33e04b719232007b97c50862_82)</u> | <u>[70](#i3b435beb33e04b719232007b97c50862_82)</u> |
| <u>[Consolidated Statements of Operations for the](#i3b435beb33e04b719232007b97c50862_85)[year ended December 31, 2025 and](#i3b435beb33e04b719232007b97c50862_85)[the](#i3b435beb33e04b719232007b97c50862_85)[p](#i3b435beb33e04b719232007b97c50862_85)[eriod from April 19, 2024 (Commencement of Operations) to December 31, 2024](#i3b435beb33e04b719232007b97c50862_85)</u> | <u>[71](#i3b435beb33e04b719232007b97c50862_85)</u> |
| <u>[Consolidated Statement of Changes in Net Assets for the](#i3b435beb33e04b719232007b97c50862_88)[year ended December 31, 2025 and](#i3b435beb33e04b719232007b97c50862_88)[the](#i3b435beb33e04b719232007b97c50862_88)[p](#i3b435beb33e04b719232007b97c50862_88)[eriod from April 19, 2024 (Commencement of Operations) to December 31, 2024](#i3b435beb33e04b719232007b97c50862_88)</u> | <u>[72](#i3b435beb33e04b719232007b97c50862_88)</u> |
| <u>[Consolidated Statements of Cash Flows for the](#i3b435beb33e04b719232007b97c50862_91)[year ended December 31, 2025 and](#i3b435beb33e04b719232007b97c50862_91)[the](#i3b435beb33e04b719232007b97c50862_91)[p](#i3b435beb33e04b719232007b97c50862_91)[eriod from April 19, 2024 (Commencement of Operations) to December 31, 2024](#i3b435beb33e04b719232007b97c50862_91)</u> | <u>[73](#i3b435beb33e04b719232007b97c50862_91)</u> |
| <u>[Consolidated Schedules of Investments as of](#i3b435beb33e04b719232007b97c50862_94)[December 31, 2025 and](#i3b435beb33e04b719232007b97c50862_94)[December 31, 2024](#i3b435beb33e04b719232007b97c50862_94)</u> | <u>[74](#i3b435beb33e04b719232007b97c50862_94)</u> |
| <u>[Notes to Consolidated Financial Statements](#i3b435beb33e04b719232007b97c50862_97)</u> | <u>[97](#i3b435beb33e04b719232007b97c50862_97)</u> |

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and the Board of Directors of KKR Enhanced US Direct Lending Fund-L Inc.

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of KKR Enhanced US Direct Lending Fund-L Inc. (the "Company"), including the consolidated schedule of investments, as of December 31, 2025 and 2024, the related consolidated statements of operations and cash flows, the consolidated statements of changes in net assets, and the financial highlights for the year ended December 31, 2025 and the period beginning April 19, 2024 (commencement of operations) and ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, and the changes in its net assets and the financial highlights for the year ended December 31, 2025, and the period beginning April 19, 2024 (commencement of operations) through December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025 and 2024, by correspondence with the custodian, loan agents, and borrowers; when replies were not received, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

San Francisco, California

March 19, 2026

We have served as the auditor of one or more investment companies within the group of investment companies since 2013.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Statement of Assets and Liabilities** 

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| &nbsp;&nbsp;Investments, at fair value (cost $1,299,169 and $751,121, respectively) | $1305046 | $759122 |
| &nbsp;&nbsp;Cash and cash equivalents | 62407 | 21517 |
| &nbsp;&nbsp;Subscription receivable | 70000 | 25000 |
| &nbsp;&nbsp;Interest receivable | 6861 | 5856 |
| &nbsp;&nbsp;Other assets | 11389 | 8603 |
| &nbsp;&nbsp;**Total assets** | 1455703 | 820098 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;Credit facilities | 726230 | 419261 |
| &nbsp;&nbsp;Distribution payable | 7504 | 4525 |
| &nbsp;&nbsp;Interest payable | 8845 | 6749 |
| &nbsp;&nbsp;Deferred tax liability | 692 | 948 |
| &nbsp;&nbsp;Administration and custody fees payable | 532 | 246 |
| &nbsp;&nbsp;Due to Adviser | 109 | 130 |
| &nbsp;&nbsp;Payable for investments purchased | 1304 | 105 |
| &nbsp;&nbsp;Directors' fees payable | 37 | 37 |
| &nbsp;&nbsp;Other accrued expenses | 2298 | 1279 |
| &nbsp;&nbsp;**Total liabilities** | 747551 | 433280 |
| &nbsp;&nbsp;Commitments and contingencies (Note 8) |  |  |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;Common Shares, $0.001 par value, unlimited shares authorized, 686,508 and 373,355 shares issued and outstanding, respectively | 1 | 0 |
| &nbsp;&nbsp;Capital in excess of par value | 704099 | 380384 |
| &nbsp;&nbsp;Retained earnings (accumulated deficit) | 4052 | 6434 |
| &nbsp;&nbsp;**Net Assets** | 708152 | 386818 |
| **Net Asset Value Per Share:** |  |  |
| &nbsp;&nbsp;Net asset value, price per share | $1031.53 | $1036.06 |

---

*See accompanying notes to consolidated financial statements.*

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Statement of Operations**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
| **Investment income** | | |
| &nbsp;&nbsp;Interest income | $88406 | $44593 |
| &nbsp;&nbsp;Interest income - PIK | 3145 | 993 |
| &nbsp;&nbsp;Other income | 6793 | 4060 |
| &nbsp;&nbsp;**Total investment income** | 98344 | 49646 |
| **Expenses** |  |  |
| &nbsp;&nbsp;Interest expense | 33018 | 18095 |
| &nbsp;&nbsp;Management fee | 6608 | 2742 |
| &nbsp;&nbsp;Professional fees | 2167 | 1365 |
| &nbsp;&nbsp;Administration and custody fees | 436 | 246 |
| &nbsp;&nbsp;Directors' fees | 75 | 56 |
| &nbsp;&nbsp;Other expenses | 249 | 189 |
| &nbsp;&nbsp;**Total expenses** | 42553 | 22693 |
| &nbsp;&nbsp;Less: Fees waived by the Adviser | (6608) | (2742) |
| &nbsp;&nbsp;Net expenses | 35945 | 19951 |
| **Net investment income** | 62399 | 29695 |
| **Realized and unrealized gains (losses)** |  |  |
| &nbsp;&nbsp;Net realized gains (losses) on investments and foreign currencies | 755 | 537 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (3206) | 8058 |
| &nbsp;&nbsp;Benefit (provision) for income taxes | 256 | (948) |
| **Net realized and unrealized gains (losses)** | (2195) | 7647 |
| **Net increase (decrease) in net assets resulting from operations** | $60204 | $37342 |

---

*See accompanying notes to consolidated financial statements.*

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Statement of Changes in Net Assets**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
| **Increase (decrease) in net assets resulting from operations** | | |
| &nbsp;&nbsp;Net investment income | $62399 | $29695 |
| &nbsp;&nbsp;Net realized gains (losses) on investments and foreign currencies | 755 | 537 |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currencies | (3206) | 8058 |
| &nbsp;&nbsp;Benefit (provision) for income taxes | 256 | (948) |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 60204 | 37342 |
| **Distributions to shareholders** |  |  |
| &nbsp;&nbsp;Net investment income | (63355) | (30343) |
| &nbsp;&nbsp;Capital gains | (144) | (579) |
| &nbsp;&nbsp;**Total distributions to shareholders** | (63499) | (30922) |
| **Shareholder transactions** |  |  |
| &nbsp;&nbsp;Subscriptions | 324629 | 380398 |
| &nbsp;&nbsp;**Increase from shareholder transactions** | 324629 | 380398 |
| **Net increase (decrease) in net assets** | 321334 | 386818 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;Beginning of period | 386818 |  |
| &nbsp;&nbsp;End of period | $708152 | $386818 |

---

*See accompanying notes to consolidated financial statements.*

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Statement of Cash Flows**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
| **Cash flows from operating activities:** | | |
| Net increase (decrease) in net assets resulting from operations | $60204 | $37342 |
| &nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;Purchases of investments | (757050) | (792156) |
| &nbsp;&nbsp;Paid-in-kind interest | (3145) | (993) |
| &nbsp;&nbsp;Proceeds from sale and repayments of investments | 213936 | 43543 |
| &nbsp;&nbsp;Net realized gains (losses) on investments and foreign currencies | (755) | (537) |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments and foreign currencies | 3206 | (8058) |
| &nbsp;&nbsp;Amortization of deferred financing costs | 1488 | 774 |
| &nbsp;&nbsp;Net accretion/amortization of premiums/discounts | (572) | (930) |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in interest receivable | (1005) | (5856) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in other assets | (4274) | (4131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in interest payable | 2096 | 6749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in other accrued expenses | 3699 | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in deferred tax liability | (256) | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in administration and custody fees payable | 286 | 246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in payable for investments purchased | 1199 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in due to Adviser | (21) | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in Directors' fees payable |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | (480964) | (721508) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Subscription for shares | 230000 | 329001 |
| &nbsp;&nbsp;Distributions paid to shareholders | (10891) |  |
| &nbsp;&nbsp;Proceeds from credit facilities | 577888 | 586334 |
| &nbsp;&nbsp;Repayments of credit facilities | (272500) | (167000) |
| &nbsp;&nbsp;Deferred financing costs paid | (2680) | (5246) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | 521817 | 743089 |
| &nbsp;&nbsp;**Effect of exchange rate changes on cash** | 37 | (64) |
| **Net Increase (Decrease) in Cash and Cash Equivalents** | 40890 | 21517 |
| **Cash and Cash Equivalents:** |  |  |
| &nbsp;&nbsp;Beginning balance | $21517 | $— |
| &nbsp;&nbsp;Ending balance | $62407 | $21517 |
| **Supplemental disclosure of cash flow information and non-cash financing activities** |  |  |
| &nbsp;&nbsp;Cash paid for interest expense | $29434 | $10572 |
| &nbsp;&nbsp;Reinvestment of distributions | $49629 | $26397 |

---

*See accompanying notes to consolidated financial statements.*

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| **Senior Secured Loans- First Lien - 184.1%** | | | | | | | | |
| **Aerospace & Defense - 5.2%** | | | | | | | | |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | Revolver 1L 03/25 | SOFR + | 4.75% |  | 3/29/2032 | $5535 | $970 | (b)(c) |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | TL 1L 03/25 | SOFR + | 4.75% |  | 3/29/2032 | 7133 | 7126 | (b) |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | TL 1L 11/25 | SOFR + | 4.75% |  | 3/29/2032 | 18451 | 18433 | (b) |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | TL 1L DD 03/25 | SOFR + | 4.75% |  | 3/29/2032 | 1349 | 1348 | (b) |
| &nbsp;&nbsp;Horizon CTS Buyer LLC | TL 1L DD 11/25 | SOFR + | 4.75% |  | 3/29/2032 | 7688 | (8) | (b)(c) |
| &nbsp;&nbsp;West Star Aviation Inc | Revolver 1L 05/25 | SOFR + | 4.50% |  | 5/20/2032 | 1218 | 183 | (b)(c) |
| &nbsp;&nbsp;West Star Aviation Inc | TL 1L 05/25 | SOFR + | 4.50% |  | 5/20/2032 | 8684 | 8736 | (b) |
| &nbsp;&nbsp;West Star Aviation Inc | TL 1L DD 05/25 | SOFR + | 4.50% |  | 5/20/2032 | 1824 | 861 | (b)(c) |
| **Air Freight & Logistics - 6.8%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CSafe Global | Revolver 1L 03/24 | SOFR + | 5.75% |  | 3/8/2029 | 4043 | 809 | (a)(b)(c) |
| &nbsp;&nbsp;CSafe Global | TL 1L 03/24 | SONIA + | 5.75% |  | 12/14/2028 | 5363 | 7230 | (a)(b)(f) |
| &nbsp;&nbsp;CSafe Global | TL 1L 03/24 (Incremental) | SOFR + | 5.75% |  | 12/14/2028 | 38441 | 38441 | (a)(b) |
| &nbsp;&nbsp;CSafe Global | TL 1L DD 03/24 | SOFR + | 5.75% |  | 12/14/2028 | 1626 | 1626 | (a)(b) |
| **Application Software - 15.8%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Flexera Software LLC | Revolver 1L 08/25 | SOFR + | 4.75% |  | 8/16/2032 | 1488 | (1) | (b)(c) |
| &nbsp;&nbsp;Flexera Software LLC | TL 1L 08/25 | SOFR + | 4.50% |  | 8/16/2032 | 18343 | 18327 | (b) |
| &nbsp;&nbsp;Flexera Software LLC | TL 1L 08/25 EUR | EURIBOR + | 4.50% |  | 8/16/2032 | 5536 | 6500 | (b)(g) |
| &nbsp;&nbsp;Flexera Software LLC | TL 1L 12/25 | SOFR + | 4.50% |  | 8/16/2032 | 10758 | 10758 | (b) |
| &nbsp;&nbsp;Follett Software Co | Revolver 1L 04/25 | SOFR + | 4.50% |  | 8/30/2030 | 423 |  | (a)(b)(c) |
| &nbsp;&nbsp;Follett Software Co | TL 1L 04/25 | SOFR + | 4.50% |  | 8/29/2031 | 4387 | 4430 | (a)(b) |
| &nbsp;&nbsp;Granicus Inc | Revolver 1L 01/24 | SOFR + | 5.25% |  | 1/17/2031 | 913 |  | (a)(b)(c) |
| &nbsp;&nbsp;Granicus Inc | TL 1L 01/24 (Unitranche) PIK | SOFR + | 3.50% | (2.25% PIK) | 1/17/2031 | 6596 | 6596 | (a)(b)(d) |
| &nbsp;&nbsp;Granicus Inc | TL 1L DD 01/24 PIK | SOFR + | 3.00% | (2.25% PIK) | 1/17/2031 | 5410 | 5410 | (a)(b)(d) |
| &nbsp;&nbsp;Granicus Inc | TL 1L DD 08/24 PIK | SOFR + | 3.00% | (2.25% PIK) | 1/17/2031 | 668 |  | (a)(b)(c)(d) |
| &nbsp;&nbsp;Misys Ltd | TL 1L 09/23 | SOFR + | 7.25% |  | 9/13/2029 | 3481 | 3516 | (b)(h) |
| &nbsp;&nbsp;Personify Health Inc | TL 1L 11/23 PIK | SOFR + | 3.25% | (3.00% PIK) | 11/8/2029 | 9441 | 8951 | (b)(d) |
| &nbsp;&nbsp;PROS Holdings Inc | Revolver 1L 12/25 | SOFR + | 4.75% |  | 12/9/2032 | 436 |  | (b)(c) |
| &nbsp;&nbsp;PROS Holdings Inc | TL 1L 12/25 | SOFR + | 4.75% |  | 12/9/2032 | 3757 | 3752 | (b) |
| &nbsp;&nbsp;Revere Superior Holdings Inc | Revolver 1L 09/20 | SOFR + | 5.00% |  | 10/1/2029 | 150 | 20 | (a)(b)(c) |
| &nbsp;&nbsp;Revere Superior Holdings Inc | TL 1L 09/20 | SOFR + | 5.00% |  | 10/1/2029 | 2436 | 2436 | (a)(b) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;SAMBA Safety Inc | Revolver 1L 12/25 | SOFR + | 4.75% | 12/20/2032 | 247 | 14 | (a)(b)(c) |
| &nbsp;&nbsp;SAMBA Safety Inc | TL 1L 12/25 | SOFR + | 4.75% | 12/20/2032 | 2747 | 2740 | (a)(b) |
| &nbsp;&nbsp;SAMBA Safety Inc | TL 1L DD 12/25 | SOFR + | 4.75% | 12/20/2032 | 333 |  | (a)(b)(c) |
| &nbsp;&nbsp;Sphera Solutions Inc | Revolver 1L 09/25 | SOFR + | 4.50% | 9/24/2032 | 1637 | 307 | (b)(c) |
| &nbsp;&nbsp;Sphera Solutions Inc | TL 1L 09/25 | SOFR + | 4.50% | 9/24/2032 | 12035 | 12005 | (b) |
| &nbsp;&nbsp;Sphera Solutions Inc | TL 1L DD 09/25 | SOFR + | 4.50% | 9/24/2032 | 2456 | (6) | (b)(c) |
| &nbsp;&nbsp;Spins LLC | Revolver 1L 02/25 | SOFR + | 4.75% | 1/22/2029 | 1052 |  | (a)(b)(c) |
| &nbsp;&nbsp;Spins LLC | TL 1L 02/25 (Restated) | SOFR + | 4.75% | 1/22/2029 | 9225 | 9225 | (a)(b) |
| &nbsp;&nbsp;Spins LLC | TL 1L DD 02/25 (Amendment #1) | SOFR + | 4.75% | 1/22/2029 | 884 | 884 | (a)(b) |
| &nbsp;&nbsp;Spins LLC | TL 1L DD 02/25 (Restated) | SOFR + | 4.75% | 1/22/2029 | 723 | 723 | (a)(b) |
| &nbsp;&nbsp;Vermont Information Processing Inc | Revolver 1L 12/24 | SOFR + | 4.75% | 1/30/2032 | 481 |  | (b)(c) |
| &nbsp;&nbsp;Vermont Information Processing Inc | TL 1L 01/25 | SOFR + | 4.75% | 1/30/2032 | 3825 | 3828 | (b) |
| &nbsp;&nbsp;Vermont Information Processing Inc | TL 1L DD 01/25 | SOFR + | 4.75% | 1/30/2032 | 1602 | 1 | (b)(c) |
| &nbsp;&nbsp;Vitu | Revolver 1L 01/25 | SOFR + | 4.50% | 1/6/2031 | 1894 |  | (a)(b)(c) |
| &nbsp;&nbsp;Vitu | TL 1L 01/25 | SOFR + | 4.50% | 1/6/2032 | 11594 | 11710 | (a)(b) |
| **Asset Management & Custody Banks - 7.0%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rockefeller Capital Management LP | TL 1L 12/25 | SOFR + | 4.50% | 12/2/2032 | 49514 | 49266 | (a)(b) |
| &nbsp;&nbsp;Rockefeller Capital Management LP | TL 1L DD 12/25 | SOFR + | 4.50% | 12/2/2032 | 4831 | (24) | (a)(b)(c) |
| **Cargo Ground Transportation - 2.1%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Heniff Transportation Systems LLC | Revolver 1L 12/19 | SOFR + | 6.00% | 12/3/2026 | 199 | 156 | (a)(b)(c) |
| &nbsp;&nbsp;Heniff Transportation Systems LLC | TL 1L 03/21 (Add-on) | SOFR + | 6.50% | 12/3/2026 | 232 | 228 | (a)(b) |
| &nbsp;&nbsp;Heniff Transportation Systems LLC | TL 1L 12/19 | SOFR + | 6.00% | 12/3/2026 | 10015 | 9795 | (a)(b) |
| &nbsp;&nbsp;Lazer Logistics Inc | Revolver 1L 05/23 | SOFR + | 4.75% | 5/4/2029 | 287 |  | (a)(b)(c) |
| &nbsp;&nbsp;Lazer Logistics Inc | TL 1L 11/23 | SOFR + | 4.75% | 5/6/2030 | 334 | 337 | (a)(b) |
| &nbsp;&nbsp;Lazer Logistics Inc | TL 1L B 05/23 (Unitranche) | SOFR + | 4.75% | 5/6/2030 | 2319 | 2343 | (a)(b) |
| &nbsp;&nbsp;Lazer Logistics Inc | TL 1L DD 05/23 | SOFR + | 4.75% | 5/6/2030 | 351 | 355 | (a)(b) |
| &nbsp;&nbsp;Lazer Logistics Inc | TL 1L DD 11/23 | SOFR + | 4.75% | 5/6/2030 | 671 | 678 | (a)(b) |
| &nbsp;&nbsp;Lazer Logistics Inc | TL 1L DD 12/25 (New) | SOFR + | 4.75% | 5/4/2030 | 2633 | 1123 | (a)(b)(c) |
| **Commercial & Residential Mortgage Finance - 1.7%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Rialto Capital Management LLC | Revolver 1L 12/24 | SOFR + | 5.00% | 12/5/2030 | 630 |  | (a)(b)(c) |
| &nbsp;&nbsp;Rialto Capital Management LLC | TL 1L 12/24 | SOFR + | 5.00% | 12/5/2030 | 6471 | 6535 | (a)(b) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;Rialto Capital Management LLC | TL 1L 12/25 | SOFR + | 5.00% |  | 12/5/2030 | 5702 | 5759 | (a)(b) |
| **Construction & Engineering - 16.2%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Frontline Road Safety LLC | Revolver 1L 03/25 | SOFR + | 4.75% |  | 3/4/2032 | 4107 |  | (a)(b)(c) |
| &nbsp;&nbsp;Frontline Road Safety LLC | TL 1L 03/25 PIK | SOFR + | 2.50% | (2.25% PIK) | 3/4/2032 | 24445 | 24550 | (a)(b)(d) |
| &nbsp;&nbsp;Frontline Road Safety LLC | TL 1L 12/25 PIK | SOFR + | 2.50% | (2.25% PIK) | 3/4/2032 | 7484 | 7484 | (a)(b)(d) |
| &nbsp;&nbsp;Frontline Road Safety LLC | TL 1L DD 03/25 PIK | SOFR + | 2.75% | (2.00% PIK) | 3/4/2032 | 7177 | 7207 | (a)(b)(d) |
| &nbsp;&nbsp;Frontline Road Safety LLC | TL 1L DD 05/25 (Add-on) PIK | SOFR + | 2.50% | (2.25% PIK) | 3/4/2032 | 3529 | 3544 | (a)(b)(d) |
| &nbsp;&nbsp;Frontline Road Safety LLC | TL 1L DD 10/25 | SOFR + | 2.75% |  | 3/4/2032 | 12914 | 5091 | (a)(b)(c) |
| &nbsp;&nbsp;Orion Services Group | TL 1L 11/25 | SOFR + | 4.50% |  | 11/26/2032 | 6749 | 6699 | (b) |
| &nbsp;&nbsp;Orion Services Group | TL 1L DD 11/25 | CORRA + | 4.50% |  | 11/26/2032 | 2220 | (17) | (b)(c) |
| &nbsp;&nbsp;Pike Corp | Revolver 1L 12/25 | SOFR + | 4.50% |  | 12/17/2032 | 2442 |  | (b)(c) |
| &nbsp;&nbsp;Pike Corp | TL 1L 12/25 PIK | SOFR + | 2.00% | (2.50% PIK) | 12/17/2032 | 16847 | 16805 | (b)(d) |
| &nbsp;&nbsp;Pike Corp | TL 1L DD 12/25 PIK | SOFR + | 2.00% | (2.50% PIK) | 12/17/2032 | 3662 | (9) | (b)(c)(d) |
| &nbsp;&nbsp;Turnpoint Services Inc | Revolver 1L 06/24 | SOFR + | 5.00% |  | 6/17/2030 | 989 | 385 | (a)(b)(c) |
| &nbsp;&nbsp;Turnpoint Services Inc | TL 1L 06/24 | SOFR + | 5.00% |  | 6/17/2031 | 8071 | 7986 | (a)(b) |
| &nbsp;&nbsp;Turnpoint Services Inc | TL 1L DD 06/24 | SOFR + | 5.00% |  | 6/17/2031 | 1583 | (17) | (a)(b)(c) |
| &nbsp;&nbsp;Woolpert Inc | Revolver 1L 09/25 | SOFR + | 4.50% |  | 4/5/2031 | 4365 | 567 | (a)(b)(c) |
| &nbsp;&nbsp;Woolpert Inc | TL 1L 09/25 | SOFR + | 4.50% |  | 4/5/2032 | 34106 | 34372 | (a)(b) |
| &nbsp;&nbsp;Woolpert Inc | TL 1L DD 09/25 | SOFR + | 4.50% |  | 4/5/2032 | 8730 | 68 | (a)(b)(c) |
| **Construction Machinery & Heavy Transportation Equipment - 0.6%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Shaw Development LLC | TL 1L 10/23 | SOFR + | 6.00% |  | 10/30/2029 | 4238 | 4192 | (a)(b) |
| **Consumer Finance - 4.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Homrich & Berg Inc | Revolver 1L 11/24 | SOFR + | 4.75% |  | 8/18/2031 | 1209 | 665 | (b)(c) |
| &nbsp;&nbsp;Homrich & Berg Inc | TL 1L 11/24 | SOFR + | 4.75% |  | 11/17/2031 | 5001 | 5011 | (b) |
| &nbsp;&nbsp;Homrich & Berg Inc | TL 1L DD 11/24 | SOFR + | 4.75% |  | 11/17/2031 | 6002 | 6014 | (b) |
| &nbsp;&nbsp;MAI Capital Management LLC | Revolver 1L 08/24 | SOFR + | 4.75% |  | 8/29/2031 | 1439 | 266 | (a)(b)(c) |
| &nbsp;&nbsp;MAI Capital Management LLC | TL 1L 08/24 | SOFR + | 4.75% |  | 8/29/2031 | 4653 | 4699 | (a)(b) |
| &nbsp;&nbsp;MAI Capital Management LLC | TL 1L DD 06/25 | SOFR + | 4.75% |  | 8/29/2031 | 4901 | 2679 | (a)(b)(c) |
| &nbsp;&nbsp;MAI Capital Management LLC | TL 1L DD 08/24 | SOFR + | 4.75% |  | 8/29/2031 | 2734 | 2762 | (a)(b) |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | Revolver 1L 05/22 (Add-on) | SOFR + | 4.50% |  | 10/2/2028 | 131 |  | (a)(b)(c) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | TL 1L DD 02/24 | SOFR + | 4.50% | 10/2/2028 | 594 | 594 | (a)(b) |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | TL 1L DD 08/21 | SOFR + | 4.50% | 10/2/2028 | 4886 | 4886 | (a)(b) |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | TL 1L DD 08/25 (Add-on & Reprice) | SOFR + | 4.50% | 10/2/2028 | 1317 |  | (a)(b)(c) |
| &nbsp;&nbsp;Wealth Enhancement Group LLC | TL 1L DD 12/24 | SOFR + | 4.50% | 10/2/2028 | 2900 | 1179 | (a)(b)(c) |
| **Diversified Financial Services - 0.8%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Safe-Guard Products International LLC | TL 1L 03/24 | SOFR + | 4.75% | 4/3/2030 | 5515 | 5570 | (a)(b) |
| **Diversified Support Services - 18.7%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Apex Service Partners LLC | Revolver 1L 09/24 | SOFR + | 5.00% | 10/24/2029 | 1037 | 272 | (a)(b)(c) |
| &nbsp;&nbsp;Apex Service Partners LLC | TL 1L 09/24 | SOFR + | 5.00% | 10/24/2030 | 13510 | 13646 | (a)(b) |
| &nbsp;&nbsp;Apex Service Partners LLC | TL 1L 09/24 (Replacement) | SOFR + | 5.00% | 10/24/2030 | 3099 | 3130 | (a)(b) |
| &nbsp;&nbsp;Apex Service Partners LLC | TL 1L DD 09/24 (OpCo) | SOFR + | 5.00% | 10/24/2030 | 8239 | 8321 | (a)(b) |
| &nbsp;&nbsp;Apex Service Partners LLC | TL 1L DD 11/25 | SOFR + | 4.75% | 10/24/2030 | 5793 | 55 | (a)(b)(c) |
| &nbsp;&nbsp;Magna Legal Services LLC | Revolver 1L 11/22 | SOFR + | 5.00% | 11/22/2028 | 311 |  | (a)(b)(c) |
| &nbsp;&nbsp;Magna Legal Services LLC | TL 1L 11/22 | SOFR + | 5.00% | 11/21/2029 | 2592 | 2592 | (a)(b) |
| &nbsp;&nbsp;Magna Legal Services LLC | TL 1L DD 11/22 | SOFR + | 5.00% | 11/21/2029 | 726 | 726 | (a)(b) |
| &nbsp;&nbsp;Magna Legal Services LLC | TL 1L DD 12/23 | SOFR + | 5.00% | 11/21/2029 | 1991 | 1864 | (a)(b)(c) |
| &nbsp;&nbsp;Service Express Inc | Revolver 1L 12/25 (Incremental) | SOFR + | 4.50% | 12/23/2032 | 7358 | 628 | (a)(b)(c) |
| &nbsp;&nbsp;Service Express Inc | TL 1L 12/25 (Incremental) | SOFR + | 4.50% | 9/30/2032 | 31511 | 31511 | (a)(b) |
| &nbsp;&nbsp;Service Express Inc | TL 1L A 12/25 | SOFR + | 4.50% | 12/23/2032 | 20436 | 20640 | (a)(b) |
| &nbsp;&nbsp;Service Express Inc | TL 1L B 12/25 | SOFR + | 4.50% | 12/23/2032 | 60 | 60 | (a)(b) |
| &nbsp;&nbsp;Service Express Inc | TL 1L DD 12/25 (Incremental) | SOFR + | 4.50% | 12/23/2032 | 6118 | (15) | (a)(b)(c) |
| &nbsp;&nbsp;Service Logic LLC | Revolver 1L 12/25 | SOFR + | 4.50% | 12/16/2032 | 2189 |  | (b)(c) |
| &nbsp;&nbsp;Service Logic LLC | TL 1L 12/25 | SOFR + | 4.50% | 12/16/2032 | 15872 | 15832 | (b) |
| &nbsp;&nbsp;Service Logic LLC | TL 1L DD 12/25 | SOFR + | 4.50% | 12/16/2032 | 4378 | (11) | (b)(c) |
| &nbsp;&nbsp;USIC Holdings Inc | Revolver 1L 09/24 | SOFR + | 5.25% | 9/10/2031 | 3793 | 1777 | (a)(b)(c) |
| &nbsp;&nbsp;USIC Holdings Inc | TL 1L 09/24 | SOFR + | 5.50% | 9/10/2031 | 29501 | 30091 | (a)(b) |
| &nbsp;&nbsp;USIC Holdings Inc | TL 1L DD 09/24 | SOFR + | 5.50% | 9/10/2031 | 1750 | 1036 | (a)(b)(c) |
| **Education Services - 2.4%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Cadence Education LLC | Revolver 1L 05/24 | SOFR + | 5.00% | 5/1/2030 | 1767 |  | (a)(b)(c) |
| &nbsp;&nbsp;Cadence Education LLC | TL 1L 05/24 (Unitranche) | SOFR + | 5.00% | 5/1/2031 | 11362 | 11383 | (a)(b) |
| &nbsp;&nbsp;Cadence Education LLC | TL 1L DD 05/24 | SOFR + | 5.00% | 5/1/2031 | 2983 | 2148 | (a)(b)(c) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;Learning Experience Corp/The | Revolver 1L 07/25 | SOFR + | 4.75% | 7/1/2032 | 685 |  | (b)(c) |
| &nbsp;&nbsp;Learning Experience Corp/The | TL 1L 07/25 | SOFR + | 4.75% | 7/1/2032 | 3112 | 3135 | (b) |
| **Electrical Components & Equipment - 5.0%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Clarience Technologies LLC | Revolver 1L 06/25 (2025 Replacement) | SOFR + | 4.75% | 2/13/2031 | 3238 |  | (a)(b)(c) |
| &nbsp;&nbsp;Clarience Technologies LLC | TL 1L 06/25 (2025 Incremental) | SOFR + | 4.75% | 2/13/2032 | 675 | 677 | (a)(b) |
| &nbsp;&nbsp;Clarience Technologies LLC | TL 1L 06/25 (2025 Replacement) | SOFR + | 4.75% | 2/13/2032 | 31481 | 31576 | (a)(b) |
| &nbsp;&nbsp;Clarience Technologies LLC | TL 1L DD-A 06/25 | SOFR + | 4.75% | 2/13/2032 | 1164 | 682 | (a)(b)(c) |
| &nbsp;&nbsp;Clarience Technologies LLC | TL 1L DD-B 06/25 | SOFR + | 4.75% | 2/13/2032 | 6517 | 2600 | (a)(b)(c) |
| &nbsp;&nbsp;Clarience Technologies LLC | TL 1L DD-C 06/25 | SOFR + | 4.75% | 2/13/2032 | 3238 | 10 | (a)(b)(c) |
| **Electronic Equipment & Instruments - 0.1%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Excelitas Technologies Corp | TL 1L 08/22 | SOFR + | 5.25% | 8/12/2029 | 393 | 393 | (a)(b) |
| &nbsp;&nbsp;Excelitas Technologies Corp | TL 1L 08/22 EUR | EURIBOR + | 5.25% | 8/12/2029 | 491 | 577 | (a)(b)(g) |
| &nbsp;&nbsp;Excelitas Technologies Corp | TL 1L DD 05/24 | SOFR + | 5.25% | 8/13/2029 | 4972 |  | (a)(b)(c) |
| **Environmental & Facilities Services - 9.5%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | Revolver 1L 01/24 | SOFR + | 5.20% | 1/31/2030 | 1074 |  | (a)(b)(c) |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L 01/24 | SOFR + | 5.25% | 1/31/2031 | 6568 | 6568 | (a)(b) |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L 09/24 | SOFR + | 5.00% | 1/31/2031 | 1764 | 1764 | (a)(b) |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L 09/25 | SOFR + | 5.00% | 1/31/2031 | 1404 | 1404 | (a)(b) |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L DD 09/24 | SOFR + | 5.00% | 1/31/2031 | 944 | 944 | (a)(b) |
| &nbsp;&nbsp;Arcwood Environmental (fka Heritage Environmental Services Inc) | TL 1L DD 09/25 | SOFR + | 5.00% | 1/31/2031 | 1260 | 1260 | (a)(b) |
| &nbsp;&nbsp;CLEAResult Consulting Inc | Revolver 1L 08/24 | SOFR + | 4.75% | 8/27/2031 | 1893 |  | (a)(b)(c) |
| &nbsp;&nbsp;CLEAResult Consulting Inc | TL 1L 08/24 | SOFR + | 4.75% | 8/27/2031 | 11244 | 11356 | (a)(b) |
| &nbsp;&nbsp;CLEAResult Consulting Inc | TL 1L DD 08/24 | SOFR + | 4.75% | 8/27/2031 | 2839 | 28 | (a)(b)(c) |
| &nbsp;&nbsp;Denali Water Solutions LLC | Revolver 1L 11/25 | SOFR + | 4.75% | 11/19/2032 | 4474 | 1599 | (a)(b)(c) |
| &nbsp;&nbsp;Denali Water Solutions LLC | TL 1L 11/25 | SOFR + | 4.75% | 11/19/2032 | 24608 | 24485 | (a)(b) |
| &nbsp;&nbsp;Resa Power LLC | Revolver 1L 04/25 | SOFR + | 4.75% | 4/28/2032 | 1501 |  | (a)(b)(c) |
| &nbsp;&nbsp;Resa Power LLC | Revolver 1L 04/25 (CAD Multi Currency) | SOFR + | 4.75% | 4/28/2032 | 188 |  | (a)(b)(c) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;Resa Power LLC | TL 1L 04/25 | SOFR + | 4.75% |  | 4/28/2032 | 13151 | 13230 | (a)(b) |
| &nbsp;&nbsp;Resa Power LLC | TL 1L DD 04/25 | SOFR + | 4.75% |  | 4/28/2032 | 2395 | 14 | (a)(b)(c) |
| &nbsp;&nbsp;Xylem Kendall | Revolver 1L 06/25 | SOFR + | 5.87% |  | 4/22/2030 | 706 | 390 | (b)(c) |
| &nbsp;&nbsp;Xylem Kendall | TL 1L 06/25 | SOFR + | 5.75% |  | 4/22/2030 | 3412 | 3378 | (b) |
| &nbsp;&nbsp;Xylem Kendall | TL 1L DD 06/25 (7th Amendment) | SOFR + | 5.75% |  | 4/22/2030 | 5139 | 939 | (b)(c) |
| &nbsp;&nbsp;Xylem Kendall | TL 1L DD-A 06/25 (6th Amendment) | SOFR + | 5.75% |  | 4/22/2030 | 208 | 206 | (b) |
| **Food Distributors - 0.6%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Lipari Foods LLC | TL 1L 10/22 | SOFR + | 6.50% |  | 10/31/2028 | 4120 | 4005 | (b) |
| &nbsp;&nbsp;Lipari Foods LLC | TL 1L DD 10/22 | SOFR + | 6.50% |  | 10/31/2028 | 530 | 515 | (b) |
| **Health Care Equipment - 1.5%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Zeus Industrial Products Inc | Revolver 1L 02/24 | SOFR + | 5.50% |  | 2/28/2030 | 1449 | (72) | (a)(b)(c) |
| &nbsp;&nbsp;Zeus Industrial Products Inc | TL 1L 02/24 PIK | SOFR + | 3.00% | (3.00% PIK) | 2/28/2031 | 10390 | 9871 | (a)(b)(d) |
| &nbsp;&nbsp;Zeus Industrial Products Inc | TL 1L DD 02/24 | SOFR + | 5.50% |  | 2/28/2031 | 1927 | 864 | (a)(b)(c) |
| **Health Care Facilities - 0.7%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | Revolver 1L 05/21 | SOFR + | 6.25% |  | 5/7/2026 | 44 | 6 | (a)(b)(c) |
| &nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | TL 1L 05/21 | SOFR + | 6.25% |  | 5/7/2027 | 457 | 457 | (a)(b) |
| &nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | TL 1L DD 04/22 | SOFR + | 6.25% |  | 5/7/2027 | 20 | 20 | (a)(b) |
| &nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | TL 1L DD 05/21 | SOFR + | 6.25% |  | 5/7/2027 | 94 | 94 | (a)(b) |
| &nbsp;&nbsp;VetCor Professional Practices LLC | TL 1L B 08/22 | SOFR + | 5.75% |  | 8/31/2029 | 4433 | 4433 | (b) |
| **Health Care Services - 9.2%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Affordable Care Inc | TL 1L 08/21 PIK | SOFR + | 2.75% | (3.25% PIK) | 8/2/2028 | 3349 | 3122 | (a)(b)(d) |
| &nbsp;&nbsp;Affordable Care Inc | TL 1L DD 08/21 PIK | SOFR + | 2.75% | (3.25% PIK) | 8/2/2028 | 904 | 843 | (a)(b)(d) |
| &nbsp;&nbsp;Affordable Care Inc | TL 1L DD 08/23 PIK | SOFR + | 2.75% | (3.25% PIK) | 8/2/2028 | 981 | 915 | (a)(b)(d) |
| &nbsp;&nbsp;Amerivet Partners Management Inc | TL 1L 02/22 | SOFR + | 5.50% |  | 2/25/2028 | 3803 | 3726 | (a)(b) |
| &nbsp;&nbsp;Amerivet Partners Management Inc | TL 1L DD 11/22 | SOFR + | 5.50% |  | 2/25/2028 | 312 | 305 | (a)(b) |
| &nbsp;&nbsp;Dental Care Alliance Inc | TL 1L 02/22 (Add-on) | SOFR + | 6.40% |  | 4/3/2028 | 411 | 354 | (a)(b) |
| &nbsp;&nbsp;Dental Care Alliance Inc | TL 1L 03/21 | SOFR + | 8.40% |  | 4/3/2028 | 3760 | 3240 | (a)(b) |
| &nbsp;&nbsp;Dental Care Alliance Inc | TL 1L DD 02/22 (Add-on) | SOFR + | 8.40% |  | 4/3/2028 | 205 | 177 | (a)(b) |
| &nbsp;&nbsp;Dental Care Alliance Inc | TL 1L DD 12/22 | SOFR + | 8.50% |  | 4/3/2028 | 3178 | 2738 | (a)(b) |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | Revolver 1L 02/24 | SOFR + | 5.50% |  | 2/13/2031 | 1106 | 199 | (a)(b)(c) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | TL 1L 02/24 (Unitranche) | SOFR + | 5.50% |  | 2/13/2031 | 15688 | 15845 | (a)(b) |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | TL 1L DD 1 02/24 | SOFR + | 5.50% |  | 2/13/2031 | 5514 | 2916 | (a)(b)(c) |
| &nbsp;&nbsp;MB2 Dental Solutions LLC | TL 1L DD 2 02/24 | SOFR + | 5.50% |  | 2/13/2031 | 2272 | 2294 | (a)(b) |
| &nbsp;&nbsp;Premise Health Holding Corp | Revolver 1L 11/25 | SOFR + | 4.50% |  | 11/6/2031 | 297 | (3) | (b)(c) |
| &nbsp;&nbsp;Premise Health Holding Corp | TL 1L 11/25 | SOFR + | 4.50% |  | 11/8/2032 | 3014 | 2983 | (b) |
| &nbsp;&nbsp;Premise Health Holding Corp | TL 1L DD 11/25 | SOFR + | 4.75% |  | 11/8/2032 | 1273 | (13) | (b)(c) |
| &nbsp;&nbsp;PSKW LLC (dba ConnectiveRx) | TL 1L 12/24 | SOFR + | 5.50% |  | 3/9/2028 | 25418 | 25418 | (a)(b) |
| **Health Care Supplies - 4.6%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;PCI Pharma Services | Revolver 1L 07/25 | SOFR + | 4.50% |  | 7/9/2032 | 5220 |  | (a)(b)(c)(h) |
| &nbsp;&nbsp;PCI Pharma Services | TL 1L 07/25 | SOFR + | 4.50% |  | 7/9/2032 | 29360 | 29425 | (a)(b)(h) |
| &nbsp;&nbsp;PCI Pharma Services | TL 1L DD 07/25 (Alternative Currency) | SOFR + | 4.75% |  | 7/9/2032 | 2694 | 2729 | (a)(b)(h) |
| &nbsp;&nbsp;PCI Pharma Services | TL 1L DD 07/25 (Initial Dollar) | SOFR + | 4.50% |  | 7/9/2032 | 4669 | 10 | (a)(b)(c)(h) |
| &nbsp;&nbsp;PCI Pharma Services | TL 1L DD 07/25 (Special Interest) | SOFR + | 4.75% |  | 10/15/2032 | 673 | 171 | (a)(b)(c)(h) |
| &nbsp;&nbsp;PCI Pharma Services | TL 1L DD-1 10/25 | SOFR + | 4.50% |  | 7/9/2032 | 5303 | 12 | (a)(b)(c)(h) |
| &nbsp;&nbsp;PCI Pharma Services | TL 1L DD-2 10/25 | SOFR + | 4.50% |  | 7/9/2032 | 5174 | 11 | (a)(b)(c)(h) |
| **Health Care Technology - 5.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Netsmart Technologies Inc | Revolver 1L 08/24 | SOFR + | 4.75% |  | 8/25/2031 | 3948 |  | (a)(b)(c) |
| &nbsp;&nbsp;Netsmart Technologies Inc | TL 1L 08/24 PIK | SOFR + | 2.50% | (2.70% PIK) | 8/25/2031 | 29991 | 29991 | (a)(b)(d) |
| &nbsp;&nbsp;Netsmart Technologies Inc | TL 1L 11/25 (Incremental) PIK | SOFR + | 2.05% | (2.70% PIK) | 8/25/2031 | 5859 | 5859 | (a)(b)(d) |
| &nbsp;&nbsp;Netsmart Technologies Inc | TL 1L DD 08/24 PIK | SOFR + | 2.50% | (2.45% PIK) | 8/25/2031 | 3871 |  | (a)(b)(c)(d) |
| **Highways & Railtracks - 0.8%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | Revolver 1L 06/25 | SOFR + | 4.50% |  | 6/14/2032 | 1062 |  | (b)(c) |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | TL 1L 06/25 | SOFR + | 4.50% |  | 6/14/2032 | 5648 | 5688 | (b) |
| &nbsp;&nbsp;Eagle Railcar Services Roscoe Inc | TL 1L DD 06/25 | SOFR + | 4.50% |  | 6/14/2032 | 1180 | 8 | (b)(c) |
| **Hotels, Resorts & Cruise Lines - 0.6%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Highgate Hotels Inc | Revolver 1L 11/23 | SOFR + | 5.50% |  | 11/5/2029 | 562 |  | (a)(b)(c) |
| &nbsp;&nbsp;Highgate Hotels Inc | TL 1L 11/23 | SOFR + | 5.50% |  | 11/5/2029 | 4404 | 4404 | (a)(b) |
| &nbsp;&nbsp;Highgate Hotels Inc | TL 1L DD 12/25 | SOFR + | 5.50% |  | 11/5/2032 | 2877 | 58 | (a)(b)(c) |
| **Human Resource & Employment Services - 2.0%** |  |  |  |  |  |  |  |  |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;Insight Global LLC | Revolver 1L 11/24 | SOFR + | 5.00% | 9/22/2028 | 4823 |  | (a)(b)(c) |
| &nbsp;&nbsp;Insight Global LLC | TL 1L 11/24 | SOFR + | 5.00% | 9/22/2028 | 6451 | 6451 | (a)(b) |
| &nbsp;&nbsp;Oxford Global Resources LLC | Revolver 1L 08/21 | SOFR + | 6.00% | 8/17/2027 | 94 |  | (a)(b)(c) |
| &nbsp;&nbsp;Oxford Global Resources LLC | TL 1L 06/22 (Add-on) | SOFR + | 6.00% | 8/17/2027 | 3523 | 3523 | (a)(b) |
| &nbsp;&nbsp;Oxford Global Resources LLC | TL 1L 06/24 | SOFR + | 6.00% | 8/17/2027 | 2695 | 2722 | (a)(b) |
| &nbsp;&nbsp;Oxford Global Resources LLC | TL 1L 08/21 | SOFR + | 6.00% | 8/17/2027 | 1041 | 1041 | (a)(b) |
| &nbsp;&nbsp;Oxford Global Resources LLC | TL 1L DD 08/21 | SOFR + | 6.00% | 8/17/2027 | 87 | 87 | (a)(b) |
| **Insurance Brokers - 10.3%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | Revolver 1L 12/23 | SOFR + | 4.50% | 12/20/2029 | 538 | 65 | (a)(b)(c) |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | TL 1L 12/23 | SOFR + | 4.50% | 12/20/2030 | 2465 | 2465 | (a)(b) |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | TL 1L DD 05/24 | SOFR + | 4.50% | 12/20/2030 | 4605 | 778 | (a)(b)(c) |
| &nbsp;&nbsp;DOXA Insurance Holdings LLC | TL 1L DD 12/23 | SOFR + | 4.50% | 12/20/2030 | 2344 | 2344 | (a)(b) |
| &nbsp;&nbsp;Foundation Risk Partners Corp | Revolver 1L 10/21 | SOFR + | 4.75% | 10/29/2029 | 1127 | 282 | (a)(b)(c) |
| &nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L 03/23 | SOFR + | 4.75% | 10/29/2030 | 19 | 19 | (a)(b) |
| &nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L 10/21 | SOFR + | 4.75% | 10/29/2030 | 4093 | 4093 | (a)(b) |
| &nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 02/25 | SOFR + | 4.75% | 10/29/2030 | 3360 | 1960 | (a)(b)(c) |
| &nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 03/23 | SOFR + | 4.75% | 10/29/2030 | 9 | 9 | (a)(b) |
| &nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 05/24 | SOFR + | 4.75% | 10/29/2030 | 2982 | 2982 | (a)(b) |
| &nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 10/21 | SOFR + | 4.75% | 10/29/2030 | 293 | 293 | (a)(b) |
| &nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 11/23 | SOFR + | 4.75% | 10/29/2030 | 3081 | 3081 | (a)(b) |
| &nbsp;&nbsp;Galway Partners Holdings LLC | Revolver 1L 09/21 | SOFR + | 4.50% | 9/29/2028 | 1260 | 220 | (a)(b)(c) |
| &nbsp;&nbsp;Galway Partners Holdings LLC | TL 1L B 07/24 (Reprice) | SOFR + | 4.50% | 9/29/2028 | 13561 | 13561 | (a)(b) |
| &nbsp;&nbsp;Galway Partners Holdings LLC | TL 1L DD 04/23 | SOFR + | 4.50% | 9/29/2028 | 792 | 792 | (a)(b) |
| &nbsp;&nbsp;Galway Partners Holdings LLC | TL 1L DD 07/24 | SOFR + | 4.50% | 9/29/2028 | 4397 | 898 | (a)(b)(c) |
| &nbsp;&nbsp;Higginbotham Insurance Agency Inc | TL 1L 12/25 | SOFR + | 4.50% | 6/11/2031 | 19974 | 19998 | (a)(b) |
| &nbsp;&nbsp;Higginbotham Insurance Agency Inc | TL 1L DD-A 12/25 | SOFR + | 4.50% | 6/11/2031 | 1021 | 1 | (a)(b)(c) |
| &nbsp;&nbsp;Higginbotham Insurance Agency Inc | TL 1L DD-B 12/25 | SOFR + | 4.50% | 6/11/2031 | 2386 | 3 | (a)(b)(c) |
| &nbsp;&nbsp;Integrity Marketing Group LLC | Revolver 1L 08/24 | SOFR + | 5.00% | 8/25/2028 | 1158 |  | (a)(b)(c) |
| &nbsp;&nbsp;Integrity Marketing Group LLC | TL 1L 08/24 | SOFR + | 5.00% | 8/25/2028 | 19330 | 19330 | (a)(b) |
| &nbsp;&nbsp;Integrity Marketing Group LLC | TL 1L DD 08/24 | SOFR + | 5.00% | 8/25/2028 | 3984 |  | (a)(b)(c) |
| **Interactive Media & Services - 3.2%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BGB Group LLC | Revolver 1L 12/25 | SOFR + | 5.25% | 2/16/2030 | 2638 |  | (a)(b)(c) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;BGB Group LLC | TL 1L 12/25 | SOFR + | 5.25% |  | 2/16/2030 | 21221 | 21221 | (a)(b) |
| &nbsp;&nbsp;BGB Group LLC | TL 1L DD 12/25 | SOFR + | 5.25% |  | 2/16/2030 | 1759 |  | (a)(b)(c) |
| &nbsp;&nbsp;Lionbridge Technologies Inc | TL 1L 04/22 | SOFR + | 7.00% |  | 4/27/2026 | 889 | 755 | (a)(b)(i) |
| &nbsp;&nbsp;Lionbridge Technologies Inc | TL 1L 12/19 | SOFR + | 7.00% |  | 4/27/2026 | 1115 | 947 | (a)(b)(i) |
| **Internet Services & Infrastructure - 1.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Com Laude Group Ltd | Revolver 1L 12/25 | SOFR + | 5.00% |  | 12/30/2032 | 606 |  | (b)(c)(h) |
| &nbsp;&nbsp;Com Laude Group Ltd | TL 1L 12/25 | SOFR + | 5.00% |  | 12/30/2032 | 7731 | 7693 | (b)(h) |
| &nbsp;&nbsp;Com Laude Group Ltd | TL 1L DD 12/25 | SOFR + | 5.00% |  | 12/30/2032 | 1516 | (8) | (b)(c)(h) |
| **IT Consulting & Other Services - 0.3%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Era Technology Inc | TL 1L 08/25 PIK | SOFR + | 6.25% | PIK | 6/30/2030 | 1813 | 1813 | (a)(b)(d) |
| **Leisure Facilities - 2.7%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | Revolver 1L 07/25 | SOFR + | 5.00% |  | 7/10/2031 | 2093 |  | (a)(b)(c) |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | TL 1L B 07/25 | SOFR + | 5.00% |  | 7/9/2032 | 19206 | 19248 | (a)(b) |
| &nbsp;&nbsp;ClubCorp Club Operations Inc | TL 1L B-DD 07/25 | SOFR + | 5.00% |  | 7/9/2032 | 1256 | 3 | (a)(b)(c) |
| **Personal Care Products - 1.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | TL 1L 11/20 | SOFR + | 6.25% |  | 11/30/2027 | 7886 | 7886 | (a)(b) |
| **Property & Casualty Insurance - 4.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alacrity Solutions Group LLC | Revolver 1L 02/25 | SOFR + | 5.25% |  | 2/28/2030 | 340 |  | (a)(b)(c) |
| &nbsp;&nbsp;Alacrity Solutions Group LLC | TL 1L 02/25 (Takeback) PIK | SOFR + | 1.00% | (5.25% PIK) | 2/28/2030 | 2116 | 2116 | (a)(b)(d) |
| &nbsp;&nbsp;Alacrity Solutions Group LLC | TL 1L 03/25 (PIK Upfront Fee) | SOFR + | 5.25% |  | 2/28/2030 | 28 | 28 | (a)(b) |
| &nbsp;&nbsp;Alacrity Solutions Group LLC | TL 1L DD 02/25 (Exit) | SOFR + | 5.25% |  | 2/28/2030 | 452 |  | (a)(b)(c) |
| &nbsp;&nbsp;J S Held LLC | Revolver 1L 10/24 | SOFR + | 5.50% |  | 6/1/2028 | 1444 |  | (a)(b)(c) |
| &nbsp;&nbsp;J S Held LLC | TL 1L B 10/24 | SOFR + | 4.75% |  | 6/1/2028 | 24805 | 24849 | (a)(b) |
| &nbsp;&nbsp;J S Held LLC | TL 1L DD 10/24 | SOFR + | 5.50% |  | 6/1/2028 | 4166 | 1928 | (a)(b)(c) |
| **Publishing - 3.0%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;RBmedia | Revolver 1L 08/23 | SOFR + | 5.75% |  | 8/31/2028 | 3340 |  | (b)(c) |
| &nbsp;&nbsp;RBmedia | TL 1L 08/23 | SOFR + | 5.75% |  | 9/3/2030 | 14660 | 14807 | (b) |
| &nbsp;&nbsp;RBmedia | TL 1L 08/24 (Incremental) | SOFR + | 5.75% |  | 9/3/2030 | 6053 | 6113 | (b) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;RBmedia | TL 1L DD-A 08/25 | SOFR + | 5.75% |  | 8/31/2030 | 710 | 7 | (b)(c) |
| &nbsp;&nbsp;RBmedia | TL 1L DD-B 08/25 | SOFR + | 5.75% |  | 8/31/2030 | 1704 | 17 | (b)(c) |
| **Research & Consulting Services - 3.2%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;BDO USA PA | TL 1L 08/23 | SOFR + | 5.00% |  | 8/31/2028 | 5882 | 5882 | (a)(b) |
| &nbsp;&nbsp;BDO USA PA | TL 1L 11/25 | SOFR + | 4.50% |  | 8/31/2028 | 901 | 901 | (a)(b) |
| &nbsp;&nbsp;Hibu Inc | TL 1L 04/25 (Add-on) | SOFR + | 6.25% |  | 5/4/2027 | 5565 | 5677 | (a)(b) |
| &nbsp;&nbsp;Hibu Inc | TL 1L 05/21 | SOFR + | 6.25% |  | 5/4/2027 | 1018 | 1018 | (a)(b) |
| &nbsp;&nbsp;Hibu Inc | TL 1L 06/22 | SOFR + | 6.25% |  | 5/4/2027 | 2043 | 2043 | (a)(b) |
| &nbsp;&nbsp;Hibu Inc | TL 1L 08/24 | SOFR + | 6.25% |  | 5/4/2027 | 6995 | 7065 | (a)(b) |
| **Specialized Consumer Services - 6.5%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | Revolver 1L 04/25 | SOFR + | 4.50% |  | 12/1/2028 | 422 |  | (a)(b)(c) |
| &nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | TL 1L 04/25 | SOFR + | 4.25% |  | 12/1/2029 | 5764 | 5822 | (a)(b) |
| &nbsp;&nbsp;Legends Hospitality LLC | Revolver 1L 08/24 | SOFR + | 5.00% |  | 8/22/2030 | 2871 | 933 | (b)(c) |
| &nbsp;&nbsp;Legends Hospitality LLC | TL 1L 08/24 PIK | SOFR + | 2.75% | (2.75% PIK) | 8/22/2031 | 25085 | 25147 | (b)(d) |
| &nbsp;&nbsp;Legends Hospitality LLC | TL 1L DD 08/24 PIK | SOFR + | 2.25% | (2.75% PIK) | 8/22/2031 | 1431 | 1190 | (b)(c)(d) |
| &nbsp;&nbsp;Spotless Brands LLC | TL 1L 02/23 | SOFR + | 5.75% |  | 7/25/2028 | 1703 | 1720 | (a)(b) |
| &nbsp;&nbsp;Spotless Brands LLC | TL 1L DD 02/23 | SOFR + | 5.75% |  | 7/25/2028 | 2594 | 2620 | (a)(b) |
| &nbsp;&nbsp;Spotless Brands LLC | TL 1L DD E 08/24 | SOFR + | 5.50% |  | 7/25/2028 | 7752 | 7783 | (a)(b) |
| &nbsp;&nbsp;Spotless Brands LLC | TL 1L DDTL 09/25 | SOFR + | 5.00% |  | 7/25/2028 | 3554 | 487 | (a)(b)(c) |
| **Specialty Chemicals - 2.9%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;DuBois Chemicals Inc | Revolver 1L 06/24 | SOFR + | 5.00% |  | 6/13/2031 | 3054 |  | (a)(b)(c) |
| &nbsp;&nbsp;DuBois Chemicals Inc | TL 1L 06/24 | SOFR + | 5.00% |  | 6/13/2031 | 18265 | 18391 | (a)(b) |
| &nbsp;&nbsp;DuBois Chemicals Inc | TL 1L DD 06/24 | SOFR + | 5.00% |  | 6/13/2031 | 3054 | 2189 | (a)(b)(c) |
| **Systems Software - 21.5%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Bonterra LLC | Revolver 1L 03/25 | SOFR + | 4.75% |  | 3/5/2032 | 3328 | 499 | (a)(b)(c) |
| &nbsp;&nbsp;Bonterra LLC | TL 1L 03/25 | SOFR + | 4.75% |  | 3/5/2032 | 30628 | 30628 | (a)(b) |
| &nbsp;&nbsp;Bonterra LLC | TL 1L DD 03/25 | SOFR + | 4.75% |  | 3/5/2032 | 3328 | 3328 | (a)(b) |
| &nbsp;&nbsp;Bonterra LLC | TL 1L DD 10/25 | SOFR + | 5.00% |  | 3/5/2032 | 24423 | 6350 | (a)(b)(c) |
| &nbsp;&nbsp;Gigamon Inc | TL 1L 03/22 | SOFR + | 5.75% |  | 3/9/2029 | 4384 | 4298 | (a)(b) |
| &nbsp;&nbsp;Jeppesen Holdings LLC | Revolver 1L 10/25 | SOFR + | 4.75% |  | 10/31/2032 | 1434 | (5) | (b)(c)(h) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;Jeppesen Holdings LLC | TL 1L 10/25 | SOFR + | 4.75% |  | 10/31/2032 | 27664 | 27562 | (b)(h) |
| &nbsp;&nbsp;Med-Metrix | Revolver 1L 07/25 | SOFR + | 4.75% |  | 7/21/2032 | 3099 |  | (a)(b)(c) |
| &nbsp;&nbsp;Med-Metrix | TL 1L 07/25 | SOFR + | 4.75% |  | 7/21/2032 | 17509 | 17550 | (a)(b) |
| &nbsp;&nbsp;Med-Metrix | TL 1L DD 07/25 | SOFR + | 4.75% |  | 7/21/2032 | 7283 | 17 | (a)(b)(c) |
| &nbsp;&nbsp;OEConnection LLC | Revolver 1L 04/24 | SOFR + | 4.50% |  | 12/23/2032 | 2679 |  | (a)(b)(c) |
| &nbsp;&nbsp;OEConnection LLC | TL 1L 04/24 | SOFR + | 4.50% |  | 12/23/2032 | 25780 | 26038 | (a)(b) |
| &nbsp;&nbsp;OEConnection LLC | TL 1L DD 12/24 | SOFR + | 4.50% |  | 12/23/2032 | 3196 | 32 | (a)(b)(c) |
| &nbsp;&nbsp;Veriforce LLC | Revolver 1L 11/24 | SOFR + | 5.00% |  | 11/21/2031 | 2339 |  | (a)(b)(c)(h) |
| &nbsp;&nbsp;Veriforce LLC | TL 1L 11/24 GBP | SONIA + | 4.75% |  | 11/21/2031 | 8395 | 11316 | (a)(b)(f)(h) |
| &nbsp;&nbsp;Veriforce LLC | TL 1L 11/24 USD | SOFR + | 4.75% |  | 11/21/2031 | 24550 | 24550 | (a)(b)(h) |
| &nbsp;&nbsp;Veriforce LLC | TL 1L DD 09/25 | SOFR + | 4.75% |  | 11/21/2031 | 4256 |  | (a)(b)(c)(h) |
| &nbsp;&nbsp;Veriforce LLC | TL 1L DD-2 11/24 USD | SOFR + | 4.75% |  | 11/21/2031 | 1295 |  | (a)(b)(c)(h) |
| **Trading Companies & Distributors - 3.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Radwell International LLC | Revolver 1L 04/22 | SOFR + | 5.50% |  | 4/1/2029 | 384 | 64 | (a)(b)(c) |
| &nbsp;&nbsp;Radwell International LLC | TL 1L 12/22 | SOFR + | 5.50% |  | 4/1/2029 | 4963 | 5012 | (a)(b) |
| &nbsp;&nbsp;Radwell International LLC | TL 1L DD 11/24 | SOFR + | 5.50% |  | 4/1/2029 | 16485 | 16650 | (a)(b) |
| **Total Senior Secured Loans - First Lien (Cost $1,295,967)** |  |  |  |  |  |  | $1303361 |  |
| **Subordinated Debt - 0.1%** |  |  |  |  |  |  |  |  |
| **Property & Casualty Insurance - 0.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alacrity Solutions Group LLC | TL Mezz 02/25 PIK | SOFR + | 8.00% | PIK | 2/28/2030 | 743 | $743 | (a)(b)(d) |
| **Total Subordinated Debt (Cost $743)** |  |  |  |  |  |  | $743 |  |
| **Equity - 0.1%** |  |  |  |  |  |  |  |  |
| **IT Consulting & Other Services - 0.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;New Era Technology Inc | Common Stock (Takeback) |  |  |  |  | 1675 |  | (a)(b) |
| &nbsp;&nbsp;New Era Technology Inc | Preferred Stock |  |  |  |  | 1675 | 797 | (a)(b) |
| **Property & Casualty Insurance - 0.0%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Alacrity Solutions Group LLC | Common Stock |  |  |  |  | 423 |  | (a)(b) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par/Shares** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;Alacrity Solutions Group LLC | Perp (Pref Equity) PIK | SOFR + | 8.00% | PIK |  | 452 | 145 | (a)(b)(d)(i) |
| **Total Equity (Cost $2,459)** |  |  |  |  |  |  | $942 |  |
| **TOTAL INVESTMENTS (Cost $1,299,169) – 184.3%** |  |  |  |  |  |  | $1305046 |  |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2025**

**(in thousands, except share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | | **Shares** | **Fair Value** | **Footnotes** |
| **Money Market Fund - 8.0%** | | | | |
| **U.S. Government Securities - 8.0%** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon U.S. Treasury Fund | Money Market Fund Shares | 44074019 | $44074 | (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund | Opportunity Class | 12782117 | 12782 | (j) |
| **TOTAL MONEY MARKET FUND (Cost $56,856) - 8.0%** |  |  | $56856 |  |
| **TOTAL INVESTMENTS INCLUDING MONEY MARKET FUND (COST - $1,356,025) - 192.3%** |  |  | $1361902 |  |
| **LIABILITIES EXCEEDING OTHER ASSETS, NET - (-92.3%)** |  |  | (653750) |  |
| **NET ASSETS – 100.0%** |  |  | $708152 |  |

---

_________________

---

| | |
|:---|:---|
| TL | Term loan |
| DD | Delayed draw term loan |
| 1L | First lien |
| SOFR | Secured Overnight Financing Rate as of December 31, 2025 was 3.9%. |
| SONIA | Sterling Overnight Index Average as of December 31, 2025 was 3.7%. |
| EURIBOR | Euro Interbank Offered Rate as of December 31, 2025 was 2.0%. |
| CORRA | Canadian Overnight Repo Rate Average as of December 31, 2025 was 2.3%. |
| (a) | Security considered restricted. |
| (b) | Value determined using significant unobservable inputs. |
| (c) | Investment is an unfunded or partially funded commitment. |
| (d) | Represents a payment-in-kind ("PIK") security which may pay interest in additional par. PIK rate disclosed is excluded from the spread. |
| (e) | The money market fund's average 7-day yield as of December 31, 2025 was 3.4%. |
| (f) | Par value is in GBP. |
| (g) | Par value is in EUR. |
| (h) | The investment, or portion of the investment is not a qualifying asset under the 1940 Act, as amended. A BDC, may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. As of December 31, 2025, 92.7% of the Company's total assets represented qualifying assets. |
| (i) | Asset is on non-accrual status. |
| (j) | The money market fund's average 7-day yield as of December 31, 2025 was 3.7%. |

---

*See accompanying notes to consolidated financial statements.* 

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par** | **Fair Value** | **Footnotes** |
| **Senior Secured Loans- First Lien - 196.3%** | **Senior Secured Loans- First Lien - 196.3%** | | | | | | | |
| **Aerospace & Defense - 0.4%** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Space Inc | Revolver 1L 12/20 | SOFR + | 6.25% |  | 3/20/2026 | $87 | $87 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Space Inc | TL 1L 12/20 | SOFR + | 6.25% |  | 3/20/2026 | 1332 | 1332 | (a)(b) |
| **Air Freight & Logistics - 13.1%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CSafe Global | Revolver 1L 03/24 | SOFR + | 5.75% |  | 3/8/2029 | 4043 | 2830 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;CSafe Global | TL 1L 03/24 GBP | SONIA + | 5.75% |  | 12/14/2028 | 5418 | 6851 | (a)(b)(f) |
| &nbsp;&nbsp;&nbsp;&nbsp;CSafe Global | TL 1L 03/24 Incremental | SOFR + | 5.75% |  | 12/14/2028 | 38832 | 39220 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;CSafe Global | TL 1L DD 03/24 | SOFR + | 5.75% |  | 12/14/2028 | 1643 | 1659 | (a)(b) |
| **Application Software - 13.8%** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Granicus Inc | Revolver 1L 01/24 | SOFR + | 5.25% |  | 1/17/2031 | 913 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Granicus Inc | TL 1L 01/24 (Unitranche) PIK | SOFR + | 3.50% | (2.25% PIK) | 1/17/2031 | 6528 | 6594 | (a)(b)(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;Granicus Inc | TL 1L DD 01/24 PIK | SOFR + | 3.00% | (2.25% PIK) | 1/17/2031 | 4612 | 4641 | (a)(b)(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;Granicus Inc | TL 1L DD 08/24 PIK | SOFR + | 3.00% | (2.25% PIK) | 1/17/2031 | 1407 | 3 | (a)(b)(c)(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;Med-Metrix | Revolver 1L 09/21 | SOFR + | 5.00% |  | 9/15/2027 | 98 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Med-Metrix | TL 1L 09/21 | SOFR + | 5.00% |  | 9/15/2027 | 757 | 765 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Med-Metrix | TL 1L 06/24 | SOFR + | 5.00% |  | 9/15/2027 | 13807 | 13986 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Med-Metrix | TL 1L DD 09/21 | SOFR + | 5.00% |  | 9/15/2027 | 385 | 390 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Misys Ltd | Revolver 1L 09/23 | SOFR + | 7.25% |  | 9/13/2029 | 1321 | 821 | (a)(b)(c)(h) |
| &nbsp;&nbsp;&nbsp;&nbsp;Misys Ltd | TL 1L 09/23 | SOFR + | 7.25% |  | 9/13/2029 | 12636 | 12888 | (a)(b)(h) |
| &nbsp;&nbsp;&nbsp;&nbsp;Personify Health Inc | TL 1L 11/23 PIK | SOFR + | 3.25% | (3.00% PIK) | 11/8/2029 | 9267 | 9360 | (b)(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;Revere Superior Holdings Inc | Revolver 1L 09/20 | SOFR + | 5.00% |  | 10/1/2029 | 150 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Revere Superior Holdings Inc | TL 1L 09/20 | SOFR + | 5.00% |  | 10/1/2029 | 2436 | 2429 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Spins LLC | Revolver 1L 01/21 | SOFR + | 5.50% |  | 1/20/2027 | 195 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Spins LLC | TL 1L 01/21 | SOFR + | 5.50% |  | 1/20/2027 | 1536 | 1536 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Spins LLC | TL 1L DD 02/22 (Add-on) | SOFR + | 5.50% |  | 1/20/2027 | 182 | 82 | (a)(b)(c) |
| **Asset Management & Custody Banks - 1.3%** | **Asset Management & Custody Banks - 1.3%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rockefeller Capital Management LP | TL 1L 04/24 | SOFR + | 4.75% |  | 4/4/2031 | 5022 | 5072 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rockefeller Capital Management LP | TL 1L DD 12/24 | SOFR + | 4.75% |  | 4/4/2031 | 1797 | 18 | (a)(b)(c) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par** | **Fair Value** | **Footnotes** |
| **Cargo Ground Transportation - 3.7%** | **Cargo Ground Transportation - 3.7%** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Heniff Transportation Systems LLC | Revolver 1L 12/19 | SOFR + | 5.75% | 12/3/2026 | 199 | 131 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Heniff Transportation Systems LLC | TL 1L 12/19 | SOFR + | 5.75% | 12/3/2026 | 10375 | 10375 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Heniff Transportation Systems LLC | TL 1L 03/21 (add on) | SOFR + | 5.75% | 12/3/2026 | 239 | 239 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | Revolver 1L 05/23 | SOFR + | 5.00% | 5/4/2029 | 287 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | TL 1L 11/23 | SOFR + | 5.00% | 5/6/2030 | 337 | 339 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | TL 1L B 05/23 (Unitranche) | SOFR + | 5.00% | 5/6/2030 | 2343 | 2355 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | TL 1L DD 05/23 | SOFR + | 5.00% | 5/6/2030 | 355 | 357 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lazer Logistics Inc | TL 1L DD 11/23 | SOFR + | 5.00% | 5/6/2030 | 1621 | 686 | (a)(b)(c) |
| **Commercial & Residential Mortgage Finance - 1.8%** | **Commercial & Residential Mortgage Finance - 1.8%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rialto Capital Management LLC | Revolver 1L 12/24 | SOFR + | 5.00% | 12/5/2030 | 241 |  | (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Rialto Capital Management LLC | TL 1L 12/24 | SOFR + | 5.00% | 12/5/2030 | 7002 | 6932 | (b) |
| **Construction & Engineering - 8.9%** | **Construction & Engineering - 8.9%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Turnpoint Services Inc | Revolver 1L 06/24 | SOFR + | 5.00% | 6/17/2030 | 989 | (6) | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Turnpoint Services Inc | TL 1L 06/24 | SOFR + | 5.00% | 6/17/2031 | 8071 | 8020 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Turnpoint Services Inc | TL 1L DD 06/24 | SOFR + | 5.00% | 6/17/2031 | 1583 | (10) | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Woolpert Inc | Revolver 1L 05/24 | SOFR + | 5.00% | 4/5/2029 | 3865 | 135 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Woolpert Inc | TL 1L 05/24 | SOFR + | 5.00% | 4/5/2030 | 24710 | 25036 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Woolpert Inc | TL 1L DD 05/24 | SOFR + | 5.00% | 4/5/2030 | 7725 | 1333 | (a)(b)(c) |
| **Construction Machinery & Heavy Transportation Equipment - 1.1%** | **Construction Machinery & Heavy Transportation Equipment - 1.1%** | **Construction Machinery & Heavy Transportation Equipment - 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shaw Development LLC | TL 1L 10/23 | SOFR + | 6.00% | 10/30/2029 | 4281 | 4179 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Shaw Development LLC | TL 1L DD 10/23 | SOFR + | 6.00% | 10/30/2029 | 514 | (12) | (a)(b)(c) |
| **Consumer Finance - 4.2%** | **Consumer Finance - 4.2%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Homrich & Berg Inc | Revolver 1L 11/24 | SOFR + | 4.50% | 8/18/2031 | 1209 | 79 | (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Homrich & Berg Inc | TL 1L 11/24 | SOFR + | 4.50% | 11/17/2031 | 5039 | 4989 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Homrich & Berg Inc | TL 1L DD 11/24 | SOFR + | 4.50% | 11/17/2031 | 6047 | (60) | (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;MAI Capital Management LLC | Revolver 1L 08/24 | SOFR + | 4.75% | 8/29/2031 | 1030 | 135 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;MAI Capital Management LLC | TL 1L 08/24 | SOFR + | 4.75% | 8/29/2031 | 4664 | 4655 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;MAI Capital Management LLC | TL 1L DD 08/24 | SOFR + | 4.75% | 8/29/2031 | 2741 | 862 | (a)(b)(c) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group LLC | Revolver 1L 05/22 (Add-on) | SOFR + | 5.00% | 10/4/2028 | 131 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group LLC | TL 1L DD 08/21 | SOFR + | 5.00% | 10/4/2028 | 4937 | 4970 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group LLC | TL 1L DD 02/24 | SOFR + | 5.00% | 10/4/2028 | 598 | 434 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth Enhancement Group LLC | TL 1L DD 12/24 | SOFR + | 5.00% | 10/4/2028 | 2901 | (7) | (a)(b)(c) |
| **Diversified Financial Services - 1.5%** | **Diversified Financial Services - 1.5%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Safe-Guard Products International LLC | TL 1L 03/24 | SOFR + | 4.75% | 4/3/2030 | 5781 | 5821 | (a)(b) |
| **Diversified Support Services - 20.0%** | **Diversified Support Services - 20.0%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners LLC | Revolver 1L 09/24 | SOFR + | 5.00% | 10/24/2029 | 1037 | 705 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners LLC | TL 1L 09/24 | SOFR + | 5.00% | 10/24/2030 | 13647 | 13666 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners LLC | TL 1L 09/24 (Replacement) | SOFR + | 5.00% | 10/24/2030 | 3130 | 3135 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Service Partners LLC | TL 1L DD 09/24 (OpCo) | SOFR + | 5.00% | 10/24/2030 | 8292 | 2411 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lexitas Inc | TL 1L DD 11/22 | SOFR + | 6.25% | 5/18/2029 | 350 | 354 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lexitas Inc | TL 1L DD 03/23 | SOFR + | 6.25% | 5/18/2029 | 187 | 189 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lexitas Inc | TL 1L DD 03/24 | SOFR + | 6.25% | 5/18/2029 | 34929 | 2170 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Magna Legal Services LLC | Revolver 1L 11/22 | SOFR + | 6.50% | 11/22/2028 | 311 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Magna Legal Services LLC | TL 1L 11/22 | SOFR + | 6.50% | 11/22/2029 | 2619 | 2645 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Magna Legal Services LLC | TL 1L DD 11/22 | SOFR + | 6.50% | 11/22/2029 | 733 | 741 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Magna Legal Services LLC | TL 1L DD 12/23 | SOFR + | 6.00% | 11/21/2029 | 2008 | 696 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Express Inc | Revolver 1L 08/24 | SOFR + | 4.75% | 8/15/2031 | 2664 | 376 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Express Inc | TL 1L 08/24 | SOFR + | 4.75% | 8/15/2031 | 19578 | 19479 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Express Inc | TL 1L DD 08/24 | SOFR + | 4.75% | 8/15/2031 | 4661 | (23) | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings Inc | Revolver 1L 09/24 | SOFR + | 5.25% | 9/10/2031 | 3793 | 867 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings Inc | TL 1L 09/24 | SOFR + | 5.50% | 9/10/2031 | 29799 | 29944 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;USIC Holdings Inc | TL 1L DD 09/24 | SOFR + | 5.50% | 9/10/2031 | 1757 | 125 | (a)(b)(c) |
| **Education Services - 3.2%** | **Education Services - 3.2%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Education LLC | Revolver 1L 05/24 | SOFR + | 5.00% | 5/1/2030 | 1767 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Education LLC | TL 1L 05/24 (Unitranche) | SOFR + | 5.00% | 5/1/2031 | 11477 | 11488 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cadence Education LLC | TL 1L DD 05/24 | SOFR + | 5.00% | 5/1/2031 | 2997 | 960 | (a)(b)(c) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par** | **Fair Value** | **Footnotes** |
| **Electrical Components & Equipment - 5.7%** | **Electrical Components & Equipment - 5.7%** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarience Technologies LLC | Revolver 1L 02/24 | SOFR + | 5.75% | 2/13/2030 | 2365 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarience Technologies LLC | TL 1L 02/24 | SOFR + | 5.75% | 2/13/2031 | 21713 | 21930 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Clarience Technologies LLC | TL 1L DD 02/24 | SOFR + | 5.75% | 2/13/2031 | 2365 | 24 | (a)(b)(c) |
| **Electronic Equipment & Instruments - 0.2%** | **Electronic Equipment & Instruments - 0.2%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp | TL 1L 08/22 | SOFR + | 5.25% | 8/12/2029 | 393 | 393 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp | TL 1L 08/22 EUR | EURIBOR + | 5.25% | 8/12/2029 | 496 | 514 | (a)(b)(g) |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp | TL 1L DD 08/22 | SOFR + | 5.25% | 8/12/2029 | 20 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Excelitas Technologies Corp | TL 1L DD 05/24 | SOFR + | 5.25% | 8/12/2029 | 4972 | 9 | (a)(b)(c) |
| **Environmental & Facilities Services - 5.3%** | **Environmental & Facilities Services - 5.3%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CLEAResult Consulting Inc | Revolver 1L 08/24 | SOFR + | 5.00% | 8/27/2031 | 1893 | 835 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;CLEAResult Consulting Inc | TL 1L 08/24 | SOFR + | 5.00% | 8/27/2031 | 11358 | 11254 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;CLEAResult Consulting Inc | TL 1L DD 08/24 | SOFR + | 5.00% | 8/27/2031 | 2839 | (26) | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Heritage Environmental Services Inc | Revolver 1L 01/24 | SOFR + | 5.50% | 1/31/2030 | 1074 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Heritage Environmental Services Inc | TL 1L 01/24 | SOFR + | 5.25% | 1/31/2031 | 6634 | 6701 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Heritage Environmental Services Inc | TL 1L 09/24 | SOFR + | 5.00% | 1/31/2031 | 1777 | 1790 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Heritage Environmental Services Inc | TL 1L DD 09/24 | SOFR + | 5.00% | 1/31/2031 | 944 | 7 | (a)(b)(c) |
| **Food Distributors - 1.2%** | **Food Distributors - 1.2%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lipari Foods LLC | TL 1L 10/22 | SOFR + | 6.50% | 10/31/2028 | 4163 | 4117 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lipari Foods LLC | TL 1L DD 10/22 | SOFR + | 6.50% | 10/31/2028 | 535 | 529 | (b) |
| **Health Care Equipment - 2.9%** | **Health Care Equipment - 2.9%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Zeus Industrial Products Inc | Revolver 1L 02/24 | SOFR + | 5.50% | 2/28/2030 | 1449 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Zeus Industrial Products Inc | TL 1L 02/24 | SOFR + | 5.50% | 2/28/2031 | 10336 | 10439 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Zeus Industrial Products Inc | TL 1L DD 02/24 | SOFR + | 5.50% | 2/28/2031 | 1933 | 696 | (a)(b)(c) |
| **Health Care Facilities - 1.3%** | **Health Care Facilities - 1.3%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | Revolver 1L 05/21 | SOFR + | 6.25% | 5/7/2026 | 44 | 4 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | TL 1L 05/21 | SOFR + | 6.25% | 5/7/2027 | 462 | 462 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | TL 1L DD 05/21 | SOFR + | 6.25% | 5/7/2027 | 95 | 95 | (a)(b) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Dermatology & Cosmetic Surgery | TL 1L DD 04/22 | SOFR + | 6.25% |  | 5/7/2027 | 20 | 20 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;VetCor Professional Practices LLC | TL 1L B 08/22 | SOFR + | 5.75% |  | 8/31/2029 | 4478 | 4478 | (b) |
| **Health Care Services - 16.0%** | **Health Care Services - 16.0%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affordable Care Inc | TL 1L 08/21 | SOFR + | 5.50% |  | 8/2/2028 | 3241 | 3236 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affordable Care Inc | TL 1L DD 08/21 | SOFR + | 5.50% |  | 8/2/2028 | 875 | 874 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affordable Care Inc | TL 1L DD 08/23 | SOFR + | 5.50% |  | 8/2/2028 | 949 | 948 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerivet Partners Management Inc | TL 1L 02/22 | SOFR + | 5.25% |  | 2/25/2028 | 3843 | 3843 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amerivet Partners Management Inc | TL 1L DD 11/22 | SOFR + | 5.25% |  | 2/25/2028 | 315 | 315 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dental Care Alliance Inc | TL 1L 02/22 (Add-on) | SOFR + | 6.40% |  | 4/3/2028 | 416 | 406 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dental Care Alliance Inc | TL 1L 03/21 | SOFR + | 6.40% |  | 4/3/2028 | 3804 | 3720 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dental Care Alliance Inc | TL 1L DD 02/22 (Add-on) | SOFR + | 6.40% |  | 4/3/2028 | 207 | 202 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dental Care Alliance Inc | TL 1L DD 12/22 | SOFR + | 6.50% |  | 4/3/2028 | 3210 | 3148 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | Revolver 1L 02/24 | SOFR + | 5.50% |  | 2/13/2031 | 1106 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | TL 1L 02/24 (Unitranche) | SOFR + | 5.50% |  | 2/13/2031 | 15848 | 15990 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | TL 1L DD 1 02/24 | SOFR + | 5.50% |  | 2/13/2031 | 5529 | 1178 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;MB2 Dental Solutions LLC | TL 1L DD 2 02/24 | SOFR + | 5.50% |  | 2/13/2031 | 2289 | 2310 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;PSKW LLC (dba ConnectiveRx) | TL 1L 12/24 | SOFR + | 5.50% |  | 3/9/2028 | 25675 | 25675 | (a)(b) |
| **Health Care Technology - 7.6%** | **Health Care Technology - 7.6%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Netsmart Technologies Inc | Revolver 1L 08/24 | SOFR + | 4.75% |  | 8/25/2031 | 3948 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Netsmart Technologies Inc | TL 1L 08/24 | SOFR + | 2.50% | (2.70% PIK) | 8/25/2031 | 29234 | 29234 | (a)(b)(d) |
| &nbsp;&nbsp;&nbsp;&nbsp;Netsmart Technologies Inc | TL 1L DD 08/24 | SOFR + | 2.50% | (2.70% PIK) | 8/25/2031 | 3871 |  | (a)(b)(c)(d) |
| **Hotels, Resorts & Cruise Lines - 1.2%** | **Hotels, Resorts & Cruise Lines - 1.2%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels Inc | Revolver 1L 11/23 | SOFR + | 5.50% |  | 11/5/2029 | 562 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Highgate Hotels Inc | TL 1L 11/23 | SOFR + | 5.50% |  | 11/5/2029 | 4449 | 4493 | (a)(b) |
| **Human Resource & Employment Services - 3.6%** | **Human Resource & Employment Services - 3.6%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Global LLC | Revolver 1L 11/24 | SOFR + | 5.00% |  | 9/22/2028 | 4823 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Global LLC | TL 1L 11/24 | SOFR + | 5.00% |  | 9/22/2028 | 6516 | 6516 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Global Resources LLC | Revolver 1L 08/21 | SOFR + | 6.00% |  | 8/17/2027 | 94 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Global Resources LLC | TL 1L 06/22 (Add-On) | SOFR + | 6.00% |  | 8/17/2027 | 3559 | 3559 | (a)(b) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Global Resources LLC | TL 1L 08/21 | SOFR + | 6.00% | 8/17/2027 | 1051 | 1051 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Global Resources LLC | TL 1L 06/24 | SOFR + | 6.00% | 8/17/2027 | 2723 | 2777 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Oxford Global Resources LLC | TL 1L DD 08/21 | SOFR + | 6.00% | 8/17/2027 | 88 | 88 | (a)(b) |
| **Insurance Brokers - 20.7%** | **Insurance Brokers - 20.7%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alera Group Intermediate Holdings Inc | TL 1L 09/21 | SOFR + | 5.25% | 10/2/2028 | 1380 | 1380 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alera Group Intermediate Holdings Inc | TL 1L 08/22 | SOFR + | 5.25% | 10/2/2028 | 467 | 472 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alera Group Intermediate Holdings Inc | TL 1L DD 09/21 | SOFR + | 5.25% | 10/2/2028 | 747 | 747 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alera Group Intermediate Holdings Inc | TL 1L DD 12/21 | SOFR + | 5.25% | 10/2/2028 | 1877 | 1877 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alera Group Intermediate Holdings Inc | TL 1L DD 08/22 | SOFR + | 5.25% | 10/2/2028 | 937 | 946 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Alera Group Intermediate Holdings Inc | TL 1L DD 11/23 | SOFR + | 5.75% | 10/2/2028 | 1609 | 1539 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC | Revolver 1L 12/23 | SOFR + | 5.50% | 12/20/2029 | 538 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC | TL 1L 12/23 | SOFR + | 5.25% | 12/20/2030 | 2490 | 2515 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC | TL 1L DD 12/23 | SOFR + | 5.25% | 12/20/2030 | 2368 | 2311 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;DOXA Insurance Holdings LLC | TL 1L DD 05/24 | SOFR + | 5.00% | 12/20/2030 | 4607 | 28 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | Revolver 1L 10/21 | SOFR + | 5.25% | 10/29/2029 | 1127 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L 10/21 | SOFR + | 5.25% | 10/29/2030 | 4136 | 4153 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L 03/23 | SOFR + | 5.25% | 10/29/2030 | 20 | 19 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 10/21 | SOFR + | 5.25% | 10/29/2030 | 296 | 297 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 03/23 | SOFR + | 5.25% | 10/29/2030 | 9 | 9 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 11/23 | SOFR + | 5.25% | 10/29/2030 | 3112 | 3125 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foundation Risk Partners Corp | TL 1L DD 05/24 | SOFR + | 5.25% | 10/29/2030 | 3006 | 1545 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Galway Partners Holdings LLC | Revolver 1L 09/21 | SOFR + | 4.50% | 9/29/2028 | 1260 | 105 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Galway Partners Holdings LLC | TL 1L 07/24 (Reprice) | SOFR + | 4.50% | 9/29/2028 | 13715 | 13715 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Galway Partners Holdings LLC | TL 1L DD 04/23 | SOFR + | 4.50% | 9/29/2028 | 800 | 800 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Galway Partners Holdings LLC | TL 1L DD 02/24 | SOFR + | 4.50% | 9/29/2028 | 4401 | 79 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Higginbotham Insurance Agency Inc | TL 1L DD 03/24 | SOFR + | 4.75% | 11/24/2028 | 4572 | 1324 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Group LLC | Revolver 1L 08/24 | SOFR + | 5.00% | 8/28/2028 | 1158 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Group LLC | TL 1L 08/24 | SOFR + | 5.00% | 8/25/2028 | 14652 | 14652 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Integrity Marketing Group LLC | TL 1L DD 08/24 | SOFR + | 5.00% | 8/28/2028 | 8843 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;RSC Insurance Brokerage Inc | Revolver 1L 11/19 | SOFR + | 4.75% | 11/1/2029 | 1911 |  | (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;RSC Insurance Brokerage Inc | TL 1L 09/19 | SOFR + | 4.75% | 11/1/2029 | 9583 | 9662 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;RSC Insurance Brokerage Inc | TL 1L 11/21 | SOFR + | 4.75% | 11/1/2029 | 1571 | 1584 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;RSC Insurance Brokerage Inc | TL 1L B 09/20 (Upsize) | SOFR + | 4.75% | 11/1/2029 | 942 | 950 | (b) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par** | **Fair Value** | **Footnotes** |
| &nbsp;&nbsp;&nbsp;&nbsp;RSC Insurance Brokerage Inc | TL 1L DD 10/23 (Tranche 2) | SOFR + | 4.75% | 11/1/2029 | 7009 | 7066 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;RSC Insurance Brokerage Inc | TL 1L DD 08/24 | SOFR + | 4.75% | 11/1/2029 | 12717 | 104 | (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;RSC Insurance Brokerage Inc | TL 1L DD-2 11/23 | SOFR + | 4.75% | 11/1/2029 | 6594 | 6648 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;RSC Insurance Brokerage Inc | TL 1L DD2 11/24 | SOFR + | 4.75% | 11/1/2029 | 2263 | 2281 | (b)(c) |
| **Interactive Media & Services - 0.5%** | **Interactive Media & Services - 0.5%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BGB Group LLC | TL 1L DD 06/24 | SOFR + | 5.25% | 8/16/2027 | 6079 | (66) | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lionbridge Technologies Inc | TL 1L 12/19 | SOFR + | 7.00% | 12/29/2025 | 1156 | 1156 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lionbridge Technologies Inc | TL 1L 04/22 | SOFR + | 7.00% | 12/29/2025 | 919 | 919 | (a)(b) |
| **IT Consulting & Other Services - 1.1%** | **IT Consulting & Other Services - 1.1%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Era Technology Inc | TL 1L 04/21 | SOFR + | 6.25% | 10/31/2026 | 1636 | 1603 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;New Era Technology Inc | TL 1L DD 04/21 | SOFR + | 6.25% | 10/31/2026 | 1584 | 1553 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;New Era Technology Inc | TL 1L DD 04/22 | SOFR + | 6.25% | 10/31/2026 | 1211 | 1187 | (a)(b) |
| **Personal Care Products - 3.3%** | **Personal Care Products - 3.3%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | TL 1L 11/20 | SOFR + | 6.25% | 11/30/2026 | 8368 | 8181 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Vytalogy Wellness LLC (fka Jarrow Formulas Inc) | TL 1L 09/23 | SOFR + | 6.25% | 11/30/2026 | 4495 | 4395 | (a)(b) |
| **Property & Casualty Insurance - 7.6%** | **Property & Casualty Insurance - 7.6%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alacrity Solutions Group LLC | TL 1L 12/21 | SOFR + | 5.25% | 12/22/2028 | 4455 | 3169 | (b)(i) |
| &nbsp;&nbsp;&nbsp;&nbsp;J S Held LLC | Revolver 1L 10/24 | SOFR + | 5.50% | 6/1/2028 | 1444 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;J S Held LLC | TL 1L B 10/24 | SOFR + | 5.50% | 6/1/2028 | 25056 | 25151 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;J S Held LLC | TL 1L DD 10/24 | SOFR + | 5.50% | 6/1/2028 | 4181 | 1129 | (b)(c) |
| **Publishing -5.5%** | **Publishing -5.5%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;RBmedia | Revolver 1L 08/23 | SOFR + | 5.75% | 8/31/2028 | 1211 |  | (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;RBmedia | TL 1L 08/23 | SOFR + | 5.75% | 9/3/2030 | 14810 | 15081 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;RBmedia | TL 1L 08/24 (Incremental) | SOFR + | 5.75% | 9/3/2030 | 6114 | 6226 | (b) |
| **Real Estate Services - 0.7%** | **Real Estate Services - 0.7%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SitusAMC Holdings Corp | TL 1L 12/21 | SOFR + | 5.50% | 12/22/2027 | 2546 | 2567 | (a)(b) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par** | **Fair Value** | **Footnotes** |
| **Research & Consulting Services - 4.4%** | **Research & Consulting Services - 4.4%** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO USA PA | TL 1L 08/23 | SOFR + | 5.00% | 8/31/2028 | 5942 | 5951 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hibu Inc | TL 1L 05/21 | SOFR + | 6.25% | 5/4/2027 | 1096 | 1096 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hibu Inc | TL 1L 06/22 | SOFR + | 6.25% | 5/4/2027 | 2271 | 2271 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Hibu Inc | TL 1L 08/24 | SOFR + | 6.25% | 5/4/2027 | 7473 | 7623 | (a)(b) |
| **Specialized Consumer Services - 9.9%** | **Specialized Consumer Services - 9.9%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | Revolver 1L 04/24 | SOFR + | 5.00% | 12/21/2027 | 255 | 51 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Circana Group (f.k.a. NPD Group) | TL 1L 04/24 | SOFR + | 5.00% | 12/1/2028 | 4907 | 4956 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality LLC | Revolver 1L 08/24 | SOFR + | 5.00% | 8/22/2030 | 2871 | 281 | (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality LLC | TL 1L 08/24 | SOFR + | 5.00% | 8/22/2031 | 24579 | 24525 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legends Hospitality LLC | TL 1L DD 08/24 | SOFR + | 5.00% | 8/22/2031 | 1436 | (3) | (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands LLC | TL 1L 02/23 | SOFR + | 5.75% | 7/25/2028 | 1721 | 1733 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands LLC | TL 1L DD 02/23 | SOFR + | 5.75% | 7/25/2028 | 2620 | 2639 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotless Brands LLC | TL 1L DD E 08/24 | SOFR + | 5.50% | 7/25/2028 | 7806 | 4267 | (a)(b)(c) |
| **Specialty Chemicals - 4.7%** | **Specialty Chemicals - 4.7%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DuBois Chemicals Inc | Revolver 1L 06/24 | SOFR + | 4.75% | 6/13/2031 | 3054 |  | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;DuBois Chemicals Inc | TL 1L 06/24 | SOFR + | 4.50% | 6/13/2031 | 18265 | 18308 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;DuBois Chemicals Inc | TL 1L DD 06/24 | SOFR + | 4.75% | 6/13/2031 | 3054 | 7 | (a)(b)(c) |
| **Systems Software - 14.5%** | **Systems Software - 14.5%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gigamon Inc | TL 1L 03/22 | SOFR + | 5.75% | 3/9/2029 | 4430 | 4307 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | Revolver 1L 04/24 | SOFR + | 5.00% | 4/22/2031 | 2002 | (20) | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | TL 1L 04/24 | SOFR + | 5.00% | 4/22/2031 | 18360 | 18180 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | TL 1L DD 04/24 | SOFR + | 5.00% | 4/22/2031 | 3203 | (31) | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;OEConnection LLC | TL 1L DD 12/24 | SOFR + | 5.00% | 4/22/2031 | 627 | (3) | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Veriforce LLC | Revolver 1L 11/24 | SOFR + | 5.00% | 11/21/2031 | 2339 | (12) | (b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Veriforce LLC | TL 1L 11/24 GBP | SONIA + | 5.00% | 11/21/2031 | 8480 | 10563 | (b)(f) |
| &nbsp;&nbsp;&nbsp;&nbsp;Veriforce LLC | TL 1L 11/24 USD | SOFR + | 5.00% | 11/21/2031 | 23157 | 23041 | (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Veriforce LLC | TL 1L DD-2 11/24 USD | SOFR + | 5.00% | 11/21/2031 | 2924 | (15) | (b)(c) |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Asset** | **Reference Rate & Spread** | **Reference Rate & Spread** | **Maturity Date** | **Par** | **Fair Value** | **Footnotes** |
| **Trading Companies & Distributors - 5.4%** | **Trading Companies & Distributors - 5.4%** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual FoodService | TL 1L B 10/24 | SOFR + | 5.00% | 10/31/2029 | 15696 | 15738 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Individual FoodService | TL 1L DD B 10/24 | SOFR + | 5.00% | 10/31/2029 | 462 | 101 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Radwell International LLC | Revolver 1L 04/22 | SOFR + | 5.50% | 4/1/2028 | 384 | 77 | (a)(b)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;Radwell International LLC | TL 1L 12/22 | SOFR + | 5.50% | 4/1/2029 | 5014 | 5014 | (a)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp;Radwell International LLC | TL 1L DD 11/24 | SOFR + | 5.50% | 4/1/2029 | 16528 |  | (b)(c) |
| **Total Senior Secured Loans - First Lien (Amortized Cost $751,121)** | **Total Senior Secured Loans - First Lien (Amortized Cost $751,121)** |  |  |  |  | $759122 |  |
| **TOTAL INVESTMENTS (Cost $751,121) - 196.3%** | **TOTAL INVESTMENTS (Cost $751,121) - 196.3%** |  |  |  |  | $759122 |  |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Consolidated Schedule of Investments (continued)**

**As of December 31, 2024**

**(in thousands, except share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | | **Shares** | **Fair Value** | **Footnotes** |
| **Money Market Fund - 5.2%** | | | | |
| U.S. Government Securities - 5.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNY Mellon U.S. Treasury Fund | Money Market Fund Shares | 20294569 | $20295 | (e) |
| **TOTAL MONEY MARKET FUND (Cost $20,295)** |  |  | $20295 |  |
| **TOTAL INVESTMENTS INCLUDING MONEY MARKET FUND (COST - $771,416) - 201.5%** |  |  | $779417 |  |
| **LIABILITIES EXCEEDING OTHER ASSETS, NET - (101.5%)** |  |  | (392599) |  |
| **NET ASSETS - 100.0%** |  |  | $386818 |  |

---

_________________

---

| | |
|:---|:---|
| TL | Term loan |
| DD | Delayed draw term loan |
| 1L | First lien |
| SOFR | Secured Overnight Financing Rate as of December 31, 2025 was 4.5%. |
| SONIA | Sterling Overnight Index Average as of December 31, 2025 was 4.7%. |
| EURIBOR | Euro Interbank Offered Rate as of December 31, 2025 was 2.7%. |
| (a) | Security considered restricted. |
| (b) | Value determined using significant unobservable inputs. |
| (c) | Investment is an unfunded or partially funded commitment. |
| (d) | Represents a payment-in-kind ("PIK") security which may pay interest in additional par. PIK rate disclosed is excluded from the spread. |
| (e) | The money market fund's average 7-day yield as of December 31, 2025 was 4.1%. |
| (f) | Par value is in GBP. |
| (g) | Par value is in EUR. |
| (h) | The investment, or portion of the investment is not a qualifying asset under the 1940 Act, as amended. A BDC, may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company's total assets. As of December 31, 2025, 98.3% of the Company's total assets represented qualifying assets. |
| (i) | Asset is on non-accrual status. |

---

*See accompanying notes to consolidated financial statements.* 

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements**

**(in thousands, except share and per share amounts)**

**Note 1. Organization**

KKR Enhanced US Direct Lending Fund-L Inc. (the "Company") was formed on December 22, 2023 as a statutory trust under the laws of the state of Delaware. The Company is an externally managed, non-diversified, closed-end management investment company, which converted into a Delaware corporation and commenced investment operations on April 19, 2024. The Company has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). In addition, the Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a regulated investment company ("RIC") as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

The Company's investment objective is to generate current income by investing primarily in the debt securities of private middle market U.S. companies. The Company is externally managed by KKR Credit Advisors (US) LLC (the "Adviser"), pursuant to an investment advisory agreement.

**Note 2. Summary of Significant Accounting Policies**

*Basis of Presentation -* The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") and are stated in United States ("U.S.") dollars. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board ("FASB") *Accounting Standards Codification ("ASC") Topic 946, Financial Services - Investment Companies*. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these consolidated financial statements. Actual results could differ from those estimates.

*Basis of Consolidation -* The Company's consolidated financial statements include balances of both the Company and its wholly owned subsidiaries, which are KKR Enhanced US EVDL Funding LLC, KKR Enhanced US EvDL Funding II LLC, and KKR Enhanced US Direct Lending Fund-L LLC. All intercompany balances and transactions have been eliminated upon consolidation.

*Valuation of Investments* - The Board of Directors (the "Board") of the Company has adopted valuation policies and procedures to ensure investments are valued in a manner consistent with GAAP as required by the 1940 Act. The Board designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act (the "Valuation Designee"). The Valuation Designee has primary responsibility for implementing the Company's valuation policies and procedures.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments' complexity for disclosure purposes.

Assets and liabilities recorded at fair value on the Consolidated Statement of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:

Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

Level 3 — Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value.

The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the asset. The variability of the observable inputs affected by the factors described above may cause transfers between Levels 1, 2 and/or 3.

Many financial assets and liabilities have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that the Company and others are willing to pay for an asset. Ask prices represent the lowest price that the Company and others are willing to accept for an asset. For financial assets and liabilities whose inputs are based on bid-ask prices, the Company does not require that fair value always be a predetermined point in the bid-ask range. The Company's policy is to allow for mid-market pricing and adjust to the point within the bid-ask range that meets the Company's best estimate of fair value.

Investments are generally valued based on quotations from third party pricing services, unless such a quotation is unavailable or is determined to be unreliable or inadequately representing the fair value of the particular assets. In that case, valuations are based on either valuation data obtained from one or more other third party pricing sources, including broker dealers selected by the Adviser, or will reflect the Valuation Committee's good faith determination of fair value based on other factors considered relevant. For assets classified as Level 3, valuations are based on various factors including financial and operating data of the company, company-specific developments, market valuations of comparable companies and model projections.

The fair value of certain unfunded investments in delayed draw term loans and revolving lines of credit may at times be priced at less than par value resulting in a financial liability in the Consolidated Schedule of Investments and are valued in accordance with *ASC Topic 820, Fair Value Measurements*. These values are temporary and the funding of the commitment will result in these investments valued as financial assets.

For the year ended December 31, 2025, there have been no significant changes to the Company's fair value methodologies.

*Investment Transactions* - Investment transactions are accounted for on the trade date, the date the order to buy or sell is executed. Realized gains and losses are calculated on the specific identified cost basis.

*Revenue Recognition -* The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company does not accrue as a receivable interest on loans if it has reason to doubt its ability to collect such income. The Company's policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company's judgment.

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

Original issue discount ("OID") and market discounts or premiums are capitalized and the Company accretes or amortizes such amounts as interest income over the respective term of the loan or security. Prepayment premiums, structuring fees, other non-recurring fees are recorded as fee income when earned.

Certain investments may have contractual payment-in-kind ("PIK") interest. PIK represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest income, as applicable.

*Cash and Cash Equivalents -* Cash and cash equivalents include cash on hand, cash held in banks and highly liquid investments with maturities of three or fewer months at the time of acquisition. Cash equivalents consist of money market funds with financial institutions and are classified as Level 1 in the fair value hierarchy.

*Deferred Financing Costs -* The Company has incurred financing costs related to the establishment of a secured revolving credit facilities. The aforementioned costs were capitalized as an asset and are being amortized on a straight-line basis over each instrument's term.

*Foreign Currency Transactions -* The books and records of the Company are maintained in U.S. dollars. All investments denominated in foreign currency are converted to the U.S. dollar using prevailing exchange rates at the end of the reporting period. Income, expenses, gains and losses on investments denominated in foreign currency are converted to the U.S. dollar using the prevailing exchange rates on the dates when the transactions occurred.

*Distributions to Shareholders* - Distributions of net investment income are generally declared and paid monthly and distributable net realized capital gains, if any, are declared and distributed at least annually. Distributions to shareholders are recorded on the ex-dividend date.

*Income Taxes -* The Company has elected to be treated and has qualified, and intends to continue to qualify in each taxable year, as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended, and in conformity with the Regulated Investment Company Modernization Act of 2010. The Company will not be subject to federal income tax to the extent the Company satisfies the requirements under Section 851 of the Internal Revenue Code, including distributing substantially all of its investment company taxable income and capital gains to its shareholder based on the Company's fiscal year end of December 31.

Based on excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50.0%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year.

**Note 3. Shareholder Transactions**

The Company expects to conduct a continuous private offering of its Common Shares (the "Private Offering") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). In connection with the Private Offering, the Company has entered into, and expects to continue to enter into, subscription agreements with investors (each, a "Subscription Agreement"). An investor will make a capital contribution pursuant to a

------

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

Subscription Agreement and will become a common shareholder in the Company bound by the terms of its organizational documents.

At December 31, 2025, the Company has unlimited Common Shares authorized with a par value of $0.001 per share. The following table reflects the shareholder subscriptions during the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
|<br>**Subscriptions**<sup>(1)</sup> | **Share** | **Amount** | **Share** | **Amount** |
| Common Shares Sold | 313153 | $324629 | 373355 | $380398 |
| **Total** | 313153 | $324629 | 373355 | $380398 |

---

__________

(1)All outstanding shares of the Company are held by an affiliate of the Adviser.

The following table reflects the distributions per share that the Company has declared on its Common Shares during the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| January 31, 2025 | January 31, 2025 | February 28, 2025 | $10.99 | $4102 |
| February 28, 2025 | February 28, 2025 | March 31, 2025 | 10.86 | 4309 |
| March 31, 2025 | March 31, 2025 | April 30, 2025 | 10.02 | 4207 |
| April 30, 2025 | April 30, 2025 | May 31, 2025 | 12.87 | 5954 |
| May 31, 2025 | May 31, 2025 | June 30, 2025 | 10.58 | 4937 |
| June 30, 2025 | June 30, 2025 | July 31, 2025 | 6.99 | 3262 |
| July 31, 2025 | July 31, 2025 | August 29, 2025 | 15.09 | 7405 |
| August 29, 2025 | August 29, 2025 | September 30, 2025 | 10.55 | 5212 |
| September 30, 2025 | September 30, 2025 | October 31, 2025 | 11.11 | 5565 |
| October 31, 2025 | October 31, 2025 | November 28, 2025 | 9.59 | 5313 |
| November 28, 2025 | November 28, 2025 | December 31, 2025 | 10.24 | 5729 |
| December 31, 2025 | December 31, 2025 | January 30, 2026 | 12.24 | 7504 |
| **Total** |  |  | $131.13 | $63499 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
|<br>**Declaration Date** |<br>**Record Date** |<br>**Payment Date** | **Distribution per Share** | **Distribution Amount** |
| June 27, 2024 | June 30, 2024 | July 31, 2024 | $29.73 | $6651 |
| September 30, 2024 | September 30, 2024 | October 31, 2024 | 38.26 | 11379 |
| October 31, 2024 | October 31, 2024 | November 29, 2024 | 11.28 | 3629 |
| November 27, 2024 | November 29, 2024 | December 31, 2024 | 14.25 | 4738 |
| December 31, 2024 | December 31, 2024 | January 31, 2025 | 13.13 | 4525 |
| **Total** |  |  | $106.65 | $30922 |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 4. Agreements and Related Party Transactions**

*Investment Advisory Agreement -* The Company has executed an investment advisory agreement with the Adviser ("Investment Advisory Agreement"). The Adviser provides day-to-day portfolio management services to the Company and has discretion to purchase and sell investments in accordance with the Company's objectives, policies, and restrictions. For the services it provides to the Company, the Adviser receives an annual fee, payable monthly by the Company, in an amount equal to 1.25% of the Company's month end net assets. The Adviser has agreed to reduce its management fee to an annual rate of 0.00% of the Company's month end net assets (the "Management Fee Waiver"). The Management Fee Waiver may be terminated only upon 60 days' notice by the Board or the Adviser.

During the year ended December 31, 2025, the Adviser earned a Management Fee of $6,608 and waived fees of $6,608. During the period from April 19, 2024 (Commencement of Operations) to December 31, 2024, the Adviser earned a Management Fee of $2,742 and waived fees of $2,742.

*Administrator, Custodian and Transfer Agent -* KKR Credit Advisors (US) LLC also serves as the Company's administrator (the "Administrator") pursuant to an administration agreement under which the Administrator is responsible for providing administrative and accounting services. The Administrator has also entered into a sub-administration agreement with The Bank of New York Mellon. The Company has engaged The Bank of New York Mellon as the Company's custodian and has engaged BNY Mellon Investment Servicing (US) Inc. as the Company's transfer agent.

*Distributor -* Pursuant to a Distribution Agreement, KKR Capital Markets LLC (the "Distributor"), an affiliate of the Adviser, serves as distributor of the Company's shares. The Company's shares do not incur distribution or servicing fees.

*Exemptive Relief -* As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.

In an order dated January 5, 2021, the SEC granted exemptive relief that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser with certain affiliates of the Adviser.

*Affiliates -* In general, under the 1940 Act, the Company would be presumed to "control" a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an "affiliated person" of a portfolio company if it owned 5% or more of its voting securities. As of December 31, 2025, the Company did not "control" any of its portfolio companies and was not an "affiliated person" of any of its portfolio companies, each as defined in the 1940 Act.

*Other -* Certain officers of the Company are also employees and officers of the Adviser. Such officers are paid no fees by the Company for serving as officers of the Company.

The Company is permitted to obtain, and has from time to time obtained, interest-free unsecured short-term borrowings (averaging one to two days) from an affiliate of the Adviser. There were no borrowings outstanding under such arrangements as of December 31, 2025.

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 5. Investment Portfolio**

The following table summarizes the composition of the Company's investment portfolio at cost and fair value as of December 31, 2025 and December 31, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Cost** | **Fair Value** | **Percentage of Portfolio** | **Cost** | **Fair Value** | **Percentage of Portfolio** |
| Senior Secured Loans - First Lien | $1295967 | $1303361 | 95.6% | $751121 | $759122 | 97.4% |
| Subordinated Debt | 743 | 743 | 0.1% |  |  | —% |
| Equity | 2459 | 942 | 0.1% |  |  | —% |
| Money Market Fund | 56856 | 56856 | 4.2% | 20295 | 20295 | 2.6% |
| Total | $1356025 | $1361902 | 100.0% | $771416 | $779417 | 100.0% |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

The following table describes investments, excluding money market funds, by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of December 31, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|<br>**Industry Classification** | **Fair Value** | **Percentage of Portfolio** | **Fair Value** | **Percentage of Portfolio** |
| Systems Software | $152163 | 11.6% | $56010 | 7.4% |
| Diversified Support Services | 132155 | 10.1% | 77480 | 10.2% |
| Construction & Engineering | 114715 | 8.8% | 34508 | 4.5% |
| Application Software | 112126 | 8.6% | 53495 | 7.0% |
| Insurance Brokers | 73174 | 5.6% | 79933 | 10.5% |
| Environmental & Facilities Services | 67565 | 5.2% | 20561 | 2.7% |
| Health Care Services | 65059 | 5.0% | 61845 | 8.1% |
| Asset Management & Custody Banks | 49242 | 3.8% | 5090 | 0.7% |
| Air Freight & Logistics | 48106 | 3.7% | 50560 | 6.7% |
| Specialized Consumer Services | 45702 | 3.5% | 38449 | 5.1% |
| Aerospace & Defense | 37649 | 2.9% | 1419 | 0.2% |
| Health Care Technology | 35850 | 2.7% | 29234 | 3.9% |
| Electrical Components & Equipment | 35545 | 2.7% | 21954 | 2.9% |
| Health Care Supplies | 32358 | 2.5% |  | —% |
| Property & Casualty Insurance | 29809 | 2.3% | 29449 | 3.9% |
| Consumer Finance | 28755 | 2.2% | 16057 | 2.1% |
| Interactive Media & Services | 22923 | 1.8% | 2009 | 0.3% |
| Research & Consulting Services | 22586 | 1.7% | 16941 | 2.2% |
| Trading Companies & Distributors | 21726 | 1.7% | 20930 | 2.8% |
| Publishing | 20944 | 1.6% | 21307 | 2.8% |
| Leisure Facilities | 19251 | 1.5% |  | —% |
| Education Services | 16666 | 1.3% | 12448 | 1.6% |
| Cargo Ground Transportation | 15015 | 1.2% | 14482 | 1.9% |
| Human Resource & Employment Services | 13824 | 1.1% | 13991 | 1.8% |
| Commercial & Residential Mortgage Finance | 12294 | 0.9% | 6932 | 0.9% |
| Health Care Equipment | 10663 | 0.8% | 11135 | 1.5% |
| Personal Care Products | 7886 | 0.6% | 12576 | 1.7% |
| Internet Services & Infrastructure | 7685 | 0.6% |  | —% |
| Highways & Railtracks | 5696 | 0.4% |  | —% |
| Diversified Financial Services | 5570 | 0.4% | 5821 | 0.8% |
| Health Care Facilities | 5010 | 0.4% | 5059 | 0.7% |
| Food Distributors | 4520 | 0.3% | 4646 | 0.6% |
| Hotels, Resorts & Cruise Lines | 4462 | 0.3% | 4493 | 0.6% |
| Construction Machinery & Heavy Transportation Equipment | 4192 | 0.3% | 4167 | 0.5% |
| IT Consulting & Other Services | 2610 | 0.2% | 4343 | 0.6% |
| Electronic Equipment & Instruments | 970 | 0.1% | 916 | 0.1% |
| Real Estate Services |  | —% | 2567 | 0.3% |
| **Total** | $**1305046** | **100.0%** | $**759122** | **100.0%** |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 6. Fair Value**

The following tables presents information about the Company's assets measured on a recurring basis as of December 31, 2025 and December 31, 2024 and indicate the fair value hierarchy of the inputs utilized by the Company to determine such fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;Senior Secured Loans - First Lien | $— | $— | $1303361 | $1303361 |
| &nbsp;&nbsp;Subordinated Debt |  |  | 743 | 743 |
| &nbsp;&nbsp;Equity |  |  | 942 | 942 |
| &nbsp;&nbsp;Money Market Fund | 56856 |  |  | 56856 |
| **Total Investments including Money Market Fund** | $**56856** | $**—** | $**1305046** | $**1361902** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Description** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| &nbsp;&nbsp;Senior Secured Loans - First Lien | $— | $— | $759122 | $759122 |
| &nbsp;&nbsp;Money Market Fund | 20295 |  |  | 20295 |
| **Total Investments including Money Market Fund** | $**20295** | $**—** | $**759122** | $**779417** |

---

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

The following tables are a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Senior Secured Loans - First Lien** | **Subordinated debt** | **Equity** | **Total** |
| **Balance as of January 1, 2025** | $759122 | $— | $— | $759122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | 753913 | 678 | 2459 | 757050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | 3080 | 65 |  | 3145 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and repayments | (213936) |  |  | (213936) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount (amortization of premium) | 572 |  |  | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (607) |  | (1517) | (2124) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1217 |  |  | 1217 |
| **Balance as of December 31, 2025** | $1303361 | $743 | $942 | $1305046 |
| Net change in unrealized appreciation (depreciation) of investments held at December 31, 2025 | $(2746) | $— | $(1517) | $(4263) |

---

---

| | |
|:---|:---|
| | **Senior Secured Loans - First Lien** |
| **Balance as of April 19, 2024** | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | 792156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-kind interest | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and repayments | (43543) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount (amortization of premium) | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 8001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 585 |
| **Balance as of December 31, 2024** | $759122 |
| Net change in unrealized appreciation (depreciation) of investments held at December 31, 2024 | $8001 |

---

No securities were transferred into or out of the Level 3 hierarchy during the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2025 and December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Asset** | **Fair Value at December 31, 2025** | **Valuation**<br>**Technique** <sup>(1)</sup> | **Unobservable**<br>**Input** <sup>(2)</sup> | **Range** <br>**(Weighted Average)**<sup>(3)</sup> | **Impact to Valuation from an Increase in Input** |
| Senior Secured Loans - First Lien | $1303361 | Yield Analysis | Yield | 7.02% - 12.68% (8.47%) | Decrease |
|  |  |  | Discount Margin | 3.25% - 8.22% (5.07%) | Decrease |
|  |  |  | Synthetic Rating Yield Adjustment | 0.43% - 2.55% (1.37%) | Decrease |
|  |  | Current Value Method | EBITDA Multiple | 9.50x - 15.08x (11.94x) | Increase |
| Subordinated Debt | 743 | Current Value Method | EBITDA Multiple | 15.08x | Increase |
| Equity | 942 | Current Value Method | Fwd EBITDA Multiple | 9.50x | Increase |
|  |  |  | LTM EBITDA Multiple | 15.08x | Increase |
| Total | $1305046 |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Financial Asset** | **Fair Value at December 31, 2024** | **Valuation Technique**<sup>(1)</sup> | **Unobservable Input**<sup>(2)</sup> | **Range** <br>**(Weighted Average)**<sup>(3)</sup> | **Impact to Valuation from an Increase in Input** |
| Senior Secured Loans - First Lien | $759122 | Yield Analysis | Yield | 8.30% - 12.50% (9.60%) | Decrease |
|  |  |  | Discount Margin | 0.43% - 3.40% (1.37%) | Decrease |
|  |  |  | EBITDA Multiple | 7.25x - 25.50x (14.10x) | Increase |
| Total | $759122 |  |  |  |  |

---

__________

(1)For the assets that have more than one valuation technique, the Company may rely on the techniques individually or in aggregate based on a weight ascribed to each one ranging from 0.0% -100.0%. When determining the weighting ascribed to each valuation methodology, the Company considers, among other factors, the availability of direct market comparables, the applicability of a discounted cash flow analysis and the expected hold period and manner of realization for the investment. These factors can result in different weightings among the investments and in certain instances, may result in up to a 100.0% weighting to a single methodology.

(2)The significant unobservable inputs used in the fair value measurement of the Company's assets and liabilities may include the last twelve months ("LTM") EBITDA multiple, weighted average cost of capital, discount margin, probability of default, loss severity and constant prepayment rate. In determining certain of these inputs, management evaluates a variety of factors including economic, industry and market trends and developments, market valuations of comparable companies, and company specific developments including potential exit strategies and realization opportunities. Significant increases or decreases in any of these inputs in isolation could result in significantly lower or higher fair value measurement.

(3)Weighted average amounts are based on the estimated fair values.

**Note 7. Debt Obligations**

On April 1, 2024, KKR Enhanced US EVDL Funding LLC ("KKR Funding I"), a wholly-owned subsidiary of the Company, entered into a secured revolving credit facility agreement (as amended, restated, supplemented or otherwise modified from time, the "Citibank Credit Facility") with Citibank, N.A. ("Citibank"), as lender, to borrow up to

------

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

$500.0 million. In the absence of any events of default, the borrowing and repayment period will terminate on April 1, 2027. Subsequent to this period, outstanding borrowings are subject to periodic mandatory repayments through the final maturity date of March 30, 2029.

The Citibank Credit Facility accrues interest based on the Secured Overnight Financing Rate, or a base rate applicable to each currency's borrowing, plus a spread of 1.85%. Commitment fees accrue at a rate of 0.50%, 1.25%, or 1.50%, depending on the utilization levels. The Citibank Credit Facility contains certain financial, collateral, and operating covenants that require the maintenance of ratios and benchmarks throughout the borrowing period. As of December 31, 2025, the Company was in compliance with these covenants. The fair value of the Citibank Credit Facility approximates its carrying value due to variable interest rates that periodically reset to market rates. The fair value was determined using Level 2 inputs in the fair value hierarchy.

On October 7, 2024, KKR Funding I entered into Amendment No. 1 to the Citibank Credit Facility, amending the spread from 2.65% to 2.15%. No other material terms were altered as a result of this amendment.

On March 31, 2025, KKR Funding I entered into Amendment No. 2 to the Citibank Credit Facility, amending the spread from 2.15% to 1.85% and increasing the maximum commitment fees from 1.25% to 1.50%. No other material terms were altered as a result of this amendment.

On December 18, 2025, KKR Funding I entered into a commitment adjustment notice (the "Commitment Adjustment Notice") pursuant to the Citibank Credit Facility. The Commitment Adjustment Notice provides for an increase in Citibank's commitment by $100.0 million, thereby bringing aggregate commitments of the lenders under the Citibank Credit Facility from $500.0 million to $600.0 million. The accordion feature in the Citibank Credit Facility allows KKR Funding I to increase the total size of the facility to a maximum aggregate commitment of $1.25 billion.

On April 11, 2025, KKR Enhanced US EvDL Funding II LLC ("KKR Funding II"), a wholly-owned subsidiary of the Company, entered into a revolving credit facility (as amended, restated, supplemented or otherwise modified from time, the "BNP Credit Facility") with BNP Paribas, as administrative agent, to borrow up to $200.0 million. The revolving period during which KKR Funding II is permitted to borrow, repay and re-borrow advances will terminate on April 11, 2028. Any amounts borrowed under the BNP Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on April 11, 2030.

Borrowings under the BNP Credit Facility accrue interest at a rate per annum equal to the floating rate applicable to the currency of such borrowing (which, for U.S. dollar-denominated borrowings, is three-month term SOFR, subject to a floor of 0% per annum), plus an applicable margin of 1.85% per annum. From and after April 11, 2028, the applicable margin will be 2.35% per annum. In addition, during the revolving period, KKR Funding II will pay a non-usage fee on the unused commitments under the facility ranging from 0.50% per annum to 1.00% per annum depending on utilization levels. The fair value of the BNP Credit Facility approximates its carrying value due to variable interest rates that periodically reset to market rates. The fair value was determined using Level 2 inputs in the fair value hierarchy.

On December 18, 2025, KKR Funding II entered into Amendment No. 1 to the BNP Credit Facility increasing the borrowing limit to $300.0 million. No other material terms were altered as a result of this amendment.

The components of interest expense and average interest rates (i.e., base interest rate in effect plus the spread) for the Citibank Credit Facility and BNP Credit Facility for the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024 were as follows:

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**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Operations) to December 31, 2024** |
| Stated interest expense | $30723 | $16660 |
| Unused commitment fees | 807 | 661 |
| Amortization of deferred financing costs | 1488 | 774 |
| Total interest expense | $33018 | $18095 |
| Weighted average interest rate | 5.6% | 6.9% |
| Average Borrowings Outstanding | 493658 | 314719 |

---

In accordance with the 1940 Act, the Company is allowed to borrow amounts such that its asset coverage equals at least 150% after such borrowing. The following table sets forth certain information regarding the Company's senior securities as of December 31, 2025. The Company's senior securities are comprised solely of outstanding indebtedness of the Citibank Credit Facility, which constitutes a "senior security" as defined in the 1940 Act.

---

| | | |
|:---|:---|:---|
| **Period Ended** | **Total Amount Outstanding** | **Asset Coverage per $1,000**<sup>(1)</sup> |
| December 31, 2025 | $726230 | $1975 |

---

__________

(1)Asset covered per $1,000 of debt is calculated by subtracting the Company's liabilities and indebtedness not representing senior securities from the Company's total assets, dividing the result by the aggregate amount of the Company's senior securities representing indebtedness then outstanding, and multiplying the result by 1,000.

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**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 8. Commitments and Contingencies**

The Company may enter into certain credit agreements, of which all or a portion may be unfunded. The Company will maintain sufficient liquidity to fund these commitments at the borrower's discretion. As of December 31, 2025, total unfunded commitments and fair value on these credit agreements were $288,831 and $193, respectively.

Under the Company's organizational documents, its officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In the normal course of business, the Company enters into contracts that contain a variety of representations that provide general indemnifications. The Company's maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company. However, based on experience, management expects the risk of loss to be remote.

**Note 9. Federal Income Taxes**

The timing and characterization of certain income, capital gains, and return of capital distributions are determined annually in accordance with federal tax regulations, which may differ from GAAP. As a result, the net investment income/loss and net realized gain/loss on investment transactions for a reporting period may differ significantly from distributions during such period. These book to tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital or distributable earnings, as appropriate, in the period in which the differences arise.

As of December 31, 2025, the Company's most recent fiscal year end, the following permanent differences have been reclassified (to)/from the following accounts:

---

| | |
|:---|:---|
| **Distributable Earnings** | **Paid-in Capital** |
| $914 | $(914) |

---

The tax character of distributions declared for the period ended December 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Ordinary Income** | **Return of Capital** | **Total** |
| December 31, 2024 | $30252 | $670 | $30922 |
| December 31, 2025\* | $63499 | $— | $63499 |

---

\* The final tax character of any distribution declared in 2025 will be determined in January 2026 and reported to shareholders on IRS Form 1099-DIV in accordance with federal income tax regulations.

As of December 31, 2025, the components of accumulated distributable earnings on a tax basis for the Company are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed Ordinary Income** | **Net Unrealized Appreciation** | **Other Temporary Differences** | **Total Accumulated Gains** |
| $— | $4145 | $(34) | $4111 |

---

Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss. As of December 31, 2025, the Company had no non-expiring capital loss carry-forwards.

As of December 31, 2025, the total cost of securities for federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by the Company are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax Cost** | **Gross Unrealized Appreciation** | **Gross Unrealized Depreciation** | **Net Unrealized Appreciation** |
| $1299876 | $94254 | $(90110) | $4145 |

---

As a result of a transaction prior to the Company's conversion from a statutory trust to a corporation and election to be treated as a business development company and subsequent activities, the Company recorded a deferred tax liability of

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Unaudited Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

$692 as of December 31, 2025. The Company recorded an income tax benefit of $256 for the year ended December 31, 2025.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 10. Financial Highlights**

The following is a schedule of financial highlights of the Company for the year ended December 31, 2025 and the period from the Company's commencement of operations to December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Period from April 19, 2024 (Commencement of Investment Operations) to December 31, 2024** |
| **Common Shares** | | |
| **Per Share Operating Performance**<sup>(1)</sup> | | |
| Net asset value, beginning of period | $1036.06 | $1000.00 |
| Income from investment operations: |  |  |
| &nbsp;&nbsp;Net investment income | 128.76 | 105.18 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) | (2.16) | 37.53 |
| Total investment from operations | 126.60 | 142.71 |
| Distributions from: |  |  |
| &nbsp;&nbsp;Net investment income | (130.90) | (104.97) |
| &nbsp;&nbsp;Capital gains | (0.23) | (1.68) |
| Total distributions | (131.13) | (106.65) |
| Net asset value, end of period | $1031.53 | $1036.06 |
| **Total return**<sup>(2)</sup> | 12.22% | 14.27% |
| **Ratio to average net assets** |  |  |
| &nbsp;&nbsp;Expenses, before waiver | 8.06% | 10.61% <sup>(3)</sup> |
| &nbsp;&nbsp;Expenses, after waiver | 6.81% | 9.33% <sup>(3)</sup> |
| &nbsp;&nbsp;Net investment income, before waiver | 10.56% | 12.01% <sup>(3)</sup> |
| &nbsp;&nbsp;Net investment income, after waiver | 11.81% | 13.29% <sup>(3)</sup> |
| **Supplemental data** |  |  |
| &nbsp;&nbsp;Net asset value, end of period | $708152 | $386818 |
| &nbsp;&nbsp;Portfolio turnover rate<sup>(2)</sup> | 21.83% | 7.33% |

---

____________________

(1)Per share calculations were performed using the average shares outstanding for the period.

(2)Total return and portfolio turnover rate are for the period indicated and have not been annualized. Total return assumes a purchase of common shares at the net asset value on the first day and a sale at the net asset value on the last day of each period reported on the table. Total return assumes reinvestment of distributions.

(3)Annualized.

**Note 11. Segment Reporting**

The Chief Executive Officer acts as the Company's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Company. The CODM has concluded that the Company operates as a single operating segment based on the fact that the Company has a single investment strategy as disclosed in its prospectus, against which the CODM assesses the performance. The financial information provided to and reviewed by the CODM, including the measure of segment profit and segment asset, is presented within the Company's consolidated financial statements.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**KKR Enhanced US Direct Lending Fund-L Inc.**

**Notes to Consolidated Financial Statements (continued)**

**(in thousands, except share and per share amounts)**

**Note 12. Subsequent Events**

Subsequent events after the reporting date have been evaluated through the date the consolidated financial statements were issued. The Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

There are not and have not been any disagreements between the Company and its accountant on any matter of accounting principles, practices, or financial statement disclosure.

**Item 9A. Controls and Procedures.** 

*Evaluation of Disclosure Controls and Procedures*

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

As required by Rule 13a-15(b) under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2025.

Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were (a) designed to ensure that the information we are required to disclose in our reports under the Exchange Act is recorded, processed and reported in an accurate manner and on a timely basis and the information that we are required to disclose in our Exchange Act reports is accumulated and communicated to management to permit timely decisions with respect to required disclosure and (b) operating in an effective manner.

*Management's Annual Report on Internal Control Over Financial Reporting*

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the Company's Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

Our internal control over financial reporting includes those policies and procedures that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation and presentation and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework that was issued in 2013. Based on its assessment, our management has concluded that, as of December 31, 2025, our internal control over financial reporting is

effective.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

*Changes in Internal Control Over Financial Reporting*

There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information.** 

*Rule 10b5-1 Trading Plans*

During the fiscal quarter ended December 31, 2025, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement."

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.** 

Not applicable.

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**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**Part III**

**Item 10. Directors, Executive Officers, and Corporate Governance.**

**(in thousands, except share amounts)**

**Board of Directors and Executive Officers** 

**Directors**

Our business and affairs are managed under the direction of our Board of Directors. The responsibilities of the Board include, among other things, the oversight of our investment activities, oversight of the Adviser's valuation of our assets, oversight of our financing arrangements and corporate governance activities. The Board consists of four Directors, three of whom are Independent Directors. The Board elects our executive officers, who serve at the discretion of the Board of Directors.

Information regarding the Board of Directors as of December 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Year of Birth** | **Position** | **Length of Time Served** | **Principal Occupation(s) During the Past Five Years** | **Other Directorships Held by Director During the Past Five Years** |
| ***Independent Directors*** | ***Independent Directors*** | | | | |
| Catherine B. Sidamon-Eristoff | 1964 | Director | Since 2024 | Treasurer and Board Member, C-Change Conversations (non-profit organization), Board<br>Member, FlexPaths LLC (workplace strategy and<br>consulting firm) | KKR US Direct Lending Fund-U Inc.; KKR Asset-Based Income Fund; KKR Asset-Based Finance Fund |
| James H. Kropp | 1949 | Director | Since 2024 | Director, FS KKR Capital Corp. (since 2018), Director, KKR Real Estate Select Trust Inc. (since 2020), Trustee, AMH (formerly American Homes 4 Rent) (2012-2025), Director, PS Business Parks (1998-2021). | FS KKR Capital Corp.; KKR FS Income Trust; KKR FS Income; Trust Select; KKR US Direct Lending Fund-U Inc.; KKR Asset-Based Income Fund; KKR Asset-Based Finance Fund |
| Elizabeth J. Sandler | 1970 | Director | Since 2024 | CEO, Echo Juliette LLC (since 2019); NED, essensys PLC (since 2020); Board Member, Scholars of Finance (since 2020). | FS KKR Capital Corp.; KKR FS Income Trust; KKR FS Income Trust Select; KKR US Direct Lending Fund-U Inc.; KKR Asset-Based Income Fund |
| ***Interested Directors*** | ***Interested Directors*** |  |  |  |  |
| Ryan L.G. Wilson | 1977 | Director and Chair | Since 2024 | Managing Director, KKR (since 2006). | KKR US Direct Lending Fund-U Inc.; KKR Asset-Based Income Fund |

---

The address for each director is c/o KKR Enhanced US Direct Lending Fund-L Inc., 555 California Street, 50th Floor, San Francisco, California 94104, Attn: General Counsel. Effective upon and following the occurrence of the earlier of (a) a listing of any class of the Company's Shares on a national securities exchange, if any, and (b) the date of notice of the Company's first annual meeting of shareholders, the Board will be divided into three classes, with the terms of one class expiring at each annual meeting of shareholders.

**Biographical Information** 

The Board of Directors has determined that each of the above-listed Directors is qualified to serve as our Directors, based on a review of the experience, qualifications, attributes and skills of each Director, including those described below. The Board of Directors has determined that each Director has significant experience in the investment or financial services industries and has held management, board or oversight positions in other companies and organizations. Each of our

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Directors has demonstrated high character and integrity and has expertise and diversity of experience to be able to offer advice and guidance to our management.

The following is information concerning the business experience of our Board of Directors. Our Directors have been divided into two groups – interested Directors and Independent Directors. "Interested Directors" are "interested persons" as defined in the 1940 Act.

**Interested Directors** 

**Ryan L.G. Wilson**, an Interested Director, joined KKR Credit Advisors (US) LLC in 2006 and is a Managing Director of KKR, Chief Operating Officer of KKR Private Credit, and Co-Chief Operating Officer of FS KKR Capital Corp ("FSK"). Mr. Wilson served as Corporate Capital Trust's Chief Operating Officer prior to its merger with FS KKR Capital Corp. and has held various senior roles across KKR Credit Advisors (US) LLC. Prior to KKR, Mr. Wilson was with PricewaterhouseCoopers, serving a variety of clients across industries. Mr. Wilson holds a B.A. in Economics with honors from Wilfrid Laurier University and a MAcc in Accounting from the University of Waterloo. He also is a CFA Charterholder, Chartered Professional Accountant and a Chartered Accountant.

**Independent Directors**

**Catherine B. Sidamon-Eristoff**, an Independent Director, is a Board Member of FlexPaths LLC, a workplace strategy and consulting firm. She is Treasurer and a Board Member of C-Change Conversations, a non-profit organization promoting non-partisan dialogue on climate change and energy. Previously, Ms. Sidamon-Eristoff was a Managing Director of Constellation Wealth Advisors from 2007 until its sale in 2015 to First Republic Bank. She started her career in 1987 at Morgan Stanley, spending most of it in Private Wealth Management, first as a fixed income portfolio manager, then as a Managing Director and head of the New York and other offices. She retired in 2005 as an Advisory Director. Ms. Sidamon-Eristoff has served on the boards of numerous non-profit organizations in New York and New Jersey. She holds a B.A. in Political Science from Duke University and an M.B.A. from the Fuqua School of Business at Duke University.

**James H. Kropp**, an Independent Director, has served on the board of directors for FSK since 2018, served on the board of trustees for KKR FS Income Trust and KKR FS Income Trust Select since 2022 and 2023, respectively, served as an independent director of Corporate Capital Trust, Inc. ("CCT") from 2011 until the merger of FSK and CCT in 2018, and served as an independent trustee for Corporate Capital Trust II from 2015 until its merger with FS KKR Capital Corp. II ("FSKR") in 2019. Mr. Kropp was also a member of the board of directors of FSKR until the merger. Mr. Kropp has served as lead independent director of KKR Real Estate Select Trust since its founding in 2021. He has served on the board of directors of USDL since 2023 and on the board of directors of KKR Enhanced US Direct Lending Fund-L Inc. since 2024. Mr. Kropp previously served as chief investment officer of SLKW Investments LLC, a position he held from 2009 until his retirement in 2019 and was chief financial officer of Microproperties LLC from 2012 to 2019. From 1998 to 2021, Mr. Kropp was a director, chair of the Compensation committee, and a member of the Nominating/Corporate Governance committee of PS Business Parks, Inc., a public real estate investment trust whose shares were listed on the New York Stock Exchange ("NYSE"), until its acquisition. Mr. Kropp became an independent trustee of NYSE-listed American Homes 4 Rent and chairman of its audit committee at its founding in November 2012. Mr. Kropp has served as lead independent director of KKR Real Estate Select Trust since its founding in 2021. Mr. Kropp was also a member of the board of directors of FSKR until the merger. Mr. Kropp received a B.B.A. Finance from St. Francis College and completed the MBA/CPA preparation program from New York University. Mr. Kropp has, in the past, been licensed to serve in a variety of supervisory positions (including financial, options and compliance principal) by the National Association of Securities Dealers. He is a member of the American Institute of CPAs and a Board Leadership Fellow for the National Association of Corporate Directors.

**Elizabeth J. Sandler**, an Independent Director, has served on the board of directors for FSK since 2019, served on the board of trustees for KKR FS Income Trust and KKR FS Income Trust Select since 2022 and 2023, respectively, and is the founder and has served as the chief executive officer of Echo Juliette, a consultant and adviser on workplace investments spanning executive coaching, employee productivity and physical space, since January 2019. She has served on the board of directors of USDL since 2023 and on the board of directors of KKR Enhanced US Direct Lending Fund-L Inc. since 2024. Prior to founding Echo Juliette, Ms. Sandler served as managing director of The Blackstone Group and Chief Operating Officer of its Blackstone Real Estate Debt Strategies business from September 2016 to August 2018. Prior to joining The Blackstone Group, she worked at Deutsche Bank from November 2000 to August 2016, including serving at different times as a managing director and global chief operating officer of the Risk Division, Structure Finance business and Commercial Real Estate business, among other roles. Prior to joining Deutsche Bank, she worked at a number of companies in the financial services industry. Ms. Sandler was also a member of the board of directors of FSKR until the merger with Corporate Capital Trust II. Ms. Sandler received a B.A. from Duke University and an M.B.A. from The Wharton School of the University of Pennsylvania.

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**Executive Officers Who are Not Directors**

Information regarding our executive officers who are not Directors is as follows as of December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) with Company** | **Length of Time Served** | **Principal Occupation(s) During Past Five Years** |
| George Mueller (1983) | President and Chief Executive Officer | &nbsp;&nbsp;Since Inception | Managing Director, KKR Credit Advisors (US) LLC (since 2009). |
| Thomas Murphy <br>(1966) | Treasurer, Chief Financial Officer and Chief Accounting Officer | &nbsp;&nbsp;Since Inception | Managing Director, (Finance & Accounting), KKR Credit Advisors (US) LLC (since 2012); Chief Financial Officer, KKR Financial Holdings LLC (since 2009). |
| Michael Nguyen<br>(1982) | Chief Compliance Officer | Since Inception | Director, KKR Credit Advisors (US) LLC (since 2013). |
| Lori Hoffman<br>(1988) | General Counsel and Secretary | &nbsp;&nbsp;Since Inception | Director, KKR Credit Advisors (US) LLC (since 2020). |

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____________________

The address for each executive officer is c/o KKR Credit Advisors (US) LLC, 555 California Street 50th Floor, San Francisco, CA 94104.

**Communications with Directors** 

Shareholders and other interested parties may contact any member (or all members) of the Board of Directors by mail. To communicate with the Board of Directors, any individual Directors or any group or committee of Directors, correspondence should be addressed to the Board of Directors or any such individual Directors or group or committee of Directors by either name or title. All such correspondence should be sent c/o KKR Enhanced US Direct Lending Fund-L Inc., 555 California Street, 50th Floor, San Francisco, California 94104, Attn: General Counsel.

**Board Committees** 

In addition to serving on the Board, the Independent Directors also serve on the following committees, which have been established by the Board to handle certain designated responsibilities. The Board has designated a chair of each committee. The Board may establish additional committees, change the membership of any committee, fill all vacancies and designate alternate members to replace any absent or disqualified member of any committee or to dissolve any committee as it deems necessary and in the Company's best interest.

**Audit Committee**

The members of the Company's Audit Committee (the "Audit Committee") are James H. Kropp, Elizabeth J. Sandler, and Catherine B. Sidamon-Eristoff, each of whom meets the independence standards established by the SEC for audit committees and is independent for purposes of the 1940 Act. James H. Kropp serves as chair of the Audit Committee. The Board has determined that Mr. Kropp is an "audit committee financial expert" as that term is defined under Item 407 of Regulation S-K of the Exchange Act. The Audit Committee operates pursuant to a written charter and meets periodically as necessary. The Audit Committee is responsible for selecting, engaging and discharging the Company's independent registered public accounting firm, reviewing the plans, scope and results of the audit engagement with the Company's independent registered public accounting firm, approving professional services provided by the Company's independent registered public accounting firm (including compensation therefor), reviewing the independence of the Company's independent registered public accounting firm and reviewing the adequacy of the Company's internal controls over financial reporting. No member of the Audit Committee is an "interested person" of the Company.

**Nominating Committee**

The members of the Company's Nominating Committee (the "Nominating Committee") are James H. Kropp, Elizabeth J. Sandler, and Catherine B. Sidamon-Eristoff, each of whom meets the independence standards established by the SEC for governance committees and is independent for purposes of the 1940 Act. Elizabeth J. Sandler serves as chair of the Nominating Committee. The Nominating Committee operates pursuant to a written charter and meets periodically as necessary. The Nominating Committee is responsible for selecting, researching, and nominating directors for election by shareholders, periodically reviewing the composition of the Board in light of the current needs of the Board and the Company, and determining whether it may be appropriate to add or remove individuals after considering issues of

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judgment, diversity, age, skills, background and experience. The Nominating Committee will consider proposed nominations for directors by shareholders who have sent nominations (which include the biographical information and the qualifications of the proposed nominee) to President of the Company, as the Nominating Committee deems appropriate. No member of the Nominating Committee is an "interested person" of the Company.

**Board Leadership Structure** 

The Board is currently composed of four Directors, three of whom are Independent Directors. The Company's business and affairs are managed under the direction of its Board. Among other things, the Board sets broad policies for the Company and approves the appointment of the Company's Administrator and officers. The role of the Board, and of any individual Director, is one of oversight and not of management of the Company's day-to-day affairs.

Under the Company's Bylaws, the Board may designate one of the Directors as chair to preside over meetings of the Board and meetings of shareholders, and to perform such other duties as may be assigned to him or her by the Board. Presently, Ryan L. G. Wilson serves as Chair of the Board and is an Interested Director by virtue of his employment relationship with an affiliate of the Adviser. The Board believes that it is in the best interests of the Company and its shareholders for Mr. Wilson to serve as Chair of the Board because of his significant experience in matters of relevance to the Company's business. The Board believes that flexibility to determine its Chair and to recognize its leadership structure is in the best interests of the Company and its shareholders at this time.

All of the Independent Directors play an active role on the Board. The Independent Directors compose a majority of the Board and will be closely involved in all material deliberations related to the Company. The Board believes that, with these practices, each Independent Director has an equal involvement in the actions and oversight role of the Board and equal accountability to the Company and its shareholders. The Independent Directors are expected to meet separately (i) as part of each regular Board meeting and (ii) with the Company's Chief Compliance Officer, as part of at least one Board meeting each year.

The Board believes that its leadership structure is the optimal structure for the Company at this time. The Board, which will review its leadership structure periodically as part of its annual self-assessment process, further believes that its structure is presently appropriate to enable it to exercise its oversight of the Company.

**Board Role in Risk Oversight** 

The Directors will meet periodically throughout the year to discuss and consider matters concerning the Company and to oversee the Company's activities, including its investment performance, compliance program and risks associated with its activities. Risk management is a broad concept comprising many disparate elements (for example, investment risk, issuer and counterparty risk, compliance risk, operational risk and business continuity risk). The Board implements its risk oversight function both as a whole and through its committees. The Board has adopted, and periodically reviews, policies and procedures designed to address risks associated with the Company's activities. In the course of providing oversight, the Board and its committees will receive reports on the Company's and the Adviser's activities, including reports regarding the Company's investment portfolio and financial accounting and reporting. The Board also receives a quarterly report from the Company's chief compliance officer, who reports on the Company's compliance with the federal and state securities laws and its internal compliance policies and procedures as well as those of the Adviser, and the Company's Administrator. The Audit Committee's meetings with the Company's independent registered public accounting firm also contribute to its oversight of certain internal control risks. In addition, the Board meets periodically with the Adviser to receive reports regarding the Company's operations, including reports on certain investment and operational risks, and the Independent Directors are encouraged to communicate directly with senior members of Company management.

The Board believes that this role in risk oversight is appropriate. The Board believes that the Company has robust internal processes in place and a strong internal control environment to identify and manage risks. However, not all risks that may affect the Company can be identified or processes and controls developed to eliminate or mitigate their occurrence or effects, and some risks are beyond the control of the Company, the Adviser and the Company's other service providers.

**Item 11. Executive Compensation.**

**(in thousands, except share amounts)**

**Compensation of Officers** 

The Company's officers do not receive compensation from the Company. The Company does not currently have any employees and does not expect to have any employees. The Company's day-to-day operations are managed by the Adviser.

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**Compensation of Directors** 

The Company's Independent Directors will be compensated by an annual retainer of $75 for their oversight of the Company, KKR US Direct Lending Fund-U Inc., and KKR Asset-Based Income Fund. The Independent Directors may elect to defer part or all of the fees earned for serving as Directors of the Company pursuant to a deferred compensation plan. No compensation will be paid to directors who are "interested persons," as that term is defined in the 1940 Act.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.**

**(in thousands, except share amounts)**

The following table sets forth, as of March 19, 2026, the beneficial ownership of the Company's current directors, executive officers, each person known to the Company to beneficially own 5% or more of the outstanding Common Shares, and all of the Company's executive officers and directors as a group.

Beneficial ownership is determined in accordance with Rule 13d-3 promulgated under the Exchange Act and includes voting or investment power with respect to the Common Shares. There are no Common Shares subject to options that are currently exercisable or exercisable within 60 days of March 19, 2026. Ownership information for those persons who beneficially own 5% or more of the Common Shares is based upon information furnished by the Company's transfer agent and other information provided by such persons, if available.

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| | | |
|:---|:---|:---|
| | **Shares Beneficially Owned as of March 19, 2026** | **Shares Beneficially Owned as of March 19, 2026** |
| **Name and Address of Beneficial Owner**<sup>(1)</sup> | **Number of Shares** | **Percentage (%)**<sup>(2)</sup> |
| **More than 5% Owners:** | | |
| KKR Enhanced US Direct Lending Holdings LP | 693238 | 100% |
| **Interested Directors** |  |  |
| Ryan L.G. Wilson |  |  |
| **Independent Directors** |  |  |
| James H. Kropp |  |  |
| Catherine B. Sidamon-Eristoff |  |  |
| Elizabeth J. Sandler |  |  |
| **Executive Officers** |  |  |
| George Mueller |  |  |
| Thomas Murphy |  |  |
| Mike Nguyen |  |  |
| Lori Hoffman |  |  |

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____________________

(1)The address for each of the directors and executive officers set forth above is c/o KKR Enhanced US Direct Lending Fund-L Inc., 555 California Street, 50th Floor, San Francisco, California 94104, Attn: General Counsel.

(2)Based on a total of 693,238 shares issued and outstanding as of March 19, 2026.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

**(in thousands, except share amounts)**

**Director Independence** 

While we are not listed on any public securities exchange, we intend to comply with listing standards of the NYSE requiring listed companies to have a board of directors with at least a majority of independent directors. The NYSE listing standards provide that a director of a BDC will be considered to be independent if he or she is not an "interested person" of the Company, as defined in Section 2(a)(19) of the 1940 Act.

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Based on these standards, the Board has determined that James H. Kropp, Elizabeth J. Sandler, and Catherine B. Sidamon-Eristoff are independent (or not "interested persons" of the Company). Based upon information requested from each such Director concerning his or her background, employment and affiliations, the Board has affirmatively determined that none of the Independent Directors has a material business or professional relationship with the Company, other than in his or her capacity as a member of the Board or any committee thereof. All of the members of the Audit Committee and Nominating Committee are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act.

**Certain Relationships and Related Transactions**

The Company will be subject to certain conflicts of interest with respect to the services the Adviser provides to us. You should be aware that individual conflicts will not necessarily be resolved in favor of your interest.

The Company has procedures in place for the review, approval and monitoring of transactions involving the Company and certain persons related to the Company. For example, the Company's Code of Business Conduct and Ethics generally prohibits any employee, officer or director from engaging in any transaction where there is a conflict between such individual's personal interest and the interests of the Company. Waivers to the Company's Code of Business Conduct and Ethics for any executive officer or member of the Board must be approved by the Board and are publicly disclosed as required by applicable law and regulations. In addition, the Audit Committee is required to review and approve all transactions with related persons (as defined in Item 404 of Regulation S-K promulgated under the Exchange Act). All future transactions with affiliates of the Company will be on terms no less favorable than could be obtained from an unaffiliated third party and must be approved by a majority of the Board, including a majority of the Independent Directors.

The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. For example, the Adviser is the investment adviser to KKR US Direct Lending Fund-U Inc. and KKR Asset-Based Income Fund, and the officers, managers and other personnel of the Adviser may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with the Adviser. In the future, these persons and other affiliates of the Adviser may organize other debt-related programs and acquire for their own account debt related investments that may be suitable for us.

In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company's best interests or in the best interest of the Company's shareholders. The Company's investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.

**Investment Advisory Agreement**

Pursuant to the Advisory Agreement, the Adviser receives an annual fee, payable monthly by the Company, in an amount equal to 1.25% of the Company's month end net assets. For purposes of the Advisory Agreement, "net assets" means the Company's total assets less liabilities determined on a consolidated basis in accordance with GAAP. The Management Fee is an expense paid out of the Company's assets. The Management Fee is paid monthly in arrears within 30 days of the calculation of the Company's NAV for each month.

Pursuant to the Management Fee Waiver, the Adviser has agreed to reduce its Management Fee to an annual rate of 0.00% of the Company's month end net assets. The Management Fee Waiver may be terminated only upon 60 days' notice by the Board or the Adviser.

In addition to the fees paid to the Adviser, the Company pays all fees, costs and expenses fairly allocable to the Company, related to the activities, business, operations or actual or potential investments of the Company, including without limitation: (a) fees, costs and expenses of outside counsel, accountants, auditors, appraisers, valuation experts, rating agencies, consultants, administrators, custodians, depositories, directors and other similar outside advisors and service providers (including servicing companies in which KKR or its affiliates or KKR Personnel have an interest) with respect to the Company and its potential and actual investments (including allocable compensation and expenses of senior advisors, executive advisors, industry advisors and technical consultants and allocable fees and expenses of all or any of Capstone, which employ operating professionals dedicated to supporting KKR deal teams and portfolio companies related to the Company's activities), and including the cost of any valuation of, or any fairness opinion relating to, any investment or other asset or liability or potential transaction, of the Company; (b) fees, costs and expenses of identifying, sourcing, investigating (and conducting diligence with respect to), evaluating, structuring, consummating, registering, holding, rating, monitoring or disposing potential and actual portfolio investments, including (i) brokerage commissions, clearing and settlement charges, investment banking fees, bank charges, custodial fees, placement, syndication and solicitation fees, arranger fees, expenses relating to short sales, sales commissions, and other investment, execution, closing and administrative fees, costs and expenses, (ii) any travel-related costs and expenses incurred in connection therewith

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(including costs and expenses of accommodations and meals, costs and expenses related to attending trade association meetings, conferences or similar meetings for purposes of evaluating actual or potential investment opportunities, and with respect to travel on non-commercial aircraft, costs of travel at a comparable business class commercial airline rate) including any such expenses incurred in connection with attendance at meetings of relevant investment committees and portfolio management committees, (iii) expenses associated with portfolio and risk management including hedging transactions and related costs, (iv) fees, costs and expenses incurred in the organization, operation, administration, restructuring or dissolution, liquidation and termination of any entities through which the Company makes investments (including costs associated with establishing and maintaining a permanent residence in certain jurisdictions, such as employee compensation and benefits, allocable rent and other overhead of entities established to manage or administer such entities including entities in which KKR or its affiliates have an interest); and (v) fees, costs and expenses of outside counsel, accountants, auditors, consultants (including Capstone) and other similar advisors and service providers incurred in connection with designing, implementing and monitoring participation by portfolio companies or other issuers in compliance and operational "best practices" programs and initiatives; (c) any taxes, fees or other governmental charges levied against the Company or on its income or assets or in connection with its business or operations including the business or operations of any entities through which the Company invests and preparation expenses in connection with such governmental charges (which includes the preparation and filing of any forms, schedules, filings, information or other documents necessary to avoid the imposition of withholding or other taxes pursuant to any applicable tax reporting obligation and report of foreign bank and financial accounts) or to otherwise comply with applicable tax reporting obligations; (d) fees, costs and expenses incurred in connection with any audit, examination, investigation or other proceeding by any taxing authority or incurred in connection with any governmental or regulatory inquiry, investigation or proceeding, in each case, involving or otherwise applicable to the Company, including the amount of any judgments, settlements, remediation or fines paid in connection therewith, excluding, for the avoidance of doubt, any fine or penalty paid by the Adviser or its affiliates to a governmental body of competent jurisdiction on the basis of a finding that the Adviser or such affiliate has breached a fiduciary duty to the Company (for the avoidance of doubt, the foregoing does not include any fine or penalty related to activities taken by the Adviser or its affiliates on behalf of the Company); (e) expenses of the Board and its members (including (i) travel, accommodation, meal, event, entertainment and other similar fees, costs and expenses in connection with any meetings of the Board and (ii) the fees, costs and expenses of any legal counsel or other advisors retained by, or at the direction or for the benefit of, the Board); (f) fees, costs and expenses of holding any annual or other shareholder meeting; (g) the portion fairly allocable to the Company of fees, costs and expenses incurred in connection with legal, regulatory and tax services provided on behalf of the Company, its investments and portfolio companies and compliance with U.S. federal, state, or local law, or other non-U.S. law or other law and regulation relating to the Company's activities (including expenses relating to the preparation and filing of regulatory filings of the Company); and expenses and fees incurred in connection with establishing, implementing, monitoring and/or measuring the impact of any sustainability policies and programs, including all fees, costs, and expenses incurred in connection with reporting on such sustainability policies and programs or otherwise evaluating the Company's or its portfolio investments' or prospective portfolio investments' achievement of any sustainability objectives; (h) fees, costs and expenses associated with the Company's administration, including in relation to receiving capital from and making distributions to shareholders, the administration of assets, financial planning and treasury activities, the representation of the Company, the preparation and delivery of all Company financial statements, tax returns, distribution notices, other reports and notices and other required or requested information provided to shareholders (including the fees, costs and expenses of any other third-party administrator that provides accounting and administrative services to the Company), fees, costs and expenses incurred to audit such reports, provide access to such reports or information (including through a website or other portal) and any other operational, secretarial or postage expenses relating thereto or arising in connection with the distribution thereof (and including, in each case, technology development and support with respect to such activities and other administrative support therefor), and allocable compensation and overhead of KKR Personnel engaged in the aforementioned activities and KKR Personnel providing oversight of any third-party administrator engaged in the aforementioned activities; (i) principal, interest on and fees, costs and expenses relating to or arising out of all borrowings made by the Company, including fees, costs and expenses incurred in connection with the negotiation and establishment of the relevant credit facility, other indebtedness, guarantee, line of credit, loan commitment, letter of credit, equity commitment letter, hedging guarantee or similar credit support or other indebtedness involving the Company or any investment or relevant arrangements with respect to such borrowings or related to securing the same by mortgage, pledge, or other encumbrance and the fees, costs and expense of any amendments or modifications of such arrangements, and other fees, costs and expenses in respect of derivative contracts (including any payments under, and any margin expenses relating to, such derivative contracts or any posting of margin or collateral with respect to such derivative contracts); (j) fees, costs and expenses relating to a default (but only to the extent not paid or otherwise borne by the defaulting shareholder); (k) fees, costs and expenses relating to a transfer of shares (but only to the extent not paid or otherwise borne by the relevant transferring shareholder and/or the transferee); (l) fees, costs and expenses related to procuring, developing, implementing or maintaining information technology, data subscription and license-based services, research publications, materials, equipment and services, computer software or hardware and electronic equipment used in connection with providing services to the Company (including reporting as described herein), in connection with identifying, investigating (and conducting diligence with respect to) or evaluating, structuring, consummating (including license fees and maintenance costs for workflow technology that facilitates the closing of investments by, among other things, managing allocations,

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conflicts of interest and compliance with law, all in accordance with policies and procedures established by KKR and its affiliates), holding, monitoring, or disposing of potential and actual investments, or in connection with obtaining or performing research related to potential or actual investments, industries, sectors, geographies or other relevant market, economic, geopolitical or similar data or trends, including risk analysis software; (m) premiums and fees for insurance for the benefit of, or allocated to, the Company (including directors' and officers' liability, errors and omissions or other similar insurance policies, and any other insurance for coverage of liabilities incurred in connection with the activities of, or on behalf of, the Company) including an allocable portion of the premiums and fees for one or more "umbrella" policies that cover the Company and, to the extent applicable, costs of ERISA fidelity bonds, if applicable; (n) expenses of any actual or potential litigation or other dispute related to the Company or any actual or potential investment or portfolio company (including expenses incurred in connection with the investigation, prosecution, defense, judgment or settlement of litigation and the appointment of any agent for service of process on behalf of the Company or the shareholders) and other extraordinary expenses related to the Company or actual or potential investment or portfolio company (including fees, costs and expenses that are classified as extraordinary expenses under GAAP (or such other accounting standards as are otherwise required)) excluding for the avoidance of doubt, any expenses with respect to which an indemnitee would not be entitled to indemnification or advancement; (o) fees, costs and expenses required under or otherwise related to the Company's indemnification obligations, including advancement of any such fees, costs or expenses to persons entitled to such indemnification, or other matters that are the subject of indemnification or contribution; (p) fees, costs and expenses incurred in connection with dissolving, liquidating and terminating the Company; (q) all other costs and expenses of the Company in connection with the activities, business or operation of the Company and its potential and actual investments; (r) in the case of each of the foregoing items in this definition, all similar items in connection with any other investor fund vehicle, feeder fund, portfolio companies or entities through which the Company makes any investment, to the extent not otherwise paid or borne by such other fund vehicle, feeder fund, portfolio companies or entities; and (s) all other costs and expenses of the Company in connection with the business or operation of the Company and its investments, including organizational and offering expenses. For the avoidance of doubt, fund expenses may include any of the fees, costs, expenses and other liabilities described above incurred in connection with services provided, or other activities engaged in, by the Adviser and its affiliates, in addition to third parties. In determining the amount of fund expenses that may be fairly allocable to the Company and to any other fund advised by the Adviser or its affiliates that participate in investments with the Company, the Adviser will allocate such fund expenses in a manner that is consistent with an allocation methodology established by the Adviser and its affiliates.

**Administration Agreement** 

KKR Credit Advisors (US) LLC also serves as Administrator to the Company. Under the Administration Agreement, the Administrator is responsible for generally managing the administrative affairs of the Company. The Administrator has also entered into a sub-administration agreement with The Bank of New York Mellon.

**Exemptive Relief**

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term.

In an order dated January 5, 2021, the SEC granted exemptive relief that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser with certain affiliates of the Adviser.

**Affiliates**

In general, under the 1940 Act, the Company would be presumed to "control" a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an "affiliated person" of a portfolio company if it owned 5% or more of its voting securities. As of December 31, 2025, the Company did not "control" any of its portfolio companies and was not an "affiliated person" of any of its portfolio companies, each as defined in the 1940 Act.

***The foregoing list of conflicts does not purport to be a complete enumeration or explanation of the actual and potential conflicts involved in an investment in the Company. Prospective investors should read this report and consult with their own advisors before deciding whether to invest in the Company. In addition, as the Company's investment program develops and changes over time, an investment in the Company may be subject to additional and different actual and potential conflicts. Although the various conflicts discussed herein are generally described separately, prospective investors should consider the potential effects of the interplay of multiple conflicts.***

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**Item 14. Principal Accountant Fees and Services**

**(in thousands, except share amounts)**

The Company has appointed Deloitte & Touche LLP to act as the Company's independent registered public accounting firm for year ended December 31, 2025 and the period from the commencement of the Company's operations to December 31, 2024.

**Fees**

Set forth in the table below are audit fees, audit related fees, tax fees and all other fees billed to the Company by Deloitte & Touche LLP for professional services performed for the year ended December 31, 2025 and the period from the commencement of the Company's operations to December 31, 2024:

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|:---|:---|:---|:---|:---|
| **Period** | **Audit Fees**<sup>(1)</sup> | **Audit-Related Fees**<sup>(2)</sup> | **Tax Fees**<sup>(3)</sup> | **All Other Fees**<sup>(4)</sup> |
| 2025 | $550 | $50 | $35 | $— |
| 2024 | $635 | $42 | $28 | $— |

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(1)"Audit Fees" consist of fees billed for professional services rendered for the audit of the Company's consolidated financial statements and review of the interim consolidated financial statements included in quarterly reports and services that are normally provided by Deloitte & Touche LLP in connection with statutory and regulatory filings.

(2)"Audit-Related Fees" consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company's consolidated financial statements and are not reported under "Audit Fees". These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards.

(3)Tax fees consist of fees billed for tax compliance, tax advice and tax planning. These services include assistance regarding federal, state, and local tax compliance.

(4)"All Other Fees" are those fees, if any, billed to the Company by Deloitte & Touche LLP in connection with products and services.

For the year ended December 31, 2025 and the period from the commencement of the Company's operations to December 31, 2024, Deloitte & Touche LLP billed aggregate non-audit fees of $85 and $70, respectively, for services rendered to the Company and the Adviser.

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**Part IV**

**Item 15. Exhibits and Financial Statement Schedules**

**a. Documents Filed as Part of this Report**

The following financial statements are set forth in Item 8:

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|:---|:---|
| | **Page** |
| <u>Report of Independent Registered Public Accounting Firm</u> | <u>[69](#i3b435beb33e04b719232007b97c50862_79)</u> |
| <u>Consolidated Statements of Assets and Liabilities as of December 31, 2025 and December 31, 2024</u> | <u>[70](#i3b435beb33e04b719232007b97c50862_82)</u> |
| <u>Consolidated Statements of Operations for the year ended December 31, 2025 and the period from April 19, 2024 (Commencement of Operations) to December 31, 2024</u> | <u>[71](#i3b435beb33e04b719232007b97c50862_85)</u> |
| Consolidated Statement of Changes in Net Assets for the year ended December 31, 2025 and the period from April 19, 2024 (Commencement of Operations) to December 31, 2024 | <u>[72](#i3b435beb33e04b719232007b97c50862_88)</u> |
| <u>Consolidated Statements of Cash Flows for the year ended December 31, 2025 and the period from April 19, 2024 (Commencement of Operations) to December 31, 2024</u> | <u>[73](#i3b435beb33e04b719232007b97c50862_91)</u> |
| <u>Consolidated Schedules of Investments as of December 31, 2025 and December 31, 2024</u> | <u>[74](#i3b435beb33e04b719232007b97c50862_94)</u> |
| <u>Notes to Consolidated Financial Statements</u> | <u>[97](#i3b435beb33e04b719232007b97c50862_97)</u> |

---

**b. Exhibits**

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

---

| | |
|:---|:---|
| 3.1 | <u>[Certificate of Trust (incorporated by reference to the Company's Registration Statement on Form 10 (File No. 000-56639) filed on February 22, 2024)](https://www.sec.gov/Archives/edgar/data/2012839/000119312524041770/d762374dex31.htm)</u> |
| 3.2 | <u>[Declaration of Trust (incorporated by reference to the Company's Registration Statement on Form 10 (File No. 000-56639) filed on February 22, 2024)](https://www.sec.gov/Archives/edgar/data/2012839/000119312524041770/d762374dex32.htm)</u> |
| 3.3 | <u>[Certificate of Conversion](https://www.sec.gov/Archives/edgar/data/2012839/000119312524103060/d762374dex31.htm)[(incorporated by reference to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56639) filed on April 19, 2024)](https://www.sec.gov/Archives/edgar/data/2012839/000119312524103060/d762374dex31.htm)</u> |
| 3.4 | <u>[Certificate of Incorporation (incorporated by reference to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56639) filed on April 19, 2024)](https://www.sec.gov/Archives/edgar/data/2012839/000119312524103060/d762374dex32.htm)</u> |
| 3.5 | <u>[Bylaws (incorporated by reference to Amendment No. 1 to the Company's Registration Statement on Form 10 (File No. 000-56639) filed on April 19, 2024)](https://www.sec.gov/Archives/edgar/data/2012839/000119312524103060/d762374dex33.htm)</u> |
| 4.1 | <u>[Description of Securities\*](exhibit41-descriptionofsec.htm)</u> |
| 10.1 | <u>[Revolving Credit Agreement, dated April 1, 2024, by KKR Enhanced US EVDL Funding LLC, a wholly owned subsidiary of the Company, as the borrower and Citibank N.A. as the lender (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 filed on August 14, 2024)](https://www.sec.gov/Archives/edgar/data/2012839/000201283924000009/a01citi-kkrusleveredxloa.htm)</u> |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

---

| | |
|:---|:---|
| 10.2 | <u>[Amendment No. 1 to the Loan and Servicing Agreement, dated October 7, 2024, by and among KKR Enhanced US EVDL Funding LLC, as borrower, the Company, as collateral manager, Citibank, N.A., as administrative agent and as joint lead arranger, each of the lenders from time to time party thereto, The Bank of New York Mellon Trust Company, National Association, as collateral agent, as collateral custodian and as account bank, and KKR Capital Markets LLC, as joint lead arranger (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on October 10, 2024)](https://www.sec.gov/Archives/edgar/data/2012839/000201283924000013/citi-kkrusleveredxamendm.htm)</u> |
| 10.3 | <u>[Revolving Credit and Security Agreement, dated as of April 11, 2025, by and among KKR Enhanced US EVDL Funding II LLC, as borrower, each of the lenders from time to time party thereto, BNP Paribas, as administrative agent, the Company, as equityholder and servicer, The Bank of New York Mellon Trust Company, National Association, as collateral agent, and BNP Paribas and KKR Capital Markets LLC, as joint lead arrangers (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on April 15, 2025)](https://www.sec.gov/Archives/edgar/data/2012839/000201283925000018/bnpp-kkrevergreenrcsaexe.htm)</u> |
| 10.4 | <u>[First Amendment to the Revolving Credit and Security Agreement, dated as of December 18, 2025, by and among KKR Funding II, as borrower, the Company, as servicer and as equityholder, BNP, as administrative agent, the lenders from time to time party thereto, and The Bank of New York Mellon Trust Company, National Association, as collateral agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 23, 2025)](https://www.sec.gov/Archives/edgar/data/2012839/000162828025058806/exh101.htm)</u> |
| 10.5 | <u>[Commitment Adjustment Notice, dated as of December 18, 2025, delivered by KKR Funding I, as borrower (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on December 23, 2025)](https://www.sec.gov/Archives/edgar/data/2012839/000162828025058806/exh102.htm)</u> |
| 14.1 | <u>[Code of Ethics of the Company](enhancedusdlbdccodeofeth.htm)[\*](enhancedusdlbdccodeofeth.htm)</u> |
| 14.2 | <u>[Code of Ethics of the Adviser\*](kcacodeofethicspolicy.htm)</u> |
| 19.1 | <u>[Insider Trading Policy (included in the Code of Ethics of the Company and KKR Credit Advisors (US) LLC)](enhancedusdlbdccodeofeth.htm)[\*](enhancedusdlbdccodeofeth.htm)</u> |
| 21.1 | <u>[List of Subsidiaries of the Company\*](ex211-listofsubsidiaries20.htm)</u> |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*\*](enhancedusdlbdc-20251231xea.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*\*](enhancedusdlbdc-20251231xeb.htm)</u> |
| 32.1 | <u>[Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*\*](enhancedusdlbdc-20251231xed.htm)</u> |
| 32.2 | <u>[Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*\*](enhancedusdlbdc-20251231xe.htm)</u> |
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |

---

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

---

| | |
|:---|:---|
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
| \* | Filed herewith. |
| \*\* | Furnished herewith. |

---

**Item 16. Form 10-K Summary**

None.

------

**<u>[**Table of Contents**](#i3b435beb33e04b719232007b97c50862_7)</u>**

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized on March 19, 2026.

---

| | |
|:---|:---|
| | **KKR Enhanced US Direct Lending Fund-L Inc.** |
| By: | /s/ George Mueller |
|  | **George Mueller**<br>**President and Chief Executive Officer**<br>**(Principal Executive Officer)** |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report has been signed below by the following persons on behalf of the registrant and in the capacity and on March 19, 2026.

---

| | |
|:---|:---|
| By: | /s/ George Mueller |
|  | **George Mueller**<br>**President and Chief Executive Officer**<br>**(Principal Executive Officer)** |
| By: | /s/ Thomas Murphy |
|  | **Thomas Murphy**<br>**Chief Financial Officer,** <br>**Chief Accounting Officer and Treasurer**<br>**(Principal Financial Officer)** |
| By: | /s/ James H. Kropp |
|  | **James H. Kropp**<br>**Director** |
| By: | /s/ Catherine B. Sidamon-Eristoff |
|  | **Catherine B. Sidamon-Eristoff**<br>**Director** |
| By: | /s/ Elizabeth J Sandler |
|  | **Elizabeth J Sandler**<br>**Director** |
| By: | /s/ Ryan L.G. Wilson |
|  | **Ryan L.G. Wilson**<br>**Director** |

---

## Exhibit 4.1

**Exhibit 4.1**

**DESCRIPTION OF THE REGISTRANT'S SECURITIES**

**REGISTERED PURSUANT TO SECTION 12 OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

As of December 31, 2025, KKR Enhanced US Direct Lending Fund-L Inc. (the "Company") had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"): its common shares of beneficial interest, par value $0.001 per share (our "Common Shares"). References herein to "we," "us," "our" and the "Company" refer to KKR Enhanced US Direct Lending Fund-L Inc. and not to any of its subsidiaries.

This description does not purport to be complete and is qualified by reference to the Company's Certificate of Incorporation and Bylaws. For complete terms of the Common Shares and preferred shares, please refer to the Company's Certificate of Incorporation and Bylaws.

**Common Shares**

The Company is a non-diversified closed-end management investment company organized as a Delaware statutory trust on December 22, 2023, and converted into a Delaware corporation on April 19, 2024, prior to its commencement of operations. The Company is authorized to issue an unlimited number of shares of beneficial interest, par value $0.001 per share, in multiple classes and series thereof as determined from time to time by the Board of Directors of the Company (the "Board" or the "Board of Directors", and each member thereof a "Director" and, collectively, the "Directors"), which also has the authority without shareholder approval to establish the designations, powers, preferences, voting, conversion and other rights, limitations, qualifications and terms and conditions of each such class and series. Each share within a particular class or series thereof has equal voting, dividend, distribution and liquidation rights. The Board has authorized issuance of an unlimited number of Common Shares. When issued, in accordance with the terms thereof, the Common Shares will be validly issued, fully paid and non-assessable. All Common Shares are equal as to distributions, assets and voting privileges. Common Shares are not redeemable and have no preemptive, conversion or cumulative voting rights.

In the event of liquidation, each Common Share is entitled to its proportion of the Company's assets after payment of debts and expenses.

Subject to the rights of any preferred shareholders, the Company's shareholders vote as a single class to elect the Company's Board and on additional matters with respect to which the Investment Company Act of 1940, as amended (the "1940 Act"), the Company's governing documents or resolutions adopted by the Directors provide for a vote of the Company's Common Shares.

**Preferred Shares**

The Board may classify an unlimited amount of the Company's shares as preferred shares, par value $0.001 per share. The terms of the preferred shares may be fixed by the Board and may materially limit and/or qualify the rights of the holders of the Company's Common Shares.

Preferred shares are senior to all other classes and series of the Common Shares and rank on parity with any other preferred shares. Holders of the preferred shares will not, however, participate in any appreciation in the value of the Company. The consent of the holders of the preferred shares is not required to authorize or issue any class or series of preferred shares ranking on parity with the preferred shares.

Upon a liquidation, holders of preferred shares will be entitled to receive out of the assets of the Company available for distribution to shareholders (after payment of claims of the Company's creditors but before any distributions with respect to the Company's Common Shares or any other class of shares of the Company ranking junior to the preferred shares as to liquidation payments) an amount per share equal to such share's liquidation preference plus

------

**Exhibit 4.1**

any accumulated but unpaid distributions (whether or not earned or declared, excluding interest thereon) to the date of distribution, and such shareholders will be entitled to no further participation in any distribution or payment in connection with such liquidation. The preferred shares carry one vote per share on all matters on which such shares are entitled to vote. The preferred shares will, upon issuance, be fully paid and non-assessable and will have no preemptive, exchange or conversion rights. The Board may by resolution classify or reclassify any authorized but unissued capital shares of the Company from time to time by setting or changing the preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions or terms or conditions of redemption. The Company will not issue any class of shares senior to the preferred shares.

*Asset Maintenance Requirements.* The Company must satisfy asset maintenance requirements under the 1940 Act with respect to its preferred shares. Under the 1940 Act, any such preferred shares would constitute a "senior security" for purposes of the 150% asset coverage test.

***Restrictions on Dividends and Other Distributions for the Preferred Shares***

So long as any preferred shares are outstanding, the Company may not pay any dividend or distribution (other than a dividend or distribution paid in Common Shares or in options, warrants or rights to subscribe for or purchase Common Shares) in respect of the Common Shares or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares (except by conversion into or exchange for shares of the Company ranking junior to the preferred shares as to the payment of dividends or distributions and the distribution of assets upon liquidation), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company has declared and paid (or provided to the relevant dividend paying agent) all cumulative distributions on the Company's outstanding preferred shares due on or prior to the date of such Common Shares' dividend or distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company has redeemed the full number of preferred shares to be redeemed pursuant to any mandatory redemption provision in the Company's governing documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• after making the distribution, the Company meets applicable asset coverage requirements.

No full distribution will be declared or made on any series of preferred shares for any dividend period, or part thereof, unless full cumulative distributions due through the most recent dividend payment dates therefor for all outstanding series of preferred shares of the Company ranking on a parity with such series as to distributions have been or contemporaneously are declared and made. If full cumulative distributions due have not been made on all outstanding preferred shares of the Company ranking on a parity with such series of preferred shares as to the payment of distributions, any distributions being paid on the preferred shares will be paid as nearly pro rata as possible in proportion to the respective amounts of distributions accumulated but unpaid on each such series of preferred shares on the relevant dividend payment date. The Company's obligation to make distributions on the preferred shares will be subordinate to its obligations to pay interest and principal, when due, on any senior securities representing debt.

***Liquidation Preference***

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of preferred shares then outstanding will be entitled to receive a preferential liquidating distribution, which is expected to equal the original purchase price per preferred share plus accumulated and unpaid dividends, whether or not declared, before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the holders of preferred shares will not be entitled to any further participation in any distribution of assets by the Company.

------

**Exhibit 4.1**

***Voting Rights***

Except as otherwise stated in the Company's confidential private placement memorandum, as may be amended or supplemented from time to time (the "Memorandum"), specified in the Company's governing documents or resolved by the Board or as otherwise required by applicable law, holders of preferred shares will be entitled to one vote per share held on each matter submitted to a vote of the shareholders of the Company and will vote together with holders of Common Shares and of any other preferred shares then outstanding as a single class. In connection with the election of the Company's Directors, holders of the outstanding preferred shares, voting together as a single class, will be entitled at all times to elect two of the Company's Directors, and the remaining Directors will be elected by holders of Common Shares and holders of preferred shares, voting together as a single class. In addition, if (i) at any time dividends and distributions on outstanding preferred shares are unpaid in an amount equal to at least two full years' dividends and distributions thereon and sufficient cash or specified securities have not been deposited with the applicable paying agent for the payment of such accumulated dividends and distributions or (ii) at any time holders of any other series of preferred shares are entitled to elect a majority of the Directors of the Company under the 1940 Act or the applicable statement of preferences creating such shares, then the number of Directors constituting the Board will be adjusted such that, when added to the two Directors elected exclusively by the holders of preferred shares as described above, would then constitute a simple majority of the Board as so adjusted. Such additional Directors will be elected by the holders of the outstanding preferred shares, voting together as a single class, at a special meeting of shareholders. The terms of office of the persons who are Directors at the time of that election will continue. If the Company thereafter pays, or declares and sets apart for payment in full, all dividends and distributions payable on all outstanding preferred shares for all past dividend periods or the holders of other series of preferred shares are no longer entitled to elect such additional Directors, the additional voting rights of the holders of the preferred shares as described above will cease, and the terms of office of all of the additional Directors elected by the holders of the preferred shares (but not of the Directors with respect to whose election the holders of Common Shares were entitled to vote or the two Directors the holders of preferred shares have the right to elect as a separate class in any event) will terminate at the earliest time permitted by law.

So long as any preferred shares are outstanding, the Company will not, without the affirmative vote of the holders of a majority (as defined in the 1940 Act) of the preferred shares outstanding at the time, and present and voting on such matter, voting separately as one class, amend, alter or repeal the provisions of the applicable statement of preferences, so as to in the aggregate adversely affect any of the rights and preferences set forth in any statement of preferences with respect to such preferred shares. Also, to the extent permitted under the 1940 Act, in the event shares of more than one series of preferred shares are outstanding, the Company will not approve any of the actions set forth in the preceding sentence which in the aggregate adversely affect the rights and preferences expressly set forth in the applicable statement of preferences with respect to such shares of a series of preferred shares differently than those of a holder of shares of any other series of preferred shares without the affirmative vote of the holders of at least a majority of the preferred shares of each series adversely affected and outstanding at such time (each such adversely affected series voting separately as a class to the extent its rights are affected differently). Unless a higher percentage is required under the Company's governing documents or applicable provisions of Delaware law or the 1940 Act, the affirmative vote of a majority of the votes entitled to be cast by holders of outstanding preferred shares, voting together as a single class, will be required to approve any plan of reorganization adversely affecting the preferred shares or any action requiring a vote of security holders under Section 13(a) of the 1940 Act, including, among other things, changes in the Company's sub-classification as a closed-end investment company to an open-end company or changes in its fundamental investment restrictions. As a result of these voting rights, the Company's ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. The Board presently intends that, except as otherwise indicated in the Memorandum and except as otherwise required by applicable law, holders of preferred shares will have equal voting rights with holders of Common Shares (one vote per share, unless otherwise required by the 1940 Act) and will vote together with holders of Common Shares as a single class. The phrase "vote of the holders of a majority of the outstanding preferred shares" (or any like phrase) means, in accordance with Section 2(a)(42) of the 1940 Act, the vote, at the annual or a special meeting of the shareholders of the Company duly called (i) of 67% or more of the preferred shares present at such meeting, if the holders of more than 50% of the outstanding preferred shares are present or represented by proxy, or (ii) more than 50% of the outstanding preferred shares, whichever is less. The class vote of holders of preferred shares described

------

**Exhibit 4.1**

above in each case will be in addition to a separate vote of the requisite percentage of Common Shares, and any other preferred shares, voting together as a single class, that may be necessary to authorize the action in question. An increase in the number of authorized preferred shares pursuant to the Company's governing documents or the issuance of additional shares of any series of preferred shares pursuant to the Company's governing documents will not in and of itself be considered to adversely affect the rights and preferences of the preferred shares.

The applicable statement of preferences, including the calculation of the elements and definitions of certain terms of the rating agency guidelines, may be modified by action of the Board without further action by the shareholders if the Board determines that such modification is necessary to prevent a reduction in, or the withdrawal of, a rating of the preferred shares by any rating agency then rating the preferred shares at the request of the Company, as the case may be, and are in the aggregate in the best interests of the holders of preferred shares.

The foregoing voting provisions will not apply to any preferred shares if, at or prior to the time when the act with respect to which such vote otherwise would be required will be effected, such shares will have been redeemed or called for redemption and sufficient cash or cash equivalents provided to the applicable paying agent to effect such redemption. The holders of preferred shares will have no preemptive rights or rights to cumulative voting.

***Limitation on Issuance of Preferred Shares***

So long as the Company has preferred shares outstanding, subject to receipt of approval from the rating agencies of such preferred shares outstanding, and subject to compliance with the Company's investment objective, policies and restrictions, the Company may issue and sell shares of additional preferred shares. The Company's ability to issue different types of securities is limited. Under the 1940 Act, any preferred shares the Company issues will constitute a "senior security" for purposes of the 150% asset coverage test. Under the provisions of the 1940 Act, the Company is currently permitted to issue "senior securities" only in amounts such that its asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities.

**Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses**

The Directors shall be entitled to the benefits of all limitations on the liability of directors generally under the Delaware General Corporation Law. No Director shall be liable to the Company or its shareholders for monetary damages for breach of fiduciary duty as a Director, except for liability (i) for any breach of the Director's duty of loyalty to the Company or its shareholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law or (iv) for any transaction from which the Director derived an improper personal benefit.

***Indemnification***

The Company, to the full extent permitted by Section 145 of the Delaware General Corporation Law, shall indemnify all persons whom it may indemnify pursuant thereto. Expenses (including attorneys' fees) incurred by an officer or Director in defending any civil, criminal, administrative, or investigative action, suit or proceeding for which such officer or Director may be entitled to indemnification hereunder shall be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Company.

**Delaware Law and Certain Provisions of the Certificate of Incorporation and Bylaws**

***Organization and Duration***

The Company was formed in Delaware on December 22, 2023 as a Delaware statutory trust and converted into a Delaware corporation on April 19, 2024. The Company will remain in existence until dissolved pursuant to Delaware law.

------

**Exhibit 4.1**

***Purpose***

Under the Certificate of Incorporation, the Company is permitted to engage in any lawful act or activity for which corporations may be organized under the Delaware General Corporation Law, and to possess and exercise all of the powers and privileges granted by such law and any other law of the State of Delaware.

***Directors***

*Number and Qualification*

The Certificate of Incorporation provides that the number of directors of the Company shall be fixed from time to time by the Board of Directors either by resolution or bylaw adopted by the affirmative vote of a majority of the entire Board of Directors. The Bylaws further provide that Directors need not be shareholders of the Company.

*Term and Election*

Under the Bylaws, the term of office of a Director will continue until the next annual meeting of shareholders and until a successor is duly elected and qualifies or until a Director's earlier resignation, removal from office, death or incapacity.

*Resignation and Removal*

The Bylaws provide that any of the Directors may resign at any time by submitting his or her written resignation to the Board of Directors or Secretary of the Company and such resignation will be effective upon its receipt by the Company, unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective.. The entire Board of Directors or any individual Director may be removed from office for cause by a majority vote of the holders of the outstanding shares then entitled to vote at an election of Directors. In case the Board of Directors or any one or more Directors be so removed, new Directors may be elected at the same time for the unexpired portion of the full term of the Director or Directors so removed.

*Vacancies*

Under the Certificate of Incorporation, whenever a vacancy in the Board of Directors occurs, any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining Directors in office, even if the remaining Directors do not constitute a quorum, consistent with the limitations under the 1940 Act and except as may be provided by the Board of Directors in setting the terms of any class or series of preferred stock. Any Director elected to fill a vacancy shall serve for the remainder of the full term of the directorship in which such vacancy occurred and until a successor is duly elected and qualifies. No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent Director.

*Meetings*

The Bylaws provide that the Board of Directors may hold meetings, both regular and special, either within or without the State of Delaware. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the Chief Executive Officer, the Chairperson of the Board of Directors or a majority of the entire Board of Directors. Notice thereof stating the place, date and hour of the meeting shall be given to each Director either by mail not less than forty-eight (48) hours before the date of the meeting, by telephone, facsimile, telegram or e-mail on twenty-four (24) hours' notice, or on such shorter notice as the person or persons calling such meeting may deem necessary or appropriate in the circumstances.

------

**Exhibit 4.1**

All or any one or more Directors may participate in a meeting of the Directors or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system will constitute presence in person at such meeting.

*Director Action by Written Consent*

Unless otherwise restricted by the Certificate of Incorporation or the Bylaws, any action which may be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if that number of the Directors, or members of a committee, as the case may be, required for approval of such action at a meeting of the Directors or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Directors.

*Officers*

Under the Bylaws, the officers of the Company shall be elected by the Board of Directors and may consist of: Chief Executive Officer, Chief Financial Officer, Chief Compliance Officer, Chief Operating Officer, Secretary and Treasurer. The Board of Directors, in its discretion, may also elect one or more Vice Presidents (including Executive Vice Presidents and Senior Vice Presidents), Assistant Secretaries, Assistant Treasurers, a Controller and such other officers as in the judgment of the Board of Directors may be necessary or desirable. Any number of offices may be held by the same person and more than one person may hold the same office, unless otherwise prohibited by law, the Certificate of Incorporation or the Bylaws. The officers of the Company need not be shareholders of the Company, nor need such officers be Directors.

***Action by Shareholders***

Pursuant to the Bylaws, the Company will hold annual shareholder meetings on such date and at such time as may be fixed by the Board of Directors and stated in the notice of the meeting, for the purpose of electing the members of the Board of Directors and for the transaction of only such other business as is properly brought before the meeting. A special meeting of shareholders may be called for any purpose of purposes, unless otherwise prescribed by statute or the Certificate of Incorporation, by the Secretary only at the request of the Chairperson of the Board of Directors, the Chief Executive Officer or by a resolution duly adopted by the affirmative vote of a majority of the Directors. Any shareholder meeting, including a special meeting, will be held within or without the State of Delaware on such day and at such time as the Directors designate. Special meetings of shareholders will be held, notice of such meetings will be delivered and waiver of notice will occur according to the provisions of the Company's Bylaws.

Unless otherwise required by law, the Certificate of Incorporation or the Bylaws, any question (other than the election of Directors) properly brought before any meeting of shareholders shall be decided by the affirmative vote of the holders of a majority of the votes cast by shareholders present in person or by proxy at an annual or special meeting duly called for such purpose and entitled to vote. Each shareholder represented at a meeting of shareholders shall be entitled to cast one vote for each share of the capital stock entitled to vote thereat held by such shareholder, unless otherwise provided by the Certificate of Incorporation. At all meetings of the shareholders for the election of Directors, a plurality of votes cast by shareholders present in person or by proxy at a meeting duly called for such purpose and entitled to vote on such election shall be sufficient to elect a Director. For the election of a Director, each share of capital stock may be voted for as many individuals as there are Directors to be elected and for whose election such share of capital stock is entitled to be voted.

Special meetings of shareholders will be held, notice of such meetings will be delivered and waiver of notice will occur according to the provisions of the Company's Bylaws. For purposes of determining the shareholders who are entitled to notice of and to vote at any meeting the Directors may, without closing the transfer books, fix a date not more than 60 days nor less than 10 days prior to the date of such meeting of shareholders as a record date for the determination of shareholders of record entitled to notice of or to vote at a meeting of shareholders.

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**Exhibit 4.1**

The holders of a majority of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the shareholders for the transaction of business except as otherwise provided by statute or by the Certificate of Incorporation. If such quorum is present or represented at any meeting of the shareholders, the presiding officer of the meeting or the holders of a majority of the votes entitled to be cast by the shareholders entitled to vote, present in person or represented by proxy, shall have power to adjourn the meeting without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally noticed. If the adjournment is for more than 30 days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each shareholder entitled to vote at the meeting.

Each shareholder entitled to vote at a meeting of shareholders or to express consent or dissent to corporate action in writing without a meeting may authorize any person or persons to act for him, her or it by proxy. All proxies shall be executed in writing and shall be filed with the Secretary of the Company not later than the day on which exercised. No proxy shall be voted or acted upon after 3 years from its date, unless the proxy provides for a longer period. The Board of Directors, in its discretion, or the presiding officer at a meeting of shareholders, in his or her discretion, may require that any votes cast at such meeting shall be cast by written ballot.

Under the Certificate of Incorporation, any action required or permitted to be taken at any annual or special meeting of the shareholders may be taken without a meeting if a unanimous consent which sets forth the action is given in writing or by electronic transmission by each shareholder entitled to vote on the matter and is filed with the records of the meetings of the shareholders.

***Amendment of the Certificate of Incorporation and Bylaws***

The Board of Directors has the power, without the assent or vote of the stockholders, to make, alter, amend, change, add to or repeal the Bylaws as provided in the Bylaws, subject to the power of the stockholders to alter or repeal any Bylaw whether adopted by them or otherwise.

***Exclusive Delaware Jurisdiction***

The Certificate of Incorporation and Bylaws were executed by the Directors and delivered in the State of Delaware and with reference to the laws thereof (except for conflict-of-laws provisions or doctrines thereof), and the rights of all parties and the validity and construction of every provision thereof is subject to and construed according to laws of the State of Delaware, and reference is specifically made to the Delaware General Corporation Law as to the construction of matters not specifically covered therein or as to which an ambiguity exists, although such law will not be viewed as limiting the powers otherwise granted to the Directors under the Certificate of Incorporation and Bylaws and any ambiguity will be viewed in favor of such powers.

***Books and Reports***

As provided by the Bylaws, the Company shall, either at its principal executive office or at such place or places as designated by the Board of Directors, keep a record of its shareholders listing their names and addresses and the number and class of shares held by each shareholder, a copy of the Bylaws, as may be amended to date, minute books, accounting books and other records.

## Exhibit 14.1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR ENHANCED US DIRECT LENDING FUND-L INC. CODE OF ETHICS Adopted March 2024 A. Policy Overview: Rule 17j-l under the 1940 Act (the "Rule") requires, in part, that KKR Asset-Based Income Fund and KKR US Direct Lending Fund-U Inc., closed-end investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and KKR Enhanced US Direct Lending Fund-L Inc., a closed-end investment company that has elected to be regulated as a business development company under the 1940 Act (collectively, the "Funds"), and the Adviser (as defined below) must adopt a written code of ethics containing provisions reasonably necessary to prevent its Access Persons (as defined herein in Section B.2) from engaging in any conduct prohibited under the Rule. The Boards of Trustees (each, a "Board") of each Fund advised by KKR Credit Advisors (US) LLC (the "Adviser") has adopted a code of ethics under the Rule with respect to the personal trading activities of persons deemed to be Access Persons (this "Code of Ethics"). 1. Statement of Policy: No Access Person of a Fund shall employ any device, scheme or artifice to defraud a Fund, make any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to make the statements made to a Fund, in light of the circumstances under which they are made, not misleading; engage in any act or practice or course of business that operates or would operate as a fraud or deceit on a Fund; or engage in any manipulative practice with respect to a Fund. In furtherance of the foregoing: With respect to his or her personal investment activities, every Access Person must place the interests of a Fund above personal interest. All personal securities transactions of each Access Person must be conducted in a manner so as to avoid any actual or potential conflict of interest or any abuse of the person's position. Without limitation, no Access Person shall take inappropriate advantage of his or her position by utilizing confidential or proprietary information of a Fund or the Adviser for personal benefit. Every Access Person shall comply with all U.S., foreign, state and local laws, rules and regulations applicable to the operations of each Fund and the Adviser, including, without limitation, the U.S. federal securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund's Code of Ethics: This Code of Ethics covers all persons that are Access Persons of the Fund advised by the Adviser. The Fund must use reasonable diligence and institute procedures, as set forth in this Code of Ethics, to prevent violations of this Code of Ethics provided, however, to the extent that any such individuals are subject to compliance with the procedures set forth in the Adviser's Code Of Ethics, as may be amended or supplemented from time to time (the "Adviser's Code of Ethics"), which by this reference is incorporated herein, compliance by such individuals with the provisions and procedures of the Adviser's Code of Ethics constitutes compliance with the procedural requirements for such individuals of this Code of Ethics. 3. Section 16 Trading Policies and Procedures. As set forth in Appendix A, the Policies and Procedures for Trading in Securities of each Fund by Trustees, Section 16 Officers and Fund officers ("Section 16 Trading Policies and Procedures") supplement the Code of Ethic requirements for Access Persons of each Fund. B. Operating Procedures And Responsible Parties 1. Board Approval and Fund Certifications: With respect to each Fund, the Adviser has provided or shall provide to the Boards of each Fund for review: a. Initial Certification: Prior to Board approval of this Code of Ethics by each Fund, certifications, signed by the necessary and appropriate persons, certifying that each Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code of Ethics. b. Annual Certifications: an annual certification signed by the necessary and appropriate persons, reaffirming that each Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code of Ethics. c. Quarterly Report: a quarterly report describing any issues that arose during the past quarter under this Code of Ethics, such as material violations, sanctions and significant conflicts of interest that have been identified and remedial steps taken, if any. d. Basis of Board Approval for the Code of Ethics or the Code of Ethic's Amendments: Each Board must base its approval of this Code of Ethics, or any material amendment to this Code of Ethics, on a determination that this Code of Ethics contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1 under the 1940 Act. e. Board Approval is Required within Six Months of Amendments to the Code: Each Board must approve any material amendments to this Code of Ethics within six months of the amendment. It is each Fund's practice to obtain Board approval to any material amendments prior to their adoption whenever possible. The Adviser coordinates Board review of amendments for approval.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29968630.1 3 2. Access Persons: Access Persons of the Fund include all Trustees of each Fund, Section 16 Officers and Fund officers (collectively, the "Access Persons"). 3. Maintain Access Person Records The Adviser: a. maintains a current list of all Access Persons of each Fund;1 b. provides each Access Person with a copy of this Code of Ethics and informs each Access Person of his or her duties under this Code of Ethics; and c. obtains annual certifications from all Access Persons who certify that they have: i. read, understood and recognize that they are subject to the Code of Ethics, and ii. complied with the requirements of the Code of Ethics. 4. Review and Maintenance of Securities Transactions and Holdings Reports: The Adviser: a. reviews all quarterly securities transactions and holdings reports that must be submitted by Access Persons and maintains a record of such review, including the name of the compliance personnel performing the review; and b. reviews all initial and annual securities position reports that must be submitted by Access Persons and maintains a record of such review, including the name of the compliance personnel performing the review. 5. Reporting by Independent Trustees. Any Trustee of each Fund who is not an "interested person" (as that term is defined by Section 2(a)(19) of the Investment Company Act) of each Fund (an "Independent Trustee") is required to report only those transactions in an account owned by him or her, or in his or her name, or in which he or she has a beneficial interest (his or her "Personal Account") in an investment instrument or interest that at the time such Independent Trustee knew, or in the ordinary course of fulfilling his or her duties would have had reason to know, was purchased or sold or was being considered for purchase or sale by a client of the Adviser during the fifteen (15) calendar day period immediately before or 1 Employees of the Adviser that are not "Access Persons" of a Fund will be subject to the Adviser's Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29968630.1 4 after the date of the Independent Trustee's transaction. No report will be required from an Independent Trustee for any quarter in which an Independent Trustee has only exempt transactions to report. 6. Reporting of Violations and Sanctions: The Adviser conducts such inspections or investigations as are reasonably required to detect and report any apparent violations of this Code of Ethics to the CCO of each Fund. The CCO reports such violations, and sanctions imposed, to the respective Fund's Board, when appropriate. Sanctions for any violation of this Code of Ethics by an Independent Trustee of a Fund will be determined by a majority vote of other Independent Trustees of such Fund. 7. Disclosure: The Adviser is responsible for disclosing the provisions of this Code of Ethics in each Fund's registration statement in accordance with Form N-1A, Form N-2 or Form 10, as the case may be.

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## Exhibit 14.2

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Internal Use Only KOHLBERG KRAVIS ROBERT & CO. L.P. KKR CREDIT ADVISORS (US) LLC (and Affiliated Funds) CODE OF ETHICS Revised December 2024 Kohlberg Kravis Roberts & Co. L.P. ("KKR"), KKR Credit Advisors (US) LLC ("KKR Credit"), and their respective investment advisory affiliates1 (collectively, the "Firm") are committed to act in the best interests of our clients ("Clients") and to conduct our business in accordance with all applicable laws, rules and regulations and the highest ethical standards. We recognize our fiduciary obligation to place the interest of our Clients before the interests of the Firm and our Employees (as defined below). The purpose of this Code of Ethics (the "Code") is to set forth the policies of the Firm with regards to certain conflicts of interest and to provide a formal reference for each of our Employees. The Code consists of the following policies and procedures: • Standard of Conduct • Personal Investment Policy The Code is predicated on the principle that the Firm owes a duty to act in the best interests of its Clients. The Code applies to the Firm's members, partners, directors, principals and officers (or other persons occupying a similar status or performing a similar function), its employees (including investment professionals, associates, paraprofessionals and executive assistants) and any other person who performs an investment advisory function for the Firm or has access to non-public information regarding the Firm's Client's investments and is subject to the Firm's supervision and control (which may include contingent workers, consultants, advisors, temporary employees or officers of affiliates or other persons that are designated by the CCO (as defined below)) (collectively, "Employees").2 The Code is global and may be supplemented by regional and business group policies and procedures, which may include more specific and more restrictive policies and procedures. To the extent that other applicable policies and procedures are more restrictive and specific, they supersede the policies and procedures described herein. 1 For purposes of this Code, this term does not include KKR Capital Markets LLC, KKR Capital Markets Partners LLP, KKR Capital Markets (Ireland) Limited, KKR Capital Markets Japan Limited and KKR Capstone. Employees of such entities, however, are subject to the Code. 2 The use of the defined term "Employee" is not intended to evidence a person's status as an employee or independent contractor.

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2 Internal Use Only Employees who violate the Code may be subject to the imposition of sanctions, including but not limited to, a letter of reprimand, refresher Code training, disgorgement of profits and/or restitution of an amount as determined by Compliance, or termination of employment.3 The Code neither constitutes nor should be construed to constitute a contract of employment for a definite term or a guarantee of continued employment. Any questions with respect to the Code may be directed to KKR's Chief Compliance Officer ("CCO"). For the purposes of this Code, CCO is defined as the Global CCO, business line or regional CCO and their respective direct reports or other designees. A. Standard of Conduct and Compliance with Applicable Law 1. Standard of Conduct. We are committed to conducting our investment advisory business in accordance with the highest legal and ethical standards in furtherance of the interests of our Clients and in a manner that is consistent with all applicable laws, rules and regulations. As an investment adviser, we recognize that we are in a position of trust and confidence with respect to our Clients, and we have a duty to place the interests of our Clients before the interests of the Firm and our Employees, which includes an obligation to address or mitigate both conflicts of interest and the appearance of any conflicts of interest. Accordingly, we expect the following of all Employees: • Employees must act with integrity, honesty, competence and in an ethical manner when dealing with the public, regulators, Clients, investors, prospective investors and their fellow Employees; • Employees must adhere to the highest standards with respect to any potential material conflicts of interest with our Clients – simply stated, no Employee should enjoy a benefit at the expense of any of our Clients; and • Employees must preserve the confidentiality of information that they may obtain in the course of our business and use such information properly and not in any way adverse to the interests of our Clients. 2. Compliance with Applicable Laws. In addition to the general principles of conduct set forth above and the Personal Investment Policy described below, the Code requires all Employees to comply with applicable laws, regulations and rules. With respect to Employees located in the U.S. or transacting in U.S. markets, these laws include the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Regulation S-P (which protects the confidentiality of private investor information), any rules adopted by the U.S. Securities and Exchange Commission ("SEC") under any of the foregoing statutes, anti-money laundering and economic sanctions laws and regulations, including the Bank Secrecy Act and Executive Order 13224 (which require transaction reporting and vetting investors against the OFAC lists of terrorist individuals and 3 See KKR Disciplinary Guidance for Violations of KKR Policies and Procedures for more information on potential sanctions.

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3 Internal Use Only organizations, among other things), and any rules adopted by the SEC or the U.S. Department of Treasury. The Code should be read in conjunction with KKR's Compliance Manual (the "Compliance Manual"), the KKR Credit Compliance Manual, and any regional or business specific compliance manuals, as applicable, including the Firm's Confidential Information and Inside Information Barrier Policies and Procedures (the "Information Barrier Procedures") and the Firm's Global Anti-Bribery/Anti-Corruption Policy (the "Anti-Bribery Policy"). In addition, some areas of particular concern include: a. Insider Trading. Firm policy and the laws of many countries prohibit trading in securities (including equity securities, convertible securities, options, bonds and any derivative of the foregoing) of any company or issuer while in possession of material, non-public information (also known as "inside information") regarding the company. This prohibition applies to KKR-related securities, as well as to the securities of other companies. It applies for any Client account, Firm account or Personal Securities Account (as defined below). If you believe you have come into possession of inside information, whether or not you consider it to be material, you may not execute any trade in the securities of the subject company without first consulting with the CCO, who will determine whether such trade would violate Firm policy or applicable laws. It is also illegal in many countries to "tip" or pass on inside information to any other person if you know or reasonably suspect that the person receiving such information from you will misuse such information by trading in securities or passing such information on further, even if you do not receive any monetary benefit from the tippee. (Please refer to the Information Barrier Procedures contained in the Compliance Manual for additional guidance.) b. Market Abuse and Rumors. Most jurisdictions have laws or regulations that prohibit market abuse or manipulative trading activities. Any attempt by an Employee to manipulate or tamper with the markets or the prices of securities, options, futures or other financial instruments will not be tolerated, including collaborating with others in order to manipulate markets or prices. Additionally, most jurisdictions have laws and regulations prohibiting the dissemination of false or misleading information. The policy of the Firm is to prohibit the circulation of or trading based on unsubstantiated rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, a sector or market, or unjustly affect any person or entity. Any such rumors or information heard by an Employee from a source within the Firm or directed to the Firm in the course of business should be reported to the CCO promptly, and should not be forwarded or shared within or outside the Firm. c. Frontrunning. Employees may not engage in what is commonly known as "frontrunning" or "scalping": the buying or selling of securities prior to a purchase or sale by a Client, in order to benefit from any price movement that may be caused by the Client's transactions.

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4 Internal Use Only d. Antitrust Compliance. In many countries, the Firm is subject to complex laws (known in some countries as "antitrust" or "competition" laws) designed to preserve competition among enterprises and to protect consumers from unfair business arrangements and practices. You are expected to comply with these laws at all times. Many situations create the potential for unlawful anticompetitive conduct and should be avoided. If a competitor, investor or any other person or entity tries to discuss subjects with you that raise concerns about anticompetitive conduct, you should refuse to do so and terminate the conversation. Such instances should be reported to the CCO. (Please refer to the Antitrust Overview and Guidelines in the Compliance Manual for additional guidance.) e. Anti-Bribery and Corruption. The Anti-Bribery Policy requires that all Employees conduct their activities in full compliance with all applicable anti- corruption laws, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act. A failure to do so will place both KKR's business reputation and business success in serious jeopardy and may subject both the Firm and the individuals involved to civil and/or criminal liability, including possible extradition and imprisonment. In sum, giving or offering anything of value to anyone to improperly obtain or retain business or a business advantage is prohibited. 4 B. Personal Investment Policy 1. General. The Firm's Personal Investment Policy establishes standards and procedures for the detection and prevention of activities by which personnel of the Firm, having knowledge of the investments and investment intentions of the Firm with respect to any Client, may abuse their duties to act in the best interests of our Clients. The Personal Investment Policy also deals with the types of conflict of interest situations that the U.S. federal securities laws address. The Personal Investment Policy is based on the principle that the Employees of the Firm owe a duty to our Clients to conduct personal investments, including personal securities transactions, in a manner that does not interfere with Client transactions or to otherwise behave in a manner that takes unfair advantage of the Firm's relationship with our Clients. The Personal Investment Policy requires that all Employees adhere to this general principle as well as comply with all of the specific provisions of the Personal Investment Policy that are applicable to them. 2. What Securities are covered by the Firm's Personal Investment Policy? "Covered Securities" under this Personal Investment Policy include U.S. and non-U.S. securities, including common stock, preferred stock, debt securities (such as corporate bonds or debentures, senior debt and subordinated debt), interests in non-diversified retail investment funds/ exchange-traded funds ("ETFs") with less than 10 4 Employees should refer to the Firm's Global Anti-Bribery Policy for a complete understanding of Anti-Bribery / Anti-Corruption requirements and responsibilities.

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5 Internal Use Only underlying holdings, interests in hedge funds, private equity funds or other private funds, investment clubs and other investment vehicles, investment contracts and all derivative instruments of the above such as options, warrants, puts and calls and indexed instruments. For the purpose of the Firm's Personal Investment Policy, the term "Covered Securities" does not include: • Direct obligations of the U.S. or any non-U.S. government or any agency thereof, including municipal bonds; • Shares of registered open-end mutual funds or closed-end funds that are not advised or sub-advised by the Firm (or the Firm's affiliates); • Shares of unit investment trusts that invest exclusively in shares of registered open-end mutual funds that are not advised or sub-advised by the Firm (or the Firm's affiliates); • Commodities contracts, currencies, currency futures or options on any of the foregoing; • ETFs with 10 or more underlying holdings, or where the underlying assets are not Covered Securities; • Registered or exchange-traded pooled investment vehicles with sufficient diversification (such as UCITs and VCTs); • Shares issued by money-market funds; and • Bankers' acceptances, bank and brokered certificates of deposit, commercial paper and high-quality short-term debt obligations, including repurchase agreements. 3. What are "Personal Securities Accounts"? For these purposes, "Personal Securities Accounts" include any brokerage or securities accounts maintained by you, your immediate family members5 living in the same household, or family members outside the household who are financially dependent upon you, including dependent children. More specifically, Personal Securities Accounts include: • Brokerage or securities accounts in your name or in which you have any direct or indirect beneficial ownership. (Please note you are deemed to have beneficial ownership if you directly or indirectly, through contract, arrangement, understanding or otherwise, share a direct or indirect opportunity to profit from the account.) • Brokerage or securities accounts over which you directly or indirectly exercise investment discretion (or have the right to exercise discretion). 5 The term "immediate family" means any child, stepchild, grandchild, parent, step-parent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships.

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6 Internal Use Only • Brokerage or securities accounts of your immediate family members (including any relative by blood, marriage or domestic partnership) either living in your household or who are financially dependent upon you. All Personal Securities Accounts must be disclosed in ComplySci6 within ten calendar days of an employee's first day at KKR. Personal Securities Accounts do not include cash-only bank accounts or accounts which exclusively hold shares of mutual funds or other investment or instruments that are not Covered Securities (e.g., select 401(k) and 529 Plans). However, Personal Securities Accounts do include any account that holds cash or registered mutual fund shares if such account has the ability to hold or execute transactions in Covered Securities (even if it does not hold such securities at the present time). Employee Personal Securities Accounts opened or disclosed on or after January 1, 2024, will generally only be permitted to be maintained at brokerages approved in advance by Compliance. Compliance will maintain an "Approved Broker List" based upon criteria established by the Firm. Compliance will update the Approved Broker List as new relationships with brokerage firms are established or as relationships are terminated or modified. Personal Securities Accounts sought to be opened or maintained at brokerages that do not appear on the Approved Broker List must be approved in ComplySci by the CCO or their designee (see Exhibit A, Approved Broker List). Managed Accounts A Managed Account is a Personal Securities Account over which a third-party money manager, investment advisor, or other third-party (the "Advisor") who is unaffiliated with the Firm has complete and sole discretionary authority. Securities transactions in Managed Accounts do not require prior approval of the CCO, provided that: • The Employee has supplied an acknowledgment in substantially the form attached as Exhibit B, executed by the Advisor, pursuant to which the Advisor acknowledges his or her understanding of KKR's Personal Investment Policy; • The Employee does not convey any inside information to the Advisor; • Neither the Employee nor any other person subject to the Code has the ability to suggest and / or direct purchases or sales, or consult with the Advisor as to the particular allocation of investments to be made in the account. Moreover, the Employee should only receive a regular periodic report of transactions and holdings. While specific investment decisions may not be shared with the Employee, summarizing, describing or explaining general account activity and strategy is permitted; • The account is disclosed in ComplySci. • Upon request, the Employee should send KKR Compliance quarterly statements showing transaction history. • The Employee completes a quarterly certificate attesting to the above requirements. The form of this certificate is attached as Exhibit C. 6 ComplySci is the Firm's Code of Ethics technology solution. All Employees subject to this Code have access to ComplySci.

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7 Internal Use Only 4. Prohibited Transactions. In accordance with the Firm's policy requiring Employees to avoid activities that may conflict with the interest of our Clients or interfere with making decisions in the best interests of our Clients, all Employees and Personal Securities Accounts of Employees are generally prohibited from purchasing7, directly or indirectly, certain Covered Securities, i.e., individual publicly traded equities or debt instruments of corporate issuers, including but not limited to, common stock (publicly or privately offered), preferred stock, debt securities (such as corporate bonds or debentures), ETFs or other non-diversified pooled investment vehicles that contain less than ten (10) underlying investments at the time of the initial investment, and options warrants, puts and calls, futures and other derivatives relating to specific equity or debt securities. Positions in such securities held prior to employment at KKR may be maintained upon joining the Firm and may be exited according to the policies described below. Employees that are involved in management or certain other activities relating to funds domiciled in the European Economic Area must undertake not to use personal hedging strategies or remuneration–or liability–related contracts of insurance to undermine the risk alignment effects embedded in their remuneration arrangements. Any requests to exit a position in Covered Securities must be pre-cleared with Compliance by submitting a trade request in ComplySci.8 Requests by an employee involving gifting, inheriting or transferring covered securities to or from accounts held by individuals not subject to the Code must be pre-cleared with Compliance. Under no circumstances may Employees engage in personal securities transactions involving Covered Securities acquired pursuant to an initial public offering. All securities, including non-Covered Securities, should be held for a minimum of 30 days before selling. 7 In limited circumstances and subject to "open window" periods, any Employee who is on the board of directors of a KKR portfolio company may seek pre-approval from the CCO to purchase shares of such KKR portfolio company. 8 Any proposed transaction in such securities by an Employee or a Personal Securities Account of an Employee must be pre-approved by the CCO in accordance with the pre-clearance procedure outlined in Section B.5.a, below.

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8 Internal Use Only 5. Permissible Transactions a. Compliance Pre-Clearance Required. Employees must obtain Compliance pre-approval via ComplySci for the following transactions: • Sales of Covered Securities; • Purchases or sales of interests in private investment funds (including, but not limited to private equity funds and hedge funds) and private companies,9 including participation in any initial coin offering, initial token sale, private fund offering, or private company share issuance relating to a cryptocurrency; • Indices-linked structured notes not advised or sub-advised by the Firm (or the Firm's affiliates). Requests for pre-approval may be made by logging into ComplySci and submitting a pre-clearance request through the system. Employees may only engage in a pre-approved transaction during the time frame specified by the CCO or his/her designee at the time of approval, which is generally three business days or less. Note for KKR-related limited public offerings (i.e., KKR Infrastructure Conglomerate LLC (KINFRA); KKR Private Equity Conglomerate LLC (KPEC), since the company issues securities for purchase each month, pre-clearance to purchase shares is valid until the next date that purchase requests can be made (e.g., if an Employee submits a request on February 11th, purchase request may be completed by March 1 st). In addition, Employees should only engage in such transactions with the intention of establishing a position in the security or investment for not less than 30 days. In considering a pre-approval request, the CCO may consider, among other things, whether: (a) the securities or investment in question are held by a Client; (b) the securities or investment in question are under consideration by a Firm investment committee; or (c) there is a conflict of interest, actual or otherwise, with an Employee acquiring, holding or selling the security or investment. If the transaction involves a private placement10, the CCO also may consider whether: (a) the investment opportunity was first considered for investment by a Client; (b) the investment opportunity was made available to an Employee by virtue of his or her position with the Firm or with a Client; or (c) the investment opportunity is or may in the future be within KKR's investment mandate. It is the Firm's policy that the interests of Clients always come before the interests of the Firm and its Employees. 9 Approved transactions in private companies must be made within the time frame indicated by the employee at the time of the request as specified in ComplySci. 10 See Guidance on Employees' Personal Investments in Private Companies and Non-KKR Private Funds for more guidance on this topic.

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9 Internal Use Only In addition, transactions in shares or interests in KKR-related issuers (e.g., KKR & Co. Inc. (KKR), KKR Income Opportunities Fund (KIO), KKR Real Estate Finance Trust Inc. (KREF), or FS KKR Capital Corp (FSK)) are typically subject to "window periods" when such transactions are permitted. While transactions in KKR-related issuers do not need to be pre-cleared in ComplySci, please check with your respective CCO and/or Legal or Compliance before transacting in any such securities. Trading in options of such securities is prohibited at all times. For further details, please see Policies and Procedures for Trading in Securities of KKR & Co. Inc. by Directors, Section 16 Officers and Employees. Further, purchases in shares or interests in KKR-related limited public offerings (i.e., KKR Infrastructure Conglomerate LLC (KINFRA); KKR Private Equity Conglomerate LLC (KPEC)) require pre-clearance in ComplySci. Sales of a KKR Related Limited Public Offering do not require preclearance in ComplySci but may only be made within the first two weeks of the sales window. Please check with your respective CCO and/or Legal or Compliance before transacting in any such securities if you have any questions. b. Compliance Pre-Clearance NOT Required. Employees are generally permitted to make investments in the following instruments without seeking prior approval of the CCO, provided that such investments do not conflict with the Firm's fiduciary duty to its Clients and/or an Employee's duty to the Firm11: • Direct obligations of the U.S. government or any agency thereof; • Shares of ETFs (and related options) that contain ten (10) or more underlying investments at the time of the initial investment; • Shares of registered closed end funds and related options; 11 Employees should purchase or sell such securities or investments with the intent to maintain the position for at least 30 days.

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![](kcacodeofethicspolicy010.jpg)

10 Internal Use Only • Shares of registered open-end mutual funds that are not advised or sub- advised by the Firm (or the Firm's affiliates); • Shares of unit investment trusts that invest exclusively in shares of registered open-end mutual funds that are not advised or sub-advised by the Firm (or the Firm's affiliates); • Commodities contracts, currencies, currency futures or options on any of the foregoing; • Cryptocurrencies recognized as currencies by the relevant regulator, such as Bitcoin or Ethereum; • Interests in Undertakings for the Collective Investment in Transferable Securities ("UCITS"), established and authorized pursuant to European Union law, as implemented in the relevant member states of the European Union; • Shares issued by money-market funds; and • Bankers' acceptances, bank certificates of deposit, commercial paper and high- quality short-term debt obligations, including repurchase agreements. If you are unsure if a security requires pre-approval by Compliance, please submit the trade request in ComplySci or consult your respective CCO. 6. Acknowledgment and Reporting of all Transactions Involving Covered Securities. All Employees must submit the following reports and acknowledgments under the Personal Investment Policy if they have holdings of Covered Securities, including through a Personal Securities Account or otherwise engage in transactions involving such securities: a. Code of Ethics and Compliance Acknowledgment. Within 10 calendar days of becoming an Employee, Employees must submit to the CCO the Compliance Acknowledgement Form via ComplySci.12 Employees will also complete this certification on an annual basis. Initial Reporting of Securities Holdings and Accounts. All Employees must disclose and upload all Personal Securities Accounts to ComplySci within 10 calendar days of becoming an Employee. PLEASE NOTE THAT IF YOU MAINTAIN ANY ADDITIONAL INVESTMENTS IN COVERED SECURITIES OUTSIDE ANY PERSONAL SECURITIES ACCOUNTS, YOU ARE REQUIRED TO 12 See Exhibit D attached for the form of the Code of Ethics and Compliance Acknowledgment. This form should be completed via ComplySci.

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![](kcacodeofethicspolicy011.jpg)

11 Internal Use Only REPORT THOSE HOLDINGS TO THE CCO IN ACCORDANCE WITH THE PROCEDURES OUTLINED ABOVE. b. Quarterly Reporting of Reportable Securities Transactions and Accounts. On a quarterly basis, Employees will complete certifications confirming all accounts and transactions are properly recorded and disclosed (see Exhibit E). Upon the disclosure of a Personal Securities Account, KKR Compliance will make reasonable efforts to connect eligible Accounts to KKR's electronic brokerage account feed through ComplySci. If an Account is ineligible for the feed, the Employee must upload a statement of all holdings and transactions on a quarterly basis to KKR Compliance through ComplySci. Statements of holdings and transactions must be submitted approximately 30 days after the end of the applicable quarter. Accounts that hold cryptocurrencies are required to be disclosed if the account allows the accountholder to execute securities transactions in addition to holding cryptocurrency. C. Provision of Code of Ethics to Fund Investors The Firm is required, upon request, to furnish Clients (which, for these purposes, includes investors in our private investment funds) with a copy of the Code. The Client and Partner Group (CPG) will coordinate the distribution of the Code to any Clients and/or investors who request a copy. D. Prohibited Transactions in Mutual Funds All Employees are reminded that the Firm discourages its Employees from engaging in short- term trading, including trading in mutual funds. E. Exceptions to the Code The CCO may, under very limited circumstances, grant an exception from the requirements of the Code on a case-by-case basis, provided that: • The Employee seeking the exception provides the CCO with a representation (i) detailing the efforts made to comply with the requirement from which the Employee seeks an exception and (ii) that the requirement would impose significant undue hardship on the Employee; • The CCO believes that the exception would not harm or defraud a Fund or Investment Vehicle, violate the general principles stated in the Code or compromise the Employee's or the Firm's duties to any Client; and

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![](kcacodeofethicspolicy012.jpg)

12 Internal Use Only • The Employee provides any supporting documentation that the CCO may request from the Employee. F. Service on Boards of Directors and Other Outside Activities An Employee's service on the board of directors of an outside company could lead to the potential for conflicts of interest and insider trading issues, and may otherwise interfere with an Employee's duties to the Firm. Accordingly, except with respect to KKR portfolio companies, Employees are generally prohibited from serving on the boards of directors of any non KKR-related company (excluding not-for-profit organizations or other charitable organizations), unless the service (i) would not be detrimental to the interests of the Firm or our Clients, (ii) has been approved in writing by the CCO, and (iii) has been approved in writing by the Employee's supervisor (except with regard to non-compensated, non-for profit directorships)13. If an Employee's service on a board of directors is approved, the Information Barrier Procedures may apply. (Please refer to the Information Barrier Procedures contained in the Compliance Manual for additional guidance.) The Firm also generally prohibits Employees from engaging in any other outside business ventures, such as consulting engagements; accepting an executorship, trusteeship or power of attorney (except with respect to a family member); and serving on a creditors committee (except as part of the Employee's duties at the Firm). Accordingly, an Employee must obtain pre-approval from the CCO via ComplySci prior to engaging in any such ventures. The CCO may also instruct the Employee to also seek approval from his/her supervisor. To assist the CCO in monitoring conflicts, upon commencement of employment, all Employees will be required to complete and sign the Initial Conflicts Questionnaire - a copy of the questionnaire is attached hereto as Exhibit G. Additionally, all Employees will be required to complete an Annual Conflicts Questionnaire – a copy of the questionnaire is attached hereto as Exhibit H. All Employees are also required to complete a certification via ComplySci on a quarterly basis confirming all outside business activities have been disclosed (the form of the certificate is attached as Exhibit I). G. Gifts and Entertainment Neither the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA") nor the UK Bribery Act (the "Bribery Act") prohibits the provision of small gifts, non-extravagant entertainment or similar items of nominal value to foreign officials, if these items are not offered with improper intent. In order to address conflicts of interest that may arise when an Employee accepts or gives a gift, favor, entertainment, special accommodation, or other items of value, the Firm places restrictions on gifts and entertainment. 14 Any gift or entertainment exceeding or reasonably expected to exceed the guidelines detailed below must be pre-approved in ComplySci. All gifts and entertainment involving a government or public official, as defined below, must be pre-approved via ComplySci. 13 See Guidance on Employee Outside Business Activities (Non-KKR Related). 14 See the Firm's Policy on Gifts, Entertainment and other Items of Value ("G&E Policy") for further information, including Non-U.S. Jurisdictions Limits (Annex A to the G&E Policy), which may be more restrictive than the U.S. limits.

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![](kcacodeofethicspolicy013.jpg)

13 Internal Use Only • Gifts. No Employee may receive any gift, service, or other item of more than $500 (or such lower amount depending on the jurisdiction as determined by the Firm) in value per year from any person or entity that does or seeks to do business with or on behalf of the Firm without the prior written approval of the CCO. No Employee may give or offer any gift of more than de minimis value (i.e., $250 for the U.S. or an applicable lower amount) to existing investors, prospective investors, or any entity that does business with or on behalf of the Firm without the prior written approval of the CCO. Notwithstanding the foregoing, no Employee may provide or accept gifts having an aggregate value of $100 per year to or from any person associated with a broker-dealer. • Entertainment. No Employee may provide or accept extravagant or excessive entertainment to or from an investor, prospective investor, or any person or entity that does or seeks to do business with or on behalf of the Firm. Employees may provide or accept a business entertainment event, such as a meal or a sporting event, if the person or entity providing the entertainment is present. Transportation and/or lodging may generally not be given or received as part of entertainment, as such would be considered a gift. Any event that an Employee reasonably expects to exceed the amounts outlined above must be approved in advance by the CCO. ▪ Any single business entertainment event provided with a value equal to or greater than $USD500 per person must be approved via Concur by the employee's supervisor. ▪ Any single business entertainment event accepted with a value equal to or greater than $USD500 per person must be approved by the employee's supervisor via email. ▪ Any single business entertainment event provided or accepted with a value equal to or greater than $USD1000 per person must be pre-cleared with Compliance via ComplySci.15 • Cash. No Employee may give or accept cash gifts or cash equivalents to or from an investor, prospective investor, or any entity that does or seeks to do business with or on behalf of the Firm. • Government Officials. Many countries, states and local jurisdictions have laws restricting gifts (e.g., meals, entertainment, transportation, lodging or other things of value) that may be provided to government officials or their families. Government officials include employees of sovereign wealth funds, public pension funds and state- owned business enterprises. In addition, the FCPA and the Bribery Act outline very serious prohibitions against bribery, including the payment, or promise of payment, of anything of value to foreign officials (including any person employed by or representing a foreign government, officials of public international organizations and candidates for 15 As described further below, additional requirements apply with respect to gifts and entertainment involving government officials.

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![](kcacodeofethicspolicy014.jpg)

14 Internal Use Only Foreign office) or others. Payment made indirectly through a consultant, contractor or other intermediary is also prohibited. Pre-clearance from KKR Compliance via ComplySci is required for any gift to a government official or their family regardless of value. See G&E Policy for further information, including restrictions on entertainment of government officials. In order to maintain compliance with applicable anti-corruption laws, including the FCPA and the Bribery Act, while simultaneously conducting business in accordance with local custom, Employees may provide token gifts only when such offerings are of nominal value, not unlawful under the law of the government official's country, and when such offerings are in keeping with the custom or practice of the government official's country. • U.S. and non-U.S. Political Donations. Political contributions are subject to strict laws, and failure to observe these policies and procedures may result in fines or penalties against the Firm or in the Firm's loss of business opportunities with government-sponsored investors. A political contribution is a monetary or in-kind contribution to a federal, state or local candidate, incumbent officeholder, political party, political action committee, section 527 organization, transition or inaugural committee, section 501(c)(4) organization or similar organization. Please see KKR's Political Contribution Policy for further information. • Political Contributions by the Firm. No political contribution may be made by the Firm and no candidate events may be hosted by the Firm without the prior approval of KKR's Head of Global Public Affairs and Compliance. This prohibition includes "in-kind" contributions, i.e., contributions of the Firm's property, services or other assets, including Employee work time spent on political activities. In addition, the Firm will not reimburse an Employee for political contributions made with his or her personal funds. • Personal Political Contributions. A "personal political contribution" means a political contribution by an Employee, his or her spouse or domestic partner, or his or her dependent children. Employees may not make any personal political contribution (including a contribution to any political party, candidate for public office, political cause or political committee, such as a PAC) to a candidate for U.S. state or local office, or to a state or local incumbent seeking federal office. • Employees should pre-clear ALL political contributions, including non-US contributions and contributions that are permitted under the policy via ComplySci. • KKR Compliance actively monitors employee activity for compliance with this policy. • Union Officials. Special U.S. Department of Labor reporting requirements apply to service providers, such as investment advisers, to Taft-Hartley employee benefit plans. Those service providers must make annual reports on Form LM-10 detailing virtually all gifts and entertainment provided generally to unions, their officer, employees and agents,

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![](kcacodeofethicspolicy015.jpg)

15 Internal Use Only Subject to a de minimis threshold of $250. Accordingly, Employees must receive pre- approval from the CCO for gifts and entertainment provided to such persons. • Loans. Employees are not generally permitted to obtain any loans from KKR funds, KKR Portfolio Companies, or investors in KKR funds without the approval of the CCO. 16 • Reporting. Each Employee must report via ComplySci any gifts or entertainment received in connection with his or her employment that the Employee reasonably believes exceeded the amounts outlined above. The CCO may require that any such gift be returned to the provider or that an entertainment expense be repaid by the Employee. • Solicited Gifts. No Employee may use his or her position with the Firm to obtain anything of value from a client, supplier, person to whom the Employee refers business, or any other entity with which the Firm does business. • Referrals. Employees may not make referrals to clients (e.g., accountants, attorneys, or the like) if the Employee expects to personally benefit in any way from the referral. • Firm-Sponsored Events. Compliance is responsible for ensuring that such events and any gifts distributed by the Firm during such events are appropriate in the context of the policy outlined above. H. Reporting Violations Every Employee must immediately report any violation of the Code to the CCO or, in the CCO's absence, the General Counsel. The Firm will not retaliate against any Employee who reports a violation of the Code in good faith and any retaliation constitutes a further violation of the Code. The CCO will keep records of any material violation of the Code, and of any action taken as a result of the violation. I. Whistleblowers The Firm has procedures in place to anonymously report violations or suspected violations of accounting, internal controls, auditing, legal and regulatory matters. Consistent with the policies of the Firm, Employees who, in good faith, make a report or provide assistance to the Audit Committee, Management or any other person or group, including any governmental, regulatory or law enforcement body, shall not face retaliation, and the source of any report shall remain anonymous unless compelled by judicial or other legal process or to the extent permitted under applicable law to fully investigate a particular matter.17 J. Confidentiality of Information 16 This prohibition does not restrict employees from obtaining loans in the ordinary course from third parties, such as mortgages, car loans, etc. 17 See KKR & Co. Inc.'s Whistleblower Policy.

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16 Internal Use Only All information obtained from any person pursuant to this Code will be kept confidential, except that such information will be made available to the SEC or any other regulatory or self-regulatory organization or other entity to the extent permitted or required by law, regulation or this policy. K. Administration of the Code The CCO or his/her designees will receive and review all reports submitted pursuant to the Code. The CCO will review the reports to determine that Employees' investments and trades are consistent with requirements and restrictions set forth in the Code and do not otherwise indicate any improper trading activities. The CCO also will ensure that all books and records relating to the Code are properly maintained. The books and records required to be maintained are discussed in detail in the Records Retention Schedule contained in the Compliance Manual, and include, but are not limited to, the following: • A copy of the Code that is in effect, or at any time within the past five years was in effect; • A record of any violation of the Code, and of any action taken as a result of the violation; • A record of all written acknowledgements of receipt, review and understanding of the Code from each person who is currently, or within the past five years was, an Employee; and • A record of any exception from the Code granted by the CCO, all related documentation supplied by the Employee seeking the exception, and the reasons supporting the decision to grant the exception. These books and records must be maintained by the Firm in an easily accessible place for at least five years from the end of the fiscal year during which the record was created, the first two years in an appropriate office of the Firm. L. Sanctions Any violation of any provision of the Code may result in disciplinary action. The CCO, in consultation with the General Counsel, and, if necessary, other members of senior management, will determine an appropriate sanction. Disciplinary action may include, among other sanctions, a letter of reprimand, additional in-person or web-based training, disgorgement, suspension, demotion or termination of employment. See KKR Disciplinary Guidance for Violations of KKR Policies and Procedures. M. Acknowledgment of Receipt and Compliance The Firm will provide each Employee with a copy of the Code and any amendments hereto. Any questions regarding any provision of the Code or its application should be directed to the CCO. Each Employee must provide the Firm with a written acknowledgement (in the form provided by the Firm) evidencing the fact that such Employee has received and reviewed, and understands,

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![](kcacodeofethicspolicy017.jpg)

17 Internal Use Only the Code.18 On an annual basis, all Employees must certify that they have reviewed and complied with Firm policies and procedures (see Exhibit I for the form of such certificate). Addendum to KKR's Personal Investment Policy applicable to Employees Associated with a Broker Dealer of KKR (KKR Capital Markets LLC ("KCM") and KKR Capital Markets II LLC ("KCM II")) Personal Securities Accounts Pre-Clearance (FINRA Rule 3210) Any associated person19 of KCM or KCM II must obtain prior written approval from the Chief Compliance Officer of KCM / KCM II ("KCM / KCM II CCO") or his/her designee before opening or establishing any Personal Securities Account (as previously defined in the Personal Investment Policy section of the Code of Ethics) in which securities transactions can be effected and in which the associated person has a beneficial interest. Once the KCM / KCM II CCO or his designee has approved the account, a notification of the associated person's association with KCM / KCM II will be provided to the financial institution where the Personal Securities Account will be maintained. For any Personal Securities Accounts opened or established prior to the associated person's registration or employment with KCM / KCM II, the associated person must obtain written approval from the KCM / KCM II CCO or his/her designee within 30 calendar days of becoming associated. Once the approval has been received, a notification of the associated person's association with KCM will be provided to the financial institution where the Personal Securities Account is maintained. Transactions and Accounts not subject to Pre-Clearance Transactions in unit investment trusts, municipal fund securities as defined under MSRB Rule D-12, qualified tuition programs pursuant to Section 529 of the Internal Revenue Code and variable contracts or mutual funds, or to accounts that are limited to transactions in such securities, or to Monthly Investment Plan type accounts, do not require prior written approval to open or establish. Gifts and Entertainment (FINRA Rule 3220) To prevent the appearance of impropriety or of a conflict of interest, FINRA Rule 3220 limits the extent to which KCM / KCM II and its Associated Persons may give or accept (directly or indirectly) gifts and gratuities, in relation to KCM / KCM II's business, to or from persons or entities outside KCM / KCM II. In particular, KCM / KCM II and its Associated Persons may not give any gift or gratuity in excess of $100 per individual per calendar year where the gift is in relation to the business of the recipient's employer. 18 See Exhibit D. 19 The term "Associated Person" shall mean any employee, officer, manager, director, FINRA registered-representative or FINRA-registered principal of KCM and/or KCM II, or other person conducting the business of KCM and/or KCM II. Registered -representatives of KCM and/or KCM II includes dual-hatted employees in the Client and Partner Group ("CPG"), including Private Wealth Partners ("PWP"), and the Credit Solutions Group ("CSG").

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18 Internal Use Only All gifts must be disclosed to the KCM / KCM II CCO through the ComplySci system. For the avoidance of doubt, tickets or other entertainment where no KCM / KCM II Associated Person is present at the event constitute gifts. Outside Business Activities (FINRA Rules 3270; 3280) In accordance with FINR Rule 3270, KCM / KCM II registered representatives (RR) may not engage in any outside business activity or accept compensation for such activity without prior notice to the KCM / KCM II CCO. An outside business activity is any business other than employment with KCM / KCM II, including acting as an employee, independent contractor, sole proprietor, officer, director, partner, trustee, or agent of any other entity. RRs must submit a written notice describing the proposed outside business activity through ComplySci. RRs must fully disclose their outside business activities on their Form U4. In addition, RRs are required to certify their disclosure of outside business activities upon hire and annually thereafter. The KCM / KCM II CCO will evaluate the proposed activity to determine whether the activity properly is characterized as an outside business activity or whether it should be treated as an outside securities activity subject to the requirements of FINRA Rule 3280.

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## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries of KKR Enhanced US Direct Lending Fund-L Inc.**

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| | |
|:---|:---|
| **Name of Subsidiary** | **State of Incorporation or Organization** |
| KKR Enhanced US Direct Lending Fund-L LLC | Delaware |
| KKR Enhanced US EvDL Funding LLC | Delaware |
| KKR Enhanced US EvDL Funding II LLC | Delaware |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification of Chief Executive Officer**

**Pursuant to Rule 13a-14(a) Under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, George Mueller, as Chief Executive Officer, certify that:

1. I have reviewed this annual report on Form 10-K of KKR Enhanced US Direct Lending Fund-L Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: March 19, 2026 |
| /s/ George Mueller |
| George Mueller<br>Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification of Chief Financial Officer**

**Pursuant to Rule 13a-14(a) Under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Thomas Murphy, as Chief Financial Officer, certify that:

1. I have reviewed this annual report on Form 10-K of KKR Enhanced US Direct Lending Fund-L Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| |
|:---|
| Dated: March 19, 2026 |
| /s/ Thomas Murphy |
| Thomas Murphy<br>Chief Financial Officer |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION of CEO PURSUANT TO**

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with the Annual Report on Form 10-K for the year ended December 31, 2025 (the "Report") of KKR Enhanced US Direct Lending Fund-L Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, George Mueller, the Chief Executive Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| Date: March 19, 2026 |
| /s/ George Mueller |
| George Mueller<br>Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION of CFO PURSUANT TO**

**Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)**

In connection with the Annual Report on Form 10-K for the year ended December 31, 2025 (the "Report") of KKR Enhanced US Direct Lending Fund-L Inc. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Thomas Murphy, the Chief Financial Officer of the Registrant, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| |
|:---|
| Dated: March 19, 2026 |
| /s/ Thomas Murphy |
| Thomas Murphy<br>Chief Financial Officer |

---

<br>