# EDGAR Filing Document

**Accession Number:** 0001948056
**File Stem:** 0001948056-26-000037
**Filing Date:** 2026-5
**Character Count:** 220421
**Document Hash:** ec351695a1bb629984b92dd18e8c6aab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001948056-26-000037.hdr.sgml**: 20260513

**ACCESSION NUMBER**: 0001948056-26-000037

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260513

**DATE AS OF CHANGE**: 20260513

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56484
- **FILM NUMBER:** 26974024

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

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

?xml version='1.0' encoding='ASCII'? kkr-20260331

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

**(Mark One)**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Commission file number 000-56484** 

**KKR Infrastructure Conglomerate LLC**

(Exact name of registrant as specified in its charter)

---

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

---

**(212) 750-8300** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name, former address and former fiscal year, if changed since last report)

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

---

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

---

Indicate by check mark whether the registrant (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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). &nbsp;&nbsp;&nbsp;&nbsp;Yes □ No ☒

As of May 5, 2026, the registrant had 83,108,015 Class I Shares, 82,511,957 Class S Shares, 46,927,440 Class U Shares, 29,510,622 Class R Shares, 5,042,998 Class D Shares, 3,534,641 Class F Shares, 40 Class G Shares and 40 Class H Shares outstanding. The number of Shares outstanding excludes May 1, 2026 subscriptions since the issuance price is not yet finalized as of the date of this filing.

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| **[Part I](#ibdb057bbd30745a488818320ce39932d_13) - Financial Information** | <u>[1](#ibdb057bbd30745a488818320ce39932d_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. Financial Statements | <u>[1](#ibdb057bbd30745a488818320ce39932d_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Assets and Liabilities as of March 31, 2026 (Unaudited) and December 31, 2025 | <u>[1](#ibdb057bbd30745a488818320ce39932d_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited) | <u>[3](#ibdb057bbd30745a488818320ce39932d_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 and 2025 (Unaudited) | <u>[4](#ibdb057bbd30745a488818320ce39932d_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited) | <u>[6](#ibdb057bbd30745a488818320ce39932d_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Schedules of Investments as of March 31, 2026 (Unaudited) and December 31, 2025 | <u>[10](#ibdb057bbd30745a488818320ce39932d_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements (Unaudited) | <u>[14](#ibdb057bbd30745a488818320ce39932d_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item 2. M](#ibdb057bbd30745a488818320ce39932d_151)anagement's Discussion and Analysis of Financial Condition and Results of Operations | <u>[35](#ibdb057bbd30745a488818320ce39932d_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Item](#ibdb057bbd30745a488818320ce39932d_145) 3. Quantitative and Qualitative Disclosures about Market Risk | <u>[49](#ibdb057bbd30745a488818320ce39932d_136)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. Controls and Procedures | <u>[51](#ibdb057bbd30745a488818320ce39932d_139)</u> |
| **[Part II](#ibdb057bbd30745a488818320ce39932d_142) - Other Information** | <u>[52](#ibdb057bbd30745a488818320ce39932d_142)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1. Legal Proceedings | <u>[52](#ibdb057bbd30745a488818320ce39932d_145)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 1A. Risk Factors | <u>[52](#ibdb057bbd30745a488818320ce39932d_148)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | <u>[53](#ibdb057bbd30745a488818320ce39932d_151)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 3. Defaults Upon Senior Securities | <u>[53](#ibdb057bbd30745a488818320ce39932d_154)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 4. Mine Safety Disclosures | <u>[53](#ibdb057bbd30745a488818320ce39932d_157)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 5. Other Information | <u>[53](#ibdb057bbd30745a488818320ce39932d_160)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Item 6. Exhibits | <u>[53](#ibdb057bbd30745a488818320ce39932d_163)</u> |
| Signatures | <u>[55](#ibdb057bbd30745a488818320ce39932d_166)</u> |

---

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

**Special Note Regarding Forward-Looking Statements**

Some of the statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q may include statements as to:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of the Infrastructure Assets (as defined herein) we own and control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to raise sufficient capital to execute our acquisition strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Manager (as defined herein) to source adequate acquisition opportunities to efficiently deploy capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our Infrastructure Assets to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected financing arrangements;

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

&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;• the timing and amount of cash flows, distributions and dividends, if any, from our Infrastructure Assets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual and potential conflicts of interest with the Manager or any of its affiliates;

&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 own and control Infrastructure Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our use of financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Manager to identify, acquire and support our Infrastructure Assets;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to structure acquisitions and joint ventures in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the tax status of the enterprises through which we own and control Infrastructure Assets.

In addition, words such as "anticipate," "believe," "expect" and "intend" indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth elsewhere in this Quarterly Report on Form 10-Q, "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in our other filings with the U.S. Securities and Exchange Commission (the "SEC"). Other factors that could cause actual results to differ materially include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with possible disruption in our operations or the economy generally due to terrorism, natural disasters, epidemics or other events having a broad impact on the economy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future changes in laws or regulations and conditions in our operating areas.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those 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 statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this Quarterly Report on Form 10-Q. Moreover, we assume no duty and do not undertake to update the forward-looking statements, except as required by law.

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

**Part I.&nbsp;&nbsp;&nbsp;&nbsp;Financial Information**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

---

| | | |
|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Consolidated Statements of Assets and Liabilities** | **Consolidated Statements of Assets and Liabilities** | **Consolidated Statements of Assets and Liabilities** |
| **(Amounts in Thousands, Except Share Data)** | **(Amounts in Thousands, Except Share Data)** | **(Amounts in Thousands, Except Share Data)** |
| | **March 31, 2026 (Unaudited)** | **December 31, 2025** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;Investments at fair value (cost of $5,279,464 and $4,649,579, respectively) | $6185617 | $5563528 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 1057908 | 980166 |
| &nbsp;&nbsp;&nbsp;Foreign currencies at fair value (cost of $8,868 and $183, respectively) | 8910 | 184 |
| &nbsp;&nbsp;&nbsp;Deferred financing costs, net | 22525 | 24548 |
| &nbsp;&nbsp;&nbsp;Prepaids and other assets | 407 | 696 |
| &nbsp;&nbsp;&nbsp;Due from Manager and affiliates |  | 149 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 4026 | 3111 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on foreign currency forward contracts | 77023 | 13310 |
| **Total assets** | 7356416 | 6585692 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued shareholder servicing fees and distribution fees | 221485 | 204472 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on foreign currency forward contracts | 2175 | 3225 |
| &nbsp;&nbsp;&nbsp;Management fee payable | 8716 | 5795 |
| &nbsp;&nbsp;&nbsp;Accrued performance participation allocation | 29991 | 19032 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 71317 | 61685 |
| &nbsp;&nbsp;&nbsp;Directors' fees and expenses payable | 115 | 115 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses and liabilities | 10338 | 11136 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities | 9356 | 6705 |
| &nbsp;&nbsp;&nbsp;Due to Manager and affiliates | 17150 | 14165 |
| **Total liabilities** | 370643 | 326330 |
| **Commitments and contingencies (Note 10)** |  |  |
| **Net assets (Note 7)** | $6985773 | $6259362 |
| **Net assets are comprised of** |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares, 77,728,630 and 64,941,265 shares authorized, issued and outstanding, respectively | $2321352 | $1943366 |
| &nbsp;&nbsp;&nbsp;Class S Shares, 78,416,326 and 66,822,242 shares authorized, issued and outstanding, respectively | 2198055 | 1874124 |
| &nbsp;&nbsp;&nbsp;Class U Shares, 47,324,412 and 47,404,585 shares authorized, issued and outstanding, respectively | 1341078 | 1342254 |
| &nbsp;&nbsp;&nbsp;Class R Shares, 29,584,219 and 29,830,337 shares authorized, issued and outstanding, respectively | 881868 | 890930 |
| &nbsp;&nbsp;&nbsp;Class D Shares, 4,809,476 and 3,815,313 shares authorized, issued and outstanding, respectively | 140824 | 111869 |
| &nbsp;&nbsp;&nbsp;Class E Shares, — and 40 shares authorized, issued and outstanding, respectively |  | 1 |
| &nbsp;&nbsp;&nbsp;Class F Shares, 3,256,897 and 3,078,264 shares authorized, issued and outstanding, respectively | 102594 | 96816 |

---

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

---

| | | |
|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Consolidated Statements of Assets and Liabilities** | **Consolidated Statements of Assets and Liabilities** | **Consolidated Statements of Assets and Liabilities** |
| **(Amounts in Thousands, Except Share Data)** | **(Amounts in Thousands, Except Share Data)** | **(Amounts in Thousands, Except Share Data)** |
| | **March 31, 2026 (Unaudited)** | **December 31, 2025** |
| &nbsp;&nbsp;&nbsp;Class G Shares, 40 shares authorized, issued and outstanding | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Class H Shares, 40 shares authorized, issued and outstanding | 1 | 1 |
| **Net assets** | $6985773 | $6259362 |

---

See notes to financial statements.

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

---

| | | |
|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Consolidated Statements of Operations (Unaudited)** | **Consolidated Statements of Operations (Unaudited)** | **Consolidated Statements of Operations (Unaudited)** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Investment income** |  |  |
| &nbsp;&nbsp;Dividend and other income | $21766 | $31366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 21766 | 31366 |
| **Operating expenses** |  |  |
| &nbsp;&nbsp;Performance participation allocation | 11066 | 15358 |
| &nbsp;&nbsp;Management fee expense | 20060 | 10129 |
| &nbsp;&nbsp;General and administration expenses | 2863 | 1640 |
| &nbsp;&nbsp;Professional fees | 2252 | 1904 |
| &nbsp;&nbsp;Interest expense | 4331 | 1831 |
| &nbsp;&nbsp;Directors' fees and expenses | 124 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 40696 | 30989 |
| &nbsp;&nbsp;Add: Expenses recouped by Manager | 3970 | 2148 |
| &nbsp;&nbsp;Less: Management fee and expense credits | (11500) | (10129) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | 33166 | 23008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (11400) | 8358 |
| **Net realized gain (loss) on investments, foreign currency and foreign currency forward contracts** |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (1131) | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 20186 | (414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) | 19055 | 358 |
| **Net change in unrealized appreciation (depreciation) on investments, foreign currency, foreign currency translation and foreign currency forward contracts** |  |  |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) before income taxes on |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 80105 | 65982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (52) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (87901) | 101852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 64763 | (77171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) before income taxes | 56915 | 90687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes | 2652 | 2981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) after income taxes | 54263 | 87706 |
| **Net increase in net assets resulting from operations** | $**61918** | $**96422** |

---

See notes to financial statements.

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2026 (Unaudited)** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
| | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R Shares** | **Class D Shares** | **Class E Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** | **Total Shareholders' Equity (Net Assets)** |
| **Balance at December 31, 2025** | $**1943366** | $**1874124** | $**1342254** | $**890930** | $**111869** | $**1** | $**96816** | $**1** | $**1** | $**6259362** |
| Consideration from the issuance of shares | 369808 | 340812 |  |  | 29185 |  | 5965 |  |  | 745770 |
| Repurchases of shares | (1441) | (3349) | (9548) | (15654) | (131) | (1) | (339) |  |  | (30463) |
| Reinvestment of distributions | 13632 | 13848 | 9369 | 6842 | 945 |  | 2 |  |  | 44638 |
| Transfers in | 3249 | 166 | 81 | 1444 |  |  |  |  |  | 4940 |
| Transfers out | (131) | (2436) | (2307) |  | (66) |  |  |  |  | (4940) |
| Early repurchase fee | 88 | 90 | 57 | 36 | 5 |  | 4 |  |  | 280 |
| Distributions declared | (25650) | (20788) | (12546) | (9763) | (1495) |  | (1075) |  |  | (71317) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital activity | 359555 | 328343 | (14894) | (17095) | 28443 | (1) | 4557 |  |  | 688908 |
| Net investment income (loss) | (4301) | (3506) | (1912) | (1566) | (233) |  | 118 |  |  | (11400) |
| Net realized gain (loss) | 5859 | 5999 | 4026 | 2542 | 339 |  | 290 |  |  | 19055 |
| Net change in unrealized appreciation (depreciation) | 16873 | 17268 | 11239 | 7057 | 1013 |  | 813 |  |  | 54263 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 18431 | 19761 | 13353 | 8033 | 1119 |  | 1221 |  |  | 61918 |
| Accrued shareholder servicing fees and distribution fees |  | (24173) | 365 |  | (607) |  |  |  |  | (24415) |
| **Balance at March 31, 2026** | $**2321352** | $**2198055** | $**1341078** | $**881868** | $**140824** | $**—** | $**102594** | $**1** | $**1** | $**6985773** |

---

See notes to financial statements.

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** | **Consolidated Statements of Changes in Net Assets as of March 31, 2025 (Unaudited)** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
| | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R-D Shares** | **Class R Shares** | **Class D Shares** | **Class E Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** | **Total Shareholders' Equity (Net Assets)** |
| **Balance at December 31, 2024** | $**457224** | $**489957** | $**1253543** | $**21323** | $**834667** | $**30795** | $**1** | $**34955** | $**1** | $**1** | $**3122467** |
| Consideration from the issuance of shares | 259033 | 395354 |  |  |  | 10174 |  | 75 |  |  | 664636 |
| Repurchases of shares | (308) | (156) | (1242) |  | (2625) |  |  |  |  |  | (4331) |
| Reinvestment of distributions | 3276 | 3559 | 8732 | 213 | 6399 | 246 |  | 1 |  |  | 22426 |
| Transfers in | 1491 |  |  |  | 269 |  |  |  |  |  | 1760 |
| Transfers out |  | (128) | (269) |  |  | (1363) |  |  |  |  | (1760) |
| Early repurchase fee | 35 | 44 | 75 | 1 | 47 | 2 |  | 2 |  |  | 206 |
| Distributions declared | (7855) | (8049) | (11731) | (226) | (9164) | (416) |  | (370) |  |  | (37811) |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital activity | 255672 | 390624 | (4435) | (12) | (5074) | 8643 |  | (292) |  |  | 645126 |
| Net investment income (loss) | 1257 | 1572 | 3175 | 52 | 1998 | 77 |  | 227 |  |  | 8358 |
| Net realized gain (loss) | 61 | 77 | 129 | 2 | 82 | 4 |  | 3 |  |  | 358 |
| Net change in unrealized appreciation (depreciation) | 15739 | 20024 | 30590 | 501 | 19164 | 886 |  | 802 |  |  | 87706 |
| &nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 17057 | 21673 | 33894 | 555 | 21244 | 967 |  | 1032 |  |  | 96422 |
| Accrued shareholder servicing fees and distribution fees |  | (28677) | (1969) | (11) |  | (201) |  |  |  |  | (30858) |
| **Balance at March 31, 2025** | $**729953** | $**873577** | $**1281033** | $**21855** | $**850837** | $**40204** | $**1** | $**35695** | $**1** | $**1** | $**3833157** |

---

See notes to financial statements.

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

---

| | | |
|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Consolidated Statements of Cash Flows (Unaudited)** | **Consolidated Statements of Cash Flows (Unaudited)** | **Consolidated Statements of Cash Flows (Unaudited)** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| **Operating activities** |  |  |
| Net increase in net assets from operations | $61918 | $96422 |
| &nbsp;&nbsp;Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class F Shares issued as payment of Management fees | 5795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class F Shares issued as payment of directors' fees and expenses | 63 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class F Shares issued as payment of performance participation allocation | 107 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs amortization | 2764 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Infrastructure Assets | (636146) | (320939) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from return of capital on Infrastructure Assets | 6261 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | (80105) | (65982) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency | 52 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency translation | 87901 | (101852) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (64763) | 77171 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in prepaids and other assets | 289 | 3553 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in receivable for settlement of foreign currency forward contracts |  | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in due from Manager and affiliates | 149 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in dividends receivable | (915) | (255) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (Decrease) in management fee payable | 2921 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (Decrease) in accrued performance participation allocation | 10959 | 15346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (Decrease) in other accrued expenses and liabilities | (800) | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (Decrease) in deferred tax liabilities | 2651 | 3021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase (Decrease) in due to Manager and affiliates | 2867 | (2224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (598032) | (291641) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;Proceeds from issuance of shares | 739805 | 664385 |
| &nbsp;&nbsp;Repayment of line of credit |  | (229128) |
| &nbsp;&nbsp;Payment of deferred financing costs | (604) | (3025) |
| &nbsp;&nbsp;Repurchases of shares | (30183) | (4125) |
| &nbsp;&nbsp;Payment of shareholder servicing fees and distribution fees | (7419) | (3464) |
| &nbsp;&nbsp;Distributions | (17047) | (7776) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 684552 | 416867 |
| Effect of exchange rate changes on cash and cash equivalents and foreign currencies at fair value | (52) | 10 |
| Net increase in cash and cash equivalents and foreign currencies at fair value | 86468 | 125236 |
| Cash and cash equivalents and foreign currencies at fair value, beginning of period | 980350 | 342547 |
| Cash and cash equivalents and foreign currencies at fair value, end of period | $1066818 | $467783 |
| **Supplemental disclosure of cash flow information** |  |  |
| &nbsp;&nbsp;Change in shareholder servicing fees and distribution fees payable | $24415 | $30858 |
| &nbsp;&nbsp;Reinvestment of distributions | 44638 | 22426 |
| &nbsp;&nbsp;Cash paid for interest | 1388 | 500 |
| &nbsp;&nbsp;Change in deferred financing costs payable | 137 | 96 |
| &nbsp;&nbsp;Change in subscriptions receivable |  | (176) |

---

See notes to financial statements.

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
| **Issuer** | **Asset** | **Industry** | **Geography** <sup>(1)</sup> | **Valuation Level** | **Estimated Fair Value** | **Estimated Fair Value as a Percentage of Net Assets** |
| **Infrastructure Assets** | | | | | | |
| &nbsp;&nbsp;***Data Centers - 6.4%*** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Data Centers | (4) | Level III | $449922 | 6.4% |
| &nbsp;&nbsp;***Energy & Utilities - 11.4%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Smart Metering Systems Limited <sup>(3)</sup> | Equity Interest Held Through KKR Sienna Aggregator L.P. | Energy & Utilities | United Kingdom | Level III | 347343 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Energy & Utilities | (5) | Level III | 446455 | 6.4% |
| &nbsp;&nbsp;***Fiber - 11.7%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia NetCo | Equity Interest Held Through Optics HoldCo Srl | Fiber | Europe | Level III | 629493 | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Fiber | North America | Level III | 190848 | 2.7% |
| &nbsp;&nbsp;***Industrial Infrastructure - 6.7%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Refresco Group B.V. | Equity Interest Held Through KKR Pegasus Aggregator G.P. | Industrial Infrastructure | Europe | Level III | 394641 | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Industrial Infrastructure | Asia Pacific | Level III | 73468 | 1.1% |
| &nbsp;&nbsp;***Midstream Infrastructure - 5.6%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Midstream Infrastructure | North America | Level III | 211802 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Midstream Infrastructure | North America | (9) | 182113 | 2.6% |
| &nbsp;&nbsp;***Other Infrastructure - 2.5%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Other Infrastructure | (6) | Level III | 173279 | 2.5% |
| &nbsp;&nbsp;***Renewables - 13.2%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greenvolt Energias Renovaveis SA | Equity Interest Held Through KKR GV Investor Aggregator L.P. | Renewables | Europe | Level III | 384577 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Renewables | (7) | Level III | 537051 | 7.7% |
| &nbsp;&nbsp;***Social Infrastructure - 8.5%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grove Education Partners Holdco Limited | Equity Interest Held Through KKR Percival Aggregator L.P. | Social Infrastructure | United Kingdom | Level III | 557598 | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Social Infrastructure | United Kingdom | Level III | 36313 | 0.5% |
| &nbsp;&nbsp;***Telecom Towers - 9.1%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vantage Towers AG | Equity Interest Held Through KKR Oak Aggregator L.P. | Telecom Towers | Europe | Level III | 633531 | 9.1% |
| &nbsp;&nbsp;***Transportation - 8.7%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CapeOmega OS | Equity Interest Held Through KKR Buoy Aggregator L.P. | Transportation | Europe | Level III | 367632 | 5.3% |

---

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** | **Condensed Consolidated Schedule of Investments as of March 31, 2026 (Unaudited)** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
| **Issuer** | **Asset** | **Industry** | **Geography** <sup>(1)</sup> | **Valuation Level** | **Estimated Fair Value** | **Estimated Fair Value as a Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Transportation | (8) | Level III | 210701 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Transportation | Asia Pacific | (9) | 31415 | 0.4% |
| &nbsp;&nbsp;***Waste - 4.7%*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Waste | Asia Pacific | Level III | 327435 | 4.7% |
| **Total Infrastructure Assets Investments (cost of $5,279,464)** |  |  |  |  | $**6185617** | **88.5%** |
| **Derivative Instruments** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Derivative Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Forward Contracts | N/A | N/A | N/A | Level II | 77023 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Assets** |  |  |  |  | $**77023** | **1.1%** |
| &nbsp;&nbsp;**Derivative Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Forward Contracts | N/A | N/A | N/A | Level II | (2175) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Derivative Liabilities** |  |  |  |  | (2175) | —% |
| &nbsp;&nbsp;**Total Derivative Instruments** |  |  |  |  | $**74848** | **1.1%** |
| **Investments in Money Market Funds** |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio |  | N/A | N/A | Level I | $1051371 | 15.1% |
| **Total Investments in Money Market Funds (cost of $1,051,371)** |  |  |  |  | $**1051371** | **15.1%** |
| **Total Investments and Cash Equivalents (cost of $6,330,835)** |  |  |  |  | $**7311836** | **104.7%** |

---

(1) As of March 31, 2026, approximately 19.3%, 17.2%, 43.4% and 8.7% of the Company's infrastructure assets were in North America, United Kingdom, Europe and Asia Pacific, respectively, based upon the net asset value. The cost basis of infrastructure assets in North America, United Kingdom, Europe and Asia Pacific, were $1,227,290, $1,010,951, $2,497,933 and $543,290, respectively. The fair value of infrastructure assets in North America, United Kingdom, Europe and Asia Pacific were $1,361,583, $1,191,685, $3,032,840 and $599,509, respectively.

(2) There were no single investments included in this category that exceeded 5% of net assets.

(3) The aggregator that holds Smart Metering Systems Limited also holds indirect interests in Salisbury Topco Limited and SMA Topco Limited.

(4) 73.6% of fair value shown is domiciled in North America, 23.5% in Asia Pacific, and 2.9% in United Kingdom.

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<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

(5) 0.4% of fair value shown is domiciled in Asia Pacific, 54.2% in Europe, 11.5% in North America and 33.9% in United Kingdom.

(6) 67.1% of fair value shown is domiciled in Europe, 2.0% in North America and 30.9% in United Kingdom.

(7) 1.2% of fair value shown is domiciled in Asia Pacific, 35.3% in Europe and 63.5% in North America.

(8) 25.2% of fair value shown is domiciled in Asia Pacific, 35.3% in Europe, 23.9% in North America and 15.6% in United Kingdom.

(9) This investment is measured at fair value using the net asset value practical expedient under Accounting Standards Codification 820, *Fair Value Measurement* ("ASC 820").

See notes to financial statements.

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
| **Issuer** | **Asset** | **Industry** | **Geography** <sup>(1)</sup> | **Valuation Level** | **Currency** | **Settlement Date** | **Notional** | **Estimated Fair Value** | **Estimated Fair Value as a Percentage of Net Assets** |
| **Infrastructure Assets** | | | | | | | | | |
| &nbsp;&nbsp;***Data Centers - 5.7%*** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Data Centers | (4) | Level III | Various | N/A | N/A | $354063 | 5.7% |
| &nbsp;&nbsp;***Energy & Utilities - 10.6%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Smart Metering Systems Limited <sup>(3)</sup> | Equity Interest Held Through KKR Sienna Aggregator L.P. | Energy & Utilities | United Kingdom | Level III | GBP | N/A | N/A | 364499 | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Energy & Utilities | (5) | Level III | Various | N/A | N/A | 299280 | 4.8% |
| &nbsp;&nbsp;***Fiber - 12.8%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Telecom Italia NetCo | Equity Interest Held Through Optics HoldCo Srl | Fiber | Europe | Level III | EUR | N/A | N/A | 616585 | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Fiber | North America | Level III | USD | N/A | N/A | 183779 | 2.9% |
| &nbsp;&nbsp;***Industrial Infrastructure - 7.4%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Refresco Group B.V. | Equity Interest Held Through KKR Pegasus Aggregator G.P. | Industrial Infrastructure | Europe | Level III | EUR | N/A | N/A | 390343 | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Industrial Infrastructure | Asia Pacific | Level III | Various | N/A | N/A | 70474 | 1.1% |
| &nbsp;&nbsp;***Midstream Infrastructure - 6.4%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Midstream Infrastructure | North America | Level III | Various | N/A | N/A | 217512 | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Midstream Infrastructure | North America | (8) | USD | N/A | N/A | 181248 | 2.9% |
| &nbsp;&nbsp;***Other Infrastructure - 2.6%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Other Infrastructure | (6) | Level III | Various | N/A | N/A | 165781 | 2.6% |
| &nbsp;&nbsp;***Renewables - 14.5%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Greenvolt Energias Renovaveis SA | Equity Interest Held Through KKR GV Investor Aggregator L.P. | Renewables | Europe | Level III | EUR | N/A | N/A | 392004 | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Avantus LLC | Equity Interest Held Through KKR Eight Mile Aggregator L.P. | Renewables | North America | Level III | USD | N/A | N/A | 323809 | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Renewables | Europe | Level III | EUR | N/A | N/A | 192619 | 3.1% |
| &nbsp;&nbsp;***Social Infrastructure - 9.3%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Grove Education Partners Holdco Limited | Equity Interest Held Through KKR Percival Aggregator L.P. | Social Infrastructure | United Kingdom | Level III | GBP | N/A | N/A | 544721 | 8.7% |

---

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<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
| **Issuer** | **Asset** | **Industry** | **Geography** <sup>(1)</sup> | **Valuation Level** | **Currency** | **Settlement Date** | **Notional** | **Estimated Fair Value** | **Estimated Fair Value as a Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Social Infrastructure | United Kingdom | Level III | GBP | N/A | N/A | 37786 | 0.6% |
| &nbsp;&nbsp;***Telecom Towers - 10.2%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vantage Towers AG | Equity Interest Held Through KKR Oak Aggregator L.P. | Telecom Towers | Europe | Level III | EUR | N/A | N/A | 639551 | 10.2% |
| &nbsp;&nbsp;***Transportation - 8.0%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;CapeOmega OS | Equity Interest Held Through KKR Buoy Aggregator L.P. | Transportation | Europe | Level III | USD | N/A | N/A | 357128 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Transportation | (7) | Level III | Various | N/A | N/A | 146623 | 2.3% |
| &nbsp;&nbsp;***Waste - 1.4%*** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Infrastructure Assets <sup>(2)</sup> |  | Waste | Asia Pacific | Level III | KRW | N/A | N/A | 85723 | 1.4% |
| **Total Infrastructure Assets Investments (cost of $4,649,579)** |  |  |  |  |  |  |  | $**5563528** | **88.9%** |
| **Foreign Currency Forward Contracts** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Barclays Bank | Sell EUR/USD | N/A | N/A | Level II | EUR | January 15, 2026 | 172500 | $1165 | —% |
| &nbsp;&nbsp;Barclays Bank | Sell GBP/USD | N/A | N/A | Level II | GBP | January 15, 2026 | 116640 | 88 | —% |
| &nbsp;&nbsp;Barclays Bank | Sell SGD/USD | N/A | N/A | Level II | SGD | January 15, 2026 | 34850 | 117 | —% |
| &nbsp;&nbsp;Barclays Bank | Sell CAD/USD | N/A | N/A | Level II | CAD | January 15, 2026 | 4000 | (31) | —% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell EUR/USD | N/A | N/A | Level II | EUR | January 15, 2026 | 506150 | 3428 | 0.1% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell CAD/USD | N/A | N/A | Level II | CAD | January 15, 2026 | 82430 | (648) | —% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell GBP/USD | N/A | N/A | Level II | GBP | January 15, 2026 | 37618 | 29 | —% |
| &nbsp;&nbsp;Goldman, Sachs & Co. | Sell SGD/USD | N/A | N/A | Level II | SGD | January 15, 2026 | 21100 | 71 | —% |
| &nbsp;&nbsp;Macquarie Capital | Sell GBP/USD | N/A | N/A | Level II | GBP | January 15, 2026 | 265920 | 204 | —% |
| &nbsp;&nbsp;Macquarie Capital | Sell EUR/USD | N/A | N/A | Level II | EUR | January 15, 2026 | 29250 | 198 | —% |
| &nbsp;&nbsp;Macquarie Capital | Buy EUR/USD | N/A | N/A | Level II | EUR | January 15, 2026 | 7450 | (22) | —% |
| &nbsp;&nbsp;Macquarie Capital | Buy GBP/USD | N/A | N/A | Level II | GBP | January 15, 2026 | 7000 | 15 | —% |
| &nbsp;&nbsp;Macquarie Capital | Buy GBP/USD | N/A | N/A | Level II | GBP | January 15, 2026 | 250 | (1) | —% |
| &nbsp;&nbsp;Nomura | Sell KRW/USD | N/A | N/A | Level II | KRW | January 15, 2026 | 111400000 | 65 | —% |
| &nbsp;&nbsp;Nomura | Sell KRW/USD | N/A | N/A | Level II | KRW | January 15, 2026 | 58860000 | (479) | —% |
| &nbsp;&nbsp;Nomura | Sell INR/USD | N/A | N/A | Level II | INR | January 15, 2026 | 1108000 | (3) | —% |
| &nbsp;&nbsp;Nomura | Sell EUR/USD | N/A | N/A | Level II | EUR | January 15, 2026 | 828770 | 5679 | 0.1% |
| &nbsp;&nbsp;Nomura | Sell INR/USD | N/A | N/A | Level II | INR | January 15, 2026 | 172500 | (10) | —% |
| &nbsp;&nbsp;Nomura | Sell CAD/USD | N/A | N/A | Level II | CAD | January 15, 2026 | 136500 | (1071) | —% |

---

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** | **KKR Infrastructure Conglomerate LLC** |
| **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** | **Condensed Consolidated Schedule of Investments as of December 31, 2025** |
| **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** | **(Amounts in Thousands)** |
| **Issuer** | **Asset** | **Industry** | **Geography** <sup>(1)</sup> | **Valuation Level** | **Currency** | **Settlement Date** | **Notional** | **Estimated Fair Value** | **Estimated Fair Value as a Percentage of Net Assets** |
| &nbsp;&nbsp;Nomura | Sell GBP/USD | N/A | N/A | Level II | GBP | January 15, 2026 | 129508 | 109 | —% |
| &nbsp;&nbsp;Nomura | Sell EUR/USD | N/A | N/A | Level II | EUR | January 15, 2026 | 123700 | 130 | —% |
| &nbsp;&nbsp;Nomura | Sell SGD/USD | N/A | N/A | Level II | SGD | January 15, 2026 | 46250 | 157 | —% |
| &nbsp;&nbsp;Nomura | Sell AUD/USD | N/A | N/A | Level II | AUD | January 15, 2026 | 33200 | (542) | —% |
| &nbsp;&nbsp;Nomura | Buy SGD/USD | N/A | N/A | Level II | SGD | January 15, 2026 | 28600 | 61 | —% |
| &nbsp;&nbsp;Nomura | Sell EUR/USD | N/A | N/A | Level II | EUR | January 15, 2026 | 26300 | (191) | —% |
| &nbsp;&nbsp;Nomura | Sell SGD/USD | N/A | N/A | Level II | SGD | January 15, 2026 | 18400 | 68 | —% |
| &nbsp;&nbsp;Nomura | Sell CAD/USD | N/A | N/A | Level II | CAD | January 15, 2026 | 6600 | (91) | —% |
| &nbsp;&nbsp;Nomura | Buy CAD/USD | N/A | N/A | Level II | CAD | January 15, 2026 | 4750 | 80 | —% |
| &nbsp;&nbsp;Nomura | Buy CAD/USD | N/A | N/A | Level II | CAD | January 15, 2026 | 3850 | 10 | —% |
| &nbsp;&nbsp;Nomura | Sell AUD/USD | N/A | N/A | Level II | AUD | January 15, 2026 | 700 | (11) | —% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell EUR/USD | N/A | N/A | Level II | EUR | January 15, 2026 | 226021 | 1533 | —% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell AUD/USD | N/A | N/A | Level II | AUD | January 15, 2026 | 35400 | (125) | —% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell GBP/USD | N/A | N/A | Level II | GBP | January 15, 2026 | 27400 | 21 | —% |
| &nbsp;&nbsp;Royal Bank of Canada | Sell SGD/USD | N/A | N/A | Level II | SGD | January 15, 2026 | 24500 | 82 | —% |
| **Total Foreign Currency Forward Contracts** |  |  |  |  |  |  |  | $**10085** | **0.2%** |
| **Investments in Money Market Funds** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Institutional Liquidity Funds Government Portfolio |  | N/A | N/A | Level I | USD | N/A | N/A | $977437 | 15.6% |
| **Total Investments in Money Market Funds (cost of $977,437)** |  |  |  |  |  |  |  | $**977437** | **15.6%** |
| **Total Investments and Cash Equivalents (cost of $5,627,016)** |  |  |  |  |  |  |  | $**6551050** | **104.7%** |

---

(1) As of December 31, 2025, approximately 20.0%, 16.4%, 47.7% and 4.8% of the Company's infrastructure assets were in North America, United Kingdom, Europe and Asia Pacific, respectively, based upon the net asset value. The cost basis of infrastructure assets in North America, United Kingdom, Europe and Asia Pacific, were $1,141,290, $798,653, $2,459,707 and $249,929, respectively. The fair value of infrastructure assets in North America, United Kingdom, Europe and Asia Pacific were $1,249,551, $1,021,063, $2,987,918 and $304,996, respectively.

(2) There were no single investments included in this category that exceeded 5% of net assets.

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(3) The aggregator that holds Smart Metering Systems Limited also holds indirect interests in Salisbury Topco Limited and SMA Topco Limited.

(4) 67.8% of fair value shown is domiciled in North America, 29.2% in Asia Pacific, and 3.0% in United Kingdom.

(5) 83.1% of fair value shown is domiciled in Europe and 16.9% in North America.

(6) 69.4% of fair value shown is domiciled in Europe, 2.1% in North America and 28.5% in United Kingdom.

(7) 33.5% of fair value shown is domiciled in North America, 30.9% in Asia Pacific, 11.1% in United Kingdom, and 24.5% in Europe.

(8) This investment is measured at fair value using the net asset value practical expedient under ASC 820.

See notes to financial statements.

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**KKR Infrastructure Conglomerate LLC**

**Notes to Financial Statements (Unaudited)**

**(All Amounts in Thousands, Except Share and Per Share Data, and Except Where Noted)**

**1. Organization** 

KKR Infrastructure Conglomerate LLC ("K-INFRA" and the "Company") was formed on September 23, 2022 as a limited liability company under the laws of the state of Delaware, and the Company operates its business in a manner so that it is not an "investment company" under the Investment Company Act of 1940, as amended. The Company is a holding company that seeks to acquire, own and control portfolio companies, special purpose vehicles and other entities through which infrastructure assets or businesses will be held ("Infrastructure Assets"), with the objective of generating attractive risk-adjusted returns consisting of both current income and capital appreciation. The Company commenced principal operations on June 1, 2023.

A key part of the Company's strategy is to form Joint Ventures by pooling capital with one or more KKR Vehicles (defined herein) that target acquisitions of Infrastructure Assets that are compatible with the Company's business strategy. The Company expects it will own nearly all Infrastructure Assets through Joint Ventures alongside one or more KKR Vehicles and that the Joint Ventures will be managed in a way that reflects the commonality of interests between the KKR Vehicles and the Company. The Company intends to primarily own Infrastructure Assets for the long term through Joint Ventures. Infrastructure Assets are generally less liquid and involve longer hold periods than traditional monthly net asset value equity holdings. Such illiquidity could also result from legal or contractual restrictions on their resale.

K-INFRA conducts a continuous private offering of the following investor shares: Class S Shares, Class D Shares, and Class I Shares (collectively with the Class U Shares, Class R-D Shares, Class R-S Shares and Class R Shares, the "Investor Shares" and, together with the Class E Shares, Class F Shares, Class G Shares and Class H Shares, the "Shares") in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), including under Regulation D and Regulation S, (i) to accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of shares sold outside of the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act).

Holders of Investor Shares have equal rights and privileges with each other, except that Class D Shares, Class U Shares, Class I Shares, Class R-D Shares and Class R Shares do not pay a sales load or dealer-manager fees, the Class I Shares and Class R Shares are not subject to any servicing or distribution fees and the Class D Shares or Class R-D Shares are not subject to any distribution fees.

Holders of Class E Shares, Class F Shares, Class G Shares and Class H Shares (collectively, the "KKR Shares") have equal rights and privileges with each other and, except for the Class G Shares, no class of shares will have any rights, powers or preferences with respect to determining the number of directors constituting the entire Board of Directors the ("Board") or the appointment, election, or removal of any directors of officers of the Company. Kohlberg Kravis Roberts & Co. L.P. (together with its subsidiaries, "KKR"), through its ownership of all of the Company's outstanding Class G Shares, hold, directly and indirectly, all of the voting power of the Company. The KKR Shares are not subject to the Management Fee (defined herein) or the Performance Participation Allocation (defined herein), and are not subject to any servicing or distribution fees.

The Company is sponsored by KKR and benefits from KKR's infrastructure sourcing and management platform pursuant to a management agreement entered into with KKR DAV Manager LLC (the "Manager") to source and evaluate Infrastructure Assets acquisitions and to support the Company in managing its portfolio of Infrastructure Assets with the objective of generating attractive risk-adjusted returns consisting of both current income and capital appreciation for holders of Shares (the "Shareholders").

**2. Summary of Significant Accounting Policies**

*Basis of Presentation* 

The accompanying consolidated financial statements (referred to hereafter as the "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 preparation of consolidated financial statements in accordance with GAAP requires

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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.

The Company's consolidated financial statements are prepared using the accounting and reporting guidance under Accounting Standards Codification 946, *Financial Services—Investment Companies* ("ASC 946").

*Basis of Consolidation*

As provided under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates in its consolidated financial statements the accounts of certain wholly owned subsidiaries that meet the criteria. All significant intercompany balances and transactions have been eliminated in consolidation.

For a detailed discussion about the Company's significant accounting policies, see Note 2 to the audited financial statements in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. During the three months ended March 31, 2026, there were no significant updates to the Company's significant accounting policies.

*Future application of accounting standards*

*Expense Disaggregation Disclosures*

In November 2024, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures*. The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis. The update will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of adopting this guidance on its financial statements and disclosures.

**3. Investments**

*Summarized Infrastructure Assets Financial Information*

The following table presents unaudited summarized financial information for the three months ended March 31, 2026 and 2025 for the Infrastructure Assets in the aggregate in which the Company has an indirect equity interest:

<u>Summarized Operating Data:</u>

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| Revenues | $11959478 | $3441068 |
| Expenses | 12308919 | 3673430 |
| Income before taxes | (349441) | (232362) |
| Income tax expense (benefit) | (132555) | 26976 |
| Consolidated net income (loss) | (216886) | (259338) |
| Net income (loss) attributable to non-controlling interests | 7899 | 65609 |
| Net income (loss) | $(224785) | $(324947) |

---

The net income (loss) above represents the aggregated net income (loss) attributable to the controlling interests in each of the Company's Infrastructure Assets and does not represent the Company's proportionate share of income (loss). Summarized financial totals presented are the best available as of the date of this filing and information may not be for the same reporting period as this filing.

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**4. Fair Value Measurements** *—* **Investments**

The following table presents fair value measurements of investments, by major class, as of March 31, 2026, according to the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Investments** | **Level I** | **Level II** | **Level III** <sup>(1)</sup> | **Investment Measured at Net Asset Value** <sup>(1) (2)</sup> | **Fair Value** |
| Infrastructure Assets | $— | $— | $5972089 | $213528 | $6185617 |
| Unrealized appreciation on foreign currency forward contracts |  | 77023 |  |  | 77023 |
| Unrealized depreciation on foreign currency forward contracts |  | (2175) |  |  | (2175) |
| Investments in Money Market Funds | 1051371 |  |  |  | 1051371 |
| &nbsp;&nbsp;**Total** | $1051371 | $74848 | $5972089 | $213528 | $7311836 |

---

(1) During the three months ended March 31, 2026, the Company did not transfer any investments into or out of Level III fair value hierarchy.

(2) Certain investments that are measured at fair value using the net asset value practical expedient under ASC 820 have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following table presents fair value measurements of investments, by major class, as of December 31, 2025, according to the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Investments** | **Level I** | **Level II** | **Level III** <sup>(1)</sup> | **Investment Measured at Net Asset Value** <sup>(1) (2)</sup> | **Fair Value** |
| Infrastructure Assets | $— | $— | $5382280 | $181248 | $5563528 |
| Unrealized appreciation on foreign currency forward contracts |  | 13310 |  |  | 13310 |
| Unrealized depreciation on foreign currency forward contracts |  | (3225) |  |  | (3225) |
| Investments in Money Market Funds | 977437 |  |  |  | 977437 |
| &nbsp;&nbsp;**Total** | $977437 | $10085 | $5382280 | $181248 | $6551050 |

---

(1) During the year ended December 31, 2025, the Company transferred $193,230 into Level III category of measurement related to certain investments that were initially measured at fair value using the net asset value practical expedient under ASC 820 that represented cash funded to an unconsolidated aggregator that was

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subsequently utilized to acquire an interest in an Infrastructure Asset. Upon acquiring the indirect interest in the Infrastructure Asset, the fair value of the investment was measured using significant unobservable inputs categorized as Level III.

(2) Certain investments that are measured at fair value using the net asset value practical expedient under ASC 820 have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the three months ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Balance as of December 31, 2025** | **Purchases** | **Proceeds from sales and repayments** | **Net change in unrealized appreciation on investments** | **Net change in unrealized depreciation on foreign currency translation** | **Balance as of March 31, 2026** |
| Infrastructure Assets | $5382280 | $604731 | $(6261) | $79240 | $(87901) | $5972089 |

---

The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the three months ended March 31, 2026 attributable to Level III investments and foreign currency translation still held at March 31, 2026 was $79,240 and $(87,901), respectively.

The following table provides a reconciliation of the beginning and ending balances for investments that use Level III inputs for the three months ended March 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investments** | **Balance as of December 31, 2024** | **Purchases** | **Proceeds from sales and repayments** | **Net change in unrealized appreciation on investments** | **Net change in unrealized depreciation on foreign currency translation** | **Balance as of March 31, 2025** |
| Infrastructure Assets | $2943129 | $220730 | $– $| 60868 | $101852 | $3326579 |

---

The total change in unrealized appreciation included in the Consolidated Statements of Operations within net change in unrealized appreciation (depreciation) for the three months ended March 31, 2025 attributable to Level III investments and foreign currency translation still held at March 31, 2025 was $60,868 and $101,852, respectively.

The following table presents the quantitative information about Level III fair value measurements of the Company's Infrastructure Assets as of March 31, 2026:

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **As of March 31, 2026** | **As of March 31, 2026** | |
|<br>**Level III Assets** |<br>**Fair Value March 31, 2026** |<br>**Valuation Methodology & Inputs** |<br>**Unobservable Input(s)** <sup>(1)</sup> | **Weighted Average** <sup>(2)</sup> | **Range** |<br>**Impact to Valuation from an Increase in Input** <sup>(3)</sup> |
| Infrastructure Assets | $5972089 | Inputs to market comparables, discounted cash flow and transaction price/other | Weight Ascribed to Market Comparables | 1.7% | 0.0% - 25.0% | (4) |
|  |  |  | Weight Ascribed to Discounted Cash Flow | 88.9% | 0.0% - 100.0% | (5) |
|  |  |  | Weight Ascribed to Transaction Price/Other | 9.4% | 0.0% - 100.0% | (6) |
|  |  | Market comparables | Enterprise Value / Forward EBITDA Multiple | 16.2x | 11.6x - 19.0x | Increase |
|  |  | Discounted cash flow | Weighted Average Cost of Capital | 12.0% | 6.3% - 25.6% | Decrease |
|  |  |  | Enterprise Value / LTM EBITDA Exit Multiple | 14.1x | 5.7x - 23.8x | Increase |

---

(1) In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Manager has determined that market participants would take these inputs into account when valuing the investments. "LTM" means Last Twelve Months.

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

(3) Unless otherwise noted, this column represents the directional change in the fair value of the Level III investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

(4) The directional change from an increase in the weight ascribed to the market comparables approach would increase the fair value of the Level III investments if the market comparables approach results in a higher valuation than the discounted cash flow approach and transaction price approach. The opposite would be true if the market comparables approach results in a lower valuation than the discounted cash flow approach and transaction price approach.

(5) The directional change from an increase in the weight ascribed to the discounted cash flow approach would increase the fair value of the Level III investments if the discounted cash flow approach results in a higher valuation than the market comparables approach and transaction price approach. The opposite would be true if the discounted cash flow approach results in a lower valuation than the market comparables approach and transaction price approach.

(6) The directional change from an increase in the weight ascribed to the transaction price approach would increase the fair value of the Level III investments if the transaction price approach results in a higher valuation than the market comparables approach and discounted cash flow approach. The opposite would be true if the transaction price approach results in a lower valuation than the market comparables approach and discounted cash flow approach.

Valuations involve subjective judgments and may not accurately reflect realizable value. The assumptions above are determined by the Manager and reviewed by the Manager's independent valuation advisor. A change in these assumptions or factors would impact the calculation of the value of our assets.

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**5. Derivatives**

The Company enters into foreign currency forward contracts to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated transactions. A foreign currency forward contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period as unrealized appreciation or depreciation. When a foreign currency forward contract is closed, through either delivery or offset by entering into another foreign currency forward contract, the Company recognizes realized appreciation or depreciation equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Foreign currency forward contracts involve elements of market risk in excess of the amounts reflected on the Consolidated Statements of Assets and Liabilities. The Company's primary risk related to hedging is the risk of an unfavorable change in the foreign exchange rate underlying the foreign currency forward contract. The foreign currency forward contracts open at the end of the period are indicative of the volume of the activity during the period ended March 31, 2026.

The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amounts, which are presented in local currency, represent the absolute value amount of the foreign exchange contracts, in thousands:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** |
|<br>**Derivative Instruments** |<br>**Currency** | **Notional** | **Notional** | **Fair Value** | **Notional** | **Notional** | **Fair Value** |
| Foreign currency forward contracts | EUR | 1957441 |  | $41712 | 3851881 |  | $(400) |
| Foreign currency forward contracts | AUD | 485500 |  | 4979 | 346700 |  | (896) |
| Foreign currency forward contracts | CAD | 220930 |  | 2177 | 441860 |  | (22) |
| Foreign currency forward contracts | GBP | £1280472 |  | 19204 | £569836 |  | (167) |
| Foreign currency forward contracts | INR | 4641000 |  | 906 | 1991500 |  | (219) |
| Foreign currency forward contracts | KRW | 358360000 |  | 6983 | 172730000 |  | (452) |
| Foreign currency forward contracts | SGD | 233000 | S$ | 1062 | 116500 | S$ | (19) |
|  |  |  |  | $77023 |  |  | $(2175) |

---

**6. Related Party Transactions**

*Management Agreement*

On September 25, 2023, the Company entered into an Amended and Restated Management Agreement with the Manager (the "Management Agreement"). Pursuant to the Management Agreement, the Manager is responsible for sourcing, evaluating and monitoring the Company's acquisition opportunities and making recommendations to the Company's executive committee related to the acquisition, management, financing and disposition of the Company's assets, in accordance with the Company's objectives, guidelines, policies and limitations, subject to oversight by the Board.

Pursuant to the Management Agreement, the Manager is entitled to receive a management fee (the "Management Fee") from the Company in an amount equal to (i) 1.25% per annum of the month-end net asset value ("NAV") attributable to Class D Shares, Class I Shares and Class S Shares, (ii) 1.00% per annum of the month-end NAV for a 60-month period following June 1, 2023 (the "Initial Offering") attributable to Class U Shares, Class R-D Shares, Class R-S Shares and Class R Shares (provided, in the case of Class U Shares, Class R-S Shares and Class R Shares, that such Class U Shares, Class R-S Shares and Class R Shares are purchased by an investor as part of an intermediary's aggregate subscription for at least $100,000 during the 12-month period following the Initial Offering) and 1.25% per annum of the month-end NAV attributable to Class U Shares, Class R-D Shares, Class R-S Shares and Class R Shares thereafter, each before giving effect to any accruals for certain fees and expenses. Such Management Fee is calculated based on the Company's transactional net asset value ("Transactional Net Asset Value") which is the price at which the Company sells and repurchases its Shares.

KKR or its affiliates (and in the case of directors' fees, KKR executives) are expected to be paid transaction fees and monitoring fees in connection with the acquisition, ownership, control and exit of Infrastructure Assets, and KKR or its affiliates are expected to be entitled to receive "break-up" or similar fees in connection with unconsummated transactions ("Other Fees"). The Management Fee payable in any monthly period is subject to reduction, but not below zero, by an amount equal to any Other Fees allocable to Investor Shares pursuant to the terms of the Management Agreement. The

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Manager, in its sole discretion, may forgo reimbursement by the Company of certain expenses incurred by the Manager or its affiliates (other than the Company and its subsidiaries) on behalf of the Company in each calendar month to the extent there remains any Other Fees that are not used to offset the Management Fee. Any Other Fees used to offset such expenses will not be applied again to offset future Management Fees.

For the three months ended March 31, 2026 and 2025, the Manager earned $20,060 and $10,129 in gross Management Fees, respectively.

For the three months ended March 31, 2026 and 2025, the Company offset Management Fees and certain operating expenses of $11,500 and $10,129, respectively.

As of March 31, 2026, there were unapplied credits of $1,475 to be carried forward that relate to Other Fees earned. The Company did not have an unapplied credit balance to be carried forward that related to Other Fees earned as of December 31, 2025.

For the three months ended March 31, 2026, the Company issued 184,001 Class F Shares to the Manager, which represents payment in satisfaction of a Management Fee of $5,795 for services rendered by the Manager in accordance with the terms of the Management Agreement.

As of March 31, 2026 and December 31, 2025, the Company owed $8,716 and $5,795 to the Manager for Management Fees, which amounts are included in Management fee payable on the Statements of Assets and Liabilities, respectively.

*Performance Participation Allocation*

Under the LLC Agreement, for as long as the Management Agreement has not been terminated, the Class H Members may receive a Performance Participation Allocation from the Company.

KKR is allocated a "Performance Participation Allocation" equal to 12.5% of the Total Return attributable to Investor Shares subject to the annual Hurdle Amount and a High Water Mark, with a 100% Catch-Up (each as defined in the LLC Agreement). Such allocation will be measured and allocated or paid annually (excluding the initial Reference Period, as defined in the LLC Agreement) and accrued monthly (subject to pro-rating for partial periods). KKR may elect to receive the Performance Participation Allocation in cash and/or Class F Shares. Specifically, promptly following the end of each Reference Period (and at other times as described below), KKR is allocated a Performance Participation Allocation in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "Excess Profits"), 100% of such Excess Profits until the total amount allocated to KKR equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to KKR pursuant to this clause (any such amount, the "Catch-Up"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

KKR will also be allocated a Performance Participation Allocation with respect to all Investor Shares that are repurchased in connection with repurchases of Shares in an amount calculated as described above with the relevant period being the portion of the "Reference Period," which is the applicable year beginning on October 1 and ending on September 30 of the next succeeding year, for which such Shares were outstanding, and proceeds for any such Share repurchases will be reduced by the amount of any such Performance Participation Allocation. Such Performance Participation Allocation is calculated based on the Company's Transactional Net Asset Value.

If the Performance Participation Allocation is paid in Class F Shares, such Shares may be repurchased at KKR's request and will be subject to the repurchase limitations of our share repurchase plan. To align its economic interests with those of Shareholders, KKR has an internal policy that delays the timing for when it will receive cash proceeds in respect of the Performance Participation Allocation. Pursuant to this internal policy, KKR intends (i) to initially elect to receive the Performance Participation Allocation in Class F Shares and (ii) to only request for repurchase such Class F Shares received in respect of the Performance Participation Allocation pursuant to our share repurchase plan at the earlier of (A) five (5) years from the original issuance thereof and (B) at such times and in such amounts so that, on an inception-to-date basis, KKR does not monetize Class F Shares with a basis greater than 12.5% of the sum of (x) gross realized gains (net of realized losses), interest income, and certain other cash distributions from all assets, and effective September 1, 2026,

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excluding realized gains and losses from foreign exchange and hedging activity, generated by the Company's assets on an inception-to-date basis; plus (y) gross unrealized gains (net of unrealized losses) from indefinite life assets (as determined by KKR), and effective September 1, 2026, excluding unrealized gains and losses from foreign exchange and hedging activity, generated by the Company's indefinite life assets on an inception-to-date basis, and effective September 1, 2026, less (z) cumulative losses, if any, generated by the Company's assets on an inception-to-date basis from (1) gross realized and unrealized foreign exchange gains (net of realized and unrealized foreign exchange losses) and (2) gross realized and unrealized hedging activity gains (net of realized and unrealized hedging activity losses). Additionally, KKR may request for repurchase a number of Class F Shares, at any time and from time to time, necessary to satisfy tax withholding obligations and/or other tax liabilities incurred in connection with the allocation of Class F Shares to KKR personnel and any such repurchases requested by KKR will not be counted toward the foregoing limitation.

A Performance Participation Allocation accrual of $29,991 and $19,032 was recorded as of March 31, 2026 and December 31, 2025 in the Consolidated Statements of Assets and Liabilities, respectively. The Consolidated Statements of Operations reflects a $11,066 and $15,358 Performance Participation Allocation for the three months ended March 31, 2026 and 2025, respectively.

During the three months ended March 31, 2026, the Company issued approximately 3,352 Class F Shares to KKR totaling $107 in satisfaction of the Performance Participation Allocation resulting from certain repurchases of Investor Shares by the Company.

During the three months ended March 31, 2025, the Company issued approximately 404 Class F Shares to KKR totaling $12 in satisfaction of the Performance Participation Allocation resulting from certain repurchases of Investor Shares by the Company.

*Dealer-Manager Agreement*

On September 25, 2023, the Company entered into an Amended and Restated Dealer-Manager Agreement (as amended from time to time, the "Dealer-Manager Agreement") with KKR Capital Markets LLC (the "Dealer-Manager").

Pursuant to the Dealer-Manager Agreement, the Dealer-Manager solicits sales of the Company's Shares authorized for issue in accordance with the Company's confidential Private Placement Memorandum (the "PPM") and provides certain administrative and shareholder services to the Company, subject to the terms and conditions set forth in the Dealer-Manager Agreement. The Dealer-Manager receives certain front-end sales charges, Distribution Fees, Servicing Fees and certain other fees as described in the PPM.

Refer to "<u>[Note](#ibdb057bbd30745a488818320ce39932d_58)[8](#ibdb057bbd30745a488818320ce39932d_58)[. Credit Facility](#ibdb057bbd30745a488818320ce39932d_58)</u>" for further discussion over additional transactions with the Dealer-Manager.

*Distribution Fees and Servicing Fees*

The Company will pay KKR Capital Markets LLC ongoing distribution and servicing fees (a) of 0.85% of NAV per annum for Class S Shares, Class R-S Shares and Class U Shares only (consisting of a 0.60% distribution fee (the "Distribution Fee") and a 0.25% shareholder servicing fee (the "Servicing Fee")), payable monthly in arrears, as they become contractually due and (b) of 0.25% for Class D Shares and Class R-D Shares only (all of which constitutes payment for shareholder services, with no payment for distribution services) in each case as accrued, and payable monthly. Such Distribution Fee and Servicing Fee are calculated based on the Company's Transactional Net Asset Value. None of Class I Shares, Class R Shares, Class E Shares, Class F Shares, Class G Shares and/or Class H Shares incur Distribution Fees or Servicing Fees. All or a portion of the Distribution Fee or Servicing Fee may be used to pay for sub-transfer agency, platform, sub-accounting and certain other administrative services. The Dealer-Manager (defined below) generally expects to reallow the Distribution Fee and the Servicing Fee to participating broker dealers or other intermediaries. The Company also pays for certain sub-transfer agency, sub-accounting and administrative services outside of the Distribution Fee and Servicing Fee.

During the three months ended March 31, 2026 and 2025, the Company paid ongoing distribution and servicing fees of $23 and $7, respectively, to a wealth management intermediary in which an affiliate of the Company holds an investment.

Under GAAP, the Company accrues the cost of the Servicing Fees and Distribution Fees, as applicable, for the estimated life of the shares as an offering cost at the time the Company sells Class S Shares, Class U Shares, Class D Shares, Class R-D Shares and Class R-S Shares. As of March 31, 2026 and December 31, 2025, the Company has accrued $221,485 and

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$204,472, respectively, of Servicing Fees and Distribution Fees payable to the Dealer-Manager related to the Class S Shares, Class U Shares and Class D Shares sold.

*Expense Limitation and Reimbursement Agreement*

On December 16, 2023, the Company entered into a Second Amended and Restated Expense Limitation and Reimbursement Agreement (the "Expense Limitation Agreement") with the Manager, which amended and restated the Amended and Restated Expense Limitation and Reimbursement Agreement, dated as of May 10, 2023. The Expense Limitation Agreement extended the Limitation Period (as defined in the Expense Limitation Agreement) to December 31, 2024. Pursuant to the Expense Limitation Agreement, the Manager will forgo an amount of its monthly management fee and/or pay, absorb or reimburse certain expenses of the Company, to the extent necessary so that, for any fiscal year, the Company's annual Specified Expenses (defined below) do not exceed 0.60% of the Company's net assets as of the end of each calendar month. "Specified Expenses" is defined to include all expenses incurred in the business of the Company, including organizational and offering costs, with the exception of (i) the management fee, (ii) the Performance Participation Allocation, (iii) the Servicing Fee, (iv) the Distribution Fee, (v) asset or entity level expenses, (vi) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, (vii) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (viii) taxes, (ix) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees and officers of the Company), (x) certain insurance costs and (xi) extraordinary expenses (as determined in the sole discretion of the Manager).

The Expense Limitation Agreement was in effect through and including December 31, 2024 and was not renewed by the Manager and the Company for a successive term. Under the Expense Limitation Agreement, the Company had agreed to carry forward the amount of the foregone management fees and/or expenses paid, absorbed or reimbursed by the Manager for a period not to exceed three years from the end of the month in which the Manager waived or reimbursed such fees or expenses and to reimburse the Manager for such fees or expenses in accordance with the Expense Limitation Agreement.

For the three months ended March 31, 2026 and 2025, the Manager recouped expenses of $3,970 and $2,148 incurred by the Company, pursuant to the Expense Limitation Agreement, respectively. All amounts subject to recoupment by the Manager pursuant to the Expense Limitation Agreement were recouped as of March 31, 2026.

On the Company's Consolidated Statement of Assets and Liabilities, as of March 31, 2026, the Company has recorded $17,150 as amounts Due to Manager and affiliates related to amounts paid by the Manager on behalf of the Company and amounts recouped under the Expense Limitation Agreement.

On the Company's Consolidated Statement of Assets and Liabilities, as of December 31, 2025, the Company has recorded $14,165 as amounts Due to Manager and affiliates related to amounts paid by the Manager on behalf of the Company, amounts recouped under the Expense Limitation Agreement and payable for Infrastructure Assets acquired.

*Line of Credit*

On August 9, 2024, a wholly-owned subsidiary of the Company (collectively with future subsidiaries of the Company as may be added and removed from time to time, the "Line of Credit Borrowers"), entered into an unsecured, uncommitted line of credit, which was further amended on July 9, 2025 and January 5, 2026 (the "Line of Credit") to provide for up to a maximum aggregate principal amount of $350,000 with KKR Alternative Assets LLC (the "Line of Credit Lender"), an affiliate of the Company.

The Line of Credit was initially set to expire on August 8, 2025, subject to six-month extension options requiring the Line of Credit Lender's approval. On January 5, 2026, the Line of Credit Lender agreed to extend the Line of Credit an additional six months through August 6, 2026, subject to additional six-month extension options requiring the Line of Credit Lender's approval. The applicable interest rate is a rate up to the then-current rate offered by a third-party lender or, if no such rate is available, up to the sum of the Secured Overnight Financing Rate ("SOFR") applicable to such loan plus 3.25% per annum. Each advance under the Line of Credit is repayable on the earliest of (i) the 180th day following the earlier of (x) the Line of Credit Lender's demand and (y) the expiration of the Line of Credit and (ii) if specified, the scheduled date of repayment for each such loan as set forth in the relevant loan request (the "Scheduled Repayment Date"), which date shall in no case be later than 364 days following the borrowing of such loan (unless the Line of Credit Lender, in its sole discretion, consents to a Scheduled Repayment Date that is later than 364 days following the borrowing of such loan). To the extent the Company has not repaid all loans and other obligations under the Line of Credit after a repayment

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event has occurred, the Company is obligated to apply excess available cash proceeds to the repayment of such loans and other obligations; provided that the Line of Credit Borrowers will be permitted to (i) make payments to fulfill any repurchase requests pursuant to the Company's share repurchase plan or any excess tender offer on the terms described in the Company's private placement memorandum, (ii) use funds to close any acquisition to which the Company committed to prior to receiving a demand notice, (iii) make elective distributions of an amount not to exceed amounts paid in the immediately preceding fiscal quarter and (iv) pay any taxes when due. The Line of Credit also permits voluntary prepayment of principal and accrued interest without any penalty other than customary breakage costs subject to the Lender's discretion. Each Line of Credit Borrower may withdraw from the Line of Credit at the time all such obligations held by such Line of Credit Borrower to the Lender under the Line of Credit have been repaid to the Lender in full. The Line of Credit contains customary events of default. As is customary in such financings, if an event of default occurs under the Line of Credit, the Line of Credit Lender may accelerate the repayment of amounts outstanding under the Line of Credit and exercise other remedies subject, in certain instances, to the expiration of an applicable cure period.

None of the Line of Credit Lender and its assignees shall have any recourse to any entities with interests in the Line of Credit Borrowers such as a general partner or investor, including the Company, or any of their respective assets for any indebtedness or other monetary obligation incurred under the Line of Credit.

As of both March 31, 2026 and December 31, 2025, the Line of Credit Borrowers did not have an outstanding balance under the Line of Credit. The carrying amount outstanding under the Line of Credit approximates its fair value as of both March 31, 2026 and December 31, 2025.

*Acquisition of Interests in Infrastructure Assets with Related Parties*

During the three months ended March 31, 2026, the Company purchased an interest in an Infrastructure Asset for $245,807 from an affiliated KKR-sponsored investment vehicle alongside a third party institutional investor, investment vehicles managed by an affiliate of the Manager and a proprietary investment vehicle.

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**7. Net Assets**

The following table is a summary of the movement in the Company's outstanding Shares during the three months ended March 31, 2026:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares Outstanding as of December 31, 2025** | **Shares Issued During the Period** | **Shares Repurchased During the Period** | **Shares Issued Upon Reinvestment of Distributions During the Period** | **Transfers In** | **Transfers Out** | **Shares Outstanding as of March 31, 2026** |
| Class I Shares | 64941265 | 12276409 | (48096) | 455041 | 108384 | (4373) | 77728630 |
| Class S Shares | 66822242 | 11319355 | (111743) | 462128 | 5515 | (81171) | 78416326 |
| Class U Shares | 47404585 |  | (319067) | 313075 | 2683 | (76864) | 47324412 |
| Class R Shares | 29830337 |  | (522405) | 228330 | 47957 |  | 29584219 |
| Class D Shares | 3815313 | 969189 | (4359) | 31553 |  | (2220) | 4809476 |
| Class E Shares | 40 |  | (40) |  |  |  |  |
| Class F Shares | 3078264 | 189337 | (10758) | 54 |  |  | 3256897 |
| Class G Shares | 40 |  |  |  |  |  | 40 |
| Class H Shares | 40 |  |  |  |  |  | 40 |
| &nbsp;&nbsp;&nbsp;**Total** | 215892126 | 24754290 | (1016468) | 1490181 | 164539 | (164628) | 241120040 |

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The following table is a summary of the movement in the Company's outstanding Shares during the three months ended March 31, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares Outstanding as of December 31, 2024** | **Shares Issued During the Period** | **Shares Repurchased During the Period** | **Shares Issued Upon Reinvestment of Distributions During the Period** | **Transfers In** | **Transfers Out** | **Shares Outstanding as of March 31, 2025** |
| Class I Shares | 16112717 | 9069910 | (10840) | 115443 | 52173 |  | 25339403 |
| Class S Shares | 18479917 | 13849309 | (5493) | 125250 |  | (4446) | 32444537 |
| Class U Shares | 47010082 |  | (43791) | 308001 |  | (9422) | 47264870 |
| Class R-D Shares | 765609 |  |  | 7496 |  |  | 773105 |
| Class R Shares | 29417967 |  | (92520) | 225604 | 9406 |  | 29560457 |
| Class D Shares | 1107237 | 355792 |  | 8679 |  | (47763) | 1423945 |
| Class E Shares | 40 |  |  |  |  |  | 40 |
| Class F Shares | 1191769 | 2535 |  | 36 |  |  | 1194340 |
| Class G Shares | 40 |  |  |  |  |  | 40 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares Outstanding as of December 31, 2024** | **Shares Issued During the Period** | **Shares Repurchased During the Period** | **Shares Issued Upon Reinvestment of Distributions During the Period** | **Transfers In** | **Transfers Out** | **Shares Outstanding as of March 31, 2025** |
| Class H Shares | 40 |  |  |  |  |  | 40 |
| &nbsp;&nbsp;&nbsp;**Total** | 114085418 | 23277546 | (152644) | 790509 | 61579 | (61631) | 138000777 |

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*Distribution Reinvestment Plan*

The Company adopted a Distribution Reinvestment Plan (the "DRIP") in which cash distributions to holders of the Company's Shares will automatically be reinvested in additional whole and fractional Shares attributable to the class of Shares that a Shareholder owns unless such holders elect to receive distributions in cash. Shareholders may terminate their participation in the DRIP with prior written notice to us. Under the DRIP, Shareholders' distributions are reinvested in Shares of the same class owned by the Shareholder for a purchase price equal to the most recently available NAV per Share. Shareholders will not pay a sales load when purchasing Shares under the DRIP; however, Class S Shares, Class D Shares, Class U Shares, Class R-S Shares and Class R-D Shares, including those issued under the DRIP, will be subject to applicable ongoing distribution and/or servicing fees.

*Share Repurchases*

At the Shareholders' request, the Shares are redeemable at the transactional net asset value per share which is the price at which the Company sells and repurchases its Shares, subject to the conditions under its share repurchase plan. Under its share repurchase plan, repurchases will be limited to no more than 5% of our aggregate NAV attributable to such classes of shares per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). The following table summarizes the Company's transactional net asset value per share:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Transactional Net Asset Value Per Share** | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R Shares** | **Class D Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** |
| &nbsp;&nbsp;Transactional Net Asset Value per Share as of March 31, 2026 | $29.96 | $29.98 | $29.95 | $29.98 | $29.94 | $31.62 | $35.23 | $35.23 |

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The following table summarizes the Shares repurchased during the three months ended March 31, 2026:

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|:---|:---|:---|:---|:---|:---|
| **Share Class** | **Repurchase Price per Share** | **Number of Shares Repurchased** | **Gross Consideration** | **5% Early Repurchase Fee** | **Net Consideration** |
| Shares repurchased on February 5, 2026: |  |  |  |  |  |
| &nbsp;&nbsp;Class R Shares | $29.96 | 522087 | $15644 | $92 | $15552 |
| &nbsp;&nbsp;Class U Shares | $29.93 | 319067 | 9548 | 29 | 9519 |
| &nbsp;&nbsp;Class S Shares | $29.97 | 111743 | 3349 | 122 | 3227 |
| &nbsp;&nbsp;Class I Shares | $29.96 | 47059 | 1410 | 31 | 1379 |
| &nbsp;&nbsp;Class F Shares | $31.50 | 10758 | 339 |  | 339 |
| &nbsp;&nbsp;Class D Shares | $29.94 | 4359 | 131 | 6 | 125 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share Class** | **Repurchase Price per Share** | **Number of Shares Repurchased** | **Gross Consideration** | **5% Early Repurchase Fee** | **Net Consideration** |
| Shares repurchased on March 2, 2026: |  |  |  |  |  |
| &nbsp;&nbsp;Class E Shares | $31.94 | 40 | 1 |  | 1 |
| Shares repurchased on March 23, 2026: |  |  |  |  |  |
| &nbsp;&nbsp;Class I Shares | $30.28 | 1037 | 31 |  | 31 |
| &nbsp;&nbsp;Class R Shares | $30.30 | 318 | 10 |  | 10 |
| &nbsp;&nbsp;**Total** |  | 1016468 | $30463 | $280 | $30183 |

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The following table summarizes the Shares repurchased during the three months ended March 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share Class** | **Repurchase Price per Share** | **Number of Shares Repurchased** | **Gross Consideration** | **5% Early Repurchase Fee** | **Net Consideration** |
| Shares repurchased on February 5, 2025: |  |  |  |  |  |
| &nbsp;&nbsp;Class R Shares | $28.37 | 92520 | $2625 | $128 | $2497 |
| &nbsp;&nbsp;Class U Shares | $28.35 | 43791 | 1242 | 59 | 1183 |
| &nbsp;&nbsp;Class I Shares | $28.38 | 10840 | 308 | 15 | 293 |
| &nbsp;&nbsp;Class S Shares | $28.40 | 2693 | 76 | 4 | 72 |
| Shares repurchased on March 25, 2025: |  |  |  |  |  |
| &nbsp;&nbsp;Class S Shares | $28.71 | 2800 | 80 |  | 80 |
| &nbsp;&nbsp;**Total** |  | 152644 | $4331 | $206 | $4125 |

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*Early Repurchase Fee*

Under the Company's share repurchase plan, requests for repurchase are subject to an early repurchase fee (the "Early Repurchase Fee") of 5.0% of the NAV of the Investor Shares repurchased from a Shareholder if Investor Shares are repurchased within 24 months of the original issue date of such Shares.

**8. Credit Facility**

*Revolving Credit Agreement*

On April 3, 2024, certain subsidiaries (collectively, the "Borrowers") of the Company entered into a revolving credit agreement (as amended from time to time, the "Credit Agreement") with Mizuho Bank, Ltd., as joint lead arranger, administrative agent and collateral agent, KKR Capital Markets LLC, an affiliate of the Company, as joint lead arranger, and the lenders party thereto. On April 3, 2024, the Company remitted $750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Credit Agreement.

Under the Credit Agreement, the lenders have agreed to make credit available to the Borrowers in an aggregate initial principal amount of up to $150,000, with an uncommitted accordion feature that would allow the Borrowers to increase the commitment to up to $1,000,000 in the aggregate. The obligations of the Borrowers and

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guarantors under the Credit Agreement are secured by a pledge of certain accounts of such Borrowers and guarantors. The Credit Agreement matures on April 3, 2028, unless there is an earlier termination or an acceleration following an event of default.

On September 30, 2024, the Borrowers entered into a first lender joinder agreement (the "First Joinder") to the Credit Agreement. Pursuant to the First Joinder, the credit available to the Borrowers was increased by $150,000 to an aggregate principal amount of $300,000. On September 30, 2024, the Company remitted $750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the First Joinder.

On October 9, 2024, the Borrowers entered into a second lender joinder agreement (the "Second Joinder") to the Credit Agreement. Pursuant to the Second Joinder, the credit available to the Borrowers was increased by $100,000 to an aggregate principal amount of $400,000. On October 9, 2024, the Company remitted $500 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Second Joinder.

On March 20, 2025, the Borrowers entered into a third lender joinder agreement (the "Third Joinder") to the Credit Agreement. Pursuant to the Third Joinder, the credit available to the Borrowers was increased by $150,000 to an aggregate principal amount of $550,000. On March 20, 2025, the Company remitted $750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Third Joinder.

On June 16, 2025, the Borrowers entered into the First Amendment (the "First Amendment") to the Credit Agreement. Pursuant to the First Amendment, certain indirect subsidiaries of the Company were added as borrowers and the uncommitted accordion feature was increased by $1,000,000 to allow the Borrowers to increase the commitment to up to $2,000,000 in the aggregate, guaranteed by certain of the Company's subsidiaries pursuant to the Credit Agreement. In addition, pursuant to the First Amendment, the maturity date of the Credit Agreement was extended from April 2, 2027 to April 3, 2028, unless there is an earlier termination or an acceleration following an event of default. On June 13, 2025, the Company remitted $550 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the First Amendment.

On July 24, 2025, the Borrowers entered into a fourth lender joinder agreement (the "Fourth Joinder") to the Credit Agreement. Pursuant to the Fourth Joinder, the credit available to the Borrowers was increased by $200,000 to an aggregate principal amount of $750,000. On July 24, 2025, the Company remitted $1,000 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Fourth Joinder.

On August 1, 2025, the Borrowers entered into a fifth lender joinder agreement (the "Fifth Joinder") to the Credit Agreement. Pursuant to the Fifth Joinder, the credit available to the Borrowers was increased by $150,000 to an aggregate principal amount of $900,000. On August 1, 2025, the Company remitted $750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Fifth Joinder.

On November 13, 2025, the Borrowers entered into a sixth lender joinder agreement (the "Sixth Joinder") to the Credit Agreement. Pursuant to the Sixth Joinder, the credit available to the Borrowers was increased by $350,000 to an aggregate principal amount of $1,250,000. On November 13, 2025, the Company remitted $1,750 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Sixth Joinder.

On January 27, 2026, the Borrowers entered into the Second Amendment (the "Second Amendment") to the Credit Agreement. The Second Amendment includes certain updates to the Credit Agreement in contemplation of one or more of the Borrowers thereunder being taxed as real estate investment trusts under the Internal Revenue Code of 1986, as amended.

On March 25, 2026, the Borrowers entered into a facility upsize agreement (the "Upsize Agreement," together with the First Joinder, the Second Joinder, the Third Joinder, the Fourth Joinder, the Fifth Joinder, the First Amendment and the Second Amendment, the "Credit Agreement Amendments") to the Credit Agreement. Pursuant to the Upsize Agreement, the credit available to the Borrowers was increased by $50,000 to an aggregate principal amount of $1,300,000. On March 24, 2026, the Company remitted $250 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Upsize Agreement.

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Advances under the Credit Agreement denominated in U.S. dollars bear interest, at the relevant Borrower's option, at (i) daily or term SOFR plus a spread of 3.25% per annum or (ii) a reference rate plus a spread of 2.25% per annum. Advances under the Credit Agreement denominated in currencies other than U.S. dollars will bear interest at certain local rates consistent with market standards plus a spread of 3.25% per annum. If the usage under the Credit Agreement is less than 50% of the aggregate commitments under the Credit Agreement, the Borrowers of the Company shall pay an unused fee of 0.50% per annum of the principal obligations. If the usage under the Credit Agreement is equal to or greater than 50% of the aggregate commitments under the Credit Agreement, the Borrowers of the Company shall pay an unused fee of 0.40% per annum of the principal obligations.

Under the terms of the Credit Agreement, the Company is subject to customary affirmative and negative covenants. The Company was in compliance with such covenants in all material respects as of March 31, 2026.

The Company incurred $34,807 of costs associated with entry into the Credit Agreement and Credit Agreement Amendments. These costs have been capitalized within Deferred financing costs on the Consolidated Statement of Assets and Liabilities. As of March 31, 2026, total remaining unamortized deferring financing costs for the Credit Agreement was $22,525.

As of March 31, 2026 and December 31, 2025, the Borrowers did not have an outstanding balance under the Credit Agreement. The carrying amount outstanding under the Credit Agreement approximates its fair value as of March 31, 2026 and December 31, 2025.

**9. Distributions**

The net distribution per share declared on each class of the Company's shares is determined by subtracting estimated shareholder servicing fees and distribution fees per share applicable for such class from the gross distribution per share which is the same for all classes of the Company's shares. Such shareholder servicing fees and distribution fees per share are payable to the Dealer-Manager as they become contractually due.

The following table details aggregate quarterly distributions per share declared to shareholders as of applicable record date for each applicable class of the Company's shares for the three months ended March 31, 2026:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Record Date** | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R Shares** | **Class D Shares** | **Class E Shares** | **Class F Shares** |
| March 31, 2026 | $0.3300 | $0.2651 | $0.2651 | $0.3300 | $0.3109 | $0.3300 | $0.3300 |
| &nbsp;&nbsp;**Total** | $0.3300 | $0.2651 | $0.2651 | $0.3300 | $0.3109 | $0.3300 | $0.3300 |

---

The distributions for each class of shares were payable to holders of record at the close of business on March 31, 2026, with payment on April 27, 2026. The net distributions were paid in cash or reinvested in shares of the Company for shareholders participating in the Company's DRIP.

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**10. Commitments and Contingencies**

*Legal Proceedings*

The Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it. From time to time, the Company may be involved in various legal proceedings, requests for information, lawsuits, arbitration, and claims incidental to the conduct of the Company's business. Moreover, in the ordinary course of business, the Company can be the defendant or the plaintiff in numerous lawsuits with respect to acquisitions, bankruptcy, insolvency and other events. Such lawsuits may involve claims, or may be resolved on terms, that adversely affect the value of certain Infrastructure Assets held by the Company.

The Company may, from time to time, become subject to various examinations, inquiries and investigations by various U.S. and non-U.S. governmental and regulatory agencies. Such examinations, inquiries and investigations may result in the commencement of civil, criminal or administrative proceedings, or the imposition of fines, penalties, or other remedies, against the Company and its personnel. The Company may also become subject to civil, criminal, administrative, or other inquiries or investigations (through a request for information, civil investigative demand, subpoena or otherwise) by any U.S. or non-U.S. governmental or regulatory agency, including but not limited to the SEC, U.S. Department of Justice, U.S. state attorneys general, and similar non-U.S. governmental or regulatory agencies.

*Funding Commitments and Others*

As of March 31, 2026 and December 31, 2025, KKR had unfunded commitments consisting of $483,263 and $401,936, respectively, related to its investment in Infrastructure Assets.

*Indemnification*

Under the LLC Agreement and organizational documents, the members of the Board, officers of the Company, the Manager, KKR, and their respective affiliates, directors, officers, representatives, agents and employees 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 and 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.

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**11. Financial Highlights**

The following is a schedule of the financial highlights of the Company attributed to each class of shares for the period from January 1, 2026 through March 31, 2026:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R Shares** | **Class D Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** |
| **Per share data attributed to shares** <sup>(1)</sup> | | | | | | | | |
| &nbsp;&nbsp;Net asset value per share at beginning of period (January 1, 2026) | $29.92 | $28.05 | $28.31 | $29.87 | $29.32 | $31.45 | $34.63 | $34.63 |
| &nbsp;&nbsp;Consideration from the issuance of shares | 0.01 | 0.29 |  |  | 0.14 |  |  |  |
| &nbsp;&nbsp;Repurchases of shares |  |  | (0.01) |  |  |  |  |  |
| &nbsp;&nbsp;Reinvestment of distributions |  | 0.01 | 0.01 |  | 0.01 |  |  |  |
| &nbsp;&nbsp;Transfers in |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers out |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Early repurchase fee <sup>(2)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributions declared <sup>(3)</sup> | (0.33) | (0.27) | (0.27) | (0.33) | (0.31) | (0.33) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital activity | (0.32) | 0.03 | (0.27) | (0.33) | (0.16) | (0.33) |  |  |
| &nbsp;&nbsp;Net investment (loss) income <sup>(2)</sup> | (0.06) | (0.05) | (0.04) | (0.05) | (0.05) | 0.04 | 0.05 | 0.05 |
| &nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation) <sup>(4)</sup> | 0.32 | 0.32 | 0.33 | 0.32 | 0.31 | 0.34 | 0.40 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 0.26 | 0.27 | 0.29 | 0.27 | 0.26 | 0.38 | 0.45 | 0.45 |
| &nbsp;&nbsp;Accrued shareholder servicing fees and distribution fees <sup>(2)</sup> |  | (0.32) | 0.01 |  | (0.14) |  |  |  |
| &nbsp;&nbsp;Net asset value per share at the end of period (March 31, 2026) | $29.86 | $28.03 | $28.34 | $29.81 | $29.28 | $31.50 | $35.08 | $35.08 |
| &nbsp;&nbsp;Weighted average shares outstanding at end of period (March 31, 2026) | 73480082 | 74734061 | 47446197 | 29745852 | 4439541 | 3258405 | 40 | 40 |
| **Ratio/Supplemental data for Shares (not annualized):** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ratios to net asset value: <sup>(5)</sup> |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses before Performance Participation Allocation <sup>(6) (7)</sup> | 0.27% | 0.28% | 0.26% | 0.25% | 0.27% | 0.13% | 0.13% | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses before expenses reimbursed and/or recouped by Manager <sup>(6) (7)</sup> | 0.05% | 0.07% | 0.06% | 0.05% | 0.06% | 0.06% | 0.06% | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses after expenses reimbursed and/or recouped by Manager <sup>(6) (7)</sup> | 0.32% | 0.35% | 0.32% | 0.30% | 0.33% | 0.19% | 0.19% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Participation Allocation <sup>(6)</sup>  | 0.19% | 0.15% | 0.14% | 0.18% | 0.17% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses <sup>(6) (8) (9)</sup> | 0.51% | 0.50% | 0.46% | 0.48% | 0.50% | 0.19% | 0.19% | 0.19% |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R Shares** | **Class D Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(6)</sup> | (0.19)% | (0.16)% | (0.14)% | (0.17)% | (0.18)% | 0.11% | 0.11% | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total GAAP return attributed to Shares based on net asset value <sup>(10)</sup> | 0.90% | 0.89% | 1.06% | 0.90% | 0.92% | 1.21% | 1.30% | 1.30% |

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The following is a schedule of the financial highlights of the Company attributed to each class of shares for the period from January 1, 2025 through March 31, 2025:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R-D Shares** | **Class R Shares** | **Class D Shares** | **Class E Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** |
| **Per share data attributed to shares** <sup>(1)</sup> | | | | | | | | | | |
| &nbsp;&nbsp;Net asset value per share at beginning of period (January 1, 2025) | $28.38 | $26.51 | $26.67 | $27.85 | $28.37 | $27.81 | $29.33 | $29.33 | $31.07 | $31.06 |
| &nbsp;&nbsp;Consideration from the issuance of shares | 0.02 | 0.95 |  |  |  | 0.16 |  |  |  |  |
| &nbsp;&nbsp;Repurchases of shares |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Reinvestment of distributions |  | 0.01 | 0.01 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers in |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transfers out |  |  |  |  |  | (0.02) |  |  |  |  |
| &nbsp;&nbsp;Early repurchase fee <sup>(2)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Distributions declared <sup>(3)</sup> | (0.31) | (0.25) | (0.25) | (0.29) | (0.31) | (0.29) | (0.31) | (0.31) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital activity | (0.29) | 0.71 | (0.24) | (0.29) | (0.31) | (0.15) | (0.31) | (0.31) |  |  |
| &nbsp;&nbsp;Net investment (loss) income <sup>(2)</sup> | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.06 | 0.20 | 0.19 | 0.20 | 0.20 |
| &nbsp;&nbsp;Net realized gain (loss) and change in unrealized appreciation (depreciation) <sup>(4)</sup> | 0.66 | 0.67 | 0.64 | 0.65 | 0.65 | 0.67 | 0.71 | 0.68 | 0.71 | 0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $0.72 | $0.73 | $0.71 | $0.72 | $0.72 | $0.73 | $0.91 | $0.87 | $0.91 | $0.92 |
| &nbsp;&nbsp;Accrued shareholder servicing fees and distribution fees <sup>(2)</sup> | $— | $(1.02) | $(0.04) | $(0.01) | $— | $(0.16) | $— | $— | $— | $— |
| &nbsp;&nbsp;Net asset value per share at the end of period (March 31, 2025) | $28.81 | $26.93 | $27.10 | $28.27 | $28.78 | $28.23 | $29.93 | $29.89 | $31.98 | $31.98 |
| &nbsp;&nbsp;Weighted average shares outstanding at end of period (March 31, 2025) | 22171667 | 27984332 | 47280957 | 773022 | 29585261 | 1278689 | 40 | 1194075 | 40 | 40 |
| **Ratio/Supplemental data for Shares (not annualized):** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Ratios to net asset value: <sup>(5)</sup> |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses before Performance Participation Allocation <sup>(6) (7)</sup> | 0.15% | 0.16% | 0.16% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses before expenses reimbursed and/or recouped by Manager <sup>(6) (7)</sup> | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.06% | 0.05% | 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses after expenses reimbursed and/or recouped by Manager <sup>(6) (7)</sup> | 0.21% | 0.22% | 0.22% | 0.21% | 0.21% | 0.21% | 0.21% | 0.21% | 0.20% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Participation Allocation <sup>(6)</sup>  | 0.42% | 0.45% | 0.43% | 0.42% | 0.40% | 0.43% | —% | —% | —% | —% |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R-D Shares** | **Class R Shares** | **Class D Shares** | **Class E Shares** | **Class F Shares** | **Class G Shares** | **Class H Shares** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses <sup>(6) (8) (9)</sup> | 0.63% | 0.67% | 0.65% | 0.63% | 0.61% | 0.64% | 0.21% | 0.21% | 0.20% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) <sup>(6)</sup> | 0.20% | 0.21% | 0.25% | 0.24% | 0.24% | 0.21% | 0.64% | 0.64% | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total GAAP return attributed to Shares based on net asset value <sup>(10)</sup> | 2.61% | 2.53% | 2.55% | 2.55% | 2.54% | 2.55% | 3.10% | 2.97% | 2.93% | 2.96% |

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(1) Per share data may be rounded in order to recompute the ending net asset value per share.

(2) The per share data was derived by using the weighted average shares outstanding during the applicable period.

(3) The per share data for distributions declared reflect the actual amount of distributions declared per share during the applicable period.

(4) The amount shown is the balancing amount derived from the other figures in the schedule. The amount shown for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in Infrastructure Assets for the period because of the timing of sales of the Company's shares in relation to fluctuating market values for the portfolio.

(5) Actual results may not be indicative of future results. Additionally, an individual Shareholder's ratios may vary from the ratios presented for a share class as a whole.

(6) Weighted average net assets during the applicable period are used for this calculation.

(7) Ratios presented before accounting for the accrual of the Performance Participation Allocation.

(8) Ratios presented after accounting for the accrual of the Performance Participation Allocation.

(9) Ratios presented after expenses reimbursed and/or recouped by Manager.

(10) The Total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with the Company's distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Participation Allocation as described in "<u>[Note](#ibdb057bbd30745a488818320ce39932d_52)[6](#ibdb057bbd30745a488818320ce39932d_52)[. Related Party Transactions](#ibdb057bbd30745a488818320ce39932d_52)</u>." The Company's performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company's shares.

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**12. Income Taxes**

The Company operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended, and not as a publicly traded partnership taxable as a corporation. As such, it will not be subject to any U.S. federal and state income taxes. In any year, it is possible that the Company will be considered a publicly traded partnership and will not meet the qualifying income exception, which would result in the Company being treated as a publicly traded partnership and taxed as a corporation, rather than as a partnership. In such case, the members would then be treated as shareholders in a corporation, and the Company would become taxable as a corporation for U.S. federal, state and/or local income tax purposes. The Company would be required to pay income tax at corporate rates on its net taxable income.

In addition, the Company operates, in part, through subsidiaries that may be treated as corporations for U.S. and non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.

The Company holds certain investments which may generate U.S. source fixed or determinable annual or periodic gains, profits and income ("FDAP income") subject to this 30% withholding tax for the non-U.S. corporate subsidiaries. If non U.S. corporate subsidiaries of the Company receives U.S. source income that is not effectively connected with a U.S. trade or business, such income may be subject to a 30% withholding tax on its share of all U.S. source FDAP income unless certain statutory exceptions are met or a lower treaty rate applies (which may not be available or apply). The tax is expected to be withheld at the source by the U.S. payer, and taxes withheld can be used as a payment against the U.S. federal income tax liability of the non-U.S. corporate subsidiaries.

For the three months ended March 31, 2026 and 2025, the effective tax rates were 4.2% and 3.1%, respectively. For both the three months ended March 31, 2026 and 2025, the primary items giving rise to the difference between the 0.0% federal statutory rate applicable to partnerships and the effective tax rate is due to U.S. federal, state and local taxes on income from the Company's subsidiaries that are treated as corporations for U.S. federal, state or local purposes.

*One Big Beautiful Bill Act ("OBBBA")*

On July 4, 2025, the legislation commonly referred to as the One Big Beautiful Bill Act ("OBBBA") was enacted. The OBBBA amended and extended certain provisions of the 2017 Tax Cuts and Jobs Act. At this time, the Company does not believe the OBBBA will have a material impact on the Company's income taxes but continues to monitor the issuance of additional guidance from the U.S. Treasury and the U.S. Internal Revenue Service.

**13. Segment Reporting**

The Company operates through a single operating and reporting segment with a principal objective of generating attractive risk-adjusted returns consisting of both current income and capital appreciation. The Company's CEO acts as the Company's chief operating decision maker (the "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 because the Company has a single investment strategy, as disclosed in the Company's PPM, against which the CODM assesses the Company's performance. In addition to other metrics, the CODM uses net increase (decrease) in net assets resulting from operations as a key metric to assess the Company's performance. As the Company's investment operations comprise a single reporting segment, the segment assets are the same assets that are reported in the Consolidated Statements of Assets and Liabilities, and significant segment expenses are the same as those listed on the Consolidated Statements of Operations.

**14. Subsequent Events**

*Unregistered Sales of Equity Securities*

On April 1, 2026, the Company sold the following Investor Shares of the Company (with the final number of shares determined on April 21, 2026) to third party investors for cash:

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| | | |
|:---|:---|:---|
| **Class** | **Number of Shares Sold** | **Consideration** |
| Class I Shares | 5012494 | $150162 |
| Class S Shares | 3727006 | 111736 |
| Class D Shares | 254802 | 7630 |
| &nbsp;&nbsp;**Total** |  | $**269528** |

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*Class F Share Issuances — Management Fee*

On April 1, 2026, the Company issued 275,700 Class F Shares to the Manager, which represents payment in satisfaction of a Management Fee of approximately $8,716 for services rendered by the Manager in accordance with the terms of the Management Agreement.

*Distribution Reinvestment Plan*

On April 27, 2026, pursuant to the DRIP, the Company issued approximately 564,568 Class I Shares, approximately 566,364 Class S Shares, approximately 322,590 Class U Shares, approximately, approximately 232,854 Class R Shares, approximately 41,789 Class D Shares and approximately 60 Class F Shares, for aggregate consideration of $51,788 from the reinvestment in shares of the Company for shareholders participating in the DRIP.

*Share Repurchases*

The Company has a share repurchase plan, whereby on a quarterly basis, Shareholders may request that the Company repurchase all or any portion of their Shares. The aggregate NAV of total repurchases of Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-D Shares, Class R-S Shares, Class R Shares and Class F Shares, if any, will be limited to no more that 5.0% of the NAV per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter).

The following table summarizes the Shares repurchased on May 5, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share Class** | **Repurchase Price per Share** | **Number of Shares Repurchased** | **Gross Consideration** | **5% Early Repurchase Fee** | **Net Consideration** |
| Class U Shares | $29.95 | 684391 | $20498 | $— | $20498 |
| Class R Shares | $29.98 | 334880 | 10038 |  | 10038 |
| Class I Shares | $29.96 | 243815 | 7304 | 247 | 7057 |
| Class S Shares | $29.98 | 171906 | 5154 | 248 | 4906 |
| Class D Shares | $29.94 | 45234 | 1354 | 57 | 1297 |
| &nbsp;&nbsp;Total |  | 1480226 | $44348 | $552 | $43796 |

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Our actual results may differ materially from those in this discussion as a result of various factors, including but not limited to those discussed in "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.*

***All dollar amounts in "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" are in thousands, unless otherwise noted.***

**Overview**

KKR Infrastructure Conglomerate LLC (together with its subsidiaries, the "Company," "we," "us," or "our") was formed on September 23, 2022 as a limited liability company under the laws of the state of Delaware, and we operate our business in a manner so that we are not an "investment company" under the Investment Company Act of 1940, as amended (the "Investment Company Act"). We are a holding company that seeks to acquire, own and control portfolio companies, special purpose vehicles and other entities through which infrastructure assets or businesses will be held ("Infrastructure Assets"), with the objective of generating attractive risk-adjusted returns consisting of both current income and capital appreciation. Our Infrastructure Assets include existing companies, businesses, hard assets, properties and other assets, and may also include new companies, businesses and projects. The Company commenced principal operations on June 1, 2023.

We have been established by KKR to own and control joint ventures ("Joint Ventures") that, directly or indirectly, own majority and/or primarily controlling stakes in Infrastructure Assets, and to a lesser extent, Joint Ventures that own influential yet non-controlling stakes in Infrastructure Assets. We acquire, own and control Infrastructure Assets through Joint Ventures in the geographies where KKR is active, including North America, Western Europe and Asia Pacific. Over time, we expect to acquire Infrastructure Assets that generate attractive risk-adjusted returns, using proceeds raised from continuous offerings of our securities, and distributions from Infrastructure Assets, and by opportunistically recycling capital generated from dispositions of Infrastructure Assets.

A key part of our strategy is to form Joint Ventures by pooling capital with one or more KKR Vehicles (defined herein) that target acquisitions of Infrastructure Assets that are compatible with our business strategy. We expect that we will own nearly all of our Infrastructure Assets through Joint Ventures alongside one or more KKR Vehicles and that the Joint Ventures will be managed in a way that reflects the commonality of interests between the KKR Vehicles and the Company. The Company and the KKR Vehicles in a Joint Venture both have a shared interest in maximizing value of the Joint Venture, and we believe that a joint acquisition strategy that pools the resources of the KKR Vehicles and the Company leads to greater opportunities to gain sufficient influence or control over Infrastructure Assets and leverages KKR's operations-oriented management approach to value creation with the objective of achieving both current income and capital appreciation for all interest holders in the Joint Venture. We currently own, and expect to own in the future, all or substantially all of our Infrastructure Assets directly or indirectly through one of our wholly-owned holding companies formed to acquire, own and control Infrastructure Assets (the "Operating Subsidiaries"). In turn, each Operating Subsidiary holds our interests in Infrastructure Assets and Joint Ventures through one or more corporations, limited liability companies or limited partnerships. We expect that most of our Joint Ventures will own a majority of, and/or have primary control over, the underlying Infrastructure Asset. The Company and the applicable KKR Vehicle will hold the interests in each Infrastructure Asset as co-general partners of the relevant Joint Venture, but the relative economic interests in such Joint Venture will vary from acquisition to acquisition. In limited circumstances, we may also invest some portion of our capital into Infrastructure Assets indirectly through vehicles we do not control. We may occasionally be a passive investor into a vehicle that holds an investment in a single Infrastructure Asset. We may also make investments into vehicles controlled by an external adviser where we do not have direct input into the underlying investments.

We expect that, in the ordinary course, our acquisitions of Infrastructure Assets, whether made through our Joint Ventures or, to a lesser extent, our other acquisition strategies, will make up approximately 85% of our assets (with no more than 15% of our assets made up of Joint Ventures and Infrastructure Assets located in countries that are not members of the OECD). Additionally, we expect that approximately 15% of our assets will consist of cash and cash equivalents and foreign currencies at fair value, U.S. Treasury securities, U.S. government agency securities, municipal securities, other sovereign debt, investment grade credit, and other investments including high yield credit, asset-backed securities, mortgage backed securities, collateralized loan obligations, leveraged loans and/or debt of companies or assets (which may

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include (i) securities or loans of KKR portfolio companies and/or (ii) funds invested in any of the foregoing managed by KKR or affiliates thereof) (collectively, the "Liquidity Portfolio") in each case in order to provide us with income, to facilitate capital deployment and to provide a potential source of liquidity. These types of liquid assets may exceed 15% of our assets at any given time due to new subscriptions, shareholder participation in our share repurchase program, distributions from, or dispositions of, Infrastructure Assets or for other reasons as KKR DAV Manager LLC (our "Manager") determines. In addition to the target of 15% for our Liquidity Portfolio, we intend to abide by certain other guidelines on our overall portfolio construction. We will not acquire any cryptocurrency. Additionally, (a) no more than 5% of our assets will consist of interests in "blind pools" and (b) no more than 10% of our assets will consist of publicly traded equity securities (not including any Infrastructure Asset that becomes publicly traded during the term of our ownership or acquisitions in connection with take-private transactions or where the Company may, directly or through its Joint Ventures, direct the appointment of at least one member of the Infrastructure Asset's board of directors).

We may also opportunistically acquire a limited amount of indirect exposure to multiple Infrastructure Assets by acquiring interests in multi-asset vehicles controlled by an investment manager ("commingled funds"), which may include newly formed funds and "continuation vehicles." The Company may invest into vehicles managed by an affiliate of KKR or it may invest into vehicles managed by third parties, primarily through secondary transactions with existing limited partners but also through direct subscription with the sponsor(s) of such vehicles. Our acquisition strategy may also include equity-like investments in preferred and/or structured equity securities as well as credit and debt strategies. While none of these approaches are principal to the Company's business strategy, we believe that in certain circumstances, such investments may complement the Joint Venture strategy as a ready source of capital deployment at efficient prices, and may otherwise help the Company achieve its objective of generating attractive risk-adjusted returns for shareholders ("Shareholders"). To the extent we pursue any of the foregoing approaches, we expect to do so in a manner consistent with maintaining our exclusion from registration under the Investment Company Act.

The funds, investment vehicles and accounts managed, now or in the future, by KKR, the Manager or any of their respective affiliates (excluding for this purpose, KKR proprietary entities), including funds, investment vehicles and accounts pursuing the following strategies: private equity (including growth equity, impact, and core strategies), credit (including (i) leveraged credit strategies, including leveraged loan, high-yield bond, opportunistic credit and revolving credit strategies, and (ii) alternative credit strategies, including strategic investments and private credit strategies such as direct lending and private opportunistic credit (or junior mezzanine debt) acquisition strategies), and real asset strategies (including real estate, energy and infrastructure strategies), are collectively referred to herein as "KKR Vehicles."

We conduct a continuous private offering of our Shares on a monthly basis (i) to accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of Shares sold outside of the United States, to persons that are not "U.S. persons" (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act, including under Regulation D and Regulation S. We currently offer three classes of investor shares: Class S Shares, Class D Shares and Class I Shares. Class U Shares, Class R-D Shares, Class R-S Shares and Class R Shares (together with the Class S Shares, Class D Shares and Class I Shares, the "Investor Shares," and the Investor Shares together with the Class E Shares, Class F Shares, Class G Shares and Class H Shares, the "Shares") were no longer available for purchase as of June 1, 2024. We may offer additional classes of Investor Shares in the future.

**Recent Developments**

***Infrastructure Assets Activities***

During the three months ended March 31, 2026, the Company acquired seven Infrastructure Assets for aggregate consideration of $540,281, including the following investments:

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| | |
|:---|:---|
| **Infrastructure Asset** | **Description** |
| Viridor Limited | Provider of waste management and energy recovery services across the United Kingdom |
| Elemental Infrastructure HoldCo Pty Ltd | Independent power producer supporting urban microgrids, hybrid power, and off-grid mining across Australia |

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During the three months ended March 31, 2026, the Company acquired incremental indirect interests in Infrastructure Assets for aggregate consideration of $95,865.

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As of March 31, 2026, the Company's Infrastructure Assets were comprised of many underlying assets that operate in more than 25 countries, primarily across key developed markets in Europe and North America. The charts below present the diversification of our Infrastructure Assets by sector and geography as of March 31, 2026, based upon the fair value of the Infrastructure Assets and the allocable share of our Infrastructure Assets' operations based on revenue, respectively (percentages in the graphs may not foot due to rounding). The charts below exclude our Liquidity Portfolio.

![967](kkr-20260331_g1.jpg)![968](kkr-20260331_g2.jpg)

As of March 31, 2026, the Company's ten largest Infrastructure Assets, based upon estimated fair value, were:

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| | |
|:---|:---|
| **Infrastructure Asset** <sup>(1)</sup> | **Description** |
| Vantage Towers AG | Telecom tower company with a significant portfolio of cell towers across multiple Western European countries |
| Telecom Italia NetCo | End-to-end fixed-line broadband network with operations in Italy serving a large portion of the Italian population |
| Grove Education Partners Holdco Limited | Social infrastructure platform with multiple K-12 private schools serving students across the United Kingdom and Europe |
| Refresco Group B.V. | Global independent beverage manufacturer providing bottling and packaging services to many corporate customers |
| Greenvolt Energias Renovaveis S.A. | Renewable energy platform with multiple biomass power plants across Europe |
| CapeOmega AS | Maritime transportation platform that co-owns a fleet of LNG carrier vessels |
| Smart Metering Systems Limited | Smart metering and energy infrastructure company based in the United Kingdom |
| Avantus LLC | Solar and solar-plus-storage developer contributing power generation capacity across the Southwest United States |
| Cyrusone Holdco LLC | Data center platform with a footprint across North America, Europe, and Asia |
| Viridor Ltd | Provider of waste management and energy recovery services across the United Kingdom |

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(1) Infrastructure Assets listed largest to smallest, based upon estimated fair value as of March 31, 2026.

***Business Environment***

The United States and countries around the world have experienced elevated levels of market volatility and uncertainty driven by, among other things, geopolitical and global trade concerns, including, the imposition of tariffs and threats of tariffs by the United States on certain of its trading partners since April 2025 and impacts from the recent conflicts in the Middle East. This volatility and uncertainty add to the various risks and uncertainties in the business environment in which we operate and may have various impacts, including on the valuations of certain of our Infrastructure Assets, the pace and volume of our acquisitions, deployments and realizations, and our fundraising activities.

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***Revolving Credit Facility Upsize***

On January 27, 2026, the Borrowers entered into the Second Amendment (as defined in "<u>[Note](#ibdb057bbd30745a488818320ce39932d_58)[8](#ibdb057bbd30745a488818320ce39932d_58)[.](#ibdb057bbd30745a488818320ce39932d_58)[C](#ibdb057bbd30745a488818320ce39932d_58)[redit Facility](#ibdb057bbd30745a488818320ce39932d_58)</u>" to our consolidated financial statements in this Quarterly Report on Form 10-Q") to the Credit Agreement. The Second Amendment includes certain updates to the Credit Agreement in contemplation of one or more of the Borrowers thereunder being taxed as real estate investment trusts under the Internal Revenue Code of 1986, as amended.

On March 25, 2026, the Borrowers entered into a facility upsize agreement (the "Upsize Agreement") to the Credit Agreement. Pursuant to the Upsize Agreement, the credit available to the Borrowers was increased by $50,000 to an aggregate principal amount of $1,300,000. On March 24, 2026, the Company remitted $250 to the Dealer-Manager, an affiliate of the Company, for arranger fees related to the Upsize Agreement.

Except as described above, the material terms of the Credit Agreement remain unchanged by the Second Amendment and the Upsize Agreement. See "<u>[Note](#ibdb057bbd30745a488818320ce39932d_58)[8](#ibdb057bbd30745a488818320ce39932d_58)[. Credit Facility](#ibdb057bbd30745a488818320ce39932d_58)</u>" to our consolidated financial statements in this Quarterly Report on Form 10-Q for additional information.

***Line of Credit***

The Line of Credit was initially set to expire on August 8, 2025, subject to six-month extension options requiring the approval of the Line of Credit Lender (as defined in "<u>[Note](#ibdb057bbd30745a488818320ce39932d_52)[6](#ibdb057bbd30745a488818320ce39932d_52)[. Related Party Transactions](#ibdb057bbd30745a488818320ce39932d_52)</u>" to our consolidated financial statements in this Quarterly Report on Form 10-Q"). On January 5, 2026, the Line of Credit Lender agreed to extend the Line of Credit an additional six months through August 6, 2026, subject to additional six-month extension options requiring the Line of Credit Lender's approval.

See "<u>[Note](#ibdb057bbd30745a488818320ce39932d_52)[6](#ibdb057bbd30745a488818320ce39932d_52)[. Related Party Transactions](#ibdb057bbd30745a488818320ce39932d_52)</u>" to our consolidated financial statements in this Quarterly Report on Form 10-Q for additional information.

**Results of Operations**

We are dependent upon the proceeds from our continuous private offering in order to conduct our business. We intend to acquire Infrastructure Assets with the capital received from our continuous private offering and any indebtedness that we may incur in connection with such activities.

A discussion of the results of operations for the three months ended March 31, 2026 is as follows:

***Operating Results Highlights***

During the three months ended March 31, 2026, we raised aggregate subscription proceeds of $739,805 related to Investor Shares. The subscription proceeds were used to acquire additional interests in existing Infrastructure Assets and we have deployed unused subscription proceeds in money market assets.

The details of total returns on Investor Shares are shown in the following table:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Transactional Net Asset Value Total Returns** <sup>(1)</sup> | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R-D Shares** <sup>(2)</sup> | **Class R Shares** | **Class D Shares** | **Class R-S Shares** <sup>(3)</sup> |
| Inception Date | July 3, 2023 | May 1, 2024 | June 1, 2023 | October 2, 2023 | June 1, 2023 | July 3, 2023 | March 1, 2024 |
| Three months ended March 31, 2026 | 1.10% | 0.93% | 0.97% | Not applicable | 1.14% | 1.05% | Not applicable |
| Inception to date annualized March 31, 2026 | 9.54% | 8.67% | 10.07% | Not applicable | 11.01% | 9.26% | Not applicable |

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(1) "Three months ended" for a given share class, means total return for the respective calendar period. "Inception to date annualized" for a given share class, means total return annualized based on the inception date. Past performance is not indicative of future results. Total returns shown reflect the percent change in our Transactional Net Asset Value per share from the beginning of the applicable period, plus the amount of any distribution per Share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. For share classes without twelve months of performance, we have not included the inception to date annualized total return.

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(2) On November 3, 2025, all of the Company's outstanding Class R-D Shares were converted into Class D Shares and there were no outstanding Class R-D Shares as of November 30, 2025.

(3) On May 1, 2024, all of the Company's outstanding Class R-S Shares were converted into Class S Shares and there were

no outstanding Class R-S Shares as of May 31, 2024.

***Consolidated Results of Operations (GAAP Basis - Unaudited)***

The following is a discussion of our consolidated results of operations on a GAAP basis for the three months ended March 31, 2026 and 2025. You should read this discussion in conjunction with the financial statements and related notes included elsewhere in this report.

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** | **Change** |
| **Investment income** |  |  |  |
| &nbsp;&nbsp;Dividend and other income | $21766 | $31366 | $(9600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 21766 | 31366 | (9600) |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;Performance participation allocation | 11066 | 15358 | (4292) |
| &nbsp;&nbsp;Management fee expense | 20060 | 10129 | 9931 |
| &nbsp;&nbsp;General and administration expenses | 2863 | 1640 | 1223 |
| &nbsp;&nbsp;Professional fees | 2252 | 1904 | 348 |
| &nbsp;&nbsp;Interest expense | 4331 | 1831 | 2500 |
| &nbsp;&nbsp;Directors' fees and expenses | 124 | 127 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 40696 | 30989 | 9707 |
| &nbsp;&nbsp;Add: Expenses recouped by Manager | 3970 | 2148 | 1822 |
| &nbsp;&nbsp;Less: Management fee and expense credits | (11500) | (10129) | (1371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating expenses | 33166 | 23008 | 10158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (11400) | 8358 | (19758) |
| **Net realized gain (loss) on investments, foreign currency and foreign currency forward contracts** |  |  |  |
| &nbsp;&nbsp;Net realized gain (loss) on |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (1131) | 772 | (1903) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 20186 | (414) | 20600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) | 19055 | 358 | 18697 |
| **Net change in unrealized appreciation (depreciation) on investments, foreign currency, foreign currency translation and foreign currency forward contracts** |  |  |  |
| &nbsp;&nbsp;Net change in unrealized appreciation (depreciation) before income taxes on |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 80105 | 65982 | 14123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (52) | 24 | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (87901) | 101852 | (189753) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward contracts | 64763 | (77171) | 141934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) before income taxes | 56915 | 90687 | (33772) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (benefit from) income taxes | 2652 | 2981 | (329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) after income taxes | 54263 | 87706 | (33443) |
| **Net increase in net assets resulting from operations** | $61918 | $96422 | $(34504) |

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***Investment Income***

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We generate investment income primarily from our long-term ownership and operation of Joint Ventures and Infrastructure Assets and investments in our Liquidity Portfolio which may consist of dividend income, interest income, and net realized gains or losses and net change in unrealized appreciation or depreciation of Infrastructure Assets.

As the majority of our assets consist of long-term ownership and operation of Joint Ventures and Infrastructure Assets, the majority of the revenue we generate is in the form of dividend income. Dividend income is not equivalent to the gross revenue produced at the Infrastructure Asset level, but is instead the amount of cash that is distributed from the Infrastructure Asset to the Company from time to time after paying for all Infrastructure Asset level expenses and debt obligations.

Dividend income from our Infrastructure Assets is recorded on the date when cash is received from the relevant Infrastructure Asset, but excludes any portion of distributions that are treated as a return of capital. Each distribution received from an Infrastructure Asset is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

Dividend and other income decreased $9,600 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

***Expenses***

Total operating expenses increased $9,707 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, respectively, primarily due to the increased Management Fee (defined herein) and interest expense during the three months ended March 31, 2026 (as discussed below), partially offset by a decrease in the Performance Participation Allocation (defined herein).

For the three months ended March 31, 2026 and 2025, the Manager recouped expenses of $3,970 and $2,148 incurred by the Company, pursuant to the Expense Limitation Agreement (defined herein), respectively. All amounts subject to recoupment by the Manager pursuant to the Expense Limitation Agreement were recouped as of March 31, 2026.

The Performance Participation Allocation decreased $4,292 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. As of March 31, 2026 and 2025, the Company accrued $11,066 and $15,358 of a Performance Participation Allocation, respectively.

For the three months ended March 31, 2026 and 2025, the Manager earned $20,060 and $10,129 in gross Management Fees, respectively. For the three months ended March 31, 2026 and 2025, the Company offset Management Fees and certain operating expenses of $11,500 and $10,129, respectively.

Going forward, we expect our primary expenses to be the payment of a management fee ("Management Fee") pursuant to the amended and restated management agreement entered into between the Company and the Manager (the "Management Agreement"), as well as a performance participation allocation ("Performance Participation Allocation") to KKR. We will also bear other capital and operating expenses.

***Net Investment Income (Loss)***

Net investment income (loss) decreased $19,758 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. For the three months ended March 31, 2026 and 2025, net investment income (loss) was $(11,400) and $8,358, respectively. The increase (decrease) in net investment income (loss) was attributable to a decrease in total investment income of $9,600, partially offset by an increase in net operating expenses of $10,158 for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.

***Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation) on Investments, Foreign Currency, Foreign Currency Translation and Foreign Currency Forward Contracts***

Net realized gain (loss) and net unrealized appreciation (depreciation) from our investments, foreign currency and foreign currency translation of assets and liabilities denominated in foreign currencies are reported separately on the Consolidated Statements of Operations. We measure realized gain or loss as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or

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depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in investments values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when appreciation or depreciation is realized.

For the three months ended March 31, 2026 and 2025, we recorded a $(1,131) and $772 realized gain (loss) on foreign currency related to the settlement of cash denominated in a foreign currency, respectively.

For the three months ended March 31, 2026 and 2025, we recorded a $20,186 and $(414) realized gain (loss) on the settlement of foreign currency forward contracts. The increase in realized gain on the settlement of foreign currency forward contracts was primarily attributable to a general strengthening of the U.S. dollar during the three months ended March 31, 2026. As the U.S. dollar appreciated against certain foreign currencies, the U.S. dollar value of our non-U.S. dollar–denominated assets decreased. Correspondingly, our forward contracts became materially in-of-the-money, resulting in larger realized gains upon settlement when the contracts were rolled forward at March 31, 2026. The U.S. dollar movements were less pronounced for the three months ended March 31, 2025, resulting in comparatively smaller realized losses. Although the realized gain on the settlement of foreign currency forward contracts positively impacted earnings for the three months ended March 31, 2026, they were partially offset by the unfavorable effect of foreign currency movements on the underlying exposures that the contracts were intended to economically hedge. Additionally, for the three months ended March 31, 2025, the realized loss on the settlement of foreign currency forward contracts and unrealized appreciation on foreign currency contracts were more than offset by unfavorable movements in exchange rates that adversely impacts their U.S. dollar value.

We recorded a net change in unrealized appreciation before income taxes of $56,915 and $90,687 for the three months ended March 31, 2026 and 2025, respectively. This net change in unrealized appreciation before income taxes for the three months ended March 31, 2026 and 2025 includes unrealized appreciation on investments of $80,105 and $65,982 related to the change in value of Infrastructure Assets, respectively; unrealized appreciation (depreciation) on foreign currency of $(52) and $24 related to the change in value based upon changes in foreign currency exchange rates, respectively; unrealized appreciation (depreciation) on foreign currency translation of $(87,901) and $101,852 related to the change in value based upon changes in foreign currency exchange rates, respectively; and unrealized appreciation (depreciation) on foreign currency forward contracts of $64,763 and $(77,171), respectively.

We recorded a total net change in unrealized appreciation after income taxes of $54,263 and $87,706 for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, the total net change in unrealized appreciation includes a provision for income taxes of $2,652 and $2,981 and on the holdings of certain equity investments in taxable subsidiaries.

***Changes in Net Assets resulting from Operations***

For the three months ended March 31, 2026, we recorded a net increase in net assets resulting from operations of $61,918. The increase in net assets primarily relates to our unrealized appreciation related to the change in value of Infrastructure Assets, unrealized appreciation on foreign currency forward contracts and realized gains on foreign currency forward contracts, partially offset by unrealized depreciation related to foreign currency translation based upon changes in foreign currency exchange rates and realized losses on foreign currency.

**Investment Company Accounting Considerations**

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**Transactional Net Asset Value**

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

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| | |
|:---|:---|
| **Components of Transactional Net Asset Value** | **March 31, 2026** |
| Investments at fair value (cost of $5,279,464) | $6208529 |
| Cash and cash equivalents | 1057908 |
| Foreign currencies at fair value (cost of $8,868) | 8910 |
| Other assets | 103980 |
| Other liabilities | (104540) |
| Accrued performance participation allocation | (29991) |
| Management fee payable | (8716) |
| Accrued shareholder servicing fees and distribution fees <sup>(1)</sup> | (5396) |
| **Transactional Net Asset Value** | $**7230684** |
| **Number of outstanding shares** | **241120040** |

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

The following table provides a breakdown of our total Transactional Net Asset Value and our Transactional Net Asset Value per share by class as of March 31, 2026:

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

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

The following table reconciles GAAP Net Asset Value per our Consolidated Statement of Assets and Liabilities to our Transactional Net Asset Value as of March 31, 2026:

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| | |
|:---|:---|
| | **March 31, 2026** |
| GAAP Net Asset Value | $6985773 |
| Adjustment: |  |
| &nbsp;&nbsp;Accrued shareholder servicing fees and distribution fees <sup>(1)</sup> | 216086 |
| &nbsp;&nbsp;Deferred tax liabilities of certain taxable subsidiaries <sup>(2)</sup> | 15107 |
| &nbsp;&nbsp;Unamortized financing and acquisition-related costs <sup>(3)</sup> | 13718 |
| Transactional Net Asset Value | $7230684 |

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

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

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

**Valuation Methodologies and Significant Inputs**

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

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| | | | |
|:---|:---|:---|:---|
| | | **As of March 31, 2026** | **As of March 31, 2026** |
|<br>**Valuation Methodology & Inputs** |<br>**Unobservable Input(s)** <sup>(1)</sup> | **Weighted Average** <sup>(2)</sup> | **Range** |
| Inputs to market comparables, discounted cash flow and transaction price/other | Weight Ascribed to Market Comparables | 1.7% | 0.0% - 25.0% |
|  | Weight Ascribed to Discounted Cash Flow | 88.9% | 0.0% - 100.0% |
|  | Weight Ascribed to Transaction Price/Other | 9.4% | 0.0% - 100.0% |
| Market Comparables | Enterprise Value / Forward EBITDA Multiple | 16.2x | 11.6x - 19.0x |
| Discounted Cash Flow | Weighted Average Cost of Capital <sup>(3)</sup> | 12.0% | 6.3% - 25.6% |
|  | Enterprise Value / LTM EBITDA Exit Multiple <sup>(4)</sup> | 14.1x | 5.7x - 23.8x |

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(1) In determining the inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies, and company-specific developments including exit strategies and realization opportunities. The Manager has determined that market participants would take these inputs into account when valuing the investments.

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

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

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(4) Inputs include exit multiple of net operating income rate for certain Infrastructure Assets. "LTM" means Last Twelve Months.

The Manager is ultimately responsible for our NAV calculations.

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

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| | | |
|:---|:---|:---|
| **Input** | **Hypothetical Change** | **Infrastructure Asset Values as of March 31, 2026** |
| Weighted Average Cost of Capital | 0.25% decrease | +2.47% |
|  | 0.25% increase | -2.36% |

---

**Hedging Activities**

The Company may, but is not obligated to, engage in hedging transactions for the purpose of efficient portfolio management. The Manager may review the Company's hedging policy from time to time depending on movements and projected movements of relevant currencies and interest rates and the availability of cost-effective hedging instruments for the Company at the relevant time.

With respect to any potential financings, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase, and the value of our fixed income investments to decline. We may seek to stabilize our financing costs as well as any potential decline in our assets by entering into derivatives, swaps or other financial products in an attempt to hedge our interest rate risk.

The Company enters into foreign currency forward contracts to hedge against foreign currency exchange rate risk on its non-U.S. dollar denominated securities or to facilitate settlement of foreign currency denominated Infrastructure Assets transactions. A foreign currency forward contract is an agreement between two parties to buy and sell a currency at a set price with delivery and settlement at a future date. The contract is marked-to-market monthly and the change in value is recorded by the Company as an unrealized gain or loss. When a foreign currency forward contract is closed, through either delivery or offset by entering into another foreign currency forward contract, the Company recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. Foreign currency forward contracts involve elements of market risk in excess of the amounts reflected on the Consolidated Statements of Assets and Liabilities. The Company's primary risk related to hedging is the risk of an unfavorable change in the foreign exchange rate underlying the foreign currency forward contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

As of March 31, 2026, the Company had total unrealized appreciation and (depreciation) on foreign currency forward contracts of $77,023 and $(2,175), respectively. For the three months ended March 31, 2026, the net change in unrealized appreciation on foreign currency forward contracts was $64,763. For the three months ended March 31, 2026, the net realized gain on foreign currency forward contracts was $20,186.

By using derivative instruments, the Company is exposed to the counterparty's credit risk — the risk that derivative counterparties may not perform in accordance with the contractual provisions offset by the value of any collateral received. The Company's exposure to credit risk associated with counterparty non-performance is limited to collateral posted and the unrealized gains inherent in such transactions that are recognized in the Consolidated Statements of Assets and Liabilities. As appropriate, the Company minimizes counterparty credit risk through credit monitoring procedures and managing margin and collateral requirements. Any hedging transactions of the Company will be effected through one or more of its wholly-owned subsidiaries.

**Distributions**

Beginning in July 2023, we declared monthly distributions for each class of the Company's shares, which were paid on a quarterly basis. Commencing in January 2024, the Company declared, and intends to declare on a going forward basis,

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distributions on a quarterly basis. However, there can be no guarantee that the Company will declare distributions consistently and at a specific rate, or at all.

The net distribution per share declared on each class of the Company's shares is determined by subtracting estimated shareholder servicing fees and distribution fees per share applicable for such class from the gross distribution per share which is the same for all classes of the Company's shares. Such shareholder servicing fees and distribution fees per share are payable to the Dealer-Manager as they become contractually due.

The table below details aggregate quarterly distributions per share declared to shareholders as of the applicable record date for each applicable class of the Company's shares for the three months ended March 31, 2026:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Record Date** | **Class I Shares** | **Class S Shares** | **Class U Shares** | **Class R Shares** | **Class D Shares** | **Class E Shares** | **Class F Shares** |
| March 31, 2026 | $0.3300 | $0.2651 | $0.2651 | $0.3300 | $0.3109 | $0.3300 | $0.3300 |
| &nbsp;&nbsp;**Total** | $**0.3300** | $**0.2651** | $**0.2651** | $**0.3300** | $**0.3109** | $**0.3300** | $**0.3300** |

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**Share Repurchases**

We do not, and do not currently intend to, list our Shares for trading on any securities exchange or any other trading market. There is currently no secondary market for our Shares, and we do not expect any secondary market to develop for our Shares. While a Shareholder should view its investment as long term with limited liquidity, we have adopted a share repurchase plan, whereby on a quarterly basis, Shareholders may request that we repurchase all or any portion of their Shares. Due to the illiquid nature of our Joint Ventures and Infrastructure Assets, we may not have sufficient liquid resources to fund repurchase requests. In addition, we have established limitations on the amount of funds we may use for repurchases during any calendar quarter.

There may be quarters in which we do not repurchase Shares, and it is possible that we will not repurchase Shares at all for an extended period. The applicable quarterly share repurchase limit, repurchase price and early repurchase fee are calculated based on the Company's Transactional Net Asset Value.

The following table summarizes the Shares repurchased during the three months ended March 31, 2026:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Share Class** | **Repurchase Price per Share** | **Number of Shares Repurchased** | **Gross Consideration** | **5% Early Repurchase Fee** | **Net Consideration** |
| Shares repurchased on February 5, 2026: |  |  |  |  |  |
| &nbsp;&nbsp;Class R Shares | $29.96 | 522087 | $15644 | $92 | $15552 |
| &nbsp;&nbsp;Class U Shares | $29.93 | 319067 | 9548 | 29 | 9519 |
| &nbsp;&nbsp;Class S Shares | $29.97 | 111743 | 3349 | 122 | 3227 |
| &nbsp;&nbsp;Class I Shares | $29.96 | 47059 | 1410 | 31 | 1379 |
| &nbsp;&nbsp;Class F Shares | $31.50 | 10758 | 339 |  | 339 |
| &nbsp;&nbsp;Class D Shares | $29.94 | 4359 | 131 | 6 | 125 |
| Shares repurchased on March 2, 2026: |  |  |  |  |  |
| &nbsp;&nbsp;Class E Shares | $31.94 | 40 | 1 |  | 1 |
| Shares repurchased on March 23, 2026: |  |  |  |  |  |
| &nbsp;&nbsp;Class I Shares | $30.28 | 1037 | 31 |  | 31 |
| &nbsp;&nbsp;Class R Shares | $30.30 | 318 | 10 |  | 10 |
| &nbsp;&nbsp;**Total** |  | **1016468** | $**30463** | $**280** | $**30183** |

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**Liquidity and Capital Resources**

As of March 31, 2026, the Company had $1,057,908 and $8,910 in cash and cash equivalents and foreign currencies at fair value, respectively. Our current cash and cash equivalents and foreign currencies at fair value balances are generally

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reflective of the cash necessary to fund normal operations. The Company may issue Class E Shares to KKR in connection with the Company's acquisition of additional assets in the future.

In addition, the Borrowers have entered into the Credit Agreement, under which the Borrowers have available borrowings in an aggregate principal amount of up to $1,300,000, with an uncommitted accordion feature that would allow the Borrowers to increase the commitment to up to $2,000,000 in the aggregate. The obligations of the Borrowers and guarantors under the Credit Agreement are secured by a pledge of certain accounts of such Borrowers and guarantors. The Credit Agreement matures on April 3, 2028, unless there is an earlier termination or an acceleration following an event of default. As of March 31, 2026, the Borrowers did not have an outstanding balance under the Credit Agreement.

On August 9, 2024, a wholly-owned subsidiary of the Company entered into the Line of Credit to provide for up to a maximum aggregate principal amount of $350,000 with KKR Alternative Assets LLC, an affiliate of the Company. As of March 31, 2026, there was no outstanding balance under the Line of Credit. See "<u>[Note](#ibdb057bbd30745a488818320ce39932d_52)[6](#ibdb057bbd30745a488818320ce39932d_52)[. Related Party Transactions](#ibdb057bbd30745a488818320ce39932d_52)</u>" to our consolidated financial statements in this Quarterly Report on Form 10-Q for additional information about the Line of Credit.

We expect to generate cash primarily from the net proceeds from our continuous private offering, cash flows from our operations, our revolving credit facility, the Line of Credit, any financing arrangements we may enter into in the future and any future offerings of our equity or debt securities. We believe that cash provided by such means will be sufficient to satisfy our anticipated cash requirements for the next twelve months and foreseeable future.

Our primary use of cash will be for the acquisition of Infrastructure Assets (including the repurchase of Class E Shares pursuant to the KKR Share Repurchase Arrangement, effective April 28, 2023 (as amended, the "KKR Share Repurchase Arrangement")), the cost of operations (including the Management Fee and Performance Participation Allocation, to the extent paid in cash), debt service of any borrowings, periodic repurchases, including under the share repurchase plan (as described herein), and cash distributions (if any) to the holders of our Shares to the extent declared by the Company.

**Cash Flows**

The following table summarizes the changes to our cash flows for the three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
| Cash flows from: | **2026** | **2025** | **Change** |
| &nbsp;&nbsp;Operating activities | $(598032) | $(291641) | $(306391) |
| &nbsp;&nbsp;Financing activities | 684552 | 416867 | 267685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents and foreign currencies at fair value | $86520 | $125226 | $(38706) |

---

*Cash used in operating activities*

Our net cash used in operating activities was $598,032 for the three months ended March 31, 2026, which was primarily comprised of the usage of $636,146 of cash for the acquisition of Infrastructure Assets during the three months ended March 31, 2026.

*Cash provided by financing activities*

Our net cash provided by financing activities was $684,552 for the three months ended March 31, 2026, which was primarily comprised of $739,805 of proceeds from the issuance of Shares pursuant to our continuous private offering.

**Critical Accounting Policies and Estimates**

Below is a discussion of the accounting policies that management believes are critical to understanding our historical and future performance. We consider these policies critical because they involve significant judgments and assumptions and require estimates about matters that are inherently uncertain and because they are important for understanding and evaluating our reported financial results. Our accounting policies have been established to conform with GAAP. The preparation of the consolidated financial statements in accordance with GAAP requires management to use judgments in the application of such policies. These judgments will affect our reported amounts of assets and liabilities and our

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disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in our consolidated financial statements. Additionally, other companies may utilize different estimates that may impact the comparability of our results of operations to those of companies in similar businesses.

***Valuation of Infrastructure Assets***

The Company's Infrastructure Assets are valued at fair value in a manner consistent with GAAP, including Accounting Standards Codification 820, *Fair Value Measurement* ("ASC 820"), issued by the Financial Accounting Standards Board. ASC 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

There is no single standard for determining fair values of assets that do not have a readily available market price and, in many cases, such fair values may be best expressed as a range of fair values from which a single estimate may be derived in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates.

When making fair value determinations for Infrastructure Assets that do not have readily available market prices, the Manager considers industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business or asset is expected to generate in the future. The market approach relies upon valuations for comparable companies, transactions or assets, and includes making judgments about which companies, transactions, or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. It is common to use only the income approach for Infrastructure Assets. The Manager also considers a range of additional factors that it deems relevant, including a potential sale of an Infrastructure Asset, macro and local market conditions, industry information and the Infrastructure Asset's historical and projected financial data.

Infrastructure Assets will generally be valued at transaction price initially; however, to the extent the Manager does not believe an Infrastructure Asset's transaction price reflects the current market value, the Manager will adjust such valuation. When making fair value determinations for Infrastructure Assets, the Manager will update the prior month-end valuations by incorporating the then current market comparables and discount rate inputs, any material changes to the Infrastructure Assets financial performance since the valuation date, as well as any cash flow activity related to the Infrastructure Assets during the month. The Manager values Infrastructure Assets using the valuation methodology it deems most appropriate and consistent with widely recognized valuation methodologies and market conditions.

When making fair value determinations for assets that do not have a reliable readily available market price, the Manager will engage one or more independent valuation firms to provide positive assurance regarding the reasonableness of such valuations as of the relevant measurement date. However, the Manager is ultimately responsible for determining the fair value of all applicable investments in good faith in accordance with the Company's valuation policies and procedures.

When making fair value determinations of assets (other than Infrastructure Assets) valued in accordance with net asset value in accordance with ASC 820 (an "Other ASC 820 Asset"), the Manager will generally value such asset based on the latest net asset value reported or provided by the asset's administrator, investment adviser or investment manager, if applicable. If the latest net asset value of such Other ASC 820 Asset is not available at the time the Company is calculating its NAV, the Manager will update the last available net asset value of such Other ASC 820 Asset by recognizing any cash flow activity for the Other ASC 820 Asset during the month.

In addition to tracking the net asset value plus related cash flows of such Other ASC 820 Asset, the Manager, with the support of KKR, may, but is not obligated to, track relevant issuer-specific events or broader market-driven events related to such Other ASC 820 Asset that the Manager believes may have a material impact on the Company's NAV as a whole. Upon the occurrence of such a material event and provided that the Manager is aware that such event has occurred, the Manager may, but is not obligated to, make a corresponding adjustment to reflect the current fair value of such Other ASC 820 Asset, applying the valuation methodologies for portfolio companies outlined above. In general, the Manager expects that any adjustments to fair values will be calculated promptly after a determination that a material change has occurred and the financial effects of such change are quantifiable by the Manager. However, rapidly changing market conditions or material events may not be immediately reflected in the Company's monthly NAV.

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Because assets are valued as of a specified valuation date, events occurring subsequent to that date will not be reflected in the Company's valuations. However, if information indicating a condition that existed at the valuation date becomes available subsequent to the valuation date and before financial information is publicly released, it will be evaluated to determine whether it would have a material impact requiring adjustment of the final valuation.

At least annually, the Manager reviews the appropriateness of the Company's valuation policies and procedures and will recommend any proposed changes to the Board. From time to time, the Board and the Manager may adopt changes to the valuation policies and procedures if they determine that such changes are likely to result in a more accurate reflection of estimated fair value.

***Accrued Shareholder Servicing Fees and Distribution Fees***

The Company will pay KKR Capital Markets LLC ongoing distribution and servicing (a) of 0.85% of NAV per annum for Class S Shares, Class R-S Shares and Class U Shares only (consisting of a 0.60% distribution fee (the "Distribution Fee") and a 0.25% shareholder servicing fee (the "Servicing Fee")), payable monthly in arrears, as they become contractually due and (b) of 0.25% for Class D Shares and Class R-D Shares only (all of which constitutes payment for shareholder services, with no payment for distribution services) in each case as accrued, and payable monthly. Such Distribution Fee and Servicing Fee are calculated based on the Company's transactional net asset value which is the price at which the Company sells and repurchases its Shares. None of Class I Shares, Class R Shares, Class E Shares, Class F Shares, Class G Shares and/or Class H Shares incur Distribution Fees or Servicing Fees.

Under GAAP, the Company accrues the cost of the Servicing Fees and Distribution Fees, as applicable, for the estimated life of the shares as an offering cost at the time we sell Class S Shares, Class U Shares, Class D Shares, Class R-D Shares and Class R-S Shares. Inherent in the calculation of the estimated amount of Servicing Fees and Distribution Fees to be paid in future periods are certain significant management judgements and estimates, including the estimated life of the shares at the time of a subscription. Accrued shareholder Servicing Fees and Distribution Fees contains uncertainties as the calculation requires management to make assumptions and to apply judgment regarding a number of factors, including market conditions, the selling environment and historical trends. As of March 31, 2026, the Company has accrued $221,485 of Servicing Fees and Distribution Fees payable to KKR Capital Markets LLC, related to the Class S Shares, Class U Shares and Class D Shares sold.

**Recent Accounting Pronouncements**

See "<u>[Note 2. Summary of Significant Accounting Policies](#ibdb057bbd30745a488818320ce39932d_43)</u>" to our consolidated financial statements in this Quarterly Report on Form 10-Q for a discussion concerning recent accounting pronouncements.

**Off-Balance Sheet Arrangements**

We do not have any off-balance sheet financings or liabilities other than contractual commitments and other legal contingencies incurred in the normal course of our business.

**Contractual Obligations**

See "<u>[Note](#ibdb057bbd30745a488818320ce39932d_64)[10](#ibdb057bbd30745a488818320ce39932d_64)[. Commitments and Contingencies](#ibdb057bbd30745a488818320ce39932d_64)</u>" to our consolidated financial statements in this Quarterly Report on Form 10-Q for our contractual obligations and commitments with payments due subsequent to March 31, 2026.

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**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures about Market Risk**

Our exposure to market risks primarily relates to movements in the fair value of Infrastructure Assets. The fair value of Infrastructure Assets may fluctuate in response to changes in the values of Infrastructure Assets, foreign currency exchange rates, and interest rates. The quantitative information provided in this section was prepared using estimates and assumptions that management believes are appropriate. The actual impact of a hypothetical adverse movement in these risks could be materially different from the amounts shown below. All dollar amounts in "<u>[Item](#ibdb057bbd30745a488818320ce39932d_136)[3](#ibdb057bbd30745a488818320ce39932d_136)[. Quantitative and Qualitative Disclosures about Market Risk](#ibdb057bbd30745a488818320ce39932d_136)</u>" are in thousands, unless otherwise noted.

**Changes in Fair Value**

All of our Infrastructure Assets as of March 31, 2026 are reported at fair value. Net changes in the fair value of Infrastructure Assets impact the net increase or decrease in net assets resulting from operations in our statements of operations. Based on Infrastructure Assets held as of March 31, 2026, we estimate that an immediate 10% decrease in the fair value of Infrastructure Assets generally would result in a commensurate change in the amount of net increase or decrease in net assets resulting from operations, regardless of whether the Infrastructure Asset was valued using observable market prices or management estimates with significant unobservable pricing inputs.

Based on the fair value of Infrastructure Assets as of March 31, 2026, we estimate that an immediate, hypothetical 10% decline in the fair value of Level III Infrastructure Assets would result in a decline in net increase in net assets resulting from operations of $597,209, if not offset by other factors.

**Exchange Rate Risk**

We hold Infrastructure Assets denominated in currencies other than the U.S. dollar. Those Infrastructure Assets expose us to the risk that the value of the Infrastructure Assets will be affected by changes in exchange rates between the currency in which the Infrastructure Assets are denominated and the currency in which the Infrastructure Assets are made. Our policy is to reduce these risks by employing hedging techniques, including using foreign currency options and foreign exchange forward contracts to reduce exposure to future changes in exchange rates.

Our primary exposure to exchange rate risk relates to movements in the value of exchange rates between the U.S. dollar and other currencies in which our Infrastructure Assets are denominated, net of the impact of foreign exchange hedging strategies. The quantitative information that follows represents the impact that a reduction to each of the income streams shown below would have on net increase or decrease in net assets resulting from operations.

We estimate that an immediate, hypothetical 10% decline in the exchange rates between the U.S. dollar and all of the major foreign currencies in which our Infrastructure Assets were denominated as of March 31, 2026 (i.e., an increase in the value of the U.S. dollar against these foreign currencies) would result in a decline in net increase in net assets resulting from operations of $80,371, net of the impact of foreign exchange hedging strategies, if not offset by other factors.

**Interest Rate Risk**

Changes in credit markets and in particular, interest rates, can impact investment valuations, particularly our Level III Infrastructure Assets, and may have offsetting results depending on the valuation methodology used. For example, we typically use a discounted cash flow analysis as one of the methodologies to ascertain the fair value of our Infrastructure Assets that do not have readily observable market prices. If applicable interest rates rise, then the assumed cost of capital for those Infrastructure Assets would be expected to increase under the discounted cash flow analysis, and this effect would negatively impact their valuations if not offset by other factors. Conversely, a fall in interest rates can positively impact valuations of certain Infrastructure Assets if not offset by other factors. These impacts could be substantial depending upon the magnitude of the change in interest rates. In certain cases, the valuations obtained from the discounted cash flow analysis and the other primary methodology we use, the market multiples approach, may yield different and offsetting results. For example, the positive impact of falling interest rates on discounted cash flow valuations may offset the negative impact of the market multiples valuation approach and may result in less of a decline in value than for those Infrastructure Assets that had a readily observable market price. Finally, low interest rates related to monetary stimulus and economic stagnation may also negatively impact expected returns on all investments, as the demand for relatively higher return assets increases and supply decreases.

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Additionally, with respect to our business operations, general increases in interest rates over time may cause the interest expense associated with our borrowings to increase, and the value of our debt investments to decline. Conversely, general decreases in interest rates over time may cause the interest expense associated with our borrowings to decrease, and the value of our debt investments to increase. As of March 31, 2026, the Borrowers did not have an outstanding balance under the Credit Agreement. As of March 31, 2026, the Line of Credit Borrowers did not have an outstanding balance under the Line of Credit.

**Credit Risk**

We are party to agreements providing for various financial services and transactions that contain an element of risk in the event that the counterparties are unable to meet the terms of such agreements. In these agreements, we depend on these counterparties to make payment or otherwise perform. We generally endeavor to reduce our risk of exposure by limiting the counterparties with which we enter into financial transactions to reputable financial institutions. In addition, availability of financing from financial institutions may be uncertain due to market events, and we may not be able to access these financing markets.

See "*<u>[Item](#ibdb057bbd30745a488818320ce39932d_109)[2](#ibdb057bbd30745a488818320ce39932d_109)[. Management's Discussion and Analysis of Financial Condition and Results of Operations](#ibdb057bbd30745a488818320ce39932d_109)[—](#ibdb057bbd30745a488818320ce39932d_109)[Hedging Activities](#ibdb057bbd30745a488818320ce39932d_109)</u>*" in this Quarterly Report on Form 10-Q for a discussion of the Company's hedging transactions.

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**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that the information required to be disclosed by us in the reports filed or submitted by us under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurances of achieving the desired control objectives.

We carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2026. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2026, our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

**Changes in Internal Control Over Financial Reporting**

No changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) and 15d-15(f)of the Exchange Act) occurred during the quarter ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**Part II.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

**Item 1.&nbsp;&nbsp;&nbsp;&nbsp;Legal Proceedings**

For a discussion of the Company's legal proceedings, see the section entitled "Legal Proceedings" appearing in <u>[Note](#ibdb057bbd30745a488818320ce39932d_64)[10](#ibdb057bbd30745a488818320ce39932d_64)[.](#ibdb057bbd30745a488818320ce39932d_64)[Commitments and Contingencies](#ibdb057bbd30745a488818320ce39932d_64)</u> to our consolidated financial statements in this Quarterly Report on Form 10-Q, which is incorporated herein by reference.

**Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;Risk Factors**

For information regarding the risk factors that could affect the Company's business, operating results, financial condition and liquidity, see the information under "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to the risk factors previously disclosed in such filing.

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**Item 2.&nbsp;&nbsp;&nbsp;&nbsp;Unregistered Sales of Equity Securities and Use of Proceeds**

During the three months ended March 31, 2026, the Company repurchased Shares in the following amounts:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Average Price Paid per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs** | **Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs** <sup>(1)</sup> |
| January 1, 2026 to January 31, 2026 |  | $— |  |  |
| February 1, 2026 to February 28, 2026 | 1015073 | $29.97 | 1015073 |  |
| March 1, 2026 to March 31, 2026 | 1395 | $30.34 | 1395 |  |
| &nbsp;&nbsp;Total | 1016468 | $29.97 | 1016468 |  |

---

(1) The Company offers a share repurchase plan pursuant to which, on a quarterly basis, Shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under our share repurchase plan, or none at all, in our discretion at any time. In addition, the aggregate NAV of total repurchases of Class S Shares, Class D Shares, Class U Shares, Class I Shares, Class R-S Shares, Class R-D Shares, Class R Shares and/or Class F Shares under our share repurchase plan will be limited to no more than 5% of our aggregate NAV attributable to such classes of shares per calendar quarter (measured using the average aggregate NAV attributable to Shareholders as of the end of the immediately preceding calendar quarter). See "*Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations–Share Repurchases*" included elsewhere in this Quarterly Report on Form 10-Q for more information regarding the Company's share repurchase plan.

**Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Defaults Upon Senior Securities**

None.

**Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Mine Safety Disclosures**

Not applicable.

**Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Other Information**

Not applicable.

**Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

The following is a list of all exhibits filed or furnished as part of this report:

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1948056/000114036122035451/ny20005359x1_ex3-1.htm)</u> | Certificate of Formation, dated as of September 21, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Registration Statement on Form 10 filed with the SEC on September 30, 2022) |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1948056/000114036123058660/ef20016804_ex3-1.htm)</u> | Fifth Amended and Restated Limited Liability Company Agreement, dated as of December 15, 2023 (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the SEC on December 20, 2023) |
| <u>[10.1](https://www.sec.gov/Archives/edgar/data/1948056/000194805626000023/k-infrax20251231xex1019.htm)</u> | Facility Upsize Agreement, dated as of March 25, 2026, by and among K-INFRA Liquidity Limited, as borrower representative, and Mizuho Bank, Ltd., as administrative agent, collateral agent and lender (incorporated by reference to Exhibit 10.19 to the Registrant's Annual Report on Form 10-K filed with the SEC on March 26, 2026) |
| <u>[31.1](k-infrax20260331xex311.htm)</u> | Certification of Principal Executive Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |

---

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

---

| | |
|:---|:---|
| <u>[31.2](k-infrax20260331xex312.htm)</u> | Certification of Chief Financial Officer, pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| <u>[32.1](k-infrax20260331xex321.htm)</u> | Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| <u>[32.2](k-infrax20260331xex322.htm)</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 |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and Shareholders should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

------

<u>[**Table of Contents**](#ibdb057bbd30745a488818320ce39932d_7)</u>

**Signatures**

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

---

| | |
|:---|:---|
| | KKR INFRASTRUCTURE CONGLOMERATE LLC<br>/s/ Mark I. Matthews |
| Date: May 13, 2026 | Mark I. Matthews |
| | Chief Financial Officer |
| | (Principal Financial Officer and Principal Accounting Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Tara Davies, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 of KKR Infrastructure Conglomerate LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 directors (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: May 13, 2026

<u>/s/ Tara Davies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Tara Davies

Chief Executive Officer

(Principal Executive Officer)

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Mark I. Matthews, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 of KKR Infrastructure Conglomerate LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 directors (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: May 13, 2026

<u>/s/ Mark I. Matthews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Mark I. Matthews

Chief Financial Officer

(Principal Financial Officer)

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of KKR Infrastructure Conglomerate LLC (the "Company") for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Tara Davies, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&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; and

&nbsp;&nbsp;&nbsp;&nbsp;&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 Company.

Date: May 13, 2026

<u>/s/ Tara Davies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Tara Davies

Chief Executive Officer

(Principal Executive Officer)

*\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of KKR Infrastructure Conglomerate LLC (the "Company") for the quarterly period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mark I. Matthews, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&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; and

&nbsp;&nbsp;&nbsp;&nbsp;&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 Company.

Date: May 13, 2026

<u>/s/ Mark I. Matthews&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Mark I. Matthews

Chief Financial Officer

(Principal Financial Officer)

*\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*

<br>